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10199• • 81 1 RESOLUTION NO. 10.199 2 3 A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A CONTRACT WITH RICHARD STEPHENS, INC., FOR APPRAISAL SERVICES FOR THE CLINTON PRESIDENTIAL LIBRARY; AND DECLARING THE INTENT OF THE CITY OF LITTLE ROCK TO REIMBURSE ITSELF FROM PROCEEDS OF REVENUE BONDS OF THE CITY. WHEREAS, a Request for Qualifications (RFQ) was issued on January 15, 1998, for appraisal services; and WHEREAS, a selection committee was formed and met on January 19, 1998; and WHEREAS, the committee reviewed the documentation of all applicants and Richard Stephens, Inc. was selected as the firm that met the needs of the City of Little Rock. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: SECTION 1. The City Manager is authorized to enter into a contract with Richard Stephens, Inc., the most qualified bidder, to perform appraisal services in connection with the Clinton Presidential Library and the issuance of related bonds. SECTION 2. The contract amount for initial services is $27,500 to determine the market value of the properties to meet the deadline for the proposed bond issue. SECTION 3. An additional $30,000 is required for summary reports which are required for condemnations; courtroom time will be billed separately. SECTION 4. The City of Little Rock will be reimbursed from proceeds of the Revenue Bonds. SECTION 5. This resolution shall be in full force and effect from and after its adoption. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 ADOPTED: February 3, 1998 ATTEST: ROBBIE HANCOCK CITY CLERK APPROVED AS TO FORM: p`,.Ll9.w7 YY\• Ply THOMAS M. CARPE ER CITY ATTORNEY APPROVED: JIM (DAILEY MAYOR 82 City of Little F11,' N! Office of the City Manager Mr. Richard A. Stephens Richard Stephens & Associates 400 West Capitol, Suite 1222 Little Rock, Arkansas 72201 City Hall 500 W. Markham Little Rock, Arkansas 72201 (501) 371 -4510 FAX N (501) 371 -4498 February 4, 1998 Re: Letter Agreement for Appraisal Service - Clinton Presidential Library Site Dear Mr. Stephens: This letter will confirm the City's selection of Richard Stephens & Associates to perform appraisal services in connection with the City's acquisition of land for the Clinton Presidential Library. The site selected for acquisition is bounded on the north by the Arkansas River, on the south by East Third Street, on the west by Interstate Highway 30, and on the east by the eastern boundary of the Arkansas Book Depository site, in the City of Little Rock, Arkansas, exclusive of railroad right -of -way within the boundaries of the area. M M Since the source of funding for these land purchases will be revenue bond proceeds, it is imperative that the fair market value analysis is as accurate as possible given available market data. To that end the appraisals should reflect state and nationally recognized appraisal standards, including sufficient documentation of valuation data and the analysis of such data to support the opinion of value, a description of the physical characteristics of the land and buildings, a statement of known and observed encumbrances, a description of environmental hazards which affect the market value, title information, location neaps and description and zoning information, a description and analysis of comparable sales, conclusions of value of the parcels to be acquired, and an appraiser certification. We have agreed that the services to be provided will consist of two pleases. First, a preliminary estimate of value for each of the parcels will be transmitted on a "limited- restricted" format. For the initial set of documents and contact with the property owners, if possible, inspection of the sites, collection of data and your analysis, the fee will be not more than $27,500. We have agreed that for this initial part of the assignment the value estimates will be presented in a "wholesale" format rather than specific conclusions that would be necessary for presentation in a court of law. Phase Two of the appraisal process will be "Complete Appraisal Analyses - Summary Appraisal Reports ", which will include the information outlined in the second paragraph above. Such information will be presented in a format that is suitable for litigation purposes.and the fee for such service will be not more than $30,000 in addition to the fee referenced in the preceding paragraph. 3 To: Richard Stephens and Assoc., Inc. Re: Letter Agreement February_ 4, 1998 Page 2 Additional services under this agreement may include litigation support including expert witness, meetings, negotiations and other services which will be performed on an hourly basis in accordance with the following fee schedule: Richard A. Stephens ........................ Principal ........... ............................... $150 per hour Sara W. Stephens ............................ Staff /Research .. ............................... $75 per hour Marvin W. Blaes ............................. Staff / Research .. ............................... $75 per hour Herbert W. Weise, Jr ...................... Staff/Research .. ............................... $50 per hour Elaine Moran .. ............................... Support/ Document Preparation ...... $35 per hour If the above description of services accurately reflects your understanding of our agreement, please execute both originals of this letter in the space provided. You may retain one copy of the letter for your files. Thank you for your assistance and we look forward to working with you on this project. CITY OF LITTLE ROCK By: Ai 69-zl Cy Carney, City Mana er RIC1jQRD A. STEPHENS & ASSOCIATES, INC. A. Stephens, CRE, MAI \?\RA, SRA .,