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HomeMy WebLinkAboutPW12-092 - Original - Allen Brackett Shedd Real Estate Apprais - Analysis for LID 364 - 03/09/2012 K Records M - gemer t,, ENT W hlMIM OTON Document R y CONTRACT COVER SHEET This is to be completed by the Contract Manager prior to submission to City Clerks Office. All portions are to be completed. If you have questions, please contact City Clerk's Office. Vendor Name: Allen Brackett Shedd Real Estate Appraisers and Consultants Vendor Number: JD Edwards Number q Contract Number: 49(A) This is assigned by City Clerk's Office Project Name: LID 364 Description: ❑ Interlocal Agreement ❑ Change Order ❑ Amendment ® Contract ❑ Other: Contract Effective Date: March 9, 2012 Termination Date: March 30, 2012 Contract Renewal Notice (Days): Number of days required notice for termination or renewal or amendment Contract Manager: Cheryl Viseth Department: Public Works Detail: (i.e. address, location, parcel number, tax id, etc.): S:Public\RecordsManagement\Farms\contractCover\adcc7832 1 11108 Allen m Brackett m Shedd S.Murray Brackett,MAI,Principal Darin A.Shedd,MAI,Principal Deborah Foreman Greg Goodman,MAI.Principal Matt Sloan Robert Chamberlin David Coleman Jessica Stokesbeny Heber Kennedy Dawn Lindsay Heidi Klansme Michelle Miller Diane Quinn Chris McGarvey Bruce C Allen,MAI(Founder 1938-2007) March 7, 2012 Mr. Thomas Brubaker, City Attorney City of Kent 220 4th Avenue S. Kent, Washington 98032-5895 RE: ANALYSIS FOR LID 364 — SE 256TH STREET IMPROVEMENT, IN KENT, KING COUNTY,WASHINGTON Dear Mr. Brubaker: As requested, we have reviewed the property information relating to the project referenced above for the purpose of estimating fees and timing for completion of various analysis preliminary to a Preliminary Special Benefits Study /Consulting Assignment. The purpose of this assignment is to assist the City of Kent in decision making regarding the formation and assessments for a proposed Local Improvement District (LID). This is for a road reconstruction and related improvements of SE 256th Street, between SR-516 and 116th Avenue NE. The project includes expansion of the existing road to 3 lanes; new curbs, gutters, sidewalks; utilities and storm detention upgrades; street lighting, and landscaping. This scope of work also does not include any detailed review of the proposed right-of-way acquisitions and related acquisition costs. Scope of Work We are prepared to complete the following services in advance of the City's authorization to complete services related to a Preliminary Special Benefits Study/ Formation Hearing. This assumes a maximum of 2 client meetings and round trips for neighborhood/property review from Bellevue to Kent. • Re-inspect neighborhoods and properties within project area. • Update a spreadsheet of affected properties with current assessed valuations. • Apply, on a preliminary basis, similar influence (special benefits) on assessed property values within the potential LID as developed in 2009, apply LID amount to develop potential assessments, and develop map reflecting same. • Complete a comparative review of the City's 2009 preliminary assessments. • Incorporate property owner protests in spreadsheet and summarize property owners with potential major assessments. • Investigate apartment profiles of unit mix, tenancies, and other. 12320 NE Bah Street, Suite 200 Bellevue, WA 98005 Phone (425) 450-4040 Fax(425) 688-1819 419 Berkeley Avenue, Suite A Fircrest, WA 98466 Phone (253) 2 i4-0099 Fax(253) 564-9442 • Consult with the City and legal counsel regarding our findings and recommendations, and determine possible reporting needs for a preliminary/ formation hearing. Fees and Timing This assignment is anticipated to be completed with some of all of the consultants and related fees identified below. Deborah A. Foreman, Senior Associate $200.00 per hour Matthew Sloan, Senior Associate $150.00 per hour Other staff, as needed $75.00 - $150 00 per hour The Budget for this project is not to exceed $5,000. This assumes a maximum of two (2) client meetings and round trips for neighborhood/ property review from Bellevue to Kent. Assuming the City commences this assignment by March 12, 2012, we would complete the services on or before March 30, 2012. In order to proceed with this assignment, we need a signed copy of the enclosed contract returned to us. Thank you for your consideration of our firm for this project. We look forward to the opportunity of working with you. Please call if you have any questions. Sincerely, ALLEN BRACKETT SHEDD Deborah A. Foreman, Senior Associate kr Enclosures Allen Brackett Shedd 42713-2 DOC-Copyngh t©2012 CONTRACT FOR CONSULTING/APPRAISAL SERVICES ALLEN BRACKETT SHEDD, herein referred to as the "Consultant," and CITY OF KENT, herein referred to as the "Client," hereby agree and contract as follows: I. Contract Work The Consultant will provide a services as detailed in letter of March 7, 2012, for the proposed City of Kent LID 364 — SE 25601 Street Improvement Project in King County, Washington. The Consultant will develop and report its services in conformity with and subject to the requirements of the Code of Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. The purpose of the assignment is to provide appraisal/consulting services to the Client. The services can be completed by March 30, 2012, provided authorization to proceed is by March 12, 2012. II. Contract Sum The Consultant will perform the services outlined above on an hourly fee basis not to exceed $5,000 (the "Budget"). III. Time of Payment The Consultant shall submit an invoice upon completion. Payment shall be due on the date of the statement and shall be deemed delinquent if not made within 30 days of the due date. Delinquent payments shall accrue interest at the rate of 18% per annum from the due date. Should it be necessary for the Consultant to employ the services of an attorney or begin legal proceedings to collect any delinquent payments, the Client shall be liable to the Consultant for a reasonable attorney's fee and the court costs incurred. IV. Termination In the event the consulting services are stopped by the Client at any time, the Consultant's fee shall be calculated, due and payable on the basis of the Consultant's fee schedule in effect on the date of the contract, and the actual hours and direct non-salary expenses incurred to the date of termination. March 7, 2012 1 By: DATE ALLEN BRACKETT SHEDD �! Z By: DATE (C IENT) X l Allen Brackett Shedd 42713-2 DOC-Copynght 02012 sy QUALIFICATIONS DEBORAH A. FOREMAN Experience Ms Foreman has over 30 years experience in real estate acquisitions, appraisals, development, asset management, and brokerage for all property types. She also has broad experience in valuation and feasibility analysis, and structuring, negotiating and closing large transactions. Allen Brackett Shedd (formerly Bruce C. Allen & Associates, Inc.), Bellevue, Washington 1990 to Present—Senior Associate Specializing in valuation and consulting services for major real estate investments in the Pacific Northwest Major projects, primarily in Washington State, include. City of Seattle. Special benefits, feasibility analysis, and consulting, including public hearing activities, from 2004 to present: (1) South Lake Union Streetcar Project, a $50 million streetcar project from downtown Seattle to Fred Hutchinson Cancer Research Center, funded in part with a $27 million LID affecting over 1,200 parcels with property values in excess of $5 billion and special benefits over $60 million; (2) Alaskan Way Tunnel, a proposed $4.0 billion replacement of existing Viaduct along Seattle's Central Waterfront; over 5,000 parcels analyzed with preliminary special benefits of $400 to $600 million, development potential in area of 8.6 million square feet and 83 0 billion in additional building value potential; historical absorption analysis of several downtown neighborhoods; and (3) other preliminary feasibility analysis for LIDs in South Lake Union and Interbay neighborhoods. SoundTransit. Appraisal project manager of subconconsultant services, appraisals, consulting and condemnation services for, from 1998 through 2003: (1) Commuter Rail, for 6 stations from Seattle to Tacoma, over 50 appraisals completed by team; (2) LINK, for market estimates for over 2,000 parcels in the Central LINK DEIS process; market analysis, appraisals, occupancy and employment analysis for Central and Tacoma LINK, over 300 appraisals completed by LINK team; and (3) appraisal project manager for REX, over 40 appraisals completed. Port of Seattle. Appraisals, consulting and condemnation trial services for: (1) Pier 48, 2006, analysis of market value, including mitigation value of existing pier; (2) Pier 66, 2005, financial analysis of various income sources, expenses, including DNR ground lease; (3) from 1992 to 1997, Terminals 5, 91, and 105 properties in Seattle, and Birmingham Steel site in Kent; (4) from 1995 to 1999, Terminal 18 expansion (over 35 industrial properties) in Seattle; and (5) in 1992 and 1993, South SeaTac Satellite expansion in SeaTac. City of SeaTac. 281h/241h Avenue S. Arterial Project; from 1996 to 1999, consulting, right-of-way appraisals, special benefits studies, and public hearing activities for over 30 properties affected by $24 million road project. Port of Everett. Riverside Industrial Park, from 1997 to 1998, consulting team with Trammell Crow Company for the feasibility analysis and site planning for 175-acre marine industrial facility on the Snohomish River, near 1-5, with a variety of access issues and sensitive area limitations. City of Kent. S. 1961h/2001h and S 2281h/2241h Street Corridor projects in Kent; from 1992 to 2003, LID special benefits studies and appraisals and condemnation trial work for over 2,000 parcels in Kent. Allen Brackett Shedd 42713-2 DOC-Copynght 0 2012 A DEBORAH A. FOREMAN (cont.) City of Bellevue. NE loth Street LID #280 in downtown Bellevue; from 1993 to 1996, consulting, special benefits study, and public hearing activities for about 365 properties specially benefited by $19 million road project. Hickel Investment Company University Center Shopping Center in Anchorage, Alaska; in 1991 and 1992, mortgage broker services for owner related to expiration of $20 million loan, including negotiations for new permanent financing and due diligence. Development Services of America. Valuation analyses and buy/sell recommendations for (1) 1991, city block in downtown Omaha, Nebraska; and (2) in 1992, for industrial warehouses, subject to impacts of Free Trade Agreement, in Nogales, Arizona. Equitable Real Estate Investment Management, Inc., Seattle,Washington 1984 to 1990 - Senior Investment Analyst; Director-Appraisal; Designated Broker, Oregon; Associate Broker, Washington. Responsibilities in equity and debt transactions in Pacific Northwest Division included: analysis of all proposed and existing real estate investments, acquisitions and sales of investments; supervision and training of production/appraisal staff, and participation in asset management decisions for portfolio accounts. Portfolio assets in 1990 totaled approximately $600 million in equities, $350 milhon in debt. Investments. Responsible for negotiating and closing up to $40 million annually, including coordination of property management, construction, and appraisal personnel. Major transactions included: (1) 1990 earnout acquisitions of Corporate Parks 216/ 234, $13.0 and $11.5 million industrial projects in Kent: (2) 1990 contiguous industrial redevelopment projects acquired for $11 million total in Beaverton, Oregon; (3) in 1988, $22 million financing of properties in four market areas in Oregon and Washington; (4) sale of six industrial projects in Portland, Oregon in 1987 for $15 million; (5) $22.5 million acquisition of Parkfund Two in 1987 in three market areas in Seattle; and (6) In 1986, $22 million financing of University Center Shopping Center in Anchorage, Alaska. Appraisal. Annually supervised the completion of about 75 portfolio valuations and 15 narrative appraisal reports, assisted in sale recommendations; conducted appraisal reviews of annual budgets and monthly updates with finance and property managers. Benaroya Portfolio, 1984. $315 million acquisition of 8 million square feet in 98 buildings, industrial, retail, office, and mart portfolio in Oregon and Washington. Lead investment analyst;; prepared investment memorandum for California PERS; coordinated due diligence and closing with joint venture partners. Other, Portland, Oregon 1974 to 1984 - Appraiser; Broker; developer and general contractor for small residential subdivisions and property rehabilitation projects Education Appraisal Institute. Completion of numerous courses over 20+years University of Oregon, 1974; B A. Political Science Professional/Community Affiliations Appraisal Institute. Associate. Editor, "Field Notes, News from Chapter 14 of the AIREA," 1982-1984; Annual Conferences, Chapter 11, committee member with major responsibility for program agenda and speakers, 1986-1993 State Cert. - General Appraiser- 27011-1100302 Expiration: 03/10/13 WA State Designated Broker: 270-06 BR-UC-EC-A06ODl Expiration: Inactive (Revised 03/20/09) Allen Brackett Shedd 42713-2 DOC-Copyrngh 1 G 2012 QUALIFICATIONS MATTHEW C. SLOAN Experience Senior Associate-Allen Brackett Shedd (formerly Bruce C. Allen & Associates) Involved in the real estate field since April 2000. Appraisal experience includes a wide variety of appraisal assignments, including commercial, industrial and residential real estate, easements, condemnation, and sensitive properties. Appraisal assignments include work throughout the Puget Sound Region, including King, Pierce, Snohomish, and Kitsap Counties. Education University of Washington, Seattle, Washington: Commercial Real Estate Certificate, a nine-month interdisciplinary program of specialized subject study including commercial real estate development, valuation, insurance, risk management, and business and real estate law. Completed June 2006. City University, Seattle, Washington: Bachelor of Science in Business Administration, emphasis in project management. Completed June 2005. Appraisal Institute/North Seattle Community College, Seattle, Washington: Completion of various appraisal and other real estate courses required for state licensing and towards MAI designation. Representative Client List: Government City of Federal Way Snohomish County City of Kent Sound Transit City of Redmond Community Transit City of Seattle Port of Seattle City of Leavenworth City of North Bend King County Washington State Department of Transportation Pierce County Seattle Public Schools Private Sector Graham & Dunn Preston Gates & Ellis Foster Pepper CH2M Hill Pharos Corporation LaBonde Land David Evans and Associates Universal Field Services Puget Sound Energy Perteet Engineering Parametrix Overland, Cutler & Pacific State Certification Number - General: 27011-1101655 Expiration: 03/04/12 (Revised 03/05/10) Allen Brackett Shedd 42713-2 DOC-Copyright 92012