Loading...
HomeMy WebLinkAboutR-80-0758A RESOLUTION AWARDING A CONTRACT TO M.A.I. APPRAISER SLACK, SLACK & ROE, INC., FOR PROFESSIONAL SERVICES, IN THE AMOUNT OF $5,000, USING FUNDS ALLO- CATED FROM THE MARINA IMPROVEMENT FUND, �ETO CONDUCT AN APPRAISAL IN CONJUNCTION WITH THE PROPOSED LEASE AGREEMENT WITH BAYSHORE PROPERTIES, INC. FOR CITY -+'w,./ •.: ► v a »i '+ J WATERFRONT PROPERTY KNO14N AS THE "COCONUT (j'"LL�'•`{' ' iJ �44jjJI, ?I GROVE MARINA (KELLY PROPERTY)". BM lr� L.. �...1✓ 1" WHEREAS, Slack, Slack & Roe, Inc., an M.A.I, appraisal firm, has offered to provide professional services for an appraisal in conjunction with the proposed Lease Agreement with Bayshore Properties, Inc. for City waterfront property known as the "Coconut Grove Marina (Kelly Property)"; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. A contract for professional services to conduct an appraisal of City waterfront property known as the "Coconut Grove Marina (Kelly Property)", in conjunction with the proposed Lease Agreement for said property with Bayshore Properties, Inc., is hereby awarded to M.I.A. Appraiser Slack, Slack & Rose, Inc, in the amount of $5,000 with funds therefor hereby allocated from the Marina Improvement Fund. PASSED AND ADOPTED this30th day of OCTOBER , 1980. MAURICE A. FERRE M A Y 0 R ATTEST: RALPt G. ONGIE, CITY CLOR ITEM NO..._......�...._..." PREPARED AND APPROVED BY: JOHN J: -COPEL , JR.--, ASSISTANT CITY ATTORNEY APPROVED AS TO FOf CORRECTNESS: GEO ff GE F. KNOX, JR.; CIT ATTORNEY cay COMMISSION MEETING OF f3 0 - RENturoN NO...........„,,....... REMARKS ............................. 8 15 Richard L. Fosmoen City Manager `N"Y Carlos Garcia Acting Director Finance Department ,rK r'..:•c�t�-'� _ ._ :,its>:io�a.�.�`at.-���,; October 14, 1980 Appraisal Assignment for Proposed Lease with Bayshore Properties, Inc, on City 4aterfront Property It is recommended that the firm quoting the third lowest bid, Slack, Slack, & Roe, Inc. M.A.I. appraisal firm be awarded a contract for professional services to conduct an appraisal of the proposed lease of City waterfront property by Bayshore Properties, Inc. ca � c7 Q �4 CJ CA c—t N In accordance with the ';laterfront Charter P.mend.ments, request for proposals for the appraisal. of the Coconut trove Marina. (Kelly Property) subject to ,the terms and conditions of the proposed lease with Bayshore Properties, Inc. were received. The City Commission, on July 24, 1980, awarded the contract for professional services to evaluate the proposed lease to the M.A.I. appraisal firms of F. Robert QUinlivan and Norman Kurferst. The appraisal firm of Norman f{urferst- NI.A.I. reports that the estimated fair market value of the property in question is valued. at two million one hundred thousand dollars ($2,100,000) and that the proposed lease has the potential of providing the City a fair rate of return. (A copy of the appraisal report is attijehed.) The appraisal firm of F. Robert Qui.nlivan td.A.I, reports that the estimated market value of the subject site i.s two million sixty three th:hundred fi.:'ty dollars ( 2,0053,750). A i'air net rental which would be 100 of this NIrUre, would reflect an annual. payment of 2M ,375.00. It is this appraiser's opinion that the contemnlated rent in the proposed lease is not ..l. fair rental. to the City of Miami. (A. copy of the appraisal report is attached.) '.therefore, a third appraisal is now requested l'or the proposed leuL ie a,,treo;aent; with Bayshore Properties, Inc.., and it is recommended that the M.A.T. t'i rm with the third lowest bid Slack, Sl.ack, and Roe, Inc, be :awarded the contract;. Listed below are the firms orif;inal.ly respondin;; to the solicitation for th(� proposal. J f='PO T 1V E PafRe 1. of 2 t 8 SO-�5 44hpitA%F:Jw.:V:W.'a•N:•l:�i�.+lw:...✓........�.... .�...�..�.._...... .....�......-...._._._�.._�..................�.�.^�..w.�.rww...�..�...w....... �� i MAI APPRAIS TRS F , Robert Quinli.varl Norman Kurferst Slack, Slack, & %e, Inc Earle A. Giddens & Associates, Inc, FEE QUOTED TIPTE TO COMPLETE $3,000.00 30 days 11,850.00 30 days 5,000.00 30 days 9,750.00 60 days Other MAI appraisal .firms responding, to the solicitation, but unavailable to carry -out the assignment were: Carlton 1-1. Coe, Inc. S. Z. Bennett Appraisal Company Landauer Associates, Inc. Ralph I. Lipshaw Copies of the proposal'; by the respondents, as si.ibmitted, are attnched for your review. I CG:1Jt!ii.b;' Attachments: of �o i( d AMERICAN INSTITUTE OF REAL f `'.TE APPRAISERS / fY OF REAL ESTATE APPRAISERS MEMSER•CORAL OASLES SOARD OP REALTORS MEM8CR,FLORIOA ASSOCIATION OF REALTORS F, ROBERT QUINLIVAN, M,A.I,, SA A, ). MARK QUINLIVAN, M,A L, SAAA, REAL ESTATE APPRAISERS A CONSULTANTS 1102 PONCE DE LEON 9OULEVARO CORAL GABLES, FLORIOA 39194 TELEPHONE 444.1692 June 30, 1980 Mr. James E. Gunderson , Director of Finance, City of Miami 65 S. W. 1 Street 3rd Floor Miami, Florida 33130 Re: 2546-2558 South Bayshore Drive a/k/a The Underwood Marine Property Dear Mr. Gunderson: ' This is written in reply to your letter of June 26, 1980, related to the above (copy of your letter attached). 1. Work would be initiated upon receipt of your approval to proceed. The time to complete would be thirty days. 2. Ten (10) copies would be furnished. 3. Will determine if the City is receiving a fair rate of return under the terms and conditions of furnished lease. , 4. Signed Certificate of Appraisal will be furnished. 5. Court testimony given if called upon 6. Total Fee = $3,000.00 FRQ : j t Respectfully submitted, F. Robert Quinlivan, M.A.I. 1 NORMAN KURFERST, M.A.I. PRESIDENT THE KURFERST COMPANY REAL ESTATE APPRAISERS AND CONSULTANTS 3001 PONCE DE LEON BOULEVARD SUITE 244 CORAL GABLES. FLORIDA 3304 PHONE IRIS) 418.2267 July 1. 1980 Lease Manager City of Miami 65 SW 1st Street, 3rd Floor Miami, Florida 33130 Fee Proposal: 2546-2558 South Bayshore Drive aik/a The Underwood Marine Property , Fee for Appraisal Services as described in your letter of June 26, 1980, copy attached, is $4,850., with delivery in 30 days from time of acceptance. Respectfully submitted: , %tom--- � ...� Norman Kurferst, M.A.I. j g i Slack, Slack & igoe, Jnc. 194 A[A009 1620 W. FLAGLER STREET • MIAMI. FLORIDA 33135 MIAMI PHONE 643-0443 BROWARO PHONE 763•8033 July 1st, 1880 City of Miami Finance Department 65 S.W. lot Street 3rd FZoor Miami, Florida 33130 Re: 2546 - 2558 South Bayshore Driver a/k/a The Underwood Marine Property Attention Lease Manager CentZemen: In answer to your invitation to submit a proposal for the Underwood Marine Property at 2546- 2558 South Bayshore Drive, this is to state that I feel that I can complete this assignment for a fee of-v5,000.00. I would require 30 days from receipt of authorization to proceed. Yours veri! truly, •TXEODORE lti'. SLACr;,`MAI, A SA T' S/Zg F 0 L L W,I 7 EARLE A. CIDDENS AND ASSOCIATES, INC. REAL ESTATE APPRAISERS AND CONSULTANTS REGISTERED REAL ESTATE BROKER MEMSUITE 517 SO CICTT or RE AI SIRS ' AMERICAN IN SLIT UTE 0/ *5 REALAL ESTATE5TATt APPRAISERS 80AS NOATHWEV 38TH STREET MIAMI 60A40 Of REAITORS MIAMI, CLORIOA 33168 • �305) s91.93ZA July 1, 1980 James E. Gunderson, Director of Finance City of Miami Finance Department Treasury Management•Division - r 65 South West First Street, Third Floor Miami, Florida 33130 Attention: Property Manager / Re: 2546-2558 South Bayshore Drive aka The Underwood Marine Property , Dear Sir: r As requested in your letter of June 26, regarding an appraisal on the above captioned property; -I am available to complete this appraisal and furnish YOU with ten copies sixty days from receipt of authorization to proceed. I will also furnish a signed Certificate of Appraisal, and be prepared to give expert testimony on the appraisal if necessary. My fee for this assignment would be $9,750. Thank you for your consideration. Very truly yours, Ea le A. Giddens, SREA, MAI. ERG/dd CARLTON W. COLE. M.A.1, DAVID N. BLOUNT. Ja ANDREA LYNCH COLE CARLTON W, COLE, INC. APPRAISERS AND COUNSELORS 900 PALERMO AVENUE July 3, 1980 CORAL GABLES. FLORIDA 00104 TELEPHONE (005) 440-9591 Lease Manager _.Finance Department r Treasury Management Division City of Miami 65 S. W. 1st Street, 3rd Floor Miami, Florida 33130 Re: 2546 - 2558 South Bayshore Drive r a/k/a/ The Underwood Marine Property Dear Sir: This is in response to a letter from James E. Gunderson, dated June ?a, 1980 regarding the above -captioned property. I regret that we are unable at this time to commit ourselves to complete the described report within what I think you would consider a reasonable length of time. Thank you for your inquiry. We look forward to being able to provide you with appraisal services in the future. With best regards, I am Yours sincerely, CARLTON W. COLE, INC. Y V • C-64 L By: Carlton W. Cole, M.A.I. S. Z. BE-N-NETT APPRAISAL CUDiPAN1 REAL ESTATE CONSULTANTS AND APPRAISERS I407 AINSLCT BUILDING D11AMIT FLOU DX i HO-- TELCPMONC ]71.16]9 S. Z, 13zmPm?T Hmwnav AMCRICAN INSTITUTE Or REAL ESTATE ARRRAISCRS AMCpICAN SOCICTY Of REAL CSTATt COUNStLORS S OCItTY Or KCAL ESTATE ARRRAISCRS , AMCRICAN SOCIETY Of ARRRAISCRS INSTITUTE Of KCAL ESTATE MANAGCMENT SOCIETY Or INOUSTRIAL REACTORS REALTOR June 30th 1 9 8 0 Lease Manager Finance Department - Treasury Management Division 65 S. W. 1st Street, 3rd floor Miami, Florida 33130 Dear Sir: Re: 2546-2558 South Bayshore Drive a/k/a The Underwood Marine Property Thank you for your letter of June 26; 1980 relative to submitting a proposal for the appraisal of the above described property. Due to our schedule of commitments, this office will be unable to undertake any new assignments for the next several months. SZB:ep very truly yours, S. Z. BEN NEW APPRAISAL C014PANY M.A.I.,C.R.E. Pres. rr ,UPPOR DC ���.1,r� �3,J�• wC � Landauer Landauer Associates Inc, Real Estate Consultants FORUM 111, Suite 200 Lic. Real Estate Broker 1675 Palm Beach Lakes Boulevard West Palm Beach, Florida 33401 1305) 689.8111 July 10 1980 City of Miami Finance Department Treasury Management Division 65 S. W. 1st Street 3rd Floor Miami, FL 33130 Attention: Lease Manager Re: The Underwood Marine Property • Dear Sir: 1 We have received your letter of June 26, 1980,.and appreciate the invitation to submit a proposal for an appraisal of the captioned property. Unfortunately, our current schedule would not permit undertak- ing this additional engagement in a timely manner. We, there- fore, respectfully decline your invitation. We are very grateful for your consideration, and look forward to the opportunity of submitting proposals to the City on future assignments of this type. Thank you. Sincerely, LANDAUER ASSOCIATES, INC. rank B. McBrearity,• _ FBM:nhl 4F. i i I i I i I i DUN Srniur Rrul pruperiv • ApMuiirr '.r ;i REALIOR Member American Institute of Real Estate Appraisers (KAI) No. 4006 Society of Real Estate Appraisers (SRPA) American Society of Appraisers (A.riA) Real Estate Securities and Syndication Institute National Association of Realtors Ralph 1. Llpsha^ Realtor -Appraiser 9095 S.W. 87th Avenue Suite 503 Miami, Florida 33176 (3051595.0234 • ew Address, RALPH I. LIPSHAW 10661 N. KENDALL SUITE 102 (305)595-0234 MIAMI, FLORIDA 33176 July 3, 1980 City of Miami - Finance Department Treasury Management Division 65 SW lst Street 3rd Floor Miami, Florida 33130 Attention: Lease Manager Re: 2546 - 2558 South Bayshore Drive l a/k/a The Underwood Marine Property Gentlemen: I wish to thank you in all sincerity for considering us to submit proposals on the above project. However, at the present time our work load precludes our being available to complete this assignment in a timely fashion. , I regret not being able to comply at the present time but it would be greatly appreciated if we were to be kept on your list of available appraisers and allow us to estimate fees on future projects. Thank you. i Sincerely, Ralph LipshJw'MAI, PA, ASA r. o, Richard Fosmoen City Manager Carlos Garci Acting Direct , Fi a D IJ ' October 17, 1980 Appraisals of 25116-2558 S. Bayshore Drive n, nce epa.r tmen On July 24, 1980, the City Commission contracted with F. Robert Quinlivan and Norman Kurferst to provide appraisals of the Coconut Grove Marina in conjunction with a proposed lease from Bayshore ;>roperties. The appraisal firm of Norman Kurferst, M.A.I, values the property at >2,100,000 and sug;;ests that an annual return of 8.50 would be expected froin the mar::et, resul.tin- in "'178s5OO per, anniz:!. However, t;r. Kurferst points out that the proposed lease assures the City of 1$400,000 in off -site improvements irurediately, f;uaranteed rent of ,$92,144 (Lease E,$us percentage of '.'arina rental and sales), capital improvements of $2,000,000, and the possibility of.' additional rental income from rental overages. In light of these considerations, this appraiser feels this lease is advantageous to the City and has the potential or providing the City a fair rate of return. The analysis done by the appraisal firm of F. Robert Quinlivan, M.A.I. values the property at ti2,063,750 and recommends an annual net rental of 10°j, as a fair return. This would result in a rental of ,$206,375 which is not contemplated it} the proposed l.euse. t'.r. Quirilivan is of the opinion that this lease does not provide a fair rental to the City. The attachment summarizes the appraisers' conclusions. nil _ CO-TARISOIi 0: T?:0 APPRAISALS Or 25L 6-2558 SCU—_-H KURFTRS'I' ^.illiii I?Fia - 'otal value of ��ropertti &2,100,000 2,C63„G0 Value attributed to up -lands I,k52,g110 �0-! I Value attributed to submerged land 3LI0,608 - --C Value attributed to improvements 288,914 none F Estimated net annual rental value 17g 5500 (8.550 value) ,-,1 �� r 20c,� ; �0value) , CO CLUSiO3 7-he approJ inato rentof _.e _PrOPOsed lee i- z rct ,4L, with the possiv^iia_'air re nzal o he Cz-- . of additional income from the o; Sales plus Cani u.-.! i-nro:-enents of 82,L00,000, gives the lease the potential of- nrovidin!- the City _ fai r ramie or return.