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HomeMy WebLinkAboutR-80-0273RESOLUTION No. 8 0- 2 7 3 A RESOLUTION AWARDING A CONTRACT FOR PROFESSIONAL SERVICES TO CONDUCT AN APPRAISAL OF THE MANAGE- MENT AGREEMENTS FOR MIAMARINA AND DINNER KEY MARINA TO REAL ESTATE RESEARCH CORPORATION, MAI APPRAISAL FIRM. WHEREAS, Real Estate Research, Inc. has offered to provide their profes- sional services for the appraisal of the management agreements for Miamarina and Dinner Key Marina, NOW THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI$ FLORIDA: Section 1. That a contract for professional services to conduct an appraisal of the management agreements for Miamarina and Dinner Key Marina be awarded to Real Estate Research Corporation, MAI Appraisal Firm. PASSED AND ADOPTED THIS 10 DAY OF «SlippORTIVE DOCUMENTS FOLLOW„ ATTEST: CITY_CLERK ( �" PREPARED AND APPROVED BY: AS ISTANT CrTY AT, NEY APPROVED AS TO FORM AND CORRECTNESS: APRIL , 1980 MAURICE A. FERRE MAYOR "DOCUMENT. INDEX ITEM NO. t2 " CITY COMMISSION MEETING OF APR 101980 80-27 AESOLMMNO ...................... NEWIIKt:............................ CITY OF MIAMI, FLORIDA _ INTEROFFICE MEMORANDUM To DATE April 3 1980 FILE. Joseph R. Grassie P City Manager SUBJECT Appraisal Assignment for the Management Agreements for Miamarina & Dinner Key Marina FROMT-io)e -..L t t C '-f_ �L��REFERENCES s E. Gunderson ctor of Finance ENCLOSURES It is recommended that the f i rm quoting I I SV � ` j� �+ E the second lowest bid, Real Estate ii„r�n,T� Research Corp., MIA Appraiser, be awarded ����� 1 j .; �_ 1 J the contract for professional services to N� ll conduct an appraisal and financial analysis V 0 _+_-` j!V of the Management Agreements for Miamarina and Dinner Key Marina The City Commission, on March 1.9, 1980, awarded the contract for services to evaluate the Management Agreement for Miamarina and Dinner Key Marina to two firms, Slack, Slack & Roe, Inc., and Peat, Marwick & Mitchell. Letters were sent to those firms accepting their offer of services. However, Slack, Slack & Roe, Inc., has now declined to perform. (Letter Attached.) Therefore, it is recommended that a second firm from the MAI Appraisers group be selected to replace them. Listed below are the firms originally responding to the solicitation for the proposal. MAI APPRAISERS FEE QUOTED TIME TO COMPLETE Slack, Slack, & Roe, Inc. $ 3,000.00 30 days Real Estate Research Corp. * 7,000.00 60 days F. Robert Quinlivan, MAI 8,000.00 45 days Property Consultants, Inc. 10,000.00 30-45 days Charles J. Higler, MAI 20,000.00 90 days *Plus actual time and expenses incurred if expert testimony is required by the City. The other firms responding to the solicitation, but unavailable to carry out the assignment were: Carlton W. Coe, Inc. S. Z. Bennett Appraisal Co. Copies of the proposals by the respondents, as submitted, are attached for your review. JEG:WHH:bf 80-273 Slack, Slack & Roe .9 .9nc. - E�ItOR� 1620 W. FLAGLER STREET - MIAMI. FLORIDA 33135 MIAMI PHONE 643-0443 BROWARO PHONE 76"033 April 2, 1980 M e-� c _ Mr. Joseph R. Grassie •.,. City Manager City of Miami, Florida Finance Department W Treasury Management Division 65 SW 1st Street - 3rd Floor Miami, Florida 33130 Re: Appraisal and financial analysis of then management agreements for Miamarina and Dinner Key Marina Dear Mr. Grassie: I am in receipt of your letter of March 31, 1980 regarding the proposed appraisal of management agreements on the above -captioned properties. After having studied Fesolution No. 80-62, it is clear to me that this is not an undertaking which should be assumed by a reaZ estate ai praiser. I confine my work to the analysis of reaZ ropertu and do not feel quaZified to produce a report on the merits of a management agreement of the nature set forth on these properties. I regret that I will be unable to perform these assignments as I feel that, in good conscience, I cannot accept them. TWS/da Sincerely, THEODORE W. SLACK, MAI, ASA "SUPPORTIVE DOCU n1 E N T S FOLL6W?y esw«rmae ^yin"* m �: 7 -3 M,.,Or, rV �:Or March 31, 1980 104PH R. GRASSH ctN hidnagw Mr. Theodore C. Slack, SRPA, ASA,MAI Slack, Slack, & Roe, Inc 1620 West Flaaler Street Miami, Florida 33135 RE: Appraisal and financial analysis of the management agreements for %'4 amari na and Dinner Key Marina. Dear Mr, Slack: ?'ease be advised that your proposal to appraise the manae_er^ent agreements on the sub;;ect properties for a lee oj' S?,CCC.00 has beer acceoted, in accordance with yo.r written proposal of February 20, 1980. The Work assionrrent %ti'411 include the `urnish;,no of 10 bound cooies of a written narra.ive reoort for t^e twc T-ar;rG propert'.es-nvo'ved. These reports are to estab"sh an est:-ate o' va'un * t-e rcot-9 aooroach based or the ":f—tati0ns or 7_o►'-rc and ,;sr, ar- SUD4arl to `^e ter -is anlj rondi+ions o° the respect;ve manacetrent acree­ents. ,et on the es,`mated value and your orol'essiona' opinion deters^*ne if the City -s rece,v no a ra=r rate of return es St-*%'ated in ?ese'."on No. -5r'' and ;nc'uce your r-nc'.ine in the appraisal;. The reo�:rts are t^ conta;n a s;rned cert;`cate of value For each marina. The t"r':' tc co.— pte ` s an7r i sa ass', c`17ent - s 3'. daVs . If yo.; need further informa`_ien corcerr.ing this project, please contact the Lease Yanacement Sectior at 579-G.13. Sincere' C �o -ah Crassie U ty Vanaeer t IVE �� ITS LiW FNANCE DIPARI VI N I tMinagvrTlem Divnion. 65 5 W ht so <id 41 Opt Slack, Slack & 1?oe, Jnc. - LAITORA 1620 W. FLAGLER STREET - MIAMI. FLORIDA 33135 MIAMI PHONE 443.0443 DROWARD PHONE 7MG033 February 28, 1980 City of Miami c/o Lease Manager P. 0. Box 330708 Coconut Grove Station Miami, Florida 33133 Re: Dinner Key Marina Management Agreement Miamarina Management Agreement Gentlemen: I am pleased to submit a proposal to appraise the above -captioned property. My fee for these services is estimated at $3,000. I am also prepared to give expert testimony in this case. I could initiate the work within a creek or two and complete the appraisal within thirty (30) days of employment. TWS/da Respectfully submitted, ' THEODORE W. SLACK, MAI, ASA "SUPPORTIVE DOCUMENTS' FOLLOW eww"owv �l�tf'i'rtKw1 SA�9 REAL ESTATE RESEARCH CORPORATION Forts Pins,1401 Brickell Avenue, Miami, Florida 33131 (305) 377-4671 February 27, 1980 Mr. J. E. Gunderson Director of Finance Risk Management Division P.O.Box 330708 Miami, Florida 33133 Attention: Lease Manager Dear Mr. Gunderson: In response to your recent request, I am pleased to submit this proposal to complete the appraisal of two waterfront properties owned by the City of Miami. Specifically, this would include the Dinner Key Marina and the Miamarina. Of - We understand that these appraisals are required to establish an estimate of value by the income approach based on the limitation of zoning and terms of the respective management agreements. Based on this estimate of value, a determination would then be made as to whether the City is receiving a fair rate of return on the properties. We are prepared to complete narrative reports on each of the properties prepared in accordance with the standards of the American Institute of Real Estate Appraisers, of which I am a member. We are prepared to complete these appraisals within sixty (60) days from your authorization to proceed. Our estimated fee to complete the two appraisal reports is $7,000, which would include delivery to you of ten (10) copies of each report. In addition, we would be prepared to give expert testimony on the appraisals. Any required testimony would be billed at actual time plus expenses. We appreciate the opportunity to submit this proposal to you and look forward to working with you on this challenging assignment. Please do not hesitate to call if you have any questions. Sincerely, REAL ESTATE RE ARC, CO ORATION Stanley F. Miller, Jr., M.A.I. Senior Vice President S� I +� ��. FM/ers `r n`%TIVE ,�►—,� D0c_—S MEMlERS:AMERICAN INSTITUTE Of REAL ESTATE APPRAISERS ' L.. Offices throughout the U.S. • Subsidiary of First Chicago Corporation AMERICAN INSTITUTE OF REAL EV'E APPRAISERS MEMSER•CORAL GABLES SOAR. , REALTORS SOLO% OF REAL ESTATE APPRAISERS MEMBER- jRIDA ASSOCIATION OF REALTORS F. ROBERT QUINLIVAN, M.A.I., S.R.A. J. MARK QUINLIVAN, M.A.I., S.R.P.A. REAL ESTATE APPRAISERS R CONSULTANTS I IOE PONCE DE LEON BOULEVARD CORAL GABLES. FLORIDA 33134 TELEPHONE 444.1092 February 261 1980 Mr. William H. Harrison, Lease Manager City of Miami P. 0. Box 330708 Coconut Grove Station Miami, Florida 33133 Re: Dinner Key Marina Management Agreement (and) Miamarina Management Agreement Dear Mr. Harrison: This letter is written in response to Mr. Gunderson's letter of February 20, 1980, which relates to the re- ferences above. The following information is submitted related to said appraisals. 1. This appraiser would be available to undertake the appraisal assignments and would start upon your notification of authorization. The time to complete such assignments would be forty- five days, to include the submission of the finished reports. 2. Ten copies of each report would be furnished, employing the appraisal techniques of the American Institute of Real Estate Appraisers. The primary approach to value would be based on the Income Approach. 3. A determination would be made to conclude that the City of Miami is receiving a fair rate of return under the terms and conditions of the related Management Agreements. 4. A signed Certificate of Appraisals for each would be furnished. «SUPPo RTIVE OCtjo,'l f� F NTS O�LOW» Page 2 Mr. William H. Harrison, Lease Manager Re: Appraisals - Dinner Key Marina Management Agreement (and) Miamarina Management Agreement 5. If expert testimony was determined to be necessary, this appraiser would be prepared to do such. 6. Appraisal fees would be as follows: Dinner Key Marina Management Agreement $59000.00 Miamarina Management Agreement $3,000.00 Respectfully submitted, F. Robert Quinlivan, M.A.I. FRQ: j t F 0�- 80-273 EDWARD M. WARONKER, Pres. MAI, ASA, SREA 0 aIc REALTORS Lease Manager Office of Risk Management City of Miami, Florida P. O. Box 330708 Miami, Florida 33133 February 25, 1990 Attention: Mr. Bill Hurrison, Lease Manager Re: Letter from J. E. Gunderson, Director of Finance, dated February 20, 1980, Appraisals of Dinner Key Management Agreement and Miamarina Management Agreement. Dear Mr. Harrison: PROPERTY CONSULTANTS INC. would be pleased to analyze the above management agreements in order to estimate whether the City would be receiving a fair rate of return under the terms and conditions therein. The estimate of a fair rate of return would have to be judged by comparison with the rates being negotiated for other similar municipal facilities in South Florida. If the rates paid are judged to produce a fair return, then an indication of value by the income approach, using said rates, could be projected. We can initiate work upon receipt of authorization from the City. The time required to complete the analyses is estimated at 30 to 45 days. The finished reports will be furnished in 10 copies and will include signed Certificates of Appraisal. I am prepared to give expert testimony on the appraisals if deemed necessary by the City of Miami. Our fee for appraising this parcel would be $10,000 for the above assignment, or $6,000 for Dinner Key and $5,000 for Miamarina, if assigned separately. Please call me if you have any questions. I will appreciate information as to the appraisers hired and the fee agreed on in the event we are not selected. Very truly yours, Edward M. Waronker P 1 O I\ TI V E ASA, SREA, MAI DOCUMENTS FOLLOW EMW:ar tl property consultants inn. 9795South Dixie Highway, Miami, Florida 33156 / 1305► 661.8551 1 February 20, 1980 Charles J. Higler, MAI Real Estate Appraiser 3508 Hibiscus Place Miramar Isles, Florida 33023 RE: Dinner Key Marina Management Agreement Miamarina Management Agreement Dear Sir: L F1'C�, Cc JOSEPN R. GhAS- . Citv Manap, - Inquiry or Reply should be Directed to Lease Manager You are invited to submit proposals for the appraisals of the described City owned Waterfront Property, which are attached. Your proposals should include the following information: 1. A statement as to your availability to make the appraisals; when you can initiate the work, and the estimated time required to complete the appraisals and submit the full finished report. 2. The furnishing of ten copies of the completed, bound narrative reports on each of the described premises, establishing an estimate of value by the income approach, based on the limit- ations of Zoning and Use and subject to the Terms and Conditions of the attached copies of the respective Management Agreements. 3. Based on the estimated value determine if the City is receiving a fair rate of return under the terms and conditions of the attached management agreements. 4. You will furnish a signed Certificate of Appraisal for each of the parcels. 5. A signed statement that you are prepared to give expert testimony on the appraisal if deemed necessary by the City of Miami. 6. A statement as to the amount of your fee proposal for the work covered by Items 1 through 5 above. V «tea �PP0RTIVE J.J TS Pane 1 of 9 fir' ; r li DIRECTOR OF FINANCE P.O. Box 3307W , Coconut Grove Station / Miami, Florida 33133 %11419FR M( \ICIPAI Fl%lk%(F OFFICJRt k�c N of TNF ('%IYID SYOMS A%D CAhADA Appraisal for City Waterfront Property You are invited to submit this information depending upon your availability to take the appraisal assignment. If you have any questions concerning these matters, please contact the Lease Manager at 579-6318. Your reply would be appreciated as soon as possible. Sincerely, w James E. Gunderson �. Director of Finance JEG:WHH;bf, .0 Enclosure: "SUPPnpTIVE CUMENjs FOLLOW„ Page 2 of 2 CARLTON W. COLS, !t. A. I. CARLTON W. COLE , INC. RROISTERED REAL ESTATE RROREI REAL ESTATE APPRAISERS AND CONSULTANTS February 25, 1980 R. Jig I �`• . , 120 At IERIA AVENUE �•' CORAL GAIlLP.'S FLORIDA .4, a•� TELEPHONE 130W 4 3-2501 Lease Manager Office, Director of Finance City of Miami P. O. Box 330708 Coconut Grove Station Miami, Florida 33133 Re: Dinner Key Management Agreement & Miamarina Management Agreement Dear Sir: This is in response to a letter from J. E. Gunderson, dated February 20, 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. With best regards, I am Yours sincerely, CARLTON W. COLE, INC. C By: Carlton W. Cole, M.A.I. DO(`i i r� y - •, � h FGL l_,'L,f 1%„ s S. Z. 13TNNI:TT APPRAISAL COMPANY REAL ESTATE. G)NSCLTANTS ANo APPRAISERS 1407 AIN SLET BUILDING MIAMI, FLORIDA 33132 TELEPHONE 371-1639 Lease Manager Director of Finance P.O. Box 330708 Coconut Grove Station Miami, Florida 33133 8. Z. Ilertxsrr mrrnen AMkRICAN INSTITUTE Or REAL ESTATE APPRAISERS •MERICAN SOCIETT or PF AL ESTATE COUNSELORS SOCIET♦ Or REAL EST►TE APPRAISERS ►MERICAN So CIETT Or APPRAISERS INSTITUTE Or REAL ESTATE M►IVAGEMENT SOCIETT Or INDUSTRIAL REALTORS REALTOR February 25th 1 9 8 0 Re: Dinner Key Marina Management Agreement Miamarina Management Agreement Dear Sir: Thank you for your letter of February 20, 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. ZONETT APPRAISAL COMPANY I.,C.R.E. Pres. P.S. Please correct your mailing address to show: 14 N.E. First Avenue; not N.W. n