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City approves appraisal services for Eastgate property; costs and reimbursement discussed
Summary
The board approved appraisal contracts for the Eastgate parcel (recently transferred to the redevelopment commission), agreeing to contracts with Metzger Property Services (not to exceed $800) and The Appraisal Shop (not to exceed $2,500). Staff said the city budgeted the work and expects reimbursement from the redevelopment commission.
The Board of Public Works and Safety on May 7 approved two appraisal agreements related to the Eastgate property, which staff said the city transferred to the Redevelopment Commission to begin redevelopment steps.
Aaron (Metzger Property Services) presented appraisal work not to exceed $800. Staff also presented a separate agreement with The Appraisal Shop for a not-to-exceed fee of $2,500. City staff said both appraisals use the same source materials and that the city has the funds in its budget but expects to seek reimbursement from the redevelopment commission.
Aaron told the board the higher fee from The Appraisal Shop reflected the scope of that vendor’s work; staff could not explain a disparity in fees beyond differences in each vendor’s process. The board approved both agreements by roll-call votes.
A board member thanked the presenter and staff for moving the appraisal work forward. Staff said advancing appraisals will allow the redevelopment commission to proceed with subdivision and potential redevelopment planning for the Eastgate parcel, which is located near Speedway.
The agreements were approved as presented. Staff said they will proceed with both appraisals and follow up with the redevelopment commission regarding reimbursement.
