5. APPLICABLE REQUIREMENTS
In addition to any other applicable requirements, the appraisal must conform to the most recent
editions of the “Uniform Standards of Professional Appraisal Practice”, USPAP.
6. APPRAISAL REPORT
The appraisal, if required, can be an Oral Report with supporting documentation from the work
file or a written report in one of two formats: an “Appraisal” or a “Restricted” report. The report
type will be based on consultation with the client.
7. CONTRACT TERM.
The term of this Contract will commence as of the date of this contract and continue until such
time as Appraiser's services in the Matter are no longer required.
8. SCOPE OF SERVICES.
The Appraiser agrees to perform the following scope of services under this Contract:
a. The Appraiser will perform research sufficient to render an opinion of value.
b. The Appraiser will develop professional opinions regarding the fair market value of
the Property as of April 1 of the tax year(s) at issue. The Appraiser will share his
preliminary opinions with the City verbally or in summary fashion (e.g. an email)
within a time line to be determined by mutual agreement of the Parties, with the
understanding that the Matter will have hard deadlines imposed by the court.
c. The Appraiser will develop a written report regarding his expert opinions, if the City
requests such a report. The delivery date for the written reports will be
communicated by the City when it requests the same, time being of the essence.
Appraiser will provide 3 hard copies and one electronic copy of any written report.
d. The Appraiser will provide expert support for informal and formal settlement
discussions and mediations and offer expert testimony in the Matter, if needed by the
City. The Parties understand and agree that the Appraiser may be required to offer
both deposition and trial testimony in the Matter.
9. PAYMENTS FOR SERVICES
The Parties understand and agree that the fee for the services described above in 8 a— d will be
$300 per hour. The maximum amount to be paid by the City to the Appraiser for services
provided under this Contract shall not exceed one hundred fifty thousand dollars ($150,000.00)
without prior written authorization from the City.
