HomeMy WebLinkAboutWORK ORDER - PURCHASE ORDER - 9113008q ( f 3 xr6
May 3, 2011
Mr. Rick Richter
Capital Projects Manager
Engineering Department
City of Fort Collins
P.O. Box 580
Fort Collins, Colorado 80522-0580
RE: Interstate 25 and Colorado State Highway 392 Reimbursement Study
Dear Mr. Richter:
At your request, I am submitting my proposal for a study to estimate the
appreciated value of real property within the Fort Collins Growth Management
Area (GMA) and the Windsor GMA in the region of the Interstate 25 and
Colorado State Highway 392 Interchange. The study would include those
properties that would immediately and substantially benefit from the proposed
improvement of that Interchange.
Scope of the Assignment
City of Fort Collins and Town of Windsor have appropriated $5 million as
their share of the proposed Interchange improvements. The proposed study would
provide justification for assessing the real property in the benefit area of the
Interchange in an amount sufficient to reimburse Windsor and Fort Collins for
there contribution to the overall improvement project, now estimated to cost
approximately $25 million.
The study involves making a determination of which properties in the
corridor activity center (CAC) are being benefitted from the proposed interchange
improvements and to what extent the properties are enhanced in value by the
proposed access enhancements.
My analysis will be based on comparing the most relevant comparable sales
to the individual parcels being benefitted and studying the manner in which
property values have been influenced around the most recently developed
Interstate interchanges.
W. West Foster, MAI, CRE, SR/WA • Sue Anne Foster, MAI, SRA
Jou M. Vaughan, MAI • Christine M. Antonio
Certified General Real Estatc Appraisers • 910 54th Avenue, Suite 210, Greeley. Colorado 80634
Phone (970) 352-1117 • FAX (970) 353-2753
Mr. Rick Richter
Page 2
May 3, 2011
The unit of comparison that will initially be utilized in the analysis is value
enhancement per acre. It may be found that it will be more appropriate to utilize
value enhancement per square foot.
Other reimbursement alternatives may surface during the investigation.
As a starting point, you have provided the with a report prepared by BBC
Research and Consulting on March 2, 2011. This report may be of assistance in the
preparation of the study, but the data contained therein will likely need to be
refined as the study progresses to include not only the properties that could be
assessed but also the increased value of those properties resulting from the
Interchange improvements and the relationship of the increased value to the
amount of the proposed fee.
Proposed Completion Date
I estimate that the study as outlined herein can be completed within sixty
(60) days from the receipt of a notice to proceed from the City and the Town.
Weekly telephone meetings will be schedule throughout the process, for the
purpose of keeping Town and City representatives fully abreast of the my progress
and the direction of the study.
Professional Fees
I propose to perform this work on a time and materials basis. Materials will
be limited to pre -approved out of pocket costs and my time will be billed at the
rate of $250 per hour. A complete record of time spent and out-of-pocket costs
incurred will be maintained and that record will be available for periodic
inspection by the City and the Town. The forgoing notwithstanding, my total fee,
excluding out-of-pocket costs will not exceed $ 20,000.
Mr. Rick Richter
Page 3
May 3, 2011
Thank you for the opportunity to take on this interesting assignment.
Respectf lly submitted,
W. West Foster, MAI, CRE, SR/WA