RRA - Item 2 - Authorization to obtain appraisal for property located at 7505 Garvalia Ave - Internal Files Box 069ROSEMEAD REDEVELOPMENT AGENCY
8838 VALLEY BLVD., ROSEMEAD, CA 91770e (818) 288-6671 • Telecopier 8183079218
TO: HONORABLE CHAIRMAN
AND MEMBERS
ROSEMEAD REDEVELOPMENT AGENCY
FROM: FRANK G. TRIPEPI, EXECUTIVE DIRECTOR-
DATE: NOVEMBER 18, 1993
RE: AUTHORIZATION TO OBTAIN APPRAISAL FOR PROPERTY
LOCATED AT 7505 GARVALIA AVENUE
At the regular meeting of August 10, 1993, the Agency directed staff
to obtain comparison sales prices of property in the vicinity of the
church, or the sale of other churches at 7505 Garvalia Avenue. A
specific attempt was made to obtain figures for the sale of other
churches in the area. Unfortunately, we were unable to attain any
usable comps.
In further discussion by Agencymembers at the same meeting, staff was
requested also to look into getting a letter appraisal with the
amount paid for the letter appraisal credited toward the preparation
of a full acquisition appraisal. we were informed by John Ellis that
he was not willing to do a letter appraisal for $3,000. He indicated
that a letter appraisal would cost between $5,000 and $6,000.
However, he did say that he would credit that amount toward a full
acquisition appraisal which would cost $7,500.
The decision for the Agency this evening is one of time. if
Agencymembers are interested in fast tracking this process, then it
would be appropriate to authorize the Executive Director to retain
Lea Associates for preparation of a full acquisition appraisal not to
exceed $7,500. If, however, time is not of the essence, then it is
recommended that the Agency authorize the Executive Director to
retain Lea Associates to prepare a letter appraisal not to exceed
$6,000 with the understanding that the Agency could later retain Lea
Associates to perform a full acquisition appraisal for $1,500.
FGT:js
Attachment
A:112393j(4)
AGENCY AGENDA
NOV 2 3 1993
ITEM No.