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EXHIBIT "A" v dion & Consultation _HEDULE A: REDWOOD SHORES, Scope of work, 14 july, 1999 The scope of work proposed is to provide a re-assessment to market value of the property generally known as Redwood Shores, and consisting of roughly 4,350 parcels of real property. The work will intend to comply with the Uniform Standard of Professional Appraisal Practice, and any additional standards of the California State Board of Equalization. The date of value will be 1 january, 2000. In general this assignment can be broken down into phases. Phase I: New construction - This phase, to commence on or about 1 December, 1999, intends to identify and quantify any changes to the properties assessed since lien date 1999. This includes identifying new houses, condominiums, office buildings and other structures. It also includes identifying and quantifying any alterations to existing structures which are material to their market value. Phase II: Residential valuation - This is the most time consuming analysis task in the assignment. The scope includes identifying property sold within the last year and applying statistical techniques, such as multiple regression analysis, to extract the important factors contributing to their value. The resulting models will be applied to the various neighborhoods and developments in the district. In the process, a sample of the sold properties must necessarily be inspected to confirm the validity of the models and the trends which they incorporate. Phase III: Valuation of commercial, multiple family residential, hotel, land, and property of other uses. Portions of this phase, principally data colection run concurrently with Phases I and II. The objective of this phase is to arrive at values for the properties within the district which are not individual residential parcels. In some cases statistical valuation methods are useful, but in general the valuation of these property types is more labor intensive. Phase IV: Assembly of the assessment roll. Next to the residential revaluation, this is probably the most time consuming portion of the assignment, translating the analytic findings into consistent individual values posted to the roll. The assessment roll is the final product of the assignment and will be delivered in both hard copy, with explanatory text, and in ASCII format for the use of data processing in creating bond payment bills. Delivery of this product is to be on or before 15 june, 2000. Phase V: Assessment appeals - This task is not included in the fixed portion of this bid. Necessarily, whenever property is reassessed, there will be some taxpayers who are unhappy. Their recourse is to appeal. Defense of appeals requires the preparation of individual appraisals which are more time consuming per property than mass appraisal, and time is needed to negotiate with the property owners. Depending on appeal volume, time and cost will vary. Ten days are allocated to this function, but less have been needed in the last two years. Defense of assessment appeals is an advisable deterrent to frivolous or self-serving appeals. The appellant's calculus must include the probability of victory, and the cost of that victory. The appellant should also see the likelihood that any unrealistic valuation that might result in the process will simply be reversed the following year, requiring repitition of an uncertain and costly process. If appellants see that the system will deal with real problems, but defend and win cases which are without merit, such cases are less likely to be filed. Charles B. Warren, A5ft URBAN REAL PROPERTY .._"_."........_---~ 2033 Powell Street San Francisco California 94133 Phone 415. 433.0959 Fax 415. 982.1441