AgdaPkt 2000-12-18 - Laserfiche WebLink

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i � . ,..�. , , . . .�;,., �,, „�„ ..�, A; .., _ �� Q� _ '�� .:. �'° i� .. � 'y & ar . .+ a^. '� .. �e- t� �. �r ��. � 4' � �. �, �h#� �„�` �e� � ' 'r „�,�,� � � . �rX �. ,��'.� �� ° � ° y �. � ., �� s �s�#-.. � �., a '� � "��ra » ""f .. y „ xa , � �, � s4. �, :' � � . , Ea�,,. `� . ��:a w, -. w r r: } r � .. � �r . .,c.� - ��z� � �� ,�� a � � �nailz ' t�r,� _ � .�� = � ��° * �'�-�� . � � � �.� �. �s� �' «�. �� ,, �.� . �. � �:� �� y � �, �� .��` om� =C�Mana er�- �. �.��. � ,:.::� � ��,�� 9 December 18, 2000 Subject -- Appraisal Services for Generai Improvement District 1-64 Property Tax Assessment . Recommendation It is recommended that the City Council authorize the City Manager to execute a contract with Mr. Charles B. Warren, ASA, for appraisal services related to fiscal year 2001-2002 tax collections for General Improvement District 1-64 (GID 1-64). Background . General Improvement District 1-64 was formed in 1964 with the purpose of facilitating development of the Redwood Shores area; the landowners in the district authorized a series of facilities and reclamation bonds between 1966 and 1979 to fund infrastructure in the district. These bonds are obligations of the improvement district and not of the City of Redwood City. Debt service on the bonds is provided through property taxes levied on assessed value of property in the district. The Redwood City Director of Finance and Financial Planning acts as the Assessor for the district; to assist him, the City engages an independent appraisal firm to conduct a mass appraisal of the value of property within the district. A mass appraisal is required to provide the City with the current market values of all properties within GID 1-64 as these values are the basis for apportioning the district's annual debt service. The historical values for real property used by the county assessor (required by proposition 13) are not valid for GID 1-64 since the bond documents call for assessment at current market value. The tax rate is determined by dividing the cost of debt service and expenses by the total assessment roll; this rate is then applied to each property and the results are added as a separate item to the county tax bill sent to district property owners. The proposed fee for 2001-2002 appraisal services provided by Mr. Charles Warren, ASA is $45,775. This fee is unchanged from that of the previous two years. Mr. Warren's performance over the last several years has been very satisfactory. He is knowledgeable about the area, and we have had very few assessment appeals from residents and businesses. Alternatives We believe that Mr. Warren's fees are reasonable. We have previously been unable to find an appraiser experienced in mass appraisal techniques to provide services for a fee lower than that of Mr. Warren. When we requested proposals for appraisal services in 1999, the proposal fee of the two other respondents ranged from $50,000 to $85,000. � ._ . _._ .__._ _._... .