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EXHIBIT "A" Valuation & Consultation SCHEDULE A: REDWOOD SHORES, Scope of work, 1 August, 1997 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 3,750 parcels of real property. The work will intend to comply with the Uniform Standard of Professional Appraisal Practice, and any ilddition,ll stilndards of the California State Board of Equalization. The dilte of value will be 1 january, 1998. In general this assignment can be broken down into phases. Phase I: New construction - This phase, to commence on or about 1 December, 1997, intends to identify and quantify any changes to the properties assessed since lien date 1997. 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 ilni1lysis task in the assignment. The scope includes identifying property sold within the last year and applying statistici11 techniques, such as multiple regression analysis, to extract the important factors contributing to their vi1lue. The resulting models will be i1pplied to the various neighborhoods and developments in the district. In the process, i1 s'lmple of the sold properties must necessarily be inspected to confirm the vi1lidity of the models ¡me! the trends which they i ncorpor i1te, phi1se III: Vi1lui1tion of commercii11, multiple fi1mily residential, hotel, I.lnd, and property of oth(\r uses. Portions of this philse, principally dilta colection run concurrently with rhas()s I .lnd II. The objective of this philse is to Mrive at values for the properties within the district which are not individu.ll residenti,,1 parcels. In some cases stùtisticill valuiltion methods are useful. but in general the v.lluation of tlwse property types is marc' labor intensive. Phase IV: Assembly of the assessment roll. Next to the residential rev,lluation, this is prob,lbly the most time consuming portion of the assignment, translating the ilnalytic findings into consistent individu.ll 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 creilting bond pilyment bills. Delivery of this product is to be on or before 15 june, 1998. pililse 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 iunction. 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 de,l! with reill problems, but defend .and win cases which are without merit, such cases Me less likely to be filed. r Charles B. Warren, A\ìt URBAN REAL PROPERTY .!flll l'OI,,'lI S/rl'I'/ S!III rnll/(/.Ir!¡ (,i/I/llmi" ').if. U 1'11/1/1 " II; U¡ (1');/) FII.\' í/'i 'JS.! IIII