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PATCHIN MESSNER & DODD
VALUATION COUNSELORS
February 16, 2006
City of Columbia Heights
Economic Development Authority
590 ~ 40th Avenue Northeast
Columbia Heights, MN 55421-3878
ATTN: Mr. Robert Streetar
Community Development Director
RE: Valuation Consulting and
Appraisal Services
Patchin Messner & Dodd
13967 West Preserve Boulevard
Burnsville, Minnesota 55337
To whom it may concern:
This letter is intended to be a memorandum of understanding concerning the engagement of
Patchin Messner & Dodd for the purpose of rendering valuation consultation and/or appraisal
reports. Itis understood by both parties that the nature of the assignment is as follows:
Property Identification:
Columbia Heights Rental/GEM Properties LLC
3901 (3905) Central Avenue NE
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Function of Appraisal:
Estimate the current fee simpl~ market value of
the real estate for possible acquisition.
Legal description, survey, site plan, building
plans, leases (if any), 3-year history of income
and expenses/financial statements, and contact
to arrange inspection of the property.
Prepare Limited appraisal in a summary report
format in compliance with the Uniform
Standards of Professional Appraisal Practice
(USPAP).
Requested Data:
Services to be Provided:
Sunset Ponds Office ParI< · 13967 West Preserve Boulevard · Burnsvil/e, MN 55337
Phone: (952) 895- ] 205 Fax: (952) 895-1521
Esti mated Cost of
Services Rendered:
$5,500.00
Time after delivery, if necessary, will be
invoiced separately at the following professional
hourly fees:
Pre~Trial
Preparation
/Meeti ngs
$175.00/Hr.
$150.00/Hr.
$85.00 To
$100.00/Hr.
Hearings/
T esti mony
$225.00/Hr.
$200.00/Hr.
$125.00/Hr.
Jason Messner
Clay Dodd
Associate
Appraisers
Del ivery Date:
We will furnish three copies of the appraisal
within 8 weeks following the return of this
authorization to proceed and requested data.
We can only complete the appraisal by this date
if we receive the requested data in a timely
manner.
Terms:
Total amount due within 30 days following date
of invoice, 1-1/2% per month interest charges
will be added to accounts not paid by that time.
Retai ner Fee - to be
paid in advance:
None.
If you have any questions or comments after reading this letter of engagement, please feel free
to contact me at your convenience.
Respectfully submitted,
PATCHIN MESSNER & DODD
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Authorization To Proceed
Client Name:
Individual Responsible:
Signature:
Date Accepted:
.;)
I
PATCHIN MESSNER & DODD