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09-21-2004 CC RPT 12
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2/4/2009 2:11:08 PM
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9/16/2004 6:16:00 PM
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City Council Reports
General 2 - Date
9/21/2004
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09-21-2004 CC RA AGENDA
(Agenda)
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\City Council Agendas\2000-2009\2004
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CITY OF RIVERSIDE <br />AGENCY MEMORANDUM <br /> <br />People Serving <br />People <br /> <br />Pdverside <br /> <br />~lI-Amertca Cl~ <br /> <br />HONORABLE MAYOR AND AGENCY MEMBERS DATE: September 21, 2004 <br /> <br /> ITEM NO: 12 <br /> <br />SUBJECT: APPROVAL OF PROFESSIONAL SERVICES AGREEMENT, FOR APPRAISAL <br /> <br />SERVICES - MERRILL AVENUE REDEVELOPMENT PROJECT- MAGNOLIA <br />CENTER PROJECT AREA <br /> <br />BACKGROUND: <br /> <br />At this point, the Agency has no specific project in mind for this important section of the Magnolia Center <br />area. The Agency desires to perform an appraisal to assess property values along Merrill in anticipation of <br />future development. The Agency has received several inquiries regarding the area and believes that <br />development potential for this area is strong. The Agency wishes to capitalize on the redevelopment of the <br />Riverside Plaza to maximize the potential of the surrounding areas. <br /> <br />In order to redevelop the subject property, eight parcels must be acquired on Merdll Avenue, located <br />between De Anza Avenue and Riverside Avenue. Real Property Services Division staff solicited time and <br />fee quotes from three qualified appraisal firms to appraise the required interests. The fee quotes were <br />$41,500 from Mason & Mason and $36,500 from Reinhart-Fontes Associates, Inc. both firms can complete <br />theworkwithin 60days. Oneofthethreeappraisalfirmssoliciteddeclinedtosubmitaproposal. Sinceboth <br />firms are well qualified to undertake this work, staff is recommending that the appraisal contract be awarded <br />to the Iow bidder, Reinhart-Fontes Associates, Inc. <br /> <br />FISCAL IMPACT: <br /> <br />Funds are budgeted and available in Magnolia Center Professional Services Account No. 2830402-421002 <br />to cover the referenced expenditures totaling $36,500. <br /> <br />ALTERNATIVES: <br /> <br />The Agency Board can: <br /> <br />(2) <br />(3) <br /> <br />Reject Reinhart-Fontes Associates, Inc.'s appraisal proposal and instead award the <br />contract to the other bidder; <br />Instruct staff to obtain appraisal proposals from other appraisal firms; or <br />Decide not to award an appraisal contract at all, in which case staff will be unable to <br />determine the value of the 8 parcels or commence negotiations for the purchase of the <br />property. <br /> <br />12-1 <br /> <br /> <br />
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