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HomeMy WebLinkAbout91-1023 A Casa Linda ql- load fa RESOLUTION ACCEPTING THE PROPOSAL OF MURIELLO, MEYER AND ASSOCIATES FOR APPRAISAL SERVICES FOR CASA LINDA BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Larry L. Rice, City Manager, be and is hereby authorized and directed to accept the proposal on behalf of the City of Elgin of Muriello, Meyer and Associates for appraisal services for Casa Linda, a copy of which is attached hereto and made a part hereof by reference. s/ George VanDeVoorde George VanDeVoorde, Mayor Presented: October 23, 1991 Adopted: October 23, 1991 Vote: Yeas 7 Nays 0 Recorded: Attest : s/ Dolonna Mecum Dolonna Mecum, City Clerk • El ��311_ ( ILL) A enda Item N (7 oypOp October 16, 1991 MEMORANDUM TO: Mayor and Members of the City Council FROM: Larry L. Rice, City Manager SUBJECT: Acceptance of Proposal for Appraisal, Testimony and Report re Casa Linda Fire Damaged Building PURPOSE: This memorandum will provide the Mayor and City Council with information to consider authorizing an agreement with Muriello, Meyer and Associates for appraisal services pertaining to the Casa Linda apartment building at Beverly Terrace. BACKGROUND: The City of Elgin is engaged in a demolition action against the owners of an apartment building at the Casa Linda complex located on Beverly Terrace. The city contends that the building constitutes a hazard and should be demolished. The opinion and testimony of a qualified appraiser at the court hearing will aid the city in establishing the current value of the building. Section 120.4 of the BOCA Building Cod e 1984, requires that the entire damaged building be brought up to code (comply with current requirements of material and methods of construction) only if any one of the following exceeds 50% of the structure's replacement value (exclusive of foundation) : damage, cost of reconstruction, or cost of restoration. Presuming that 272D Beverly terrace is within the Special Flood Hazard Area, EMC 18.36.070(a) (3) indicates that if reconstruction, repair, or improvements valued at 50% or more of the predamaged building value are made, then the building must be constructed at an elevation not lower than the base flood elevation plus one foot, and shall be protected from flood damage below the flood protection elevation and must meet the damage requirements of Section 18 . 36 .060 . Mayor and Members of the City Council -2- October 16 , 1991 Presuming that the 272D Beverly Terrace property is a lawful nonconforming use (EMC 19 . 04 .665) , it is regulated by EMC 19 . 46 . 030 (d) which governs restoration of fire damaged nonconforming buildings . The formula indicates that the building must conform to all regulations of the district in which it is located if the cost of restoration of the fire damaged portion of the building to its previous condition exceeds 30% of the cost of restoration of the entire building new. FINANCIAL IMPACT: Muriello, Meyer and Associates has proposed to provide the necessary service at a rate of $3,500 . 00 . RECOMMENDATION: It is recommended that the City Council authorize the acceptance of the proposal and execute any necessary contractual documentation to retain the services of Muriello, Meyer and Associates . ry S ' Larry L. Rice, City Manager ippir E MURIELLO/MEYER 500 EAST HIGGINS ROAD, SUITE #109 October 16, 1991 ELK GROVE VILLAGE, ILLINOIS 60007-1437 1-708/593-5151 FAX: 1-708/593-5158 REAL ESTATE APPRAISERS AND CONSULTANTS Mr. Michael Gehrman Attorney at Law City of Elgin 150 Dexter Court Elgin, Illinois 60120 Re: Casa Linda One of 14 apartment buildings (16 units) Elgin, Illinois tear Mr. Gehrman: We appreciate the opportunity to be of service in appraising the above referenced property. Our objective is to estimate the market value of the subject in fee simple title, assuming no liens or encumbrances other than normal covenants and restrictions. Our report will be done in accordance with the Uniform Standards of Professional Appraisal Practice and Supplemental Standards of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. This includes, if requested, a review of the report by an authorized committee of either of these organizations. The scope of this assignment includes researching sufficient data to firmly support applicable approaches to value and compliance to the standards mentioned above. You are to furnish us with a survey, plans, contractor's estimate, etc. ; whatever may be available, to enable us to complete the assignment. This property will be appraised under two premises: 1. Value prior to the fire of 1988 2 . Value as it exists (this will entail the current value as rebuilt and leased, less the cost to rebuild, and considering the time and effort involved) . I Mr. Michael Gehrman Attorney at Law City of Elgin October 16, 1991 Page 2 Our fee for this appraisal of the apartment property is $3, 500. If you have any questions, please feel free to call. Very truly yours, LOUIS J. MEYER, MAI, SRA LJM/cmn encls. ACCEPTED: DATE: / /2/ /'/ Muriello/Meyer & Associates, Ltd. , 500 E. Higgins Rd. , Suite #109, Elk Grove Village, IL 60007-1437 l • QUALIFICATION SUMMARY LOUIS J. MEYER, MAI, SRA TECHNICAL TRAINING Successfully completed Standards of Professional Practice, as well as Courses I , II , IV, and VII sponsored by the American Institute of Real Estate Appraisers pertinent to Fundamentals and Techniques, Urban Properties , Litigation, and Residential Properties. Also audited Course VI, Real Estate Investment Analysis . Attend various seminars to keep current. AIREA Courses Taught: Principles Procedures Residential Valuation Litigation Industrial PROFESSIONAL AFFILIATIONS Appraisal Institute MAI Designation SRA Designation National Association of Real Estate Boards Illinois Association of Real Estate Boards Northwest Suburban Board of Realtors Northwest Real Estate Board Elgin Board of Realtors Chicago Real Estate Board North Shore Board of Realtors American Institute of Real Estate Appraisers - have served: Local President 1989 (Illinois Chapter #6) Chairman - Candidate Guidance Committee Board of Directors Chairman - Awards Committee Admission Committee National Great Lakes Regional Candidate Guidance Director Non-residential Appraisal Report Committee Board of Examiners - Demonstration Report Wrote and conducted Demonstration Report Writing Seminar Have taught courses on home construction, and Design and Planning for the Institute of Financial Education. PROFESSIONAL EXPERIENCE Licensed Real Estate Broker, State of IL, Cert . #75-51698 1956-1960 Employed by the Branigar Organization specializing in land sales 1960-1963 Own firm, L. J. Meyer, Realty & Builder engaged in general brokerage sales and custom building 1964-1966 Staff Appraiser for savings and loan associations 1966-1969 Staff Appraiser for independent appraisal and consulting firm 1969-1972 Louis J. Meyer & Associates , Appraisers and Consultants A . . -2- UALIFICATION SUMMARY LOUIS J. MEYER, MAI, SRA PROFESSIONAL EXPERIENCE (cont. ) 1973-1984 General Partner , Real Estate Appraisal Firm of Muriello/Meyer & Associates 1984-present - President, Muriello/Meyer & Associates , Ltd. , Elk Grove Village, IL, and Muriello/Meyer of California, Ltd. , Huntington Beach, California as of 1985 APPRAISAL EXPERIENCE (partial list) Apartment buildings Nursing homes Condominium conversions Gas stations Apartment rental survey Car washes Condominium & apartment Extensive research of market effect complexes of scenic easements Component depreciation Cost studies for anticipated Single family residences condemnation Commercial buildings Going concern values Industrial plants and Public and private school warehouses properties Property for urban renewal Banks and savings & loan facilities Permanent and temporary Whole and partial takings for easements condemnor and condemnee Rural properties including Qualified as expert witness in operating farms condemnation and related matters in Illinois , and Dade County, FLA TYPICAL CLIENTS Brunswick Corporation Mortgage Guaranty Insurance Corp. Attorneys and various individuals Various banks and savings and loan Illinois Dept . of Transportation institutions Conservation Departments Whirlpool Corporation State of Illinois Village of Park Forest Forest Preserve District Village of Hanover Park Rockwell International Village of Franklin Park The Prudential Insurance Company of America Various builders and developers AREAS OF APPRAISAL ASSIGNMENTS Illinois ( 30 counties ) , Arizona, California, Georgia, Hawaii , Indiana, Michigan, Mississippi , North Carolina, Ohio, Utah, Virginia, West Virginia, Wisconsin, Texas San Jose, Costa Rica - Central America The Appraisal Institute conducts a voluntary program of continuing education for its designated members . Members who meet the minimum standards of this program are awarded periodic educational certifi- cation. I am currently certified under this program.