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DEC 13 '02 02:10PM ORION APPRAISALS P.1i1 <br /> December 13, 2002 Commercial 0,Indwrrial <br /> Real Rgare.Spgciahi v <br /> Mr.Michael.Moinson <br /> City Administrator <br /> St.Anthony, City of <br /> 3301 Silver Lake Road <br /> St.AAthony,MN 5541,8 ENGAGEMENT LETTER <br /> Dear Mr.Momson: <br /> This letter is a proposal of understanding cbnecruing the engagement of Orion Appraisals, Inc. for the <br /> purpose of rendering valuation consultation and/or•appraisal reports. The report-shall be prepared for <br /> St.•Anthony,City of tber"Client", and is for the sole and exclusive use of the client. It is understood by <br /> both parties that the nature of the.assignment is as follows:. <br /> Property Location&Type: 3201 &3207 Stinson,Blvd.,St.Anthony,MN. A single family <br /> residential building and a commercial building. <br /> Purpose of Assignment: To provide an opinion of "'Market Value A9.11s,fee simple" for the <br /> purpose 'of possible acquisition. "The The report shall• comply with , <br /> Appraisal Institute standards.and.USPAP.regulations,as required. <br /> Type of Report: Summary reportwith the direct sales approach only; ;Therd will be <br /> two separate values,*one for each parcel. <br /> Due Date: Within 4 weeks fron i the date we receive your letter of engagement <br /> The agreed completion date assumes that written authorization is <br /> received, supporting information will be available and the appraiser will <br /> have access'to -the above property. If delayed or' the' property. is <br /> different than,originally represented; an adjustment to the,fee or tune <br /> may be made. If this agreement is,canceled ai any time prior to <br /> delivery, client-agrees to pay for wort{performed. <br /> Cost of Services Rendered: Two original copies ofthe'report will be provided for a fee.of, <br /> $2,600.00. 1'f needed,subsequent time spent on the report <br /> Will be billed at a rate of'$150.00 per hour(i:e. court testimony). <br /> "On call"rou=t time will be billed at a.rate of$50.00 per hour. <br /> Additional original report copies are$150.00 each. <br /> Terms: Net 30 days. Interest charges in the'amount,of 1-1f2%per month on <br /> overdue accounts. ' We agree that your final approval will'be based <br /> solely upon the satisfaction that all regulations'and standards' ave. been <br /> met and will not in any way be contingent upon the'client's satisfaction <br /> with the numerical results. <br /> We will proceed with the assignment upon the return of your letter of engagement or•thisletter of <br /> engagement to my attention: ' 'You or your representative' will 'be-contacted by us shortly after . <br /> engagement to inspect the property and gather necessary it formation. <br /> Yours Trul Agreed This bate: <br /> Theo.I. et;MSA <br /> Presi Michael Morrison <br /> Contact Name: Contact 1' umber <br /> ORIONAPPRMISALS,INC <br /> 171'1 W. County Road B • Suite 210-S , St Paul; AN 55113. <br /> (651)636-1339 - 7(800).274-967-7 --Fax(651)636-2133 - www.orionappraisd1s.com <br />