Reso 2007-1129 - Laserfiche WebLink

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American Apprais.al AssoCIates. 7, Function Code - As provided, and applicable by the City, 8, Quantity - Unit-controlled (tagged) property will be recorded as one, 9. Asset Description - Manufacturer's name, model, generic nomenclature, and serial number will be utilized for unit-controlled assets, For buildings, we will describe the type of structure, size, square footage, and building materials used as well as the fire, safety, and security apparatus/ systems in place, COSTING METHODOLOGy/DEFINITIONS 1. Historical Cost - The actual cost of a property to the present owner - the cost as of the date the property was first constructed or originally installed, When historical cost is provided in a usable format, it will be included, When this information is not readily available, American Appraisal will estimate the original cost by applying reverse inflation indices to the cost of reproduction new, 2. Estimated Original Cost - The estimated original cost of the property in accordance with costs as of the actual or estimated date the property was first constructed, originally installed, or purchased, 3. Direct Costing - Additional research into the historical cost documented as provided by the City in a readily available and useable property records for the original construction, betterments, format, in the City's improvements and 4. Normal Costing - Estimated cost based on the cost of reproduction new indexed by a reciprocal factor of the price increase from the appraisal date to the actual or estimated acquisition date, 5. Acquisition Date - When readily available, we will use the actual acquisition date of the property, In the absence of readily available information, the acquisition date will be estimated based upon American Appraisal's knowledge of the property type and its condition, 6. Estimated Life - An estimate will be made of the useful life of each unit- controlled asset and each group-controlled asset. The matter of historical lifing practice versus estimated actual lives will be discussed during the planning meeting and an acceptable approach will be developed, 7, Accumulated Depreciation - \X!ill be based on the asset's cost, acquisition date and the estimated useful life utilizing the straight-line basis of depreciation, Useful lives will be based on information provided by the City or industry standards, 8, Insurable Value - Cost of reproduction new (replacement cost) as of the appraisal date will be used as a basis for insurable values for all controlled property, City of Sunny Isles Beach 8 " '\ .','" May 18, 2007 25115-117.1127