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<br />American Appraisal Associates <br /> <br />Cost Roll-Forward <br />Depreciation Roll-Forward <br /> <br />FEE TERMS AND CONDITIONS <br /> <br />A. Fee - American Appraisal's fee takes into consideration, the scope of the project, the technical <br />expertise required by American Appraisal's staff and the time required to complete the <br />assignment. Based on American Appraisal's understanding of the project, fees are as follows <br />including expenses: <br /> <br />Primary Service <br />Capital Asset Appraisal of Buildings,Land, Land Improvements, <br />Infrastructure, Moveable Equipment and Bar Code Tagging <br />At the $1000 Capitalization threshold <br /> <br />$8,100.00 <br /> <br />Optional Services <br />Bar Code Tags (3,000 tags) <br />Copy of Data on Diskette (Access, ASCII flat me, dBASE, Excel, Lotus) <br />Land Consulting/Valuation for GASB 34 Compliance <br />Property Record Outsourcing (Fiscal year 2007/2008) <br /> <br />$300 <br />$500 <br />$125 per parcel <br />$1 ,000 <br /> <br />Fees include professional time for planning and executing the work through, and including, <br />American Appraisal's final report. Expenses include those costs for such items as office and <br />report processing, travel, living, computer charges, postage, and copying, which are directly <br />incurred by American Appraisal staff while executing the work. <br /> <br />B, Change in Scope / Additional Square Footage and or Building Count - American <br />Appraisal's fee is based upon the understanding that the City's assets are located in the buildings <br />set forth in City's Schedule of Properties to be Appraised, American Appraisal has been <br />provided with the gross square footage of the structures from City, which is the primary basis of <br />estimate for project fees. If the actual square footage area andlor building count vary from the <br />City-reported data, American Appraisal will notify the City immediately upon discovery. Upon <br />written authorization from the City to continue its appraisal of the additional square footage <br />andlor building count, American Appraisal will continue with its appraisal at a rate agreed to by <br />both parties in writing, <br /> <br />If you or your representatives or advisors request material assistance from us beyond that <br />outlined herein and subsequent to the issuance of our final report, we will provide you with an <br />estimate of the fees related to that assistance and secure your written authorization to proceed <br />prior to initiating any services, <br /> <br />C. Statement of Independence - American Appraisal's fee is based upon its estimate of <br />professional time to complete the work according to American Appraisal's understanding of the <br />City's requirements and in no way is contingent upon the outcome of its conclusions of value, <br /> <br />D, Invoicing Schedule - American Appraisal will invoice you for professional services rendered <br />including expenses, Invoices are payable by the City upon receipt and will be issued as the <br />engagement progresses as follows: <br /> <br />· 30% <br />· Balance <br /> <br />Upon commencement of field investigation <br /> <br />Progress billings as time is incurred <br /> <br />City of Sunny Isles Beach <br /> <br />11 <br /> <br />May 18, 2007 <br />25(15.(17.1127 <br />