HomeMy WebLinkAboutWaiver of Appraisal Procedure WAIVER OF APPRAISAL PROCEDURE
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The City of Renton, hereinafter referred to as"AGENCY", desiring to acquire Real
Property according to 23 CFR,Part 635, Subpart C and State directives, and desiring to
take advantage of the$25,000.00 appraisal waiver process approved by the Federal
Highway Administration(FHWA) for Washington State,hereby agrees to follow the
procedure approved for the Washington State Department of Transportation(WSDOT) as
follows:
Rules
A. The AGENCY may elect to waive the requirement for an appraisal if the
acquisition is simple and the compensation estimate indicated on the
Project Funding Estimate(PFE) is $25,000.00 or less including cost-to
cure items. A True Cost Estimate shall not be used with this procedure.
B. The AGENCY must make the property owner(s) aware that an appraisal
has not been completed on the property for offers $10,000 or less.
C. The AGENCY must make the property owner(s) aware that an appraisal
has not been completed on the property for offers over$10,000 and up to
$25,000, and that an appraisal will be prepared if requested by the
property owner(s).
D. Special care should be taken in the preparation of the waiver. As no
review is mandated, the re arer needs to assure that the compensation
P p is
fair and that all the calculations are correct.
Procedures
A. An Administrative Offer Summary(AOS)is prepared using data from the
PFE.
B. The AOS is submitted to the Public Works Department Administrator for
approval.
C. The Public Works Department Administrator signs the AOS authorizing a first
offer to the property owner(s).
AGENCY APPROVED:
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LPA-003 STIR.TFCT TO REQUIREMENTS LISTED IN
10/2014 R1CjI11' ur WAY 1'1<UCLDURES APPROVAL LETTER