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HomeMy WebLinkAboutContract co"rate Office 1*40# CAG-14-157 Smow irridye ith Tsr W 2nd Avenue,Soile 1001 18728 Bothell fty NE,Su�te B 419 Berkeley Avenue,Site A SeattleA 98104 Bothell,WA 98011 Frcrest,WA 9M66 PROPERTY ADVISORS 206-209-3016 phone 425-4504040 phone 25a-274M99 phone 425-688-1819 fax 425M8-1819 fax 425-688-1819 tax Allen Brackett Shedd valbridge,com valbridge,oem valbn*,,com October 17, 2014 Ms. Zanetta L. Fontes Sr. Asst. City Attorney, City of Renton 1055 South Grady Way Renton, WA 98057 zfontes@rentonwa.clov RE: ARBITRATION OF THE PROFLIGHT AVIATION PROPERTY, RENTON, WASHINGTON Dear Ms. Fontes, It is my understanding that you have appointed me as the City of Renton's Arbitrator in the determination of market rent for the ProFlight Aviation Property at Renton Airport. As requested, we have prepared a contract outlining our services and fees. Please review and let me know if there are any issues. Thank you for the opportunity to be of service and I look forward to the assignment. Please call if you have any questions. Sincerely, VALBRIDGE PROPERTY ADVISORS I ALLEN BRACKETT SHEDD S. Murray Brackett, MAI kr 44060mb.doc—Copyright(0 2014 %W '4` CONTRACT FOR CONSULTING/APPRAISAL SERVICES VALBRIDGE PROPERTY ADVISORS 1 ALLEN BRACKETT SHEDD, herein referred to as the "Consultant," and THE CITY OF RENTON herein referred to as the "Client," hereby agree and contract as follows: I. Contract Work The Consultant will provide Arbitration Services for the determination of rental adjustment for the premises leased by ProFlight Aviation property (aka Gateway). The property is located at the Renton Municipal Airport, Renton, Washington. We will perform our services in conformity with and subject to the requirements of the Code of Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. The purpose of the assignment is to participate in an arbitration to conclude a market rent for the current adjustment period. The determination of market rent will be based on the process outlined in the lease for an updated rental rate. The contract term is from authorization until the conclusion of the arbitration. II. Contract Sum The Consultant will perform the services outlined above on a time/materials basis. My hourly rate is $300. If further consultation or court testimony is required, the additional charge is $300 per hour. III. Time of Payment The Consultant shall submit a statement at the completion. Payment shall be due on the date of the statement and shall be deemed delinquent if not made within 30 days of the due date. Delinquent payments shall accrue interest at the rate of 18% per annum from the due date. Should it be necessary for the Consultant to employ the services of an attorney or begin legal proceedings to collect any delinquent payments, the Client shall be liable to the Consultant for a reasonable attorney's fee and the court costs incurred. IV. Termination In the event the consulting services are stopped by the Client at any time, the Consultant's fee shall be calculated, due and payable on the basis of the Consultant's fee schedule in effect on the date of the contract, and the actual hours and direct non-salary expenses incurred to the date of termination. October 17, 2014 e~ By: DATE VALBRIDGE PROPERTY ADVIS ALLEN BRACKETT SHEDD /C/- By: DATE (C ) Valbridge Property Advisors) Allen Brackett Shedd 44060mb.doc—Copyright©2014