2004/01/13 City Council Resolution (4)RESOLUTION NO. 2004 -04
A RESOLUTION OF THE COUNCIL OF THE CITY OF ROHNERT PARK
AUTHORIZING AND APPROVING THE LETTER AGREEMENT BETWEEN
GARLAND AND ASSOCIATES AND THE CITY OF ROHNERT PARK FOR
APPRAISAL SERVICES
WHEREAS, the City of Rohnert Park entered into an Option to Purchase and
Purchase Agreement with Redwood Equities, LLC for the sale of approximately 40 acres
of land west of U.S. 101 and north of the Rohnert Park Expressway; and
WHEREAS,. Section 4.7 of the Purchase Agreement outlines a method to
determine the purchase price of the property; and
WHEREAS, the City selected a professional appraiser, Anthony Mills and
Redwood Equities selected a professional appraiser, William Bowman, these appraisers
prepared independent appraisals, and the difference of the appraisals was greater than
ten percent; and
WHEREAS, Section 4.7 provides that if the difference between the two
appraisals is greater than ten percent, then the appraisers shall select a third neutral
appraiser who shall make a final and binding determination of value; and
WHEREAS, the appraisers have selected Garland and Associates of Fairfield, CA
to make a final and binding determination of value; and
WHEREAS, Garland and Associates has agreed to conduct the final
determination of value, has submitted a letter agreement; and one half of the cost of
the final determination of value will be paid by Redwood Equities and one half of the
cost will be paid by the City.
BE IT RESOLVED by the City Council of the City of Rohnert Park that it does
hereby authorize and approve the Letter Agreement between Garland and Associates
and the City.of Rohnert Park for appraisal services.
BE IT FURTHER RESOLVED that the City Manager is hereby authorized and
directed to execute same for and on behalf of the City of Rohnert Park.
DULY AND REGULARLY ADOPTED this 13th day of January . 2004.
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ATTEST:
Clerk U v NU47�7
A. Nordin
FLORES: AYE MACKENZIE: AYE: SPRADLIN: AYE
VIDAK- MARTINEZ:AYE NORDIN: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)