Res No 029-11-13343RESOLUTION NO.
29 -11 -13343
A Resolution of the Mayor and City Commission of the City of South
Miami, Florida, relating to appraisal services; approving fees for
American Appraisal in the amount of $15,600; charging account No.
001- 1330 -513 -4510; and providing an effective date.
WHEREAS, the City is required to comply with Standard No. 34 of the Governmental
Accounting Standards Board (GASB) concerning Fixed Asset Accounting and all other
subsequent pronouncements put forth by GASB or its successor organization. Furthermore, as per
Florida Statute 274.02(2) the State of Florida requires that assets equal to or greater than $1,000
be inventoried and tracked; and,
WHEREAS, pursuant to the City's Fiscal Year (FY) 2009 Comprehensive Annual
Financial Report (CAFR), Finding 2005 -4 Inventory Capital Assets, the auditors reported that the
City had not performed a physical inventory of capital assets since 2003 when an outside
consultant was hired to perform the same. In 2006, the City hired an independent consultant to
perform a physical count of capital assets; however, input of this information into the City's fixed
asset module remained pending during FY 2007 due to the City's Central Services Division
reporting significant discrepancies in the reconciliation of the count reported and the inventory
list and general ledger on file. Currently, the City has no accurate list of inventories and, as of the
current fiscal year, the City determined that information from previous fiscal years is inadequate
for development of required inventory and capital asset list; and,
WHEREAS, insurance premiums are a significant line item in the operating budget and
that an inherent benefit in completing the appraisal is providing the City the documented support
necessary in the event of a partial or total loss. Additionally, an independent, supportable
insurance appraisal is critical for expediting claims with insurers with its real value being its
assurance that the City will neither pay too much nor too little; but, instead the City will pay the
appropriate amount for its insurance premiums; and,
WHEREAS, the City requested proposals for said appraisals and received the following
three (3) responses: American Appraisal for the amount of $15,600, Industrial Appraisal .
Company for the amount of $17,480, and AssetWORKS Appraisal for the amount of $21,400;
and,
WHEREAS, in addressing the auditors' findings, the City recommends awarding this
project to American Appraisal, a qualified company with the lowest cost proposal. American
Appraisal will be responsible for the tagging of all items and the classification of all capital assets
pursuant to their correct and corresponding categories as per the City's inventory and capital asset
policy and will provide said data in a format compatible for upload into the OneSolution
Accounting software; and,
WHEREAS, the funds for accomplishing this project are being allocated from the
Liability Insurance Account located within the Human Resource Department and are the product
of savings recognized by the City from its negotiations with the Florida Municipal Insurance
Trust and the Preferred Government Insurance Trust. Said savings total an amount of $122,652
and consist of the difference between the total budgeted amount of $287,860 and the total policy
of $165,208 for both General Liability and Property.
Res. No. 29 -11 -13343
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA:
Section 1. That the City Commission approves and authorizes the payment fees for
American Appraisal in the amount of $15,600 and charging Account No. 001- 1330 -513-
4510 with the current balance of $173,074.
Section 2. This resolution shall take effect immediately upon approval.
PASSED AND ADOPTED this 1 stday of Februar,�2011.
ATTEST:
CITY CLERK
READ APPROVED AS TO FORM
AND ICIENCY:
CITY ATTORNEY
APPROVED:
SLY �, I
fij�
Page 2 of 2
COMMISSION VOTE:
5 -0
Mayor Stoddard:
Yea
Vice Mayor Newman:
Yea
Commissioner Palmer:
Yea
Commissioner Beasley:
Yea
Commissioner Harris:
Yea
To:
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER - OFFICE MEMORANDUM
The Honorable Mayor & Members of the City Commission
Hector Mirabile,
Alfredo Riverol, CPA, CFO
South Miami
pB tunerieaCRV
Subject: A Resolution of the Mayor and City Commission of the City of
South Miami, Florida, relating to appraisal services; approving
fees for American Appraisal in the amount of $15,600; charging
account No. 001 - 1330 - 513.4510; and providing an effective date.
Background: The City must comply with the standards established by Governmental
Accounting Standards Board (GASB) 34 Fixed Asset Accounting and all
subsequent pronouncements put forth by GASB or its successor organization.
Furthermore, as per Florida Statute 274.02(2) the State of Florida requires that
assets equal to or greater than $1,000 be inventoried and tracked.
According to the City's Fiscal Year (FY) 2009 Comprehensive Annual Financial
Report (CAFR) finding 2005 -4 Inventory Capital Assets, the auditors noted that
the City did not perform a physical inventory of capital assets since 2003, when
an outside consultant was hired to perform the inventory. During 2006, the City
hired an independent consultant to perform a physical count of capital assets.
However, during FY 2007 the input of this count into the City's fixed asset
module remained pending due to significant discrepancies that the City's Central
Services Division noted concerning reconciliation of this report with their own
inventory list and general ledger; in essence leaving the City with no accurate list
of inventories. As of this current fiscal year, the City recognized that the
information from previous fiscal years is inaccurate and cannot be used to
properly develop the required inventory and capital asset list.
Furthermore, insurance premiums are a significant line item in the operating
budget. An inherent benefit in having the appraisal completed is that the City will
have documented support in the event of a partial or total loss. An independent,
supportable insurance appraisal is critical to the expediting of claims with
insurers. The real value is that the City will be paying the appropriate amount for
insurance premiums.
Below please find the proposals obtained by the City:
Company Name Amount
American Appraisals $15,600
Industrial Appraisal Company $17,480
AssetWORKS Appraisal $21,400
In addressing the auditors' findings, the City recommends awarding the project to
American Appraisal, a qualified company with the lowest cost proposal. American
Appraisal will be responsible for the tagging of all items and the classification of all
capital assets in the correct and corresponding categories in accordance with the
City's inventory and capital asset policy. Additionally, the company will be
responsible for providing data in a compatible format for uploading into the
OneSolution Accounting software.
The funds for this project are allocated from the Liability Insurance Account
located within the Human Resource Department and are the product of savings
recognized by the City from its negotiations with Florida Municipal Insurance
Trust and Preferred Government Insurance Trust. Below please find a
breakdown of the actual savings amount.
Description Budgeted Policy
General Liability $125,570 $76,263
Property $162,290
TOTAL
Savings $122,652
Expense $15,600
Account: 001- 1330 - 513 -4510 with a current balance of $173,074.
Attachments: • American Appraisal Proposal and Agreement
• Industrial Appraisal Company Proposal
• AssetWORKS Appraisal Proposal
$88,945
$165,208
American AppmisalA", ociates, too.
8533 Westmoreland take Drive, Cornelius, NC 28031
direct 7044392$15 / mobile 794953 978D
fax. 704 439 0384
Leading / Think €ng / Performing
January 25, 2011
Mr. Alfredo Riverol, CPA Cr.FA
Chief Financial Officer
City of South Miami
6130 Sunset Drive
South Miami, FL 33143
Dear Mr. Riverol;
American Appraisal Associates, Inc. will provide the City of South Miami ( "the City") the consulting
services described within this agreement ( "Agreement ").
PURPOSE OF THE ENGAGEMENT
The purpose of this engagement is to provide the City updated fixed asset accounting records for
internal accounting control and financial reporting as of a current date, complying with the reporting
requirements of Governmental Accounting Standards Board's (GASB) statement No. 34.
ENGAGEMENT SCOPE
We will inventory, reconcile, and report the historical cost of the City's identified fixed assets.
Description of Identified Fixed Assets
The identified fixed assets are located at various sites as identified by the City In the Property
Schedule (Exhibit B).
These asset classifications will be included in the engagement:
1) Land at $1 and above
2) Land improvements at $25,000 and above
3) Buildings at $50,000 and above
4) Machinery and equipment at a threshold of $5,000 for GASB 34 purposes
5) Infrastructure at $250,000 and above
We understand the machinery and equipment is located at various locations throughout the South
Miami area.
Assets not identified above will be excluded from the engagement.
Valuation /Transaction Consulting /Real £state Advisory / Fixed Asset Management
City of South Miami
January 25, 2011
f +�
A
If requested, fixed assets not inventoried by us may be segregated and incorporated into our report
based on information supplied by the City.
We will work with the City during the engagement to further refine the scope of identified fixed assets
to be included in the engagement, if applicable. Depending on the nature and extent of changes in
the scope of the engagement we may need to revise our fee.
Definition of Historical Cost
Historical cost is defined by Generally Accepted Accounting Principles as the amount of cash, or its
equivalent, paid to acquire an asset.
Scope of Work
We anticipate this engagement will include the following:
Machinery and Equipment
We will inspect the City's locations identified in the Property Schedule to inventory machinery and
equipment with a unit cost over $5,000 and apply a barcode tag for GASB 34 purposes. We will also
list and tag assets at $1,000 and above for property control purposes.
Buildings
We will inspect buildings that are included in the Property Schedule to identify and quantify
construction components and measure and photograph the buildings.
Land Improvements
We will inspect and record data regarding the nature of land improvements including improved
parking lots, signage, outdoor lighting, and fencing.
Infrastructure
We will compile data provided by the City related to infrastructure assets including asset classes,
quantitative measures, descriptions, location, historical cost, and date of acquisition.
Land
We will compile data provided by the City related to land including parcel identification number,
location, size, date of acquisition, and historical cost.
TERMS AND CONDITIONS
This Agreement is subject to and incorporates the Terms and Conditions attached as Exhibit A.
Leading / Thinking / Performing 2
City of South Miami
January 25, 2011
r�
FEE
The fee is $15,600, including expenses, plus the cost of bar code tags, which we will order on behalf
of the City. Our fees will be invoiced as follows:
® $4,680 upon authorization of the engagement
Progress billing as time is charged and expenses are incurred
This fee includes issuing the deliverables below and responding to customary questions from the City
and its auditor or advisors. Additional fee will be required for an increase in engagement scope or
involvement in subsequent reviews beyond the customary work effort.
The City may cancel this engagement at any time and will only be obligated for fees and expenses
incurred. Our fee is not contingent on our deliverable or any subsequent event related to it.
TIMING AND DELIVERABLES
This engagement will require cooperation, access, and timely receipt of requested information from
management of the City. After this Agreement is signed and all requested information is received,
we will begin our analyses and provide our final report within 6 weeks.
The report will present our conclusions and related narrative discussion of the supporting analyses
and assumptions, along with appropriate exhibits. Additional relevant information and analyses
considered will be retained in our work files.
Only the signed Client of Record, the City, is the Intended User of, and may rely on, the report. The
City may disclose a copy of the report to its auditor or advisors.
CONCLUSION
We appreciate the opportunity to serve the City of South Miami. To authorize, please sign below and
return the fully executed copy to Ilemming@american-appraisal.com. This Agreement shall remain
valid for signature for 90 days. Please contact me at 704.439.2515 with any questions.
Sincerely,
ti
Lori C. Flemming
Managing Director
Client of Record:
City of South Miami - 2,O11GASB34St y
Signature:
Name: +Fe ^roe A4'ier�b,�� ia�
Title: C � 4 LA r1 N3+tvCQ
Date: �!j2 2 a 20 l l
Leading / Thinking / Performing 3
City of South Miami
January 25, 2011
EXHIBIT A — TERMS AND CONDITIONS
Entire Agreement - This is the entire Agreement between American Appraisal and the City and supersedes any
prior oral or written agreements, and may only be modified in writing. Any purchase order covering this
engagement is only for the City's internal needs and shall not modify this Agreement.
Client of Record and Limited Reliance - Only the signed Client of Record, the City, is the Intended User of, and
may rely on, American Appraisal's report. The City may not substitute this reliance for its own due diligence.
The City may disclose a complete copy of our report to its auditor, tax, or legal advisors. However, no third
party shall have the right of reliance on the report, and neither receipt nor possession of the report by any third
party shall create any express or implied third -party beneficiary rights.
Confidentiality - American Appraisal shall maintain the confidentiality of the City's information and will not
disclose or use it for any purpose other than the City's engagement. This excludes information (i) available to
the public, (ii) already in American Appraisal's possession, or (iii) from a party having no confidentiality
obligation to the City. American Appraisal may include the City's name and logo in its client list, with proper
reference.
Engagement Limits - American Appraisal's report may only be used for the specific purpose and premise of
value stated in this Agreement and the report, and may not be referenced in any SEC filing without American
Appraisal's prior written consent.
Independent Contractor - American Appraisal shall perform as an independent contractor, with no authority to
bind or obligate the City in any way, and reserves the right to use subcontractors.
Information Provided by the City - American Appraisal will not independently verify information provided by the
City, its advisors, or third parties acting at the City's direction. American Appraisal will assume and rely on the
accuracy and completeness of all such information.
Retention - All files, documents, and work papers developed during the engagement will be retained for five
years. During this retention period, the City shall have full access to these documents, subject only to
reasonable notification. If lawfully compelled to disclose any documents, American Appraisal will provide the
City written notice so that it may seek a protective remedy, if applicable. Work papers for engagements
canceled or abandoned prior to producing a final report will be destroyed.
Indemnification - American Appraisal shall indemnify the City for losses and reasonable attorneys' fees
associated with any bodily injury or property damage caused by American Appraisal's personnel or
representatives in connection with this engagement, except to the extent caused by the City's negligence or
misconduct. American Appraisal personnel will comply with all safety instructions.
The City shall indemnify American Appraisal for all reasonable attorneys' fees that American Appraisal incurs
as a result of becoming part of, or named in, an administrative or legal dispute in connection with this
engagement, except to the extent caused by American Appraisal's negligence or misconduct. The City shall
have the right to approve American Appraisal's counsel in any such proceeding.
Environmental Policy - American Appraisal will not investigate, nor assume responsibility for, the existence or
impact of any contamination or hazardous substance, related to property or assets associated with this
engagement.
Goveming Law - This Agreement is governed by the laws of the City's state as addressed above.
Leading / Thinking / Performing 4
City of South Miami
January 25, 2011
EXHIBIT B — PROPERTY SCHEDULE
4�,..a.
A
d Property Schedule Agreement Period: 10101/2010 through 10101/2011
rty o ut 7am1
Agreement No.: PK FL1 01 32021 1001
ABenry; 6i'mo, k6roml,lnd
UMfA
;glptloo
AEd1'rs4
Yeareupt
FX. D£
Tenn ontD
6ulldhgYalue
- CantenM Value
7ota11mured VeWe
ComtTYFe
RoofShapo Roof Plult
Neof CovcrWB CoVmi"RePiacad Roof Vr Hit
OOt
DtO;mpe4ROn 5ta0an
5qp".% 70th Street
SOUTH A11AMi, f433t43
10/0112010
10 /Oi /2o££Y.-
S44,
.....----- -- $
9460
1 -x22"
002
AA1taS -A-WtC n r
6121SW6BTHST
SOUTHMWM,TL33143
10101/7010
i0/011201T•—
$442,1
.�.. -e 55.46
$447,48
1"
W3
s ice ffwtdme
4795S.W.MhAvenue
SOUTH M[W, M33143
10101l2Ot0
10(07121)it
$£97,
--
5%,31
$204;318
iS1• =•K11
004
T RAGFJ aF11<
47955.W.75U1 Avenue
SOUTH WW(, M33143
= �
10/01/2010
10/01/2011
4•
554,II
605
6 mp wal t oLVQ
4795S.W..75£O AVanuc
SOUTH MOMV, L33143
10 /ov/ o
10/0172011
$103,
S
5103,50
game
006
47951W MbAwa
som MU./A, FL33143
4ololnolo 5454,5
7 01/2017 .� $0
5090,50
- fff:mz.
007
0
4"$S,W.?MAM -Q
.-1 iO;•y
1010! /2040
$63,900,
55%267
$127,267
We
4795S.W.751h Avenue`Si§""
SOUiHM1 %K33143
10 101(So10
SIB•900
$16,9
09
D TRB. 77= PAW(
jaDW ROAD
SOUTHMIMV, VL3310
10/09/7010
io /Di7201£
$1,705.030
—. �.�W.. 5
$l,tOEtO
< -
DID
b WATULL PMK GAZE 60S
6(Oo REDROA0
SOUTHMWH, 1133143
10101/2010
10/01!2011
565.
�_��•
$65,0
""13'k`-
011
U
8d4b ROPA no n•�, r•Nm
SOUTH MWAI, FL 3314'3
10 101!2010
.W
10/61/2011
5123,1500
... ..�._..._.......
.. 5
5123.
,3"L -AE,_
Leading / Thinking / Performing 5
City of South Miami
January 26, 2011
4
AI fAi r Property Schedule Agreement Perlad110 /0112010 through 10 /0112011
66++ G9 f CW of South m am
Agreement NO.: PK FL10132021 10.01
Agency: OnNM &Brown, IM.
NrRA
OeuHption
Address
Year BOilt
o Date Euhten Value
7gYrA Data �[on2ents Yatue
7gtai Insured Value
ennst7ype
Rggf Shape Roof Piteh
Roacov tng Cnvbttng Replaced Rooryteh
012
D P / LA I (
8600 RED ROAD
SOUTH MIAMI, FL33143
10/01 /2010
10/Q1/20tt
5104,
�'
5
$104,
— oi- 'Hr—ri
013
TE M ..
86ODREO ROAD
SOUTHM4WI. FL33443
10701/201
1nr0i /zmt
S63,
�� ��
—' s
553,
131 -Flt
014
e l < T$ l au6e01
644550081 STRrR7
SOIfrH MiIAMl, rl331b3
tOPoY/20f0
�.
10/07 /2011
531,
..... — ^ —_._
_ 5
5.91,
� :-P
015
FUCHS PARK SWI SE75
6445 SW 8t SfREEi
5017TH MIMR, F'L33143
' 17�'3�S{"
10/01/2070
..
IOfiN%20f1
$70,7
- '•�"' -- � $
570,7
016
PAUAM PARK -FIELD SIORAOE DING
6445 SW81 STREET
SOUTH WAMI, FL 33143
901Ot/2010
10701/2013��
505,5
$45,
77�
,,,,,
017
PARNFOOr6AI.L
6701' SW 67tH AVENUE
$MKA 7AML FL 33143
- 'ifti'7N�°
10/01/2010
j0/01721111
����
5120,7!
I
DID
P
6701 SW 67TH AVENUE
S0M MIAMI, F133143
16161/20!0
10/01/2011
$52.
'J
019
TA-WErFAWMED HOUSE
6701SW67THAVEME
SOUTH MIAMI, FL 33143
70/01/2010
i0/bt120ft
$10,20
_�u� X59,147
$178,35
020
RPARRPNY
670t 54167tH AVENUE
SOUTHMIAMI, FL 33143
1010112010
t0/0t120ff
$26,
�.�W�u�.
$26,000
'1'61 �'Fromk
021
6761 SW 67tH AYENUE
50UrFl MIAMI, Fl.33143
ti2-ffC�"
ib /dl /2010
t0 /07/2017
59,12
�___
$p,72
022
PALM PARK 13 SWRILLS
6701 SW 67TH AVD=
SOUTH MIAMI, FI.33143
1tif+fi
10/01/2010
10/01/1411
$784
���•_•~ $
$
Leading /Thinking / Performing 6
City of South Miami
January 25, 2011
L
aJS
+ • s
P Terre Property Schedule Agreement Period% 1010212010 through 10/01 /2011
c ty of soar Mram
Agreement No., PK PL10132021 10.01
App. Bf WA a Brmvo, Inc.
UnRO
Eun.iPtlon
Address
Year BUilr
Flf. Dafx
Terra Date
BuildGsgYa(ve
�� C°,,R K ague
Total insured Value
Cgoalype
Roofshape Roof flitch
RoofCovedng Covering Reptacod RoofYrDlt
023
PAL4IER PAW7712W FT G C
6701 SWOnN AVENUE.
SOUTH MIAMI, FL 33743
'fS£ =iTC
10/af720t0
76 /01 /20if
$13,OOD
-���� -• ^M S
$'
024
PALMER PA •i t C
6701 SW67THAVEHUE
SOIIrH MIAMI, FL 33143
tp {0!/2010
10foll2017
$16,9
516,9
025
�Al MEk FAV 0 D
6701$W 67111 AVENUE
SOUTH MINK, H. 33143
t0i01120I4
10 {0772077
561,600
$B0.
0•
026
P - S 8
6701 SW671H AVENUE
solmt MIAW, FL33143
1Pk- jw
10/01/2070
7 0107 /20 7 1
$5q
5641
027-
FI '/ OLI ON
69005W54TN PLACE
Souriim ,FL33143
I
10101/2010
ifUDi /2074
$
$26,fi65
rtt?9-
028
BREWER PAWL ^2 84000 L IkFS —
630DSW56THSTREET
5071TH MIAMI, 1701143
10/0112 0 7 0
ip /D1fI-077-
$28,665
��LL-- - -$
$26665
11" v -'7it'
0x9
OREM FMK, 7
630DSY456THSTREET
SOWN MIAMI, FL33143
— if9 ":RX
10101f2010
t0 /Oi....
S13.aDP
... 50
$Aooc
030
PA G UND ARV W NG SEr
6300SW SM SMW
SOUTH MIAMI, EL 33143
10101/2010
10107/2611
$34,125
�•_ _ $
$38,125
�i$ f
Meat
031
eREWERPAft
630DSW56THSn2EEr
SOUTH MIAMI, FL33143
iDt6760I0
70/01/2011y-
$LS
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51,5
032
REWk P
63ODSWSMSTRW
SOUTH MIAMI, FL33143
— fn-- -2
70/01/2010
1Df01/2019
$520
.._.__-�•-- - -•� $
033
8 ^2 I curls couers
6NOSW56THSNkEEr
SOUTH MIAMI, FL 33143
10/016010
7D(m/2011
$52,007
.._.. S
Leading / Thinking / Performing 7
City of South Miami
January 25, 2011 American
Appraisal
}� property Schedule Agreement Perlod: 10101/2010 through 10/01/2011
e9 Crty op Sout rams
Agreement No.: PK FL10132021 10.01
1 Agamy: &rowniteromonc.
OescHp4lon
unit N
Address
Wa Baut
"""""°'""'
Cons! Type
Eff. Date
tpml Oete
IwiidlnOVa
�CoMents Vglge.
Tma11no0redVaiiiq
Roorshape
Root Pitch
RoofYr Ott
.521
034
BFE Eft ARI( -4 PF OFl HIG f
6300 SW 56TH STREET
SOUTH MIAMI, FL33943
1Y7 -•' LfT�
10/01/2010
10/01 /2011
$7i
,.»..,....._........m,«..
035
PARK- o TEN
6300SW56THSTREtT
SOUTH MIAMI, FL33143
"1•vG- �1'Z'"'
10/01/2010
3010772051
$3,9
�__..�.....,....._.__
$3,
036
6300 SW 56TH STREET
SOUTH AU M, FL 33143
101o112010
037
A !
6701 SW S8 PACE
AMI
SOUTHM4,F1.33S43
10/0112010
1010f7201S
$360,t00
--
5
53fio,
ii ,
039
HOPEOUTIER ACTIVITY UNTER
6701 SW 58 PACE
SOUTH AW, FL 33143
10/01/2010
f0,lot/Zolf
5710,50 5720 e00
5
14' -5r
039
OfFI P C 5 0 Iqt
5975 "SET DRWE
SOUTH MIAW, FL 33143
I_TIV,7RY
90101/2910
10101/2011
X532+503
SAW
040
6130SUNSVO1tWk
SOUIHAOAMir 1.33143
lolouzolo
10107li0ii
$3,471,00
^ $395,472
$7,865,472
041
6134SUNSEf ORWk
SOUTHMIAMI, FL33143
10 /Oi /20ftl
10141124 {i
$4+
556,705
5494,706
"Tim
042
H M R Al
58045W665TRW
SCUMMIAMIJ1.33143
14!0112010
10/0172011
y1,i60,
_ S39o,000
$4,s5M4
' '/
043
P Y O
43005W66$TRM
SOUTH WAIIJ1.33143
10/01/2010
10r0fl2011
$195,
W� �M
$495,
tt
044
%
J NI !
7220SW6 /STCOURf
SO=MtM FL33143
10/01/2010
10101!2011
$19,5
_
$
549,5.
'1- 'rf"ame
Leading! Thinking / Performing 8
Citv of South Miami
January 25, 2011
Property Schedute
. ..... .._.,.
Agreement No.: PK F7- 101320217407
Agmxy: Brown rr Drawn, I=-
:pm'"�Tdv'r
Y
A••
Agreement Period: 10 101 /201 0 through 10101/20f 1
Un(t8
Oexription
pddrett
Year Ouift
1 vale
Term Date
DuildihSWUe
Contents _W
Total lnwrad Yalue
Ca�t,ryAe
Roof Sfiape RaarpRary
fta ccwrtng Corer ing Replaced ItOOt Yr gk
..Od9
A'A.RSHAU. WIU.IPMSAM P / GA2P80
612154! aeSTREEr-
SOUTKMt6Ml, FL 33143
70/01 /2010
10/0172011
$65,
.- •_... -...._
�� i0
$65,
040
LL NP K PLAY No &ANDS ING
6121 SW 68 sTwEr
SOUTHfdiAYl,Ft33143
10/01/730
10 /0112At1~
$32,50
4O ~ ~$0
15 H
047
! /10T01J7-070
6127 SW68 STREET.iS
SOUTHMI6MJ, FL33t43
itl /OYt2011
51,17
-� -^
$1,7
=A�
048
HALL 1 P 14 PICNIC IMIM
64z1 $W 68 STREET
SOUT MAMI 1.33143
""T52 =WL
70/09/2410
70/01/20iM1
$3,12
$
049
VAN SMITH PARK 7 RESIDENCE
7WDSW59THAMUH
SOUTH R Ml, PL 33193
1070772010
t0(Oi /2015
5153,000
50
5253,
1 W_ , W,
050
A'A, =R1 1 NIGT
6820SW64AVENUE'
SOUTH MIAMI, PL 33143
1010IMMI)
10701/2017
$7.
— "...'.- ..........
m $
$7r
`t2 C
051
O SCOU P
6609 SW 60 STREET
SOUTHM M7,R33143
`T t• rsmz
10 /0112010
10101/2011
$130,000
.__,_ �_�_
U52
t RAGE
SWSOTH COURT &SW 73RO STREET
SDUTHMIAM1 , 17.33143
10/0f/20i0
1&161 /2Ait
S5,C410,
Ta
$5,000,
i$Z NC
Total:
577,899,994
51,049,792
$18,946,986
1 enAlnn 1 Thin4inn / Parfnrmina
CITY OF SOUTH MIAMI
Proposal to Provide GASB 34 Appraisal Services
January 17, 2011
Submitted by
Lori Flemming
Managing Director, Southeast
American Appraisal
8833 Westmoreland Lake Drive
Cornelius, NC 28031
tel 704.439.2515 / fax 704.439.0384
Iflemming@american- appraisal.com
American Appraisal Associates, Inc.
8$33 Westmoreland take Drive, Cornelius, NO 28031
direct 704 439 2515 / mobile 704953 9780
tax 7944390384
American
Leading I ThNlking t Performing Appraisal
January 17, 2011
Mr. Alfredo Riveroi, CPA Cr.FA
Chief Financial Officer
City of South Miami
6130 Sunset Drive
South Miami, FL 33143
Re: GASB 34 Appraisal Services
Dear Mr. Riveroi:
Based upon our recent conversation, American Appraisal ( "American Appraisal ") is pleased to
provide this proposal for professional valuation consulting services. Our proposal includes a
description and explanation of the scope of the appraisal, our methodology, the deliverables, project
timing and professional fees along with our professional qualifications.
SCOPE OF SERVICE
Nature of Service
The purpose of our work will be to develop a comprehensive report covering the fixed assets of The
City of South Miami (the "City ") for assistance in complying with the reporting requirements of
Governmental Accounting Standards Board's (GASB) Statement No. 34, develop an inventory for
property control purposes and develop accurate property insurance values.
Project Inclusions
The fixed assets to be included in this engagement are located in various City -owned facility sites
and structures, as reported by the City. The facilities include Capital Assets which comprise typical
municipal occupancies (administration, education, police, fire, maintenance, parks, etc.) Also
included are the City's infrastructure assets comprised of roads, lighting, signs, sidewalks, bridges,
traffic control devices, and the storm water management system. We were advised that the City
does not have Enterprise Funds such as water and wastewater treatment plants, and so will not be
included within the scope of American Appraisal's investigation.
General assets included in the development of the comprehensive fixed asset model include:
• Buildings at $50,000 and above
• Land Improvements at $25,000 and above
• Land at $1 and above
• Infrastructure at $250,000 and above
Leading 1 Thinking / Performing 2
City of South Miami
January 17 , 2011
Moveable Equipment at a capitalization threshold of $5,000 for GASB 34 purposes;
inventory and barcode tag assets at $1,000 and above for property management and
control
Project Exclusions
Excluded from the services provided by this proposal are:
a Enterprise Funds
a Assets Below the Capitalization Thresholds
• Leased Equipment - Operating
• Assets in or at locations that are considered as not easily accessible or identified
locations within the proposal
• Personal Property of Employees or Others
• Vehicles
• Supplies /Expendable Inventories
• Historical Treasures
When equipment is not easily accessible, we will consult with you to gather the information, or the
assistance, needed to perform American Appraisal's inventory.
if desired, library books, radios, computer software, fine arts and historical treasures, and licensed
vehicles can also be incorporated into the record based on information supplied by the City. This
information must be provided to American Appraisal during the initial field inspection to be included
in the reports. We will not inspect, tag or value any of the special assets identified by the City.
EFFECTIVE DATE OF THE APPRAISAL
The effective or "as of" date of the appraisal for accounting purposes will be as of a current date on
this project, unless otherwise advised by the City. For insurance purposes the effective or "as of"
date will be the last day of field work.
PREMISE OF VALUE
The premises of value, as well as certain related valuation terms, are defined as follows:
Cost of Reproduction New (For Insurance Purposes Only) - The amount required to
reproduce a duplicate or a replica of the entire property at one time in like kind and
materials in accordance with current market prices for materials, labor, and
manufactured equipment, contractors' overhead and profit, and fees, but without
provision for overtime, bonuses for labor, or premiums for material or equipment in
insurance Industry terminology, cost of reproduction new, as defined above, is
synonymous with the insurance industry phrase, "replacement cost."
Leading / Thinking / Performing 2
Citv of South Miarrii
January 17 , 2011
A
A••
• 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.
• Estimated Original Cast - 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.
• Direct Costing - Additional research into the historical cost documented as provided by
the City in a readily available and useable format, in the City's property records for the
original construction, improvements and betterments.
• 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.
• 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.
• 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.
• Accumulated Depreciation - Will 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 bythe City or industry standards.
• Insurable Value (For Insurance Purposes Only) - Cost of reproduction new (replacement
cost) as of the appraisal date will be used as a basis for insurable values for all
controlled property.
VALUATION APPROACH
Our analysis will consider the three basic approaches to value: income, market and cost. In
accordance with the USPAP guidelines, all basic approaches to value will be considered: however,
because the purpose of our investigation will be to express an opinion on the existence and the
historical cost and accumulated depreciation of certain fixed assets for financial reporting purposes,
it will be considered appropriate to rely solely on the cost approach.
METHODOLOGY
Buildings
Buildings at $50,000, and above will be included based on historical information supplied by the City
(Schedule of Properties in Exhibit B). Requested information includes date and cost of original
Leading /Thinking ! Performing 3
City of South Miami
January 17 , 2011
Zt
A
A�.
construction, as well as any significant renovations and additions or improvements to owned
buildings.
The methodologies to be utilized to assign a cost and depreciation for each building will be Direct
and Normal Costing, as defined within the costing methodology section of this proposal.
Moveable Equipment
A detailed inventory of moveable equipment will include a physical inspection and barcode tagging of
all owned equipment with a unit cost in excess of $5,000 for CASB 34 purposes, and $1,000 for
property management and control purposes. Floor plans will be required to assist the inventory
team in assuring that no areas are missed. Assets less than $1,000 will be excluded.
It is important to note that we will not be performing a detailed reconciliation to the City's existing
fixed asset ledger.
Land Improvements
While inspecting site structures, we will also conduct an inventory of site /land improvements and
miscellaneous structures at $25,000 and above. Pertinent data regarding assets in these
categories, i.e. paving, lighting, fencing, park improvements, below grade data communication
systems, etc, will be recorded to permit assignment of value.
Land
Land will be included based on the data provided to us by the City. As a part of this engagement, we
will conduct a cursory review of the data.
If the data is not available, or sufficient, for an additional fee of $125 per parcel, American Appraisal
will research the City records to identify the City's owned land assets. In gathering this data, we will:
• Research the County Assessor's databases and files to identify land owned by the City;
• Utilize data gathered from the County Assessor's office to research deed information;
• Compile a data report indicating, as available, the following items:
• Parcel Number
• Date of Sale
• Parcel Size
• Estimated Acquisition Price
• Street Address when available
Upon completion of the identification process we will meet with you and your external auditors to
discuss American Appraisal's findings. At that time, we will be prepared to discuss the materiality of
developing the historical costs for parcels for which acquisition costs were unavailable.
Leading i Thinking 1 Performing 4
City of South Miami
January 17 , 2011
• s
Infrastructure and Related Rights -of -Way
American Appraisal will include infrastructure assets at $250,000 and above in the GASB 34 report.
We will rely on the City to provide detailed information as follows:
• Asset Classes (roads, bridges, sidewalks, easements /ROW, traffic control, storm water„ etc.)
• Quantitative (lane miles, square feet, etc.)
• Description of the Asset
• Locationai Information
• Historical Cost
• Date of Acquisition
RESPONSIBILITIES
The City's Responsibilities
• Confirm the list of all property to be included in the assignment, along with physical
location /street address, on -site property contact / department liaison, and telephone
number.
• Identify a representative of the City to serve as the primary on -site contact and liaison
between the City and American Appraisal.
• Provide copies of any prior fixed asset listings, in hard copy and electronic media.
• Provide complete and open access to all designated areas including security escorts for
security - sensitive areas.
American Appraisal's Responsibilities
• Develop a project work plan prior to commencement of our field investigations.
• Conduct an inventory of the assets, collecting the following data elements:
• Asset Location
• Building Identification
• Department Number
• Asset Number
• Asset Account Code
• Asset Classification Code
• Function Code
• Quantity
• Asset Description
® Prepare final reports.
Leading ! Thinking ( Performing 5
City of South Miami
January 17 , 2011 American
Appraisal
® Provide status reports as to our progress, or challenges, incurred throughout the study
from start to delivery.
PROJECT TEAM
Professionals assigned to this project will involve several levels of management: executive review,
project manager, contract manager, and the appraisal staff:
The project staff will include David Jones, Senior Manager, as the Project Executive. Lori Flemming,
Managing Director, will be Contract Manager and your go -to person for any issues or concerns.
These professional staff members will have overall responsibility and are key personnel to the
successful completion of the assignment. Specific appraisal staff assignments may vary depending
upon current availability at the time of the authorization to proceed with this project. An outline of
American Appraisal's Qualifications is included as Exhibit A.
DELIVERABLES
The City will receive a full complement of reports with one hard copy, a .PDF and a datafile that will
seamlessly import into SunGard, your financial accounting software system.
Summary Appraisal Report - American Appraisal will provide the City with a Summary Appraisal
Report, in accordance with the reporting requirements set forth by the Uniform Standards of
Professional Appraisal Practice ( "USPAP "). The report will present only summary discussions of the
data, reasoning, and analyses used in the appraisal process to develop American Appraisal's opinion
of value. Supporting documentation concerning the data, reasoning, and analyses will be retained as
a part of the work papers. American Appraisal is not responsible for unauthorized use of its report.
Fixed Asset Accounting Summary Report - The standard Fixed Asset Accounting Summary Report
displays description of fields being summarized, original cost, accumulated depreciation, net book
value, annual depreciation, projected provision, by account.
Fixed Asset Accounting Ledger Report - The Fixed Asset Accounting Ledger Report will include all
capital assets with a unit cost in excess of the City's capitalization threshold of $1,000 and the
related historical cosVestimated original cost, accumulated depreciation, and current depreciation
data for financial reporting purposes. This information will be sorted and reported upon by account.
Faced Asset Additions Report - The Fixed Asset Additions Report will include moveable equipment
assets inventoried and bar code tagged during field work, but not contained in the City's existing
records. American Appraisal assumes these items represent moveable equipment assets that were
purchased since the last physical inventory.
Fixed Asset Retirements Report - The Fixed Asset Retirements Report will include moveable
equipment assets contained in the City's existing records, but not found during the field work.
American Appraisal assumes these items represent moveable equipment assets that were retired
since the last physical inventory. However, it should be noted that the items in the Unrecorded
Leading / Thinking / Performing 8
City of South Miami
January 17 , 2011
R
Retirements Report could also be included in the Unrecorded Additions Report if their bar code tag
has been removed since the last physical inventory. it should be noted that the scope of American
Appraisal's engagement does not include any reconciliation procedures.
Property Insurance - Statement of insurable Values - The standard Property Insurance - Statement of
Insurable Values Report displays description of fields being summarized, and cost of reproduction
new.
OPTIONAL SERVICES
Annual Updating — Property Record Outsourcing Service
In order to protect the initial investment in the inventory and appraisal, the City may wish to employ
American Appraisal's Property Record Outsourcing Service (PROS). There are two options to
consider: Desktop PROS and On -site PROS. For the desktop service the City supplies property
changes such as additions, deletions, retirements, transfers, etc to American Appraisal on an annual
basis, usually by electronic transfer. American Appraisal's full time PROS staff then provides the City
with a fully- updated report within approximately 45 days of receipt of the changes from the City. On-
site PROS would entail an American Appraisal staff member revisiting the City in 2012 and years to
come, to conduct a verification inventory - we would re- inventory the assets, identifying and tagging
new assets found and describing prior assets not found.
TIMING
Upon receipt of your signed authorization, American Appraisal will work closely with the City to
establish project start, field work and report delivery schedules to meet your reporting requirements.
FEES
The scope of our work and resultant fee estimate reflects our expectations regarding the complexity
of the valuation, as well as the information that The City of South Miami will make available to us.
Our fee for this engagement is as follows, including expenses:
Primary Service $15,600
Capital Asset Appraisal of General and Infrastructure
Assets in accordance with the City's capitalization policies; includes inventory of
Assets at $1,000 and above for property management and control purposes.
(Approximately $2000 -$2400 of the above fee is related to providing insurable values).
Optional Services
Property Records Outsourcing Service (Desktop)
Property Records Outsourcing Service (On -Site)
$1,600 /year
$5,800 /year
Leading / Thinking / Performing 7
City of South Miami
January 17 , 2011
M�.
A�•
The fee quotation is based on our current understanding of your requirements and the Engagement
scope: The City and American Appraisal will mutually revise the fee to reflect any changes in services.
Fees do not include any applicable excise, sales, use or value added taxes. All such taxes shall be
the responsibility of the City and will be added to the City's invoice if American Appraisal pays these
taxes on the City's behalf.
American Appraisal's compensation is not contingent in any way upon its opinions or conclusions, or
upon any subsequent event related to those opinions or conclusions.
NEXT STEPS
We will require a fully executed Letter of Engagement between American Appraisal and the City to
begin work on our appraisal. Should the services as described in this proposal correctly reflect your
understanding approval of the project, please contact Lori Flemming at 704.489.2515 and we will
Issue a Letter of Engagement authorizing American Appraisal to proceed.
Respectfully lly submitted,.
(71
v"U
Lori Flemming
Managing Director, Fixed Asset Management & Insurance Solutions
LCF /jf
Leading / Thinking / Performing
s" A-� f � II � IQ :
American Appraisal's Qualifications
leading! Thinking / Performing Exhibit
OUR QUALIFICATIONS
American Appraisal is a unique valuation resource. Our 750 consultants are located in major financial cities
throughout Asia, Europe and North America. Valuation and advisory services are our only business. We are
employee owned, and we have been since 1896. For you, that means greater objectivity. Our reputation for
impartiality is why our valuations are accepted by the world's most discerning regulatory, judicial and taxing
authorities. Financial institutions, boards of directors and stockholders have looked to us for more than 110
years.
American Appraisal provides expertise in all classifications of tangible and intangible assets. Our portfolio of
services focuses on four key competencies:
• Valuation
• Transaction Consulting
• Real Estate Advisory
Fixed Asset Management
We have been in the valuation business for more than 110 years, and it is tempting to say that we have
experience in all market sectors and all classifications of tangible and intangible assets. Our experience is both
deep and broad, reflecting the demands of the international marketplace.
Globally, our recent experience encompasses the following market sectors:
• Basic Materials
• Consumer Products
• Educational Institutions
• Financial Services
• Government & Public Sector
• HealthCare
• Industrial Products
• Services
• Technology
Our consultants' experience in these sectors ensures familiarity with your industry's particular challenges and
cycles. Your staff will not need to bring us up to speed. We will make sure that you benefit from our years of
experience.
We are proud to have been instrumental in creating the standards by which valuations are judged. Throughout
our history, our consultants have occupied the most senior positions within the Appraisal Foundation, Appraisal
Issues Task Force, Appraisal Standards Board and the American Society of Appraisers.
The City of South Miami has our guarantee of a professional, independent and impartial valuation.
Leading / Thinking / Performing Exhibit
B
ba
E x h- li li
Property List
Leading / Thinking / Performing Exhibit 8
Property Schedule Agreement Period: 10/0112010 through 10101/2011
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Leading / Thinking / Performing Exhibit 8
A
1 i r
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wra, City a Dui Mrami
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I Partinn / Thinkina / Performincl Exhibit B
AM!Property Schedule Agreement Period: 10/0112010 through 10/0112011
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Leading / Thinking / Performing Exhibit 8
American
Appraisal
AIA Property Schedule Agreement Period: 10/0112010 through 1010112021
CJty op Sout A4Ternr
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Leading / Thinking / Performing Exhibit 8
AssetWORKS
APPRAISAL.
December 10, 2010
Mr, Alfredo Riverol, CPA Cr.FA
Chief Financial Officer
City of South Miami
6130 Sunset Drive
South Miami, FL 33143
RE: Professlonal Property Insurance and GASB 34 Appraisal Services Proposal
Dear Mr. Riverol,
AsseetWorks Appraisal, Inc. is pleased to submit our comprehensive property appraisal proposal, The services
being proposed focus on valuation, proof of loss, updating and risk assessment.
We understand client satisfaction is our number one priority. All appraisal reports are certified and are in compliance
With the reporting requirements set forth by the Uniform Standards of Professional Appraisal Practice ( "USPAP ").
With our proven expertise and experience, we are uniquely qualified to provide property appraisals to achieve the
goal of accurate insurance placement and to act as a system for proof of loss substantiation in the event of a
catastrophe. AssetWorks Appraisal has successfully completed property appraisal engagements for risk pools and
public entities across the nation.
In addition, AssetWorks, Inc. proposes to provide the City of South Miami with professional services to develop
sufficient documentation to comply with GASB 34 asset management and depreciation requirements. AssetWorks.
also proposes to provide the City of South Miami with replacement cost values for structures and fixed assets for
insurance purposes.
The undersigned will be your primary point of contact, If I can be of any assistance, please contact me directly at
800 - 876 -0363 or christopher.krier(a )assetworks.com.
Respectfully submitted,
Christopher Krier
Regional Sales Director
AssetWorks Appraisal
101 Lakeside Park I Southampton PA 189661215.354.1078 (v) 1215.354.1086 (f) I www.assetworks.com
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami Piss effl R K,S
Decemb'er10,2010 APPRAISAL
1. EXECUTIVE SUMMARY
You can confidently select AssetWorks Appraisal (formerly MAXIMUS Asset Services) as a partner to conduct your On-
Site Appraisal Service for the following reasons:
• We have been in the business of property appraisals for 19 years and have the reputation of being the "best of class"
provider. We are already a trusted partner with entities across the United States having used property appraisal
services in years past.
• AssetWorks Appraisal is the technology pioneer in property valuation. We have the most advanced system in the
business (AssetMAXXTm) and offer a perpetuation capability that minimizes the cost of continuing property valuations.
• We have successfully provided property valuation and appraisal services for more than 5,000 entities across the
United States, Europe, and Puerto Rico.
CO151 ELLr�T IAN AssetWorks, Inc. is a Constellation Software, Inc. company. Constellation Software, Inc.
SOF7.'WARE is an international provider of market - leading software and services to a variety of
11 industries, across both public and private sectors. The company was founded in 1995
and has a large, diverse customer base of 16,000 customers, operating in over 30 countries around the world. Constellation is
an extremely healthy organization, with consolidated revenues exceeding US$240 million. AssetWorks is an industry- leading
provider of technology and consulting solutions for asset- and infrastructure- intensive organizations in government, education,
utilities, telecommunications, transportation, healthcare and the commercial sector.
Ass elf V V p► / R KS AssetWorks is an industry — leading provider of technology and consulting solutions
(\ for asset and infrastructure intensive organizations in government, education,
utilities, telecommunications, transportation, healthcare and the commercial sector. Our suite of Enterprise Asset Management
(EAM) software solutions and professional consulting services enable organizations to improve maintenance practices,
streamline operations, and improve accountability for mission - critical capital and infrastructure assets.
Leveraging the latest Internet, ecommerce, and mobile computing technologies, our software and industry leading expertise
help our customers maximize resource utilization, improve service delivery, and achieve substantial and measurable cost
savings. Whether you are doing more with fewer resources, or managing more assets with the same amount of resources,
AssetWorks provides a complete solution.
AssetWorks Appraisal offers asset management solutions that embrace all aspects of capital asset and real property tracking,
valuation and reporting. Our innovative solutions help organizations to vastly improve GASB34 /35 compliance, generate detailed
financial reports, carry out depreciation and capitalization modeling, track property disposal, generate property insurance reports,
and much more.
Page 2
Professional Property Insurance Appraisal Services Proposal for: p
The City of South Miami sset `fit p ' ("5KS
December 10, 2010 APPAMSA
1.1 BENEFITS OF THE ASSETWORKS SOLUTION
We believe there are many benefits for selecting AssetWorks. We believe that our size and financial resources as well as our
track record of quality in asset valuation provide the assurance you need to rely on us.
Benefits I Features of the AssetWorks Solution
Guarantee of High Quality
• All Work Reviewed
• Will Correct Problems, If Any Occur
• Minimized Rework
1.2 EXPERIENCED PERSONNEL
Aggressive Quality Control
Corporate Philosophy— Quality First, Profitability
Second
Regional Manager Charged with QC
Annual Client Survey
The core of our success is our dedicated and qualified personnel. Our asset services professional staff is comprised of
consultants possessing backgrounds in a wide range of specialties, including architecture, engineering, construction estimating,
accounting, real estate, finance, and business management. Members of our staff maintain affiliations with various professional
associations focusing on the American Society of Appraisers (ASA).
AssetWorks has a unique combination of highly skilled professionals and cutting edge technology that allows us to assess,
execute, and support each clients specific valuation requirements in a professional, timely, and cost effective manner. The
increased reliance on modem information technology (versus manual processes) was a core component of the reengineering of
our Asset Valuation Practice. AssetWorks has the information technology to enable the development of software applications
built specifically to support asset valuation and management.
Page 3
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami AssetW : R,KS
December 10, 2010 APPRAISAL
AssetWorks has 51 full-time employees, 11 regional offices, and 13 remote offices nationwide. The Southampton PA office is
comprised of six full -time staff members including one partnership manager, two senior appraisers, two staff appraisers, and one
office administrator. This provides many advantages to Camden City Public Schools due to its close proximity. If needed,
additional staff members can be deployed at a moments notice to support the successful completion of the project. For the
purposes of this engagement, AssetWorks will use only full -time employees — there will be no subcontractors.
CONFIDENCE IN HIGH QUALITY
AssetWorks has identified 'quality as being the primary focus in all projects. Quality work results in a highly satisfied client and
has been the basis of our success. Systems in place lead to shorter study periods, reliable data, minimized rework and a more
useful reporting toot. The five stages of quality control include:
• Project Design & Implementation Plan — Project Director
• Daily Data Review— Project Manager
• Finalized Data Review— Regional Manager
• Preliminary Reports Review— Client
• Data Integrity Review— ISG Processor
Our aggressive quality control regime is led by a corporate philosophy of "Quality First, Profitability Second ". Annual client
surveys along with the partnerships with long -term clients have taught that this is never to be overlooked.
VALUE-ADDED SOFTWARE & TECHNOLOGY
AssetWorks internally designed and built the AssetMaxx system, a web -based application enabling clients to track, access and
maintain their asset/property data. Insurance and accounting reporting is made possible for the client through this system.
Template reports and Ad Hoc reports provide for flexibility and a customized aspect to AssetMaxx. Annual perpetuation of data
saves time and money for our clients and makes the annual reporting process a much simpler task. The increased reliance on
modern information technology (versus manual processes) was a core component of the reengineering of our practice.
STRONG & STABLE FINANCIAL PARTNER
It is important to have confidence in the commitments made to you and AssetWorks has the strength and stability to guarantee.
Our group has been successful since 1989 performing the same services. This is a high integrity, public company that is a part
of the Toronto Stock Exchange. Open books and open disclosure along with strong finances provide for an environment of
quality, honesty and commitment.
Page 4
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami AssetWORKS
December 10, 2010 APPRAfSAL
AssetWorks proposes the following appraisal team to the City of South Miami:
Professional Affiliations
American Society of Appraisers
— Candidate Member
USPAP — Uniform Standards of
Professional Appraisal Practice
Certification
Marshall & Swift Trained
Appraiser
Property Focus .
Machinery & Technical
Specialties
Buildings & Structures
Land & Improvements
Valuations Focus
Replacement Cost New
Reproduction Cost New
Fair Market Value
Historical Costs for GASB
34/35
CRAIG WILDERSPIN
Project Manager
Atlanta, Georgia
Mr. Wilderspin is a staff appraiser with AssetWorks and has been serving our clients since
2006. His tenure at AssetWorks has included the planning, management, and execution
of various insurance appraisal projects for risk pools, states, municipalities, county
governments, and other public sector entitles.
Mr. Wilderspin possesses technical expertise in the procedures and methodologies used
to value machinery and equipment, buildings and building services, infrastructure, land
improvements, and land parcels. He possesses a practical knowledge and understanding
of Generally Accepted Accounting Principles (GAAP); Government Accounting, Auditing,
and Financial Reporting (GAAFR); Governmental Accounting Standards Board Statement
34 (GASS 34); and various other audit concerns related to capital asset reporting.
Mr. Wilderspin Is also expedenced in providing insurance replacement and proof-of -loss
information to our clients to assist in addressing their insurance reporting needs.
A sampling of projects Mr. Wilderspin has managed or worked on includes:
• South Carolina School Boards Insurance Trust,SC
• State of Alabama, Division of Risk Management
• City of Roswell, GA
• Hall County Schools, GA
• Henry County Schools, GA
• Town of Mount Pleasant, SC
• Waukegan Public Schools, IL
• Alabama State Docks
• Barefoot Bay Recreation District, FL
• City of Deerrield Beach, FL
• City of Greenacres, FL
• City of Mount Dora, FL
• City of Polk City, FL
• City of Wewahitchka, FL
• Sarasota County, FL
• Village of Wellington, FL
• Etc...
Page 5
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miamj
December 10, 2010
Professional Affiliations
USPAP — Uniform Standards of
Professional Appraisal Practice
Certification
Property Focus
Machinery & Technical
Specialties
Buildings & Structures
Land & Improvements
Valuations Focus
Replacement Cost New
Reproduction Cost New
Fair Market Value
Historical Costs for GASB
34135
Professional Affiliations
USPAP — Uniform Standards of
Professional Appraisal Practice
Certification
Property Focus
Machinery & Technical
Specialties
Buildings & Structures
Land & Improvements
Valuations Focus
Replacement Cost New
Reproduction Cost New
Fair Market Value
Historical Costs for GASB
34/35
BENJAMIN BUCHHOLZ
AssetWORKS
AP.PP,AeAL.
Appraisal Team
Pittsburgh, PA
Mr. Buchholz is a staff appraiser with AssetWorks and has been serving our clients since
2007. His tenure at AssetWorks has included the planning, management, and execution
of insurance appraisal projects and asset inventory studies for states, risk pools,
municipalities, county governments, and other public sector entities.
Mr. Buchholz possesses technical expertise in the procedures and methodologies used
to value machinery and equipment, buildings and building services, infrastructure, land
improvements, and land parcels. He possesses a practical knowledge and
understanding of Generally Accepted Accounting Principles (GAAP); Government
Accounting, Auditing, and Financial Reporting (GAAFR); Governmental Accounting
Standards Board Statement 34 (GASB 34); and various other audit concerns related to
capital asset reporting. Mr. Wilderspin is also experienced in providing insurance
replacement and proof -of -loss information to our clients to assist in addressing their
insurance reporting needs.
A sampling of projects Mr. Buchholz has managed or worked on includes:
South Carolina School Boards Insurance Trust, SC
• State of Alabama, Division of Risk Management
Atlanta Public Schools, GA
• Preferred Government Insurance Trust, FL
• City of Atlantic Beach, FL
• Muncie Community Schools, IN
• Etc...
CHRISTAIN GUTIERREZ
Data and Report Processing
Miami, FL
Chris Gutierrez has been an integral part of the AssetWorks group since 2001. He is
responsible for the management and oversight of the Information Services Group.
These responsibilities include software project management, data processing, data
conversions, appraisal report compilation, software development, software support,
project planning, and quality control.
Mr. Gutierrez also served as a staff appraiser for two years. As a staff appraiser, he
possesses a practical knowledge and understanding of Generally Accepted Accounting
Principles (GAAP); Government Accounting, Auditing, and Financial Reporting
(GAAFR); Governmental Accounting Standards Board Statement 34 (GASB 34); and
various other audit concerns related to capital asset reporting.
Page 6
Professional Property insurance Appraisal Services Proposal for: p�
The City of South Miami Asset WORKS
RKs;.e,
December 10, 2010 APPRAISAL
2. PROJECT COORDINATION AND WORK PLAN
PROJECT SCOPE
The scope of this project is focused on the inventory and valuation of owned - structures and contents. The resulting data will
provide current insurable values, adequate proof -of -loss documentation and the basis for insurance premiums.
Project'KickofP Meeting
Our project team will hold a comprehensive project - planning meeting with your representatives in advance to the start of the
fieldwork. We advise that members of the administrative staff or other directly involved personnel attend this meeting.
Topics of discussion include confirmation of project scope and time frames, the physical appraisal schedule, accessibility to
buildings, contact person at each building or location, and availability and use of original purchase records, assignment of
database code numbers and associated descriptions for locations and buildings. This meeting lays the foundation for the
methods and procedures used during the onsife fieldwork.
Project 'Closeout'Meeting
Upon completion of the on -site investigation, the AssetWorks project manager will conduct a final closeout meeting with your
staff. The focus is to ensure that all sites and properties have been accounted for and to answer any questions that you might
have. This is also the time at which your staff should ensure that they have transferred all client supplied data to the project
manager. Later delivery of data could delay final report processing.
PROJECT SCHEDULE & PROPOSED TIMELINE
AssetWorks' automated approach and depth of experienced staff quality us to complete all phases of this project within the
desired fimeframe. Upon receipt of your authorization, AssetWorks will arrange a mutually agreeable schedule for the project
planning meeting and our on -site inspection. With full cooperation from the City, AssetWorks will deliver reports for the initial
appraisal by 90 days after start date.
Page 7
Professional Property Insurance Appraisal Services Proposal for
The City of South Miami Assn e i V V R. S
December 10, 2010 APPRAISAL
3. APPRAISAL APPROACH AND TECHNIQUE
APPRAISAL SERVICES & PROCEDURES
GENERAL BUILDINGS & STRUCTURES
The buildingststructures subject to our survey will be carefully inspected and measured. Professional AssetWorks appraisers will
independently calculate the square foot area of each building appraised through the review of "as -built blueprints or physically
measuring each building.
Building photographs will be prepared for each structure to become part of our proof -of -loss documentation, in addition to
assisting with the valuation efforts. A description for each building will be developed and recorded, depicting construction type
and materials utilized.
During the office valuation portion of the engagement, property exclusions (those items not typically covered by an insurance
policy) will be segregated to property report the site preparation and excavation, footings and foundations, and a portion of
plumbing costs (below grade).
Page 8
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During the office valuation portion of the engagement, property exclusions (those items not typically covered by an insurance
policy) will be segregated to property report the site preparation and excavation, footings and foundations, and a portion of
plumbing costs (below grade).
Page 8
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
ConstructionlISO Classifications
In addition to the analysis of individual building components,
construction classes will also be recorded. ISO classes 1.6, as
defined by the Commercial Fire Rating Schedule (CFRS) are defined
in terms of the Marshall and Swift construction classes as follows:
SPECIALIZED BUILDINGS & STRUCTURES
WaterlSewer Treatment Facilities
AssetWORKS
ARPRAISAL
ISO Class
M &S Class
DescrioVion
1
D
Frame /Combustible
2
C
Joisted Masonry
3
S
Noncombustible
4
C
Masonry Noncombustible
5
A
Modified Fire Resistive
6
B
Fire Resistive
AssetWorks' approach to valuing water/sewer treatment facilities are performed on an itemized building and/or process basis.
The fieldwork should begin with a meeting between the project team and the plant manager or other delegate. The following is
verified:
• Available biueprintslsite maprprocessing summary info
• Plant accessibility and available working time
• Chaperone requirements and other safety requirements
Additional information on specific structures /equipment does not necessarily need to be discussed at the initial meeting but at
minimum would be obtained prior to the conclusion of fieldwork. This would include:
• . . Plant design capacity — measured in 'million gallon capacity per day treated" MGD
• Plant original construction date
• Plant addition dates
• Drawings for original and additional (architectural drawings)
• Plant flow diagram (used to establish numbering scheme)
• Any 'contractors cost breakdowns" for construction (original or additions)
• Area to work from and be able to utilize drawings
Ideally, the plant walk - through will be done after the plan review since the availability of blueprints or other information will
determine which structures need to be physically measured. The plans may also provide info on the construction classification
and other building features and processing equipment.
Process Piping (underground) Is typically excluded from property schedules for insurance purposes, however, should the Client
elect to include piping as an individual land improvement entry, we can comply.
Page 9
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
Common processes and structures analyzed and included are:
• Headworks (Influent Pump Station)
• Clarifiers (Primary, Intermediate, Secondary)
• Aeration Tanks /Ponds /Basins
• Gravity Thickeners /Dewatering Buildings / Belt Presses
• Digesters
• Filters (Trickling, Biological, UV... etc.)
• Sludge Drying Beds/Lagoonstlncinerators
• Laboratories
• Ozone Structures
• Chlorine Contact Structures
• Blower Buildings
• Pump Stations/ Equipment Galleries
Historical Properties & Reproduction Cost
AssetWORKS
APPRAISAL,
swimming Pools
Outdoor swimming pools are included in our onsite inspections and typically all in-
ground concrete structures with pumps, filters, and chlorination equipment. If pools
are included for insurance purposes, costing breakdowns will be discussed in order to
determine what percentage used is 80% (the other 20% representing equipment).
The equipment may be included in the cost of the pool or included in the content value
of the building they are located. Large slides should be listed separately as additional
features. Other types of pools include wave, diving and wading pools.
Page 10
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami As et W RKS
December 10, 2010 APPriArSAu
*Key details are recorded for theses specialty structures for valuations, as follows:
• Electrical Substation Equipment
• Substation Capacity
• Circuit Breaker Quantity, Type, Capacity
• Transformers, Quantity, Type, Capacity
• Structures (Control, Dead -Man, Other)
• Control Panel Details
o Accessory Equipment Details
• Reservoirs & Water Containment Structures
• Type(concrete /steel /above - ground /in- ground)
• Capacity
o Construction Date & Cost
• Pump Houses, Lift Stations, Wells, etc.
• Structure type, size/depth, services, & features
• Itemized equipment (type, capacity)
MACHINERY, FURNITURE AND EQUIPMENT
A detailed inspection and field inventory will be conducted at all buildings, identifying each asset by location, building and room.
All assets included in our inventory and appraisal will be recorded and categorized by major account. This segregation of items
will assist in reporting asset valuation totals for capital asset reporting formats. Our appraisers will utilize hand held computers
equipped with laser scanners to document the required information for each asset where available:
a. Asset identification Number h. Asset Account
b. Description t. Building
c. Quantity j. Site/Locarron
d. Acquisition Date k. Room /Sublocation
e. Manufacturer 1. Funding, Department and Program Source*
f Model m. Normal Useful Life
g. Serial Number n. Accumulated Depreciation
*Fund, Dept and Program numbers will be included with the assistance of City of South Miami's personnel.
AssetWorks' appraisers will apply bar code tags to each asset and enter the tag numbers along with all the corresponding asset
information into the database. Tags will be applied in a consistent location on like Items, enabling ease of future re- inventory.
Page 11
Professional Property insurance Appraisal Services Proposal for
The City of South Miami
December 10, 2010
Asset 1/ RD`S
APPRAISAL,
Capital Assets — All assets with an original unit cost of $25,000 or more, and having an estimated useful life of one year or
greater will be inventoried and identified individually and capitalized in the resulting reports and data, Only these assets will
appear in the capitalized accounting reports.
Fixed Assets —All assets with an original unit cost of $1,000 or more will be inventoried and identified individually in the resulting
reports and data. These assets will not be capitalized and will be reported in separate detail reports displaying all assets.
Inventory and Valuation of Insurable Land improvements / Property-in-the-Open (PITO)
AssetWorks will individually identify and value various insurable land improvements at each of your locations. These assets
include, but are not limited to signs, exterior lighting, fencing, flag poles, benches, trash receptacles, etc... AssetWorks can
provide an individual value for each asset or an aggregate value per site with a brief description of the assets included.
VALUATION OF BUILDING CONTENTS "MODELING APPROACH" (WHERE APPLICABLE)
Content values will be included based on the "modeling approach" that was developed to meet the valuation needs of risk pools
and public entities without the need for a detailed inventory. AssetWorks utilizes computer models of more than 100 building
types and their contents based on data gathered from thousands of appraisals over the past several years. A field inspection of
each building will be conducted in conjunction with the building inspection.
We will estimate the value of contents in a particular building by taking the square foot equipment value of a like facility and
applying it to the calculated area of the building, We can adjust the equipment value to account for variations above or below the
average value of equipment present at each facility. The adjustments are made based on a physical walk- through of each
building. The "modeling approach' is unique in that a reliable replacement cost estimate of a building's contents can be
generated without performing a lengthy and costly Inventory.
RECORDING OF G.P.S. COORDINATES
AssetWorks staff will record the G.P.S. coordinates at the front entrance for each building. The coordinates will be included in
the final reports and data provided to the City. AssetWorks staff will also verify the correct street address for each structure
appraised and assign the proper location number.
Page 12
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
VALUE COMPARISONS
Asset / RCS
APPRAISAL
AssetWorks will provide the City with a "Value Comparison Report ". This report will provide a comparison of any previous values
with the new values estimated by AssetWorks.
CLASSIFICATION OF FLOOD ZONES
AssetWorks staff will research and identify the flood zone classification for each building appraised during the study. Flood zone
classifications will be included in the final reports and data.
VALUATION METHODOLOGY
Our investigation of each property will follow generally accepted appraisal techniques and valuations in accordance with the
Uniform Standards of Professional Appraisal Practice (USPAP). This includes the use of various research sources to develop
the cost conclusions for each building. Sources include price lists, trade journals, industry publications, technical and pricing
subscription services, engineering manuals and inquiries with local contractors as well as direct cost research.
It is an ongoing task to not only identify but continuously substantiate values. Multiple sources of value exist, but to rely on one
can be dangerous as they all have positive points to pull from. Example sources of construction cost information include:
• Direct cost information from recent projects
• Inquiries with local contractors and architects
• US Department of Labor— Bureau of Labor Statistics
• Marshall and Swift / Boeckh
• RS Means Construction Cost Index
• Reed Construction Data
• Producer Price Index
The offate valuation portion of the project entails the research and calculations necessary to formulate replacement costs,
reproduction costs, and insurance exclusions, defined as follows:
Replacement Cost New is the amount required to reproduce property in like utility and function, in accordance with current
market prices for materials, labor, equipment, contractor's overhead, profit and fees, but with no provisions for overtime or
bonuses for labor and premiums for material or equipment, based upon replacing the entire property at one time.
Page 13
Professional Property Insurance Appraisal Services Proposal for: p
The C'dyof South Miami /^ R asset {F `� V RKS
December 10, 2010 AP.PRAisAt-
Cost of Reproduction New. (Historical Properties) may or may not be applicable for this project but if encountered,
is the amount required to reproduce a duplicate or replica of the entire property at one time in like kind and materials, in
accordance with current market prices for matedas, labor and manufactured equipment, contractor's overhead, profit, and fees,
but with no provisions for overtime, bonuses for labor, or premiums for material.
Insurance Exclusion is a provision in an insurance contract describing property, or types of property, that are not covered
by an insurance policy.. Based upon a review of current District policy specifics, we can identify those items specifically excluded
under terms pf the policy. The insurance exclusion amount is deducted from replacement cost to arrive at an insurable value,
specific to each structure.
Insurable Value is the Replacement Cost New less the Insurance Exclusions
4. EXPECTATIONS OF CITY STAFF"
AssetWorks believes that clients retain our services with the expectation that AssetWorks staff, as paid professionals and
consultants, will perform the necessary tasks in a high quality manner to successfully complete the project on time. We do, of
course, view our clients as active participants and anticipate their assistance with the following:
•
Pre-Project-Planning and Announcement — AssetWorks will identify key items to have prepared for the project
kickoff meeting. We ask that you prepare a memo for staff members to announce the project and give the general
purpose and time frame.
• Availability of Existing Building Records — AssetWorks will utilize existing records, as provided by the District.
Blueprints, for example, can aid in calculating square foot area.
• Access to All Sites — AssetWorks appraisers will be granted access to all sites and buildings based on a mutually
agreed upon appraisal schedule.
Page 14
Professional Property Insurance Appraisal Services Proposal for: }'{ /�
The City of South Miami sse � 1f {'p
MKS
December 10, 2010 AFPRAISAL
5. OPTIONAL SERVICES
Reinventory Service
Our staff will record all tagged equipment assets (those with unit cost of $1,000 or more) in your buildings. Where an original tag
exists, our staff will scan the asset and tie back its original cost, fund and acquired date information.
New assets requiring tags will be recorded, tagged and added to our data, then valued for both accounting and insurance
purposes (original cost and replacement cost). All minor equipment assets (i.e. chairs, tables, desks) will be re- inventoried to
reflect current insurable values.
Upon completion of the field re- inventory, AssetWorks will perform a computerized data match of the re- scanned data and the
previous database and provide an exceptions repod. Assets that match electronically will be reconciled to the old cost, date and
fund information. Final reports will take approximately 60 days from the date of project commencement.
Annual Valuation Service
Under this option, AssetWorks, Inc, provides an Excel spreadsheet to our clients, which is used for recording current year
additions, disposals, & transfers. When completed, the Excel file is returned to AssetWorks for processing. Processing includes
applying the changes to the master database, applying trend factors, and issuing updated final reports.
Annual Update Service (Trending of Insurable Values)
AssetWorks will apply detailed trend factors to the existing buildings for the purpose of updating each building's insurable values.
The trend factors used are developed based on a variety of factors including the Consumer Price Index, the Marshall & Swift
Valuation Guide, the Handy - Whitman Index, and the increaseldecrease . in the cost of materials, technology equipment
advancement, etc. After the trending is complete, AssetWorks will provide a complete set of updated insurance reports.
Assetmaxx Software —Asset Management Web Application
Assetworks is pleased to offer ASSETMAXX, a web -based program allowing users to securely maintain, collect, and retrieve
data over the World Wide Web. In addition to its capital asset tracking capabilities, ASSETMAXX also allows for the tracking and
updating of real property assets for insurance reporting and insurance placement purposes, in a real time manner. ASSETMAXX
is the most comprehensive and flexible asset management tool available in the property tracking industry.
Page 15
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami ASSOM ° RK
December 10, 2010 APPRAISAL
Because ASSETMAXX is a web -based solution, it provides users with significant advantages over traditional client -server or
stand -alone software:
• With ASSETMAXX, users access the application via the Internet (Dial -up or Network)
• ASSETMAXX avoids the need for the large initial capital outlay generally associated with software purchases.
• Users "rent" the application and access it over the web, eliminating the added internal need for costly hardware and
time consuming maintenance.
tt Application and data are housed on AssetWorks, Inc.'s hardware at the Assetworks, Inc. data center in Wayne, PA.
This ensures that the system is always optimally configured.
ASSETMAXX encompasses all areas of capital asset and real property tracking and reporting to include:
s Fast, Reliable and Easy Access to Data
;a Secure Server Location and Administration
Secure Authentication, Data Encryption and User Log for Accountability
0 Supports Unlimited Number of Users
to Multiple Levels of Security and Access Permissions
} Digital Photo Interface
GASS 34 Compliant Features and Reports
s� Both Standard and Ad Hoc Reporting Features
0 Supports Multiple Depreciation Methods and Capitalization Levels
fs Tracks Maintenance and Repair Histories
O Allows for Partial Disposals
0 Multiple User Defined Fields (10 ea.)
0 Dolphin Handheld Computer Interface (for adding new assets and conducting re- inventories)
Data Import and Export Capabilities
The ASSETMAXX pricing schedule is subscription based. Users pay an annual fixed fee, which provides them with access to
their database. The fee includes:
0 24 Hour access to ASSETMAXX;
All License and Maintenance Fees;
�+ Unlimited Help Desk Support
0 Automated Trending of Values (Annually)
All System Maintenance (database administration, network maintenance, etc.)
Page 16
Professional Property Insurance Appraisal Services Proposal for.,
The City of South Miami
December 10, 2010
Try it Here's how to access the ASSETMAXX demo;
Log onto the Internet and go to hffp://www.assetmgx-x,coM
AssetWORKOS
APPRAISAL
0 Click on the link to the " ASSETMAXX Dema" (at the SecurityAiert click Yes or OK)
0 Click on the link to register as a "New User, fill out the required information, and click "Submit Request'.
Remember your username and password!
0 When you receive an e-mail confirming that your account has been created, you can go back to the site, log -in, and
start working with live demo data.
Assetmaxx Webex Training
AssetWorks will supply all required technical expertise, Webex log in, and phone dial in information in order to complete a 1 time,
4 hour training session for the subscriber. Multiple users may participate if desired. A mutually agreeable training schedule will
be determined upon the receipt of an executed agreement.
Assetmaxx OnSite Training
As appropriate, training sessions will cover the basics of system layout, setup, access, and security; data input, on -line review
and verification, and editing; and ad hoc query and ad hoc and standard output report generation. AssetWorks, Inc, will provide
all necessary training materials.
We will also configure client workstations with ASSETMAXX and associated networking and security information. We will test
each workstation for connectivity either to the AssetWorks, Inc. data center for key performance parameters such as response
time, using a test database established for this purpose. Our budget for this task assumes that a client IT professional will be
available during this time to answer any network issues that may arise.
ASSETMAXX has numerous coding conventions that we will explain to appropriate staff. System settings are used to provide,
restrict, or deny access to particular system features and to treat data entered into the system in various ways. In this task, we
will review these features in order to establish system settings relating to security authorization levels, data collection rules, data
coding schemes, etc.
Page 17
Professional Property insurance Appraisal Services Proposal for:
The City of South Miami !'issetVV ,RKS.
December 10, 2010 APPRAISAL.
6. REFERENCES
Our relevant client references are as follows:
City of Key West, FL
Sandra Barroso
P.O. Box 1409
Key West, FL 33041 -1409
305 - 809 -3811
sbarroso onkevewestcitv.com
Scope: AssetWorks recently completed an appraisal of city-owned buildings in July of 2010. The fieldwork portion of the project
was started on June 28, 2010 and preliminary reports were delivered on July 26, 2010.
Charlotte County, FL
Janine Hewitt
18500 Murdock Circle, Room 344
Port Charlotte, FL 33948
941 - 743.1244
Janine.herift0charlottefl.com
Scope: AssetWorks successfully appraised all owned buildings in 2006. Since 2006, AssetWorks has provided the County with
value trending services and on -site appraisals to updated values and conduct appraisals of newly constructedlacquired
structures as recently as 2010.
City of Sunrise, FL
Bill Mason
4747 N. Nob Hill Road, Suite 6
Sunrise, FL 33351
954 - 572 -2496
bmason cityofsunrise.ora
Scope: AssetWorks successfully appraised all owned buildings in 2007 and has provided value update services through 2009.
City of Lakeland, FL
Karen Lukhaub
520 N. Lake Parker Avenue
Lakeland, FL 33803
863 - 834.6799
Page 18
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
Karen lukhaub(llakelandgov.net
AssetWORKS
APPRAISAL,
Scope: AssetWorks successfully appraised all owned buildings in 2006. Since 2006, AssetWorks has provided the City with
value trending services and on -site appraisals to updated values and conduct appraisals of newly constructed/acquired
structures as recently as 2010.
Preferred Government Insurance Trust (PGIT), FL
Kurt Heyman
615 Crescent Executive Court, Suite 600
Lake Mary, FL 32746
321 - 832 -1455
khevman(a)publicrisk.com
Scope: Between 2008 and 2010, AssetWorks successfully completed a 3 phase appraisal project that included the appraisal of
all PGIT members. The appraisals consisted of over 8,000 individual appraisals for 274 members.
7. ASSETWORKS TERMS AND CONDITIONS
AssetWorks standard terms and conditions are as follows. Upon award of the project, AssetWorks will work with the
County to establish a mutually agreeable set of contract terms and conditions.
1) AssetWorks shall provide guidance to the City of South Miami in determining the data required for purposes of the
contemplated services. The City of South Miami further agrees to provide all data specifically requested, including
documentation and information to AssetWorks In a timely manner. AssetWorks shall assume without incurring liability
therefore, that all data so provided is correct and complete.
2) In the event that the City of South Miami provides additional an /or corrected data, documentation and information at a
later date, AssetWorks' efforts with respect to such additional and /or corrected data, documentation and information
shall be deemed additional services and compensated in addition to the fees set forth herein based on applicable
hours, professional fees and expenses.
3) The City of South Miami acknowledges project completion upon delivery of final reports. Final report delivery occurs
only upon either acceptance of the preliminary reports data by the City of South Miami or upon the passing of the two-
week (10 business days) period of time after preliminary report delivery, whichever comes first.
4) The fees proposed in this contract are valid for a period of 90 days.
5) To the extent a claim is not covered by the required insurance, each party agrees that each party's total liability for any
and all damages whatsoever arising out of or in any way related to this Agreement from any cause, including but not
limited to negligence, errors, omissions, strict liability, breach of contract or breach of warranty shall not, in the
Page 19
Professional Property insurance Appraisal Services Proposal for:
The City of South Miami
December 10, 2090
AssetWORKS
APPRAISAL,
aggregate, exceed the total amount of this Agreement. To the extent a claim is covered by the required insurance,
each party's total liability will be limited to the amount of required insurance.
6) City of South Miami and AssetWorks shall each retain ownership of, and all right, title and interest in and to, their
respective pre - existing Intellectual Property, and no license therein, whether express or implied, is granted by this
Agreement or as a result of the Services performed hereunder. To the extent the parties wish to grant to the other
rights or interests in pre-existing intellectual Property, separate license agreements on mutually acceptable terms will
be executed.
Page 20
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
8. SAMPLE INSURANCE CERTIFICATE
assetVV !-bKS
APPRAISAL'.
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Page 21
Professional Property Insurance Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
AssetWORKS
AP..PRAISAL.
9, DELIVERABLES & SAMPLE REPORTS
Preliminary electronic reports will be provided as well as hard•copyfinal reports.
CERTIFICATION LETTER
Certified appraisal reports are bound in an easy -to -read format. AssetWorks will provide a set of insurance summary and
insurance detail reports. The certified appraisal report will include the Letter of Certification, which will:
a) Identify the property appraised
b) State the purpose of the appraisal
c) Specify the appraisal date .
d) Define the level of value sought and the premise of value employed
e) Describe the nature of the property included in and excluded from the appraisal
f) Discuss the appraisal investigation
g) Indicate the factual data considered
h) Present the conclusions of value
i) Outline the qualifying and limiting conditions
J) Include the signature of an authorized officer of the company
PRELIMINARY REPORTS
Draft Summary and detail reports will be sent via email in .pdf format for review. Our clients have two weeks from the point of
issuance to determine acceptability of the final data. Upon acceptance, AssetWorks will then prepare and deliver final reports in
electronic and hard -copy format.
FINAL REPORTS
Insurance Summary Report — Summary of values by location, this report is provided in spreadsheet format and includes the
following detail for each site:
1) Construction Classification
2) Property Description
3) Property Address
4) Year Built
5) Gross Square Footage
6) Schedule Summarizing Replacement Casts
7) Exclusion Amounts
6) Content Values
Page 22
Property Appraisal Services Proposal for:
The City of South Miami
December 10,2010
Sample Summary Report
A se W ,RKS
'APPRAISAL
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Sample Value Comparison Report
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Property Appraisal Services Proposal For:
The City of South Miami
December 10, 2010
Asset V , :RKS.
APPRA(5AL
Insurance Detail Report — Provides detail information on a per building basis. This report includes, but is not limited to the
following:
Cteseo
1) Site Name
2) Building Name
3) Building Address
4) Occupancy and/or function of facility or building
5) Construction/ISO Classification
6) Year Built
7) Square Peet
8) Narrative Description
9) COPE Data (Primary & Secondary)
10) Replacement Cost New
11) Exclusion Amount
12) Content Value
Sample Insurance Detail Report
001 9AMPLERIS4POOL
W2 DEMONSTRATION ELEMENTARY SCHOOL
Ot ELEMENTARY'scNwL
DECORATIVECONOREM BLOCK ORICKON AIPSONRY
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SUILTIM$ (CABINETS, LOCKERS, BOOKCASES)
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r WERIORSECURRYLIGHTING
SECURITY CAMERASYSTEM
ROOFREPLACEO -2104
=14 ROOFSTRAPS -VES
Page 24
VALUATION OORCWSIONs
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Page 24
VALUATION OORCWSIONs
Rapfa 114OWA NOW
EvMUSIOAAeltlnnt
Repfmwwd Cost Less Emgusb ;
contents W&W..
pmp.aytnTte Oven:
Property Appraisal Services Proposal for: As s etW RK
The City of South Miami AFORArSA6
December 10, 2010
10. PROJECT FEES & AUTHORIZATION
Please return a copy of this executed agreement to the attention of the undersigned via fax at 215.354.1086 and the printnal
project fees page mailed back to this office. All professional fees outlined below are in US Dollars and include out -of- pocket
expenses, The TOTAL investment is as follows:
Asset Inventory and Valuation Services
$1,000 Tagging Level and $25,000 Capitalization Level
Appraisal of Buildings Valued Over $100,000
(16 buildings x $105)
Appraisal of Buildings Valued Under $100,000
(36 buildings x $95)
Total:
Optional Services
2010 Reinventory Service
ASSETMAXX Software (1 User / Per Year)
ASSETMAXX Software (3 Users/ Per Year)
Webex Training
Assetmaxx Software Onsite Training (One Session /Plus Expenses)
Annual Valuation Service
Annual Trending Service
RESPECTFULLY OFFERED BY:
ACCEPTED BY:
AssetWorks, Inc.
City of South Miami
Signature
Christopher Krier
Regional Director
Date
Page 25
Initial Here
$16,300
$1,680
$3,420
$21,400
$14,900
$1,500
$3,500
$600
$1,100
$1,500 —
$1,500
Property Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
11. PROPERTY LIST
Asset WORKS
APPRAISAL
Untifi
cesp9ption
Address
Year Built
W. Date
7e'rm date
IRN(ongYeiue
Gonkank$Yatiir
Total lmeredYalue
.C41utTYl>Q
Rant Shve Rod PIt41
roar covorlog Corerin3 itePRaced RnofYralt
001
Autoimpea —m+ T003
5907S.W.70th Street
SOUTH MWA FL 33143
7Pi" -
10!09/2010
10!9712011
$44,M
$
$44,110
002
tteatl Slatecenter
61X1 SW 68TH ST
SOUTH MIAMI, R. 33/43
10/01/2010
90701/2011
$442,
55,487
$447,4
-1-
-
003
k o ke R09n$
4795S.W.75th Avenue
SOUTH MfAiif, r1 -33943
10/01/2010
10/01/2079
$197,
—
$7,31
$204,318
Y
004
O'
4795 S.W. 75th Avenue
SOUTHM4WA, fl.33143
10/012010
1010120f9
$54,000
$54,
005
OW WASTE BLUG
4795 S.W. 75thAmnuc
SOUTH MIAMI, FL33143
1010itzot
10!07 /2011
$103 :500
._......_.........
$106,6
01 -t7ame
006
CITY GARAGE
41955:W. 75th Avenue;
SOUTH MINK, F1.33143
10 /01!X010
10(07/2091
$454,500
------ -�•• -^ .. $D
$454,500
007
R P
4M $X. 75th AV"W
SOUTH MIAMI, FL33143
701o712tlf0
10/01/2011
$63,000
ry�654,2
$122.26
719 -
BOB,
t10E eIHG
4795 S.W. 76th AV w
56UT11 MIM49, FL 33143��'
f0 /ol2olo
tD/012011
$18,9
�- ---- -- ,.d$
$18,4
009
DAN'9'D. FASCELLPARR 7TE NIP
86DSRED ROAD
50UTHA AMr, FL33/43
t0 /Ot20f0
10/072017TWm�w
$7,106,00
^$
5'i�F
010
F P N-
6600REDROAO
SOUTH MIAMI, R. 33143
��
15X•
10 101120fU
10101/2011
V.V. mm $
-- �^•-- .�.w °°
$65,9
017
0 wg� erw.... At.�n...
gSpp RED RSIAD
$OUTHMWAI, F7.33143
10!412070
1070112014.._�•._......»...,m
$i23r
$1X3,
52•Ff
Page 26
Property Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
AssetWORKS
APPRAISAL
UOStM
0escriptEon
Address
Year fwllt
"'�"' ""-
Con 1 TvPa
EYf. Pete
Tam Date
BuiidlnEVaiue
ConYahi5Yalue�•
TotatiniradYaiue
Racfshope
RooFPhch
Roof CoYerOiR CovarirH.ftePLnced RoofYr Pit
012
ANT eFASCEL 7 l ,50D
evi,nra
8606 RE6ROA0
SOUTH MIAMI, FL 33443
'TO ?'E'�Sme
;0!07/2070
___
10fOtl2017
S7tl4,OP3
»_,_.._�.........,....._.�
$104, OK
013
AH 8FASCELL COMMUM(fY S'1pPAG
8600PEDROAD
SOUTH MIAMI, FL 33143
..- {-• •.
t010if2010
-_ ..
tO /Oi /2011
$63,0
u. --- .— ._..�___
$63,
014
TUCROWEAVIM WN I W[Ii
"0 SW 81 STREET
SOVM MIAMI, FL 33143
'= Nrame'
10/0112010
10/01!2011
$3f,060
015
A 5
6445 SW 81$TREET
SOUTH MIAMI, FL 33143
-
10101/2010
10102/2011
$70,769
- ^ »• ^,- .... ^.,.__.
$70,769
tlt6
PAIMERPAWK F7ELDSTDRAGE IAN
6445 SW 8i STREET
SOUTH MIAMI, H. U1433
165, - hK�
10/01/2010
!0/01/2011
$45,500
�. �.*•,�- .• - ^ ^^
545,
017
PAIMQt ARRFOGIWALSTORAGE STAG
67075W 67TH AVENUE
SOUTH MIAMI, FL 33193
119' -•
10101/2010
1b10172011
575,000
»....... 545,730
$120,13
018
T S ROOM
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33743
1010112010
—•7
tOfDt /201
$33,000
$19,500
$52,
"-119.
019
PA E
6701$W 67T1{kYENUE
SOUTH MAW, , FL 33743
-iiJ
70(0112010
70101!2017
$109120
020
P Y R D
6701SW67IHAVENUE
SOUTH MIAMI, FL 33143
10/0112010
1
10!01!2011
$26r030
'�'. •� $�
»SP
i0 Tame
021
PAW14 CNICTA S
6701 SW 67TH AVENUE
$OUTHMIAMI, FL 33143
1010112010
10/0172011
$3,12 $3,12
-1til.-NC
022
FAL100 PAM 13 05q I S
6704 SIN 67TH AVENUE
SOUTHMIAMI, FL 33143
- -sue —N
10/01/2010
$78
Page 27
Property Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
AssetWORKS
APPRAISAL
Unit #
D6#J1PUa0
Ady ayt
Year Oailt
CohxATyp9
Eff. Oaks
Tmn Data
But dRfgYalOa
— - contort5Volne
Totat inswetlYaWo
Raofslwo
Roorplw%.
Roof CorerTng Coveting Repfazad ft fyrwt
023
VAWR PARK 1 12M FrFVf HIGH FENCE
6701 sN 67TH AVEME
SOUTHAiAMI, FL 33943
10101/207
10!0112011—
$1300
50
024
P - 0' SO
6701 V1 67TH AVENUE
SOUTHMIAM4, FL 33143
.. -fg�- -.
101092010
_. ---- --
10/01120f1
$ifi,
^--- - - -_._ _ s0
$16,90
02S
6701 MW 67TH AVENUE
SOWEIMIAti, PL33143
•"'i'i'Q
10t0U2010
10/09120%9
$84,600
$84,60
026
A • C 0C0O
6701 SV(67TH AVENUE
SOUTHMIAA0, FL 3314%
q,
i0l01Y20S
-""'-"
i070912011�
Ss4,tw0
"- '""""' - --'-
$
$54,00
027
WCEtFOLICESURSTA.I.N
6900 sw 50TH KACE
SOVT"AAU, FL 33143
10101126to
10101!2.011
So
�y ^� - $28.655
S g,66
41§ =--iM
028
OREIVFA PAW -2 RM.0
63OOSW SM STREET
S00THMIANI, FL 33143
Yiv-
10/01/201
10101/2011
m.W - ^� �ryM�� $
029
OR VERPARK ^112 BASKETOALL COURT
6300ZWKSTFUT
SOUHIAIA.,Y.1, FL 33143
1i9•
10/01/201
$131000
030
-P 0
63WSVI 561'H STREET
SOUTHAJAMI, FL 33143
101011201
$34,V5
$34,125
031
BRaVER PARK -4 BEACHES
6300 M 567H S'tREE7
SOUTHAIAMI, FL 33143
10!0112090
1010t /244%T�
$1+
".�—
Si,
032
�OREV/cR PARK-
63M SW 56TH STREET
SOUTHAiAAM,1703143
--
t010tf20f0
•.
1074F1201t
•." ".^....••••.•'• -m5
$S2
033
OREVIER F -
63005Vf SETH STREET-
SOUTHMIAMI, FL 33143
10/01!2010
10701/20f f
$5240
.__ ^ ~ - ^ --
$52,
Page 28
Property Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
Unit
Dastoapttan
Addtass
Ropf5hape Rotor
YOU Dvik
""""."""..'"�"
Conrt7ype
Etf. Datm 17ufidingYeluo Taal lnsuredYatue
Teimate """"ConfartSYaTLLm
Roof Covering Covering Replaced ROOfYPatt
034
OR PARK ^.L -0rT OF I., f GHFER
030O5W%THVREET
SOUTRA AMI, 1153143
fO /0112010
50/01/2011
$7,6
$0
1
035
- Of SIT HIGH ruiulo
63DOSW56THSTREET
54UTHA47AMJ, FL 33143
2 %tit
1010112010
10lOil205t
$3 >990
"......w,..__- »...... - -_$4
53 "
B P - P. lC
1010112010
—St >56
�.._ -- _
036
6300 SW 56TH STREET
SOUTH MIAMI, FL 33143
70 /Dt /2071-
S
037
RRA P CENTFF.
670t SW58PLAC9
TtT,-W2-
iD /6572410
536010
` ^_� -_
53 >�
SOUTH MIAMI, FL 33143
10F05l2011
'
HOPEB ACTMTY CERTER
1010112010
03$
6701 SW 58 PLACE
SOUTHAYAMT, FL 33143
t:O E U A71 N
10 /OtIZ010
50 $3215K
039
5975 SUNSET DRIP[
SOUTH MIAMI, FL 33143
-•'719 JM
70/04/2011
--- • - - -�-
040
C1 POLICE
6130 SUNSET DRIVE
SOUTH MIAMI, FL13143
_
i1f,W
10/0112014
5070412017
$3,470,00
_--� -� ^•T5395,d
$3 >865,
iLYA BERG
to/ 112010
$438.0
~$S6>
��.�
�j`sQ JFd—
F7.
613D SUNSET DRIVE
SOUTHMIAM,1, FL 3 }143
70 /Qi /2015
MI 0! 10ENTER70YM
10/0112010
$4>i�.
S4,554,0
O47.
580 0 SW 66 STREET
SOUTH MIAM, FL 33143
10l61120775390,000
50 f A A
10 /0WO
$195,00
$195,
043
43D4SW665(REEI'
SOUTH MIAMI, FL 33143
G
10101l2R10
519,5
•044
/
722OSW61ST000RT
SOUITHIAMNU,P03143
1" `ame
1000fl2017
—__J_ i-
Page 29
Property Appraisal Services Proposal for:
The City of South Miami
December 10, 2010
AssetWORKS
APPRAISAL
Uhk A
Desalt Ul ft
Address
Year BUt'R
S1f. Gate @aitding Ya ue Tatai Ia and Velue
Tartu Oats —' Con,;w Vafue
Roof Owaring Go J ft Replaced Raaf Yr Btt
Canst Type
Roof ShaPe Raaf pitch
046
MARSHALL WILLFAWPN PARK /GAAF.80
6121 Sw 68 MEf
SOUTH MIAMI, EL 33143
._ �
10JOiF2010
$65,0
$�,
046
PJA L4 OA1405 N0:
;72 159r68 STREET
SOUTHM1AMI P433143
10/pf121110
t0101J2(Ui
$32,59
�«.�«.....m...�y...5
532, 5
`
047
13 8EI4CH 5
61215W68S1REEr
50UTHMK&V, FL33143
1010tJ2010
50101/2071
S1,170
SO
$t,t
048
MARSHALL WUMMSON PARK ( 4 ?KRIC TAWA5
6521 SW 6S $MET
SOL" AOAMI, PL 33143
10101/2010
10 /OtJ2011�
53,1
—SO
53,1
049
f $I
Two SW 59TH AVENUE
SOUTH MIAMI, 1133143
10J0tYdM0
1OJ01/2011
5253,000
�Sb
$253,
050
A6 re1CA l IC C ES
6620 SW 64 AMUE
SOUTH MIAMI, FL V43
fO /OtrZ[H
5 0101120 4 7
S7,
'^^"'^^"" $
57,
132 =tTC-`
051
G PL OUT PROPER
- 6609sW60SrREEf
SOUMMiAMt, PL33143
10101h010
--
1010252017
$130,
052.
AR. G E
SW58TH000RT&SW73RO5T=
SOUTH?"v, PL33143
40J01R010
50101/2041
$S,coo ON
$0
$5,tl00,p1
'- t3E�ity
T0tat1
$17,899,194
$1,0491792
$18,948,986
Page 30
Industrial Appraisal Company
Proposal Summary
Category
Description
Amount
Total Fee
Inventory and Appraisal
$7,780
Option I
Asset Tagging
$800
Option 2
Valuation Infrastructure
$1,500
Option 3
Land (58) Parcels Valaution
$7,250
Option 5
Excel Data File
$150
TOTAL
$17,480
JnJttdrJJrprai4a� Company
Corporate Office
Two Gateway Center
603 Stanwix Street, Suite 1500
Pittsburgh, Pennsylvania 15222
412 -471 - 2566,800- 245 -2718, Fax 412 -471 -1758
www.indappr.com
Keith A. Lalley, Regional Sales Manager
440 -885 -3147, Fax: 440 -885 -0007, Email: kialley @indappr.com
�`szdu Nix � -Apppa d Compalty
(µJ�� Mvna�a e E
A1124f 2710
Two GATEWt.YG6H(FR. e.41U71T18
60] NmwubYrt,t SbOc ISDO FA%:4124I1.ti50
PAebv�, P,wti.eiin �51Y[wrvrvMCaOR.cun
January 17, 2011
Mr, Alfredo Riverol, Chief Financial Officer
and
Mr. Pablo Velez, Purchasing Manager
City of South Miami
6130 Sunset Drive
South Miami, Florida 33143
Dear Mr. Riverol and Mr. Velez:
Attached is our revised proposal to provide an appraisal for the City of South Miami for fixed asset accounting control and
insurance valuation purposes. This replaces the Appraisal Agreement which was dated December 30, 2010.
Under the terms of our agreement, we will conduct an on -site inspection and appraisal of the buildings/structures, site
improvements, fixed equipment, machinery and movable equipment associated with the property locations in
reference to the Property Schedule provided which is included in Addendum Na. 1 of the agreement.
The report will be presented in our Property Inventory and Accounting Cost Record format which will provide a record of
assets in computerized form. This presentation is designed for the continued maintenance of effective property control as
well as providing a depreciation study for all fixed assets in compliance with GASS 34 requirements. The depreciation
study is based upon actual or estimated acquisition cost and year acquired.
Applicable to insurance values, our certified report will establish the current Reproduction Cost New and Sound insurable
Value (Actual Cash Value) of the properties appraised.
When our offer is accepted, please sign, date and return the agreement to my attention. Upon receipt, we will proceed
promptly with making arrangements to schedule the on -site inspection.
If you wish to have us fumish your insurance agent or broker with a copy of the appraisal summary, please complete and
return the attached Form 311, agent authorization. Due to the confidential nature of these figures, they will be released
only with your written consent.
Should you should have any questions concerning our offer, or the anticipated service, do not hesitate to call me at 440-
885 -3147, Fax 440 - 885.0007 or Email Malley@indappcoom.
Thank you for the opportunity to resubmit our proposal. We look forward to being of service to you in your valuation
requirements.
Very truly yours,
INDUSTRIAL APPRAISAL COMPANY
, 5 �( a /�"
Keith A. Lailey
Regional Sales Manager
KAUdmd
Jndaitrital —AppNac`6uL Company
4,agrt.�
r«n wmverew� eoo-24ss],e
60I Senro.V Rtet Ari IMO FiJC4f1 -0]1�f)58
Itiu4sgS,Y�vy1rm6159Y2 vrvw.intlappisan
APPRAISAL AGREEMENT
Revised
The Industrial Appraisal Company hereby proposes to provide inventory and valuation services for the:
City of South Miami
6130 Sunset Drive
South Miami, Florida 33143
PROVISIONS AND SCOPE OF APPRAISAL
The appraisal reports and services are to consist of on -site consultation, data collection, inventory,
valuation, and cost analysis of the fixed assets of the City of South Miami for the purpose of
preparing a tabulated schedule of fixed assets including a depreciation study related to actual or
estimated year of acquisition and acquisition cost. This schedule is designed to conform to the
requirements of GASS 34 as it pertains to depreciation. Supplementally, an opinion of the current
insurance values of the buildings and equipment will be provided.
The fixed assets to be identified and recorded will include selected buildings /structures, fixed and
movable equipment: The applicable property locations are in reference to the Property Schedule
provided which is included in Addendum No.1 to this agreement.
II. INVENTORY AND APPRAISAL PROVISIONS
The data for the proposed asset management system and the insurance valuation report will be
developed by physical inspection, inventory and cost analysis of all applicable assets.
A. BuildinnsfStructures
The buildings /structures will be valued as a unit -in -place for cost accounting and insurance
valuation purposes reflecting specific data elements relating to dates of construction or
acquisition, original cost allocation, square footage, useful life, and reproduction cost new.
Building component classifications will be comprised of General Construction, Plumbing,
Heating /Air Conditioning/Ventilating, Electrical, Sprinkler System, Roofing and Fixed
Equipment allocations.
B. Site Improvements — (Insurable and Uninsurable Site Improvements)
The site improvements will consist of: Lighting, Fencing, Flagpoles, Signs, Parking Lots,
Sidewalks, Curbs, Retaining Walls, Property in the Open, Etc.
C. Movable Eaujpment
Movable equipment will be inventoried on a building, floor, departmental and room -by -room
basis and will be segregated by asset class and between major movable equipment and
other movable equipment.
Page 1 .%J.Ad 1- 4pp January 11 2011
AppralsalAgreement
Revised
City of South Miami
1. Maier movable equipment will generally include individual 'items with a replacement cost
exceeding $1,000.00 applicable to insurance and $25,000.00 capitalization thresholds with a useful life
of one year or more. Certain items /systems below the unit cost standard that may warrant special
property and cost control will be considered Critical Control Assets. Such items (CPU's, Printers,
Monitors) may be designated "Critical Control Assets" in advance of commencement of the inventory.
2. The remaining movable equipment, designated as other movable equipment, wilt be
inventoried on a room by room or by building basis, grouped and valued by asset class. Data elements
relating to dates of acquisition, acquisition cost, useful life, and replacement cost will be developed "at
average" by asset type for each location segregation.
Licensed Vehicles:
Licensed Vehicles may be included in the fixed asset record based on information to be supplied by
the City of South Miami. Vehicles should be reported with Vehicle Description, Manufacturer, Model,
Vehicle Identification Number (VIN), Cost and Year Acquired.
REPORT PRESENTATION
The capital asset report presentation will include all fixed asset classifications currently scheduled or
pre- designated by the City of South Miami and will be prepared in conformance with Industrial
Appraisal's Property Inventory and Accounting Cost Record form.
A. The report(s) to be provided will include:
- Letter of Transmittal
- Building Schedule Index
- Departmental Schedule Index
- Insurance Valuation Summary
- Recapitulation Summary by Asset Code
- Master Detailed Report
B. The Master Detailed Report will include the following data:
Building identification - Floor /RoomlAma Code - Asset Class Code - Quantity - Description -
Date Acquired - Life - Reproduction Cost New - Acquisition Cost - Accumulated Depreciation -
Annuai Depreciation - Salvage Value
1. Acquisition Date and Cost Buildinas /Structures):
The dates of acquisition and acquisition costs of buildings/structures will be developed by the appraisal
staff through use of data to be supplied by the City of South Miami and should include architectural cast
breakdowns, renovation projects and any records of site purchases. In the absence of actual costs,
Industrial Appraisal Company will utilize reverse trending indices applied against current replacement
cost calculations.
2. Life:
The life schedule for fixed assets conforms to recommendations by GASB Statement 34
implementation as indicated In Addendum No. 2. Any exceptions required by the City of South Miami
must be made prior to commencement of the work.
3. Depreciation:
All major fixed asset items recorded will be capitalized and depreciated on a straight -line basis utilizing
the half -year convention computed as of a December 31 fiscal cutoff or as otherwise specified.
4. Salvage Value:
The estimated amount expressed in terms of money that may be expected upon sale or other
disposition of an asset after it is no longer useful to the owner and is to be retired from service.
Salvage value will be computed by classification and calculated using the schedule indicated in
Addendum No. 2.
Page 2 January 17, 2011
Appralsal Agreement
Revised
City of South Miami
IV. PROFESSIONAL FEE
The total
This fee
testimony — ................. ..
diem rate of $1,500.00 plus applicable expenses.
V. BILLING PROCEDURE
The fee quoted for services to be provided currently will be progressively billed as follows:
60% of Appraisal Service Fee due upon completion of the on -site fieldwork
Balance due upon delivery of the completed appraisal report
court
a per
Unless special arrangements have been made all progressive payments must be in hand before the
appraisal results are released for delivery.
This agreement may be terminated at any time, however, accumulated fees and costs incurred to the
point of termination will be billed through the active period.
VI. ANNUALSERVICES
The Industrial Appraisal Company will provide annual maintenance service for both the updating of
the Property Inventory and Accounting Cost Record and the Report of Insurable Values.
A. Property inventory and Accounting Cost Record Updating
Industrial Appraisal Company offers to furnish annually a new fixed asset schedule that will
reflect the additions, deletions and transfers that have been reported to the Company for the
previous year. New depreciation data will be calculated. in addition to the revised master
report the following supplemental reports will be prepared.
- Current Year Capital Additions by Building
- Current Year Deletions by Building
B. insurable Values Updating
A report of updated insurable values will include a new appraisal summary reflecting the
current Reproduction Cost New and Sound Insurable Value of the buildings and equipment.
ANNUAL SERvicES.FEE_s
Annual Updating of Property Inventory and Accounting Cost Record ......... ........................$290.00
(Duo First Anniversary)
Annual Updating of Insurable Values .................. ............................... ........................$450.00
(Due First Anniversary)
VII. PROOF OF LOSS SERVICE
In the event of a loss covered by insurance, provided immediate written notice is given to our
Corporate Office, and our Annual Revaluation Service is in effect, the Industrial Appraisal Company
will provide updated values, for preparation of proof of loss, of the appraised property as of the date
of the loss.
Page 3 January 17, 2091
Appraisa9Agreement
Revised
City of South Miami
OPTIONAL SERVICES
Presented as Optional, Services and additional fees, Industrial Appraisal Company is offering to include the
following:
•.
Provide Tagging (including Tags) of Movable Equipment
The movable furniture and equipment items warranting specific property control with a current replacement
cost exceeding $1,000.00 can be physically tagged and reflected in the completed report. Tags will be of vinyl
pressure sensitive type with bar code identifier and will be affixed neatly in a uniform manner in accordance
with existing appraisal standards consistent with those outlined in Addendum No. 3.
The Industrial Appraisal Company will not tag surplus, obsolete, non - functional, stored or otherwise
inaccessible fumiture, fixtures or equipment. These items may be valued as a group using an estimate based
on the observations of the appraisers or as otherwise directed by the City of South Miami.
The fee'to provide Tagging (including Ta s of Movable Equipment with a current replacement cost
exceeding $1,000.00 will bean additional
Provide Recording and Valuation of Infrastructure Assets
it is understood the City of South Miami will provide all necessary data related to cast and technical
information to assist Industrial Appraisal Company in the recording and valuation of infrastructure assets.
These infrastructure assets include roadways, sidewalks and storm water system only.
The fee to provide the Recording and Valuation of Infrastructure Assets will be an additional
rr rr,
ra
Provide Research Necessary to Include Land Dafa
Land is not a depreciable asset but should be included in the fixed asset record based on information to be
supplied, by the City of South Miami. its inclusion in the study requires historical cost, date acquired, parcel .
number and lot size. In the absence of historical cost information, the current Market Value should be
provided for the parcels. Industrial Appraisal Company will estimate a cost utilizing reverse trending based on
custom indices.
Where cost information for land is not available or provided, the industrial Appraisal Company can provide
the research necessary to include land data to satisfy GASB requirements.
A separate fee consideration of : ++ ' will be required to accomplish this additional
work.
Page a January 17, 2011
Appraisal Agreement
Revised
City of South Miami
OPTIONAL SERVICES (Confined)
Provide our Visual Fixed Asset Control System Software (UFACS)
The Visual Fixed Asset Control System Software/VFACS.can be purchased on electronic media to provide
for the maintenance of the Property inventory and Accounting Cost Record. it is a PC -based software which
can be accessed by multiple users provided the Software is on the server and all users are on the same local
area network This software is compatible to all Microsoft Windows 95, 98, XP Professional, XP SP3 and 7
32bit workstations. VFACS Software includes a Support and Maintenance Agreement whereby the Industrial
Appraisal Company's information Technology Department will provide telephone support and coordination
services as required.
The fee to provide our Visual Fixed Asset Control System SoftwererVFACS is
VFACS'Software includes a Support and Maintenance Agreement for the first year and charge of,
�pl
after initial year.
s. .
Provide Microsoft Excel Data File (Spreadsheets
The Industrial Appraisal. Company's (Excel File) spreadsheet is developed from the Internal Data Fite used in
producing the appraisal report. Data elements reflected on the appraisal report are included in the
spreadsheet. The City of South Miami may edit this rile as their in -house system or build an interface with an
existing system.
The fee to provide the Microsoft 'Excel Data File (Spreadsheet) will be an additional
Page 5 January 17, 2011
AppraisaiAgreement
Revised
City of South Miami
CONDITIONS
The appraisal will not include land, landscaping, books, valuable papers, fine arts, consumable supplies,
intangible assets, or property of third parties. In th'e event Industrial Appraisal Company's services are
requested to include items not covered by this agreement, these services shall be negotiated between the
City of South Miami and Industrial Appraisal Company.
Performance of this contract and fees developed hereunder are predicated upon free access to the property
and required information and available data to be provided promptly as requested.
Any exceptions to our standard life schedules, codes, salvage values, etc. will result in additional charges.
Terms and conditions on purchase orders issued to Industrial Appraisal Company for authorization are for the
City of South Miami's internal use only and shall not modify the terms and conditions of this agreement,
addenda, or related documents.
The Industrial Appraisal Company is not an accounting firm and we rely upon mutual cooperation with the
City of South Miami in developing an accurate accounting database that will meet GASB 34 requirements for
compliance.
Page 6 9,P..OPP.,�P�r January 17, 2011
Appraisal Agreement
ReNsed
City of South Miami
ACCEPTANCEIAUTHORIZATION TO PROCEED
Neither party to this contract is bound by any promise, term nor condition, either oral or written, not
incorporated in this instrument Acceptance of this Appraisal Agreement also indicates acceptance of
Addenda. This offer for appraisal services expires after ninety (90) days at which time it may be
renegotiated.
REVISED AND RESUBMITTED this 17' day of January 2011
INDUSTRIAL APPRAISAL COMPANY
TWO GATEWAY CENTER
603 STANWIX STREET, SUITE 1500
PITTSBURGH, PENNSYLVANIA 15222
/'a7
Keith A. Lalley
Regional Sales Manager
ACCEPTED:
CITY OF SOUTH MIAMI
6130 SUNSET DRIVE
SOUTH MIAMI, FLORIDA 33143
Signature
Print Name
OPTIONAL SERVICES ACCEPTANCE: (Please Initial)
Provide Tagging (including Tags) of Movable Equipment with
replacement cost exceeding $1, 000. 00 ................................ ............................... : t t r r,
r. .
Provide Recording and Valuation of Infrastructure Assets ..... ...... ......................... to,
Provide Research Necessary to Include Land Data ............................... ' t t
•, ,
Provide our Visual Fixed Asset Control System Software ( VFACS ) .........................:'' t tr
(Indudes Support & Maintenance 14 Year Charge of$25waarAfter Ini iat Year)
Provide Microsoft Excel Data File ( Spreadsheet) .... ......... ................. ........ ..........
: t t
Page 7 .9a�aWaf..®ppm&al�'.ompaur January 17, 2011
AppraisalAgreement
Revised
City of South Miami
ADDENDUM NO.1
Properties to be Appraised
Page 8 .Qnd�Gial./dpp«uiCmP""7 January 17, 2011
Appretsaf Agreement
Revised
Addendum No. 1- Properties to be Appraised
City of South Miami
��^�� Property Schedule Agreement Period: 10/01/2010 through 10/01/2011
cavrM41AI City of South Miami
A�uAanintaun
Agreement No.: PK FL1 0132021 10 -01
Agency: Brown B. Brown, Inc.
Unit #
Description
Address
--
FCY,Mt r Built
Type
Eff. Date
-Term Date
Build'mg Yalue
• —• Contents Yalue
Total Insured Value
Roof Covering
Covering Replaced
Roof Yr Bit
Roof Shade
Roof Pitch
001
Auto Inspection Station
5907 S.W. 70th Street
SOUTH MIAMI, rL 33143
1 0101 /2 01 0
-••-
10!01 /2011
$44,000
------ ---- -•
— $0
- $44,000
1�j -�-
002
ead start center
6121 SW 68TH ST
SOUTH MIAMI, FL 33143
10/01/2010
-
10101 /2011
$442,000
5,48
$447,487
111 -C
003
Public Works Office Building
4795 S.W. 75th Avenue
SOUTH MIAMI, FL 33143
--1i :-
10/01/2010
101012011
$197,0
---------
$7,31
$204,318
004
STORAGE! OTOR POOL OFFICE
4795 S.W. 75th Avenue
SOUTH MIAMI, FL 33143
—•-
10/0112010
--••
0101/ 2011
$54,0
-- •-•- -- -° -
$D
$54,000
005
SOLID WA3fE BLDG
4795 S.W. 75th Avenue
SOUTH MIAMI, FL 33143
10/0112010
- -- ----•
10/01!2011
$103,500
•- - - - - -•
-SO
$103,500
-
307 - tame
006
CITY ARAGE
4795 S.W. 75th Avenue
SOUTH MIAMI, FL 33143
i•1 •; w-C
10/01/2010
- --
10!012011
$454,500
- ^-- •-- - ^ - ---
50
S454,500
007
CITY EPARS 0
4795 S.W. 75th Avenue
SOUTH MIAMI, FL 33143
10/01/2010
- --
10/01 /2011
$63,000
----
- $59,267
$122,267
• 719 -
008
PO ST RA E B DG
4795 S.W. 75th Avenue
SOUTH MIAMI, FL 33143
10/01/2010
- --
10/01/2011
$18,900
- -- --
$0
$98,900
1t9JM
009
ANTE B. FASCELL PARK / TENNIS PR SOP B. RESTROOM
8'(x( RED ROAD
SOUTH MIAMI, FL 33343
131 w�
tOI01 /2010
"'
10/01/2011
$1,106,000
.' °- """"'- ' - -_� —.
—... $0
$1,106,000
-
010
D TE B F SCELL PARK - 2 GAZEBOS
8600 RED ROAD
SOUTH MIAMI, FL 33143
Z�-^
10101 /2010
^^^--
10/01/2011
$65,000
_ -$0
011
DANTE 6 FASC AR • 6 HARTRU TENNIS COURTS
8600 RED ROAD mr ,o. -<nnrn
SOUTH MIAMI, FL 33143
_
152 = N�-
10101 /201 0
_�
30l01120N
$123,500
_.__ $0
•_•_•_•„•„- ,_,__ „„,,,,,_$0
5123,500
gre Property Schedute Agreement Period: 10/01 /2010 through 10/0112011
ruuEexaw7AL Ctty Of SOUL Mtamr
IIISUftMCfiRtUT
Agreement. No.: PK FL1 0132071 10.01
Agency: Brown Et Brown, Inc.
Unit SE
Description
Address
Year Buitt
- �—
eonst Type
Eff. Date
Term Date
Building Value
--MContents Value
Total Insured Value
Roof Covering
Covering Replaced
Roof Yr Bit
Roof Shape Raof Pilch
012
DANTE B FASCEkL PARK ! PLA GR UNb (S6, 00
8606 RED ROAD
SOUTH MIAMI, FL 33143
10/01/2010
.-. --
10/01/2011
$104,000
_ - ---- -- ^-- _
� $0
$104,000
�Y01- i•rae
013
DANTE B FASCELLCOMMUNI I T STORAG
860D RED ROAD
SOUTH MIAMI, FL 33143
10/01/2010
t0101l2Di1
$63,00
S
$63,000
13FRF
014
JUCHS ($45.59 CONTENTS INCLUDED)
6445 SW 81 STREET
SOUTH MIAMI, FL 33143
'701 - frame
10/01/2010
7Q101/2071
T Wu $31,000
_ S
531,00
015
FUCHS PARK P YGRO NO & SWIRG SETS
6445 SW 81 STREET
SOUTH MIAMI, FL 33143
-' 1'19 - jW
10/01/2010
1p/01/ o i
m�$70,769
~�S
$70,769
016
PALMERPARK FIELD S'TORAGEB IWING
6445SW81STREET
SOUTH MIAMI, FL 33143
10/01/2010
t0 /Ot /2011
$45,500
_._.. -, $0
$45,500
.
5Z -aG
T
017
PALMERpARKFOOTBALL STORAGE BLDG
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33143
it9 ='JM
10101/2010
10101/2011
r $75,000
$45,7
$120,730
018
ALMERPAR FOOTBALL STORAGE ROOM
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33143
10/01/2010
Ttl101/2011
_ $33,000
^� $49,500
$52,50
119 -7
019
PALMERP IE HOUSE
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33143
10!04 /2610
10/Oi/2011
$109,205
$9114
$778,352
719 =717,
020
P IRK PLAYGROUND
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33143
Uf"(=ra`me
10/01 /2010
t0 /01 /2011
$26,000
SO
$26,900
021
PALR PARK / 4 CN C TAW&N
ME
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33143
10!0112010
f0 /Ot /2011
$3,120
�S0
$3,12
152 -N "C
022
I,.SOUTH
PALMERPAR036BgG LLS
6701 SW 67TH AVENUE
MIAMI, FL 33143
1 0101 /2010
10/01/2011
,_...__._.�_. —._. .j780
$78
"i5 C
ened Property Schedule Agreement Period: 10/01/2010 through 10 101/2011
+��+�� C:fy.of Soufh M7amr
msucoxcelarr
Agreement No.: PK FL1 0132021 10 -01
Agency: Brown B: Brown, Inc.
Unit #
Description
Address
Year Bullt
� � _
Const Type
Eff. Date Building Value Total Insured Value
Tenn bate ' — 66-0 Fs Value
Roof Covering Covering Replaced Roof Yr Olt
Raof Shape Roof Pitch
. 023
PALMER PARK I I Too FTOF 5FT HIGH FENCE
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33143
-H-C
10/01/2010
- •- ---- --
10!01/2011
$13,000
-- ••- •--- •_....__
—S0
$13,00
024
PALMER PAR - 1000 FT OF 10FT HIGH FENCE
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33143
1'52 — NG
1010112010
- - -•-
10101!201 t
$16,900
-- -• - - - ^ --
^ SD
$16,90
025
PALMER P - RESTR OM B D
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33143
10/01/2010
10 /Oi 1201 1
$84,600
$
$84,5
119 - M
026
PALMER PARK'• CONC ST014 BLDG
6701 SW 67TH AVENUE
SOUTH MIAMI, FL 33143
10101/2010
---
to /0112011
$54,000
....-- ..— .__._..— ..._.._.
$O
554,00
027
OFFICE / PO CE 5UBSTATtON
6900 SW 59TH PLACE
SOUTH MIAMI, FL 33143
10/01/2010
10101/ -- -,
2011
$0
_.--'
$28,665
- $28.665
1 19�J ,�
029
BREWER PARK - 2 RACQUETBALL COURTS
6300 SW 56TH STREET
SOUTH MIAMI, FL 33143
10/01/2010
10 /01J2tl11
$28,6 6S
•� SO
$28,b65
•• • M19 - —
029
BREWER PARK • 1 BA5 ET LL COURT
63005W 56TH STREET
SOUTH MIAMI, FI:33143
._i 1$ =h _
10/01/2010
t0 /0t /2011
$13,000
•--- •• ----•-
•� $0
$13,00
030
BRE ER PARK - P YGROUNO AND SWINGS
6300 SW 56TH STREET
SOUTH MIAMI, FL 33143
j52 :'N
10101/201 F ^» _� $34> _125
-'•— "-'"- $34,125
10/01/2011 _ $0
031
B-- PARK -4 CH
6300 SW 56TH STREET -
SOUTH MIAMI, FL 33143
— 1- 5G - -NC
10/01/201
To/ --• --
01
$1,560
_.__._.— _.._..�.
$1,56
RE PAR -ZBBQG R I LL S
10/01/2010
$520
___ —.--
$52
032
6300 SW 56TH STREET
SOUTH MIAMI, FL 33143
- •1•• -�•-
—
10/01 /2011
_ .._._..—
S
033
BREWER PAR - T NN S COURTS
6300 SW 56TH STREET
SOUTH MIAMI, FL 33143
10101/2010
__
10/01/2011
$52,000
- -- --'-
— ^ So
$52,000
11 ---
�A3 Property Schedute Agreement Period: 10/01 /2010 through 10/01/2011
L City Of Saut M1aMl
Agreement No.: PK FL1 0132021 10 -01
i Agency: Brown a Brown, Inc.
Unit k
Description
Address
Year Built
Eff. Date
Term Date
Building Value
_ T Contents Value
Total Insured Value
ConstType
Roof Covering
Covering Replaced
Roof Yr Blt
Roof Shape
Roof Pitob
034
BREWER PARK • 46OFT OF Wee HIGH FENCE
6300 SW 56TH STREET
SOUTH MIAMI, FL 33743
"'j"C
i0 /07/2010
"'� ••
10101/2611
$7,800
— O
$7,80
T
035
BREWERPARK -360FT OF HIGH FENCE
6300 SW 56TH STREET -
SOUTH MIAMI, FL 33143
"i AC
1 0101 /2010
.^�m�.
10!0112011
$3,900
_
^~^ ^ ��$0
$3,9
036.
BR R PARK • 2 P C IC TAB
63005W56TH STREET
SOUTH MIAMI, FL 33143
10!0112090
10/0112011
$1,560
$0
IVNC
037
URRAY PARK COMM rrY CENTER
6701 SW 58 PLACE
SOUTH MIAMI, FL 33143
717 - Yr1NC�
10/01/2010
__
$360,000
$360,000
038
7 HOPEBUTLERACTIVITY CENTER
6701 SW 58 PLACE
SOUTH MIAMI, FL 33143
10/0912010
--_
10(01/2011
$220,500
.__.... ^•_-_.�._.. ,.... $0
$220,500
•1;14 -•
039
WRITE—/ / POLICE BSfATION
5975 SUNSET DRIVE
SOUTH MIAMI, FL 33143
"• iii —_ jM
10/01/2010
^ - -•---
$0
$32,506
532,500
040
CITY HAL J OLICE
6130 SUNSET DRIVE
SOUTH MIAMI, FL 33143
10/01/2010
-^ °•^
itl /0T /2011
$3,470,000
•^^--
_ T_ $395,472
$3,865,4
117 _—
041
—SILY—AWRTIN BLDG
6130 SUNSET DRIVE
SOUTH MIAMI, FL 33143
10/01/2010
-—
1010»...1/2011
$438,000
~. ��.. $56,706
$494,706
N9!'�M
042
SOUTH MIAMI COMM CENTER I GYM
5800 SW 66 STREET
SOUTH MIAMI, FL 33143
—ITT Mi�c
10/01/2010
101 ^—
01 /2bti
$4,160,000
--- __...._"...•_ "__$390,000
$4,550,00
043
P
TH MixMAR M/
4300 SW 66 STREET
SOUTH MIAMI, FL 33143
10101/2010
1D70912011
$195,00SO
- ^_ $0
$195,000
119µ- TM�•
.044
%
I_
J WILLIS P f0C / GA2E60
7220 SW 61ST COURT
SOUTH MIAMI, FL 33143
t i- rams
10101/2010
g0J01/2�17
- $19,500
" ��50
$19,500
ArOseProperty Schedule Agreement Period: 10101/2010 through 10/01/2011
d
iusuwscemusr
Agreement No.: PK FL1 0132021 10 -01
Agency: Brown & Brown, Inc.
Unit#
Description
Address
Roof Shape Roof Pitch
Year Built
--
Const Type
Eff. Date Building Value Total Insured Value
Term Dafe mm x Contents YaWem
'
Roof Covering Covering Replaced Roof Yr Bit
045
MARSHALL WILUAMSON P GAZEBO
6121 SW 6$ STREET
SOUTH MIAMI, FL 33/43
Rte'"•
10/01/2010
1 0 /0112 011 ..�—
$65,000
...— _.___�_..__. $0
$65,000
046
MARSHALL WILLIAMSON PARK f PLAYGROU A S IN
6121 SW 68 STREET
SOUTH MIAMI, FL 33143
'ice' NG
10/01/2010
10/01!2011
$32,500
_._..._.,.._,- ...__........._ S
$32;500
047
MARSHALL W L / 3 BE CHES
6121 SW 68 STREET
SOUTH MIAMI, FL 33143
52 -�5t C
10!01 /2tl10
10/01!2011
$1,170
^• ^T_mm_ —m_$0
$1,170
048
MARSHALL WILLIAMSON PARK 14 PICNIC TABLES
6121 SW 68 STREET
SOUTH MIAMI, FL 33143
1�•NC
10/01/2010
10101 /2011..._._.___._.—
$3,120
_._- .___.. $.
$3,12
049
VA SMITH PARK / RES46 CE BLDG
7800 SW 59TH AVENUE
SOUTH MIAMI, FL 33143
10/01/2010
- --
10/01/2011
$253,000
-•`- -- ^--^--
_ .__. $0
$253,0
i 19 �--
056
ALL AMERICA PARK 13 PICNIC TABLES
6820 SW 64 AVENUE
SOUTH MIAMI, FL 33143
10/01/2010
.- ..._ ---_
10 /0i /2011
$7,000
_.__._....._
$
$7,00
.;..HG
051
GIRL SCOUT PROPERTY
6609 SW 60 STREET
SOUTH MIAMI, FL 33143
10/01 /2010
10 /01 /2011
$130,000
—��• ^— $0
$43tl,00
101 •e
052
P NG GARAGE
SW 58TH COURT & SW 73RD STREET
SOUTH MIAMI, FL 33143
10/01/2010
10/01!2011
$5,000,000
• $0
152 - NC
Total:
$17,899,194
$1,049,792
$18,948,986
Universal Coding.
(GASB 34 Compliant)
Page 14 .R,daG�f_.Appet,�7C' ��pa�y January 17, 2011
Appraisal Agreement
Revised
Addendum No. 2— Universal Coding (GASB 34 CompBanO
City of South Miami
Jndudrial ,. pprai .4al (_..ompan�
Information Technology
Two Gateway Center
603 Stanwix Street, Suite 1500
Pittsburgh, PA 15222
412 -471- 25661800- 245 -2718
www.indapprcom
UNIVERSAL CODING for Property Record, Fixed Asset AEEraisals
�: _ r 5" `WIE,
k's t .18T
, `s ,� .r.'�.','� �r<`r`,�a'� "CcL� "A6$� 1">,S.a<..
LAND, IMPROVEMENTS, BUILDINGS /STRUCTURES, INFRASTRUCTURE
Land 01 N/A N/A
Site Improvements 02 20 +/- 00
Buildings 03 40 +I- 00
Leasehold Improvements 04 20 00
Infrastructure 05 50 +/- 00
BUILDING ITEMS /PERMANENT FIXTURES
Stained Glass 06 — —
Stained Glass - Fine Arts 07 — —
Chandeliers /Sconces 08 — 10
Pipe Organs 09 10
Statues 10 — —
Bells /Bell Carillons (Bldg.) 11 — —
Murals /Icons 12 — —
Architectural Fine Arts 14 -- —
Permanent Fixtures 21 20 00
Bowling Alley /Pinsetters 22 20 10
Carillon (PF) 23 20 10
Permanent Fixtures — SV 25 NIA N/A
Page 15 .9.,«rwLm��ppm aiC',o pn�y January 17, 2019
Appraisal Agreement
Revised
Addendum No 2— Universal Coding (GAS834 Compliant)
City of South Miami
EQUIPMENT
Machinery /Shop Equip. 30 15 10
Construction Equipment 32 15 10
Refrigeration Equip (lee Rink, etc.) 34 16 05
Equipment 38 15 05
Office Mach & Devices 44 08 00
Audio Visual Equip 45 06 05
EDP Equip 46 05 00
Telephone System 47 10 00
Laboratory /Science . Equipment 48 10 10
Medical /Hospital Equipment 49 10 10
Firearms 50 20 20
Food Service & Appliances 51 15 05
Communications (Radio/TV) Equip 52 10 05
Sacred Vessels/Vestments/Altar Linens 54 10 10
Books, Periodicals & Materials 55 7 10
Fine Arts 56 N/A NIA
Music Equip & Instruments 57 20 10
Manufacturing Piping 58 20 00
Process Piping 60 20 00
Power Feed Mains 62 20 00
Vehicles - Police - Acq. Only 63 2 05
Mobile Equipment 64 12 05
Vehicles - Licensed -- Acq. Only 66 8 10
Leased Equipment 67 N/A NIA
"On Board" Vehicle Equipment 70 10 05
Maintenance & Grounds Equip. 72 16 05
Books & Periodicals "OV' 80 7 w/cost NIA
Dockets & Maps "OW 81 7 w1cost N/A
Law Books "OV" 82 7 w/cost NIA
Molds - Dies - Fixtures "OV 83 NIA N/A
EDP Software or Equip."OV" 84 5 w/cost 00
AV software or Equip."OV 85 6 W/cost 05
Miscellaneous Equip. 'bv- 86 10 w1cost 00
Musical Instruments "OW 87 20 w/cost 10
Uniforms"OV" 88 10 w/cost 10
Stated Value Equipment 90 N/A N/A
Athletic & sports Equipment 91 10 10
Educational & Janitorial Supplies 98 NIA NIA
"Optional" Description 99 Optional Optional
Page 16 January 17, 2011
Appraisal Agreement
Revised
Addendum No 2- Universal CQdff19 (GASS 34 COMPItent)
City of South Miami
OPTIONAL SERVICE
ADDENDUM NO. 3
General Tagging Procedures
Page 17 January 17, 2011
AppraisalAgreement
Revised
Optional Sendce
Addendum No. 3— General Tagging Procedures
City of South Miami
,_/°f2CLLLdria JppNG;rG:iGZL Company
General Tagging Procedures
The Industrial Appraisal Company recommends the following tagging procedures. Variations on tag
placement are welcomed, but any desired variations and /or unique tag placement must be discussed with
the Appraiser prior to the start of the field inventory work.
EASE OF IDENTIFICATION
Tags will be placed in consistent locations on similar assets. Consistency increases the ease of
identification by internal staff and outside auditors.
2. DETRACTABILI7Y
The tag placement will take into consideration the appearance of a tagged asset in specified high
visibility areas e.g., Executive Offices. The appearance of an asset should not be compromised by
placing the tag on an area that will diminish its appearance.
3. NO OBSTRUCTION OF WORK ACTIVITY
Tags will not be placed on movable parts, protective glass covering readouts and measurements or
on safety decals.
4. PHYSICAL CONVENIENCE
On assets that are bulky or heavy and would require movement to access the proper location, tags
Will be placed on the most convenient location. Tags will be placed on a flat surface to insure
readability by a hand -held scanner.
5. EQUIPMENT AND RECOMMENDED TAG PLACEMENT
The following lists various assets and the recommended tag placement.
Page 19 SkG�Gmf GpP a f� P�
AppralsalAgreament
Revised
optionalservioe
Addendum No. 3— General Tagging PW edures
City of South Miami
January 17, 2011
GENERAL FURNITURE
Description Tao Location Code
Desks
KW
Chairs / Swivel (Executive- Secretary)
PB
Chairs / Stationary (Slide, Open Arm, LNG)
IL
Credenza
ULF
Bookcase
ULF
Cabinets (File, Storage, Supply)
ULF
Shelving
ULF
Table (Conference, Work, Library)
IL
Table (End, Coffee)
IL
Sofa, Settee
IL
Air Conditioners (Window Type)
ULF
OFFICE MACHINES
Description , ription Taa Location Code
Computer Monitors
ULF
Computer Processors
ULF
Typewriters
LC
Calculators and Adding Machines
S
Copiers and Duplicators
S
Accounting Machines
NP
Time Stamps
ULF
Mailing Machines
NP
Dictators and Transcribers
S
Microfilm Readers
S
Imprinters
NP
B
_ BOTTOM
C
COVER
F
FRONT
I
INSIDE
KW
KNEE WELL
L
LEFT
NP
NUMBER PLATE
P
PEDESTAL
R
RIGHT
S
SIDE
U
UPPER
Page 19 J."d 4pp oz+ X -p=.,y
AppraisslAgreement
Revised
Optional Service
Addendum No. 3— Genera! Tagging Procedures
city of South Miami
January 17, 2011
nce) jyldu6u- .4m a ial ( om+any - -- FORM 311
Corporate Office
Two Gateway Center
603 StarWx Street, Suite 1500
Pittsburgh, PA 15222
800.245.2718
412 - 471 -2566
www.indappr.com
Please Forward a Copy of the Appraisal Summary to our Insurance Advisor Listed Below.
Advisor's Email:
Please indicate if you wish to have a copy forwarded to your advisor electronically
each year: Yes ❑ No ❑
Name:
Company:
Address:
Name of
Appraised
Property:
Si nature:
Print Name:
Date:
Telephone:
Form 311 Q et. ae.Qpp aunt' epw y s-m
Page 20 .9�dierta%.Qppriwi�'.omp�y January 17, 201 t
AppraisalAgreement
Revised
form 311 —Agent Authorization
City of South Miami