HomeMy WebLinkAboutResolution #5040 (Marous & Co Harvester Inn) RESOLUTION NO 5040
A RESOLUTION APPROVING A PROPOSAL FOR APPRAISAL WITH MAROUS& COMPANY IN
REGARDS TO THE CANTON HARVESTER INN LLC AND DIRECTING THE MAYOR TO EXECUTE
AND DELIVER LETTER OF AUTHORIZATION ON BEHALF OF THE CITY OF CANTON,ILLINOIS.
WHEREAS, the City Council of the City of Canton has determined that it is necessary and in the best
interests of the City of Canton to accept the Proposal For Appraisal from MaRous & Company, as set forth in
Exhibit"A" attached hereto and incorporated herein for appraisal services in connection with the Canton Harvester
Inn, LLC; and
WHEREAS,the City Council of the City of Canton has made a similar determination.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY
OF CANTON,ILLINOIS,AS FOLLOWS:
1. That the Proposal of Appraisal attached hereto and incorporated herein as Exhibit "A" is hereby approved
by the Canton City Council.
2. That the Mayor of the City of Canton, Illinois, or his designee, is hereby authorized and directed to execute
said Letter of Authorization on behalf of the City of Canton.
3. That this Resolution shall be in full force and effect immediately upon its passage by the City Council of
the City of Canton, Illinois and approval by the Mayor thereof.
PASSED by the City Council of the City of Canton, Illinois at a regular meeting this 2nd day of February, 2016
upon a roll call vote as follows:
AYES: Aldermen John Lovell, Gerald Ellis,Justin Nelson, Ryan Mayhew, Tad Putrich
NAYS: None
ABSENT: Alderman Jim Nelson, Angela Hale
MAYOR PRO TEM Alderman Craig West
APPROVED:
Jeffrey ritz a
AT ST:
Diana Pav - oc , City Clerk
M
MaROUS &COMPANY
January 4,2016
City of Canton
2 North Main St.
Canton,IL 61520
Attention: Ms.Nancy L.Rabel,Attorney at Law
Subject: Canton Harvester Inn,LLC
150 Main Street
Canton,IL 61520
Dear Ms.Rabel:
I am pleased to extend this proposal to provide an appraisal report with a market value as of January 1,
2014 and,if requested,testimony related to the subject property.All appraisals done by my firm conform
to the Uniform Standards of Professional Appraisal Practice(USPAP)effective January 1,2016 and are
of the highest possible quality.
Phase 1 - Report Preparation
The report proposed for the subject property is an appraisal report that incorporates all the processes and
analyses necessary to arrive at a reasonable conclusion of value;however,the written report does not
detail these processes.Instead,the report consists of summaries of the information and analysis.Data
used to arrive at these conclusions are kept on file in my office.The estimated fee for Phase I is between
$6,000 and$6,500.
Phase II - Meetings/Testimony
The scope of Phase II will include attendance at all meetings with client and counsel and preparation and
testimony at potential PTAB hearings. Phase II will also include providing rebuttal opinions on any
expert's reports or any additional consultation. Phase II will be billed on an hourly basis.
Costs
The hourly rate for Michael S.MaRous is$375 per hour and for professional staff members the hourly
rate ranges from$200 to$275 per hour.Expansion of the assignment for purposes not specified in this
contract will be billed on an hourly basis. Because legal matters are often lengthy and require significant
investment of time early in the process,that any additional fees accumulated for the preparation of the
appraisal report be paid prior to my further participation in litigation,such as for deposition,testimony,
or court appearance.Full payment will be expected upon testimony.
300 SOUTH NORTHWEST HIGHWAY • SUITE 204 PARK RIDGE, ILLINOIS 60068
(847) 384-2030 • FAX (847) 692-5498 www,marous.com
Real Estate Consultation, Appraisal & Investment Services
Ms.Nancy L.Rabel
150 Main Street
January 4,2016
Time spent in travel will be charged at half of the prevailing hourly rate. The charge for copies of
documents subpoenaed for court purposes will be at the prevailing rate charged by competitive copy
services.
The preceding fee is guaranteed for the calendar year 2016.In the event time is expended in subsequent
years as part of this agreement,the fee charged will reflect any increases which are established for that
subsequent year.
In the event that a collection suit is filed,Client agrees to be responsible to pay all reasonable costs of
collection incurred by MaRous&Company,including but not limited to court costs and attorney's fees.
Authorization
If this proposal adequately describes the assignment and fulfills your requirements,you may formally
authorize me to proceed by signing one copy of the proposal and returning it to me.
I appreciate your consideration of my firm and look forward to working with you on this project.
Respectfully submitted,
MaRous&Company
Michael S.MaRous,MAI,CRE
Illinois Certified General-#553.000141 (9/17 expiration)
The above terms are accepted and I/we authorize you to proceed with the assignment.
Date: Signed: !
Date: Signed:
MaRous&Company 2