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4, STATEMENT OF llNDf:ILSq'AND[NO & WOORK PLAN( <br />HIA's standard methodology and approach in appraising the fixtures and equipment of buslnossos <br />situated on properties to be acquired by public agencies are as follows: <br />• Upon commencement of the ongagcment, the real estate appraiser is contacted to discuss thoir <br />approach to the property, as well as ours, in order to avoid duplication of compensation. <br />• At the earliest, as well as most appropriate time (which involves coordination with the City), <br />contact letters are seat to the business owners to introduce ourselves, explain our function in the <br />potential acquisition process and encourage their involvement in the appraisal process. <br />Particularly as it pertains to ldomi.fying the fixtures and equipment owned and /or installed by the <br />business. Follow -up calls are placed to arrange field visits. <br />• Upon arrival on-she, we interview the business owner and/or management regarding the history <br />of the business and the tangible assets owned and request a tour of the famli y. <br />• The bulk of our ou -site visit consists of preparing an inventory of the trade fixtures and movable <br />equipment which we separate in our reports to assist in Compensation versus relocation issues. <br />• Once the field work is complete we utilize generally accepted valuation methodology Including <br />primarily the cost approach add the market approach, to estimate the roplacemont cost now, fair <br />market value In place and tiquidatian value of the appropriate items owned by each business, <br />• Finally, a narrative report is produced, including pictures. 9ofore the report is dolivored, wC <br />contact the real estate appraiser again to discuss an improvements list as a final reconciliation to <br />avoid duplication of compensation. <br />• Addivonally,11LA will coordinate appraisal activities with the City's other consultants, <br />representatives and legal counsel during the appraisal process. <br />Hodges Lacey & Associates is a partnership of two, very experienced appraisers and we tae very flexible <br />and highly mobile in terms of availability and responsiveness to small and largo projects alike. <br />Hodges Lacey & Associates, LLC's primary focus of business is providing fixtures and equipment <br />appraisals for property acquisitions by public agencies. Within our appraisals, we separate improvements <br />pertaining to the realty from movablo equipment to better serve the client as well as the other consultants <br />Involved in the assignment. We also make great efforts to ascertain the ownership of assets. Asido front <br />holding the designations of Accredited Sonlor Appraiser by the American Society of Appraisers <br />(Machinery & Tcohnieal Specialties), we have many yours of experience in tiro niche environment of <br />working within the context of eminont domain and the complicated nuances of public agency properly <br />acquisitions. Michael Lv.oy's oxperience in real estate appraisal is a great asset to our technical . <br />knowledge when working in conjunction with real estate appraises a and sometimes needing to appraise <br />major impruvenuerrts un nxora rmnplicated bosinrss occupied properties. We believe in proactive contaot <br />With all consultants involved in our assignments whether for technical interaction or the availability to be <br />ofassisttnce due to our intimate knowledge of the site. <br />25F -136 <br />