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HomeMy WebLinkAboutBanks, Thomas 2026-02-10Tom Banks Vineyard Appraisal, 276 Johnson St., Windsor, CA 95492 1 PROFESSIONAL VALUATION SERVICES AGREEMENT DATE OF AGREEMENT: 2/10/2026 PARTIES TO AGREEMENT: Appraiser: Thomas Banks, CGREA Tom Banks Vineyard Appraisal 276 Johnson St. Windsor, CA 95492 707-332-1746 tombanks79@gmail.com Client: City of Ukiah 300 Seminary Avenue Ukiah, CA 95482 Client hereby engages appraiser to complete an appraisal as follows: PAYMENT TO APPRAISER: The fee is $4,400 to appraise the real estate and any improvements as described herein: PAYMENT DUE DATES: Final billing at completion of the work. PROPERTY IDENTIFICATION: 170-010-05 – no address, Ukiah 170-020-07 – no address, Ukiah 170-020-08 – 720 Lovers Lane, Ukiah 170-020-11 – 700 Lovers Lane, Ukiah 170-030-03 – no address, Ukiah 170-030-05 – no address, Ukiah 170-040-03 – 610 Lovers Lane, Ukiah 170-040-04 – no address, Ukiah PROPERTY TYPE: Vineyard APPRAISAL REPORT TYPE: Narrative. PROPOSED IMPROVEMENTS: None at this time. ADDITIONAL DOCUMENTATION: Property information request to follow: COU No. 2526-174 Tom Banks Vineyard Appraisal, 276 Johnson St., Windsor, CA 95492 2 ADDITIONAL SERVICES PROVIDED: None at this time. DELIVER DATE/METHOD: About 4 weeks from receipt of signed agreement. Report delivery to be by PDF via email. INTEREST VALUED: Fee simple. INTENDED USERS: Client. No other users are intended by the appraiser. Appraiser shall consider the intended users when determining the level of detail to be provided in the appraisal report. INTENDED USE: The intended use is to assist the client in determining market value for purchase considerations. The appraiser intends no other use. The intended use as stated shall be used by the appraiser in determining the appropriate Scope Of Work for the assignment. TYPE OF VALUE: Market value as defined in the Dictionary of Real Estate Appraisal published by the Appraisal Institute as follows: Market Value: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. DATE OF VALUE: Current (date of site visit). ADDITIONAL PROPERTY TO BE VALUED: None HYPOTHETICAL CONDITIONS, EXTRAORDINARY ASSUMPTIONS, CONDITIONS: Extraordinary assumption that a preliminary/title report would not reveal any items that negatively affect value. Appraiser’s standard limiting conditions amended to this agreement are a part of this agreement. Tom Banks Vineyard Appraisal, 276 Johnson St., Windsor, CA 95492 3 APPLICABLE REQUIREMENTS OTHER THAN THE UNIFORM STANDARDS OF PROFESSIONAL APRAISAL PRACTICE (USPAP). None. ANTICIPATED SCOPE OF WORK: The market value of the subject is supported by the sales comparison approach to value. Note: Appraiser shall use all approaches necessary to develop a credible opinion of value. The scope of work anticipated for this appraisal includes, but is not limited to: property observation, research of permits, assessment information, taxes, gross building area from county/city records; research, review, and analysis of available resources pertinent to the subject property including maps, photos, contracts, leases, easements, title report, etc.; review of the surrounding area and region to establish the market area and to identify relevant market trends and influences; complete a highest and best use analysis considering relevant data; conduct a market data search to locate comparable market sales, relying on data from the Assessor’s Office, Multiple Listing Service (MLS), conversations with local realtors, buyers/sellers, and other market participants; analyze the data considered most relevant to the subject; present the applicable valuation approaches; determine a final value conclusion; complete and deliver the appraisal report. Competency Statement: The appraisal assignment is within the appraiser’s area of expertise and competency. Mr. Banks has over 13 years in the appraisal of vineyard properties, and holds Certified General Real Estate Appraiser (CGREA) License Number 3003300. Mr. Banks received a Bachelor of Science degree in Civil Engineering as well as an Associates of Science degree in Physical Sciences, and has taken additional courses in real estate appraisal, financial accounting, and economics. Mr. Banks has over 18 years of experience in valuation services as an estimator for a large construction company, and has extensive knowledge of the costs of improvements as well as the financial feasibility of development. WHEN APPRAISER’S OBLIGATIONS ARE COMPLETE: Appraiser’s obligations pursuant to this agreement are complete when the appraisal report in the specified form in this agreement is delivered to the client pursuant to this agreement. Appraiser agrees to be responsive to client’s legitimate inquiries regarding the contents of the report after delivery. CONFIDENTIALTY: Appraiser shall not provide a copy of the written appraisal report to, or disclose the results of the appraisal prepared in accordance with this agreement, to any party other than the client, unless the client authorizes (except as stipulated in the Confidentiality Section of the Ethics Rule of the Uniform Standards of Professional Appraisal Practice (USPAP)). USE OF EMPLOYEES OR INDEPENDENT CONTRACTORS: Appraiser may use employees or independent contractors at appraiser’s discretion to complete the assignment, unless otherwise agreed by the parties. Notwithstanding, appraiser shall sign the written appraisal report and take full responsibility for the services provided as a result of this agreement. Tom Banks Vineyard Appraisal, 276 Johnson St., Windsor, CA 95492 4 SERVICES NOT PROVIDED: The fees set forth in this agreement apply to the appraisal services rendered by the appraiser as set forth in this agreement. Unless otherwise specified herein, appraiser’s services for which the fees in the agreement apply shall not include: meetings with persons other than the client or client’s agents or professional advisers; appraiser’s deposition(s) or testimony before judicial, arbitration, or administrative tribunals; any preparation associated with such depositions or testimony. Any additional services performed by the appraiser not set forth in this agreement will be performed on terms and conditions set forth in amendments to this agreement, or in a separate agreement. TESTIMONY AT COURT OR OTHER PROCEEDINGS: Unless otherwise stated in this agreement, client agrees that appraiser’s assignment pursuant to this agreement shall not include appraiser’s participation in or preparation for, whether voluntarily or pursuant to subpoena, any oral or written discovery, sworn testimony in a judicial arbitration or administrative proceeding, or attendance at any judicial, arbitration, or administrative proceeding relating to this assignment. In the event subpoena or anyone requires the appraiser to complete additional work, testimony, or response to questions, client agrees to compensate appraiser for time incurred at hourly rates per the attached fee schedule plus reasonable actual expenses. Further, transcripts of any and all depositions and testimony are to be provided to appraiser at no cost within 4 weeks of deposition or testimony. CHANGES TO AGREEMENT: Any changes to the assignment as outlined in this agreement shall necessitate a new agreement. The identity of the client, intended users, or intended use, the date of value, type of value, or property appraised cannot be changed without a new agreement. CANCELLATION: Client may cancel this agreement at any time prior to appraiser’s delivery of the appraisal report upon written notification to appraiser. Client shall pay appraiser for work completed on assignment prior to appraiser’s receipt of written cancellation notice, unless otherwise agreed upon by appraiser and client in writing. GOVERNING LAW AND JURISDICTION: This agreement shall be governed by the law of the state in which the appraiser’s office as specified in this agreement is located, exclusive of that state’s choice of law rules. The parties agree that any legal proceeding brought by either party to interpret or enforce this agreement, or to enforce an arbitration award entered pursuant to this agreement, shall be brought in a state or federal court having jurisdiction over the location of appraiser’s office as specified in this agreement, and the parties hereby waive any objections to the personal jurisdiction of said court. APPRAISER INDEPENDENCE: Appraiser cannot agree to provide a value opinion that is contingent upon a predetermined amount. Appraiser cannot guarantee the outcome of the assignment in advance. Appraiser cannot ensure that the opinion of value developed as a result of this assignment will serve to facilitate any specific objective of client or others or advance any particular cause. Appraiser’s opinion of value will be developed competently and with independence, impartiality, and objectivity. Tom Banks Vineyard Appraisal, 276 Johnson St., Windsor, CA 95492 5 NOTICES: Any notice or request required or permitted to be given to any party shall be given in writing and shall be delivered to the receiving party by: a) registered or certified mail, postage prepaid; b) overnight courier, such as Federal Express, United Parcel Service or equivalent; c) hand delivery. The address for delivery of any notice shall be the address for the party as specified in this agreement, or at such other address as party may designate by written notice to the other party in conformance with this paragraph. Unless otherwise specified herein, notice shall be effective the date it is postmarked or given to a third party for delivery to the receiving party, whether or not the receiving party signs for or accepts delivery of such notice. NO THIRD-PARTY BENEFICIARIES: Nothing in this agreement shall create a contractual relationship between appraiser or client and any third party, or any cause of action in favor of any third party, except intended users. This agreement shall not be construed to render any person or entity a third-party beneficiary of this agreement including, but not to, any third parties identified herein, except intended users. SPECIAL OR CONSEQUENTIAL DAMAGES: Neither party shall under any circumstance be liable to the other party for special, exemplary, punitive or consequential damages, including, without limitation, loss of profits or damages proximately caused by loss of use of any property, whether arising from either party’s negligence, breach of agreement, or otherwise, whether or not a party was advised, or knew, of the possibility of such damages, or such possibility was foreseeable by that party. In no event shall appraiser be liable to client for any amounts that exceed the fees and costs paid by client to appraiser pursuant to this agreement. ASSIGNMENT: Neither party may assign this agreement to a third party without the express written consent of the other party, which the non-assigning party may withhold in its sole discretion. In the event this agreement is assigned by mutual consent of the parties, it shall become binding on the assigning party’s permitted assigns. SEVERABILITY: In the event any provision of this agreement shall be determined to be void or unenforceable by any court of competent jurisdiction, then such determination shall not affect any other provision of this agreement and all such other provisions shall remain in full force and effect. CLIENT’S REPRESENTATIONS AND WARRANTIES: Client represents and warrants to appraiser that: (1) client has all right, power, and authority to enter into this agreement; (2) client’s duties and obligations under this agreement do not conflict with any other duties or obligations assumed by client under any agreement between client and any other party; and (3) client has not engaged appraiser, nor will client use appraiser’s Appraisal Report, for any purposes that violate federal, state, or local law, regulation, or ordinance of common law. Tom Banks Vineyard Appraisal, 276 Johnson St., Windsor, CA 95492 6 EXTENT OF AGREEMENT: This agreement represents the entire and integrated agreement between the client and appraiser and supersedes all prior negotiations, representations or agreements, either written or oral. This agreement may be amended only by a written instrument signed by both client and appraiser. This agreement includes the following appendices, which are incorporated into, and made a part of this agreement. None. EXPIRATION OF AGREEMENT: This agreement is valid only if signed by both appraiser and client within 7 days of the Date of Agreement specified. By Appraiser: By Client: Thomas D. Banks (Name) (Name) February 10, 2026 (Date) (Date) Sage Sangiacomo 02/21/2026 Tom Banks Vineyard Appraisal, 276 Johnson St., Windsor, CA 95492 7 Standard Limiting Conditions: This appraisal was completed subject to the following assumptions and limiting conditions: 1. The information provided by others is assumed to be accurate and reliable. The appraisers assume no responsibility for accuracy of said information. The client is urged to obtain independent verification of said data as a prerequisite to any transaction involving sale, lease, or other significant commitment of funds. 2. Maps, plats and exhibits are to assist the reader in visualizing the property, and are not for legal reference, or represented as an engineer’s work product. 3. No opinion is expressed regarding the availability of water or minerals, and their effect on value, if any, has not been considered in this report unless otherwise stated. 4. The appraisers have made a visual review of the subject. The appraisers assume no responsibility for damages and/or losses sustained by the client for latent or non- apparent defects existing on, below, or above the subject, which may not readily be ascertained by a visual surface inspection. 5. It is assumed all applicable zoning, use regulations, and restrictions have been met unless nonconformity is stated, defined, and considered in the report. It is also assumed that all required licenses, consents, and permits, have been or can be obtained or renewed for any use considered proper in the final value estimate expressed herein. 6. Title to the subject is assumed to be marketable and free and clear of all liens, encumbrances or defects of title. The property is assumed to be under responsible ownership and competent management, and available for its highest and best use. 7. This report is prepared for the express use of the identified client, and for the purpose and function specified in this report, in accordance with the appraisal service agreement. Applicable law and/or the Bylaws and Regulations of the professional appraisal organizations with which the appraisers are affiliated govern disclosure of the contents of this report. It is the intent of the appraisers that this report meets and complies with the Uniform Standards of Professional Appraisal Practice. This report is subject to review by duly appointed authorities of professional appraisal organizations of which the appraisers are affiliated. 8. The appraisers are not required to give testimony or to appear in court or any governmental or other hearing as a result of appraising the subject property, unless arrangements have been made previously. Any additional time requested of the appraiser will be at the standard billing rate. 9. The value, if any, in wine inventory, trade name (intangibles), receivables, growing crops, vehicles, equipment, and other non-itemized personal property, not specifically addressed in this report, is not included in the final value estimate. 10. The appraisers have no knowledge of the existence of hazardous materials on or in the subject unless otherwise stated in the report. The appraisers have visited the subject, but are not qualified to detect hazardous substances whether by visual inspection or otherwise, nor qualified to determine the effect, if any, of known or unknown substances present. Unless otherwise stated, the final value estimate assumed the subject is free of hazardous waste contamination. No responsibility is assumed for any such condition or for any expertise or knowledge required to discover them. The client is urged to retain an expert in this field if desired. 11. The appraisers assume no responsibility for any costs or consequences arising due to the need, or the lack of need for flood hazard insurance. An agent for the National Flood Insurance Program should be contacted to determine the actual need for flood hazard insurance. 12. The appraisers assume no responsibility for legal matters, specialized investigation or knowledge beyond that typically used by real estate appraisers. The client is advised that legal matters concerning the subject may have a direct bearing in the stated value. Tom Banks Vineyard Appraisal, 276 Johnson St., Windsor, CA 95492 8 The client is urged to retain legal counsel to advise regarding the effect, if any, of the assumptions, legal or otherwise, made by the appraisers and set forth in these assignment and standard limiting conditions. 13. The forecasts or projections included in this appraisal are utilized to assist in the valuation process upon current market conditions, anticipated short-term supply and demand factors. 14. The appraisers reserve the right to change or alter the appraisal report and stated value, if new facts are received that, in his opinion, warrant a change. 15. The Americans with Disabilities Act (ADA) became effective January 26, 1992. An ADA compliance survey is beyond the scope of this appraisal and so the client is urged to obtain such a survey if so desired. Extraordinary Assumptions and/or special conditions to be used if required. 1. Preliminary/Title Report and Legal Description: Neither a current preliminary/title report nor a current legal description were provided or available for use in preparing this appraisal. This appraisal is made subject to the extraordinary assumption that these items would not reveal any adverse exceptions, restrictions, or easements that would negatively influence the subject use, value, or marketability. This is a reasonable assumption due to the requested property information confirmed by the ownership during the interview process and the Assessor’s Parcel Map review. For the purposes of this appraisal the Assessor Parcel Map and the address are accepted as the legal description and appear to describe the subject property. This extraordinary assumption may affect the final value conclusion if it is found to be false. Fee Schedule Appraisals are completed on a fixed fee basis or hourly as agreed. Hourly billing is as follows: Staff Appraiser - $200/hour Appraisal Support – non-valuation research - $100/hour Additional Conditions: Transcripts of any and all depositions and testimony are to be provided to Tom Banks Vineyard Appraisal at no cost within 4 weeks of deposition or testimony. Travel time / mileage – 50% of hourly rate, mileage billed at current IRS rate Fee schedule subject to change due to annual January update.