Orange County NC Website
Browse       Search
DocuSign Envelope ID: 16E8D10E-FD7E-4BFA-9AAE-F9B740789F37 <br /> 125 Kingston Drive <br /> .Analytical I & Suite 206 <br /> Chapel Hill, NC 27514 <br /> Consultants Tel: 919-929-9539 <br /> The Commercial Real Estate Professionals Fax: 919-929-9543 <br /> PROPOSAL TO CONSULT <br /> March 27, 2015 <br /> Dwane Brinson <br /> Director <br /> Orange County Office of Tax Administration <br /> 228 S. Churton Street, Suite 200 <br /> Hillsborough, NC 27278 <br /> Re: Providing Commercial Property Income Information for Populating Income Modules. <br /> Purpose: To provide information that will support the upcoming Orange County Tax Reassessment. <br /> Type of project/Scope of work: Our work product will comprise the following: <br /> • Investigation of commercial property rental rates, occupancy rates, expenses (on a per unit, per square foot <br /> or expense ratio basis as appropriate) and capitalization rates in Orange County, the surrounding areas, a <br /> regional basis or a national basis as applicable. Income information will come from national surveys, local <br /> surveys, survey's made by Analytical for this assignment, Analytical's in-house files, CoStar and other <br /> sources. It is worth noting that Analytical Consultants has performed over 1,700 commercial appraisals in <br /> Orange, Durham and Wake County since January 2008 and our files are a very good source of verified <br /> local, relevant income and expense data for this assignment. Some property specific income and expense <br /> data from our files will need to remain confidential in regards as to the exact property providing the <br /> information. <br /> • There may be specific property types such as hotels and convenience stores where we will purchase <br /> proprietary information /expertise from other vendors to populate the income modules. Although some <br /> relatively inexpensive survey information is available, pointed actual information on expenses of hotel and <br /> convenience stores in the local market is not widely available. Our fee is inclusive of the cost of resources <br /> (surveys, data purchasing, outside consulting, etc.) needed to complete the assignment,which in some <br /> cases will include payments to experts in the valuation of certain properties. <br /> • Income information will be sorted by property type with each property type being assigned a low, medium <br /> and high range (ie Class A, B and C). Some property types will include limited information on <br /> subcategories such as medical office as a subcategory of general office space. Retail will include limited <br /> data on restaurants, drug stores and convenience stores. <br /> • It is important to us that Orange County has all of the assistance needed to ensure that there is adequate <br /> data to support the reassessment. We anticipate that it will take us six months to gather and prepare the <br /> data needed. In 2016 we propose updating the information with current sales and capitalization rate data. <br /> Following delivery of the update, our fee includes a one month period during which a qualified employee of <br /> Analytical consultants will be available via phone or onsite at the Orange County offices between the hours <br />