REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Approval of a Third Amendment to the Professional Services Agreement with Lea and Associates Inc. for Real Estate Appraisal Services. City of Culver City California Agenda Item Report Item Number: C 3 Meeting Date: 12/07/09 REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Approval of a Third Amendment to the Professional Services Agreement with Lea and Associates Inc. for Real Estate Appraisal Services. Contact Person/Dept.: Glenn Heald Community Development Fiscal Impact: Yes No X General Fund: Yes No X Phone Number: 310 253 5752 Public Hearing: Action Item: X Attachments: Commission Action Required: Yes No X Date: _______________ Public Notification: (Email) Lea and Associates (10/15/09); (Email) Meetings and Agendas Redevelopment Agency (12/01/09) Department Approval: Sol Blumenfeld (11/24/09) Chief Financial Officer Approval: Mark Scott (by N. Kimball) (11/30/09) Agency General Counsel Approval: Murray Kane (11/24/09) Executive Director Approval: Mark Scott (12/02/09) RECOMMENDATION: Staff recommends the Redevelopment Agency Board approve a third amendment to the professional services agreement with Lea and Associates Inc. for real estate appraisal services extending the agreement to June 30 2011. BACKGROUND: On October 1 2001 the Agency executed a contract with Lea and Associates Inc. for real estate appraisal services on an as needed basis. A first amendment to the agreement was executed on January 23 2003 and a second amendment was executed on September 19 2006 extending the agreement through June 30 2009. Staff now recommends the Agency Board approve a third amendment to extend the agreement through June 30 2011. DISCUSSION: Property appraisals are required by California Government Code California Redevelopment Law and other applicable statutes when the Agency is acquiring or disposing of real property. Appraisals may contain limited or complete information about a subject site including the value of real property the value of ...
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