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Re:
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Hostel * - PIN *
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Dear *:
Enclosed is an original proposed Letter of Understanding (the “Contract"). Please follow the
instructions listed below (all documents require ORIGINAL signatures):
1. Procure insurance of such types and in amounts as set forth and required by DASNY’s
Request for Proposal (RFP) dated ______. Such insurances may include, but not be limited
to workers’ compensation, disability, commercial general liability, commercial automobile
liability, property damage and professional liability/errors and omissions insurance.
2. Insert your Fee, Federal ID Number/Social Security Number on the Contract, sign, date, and
return the Contract and Insurance Certificates to DASNY’s Real Property Specialist.
3. Once work is completed send DASNY a bill (invoice only, statements will not be accepted)
for the contract amount along with the appraisals via email to * for payment in accordance
with the attached contract.
If you have any questions, please contact *, *, at (*)*.
Sincerely,
Richard J. Wynne
Director, Real Property
RP 3702 (4/05)
Mr. Richard J. Wynne
Director, Real Property
Dormitory Authority of the State of New York
515 Broadway - 5th Floor
Albany, NY 12207-2964
Re:
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Hostel * – PIN *
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Contract for Narrative Appraisal
Dear Mr. Wynne:
The Consultant shall inspect the above property to estimate the fee for preparing a Narrative
Appraisal, reflecting its fair market value in accordance with agreed State standards (state-owned
property will not been used as comparables), which will include the following:
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Definition of "Appraisal Problem";
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Narrative description of the subject property and improvements, area, neighborhood;
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Highest and best use;
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Building sketch of subject with dimensions;
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Consideration of direct sales comparison approach, cost approach and income approach;
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Plot plan or tax map of subject;
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Reconciliation;
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Zoning and allowable uses of subject and comparables;
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Use of comparable comparison grid with adjustments indicated;
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Narrative explanation of comparable sales adjustment in form;
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Estimate of land value of improved property;
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Four copies of the appraisal; three with original pictures of subject, street scene and comparable
sales;
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Liber and Page of comparable sales, both vacant land and improved, including section, block and
lot (or copy of deeds);
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Location map of subject and comparable sales;
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Source of cost and depreciation figures, if cost approach was used;
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Assessed value;
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Copy of subject property deed;
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Sales history of subject property for past five years; and
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Explanation of capitalization rate chosen, if applicable.
The Consultant’s fee for the Appraisal shall be $______. The Consultant shall provide the
Appraisal to DASNY it within 1-2 weeks from signing the Contract. Updates on the Consultant’s
progress shall be provided to DASNY’s Real Property Specialist within seven days of signing the
Contract.
The Consultant shall prepare one electronic copy of the Appraisal and send it via email to *. If
the Consultant does not have the capability of sending via email, they shall prepare and send (4) copies
to:
* Sr. RPS
Real Property Division
Dormitory Authority of the State of New York
*515 Broadway, 5th
*Albany, New York 12207
The Consultant understands payment shall be made in accordance with the following DASNY
policy. Section 179 of the State Finance Law requires DASNY to make final payment within 30 calendar
days after receipt of an invoice which is properly prepared and submitted. DASNY in accordance with
the provisions of the State Finance Law has determined that its procedure will require a 42-day audit
review period for final payment at which time the 30-calendar day interest-free period will commence.
Sincerely,
AGREED AND ACCEPTED BY:
_______________________________
Richard J. Wynne
Director, Real Property
DATED: _______________________
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FEDERAL ID or SOCIAL SECURITY:
___________________________________
DATED:
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