Scope_of_Work.docx

EXHIBIT A - SCOPE OF WORK

A. Overview The City of Orlando (“City”) owns real property assets including, but not limited to, vertical and surface parking structures, facilities, undeveloped land, parks, ball fields fire stations, police stations, and office buildings (Portfolio). The selected brokerage and/or appraisal firm will assist with the overall management of the Portfolio, real estate activities and initiatives of the City.

B. Project Scope The selected broker (Broker) and/or appraiser (Appraiser) will act as an extension of staff providing real estate services including, but not limited to project organization and advisory services, market analysis and valuation, marketing, acquisition and disposition services, due diligence services, tenant management and representation, appraisal services and any other services as needed. Services may be provided by the Broker, Appraiser or delegated to third-party entity, with the approval of the City. The Broker or Appraiser will manage the scope, work product and timelines of the third-party as the Prime Consultant.

The Broker and/or Appraiser will provide the following services:

Task 1 - Project Organization and Advisory Services

a. Assist with the identification of key objectives, project schedule, project team(s), roles and responsibilities, and governance structure with supporting resumes. Personnel changes or assignments should be submitted to the City for approval and the City reserves the right to request change in staffing. Identify and apply industry best practices to projects and initiatives

b. Assist with identification and management of supplemental third-party assistance, if required

c. Provide timely price requests and assignment of Task Orders

d. Prepare information materials and attend scheduled meetings with the City’s project manager and executive management staff

e. Report weekly to the project manager about current/new efforts, contacts/leads,

f. and other developments

g. Maintain timely correspondence with the project manager

h. Participate in special projects

Task 2- Market Analysis and Valuation Services

a. Evaluate Highest and Best Use of properties of interest

b. Prepare real estate market surveys and economic analysis

c. Prepare estimates of property value with recent comparable closed sales and listings

d. Develop marketing timelines for each opportunity

e. Develop financial return projections for each opportunity

Task 3 – Marketing Services

a. Create overall marketing strategy for the properties of interest. Create and publish advertising and other marketing materials approved by the City. Coordinate with the City staff on joint marketing efforts, including internet advertisements

b. Communicate with prospective buyers or sellers

c. Cooperate in good faith with other brokers, including buyer’s agent/broker, to optimize marketing and value of the City properties at no costs to the City, which may require sharing of commission

Task 4 – Acquisition and Disposition Services

a. Represent the City’s interest by assisting in negotiating real estate transactions

b. Assist the City with drafting (acquisition) or the evaluation of (disposition) Letters of Intent

c. Provide guidance for transaction pricing, terms and conditions

d. d. Present proposed deal to the City for approval

e. e. Gain familiarity with applicable laws and the City policies and procedures regarding the acquisition, disposition, leasing or other conveyance as required by the City and assist in the compliance with such applicable laws and procedures

Task 5 – Due Diligence Services

Assist in the identification, sourcing, budgeting, management and completion of due diligence activities including but not limited to survey, valuation, title, environmental, geotechnical, permitting, engineering and site development

Task 6 – Tenant Management and Representation Services The City may need assistance sourcing and managing tenants that occupy space in the City owned property or locating space to occupy outside of the City owned property. Broker will need to assist:

a. Providing market advice and updates

b. Arrange and conduct tours and walk throughs

c. Collect Rent

d. Provide property maintenance and repair ervices

e. Advise of current market rental rates and lease parameters

f. Provide advice on lease contract negotiations

g. Advise on any potential due diligence items

h. Provide property management representation

i. Provide turn-key service for unit make-ready

j. Evaluate and recommend non-City properties based on identified needs, budget and timelines

Task 7 – Appraisal Services The City may need assistance in determining the market value for real property

a. Provide full written appraisal reports

b. Provide narrative appraisal report

c. Provide abbreviated narrative report

d. Provide condemnation consulting services

e. Provide letter updates to appraisal

f. Provide market value and valuation services

g. Provide restricted appraisal reports

h. Provide verbal value estimate

i. Provide legal consultation

j. Provide research Appraisals shall conform to USPAP (Uniform Standards of Professional Appraisal Price) and The Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

Restricted appraisal reports should conform to reporting requirements under Standard Rule 2-2(b) of Uniform Standards of Professional Appraisal Practice (USPAP) and Code of Professional Ethics and Standard of Professional Appraisal Practice of the Appraisal Institute. This may include market value opinion. The Restricted.

Each invoice submitted to the City should include, but not be limited to, the description of the services, property description, location, owner, scope of services, hours and hourly rates for each billable item, total amount and City contract number.

C. Minimum Qualifications for Brokers

Proposers shall demonstrate that the Broker meets the following minimum qualifications to be eligible for consideration for this contract:

1. The Lead Broker must be a licensed real estate broker in the State of Florida. Other key real estate professional(s) assigned to the contract must be licensed real estate salespersons in the State of Florida working under the license of the Lead Broker. The Lead Broker must disclose of any potential conflicts of interest, including any relationship to any City Council member, officer or staff and any interest in any entity seeking to acquire property or otherwise engage in any real estate transaction with the City.

2. The Lead Broker assigned to the contract and responsible for the coordination and execution of the work must have a minimum of five (5) years’ experience and a proven track record of providing commercial and/or residential real estate brokerage transactional services in Orange County.

3. Each real estate professional assigned to this contract must have a minimum of five (5) years’ experience in their respective area(s) of expertise.

Minimum Qualifications for Appraisers

Proposers shall demonstrate that the Appraiser meets the following minimum qualifications to be eligible for consideration for this contract:

1. The Lead Appraiser must be a certified real estate appraiser in the State of Florida.

2. The Lead Appraiser must disclose any potential conflicts of interest, including any relationship to any City Council member, officer or staff and any interest in any entity seeking to acquire property or otherwise engage in any real estate transaction with the City.

3. The Lead Appraiser assigned to the contract and responsible for the coordination and execution of the work must have a minimum of five (5) years’ experience and a proven track record of providing appraisal services in Orange County. An MAI designation is preferred.

4. Each appraisal professional assigned to this contract must have a minimum of five years’ experience in their respective area(s) of expertise.

D. Compensation

Compensation for brokerage services outlined within the Scope of Work will be through real estate commissions paid by third party associations (building owners or agents) or the City, contingent upon the close of escrow resulting from a real estate transaction subject to the terms of the listing agreement, and as determined by the value and complexity of the transaction. Additional services may be requested and paid at an hourly rate according to the Price Proposal Form.

Compensation for property management services outlined within the Scope of Work will be through real estate commissions paid by third party associations (building owners or agents) or the City or at an hourly rate as outlined in the Price Proposal Form.

Non-standard broker services will be paid at cost of the services as provided and approved by the City.

Compensation for appraisal services will be based on a fee quote and time frame in accordance with the Price Proposal Form.

Consultants should provide up to three hard copies and an emailed appraisal report unless otherwise requested. In most instances, the City requests one hard copy and a PDF.