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Statement of Understanding and Work Plan Approach to Completing Tasks Hennessey & Hennessey is a highly qualified team of professionals who have experience in appraisals and the acquisition process for cities and public agencies. Hennessey & Hennessey has the technical expertise required for the valuation types specified in the REP. Our overriding goal is to complete the work in a timely and technically correct manner, while treating the people impacted by the project in a respectful and equitable manner. Outline of Activities of the Approach to Scope of Work a. Define the appraisal problem, including identifying the real estate and real property rights to be valued, the date of value, the date of the report, the intended uses and users of the appraisal, the definition of fair market value, and other assumptions and limiting conditions. b. Send by mail, in compliance with the statutory requirement, a letter to each parcel owner offering the opportunity to accompany the appraiser during an inspection of the property. This notice and all contacts with the property owner will be recorded in a parcel diary. c. For partial acquisition assignments, contact the City's representative to request that surveyors stake or mark the right of way lines on the subject properties for clarity. d. Conduct on -site inspections of the subject properties. Photograph, measure, and itemize the improvements. For partial acquisitions, itemize the improvements within the part taken. e. Conduct a field investigation of the subject properties' environs, including gathering data on the region, the city, and the neighborhood from governmental agencies, real estate agencies, city historical documents, planning and zoning documents from the appropriate city, informa- tion from county and city taxing authorities, and other published sources. This data is gathered in order to analyze the pertinent trends and constraints affecting the value of the properties. f. Analyze the highest and best use of each of the subject properties as though vacant and available for development and as improved as defined in the appraisal. g. Search for and analyze relevant, comparable data from the County Assessor's records, the title reports (if supplied), the appropriate city's Planning Department, and other data sources, including buyers, sellers, and brokers. h. Use the above information in the application of the three approaches to value: the Cost Approach, the Sales Comparison Approach, and the Income Capitalization Approach, as applicable. i. Estimate and analyze the fair market value of full acquisitions and partial acquisitions. In regard to partial acquisitions, specifically analyze the parts taken and any damage and/or benefits that may accrue to the remainders by reason of the takings and the construction of the project in the manner proposed. j. Thoroughly review any specialty appraisals such as fixtures and equipment and/or business goodwill valuations and analyze the values of these items as they relate to the total value of the properties for inclusion in the overall fair market valuation, when requested. k. Prepare a narrative report in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP), the Caltrans Right of Way Manual - Chapter 7, Appraisals (when applicable), State and Federal Uniform Relocation Assistance and Real Property Acquisition Proposal for On -Call Right of Way Specialty Services 19 REP No. 13-075, City of Santa Ana