Staff recommends approval of the Resolution authorizing execution of an agreement with R. W. Beck for review of the Appraisal and Separation Study of the assets in the City of Fruitland Park for $40,000.00.
The City of Fruitland Park is exercising its right to acquire Leesburg’s electric distribution facilities within their city limits. They have submitted an Appraisal and Separation Study which attempts to determine the value of our assets. The next step is for Leesburg to review the study to determine the appropriateness and accuracy of the methodologies employed. R.W. Beck will review the Valuation approaches utilized in the appraisal and comment on the credibility and reasonableness of the assumptions and methodologies utilized by GAI. They will also review the Severance and System Reintegration Study and comment on the appropriateness of the study, the impact on the remaining City customers, and recommended changes to the Severance and System Reintegration.
1. Approve execution of the agreement with R. W. Beck; or,
2. Such alternative action as the Commission may deem appropriate
Funding was not included in the current budget. A budget adjustment is necessary to appropriate this expense from fund balance.
Prepared by: __Sabrina Hubbell______
Attachments: Yes_X__ No ______
Advertised: ____Not Required _X____
Attorney Review : Yes___ No _X__
Reviewed by: Dept. Head _Paul Kalv
Finance Dept. _____JB___________
Deputy C.M. ___________________
City Manager ___________________
Account No. _041-1021-531-3110___
Project No. _419230_____________
WF No. ______________________
RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING EXECUTION OF AN AGREEMENT WITH R. W. BECK FOR THE REVIEW OF APPRAISAL AND SEPARATION STUDY PERFORMED BY GAI CONSULTANTS AND WWH ENTERPRISES OF THE LEESBURG ELECTRIC DISTRIBUTION SYSTEM ASSETS LOCATED IN THE CITY OF FRUITLAND PARK (FACILITIES); AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the Mayor and City Clerk are hereby authorized to execute an agreement with R. W. Beck, whose address is 131 Saundersville Road, Suite 300, Hendersonville, TN 37075 for Appraisal and Separation Study.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _23rd____ day of _November_____ 2009.