32500105 AOC Realty Economic Advisors Appraisal Engagement.pdf

(Vendor Name) - Addendum to Outside Contracts (REV. 08.30.2024) 
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ADDENDUM TO  
APPRAISAL REPORT ENGAGEMENT AGREEMENT 
BETWEEN
THE CITY OF BUCKEYE 
AND 
REALTY ECONOMIC ADVISORS, LLC 
OFFICE BUILDING APPRAISAL 
CONTRACT NO. 32500105 
This ADDENDUM (“Addendum”) dated 
 2025 (the “Effective Date”), modifies 
the Appraisal Report Engagement Agreement
(the “Original Agreement”), executed 
contemporaneously with this Addendum and entered into between the City of Buckeye, an Arizona 
municipal corporation (the “City”), and Realty Economic Advisors, LLC, an Arizona limited 
liability company (the “Vendor”). “Vendor,” as used in this Addendum, is synonymous with 
“REA,” as used in the Original Agreement. 
AGREEMENT 
1.
Effect of Addendum.  Except as expressly modified by the provisions of this Addendum,
the Original Agreement shall continue in full force and effect.  The capitalized terms not
otherwise defined in this Addendum have the same respective meanings as contained in
the Original Agreement.  The sections of the Original Agreement that are not expressly
modified or replaced by this Addendum shall remain in effect pursuant to their terms.  If
any inconsistencies exist between the terms of this Addendum and the Original Agreement,
this Addendum shall control.  This Addendum is hereby incorporated by reference into the
Original Agreement.
2.
The following provisions are hereby added to the Original Agreement as additional
paragraphs:
Counterparts.  This Agreement may be executed in any number of counterparts; all such
counterparts shall be deemed to constitute one and the same instrument, and each of said
counterparts shall be deemed original hereof.
Agreement Subject to Appropriation.  Any provisions of this Agreement which require the
City to expend funds shall be effective when funds are appropriated for this Agreement
and are actually available for payment.  The City shall be the sole judge and authority in
determining the availability of funds under this Agreement, and shall keep the Vendor fully
informed as to the availability of funds for this Agreement. Any obligation of the City
under this Agreement is a current expense and payable exclusively from annual
appropriations and not a general obligation or indebtedness of the City.  If the City Council
fails to appropriate money sufficient to fund City obligations set forth in this Agreement,
this Agreement shall terminate at the end of the then-current fiscal year, and the City and
the Vendor shall be relieved of any subsequent obligation under this Agreement.

Realty Economic Advisors, LLC - Addendum to Outside Contracts (REV. 08.30.2024) 
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E-Verify Requirements.  To the extent applicable under A.R.S. § 41-4401, the Vendor
warrants compliance with all federal immigration laws and regulations relating to
employees and compliance with the E-verify requirements under A.R.S. § 23-214(A).
No Boycott of Israel.  To the extent applicable under A.R.S. § 35-393 through § 35-393.03, 
the Vendor hereby certifies that it is not currently engaged in, and agrees for the duration 
of this Agreement to not engage in, a “boycott” of goods or services from Israel, as that 
term is defined in A.R.S. § 35-393(1). 
Conflict of Interest.  This Agreement is subject to the provisions of A.R.S. § 38-511.  The 
City may cancel this Agreement without penalty or further obligations by the City or any 
of its departments or agencies if any person significantly involved in initiating, negotiating, 
securing, drafting, or creating this Agreement on behalf of the City or any of its 
departments or agencies is, at any time while this Agreement or any extension of this 
Agreement is in effect, an employee of the Vendor in any capacity or a contractor to the 
Vendor with respect to the subject matter of this Agreement.  
Gratuities.  The City may, by written notice to the Vendor, cancel this Agreement if the 
City finds that gratuities, in the form of economic opportunity, future employment, 
entertainment, gifts, or otherwise, were offered or given by the Vendor or any agent or 
representative of the Vendor to any officer, agent, or employee of the Vendor for the 
purpose of securing this Agreement.  In the event the City cancels this Agreement pursuant 
to this provision, the City shall be entitled, in addition to any other rights and remedies, to 
recover and withhold from the Vendor an amount equal to 150% of the gratuity. 
Provisions Required by Law.  Each and every provision of law and any clause required by 
law to be in this Agreement will be read and enforced as though it were included herein 
and, if through mistake or otherwise any such provision is not inserted, or is not correctly 
inserted, then upon the application of either Party, this Agreement will promptly be 
physically amended to make such insertion or correction. 
Vendor Licensing and Registration. The Vendor warrants that it is registered with the 
Arizona Corporation Commission to do business in Arizona and, upon request, will provide 
proof thereof to the City.  
Forced Labor of Ethnic Uyghurs. To the extent applicable under ARIZ. REV. STAT. § 35-
394, the Vendor warrants and certifies that it does not currently, and agrees for the duration 
of this Agreement that it will not use the forced labor, any goods or services produced by 
the forced labor, or any Contractors, subcontractors, or suppliers that use the forced labor 
or any goods or services produced by the forced labor of ethnic Uyghurs in the People’s 
Republic of China. If the Vendor becomes aware that it is not in compliance with this 
paragraph, the Vendor shall notify the City of the noncompliance within five business days 
of becoming aware of it. If the Vendor fails to provide a written certification that the 
Vendor has remedied the noncompliance within 180 days after that, this Agreement shall

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terminate unless the termination date of this Agreement occurs before the end of the 
remedy, in which case this Agreement terminates on the Agreement termination date.
Clickwrap Terms Excluded. In the event the Vendor’s terms of sale or service were 
provided to the City only upon “acceptance” of a “clickwrap” or “clickthrough” agreement, 
such terms of sale or service shall not be binding upon the City.  No oral agreement, 
“clickwrap” or “clickthrough” agreement or other understanding shall in any way modify 
a City-issued or approved contract or this Agreement. 
3.
This Addendum and the Original Agreement shall be governed by the laws of the State
of Arizona, and suit pertaining to either may be brought only in courts in Maricopa
County, Arizona.
4.
This Addendum is subject to the provisions of A.R.S. § 38-511.
IN WITNESS WHEREOF, the parties hereto have executed this Addendum as of the
Effective Date. 
CITY OF BUCKEYE, ARIZONA, 
REALTY 
ECONOMIC 
ADVISORS, 
LLC,
an Arizona municipal corporation 
an Arizona limited liability company 
By: 
Name: 
Title:
William Kauppi, City Chief Financial Officer 
Realty Economic Advisors, LLC - Addendum to Outside Contracts (REV. 08.30.2024)

Realty Economic Advisors
Stephen G. Leach, MAI
Senior Vice President
(602) 317-5648
Steve.LeachMAI@Outlook.com
www.RealtyEa.com
June 3, 2025
Ms. Suzie Boyles
Director, Economic Development
City of Buckeye
945 N. 215th Avenue, Ste. 137
Buckeye AZ 85326
E-mail: sboyles@buckeyeaz.gov
Phone: C 
623-850-2896
O 
623-349-6970
RE:
Appraisal Report Engagement Agreement
Office Building
902 E. Eason Avenue
Buckeye, Arizona  85326
Dear Ms. Boyles:
We appreciate the opportunity to be of service and present this Appraisal Report Engagement 
Agreement for your review and execution.
Appraisal Report Conditions
Purpose:
Estimate the market value of the above referenced real estate.
Property:
Office improvements identified as Maricopa County APN 400-16-004B
having been improved with a 25,180 sf office building constructed in 
1940 and that has recently been renovated on an approximate 70,939
sf site (to be potentially further clarified by survey and that reflects 
an adjustment for non-fee owned street parking; see Pg. 2).
Property Rights/Date:
The Fee Simple/Leased Fee estate (as appropriate), as of our date 
of inspection, or as otherwise directed.
Report Type:
Appraisal Report; that will include the Contingent and Limiting 
Conditions provided at the end of this Engagement Letter.
Appraisal Fee:
$4,000. Upon delivery of the draft or any communication of value 
conclusions, the Appraisal Fee will be considered to be fully earned. 
Should the assignment be terminated or any reason prior to 
completion the client will be invoiced for work completed on the 
Retainer:
No retainer will be required. Upon completion please make 
payment as follows:
SGLeach Appraisal Services, LLC
2810 E. Elm Street, 
Phoenix, AZ 85016
IEN 
47-1673694

Realty Economic Advisors
Ms. Suzie Boyles
June 3, 2025
Page 2
Appraisal Delivery:
On or about June 18, 2025 following our receipt of the executed 
appraisal engagement letter. 
Should the assignment be cancelled for any reason, any unearned 
portion of the retainer will be immediately refunded.
Report Delivery:
REA will deliver an Adobe PDF to the client.
Special Considerations:
None; should any contrary condition be revealed, an adjustment in 
the appraisal fee may be effected.
Special Instructions:
No special appraisal instructions have been communicated to the 
appraiser beyond those outlined in this engagement letter. 
Appraisal Guidelines:
Uniform Standards of Professional Appraisal Practices and Conduct 
, as promulgated by the Appraisal Standards Board of the 
Appraisal Foundation.
Reliance Language:
Client provided, as appropriate.
Property Inspection:
The appraiser will inspect the property.
Intended Use:
Sale/Acquisition/Planning purposes.
Not Subject

Realty Economic Advisors
Ms. Suzie Boyles
June 3, 2025
Page 3
Intended Users:
The Client(s) are the only intended user and Client.  Sole reliance is 
intended by the Client only and REA will communicate our value 
report only to the client.  No other users are intended by REA.  
Should any unintended party, or entity not identified in this 
engagement letter receive a copy of the appraisal, they may not rely 
upon any value opinion or conclusion.  
Valuation Approach:
The appraiser will consider all three traditional approaches and 
utilize those that are appropriate to the assignment and omit those 
that are not considered appropriate, as supplemented by the 
Expenses:
The above Appraisal Fee includes all associated expenses
attributable with the initial delivery assignment.
Additional Fees:
Should 
additional 
services 
including 
follow-up 
appraisal 
work/research, meetings and or any testimony, such services will 
be charged at a rate of $300 per hour, plus expenses for Stephen G. 
Leach, MAI.  If services are terminated before completion, payment
for work completed prior to notification will be due based on the 
hours spent and subject to the above fee schedule. Any unused 
retainer will be refunded to the party who paid the retainer unless 
that party directs, in writing that the refund be paid to a different 
party.
Respectfully submitted,
Realty Economic Advisors, LLC
Stephen G. Leach, MAI
Senior Vice President
Arizona Certified General Number 30122
Agreed to and accepted:
Date
Title

Realty Economic Advisors
APPRAISAL REPORT - CONTINGENT AND LIMITING CONDITIONS
The certification of the appraisers appearing in this appraisal report is subject to the following 
conditions and to such other specific conditions as are set forth by the appraisers in the report.
1.
Possession of this report or a copy thereof does not carry with it the right of publication.
It may not be used for any purpose by anyone other than the addressee or the Appraisal
Institute without the previous written consent of the appraisers. Assumptions and
Limiting Conditions
2.
Unless otherwise specifically noted in the body of the report, it is assumed that title to
the property or properties appraised is clear and marketable and that there are no
recorded or unrecorded matters or exceptions to title that would adversely affect
marketability or value. Realty Economic Advisors, LLC (hereafter referred to as REA) is
not aware of any title defects nor has it been advised of any unless specifically noted in
the report.  REA
representations relative to the condition thereof other than the property is considered
to have a fully marketable title.  Documents dealing with liens, encumbrances,
easements, deed restrictions, clouds and other conditions that may negatively affect
the quality of title are unknown to REA.  Insurance against financial loss resulting in
qualified title company that issues or insures title to real property.
3.
Unless specifically noted in this report, it is assumed: that the existing improvements
on the property appraised are structurally sound, seismically safe and code conforming;
that all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in
good working order with no major deferred maintenance or repair required; that the
roof and exterior are in good condition and free from intrusion by the elements; that
the property or properties have been engineered in such a manner that the
improvements, as currently constituted, conform to all applicable local, state, and
federal building codes and ordinances.  REA professionals are not engineers and are not
competent to judge matters of an engineering nature.  REA has not retained
independent structural, mechanical, electrical, or civil engineers in connection with this
appraisal and, therefore, makes no representations relative to the condition of the
improvements.  Unless otherwise specifically noted in the body of the report: no
problems were brought to the attention of REA by ownership or management; REA
inspected less than 100% of the interior and exterior portions of the improvements; and
REA was not furnished with any engineering studies by the owners or by the party
requesting this appraisal.  If questions in these areas are critical to the decision process
of the reader, the advice of competent engineering consultants should be obtained and
relied upon.  It is specifically assumed that any knowledgeable and prudent purchaser
would, as a precondition to closing a sale, obtain a satisfactory engineering report
relative to the structural integrity of the property and buildable improvements and the
integrity of building systems.  Structural problems and/or building system problems may
not be visually detectable.  If engineering consultants report negative factors of a
material nature, or if such are later discovered, relative to the condition of the
improvements, such information could have a substantial negative impact on the
conclusions reported in this appraisal.  Accordingly, if negative findings are reported by

Realty Economic Advisors
engineering consultants, REA reserves the right to amend the appraisal conclusions 
reported herein.
4.
Unless otherwise stated in this report, the existence of hazardous material, which may 
or may not be present on the property was not observed by the appraisers.  REA has no 
knowledge of the existence of such materials on or in the property.  REA, however, is 
not qualified to detect such substances.  The presence of substances such as asbestos, 
urea formaldehyde foam insulation, contaminated groundwater or other potentially 
hazardous materials may affect the value of the property.  The value estimate is 
predicated on the assumption that there is no such material on, in or proximate to the 
property that would cause a loss in value.  No responsibility is assumed for any such 
conditions, or for any expertise or engineering knowledge required to discover them.  
The client is urged to retain an expert in this field, if desired.
5.
We have inspected, as thoroughly as possible by observation, the land; however, it was 
impossible to personally inspect conditions beneath the soil.  Therefore, no 
representation is made as to these matters unless specifically considered in the 
appraisal.
6.
All furnishings, equipment and business operations, except as specifically stated and 
typically considered as part of real property, have been disregarded with only real 
property being considered in the report unless otherwise stated.  Any existing or 
proposed improvements, on or off-site, as well as any alterations or repairs considered, 
are assumed to have been completed in a workmanlike manner according to standard 
practices based upon the information submitted to REA This report may be subject to 
amendment upon re-inspection of the subject subsequent to repairs, modifications, 
alterations and completed new construction.  Any estimate of Market Value is as of the 
date indicated; based upon the information, conditions and projected levels of 
operation.
7.
representative, or persons designated by the client or owner to supply said data are 
accurate and correct unless otherwise specifically noted in the appraisal report.  Unless 
otherwise specifically noted in the appraisal report, REA has no reason to believe that 
any data furnished contain any material error.  Information and data referred to in this 
paragraph include, without being limited to, numerical street addresses, lot and block 
dimensions of the improvements, gross building areas, net rentable areas, usable areas, 
unit count, room count, rent schedules, income data, historical operating expenses, 
budgets, and related data.  Any material error in any of the above data could have a 
substantial impact on the conclusions reported.  Thus, REA reserves the right to amend 
conclusions reported if made aware of any such error.  Accordingly, the client-addressee 
should carefully review all assumptions, data, relevant calculations, and conclusions 
within 30 days after the date of delivery of this report and should immediately notify 
REA of any questions or errors.
8.
The date of value to which any of the conclusions and opinions expressed in this report 
apply, is set forth in the Letter of Transmittal.  Further, that the dollar amount of any 
value opinion herein rendered is based upon the purchasing power of the American 
Dollar on that date.  This appraisal is based on market conditions existing as of the date 
of this appraisal.  Under the terms of the engagement, we will have no obligation to 
revise this report to reflect events or conditions which occur subsequent to the date of

Realty Economic Advisors
the appraisal.  However, REA will be available to discuss the necessity for revision 
resulting from changes in economic or market factors affecting the subject.
9.
REA assumes no private deed restrictions that could limit the use of the subject in any 
way.
10. Unless otherwise noted in the body of the report, it is assumed that there are no mineral 
deposit or subsurface rights of value involved in this appraisal, whether they be gas, 
liquid, or solid.  Nor have the rights associated with extraction or exploratio n of such 
elements been considered unless otherwise stated in this appraisal report.  Unless 
otherwise stated it is also assumed that there are no air or development rights of value 
that may be transferred.
11. REA is not aware of any contemplated public initiatives, governmental development 
controls, or rent controls that would significantly affect the value of the subject.
12. The estimate of Market Value, as defined in this report, is subject to change with market 
fluctuations over time.  Market value is highly related to exposure, time promotion 
effort, terms, motivation, and conclusions surrounding the offering.  The value 
opinion(s) consider the productivity and relative attractiveness of the property, both 
physically and economically, on the open market.
13. Any cash flows included in the analysis are forecasts of estimated future operating 
characteristics and are predicated on the information and assumptions contained within 
the report.  Any projections of income, expenses and economic conditions utilized in 
market expectations of future income and expenses.  The achievement of the financial 
projections will be affected by fluctuating economic conditions and is dependent up on 
other future occurrences that cannot be assured.  Actual results may vary from the 
projections considered herein.  REA does not warrant these forecasts will occur.  
Projections may be affected by circumstances beyond the current realm of knowledge 
or control of REA
14. Unless specifically set forth in the body of the report, nothing contained herein shall be 
construed to represent any direct or indirect recommendation of REA to buy, sell, or 
hold the property at the value stated.  Such decisions involve substantial investment 
strategy questions and must be specifically addressed in consultation form.
15. Also, unless otherwise noted in the body of this report, it is assumed that no changes in 
the present zoning ordinances or regulations governing use, density, or shape are being 
considered.  The property is appraised assuming that all required licenses, certificates 
of occupancy, consents, or other legislative or administrative authority from any local, 
state, nor national government or private entity or organization have been or can be 
obtained or renewed for any use on which the value estimates contained in this report 
is based, unless otherwise stated.
16. This study may not be duplicated in whole or in part without the specific written consent 
of REA nor may this report or copies hereof be transmitted to third parties without said 
consent, which consent REA reserves the right to deny.  Exempt from this restriction is 
duplication for the internal use of the client-addressee and/or transmission to 
attorneys, accountants, or advisors of the client-addressee.  Also exempt from this 
restriction is transmission of the report to any court, governmental authority, or 
regulatory agency having jurisdiction over the party/parties for whom this appraisal was 
prepared, provided that this report and/or its contents shall not be published, in whole 
or in part, in any public document without the express written consent of REA which

Realty Economic Advisors
consent REA reserves the right to deny.  Finally, this report shall not be advertised to 
the public or otherwise used to induce a third party to purchase the property or to make 
Securities Act of 1933, as amended.  Any third party, not covered by the exemptions 
herein, who may possess this report, is advised that they should rely on their own 
independently secured advice for any decision in connection with this property.  REA
shall have no accountability or responsibility to any such third party.
17. Any value estimate provided in the report applies to the entire property, and any pro 
ration or division of the title into fractional interests will invalidate the value estimate, 
unless such pro ration or division of interests has been set forth in the report.
18. The distribution of the total valuation in this report between land and improvements 
applies only under the existing program of utilization.  Component values for land 
and/or buildings are not intended to be used in conjunction with any other property or 
appraisal and are invalid if so used.
19. The maps, plats, sketches, graphs, photographs and exhibits included in this report are 
for illustration purposes only and are to be utilized only to assist in visualizing matters 
discussed within this report.  Except as specifically stated, data relative to size or area 
of the subject and comparable properties has been obtained from sources deemed 
accurate and reliable.  None of the exhibits are to be removed, reproduced, or used 
apart from this report.
20. No opinion is intended to be expressed on matters which may require legal expertise or 
specialized investigation or knowledge beyond that customarily employed by real estate 
appraisers.  Values and opinions expressed presume that environmental and other 
governmental restrictions/conditions by applicable agencies have been met, including 
but not limited to seismic hazards, flight patterns, decibel levels/noise envelopes, fire 
hazards, hillside ordinances, density, allowable uses, building codes, permits, licenses, 
etc.  No survey, engineering study or architectural analysis has been made known to REA
unless otherwise stated within the body of this report.  If the Consultant has not been 
supplied with a termite inspection, survey or occupancy permit, no responsibility or 
representation is assumed or made for any costs associated with obtaining same or for 
any deficiencies discovered before or after they are obtained.  No representation or 
warranty is made concerning obtaining these items.  REA assumes no responsibility for 
any costs or consequences arising due to the need, or the lack of need, for flood hazard 
insurance.  An agent for the Federal Flood Insurance Program should be contacted to 
determine the actual need for Flood Hazard Insurance.
21. Acceptance and/or use of this report constitutes full acceptance of the Contingent and 
Limiting Conditions and special assumptions set forth in this report.  It is the 
s 
become aware of the aforementioned contingencies and limiting conditions.  Neither 
the Appraiser nor REA
failure to become familiar with and understand the same.  The Client is advised to retain 
experts in areas that fall outside the scope of the real estate appraisal/consulting 
profession if so desired.
22. REA assumes that the subject analyzed herein will be under prudent and competent 
management and ownership.

Realty Economic Advisors
23. It is assumed that there is full compliance with all applicable federal, state, and local 
environmental regulations and laws unless noncompliance is stated, defined and 
considered in the appraisal report.
24. No survey of the boundaries of the property was undertaken.  All areas and dimensions 
furnished are presumed to be correct.  It is further assumed that no encroachments to 
the realty exist.
25. The Americans with Disabilities Act (ADA) became effective January 26, 1992.  
Notwithstanding any discussion of possible readily achievable barrier removal 
construction items in this report, REA has not made a specific compliance survey and 
analysis of this property to determine whether it is in conformance with the various 
detailed requirements of the ADA.  It is possible that a compliance survey of the property 
together with a detailed analysis of the requirements of the ADA could reveal that the 
property is not in compliance with one or more of the requirements of the ADA.  If so, 
this fact could have a negative effect on the value estimated herein.  Since REA has no 
specific information relating to this issue, nor is REA qualified to make such an 
assessment, the effect of any possible non-compliance with the requirements of the 
ADA was not considered in estimating the value of the subject.
26. Client shall not indemnify Appraiser or hold Appraiser harmless unless and only to the 
extent that the Client misrepresents, distorts, or provides incomplete or inaccurate 
appraisal results to others, which acts of the Client approximately result in damage to 
Appraiser.  Notwithstanding the foregoing, Appraiser shall have no obligation under this 
Section with respect to any loss that is caused solely by the active negligence or willful 
misconduct of a Client and is not contributed to by any act or omission (including any 
failure to perform any duty imposed by law) by Appraiser.  Client shall indemnify and 
hold Appraiser harmless from any claims, expenses, judgments or other items or costs 
arising as a result of the Client's failure or the failure of any of the Client's agents to 
provide a complete copy of the appraisal report to any third party.  In the event of any 
litigation between the parties, the prevailing party to such litigation shall be entitled to 
recover, from the other, reasonable attorney fees and costs.
27. The report is for the sole use of the client; however, client may provide only complete, 
final copies of the appraisal report in its entirety (but not component parts) to third 
parties who shall review such reports in connection with loan underwriting or 
securitization efforts. Appraiser is not required to explain or testify as to appraisal 
results other than to respond to the client for routine and customary questions. Please 
note that our consent to allow an appraisal report prepared by REA or portions of such 
report, to become part of or be referenced in any public offering, the granting of such 
consent will be at our sole discretion and, if given, will be on condition that we will be 
provided with an Indemnification Agreement and/or Non-Reliance letter, in a form and 
content satisfactory to us, by a party satisfactory to us. We do consent to your 
submission of the reports to rating agencies, loan participants or your auditors in its 
entirety (but not component parts) without the need to provide us with an
Indemnification Agreement and/or Non-Reliance letter.
28.
provided herein. REA has followed traditional appraisal standards to develop a 
reasonable calculation based upon industry practices and industry accepted 
publications such as the Marshal Valuation Service handbook. The methodology 
employed is a derivation of the cost approach which is primarily used as an academic

Realty Economic Advisors
exercise to help support the market value estimate and therefore is not reliable for 
Insurable Value estimates. Actual construction costs and related estimates can vary 
greatly from this estimate.  
29 This analysis should not be relied upon to determine proper insurance coverage, which 
can only be properly estimated by consultants considered experts in cost estimation and 
insurance underwriting. It is provided to aid the client/reader/user as part of their 
overall decision making process and no representations or warranties are made by REA
regarding the accuracy of this estimate and it is strongly recommend that other sources 
be utilized to develop any estimate of insurable value.