CM-2024-087 - 3/15/2024[n n HORNSBY & COMPANY
IER—APPRAISERS AND CONSULTANTS
Paul Hornsby MAI, SRA
Chris Hornsby, MAI, Principal
Kimberly Hussey, Analyst_ Pnnc-pal
Eli Hanslik. MAI
Katie Daniewicz, MAI
Justin Sims, State Certified
Jake Kane, State Certified
March 4, 2024
City of Round Rock
c/o Don Childs
Sheets & Crossfield, P.C.
309 East Main Street
Round Rock, Texas 78664
Tanner Cole, Analyst
Lindsey Berry, Analyst
Scott Nevil, Analyst
Layna Fultz, Analyst
Roel Jaramillo, Researcher
Terri Bowden Nolker, Business Manager
Beth Boyd & Stefanie Alvarez, Administrative Support
Re: Proposal for appraisal services relating a proposed fee acquisition out of a 2.89 acre tract of
land improved with the Ruby Hotel located at 400 Fannin Avenue, Round Rock, Texas 78664.
Dear Mr. Childs,
As requested, I am pleased to provide this proposal for appraisal services relating to the property
captioned above. Terms of the assignment are summarized below.
Real Estate to be Appraised:
Purpose of the Appraisal:
Use of the Report:
A proposed fee acquisition out of a 2.89
acre tract of land improved with the Ruby
Hotel located at 400 Fannin Avenue, Round
Rock, Texas 78664.
To estimate just and adequate compensation
for the proposed acquisition as of the date of
inspection.
Establishing a basis for partial acquisition of
the property.
7600 N. Capital of Texas Highway • Building B, Suite 210 • Austin, Texas 78731 • 512-477-6311 •
(Fax)512-477-1793
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Appraisal & Reporting Standards: The appraisal will be developed and the
report will be prepared in conformity with
and subject to the requirements of the
Uniform Standards of Professional
Appraisal Practice (USPAP) of the
Appraisal Foundation and the Code of
Professional Ethics and the Standards of
Professional Practice of the Appraisal
Institute.
Fee:
The results of our analysis will be set forth
in an Appraisal Report as defined by
Standards Rule 2-2(a) of USPAP.
$5,500, payable upon delivery of the report.
This fee is predicated on the assumption that
only the land component of the property will
be appraised and the primary improvements
are not impacted by the proposed
acquisition(s). Should improvements need to
be appraised the fee will be revised to a
mutually agreeable amount.
All time spent subsequent to the initial
appraisal, including, without limitation,
updates, meetings, depositions, mediation,
arbitration, trial and preparation for
testimony, will be billed at the following
hourly rates.
Paul Hornsby, MAI, SRA $5851hour
Chris Hornsby, MAI
$4951hour
MAI Staff Appraisers
$4251hour
State Certified Appraisers
$3501hour
Appraiser Trainees
$250lhour
Research Director
$3001hour
Research Staff
$ l 951hour
Administrative Staff
$1251hour
Completion:
Estimated at 45 days from your written
authorization to proceed.
If these terms are acceptable, please indicate by executing this agreement and returning one copy
to me. I look forward to working with you on this assignment.
Respectfully Submitted,
Paul Hornsby & Company
Paul Hornsby, MA1, SRA
Accepted:
3�a 6/a4
Date
City of Round Rock
By: L-n—arie+h� , City Manager
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