R-78-157 - 2/23/1978THOMAS R. GARDNER, S.R.A., M.A.I.
REAL ESTATE APPRAISER AND CONSULTANT
906 NUECES STREET • AUSTIN. TEXAS 78701 • (312) 474.6612
ROBERT A. BAKER. JR.
PATRICIA HERSHO
Aawdaaa
Mr. Stephan L. Sheets
109 West Taylor Avenue
Round Rock, Texas
Dear Mr. Sheets:
February 9, 1978
Pursuant to your request, I have inspected the 10 foot strip of land lying
adjacent and to the east of Lake Creek Drive which extends from RM 620
south a distance of approximately 1918 feet for the purpose of forming an
opinion of its Market Value, as of February 9, 1978.
Market Value may be defined as: The highest price in terms of money which
a property will bring in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller, each acting prudently,
knowledgeably and assuming the price is not affected by undue stimulus.
"Implicit in this definition is the consummation of a sale as of a specified
date and the passing of title from seller to buyer under conditions whereby:
"(1) buyer and seller are typically motivated;
(2) both parties are well informed or well advised, and each acting
in what he considers his own best interest;
(3) a reasonable time is allowed for exposure in the open market;
(4) financing, if any, is on terms generally available in the community
at the specified date and typical for the property type in its locale."
The subject property is legally described in the attached metes and bounds
description and delineated on the attached sketch.
Although this letter does not in itself constitute an appraisal in accordance
with the rules and regulations of the American Institute of Real Estate
Appraisers, I have limited my answer to your question in this manner for the
sake of time and expense to the City. The basis for my value conclusion is
supported by the sales data attached to the appraisal reports which were
furnished to the City and later updated and delivered to you.
Based upon my personal inspection of the property and an analysis of the
pertinent data, it is my opinion that the subject strip of land has a
Market Value equal to that of the abutting land. I have given this problem
a great deal of thought and have concluded, regardless of who the prospective
purchaser and seller are, prudent actions by typical parties would follow
this line of reasoning. As a result, as of February 9, 1978, the Market
Value is estimated to be as follows:
TRG /aw
Corner of Lake Creek Drive and RM 620
10' X 750' = 7500 square feet @ $1.25 = $9,375.00
Remaining portion
10' X 1,709.96' = 11,709.96 square feet @ $0.225 = $2,635.00
Total $12,010.00
Rounded to $12,000.00
I hereby certify that I have personally inspected the property; that the
opinion of value herein expressed has been reached after a careful examin-
ation of data; that I have no present or proposed future interest in the
property; and that my fee is in no way contingent upon the value estimate.
Respectfully submitted,
Thomas R. Gardner, S.R.A., M.A.I.
LA.KE CRELK
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Field Notes describin a 0.44 acre tract or parcel of land out of the Jacob M. Harrell
:Survey, Abstract No: 284, st uated in Williamson County, Texas, said Tract being a ten
(10) foot. wide strip of land lying immediately adjacent to and easterly of that certain
2.209 acre tract, being fifty (50) foot wide street known_ as Lake Creek Drive, conveyed
to the City of Round•- Rockby Glenn Neans described in a- Deed recorded in Volume_ 682, -
Page 713 of the Deed - Records of Williamson County, Texas, said 0.441 acre tract being
all of the r Easte nportion of that sixty (60) foot wide strip of land,. being
the most Northern projection of that certain 34.97 acre tract conveyed to Glenn Neans
described in a Deed recorded in 551, Page 437 of said Deed Records, and is pore
fully described by metes and bounds as follows
Beginning at the Northeast comer of the aforesaid fifty (50) foot wide strip, for the -
Northwest corner hereof, being at the intersection point of the East margin of said
Lake Creek Drive and South R.O.W. line of F.M. 620;
.Thence along said. South R.O.W. line, S.88 °48'E..,10.14 feet to the Northwest. 'corner of
said Neans 34.97 acre tract, for the Northwest comer hereof, being the Northeast corner -
of that tract conveyed_to Q. E. Surber described in a Deed Recorded in Volurre 312, Page
519 of said Deed Records;
Thence S08 °29'E., 1918.44 feet along the East line of said Neans tract, being the East
line hereof and also being the combined West lines of the following three tracts:
(1) the aforesaid Surber tract, (2) a six acre tract conveyed to the Baptist Missionary
Association of Texas, Volume 612, Page 607, (3) the Northern 747.5 feet of the remaining
portion of that tract conveyed to C. W. Prewitt, Volum 218, Page' 480, described as Tract
One, being twenty acres in said Deed, to the most Northerly corner of lot 6, block C of
Pound Rock West Section One recorded in Volume 7, Page 35 of the Plat Records of said
County, said point also being the most Northeasterly corner of Lake Creek Drive as shown
on said Plat of Record and the Southeast corner hereof;
Thence S.81 °35'W., 10.00 -feet alongthe•Northern margin of Lake Creek Drive to the South-
east corner of said fifty (50) foot wide- strip for the Southwest corner hereof;
Thence N ;08 °29'W., 1920.13 feet along the East line of said fifty foot strip, being the
West line hereof, to the. Point of Beginning of this. described ten (10) foot wide strip .
of land containing 0.441 acres of. land. •
ASSUMPTIONS AND LIMITING CONDITIONS
The contents of this letter are subject to the following conditions and to such
other specific and limiting conditions as are set forth in the letter.
1. The legal description, if used herein, is assumed to be correct and
the writer assumes no responsibility for matters of a legal nature affecting
the property or the title thereto, nor does the writer render any opinion as
to the title which is assumed to be good and marketable.
2. Information, estimates and opinions furnished to the writer and
relied upon in reaching any conclusions, judgments or decisions contained in
the letter were obtained from sources considered reliable and are believed to
be true and correct. However, no responsibility for the accuracy of such items
can be assumed by the writer.
3. The writer, by reason of having written this lette -, Is not required
to give testimony or appear in court with reference to the Ject matter con-
tained herein, unless prior written arrangements have previously been made
therefor.
4. Any sketches attached to this letter were prepared by the writer from
material furnished, or in the field, and are believed to be accurate. However,
they are included in the report, together with any photographs of the property,
to assist the reader in visualizing the property, and are not guaranteed to be
exact.
5. Disclosure of the contents of this letter is governed by the By -Laws
and Regulations of the professional organizations with which the writer is
affiliated. Neither ail, nor any part of the contents of the letter, or copy
thereof (including, but not limited to, conclusions reached, the identity of
the writer, professional designations, reference to any professional organiza-
tions, or the firm with which the writer is associated), shall be used for any
purpose by anyone but the client specified in the report without the prior
written consent of the writer; nor shall any of the aforementioned items be
conveyed by anyone to the public through advertising, public relations, news,
sales, or other media, without the written consent and approval of the writer.
6. Unless otherwise noted, all existing liens and /or encumbrances, if
any, have been disregarded, and any conclusions, judgments and /or decisions
reached were done so as though the property was free and clear and under
responsible ownership and competent management. Typical financing as may be
customarily secured for this type of property has been considered, as has a
favorable mortgage position, if any.
7. The writer assumes that there are no hidden or unapparent conditions
of the property, soil, subsoil, or improvements, if any, which would render it
more or less valuable. The writer assumes no responsibility for such condi-
tions, or for engineering which might be required to discover such factors.
8. Any comments concerning proposed construction, repairs or alterations
are contingent upon the improvements being completed in a good and workmanlike
manner and substantially In accordance with the plans, specifications and other
data furnished to the writer.
9. The distribution, if any, of any value conclusions, judgments or
decisions contained herein between land and improvements applies only under the
existing or proposed program of utilization. Any separate valuations for land
and improvements must not be used in conjunction with any other analysis and
are invalid if so used.
WHEREAS ,'La Creek -Drive in Round -Rock-is iii immediate
need of widening in accomodate t e'increased flow of
°
and
ATTEST:
ity Secretary
RESOLUTPON NO%. 157R
RESOLUTION
traffic thereon, and ,! i
i M .
WHEREAS, the widening of said Lake Creek Drive is also
necessary to provide for the health and safety of high school
students traveling thereon, and
WHEREAS, a certain ten foot strip of property must be
acquired in order to widen said street, and
WHEREAS, Glenn Neans, the owner of said ten foot strip
of property has offered to sell the property to the City for
Seven Thousand, Five Hundred and No /100 Dollars ($7,500.00),
WHEREAS, the City Council of the City of Round Rock believes
the offer to be reasonable,
THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
ROUND ROCK, TEXAS, THAT:
The Mayor be authorized to execute the contract for pur-
chase of the said ten foot strip of land for Seven Thousand,
Five Hundred and No /100 Dollars ($7,500.00), a copy of which
contract is attached to this Resolution as an Exhibit.
READ, PASSED, and ADOPTED this 2,1 day of February, 1978.
RAY TOIL, Mayor
Cit of Round Rock, Texas
and
WHEREAS, by previous resolution, this City Council has
deemed it necessary to acquire certain real estate to allow
for the widening and improvement of Lake Creek Drive, and
WHEREAS, the estimated cost of acquiring said real estate,
including purchase price, appraisal fees, legal fees, and title
policy is Eight Thdusand and No /100 Dollars ($8,000.00), and
WHEREAS, Section 8.07 of the Home Rule Charter for the
City of Round Rock, Texas provides that the city may borrow
up to ten percent (10%) of the budget for that fiscal year,
WHEREAS, the said estimated cost of acquiring the property,
together with the amounts already authorized to be borrowed do
not exceed ten percent (10 %) of the budget for the present
year
THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
ROUND ROCK, TEXAS, THAT:
The City Manager be authorized to borrow up to Eight Thousand
and No /100 ($8,000.00) upon the best terms available to be used
in the acquisition of the necessary real estate to widen Lake
Creek Drive.
READ, PASSED, and ADOPTED this
1978.
ATTEST.;
ANNE LAND, City Secretary
RESOLUTION NO. 157Ra
RESOLUTION
day of
Y , T 0 Mayor
Ci y of Round Rock, Texas
,