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R-89-1248 - 3/9/1989RESOLUTION NO. /c2 ( /0!\ WHEREAS, the City Council desires to acquire approximately 15.25 acres out of the Pfluger Tract for the proposed golf course, Now Therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS That the Mayor is hereby directed to offer $8,500.00 per acre to purchase approximately 15.25 acres out of the Pfluger Tract for the proposed golf course. RESOLVED this the 9th day of March, 1989. ATTEST: LAND, City Secretary MIKE ROBINSON, Mayor City of Round Rock, Texas THE GARDNER APPRAISAL GROUP INC. REAL ESTATE APPRAISERS AND CONSULTANTS 4100 MW MPa w swam 70730 THOLIAS R. DARDNER, 1ILA1 PATRICIA A. HERSHO RICHARD W. WESTENSEE, IAN GLENN AB WALTERS, CRA DERRY T. GARDNER YARLA RIPPERDA January 23, 1989 Stephan L. Sheets City Attorney, Round Rock, Texas 309 East Main Street Round Rock, Texas 78664 RE: Preliminary Value Opinion of the Pfluger /Knebel tracts needed for the proposed Round Rock Golf Course, Round Rock, Texas. Dear Mr. Sheets: As requested, I have inspected the above referenced properties for the purpose of forming a preliminary value opinion of said properties as of January 16, 1989. Subject properties are referred to as "The First 8.5 acres ± of land" and "The Second 8.5 acres ± of land" both situated in the E. W. Matthews and John H. Randle Surveys, Williamson County, Texas. Market Value may be defined as: "The most probable price in terms of money which a property should 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; • • • Stephan L. Sheets City Attorney, Round Rock, Texas Page 2 4. payment is made in cash or its equivalent; 5. financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale and; 6. the price represents a normal consideration for the property sold unaffected by special financing amounts and /or terms, services, fees, costs, or credits incurred in the transaction." The First Tract lies adjacent to the proposed Round Rock Golf Course and slopes generally from west down toward the creek, which forms the eastern property line. The shape is irregular and the land is well covered with large native shade trees, making the tract ideal for a single home site of about 8.5 acres. Currently there are no utilities available and access is assumed through the Franklin tract to public streets to be provided by First Franklin sometime in the future. It appears that a minimum type bridge would be needed to cross the creek. The Second Tract lies east of and adjacent to the First Tract and is also slightly irregular and also contains about 8.5 acres of attractive tree covered land considered slightly inferior to the First Tract. The utility situation is identical to the First Tract but no bridge would be required. Ingress and egress would be similar to the First Tract. In preparing this Preliminary Opinion, I have reviewed the market data generated by the two appraisers, who recently appraised the William D. Kelly 428 acre tract for the City of Round Rock. In addition, I have analyzed other more recent data to further support my value conclusion. As a result of my investigation and analysis, it is my Preliminary Opinion subject tracts have a Market Value as of January 16, 1989 as follows: "The First Tract" 8.5 acres @ $10,250.00 = $ 87,125.00 "The Second Tract" 8.5 acres @ $9,300.00 = 79,050.00 Total Value of both tracts $166,175.00 • Stephan L. Sheets City Attorney, Round Rock, Texas Page 3 I hereby certify that I have personally inspected the property; that the opinion of value herein expressed has been reached after a careful examination 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, MAI TRG /csb • • • 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 letter, is not required to give testimony or appear in court with reference to the subject matter contained herein unless prior written arrangements have 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 include 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 all, nor any part of the contents of the letter, or copy thereof (Including, but not limited to, conclusions reached, or identity of the writer, professional designations, reference to any professional organizations, 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. • 1 • 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 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 conditions or for engineering which might be required to discover such factors. 8. Any comments concerning proposed construction, repairs, 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, judgments or decisions contained improvements applies only under the of utilization. Any separate improvements must not be used in analysis and are invalid if so used. of any value conclusions, herein between land and existing or proposed program valuations for land and conjunction with any other Education Attended The University of Texas, School of Business Administration. American Institute of Real Estate Appraisers Course I, Austin, - 1959 Course II, Dallas, - 1965 Society of Real Estate Appraisers Principles and Techniques of Residential Appraising, Austin - 1963 Instructors Clinic for SREA, Course 101, University of Indiana, 1972, San Francisco, California, 1975 Attend various seminars and lectures presented by AIREA, SREA, and The University of Texas Finance and Real Estate Departments Currently certified in the voluntary program of continuing education for designated members of the AIREA Experience Three years of real estate sales, 1955 - 1958 Five years Right -of -Way Appraiser, Texas Highway Department, 1958 - 1963 June, 1963 to October, 1976, associated with Jim Frederick, SRPA, MAI, Real Estate Appraising and Consulting Firm October 1, 1976, established own practice as a Real Estate Appraiser and Consultant Testified as expert witness in County Court, District Court, Federal Court Co- instructor, SREA Course I, Austin, 1973, 1974, 1976, and 1979 Approved Appraisal Instructor for Texas Realtors Institute Courses I, II, and III, having taught during 1977, 1978, and 1979 Oraanizations and Committees Licensed Texas Real Estate Broker No. 07488 American Institute of Real Estate Appraisers (MAI), No. 5450 Austin Board of Realtors - Realtor Member AIREA South Texas Chapter Number 29 President, 1982 Clients Alliance Bank, Austin MBank Austin & Corpus Christi First Interstate Bank Austin & Houston Seabrook, Addicks, Marble Falls NCNB Austin Texas American Bank, Austin, Temple & Ft. Worth Texas Commerce Bank, Austin & Houston Capitol Mortgage Bankers, Austin Texas Power and Light Company Texas Parks & Wildlife Department U.S. Treasury Department The University of Texas at Austin Austin Independent School District University Savings Assoc., Austin Southwestern Bell Telephone Co. Bank of the Hills, Austin National Bank of Commerce, Austin & San Antonio Various individuals and attorneys City of Austin City of Elgin City of Round Rock Texas Highway Department Austin Redevelopment Authority San Marcos River Authority Lower Colorado River Authority Lamar Savings Assoc., Austin Lo -Vaca Gathering Co. I.B.M. Corporation Los Angeles Times Mirror APPRAISER'S QUALIFICATIONS Thomas R. Gardner, NAI a.imam...f..YIT WM COUNTRY CLUB i ., E !,(