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R-96-09-12-10I - 9/12/1996TEXAS, KA\ RRDOCS \RRSOLUTI \RS60912I.WPD /cdc RESOLUTION NO. R- 96- 09- 12 -10I A RESOLUTION RECEIVING AN AMENDED PETITION TO ESTABLISH THE ENCINO PLAZA PUBLIC IMPROVEMENT DISTRICT, AND APPOINTING AN ADVISORY BODY, AND AUTHORIZING PUBLICATION OF NOTICE. WHEREAS, the Oak Tree Development Corporation, the Encino Plaza Property, L.L.C. and SKLR, L.C. have heretofore filed with the City an amended petition ( "Exhibit 1 ") to request establishment of the Encino Plaza Public Improvement District ( "District ") under and pursuant to the provisions of Chapter 372, Local Government Code; and WHEREAS, the amended petition requests the establishment of the District within the corporate boundaries of the City as described in Exhibit "C" of Exhibit "1" attached hereto and incorporated herein; and WHEREAS, the amended petition has stated the general nature of the proposed improvements, the estimated costs of the improvements, the boundaries of the proposed District, the proposed method of assessment, and a provision for management of the district, all of which is set forth in Exhibit "1 ", Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, I. The amended petition heretofore filed with the City by the Oak Tree Development Corporation, the Encino Plaza Property, L.L.C. and SKLR, L.C. ( "Petitioners "), a copy of which is attached hereto as Exhibit "1" and made a part hereof for all purposes, is hereby formally received by the City Council of the City of Round Rock, Texas. II. The City Council hereby finds that it is advisable for the City to consider taking action in connection with the creation of the District, the proposed improvements to the District and the cost and method of assessment and apportionment. There is hereby created the Encino Plaza Improvement District Advisory Body which shall have the responsibility of developing and recommending an improvement plan to the City Council. The Advisory Body shall be composed of the following representatives of the Petitioners who are the owners of all of the taxable real property within the District and the record owners of all the real property liable for assessment within the District: David Shelton Mark Dietz Jack Muzak The following representatives of the City of Round Rock, Texas, shall also be members of the Advisory Body: Joe Vining Hugh Bender Charles Crossfield IV. The City Manager is hereby directed to use the services of municipal employees or employ a consultant to prepare a report to determine whether the improvements to be considered should be made 2. as proposed by the petition and to prepare a preliminary estimate of the costs of the improvements. A public hearing on the advisability of the improvements shall be held before the City Council of the City of Round Rock on the 10th day of October, 1996, and the City Secretary is directed to give proper notice of the hearing as required by Section 372.009 of the Local Government Code. ATTEST: RESOLVED this 12th day of September, 1996. LAND, City Secretary 3. CHARLES CULP$ PER, Mayor City of Round Rock, Texas STATE OF TEXAS COUNTY OF WILLIAMSON FIRST AMENDED PETITION FOR ESTABLISHMENT OF ENCINO PLAZA PUBLIC IMPROVEMENT ASSESSMENT DISTRICT TO THE CITY COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, AND THE MAYOR OF THE CITY OF ROUND ROCK, TEXAS: The undersigned landowners, pursuant to the Public Improvement Assessment Act, Chapter 372.001 et seq., Local Government Code, Vernon's Annot. Civil Statutes, respectfully petition the Mayor and the City Council for the establishment of the Encino Plaza Public Improvement Assessment District. Due to the contents of this amended petition being identical to that of the original petition previously filed by the parties as it relates to Round Rock Nissan Subdivision, a copy of SKLR, L.C.'s signature page from the original petition is attached hereto with the permission of SKLR, L.C. to support the submission of this amended petition. In support of said petition, Petitioners would show unto City Council the following: 1. General nature of proposed improvement. The proposed improvement shall consist of water, wastewater, street, and drainage improvements, and land detention and water quality ponds all located on the Encino Plaza 25 acre commercial development as detailed and more fully shown on Exhibit A. Water improvements, wastewater improvements, and drainage improvements on the 10 acre tract comprising the Round Rock Nissan Subdivision as detailed in Exhibit 13. 2. Estimated cost of improvement. (a) The probable cost of the Encino Plaza improvement is $1,760,212.80, and is set forth in Exhibit A attached hereto, and includes a 10% contingency, Planning, and 10% Engineering and Survey fees. FIRST AMENDED PETITION FOR ESTABLISHMENT OF CHISHOLM TRAIL PUBLIC IMPROVEMENT ASSESSMENT DISTRICT PAGE I (b) The probable cost of the Round Rock Nissan Subdivision improvement is $233,255.00, and is set forth in Exhibit B attached hereto, and includes Planning, Engineering, and Survey fees. 3. Boundaries of proposed assessment district. The boundaries of the proposed assessment district are described in Exhibit C attached hereto and incorporated herein. Included within Exhibit C are plats of Encino Plaza Subdivision and Round Rock Nissan Subdivision. 4. Proposed method of assessment. (a) The proposed method of assessment is based upon the appraised value of each lot in Encino Plaza and applying a pro rata assessment of the cost as identified in Exhibit A to each lot in Encino Plaza. The percentage values are set forth below: Percent of Description Size Retail Value $6,107,048 Lot 1, Block A 2.791 $972,607 0.159260 Lot 2, Block A 1.312 $457,206 0.074865 Lot 1, Block B 4.990 $1,488,946 0.243808 Lot 2, Block B 5.459 $1,628,889 0.266723 Lot 1, Block C 1.148 $315,043 0.051587 Lot 2, Block C 3.686 $1.244.357 0.203757 $6,107,048 1.000000 (b) . The proposed method of assessment is based upon the appraised value for each lot contained in the Round Rock Nissan Subdivision as identified in the appraisal attached hereto as Exhibit E and applying a pro rata assessment of the cost as identified in Exhibit B. The percentage values are set forth below: Percent of Description Value $1.685,000 Lot 1 $815,000 .484 Lot 2 $870.000 .516 $1,685,000 1.000 FIRST AMENDED PETITION FOR ESTABLISHMENT OF CHISHOLM TRAIL PUBLIC IMPROVEMENT ASSESSMENT DISTRICT PAGE 2 5. Management of District. The District shall be managed solely by the City of Round Rock, Texas. 6. Concurrence in establishment of District. All the undersigned request and/or concur with the establishment of the Public Improvement Assessment District. 7. Establishment of Advisory Body. An advisory body may be established to develop and recommend an improvement plan to the City. SIGNED this the Pi day of August, 1996. Respectfully submitted, ENCINO PLAZA SUBDIVISION By: l She1 on President Oak Tree Development Corporation By: — • \ ti D id Sh President Encino Plaza Property, L.L.C. FIRST AMENDED PETITION FOR ESTABLISHMENT OF CIUSHOLM TRAIL PUBLIC IMPROVEMENT ASSESSMENT DISTRICT PAGE 3 THE STATE OF TEXAS COUNTY OF WILLIAMSON This instrument was acknowledged before me on this the /4 day of August, 1996, by David Shelton, President of Oak Tree Development Corporation, for and on behalf of said co • oration. r SHARON L. LOPEZ ! NOTARY PUBLIC STATE OF TEXAS Commission Expires 12.12.99 THE STATE OF TEXAS COUNTY OF WILLIAMSON SHARON L. LOPEZ NOTARY PUBLIC STATE OF TEXAS Commission Expires 12.12.99 , I LtttOr . c . Notary Public, State of Tex This instrument was acknowledged before me on this the 1-r - day of August, 1996, by David Shelton, President of Encino Plaza Property, L.L.C., for and on behalf of said corporation. lLh -o Notary Public, State of Texas (T'S FIRST AMENDED PETITION FOR ESTABLISHMENT OF CHISHOLM TRAIL PUBLIC IMPROVEMENT ASSESSMENT DISTRICT PAGE 4 'I'IIE STATE OF TEXAS § § COUNTY OF Tra r'a V I5 _____ _ § ROUND RL K NISSAN SUBDIVISION esident Ran. Ross, SL R, L C This instrument was acknowledged before me on this the 17 day of May, 1996, by Randy Ross, President of SLKR, L C , for and on behalf of said corporation. l.Ci x ..2-4LQA Notary Public, State of Texas "•.� CHARLENE GUMP 11, Notary Public. State of Texas ay'� My osnmudon CzpVea 0 4 . MARCH 14,1008 A EXHIBIT ENCINO PLAZA CONSTRUZTION COSTS Water Improvements No. Description Quantity Unit Unit Price Total Price 1 8" Water C -900 848 L F. $25 00 $21,200.00 2 12" Water C-900 1,980 L.F. $32.00 $63,360.00 3 Single Water Service 9 EA $1,570.00 $14,130.00 4 5 - 1/4" Fire l lydrant &.6" Gate Valve 7 EA $1,700.00 $11,900.00 5 12" Wet Connection 1 EA $7,50000 $7,500.00 6 8" Wet Connection 1 EA $3,700.00 83,700.00 7 8" Gate Valve 3 EA 8520.00 $1,560.00 8 12" Gate Valve 4 EA $1,000.00 $4,000.00 9 Raise Gate Valve 7 EA $260.00 $1,820.00 Total Water Improvements $129,170.00 Wastewater Improvements No. • Description Quantity Unit Unit Price Total Price I 8" PVC (All Depths) 755 L.P. $25.00 $18,875.00 2 12" PVC (All Depths) 1,195 L.F. $39.00 $46,605.00 3 Single Wastewater 8 EA $620.00 $4,960.00 4 Manholes 9 EA $3,000.00 $27,000.00 5 Trench Safety 1,950 L.P. $2.50 $4,875.00 Total Wastewater Improvements 5102 ,315.00 Street Improvements (Includes internal streets only) ' No. Description Quantity Unit , Unit Price Total Price 1 Excavation/Suhgrade Preparation 9,700 S.Y. $3.00 $29,100.00 2 10" Fle\ 13aae 9,700 S.Y. $4.50 $43,650.00 3 2" A'phalt 9,050 5 Y. $4.00 $36,200.00 4 C'urh and Gutter 5,600 L.P. $6.00 $33,600.00 5 6' Valley Gutter 2 IiA $1,500.00 $3,000.00 6 Street Stgnage ' 4 EA $150.00 5600.00 7 Revegetation 1 I..S. $7,000.00 $7,000.00 8 Handicapped Sidewalk Ramp, 2 EA $500.00 $1,000.00 9 5' Concrete Sidewalk 3,500 I..F. $10.50 $36,7501x) Total Street Improvements S190,900.00 Drainage Improvements No. Description Quantity Unit Unit Price Total Price 1 18" RCP 210 L.F. $32.00 $6,720.00 2 24" RCP 666 L.F. $35.00 $23,310.00 3 30" RCI' 340 L.F. $45.00 $15,300.00 4 36" RCI' 800 L.P. $58.00 $46,400.00 5 18 "CGMI' 150 L.P. $27.50, $4,125.00 6 10' Curb Inlet 5 EA $1,800.00 $9,000.00 7 15' Curb Inlet I EA $2,500.00 $2,500.00 8 Standard Storm Manhole 5 EA $1,600.00 $8,000.00 9 Junction Type Manholes 8 EA $2,900.00 $23,200.00 10 Concrete Slopewalls 4 EA $620.00 $2,480.00 11 Trench Safety 1,576 L.F. $2.75 $4,334.00 12 Temporary Erosion Control I L.S. $11,000.00 $11,000.00 13 Concrete I leadwall (18" RCP) 6 EA $1,000 00 $6,000.00 14 Pond 1 1 L.S. $186,000.00 $186,00.00 15 Pond 2 1 L S. $70,000.00 $70,000.00 16 Pond3 I L.S. $110,000.00 $110,000.00 Total Drainage Improvements $528,369.00 Encino Plaza Construction Costs - Page 2 Off Site Improvements No. Description Quantity Unit Unit Price Total Price 1 12" PVC (AII Depths) 1,300 L F. $40.00 852,000.00 2 12" D1 (All Depths) Uncoated 380 L.F. $75.00 $28,500.00 3 30" D 1 (All Depths) Uncoated 50 L F. $200 00 $10,000.00 4 Manholes 7 EA $3,100.00 $21,700.00 5 Concrete Encasement of 12" 1).1 300 L.F. $52.00 $15,600.00 6 Repair DI rveways 100 I. F. $66.00 $6,600.00 7 Temporary Erasion Controls I L.S. $525000 $5,250.00 8 Trench Safety 1,380 L F. $3.00 $4,140.00 9 Prep Pipe Row 13.5 STA $600.00 $8,100.00 10 Permanent Erosion Control 1 L.S. $4,200.00 $4,200.00 Total Off-Site Improvements S156,090.00 Total Water, Wastewater, Street, Drainage, and Off -Site Improvements 81,106,844.00 Engineer Based on 10% of Total Improvement Cost S110,684.40 Contingency Cost of l 0% of Total Improvement Costs S110,684.40 Land No. Description Quantity Unit Unit Price Total Price I Land for Detention and Water Quality Ponds 72,000 S.F. $6.00 8432,000.00 GRAND TOTAL 51,760,212.80 Water Improvements No. Description I Upgrade Water Pressure Plane including distant PRV valve and engineering Total Water Improvements Wastewater Improvements No. Description 2 12" Water and Wastewater Service Lines including connections and manholes Total Wastewater Impr Drainage Improvements (Conveyance Lot 2) No. Description 3 Drainage Conveyance (Lot 21 Drainage Improvements (Lot 1) 4 Drainage. Filtration, Detention (Lot 1) Total Drainage Improvements Total Water, Wastewater, and Drainage Improvements Engineering and Contingency Costs EXHIBIT B ROUND ROCK NISSAN CONSTRUCTION COSTS GRAND TOTAL Total Price $20,000.00 520,000.00 Total Price $73,425.00 573,425.00 Total Price . $39,925.00 581,120.00 5121,045.00 5214,470.00 S18,785.00 5233,255.00 / 1 AC 1 I 41. '1! ROUND ROCK Crr Y ,,,,, , I . fr 401 i " ...' SI rictro WI: 1451. • Dr.. 0 71 : ; .0 aC 1 cs“, .111/031 . 565 41:1 , 23 AC At erAtor 01" I `,. .. -• ...... ' I.• r r0 A c /: L• /,,r L ■ ...,',.. / 07,1 aC - • 1 ..... --7 -- /irl' `. I • ..- - 500 AC. EXHIBIT C_. 6.111111 UNITED 00101905 2399/321 10 I/ FOGOS HOPPE 0 .1l9/ .111.1 2.11(0 AC , 100 AC Hi, F0 l•el . 7 46111(5 11051.11155(11 1465/1,3 y'r.W/11[11 Wf1.1 . . C ASAr 19(111.1 et 115 Al: f p . 1 LANOE . 11 54C. 41151111 IND MI 5,1119 /n /0 1 30 AG g (AC/\S1',; " I . 01 IA ROBERT BEHREN 0059/834 696 02. / 4. 1 /01411 r1OPPC 14:9/485 11.9.1 150 26 34 AC BAC: ; r rErV:41" _ 0 HOPPE 0 " 8 0050. f31213 4 D 2 7: 8 1 3 1OPPE 10 3 .1014 .94% ,seC 3 (0291121. .10 511EGM j11 14, 1.80.1 PAN • 590/r 20015 — 650/ 11590 „1.11,4 1910P 2 • 11,51/8i5 .151 AC 1 :7P:. 2 AV T5 DKR° • ISMS. LOT 1 5 6.10 t ••, 536 AC. 5 B. 709 tke. 0. a 33 } r.m O f awl )1W P 0 Eat=M 4lD rlMrfgNPTIIw-ip t UN Pr1 ,� lE 0:111 1O 54 BLOCK A I / t bia uu?NHCI rt EA ol 1UITf'ID`Vie481'1111 '" ('awNL mWl 1041, 1001 LUYY! O14A 0 WOO Oa4 WL my Ivan alGA OW 10A14 O i I la mpppmprQ' it 1T�ff'�1 t !y 1mID la iNl �IN %v 1L11G71T M MIR N 124 -i1 iw nni i. illE l PMk >mw Y �rf0 P1. 4111 WP INml1Z C -II Imo! 111 11143 1x0 Nm1r11T c -N 1! 14110' 16W IIY NOf nn Ur I uD AL PLAT E C-NO p CHISHOL10 r.M1. ram') mi.T TRAIL 14 ; � yl LAZ N THE CRY OF BOUND ROM,W111MSON C01.MY, TEXAS polo rml. PtlGfr IOt 1\ OM NI 51 501 I 4 1' LUl s2 • I ' jA 1 II' I UL� -p� .= ,. C- J_ 194;? _ w I 1 I 3'44" TRAIL � 1 � 1 '� I I Iln I ✓/' �Y 1 *46. lh .44 E VL L0 • P11 R 1i' 4_ A... • 31v S BLOCK 'C u' f°N r waau3 - ,. mh U. 5. INTERREGIONAL HIGHWAY 35 =mom FROHTAOR ?HOMY MANIC 41534 roan Mete DWDI rlmiu �o P nil i m mx ar Pvc.l \ fPLU U P wa PIAOID ITALY N018 14141 L'»va Q w:J G14.11r 11 P a 41111 Alm wfu Ppwlm2a va ® 1 �N M1 .01 1401 • iLI.EM !,.530].1... P mvm P M 1®53' wPa.b1 w.aa,.... r53a+ *I InPV —.�z I 0020112/Al 011 1 OF 2 OR ,HL [0 rqq IO11 L 111>111 0•1 0 e l - ROA nw[l�, No . ! T3 • 43133' ht n l S; 114 vPII Dml.axl fqr 0 1 '.uL • Ir P. 10Iwp i 1 1O 'O H NO T \ `\ l L AC it I5- 14L `f ! LN O 4 1 1 A_ 1110. D•02 [ I - -'Mtge `- -'F - a1 L! .Gt 10.11 11141'1 OWNER • OAK TREE DIYELOPMENT COPP. OW3011 • ENCNO PLAZA PROPERTY, LLC. OWNER • NOM PROMRTIS3 LTD. ACREAGE • E6.00 ACRE! WREST r DAY0 CURRY SURVEY 140.110 MOWER 01 'LOCKS • 3 5403301 01 LOTS .11 L.P. Of NEW 31IIEET . 5-17.08 DATE • AUOU'T E. 1M! 0 JOE 81, 15-24 NOW an 1414. 4 r 1 P v u Lwow 1 533 W 4153 ME 1 NE43 RW a. 0 0'E, 6375• S PER E/382) i 512 452 9230 W - - Aug -14— 6 01:31P MVCI /WTGCO /WBO {CNTX 512 452 9230 )TH AND ALIGNMENT. ,- . OF 45' FROM THE LONE STAR GAS )F C.R. 173 EXISTS. 30 S. HARWOOD ST. 908 N DALLAS, TX 75201 • • 0 n ... 10. z R R t7 41 4 Ol w N a N w. 1 i L_ o) W Z O 2 I 85.72' 1 -0 p I I 3 I 5 I I 15' P.U.E. 15' P.U.E. T175 2 i 5e.50') �, BpCK A LOT 2 4.9992 AC. LOT 1 4.9992 AC. S88'25'43 71 . al 46 I POINT OF BEGINNING I METES AND BOUNDS I DESCRIPTION 15' P.U. 1.14' (N8T58 586.35 39 BENCH MARK - SQUARE CUT IN HEADWALL OF BOX CULV. APPROX. 45' SOUTH OF SE COR. 10 AC. TRACT 2399/521. . P.02 SO41 ($oz EXHIBIT 1 D EXHIBIT D IS NOT REVERENCED IN THIS DOCUMENT MAZUK VALUATION AND CONSULTING, INC. May 10, 1996 Dear Mr. Ross: EXHIBIT E Mr. Randy Ross President SLKR ROUND ROCK, LC 9150 Research Boulevard Austin, Texas 77002 -2730 Re: Total of ±9.998 acres consisting of two contiguous ±4.99 acre components being legally described as Lots 1 & 2, Round Rock Nissan Subdivision, Round Rock, Williamson County, Texas (WCAD #R -16 -0130- 0000- 0037F) In accordance with your recent request, I have inspected the above referenced properties. Additionally, I have completed the market research and analyses necessary to formulate, document and furnish you with an opinion of market value for the fee simple interests in each of the Lot components, individually. Although several inspections have been completed, the effective date of the analyses and the final value opinions is May 6, 1996. As used herein, market value is defined as "The most probable price 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; 2700 West Anderson Lane, Suite 2058 Austin. Texas 78757 (512) 452 -9408 • FAX 452-9230 2. Both parties are well informed or well advised, and each acting in what they consider their own best interest; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Real Estate Services Randy Ross May 10, 1996 Page 2 Assuming these criteria and based on the data uncovered, confirmed, and analyzed my opinions of market value, as of the effective date, are as follows: Your attention is now directed to the following synopsis (limited scope/ restricted format) which sets forth some of the pertinent factors considered in the respective analyses and valuation process. Additional documentation and information is contained within the master file for this project and can be incorporated into a more detailed and fully self contained appraisal should you so desire. If after reviewing this presentation, you should have questions or if additional information is required at this time, please do not hesitate to contact me. Respectfully, ) / LOT ONE EIGHT HUNDRED FIFTEEN THOUSAND DOLLARS $815,000 LQT TWO EIGHT HUNDRED SEVENTY THOUSAND DOLLARS $870,000 al raiser TX- 1320174 -G GENERAL Map Reference: Current Owner of Record: Tax ID No.: Tax Information: SYNOPSIS OF PERTINENT INFORMATION A90; L-45 (Rand McNally) SLKR ROUND ROCK, INC. WCAD #R- 16- 0130 - 0000 -0037 Based upon the information available, this property has historically been, and is currently being, assessed as a single entity/ component. However, a subdivision plat which results in the two platted lot components has recently received final approval and is now recorded. The original parent property and, correspondingly, the individual Lot components, falls within multiple taxing jurisdictions. These include the City of Round Rock, the Round Rock ISD, Williamson County and the Williamson County FM/ RD fund. Information confirmed through the Williamson County Appraisal District indicates that, as of the effective date, the parent property (and the corresponding Lot components) is assessed under an agriculture use (1 -D -1) exemption. The total corresponding assessed basis under this status is $1,560. It is noted that although the ag use exemption does result in lower near term holding costs, any change in property use wit trigger a tax rollback provision (i.e. 5 preceding years - calculated upon differentials between market value and ag use value bases). As such, the inherent benefits of the exemption status are ultimately recaptured or offset. According to additional information confirmed, the current market value assessment is $871,060 ($2.00 per square foot). Based upon analysis of prevailing trends in the area, this assessment appears to be measurably understated. Therefore, this market value AREA SYNOPSIS OF PERTINENT INFORMATION (Cont.) assessment is judged favorable to the current owner as it also impacts the probable tax rollback liability. It is duly noted that an estimate of the probable tax rollback liability has been requested from the Williamson County Appraisal District. However, due to the current backlog, the processing time was ±2 weeks. The initial estimate was indicated to be in the range of $30,000. Reflecting the proposed development program to be initiated on Lot One, it is reasonable to conclude that the rollback provision will be effected in the next twelve months. According to a representative for the Travis County Tax Collector, the previous year (1995) tax liabilities for this property have been paid in full. Based upon various area maps, this property is located within the north central sector of Williamson County and it is also falls within the corporate limits for Round Rock. The specific location is along the west line of the IH 35 feeder road approximately 2,000 feet north of FM 3406. Primary access to the general area from all points within the Central Texas area, including Georgetown, Round Rock and Austin, is via IH 35. Notable east west arterials intersecting with IH 35 in the vicinity of the subject include FM 3406 (to the south) and Fm 1431 (to the north). Cursory research indicates that trends for ALL sectors of the real estate market in this area have been discernibly positive. Although portions of the historic and more current development trends for the area have been comprised of single family residential development, there has also been a notable surge in various supporting commercial and light industrial development programs. Round Rock been very successful in attracting a number of major employers to the area and several existing concerns have announced recent major expansions. These include, SYNOPSIS OF PERTINENT INFORMATION (Cont.) but are not limited to: Dell Computers, Cypress Semiconductors, Michael Angelo's Food Service and MicroBac. Based upon consideration and analyses of various information available, it is reasonable to conclude that trends will remain positive/ favorable into the near term foreseeable future. NEIGHBORHOOD/ MARKET AREA The subject neighborhood/ market area is generally defined as including properties in the which front along or are proximate to the 11 35 right of way between the FM 1431 intersection on the north and the CR 171/ FM 1325 intersection on the south. Review of various maps indicates that the majority of the neighborhood/ market area is within an corporate limits of Round Rock. For the most part, land uses along this sector of the IH 35 right of way tend to be commercial oriented. Included in the existing development/ improvement programs are various freestanding retail/ sales or service oriented outlets, fast food and tablecloth style restaurants and motels. Also included are some light industrial buildings, several high density residential improvements (apartments), banks, small office/ professional buildings and shopping centers. The heavier concentrations of the more intense retail/ commercial developments tend to be around or in close proximity to the primary intersections. The research indicates a number of new projects under construction along this sector of the IH 35 right of way. It is interesting to note that the majority of these new projects involve smaller transient type - chain motels. Notable influences/ factors which will, logically, impact the future trends for this defined area (IH 35 corridor) include the inventory of vacant tracts/ acreage suitable for development, the attitudes of the Round Rock political leaders toward continued growth and the availability/ expansion or upgrading of utility and roadway systems to accommodate growth. PHYSICAL PROPERTY DATA Property Type: Location: Size: Shape: Frontage: SYNOPSIS OF PERTINENT INFORMATION (Cont.) As discussed, the subject is actually comprised of two contiguous, platted lot components. The physical inspections revealed the aggregate/ parent property, and the corresponding components comprising such, to be vacant/ undeveloped. These Lots are located along the west line of the IH 35 feeder road approximately 2,000 feet north of the FM 3406 intersection. They also extend through to and front along Chisholm Trail. Lot One - ±4.999 acres per subdivision plat Lot Two - ±4.999 acres per subdivision plat TOTAL - ±9.998 acres The original parent property is best described as being basically rectangular in shape. This observation or description can also be applied to the individual Lot components. Based upon the subdivision plat, the aggregate frontage along the IH 35 right of way is indicated to be approximately ±819 linear feet. Of this total, ±443 linear feet are associated with Lot One (northerly component) and the remaining ±376 linear feet are associated with Lot Two. As of the effective date, traffic flow along the IH 35 feeder road is two way. Access from the south bound lanes of IH 35 is via the Fm 1431 exit to the north. Access from the north bound lanes is via either the FM 3406 exit or the FM 1431 exit. The corresponding frontage ratio for Lot One along Chisholm Trail is ±328.27 linear feet with the frontage for Lot Two being ±376 linear feet. These frontage ratios do provide secondary access. Topography: Based upon the physical inspection, the topography for Lot One can be described as ranging from flat and level to downward sloping to the northeast. The elevations for this Lot vary from ±774 Ground Cover: Drainage/ Flood Plain: SYNOPSIS OF PERTINENT INFORMATION ( Contj feet above sea level to ±757 feet above sea level. As discussed, the highest points of elevation are in the southwesterly sector, with the lower points being in the northerly and northeasterly sectors. The topography for Lot Two also ranges from being basically flat/ level in the southerly sector to gently downward sloping toward the north. The elevation appears to vary between 783 feet above sea level to approximately 770 feet above sea level. The physical inspection revealed the lots to be cleared or open with the notable exception being along the westerly boundaries. Several larger native trees and some underbrush/ shrubs were observed along the existing fence line. Reflecting the inherent topographical characteristics, drainage for both Lots should be reasonably adequate, with surface runoff being to the north and northeast. Additionally, the Tots are indicated to be classified as Zone X (FIA Map Panel No. 48491CO240 C dated September 27, 1991 - Williamson County). The Zone X classification indicates no defined flood areas. Zoning/ Use Restrictions: Based upon the most recent published Land Use/ Zoning maps available, the Lots are indicated to be zoned C -1. This zoning classification allows for a variety of highway commercial uses. Soils: Based upon review of general information published by the USGS (Soil Conservation Service), the soil and subsoils comprising the Lots are typical for the area. Review of the corresponding data indicates that although some of the characteristics are not totally favorable, proper site work and engineering should allow for development. Utilities: Electricity and telephone services are reportedly available in the immediate area and should be available to the Lots. The inspection Easements: SYNOPSIS OF PERTINENT INFORMATION (Cont.). revealed overhead power/ telephone lines along the westerly boundary. Information available indicates a 12" and a 16" water line in the Chisholm Trail right of way. There is also an existing 12 inch line along the northerly boundary, as well as an 8 inch sewer line, stubbing into the northeasterly boundary. Further review of the information available indicates a Lone Star Gas pipeline along the easterly boundary. Reflecting the subdivision plat, there are 15 foot wide utility easements along the southerly and westerly boundaries of Lot one and along the northerly, southerly and westerly boundaries of Lot Two. There are also 25 foot wide utility easements along the easterly boundaries of both Lots. No additional easements could be ascertained from the information available. Surrounding Properties: The inspections and review of area maps indicate the property to the north to be improved via a freestanding commercial building owned and occupied by Lone Star Gas Company. Beyond to the north is the Micro Bac research and development facility. The property to the west includes the Chisholm Trail right of way and beyond to the northwest are a vacant tract and a highly improved acreage homesite. To the southwest is a relatively new builders supply and lumber distribution outlet (Calcasieu Lumber). The property to the south includes an old acreage homesite and beyond is a larger vacant tract. This tract ( ±25 acres) is targeted for a multi -use/ multi tract commercial development (Encino Plaza). The property to the east includes the IH 35 right of way and beyond are several commercial/ light industrial buildings and vacant tracts. Environmental: No specific environment assessment/ study was furnished or available to this office. Therefore, the following observations are based upon the inspection completed and review of various general published information maintained in this office. No signs of hazardous materials/ contamination were noted (ie. barren ground, discolored vegetation, oil residue, etc.). Additionally, review of the various general information available indicates no documented evidence of any type of archaeologically or historically significant features or influences on the site or in the immediate area. HIGHEST AND BEST USE SYNOPSIS OF PERTINENT INFORMATION (Cont.) Further review of various published information indicates no identified Endangered Species Habitat or Karsts zones in this area. However, the property do lie above the Edwards Aquifer recharge zone. This factor will result in some additional approvals in the permitting process for any contemplated development. Other than the Recharge Zone influence, it is considered reasonable to assume that there are no substantive negative or detrimental Environmental conditions. However, should specific Environmental Studies / Assessments be completed and result in conflicting information/ conclusions, I reserve the right to review such to ascertain the impact, if any, on value. At present, the subject Lots are vacant / undeveloped. However, Lot one is proposed to be improved with a modern automobile sales/ service facility (Round Rock Nissan) in the near future. The research did reveal evidence of positive development along the Ih 35 corridor. The major of the projects under construction involve consumer sales/ service improvements. Additionally, the inventory of smaller commercial tracts suitable for near term development is diminishing. SYNOPSIS OF PERTINENT INFORMATION (Cont.) Based upon factors including the favorable frontage/ access, the size, the subdivided lot status and current zoning, the most probable/ logical ultimate use for each of the lots would be for some type of high profile commercial development programs. The use proposed for Lot One (automobile dealership) is considered to be reflective of the perceived use potential. VALUATION METHODOLOGY As these Lots are vacant/ undeveloped, the Cost and Income approaches to value are not considered applicable. Accordingly, in the valuation process, primary emphasis was placed upon the Market/ Sales Comparison Approach. In this approach, information pertaining to sales and current listings are abstracted from the market. Specifics pertaining to the properties involved are confirmed and this information is analyzed and compared to the subject, with adjustments being made for various dissimilar characteristics. Accordingly, to implement the methodology of this approach, the Williamson County Deed Records were researched for information pertaining to sales of comparable properties within the defined market area. Secondary data services subscribed to by this office (including the Metro Report, Real Comp data services, and the Jones and Hoffman Report) were also searched for information pertaining to arms - length transactions. Various real estate brokers active in the area were also consulted as to their knowledge of properties currently offered for sale or recently sold which would or could be judged or considered as competition for the subject. Emphasis was placed on properties with similar zoning and with frontage along/ exposure to IH 35. This research resulted in a sufficient sampling of data with which to ascertain/ interpret market trends and provide definitive bases for comparison. This data sampling includes a number of transactions that were consummated during the preceding six to twelve months as well as several current or pending contracts. The confirmed considerations or bases ranged from $3.17 per square foot to $5.80 per foot. SYNOPSIS OF PERTINENT INFORMATION (Cont.) Overall, review of the various information available indicates that the respective characteristics for these properties do vary somewhat. However, each is considered to exhibit or possess certain characteristics similar to those for the subject Lots. In order to result in an element of consistency and to provide common bases for comparison, adjustments were applied in the analysis process to compensate for the inherent dissimilarities. The initial factors considered were conditions of sale, financing/ terms and time/ date of sale. Subsequent consideration was given to physical factors such as frontage ratios/ access, size and entitlements. Other factors considered include zoning/ use potential, surrounding property influences, easement influences, flood plain/ drainage and utilities. To the extent possible, the adjustments implemented or utilized were based upon market comparisons. However, it is acknowledged that some subjective reasoning was also necessary in the adjustment process. After analyzing the information available for such and making the adjustments indicated or deemed appropriate, it is my opinion that the data sampling indicates and supports $3.75 per square foot as the appropriate unit of comparison for Lot One. Lot Two is judged slightly superior due to topography. Accordingly, reflecting allowances for this perceived influence, $4.00 per square foot is considered to be the appropriate unit of comparison. These units of comparison figure are utilized in the following calculations to set forth the estimates of market value for the subject lots under the parameters previously stated, as of May 6, 1996. LOT ONE ±4.99 acres ( ±217,364 sq. ft.) x $3.75/sq. ft. = $815,115 SAY $815,000 LOT TWO ±4.99 acres ( ±217,364 sq. ft.) x $4.00 /sq. ft. = $869,456 SAY $870,000 Jac ' azu Statp Certified eneral Real state Ap. ='ser TX- 1320174 -G CERTIFICATE I certify that, to the best of my knowledge and belief: The statements of fact contained in this presentation are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the properties that are the subject of this presentation and I have no personal interest or bias with respect to the parties involved. My employment and compensation are not contingent upon any action or event resulting from the analyses, opinions, or conclusions in or the use of this presentation (.e., consummation of a sale, approval of a loan, favorable adjudication of a lawsuit, etc.). This appraisal assignment was not based upon a requested "minimum valuation," a specific valuation or the approval of a loan. The analyses, opinions, and conclusions were developed, and this presentation has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Uniform Standards of Professional Appraisal Practice for the Appraisal Institute and the Texas Real Estate Commission. The use of this presentation is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. I have completed the continuing education requirements for designation and recertification through the Appraisal Institute and for General Appraiser Certification and Brokers Licensure through the Texas Real Estate Commission. The values expressed in this presentation are not wholly or in part based upon race, color, or nation. prig' f the current/ prospective owners or occupants. e ons of the Properties/ Lots addressed herein. CONTINGENT AND LIMITING CONDITIONS This presentation is subject to the following limiting conditions: The legal descriptions furnished this firm is assumed to be correct. I assume no responsibility for matters legal in character, nor render any opinion as to the title, which is assumed to be good. Unless otherwise stated in this presentation, the existence of hazardous material, which may or may not be present on the properties, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the properties and is not qualified to detect such substances. The presence of substances such as asbestos, urea - formaldehyde foam insulation, or other potentially hazardous materials may affect the values of the properties. The value estimates are predicated on the assumption that there are no such materials on or In the properties 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. I have made no survey and assume no responsibility in connection with such matters. Although reasonable efforts have been made to insure that the information contained in this presentation is reliable, no responsibility is assumed for its accuracy. I am not required to give testimony or attendance in court by reason of this appraisal with reference to the properties in question, unless arrangements have been made previously therefore. Possession of this presentation 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 without the previous written consent of the appraiser. Neither all nor any part of the contents of this presentation shall be conveyed to the public through advertising, public relations, news, sales, or other media without the written consent and approval of the author, particularly as to valuation and conclusions, the identity of the appraiser or firm with which he is connected, or any reference to the Appraisal Institute or the MAI designation. Association Memberships Member - Appraisal Institute, MAI, Certificate No. 7008 State of Texas Broker License #205040 General Certified Appraiser - State of Texas, Certificate No. TX 1320174 -G Educational Background QUALIFICATIONS OF JACK MAZUK, MAI Graduated from Texas A &M University in May of 1976 with a Bachelor of Science Degree in Agriculture Economics Successfully completed the following courses or respective exam equivalent sponsored by the American Institute of Real Estate Appraisers: 1A, 1B, 2 -1, 2 -2, 3, Standards of Professional Practice, and the Comprehensive Exam. Successfully completed the following courses or respective exam equivalent sponsored by the Society of Real Estate Appraisers: Successfully completed various short courses and seminars in advanced real estate and related topics. Have attended seminars addressing appraising under Federal guidelines. Experience 101, 201, and R -2 exam. June 1990 - Date - Principal in Mazuk Valuation and Consulting, 2700 West Anderson Lane, Suite 205 B, Austin, Texas 78757. January 1984 - May 1990 - Appraiser /Consultant with Texas Real Estate Counselors, Inc., Austin, Texas. April 1977 - December 1983 - Manager of Commercial Appraisal Department, Edward B. Schulz & Company, Houston, Texas. QUALIFICATIONS OF JACK MAZUK. MAI (Cont.) June 1976 - April 1977 - Trainee and Staff Appraiser, Robert B. Jones & Company, Houston, Texas. Certification The Appraisal Institute conducts a program of continuing education for its designated members. MAI's and SRA's who meet the minimum standards of this program are awarded periodic educational certification." As of the effective date I, Jack Mazuk, MAI, have completed the requirements under the continuing education program for the Appraisal Institute. Date: September 10, 1996 Subject City Council Meeting September 12,1996 Item: 10.I Consider a resolution authorizing the receipt of a Petition establishing the Encino Plaza Public Improvement Assessment District, appointing an advisory body and setting a date for a public hearing regarding the advisability of proposed improvements. Staff Resource Person: Joe Vining Staff Recommendation: Approval The proposed Encino Plaza Public Improvement Assessment District is the site of a 25 acre commercial tract. Included in this tract of land is the future Holiday Inn Select Hotel and a restaurant. The advisory body comprised of staff, the legal department, and attorneys for the Petitioners will determine the best way to share costs for constructing certain infrastructure improvements. A public hearing will be held October 10 concerning the advisability of establishing the Encino Plaza Public Improvement Assessment District (PID) and the proposed method of assessment. The boundaries of the Public Improvement Assessment District are shown on the following map: R. Mark Dietz Melissa G. Dietz J. Lee Jarrard, Jr. Ms. Joanne Land Assistant City Manager /City Secretary City of Round Rock 221 East Main Street Round Rock, Texas 78664 Dear Ms. Land: DIETZ & ASSOCIATES, P.C. Attorneys At Law 106 Fannin Avenue East Round Rock, Texas 78664 512/244 -9314 Fax 512/244 -3766 May 17, 1996 via Hand Delivery Re: Petition for Establishment of Encino Plaza Public Improvement Assessment District This is our request to establish a public improvement district pursuant to Chapter 372 of the Texas Local Government Code. The attached petition is signed by the property owners who own 95% of the property within the proposed district. The proposed improvements consist of water, wastewater, street, and drainage improvements along Chisholm Trail and within the Round Rock Nissan Subdivision and the Encino Plaza Subdivision. The estimated cost is $1,993,467.80 as identified in the opinion of probable cost is attached as Exhibit A and Exhibit B to the petition which includes planning and engineering fees required to establish the district and construct the improvements. The boundaries are shown in Exhibit C attached to the petition. RECEIVED MAY 1 71998 Of Counsel. Davis Grant Robert M Sumners The proposed method of assessment is described in the Petition. The assessment is based upon the appraisal of the subject tracts and the value of the improvements to the subject tracts. The proposed apportionment of costs between the public improvement district and the municipality as a whole is as follows: Ms. Joanne Land May 17,1996 Page 2 2. The City would be responsible for the cost of contribution of oversize line. The City of Round Rock, Texas will manage the District. The persons signing the Petition concur with the establishment of the District. An advisory board may be established to develop and recommend an improvement plan to the City Council. I believe this meets the requirements of Sec. 372.005 of the Texas Local Government Code. Please place this Petition on the next Council Agenda so that council may refer this matter to the Director of Public Works and the Director of Planning for their recommendation. Thank you for your assistance in this matter. Sincerely yours, RMD /ca Enclosures s . 1. Property owners within the PID would be responsible for all costs except the oversize contribution. cc Randy Ross Charlie Crossfield Joe Vining Jack Mazuk David Shelton .k4 R. Mark Dietz Attorney for Scenic Land Development Corporation � I. �,:��L�JJ� V.,� I �-��-09-1� -i0� STATE OF TEXAS § COUNTY OF WILLIAMSON § PETITION FOR ESTABLISHMENT OF ENCINO PLAZA PUBLIC IMPROVEMENT ASSESSMENT DISTRICT TO THE CTI'Y COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, AND THE MAYOR OF THE CITY OF ROUND ROCK, TEXAS: The undersigned landowners, pursuant to the Public Improvement Assessment Act, Chapter 372.001 et seq., Local Government Code, Vemon's Annot. Civil Statutes, respectfully petition the Mayor and the City Council for the establishment of the Encino Plaza Public Improvement Assessment District. In Support of said petition, Petitioners show to City Council the following: 1. General nature of proposed improvement. The proposed improvement shall consist of water, wastewater, street, and drainage improvements, and land detention and water quality ponds all located on the Encino Plaza 25 acre commercial development as detailed and more fully shown on Exhibit A. Water improvements, wastewater improvements, and drainage improvements on the 10 acre tract comprising the Round Rock Nissan Subdivision as detailed in Exhibit B. 2. Estimated cost of improvement. (a) The probable cost of the Encino Plaza improvement is $1,760,212.80, and is set forth in Exhibit A attached hereto, and includes a 10% contingency, Planning, and 10% Engineering and Survey fees. (b) The probable cost of the Round Rock Nissan Subdivision improvement is $233,255.00, and is set forth in Exhibit B attached hereto, and includes Planning, Engineering, and Survey fees. PETITION FOR ESTABLISHMENT OF CHISHOLM TRAIL PUBLIC IMPROVEMENT ASSESSMENT DISTRICT PAGE I 3. Boundaries of proposed assessment district. The boundaries of the proposed assessment district are described in Exhibit C attached hereto and incorporated herein. 4. Proposed method of assessment. (a) The proposed method of assessment is based upon the appraised value of each lot in Encino Plaza as identified in the appraisal attached hereto as Exhibit D and applying a pro rata assessment of the cost as identified in Exhibit A to each lot in Encino Plaza. The percentage values are set forth below: Percent of Description Size Retail Value $5,092,623 Lot 1, Block A 2.791 $668,668 0.131301 Lot 2, Block A 1.312 $377,197 0.074067 Lot 1, Block B 3.630 $1,028,931 0.202043 Lot 2, Block B 1.366 $386,770 0.075947 Lot 3, Block B 5.459 $1,010,625 0.198449 Lot 1, Block C 1.600 $540,144 0.106064 Lot 2, Block C 1.600 $540,144 0.106064 Lot 3, Block C 1.600 $540,144 0.106064 $5,092,623 1.000000 (b) The proposed method of assessment is based upon the appraised value for each lot contained in the Round Rock Nissan Subdivision as identified in the appraisal attached hereto as Exhibit E and applying a pro rata assessment of the cost as identified in Exhibit B. The percentage values are set forth below: Percent of Description Value $1,685,000 Lot 1 $815,000 .484 Lot 2 $870,000 .516 $1,685,000 1.000 PETITION FOR ESTABLISHMENT OF CHISHOLM TRAIL PUBLIC IMPROVEMENT ASSESSMENT DISTRICT PAGE 2 5. Proposed apportionment of cost between assessment district and the City of Round Rock. The City of Round Rock will contribute the oversize component of the improvements on the Round Rock Nissan Subdivision. The City of Round Rock will contribute the oversize component of the improvements on the Encino Plaza Subdivision. 6. Management of District. The District shall be managed solely by the City of Round Rock, Texas. 7. Concurrence in establishment of District. All the undersigned request and/or concur with the establishment of the Public Improvement Assessment District. 8. Establishment of Advisory Body. An advisory body may be established to develop and recommend an improvement plan to the City. PETmON FOR ESTABLISHMENT OF CHISHOLM TRAIL PUBLIC IMPROVEMENT ASSESSMENT DISTRICT PAGE 3 THE STATE OF TEXAS § COUNTY OF WILLIAMSON § CARCLEALSUP NY PUBLIC `,�_ STATo OTAR Or TEXAS <o, a'' commission Expires 4.14.98 Respectfully submitted, CINO PLAZA SUBDIVISION By: t avid Shelfi6n, President Scenic Land Development Corporation This instrument was acknowledged before me on this the /7 day of May, 1996, by David Shelton, President of Scenic Land Development Corporation, for and on behalf of said corporation. Notary Public, State of Texa ROUND R SL L.C. K NISSAN SUBDIVISION Ran. Ross, ,Jesident THE STATE OF TEXAS § COUNTY OF Travis § This instrument was acknowledged before me on this the 11 day of May, 1996, by Randy Ross, President of SLKR, L.C., for and on behalf of said corporation. Notary Public, State of Texas • " CHARLENE GLIMP 11� o Notary Public, State ot7axaa a MYCOmmIssbnExpires !.wl MARCH 14,1688 °r EXHIBIT A ENCINO PLAZA CONSTRUCTION COSTS Water Improvements No. Description Quantity Unit Unit Price Total Price 1 8" Water C -900 • 848 L.F. $25.00 $21,200.00 2 12" WaterC -900 1,980 L.F. $32.00 $63,360.00 3 Single Water Service 9 EA $1,570.00 $14,130.00 4 5 -1/4" Fire Hydrant & 6" Gate Valve 7 EA $1,700.00 $11,900.00 5 12" Wet Connection 1 EA $7,500.00 $7,500.00 6 8" Wet Connection 1 EA $3,700.00 $3,700.00 7 8" Gate Valve 3 EA $52000 $1,560.00 8 12" Gate Valve 4 EA $1,000.00 $4,000.00 9 Raise Gate Valve 7 EA $260.00 $1,820.00 Total Water Improvements $129,170.00 Wastewater Improvements No. Description Quantity Unit Unit Price Total Price 1 8" PVC (All Depths) 755 L.F. $25.00 $18,875.00 2 12" PVC (All Depths) 1,195 L.N. $39.00 $46,605.00 3 Single Wastewater 8 EA $620.00 $4,960.00 4 Manholes 9 EA $3,000.00 $27,000.00 5 Trench Safety 1,950 L.F. $2 50 $4,875.00 Total Wastewater Improvements $102 ,315.00 Street Improvements (Includes internal streets only) No. Description Quantity Unit Unit Price Total Price 1 Excavation/Subgrade Preparation 9,700 S.Y. $3.00 $29,100.00 2 10" Flex Base 9,700 S.Y. $4.50 $43,650.00 3 2" Asphalt 9,050 S.Y. $4 00 $36,200.00 4 Curb and Clutter 5,600 L.F. $6.00 $33,600.00 5 6' Valley Gutter 2 EA $1,500.00 $3,000.00 6 Street Signage 4 EA $150.00 $600.00 7 Revegetation 1 I,.S $7,000.00 $7,000.00 8 Handicapped Sidewalk Ramps 2 EA $500 00 $1,000.00 9 5' Concrete Sidewalk 3,500 L.F. $10.50 $36,750.00 Total Street Improvements $190,900.00 Drainage Improvements No. • Description Quantity Unit Unit Price Total Price 1 18" RCP 210 L F. $32.00 $6,720 00 2 24" RCP 666 L F. $35.00 $23,310.00 3 30" RCP 340 L.F. $45.00 $15,300.00 4 36" RCP 800 L F $58. 00 $46,400.00 5 18" CGMP 150 . L F. $27.50 $4,125.00 6 10' Curb Inlet 5 EA $1,800.00 $9,000.00 7 15' Curb Inlet 1 EA $2,500.00 $2,500.00 8 Standard Storm Manhole 5 EA $1,600.00 $8,000.00 9 Junction Type Manholes 8 EA $2,900.00 $23,200.00 10 Concrete Slopewalls 4 EA $620.00 $2,480.00 11 Trench Safety 1,576 L.F. $2.75 $4,334.00 12 Temporary Erosion Control 1 L.S. $11,000.00 $11,000.00 13 Concrete Headwall (18" RCP) 6 EA 81,000.00 $6,000.00 14 Pond 1 1 L.S. $186,000.00 $186,00.00 15 Pond 2 1 L.S. $70,000.00 $70,000.00 16 Pond 3 1 L.S. $110,000.00 $110,000.00 Total Drainage Improvements 8528,369.00 Water Improvements •- No. Description ' Quan., ' Unit Unit Price Unit Total Price 1 8" Water C -900 2,840 L.F. $24.00 L.F. 868,160.00 2 12" Water C -900 2,200 L.F. $30.00 L.F. $66,000.00 3 Single Water Service 9 EA $500.00 EA 84,500.00 4 5 -1/4 " Fire Hydrant & 6" Gate Valve 6 EA $1,800.00 EA $10,800.00 5 8" Wet Connection 2 EA $2,500.00 EA $5,000.00 6 8" Gate Valve 6 EA $720.00 EA $4,320.00 7 12" Gate Valve 4 EA $950.00 EA $3,800.00 8 Raise Gate Valve 8 EA $180.00 EA $1,440.00 Total Waterimprovements $164,020.00 Wastewater Improvements No.' ' Description Quan. Unit Unit Price Unit Total Price ' 1 8" PVC (All Depths) 2,840 L.F. $27.00 L.F. $76,680.00 2 12 "PVC (All Depths) 2,800 L.F. $31.00 L.F. 82,831.00 3 Single Wastewater Service 9 EA $1,000.00 EA $9,000.00 4 Manholes 21 EA $1,500.00 EA $31,500.00 5 Trench Safety 2,840 L.F. $0.60 L.F. 81,704.00 Total Wastewater Improvements 5121,715.00 Street improvements (Includes internal streets only) , ... . • No. ' " Deseription • •' ' Quan.. Unit Unit Price Unit Total Price 1 Excavation/SubgradePreparation 10,390 S.Y. $4.70 S.Y. $48,833.00 2 10" Base 10,120 S.Y. $5.70 S.Y. $57,684.00 3 2" Asphalt 9,375 S.Y. $6.30 S.Y. $59,062.50 4 Curb and Gutter 4,360 L.F. $6.60 L.F. $28,776.00 5 6' Concrete Valley Gutter 1 EA $2,750.00 EA $2,750.00 6 Street Signage 4 EA $315.00 EA $1,260.00 7 Revegatation 1 L.S. 83,200.00 L.S. $3,200.00 Total Street Improvements $201,565.50 Drainage Improvements . No. . ." . . • • Descriptio ' : " . Qu an.. Unit IInitPrice Unit Total Prlce 1 18" RCP 970 L.F. $32.50 L.F. $31,525.00 2 24" RCP 400 L.F. $40.00 L.F. $16,000.00 3 30" RCP 1,080 L.F. $45.00 L.F. 848,600.00 4 10' Curb Inlet 6 EA $2,640.00 EA $15,840.00 5 15' Curb Inlet 6 EA $3,240.00 EA $19,440.00 6 Manhole, Standard 6 EA $1,920.00 EA $11,520.00 7 Trench Safety 2,130 L.F. $0.60 L.F. $1,278.00 8 Temporary Erosion Control 1 S.Y. $2,400.00 S.Y. $2,400.00 9 Conc. Headwall (18" RC.P.) 6 EA $1,000.00 EA $6,000.00 10 DetentionandWaterQuality Pond 1 L.S. $150,000.00 L.S. $150,000.00 Total Drainage Improvements $302,603.00 Total Water, Wastewater, Street, and Drainage Improvements • 5789,903.50 Engineer Baged on 10% of Total Improvement Cost , • . $78,990.35 Land ,. . No. •• . Description Quan.. Unit Unit Price Unit Total Price 1 I Land for Detention and Water Quality Ponds 72,0001 S.F. 1 $6.00 I S.F. 1 $432,000.00 GRAND TOTAL : - $1,301,000.00 Encino Plaza Preliminary Estimated Construction Cost 25 Acre Commercial Development rev. 11/13/95 T. E Haynie and Associates Date Printed: 11/13/95 Page 1 9590 -01S.XLS Encino Plaza Construction Costs - Page 2 Off - Site Improvements No. Description Quantity Unit Unit Price Total Price I 12" PVC (All Depths) 1,300 L.F. $40.00 $52,000.00 2 12" D.1. (All Depths) Uncoated 380 L.F. ' $75.00 $28,500.00 3 30" D I (All Depths) Uncoated 50 1..1 $200.00 510,000.00 4 Manholes 7 I?A $3,10000 $21,70000 5 Concrete Encasement of 12" D.I. 300 L.F. $52 00 $15,600.00 6 Repair Dnveways 100 L.F. $66 00 $6,600.00 7 Temporary Erosion Controls 1 L.S. $5,250 00 $5,250.00 8 Trench Safety 1,380 LF. $3.00 $4,140.00 9 Prep Pipe Row 13.5 STA $600.00 $8,100.00 10 Permanent Erosion Control I L S. $4,200.00 $4,200.00 Total Off -Site Improvements 5156,090.00 Total Water, Wastewater, Street, Drainage, and Off - Site Improvements Engineer Based on 10% of Total Improvement Cost Contingency Cost of 10% of Total Improvement Costs Land No. Description 1 Land for Detention and Water Quality fonds $1,106,844.00 $110,684.40 S110,684.40 Quantity Unit Unit Price Total Price 72,000 S.F. $6.00 $432,000.00 GRAND TOTAL $1,760,212.80 l � EXHIBIT B 1 ROUND ROCK NISSAN CONSTRUCTION COSTS Water Improvements No. Description Total Price 1 Upgrade Water Pressure Plane including distant PRV valve and engineering $20,000.00 Total Water Improvements 520,000.00 Wastewater Improvements No. Description Total Price 2 12" Water and Wastewater Service Lines including connections and manholes $73,425.00 Total Wastewater Improvements $73,425.00 Drainage Improvements (Conveyance Lot 2) No. Description Total Price 3 Drainage Conveyance (Lot 2) $39,925.00 Drainage Improvements (Lot 1) 4 Drainage, Filtration, Detention (Lot 1) $81,120.00 Total Drainage Improvements 5121,045.00 Total Water, Wastewater, and Drainage Improvements $214,470.00 Engineering and Contingency Costs S18,785.00 GRAND TOTAL $233,255.00 I. AA I , n`IEU rll_ +., I_v t_misEr 1 ] i A[)C)ITIUll% ° - R f. ROBERT 2059/884RENS 2 6 �J 696 AC ► FMS /,0 600 AC. ox oe C �•7"EOGAR IIOPPE 1 x _ 429/405 EXHIBIT ANILIN UNITE0 1 IOLOINOS O 2399/521 IN U Ac NFI'F 0 AC /I 16. �\ ROUND ROCK CIT AUSTIN IN0 Y LIN ,w 56 ▪ lEL 1 1014 / 69 101/691 4 100 AC 110 AC 1e AC /6 34 AC 500 AC. e ld/ / ARLINE R091.IU9SEN / /4-'s 1462/243 19094 AC A L L 7 / A LANGE 19 AC SAC. • WI:. 1931/ 114 'NS/ �N/834 • ] 665 AC.) ` u]'IT .1 '.5 AC x.3)(4.111 Y' • TET ET- 7. VCR SAO . TERNAT v v WATER WELL • CITY0IRR ui (92/530 a 1f .115 AC 1 r ll • HOPIAf SUB A IrEf 1ANNF.1. T •rjYS r.c n 0 3 •1614 90 SHEET ^I 2 1,, NM G50 /I 5 20019 1i 650/. J _____.-0 - 6j ---1 ,, t In96 ,,P6M PROP 11 1551/935 0. 2.1 ,0 xi_ 5 =A J �"1 T ,f F .. .'tlSti . 2 8'� tfy]el 1. 00 0.0 0 4 iu • LOT 1 554090 2 ' LI2 Y Au 2 9.38 AC. 5 8. A 'OOAc. MAZUIt VALUATION AND CONSULTING, INC. May 10, 1996 Mr. Randy Ross President SLKR ROUND ROCK, LC 9150 Research Boulevard Austin, Texas 77002 -2730 EXHIBIT 2700 West Anderson Lane, Suite 20513 Austin, Texas 78757 (512) 452-9408 • FAX 452 -9230 Re: Total of ±9.998 acres consisting of two contiguous ±4.99 acre components being legally described as Lots 1 & 2, Round Rock Nissan Subdivision, Round Rock, Williamson County, Texas (WCAD #R -16 -0130- 0000- 0037F) Dear Mr. Ross: In accordance with your recent request, I have inspected the above referenced properties. Additionally, I have completed the market research and analyses necessary to formulate, document and furnish you with an opinion of market value for the fee simple interests in each of the Lot components, individually. Although several inspections have been completed, the effective date of the analyses and the final value opinions is May 6, 1996. As used herein, market value is defined as "The most probable price 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 they consider their own best interest; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Real Estate Services Randy Ross May 10, 1996 Page 2 Assuming these criteria and based on the data uncovered, confirmed, and analyzed my opinions of market value, as of the effective date, are as follows: LOT ONE EIGHT HUNDRED FIFTEEN THOUSAND DOLLARS $815,000 LOT TWO EIGHT HUNDRED SEVENTY THOUSAND DOLLARS $870,000 Your attention is now directed to the following synopsis (limited scope/ restricted format) which sets forth some of the pertinent factors considered in the respective analyses and valuation process. Additional documentation and information is contained within the master file for this project and can be incorporated into a more detailed and fully self contained appraisal should you so desire. If after reviewing this presentation, you should have questions or if additional information is required at this time, please do not hesitate to contact me. Respectfully, Jack Stat-�Certfied al Real Estate A• • - -er TX- 1320174 -G SYNOPSIS OF PERTINENT INFORMATION GENERAL Map Reference: A90; L-45 (Rand McNally) Current Owner of Record: SLKR ROUND ROCK, INC. Tax ID No.: WCAD #R -16 -0130 -0000 -0037 Tax Information: Based upon the information available, this property has historically been, and is currently being, assessed as a single entity/ component. However, a subdivision plat which results in the two platted lot components has recently received final approval and is now recorded. The original parent property and, correspondingly, the individual Lot components, falls within multiple taxing jurisdictions. These include the City of Round Rock, the Round Rock ISD, Williamson County and the Williamson County FM/ RD fund. Information confirmed through the Williamson County Appraisal District indicates that, as of the effective date, the parent property (and the corresponding Lot components) is assessed under an agriculture use (1 -D -1) exemption. The total corresponding assessed basis under this status is $1,560. It is noted that although the ag use exemption does result in lower near term holding costs, any change in property use will trigger a tax rollback provision (i.e. 5 preceding years - calculated upon differentials between market value and ag use value bases). As such, the inherent benefits of the exemption status are ultimately recaptured or offset. According to additional information confirmed, the current market value assessment is $871,060 ($2.00 per square foot). Based upon analysis of prevailing trends in the area, this assessment appears to be measurably understated. Therefore, this market value AR EA SYNOPSIS OF PERTINENT INFORMATION (Cont.} assessment is judged favorable to the current owner as it also impacts the probable tax rollback liability. It is duly noted that an estimate of the probable tax rollback liability has been requested from the Williamson County Appraisal District. However, due to the current backlog, the processing time was ±2 weeks. The initial estimate was indicated to be in the range of $30,000. Reflecting the proposed development program to be initiated on Lot One, it is reasonable to conclude that the rollback provision will be effected in the next twelve months. According to a representative for the Travis County Tax Collector, the previous year (1995) tax liabilities for this property have been paid in full. Based upon various area maps, this property is located within the north central sector of Williamson County and it is also falls within the corporate limits for Round Rock. The specific location is along the west line of the IH 35 feeder road approximately 2,000 feet north of FM 3406. Primary access to the general area from all points within the Central Texas area, including Georgetown, Round Rock and Austin, is via IH 35. Notable east west arterials intersecting with IH 35 in the vicinity of the subject include FM 3406 (to the south) and Fm 1431 (to the north). Cursory research indicates that trends for ALL sectors of the real estate market in this area have been discernibly positive. Although portions of the historic and more current development trends for the area have been comprised of single family residential development, there has also been a notable surge in various supporting commercial and light industrial development programs. Round Rock been very successful in attracting a number of major employers to the area and several existing concerns have announced recent major expansions. These include, SYNOPSIS OF PERTINENT INFORMATION (Cont.) but are not limited to: Dell Computers, Cypress Semiconductors, Michael Angelo's Food Service and MicroBac. Based upon consideration and analyses of various information available, it is reasonable to conclude that trends will remain positive/ favorable into the near term foreseeable future. NEIGHBORHOOD/ MARKET AREA The subject neighborhood/ market area is generally defined as including properties in the which front along or are proximate to the IH 35 right of way between the FM 1431 intersection on the north and the CR 171/ FM 1325 intersection on the south. Review of various maps indicates that the majority of the neighborhood/ market area is within an corporate limits of Round Rock. For the most part, land uses along this sector of the IH 35 right of way tend to be commercial oriented. Included in the existing development/ improvement programs are various freestanding retail/ sales or service oriented outlets, fast food and tablecloth style restaurants and motels. Also included are some light industrial buildings, several high density residential improvements (apartments), banks, small office/ professional buildings and shopping centers. The heavier concentrations of the more intense retail/ commercial developments tend to be around or in close proximity to the primary intersections. The research indicates a number of new projects under construction along this sector of the IH 35 right of way. It is interesting to note that the majority of these new projects involve smaller transient type - chain motels. Notable influences/ factors which will, logically, impact the future trends for this defined area (IH 35 corridor) include the inventory of vacant tracts/ acreage suitable for development, the attitudes of the Round Rock political leaders toward continued growth and the availability/ expansion or upgrading of utility and roadway systems to accommodate growth. PHYSICAL PROPERTY DATA Property Type: Location: Size: Shape: Frontage: SYNOPSIS OF PERTINENT INFORMATION (Cont.) As discussed, the subject is actually comprised of two contiguous, platted lot components. The physical inspections revealed the aggregate/ parent property, and the corresponding components comprising such, to be vacant/ undeveloped. These Lots are located along the west line of the 11-1 35 feeder road approximately 2,000 feet north of the FM 3406 intersection. They also extend through to and front along Chisholm Trail. Lot One - ±4.999 acres per subdivision plat Lot Two - ±4.999 acres per subdivision plat TOTAL - ±9.998 acres The original parent property is best described as being basically rectangular in shape. This observation or description can also be applied to the individual Lot components. Based upon the subdivision plat, the aggregate frontage along the IH 35 right of way is indicated to be approximately ±819 linear feet. Of this total, ±443 linear feet are associated with Lot One (northerly component) and the remaining ±376 linear feet are associated with Lot Two. As of the effective date, traffic flow along the IH 35 feeder road is two way. Access from the south bound lanes of IH 35 is via the Fm 1431 exit to the north. Access from the north bound lanes is via either the FM 3406 exit or the FM 1431 exit. The corresponding frontage ratio for Lot One along Chisholm Trail is ±328.27 linear feet with the frontage for Lot Two being ±376 linear feet. These frontage ratios do provide secondary access. Topography: Based upon the physical inspection, the topography for Lot One can be described as ranging from flat and level to downward sloping to the northeast. The elevations for this Lot vary from ±774 Ground Cover: Drainage/ Flood Plain: SYNOPSIS OF PERTINENT INFORMATION (Conti feet above sea level to ±757 feet above sea level. As discussed, the highest points of elevation are in the southwesterly sector, with the lower points being in the northerly and northeasterly sectors. The topography for Lot Two also ranges from being basically flat/ level in the southerly sector to gently downward sloping toward the north. The elevation appears to vary between 783 feet above sea level to approximately 770 feet above sea level. The physical inspection revealed the Tots to be cleared or open with the notable exception being along the westerly boundaries. Several larger native trees and some underbrush/ shrubs were observed along the existing fence line. Reflecting the inherent topographical characteristics, drainage for both Lots should be reasonably adequate, with surface runoff being to the north and northeast. Additionally, the lots are indicated to be classified as Zone X (FIA Map Panel No. 48491CO240 C dated September 27, 1991 - Williamson County). The Zone X classification indicates no defined flood areas. Zoning/ Use Restrictions: Based upon the most recent published Land Use/ Zoning maps available, the Lots are indicated to be zoned C-1. This zoning classification allows for a variety of highway commercial uses. Soils: Based upon review of general information published by the USGS (Soil Conservation Service), the soil and subsoils comprising the Lots are typical for the area. Review of the corresponding data indicates that although some of the characteristics are not totally favorable, proper site work and engineering should allow for development. Utilities: Electricity and telephone services are reportedly available in the immediate area and should be available to the Lots. The inspection Easements: SYNOPSIS OF PERTINENT INFORMATION (Cont.} revealed overhead power/ telephone lines along the westerly boundary. Information available indicates a 12" and a 16" water line in the Chisholm Trail right of way. There is also an existing 12 inch line along the northerly boundary, as well as an 8 inch sewer line, stubbing into the northeasterly boundary. Further review of the information available indicates a Lone Star Gas pipeline along the easterly boundary. Reflecting the subdivision plat, there are 15 foot wide utility easements along the southerly and westerly boundaries of Lot one and along the northerly, southerly and westerly boundaries of Lot Two. There are also 25 foot wide utility easements along the easterly boundaries of both Lots. No additional easements could be ascertained from the information available. Surrounding Properties: The inspections and review of area maps indicate the property to the north to be improved via a freestanding commercial building owned and occupied by Lone Star Gas Company. Beyond to the north is the Micro Bac research and development facility. The property to the west includes the Chisholm Trail right of way and beyond to the northwest are a vacant tract and a highly improved acreage homesite. To the southwest is a relatively new builders supply and lumber distribution outlet (Calcasieu Lumber). The property to the south includes an old acreage homesite and beyond is a larger vacant tract. This tract ( ±25 acres) is targeted for a multi -use/ multi tract commercial development (Encino Plaza). The property to the east includes the IH 35 right of way and beyond are several commercial/ Tight industrial buildings and vacant tracts. Environmental: No specific environment assessment/ study was fumished or available to this office. Therefore, the following observations are based upon the inspection completed and review of various general published information maintained in this office. HIGHEST AND BEST USE SYNOPSIS OF PERTINENT INFORMATION (Cont.) No signs of hazardous materials / contamination were noted (ie. barren ground, discolored vegetation, all residue, etc.). Additionally, review of the various general information available indicates no documented evidence of any type of archaeologically or historically significant features or influences on the site or in the immediate area. Further review of various published information indicates no identified Endangered Species Habitat or Karsts zones in this area. However, the property do lie above the Edwards Aquifer recharge zone. This factor will result in some additional approvals in the permitting process for any contemplated development. Other than the Recharge Zone influence, it is considered reasonable to assume that there are no substantive negative or detrimental Environmental conditions. However, should specific Environmental Studies/ Assessments be completed and result in conflicting information / conclusions, I reserve the right to review such to ascertain the impact, if any, on value. At present, the subject Lots are vacant / undeveloped. However, Lot one is proposed to be improved with a modern automobile sales/ service facility (Round Rock Nissan) in the near future. The research did reveal evidence of positive development along the Ih 35 corridor. The major of the projects under construction involve consumer sales/ service improvements. Additionally, the inventory of smaller commercial tracts suitable for near term development is diminishing. VALUATION METHODOLOGY SYNOPSIS OF PERTINENT INFORMATION (Cont.} Based upon factors including the favorable frontage/ access, the size, the subdivided lot status and current zoning, the most probable/ logical ultimate use for each of the lots would be for some type of high profile commercial development programs. The use proposed for Lot One (automobile dealership) is considered to be reflective of the perceived use potential. As these Lots are vacant/ undeveloped, the Cost and Income approaches to value are not considered applicable. Accordingly, in the valuation process, primary emphasis was placed upon the Market/ Sales Comparison Approach. In this approach, information pertaining to sales and current listings are abstracted from the market. Specifics pertaining to the properties involved are confirmed and this information is analyzed and compared to the subject, with adjustments being made for various dissimilar characteristics. Accordingly, to implement the methodology of this approach, the Williamson County Deed Records were researched for information pertaining to sales of comparable properties within the defined market area. Secondary data services subscribed to by this office (including the Metro Report, Real Comp data services, and the Jones and Hoffman Report) were also searched for information pertaining to arms - length transactions. Various real estate brokers active in the area were also consulted as to their knowledge of properties currently offered for sale or recently sold which would or could be judged or considered as competition for the subject. Emphasis was placed on properties with similar zoning and with frontage along/ exposure to IH 35. This research resulted in a sufficient sampling of data with which to ascertain/ interpret market trends and provide definitive bases for comparison. This data sampling includes a number of transactions that were consummated during the preceding six to twelve months as well as several current or pending contracts. The confirmed considerations or bases ranged from $3.17 per square foot to $5.80 per foot. SYNOPSIS OF PERTINENT INFORMATION (Cont.) Overall, review of the various information available indicates that the respective characteristics for these properties do vary somewhat. However, each is considered to exhibit or possess certain characteristics similar to those for the subject Lots. In order to result in an element of consistency and to provide common bases for comparison, adjustments were applied in the analysis process to compensate for the inherent dissimilarities. The initial factors considered were conditions of sale, financing/ terms and time/ date of sale. Subsequent consideration was given to physical factors such as frontage ratios/ access, size and entitlements. Other factors considered include zoning/ use potential, surrounding property influences, easement influences, flood plain/ drainage and utilities. To the extent possible, the adjustments implemented or utilized were based upon market comparisons. However, it is acknowledged that some subjective reasoning was also necessary in the adjustment process. After analyzing the information available for such and making the adjustments indicated or deemed appropriate, it is my opinion that the data sampling indicates and supports $3.75 per square foot as the appropriate unit of comparison for Lot One. Lot Two is judged slightly superior due to topography. Accordingly, reflecting allowances for this perceived influence, $4.00 per square foot is considered to be the appropriate unit of comparison. These units of comparison figure are utilized in the following calculations to set forth the estimates of market value for the subject Tots under the parameters previously stated, as of May 6, 1996. LOT ONR ±4.99 acres ( ±217,364 sq. ft.) x $3.75/sq. ft. = $815,115 SAY $815,000 LOT TWO ±4.99 acres ( ±217,364 sq. ft.) x $4.00 /sq. ft. = $869,456 SAY $870,000 Jac Stat Certifies eneral Re- state Ap•y ser TX- 1320174 -G CERTIFICATE I certify that, to the best of my knowledge and belief: The statements of fact contained in this presentation are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the properties that are the subject of this presentation and I have no personal interest or bias with respect to the parties involved. My employment and compensation are not contingent upon any action or event resulting from the analyses, opinions, or conclusions in or the use of this presentation (i.e., consummation of a sale, approval of a loan, favorable adjudication of a lawsuit, etc.). This appraisal assignment was not based upon a requested "minimum valuation," a specific valuation or the approval of a loan. The analyses, opinions, and conclusions were developed, and this presentation has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Uniform Standards of Professional Appraisal Practice for the Appraisal Institute and the Texas Real Estate Commission. The use of this presentation is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. I have completed the continuing education requirements for designation and recertification through the Appraisal Institute and for General Appraiser Certification and Brokers Licensure through the Texas Real Estate Commission. The values expressed i this presentation are not wholly or in part based upon race, color, or nation- •rigi •f the current/ prospective owners or occupants. 1 ns of the Properties / Lots addressed herein. CONTINGENT AND LIMITING CONDITIONS This presentation is subject to the following limiting conditions: The legal descriptions furnished this firm is assumed to be correct. I assume no responsibility for matters legal in character, nor render any opinion as to the title, which is assumed to be good. Unless otherwise stated In this presentation, the existence of hazardous material, which may or may not be present on the properties, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the properties and is not qualified to detect such substances. The presence of substances such as asbestos, urea - formaldehyde foam insulation, or other potentially hazardous materials may affect the values of the properties. The value estimates are predicated on the assumption that there are no such materials on or in the properties 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. I have made no survey and assume no responsibility in connection with such matters. Although reasonable efforts have been made to insure that the information contained in this presentation is reliable, no responsibility is assumed for its accuracy. I am not required to give testimony or attendance in court by reason of this appraisal with reference to the properties in question, unless arrangements have been made previously therefore. Possession of this presentation 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 without the previous written consent of the appraiser. Neither all nor any part of the contents of this presentation shall be conveyed to the public through advertising, public relations, news, sales, or other media without the written consent and approval of the author, particularly as to valuation and conclusions, the identity of the appraiser or firm with which he is connected, or any reference to the Appraisal Institute or the MAI designation. Educational Background QUALIFICATIONS OF JACK MAZUK. MAI Association Memberships Member - Appraisal Institute, MAI, Certificate No. 7008 State of Texas Broker License #205040 General Certified Appraiser - State of Texas, Certificate No. TX 1320174 -G Graduated from Texas A &M University in May of 1976 with a Bachelor of Science Degree in Agriculture Economics Successfully completed the following courses or respective exam equivalent sponsored by the American Institute of Real Estate Appraisers: 1A, 1B, 2 -1, 2 -2, 3, Standards of Professional Practice, and the Comprehensive Exam. Successfully completed the following courses or respective exam equivalent sponsored by the Society of Real Estate Appraisers: 101, 201, and R -2 exam. Successfully completed various short courses and seminars in advanced real estate and related topics. Have attended seminars addressing appraising under Federal guidelines. Experience June 1990 - Date - Principal in Mazuk Valuation and Consulting, 2700 West Anderson Lane, Suite 205 B, Austin, Texas 78757. January 1984 - May 1990 - Appraiser /Consultant with Texas Real Estate Counselors, Inc., Austin, Texas. April 1977 - December 1983 - Manager of Commercial Appraisal Department, Edward B. Schulz & Company, Houston, Texas. QUALIFICATIONS OF JACK MAZUK. MAI (Cont.) June 1976 - April 1977 - Trainee and Staff Appraiser, Robert B. Jones & Company, Houston, Texas. Certification "The Appraisal Institute conducts a program of continuing education for its designated members. MAI's and SRA's who meet the minimum standards of this program are awarded periodic educational certification." As of the effective date I, Jack Mazuk, MAI, have completed the requirements under the continuing education program for the Appraisal Institute.