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R-99-10-14-13F7 - 10/14/1999R 99- io- THE GARDNER APPRAISAL GROUP, INC. REAL ESTATE APPRAISERS AND CONSULTANTS 4314 MEDICAL PARKWAY, SURE 300, Austw Taus 78766 105 SOWN Sr. MARY'S Snuer, Sues 2107, SAN ANTONIO, TeKAS 78205 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 LIMITED APPRAISAL WRITTEN IN A SUMMARY FORMAT OF THE PROPERTIES LOCATED ALONG LEE AND SUMMIT STREETS BETWEEN WEST ANDERSON AVENUE AND SUNSET DRIVE CITY OF ROUND ROCK, WILLIAMSON COUNTY, TEXAS FOR MR. BOB BENNETT, CITY MANAGER CITY OF ROUND ROCK ROUND ROCK CITY HALL 221 MAIN STREET ROUND ROCK, TEXAS 78664 DATE OF VALUATION: NOVEMBER 22,1999 BY THOMAS R. GARDNER, MAI JULIANNE H. SHIVELY GARDNER APPRAISAL GROUP, INC. 4314 MEDICAL PARKWAY, SUITE 300 AUSTIN, TEXAS 78756-3332 GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 Tel (512) 458 -6294 Tel: (210) 223 -6911 San Antonio: 10 Ledge Lane, San Antonio, Texas 78212 November 28, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 RE: Valuation of a Partial Taking of real estate (William Brady & Ina Earl Anderson 803 square feet out of 0.5609 -acre) located along the west line of Lee Street and the east line of the Interstate Highway 35 North northbound frontage road, north of West Anderson Lane in Round Rock, Williamson County, Texas Dear Mr. Bennett: As requested, we have conducted the investigation and analysis necessary to form an opinion of the Market Value of the surface estate of the above captioned property. The subject land is to be used for the widening of Lee and Summit Streets by the City of Round Rock Public Works Department, City of Round Rock, Williamson County, Texas. Value is dynamic and subject to change, therefore, value estimates apply to only one period of time. Property is appraised subject to the Assumptions and Limiting Conditions contained herein. Market Value of the Whole Property as of Nov. 22,1999: $ 112,400 Market Value of the Part Taken (803 sf @ $4.60 /square footle $ 3,700 Market Value of the Remainder Before the Taking: $ 108,700 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $ 108,700 Total Compensation: $ 3,700 The taking involves 803 SF or 0.018 acres of land along the eastern boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 179.63 feet of Lee Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking; we are assuming that the property has received a zoning change from single family residential, "SF -2," to commercial, "C -1" zoning. GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 Tel: (512) 458 -6294 Tel: (210) 223 -6911 San Antonio: 10 Ledge Lane, San Antonio, Texas 78212 November 28, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 RE: Valuation of a Partial Taking of real estate (James W. & Mary F. Carothers 983 square feet out of 0.75 -acre) located along the west line of Lee Street and the east line of the Interstate Highway 35 North northbound frontage road, north of West Anderson Lane in Round Rock, Williamson County, Texas Dear Mr. Bennett: As requested, we have conducted the investigation and analysis necessary to form an opinion of the Market Value of the surface estate of the above captioned property. The subject land is to be used for the widening of Lee and Sununit Streets by the City of Round Rock Public Works Department, City of Round Rock, Williamson County, Texas. Value is dynamic and subject to change, therefore, value estimates apply to only one period of time. Property is appraised subject to the Assumptions and Limiting Conditions contained herein. Market Value of the Whole Property as of Nov. 22,1999: $144,000 Market Value of the Part Taken (983 sf t+? $4.40 /square foot): $ 4,300 Market Value of the Remainder Before the Taking: $139,700 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $139,700 Total Compensation: $ 4,300 The taking involves a 983 SF or 0.023 -acre tract of land located along the eastern boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 239.18 feet of Lee Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking; we are assuming that the property has received a zoning change from single family residential, "SF -2," to commercial, "C -1," zoning. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 Tel: (512) 458 -6294 Tel: (210) 223 -6911 San Antonio: 10 Ledge Lane, Sax Antonio, Texas 78212 November 28, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 RE: Valuation of a Partial Taking of real estate (Rigsby Kavanaugh 914 square feet out of 0.54 -acre) located along the east line of Lee Street, north of West Anderson Lane in Round Rock, Williamson County, Texas Dear Mr. Bennett: As requested, we have conducted the investigation and analysis necessary to form an opinion of the Market Value of the surface estate of the above captioned property. The subject land is to be used for the widening of Lee and Summit Streets by the City of Round Rock Public Works Department, City of Round Rock, Williamson County, Texas. Value is dynamic and subject to change, therefore, value estimates apply to only one period of time. Property is appraised subject to the Assumptions and Limiting Conditions contained herein. Market Value of the Whole Property as of Nov. 22,1999: $ 87,000 Market Value of the Part Taken (914 sf @ $3.70 /square foot): $ 3,400 Market Value of the Remainder Before the Taking: $ 83,600 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $ 83,600 Total Compensation: $ 3,400 The taking involves a 914 SF or 0.021 -acre tract of land located along the western boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 124.10 feet of Lee Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking; we are assuming that the property has received a zoning change from single family residential, "SF -2," to commercial, "C -1" zoning. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 Tel: (512) 458 -6294 Tel: (210) 223 -6911 San Antonio: 10 Ledge Lane, San Antonio, Texas 78212 November 28, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 RE: Valuation of a Partial Taking of real estate (Alice Sandberg 1,274 square feet out of 0.96-acre) located along the east line of Lee Street, north of West Anderson Lane in Round Rock, Williamson County, Texas Dear Mr. Bennett: As requested, we have conducted the investigation and analysis necessary to form an opinion of the Market Value of the surface estate of the above captioned property. The subject land is to be used for the widening of Lee and Summit Streets by the City of Round Rock Public Works Department, City of Round Rock, Williamson County, Texas. Value is dynamic and subject to change, therefore, value estimates apply to only one period of time. Property is appraised subject to the Assumptions and Limiting Conditions contained herein. Market Value of the Whole Property as of Nov. 22, 199th $138,000 Market Value of the Part Taken (1,274 sf ® $3.30 /square foot): $ 4,200 Market Value of the Remainder Before the Taking: $133,800 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $133,800 Total Compensation: $ 4,200 The taking involves a 1,274 SF or 0.029 -acre tract of land located along the western boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 153.52 feet of Lee Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking; we are assuming that the property has received a zoning change from single family residential, "SF -2" to commercial, "C -1" zoning. GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 TeL (512) 458 -6294 Tel: (210) 223 -6911 San Antonio: 10 Ledge Lane, San Antonio, Texas 78212 November 28, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 RE: Valuation of a Partial Taking of real estate (Frederick R. Fine 5,020 square feet out of 3.046 acres) located along the west line of Summit Street, north of Brushy Creek, west of Vista Lane and south of Sunset Drive in Round Rock, Williamson County, Texas Dear Mr. Bennett: As requested, we have conducted the investigation and analysis necessary to form an opinion of the Market Value of the surface estate of the above captioned property. The subject land is to be used for the widening of Lee and Summit Streets by the City of Round Rock Public Works Department, City of Round Rock, Williamson County, Texas. Value is dynamic and subject to change, therefore, value estimates apply to only one period of time. Property is appraised subject to the Assumptions and Limiting Conditions contained herein. Market Value of the Whole Property as of Nov. 22, 1999: $265,000 Market Value of the Part Taken (5,020 sf @ $2.00 /square foot): $10,000 Market Value of the Remainder Before the Taking: $255,000 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $255,000 Total Compensation: $10,000 The taking involves a 5,020 SF or 0.115 -acre tract of land along the eastern boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 498.43 feet of Summit Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking. GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 Tel: (512) 458 -6294 San Antonio: 10 Ledge Lane, San Antonio, Texas 78212 Tel: (210) 223 -6911 November 28, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 RE: Valuation of a Partial Taking of real estate (Constance U. Park 635 square feet out of 0.5106 -acre) located at the southeast corner of Summit Street and Sunset Drive in Round Rock, Williamson County, Texas Dear Mr. Bennett: As requested, we have conducted the investigation and analysis necessary to form an opinion of the Market Value of the surface estate of the above captioned property. The subject land is to be used for the widening of Lee and Summit Streets by the City of Round Rock Public Works Department, City of Round Rock, Williamson County, Texas. Value is dynamic and subject to change, therefore, value estimates apply to only one period of time. Property is appraised subject to the Assumptions and Limiting Conditions contained herein. Market Value of the Whole Property as of Nov. 22,1999: $ 35,000 Market Value of the Part Taken (635 sf @ $L57 /square footle $ 1,000 Market Value of the Remainder Before the Taking: $ 34,000 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $ 34,000 Total Compensation: $ 1,000 The taking involves a 635 SF or 0.012 -acre tract of land located along the western boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 210.07 feet of Summit Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking. GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 Tel: (512) 458 -6294 San Antonio: 10 Ledge Lane, San Antonio, Texas 78212 Tel: (210) 2256911 November 28,1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 RE: Valuation of a Partial Taking of real estate (John W. Ledbetter, Jr. and Helen L. Ledbetter 942 square feet out of 0.657 -acre) located at the northeast corner of Summit Street and Sunset Drive in Round Rock, Williamson County, Texas Dear Mr. Bennett: As requested, we have conducted the investigation and analysis necessary to form an opinion of the Market Value of the surface estate of the above captioned property. The subject land is to be used for the widening of Lee and Summit Streets by the City of Round Rock Public Works Department, City of Round Rock, Williamson County, Texas. Value is dynamic and subject to change, therefore, value estimates apply to only one period of time. Property is appraised subject to the Assumptions and Limiting Conditions contained herein. Market Value of the Whole Property as of Nov. 22, 1999: $ 35,000 Market Value of the Part Taken (942 sf @ $1.22 /square foot): $ 1,150 Market Value of the Remainder Before the Taking: $ 33,850 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $ 33,850 Total Compensation: $ 1,150 The taking involves a 942 SF or 0.022 -acre tract of land located along the western boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 163.91 feet of Summit Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 Tel: (512) 458 -6294 Tel: (210) 2236911 San Antonio: 10 Ledge Lane, Sax Antonio, Texas 78212 November 28, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 RE: Valuation of a Partial Taking of real estate (Summit Plaza Ltd 505 square feet out of 1.491 acres) located at the southwest corner of Summit Street and Sunset Drive in Round Rock, Williamson County, Texas Dear Mr. Bennett: As requested, we have conducted the investigation and analysis necessary to form an opinion of the Market Value of the surface estate of the above captioned property. The subject land is to be used for the widening of Lee and Summit Streets by the City of Round Rock Public Works Department, City of Round Rock, Williamson County, Texas. Value is dynamic and subject to change, therefore, value estimates apply to only one period of time. Property is appraised subject to the Assumptions and Limiting Conditions contained herein. Market Value of the Whole Property as of Nov. 22,1999: $279,000 Market Value of the Part Taken (505 sf ® $4.30 /square foot): $ 2,170 Market Value of the Remainder Before the Taking: $276,830 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $276,830 Total Compensation: $ 2,170 The taking involves a 505 SF or 0.012 -acre tract of land along the eastern boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 217.62 feet of Summit Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking. GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 Tel: (512) 458 -6294 Tel: (210) 223 -6911 San Antonio: 10 Ledge Lane, Sax Antonio, Texas 78212 November 28, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 RE: Appraisal of the parcels of land owned by William Brady & Ina Earl Anderson, Rigsby Kavanaugh, Alice Sandberg, Constance U. Park, John W. Ledbetter, Jr. & Helen L. Ledbetter, Frederick R. Fine and Summit Plaza Ltd, all located in the City of Round Rock in Williamson County, Texas Dear Mr. Bennett: As requested, we have conducted the investigation and analysis necessary to form an opinion of the market value of the surface estate of the above captioned properties. Value is dynamic and subject to change, therefore, value estimates apply to only one period of time. Property is appraised subject to the Assumptions and Limiting Conditions contained herein. Please note that this report is a limited appraisal written in a summary format, being a departure from the reporting requirements of the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the Appraisal Foundation and the Appraisal Institute. This document is not a complete appraisal, but a limited one that states and summarizes our findings via the most pertinent approaches to value for each of the four properties described above. SCOPE The scope of our work included the following: (1) Research of the surrounding area and neighborhood to ascertain relevant economic, physical and demographic trends; (2) Consideration of the extent, character and utility of the property as it relates to the estimate of the Highest and Best Use of the land as if vacant and as improved; An inspection of the appraised properties noting all visible physical aspects of land and buildings; (4) A search for recent comparable arm's length transactions of similar land sales to apply in the sales comparison approach. PURPOSE AND EFFECTIVE DATE OF THE APPRAISAL The purpose of this appraisal is to arrive at an estimate of market value of fee simple estate estate, as defined, as of the effective date of this appraisal, which is November 22, 1999 for all parcels. (3) 11 FUNCTION OF THE APPRAISAL This appraisal report has been prepared and is intended for the exclusive use of The City of Round Rock, to facilitate decision making regarding the subject properties. MARKET VALUE DEFINITION 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, 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) 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" PROPERTY RIGHTS APPRAISED Property rights appraised are the fee simple estate of the surface only, subject to the Assumptions and Limiting Conditions contained herein for all properties. According to The Appraisal of Real Estate. 11th Edition, a fee simple estate implies absolute ownership unencumbered by any other interest or estate. PROPERTY INSPECTION The subject properties were inspected by Julianne H. Shively and Thomas R. Gardner on November 22,1999. Our on -site inspection included only the exterior of the structures located on the sites. AUTHORIZATION The appraisal was requested by Mr. Bob Bennett and Mr. Stephan Sheets, City Manager and Attorney, Brown, McCarroll, Sheets & Crossfield, P.C., respectively for the City of Round Rock in Williamson County, Texas. 12 IDENTIFICATION AND LEGAL DESCRIPTION: 406 North Lee Street; William Brady & Ida Earl Anderson According to public records, the subject parent property is vested in Brady Anderson Estate in care of Alice Pfluger at 401 Wilbarger Pflugerville, Texas 78660 -2634 and can be legally described as: LOT 2, ANDERSONS SECOND ADDITION; 0.5609 ACRES SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS The legal description of the part taken is a metes and bounds description located in the addenda. RECENT HISTORY OF THE PROPERTY According to public records, the subject property has been owned by the current owners since 1996. The property has improvements consisting of a frame house with asbestos siding on pier and beam foundation with a gable roof and there is currently a for sale sign posted on the site; it is our understanding that the subject has been listed for sale for $6.50 per square foot as a commercial improved property; we are unaware of any other transactions of the property for sale or lease. TAXES Located in the addenda is a printout from the Williamson County Appraisal District (WCAD), stating the certified values for the past several years for both land and improvements if applicable, along with the current tax liability and rates for the subject. The Williamson County 1999 certified assessed market value is a total of $82248 or $6327 /sf of building area or $3.37/sf of land area. The 1998 tax liability for the subject without exemptions was a total of $1,967.56 or $1.51 /sf of building area and $0.08 /sf of land area. Both the assessed values and tax liability for the subject appear reasonable and in line with other homes within the area with similar jurisdictions, however the assessed value is below our estimate of market value of $4.60 per square foot as a result of our assumption of commercial zoning for the site. SITE DESCRIPTION The subject parent site is an irregular rectangular shaped interior tract located along the west side of Lee Street and along the east side of the IH -35 northbound frontage road, located between West Anderson Avenue and Brushy Creek in southcentral Round Rock, Texas. Its location is just north of the Central Business District in Round Rock and across the street from the Berkman Elementary School. According to the survey, the parent site is a total of 0.5609 of an acre or 24,433 square feet with about 179 feet of frontage along the east side of III-35 frontage road and 179.15 feet along the west side of Lee Street. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 13 The part taken will be about a 179 -foot R.O.W. strip located along the eastern property line of the parent tract of about 0.018 -acre or 803 square feet, a long irregular triangular shaped tract. The remainder tract will have about the same shape and about the same amount of frontage along Lee Street, with the same amount of frontage along the IH -35 frontage road. As a result, the remainder property will benefit from the road improvements, resulting in an enhancement or increase in market value. Lee Street is currently a two-way, two-lane, asphalt paved roadway with no concrete curbs and gutters or storm sewers with various R.O.W. widths. It is our understanding that there is not and will not in the future be access to the subject parent site from the IH -35 frontage road due to the steep incline from the frontage road to the subject parent site. Overhead utility lines are located along Lee Street. Surrounding land uses include single family homes, school, gas station, bank, theatre, park, apartments, offices, retail centers and other businesses. Access to the site is via either West Anderson Avenue or Sunset Drive from IH -35 North. There is no access directly from the IH -35 frontage road and the access from West Anderson Avenue is difficult. According to NFIPs FIRM for Williamson County, Texas and incorporated areas, Map Number 48491 CO330 C, dated September 27, 1991, no portion of the subject parent site or part taken is located in any special flood hazard areas inundated by 100 - year or 500 -year floods. According to the U. S. Department of Agriculture Soil Conservation Service, Texas Agricultural Experiment Station, General Soil Map for Williamson County, Texas, soils for the subject are Denton - Eckrant -Doss: moderately deep, shallow and very shallow, calcareous, clayey, cobbly and stony soils formed in indurated fractured limestone or limy earths; on uplands. The site is basically level and at street grade with Lee Street; however, it is far above the street grade with the IH -35 frontage road. The whole and remainder sites have improvements including a one -story wood frame house with painted asbestos siding on a pier and beam foundation with a gable roof of about 1,300 square feet with a 672 square foot detached garage built in about 1940 and in fair conditon, according to the WCAD. Landscaping includes sodded lawn, shrubs and large trees. The site is located within the city limits of Round Rock and is zoned "SF -2,' Single Family - Standard Lot. This classification's intent is to establish and preserve areas of low intensity land use primarily devoted to low density residential development. Permitted principal uses are one dwelling unit per lot with a minimum lot size of 6,500 square feet, and community recreational facilities. For our analysis, we are assuming that the subject can be granted a zoning change to "C -1," General Commercial which, according to the city zoning ordinance, this classification is intended to establish and preserve areas of medium intensity land use primarily devoted to general commercial and other non - industrial activities. Permitted principal uses include offices, services, amusements, governmental, institutional, commercial, places of worship, and other non - industrial activities which are conducted wholly within an enclosed building or buildings. The following uses are permitted subject to a special permit and /or a site plan approved by the Development Review Board: non - industrial activities which entail either unenclosed operations or storage, schools, caretaker's residence, and a combination of commercial and residential uses within a single building. It is our understanding that the zoning change to commercial is a reasonable assumption and our client, the City of Round Rock has approved of this assumption. Utilities available are electricity from Texas Utilities, water and wastewater from the City of Round Rock and gas from Lone Star Gas Company and phone from Southwestern Bell. The subject is located in the Round Rock Independent School District. 14 HIGHEST AND BEST USE Highest and Best Use is defined as: 'That reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. " In estimating the Highest and Best Use, both the land as though vacant and property as improved (if applicable) must meet four criteria. 1) Physically possible 2) Legally permissible 3) Financially feasible 4) Maximally productive Property under appraisement is an improved lot with a single family residence located in southcentral Round Rock in Williamson County. The property has frontage along the IH -35 frontage road but only access from Lee Street with access from Sunset Drive from North Mays Street, but circuitous access from West Anderson Lane. It is a reasonable assumption that the site can be rezoned for commercial use. According to brokers within this market, there is demand for small SFR conveyed offices within this area due to its Location and signage along IH -35. Consideration has been given to the size of the site, its improvements, location, access, terrain, zoning and surrounding properties along with current and anticipated future market conditions. Therefore, after considering the physically possible, legally permissible, financially feasible and maximally productive criteria of the property, it is concluded that the Highest and Best Use as improved would be for a commercial use such as an SFR office conversion, which would conform to current City of Round Rock regulations /restrictions. 1 The Appraisal of Real Estate, 11th Ed (Chicago, Illinois Appraisal Institute, 1996), p. 297 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SKETCH TO ACCOMPANY DESCRIPTION NUMBER CI DELTA 0556'05" CHORD BEARING N 1452'17" V TANGENT ' 42.77 RADIUS' ' 825.00 ARC ' 85.46 CHORD ' 85.42 PROJECT BEARING BASIS/ DIRECTIONAL :MUNE: BEGIN FOR • C:T? PARK REFERENCE .‘., • ‘, 1 . \ .30'18`E t7 5.94 4 6 • (Pen 1. 0SSOILS. 11011805014 5:9i_c8N1 s.• - AREA OF 4 Z 0 \ e 1 1 As Prepared Date eta Jackson Chisholm. R.P.L.S. 4205 o p /7 203 E. Main St., Ste 203 Round Rock. TA 78664 CONTROL LINE. 1;:•5' Si; KAVAN AU:3 VG:.. 2227, C3. 927 . AC. SCALE: 1"=60' LEGEND P.O.B. = POINT OF BEGINNING er = IRON ROD FOUND = IRON ROD SET ROUND ROCK i.S.D. DOC. 9527530 1.347 AC. 9 el54) IN, 9 - PX` EXHIBIT "A" JOB No.: 601-537-11 File: SUMC4S.DWG BY: BG Baker-Alcklen & Associates, Inc. C* 7 1 1,7= [Survey 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ( Plat Map R056905 JAMES CAROTHERS 3 0.75 AC Subject LW R056904 BRADY ANDERSON 319/314 0.5609 A A. R056903 M.K.BARNETT 0.669 AC R056908 1 , MRS. ALICE SANDBERG ', 4 05/027 0.96 AC R056907 R. KAVANAUGH 2 227/927 0.54 AC R34 7909 ROUND ROCK ISO DOC 9527530 1.347 AC i 1 4 3 R071539 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 P.M gnaw Ism Zoning Map 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 PHOTOGRAPHS VIEW OF THE IMPROVEMENTS AT 406 NORTH LEE STREET LOOKING NORTHWEST FROM LEE STREET VIEW OF THE IMPROVEMENTS AT 406 NORTH LEE STREET LOOKING SOUTHWEST FROM LEE STREET 18 PHOTOGRAPH VIEW OF LEE STREET LOOKING NORTH, SUBJECT ON LEFT 19 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 20 SALES COMPARISON APPROACH The Sales Comparison Approach is a method of valuing vacant and /or improved properties by analysis and comparison of market sales, which have similar characteristics as the subject. These sales, in effect, reflect the attitudes and actions of buyers and sellers in the marketplace, and the sales are used as a basis for estimating the market value of the subject. This method is probably the easiest understood by the public, as it is based on the willing buyer and /or willing seller concept. The first step in this approach is to locate similar properties in the general area that have sold within a similar time frame as the effective date of the appraisal or under similar market conditions. These sales are analyzed for prices paid based on differing characteristics utilizing one or more units of comparison. The unit of comparison used for our analysis is the sales price per square foot of land area. Some of the differences analyzed are real property rights conveyed, terms of financing, special conditions of sale, market conditions since the sale has occurred, location /zoning, size, useability: frontage, access, shape, topography and floodplain. The end result, after adjustments have been made is an indication of value for the subject property. Several transactions were reviewed for this analysis. Of these, seven sales which are the most recent and similar comparables were included. An analysis of them are recited on the following pages, along with a summary chart and an adjustment grid showing each comparable's adjustments relative to the subject. The subject improved site is and has been listed for sale for $6.50 per square foot. COMPARABLE LAND SUMMARY CHART MJMBFI3 05/07/99 04/29/99 04/16/98 02/18/98 10/29/97 04/11/97 03/14/97 2551 Double Ck, NEC Louis Henna & Double Ck. Round Rock, Tx 111 FM 3406 Rd. or E. Old Settler's Blvd, SEC FM 3406 & Lamar Dr., Round Rock. Tx 1001 Palm Valley Blvd_ south side of Hwy 79, E. of Georgetown St, Round Rock, Tx 594 Greenhill Dr., north side of Greenhill Dr., E. of Tellabs Dr., Round Rock. Tx 2002 1H 35 North, NWC IH 35, N. and Chisholm Pkwy. Round Rock. Tx South side CR 170/Louis Henna Blvd, SWC of proposed Greenlawn Blvd extension & Louis Henna, Round Rock, Tx 2800 Hoppe Tr., east side of Hoppe Tr. & west side of IH -35, Round Rock. Tx 4 06 Noc h Lee Streei Round Raelt, Tip ;Nits. 0.927 2130 2282 1.750 1,109 2000 1,825 6NT &Frootaga,Aeetxw, :` Shape, Tapograplt Flood Plain ±140.01' on Double Ck., 25253' an Louis Henna. good. irregular, level. 248.37' on FM 3406, ±377.44' on Lamar, good, irregular rectangular, level ±350' on Palm Valley Blvd, good, irregular rectangular. levet none ±194' Greenhill Dr., good. rectangular shaped level to sloping. none 17204' on 1H- 35.279.50' on Chisholm Pkway, rectangular shaped, level, none 404.78' Louis Henna Blvd_ good triangular shaped, level, none 347.05' on IH- 35.346.70' on Hoppe Tr., rectangular shaped, level, none 17915` on N- Lee St& +179114-35 NB frontage rd., limited. rectangular s level, none LES PRICE' P1114 SF $3.75 5385 $5.30 $275 $4.66 $4.02 $6. 38 Listed for $650. • 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ANALYSIS AND COMPARISON 21 DIRECT COMPARISON - SALES PRICE PER SF The seven sales presented are vacant conunercial land sales, all being subdivided lots with either commercial or industrial zoning located in the Round Rock area. Some sales were purchased for retail, office, or office /warehouse uses such as restaurants, convenience stores, veterinary clinic or funeral home use. These sales were chosen as they were considered to be the most recent and comparable to the subject. Adjustments to the sales price per square foot were based upon perceived differences between each property and the subject. Paired sales were utilized when available for obtaining adjustments; however, when not available, judgment based on experience within this market area was utilized. Property rights appraised were considered first; no adjustments were required as all sales sold with the entire bundle of rights. Terms of financing was considered along with market conditions. No adjustments were required for these factors as all sales were either cash to seller transactions or the financing was at market rates and terms equal to a cash price. There was one sale that required a conditions of sale adjustment as the transaction was contingent upon a waiver from the TNRCC for a detention pond. The adjustment was based on the cost that would have been required to construct an on -site detention pond reported by the buyer. No adjustment for market conditions was indicated nor applied as the sales were all indications of current market activity for vacant land properties. There were also adjustments required for the category, Location. All sales required an adjustment for location with all but two sales requiring a superior downward adjustment. Sales 1 and 4 were rated inferior to the subject and were adjusted upward from 15 to 40 percent. All other sales were rated superior and were adjusted downward from 5 to 40 percent. Inferior locations were along Greenhill and Louis Henna and Doublecreek. Superior locations were along Old Settler's, Palm Valley Boulevards, IH -35 and Louis Henna and Greenlawn Boulevard extension. The next characteristic to be adjusted is Size. Typically, sales of land will have an inverse relationship between size and price per square foot of land. This being that larger tracts will tend to sell for a lower price per square foot, with smaller land sales selling for a higher price per square foot. The size of the comparables ranged from about 1 to 2 acres. The subject is just over a half acre, less than the smallest sale. All the sales required inferior, upward positive adjustments. The data tended to indicate that an adjustment of ten percent for each doubling in size compared to the subject was reasonable and supportable. The sales were adjusted from 5 to 20 percent for size. The next adjustment was for Useability, such as frontage, access, shape, topography and/or floodplain. The subject is an interior location with adequate frontage, limited access, some exposure from signate along IH -35, level topo and no floodplain. All sales but one, Sale 4 were rated equal to the subject and not adjusted. Sale 4 was adjusted upward slightly by 5 percent.' After reviewing the comparables as they relate to the subject, adjustments were made for location, size and useability. On the following page is an adjustment grid quantifying these variables. Net Adjustment ve Date 17/22/99 - :05/47/99 . 5lmifar a [C 4. Simila Slofilar Similar Inf idi ;Similar Sirnllar " aiteii 1635 F outage Ltd only .0 4 -ii 4 4 lafert lnferIor ;Inferior In#Gtpt 89aU r2(t% $479 COMPARABLE N0. Su■ F Sales Price (SP) Per SF of Land heat Prntjarty fiighta Coaveyed7 Adjusted SP Financings Term Adjusted SP coaitidens of Sate Adjusted SP of Ssle E.f: Adjusted SP Ad. Sale Price per SF of Land Value Indication ADJUSTMENT GRID FOR 406 NORTH LEE STREET ANDERSON 0.5609 -ACRE Fee Smp[o t gth 40 N.LeeRtf N/Srxe Sf, N of Andereofl Awed Areume 4 Cen 1 2 83.75 5385 $530 8275 84.66 $4.02 $638 Similar .' Similar ?Similar Similar Similar $3.75 aherEqulvatent Similar 5lmilar Similar Similar Similar Similar Similar - $4.66 $4.02 $638 $3.75 7milar 0- $3.75 $3.75 $3.85 *3.85 $4.62 $4.62 $5.30 8530 Similar3' $530 $530 $4.62 *4.77 8 q $275 $4.66 $4.02 $038 $2.75 % 11ar .i Similar : Sm�ilar Similar :: 0. (i -ffE- - • $2.75 $275 perl Inferlo� Value Computation of the Whole Property: 0.5609 -acre or 24,433 sf x $4.60 per sf = $112,392 Rounded to: $112,400 $4.66 $4.02 84.66 iunilar -a Su1+�19>>i' $4.62 22 $6.38 941.7048:, ;02/18/98 10/29197 il4/1r1 7 [1$/f4ltJ7 Similar S,aYilsr • r "Similar Sinlir ! Similar -ti $402 8638 The seven comparables, in our opinion, represent the most recent sales with the most commonalities consistent with the subject. The sales prices before adjustments ranged from $2.75 per square foot to $5.30 per square foot, and after adjustments the sales ranged from a low of $4.40 per square foot to $4.79 per square foot. The mean of all the adjusted sales is $4.62 per square foot. All sales were adjusted for two or three variables /categories and the net adjustments ranged from a negative 25 to a positive 60 percent. All sales are given equal weight. Taking into account the overall mean, a value estimate of approximately $4.60 per square foot has been concluded for the subject. This equates to a total value estimate for the subject of $4,665,015 or as follows: 23 Market Value of the Whole Property as of Nov. 22, 1999: $112,400 Market Value of the Part Taken (803 sf ® $4.60/square footle $ 3,700 Market Value of the Remainder Before the Taking: 8108,700 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: 8108,700 Total Compensation: $3,700 The taking involves 803 SF or 0.018 acres of land along the eastern boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 179.63 feet of Lee Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking; we are assuming that the property has received a zoning change from single family residential, "SF -2," to commercial, "C -1" zoning. We, the undersigned do hereby certify that to the best of our knowledge and belief, the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed are based, are true and correct. We further certify that the reported analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and conclusions. The appraisal analyses and opinions were developed and this report has been prepared in conformance with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the American Institute of Real Estate Appraisers. The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAPS and RM's who meet the minimum standards of this program are awarded periodic educational certification. Thomas R. Gardner is currently certified under this program. We also certify that we have personally inspected the property that is the subject of this report; that we have no present or prospective interest in the appraised property; that we have no personal interest or bias with respect to the parties involved, our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based on a requested minimum valuation, specific valuation or approval of a loan. We do not authorize the out of context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by use of the media for public communications without the prior written consent of the appraisers signing this report. This report was made for the exclusive use of our client, The City of Round Rock, Texas. The purpose of the appraisal is to provide an estimate of the Market Value of the FEE SIMPLE interest, herein described as of Nov. 22, 1999. GARDNER APPRAISAL GRO BY: Thomas R. Gardner, Lam, Consultant State Certified General Real Estate Appraiser Number: TX- 1324283 -G BY: J nne H. Shively, Associate State rtified General Real Estate Appraiser Number: TX- 1320309 -G 24 25 IDENTIFICATION AND LEGAL DESCRIPTION: 508 North Lee Street; James W. & Mary F. Carothers According to public records, the subject parent property is vested in James W. Carothers at 508 North Lee Street, Round Rock, Texas 78664 -4315 and can be legally described as: LOT 3, ANDERSONS SECOND ADDITION; 0.75 ACRES SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS The legal description of the part taken is a metes and bounds description located in the addenda. RECENT HISTORY OF THE PROPERTY According to public records, the subject property has been owned by the current owners for a period of time greater than three years. The property has improvements consisting of a frame house with stone masonry veneer exterior on a slab foundation with a hip roof and there is currently no for sale or lease sign posted on the site; we are unaware of any previous transactions of the property for sale or lease. TAXES Located in the addenda is a printout from the Williamson County Appraisal District (WCAD), stating the certified values for the past several years for both land and improvements if applicable, along with the current tax liability and rates for the subject. The Williamson County 1999 certified assessed market value is a total of $101,793 or $50.69 /sf of building area or $312 /sf of land area. The 1998 tax liability for the subject without exemptions was a total of $2,407.91 or $120 /sf of building area and $0.07 /sf of land area. Both the assessed values and tax liability for the subject appear reasonable and in line with other homes within the area with similar jurisdictions, however the assessed value is below our estimate of market value of $4.40 per square foot as a result of our assumption of commercial zoning for the site. SITE DESCRIPTION The subject parent site is an irregular rectangular shaped interior tract located along the west side of Lee Street and along the east side of the IH -35 northbound frontage road, located between West Anderson Avenue and Brushy Creek in southcentral Round Rock, Texas. Its location is just north of the Central Business District in Round Rock and across the street from the Berkman Elementary School. According to the survey, the parent site is a total of 0.75 of an acre or 32,670 square feet with about 239 feet of frontage along the east side of IH- 35 frontage road and 23912 feet along the west side of Lee Street. The part taken will be about a 239 -foot R.O.W. strip located along the eastern property line of the parent tract of about 0.023 -acre or 983 square feet, a long irregular triangular shaped tract. The remainder tract will have about the same shape and about the same amount of frontage along Lee Street, with the same amount of frontage along the IH -35 frontage road. 26 As a result, the remainder property will benefit from the road improvements, resulting in an enhancement or increase in market value. Lee Street is currently a two-way, two-lane, asphalt paved roadway with no concrete curbs and gutters or storm sewers with various R.O.W. widths. It is our understanding that there is not and will not in the future be access to the subject parent site from the IH -35 frontage road due to the steep incline from the frontage road to the subject parent site. Overhead utility lines are located along Lee Street. Surrounding land uses include single family homes, school, gas station, bank, theatre, park, apartments, offices, retail centers and other businesses. Access to the site is via either West Anderson Avenue or Sunset Drive from IH -35 North. There is no access directly from the IH -35 frontage road and the access from West Anderson Avenue is difficult. According to NFIPs FIRM for Williamson County, Texas and incorporated areas, Map Number 48491 CO330 C, dated September 27, 1991, no portion of the subject parent site or part taken is located in any special flood hazard areas inundated by 100 - year or 500 -year floods. According to the U. S. Department of Agriculture Soil Conservation Service, Texas Agricultural Experiment Station, General Soil Map for Williamson County, Texas, soils for the subject are Denton - Eckrant -Doss: moderately deep, shallow and very shallow calcareous, clayey, cobbly and stony soils formed in indurated fractured limestone or limy earths; on uplands. The site is basically level and at street grade with Lee Street; however, it is far above the street grade with the 111 -35 frontage road. The whole and remainder sites have improvements including a one -story wood frame house with stone masonry veneer on a slab foundation with a hip roof of about 2,008 square feet with a 152 square foot open porch built in about 1950 and in fair conditon, according to the WCAD. Landscaping includes sodded lawn, shrubs and large trees. The site is located within the city limits of Round Rock and is zoned 'SF -2,' Single Family - Standard Lot. This classification's intent is to establish and preserve areas of low intensity land use primarily devoted to low density residential development. Permitted principal uses are one dwelling unit per lot with a minimum lot size of 6,500 square feet, and community recreational facilities. For our analysis, we are assuming that the subject can be granted a zoning change to 'C -1° General Commercial which, according to the city zoning ordinance, this classification is intended to establish and preserve areas of medium intensity land use primarily devoted to general commercial and other non - industrial activities. Permitted principal uses include offices, services, amusements, governmental, institutional, commercial, places of worship, and other non - industrial activities which are conducted wholly within an enclosed building or buildings. The following uses are permitted subject to a special permit and /or a site plan approved by the Development Review Board: non - industrial activities which entail either unenclosed operations or storage, schools, caretaker's residence, and a combination of commercial and residential uses within a single building. It is our understanding that the zoning change to commercial is a reasonable assumption and our client, the City of Round Rock has approved of this assumption. Utilities available are electricity from Texas Utilities, water and wastewater from the City of Round Rock and gas from Lone Star Gas Company and phone from Southwestern Bell. The subject is located in the Round Rock Independent School District. 27 HIGHEST AND BEST USE Highest and Best Use is defined as 'That reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.' In estimating the Highest and Best Use, both the land as though vacant and property as improved (if applicable) must meet four criteria. 1) Physically possible 2) Legally permissible 3) Financially feasible 4) Maximally productive Property under appraisement is an improved lot with a single family residence located in southcentral Round Rock in Williamson County. The property has frontage along the IH -35 frontage road but only access from Lee Street with access from Sunset Drive from North Mays Street, but circuitous access from West Anderson Lane. It is a reasonable assumption that the site can be rezoned for commercial use. According to brokers within this market, there is demand for small SFR convered offices within this area due to its location and signage along IH -35. Consideration has been given to the size of the site, its improvements, location, access, terrain, zoning and surrounding properties along with current and anticipated future market conditions. Therefore, after considering the physically possible, legally permissible, financially feasible and maximally productive criteria of the property, it is concluded that the Highest and Best Use as improved would be for a commercial use such as an SFR office conversion, which would conform to current City of Round Rock regulations /restrictions. 2 The Appraisal of Real Estate, 11th Ed (Chicago, Illinois Appraisal Institute, 1996), p. 297. NUMBER DELTA CHORD BEARING TANGENT 'RADIUS 'ARC ' CHORD ' C1 02'19'31" N 10'44'29" W 16.74 825.00 33.48 33.48 C2 02'20'44" N 10 W 102.87 5025.00 205.72 205.70 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 at 0 m 0 SKETCH TO ACCOMPANY DESCRIPTION PROJECT BEARING BASIS/ DIRECTIONAL CONTROL LINE. N70 .3018'E P.0.8. = POINT OF BEGINNING O T(' /11. = IRON ROD FOUND oiRs = IRON ROD SET 5.9 578•30't8,W f 1 ROPOWE1 As Prepay By Dote Cecil Jackson Chisholm, R.P.LS. 14295 203 E. Main 51.. Ste 203 S(n J 7 • Round Rock, TX 78664 r• •: PG. .:; 1 : SCALE: 1 " =60' LEGEND VOL. 2227, P0. ..,.. P.OB. 0.023 Ac. 883 Sa FT.. _ — - EXHIBIT "A" JOB No.: 601- 537 -11 File: SUME/S.DWG BY: 80 Baker - Alcklen & Associates, Inc. a t i g4gra neers Survey 1 Plat Map R056905 JAMES CAROTHERS 3 0.75 AC Q R056904 BRADY ANDERSON 319 /314 n 0.5609 ACS R056903 M.K. BARNE AC 1 C L►� 8 056907 R. KAVANAUGH 2 227/927 0.54 AC 1 R347909 ROUND ROCK ISD DOC 9527530 1.347 AC Subject R056908 I ‘ MRS. ALICE SANDBERG \ 405/027 ', 0.96 AC 3 R071539 4 Zoning Map PHOTOGRAPHS VIEW OF THE IMPROVEMENTS AT 508 NORTH LEE STREET LOOKING NORTHWEST FROM LEE STREET VIEW OF THE IMPROVEMENTS AT 508 NORTH LEE STREET LOOKING SOUTHWEST FROM LEE STREET 31 PHOTOGRAPH VIEW OF LEE STREET LOOKING NORTH, SUBJECT ON LEFT 32 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SALES COMPARISON APPROACH 33 The Sales Comparison Approach is a method of valuing vacant and /or improved properties by analysis and comparison of market sales, which have similar characteristics as the subject. These sales, in effect, reflect the attitudes and actions of buyers and sellers in the marketplace, and the sales are used as a basis for estimating the market value of the subject. This method is probably the easiest understood by the public, as it is based on the willing buyer and /or willing seller concept. The first step in this approach is to locate similar properties in the general area that have sold within a similar time frame as the effective date of the appraisal or under similar market conditions. These sales are analyzed for prices paid based on differing characteristics utilizing one or more units of comparison. The unit of comparison used for our analysis is the sales price per square foot of land area. Some of the differences analyzed are real property rights conveyed, terms of financing, special conditions of sale, market conditions since the sale has occurred, location /zoning, size, useability: frontage, access, shape, topography and floodplain. The end result, after adjustments have been made is an indication of value for the subject property. Several transactions were reviewed for this analysis. Of these, seven sales which are the most recent and similar comparables were included. An analysis of them are recited on the following pages, along with a summary chart and an adjustment grid showing each comparable's adjustments relative to the subject. The property located at 406 Lee Street is an improved site and is and has been listed for sale for $6.50 per square foot of land area. COMPARABLE LAND SUMMARY CHART NLT A' 05/07/99 04/29/99 04/16/98 02/18/98 10/29/97 04/11/97 03/14/97 2551 Double Ck., NEC Louis Henna & Double Ck., Round Rock. Tx 111 FM 3406 Rd, or E. Old Settler's Blvd., SEC FM 3406 & Lamar Dr., Round Rock, Tx 1001 Palm Valley Blvd., south side of Hwy 79 E. of Georgetown St, Round Rock, Tx 594 Greenhill Dr., north side of Greenhill Dr.. E. of Tellabs Dr.. Round Rock. Tx 2002IH35 North. NWCIH35,14.and Chisholm Pkwy, Round Rock. Tx South side CR 170 /Louis Henna Blvd, SWC of proposed Greenlawn Blvd. extension & Louis Henna, Round Rock, Tx 2800 Hoppe Tr., east side of Hoppe Tr. & west side of IH -35. Round Rock, Tx 0.927 2130 2282 1750 1109 2000 1.825 COMMENTS: I robfnge, <A Shape, Topography. Flood Plain: SALES I'RICI PER SP ±140.01' on Double Ck., 25253' on Louis Henna, good. irregular, level. 248.3T on FM 3406, ±377.44' on Lamar. good, irregular rectangular, level ±350' on Palm Valley Blvd., good irregular rectangular. level, none ±194' Greenhill Dr.. good rectangular shaped, level to sloping, none 17204' on 11435, 279.50' on Chisholm Pkway, rectangular shaped, level, none 404.78' Louis Henna Blvd., good. triangular shaped, level, none 347.05' on IH -35. 346.70' on Hoppe Tr., rectangular shaped, level, none 23912' on N. Lee Sk& ±239' on IH -35 NB frontage rd, iimited, rectangular shaped, level, none $4.66 $3.75 8285 $530 5275 $4.02 $6.38 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ANALYSIS AND COMPARISON 34 DIRECT COMPARISON - SALES PRICE PER SF The seven sales presented are vacant commercial land sales, all being subdivided lots with either commercial or industrial zoning located in the Round Rock area. Some sales were purchased for retail, office, or office /warehouse uses such as restaurants, convenience stores, veterinary clinic or funeral home use. These sales were chosen as they were considered to be the most recent and comparable to the subject. Adjustments to the sales price per square foot were based upon perceived differences between each property and the subject. Paired sales were utilized when available for obtaining adjustments; however, when not available, judgment based on experience within this market area was utilized. Property rights appraised were considered first; no adjustments were required as all sales sold with the entire bundle of rights. Terms of financing was considered along with market conditions. No adjustments were required for these factors as all sales were either cash to seller transactions or the financing was at market rates and terms equal to a cash price. There was one sale that required a conditions of sale adjustment as the transaction was contingent upon a waiver from the TNRCC for a detention pond. The adjustment was based on the cost that would have been required to construct an on -site detention pond reported by the buyer. No adjustment for market conditions was indicated nor applied as the sales were all indications of current market activity for vacant land properties. There were also adjustments required for the category, Location. All sales required an adjustment for location with all but two sales requiring a superior downward adjustment. Sales 1 and 4 were rated inferior to the subject and were adjusted upward from 15 to 40 percent. All other sales were rated superior and were adjusted downward from 5 to 40 percent. Inferior locations were along Greenhill and Louis Henna and Doublecreek. Superior locations were along Old Settler's, Palm Valley Boulevards, IH -35 and Louis Henna and Greenlawn Boulevard extension. The next characteristic to be adjusted is Size. Typically, sales of land will have an inverse relationship between size and price per square foot of land. This being that larger tracts will tend to sell for a lower price per square foot, with smaller land sales selling for a higher price per square foot. The size of the comparables ranged from about 1 to 2 acres. The subject is just over a half acre, less than the smallest sale. All the sales but one, Sale 1 required inferior, upward positive adjustments. The data tended to indicate that an adjustment of tett percent for each doubling in size compared to the subject was reasonable and supportable. The sales were adjusted from 5 to 15 percent for size. The next adjustment was for Useability, such as frontage, access, shape, topography and/or floodplain. The subject is an interior location with adequate frontage, limited access, some exposure from signate along IH -35, level topo and no floodplain. All sales but one, Sale 4 were rated equal to the subject and not adjusted. Sale 4 was adjusted upward slightly by 5 percent. After reviewing the comparables as they relate to the subject, adjustments were made for location, size and useability. On the following page is an adjustment grid quantifying these variables. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sales Price (SP) Per SF of Land Real Property Algirtb Foe Simpl Copreyeil: Adjusted SP FIuswcing `terms Adjuated SP Siudlar Studlar Similar : Similar Similar Si milar S1tnita 5375 5385 55.30 5275 $4.66 $4.02 5638 C aalLOr Fqui�algnt 5iailiar .: Simnar • 5imiiar 5itailar 51mi1ar ` 5iuiilar Similar. 53.75 53.85 5530 8275 $4.66 84.02 8638 i: ti a 508 N.LooStg lNlSL St, N of Aiulera on Ayr# Assum "C 1 Similar Ipferlor' .>: Similar Similar Similar Similar Similar 8375 5402 $5.30 5275 54.66 54.02 $6.38 J$l97/91 49/ 9 ;04/ /98 QZ118/98 101'0/97 (14f11157 02114/97 $i miyu ! Slrnilar $i liar Similar ` Si filar : Si fi lar Sfmiiar • 8375 5462 85.30 $275 $4.66 $4.02 8638 $iao 0 .75:'a00sar isr milar . Itffi t4ecr Igfarior li lerior .:;:40.00 . Infariar Infert 5 870 rq llt MI5% +�05 Uaeablllt3 Frantagal '3, N I.ee St. s23 24B Similar ' •5im31er 5i01ar Inferior : Similar Situil t Simila Ae ease45L'ap 0135 Frontage Rd only it 0::1:: 4 x514 4 SI r,h*/None . Net Adjustment +15% -516 -15% .55% -5% .10% -30% $431 54.39 $4.51 8426 54.43 84.42 $4.47 Ad j. Sale Price per SF of Land Value Indication ADJUSTMENT GRID FOR 508 NORTH LEE STREET CAROTHERS 0.75 -ACRE 35 The seven comparables, in our opinion, represent the most recent sales with the most commonalities consistent with the subject. The sales prices before adjustments ranged from $2.75 per square foot to $5.30 per square foot, and after adjustments the sales ranged from a low of $426 per square foot to $4.51 per square foot. The mean of all the adjusted sales is $4.44 per square foot. All sales were adjusted for either one, two or three variables /categories and the net adjustments ranged from a negative 5 to a positive 55 percent. All sales are given equal weight. Taking into account the overall mean, a value estimate of approximately $4.40 per square foot has been concluded for the subject. This equates to a total value estimate for the subject of $143,748 or as follows Value Computation of the Whole Property: 0.75 -acre or 32,670 sf x $4.40 per sf = $143,748 Rounded to: 8144,000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 36 Market Value of the Whole Property as of Nov. 22, 1999: $144,000 Market Value of the Part Taken (983 sf @ $4.40 /square foot): $ 4,300 Market Value of the Remainder Before the Taking: $139,700 Market Value of the Remainder After the Taking Assuming Public Improvement in Place $139,700 Total Compensation: $4,300 The taking involves 983 SF or 0.023 acres of land along the eastern boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 239.18 feet of Lee Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking; we are assuming that the property has received a zoning change from single family residential, "SF -2," to commercial, "C -1" zoning. We, the undersigned do hereby certify that to the best of our knowledge and belief, the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed are based, are true and correct. We further certify that the reported analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and conclusions. The appraisal analyses and opinions were developed and this report has been prepared in conformance with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the American Institute of Real Estate Appraisers. The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAI's and RM's who meet the minimum standards of this program are awarded periodic educational certification. Thomas R. Gardner is currently certified under this program. We also certify that we have personally inspected the property that is the subject of this report; that we have no present or prospective interest in the appraised property; that we have no personal interest or bias with respect to the parties involved, our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based on a requested minimum valuation, specific valuation or approval of a loan. We do not authorize the out of context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by use of the media for public communications without the prior written consent of the appraisers signing this report. This report was made for the exclusive use of our client, The City of Round Rock, Texas. The purpose of the appraisal is to provide an estimate of the Market Value of the FEE SIMPLE interest, herein described as of Nov. 22, 1999. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GARDNER APPRAISAL G BY: Thomas R. Gardner, •P, Consultant State Certified General Real Estate Appraiser Number: TX- 1324283 -G BY: J ; . nne H. Shively, Associate State Pertified General Real Estate Appraiser Number: TX- 1320309 -G 37 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 38 IDENTIFICATION AND LEGAL DESCRIPTION: 507 North Lee Street; Rigsby Kavanaugh According to public records, the subject parent property is vested in Rigsby Louis Kavanaugh at 507 North Lee Street, Round Rock, Texas 78664 -4315 and can be legally described as: PART OF LOT 5, ANDERSONS SECOND ADDITION; 0.54 ACRES SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS The legal description of the part taken is a metes and bounds description located in the addenda. RECENT HISTORY OF THE PROPERTY According to public records, the subject property has been owned by the current owners for a period of time greater than three years. The property has improvements consisting of a frame house with stone masonry veneer exterior on a slab foundation with a gable roof and there is currently no for sale or lease sign posted on the site; we are unaware of any previous transactions of the property for sale or lease. TAXES Located in the addenda is a printout from the Williamson County Appraisal District (WCAD), stating the certified values for the past several years for both land and improvements if applicable, along with the current tax liability and rates for the subject. The Williamson County 1999 certified assessed market value is a total of $81,599 or $50.75/sf of building area or $3.47/sf of land area. The 1998 tax liability for the subject without exemptions was a total of $1,933.89 or $1.20 /sf of building area and $0.08 /sf of land area. Both the assessed values and tax liability for the subject appear reasonable and in line with other homes within the area with similar jurisdictions, however the assessed value is below our estimate of market value of $3.70 per square foot as a result of our assumption of commercial zoning for the site. SITE DESCRIPTION The subject parent site is an irregular shaped interior tract located along the east side of Lee Street between West Anderson Avenue and Brushy Creek in southcentral Round Rock, Texas. Its location is just north of the Central Business District in Round Rock and north of the Berkman Elementary School. According to the survey, the parent site is a total of 0.54 of an acre or 23,522 square feet with 123.92 feet of frontage along the east side of Lee Street. The part taken will be about a 124 -foot R.O.W. strip located along the western property line of the parent tract of about 0.021 -acre or 914 square feet, a long irregular triangular shaped tract. The remainder tract will have about the same shape and about the same amount of frontage along Lee Street. As a result, the remainder property will benefit from the road improvements, resulting in an enhancement or increase in market value. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 The Appraisal of Real Estate, llth Ed (Chicago, Illinois Appraisal Institute, 1996), p. 297. 39 Lee Street is currently a two-way, two-lane, asphalt paved roadway with no concrete curbs and gutters or storm sewers with various R.O.W. widths. Overhead utility lines are located along Lee Street. Surrounding land uses include single family homes, school, gas station, bank, theatre, park, apartments, offices, retail centers and other businesses. Access to the site is via either West Anderson Avenue or Sunset Drive from IH -35 North and access from West Anderson Avenue is difficult. According to NFIP's FIRM for Williamson County, Texas and incorporated areas, Map Number 48491 CO330 C, dated September 27,1991, no portion of the subject parent site or part taken is located in any special flood hazard areas inundated by 100 -year or 500 -year floods. According to the U. S. Department of Agriculture Soil Conservation Service, Texas Agricultural Experiment Station, General Soil Map for Williamson County, Texas, soils for the subject are Denton - Eckrant -Doss: moderately deep, shallow and very shallow, calcareous, clayey, cobbly and stony soils formed in indurated fractured limestone or limy earths; on uplands. The site is basically level and at street grade with Lee Street. The whole and remainder sites have improvements including a one -story wood frame house with stone masonry veneer on a slab foundation with a gable roof of about 1,608 square feet with a 280 square foot carport built in about 1956 and in fair conditon, according to the WCAD. Landscaping includes sodded lawn, shrubs and large trees. The site is located within the city limits of Round Rock and is zoned "SF -2,' Single Family- Standard Lot. This classification's intent is to establish and preserve areas of low intensity land use primarily devoted to low density residential development. Permitted principal uses are one dwelling unit per lot with a minimum lot size of 6,500 square feet, and community recreational facilities. For our analysis, we are assuming that the subject can be granted a zoning change to 'C -1' General Commercial which, according to the city zoning ordinance, this classification is intended to establish and preserve areas of medium intensity land use primarily devoted to general commercial and other non - industrial activities. Permitted principal uses include offices, services, amusements, governmental, institutional, commercial, places of worship, and other non - industrial activities which are conducted wholly within an enclosed building or buildings. The following uses are permitted subject to a special permit and /or a site plan approved by the Development Review Board: non - industrial activities which entail either unenclosed operations or storage, schools, caretaker's residence, and a combination of commercial and residential uses within a single building. It is our understanding that the zoning change to commercial is a reasonable assumption and our client, the City of Round Rock has approved of this assumption. Utilities available are electricity from Texas Utilities, water and wastewater from the City of Round Rock and gas from Lone Star Gas Company and phone from Southwestern Bell. The subject is located in the Round Rock Independent School District. HIGHEST AND BEST USE Highest,and Best Use is defined as: That reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.'3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 40 In estimating the Highest and Best Use, both the land as though vacant and property as improved (if applicable) must meet four criteria. 1) Physically possible 2) Legally permissible 3) Financially feasible 4) Maximally productive Property under appraisement is an improved lot with a single family residence located in southcentral Round Rock in Williamson County. The property has frontage along the east side of Lee Street with access from Sunset Drive from North Mays Street, but circuitous access from West Anderson Lane. It is a reasonable assumption that the site can be rezoned for commercial use. According to brokers within this market, there is demand for small SFR convered offices within this area due to its location. Consideration has been given to the size of the site, its improvements, location, access, terrain, zoning and surrounding properties along with current and anticipated future market conditions. Therefore, after considering the physically possible, legally permissible, financially feasible and maximally productive criteria of the property, it is concluded that the Highest and Best Use as improved would be for a commercial use such as an SFR office conversion, which would conform to current City of Round Rock regulations /restrictions. NUMBER DELTA CHORD BEARING TANGENT ' RADIUS ' ARC ' CHORD ' C1 00'33'06" S 11'04'46" E 23.95 4975.00 47.90 47.90 C2 05'38'08" S 12'20'25" E 38.14 775.00 76.23 7620 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 wPROJECT BEARING BASIS/ DIRECTIONAL CONTROL LINE. CAROTHERS SKETCH TO ACCOMPANY DESCRIPTION 1 11 1 1 1 1a'E P.O.B. 5175.31 0.021 Ac. � 1 � 914 SQ. FT. m. N la 1 , '15 59' e-4 , , .� 'k RpPOSED 1 „ 'iv- 0 .%:: V P ROUND R{3 ±:K LSD. 1 I;rlr 9b%753 0 S . a - siar:LF o riKtw�' 1. '1 \ 1 1 , , 1 1 1 l \ OPOSED ) I P.0.8. egRF o^n RIGSBY KAVANAUGH VOL. 2227, PG. 927 0.54 AC. 2 £. I nd B Cecil Jackson Chisholm, R.P.LS. 14295 203 E Main St. Ste 203 Round Rock TX 78664 (192. LEGEND = RECORD INFORMATION = POINT OF BEGINNING = IRON ROD FOUND = IRON ROD SET SCALE: 1 " =60' ' GEpL,y or+ ptl$IgUA \ 1/4:4, tr. c 4 035 � q ti o..p SUev.- ANGE EXHIBIT "A" JOB No.: 601 - 537 -11 File: SUMEAS.DWG BY: BC Baker- Alcklen & AssoeIet.s Inc. Consuat EroIneers 1 Survey 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Plat Map R056904 BRADY ANDERSON 319/314 0.5609 ACw 1 R056908 MRS. ALICE ' SANDBERG 405/027 0.96 AC L►� R056907 R. KAVANAUGH 2 227/927 0.54 AC R056903 M.K.BARNEfT 0.669 AC R347909 ROUND ROCK ISD DOC 9527530 1.347 AC R056905 JAMES CAROTHERS 3 0.75 AC Subject OD 3 R0 4 Zoning Map PHOTOGRAPH VIEW OF THE IMPROVEMENTS AT 507 NORTH LEE STREET LOOKING NORTHEAST FROM LEE STREET 44 45 SALES COMPARISON APPROACH The Sales Comparison Approach is a method of valuing vacant and /or improved properties by analysis and comparison of market sales, which have similar characteristics as the subject. These sales, in effect, reflect the attitudes and actions of buyers and sellers in the marketplace, and the sales are used as a basis for estimating the market value of the subject. This method is probably the easiest understood by the public, as it is based on the willing buyer and /or willing seller concept. The first step in this approach is to locate similar properties in the general area that have sold within a similar time frame as the effective date of the appraisal or under similar market conditions. These sales are analyzed for prices paid based on differing characteristics utilizing one or more units of comparison. The unit of comparison used for our analysis is the sales price per square foot of land area. Some of the differences analyzed are real property rights conveyed, terms of financing, special conditions of sale, market conditions since the sale has occurred, location /zoning, size, useability: frontage, access, shape, topography and floodplain. The end result, after adjustments have been made is an indication of value for the subject property. Several transactions were reviewed for this analysis. Of these, seven sales which are the most recent and similar comparables were included. An analysis of them are recited on the following pages, along with a summary chart and an adjustment grid showing each comparable's adjustments relative to the subject. The property located at 406 North Lee Street, owned by the Anderson family, as an improved site, is and has been listed for sale for $6.50 per square foot of land area. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMPARABLE LAND SUMMARY CHART aGt1MPs NUMBER DATE 05/07/99 04/29/99 04/16/98 02/18/98 10/29/97 04/11/97 03/14/97 2/9 LOCATION' 2551 Double Ck., NEC Louis Henna & Double Ck., Round Rock. Tx 111 FM 3406 Rd or E. Old Settler's Blvd. SEC FM 3406 & Lamar Dr.. Round Rock. To 1001 Palm Valley Blvd., south side of Hwy 79 E. of Georgetown St, Round Rock. Tx 594 Greenhill Dr. north side of Greenhill Dr., E. of Tellabs Dr. Round Rock, Tx 2002 IH 35 North, NWC IH 35, N. and Chisholm Pkwy, Round Rock, Tx South side CR 170/Louis Henna Blvd., SWC of proposed Greenlawn Blvd extension & Louis Hetma, Round Rock, Tx 2800 Hoppe Tr., east side of Hoppe Tr. & west side of IH-35, Round Rock, Tx Sal Nork��Lee"aci S t EtAC. 0.927 2.130 2282 1750 1.109 2.000 1825 COMMENTS; Pkoatagoi ACCeae Shape, 'Topography, Fload. t'Ialq t140.01' on Double Ck.. 252.53' on Louis Henna, good, irregular, level. 248.37' on FM 3406, ±377.44' on Lamar, good, irregular rectangular, level 1350' on Palm Valley Blvd, good. irregular rectangular, level. none ±194' Greenhill Dc, good, rectangular shaped. level to sloping, none 17204' on IH-35, 279.50' on Chisholm Pkway, rectangular shaped level. none 40478' Louis Henna Blvd, good. triangular shaped level, none 347.05' on IH- 35.346.70' on Hoppe Tr., rectangular shaped, level. none it iited.irregttlar;! �ur� rltteE. PEfi SF $3.75 $3.85 $530 $2.75 $4.66 $4.02 $6.38 ANALYSIS AND COMPARISON 46 DIRECT COMPARISON - SALES PRICE PER SF The seven sales presented are vacant commercial land sales, all being subdivided lots with either commercial or industrial zoning located in the Round Rock area. Some sales were purchased for retail, office, or office /warehouse uses such as restaurants, convenience stores, veterinary clinic or funeral home use. These sales were chosen as they were considered to be the most recent and comparable to the subject. Adjustments to the sales price per square foot were based upon perceived differences between each property and the subject. Paired sales were utilized when available for obtaining adjustments; however, when not available, judgment based on experience within this market area was utilized. Property rights appraised were considered first; no adjustments were required as all sales sold with the entire bundle of rights. Terms of financing was considered along with market conditions. No adjustments were required for these factors as all sales were either cash to seller transactions or the financing was at market rates and terms equal to a cash price. There was one sale that required a conditions of sale adjustment as the transaction was contingent upon a waiver from the TNRCC for a detention pond. The adjustment was based on the cost that would have been required to construct an on-site detention pond reported by the buyer. No adjustment for market conditions was indicated nor applied as the sales were all indications of current market activity for vacant land properties. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 47 There were also adjustments required for the category, Location. All sales required an adjustment for location with all but two sales requiring a superior downward adjustment. Sales 1 and 4 were rated equal and inferior, respectively, to the subject with Sale 4 requiring an upward inferior adjustment. All other sales were adjusted downward for superiority from 20 to 55 percent. The only inferior location was along Greenhill, with superior locations being along Old Settler's, Palm Valley Boulevards, IH -35 and Louis Henna and Greenlawn Boulevard extension. The next characteristic to be adjusted is Size. Typically, sales of land will have an inverse relationship between size and price per square foot of land. This being that larger tracts will tend to sell for a lower price per square foot, with smaller land sales selling for a higher price per square foot. The size of the comparables ranged from about 1 to 2 acres. The subject is just over a half acre, less than the smallest sale. All the sales required inferior, upward positive adjustments. The data tended to indicate that an adjustment of ten percent for each doubling in size compared to the subject was reasonable and supportable. The sales were adjusted from 5 to 20 percent for size. The next adjustment was for Useability, such as frontage, access, shape, topography and/or floodplain. The subject is an interior location with adequate frontage, limited access, limited exposure, level topo and no floodplain. All sales but one, Sale 4 were rated superior to the subject and adjusted by 5 percent. Sale 4 was rated equal and not adjusted. After reviewing the comparables as they relate to the subject, adjustments were made for location, size and useability. On the following page is an adjustment grid quantifying these variables. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ADJUSTMENT GRID FOR 507 NORTH LEE STREET KAVANAUGH 0.54 -ACRE 48 COMPttRAA1.E Suu Sales Price (SP) Per SF of Land ft eat Prupert. Right Conveyed Adjusted SP Pinson. ng Terms Egplvalent Adjusted SP Couditfc�n of Sid4 in Length Adjusted SP Adjusted SP . 507 . BT LeeSt7EISlee. St�,lf of Anderrn�! Ate/Asa.. "C1 $2' Dl. face StJ44vgJ Irr"equlsr/LeveirNone Net Adjustment Adj. Sale Price per SF of Land Value Indication 8375 8275 SFtallar $3.75 $3.75 $3.75 0- $3.75 83.85 Similar . $8.85 Similar -0 83.85 Inferior .i $4.62 $4.62 -20% $370 8530 SFroiTar 4)• 8530 • Similar -0- $530 8530 734/16198 Similar $530 •30% 833.71 4 $275 SYmitar 4)- $2.75 .................... Simllar 8275 ISiml�r... 4i- $275 02138/98 4iim9Fae $275 )t�ferjoj «40% $3.85 5 $4.66 star 84.66 Similar ' 84.66 :Similar 84.66 $4.66 -20% $373 $4.02 8638 Similar :': i 0• $4.02 8638 Similar iiroF1ar ' $4.02 8638 t14J11/d .03114/97: Simllar Smilax 84.02 8638 S% -45% 8182 $3.51 The seven comparables, in our opinion, represent the most recent sales with the most commonalities consistent with the subject. The sales prices before adjustments ranged from $2.75 per square foot to $5.30 per square foot, and after adjustments the sales ranged from a low of $3.51 per square foot to $3.85 per square foot. The mean of all the adjusted sales is $3.72 per square foot. All sales were adjusted for either two, three or four variables /categories and the net adjustments ranged from a negative 45 to a positive 40 percent. All sales are given equal weight. Taking into account the overall mean, a value estimate of approximately $3.70 per square foot has been concluded for the subject. This equates to a total value estimate for the subject of 887,031 or as follows: Value Computation of the Whole Property: 0.54 -acre or 23,522 sf x $3.70 per sf = $87,031 Rounded to: $87,000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 49 Market Value of the Whole Property as of Nov. 22,1999: $ 87,000 Market Value of the Part Taken (914 sf ® $3.70 /square foot): $ 3,400 Market Value of the Remainder Before the Taking: $ 83,600 Market Value of the Remainder After the Taking Assuming. Public Improvement in Place: $ 83,600 Total Compensation: $ 3,400 The taking involves a 914 SF or 0.021 -acre tract of land located along the western boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 124.10 feet of Lee Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking; we are assuming that the property has received a zoning change from single family residential, "SF -2' to commercial, "C -1' zoning. We, the undersigned do hereby certify that to the best of our knowledge and belief, the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed are based, are true and correct. We further certify that the reported analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and conclusions. The appraisal analyses and opinions were developed and this report has been prepared in conformance with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the American Institute of Real Estate Appraisers. The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAI's and RM's who meet the minimum standards of this program are awarded periodic educational certification. Thomas R. Gardner is currently certified under this program. We also certify that we have personally inspected the property that is the subject of this report; that we have no present or prospective interest in the appraised property; that we have no personal interest or bias with respect to the parties involved, our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based on a requested minimum valuation, specific valuation or approval of a loan. We do not authorize the out of context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by use of the media for public communications without the prior written consent of the appraisers signing this report. This report was made for the exclusive use of our client, The City of Round Rock, Texas. The purpose of the appraisal is to provide an estimate of the Market Value of the FEE SIMPLE interest, herein described as of Nov. 22, 1999. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GARDNER APPJ AISAL G BY: Thomas R. Gardner, MAI, onsultant State Certified General Real Estate Appraiser Number: TX- 1324283 -G BY: J j nne H. Shively, Associate State ( rtified General Real Estate Appraiser Number: TX- 1320309 -G 50 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 51 IDENTIFICATION AND LEGAL DESCRIPTION: 509 North Lee Street Alice Sandb According to public records, the subject parent property is vested in Alice Sandberg at 509 North Lee Street, Round Rock, Texas 78664 -4315 and can be legally described as: LOT 5A, ANDERSONS SECOND ADDITION; 0.96 ACRES SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO.298 IN WILLIAMSON COUNTY, TEXAS The legal description of the part taken is a metes and bounds description located in the addenda. RECENT HISTORY OF THE PROPERTY According to public records, the subject property has been owned by the current owners for a period of time greater than three years. The property has improvements consisting of a frame house with brick masonry veneer exterior on a slab foundation with a gable roof and there is currently no for sale or lease sign posted on the site; we are unaware of any previous transactions of the property for sale or lease. TAXES Located in the addenda is a printout from the Williamson County Appraisal District (WCAD), stating the certified values for the past several years for both land and improvements if applicable, along with the current tax liability and rates for the subject. The Williamson County 1999 certified assessed market value is a total of $133,587 or $69.00 /sf of building area or $319/sf of land area. The 1998 tax liability for the subject without exemptions was a total of $3,140.66 or $162/sf of building area and $0.08 /sf of land area. Both the assessed values and tax liability for the subject appear reasonable and in line with other homes within the area with similar jurisdictions, however the assessed value is below our estimate of market value of $3.30 per square foot as a result of our assumption of commercial zoning for the site. SITE DESCRIPTION The subject parent site is an irregular shaped interior tract located along the east side of Lee Street between West Anderson Avenue and Brushy Creek in southcentral Round Rock, Texas. Its location is just north of the Central Business District in Round Rock and north of the Berkman Elementary School. According to the survey, the parent site is a total of 0.96 of an acre or 41,818 square feet with 154.49 feet of frontage along the east side of Lee Street. The part taken will be about a 155 -foot R.O.W. strip located along the western property line of the parent tract of about 0.029 -acre or 1,274 square feet, a long irregular rectangular shaped tract. The remainder tract will have about the same shape amount of frontage along Lee Street. As a result, the remainder property will benefit from the road improvements, resulting in an enhancement or increase in market value. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 The Appraisal of Real Estate, Ilth Ed (Chicago, Illinois: Appraisal Institute, 1996), p. 297. 52 Lee Street is currently a two-way, two-lane, asphalt paved roadway with no concrete curbs and gutters or storm sewers with various R.O.W. widths. Overhead utility lines are located along Lee Street. Surrounding land uses include single family homes. school, gas station, bank. theatre, park, apartments, offices, retail centers and other businesses. Access to the site is via either West Anderson Avenue or Sunset Drive from IH -35 North and access from West Anderson Avenue is difficult. According to NFIP's FIRM for Williamson County, Texas and incorporated areas, Map Number 48491 CO330 C, dated September 27,1991, no portion of the subject parent site or part taken is located in any special flood hazard areas inundated by 100 -year or 500 -year floods. According to the U. S. Department of Agriculture Soil Conservation Service, Texas Agricultural Experiment Station, General Soil Map for Williamson County, Texas, soils for the subject are Denton- Eckrant -Doss: moderately deep, shallow and very shallow, calcareous, clayey, cobbly and stony soils formed in indurated fractured limestone or limy earths; on uplands. The site is basically level and at street grade with Lee Street. The whole and remainder sites have improvements including a one -story wood frame house with brick masonry veneer on a slab foundation with a gable roof of about 1,936 square feet with a 682 square foot detached garage built in about 1974 and in average conditon, according to the WCAD. Landscaping includes sodded lawn, shrubs and large trees. The site is located within the city limits of Round Rock and is zoned 'SF -2," Single Family - Standard Lot. This classification's intent is to establish and preserve areas of low intensity land use primarily devoted to low density residential development. Permitted principal uses are one dwelling unit per lot with a minimum lot size of 6,500 square feet, and community recreational facilities. For our analysis, we are assuming that the subject can be granted a zoning change to 'C -1" General Commercial which, according to the city zoning ordinance, this classification is intended to establish and preserve areas of medium intensity land use primarily devoted to general commercial and other non - industrial activities. Permitted principal uses include offices, services, amusements, governmental, institutional, conunercial, places of worship, and other non - industrial activities which are conducted wholly within an enclosed building or buildings. The following uses are permitted subject to a special permit and /or a site plan approved by the Development Review Board: non - industrial activities which entail either unenclosed operations or storage, schools, caretaker's residence, and a combination of commercial and residential uses within a single building. It is our understanding that the zoning change to commercial is a reasonable assumption and our client, the City of Round Rock has approved of this assumption. Utilities available are electricity from Texas Utilities, water and wastewater from the City of Round Rock and gas from Lone Star Gas Company and phone from Southwestern Bell. The subject is located in the Round Rock Independent School District. HIGHEST AND BEST USE Highestand Best Use is defined as: 'That reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible. and that results in the highest value" 53 In estimating the Highest and Best Use, both the land as though vacant and property as improved (if applicable) must meet four criteria. 1) Physically possible 2) Legally permissible 3) Financially feasible 4) Maximally productive Property under appraisement is an improved lot with a single family residence located in southcentral Round Rock in Williamson County. The property has frontage along the east side of Lee Street with access from Sunset Drive from North Mays Street, but circuitous access from West Anderson Lane. It is a reasonable assumption that the site can be rezoned for commercial use. According to brokers within this market, there is demand for small SFR convered offices within this area due to its location. Consideration has been given to the size of the site, its improvements, location, access, terrain, zoning and surrounding properties along with current and anticipated future market conditions. Therefore, after considering the physically possible, legally permissible, financially feasible and maximally productive criteria of the property, it is concluded that the Highest and Best Use as improved would be for a commercial use such as an SFR office conversion, which would conform to current City of Round Rock regulations /restrictions. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SKETCH TO ACCOMPANY DESCRIPTION ' BEARING BASIS/ DIRECTIONAL CONTROL LINE. NUMBER CI DELTA 01'46'05" CHORD BEARING S 09'55'11" E TANGENT ' 76.77 RADIUS ' 4 975. 0 0 ARC ' 153.53 CHORD ' 153.52 LEGEND ( ) = RECORD INFORMATION P.0.8. = POINT OF BEGINNING .IFf = IRON ROD FOUND ° IRS = IRON ROD SET ,,, , ... ... Nei'' 2'39'E 4 M Prepared By: Cecil Jackson Chisholm. R.P.L.S. 14295 203 E. Main St., Ste 203 Round Rock, TX 78664 ALICE SANDBERG VOL. 405, PG.271 AMES P.O.B. 0.029 Ao. 1,274 80. 5 N 1 Vi 1 t G 1 0 l e Dote SCALE: 1 " =60' EXHIBIT "A" J08 No.: 601 - 537 -11 File: SUMEAS.OWC BY: BC Baker- Alcklen & Aaaoclataa, Inc. C nrsfnng E Survey 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Plat Map L=,1 R056904 BRADY ANDERSON 319/314 /pi\ 0.5609 ACW R056903 M.K. BARNET 0 669 AC 1 R056908 ‘, MRS. ALICE SANDBERG ' 1 405/027 0.96 AC L►� R056907 R.KAVANAUGH 2227/927 0.54 AC OND NON R34 7909 ROUND ROCK 153 DOC 9527530 1.347 AC 1 R05690 JAMES CAROTHERS 3 0.75 AC Subject 0 i 3 R071539 4 Zoning Map 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 PHOTOGRAPHS VIEW OF THE IMPROVEMENTS AT 509 NORTH LEE STREET LOOKING NORTHWEST FROM LEE STREET VIEW OF LEE STREET LOOKING NORTH, SUBJECT ON RIGHT 57 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SALES COMPARISON APPROACH 58 The Sales Comparison Approach is a method of valuing vacant and /or improved properties by analysis and comparison of market sales, which have similar characteristics as the subject. These sales, in effect, reflect the attitudes and actions of buyers and sellers in the marketplace, and the sales are used as a basis for estimating the market value of the subject. This method is probably the easiest understood by the public, as it is based on the willing buyer and /or willing seller concept. The first step in this approach is to locate similar properties in the general area that have sold within a similar time frame as the effective date of the appraisal or under similar market conditions. These sales are analyzed for prices paid based on differing characteristics utilizing one or more units of comparison. The unit of comparison used for our analysis is the sales price per square foot of land area. Some of the differences analyzed are real property rights conveyed, terms of financing, special conditions of sale, market conditions since the sale has occurred, location /zoning, size, useability: frontage, access, shape, topography and floodplain. The end result, after adjustments have been made is an indication of value for the subject property. Several transactions were reviewed for this analysis. Of these, seven sales which are the most recent and similar comparables were included. An analysis of them are recited on the following pages, along with a summary chart and an adjustment grid showing each comparable's adjustments relative to the subject. The property located at 406 North Lee Street, owned by the Anderson family, as an improved site, is and has been listed for sale for $6.50 per square foot of land area. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMPARABLE LAND SUMMARY CHART COMP- NUMBER BER 0.927 DATE:' 05/07/99 04/29/99 04/16/98 02/18/98 10/29/97 04/U/97 03/14/97 LGCATI))N 2551 Double Ck, NEC Louis Henna & Double Ck., Round Rock, Tx 111 FM 3406 Rd or R 014 Settler's Blvd. SEC FM 3406 & Lamar Dr.. Round Rock. Tx 1001 Palm Valley Blvd., south side of Hwy 79, E of Georgetown St, Round Rock. Tx 594 Greenhill Dr.. north side of Greenhill Dr.. E of Tellabs Dr., Round Rock. Tx 2002 IH 35 North, NWC IH 35, N. and Chisholm Pkwy, Round Rock, Tx South side CR 170/Louis Henna Blvd. SWC of proposed Greenlawn Blvd extension & Louis Henna, Round Rock, Tx 2800 Hoppe Tr., east side of Hoppe Tr. & west side of 1H -35, Round Rock, Tx Swot] nand Roek; T. 5m(Ac) 2130 2.282 1.750 1.109 2.030 1825 COMMENTS: Franfage, Aeceae, Shape, Topography, Flood Plaln ±140.01' on Double Ck., 25253 on Louis Henna. good. irregular. level, 248.37' on FM 3406, ±377.44' on Lamar, good. irregular rectangular, level ±350' on Palm Valley Blvd, good, irregular rectangular. level, none ±194' Greenhill Dr., good, rectangular shaped, level to sloping, none 172.04' on IH-35, 279.50' on Chisholm Pkway, rectangular shaped, level, none 404.78' Louis Henna Blvd, good, triangular shaped. level, none 347.05' on IH -35, 346.70' on Hoppe Tr.. rectangular shaped level. none 154.49'onN:teeSfi shaped leel none irregular.;: ...................... ............................. SAiaE • PRICE PER SF $3.75 $3.85 $5.30 $2.75 $4.66 $4.02 86.38 ANALYSIS AND COMPARISON 59 DIRECT COMPARISON - SALES PRICE PER SF The seven sales presented are vacant commercial land sales, all being subdivided lots with either commercial or industrial zoning located in the Round Rock area. Some sales were purchased for retail, office, or office /warehouse uses such as restaurants, convenience stores, veterinary clinic or funeral home use. These sales were chosen as they were considered to be the most recent and comparable to the subject. Adjustments to the sales price per square foot were based upon perceived differences between each property and the subject. Paired sales were utilized when available for obtaining adjustments; however, when not available, judgment based on experience within this market area was utilized. Property rights appraised were considered first; no adjustments were required as all sales sold with the entire bundle of rights. Terms of financing was considered along with market conditions. No adjustments were required for these factors as all sales were either cash to seller transactions or the financing was at market rates and terms equal to a cash price. There was one sale that required a conditions of sale adjustment as the transaction was contingent upon a waiver from the TNRCC for a detention pond. The adjustment was based on the cost that would have been required to construct an on -site detention pond reported by the buyer. No adjustment for market conditions was indicated nor applied as the sales were all indications of current market activity for vacant land properties. 60 There were also adjustments required for the category, Location. All sales required an adjustment for location with all but two sales requiring a superior downward adjustment. Sales 1 and 4 were rated equal and inferior, respectively, to the subject with Sale 4 requiring an upward inferior adjustment. All other sales were adjusted downward for superiority from 20 to 55 percent. The only inferior location was along Greenhill, with superior locations being along Old Settler's, Palm Valley Boulevards, IH -35 and Louis Henna and Greenlawn Boulevard extension. The next characteristic to be adjusted is Size. Typically, sales of land will have an inverse relationship between size and price per square foot of land. This being that larger tracts will tend to sell for a lower price per square foot, with smaller land sales selling for a higher price per square foot. The size of the comparables ranged from about 1 to 2 acres. The subject is just less than an acre, almost equal to the smallest sale. All the sales but two required inferior, upward positive adjustments. The data tended to indicate that an adjustment of ten percent for each doubling in size compared to the subject was reasonable and supportable. The sales were adjusted from 5 to 10 percent for size. The next adjustment was for Useability, such as frontage, access, shape, topography and/or floodplain. The subject is an interior location with adequate frontage, limited access, limited exposure, level topo and no floodplain. All sales but one, Sale 4 were rated superior to the subject and adjusted by 5 percent. Sale 4 was rated equal and not adjusted. After reviewing the comparables as they relate to the subject, adjustments were made for location, size and useability. On the following page is an adjustment grid quantifying these variables. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ADJUSTMENT GRID FOR 509 NORTH LEE STREET SANDBERG 0.96 -ACRE C08WARA>: L iV(? Sales Price (SP) Per SF of Land Beat Property Rights Conuaged Adjusted SP Flaianclitg Terms Adjusted SP CondFt1o� of Safe' Adjusted SP T)afe of<$afe Adjusted SP Loen ttoa/Zon 509 N I. 5t:F1 $ I ee St Nof Andcr on AtN /E sume'C t 498 aeren or +f18113 sq St, !'' $3.75 8585 $5.30 $275 $4.66 8602 86.38 ar Sittdlar Similar S�m11ar Similar. 5ilailar -0- -0- -'4 8575 $3.85 85.30 $2.75 $4.66 84.02 $6.38 8575 8585 85.30 8575 $4.66 $4.02 86.38 $3.75 8662 55.30 8675 8466 8502 86.38 ra *too: o2/7ISJ91€ �o /z91s7 itullar S1nd1 r Simj[ar Similaa Similar Sinufar Stnailar $imiia# SitflHar" 83.75 8562 $5.30. $275 $4.66 $4.02 86.38 Siwfar 3Sitnilar; 05/W97 Similar AccSBape/T+ FI sd Plain A w Net Adjustment -5% Adj. Sale Price per SF of Land Value Indication 1nf 8556 8323 $318 St58 $3.26 $3.42 8687 The seven comparables, in our opinion, represent the most recent sales with the most commonalities consistent with the subject. The sales prices before adjustments ranged from $2.75 per square foot to $5.30 per square foot, and after adjustments the sales ranged from a low of $2.87 per square foot to $3.58 per square foot. The mean of all the adjusted sales is $3.30 per square foot. All sales were adjusted for one to four variables /categories and the net adjustments ranged from a negative 55 to a positive 30 percent. All sales are given equal weight. Taking into account the overall mean, a value estimate of approximately $3.30 per square foot has been concluded for the subject. This equates to a total value estimate for the subject of $87,031 or as follows: Value Computation of the Whole Property: 0.96 -acre or 41,818 sf x $3.30 per sf = $137,999 Rounded to: $138,000 Stmilar Intetke. 61 -15% -55% 62 Market Value of the Whole Property as of Nov. 22,1999: $138,000 Market Value of the Part Taken (1,274 sf ® $3.30 /square footle $ 4,200 Market Value of the Remainder Before the Taking: $133,800 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $133,800 Total Compensation: $ 4,200 The taking involves a 1,274 SF or 0.029 -acre tract of land located along the western boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have153.52 feet of Lee Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking; we are assuming that the property has received a zoning change from single family residential, "SF -2," to commercial, "C -1" zoning. We, the undersigned do hereby certify that to the best of our knowledge and belief, the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed are based, are true and correct. We further certify that the reported analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and conclusions. The appraisal analyses and opinions were developed and this report has been prepared in conformance with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the American Institute of Real Estate Appraisers. The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAI's and RM's who meet the minimum standards of this program are awarded periodic educational certification. Thomas R Gardner is currently certified under this program. We also certify that we have personally inspected the property that is the subject of this report; that we have no present or prospective interest in the appraised property; that we have no personal interest or bias with respect to the parties involved, our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based on a requested minimum valuation, specific valuation or approval of a loan. We do not authorize the out of context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by use of the media for public communications without the prior written consent of the appraisers signing this report. This report was made for the exclusive use of our client, The City of Round Rock, Texas. The purpose of the appraisal is to provide an estimate of the Market Value of the FEE SIMPLE interest, herein described as of Nov. 22, 1999. GARDNER A P ISAL G BY: Thomas R. Gardner, MAI, onsultant State Certified General Real Estate Appraiser Number: TX- 1324283 -G BY: Jul' ne H. Shively, Associate State C tified General Real Estate Appraiser Number: TX- 1320309 -G 63 64 IDENTIFICATION AND LEGAL DESCRIPTION: 892 Summit Drive: Frederick R. Fine According to public records, the subject parent property is vested in Frederick R. Fine at 101 Swift Current Road, Austin, Texas 78746 -4355 and can be legally described as: LOT 5, BLOCK A, SUMMIT PLAZA AMENDED; 3.046 ACRES SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. "298 IN WILLIAMSON COUNTY, TEXAS The legal description of the part taken is a metes and bounds description located in the addenda. RECENT HISTORY OF THE PROPERTY According to public records, the subject property has been owned by the current owners since 1989. The property has improvements consisting of a two-story 46 -unit wood frame apartment project with painted stucco exterior on a slab foundation with a gable roof built in 1985 called the Settlers Landing Apartments. There is currently no for sale sign posted on the site; we are unaware of any other transactions of the property for sale. TAXES Located in the addenda is a printout from the Williamson County Appraisal District (WCAD), stating the certified values for the past several years for both land and improvements if applicable, along with the current tax liability and rates for the subject. The Williamson County 1999 certified assessed market value is a total of $1,243,000 or $36.93/sf of building area or $9.37/sf of land area. The 1998 tax liability for the subject without exemptions was a total of $30,678.69 or $0.91 /sf of building area and $0.23/sf of land area. Both the assessed values and tax liability for the subject appear reasonable and in line with other projects within the area with similar jurisdictions, and the land value is equal to our estimate of market value of $2.00 per square foot. SITE DESCRIPTION The subject parent site is an irregular shaped interior tract located along the west side of Summit Drive and along the north side of Brushy Creek, located between Sunset Drive and Brushy Creek in southcentral Round Rock, Texas. Its location is just north of the Central Business District in Round Rock and adjacent to the City of Round Rock Memorial Park. According to the survey, the parent site is a total of 3.046 acres or 132,684 square feet with about 50013 feet of frontage along the west side of Summit Drive and 489.40 feet along the north side of Brushy Creek. The part taken will be about a 500 -foot R.O.W. strip located along the eastern property line of the parent tract of about 0.115-acre or 5,020 square feet, a long irregular curved rectangular shaped tract. The remainder tract will have about the same shape and about the same amount of frontage along Sununit Drive, with about the same amount of frontage along Brushy Creek As a result, the remainder property will benefit from the road improvements, resulting in an enhancement or increase in market value. 5 The Appraisal of Real Estate, llth Ed. (Chicago, Illinois: Appraisal Institute, 1996), p. 297 65 Summit Drive is currently a two-way, two-lane, asphalt paved roadway with some concrete curbs and gutters but no storm sewers with various R.O.W. widths. It is our understanding that there is now not and will not in the future be access to the subject parent site from the IH -35 frontage road. Overhead utility lines are located along Summit Drive. Surrounding land uses include single family homes, school, gas station, bank, theatre, park, offices, retail centers and other businesses. Access to the site is via either West Anderson Avenue or Sunset Drive from I11-35 North. There is no access directly from the IH -35 frontage road and the access from West Anderson Avenue is difficult. According to NFIPs FIRM for Williamson County, Texas and incorporated areas, Map Number 48491 CO330 C, dated September 27,1991, about 35 percent of the subject parent site is located in Zone AE, special flood hazard areas inundated by 100 - year floods with base flood elevations determined at about 704 MSL. According to the U. S. Department of Agriculture Soil Conservation Service, Texas Agricultural Experiment Station, General Soil Map for Williamson County, Texas, soils for the subject are Denton - Eckrant -Doss: moderately deep, shallow and very shallow, calcareous, clayey, cobbly and stony soils formed in indurated fractured limestone or limy earths; on uplands. The site is basically level and at street grade with Summit Drive. The whole and remainder sites have improvements including a two-story wood frame 46 -unit apartment project with painted stucco siding on a slab foundation with a gable metal roof of about 33,656 square feet with asphalt paving and open porches built in 1985 and in average conditon, according to the WCAD. Landscaping includes sodded lawn, shrubs and large trees. The site is located within the city limits of Round Rock and is zoned "MF," Multifamily Residence. This classification's intent is to establish and preserve areas of medium intensity land use primarily devoted to high density residential development. Permitted principal uses are all permitted principal District TF uses and up to as many as four dwelling units per lot with aminimum lot size of 12,000 square feet. Utilities available are electricity from Texas Utilities, water and wastewater from the City of Round Rock and gas from Lone Star Gas Company and phone from Southwestern Bell. The subject is located in the Round Rock Independent School District. HIGHEST AND BEST USE Highest and Best Use is defined as: 'That reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value."s In estimating the Highest and Best Use, both the land as though vacant and property as improved (if applicable) must meet four criteria. 1) Physically possible 2) Legally permissible 3) Financially feasible 4) Maximally productive 66 Property under appraisement is an improved lot with a 46 -unit apartment project located in southcentral Round Rock in Williamson County. The property has frontage along Brushy Creek and thus floodplain of about 35 percent, near the City of Round Rock Memorial Park and access and frontage from Summit Drive with access from Sunset Drive from North Mays Street or IH -35, but circuitous access from West Anderson Lane. The subject is zoned for multifamily use and conforms to its zoning classification. The demand for multifamily housing in Round Rock is on the increase. Consideration has been given to the size of the site, its improvements, location, access, terrain, zoning and surrounding properties along with current and anticipated future market conditions. Therefore, after considering the physically possible, legally permissible, financially feasible and maximally productive criteria of the property, it is concluded that the Highest and Best Use as improved would be its continued use as apartment housing, which would conform to current City of Round Rock regulations /restrictions. NUMBER DELTA CHORD BEARING TANGENT 'RADIUS ' ARC ' CHORD ' CI 60'37'23" S 1.1 V 75.00 128.29 135.74 129.50 C2 55 N 08'55 E 57.86 109.50 106.46 102.32 03 00'36'56" N 18'37'25" '1 26.99 5025.00 53.97 53.97 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 $ G \ L - \ \ N • \ N \o? 1 N \ iD • \ W \ P \\ TN - \ cp LOT 9 \ LSI • V ISTA LANE AMENDED LAT OF SUMMIT PLAZA B. G SL. 82 CiTY LOT 6 SKETCH TO ACCOMPANY DESCRIPTION LOT 2 As Prepore• : Ce011 Jockson Chisholm. R.P.L.S. 4295 203 E. Main St.. .Ms 203 Round Rock. TX 78664 Li c , . `0b 00 � i — � ^J 19.13' ti N83•10'58'W Sa • P.O.B. 0116 Aa 4020 Oa FT. BEARING BASIS/ DIRECTIONAL CONTROL LINE. Date LEGEND ( ) = RECORD INFORMATION P.0.6. = POINT OF BEGINNING = IRON ROD FOUND oRs = IRON ROD SET SCALE: 1" =100' EXHIBIT "A" JOB No.: 601 - 537 -11 File: SUMEAS.DWG BY: BG Baker - Alcklen & As ocldu, Inc. Consulting Engineers & Surveyors { Survey j 4 CASA,. • OP fl‘ / / 4A ,t• 5 rIP•41;11 / / . fr) .1 / / / / „,..._ 33.00' -7/7 •••• 5 Subject =ma a /NA 'E • 0 • to .0" 6 k BLOCK 'A" ft WAWA'. N25 47.08• S8 ..0 171.00' .0 z N A ° 4 k" V, - 0 't 20 / 5 2 • -4 Va.. /7a, L_ /Jeff 44 . -ao' r E r/q• / CAC I Ira . 5uArsET C / 7 OF /?CL/A/O ROCK VO L_ Pa. 41.C4.1r /4 R/< Lr 2 L 47 ; Reel CP.Iy °pow.. NC °COPYRIGHT MG ( Plat Map PSI tn. o..,, 1.4.11:CO... ,.v, Plat Map 09 =lGH1 ON AC 55008 e l. u x SUyA 86/5 533 AC .N1_ HESTER 628/ 0.56 AC 1 -A R336396 X00 ND x SM nNirr MODMOH \ R074704 °x. \\ 1 \ R381843 \ 8Mit ift OT PLAZA 4 R096045 I LLGl4 L1 9 A 4 BLOCK, Q, AMENDED °1 Q4 OF 8 R068695 i SUNSET DRIVE A l.� 2 R096368 3 R096366 PLAZa A- AViIENTh A 5 R091333 8 R06867 10 R068680 o Subject' _ Zoning Map om SEC -1 ROUND ROCK CENTER SECT c •1 :JUNE) ROcK :;ENTER WEST to MF 12.4 Ac MF N � TilTl_�y Ist oitt 1 ■ ■ wrom Subject :.l L Ram! .........0 wOCZ ..,0.1. ,m PHOTOGRAPHS VIEW OF THE IMPROVEMENTS AT 892 SUMMIT DRIVE LOOKING NORTHWEST FROM SUMMIT DRIVE VIEW OF THE IMPROVEMENTS AT 892 SUMMIT DRIVE LOOKING SOUTHWEST FROM SUMMIT DRIVE 71 PHOTOGRAPH VIEW OF SUMMIT DRIVE LOOKING NORTH, SUBJECT ON LEFT VIEW OF SUMMIT DRIVE LOOKING SOUTH, SUBJECT ON RIGHT 72 73 SALES COMPARISON APPROACH The Sales Comparison Approach is a method of valuing vacant and /or improved properties by analysis and comparison of market sales, which have similar characteristics as the subject. These sales, in effect, reflect the attitudes and actions of buyers and sellers in the marketplace, and the sales are used as a basis for estimating the market value of the subject. This method is probably the easiest understood by the public, as it is based on the willing buyer and /or willing seller concept. The first step in this approach is to locate similar properties in the general area that have sold within a similar time frame as the effective date of the appraisal or under similar market conditions. These sales are analyzed for prices paid based on differing characteristics utilizing one or more units of comparison. The unit of comparison used for our analysis is the sales price per square foot of land area. Some of the differences analyzed are real property rights conveyed, terms of financing, special conditions of sale, market conditions since the sale has occurred, location /zoning, size, useability: frontage, access, shape, topography and floodplain. The end result, after adjustments have been made is an indication of value for the subject property. Several transactions were reviewed for this analysis. Of these, seven sales which are the most recent and similar comparables were included. An analysis of them are recited on the following pages, along with a summary chart and an adjustment grid showing each comparable's adjustments relative to the subject. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMPARABLE LAND SUMMARY CHART 74 COW. NUMBER DATE LOCAT ZaiNING " IIZE(AC);; SALESPRICE • PER SF SWC of Farm-to-Market Rd. 3406 or Old Settler's Blvd & Sunrise Rd. or Co.Rd. 115, Round Rock, Tx 11/29/99 11/14/97 05/26/99 03/27/98 11/10/97 09/30/97 08/19/97 1300 South Creek Dr., NE and NW corner of Gattis School Rd & South Creek Dr., Round Rock, TX 1050 County Rd. 170 or Louis Henna Blvd., SEC of Louis Henna Blvd. & Co. Rd. 170, Round Rock, Tx 8140 Racine Tr. west side of Racine Tr., north of Cornerwood Dr.. Round Rock. Tx NWC of Louis Henna Blvd. or Co. Rd. 170 at Meister La or Ca Rd. 169. Round Rock. Tx 8005 Racine Tr., SE corner of Racine Tr. & Cornerwood Dr.. Round Rock. Tx 2701 Farm - to-Market Road 1460, west side of Farm-to-Market 1460. north of Kiphen Rd or Ca Rd 113. Round Rock. Tx a"uh1 1lIF2l` li'9 'rb[.side n( Suiumh tlr t iloulh of SunacC�1) Britahy Creek, Round R ack. Tx 'MF with City of Round Rock 'MF with City of Round Rock Nona Williamson Co. Nona Round Rock ETJ 'PUD' witk City of Round Rock None; Round Rock ETJ None; Round Rock ETJ "1F7$"w1fL City of 00.0it Roek: 7.4147 14.7670 225300 5.4121 14.4470 81.91 $163 81.71 $183 81.50 5.0000 $1.38 1.3920 $150 ANALYSIS AND COMPARISON DIRECT COMPARISON - SALES PRICE PER SF The seven sales presented are vacant commercial land sales, all being subdivided lots with either multifamily or no zoning located in the Round Rock area. Some sales were purchased for church, apartment, retirement residences or mixed uses. These sales were chosen as they were considered to be the most recent and comparable to the subject. Adjustments to the sales price per square foot were based upon perceived differences between each property and the subject. Paired sales were utilized when available for obtaining adjustments; however, when not available, judgment based on experience within this market area was utilized. Property rights appraised were considered first; no adjustments were required as all sales sold with the entire bundle of rights. Terms of financing was considered along with market conditions. No adjustments were required for these factors as all sales were either cash to seller transactions or the financing was at market rates and terms equal to a cash price. No sales required a conditions of sale adjustment as none of the transactions were contingent upon special considerations. No adjustment for market conditions was indicated nor applied as the sales were all indications of current market activity for vacant land properties. There were also adjustments required for the category, Location. Four sales required a positive inferior upward adjustment for location. The inferior locations were along Racine Trail, Louis Henna @ Meister, Cornerwood and FM 1460. The adjustments ranged from 10 to 35 percent. 75 The next characteristic to be adjusted is Size. Typically, sales of land will have an inverse relationship between size and price per square foot of land. This being that larger tracts will tend to sell for a lower price per square foot, with smaller land sales selling for a higher price per square foot. The size of the comparables ranged from about 1 to 22 acres. The subject is about 3 acres. All the sales but one required inferior, upward positive adjustments. Sale 7 required a negative, superior downward adjustment as this sale was about 1 acre. The data tended to indicate that an adjustment of ten percent for each doubling in size compared to the subject was reasonable and supportable. The sales were adjusted from 10 to 25 percent for size. The next adjustment was for Useability, such as frontage, access, shape, topography and/or floodplain. The subject is an interior location with adequate frontage, limited access, limited exposure, level topo and floodplain of about 35 percent. All sales but three were rated superior to the subject and adjusted by 5 to 10 percent. Sales 4, 6 and 7 were rated equal and not adjusted. After reviewing the comparables as they relate to the subject, adjustments were made for location, size and useability. On the following page is an adjustment grid quantifying these variables. ADJUSTMENT GRID FOR LOT 5, SUMMIT PLAZA AMENDED 3.046 ACRES OF MULTIFAMILY LAND c�l�1PAxAru,gx�. Sales Prlce; (SP) Per Sq. Pt; Real Mit*ty Ri4hts C�nreyed.> Adjusted SP �+Idaneing'1'ems Adjusted SP Iuoditiousof Adjusted SP Adjusted SP Adj. Sale Price per sq. ft. Land Value Indication Sulijeet Csefi or );gnlaalent �1riristength: Summit L1r1ve W sideR Summ t I)r., S of Sunret 1»., j urf hT Ck. 5 10111& Summit;489.4U hyCir/lrrep/Slopea! 38141: 40% $2.10 .15% $197 $183 15% $2.10 .35% $2.03 25% $204 0130 .35% SL86 25% $188 The seven comparables, in our opinion, represent the most recent sales with the most commonalities consistent with the subject. The sales prices before adjustments ranged from $1.38 per square foot to $1.91 per square foot, and after adjustments the sales ranged from a low of $186 per square foot to $210 per square foot. The mean of all the adjusted sales is $2.00 per square foot. All sales were adjusted for two or three variables /categories and the net adjustments ranged from a positive 10 to a positive 35 percent. All sales are given equal weight. Taking into account the overall mean, a value estimate of approximately $2.00 per square foot has been concluded for the subject. This equates to a total value estimate for the subject of $87,031 or as follows: Value Computation of the Whole Property: 3.046 acres or 132,684 sf x $2.00 per sf = $265,368 Rounded to: 8265,000 76 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 77 Market Value of the Whole Property as of Nov. 22,1999: $265,000 Market Value of the Part Taken (5,020 sf ® $2.00 /square footle 810,000 Market Value of the Remainder Before the Taking: $255,000 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: 8255,000 Total Compensation: 810,000 The taking involves a 5,020 SF or 0.115-acre tract of land along the eastern boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 498.43 feet of Summit Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking. We, the undersigned do hereby certify that to the best of our knowledge and belief, the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed are based, are true and correct. We further certify that the reported analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and conclusions. The appraisal analyses and opinions were developed and this report has been prepared in conformance with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the American Institute of Real Estate Appraisers. The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAPS and RM's who meet the minimum standards of this program are awarded periodic educational certification. Thomas R. Gardner is currently certified under this program. We also certify that we have personally inspected the property that is the subject of this report; that we have no present or prospective interest in the appraised property; that we have no personal interest or bias with respect to the parties involved, our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based on a requested minimum valuation, specific valuation or approval of a loan. We do not authorize the out of context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by use of the media for public communications without the prior written consent of the appraisers signing this report. This report was made for the exclusive use of our client. The City of Round Rock, Texas. The purpose of the appraisal is to provide an estimate of the Market Value of the FEE SIMPLE interest, herein described as of Nov. 22, 1999. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GARDNER APPRAISAL GROUP, BY: Thomas ' arsner, MAI . nsultant State Certified General Real Estate Appraiser Number; TX- 1324283 -G BY: nne FL Shively, Associate State ertified General Real Estate Appraiser Number: TX- 1320309 -G 78 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 79 IDENTIFICATION AND LEGAL DESCRIPTION: 307 Sunset Drive: Constance U. Park According to public records, the subject parent property is vested in Constance U. Park at 411 Palos Verdes Drive, Austin, Texas 78734 -4527 and can be legally described as: LOT 9, BLOCK 1, NORTH PARK ADDITION; 0.5106 ACRES SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS The legal description of the part taken is a metes and bounds description located in the addenda. RECENT HISTORY OF THE PROPERTY According to public records, the subject property has been owned by the current owners for a period of time greater than three years. The property has improvements consisting of a frame house with painted wood exterior on a pier and beam foundation with a gable roof and there is currently no for sale or lease sign posted on the site we are unaware of any previous transactions of the property for sale or lease. TAXES Located in the addenda is a printout from the Williamson County Appraisal District (WCAD), stating the certified values for the past several years for both land and improvements if applicable, along with the current tax liability and rates for the subject. The Williamson County 1999 certified assessed market value is a total of $61,501 or $48.81/sf of building area or $2.77/sf of land area. The 1998 tax liability for the subject without exemptions was a total of $1,530.88 or $1 21/sf of building area and $0.07 /sf of land area. Both the assessed values and tax liability for the subject appear reasonable and in line with other homes within the area with similar jurisdictions, but the assessed land value of $1.35 per square foot is slightly below our estimate of market value of $1.57 per square foot. SITE DESCRIPTION The subject parent site is an irregular rectangular shaped corner tract located at the southeast corner of Summit Street and Sunset Drive in southcentral Round Rock, Texas. Its location is just north of the Central Business District in Round Rock and just north of Brushy Creek. According to the survey, the parent site is a total of 0.5106 of an acre or 22,242 square feet with 20720 feet of frontage along the east side of Summit Street and about 13620 feet of frontage along the south side of Sunset Drive. The part taken will be about a 190 -foot R.O.W. strip located along the western property line of the parent tract of about 0.012 -acre or 635 square feet, a curved irregular triangular shaped tract. The remainder tract will have about the same shape and about the same amount of frontage along Summit Street and only slightly (about 25 feet) less frontage along Sunset Drive. As a result, the remainder property will benefit from the road improvements, resulting in an enhancement or increase in market value. 6 The Appraisal of Real Estate, Ilth Ed. (Chicago, Illinois: Appraisal Institute, 1996), p. 297 80 Summit Street is currently a two-way, two-lane, asphalt paved roadway with no concrete curbs and gutters or storm sewers with various R.O.W. widths. Overhead utility lines are located along Lee Street and Sunset Drive. Surrounding land uses include single family homes, office building, church, retail center, school, gas station, bank, theatre, park, apartment building and other businesses. Access to the site is via either West Anderson Avenue or Sunset Drive from III-35 North and North Mays access from West Anderson Avenue is difficult. According to NFIP's FIRM for Williamson County, Texas and incorporated areas, Map Number 48491 CO330 C, dated September 27,1991, no portion of the subject parent site or part taken is located in any special flood hazard areas inundated by 100 -year or 500 -year floods. According to the U. S. Department of Agriculture Soil Conservation Service, Texas Agricultural Experiment Station, General Soil Map for Williamson County, Texas, soils for the subject are Denton - Eckrant -Doss: moderately deep, shallow and very shallow, calcareous, clayey, cobbly and stony soils formed in indurated fractured limestone or limy earths; on uplands. The site is basically level and at street grade with Lee Street and Sunset Drive. The whole and remainder sites have improvements including a one -story wood frame house with painted wood exteruir on a pier and beam foundation with a gable roof of about 1,260 square feet with a 462 square foot carport and a 90 square foot storage building, built in about 1958 and in average condition, according to the WCAD. Landscaping includes sodded lawn, shrubs and large trees. The site is located within the city limits of Round Rock and is zoned "SF -2' Single Family - Standard Lot. This classification's intent is to establish and preserve areas of low intensity land use primarily devoted to low density residential development. Permitted principal uses are one dwelling unit per lot with a minimum lot size of 6,500 square feet, and community recreational facilities. Utilities available are electricity from Texas Utilities, water and wastewater from the City of Round Rock and gas from Lone Star Gas Company and phone from Southwestern Bell. The subject is located in the Round Rock Independent School District. HIGHEST AND BEST USE Highest and Best Use is defined as: 'That reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value." In estimating the Highest and Best Use, both the land as though vacant and property as improved (if applicable) must meet four criteria. 1) Physically possible 2) Legally permissible 3) Financially feasible 4) Maximally productive 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 81 Property under appraisement is an improved lot with a single family residence located in southcentral Round Rock in Williamson County. The property has frontage along the east side of Summit Street and the south side of Sunset Drive, with access from Sunset Drive from North Mays Street, but circuitous access from West Anderson Lane. The subject site is zoned for single family residence and its improvements conform to this classification. There is demand for single family residences close to the center of Round Rock. Consideration has been given to the size of the site, its improvements, location, access, terrain, zoning and surrounding properties along with current and anticipated future market conditions. Therefore, after considering the physically possible, legally permissible, financially feasible and maximally productive criteria of the property, it is concluded that the Highest and Best Use as improved would be for its continued use as a single family residence, which would conform to current City of Round Rock regulations /restrictions. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SKETCH TO ACCOMPANY DESCRIPTION *PROJECT BEARING BASIS/ DIRECTIONAL CONTROL LINE. LOT Vii:_ ........ PLAT OF \ N j, • P.OB. 0.012 qc. 83& FT LoT 3 As Prepared By: Date Cecil Jackson Chisholm. R.P.L.S. /4295 203 E. Main Si. . Ste 203 Round Rock. TX 78664 P.O.B. e mT 0 SUNSET DRIVE (6a a.o.w.) 717 LEGEND = POINT OF BEGINNING = IRON ROD FOUND = IRON ROD SET PARK ISION ONE SI. 194 SCALE: 1 " =60' LOT :3 w NN NN _ _ (BES FIT_E) _ 148.20' S86'09'S5'�' VISTA LANE 60' RA.w. NUMBER CI C2 DELTA 105'03'14" 01'36'49" CHORD BEARING S 33'06'11" W S 17'40'00" E TANGENT ' 19.57 70.06 RADIUS ' 15.00 4,975.00 ARC ' 27.50 140.11 CHORD ' 23.81 14010 EX k�1 HIBIT "A" JOB No.: 601- 537 -11 File: SUMEAS.Dw0 BY: BO Baker- Alcklen & Associates, Inc. C nulling prom d umyors ( Survey ) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 rPlat Map K M /rcNCLL Po. LOT Z DRIVE e / 9 j'vu e oo .55/ pp • / C s2evc•wFZ3k• / / r / 5�/•Z 5/•e / / 35.00' rue: 59.22'o3..w 56 ^'ec •sTsi /?cc x 7. nnm no nn•n * �r ^• 1 \ Lo 9 I I -r8 Lor? HP.•�RK Su5O/V /5 /oN BK. PG. -. 1 I ,BLOCK / y � _L_ -- I 5 s 3 5c - a 9uM1%/1 /r Ao0 /T /o / Q.r . I PG. Bcocr Lor ro 1 \ Lor /D Lor // V /5r.4 LANE E /s'GY h \ D \ VoL . PG. 6,0 37 -/5 R. /Z8 29 T= 75 CO' A • /55.74 c• , T9 50 LOCH T /oN LEGEND O 10011 PIN SET • IRON PIN FOUND o CONC. NON. SET • CONC. 14011 FOUND 5L BUILDING LINE ---PUBLIC UTILILTY 1 X 2 /03' f1Lt.11 t t1i( // .0'rinr;: Mt -- Off ch Mirk : I-60d Nei/ in Po.we. 1 , , f6 /e. Ede... 7/1. 97 r r Qo /N r OF BEa/NA/No ,. HENRY R. HE /SCH 1 "° u=3 .J 1 0 110 1-11 °II AC 736 3600 SLN et ux • .66/5 533 AC R 0524B6 HES'ER 628/ 0.56 AC 1-A R336396 REPLAY' L BLOCK A, / D LL SUKHDT PLAZA MN [Nos O•soNce,(-1.......1. 19,11 4 R096045 R'O0 H-0 *UNNOv ROCK ALDOUVUOH 1-- r_FL APIEL R074704 X X R381843 1.1 A 9 ENDED 2 R096368 ( Plat Map ) R068679 9 8 R068695 .....„../SUNSET DRIVE 8 R06867 10 3 R068680 R096366 SUNNUT A R 0 mARy DOC PL &M,C\ 8091333 0 7 MaIENDED am taw. waeross. ocoevnao.rt Ion Zoning Map OLIN El ROCK 'ENTER SEC 2 ma I RCkIND ROCK CENTER SECT C -1 -,t titr-, ROCK ENTER 'NEST • 40E0 *'***U 4 4117:44 TOM E NELSON SF -2 4.37: Ac MF '12.4 AC N BS LI: 298 PHOTOGRAPHS VIEW OF THE IMPROVEMENTS AT 307 SUNSET DRIVE LOOKING SOUTHEAST FROM SUMMIT STREET VIEW OF SUNSET DRIVE LOOKING EAST, SUBJECT ON RIGHT 86 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 87 SALES COMPARISON APPROACH The Sales Comparison Approach is a method of valuing vacant and /or improved properties by analysis and comparison of market sales, which have similar characteristics as the subject. These sales, in effect, reflect the attitudes and actions of buyers and sellers in the marketplace, and the sales are used as a basis for estimating the market value of the subject. This method is probably the easiest understood by the public, as it is based on the willing buyer and /or willing seller concept. The first step in this approach is to locate similar properties in the general area that have sold within a similar time frame as the effective date of the appraisal or under similar market conditions. These sales are analyzed for prices paid based on differing characteristics utilizing one or more units of comparison. The unit of comparison used for our analysis is the sales price per residential lot. Some of the differences analyzed are real property rights conveyed, terms of financing, special conditions of sale, market conditions since the sale has occurred, location, size, other physical qualities: access, shape, topography and floodplain. The end result, after adjustments have been made is an indication of value for the subject property. Several transactions were reviewed for this analysis. Of these, five sales which are the most recent and similar comparables were included. An analysis of them are recited on the following pages, along with a summary chart and an adjustment grid showing each comparable's adjustments relative to the subject. The property located at 406 North Lee Street, owned by the Anderson family, as an improved commercial site, is and has been listed for sale for $6.50 per square foot of land area. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMPARABLE LOT SUMMARY CHART ANALYSIS AND COMPARISON 88 COMP. NUMBER DATE LOCATION 09/03/99 43, Meandering Way, Round Rock, Tx 08/04/99 10 Wooded Way, Round Rock. Tx 03/30/98 5 Woodland Loop, Round Rock, Tx 06/10/98 3002 Indigo Trail, Round Rock, Tx 08/07/98 1800 Magnolia Drive, Round Rock, Tx 11/221W 347 w. S+ n a Drive, Round Rock; Tx COMMENf"xProdta 5hapo, S1ZE(ACj 'Copol[rapi;y.. 0.383 0.500 1020 0.500 0.250 SALES PRICE PElt LOT Cul-desac, treed, irregular shaped, hilltop /sloping Cul.desac. cleared irregular shaped. sloping Cuhdesac, irregular shaped, level Rectangular shaped, level Corner. cleared rectangular shaped, level $42,100 535.000 $49,950 $40,000 $14,500 DIRECT COMPARISON - SALES PRICE PER LOT The five sales presented are all vacant residential lot sales, all being subdivided lots with either single family or no zoning located in the Round Rock area. Some sales are cul -de -sac lots and others are located along cul- de-sac streets. These sales were chosen as they were considered to be the most recent and comparable to the subject. Adjustments to the sales price per lot were based upon perceived differences between each property and the subject. Paired sales were utilized when available for obtaining adjustments; however, when not available, judgment based on experience within this market area was utilized. Property rights appraised were considered first; no adjustments were required as all sales sold with the entire bundle of rights. Terms of financing was considered along with market conditions. No adjustments were required for these factors as all sales were either cash to seller transactions or the financing was at market rates and terms equal to a cash price. No sales required a conditions of sale adjustment as none of the transactions were contingent upon special considerations. No adjustment for market conditions was indicated nor applied as the sales were all indications of current market activity for vacant residential lot properties. There were adjustments required for the category, Location. All sales but one required an adjustment, with one in a positive inferior upward adjustment and three requiring a negative downward superior adjustment for location. The inferior location was in the Southern Terrace subdivision and superior locations were those within Oak Bluff and Forest Ridge subdivisions. Sale 2 was located within Oak Bluff subdivision, however it was rated equal to the subject due to its location away from the golf course, swimming pool and tennis court facilities, which was rated superior to the subject's location and the location of Sale 2. The adjustments were all about $5,000 per lot. The next characteristic to be adjusted is Size. Typically, larger sized residential lots will sell for more per lot than smaller sized sales on a per lot basis. The size of the comparables 89 The next characteristic to be adjusted is Size. Typically, larger sized residential lots will sell for more per lot than smaller sized sales on a per lot basis. The size of the comparables ranged from about 11,000 square feet to about 44,000 square feet or a quarter of an acre to just over one acre in size. The subject is about 22,000 square feet or 0.5106 of an acre. All the sales but two required adjustments. The two sales that were about a half an acre were rated similar and equal to the subject and not adjusted. Sale 3 at about 1 acre was rated inferior and was adjusted upward or positively by $5,000 and Sales 1 and 5 were rated superior to the subject and required inferior upward adjustments of $5,500 and $10,500 as Sale 1 was three - tenths of an acre and Sale 5 was one quarter of an acre. The next adjustment was for Other Physical Qualities, such as access, shape, trees, topography and/or floodplain. The subject is a corner location with a rectangular shape is level with large trees, good access and exposure and no floodplain. All sales but two, Sales 2 and 4 were adjusted. Sales 2 and 4 were rated equal to the subject. Sale 5 was rated inferior and adjusted upward by $5,000 due to lack of trees. Sales 1 and 3 were rated superior to the subject and adjusted downward by $5,500 and $5,000 respectively due to shape and topography. After reviewing the comparables as they relate to the subject, adjustments were made for location, size and other physical qualities. On the following page is an adjustment grid quantifying these variables. 9147` �YK�nnaet I)r;i cOMPAItABLE NQ Salsa Fr1ae j(SP) Per': Lot Real Propety Rights 1 c. Slrnpk coovered Adjusted SP financing Terms Adjusted SP io ndittona oC Sale Adjusted SP Adj. Sale Price per lot Land Value Indication ADJUSTMENT GRID FOR 307 SUNSET DRIVE PARK LOT 9, 0.5106 ACRES canll Oa Equivalent . . BMW Sams. similar Si�ailar 4 'i -i j5A00 :$49950 $49' S145oo }. Similar -4 :Similar Stm€lar Si' It a -0= 5Atli1 449950 S4o0004; Similar Similar Similar -0• -0 3490 $40000 514,51ii11 51mi1ar Slndtar , Siadlsr $49.960 $40000 ;514.5110 03/90/98 00110/98 08/47/95. milar Similar, The five comparables, in our opinion, represent the most recent sales with the most commonalities consistent with the subject. The sales prices before adjustments ranged from $14,500 per lot to 49,950 per lot, and after adjustments the sales ranged from a low of $34,950 per lot to $37,100 per lot. The mean of all the adjusted sales is $35,342 per lot. All sales were adjusted for zero, one or three variables /categories and the net adjustments ranged from a positive 20,500 per lot to a negative 15,000 per lot. Sales 2 and 4 are the most comparable as these sales had the least number of adjustments and the least net adjustments. Both of these sales indication for the subject is $35,000 per lot. Taking into account the overall mean, a value estimate of approximately $35,000 per lot has been concluded for the subject. This equates to a total value estimate for the subject lot of $35,000 or as follows: Value Translation to Sales Price Per Square Foot 35,000 per lot for a 0.5106 -acre lot or 22,242 sf ($35,000 divided by 22,242) = $1.57 /SF 90 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 91 Market Value of the Whole Property as of Nov. 22,1999: $ 35,000 Market Value of the Part Taken (635 sf @ $1.57 /square foot): $ 1,000 Market Value of the Remainder Before the Taking: $ 34,000 Market Value of the Remainder After the Taking Assuming Public Improvement in Place $ 34 Total Compensation: $ 1,000 The taking involves a 635 SF or 0.012 -acre tract of land located along the western boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 210.07 feet of Sununit Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking. We, the undersigned do hereby certify that to the best of our knowledge and belief, the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed are based, are true and correct. We further certify that the reported analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and conclusions. The appraisal analyses and opinions were developed and this report has been prepared in conformance with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the American Institute of Real Estate Appraisers. The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAI's and RM's who meet the minimtun standards of this program are awarded periodic educational certification. Thomas R. Gardner is currently certified under this program. We also certify that we have personally inspected the property that is the subject of this report; that we have no present or prospective interest in the appraised property; that we have no personal interest or bias with respect to the parties involved, our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based on a requested minimum valuation, specific valuation or approval of a loan. We do not authorize the out of context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by use of the media for public communications without the prior written consent of the appraisers signing this report. This report was made for the exclusive use of our client, The City of Round Rock, Texas. The purpose of the appraisal is to provide an estimate of the Market Value of the FEE SIMPLE interest, herein described as of Nov. 22, 1999. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GARDNER APPRAISAL GRO BY: Thomas- Gardner MAI, a nsultant State Certified General Real Estate Appraiser Number: TX- 1324283 -G BY: J T . nne H. Shively, Associate State'ertified General Real Estate Appraiser Number: TX- 1320309 -G 92 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 93 IDENTIFICATION AND LEGAL DESCRIPTION: 306 Sunset Drive: John W. Ledbetter. Jr. & Helen L. Ledbetter According to public records, the subject parent property is vested in Constance U. Park at 411 Palos Verdes Drive, Austin, Texas 78734 -4527 and can be legally described as: LOT Z SUMMIT ADDITION; 0.657 ACRES SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS The legal description of the part taken is a metes and bounds description located in the addenda. RECENT HISTORY OF THE PROPERTY According to public records, the subject property was purchased by the current owners, John W. Ledbetter, Jr. and Helen L. Ledbetter on April 20,1999, recorded in document 9927943 for an undisclosed price from Barbara Brown. The property has improvements consisting of a frame house with stone masonry veneer exterior on a slab foundation with a gable roof and there is currently no for sale or lease sign posted on the site; we are unaware of any previous transactions of the property for sale or lease. TAXES Located in the addenda is a printout from the Williamson County Appraisal District (WCAD), stating the certified values for the past several years for both land and improvements if applicable, along with the current tax liability and rates for the subject. The Williamson County 1999 certified assessed market value is a total of $101,709 or $59.37/sf of building area or $3.55/sf of land area. The 1998 tax liability for the subject without exemptions was a total of $2,53L32 or $L48 /sf of building area and $0.09 /sf of land area. Both the assessed values and tax liability for the subject appear reasonable and in line with other homes within the area with similar jurisdictions, but the assessed land value at $1.05 per square foot is slightly below our estimate of market value of $122 per square foot. SITE DESCRIPTION The subject parent site is an irregular rectangular shaped corner tract located at the northeast corner of Summit Street and Sunset Drive in southcentral Round Rock, Texas. Its location is just north of the Central Business District in Round Rock and just north of Brushy Creek. According to the survey, the parent site is a total of 0.657 of an acre or 28,619 square feet with 157.57.57 feet of frontage along the east side of Summit Street and 153.19 feet of frontage along the north side of Sunset Drive. The part taken will be about a 158 -foot R.O.W. strip located along the western property line of the parent tract of about 0.022 -acre or 942 square feet, a curved irregular rectangular shaped tract. The remainder tract will have about the same shape and about the same amount of frontage along Sununit Street and only slightly (about 17 feet) less frontage along Sunset Drive. As a result, the remainder property will benefit from the road improvements, resulting in an enhancement or increase in market value. 7 The Appraisal of Real Estate, llth Ed (Chicago, Illinois•Appraisal lnstitute,1996), p. 297. 94 Sun-unit Street is currently a two-way, two-lane, asphalt paved roadway with no concrete curbs and gutters or storm sewers with various R.O.W. widths. Overhead utility lines are located along Lee Street and Sunset Drive. Surrounding land uses include single family homes, office building, church, retail center, school, gas station, bank, theatre, park, apartment building and other businesses. Access to the site is via either West Anderson Avenue or Sunset Drive from IH -35 North and North Mays access from West Anderson Avenue is difficult. According to NFIP's FIRM for Williamson County, Texas and incorporated areas, Map Number 48491 CO330 C, dated September 27,1991, no portion of the subject parent site or part taken is located in any special flood hazard areas inundated by 100 -year or 500 -year floods. According to the U. S. Department of Agriculture Soil Conservation Service ,Texas Agricultural Experiment Station, General Soil Map for Williamson County, Texas, soils for the subject are Denton - Eckrant -Doss: moderately deep, shallow and very shallow, calcareous, clayey, cobbly and stony soils formed in indurated fractured limestone or limy earths; on uplands. The site is basically level and at street grade with Summit Street and Sunset Drive. The whole and remainder sites have improvements including a one -story wood frame house with stone masonry veneer exteruir on a slab foundation with a gable roof of about 1,713 square feet with a 720 square foot detached garage, built in about 1979 and in average condition, according to the WCAD. Landscaping includes sodded lawn, shrubs and large trees. The site is located within the city limits of Round Rock and is zoned "SF -2,' Single Family - Standard Lot. This classification's intent is to establish and preserve areas of low intensity land use primarily devoted to low density residential development. Permitted principal uses are one dwelling unit per lot with a minimum lot size of 6,500 square feet, and community recreational facilities. Utilities available are electricity from Texas Utilities, water and wastewater from the City of Round Rock and gas from Lone Star Gas Company and phone from Southwestern Bell. The subject is located in the Round Rock Independent School District. HIGHEST AND BEST USE Highest and Best Use is defined as: That reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value ." In estimating the Highest and Best Use, both the land as though vacant and property as improved (if applicable) must meet four criteria. 1) Physically possible 2) Legally permissible 3) Financially feasible 4) Maximally productive 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 95 Property under appraisement is an improved lot with a single family residence located in southcentral Round Rock in Williamson County. The property has frontage along the east side of Summit Street and the south side of Sunset Drive, with access from Sunset Drive from North Mays Street, but circuitous access from West Anderson Lane. The subject site is zoned for single family residence and its improvements conform to this classification. There is demand for single family residences close to the center of Round Rock. Consideration has been given to the size of the site, its improvements, location, access, terrain, zoning and surrounding properties along with current and anticipated future market conditions. Therefore, after considering the physically possible, legally permissible, financially feasible and maximally productive criteria of the property, it is concluded that the Highest and Best Use as improved would be for its continued use as a single family residence, which would conform to current City of Round Rock regulations /restrictions. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SCALE: I =60' 3 27 99 739 \\ LOT 1 „ SKETCH TO ACCOMPANY DESCRIPTION P.O.B. = POINT OF BEGINNING IRON ROD FOUND IRON ROD SET RUIIY E.. PETEP.:: PG. 55, cS3 19,N P te - AMENDED PLAT OF CAE3. LOT 2 As Pre BY Dote Cecil Jackson Chisholm, R.P.L.S. f4295 203 E. 'Join St., Ste 203 Round Rock, TX 78664 P.0B. . • tr 79.53 ' 2°‘E 5Ao' 0.022 Ao. 942 9 CAB. 4.1-, cct Dom "i EARTH \ LOT 2 SUNSET DRIVE (60' CLOW) - 9 t LOT 1 SUMMIT ADDITION 6.73' S84•42' 1 36.46' * PROJECT BEARING BASIS/ DIRECTIONAL CONTROL LINE. NUMBER CI DELTA 70'24'28" CHORD BEARING S54'26'30'E TANGENT ' 10.58 RADIUS ' 15,00 ARC ' 18.43 CHORD ' 1729 EXHIBIT "A" JOB No.: 601-537-11 File: SUMEAS.DWG BY: BG LEGEND Baker-AlokIen & Associates., Inc. conjuri Suffivev 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 100' 666.6 ..... omonew .r.00OP011.17 It,. / I--a'rC• • L. P&TER..50 it/ fk S 5i-q-177 ,70.4 O 4 .619 _E Bui/c/ing e reef e ,Rib/,c Al Ease _CL'E Dr-air-7aq e Er25cr77 707 • .1 703 /5? A.,‘ gamser 64 .4 '40 7a•5 48 ' Plat Map L"e 7o2 .. "'"- •I \) ' 41 LOT 2 0 NI C . 3 ' O. 6.57 Ac. - • .. , „ . ,, c. -23 . A p rn „ s „, e, a4e,, e 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 09 IGW ON AC S OS PIV A et. ux. .86/5 533 AC A 628 0.56 AC 1 -A R336396 REPLAY LAT 1i A A 4 BLOCK A9 AMENDED ° L G°Q 4 OF 8MNGAIII4 PLAZA R. tout o..p.m C.007.o47 ,011 4 ACAID ROCE CYdaPIEL b , R381843 R096045 ZS OS Plat Map 2 R096368 SUNNEV anDMON R074704 aukcaor / SUNSE T DRIVE A 5 R091333 8 R068695 RO`_ MARY DOC C 0.7 Zoning Map) PHOTOGRAPHS VIEW OF THE IMPROVEMENTS AT 306 SUNSET DRIVE LOOKING NORTHEAST FROM SUMMIT STREET VIEW OF SUMMIT STREET LOOKING NORTH, SUBJECT ON RIGHT 100 101 SALES COMPARISON APPROACH The Sales Comparison Approach is a method of valuing vacant and /or improved properties by analysis and comparison of market sales, which have similar characteristics as the subject. These sales, in effect, reflect the attitudes and actions of buyers and sellers in the marketplace, and the sales are used as a basis for estimating the market value of the subject. This method is probably the easiest understood by the public, as it is based on the willing buyer and /or willing seller concept. The first step in this approach is to locate similar properties in the general area that have sold within a similar time frame as the effective date of the appraisal or under similar market conditions. These sales are analyzed for prices paid based on differing characteristics utilizing one or more units of comparison. The unit of comparison used for our analysis is the sales price per residential lot. Some of the differences analyzed are real property rights conveyed, terms of financing, special conditions of sale, market conditions since the sale has occurred, location, size, other physical qualities: access, shape, topography and floodplain. The end result, after adjustments have been made is an indication of value for the subject property. Several transactions were reviewed for this analysis. Of these, five sales which are the most recent and similar comparables were included. An analysis of them are recited on the following pages, along with a summary chart and an adjustment grid showing each comparable's adjustments relative to the subject. The property located at 406 North Lee Street, owned by the Anderson family, as an improved commercial site, is and has been listed for sale for $6.50 per square foot of land area. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMPARABLE LOT SUMMARY CHART cow. NUMBER DATE LC)CATW 09/03/99 08/04/99 03/30/98 06/10/98 08/07/98 31/22:99 43, Meandering Way, Round Rock, Tx 10 Wooded Way, Round Rock, Tx 5 Woodland Loop, Round Rock, Tx 3002 Indigo Trail, Round Rock, Tx 1800 Magnolia Drive, Round Rock, Tx 306 W. Sunaet Drive, ound Rock, „. OMMENT5 I ,utage Shape SIDEo topography 0.383 0.500 1020 0.500 0.250 Culde -sac, treed, irregular shaped. hilltop /sloping Cul- de-sac, cleared irregular shaped, sloping Cul-de-sac, irregular shaped, level Rectangular shaped, level Corner. cleared rectangular shaped, level Corner; treed; reetai gul8 shaped 1eve1 SALES PRICE PER LOT i $42,100 $35.000 s49,950 $40,000 $14,500 ANALYSIS AND COMPARISON 102 DIRECT COMPARISON - SALES PRICE PER LOT The five sales presented are all vacant residential lot sales, all being subdivided lots with either single family or no zoning located in the Round Rock area. Some sales are cul -de -sac lots and others are located along cul- de-sac streets. These sales were chosen as they were considered to be the most recent and comparable to the subject. Adjustments to the sales price per lot were based upon perceived differences between each property and the subject. Paired sales were utilized when available for obtaining adjustments; however, when not available, judgment based on experience within this market area was utilized. Property rights appraised were considered first; no adjustments were required as all sales sold with the entire bundle of rights. Terms of financing was considered along with market conditions. No adjustments were required for these factors as all sales were either cash to seller transactions or the financing was at market rates and terms equal to a cash price. No sales required a conditions of sale adjustment as none of the transactions were contingent upon special considerations. No adjustment for market conditions was indicated nor applied as the sales were all indications of current market activity for vacant residential lot properties. There were adjustments required for the category, Location. All sales but one required an adjustment, with one in a positive inferior upward adjustment and three requiring a negative downward superior adjustment for location. The inferior location was in the Southern Terrace subdivision and superior locations were those within Oak Bluff and Forest Ridge subdivisions. Sale 2 was located within Oak Bluff subdivision, however it was rated equal to the subject due to its location away from the golf course, swimming pool and tennis court facilities, which was rated superior to the subject's location and the location of Sale 2. The adjustments were all about $5,000 per lot. The next characteristic to be adjusted is Size. Typically, larger sized residential lots will sell for more per lot than smaller sized sales on a per lot basis. The size of the comparables 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 103 The next characteristic to be adjusted is Size. Typically, larger sized residential lots will sell for more per lot than smaller sized sales on a per lot basis. The site of the comparables ranged from about 11,000 square feet to about 44,000 square feet or a quarter of an acre to just over one acre in size. The subject is about 22,000 square feet or 0.5106 of an acre. All the sales but two required adjustments. The two sales that were about a half an acre were rated similar and equal to the subject and not adjusted. Sale 3 at about 1 acre was rated inferior and was adjusted upward or positively by $5,000 and Sales 1 and 5 were rated superior to the subject and required inferior upward adjustments of $5,500 and $10,500 as Sale 1 was three - tenths of an acre and Sale 5 was one quarter of an acre. The next adjustment was for Other Physical Qualities, such as access, shape, trees, topography and/or floodplain. The subject is a corner location with a rectangular shape is level with large trees, good access and exposure and no floodplain. All sales but two, Sales 2 and 4 were adjusted. Sales 2 and 4 were rated equal to the subject. Sale 5 was rated inferior and adjusted upward by $5,000 due to lack of trees. Sales 1 and 3 were rated superior to the subject and adjusted downward by $5,500 and $5,000 respectively due to shape and topography. After reviewing the comparables as they relate to the subject, adjustments were made for location, size and other physical qualities. On the following page is an adjustment grid quantifying these variables. COMPARABLE NO. Saba P* tSP) Per: t of eatt raytertyRi hEe • Pepg!uple ponvered Adjusted SP Adjusted SP Ca�itltitir a� Sale ;?+ Adjusted SP ADJUSTMENT GRID FOR 306 SUNSET DRIVE LEDBETTER LOT 2, 0.657 ACRES Sub yinkaang Terms Caabor Equlvaleat d mifar Slrot#at o $49�i0 $40,ttl0 Similar Value Translation to Sales Price Per Square Foot ;5itdilet� ; .4 $ 4 dG Similar 'Similar $49.950 $000 Similar Similar Similar Sfmiiar : j 1000 • $4pi1 $400iiQ $L4500 S1milar Net Adjustment Adj. Sale Price per Lot Land Value Indication Vat $37100 $35000 $34.950 $35.000 $$35.000 35,000 per lot for a 0.657 -acre lot or 28,619 sf ($35,000 divided by 28,619) = $122 /SF 104 The five comparables, in our opinion, represent the most recent sales with the most commonalities consistent with the subject. The sales prices before adjustments ranged from $14,500 per lot to 49,950 per lot, and after adjustments the sales ranged from a low of $34,950 per lot to $37,100 per lot. The mean of all the adjusted sales is $35,342 per lot. All sales were adjusted for zero, one or three variables /categories and the net adjustments ranged from a positive 20,500 per lot to a negative 15,000 per lot. Sales 2 and 4 are the most comparable as these sales had the least number of adjustments and the least net adjustments. Both of these sales indication for the subject is $35,000 per lot. Taking into account the overall mean, a value estimate of approximately $35,000 per lot has been concluded for the subject. This equates to a total value estimate for the subject lot of 835,000 or as follows: 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 105 Market Value of the Whole Property as of Nov. 22,1999: $ 35,000 Market Value of the Part Taken (942 sf @ $1.22 /square foot): $ 1,150 Market Value of the Remainder Before the Taking: 8 33,850 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $ 33,850 Total Compensation: $1,150 The taking involves a 942 SF or 0.022 -acre tract of land located along the western boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 163.91 feet of Summit Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking. We, the undersigned do hereby certify that to the best of our knowledge and belief, the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed are based, are true and correct. We further certify that the reported analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and conclusions. The appraisal analyses and opinions were developed and this report has been prepared in conformance with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the American Institute of Real Estate Appraisers. The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAI's and RM's who meet the minimum standards of this program are awarded periodic educational certification. Thomas R. Gardner is currently certified under this program. We also certify that we have personally inspected the property that is the subject of this report; that we have no present or prospective interest in the appraised property; that we have no personal interest or bias with respect to the parties involved, our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based on a requested minimum valuation, specific valuation or approval of a loan. We do not authorize the out of context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by use of the media for public communications without the prior written consent of the appraisers signing this report. This report was made for the exclusive use of our client, The City of Round Rock, Texas. The purpose of the appraisal is to provide an estimate of the Market Value of the FEE SIMPLE interest, herein described as of Nov. 22, 1999. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GARDNER APPRAISA OUP , BY: Thomas R. Gardner, MAI, ultant State Certified General Real Estate Appraiser Number: TX- 1324283 -G BY: J me H. Shively, Associate Staterertified General Real Estate Appraiser Number: TX- 1320309 -G 106 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 107 IDENTIFICATION AND LEGAL DESCRIPTION: 894 & 896 Summit Street Summit Plaza Ltd According to public records, the subject parent property is vested in Summit Plaza Ltd in care of John C. Blazier, Trustee at 221 West 6th Street in Austin, Texas 78701 -3400 and can be legally described as: LOT 2 BLOCK A, SUMMIT PLAZA AMENDED 0.771 ACRES AND LOT 3, BLOCK A, SUMMIT PLAZA AMENDED 0.72 ACRES BOTH SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS The legal description of the part taken is a metes and bounds description located in the addenda. RECENT HISTORY OF THE PROPERTY According to public records, the subject property has been owned by the current owners since February 5, 1992. The property has improvements consisting of several office /retail commercial buildings with wood, brick and metal siding on slab foundation with a flat roof and there is currently no for sale or lease sign posted on the site we are unaware of any transactions of the subject property for sale or lease. TAXES Located in the addenda is a printout from the Williamson County Appraisal District (WCAD), stating the certified values for the past several years for both land and improvements if applicable, along with the current tax liability and rates for the subject. The Williamson County 1999 certified assessed market value is a total of $839,268 or $64.51 /sf of building area or $13.66/sf of land area. The assessed value of the land only is a total of $275,474 or $4.24/sf. The 1998 tax liability for the subject without exemptions was a total of $15,709.89 or $121 /sf of building area and $0.24/sf of land area. Both the assessed values and tax liability for the subject appear reasonable and in line with other commercial office /retail properties within the area with similar jurisdictions, and with our estimate of market value of the land at $4.30 per square foot of land area. SITE DESCRIPTION The subject parent site is an irregular shaped corner tract located at the southwest corner of Summit, Street and Sunset Drive, located north of Brushy Creek and just east of IH -35 in southcentral Round Rock, Texas. Its location is just north of the Central Business District in Round Rock. According to the survey, the parent site is a total of 1491 acres or 64,948 square feet with about 275 feet of frontage along the south side of Sunset Drive and 228.5 feet along the west side of Summit Street. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 108 The part taken will be about an 18 -foot arc piece of about 60 square feet of R.O.W. at the exact corner point and a 126 -foot R.O.W. long, irregular triangular shaped strip located along the eastern property line of the parent tract of about 0.010 -acre or 444.79 square feet. The remainder tract will have about the same shape and about the same amount of frontage along both frontages. As a result, the remainder property will benefit from the road improvements, resulting in an enhancement or increase in market value. Summit Street is currently a two-way, two-lane, asphalt paved roadway with no concrete curbs and gutters or storm sewers with various RO.W. widths. Sunset Drive is a two-way, four -lane, asphalt paved roadway with no curbs or gutters or storm sewers, but does have concrete edging and bar ditches. Overhead utility lines are located along both roadways. Surrounding land uses include single family homes, bank, church, apartments, offices, retail centers, theatre, school and other businesses. Access to the site is via either West Anderson Avenue or Sunset Drive from IH -35 North or North Mays Street. There is no access directly from the IH -35 frontage road and the access from West Anderson Avenue is difficult. According to NFIP's FIRM for Williamson County, Texas and incorporated areas, Map Number 48491 CO330 C, dated September 27, 1991, no portion of the subject parent site or part taken is located in any special flood hazard areas inundated by 100 -year or 500 -year floods. According to the U. S. Department of Agriculture Soil Conservation Service, Texas Agricultural Experiment Station, General Soil Map for Williamson County, Texas, soils for the subject are Denton - Eckrant -Doss: moderately deep, shallow and very shallow, calcareous, clayey, cobbly and stony soils formed in indurated fractured limestone or limy earths; on uplands. The site is basically level and at street grade with both streets. The whole and remainder sites have improvements including several one -story wood frame office and strip center buildings of metal, wood and brick veneer exterior on a slab foundation with a flat roof for a total of about 13,010 square feet with canopies and asphalt paving, built in about 1985 and estimated to be in average condition. Landscaping includes sodded lawn, shrubs and trees. The site is located within the city limits of Round Rock and is zoned 1 C -1" General Commercial. According to the city zoning ordinance, this classification is intended to establish and preserve areas of medium intensity land use primarily devoted to general commercial and other non - industrial activities. Permitted principal uses include offices, services, amusements, governmental, institutional, commercial, places of worship, and other non - industrial activities which are conducted wholly within an enclosed building or buildings. The following uses are permitted subject to a special permit and /or a site plan approved by the Development Review Board: non - industrial activities which entail either unenclosed operations or storage, schools, caretaker's residence, and a combination of commercial and residential uses within a single building. Utilities available are electricity from Texas Utilities, water and wastewater from the City of Round Rock and gas from Lone Star Gas Company and phone from Southwestern Bell. The subject is located in the Round Rock Independent School District. 109 HIGHEST AND BEST USE Highest and Best Use is defined as: 'That reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value." In estimating the Highest and Best Use, both the land as though vacant and property as improved (if applicable) must meet four criteria. 1) Physically possible 2) Legally permissible 3) Financially feasible 4) Maximally productive Property under appraisement is an improved lot with offices and retail bays located in southcentral Round Rock in Williamson County. The property has a corner location at Sunset Drive and Summit Street with access from North Mays Street and III-35, but circuitous access from West Anderson Lane. The subject conforms to its zoning classification and according to brokers within this market, there is demand for close -in offices and retail properties due to its location near the CBD with access along III-35. Consideration has been given to the size of the site, its improvements, location, access, terrain, zoning and surrounding properties along with current and anticipated future market conditions. Therefore, after considering the physically possible, legally permissible, financially feasible and maximally productive criteria of the property, it is concluded that the Highest and Best Use as improved is its continued commercial use for offices and retail businesses, which conforms to current City of Round Rock regulations /restrictions. s The Appraisal of Real Estate, 11th Ed. (Chicago, Illiaois' Appraisal Institute, 1996), p. 297 SUNSET DRIVE (60' RDA) *N86'0 6' (N85i 4 86'0 -' P.O.B. PARCEL 1 0.001 Ac. 60 Sq. Ft N>O TOTAL SQUARE FEET • FOR LOT 2= 305.74 AMENDED P OF SUMMIT PLAZ CAB. G, SL. 82 * *LOT LOT SKETCH TO ACCOMPANY DESCRIPTION LOT 2 LOT 3 IRS LOT 5 P.O.B. = POINT OF BEGINNING ' RR = IRON ROD FOUND 0 00 = IRON ROD SET SCALE: 1 " =60' g at LEGEND NUMBER C1 C2 DELTA 74'10'32" 01'26'12" CHORD BEARING N 56 W N 17'35'45" W TANGENT ' 11.34 63.00 RADIUS 15.00 5025.00 ARC ' 19.42 126.00 CHORD ' 18.09 126.00 2= 245.63 SQUARE FEET 'TOTAL 3 199,16 SQUARE FEET As Prepared Date Cecil Jackson Chisholm. R.P.L.S. �4295 203 E. Main 51., Ste 203 j / - Round Rock, TX 78664 v * PROJECT BEARING BASIS/ DIRECTIONAL CONTROL LINE. AREA= 444.79 SQ. FL 0,010 ACRE 9t EXHIBIT "A" JOB No.: 601 - 537 -11 Filo: SUHEAS.OWG BY: BG Baker- Alcklen 8 Associates, Inc. ConiulllkQ Eopineers Survey 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Plat Map PA TR /CK ✓o L . SUNSE / S6 /'Pd'6 /'E 33.; 53.2 'W es 0 ' �sp ao• _ n" ec •,sue= a iw_�; —� i , E rs PU 5 • NQ3'4I -oo'E Ns, A PIJrp �. ef iv j C3-4.4k C/TY OF ROUND ROCK VOL PG. \ \ Mr P.4RK DRIVE • 7 1 ` \ L 0r9 NoR TH PI 1 ro 0 / 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 09 ;IGtil ON AC „., X600 SLIV A et. ux $6/5 533 AC ;A L 0 HES ER 626/2 0.56 AC 1-A R336396 SMGVnl wir PLAZA WEPLA4 L 4 R096045 R381843 A X63 Plat Map • ,'SUNSET DRIVE BLOCK A, QMIENDEDD LQT 00 E ADOUVUON R074704 8 R068695 8 R06867 10 3 { R068680 R096366 L%ULIVIIN II7 A MARY 5 DOC 8091333 D7 OO�Q 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MY Enn. Ornek tn. 0.1 MI Zoning Map 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 PHOTOGRAPHS VIEW OF THE IMPROVEMENTS AT 894 AND 896 SUMMIT STREET LOOKING SOUTHWEST FROM SUMMIT STREET VIEW OF SUNSET DRIVE LOOKING WEST, SUBJECT ON LEFT 114 PHOTOGRAPH VIEW OF SUMMIT STREET LOOKING SOUTH, SUBJECT ON RIGHT 115 SALES COMPARISON APPROACH 116 The Sales Comparison Approach is a method of valuing vacant and /or improved properties by analysis and comparison of market sales. which have similar characteristics as the subject. These sales, in effect. reflect the attitudes and actions of buyers and sellers in the marketplace, and the sales are used as a basis for estimating the market value of the subject. This method is probably the easiest understood by the public, as it is based on the willing buyer and /or willing seller concept. The first step in this approach is to locate similar properties in the general area that have sold within a similar time frame as the effective date of the appraisal or under similar market conditions. These sales are analyzed for prices paid based on differing characteristics utilizing one or more units of comparison. The unit of comparison used for our analysis is the sales price per square foot of land area. Some of the differences analyzed are real property rights conveyed, terms of financing, special conditions of sale, market conditions since the sale has occurred, location /zoning, size, useability: frontage, access, shape, topography and floodplain. The end result, after adjustments have been made is an indication of value for the subject property. Several transactions were reviewed for this analysis. Of these, seven sales which are the most recent and similar comparables were included. An analysis of them are recited on the following pages, along with a summary chart and an adjustment grid showing each comparable's adjustments relative to the subject. The improved property located at 406 Lee Street, which is about a half acre in size is and has been listed for sale for $6.50 per square foot of land area. COMPARABLE LAND SUMMARY CHART Ci7MP NUMBER MATE::: 05/07/99 04/29/99 04/16/98 02/18/98 10/29/97 04/11/97 03/14/97 LOP •OPOMINTSc Frnntage, A ccess, SIZE (AC1 .;Shape Totielp`aphy; FIood Ptah 2551 Double Ck. NEC Louis Henna & Double Ck. Round Rock, Tx 111 FM 3406 Rd. or E. Old Settler's Blvd. SEC FM 3406 & Lamar Dr., Round Rock. Tx 1001 Palm Valley Blvd_ south side of Hwy 79 E. of Georgetown St, Round Rock, Tx 594 Greenhill Dr.. north side of Greenhill Dr., E. of Tellabs Dr.. Round Rock, Tx 2002 IH 35 North, NWC 111 35. N. and Chisholm Pkwy. Round Rock, Tx South side CR 170 /Louie Henna Blvd, SWC of proposed Greenlawn Blvd extension & Louis Henna. Round Rock. Tx 2800 Hoppe Tr., east side of Hoppe Tr. & went side of 1H -35. Round Rock, Tx ah Lee Strt Rowtd tea 0.927 2130 2282 1750 1109 2000 1.825 114001 on Double Ck.. 25253' on Louis Henna. good irregular, level. 248.37' on FM 3406, ±377.44' on Lamar, good irregular rectangular. level ±350 on Palm Valley Blvd, good, irregular rectangular, level, none 1194' Greenhill Dr., good, rectangular shaped, level to eloping. none 17204' on IH-35. 279.50' on Chisholm Pkway. rectangular shaped. level, none 404.78' Louis Henna Blvd, good triangular shaped. level, none 347.09 on II-135, 346.70' on Hoppe Tr., rectangular shaped, level. none t: St.� 7285! Summit Sf rregu`sr ah.ped l wel. none: SALE& PRICE PER ;;F $3.75 $3.85 $5.30 $275 84.66 $4.02 $6.38 ANALYSIS AND COMPARISON 117 DIRECT COMPARISON - SALES PRICE PER SF The seven sales presented are vacant commercial land sales, all being subdivided lots with either commercial or industrial zoning located in the Round Rock area. Some sales were purchased for retail, office, or office /warehouse uses such as restaurants, convenience stores, veterinary clinic or funeral home use. These sales were chosen as they were considered to be the most recent and comparable to the subject. Adjustments to the sales price per square foot were based upon perceived differences between each property and the subject. Paired sales were utilized when available for obtaining adjustments; however, when not available, judgment based on experience within this market area was utilized. Property rights appraised were considered first; no adjustments were required as all sales sold with the entire bundle of rights. Terms of financing was considered along with market conditions. No adjustments were required for these factors as all sales were either cash to seller transactions or the financing was at market rates and terms equal to a cash price. There was one sale that required a conditions of sale adjustment as the transaction was contingent upon a waiver from the TNRCC for a detention pond. The adjustment was based on the cost that would have been required to construct an on-site detention pond reported by the buyer. No adjustment for market conditions was indicated nor applied as the sales were all indications of current market activity for vacant land properties. 118 There were also adjustments required for the category, Location. All sales, except for one, Sale 6, required an adjustment for location with all but two sales requiring a superior downward adjustment. Sales 1 and 4 were rated inferior to the subject and were adjusted upward from 20 to 45 percent. All other sales were rated superior and were adjusted downward from 15 to 30 percent. Inferior locations were along Greenhill and Louis Henna and Doublecreek. Superior locations were along Old Settler's, Palm Valley Boulevards, IH -35 and Louis Henna and Greenlawn Boulevard extension. The next characteristic to be adjusted is Size. Typically, sales of land will have an inverse relationship between size and price per square foot of land. This being that larger tracts will tend to sell for a lower price per square foot, with smaller land sales selling for a higher price per square foot. The size of the comparables ranged from about 1 to 2 acres. The subject is within that range at almost an acre and a half. All the sales, but three required inferior, upward positive adjustments. The data tended to indicate that an adjustment of ten percent for each doubling in size compared to the subject was reasonable and supportable. The sales were adjusted 5 percent for size. The next adjustment was for Useability, such as frontage, access, shape, topography and/or floodplain. The subject is an interior location with adequate frontage, limited access, some exposure from signate along 1H -35, level topo and no floodplain. All sales but one, Sale 4 were rated equal to the subject and not adjusted. Sale 4 was adjusted upward slightly by 5 percent. After reviewing the comparables as they relate to the subject, adjustments were made for location, size and useability. On the following page is an adjustment grid quantifying these variables. ADJUSTMENT GRID FOR 894 AND 896 SUMMIT DRIVE, LOTS 2 AND 3, BLOCK A, SUMMIT PLAZA 1.491 ACRES OR 64,948 SQ. FT. 119 "PARABLE NO Sales Price (SP) Per SF of Land Heal. Properr�rRii tar Cunveyr�l Adjusted SP Pinam6la� Tetnms ?i Adjusted SP i n litt0fig of Sate Adjusted SP Adjusted SP Net Adjustment Adj. Sale Price per SF of Land Value Indication •FeoSimple C•eiinr Ea uivglem $W S tt Dr & SUniet lClr & 3 1 $3.75 smllar .(1 53.75 s'i $375 .4z i$1tCliar ' $375 $3.75 .15% $4.31 2 $3.85 isimilar •• 0 `. $3.85 Similar $385 $4.62 $4.62 -10% 94.16 ................. s $5.30 = i:5lmilar $530 04/16/96 . °Simltaii' $5.30 - 20% $4.24 4 $275 Similar $2.75 $275 Sjtuilat `: $275 02/18/98 Similar -4 92.75 int'erier r-05il !: ,50% $413 $4.66 ::Similar. 64.66 53inilar $4.66 $4.66 14/29/07 $4.66 -5% 6(43 $4.02 Similar $4.02 l iar $402 $4.02 $4.02 `Iai'etSor x516 ' ,5% $422 ............... $6.38 similar $6.38 ��tnilar .0 $6.38 Similar 66.38 43h4/97 Si . igi 'iSiediar -0- :Similar 41b -30% 94.47 The seven comparables, in our opinion, represent the most recent sales with the most commonalities consistent with the subject. The sales prices before adjustments ranged from $2.75 per square foot to $5.30 per square foot, and after adjustments the sales ranged from a low of $4.13 per square foot to $4.47 per square foot. The mean of all the adjusted sales is $428 per square foot. All sales were adjusted for one, two or three variables /categories and the net adjustments ranged from a negative 30 to a positive 50 percent. All sales are given equal weight. Taking into account the overall mean, a value estimate of approximately $4.30 per square foot has been concluded for the subject. This equates to a total value estimate for the subject of 8279,276 or as follows: Value Computation of the Whole Property: 1491 acres or 64,948 sf x $4.30 per sf = $279,276 Rounded to: $279,000 120 Market Value of the Whole Property as of Nov. 22,1999: $279,000 Market Value of the Part Taken (505 sf @ $4.30 /square footle $ 2,170 Market Value of the Remainder Before the Taking: $276,830 Market Value of the Remainder After the Taking Assuming Public Improvement in Place: $276,830 Total Compensation: $ 2,170 The taking involves a 505 SF or 0.012 -acre tract of land along the eastern boundary line of the subject parent parcel, which will result in no adverse affect to the remainder. On the contrary, the remainder after the taking will have 217.62 feet of Summit Street road frontage with concrete curbs and gutters with storm sewers, which is estimated to result in an enhancement in value. Also, there will be no change in the highest and best use of the property after the taking. We, the undersigned do hereby certify that to the best of our knowledge and belief, the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed are based, are true and correct. We further certify that the reported analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and conclusions. The appraisal analyses and opinions were developed and this report has been prepared in conformance with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the American Institute of Real Estate Appraisers. The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAPs and RM's who meet the minimum standards of this program are awarded periodic educational certification. Thomas R. Gardner is currently certified under this program. We also certify that we have personally inspected the property that is the subject of this report; that we have no present or prospective interest in the appraised property; that we have no personal interest or bias with respect to the parties involved, our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based on a requested minimum valuation, specific valuation or approval of a loan. We do not authorize the out of context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by use of the media for public communications without the prior written consent of the appraisers signing this report. This report was made for the exclusive use of our client, The City of Round Rock, Texas. The purpose of the appraisal is to provide an estimate of the Market Value of the FEE SIMPLE interest, herein described as of Nov. 22, 1999. GARDNER APPRAISAL GROUP, I BY: Thomas lf net - , sultant State Certified General Real Estate Appraiser Number: TX- 1324283 -G BY: J(tlianne H. Shively, Associate State Certified General Real Estate Appraiser Number: TX- 1320309 -G 121 ASSUMPTIONS AND LIMITING CONDITIONS 122 The contents of this report are subject to the following conditions and to such other specific and limiting conditions as are set forth in the report. 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 report 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 report, 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 therefore. 4. Any sketches attached to this report 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 report 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 report, 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. 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 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. 123 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. 10. This appraisal is made based on the assumption that there is clear and marketable title to the property under appraisement. 11. It is assumed that the property under appraisement or a portion thereof is not part of a habitat area for any endangered or threatened species. Consequently, the indicated value or values are based on the assumption that the market for properties in this area will not be adversely affected by any endangered or threatened species. 12. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, 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 value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. APPRAISER'S QUALIFICATIONS THOMAS R. GARDNER, MAI 4314 Medical Pkwy, Ste. 300 Austin, Texas 78756 Tel: (512) 458 -6294 Fax: (512) 458 -6715 EDUCATION: 124 10 Ledge Lane San Antonio, Texas 78212 Tel: (210) 223 -6911 Fax: (210) 226 -9779 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 Attended 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 Appraisal Institute EXPERIENCE: Three years of real estate sales -1955 -1958 Five years Right -of -Way Appraiser, Texas Highway Department -1958 -1963 Associated with Jim Frederick, SRPA, MAI, Real Estate Appraising and Consulting Firm - June, 1963 - October, 1976, Established practice as a Real Estate Appraiser and Consultant - October 1, 1976, Testified as expert witness in County Court, State District Court, Federal District Court and Federal Bankruptcy Court Co-instructor, SREA Course I, Austin - 1973,1974,1976,1979 Approved Appraisal Instructor for Texas Realtors Institute Courses I, II, and III, taught during 1977,1978 and 1979 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ORGANIZATIONS AND COMMITTEES: State Certified General Real Estate Appraiser No.: TX- 1324283 -G Licensed Texas Real Estate Broker No. 07488 Appraisal Institute (MAI), No. 5450 AIREA South Texas Chapter No. 29 President, 1982 Member of the San Antonio Chapter of The Appraisal Institute CLIENTS: Alamo Bank of Texas, Alamo, TX Alliance Bank - Austin, TX American Bank of Commerce - Austin, TX ATM Corporation of American - Coraopolis, PA Austin Independent School District Austin National Bank Austin Redevelopment Authority Austin Trust Company BankOne - Austin, Corpus Christi and San Antonio, TX Capital Metro - Austin, TX Citizen State Bank - Corpus Christi, TX City of Austin, TX City of Elgin, TX City of Logo Vista, TX City of Smithville, TX City of Sunset Valley, TX City of Round Rock, TX Columbus Life Insurance Co. - Cincinnati, OH Cullen /Frost Bank - Houston, Austin and San Antonio, TX Cypress Semiconductor (Texas) Inc. Dayton State Bank, Dayton, TX Diamond Shamrock Corporation Durant Bank and Trust Company, Durant, OK Farm Credit Bank of North Florida ACA, FL FDIC First Interstate Bank - Austin, Houston, Seabrook, Addicks, and Marble Falls, TX First National Bank of Luling, TX First National Bank of South Texas - San Antonio, TX First State Bank, Austin, TX Hartland Bank - Austin, TX IBM Corporation Internal Revenue Service International Appraisal Company - Upper Saddle River, NJ International Bank of Commerce, Laredo, TX Inwood National Bank - Dallas, TX Los Angeles Times Mirror Lo-Vaca Gathering Company - Corpus Christi, TX 125 CLIENTS: - Continued 126 Lower Colorado River Authority Merchants Bank - Houston, TX NationsBank - Austin, San Antonio, Dallas, Houston, Beaumont and Uvalde, TX Norwest Banks Texas - Austin, Alice and South Central Corpus Christi, TX Pacific Southwest Savings Bank - Corpus Christi, TX San Marcos River Authority, TX Security Pacific Housing Services - San Diego, CA Southwest Bank of Texas, NA, Houston, TX Southwestern Bell Telephone Company Stockmen's National Bank - Cotulla, TX Tanglewood Bank - Houston, TX Texas Commerce Bank - Austin, Houston and Midland, TX Texas Heritage Bank - Hutto, TX Texas Highway Department Texas Parks & Wildlife Department The First National Bank of Beeville, Beeville, TX The Laredo National Bank, Laredo, TX The University of Texas at Austin U. S. Treasury Department Washington Mortgage Group - Vienna, VA Various Individuals and Attorneys 1 1 1 1 1 TEXAS APPRAISER LICENSING AND CERTIFICATION BOARD HAVING PROVIDED SATISFACTORY EVIDENCE OF THE QUALIFICATIONS REQUIRED BY THE TEXAS APPRAISER LICENSING AND CERTIFICATION ACT ARTICLE 6573a.2, VERNON'S TEXAS CIVIL STATUTES, IS AUTHORIZED TO USE THE TITLE Benjamin E. Barnett, Chair Leonel Garza, Jr. Robert A. Seale, Jr. BE IT KNOWN THAT THOMAS RAYBURN GARDNER STATE CERTIFIED GENERAL REAL ESTATE APPRAISER Number: TX- 1324283 -G Date of Issue: December 14, 1998 Date of Expiration: December 31, 2000 Debra S. Runyan, Vice -Chair David Gloier James M. Synatzske In Witness Thereof Benjamin E. Barnett, Chair Renil C. Liner, Commissioner Jacqueline G. Humphrey, Secretary Eduardo A. Lopez Angie V. White APPRAISER'S QUALIFICATIONS JULIANNE HARRIS SHIVELY 4314 MEDICAL PARKWAY, SUITE 300 AUSTIN, TEXAS 78756-3332 (512) 458 -6294 EXPERIENCE: Currently, a State Certified- General Real Estate Appraiser affiliated with the Gardner Appraisal Group, Inc. at 4314 Medical Parkway, Suite 300, Austin, TX 78756 1987 to 1992 - Staff, Review Appraiser and Assistant Vice President, NationsBank of Texas, NA, Real Estate Appraisal Department, P. O. Box 908, Austin, Texas 78781 -0908 1984 to 1987 - Independent Fee Appraiser, various firms in Austin, Texas EDUCATION: MEd., 1986, The University of Texas at Austin, Austin, Texas MS., 1980, The University of Texas at Dallas, Richardson, Texas RS., 1976, East Texas State University, Commerce, Texas 128 Successfully passed the respective exam equivalent of the following courses offered by the Appraisal Institute: Principles of Real Estate Appraisal Basic Valuation Procedures Successfully completed the following courses sponsored by the Appraisal Institute: Capitalization Theory and Techniques, Part A, Austin, Texas, September 8- 14,1985 Capitalization Theory and Techniques, Part B, Austin, Texas, September 15- 21,1985 Standards of Professional Practice, Austin, Texas, September 22- 27,1985 APPRAISER'S QUALIFICATIONS CONTINUED JULIANNE HARRIS SHIVELY Successfully completed the following courses sponsored by the Appraisal Institut Case Studies in Real Estate Valuation, Austin, Texas, September 20- 26,1987 Valuation Analysis and Report Writing, Austin, Texas, September 16- 22,1990 Standards of Professional Practice, Part A, Dallas, Texas, August 26- 27,1992; Austin, TX, November 1- 2,1995 Standards of Professional Practice, Part B, Dallas, Texas, August 28- 29,1992 Attended the following seminars sponsored by the Appraisal Institute: Reviewing Appraisals, March 23,1990, Dallas, Texas Understanding Limited Appraisals and Appraisal Reporting Options - General, August 26,1994, Dallas, Texas Appraisal Practices for Litigation, November 11- 12,1994, Dallas, Texas The Internet and Appraising, May 30,1997, Austin, Texas Internet Search Strategies for Real Estate Appraising, July 17, 1998, Austin, Texas GIS and Appraising, August 27,1999, Austin, Texas Successfully completed both the technical and data verification requirements of a demonstration appraisal report, June 10, 1996. Attended the following seminar sponsored by Ted Whitmer, MAL Comprehensive Appraisal Workshop, July 26- 29,1996, Dallas, Texas 129 PROFESSIONAL AFFILIATIONS: General Associate Member of the Appraisal Institute, #M851982, actively working toward the Appraisal Institute Designation, MAI State of Texas Real Estate Broker, License #349773 -35 State Certified General Real Estate Appraiser, Number TX- 1320309 -G Benjamin E. Barnett, Chair Leonel Garza, Jr. Robert A. Seale, Jr. TEXAS APPRAISER LICENSING AND CERTIFICATION BOARD BE IT KNOWN THAT JULIANNE H SHIVELY HAVING PROVIDED SATISFACTORY EVIDENCE OF THE QUALIFICATIONS REQUIRED BY THE TEXAS APPRAISER LICENSING AND CERTIFICATION ACT, ARTICLE 6573a.2, VERNON'S TEXAS CIVIL STATUTES, IS AUTHORIZED TO USE THE TITLE STATE CERTIFIED GENERAL REAL ESTATE APPRAISER Number: TX- 1320309 -G Date of Issue: February 9, 1999 Date of Expiration: March 31, 2001 Debra S. Runyan, Vice -Chair David Gloier James M. Synatzske In Witness Thereof Benjamin E. Barnett, Chair Renil C. Liner, Commissioner Jacqueline G. Humphrey, Secretary Eduardo A. Lopez Angie V. White 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ADDENDA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMMERCIAL LAND SALES FOR ANDERSON, CAROTHERS, KAVANAUGH,SANDBERG, SUMMIT PLAZA LTD PROPERTIES 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Land Sales Map) 1 1 MARKET DATA VACANT LAND 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SALE: X SALE NO: One OFFERING: COUNTY: Williamson County MAP COOR: 407Q PARCEL NO: New for 2000 R -16- 3134 -000A -0001 TYPE: Commercial Site DATE: 05/07/99 DOCUMENT NO: 9930261 LOCATION: 2551 Double Creek Drive, northeast corner of Louis Henna Boulevard and Double Creek Drive, Round Rock, Texas 78664 LEGAL DESCRIPTION: Lot 1, Block A, Austin Addition cab R s139, Asa Thomas Survey, Abstract A609, Williamson County, Texas GRANTOR: Nancy N. Rabb Properties (Ltd) GRANTEE: Round Rock Village Square (LP) TOTAL CONSIDERATION: $151,425.00 UNIT PRICE: ±$3.75 per square foot (approximately) TERMS: Cash to seller; 100% financing from 1st Bank One, Texas (construction loan) AREA 0.927 Acres or 40,380 square feet DESCRIPTION: Irregular shaped level corner tract with no flood plain. No encumbrances reported. FRONTAGE: 252.53' along Louis Henna Boulevard and ±140.01' along Doublecreek Drive IMPROVEMENTS: None UTILITIES: All to site from the City of Round Rock ZONING: "C4' General Commercial with the City of Round Rock PROPOSED USE Grantee plans to begin constructing a new convenience /grocery store building. COMMENTS: Property ID # for 2000 is R391685 CONFIRMATION: Nancy Rabb, grantee, 231 -0082; Joseph Martin, grantor representative, 522-8775 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SALE. X SALE NO: Two OFFERING: COUNTY: Williamson County MAP COOR: 376G PARCEL NO: R -16- 3656 -000E -0003 TYPE: Commercial Site DATE: 04/29/99 DOCUMENT NO: 9929517 LOCATION: 111 Farm -to- Market (FM) Road 3406 or E. Old Settler's Boulevard, SEC FM 3406 and Lamar Drive, Round Rock, Texas 78664 LEGAL DESCRIPTION: Lot 3, Block E, Replat Crystal Park, Block E, Lots 1 & 2 City of Round Rock, cab 0 s1305 -306, Williamson County, Texas GRANTOR: Thomas C. Arand Animal Care Clinic GRANTEE: TRK Investments (LP) TOTAL CONSIDERATION: $357,214.00 (Confirmed) UNIT PRICE: $3.85 per square foot TERMS: Cash to seller; $87,214 (24 %) cash down and a note to 1st Texas Heritage Bank in the amount of $270,000.00 at market rates and terms equal to cash with no effect on value AREA: 2130 Acres or 92,783 square feet DESCRIPTION: Irregular rectangular shaped, level, corner tract FRONTAGE: ±248.37' along the south side of Farm -to- Market Road 3406 and 377.44' along the east side of Lamar Drive IMPROVEMENTS: None UTILITIES: All to site from the City of Round Rock ZONING: "C -1," General Commercial with the City of Round Rock PROPOSED USE: Grantee intends to re- subdivide the lot, and plans to construct his veterinary clinic on one half and sell the other half. COMMENTS: MARKET DATA VACANT LAND It was reported that the sale was made contingent upon the buyer receiving a waiver from the Texas Natural Resource & Conservation Commission's requirements for a new detention pond. The buyer did receive such waiver, 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CONFIRMATION: based on permission granted to use an existing pond on the seller's adjacent lot. The cost to build a new detention pond were reported to be between $30,000 and $40,000. Also, it was reported that the buyer was to be responsible for an assessment lien by the Northeast Round Rock Road District No. 1. The tax to satisfy the lien was estimated at 35 to 40 cents /sq. ft. Traffic counts along Farm-to- Market Road 3406 is 14,000 vehicles per day (VPD). Asking price was reported at $5.00 per square foot. Thomas Arand, grantee, 338-2222; Mike Parker, listing broker, Mike Parker & Co., 388 -0122; Jim Boles, selling broker, Summit Commercial, 244 -9707. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SALE: X SALE Nth Three OFFERING: COUNTY: Williamson County MAP COOR: 376V PARCEL NO: R- 16- 5587- 000B -0002B TYPE: Commercial Site DATE: 04/16/98 - DOCUMENT NO: 9819966 LOCATION: LEGAL DESCRIPTION: MARKET DATA VACANT LAND 1001 Palm Valley Boulevard, south side of Highway 79, just east of Georgetown Street, Round Rock, Texas 78664 Lot 2, Georgetown Avenue Commercial Subdivision, Wiley Harris Survey, Abstract 289, Williamson County, Texas GRANTOR Georgetown Avenue JV, c/o John Lewis Co. GRANTEE: Crystal Lake Cemetery Associates, c/o SCI Management Corporation TOTAL CONSIDERATION: $527,000.00 UNIT PRICE: 85.30 per square foot TERMS: Cash to seller AREA 2282 Acres or 99,404 square feet DESCRIPTION: Irregular rectangular shaped, interior, level tract with no flood plain. No encumbrances reported. FRONTAGE: ±350.00' along the south side of Highway 79 or Palm Valley Boulevard IMPROVEMENTS: None UTILITIES: All available from the City of Round Rock ZONING: 11 C -1," General Commercial with the City of Round Rock PROPOSED USE: Grantee plans to begin construction on a funeral home, approximately 6,000 sq. ft. in size during 1998. The building is expected to be completed within six to nine months. CONFIRMATION: Ercel Brasher, CCIM, listing broker, 930 -5796; John Aune, co-broker 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Four OFFERING: COUNTY: Williamson County MAP COOR: 376G PARCEL NO: R- 16-5587- 000B -0002B TYPE: Industrial site DATE: 02/18/98 DOCUMENT NO: 9807960 LOCATION: 594 Greenhill Drive, north side of Greenhill Drive, east of Tellabs Drive, Round Rock, Texas 78664 LEGAL DESCRIPTION: Lot 2B, Block B, TRK Addition, City of Round Rock, Williamson County, Texas GRANTOR: TRK Investments, LLC GRANTEE: BMO Leasing (U.S.), Inc. TOTAL CONSIDERATION: $209,632.00 UNIT PRICE: $2.75 per square foot TERMS: Cash to seller AREA: 76,230 sq. ft. or L75 acres DESCRIPTION: Level to sloping, rectangular shaped, interior tract with no adverse easements or encumbrances reported. FRONTAGE: ±194' along the north side of Greenhill Drive IMPROVEMENTS: None UTILITIES: All available from the City of Round Rock ZONING: "I -1," General Industrial with the City of Round Rock PROPOSED USE: End user, office warehouse COMMENTS: Grantee purchased the site to build an office warehouse. As of February 1999 no improvements were located on the site. CONFIRMATION: Confidential 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE Nth Five OFFERING: COUNTY: Williamson MAP COOR: 376K PARCEL NO: R -16- 3578 -000A -0002 TYPE: Commercial Site DATE: 10/29/97 DOCUMENT NO: 9750460 LOCATION: 2002 IH -35 North, the northwest corner of III-35 southbound frontage and Chisholm Parkway, Round Rock, Tx 78681 LEGAL DESCRIPTION: Lot 2, Block A, Chisholm Park, Section 1, 1109 acres, Williamson County, Texas GRANTOR: La Quinta Development Partners GRANTEE: IHOP Realty Corporation TOTAL CONSIDERATION: $225,000 UNIT PRICE: $4.66 per sq. ft. TERMS: Cash to seller; the contract price was $325,000; however, grantor gave $100,000 credit for road costs associated with the development of Chisholm Parkway, and costs to move the overhead power line easement, resulting in a net sales price of $225,000. The asking price had been $380,000. SIZE: 1109 Acres or 48,302 square feet DESCRIPTION: Rectangular shaped, corner, level tract with no flood plain. Site was encumbered with an overhead power line easement. FRONTAGE: 172.04' along the west side of IH -35 North, southbound frontage road and 279.50' along the north side of Chisholm Parkway. IMPROVEMENTS: None UTILITIES: All available from the City of Round Rock ZONING: 'C -1' General Commercial with the City of Round Rock 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMMENTS: CONFIRMATION: Construction was underway as of 12/97 on a 5,104 sq. ft. IHOP (International House of Pancakes) restaurant, which is currently completed. Alan Forsythe, La Quinta, 210/302 -6000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Six OFFERING: COUNTY: Williamson MAP COOR: 407S PARCEL NO: R- 16-0876- 0000-0001 TYPE: Commercial Site DATE: 04/11 /97 DOCUMENT NO: 9716448 LOCATION: South side of County Road 170 or Louis Henna Boulevard, southwest corner of proposed Greenlawn Boulevard extension and Louis Henna Blvd, across from Dell Computer, Round Rock, Tx 78664 LEGAL DESCRIPTION: Abstract 876, S. Darling Survey, 2.0 acres, Williamson County, Texas GRANTOR: Darle L. Nieneker GRANTEE: Gattis School Road JV R TOTAL CONSIDERATION: $350,000 UNIT PRICE: $4.02 per sq. ft. TERMS: 14% down; seller financed $300,000 for 10 years at 9.5% interest; considered market rate and terms with no effect on value. SIZE: 2.000 Acres or 87,120 square feet DESCRIPTION: Triangular shaped, corner, level tract with no flood plain. FRONTAGE: 404.78' on the south side of Louis Henna Boulevard IMPROVEMENTS: Not of any contributory value; improvements have not been used since the sale. UTILITIES: All available from the City of Round Rock ZONING: 'C -1' General Commercial with the City of Round Rock COMMENTS: Proposed use was for a convenience store /gas station however site plans were not in place at the time of sale. Proposed right-of-way will take ± one -third of the site however, the City of Round Rock has committed to replace the land taken with an equal amount of land from a tract located to the east of the site resulting in a corner location. CONFIRMATION: Don Duncan, broker, Prudential Owens Realty, 255 -3727 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Seven OFFERING: COUNTY: Williamson MAP COOR: 376B PARCEL NO: R-16-3749-000C-0002A TYPE: Commercial Site DATE: 03/14/97 DOCUMENT NO: 9711314 LOCATION: 2800 Hoppe Trail, east side of Hoppe Trail and west side of IH -35, north of Wolle Lane, Round Rock, Tx 78664 LEGAL DESCRIPTION: Lot 2 -A, Block C, Encino Plaza (Replat of Lot 2, Block C) Williamson County, Texas GRANTOR: Oak Tree Development Corp. c/o Wm. Lashlee GRANTEE: HKF Ventures LLC TOTAL CONSIDERATION: $507,500 UNIT PRICE: $6.38 per sq. ft. TERMS: Cash to seller SIZE: L825 Acres or 79,497 square feet DESCRIPTION: Rectangular shaped, interior, level tract with no flood plain. FRONTAGE: 347.05' along the west side of 111-35 North, southbound and 346.70' along the east side of Hoppe Trail IMPROVEMENTS: None UTILITIES: All available from the City of Round Rock ZONING: "C -1" General Commercial with the City of Round Rock COMMENTS: Parcel was replatted at seller's expense. A 9,520 sq. ft. Golden Corral restaurant has been constructed on the site. The structure is wood frame with vinyl siding and masonry exterior. CONFIRMATION: Gary Don Ellison, buyer's broker, 249- 9027; David Shelton, with grantor, 310 -1818; Don Hoffman with grantee, 210 /582 -2588 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Land Sales Map) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: One OFFERING: COUNTY: Williamson County MAP COOR: 378P PARCEL NO: R16- 4817- 000C -0010A TYPE: Vacant Lot DATE: 09/03/99 DOCUMENT NO: NA • LOCATION: 43 Meandering Way, Round Rock, Texas 78664 LEGAL DESCRIPTION: Oak Bluff Estate, Phase 2, Amendment 1, (Replat part of Block C), Block C, Lot 10A, Acres .383, Williamson County, Texas GRANTOR: Jon R. and Anita J. Tate GRANTEE: NA TOTAL CONSIDERATION: $42,100.00 UNIT PRICE: $42,100 per lot TERMS: Cash to seller AREA 0.383 Acres or 16,683 square feet DESCRIPTION: Irregular shaped, interior, sloping, treed tract with hilltop view on a cul- de-sac FRONTAGE: t3L25' along the southwest side of Meandering Way IMPROVEMENTS: None UTILITIES: All to site ZONING: Single Family PROPOSED USE: Residential Home COMMENTS: Days on market (DOM) =173; Listed for $47,900.00 CONFIRMATION: Terry Reasonover, Prudential Owens Realty, 255 -3727; MLS # 494764 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE Nth Two OFFERING: COUNTY: Williamson County MAP COOR: 378P PARCEL NO: R16- 4816- 000C -0067A TYPE: Vacant Lot DATE: • 08/04/99 DOCUMENT NO: NA LOCATION: 10 Wooded Way, Round Rock, Texas 78664 LEGAL DESCRIPTION: Oak Bluff Estates, Phase 2, Amendment 1, (Replat of ... Block C), Block C, Lot 67A, Acres .50, Williamson County, Texas GRANTOR: Sherrie Van Vliet GRANTEE: NA TOTAL CONSIDERATION: $35,000.00 UNIT PRICE: $35,000 per lot TERMS: Cash to seller; $10,000.00 cash down with a note in the amount of $25,000.00 at 7.78% interest AREA 0.50 Acres or 21,780 square feet DESCRIPTION: Irregular shaped, interior, sloping, cleared tract on cul -de- sac street FRONTAGE: ±100' along the east side of Wooded Way IMPROVEMENTS: None UTILITIES: All to site ZONING: Single Family PROPOSED USE: Residential Home COMMENTS: Days on Market (DOM) = 189; Listed for $39,500.00 CONFIRMATION: Dwayne Chambless, C -21 Summit Realty, 244 -9500; MLS # 486899 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Three OFFERING: COUNTY: Williamson County MAP COOR: 378P PARCEL NO: R16- 4815 -000A -0018 TYPE: Vacant Lot DATE: 03/30/98 DOCUMENT NO 9819119 LOCATION: 5 Woodland Loop, Round Rock, Texas 78664 LEGAL DESCRIPTION: Oak Bluff Estates, Block A, Lot 18, Acres 1.020, Williamson County, Texas GRANTOR: Anvarollah R Masomian GRANTEE: Joseph A. and Kara Beth Cestari TOTAL CONSIDERATION: $49,950.00 UNIT PRICE: $45,950 per lot TERMS: Cash to seller AREA 1.020 Acres or 44,431 square feet DESCRIPTION: Irregular shaped, interior, level, treed tract on cul- de-sac street FRONTAGE: 3922' along the southeast side of Woodland Loop IMPROVEMENTS: None UTILITIES: All to site ZONING: Single Family PROPOSED USE: Residential Home COMMENTS: Close to golf course, swimming pool and tennis facilities; Days on Market (DOM) = 138; Listed for $49,950.00 CONFIRMATION: Mike Luscier, Re-Max Round Rock, 255 -9300; MLS # 444639 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Four OFFERING: COUNTY: Williamson County MAP COOR: 378S PARCEL NO: R16- 3882- 000G-0003 TYPE: Vacant Lot DATE: 06 /10/98 - DOCUMENT NO: 9832261 LOCATION: 3002 Indigo Trail, Round Rock, Texas 78664 LEGAL DESCRIPTION: Forest Ridge, Phase 2, Block G, Lot 3, Williamson County, Texas GRANTOR: Greg Maphet and Tom Rosenthal GRANTEE: Gerardo and Veronica Ramirez TOTAL CONSIDERATION: $40,000.00 UNIT PRICE: $40,000 per lot TERMS: Cash to seller; $8,000 cash down with a note in the amount of $32,000 at 9.5% interest AREA 0.50 Acres or 21,780 square feet DESCRIPTION: Rectangular shaped, interior, level, treed tract FRONTAGE: ±100' along the north side of Indigo Trail IMPROVEMENTS: None UTILITIES: All to site ZONING: Single Family PROPOSED USE: Residential Home COMMENTS: Near new swimming pool, Forest Creek Golf Course, tennis courts and Forest Creek Elementary School; Days on Market (DOM) =158; Listed for $45,500.00 CONFIRMATION: Linda Graves, Coldwell Banker, 255 -1060; MLS # 446306 1 1 MARKET DATA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SALE: X SALE NO: Five OFFERING: COUNTY: Williamson County MAP COOR: 406M PARCEL NO: R16- 5340-0000 -0042 TYPE: Vacant Lot DATE: 08/07 /98 DOCUMENT NO: 9848094 LOCATION: LEGAL DESCRIPTION: VACANT LAND 1800 Magnolia Drive, southeast corner of Magnolia Drive and Gattis School Road, Round Rock, Texas 78664 Southern Terrace (Rev), Lot 42, Williamson County, Texas GRANTOR: Thomas and Linda Lopez GRANTEE: Adam Luna TOTAL CONSIDERATION: $14,500.00 UNIT PRICE: $14,500 per lot TERMS: Cash to seller AREA 0.250 Acres or 10,890 square feet DESCRIPTION: Rectangular shaped, level, cleared corner fenced lot FRONTAGE: ±8L7' on Magnolia Drive and ±100' on Gattis School Road IMPROVEMENTS: None UTILITIES: All to site ZONING: Single Family PROPOSED USE: Residential Home COMMENTS: Located near Dell; Days on Market (DOM) = 101; Listed for $14,500.00 CONFIRMATION: Debby Norman, Coldwell Bankers, 255 -1060; MLS # 452001 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MULTIFAMILY LAND SALES FOR FREDERICK R. FINE PROPERTY 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Land Sales Map 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE Nth One OFFERING: COUNTY: Williamson County MAP COOR: 376D PARCEL Nth R -16- 4505- 000C- 0001BA & R- 16- 4505 -000C -0001 TYPE: Multifamily Land DATE: 11/29/99 DOCUMENT NO: NA LOCATION: Southwest corner of Farm - to-Market Road 3406 or Old Settler's Boulevard and Sunrise Road or County Road 115, Round Rock, Texas LEGAL DESCRIPTION: Lot 1, Block C, Metroparke, Section 1, 3.687 acres and 6.7 acres, Williamson County, Texas GRANTOR: Florence Fay and Sherman Finn /Robert W. Dillard, Trustee M Timm Development, Inc. /Milan E. Timm GRANTEE: TOTAL CONSIDERATION: $240,915.00 and $376,160.00 totalling $617,075.00 UNIT PRICE: $1.36 per sq. ft. or $1.91 per sq. ft. after road and parkland dedication or $3,354 per unit, based on 184 units TERMS: Cash to seller AREA 3.687 Acres and 6.7 acres totalling 10.387 acres less 0.9015 acres and 2.0708 acres totalling 2.9723 acres for road and parkland for a net of 7.4147 acres DESCRIPTION: Irregular shaped corner tract with ±21856 acres or 21% of total 10.387 acres in the flood plain along Chandler Branch FRONTAGE: 1,236.55' along the south side of Farm - to-Market Road 3406 and 252.82' along the west side of Sunrise Road or County Road 115 IMPROVEMENTS: None UTILITIES: All available from the City of Round Rock ZONING: %IF' Multifamily Residential with the City of Round Rock 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMMENTS: Planned are 184 apartment units; a total of 2.9723 acres to be dedicated to city for road and parkland leaving 7.4147 acres net. Density is 25 UPA calculated with net acreage and 18 UPA calculated with gross acreage; grantee purchased total site from two grantees CONFIRMATION: O'Barr Rost, O'Barr Rost Realtors, Inc., 388 -4475 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Two OFFERING: COUNTY: Williamson County MAP COOR: 407F PARCEL NO: R- 16- 5379-000A -0002 & R -16- 5379 -000B -0001 TYPE: Multifamily Land DATE: 05/26/99 DOCUMENT NO: 9935099 LOCATION: 1300 South Creek Drive, northeast and northwest corner of Gattis School Road and South Creek Drive, Round Rock, Texas LEGAL DESCRIPTION: Lot 2, Block A, Lots 2 & 3 Amended, Block A, Section 19, South Creek and Lot 1, Block B, Section 19, South Creek, Williamson County, Texas GRANTOR: Southwest Prime Gattis School Road JV GRANTEE: South Round Rock Creek Partners Ltd. /John Hilz TOTAL CONSIDERATION: $1,100,000.00 UNIT PRICE: $L71 per square foot or $4,741 per unit TERMS: Cash to seller AREA 7268 Acres and 7.499 acres totalling 14.767 acres DESCRIPTION: Two level to gently rolling, irregular shaped, corner tracts with no flood plain FRONTAGE: West tract: ±640.5' along Gattis School Road and ±542' along South Creek Drive East tract: ±364' along Gattis School Road and ±126' along South Creek Drive IMPROVEMENTS: None UTILITIES: All available from the City of Round Rock ZONING: "MF" Multifamily Residential with the City of Round Rock COMMENTS: 232 apartment units are planned for the site; density is 16 UPA. CONFIRMATION: Mike Dallas, Mike Dallas Properties, 708 -1800 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Three OFFERING: COUNTY: Williamson County MAP COOR: 407T,P PARCEL Nth R- 16- 4021 - 0000 - 0001: 0002; 0003; 0004 & 0005 TYPE: Mixed -Use Land DATE: 03/27/98 DOCUMENT NO: 9801007 LOCATION: 1050 County Road 170 or Louis Henna Boulevard, southeast corner of Louis Henna Boulevard and County Road 170, Round Rock, Texas 78664 LEGAL DESCRIPTION: Lots 1 -5, Henderson Tract Subdivision, Williamson County, Texas GRANTOR: Stephen M. Jones GRANTEE: Roundville Partners, LLC TOTAL CONSIDERATION: $1,800,000.00 UNIT PRICE: $183 per square foot TERMS: 1031 Tax Exchange AREA: 22.53 Acres or 981,407 square feet DESCRIPTION: Irregular rectangular shaped, level, corner tract. 100 feet across the front of the tract has been reserved for future acquisition by the road district at the market value. The tract has been through the City of Round Rock's subdivision process and the plat has been signed. FRONTAGE: ±1,618' along Louis Henna Boulevard and ±893' on County Road 170 IMPROVEMENTS: The tract was improved with a house and a mini - storage facility, neither of which was considered to have contributory value. UTILITIES: 200 -300 LUEs go with the site ZONING: None; in Williamson County & not the ETJ of Round Rock COMMENTS: Plans are for mixed used commercial development. CONFIRMATION: Bob Elder, Hacienda Properties, 249 -9663 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Four OFFERING: COUNTY: Williamson County MAP COOR: 405K PARCEL NO: R -16- 4349 -000A -0001 TYPE: Church Land DATE: 11/14/97 DOCUMENT NO: 9758166 LOCATION: 8140 Racine Trail, west side of Racine Trail, N of Cornerwood Drive, Round Rock, Texas 78717 LEGAL DESCRIPTION: Lot 1, Block A, Legacy Center @ Brushy Creek, 51231 acres, Williamson County, Texas GRANTOR: HRI Development Corp. c/o J. Sinunons GRANTEE: Church of Jesus Christ of Latter Day Saints TOTAL CONSIDERATION: $353,625.00 UNIT PRICE: $150 per square foot TERMS: Cash to seller AREA 5.4121 Acres or 235,751 square feet DESCRIPTION: Irregular rectangular shaped, level, interior tract FRONTAGE: Not available IMPROVEMENTS: None UTILITIES: All available from Brushy Creek MUD ZONING: None; in Round Rock ETJ COMMENTS: Site plan was in progress at time of sale. Grantee originally intended to improve the tract with an 18,745 sq. ft. building to be used as a church meeting facility; however, grantee is currently exploring the possibility of purchasing additional land in order to build a larger building. CONFIRMATION: Grace Young, seller's agent, 749 -1121 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SALE: X SALE NO: Five OFFERING: COUNTY: Williamson County MAP COOR: 407Q PARCEL NO: R -16- 4019 -000A -0001 TYPE: Townhome Site DATE: 11/10/97 DOCUMENT NO: 9752959 LOCATION: 2500 Louis Henna Boulevard; northwest corner of Louis Henna Boulevard or County Road 170 at Meister Lane or County Road 169, Round Rock, Texas 78664 LEGAL DESCRIPTION: Lot 1, Block A, Henna Addition, 14.406 acres, Williamson County, Texas GRANTOR: Elenora Bird GRANTEE: Henna Townhomes, LTD TOTAL CONSIDERATION: $1,026,000.00 UNIT PRICE: $L63 per square foot or $6,413 per unit TERMS: Cash to seller, 20% down, 6 -month note at 7 %. Grantee paid $177,488 for pro rata share of the SE Williamson County Road District assessment. AREA: 14.447 Acres or 629,311 square feet DESCRIPTION: Rectangular shaped, corner tract with high rolling topography FRONTAGE: Not available IMPROVEMENTS: None UTILITIES: All available ZONING: 'PUD" Planned Unit Development with the City of Round COMMENTS: MARKET DATA VACANT LAND CONFIRMATION: John Paul, Grantee Rock Site plans are in place for 160 townhomes with garages. The project will include two, three, and four bedroom floor plans and the units will range in size from 1,100 sq. ft. to 1,300 sq. ft. with an average unit size of 11,200 sq. ft. The buildings will have brick and stucco exteriors and grantee expects the property will be ready for occupancy by the beginning of 1999. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Six OFFERING: COUNTY: Williamson County MAP COOR: 405K PARCEL NO: R -16- 3641-0000 -0001 TYPE: Multifamily Lane DATE: 09/30/97 DOCUMENT NO: 9745664 LOCATION: 8005 Racine Trail, southeast corner of Racine Trail and Cornerwood Drive, Round Rock, Texas 78717 LEGAL DESCRIPTION: Lot 1, Corners of Brushy Creek, Section 2; 5.0 acres, Williamson County, Texas GRANTOR: Prudential Health Care Plan GRANTEE: Round Rock MS, Inc. TOTAL CONSIDERATION: $300,000.00 UNIT PRICE: $1.38 per square foot or $4,348 per unit TERMS: Cash to seller AREA 5.00 Acres or 217,800 square feet DESCRIPTION: Nearly square shaped, corner level tract DENSITY: 9 UPA FRONTAGE: Not available IMPROVEMENTS: None UTILITIES: All available from Brushy Creek MUD ZONING: None; in Round Rock ETJ COMMENTS: Property was purchased to build a 69 -unit assisted living facility called Morningstar Retirement Residences, which was expected to be ready for occupancy by July, 1998. The property will be comprised of 27 studio apartments, approximately 330 sq. ft. complete with a large living area of U' x 22;' 1- bedroom apartments, approximately 480 sq. ft. with an 11' x13' bedroom; and 4 2- bedroom apartments, approximately 615 sq. ft., offering 2 closets and each bedroom having an area of 11' x 13.' In addition, the facility will have 8 neighborhood living rooms, a front 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CONFIRMATION: living area, an exercise room, and an activities room. Amenities include meals served daily in two dining rooms; an extensive activities program; housekeeping and linen service; a library; 24 -hour emergency call system; full - service beauty salon/barber shop; scheduled transportation to doctor's offices, shopping, outings, etc.; individually- controlled heating and air conditioning; full maintenance and repairs; all utilities paid; and cable television. Three levels of care are offered at Morningstar facilities: independent, assisted, and special care services. Costs vary as a function of the level of care and apartment size, and range from $1,555 /month, for an independent studio, to ±$2,555 /month, for a one - bedroom special care apartment. The two - bedroom apartments offer independent living only at a cost of $1,955 /month. Total SF = 56,144. John Taylor, COO, TORCH Health Care, Inc., 972/501- 9210; John Paul, Morning Star, 512/392 -7200 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 MARKET DATA VACANT LAND SALE: X SALE NO: Seven OFFERING: COUNTY: Williamson County MAP COOR: 347X PARCEL NO: R- 16- 3511-000A -0001 TYPE: Multifamily Site DATE: 08/19/97 DOCUMENT NO: 9739197 LOCATION: 2701 Farm - to-Market Road 1460; west side of Farm-to- Market Road 1460, north of Kiphen Road or County Road 113, Round Rock, Texas 78664 LEGAL DESCRIPTION: Lot 1, Block A. Chandler Creek, Section 8; 1392 acres, Williamson County, Texas GRANTOR: CAMCO Land Ltd. attn.,' David Trotter GRANTEE: Centex Senior Services Corp. TOTAL CONSIDERATION: $91,000.00 UNIT PRICE: $150 per square foot or $3,250 per unit TERMS: Cash to seller, The grantor entered into an agreement to purchase this site for the grantee (July 1997) to use as a 1031 tax exchange. The property was sold for the price the grantor had paid for it. The property was exchanged for the Old Taylor Bank Building, owned and partially occupied by M.E. Gene Johnson Real Estate. Reportedly, the house with about one acre of land was considered to contribute approximately $110,000 to the overall value of the property. AREA 1392 Acres or 60,636 square feet DESCRIPTION: Irregular shaped, interior level tract DENSITY: 20 UPA FRONTAGE: Not available IMPROVEMENTS: None UTILITIES: All available including gas from Meadows of Chandler Creek MUD ZONING: None in Round Rock ETJ COMMENTS: Construction was in progress on a 13,332 sq. ft. 28 -bed Kensington Cottage assisted living facility as of April of 1998. The exterior of the building will be brick and stucco. The townhouse-design facility will have 16 bedrooms, 4 residential kitchens, and a large common area. The facility will offer personal care, meals, and transportation. Rates will range from $88 to $105 per day inclusive of all amenities. The staff at Kensington Cottage specializes in the care of residents with Alzheimer's. CONFIRMATION: Nat Leakey, Centex Senior Services Corp., 214/981 -5000; Jim Boles, Summit Commercial, 244 -9707 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SOIL DESCRIPTIONS EeB- Eckrant extremely stony clay, 0 to 3 percent slopes This nearly level to gently sloping soil is on broad ridges and in shallow valleys on uplands. Most of the areas are irregular in shape and range from 50 to 500 acres. Typically, this soil has an extremely stony, very dark, gray clay surface layer about 11 inches thick. The underlying material is indurated limestone. About 25 percent of the surface is covered with fragments of limestone; most are about 6 inches across but range from 3 inches, to 3 feet across and are as much as 10 inches thick. The soil is calcareous and moderately alkaline. This soil is well drained. Permeability is moderately slow, and surface runoff is rapid. The fragments of limestone on the surface help to prevent erosion. The available water capacity is very low because of the shallowness of the soil and stones in the soil. The rooting depth is shallow to very shallow. Included in mapping are small areas of Doss and Georgetown soils. The included soils make up less than 30 percent of the map unit. This soil is used mainly as rangeland. The potential plant community is a live oak savannah. Forage yields are low. The many live oaks in areas of this soil make those areas attractive as homesites. The hard limestone furnishes a stable footing for building foundations; however, considerable cutting and blasting are necessary for construction of underground utility lines, foundations, and roads and streets. Live oak and elm are reliable native trees for shade. Landscaping is difficult because of the very shallow and shallow depth to rock. Gardening is severely limited by stones. The use of this soil as recreation areas is limited by stones on the surface and the low available moisture capacity. When this soil is wet, the clayey surface is sticky and slippery. This soil supports a fair habitat for rangeland wildlife. Vegetation on this soil provides the kind and amount of feed and cover required by the large populations of deer and turkey in the area. This Eckrant soil is in capability subclass VIIs and in the Low Stony Hills range site. Oc - Oakalla soils channeled These soils are on bottom lands in narrow stream valleys. The bottom lands are dissected by numerous channels that are 2 to 6 feet deep, 10 to 30 feet wide, and 50 to 500 feet apart. The side slopes of the channels range from about 8 percent in gradient to nearly vertical. Slope is 0 to 1 percent. Areas of this soil are long and narrow and range up to several acres. These soils are not in a regular pattern. 9 Source: Soil Survey of Williamson County, Texas in cooperation with The Texas Agricultural Experimental Station. USDA, Soil Conservation Service. issued January, 1983. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Typically, the surface layer is dark brown loam about 7 inches thick. The layer below that is dark brown clay loam about 16 inches thick. The underlying layer to 66 inches is dark brown sandy clay loam The soil is calcareous and moderately alkaline. These soils are flooded for very brief to brief periods in most years. In most places, a network of small channels feeds into the main stream channel. These channels are the result of the scouring action of floodwater that overflows from the main channel. Soil and gravel have been deposited in many spots, and soil removal is apparently balanced somewhat by soil deposition. The available water capacity is high. Included in mapping are soils that are 10 to 25 percent fragments of limestone, have strata of sand and clay, are lighter colored, or are 20 to 40 inches thick over limestone; otherwise they are similar to these Oakalla soils. The included soils make up less than 15 percent of the map unit. Oakalla soils are used as rangeland. The channeled topography is too rough for farm equipment. Range forage yields are high under good management. These soils are flooded too frequently for urban uses. The use of the soils for recreation areas, such as hiking and riding trails, is feasible, but after flooding, brush deposits and water scours across the trails create maintenance problems. These soils have poor potential for use as habitat for openland wildlife and fair for rangeland wildlife. In their natural state, they provide food and cover for deer, turkey, and other game. These Oakalla soils are in capability subclass Vw and in the Loamy Bottomland range site. BuB - Sunev silty clay loam. 1 to 3 percent slopes This gently sloping soil is on stream terraces below areas of the nearly level Sunev soil. Areas are generally long and narrow and lie along streams. Areas range from about 20 to 50 acres. Typically, the upper layer is dark grayish brown silty clay loam about 18 inches thick. The subsoil, to 52 inches, is light yellowish brown silty clay loam. The underlying layer, which extends to 60 inches, is reddish yellow silty clay loam and has many soft masses and concretions of calcium carbonate. This soil is calcareous and moderately alkaline throughout. This soil is well drained. Permeability is moderate. Runoff is medium The available water capacity is moderate. Roots easily penetrate this soil. Erosion is a slight hazard. Included in mapping are small areas of Altoga and Krum soils, which make up less than 15 percent of the map unit. This soil is used for crops or pasture or as rangeland. This soil is well suited to crops. Grain sorghum, wheat, and cotton are commonly grown. Yields are high under good management and with favorable weather. Management includes maintaining tilth and fertility. In places, terraces are needed to help control erosion; elsewhere, close- growing, high - residue crops are adequate. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FIELD NOTES FOR 406 NORTH LEE STREET (ANDERSON) PART TAKEN 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SEARCHING FOR 406 LEE STREET 1) * *Sq Footage ** * *Owner Of Record ** 1300 ANDERSON BRADY ESTATE * *Land Value ** * *Improve Value ** 97 $ 40,000 $ 39,065 ** 1998 CERTIFIED VALUES ** 98 $ 40,000 $ 39,065 ** 1999 CERTIFIED VALUES ** 99 $ 40,000 $ 42,248 * *Jurisdictions * *Rate * *Taxes ** WILLIAMSON CO 0.299000 236.40 ROUND ROCK CITY 0.385000 304.40 ROUND ROCK ISD 1.757537 1389.60 WILLIAMSON CO RFM 0.047000 37.16 * ** *Total 1998 Taxes: 1967.56 (Estimated 1998 Tax Without Exemptions) $ 79,065 1997 -1998 ROUND ROCK ISD SCHOOL ASSIGNMENTS 98 RRISD: ELEM: BERKMAN ELEM MIDDLE: C D * *Mail: R006 * *Land Type ** ANDERSON BRADY ESTAT RESIDENTIAL C/O ALICE PFLUGER 401 WILBARGER PFLUGERVILLE TX 786602634 ** Property Descriptions ** Use:HOUSE, FRAME, FAIR Stories :1.0 Exterior :ASBESTOS SIDING Built :1940 Interior :PAINTED Fireplace Heat /Air . Topography :LEVEL Deed Vol /Pg:OBIT /RESEARCH Sales Date:01- DEC -1996 Exemptions :NONE PID:R -16- 3060 - 0000 -0002 GARAGE 672 SF OPEN PORCH 96 SF Sketch Vectors available on this record. Would you like to see them? (<Y > /N) . ) 40 40 25 28 - -+ + * *Address ** * *Str. Zip :78664 406 N LEE ST * *Total Value ** $ 79,065 $ 82,248 * *Legal Description ** ANDERSON 2, LOT 2, ACRES .5609 FULKES **Sqft** 0 HS: ROUND ROCK HS * *Acres ** *Mapsco* 0.56 MM43/376Y Lot Size . Floors :PINE Roof :GABLE Foundation:PIER /BEAM Access :PAVED Prop Id :R056904 Mapid :3 -5917 24 24 28 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 DESCRIPTION FOR A 0.018 -ACRE (803-SQUARE FOOT) TRACT OF LAND SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS, BEING A PORTION OF A TRACT OF LAND CONVEYED TO WILLIAM BRADY AND INA EARL ANDERSON BY INSTRUMENT RECORDED IN VOLUME 314 PAGE 319 OF THE DEED RECORDS OF SAID COUNTY ( "ANDERSON TRACT "), SAID 0.018 -ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING FOR REFERENCE on an iron rod found on a point in the southerly boundary line of the Round Rock City Park, same being the most northeasterly corner of a tract of land conveyed to James w. and Mary F. Carothers by instrument recorded in Volume 510 Page 86 of the Deed Records of said County ( "Carothers Tract "), same being in the westerly right -of -way line of Lee Street (right - of - way width varies), thence departing the southerly boundary line of Round Rock City Park, with the westerly right -of -way line of Lee Street, same being the easterly boundary line of said "Carothers Tract ", S11 ° 29'42 "E a distance of 239.12 -feet to an iron rod found on a point being the most southeasterly corner of said "Carothers Tract ", same being the most northeasterly corner of said "Anderson Tract ", being the most northeasterly corner and POINT OF BEGINNING hereof: THENCE continuing with the westerly right -of -way line of Lee Street, same being the easterly boundary line of said "Anderson Tract ", 514 ° 32'03 "E (Bearing Basis /Directional Control Line) for a distance of 179.15 -feet to a point being the most southeasterly corner of said "Anderson Tract ", same being the northeasterly corner of a area of unknown title (possible Robertson Street), being the most southerly corner hereof: THENCE departing the westerly right -of -way line of Lee Street, through the interior of said "Anderson Tract ", N17 ° 50'20 "W for a distance of 94.21 -feet to a point of curvature hereof; THENCE continuing through the interior of said "Anderson Tract" tract of land with the arc of a curve to the right, having a radius of 825.00 -feet, a central angle of 05 ° 56'05 ", an arc length of 85.46 -feet and a chord which bears N14 ° 52' 17"W for a distance of 85.42 -feet to an iron rod set on a point in the northerly boundary line of said "Anderson Tract ", same being the southerly boundary line of said "Carothers Tract ", being the most northwesterly corner hereof; THENCE with the southerly boundary line of said "Carothers Tract ", same being the northerly boundary line of said "Anderson Tract ", N78 ° 30'18 "E for a distance of 5.94 -feet to the POINT OF BEGINNING hereof and containing 0.018 -acre of land. Su eyed under the direst supervi of the undersigned: it Jackson Chisholm Date gistered Professional Land Surveyor No. 4295 /� Y • /7 - 9 /0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 THE STATE OF TEXAS COUNTY OF WILLIAMSON I 7. 7\ ROUN DROC\ RHALBSTMLBSSTt[e\BRADY. /c DEDICATION DEED KNOW ALL MEN BY THESE PRESENTS: THAT, WILLIAM BRADY and INA EARL ANDERSON, ( "Grantor "), whether one or more, for and in consideration of the sum of Ten and No /100 Dollars ($10.00) and other good and valuable consideration to Grantor in hand paid by City of Round Rock, Texas, a home rule municipal corporation organized and existing under the laws of the State of Texas ( "Grantee "), having its principal office and its mailing address at 221 East Main Street, Round Rock, Texas 78664, has DEDICATED, GRANTED, SOLD and CONVEYED, and by these presents does DEDICATE, GRANT, SELL and CONVEY, unto Grantee, the real property situated in Williamson County, Texas, which is described in Exhibit A, attached hereto and incorporated herein by reference for all purposes ( "Land "), and all tenements, hereditaments, rights, privileges, interests, easements and appurtenances belonging or in anywise pertaining to the Land. TO HAVE AND TO HOLD the above - described premises, unto Grantee, its legal representatives, successors and assigns, forever; and Grantor does hereby bind itself, its successors and assigns, to WARRANT and FOREVER DEFEND, all and singular, the above- described premises unto Grantee, its legal representatives, successors and assigns, against every person or entity whomsoever lawfully claiming or to claim the same or any part thereof. IN WITNESS WHEREOF, this Dedication Deed is executed on the day of , 19 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 STATE OF TEXAS COUNTY OF WILLIAMSON STATE OF TEXAS COUNTY OF WILLIAMSON PREPARED IN THE OFFICE OF: AFTER RECORDING RETURN TO: WILLIAM BRADY INA EARL ANDERSON ACKNOWLEDGMENT 2. § § This instrument was acknowledged before me on the day of , 1998, by WILLIAM BRADY. Notary Public, State of Texas Printed Name: My Commission Expires: ACKNOWLEDGMENT § § This instrument was acknowledged before me on the day of , 1998, by INA EARL ANDERSON. Notary Public, State of Texas Printed Name: My Commission Expires: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FIRM FL000 INSURANCE RATE MAP WIWAMSON COUNTY, TEXAS AND INCORPORATED AREAS PANEL 0J0 OF 00O FM 620 EFFECTIVE BATE: SEPTEMBER 27, 1991 MAP NUMBER 4s491CO330 C FIM .. 330 -11 ;, ZONE X 'ZONE k11.011 AE c „,•L 4 :' WILLIAM8 / .-/'' / ' ./S.) / P JE AE y ' - c", c I;t .\,, 500.YEAR FL000 / \ ,,, s r Q, CONTAINED / IN CULVERT ... .... Ones...., pco.••a.., x• Flood Plain Map 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FIELD NOTES FOR 508 NORTH LEE STREET (CAROTHERS) PART TAKEN 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SEARCHING FOR 508 LEE STREET 1) * *Sq Footage ** * *Owner Of Record ** 2008 CAROTHERS JAMES W * *Land Value ** * *Improve Value ** 97 $ 0 $ 0 ** 1998 CERTIFIED VALUES ** 98 $ 0 $ 0 $ 0 ** 1999 CERTIFIED VALUES ** 99 $ 35,000 $ 66,793 $ 101,793 . * *Jurisdictions * *Rate * *Taxes ** * *Legal Description ** WILLIAMSON CO 0.299000 0.00 AW0298 HARRIS, W. SUR., ACRES WILLIAMSON CO RFM 0.047000 0.00 .75, AKA ANDERSON 2, LOT 3 ROUND ROCK ISD 1.757537 0.00 ROUND ROCK CITY 0.385000 0.00 * ** *Total 1998 Taxes: 0.00 (Estimated 1998 Tax Without Exemptions) * *Mail: CO11 * *Land Type ** * *Sgft ** CAROTHERS JAMES W RESIDENTIAL 0 508 N LEE ST ROUND ROCK TX 786644315 ** Property Descriptions ** Use:HOUSE, MASONRY VEN,FAIR Stories :1.0 Exterior :STONE Built :1950 Interior :PAINTED Fireplace Heat /Air :CENTRAL HEAT /AIR Topography :LEVEL Deed Vol /Pg: Sales Date: Exemptions :HMSTD DAV 065 PID:R -16 -0298- 0000 - 0139 OPEN PORCH 152 SF Sketch Vectors available on this record. * *Address ** * *Str. Zip : 508 N LEE ST * *Total Value ** $ 0 * *Acres ** *Mapsco* 0.75 Lot Size . Floors :PINE Roof :HIP Foundation:SLAB Access :PAVED Prop Id :R392384 Mapid :3 -5917 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 34 15 15 4 19 19 5 8 61 35 23 1 1 1 1 1 1 1 THENCE departing the northerly boundary line of said Brady Anderson tract, through the interior of said ( "Carothers Tract ") 1 1 1 DESCRIPTION FOR A 0.023 -ACRE (983- SQUARE FOOT) TRACT OF LAND SITUATED IN THE WILEY HARRIS SURVEY ABSTRACT NO. 298 IN WILLIAMSON COUNTY TEXAS, BEING A PORTION OF A TRACT OF LAND CONVEYED TO JAMES W. AND MARY F. CAROTHERS BY INSTRUMENT RECORDED IN VOLUME 510, PAGE 86 OF THE DEED RECORDS OF SAID COUNTY ( "CAROTHERS TRACT"), SAID 0.023 -ACRE TRACT OF LAND BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING on an iron rod found on a point in the westerly right - of -way line of Lee Street (right -of -way width varies), same being the most northeasterly corner of a tract of land conveyed to William Brady, and Ina Earl Anderson by instrument recorded in Volume 314, Page 319 of the Deed Records of said County, same being the most southeasterly corner of said "Carothers Tract ", being the most southeasterly corner, and POINT OF BEGINNING hereof; THENCE departing the westerly right -of -way line of Lee Street, with the northerly boundary line of said Brady Anderson tract of land, same being the most southerly boundary line of said ( "Carothers Tract "), S78 ° 30'18"W for a distance of 5.94 -feet to an iron rod set on a point being the most southwesterly corner hereof; the following two (2) courses and distances: 1 1 1) with the arc of a curve to the right, having a radius of 825.00 -feet, a central angle of 02 ° 20'44 ", an arc length of 33.48 -feet, and a chord which bears N10 ° 44'29"W for a distance of 33.48 -feet to an iron rod set on a point of compound curvature hereof; 2) with the arc of a curve to the right, having a radius of 5,025.00 -feet, a central angle of 02 ° 20'44", an arc length 205.72 -feet, and a chord which bears N10 ° 10'25"W for a distance of 205.70 -feet to an iron rod set on a point in the northerly boundary line of said ( "Carothers Tract "), same being the southerly boundary line of the Round Rock City Park, being the most northwesterly corner hereof; THENCE with the northerly boundary line of said ( "Carothers ' Tract"), same being the southerly boundary line of the Round Rock City Park, N78 ° 30'18"E for a distance of 0.76 -feet to an iron rod found on a point in the westerly right -of -way line of Lee Street, same being most northeasterly corner of said ( "Carothers Tract "), being the most northeasterly corner hereof; II 1 Sur yed under the irect supervision of the undersigned: • C 1 Jackson Chisholm THENCE departing the southerly boundary line of the Round Rock City Park, with the easterly boundary line of the "Carothers" tract of land, same being the westerly right -of -way line of Lee Street, S11 ° 29'42 "E for a distance of 239.12 -feet to the POINT OF BEGINNING hereof and containing 0.023 -acre of land. RSgistered Professional Land Surveyor No. 4295 601530n.ddd Date 8-17-pi 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 THE STATE OF TEXAS COUNTY OF WILLIAMSON Grantee, forever; assigns, its legal and Grantor to WARRANT above - described premises I \ TEXT \. OUN DROC\ REALSSTA \L33SfRSi \GROTIIBRAM/ark DEDICATION DEED § § KNOW ALL MEN BY THESE PRESENTS: § THAT, JAMES W. CAROTHERS and MARY F. CAROTHERS, ( "Grantor "), whether one or more, for and in consideration of the sum of Ten and No /100 Dollars ($10.00) and other good and valuable consideration to Grantor in hand paid by City of Round Rock, Texas, a home rule municipal corporation organized and existing under the laws of the State of Texas ( "Grantee "), having its principal office and its mailing address at 221 East Main Street, Round Rock, Texas 78664, has DEDICATED, GRANTED, SOLD and CONVEYED, and by these presents does DEDICATE, GRANT, SELL and CONVEY, unto Grantee, the real property situated in Williamson County, Texas, which is described in Exhibit A, attached hereto and incorporated herein by reference for all purposes ( "Land "), and all tenements, hereditaments, rights, privileges, interests, easements and appurtenances belonging or in anywise pertaining to the Land. TO HAVE AND TO HOLD the above- described premises, unto representatives, successors and assigns, does hereby bind itself, its successors and FOREVER DEFEND, all and singular, and the unto Grantee, its legal representatives, successors and assigns, against every person or entity whomsoever lawfully claiming or to claim the same or any part thereof. IN WITNESS WHEREOF, this Dedication Deed is executed on the day of , 19 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 STATE OF TEXAS COUNTY OF WILLIAMSON PREPARED IN THE OFFICE OF: JAMES W. CAROTHERS MARY F. CAROTHERS ACKNOWLEDGMENT § This instrument was acknowledged before me on the day of , 1998, by JAMES W. CAROTHERS and MARY F. CAROTHERS. Notary Public, State of Texas Printed Name: My Commission Expires: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 AFTER RECORDING RETURN TO: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 2. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 (Flood Plain Map FLOOD INSURANCE RATE MAP WILLIAMSON COUNTY, TEXAS AND INCORPORATED AREAS ZONE X j. ZONE X BURNETT RM STREET. v Q o. 330 -29\ C ■ Ness^ ° °° ZONE � '' © IO °II Ts 0 w 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FIELD NOTES FOR 507 NORTH LEE STREET (KAVANAUGH) PART TAKEN 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SEARCHING FOR 507 LEE STREET 1) * *Sq Footage ** * *Owner Of Record ** 1608 KAVANAUGH RIGSBY LOUIS * *Land Value ** * *Improve Value ** 97 $ 0 $ 0 ** 1998 CERTIFIED VALUES ** 98 $ 0 $ 0 $ 0 1999 CERTIFIED VALUES ** 99 $ 30,000 $ 51,599 $ 81,599 * *Jurisdictions * *Rate * *Taxes ** * *Legal Description ** WILLIAMSON CO 0.299000 0.00 AW0298 HARRIS, W. SUR., ACRES WILLIAMSON CO RFM 0.047000 0.00 .54, AKA ANDERSON 2, LOT 5 /PT ROUND ROCK ISD 1.757537 0.00 ROUND ROCK CITY 0.385000 0.00 * ** *Total 1998 Taxes: 0.00 (Estimated 1998 Tax Without Exemptions) * *Mail: C011 * *Land Type ** **Sqft** KAVANAUGH RIGSBY LOU RESIDENTIAL 0 507 N LEE ST ROUND ROCK TX 786644314 ** Property Descriptions ** Use:HOUSE, MASONRY VEN,FAIR Stories :1.0 Exterior :STONE Built :1956 Interior :PAINTED Fireplace Heat /Air :CENTRAL HEAT /AIR Topography :LEVEL Deed Vol/Pg:2227/927 Exemptions :HMSTD CARPORT 280 SF Sketch Vectors available Sales Date:04- DEC -1992 PID:R -16- 0298 -0000 -0141 OPEN PORCH 96 SF on this record. * *Address ** * *Str. Zip : 507 N LEE ST * *Total Value ** $ 0 * *Acres ** *Mapsco* 0.54 Lot Size . Floors :PINE Roof :GABLE Foundation:SLAB Access :PAVED Prop Id :R392386 Mapid :3 -5917 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 + 16 + ! ! ! ! ! ! ! ! 1 27 ! 1 ! ! ! ! + 26 + 55 ! ! ! + 19 + ! ! ! 28 20 20 ! 1 ! ! + 19 + ! + + -- - -92 + + 8 8 ! ! + 12 - - - -+ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FOR A 0.021 -ACRE (914 - SQUARE FOOT) TRACT OF LAND SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 299, IN WILLIAMSON COUNTY TEXAS, BEING A PORTION OF A 0.54 -ACRE TRACT OF LAND CONVEYED TO RIGSBY KAVANAUGH BY INSTRUMENT RECORDED IN VOLUME 2227, PAGE 927 OF THE OFFICIAL RECORDS OF SAID COUNTY, SAID 0.021 -ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING on an iron rod found on a point in the easterly right - of -way line of Lee Street (right -of - way width varies), same being the most northwesterly corner of said 0.54 -acre tract, also being the most southwesterly corner of a tract of land conveyed to Alice Sandberg by instrument recorded in Volume 405, Page 271 of the Deed Records of said County, being the most northwesterly corner and POINT OF BEGINNING hereof; THENCE with the most northerly boundary line of said 0.54 -acre tract, same being the most southerly boundary line of said Alice Sandberg tract, N75 ° 31'14 "E for a distance of 10.13-feet to an iron rod set on a point being the most northeasterly corner hereof; THENCE departing the most southerly boundary line of said Alice Sandberg tract of land, with the arc of a curve to the left through the interior of said 0.54 -acre tract, having a radius of 4,975.00 -feet, a central angle of 00 ° 33'06 ", an arc length of 47.90 -feet and a chord which bears S11 ° 04'46 "E for a distance of 47.90 -feet to an iron rod set on a point of compound curvature hereof; THENCE continuing through the interior of said 0.54 -acre tract, with the arc of a curve to the left, having a radius of 775.00 - feet, a central angle of 05 ° 38'00 ", an arc length of 76.23 -feet and a chord which bears S12 ° 20'25 "E for a distance of 76.20 -feet to an iron rod set on a point in the most southerly boundary line of said 0.54 -acre tract of land, same being the most northerly boundary line of a 1.347 -acre tract of land conveyed to Round Rock Independent School District by instrument recorded as Document No. 9527530 of the Official Records of said County, being the most southeasterly corner hereof; THENCE with the most southerly boundary line of said 0.54 -acre tract of land, same being the most northerly boundary lino of said 1.347 -acre tract of land, S75 ° 59'54 "W for a distance of 4.47 -feet to an iron rod found on a point in the easterly - right- of -way line of Lee Street, same being the most southwesterly corner of said 0.54 -acre tract of land, same being the most northwesterly corner of said 1.347 -acre tract of land, being the most southwesterly corner hereof; THENCE with the easterly right -of -way line of Lee Street, same being the westerly boundary line of said 0.54 -acre tract of land, 1414 ° 28'06 "W for a distance of 123.92 -feet to the POINT OF BEGINNING hereof and containing 0.021 -acre of land. DESCRIPTION Surveyed under the direc�rv' io�ndersigned: cil Jackson Chisholm r egistered Professional Land Surveyor No. 4295 Date 5 -171? 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 THE STATE OF TEXAS COUNTY OF WILLIAMSON I : Warr \ S� "�S� \RBALSSiA \�SS'IRi6 \NBS'!BA . WPU /cd[ DEDICATION DEED KNOW ALL MEN BY THESE PRESENTS: THAT, RIGSBY KAVANAUGH, ( "Grantor "), whether one or more, for and in consideration of the sum of Ten and No /100 Dollars ($10.00) and other good and valuable consideration to Grantor in hand paid by City of Round Rock, Texas, a home rule municipal corporation organized and existing under the laws of the State of Texas ( "Grantee "), having its principal office and its mailing address at 221 East Main Street, Round Rock, Texas 78664, has DEDICATED, GRANTED, SOLD and CONVEYED, and by these presents does DEDICATE, GRANT, SELL and CONVEY, unto Grantee, the real property situated in Williamson County, Texas, which is described in Exhibit A, attached hereto and incorporated herein by reference for all purposes ( "Land "), and all tenements, hereditaments, rights, privileges, interests, easements and appurtenances belonging or in anywise pertaining to the Land. TO HAVE AND TO HOLD the above - described premises, unto Grantee, its legal representatives, successors and assigns, forever; and Grantor does hereby bind itself, its successors and assigns, to WARRANT and FOREVER DEFEND, all and singular, the above- described premises unto Grantee, its legal representatives, successors and assigns, against every person or entity whomsoever lawfully claiming or to claim the same or any part thereof. IN WITNESS WHEREOF, this Dedication Deed is executed on the day of , 19 STATE OF TEXAS COUNTY OF WILLIAMSON RIGSBY KAVANAUGH ACKNOWLEDGMENT 8 This instrument was acknowledged before me on the day of , 1998, by RIGSBY KAVANAUGH. Notary Public, State of Texas Printed Name: My Commission Expires: PREPARED IN THE OFFICE OF: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 AFTER RECORDING RETURN TO: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 2. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 (Flood Plain M FIRM FLOOD INSURANCE RATE MAP WI W AMSON COUNTY, TEXAS AND INCORPORATED AREAS / P O O 500 -NEAR FLOOD F� / AP P wQ IN CULVERT 7.rrAr ( rrA ZONE AE 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FIELD NOTES FOR 509 NORTH LEE STREET (SANDBERG) PART TAKEN SEARCHING FOR 509 LEE STREET 1) * *Sq Footage ** * *Owner Of Record ** 1936 SANDBERG ALICE MRS * *Land Value ** * *Improve Value ** 97 $ 0 $ 0 ** 1998 CERTIFIED VALUES ** 98 $ 0 $ 0 $ 0 ** 1999 CERTIFIED VALUES ** 99 $ 35,000 $ 98,587 $ 133,587 * *Jurisdictions * *Rate * *Taxes ** * *Legal Description ** WILLIAMSON CO 0.299000 0.00 AW0298 HARRIS, W. SUR., ACRES WILLIAMSON CO RFM 0.047000 0.00 .96, AKA ANDERSON 2, LOT 5A ROUND ROCK ISD 1.757537 0.00 ROUND ROCK CITY 0.385000 0.00 * ** *Total 1998 Taxes: 0.00 (Estimated 1998 Tax Without Exemptions) * *Mail: C011 * *Land Type ** **Sqft** SANDBERG ALICE MRS RESIDENTIAL 0 509 N LEE ST ROUND ROCK TX 786644314 ** Property Descriptions ** Use:HOUSE, MASONRY VEN,AVG Stories :1.0 Exterior :BRICK VENEER Built :1974 Interior :PAINTED Fireplace Heat /Air :CENTRAL HEAT /AIR Topography :LEVEL Deed Vol /Pg: Sales Date: Exemptions :HMSTD 065 PID:R -16- 0298- 0000 -0141A GARAGE 682 SF OUT BLDG 1 Sketch Vectors available on this record. * *Address ** * *Str. Zip : 509 N LEE ST * *Total Value ** $ 0 * *Acres ** *Mapsco* 0.96 Lot Size Floors :PINE Roof :GABLE Foundation:SLAB Access :PAVED Prop Id :R392387 Mapid :3 -5917 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sketch Vectors available on this record. Would you like to see them? ( <Y> /N) + 31 22 + + 52 31 16 4 16 + 20 5 + 24 22 33 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 DESCRIPTION FOR A 0.029 -ACRE (1,274 SQUARE FOOT) TRACT OF LAND SITUATED IN THE WILEY HARRIS SURVEY ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS, BEING A PORTION OF A TRACT OF LAND CONVEYED TO ALICE SANDBERG BY INSTRUMENT RECORDED IN VOLUME 405, PAGE 271 OF THE DEED RECORDS OF SAID COUNTY, SAID 0.029 -ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING on an iron rod found on a point in the easterly right - of -way line of Lee Street (right -of -way width varies), same being the most northwesterly corner of a 0.54 -acre tract of land conveyed to Rigsby Kavanaugh by instrument recorded in Volume 2227, Page 927 of the Official Records of said County, same being the most southwesterly corner of said Alice Sandberg tract of land, being the POINT OF BEGINNING hereof; THENCE with the easterly right -of - way line of Lee Street, same being the westerly boundary line of said Alice Sandberg tract of land, N08 ° 51'21 "W (Bearing Basis /Directional Control Line) for a distance of 154.49 -feet to an iron rod found on a point being the most northwesterly corner of said Alice Sandberg tract of land, same being a point in the southerly boundary line of the City Park tract of land, being the most northwesterly corner hereof; THENCE departing the easterly right -of -way line of Lee Street with the southerly boundary line of the City Park tract, same being the northerly boundary line of said Alice Sandberg tract of land, N81 ° 08'39 "E for a distance of 7.24 -feet to an iron rod set on a point being the most northeasterly corner hereof; THENCE departing the southerly boundary line of said City Park tract with the arc of a curve to the left, through the interior of said Alice Sandberg tract of land, having a radius of 4,975.00 -feet, a central angle of 01 ° 46'05 ", an arc length of 153.53-feet, and a chord which bears S09 ° 55'11 "E for a distance of 153.52 -feet to a iron rod set on a point in the southerly boundary line of said Alice Sandberg tract, same being the northerly boundary line of said 0.54 -acre tract of land, being the most southeasterly corner hereof; THENCE with the northerly boundary line of said 0.54 -acre tract of land, same being the southerly boundary line of said Alice Sandberg tract, 575 ° 31'14 "W for a distance of 10.13 -feet to the POINT of BEGINNING hereof and containing 0.029 -acre of land. ( 0; ` ed under the direct �" ' visio undersigned: Ceci( Jackson Chisholm Regi eyed Professional Land Surveyor No. 4295 60151102.0. Date 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 THE STATE OF TEXAS COUNTY OF WILLIAMSON 1 \' IIDI T\ ROUNDROC\ RS AL ESTA \LBYS'R[Y \SAIRISSRO.W /M DEDICATION DEED THAT, ALICE SANDBERG, ( "Grantor "), § KNOW ALL MEN BY THESE PRESENTS: whether one or more, for and in consideration of the sum of Ten and No /100 Dollars ($10.00) and other good and valuable consideration to Grantor in hand paid by City of Round Rock, Texas, a home rule municipal corporation organized and existing under the laws of the State of Texas ( "Grantee "), having its principal office and its mailing address at 221 East Main Street, Round Rock, Texas 78664, has DEDICATED, GRANTED, SOLD and CONVEYED, and by these presents does DEDICATE, GRANT, SELL and CONVEY, unto Grantee, the real property situated in Williamson County, Texas, which is described in Exhibit A, attached hereto and incorporated herein by reference for all purposes ( "Land "), and all tenements, hereditaments, rights, privileges, interests, easements and appurtenances belonging or in anywise pertaining to the Land. TO HAVE AND TO HOLD the above - described premises, unto Grantee, its legal representatives, successors and assigns, forever; and Grantor does hereby bind itself, its successors and assigns, to WARRANT and FOREVER DEFEND, all and singular, the above - described premises unto Grantee, its legal representatives, successors and assigns, against every person or entity whomsoever lawfully claiming or to claim the same or any part thereof. IN WITNESS WHEREOF, this Dedication Deed is executed on the day of , 19 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ALICE SANDBERG ACKNOWLEDGMENT STATE OF TEXAS § COUNTY OF WILLIAMSON § This instrument was acknowledged before me on the day of , 1998, by ALICE SANDBERG. Notary Public, State of Texas Printed Name: My Commission Expires: PREPARED IN THE OFFICE OF: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 AFTER RECORDING RETURN TO: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 2. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Flood Plain Map) FIRM FLOOR INSURANCE RATE MAP WILLIAMSON COUNTY, TEXAS AND INCORPORATED AREAS PANEL 330 OF 400 EFFECTIVE DATE: SEPTEMBER 27. 1991 F M RM 330-14 1,11, errir / r throw, ZONE AE \ .. __-- - ZONE X 09j ,.... 2.- -- --- - - -- )0. , --1.-- 330 1 \ /\\ ZONE X ZONE thrt,In s\ (330-10,,, ' -- - :&, '4 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FIELD NOTES FOR 892 SUMMIT DRIVE (FREDERICK R. FINE) PART TAKEN SEARCHING FOR: FINE, FREDERICK R. 1) * *Sq Footage ** * *Owner Of Record ** 33656 FINE FREDERICK R * *Land Value ** * *Improve Value ** 97 $ 265,368 $ 967,432 ** 1998 CERTIFIED VALUES ** 98 $ 265,368 $ 967,432 ** 1999 CERTIFIED VALUES ** 99 $ 265,368 $ 977,632 * *Jurisdictions * *Rate * *Taxes ** WILLIAMSON CO 0.299000 3686.07 ROUND ROCK CITY 0.385000 4746.28 ROUND ROCK ISD 1.757537 21666.92 WILLIAMSON CO RFM 0.047000 579.42 * ** *Total 1998 Taxes: 30678.69 (Estimated 1998 Tax Without Exemptions) * *Mail: C018 * *Land Type ** * *Sgft ** * *Acres ** *Mapsco* FINE FREDERICK R RESIDENTIAL 132684 0.00 101 SWIFT CURRENT RD AUSTIN TX 787464355 ** Property Descriptions ** Use:SETTLERS LANDING APT Lot Size . Stories :2.0 Exterior :STUCCO Floors :CARPET Built :1985 Interior :SHEETROCK Roof :FLAT Fireplace :4 Heat /Air :CENTRAL HEAT /AIR Foundation:SLAB Topography :LEVEL POWER LINES CREEK Access :PAVED Deed Vol /Pg:1795/131 Sales Date:29- JUN -1989 Prop Id :R091333 Exemptions :NONE PID:R -16- 5522 -000A -0005 Mapid :3 -5117 OPEN PORCH 99 SF OPEN PORCH 99 SF ASPHALT 50000 S OPEN PORCH 99 SF OPEN PORCH 99 SF OPEN PORCH 108 SF OPEN PORCH 99 SF OPEN PORCH 99 SF OPEN PORCH 99 SF OPEN PORCH 99 SF OPEN PORCH 99 SF OPEN PORCH 99 SF Court House transactions available on this record in SALES TRANSACTIONS program. $ 1,232,800 Would you like to see the document summaries ?( <Y> /N) : * *SPECIAL W/D * *COMMERCIAL * *VOL /PAGE:1795 -131 * *DATE FILED: 5- JUL -89 * *GRANTOR(SELLER) ** * *GRANTEE(BUYER) ** COLLECTING BANK N A FINE FREDERICK R * *PROP ADDRESS :896 SUMMIT DR * *GRANTEE'S ADDRESS :896 SUMMIT ST RR :ROUND ROCK, TX 78664 * *OTHER PARCELS ARE INVOLVED WITH THIS TRANSACTION. Sketch Vectors available on this record. * *Address ** * *Str. Zip :78664 896 SUMMIT DR * *Total Value ** $ 1,232,800 $ 1,243,000 * *Legal Description *" SUMMIT PLAZA AMENDED, BLOCK A, LOT 5 6 4 /PT, ACRES 3.046 * *DOC DATE :29- JUN -89 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 +---- 11 - - - -+ 25 +-- 11 - - - - + 5 5 24 24 20 20 ! f + 47 + Sketch Vectors available on this record. Would you like to see them? (<Y > /N) : + -- -- 11 - - - - 25 +- --- 11 - - -- 5 5 9---- 11 - - - -9 9---- 11 - - - -9 ! ! ! ! 24 24 20 20 I t 47 + Sketch Vectors available on this record. Would you like to see them? (<Y > /N) : + 12 - - - -+ 12 - - - -+ ! ! ! 9 12 - - - -9 9 4 12 - - - -+ + 12- - - - 24 --- - + -- -- - -- - 5 ! 9 --- - 11 - - - -9 24 t ! 20 24 + 23 + 20 ! ! ! I 9 ! ! + 24 + Sketch Vectors available on this record. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 +---- 11 - - - -+ 25 +---- 11 - - - -+ 4 25 4 +--- -11 - - --+ 25 + -- - - -- + 24 24 20 20 + 47 + Sketch Vectors available on this record. Would you like to see them? (<Y > /N) . +---- 11 - - - - ++ 12 - - - -+ !! 9 12 - - - +9 9 14 12 - - - -+ + 12 - - - ++ 24---- 12---- +---- 11 - - - -+ 5 i 9 11 - 9 24 1 ! 20 +---- 11 - - - -+ 24 + 23 + 20 ! ! 9 + 24 + Sketch Vectors available on this record. Would you like to see them? (<Y> /N) : +---- 11 - - - -+ 25 +---- 11 - - - -+ 4 25 4 +---- 11 - - - -+ 25 +---- 11 - - - -+ ! t t 24 24 20 20 + 47 + Sketch Vectors available on this record. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 +10+ + 127 + + -12+ ! + 41 + +-- -20 - -+ ! ! 1 28 +10+ + -10+ 28 ! +---- 30 - - - -+ + - -10 10 - -10 + - -15 -+ + 7--- -30---- +- -18- +-- 23 - - - + + 45 + +-- -24- -4-- 15- + - -17 -+ Sketch Vectors available on this record. Would you like to see them? (<Y > /N) : + 24 +- 10 - -- + 24 + ! ! ! ! 10 10 ! 5 5 ! + 19 + ! ! 50 50 22 ! ! 1 1 ! ! ! ! ! ! + 19 + ! ! 1 ! ! 5 5 1 ! 10--- 10 - - -10 ! + 24 + - - 10 -- - + 24 + 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 DESCRIPTION FOR A 0.115 - ACRE (5,020- SQUARE FOOT) TRACT OF LAND SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298, IN WILLIAMSON COUNTY, TEXAS, BEING A PORTION OF LOT 5, BLOCK A, OF "AMENDED PLAT OF SUMMIT PLAZA ", A SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED IN CABINET G, SLIDE 82 OF THE PLAT RECORDS OF SAID COUNTY, SAID 0.115 -ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING on a point in the northerly boundary line of City of Round Rock Park, same being the most southeasterly corner of said Lot 5, also being in the westerly right -of -way line of Summit Street (right -of -way width varies), same being the most southeasterly corner and the POINT OF BEGINNING hereof; THENCE with the northerly boundary line of said City of Round Rock Park, same being the southerly boundary line of said Lot 5, N83 ° 10'58 "W for a distance of 19.13 -feet to an iron rod set on a point being the most southwesterly corner hereof; THENCE departing the northerly boundary line of City of Round Rock Park, through the interior of said Lot 5, N36 ° 46'32 "E for a distance of 63.62 -feet to an iron rod set on a point of curvature hereof; THENCE with the arc of a curve to the left, having a radius of 109.50 -feet, a central angle of 55 ° 22'45 ", an arc length of 106.46 -feet, and a chord which bears N08 ° 55'20 "E for a distance of 102.32 -feet to a point of tangency hereof; THENCE continuing through the interior of said lot 5, N18 ° 55'53 "W for a distance of 278.52 -feet to an iron rod set on a point of curvature hereof; THENCE continuing through the interior of said Lot 5, with the arc of a curve to the right, having a radius of 5025.00 -feet, a central angle of 00 ° 36'56" an arc length of 53.97 -feet, and a chord which bears N18 ° 37'25 "W for a distance of 53.97 -feet to an iron rod set on a point in the easterly boundary line of Lot 3 of said Subdivision, same being the northerly boundary line of said Lot 5, same being the most northwesterly corner hereof; THENCE with the northerly boundary line of said Lot 5, same being the easterly boundary line of said Lot 3, N70 ° 45'46 "E for a distance of 5.49 -feet to a point being the most northeasterly corner of said Lot 5, being the most easterly corner of said Lot 3, same being in the westerly right -of -way line of Summit Street, same being the most northeasterly corner hereof and from which an iron rod found bears N19 ° 38'08 "EW a distance of 40.00 - feet; THENCE with the westerly right -of -way line of Summit Street, same being the easterly boundary line of said Lot 5, 519 ° 38'08 "E (Bearing Basis/ Directional Control Line) for a distance of 147.17 -feet to an iron rod found on an angle point hereof; THENCE continuing with the westerly right -of -way line of Summit Street, same being the easterly boundary line of said Lot 5, 519 ° 11'43 "E for a distance of 192.62 -feet to a point of curvature hereof; THENCE continuing with the westerly right -of -way line of Summit Street, same being the easterly boundary line of said Lot 5, with the arc of a curve to the right, having a radius of 128.29 - feet, a central angle of 60 ° 37'23 ", an arc length of 135.74 - feet, and a chord which bears S11 ° 05'58 "W for a distance of 129.50 -feet, to a point of tangency hereof; 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 THENCE continuing with the westerly right -of -way line of Summit Street, same being the easterly boundary line of said Lot 5, S41 ° 25'33 "W for a distance of 30.84 -feet to the POINT OF BEGINNING hereof and containing 0.115 -acre of land. urve ed under the dire- ion of e undersigned: k Ce $7 Jackso Chisholm Date Re. tered Professional Land Surveyor No. 4295 601537p) doc 8 -/7- 9r 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 THE STATE OF TEXAS COUNTY OF WILLIAMSON I TE% T\ RO"" OROC \88AL6STA \LEEST \F / cdc DEDICATION DEED 5 THAT, FREDERICK R. FINE, ( "Grantor "), whether one or more, for and in consideration of the sum of Ten and No /100 Dollars ($10.00) and other good and valuable consideration to Grantor in hand paid by City of Round Rock, Texas, a corporation organized and existing under the KNOW ALL MEN BY THESE PRESENTS: home rule municipal address at 221 East Main Street, Round laws of the State of Texas ( "Grantee "), having its principal office and its mailing Rock, Texas 78664, has DEDICATED, GRANTED, SOLD and CONVEYED, and by these presents does DEDICATE, GRANT, SELL and CONVEY, unto Grantee, the real property situated in Williamson County, Texas, which is described in Exhibit A, attached hereto and incorporated herein by reference for all purposes ( "Land "), and all tenements, hereditaments, rights, privileges, interests, easements and appurtenances belonging or in anywise pertaining to the Land. TO HAVE AND TO HOLD the above - described premises, unto Grantee, its legal representatives, successors and assigns, forever; and Grantor does hereby bind itself, its successors and assigns, to WARRANT and FOREVER DEFEND, all and singular, the above - described premises unto Grantee, its legal representatives, successors and assigns, against every person or entity whomsoever lawfully claiming or to claim the same or any part thereof. IN WITNESS WHEREOF, this Dedication Deed is executed on the day of , 19 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 STATE OF TEXAS COUNTY OF WILLIAMSON PREPARED IN THE OFFICE OF: FREDERICK R. FINE ACKNOWLEDGMENT 2. § § This instrument was acknowledged before me on the day of , 1998, by FREDERICK R. FINE. Notary Public, State of Texas Printed Name: My Commission Expires: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 AFTER RECORDING RETURN TO: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Flood Plain Map 1 II "II "I ZONE F M 5 20 R M 330 - 9 X - -- mti (3,, 1, �R M' 330 -11 ,�., a A \ ZONE X s ZONE Bluth. AE 1 A O WILLIAM O - A P Q�' \ O �' � P 500 -YEAR FLOOD A - , `4 CONTAINED / Z IN CULVERT ZONE X BURNETT STREET • I rrlrr,r.rr1 I 384) ZONE AE FIRM F100B INSURANCE RATE HAP WIWAMSON COUNTY, TEXAS AND INCORPORATED AREAS PANEL 330 OF 000 .a...'.,.a anw IINwm WM ael Ify MAP NUMBER 1849100330C EFFECTIVE BATE: SEPTEMBER 21,1991 Subject 01001111 11000 •0100141 P114111 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FIELD NOTES FOR 307 WEST SUNSET DRIVE (PARK) PART TAKEN 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SEARCHING FOR 307 SUNSET 1) * *Sq Footage ** * *Owner Of Record ** * *Address ** * *Str. Zip :78664 1260 PARK CONSTANCE U 307 SUNSET DR * *Land Value ** * *Improve Value ** * *Total Value ** 97 $ 25,000 $ 31,501 $ 56,501 ** 1998 CERTIFIED VALUES ** 98 $ 30,000 $ 31,501 $ 61,501 ** 1999 CERTIFIED VALUES ** 99 $ 30,000 $ 31,501 $ 61,501 * *Jurisdictions * *Rate * *Taxes ** * *Legal Description ** WILLIAMSON CO 0.299000 183.89 NORTH PARK ADDITION, BLOCK 1, ROUND ROCK CITY 0.385000 236.78 LOT 9 ROUND ROCK ISD 1.757537 1080.90 WILLIAMSON CO RFM 0.047000 28.91 * ** *Total 1998 Taxes: 1530.48 (Estimated 1998 Tax Without Exemptions) 1997 -1998 ROUND ROCK ISD SCHOOL ASSIGNMENTS 98 RRISD: ELEM: BERKMAN ELEM MIDDLE: C D FULKES HS: ROUND ROCK HS * *Mail: R034 * *Land Type ** * *Sgft ** * *Acres ** *Mapsco* PARK CONSTANCE U RESIDENTIAL 0 0.00 MC57/252A 411 PALOS VERDES DR AUSTIN TX 787344527 ** Property Descriptions ** Use:HOUSE, FRAME, AVG Lot Size . Stories :1.0 Exterior :WOOD Floors :CARPET Built :1958 Interior :PAINTED Roof :GABLE Fireplace Heat /Air Foundation:PIER /BEAM Topography :LEVEL Access :PAVED Deed Vol/Pg:2686/0476 Sales Date:01 -MAR -1995 Prop Id :R068679 Exemptions :NONE PID:R -16- 4700 - 0001 -0009 Mapid :3 -5117 CARPORT 462 SF UTILITY /STOR 90 SF Court House transactions available on this record in SALES TRANSACTIONS program. Would you like to see the document sunuuaries ?(<Y > /N) * *W /D- VENDOR'S LIEN * *RESIDENTIAL * *VOL /PAGE:2686 - 4 7 6 * *DATE FILED: 1- MAR -95 * *GRANTOR(SELLER) * MONTGOMERY GARLAND B PARK CONSTANCE U MONTGOMERY JANIE A * *PROP ADDRESS :307 SUNSET DR * *GRANTEE'S ADDRESS :411 PALOS VERDES DRIVE :AUSTIN,TEXAS 78734 There are more Court House Transactions on this record. Would you like to see the document summaries?( <Y > /N) . * *D /T- GENERAL * *RESIDENTIAL * *VOL /PAGE:2686 -478 * *DATE FILED: 1- MAR -95 * *GRANTOR(BORROWER) * * *GRANTEE(LENDER) ** * *DOC DATE : 1- MAR -95 PARK CONSTANCE U MONTGOMERY GARLAND B MONTGOMERY JANIE A * *PROP ADDRESS :307 SUNSET DR * *AMOUNT: $8,000 * *LIEN POSITION: FIRST * *RATE: NOT STATED * *P &I PMT: NOT STATED Sketch Vectors available on this record. * *GRANTEE(BUYER) ** * *DOC DATE : 1- MAR -95 Sketch Vectors available on this record. Would you like to see them? (<Y > /N) . + 42 30 42 23 15 15 6 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 DESCRIPTION FOR A 0.012 -ACRE (635 - SQUARE FOOT) TRACT OF LAND SITUATED IN THE WILEY, HARRIS SURVEY ABSTRACT NO. 298, IN WILLIAMSON COUNTY TEXAS, BEING A PORTION OF LOT 9, BLOCK 1 OF "NORTH -PARK ADDITION ", A SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED IN CABINET A SLIDE 194 OF THE PLAT RECORDS OF SAID COUNTY, SAID 0.012 -ACRE TRACT BEING MORE PARTICULARLY DESCRIBED By METES AND BOUNDS AS FOLLOWS: BEGINNING FOR REFERENCE on a point being the southeasterly corner of Lot 10 Block One of said "North Park Addition ", same being the southwesterly corner of Lot 11 Block One of said Subdivision, same being the north right -of -way line of Vista Lane (50 -feet in right -o£ -way width), thence with the north right -of -way line of Vista Lane, same being the south boundary line of said Lot 10, S86 ° 08'55 "W (created by best fit analysis) a distance of 148.20 -feet to a point of the intersecting easterly right -of -way line of Vista Lane with the northerly right -of -way line of Summit Street (right -of -way width varies), same being the most southwesterly corner of said Lot 10, thence with the easterly right -of -way line of Summit Street, 1418 a distance of 124.50 -feet to an iron rod set on a point being the most northwesterly corner of said Lot 10, same being the most southwesterly corner of Lot 9 of said Subdivision, being the most southerly corner and POINT OF BEGINNING hereof; THENCE continuing with the easterly right -of -way line of Summit Street, some being the westerly boundary line of said Lot 9, N18 ° 57 . 05 "W (Bearing Basis/ Directional Control Line) for a distance of 207.20 -feet to a point of the intersecting easterly right -of -way line of Summit Street with the southerly right -of- way line of Sunset Drive (60 -feet in right -of -way width), same being the most northwesterly corner of said Lot 9, being the most northwesterly corner hereof; THENCE with the southerly right -of -way line of Sunset Drive, being the northerly boundary line of said Lot 9, N86 ° 09'55 "E for a distance of 24.43 -feet to an iron rod set on a point being the most northeasterly corner hereof: THENCE departing the southerly right -of -way line of Sunset Drive, through the interior of said Lot 9 the following (3) three courses and distances: 1) with the arc of a curve to the left, having a radius of 15.00 -feet, a central angle of 105 ° 03'14 ", an arc length of 27.50 -feet and a chord which bears S33 ° 06'11 "W for a distance of 23.81 -feet to an iron rod found on a point of tangency hereof; 2) S16 ° 52'39 "E for a distance of 46.16 - feet to an iron rod set on a point of curvature hereof; 3) with the arc of a curve to the left, having a radius of 4,975.00 -feet, a central angle of 01 ° 36'49 ", an arc length of 140.11 -feet, and a chord which bears S17 ° 40'00 "E for a distance of 140.10 -feet to the POINT OF BEGINNING hereof and containing 0.012 -acre of land. • Surveyed . nder the d' ec super 'sic: of the undersigned: • Cecil Jackson Chisholm Date Registered P fessional Land Surveyor No. 4295 p 9 . 601337n. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 THE STATE OF TEXAS COUNTY OF WILLIAMSON I�\ TI EMRO"""0.0C \RBALESTA \L88STRZIASU MIT.NP➢ /cdc DEDICATION DEED KNOW ALL MEN BY THESE PRESENTS: THAT, CONSTANCE U. PARK, ( "Grantor "), whether one or more, for and in consideration of the sum of Ten and No /100 Dollars ($10.00) and other good and valuable consideration to Grantor in hand paid by City of Round Rock, Texas, a home rule municipal corporation organized and existing under the laws of the. State of Texas ( "Grantee "), having its principal office and its mailing address at 221 East Main Street, Round Rock, Texas 78664; has DEDICATED, GRANTED, SOLD and CONVEYED, and by these presents does DEDICATE, GRANT, SELL and CONVEY, unto Grantee, the real property situated in Williamson County, Texas, which is described in Exhibit A, attached hereto and incorporated herein by reference for all purposes ( "Land "), and all tenements, hereditaments, rights, privileges, interests, easements and appurtenances belonging or in anywise pertaining to the Land. TO HAVE AND TO HOLD the above - described premises, unto Grantee, its legal representatives, successors and assigns, forever; and Grantor does hereby bind itself, its successors and assigns, to WARRANT and FOREVER DEFEND, all and singular, the above - described premises unto Grantee, its legal representatives, successors and assigns, against every person or entity whomsoever lawfully claiming or to claim the same or any part thereof. IN WITNESS WHEREOF, this Dedication Deed is executed on the day of , 19 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 STATE OF TEXAS COUNTY OF WILLIAMSON CONSTANCE U. PARK ACKNOWLEDGMENT 2. § This instrument was acknowledged before me on the day of , 1998, by CONSTANCE U. PARK. Notary Public, State of Texas Printed Name: My Commission Expires: PREPARED IN THE OFFICE OF: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 AFTER RECORDING RETURN TO: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 (Flood Plain Map) FIRM FLOOD INSURANCE RATE MAP WIWAMSON COUNTY, TEXAS AND INCORPORATED AREAS PANEL 330 OF 400 T1Y.FO' EFFECTIVE DATE: SEPTEMBER 27. 1991 C RM 330 -14 ZONE X ZONE 11. ,.,1.. AE cr.r0 F nn Bzo RM 330 -9 O / U p , � / WILAMS S / E AE T1' i :� P 500 -YEAR FLOOD A. CONTAINED .2 - / L Z IN CULVERT O r 16 'l • 19 RN \33 0 '1 Lac ('reel 1'elm .,. I ZONE AE FIELD NOTES FOR 306 WEST SUNSET DRIVE (LEDBETTER) PART TAKEN SEARCHING FOR 306 SUNSET 1) * *Sq Footage ** * *Owner Of Record ** * *Address ** * *Str. Zip :78664 1713 LEDBETTER JOHN W JR & 306 SUNSET W * *Land Value ** * *Improve Value ** * *Total Value ** 97 $ 20,000 $ 71,719 $ 91,719 ** 1998 CERTIFIED VALUES ** 98 $ 30,000 $ 71,719 $ 101,719 ** 1999 CERTIFIED VALUES ** 99 $ 30,000 $ 71,719 $ 101,719 * *Jurisdictions * *Rate * *Taxes ** * *Legal Description ** WILLIAMSON CO 0.299000 304.14 SUMMIT ADDITION, LOT 2, ACRES ROUND ROCK CITY 0.385000 391.62 .657 ROUND ROCK ISD 1.757537 1787.75 WILLIAMSON CO RFM 0.047000 47.81 * ** *Total 1998 Taxes: 2531.32 (Estimated 1998 Tax Without Exemptions) * *Mail: C006 * *Land Type ** * *Sgft ** * *Acres ** *Mapsco* LEDBETTER JOHN W JR RESIDENTIAL 28619 0.66 HELEN L LEDBETTER 306 SUNSET DR ROUND ROCK TX 786644352 ** Property Descriptions ** Use:HOUSE, MASONRY VEN,AVG Lot Size . Stories :1.0 Exterior :STONE Floors :CARPET Built :1979 Interior :PANELING Roof :GABLE Fireplace : Heat /Air :CENTRAL HEAT /AIR Foundation:SLAB Topography :LEVEL Access :PAVED Deed Vol /Pg:DOC#/9927943 Sales Date:20 -APR -1999 Prop Id :R074705 Exemptions :NONE PID:R -16 -5519- 0000 -0002 Mapid :3 -5117 OPEN PORCH 40 SF OPEN PORCH 230 SF DET GARAGE 720 SF Sketch Vectors available on this record. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Would you like to see them? (<Y > /NI : 1 24 30 30 24 + 23 + ! ! 10 10 ! ! + + 59 + + 27 + 44 + -5 -+ ! ! 8 8 + -5 -+ 15 + 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 DESCRIPTION FOR A 0.022 -ACRE (942 - SQUARE FOOT) TRACT OF LAND SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY TEXAS, BEING A PORTION OF LOT 2 "SUMMIT ADDITION ", A SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED IN CABINET D, SLIDE 91 OF THE PLAT RECORDS OF SAID COUNTY, SAID 0.022 -ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING on an iron rod found on a point in the easterly right -of -way line of Summit Street (right -of - way width varies), same being the most southwesterly corner of Lot 1 of said "Summit Addition" subdivision, same being the most northwesterly corner of Lot 2 of said "Summit Addition ", being the most northwesterly corner and POINT OF BEGINNING hereof; THENCE departing the easterly right -of -way line of Summit Street, with the northerly boundary line of said Lot 2, same being the southerly boundary line of said Lot 1, N79 ° 53'20 "E for a distance of 5.40 -feet to an iron rod set on a point being the most northeasterly corner hereof and from which an iron rod found on a point being the most northeasterly corner of said Lot 2, same being the most southeasterly corner of said Lot 1, also being in the westerly boundary line of Lot 8, Block Two of "North Park Addition" a plat recorded in Cabinet A, Slide 210 of the Plat Records of said County, bears N79 ° 53'20 "E a distance of 197.00 -feet; THENCE departing the southerly boundary line of said Lot 1, through the interior of said Lot 2, 819 for a distance of 146.62 -feet to a point of curvature hereof; THENCE continuing through the interior of said Lot 2 with the arc of a curve to the left, having a radius of 15.00 - feet, an arc length of 18.43 -feet, a central angle of 70 ° 24'28', and a chord which bears S54 ° 26'30 "E for a distance of 17.29 -feet to a point in the southerly boundary line of said Lot 2, same being the northerly right -of - way line of Sunset Drive (60 -foot right -of -way width), being the most southeasterly corner hereof, and from which an iron rod found on a point being the most southeasterly corner of said Lot 2, same being the most southwesterly corner of said Lot 8, bears N84 ° 42'40 "E a distance of 136.46 -feet; THENCE with the southerly boundary line of said Lot 2, same being the northerly right -of -way line of Sunset Drive, 584 ° 42'40 "W for a distance of 16.73 -feet to an iron rod found on a point of intersection of the northerly right -of -way line of Sunset Drive with the easterly right - of -way line of Summit Street, being the most southwesterly corner hereof; THENCE with the easterly right -of -way line of Summit Street, same being the westerly boundary line of said Lot 2, N18 ° 54'00 "W (Project Bearing Basis /Directional Control Line) for a distance of 157.57 -feet to the POINT OF BEGINNING hereof and containing 0.022 -acre of land. veyed under the it Jackson Chisholm Date gistered Professional Land Surveyor No. 4295 8 171f 601f11p6.doc ct supervision of the undersigned: THE STATE OF TEXAS COUNTY OF WILLIAMSON I \ TW[ S\ ROIRIDRUC \RRU.RSTAVALSTREMBRORR.RW/cec DEDICATION DEED s KNOW ALL MEN BY THESE PRESENTS: THAT, BARBARA BROWN, ( "Grantor "), whether one or more, for and in consideration of the sum of Ten and No /100 Dollars ($10.00) and other good and valuable consideration to Grantor in hand paid by City of Round Rock, Texas, a home rule municipal corporation organized and existing under the laws of the State of Texas ( "Grantee "), having its principal office and its mailing address at 221 East Main Street, Round Rock, Texas 78664, has DEDICATED, GRANTED, SOLD and CONVEYED, and by these presents does DEDICATE, GRANT, SELL and CONVEY, unto Grantee, the real property situated in Williamson County, Texas, which is described in Exhibit A, attached hereto and incorporated herein by reference for all purposes ( "Land "), and all tenements, hereditaments, rights, privileges, interests, easements and appurtenances belonging or in anywise pertaining to the Land. TO HAVE AND TO HOLD the above - described premises, unto Grantee, its legal representatives, successors and assigns, forever; and Grantor does hereby bind itself, its successors and assigns, to WARRANT and FOREVER DEFEND, all and singular, the above - described premises unto Grantee, its legal representatives, successors and assigns, against every person or entity whomsoever lawfully claiming or to claim the same or any part thereof. IN WITNESS WHEREOF, this Dedication Deed is executed on the day of , 19 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 STATE OF TEXAS COUNTY OF WILLIAMSON BARBARA BROWN ACKNOWLEDGMENT 2. 8 This instrument was acknowledged before me on the day of , 1998, by BARBARA BROWN. Notary Public, State of Texas Printed Name: My Commission Expires: PREPARED IN THE OFFICE OF: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 AFTER RECORDING RETURN TO: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 (Flood Plain Map) FIRM FL000 INSURANCE RATE MAP WILLIAMSON COUNTY, TF]NS AND INCORPORATED AREAS PANEL 330 OF 400 gate,. ten EFFECTIVE GATE, SEPTEMBER 27, 1991 MAP NUMBER 4&191c0330 c RM 330 -9 ZONE AE ZONE x „ A, ,bnhu, 1 f3BN) ZONE AE Subject NATIONAL 1002 IRUANCE 0100101 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FIELD NOTES FOR 894 & 896 SUMMIT DRIVE (SUMMIT PLAZA LTD) PART TAKEN 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1) * *Sq Footage ** * *Owner Of Record ** * *Address ** * *Str. Zip :78664 7140 SUMMIT PLAZA LTD 896 SUMMIT DR * *Land Value ** * *Improve Value ** * *Total Value ** 97 $ 67,170 $ 232,830 $ 300,000 ** 1998 CERTIFIED VALUES ** 98 $ 134,340 $ 211,950 $ 346,290 ** 1999 CERTIFIED VALUES 99 $ 134,340 $ 294,724 $ 429,064 * *Jurisdictions * *Rate * *Taxes ** * *Legal Description ** WILLIAMSON CO 0.299000 1035.41 SUMMIT PLAZA AMENDED, BLOCK ROUND ROCK CITY 0.385000 1333.22 A, LOT 2, ACRES .771 ROUND ROCK ISD 1.757537 6086.17 WILLIAMSON CO REM 0.047000 162.76 * ** *Total 1998 Taxes: 8617.56 (Estimated 1998 Tax Without Exemptions) * *Mail: C002 * *Land Type ** **Sqft** * *Acres ** *Mapsco* SUMMIT PLAZA LTD COMMERCIAL 33585 0.77 % JOHN C BLAZIER, TRUSTEE 221 W 6TH ST AUSTIN TX 787013400 ** Property Descriptions ** Use: Lot Size . Stories :1.0 Exterior :METAL Floors :CARPET Built :1985 Interior :SHEETROCK Roof :FLAT Fireplace : Heat /Air :CENTRAL HEAT /AIR Foundation:SLAB Topography :LEVEL POWER LINES - Access :PAVED Deed Vol/Pg:2105/749 Sales Date:05 -FEB -1992 Prop Id :R096368 Exemptions :NONE PID:R -16- 5522 -000A -0002 Mapid :3 -5117 CANOPY 24 SF CANOPY 24 SF CANOPY 50 SF CANOPY 50 SF ASPHALT 10000 SF Court House transactions available on this record in SALES TRANSACTIONS program. Would you like to see the document summaries7(<Y > /N) : * *SPECIAL W/D * *COMMERCIAL * *VOL /PAGE:2105 -749 * *GRANTOR(SELLER) ** COLLECTING BANK NA SUMMIT PLAZA LTD * *PROP ADDRESS :896 SUMMIT DR * *GRANTEE'S ADDRESS :1500 BANK ONE TOWER :AUSTIN,TEXAS 78701 * *OTHER PARCELS ARE INVOLVED WITH THIS TRANSACTION. Sketch Vectors available on this record. * *DATE FILED:12- FEB -92 * *GRANTEE(BUYER) ** * *DOC DATE : 5- FEB -92 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sketch Vectors available on this record. Would you like to see them? ( <Y> /N) + 25 + -4 - + 6 6 + -4 -+ 02 1. -41 6 6 + 25 + -4- + 26 5 45 4- 26 0 45 0 1 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2) * *Sq Footage ** * *Owner Of Record ** 5870 SUMMIT PLAZA LTD * *Land Value ** * *Improve Value ** 97 $ 141,134 $ 138,866 ** 1998 CERTIFIED VALUES ** 98 $ 141,134 $ 143,866 ** 1999 CERTIFIED VALUES ** 99 $ 141,134 $ 269,070 * *Jurisdictions * *Rate * *Taxes ** WILLIAMSON CO 0.299000 852.15 ROUND ROCK CITY 0.385000 1097.25 ROUND ROCK ISD 1.757537 5008.98 WILLIAMSON CO RFM 0.047000 133.95 * ** *Total 1998 Taxes: 7092.33 (Estimated 1998 Tax Without Exemptions) 1997 -1998 ROUND ROCK ISD 98 RRISD: ELEM: BERKMAN * *Mail: C002 SUMMIT PLAZA LTD % JOHN C BLAZIER, 221 W 6TH ST AUSTIN TX 7870134 ** Property Descriptions Stories :1.0 Built :1985 Fireplace . Topography :LEVEL POWER Deed Vol /Pg:2105/749 Exemptions :NONE CANOPY 50 SF CANOPY 50 SF Sketch Vectors available * *Address ** * *Str. Zip :78664 894 SUMMIT ST * *Total Value ** $ 280,000 $ 285,000 SCHOOL ASSIGNMENTS ELEM MIDDLE: C D FULKES * *Land Type ** * *Sgft ** COMMERCIAL 31363 TRUSTEE $ 410,204 * *Legal Description ** SUMMIT PLAZA AMENDED, BLOCK A, LOT 3, ACRES .720 HS: ROUND ROCK HS **Acres** *Mapsco* 0.72 MM43/376U 00 * Use:SUMMIT PLAZA Lot Size . Exterior :WOOD /BRICK Floors :CARPET Interior :SHEETROCK Roof :FLAT Heat /Air :CENTRAL HEAT /AIR Foundation:SLAB LINES Access :PAVED Sales Date:05 -FEB -1992 Prop Id :R096366 PID:R -16- 5522 -000A -0003 Mapid :3 -5117 CANOPY 50 SF CANOPY 50 SF ASPHALT 10000 SF on this record. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sketch Vectors available on this record. Would you like to see them? (<Y>/N) 33 52 76 90 1 10 10 5 1 1 +-5 - -+ 1 10 10 1 1 45 ! I ! ! I I ! ! ! I ! I I ! I + 33 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 PARCEL 1 DESCRIPTION FOR A 0.001 -ACRE (60.11.- SQUARE FOOT) TRACT OF LAND SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS, BEING A PORTION OF LOT 2, BLOCK A OF "AMENDED PLAT OF SUMMIT PLAZA ", A SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED IN CABINET G, SLIDE 82 OF THE PLAT RECORDS OF SAID COUNTY, SAID 0.001 -ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING on an iron rod set on a point in the southerly right -of -way line of Sunset Drive (60 -foot right -of -way width), same being the northerly boundary line of said Lot 2, same being the most westerly corner and POINT OF BEGINNING hereof; THENCE with the southerly right -of -way line of Sunset Drive, same being the northerly boundary line of said Lot 2, N86 ° 06'06 "E (Bearing Basis /Directional Control Line) for a distance of 11.34 -feet to an iron rod found on a point being the point of intersection of the southerly right -of- way line of Sunset Drive, with the westerly right -of -way line of Summit Street (right -of -way width varies), same being the most northeasterly corner of said Lot 2, also being the most northeasterly corner hereof/ THENCE departing the southerly right -of - way line of Sunset Drive, with the westerly right -of -way line of Summit Street, same being the easterly boundary line of said Lot 2, 519 ° 43'22 "W for a distance of 11.34 -feet to an iron rod set on a point of curvature, being the most southerly corner hereof; THENCE departing the easterly right -of -way line of Summit Street, through the interior of said Lot 2, with the arc of a curve to the left, having a radius of 15.00 -feet, a central angle of 74 ° 10 . 32, an arc length of 19.42 -feet and a chord which bears N56 ° 48 . 38 "W for a distance of 18.09 - feet to the POINT OF BEGINNING and containing 0.001 -acre of land. eyed under the direction of the and dam Su rsigned: it Jackson Chisholm Date istered Professional Land Surveyor No. 4295 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 PARCEL 2 DESCRIPTION FOR A 0.010 -ACRE (445 SQUARE FOOT) TRACT OF LAND SITUATED IN THE WILEY HARRIS SURVEY, ABSTRACT NO. 298 IN WILLIAMSON COUNTY, TEXAS, BEING A PORTION OF LOT 2, AND A PORTION OF LOT 3, BLOCK A OF "AMENDED PLAT OF SUMMIT PLAZA ", A SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED IN CABINET G, SLIDE 82 OF THE PLAT RECORDS OF SAID COUNTY, SAID O.010 -ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING FOR REFERENCE on an iron rod found on a point of intersection of the southerly right -of -way line of Sunset Drive(60 -foot right -of -way width), wil.li the westerly right -of- way line of Summit Street (right -of -way width varies), same being the most northeasterly corner of said Lot 2, thence with the westerly right -of -way line of Summit Street , same being the easterly boundary line of said Lot 2, S19 ° 43'22 "E a distance of 67.18 -feet to an iron rod set on a point being the most northerly corner and POINT OF BEGINNING hereof; THENCE with the westerly right -of -way line of Summit Street, same being the easterly boundary line of said Lot 2, S19 ° 43'22 "E for a distance of 103.63 -feet to an iron rod found on a point being the most northeasterly corner of said Lot 3, same being the most southeasterly corner of said Lot 2, being an angle point hereof; THENCE departing the easterly boundary line of said Lot 2, with the easterly boundary line of said Lot 3, same being the westerly right -of -way line of Summit Street, S19 ° 38'08 "E (Bearing Basis/ Directional Control) for a distance of 40.00 - feet to an iron rod set on a point being an angle point in the easterly boundary line of said Lot 3, same being the most northeasterly corner of Lot 5 of said Subdivision, also being the most southeasterly corner hereof; THENCE departing the easterly right -of -way line of Summit Street, with the easterly boundary line of said Lot 3, same being the northerly boundary line of said Lot 5, S70 ° 45'46 "W for a distance of 5.49 -feet to an iron rod set on a point of non - tangent curvature, being the most southwesterly corner hereof; THENCE departing the northerly boundary i of said Lot 5, in part through the interior of said Lot 3, and in part through the interior of said Lot 2, with the arc of a curve to the right, having a radius of 5025.00 -feet, a central angle of 01 "26'12 ", an arc length of 126.00 -feet, and a chord which bears N17 for a distance of 126.00 -feet to an iron net on a point of tangency hereof; THENCE continuing through the interior of said Lot 2, N16 ° 52'39 "W for a distance of 17.69 -feet to the POINT of BEGINNING hereof and containing 0.010 -acre of land. Survey d under the direction of the undersigned: Cec Jackson Chisholm Regi tered Professional Land Surveyor No. 4295 wzsn°z.°« Date 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 THE STATE OF TEXAS COUNTY OF WILLIAMSON I:\f lXT\ tOUNDROC \RBALESTAw2eSIREENSUMIT.RPDI DEDICATION DEED § KNOW ALL MEN BY THESE PRESENTS: 5 THAT, SUMMIT PLAZA LTD, ( "Grantor "), whether one or more, for and in consideration of the sum of Ten and No /100 Dollars ($10.00) and other good and valuable consideration to Grantor in hand paid by City of Round Rock, Texas, a home rule municipal corporation organized and existing under the laws of the State of Texas ( "Grantee "), having its principal office and its mailing address at 221 East Main Street, Round Rock, Texas 78664, has DEDICATED, GRANTED, SOLD and CONVEYED, and by these presents does DEDICATE, GRANT, SELL and CONVEY, unto Grantee, the real property situated in Williamson County, Texas, which is described in Exhibit A, attached hereto and incorporated herein by reference for all purposes ( "Land "), and all tenements, hereditaments, rights, privileges, interests, easements and appurtenances belonging or in anywise pertaining to the Land. TO HAVE AND TO HOLD the above - described premises, unto Grantee, its legal representatives, successors and assigns, forever; and Grantor does hereby bind itself, its successors and assigns, to WARRANT and FOREVER DEFEND, all and singular, the above - described premises unto Grantee, its legal representatives, successors and assigns, against every person or entity whomsoever lawfully claiming or to claim the same or any part thereof. IN WITNESS WHEREOF, this Dedication Deed is executed on the day of _ , 19 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 STATE OF TEXAS COUNTY OF WILLIAMSON PREPARED IN THE OFFICE OF: AFTER RECORDING RETURN TO: SUMMIT PLAZA LTD By: Printed Name: Title: ACKNOWLEDGMENT This instrument was acknowledged before me on the day of , 1998, by of SUMMIT PLAZA LTD, a corporation, on behalf of said corporation. Notary Public, State of Texas Printed Name: My Commission Expires: Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 Brown McCarroll Sheets & Crossfield, L.L.P. 309 E. Main St. Round Rock, Texas 78664 2. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 (Flood Plain !Wail FIRM FLOOD INSURANCE RATE MAP WIWAMSON COUNTY, TEXAS AND INCORPORATED AREAS PANEL 130 OF 400 amme Awe ce4 54B4 = EFFECTIVE OATE: SEPTEMBER 27, 1991 /0 500-YEAR FLOOD CONTAINED IN CULVERT ZONE X ), RM ZONE X 1u1. ( 4 I (bon. I ZONE AE 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 TeL (512) 458 -6294 San Antonio: 10 Ledge Lane, San Antonio, Texas 78212 TeL (210) 2236911 October 4, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 Dear Mr. Bennett: As requested, we offer the following proposal to perform the appraisal services necessary to prepare Market Value appraisals for a partial taking of eight parcels of real estate involved in the widening and reconstruction of Lee and Sutninit Street in Round Rock, Williamson County, Texas. Based on a communication with Joe Vining, it is our preliminary conclusion that 406, 507, 508 and 509 Lee Street should be appraised as land with commercial potential, giving little or no consideration to the existing improvements. 896 Summit Drive, which is currently improved with the Settlers Landing Apartments will be appraised as multifamily land, while 894 Sutninit Drive, which is currently unproved with a medical office building, will be appraised as commercial land with a highest and best use of commercial. The remaining two parcels, 306 and 307 Sunset Drive will be appraised as residential homesites. Our estimated fee for completing the appraisal assignment as described above can be broken down into $1,000 each for the 5 commercial and one multifamily tract and $750 each for the two residential homesites for a total not greater than $7,500.00. I also estimate completion of the appraisal assignment to be accomplished within thirty to forty -five days or less from your approval to proceed. Please sign below to acknowledge our proposal and return so that we may begin the assignment. Respectfully submitted, homas • . ;'dyer, I, Consultant Mr. Bob Bennett, City Manager GARDNER APP AISAL GROUP, INC. City of Round Rock eeirrti Mayor Robert A. Stluka, Jr. Mayor Pro-tem Martha A. Chavez Council Members Tom Nielson Earl M. Hairston Rick Stewart Earl Palmer Jimmy Joseph City Manager Robert L Bennett, Jr. City Attorney Stephan L Sheets CITY OF ROUND ROCK December 21, 1999 Mr. Thomas R. Gardner, MAI, Consultant Gardner Appraisal Group, Inc. 4314 Medical Parkway, Suite 300 Austin, Texas 78756 Dear Sincerely, Enclosure(s) ner: Joanne Land Assistant City Manager/ City Secretary Fax: 512- 218 -7097 221 East Main street Round Rock, Texas 78664 512- 218 -5400 The Round Rock City Council approved Resolution No. R- 99- 10- 14 -13F7 at their regularly scheduled meeting on November 14, 1999. This resolution approves the agreement for services in connection with the widening and construction of Lee Street and Summit Street. Enclosed is a copy of the resolution and agreement for your files. If you have any questions, please do not hesitate to call. 1 -800- 735 -2989 TDD 1- 800- 735 -2988 Voice www.cisound-rockix.us WHEREAS, the City of Round Rock desires to retain professional services in connection with the widening and construction of Lee Street and Summit Street, and WHEREAS, Gardner Appraisal Group, Inc. has submitted an agreement to provide said services, and WHEREAS, the City Council desires to enter into said agreement with Gardner Appraisal Group, Inc., Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, That the Mayor is hereby authorized and directed to execute on behalf of the City an agreement with Gardner Appraisal Group, Inc., in connection with the widening and construction of Lee Street and Summit Street, a copy of said agreement being attached hereto and incorporated herein for all purposes. The City Council hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended, and the Act. RESOLVED this 14th day of Ocob'er, 999 Irr RO A. STLUKA, Mayor A EST: City of Round Rock, Texas E LAND, City Secretary H: \WP ROCS \RESOLUTI \R91014F7.WPD /scg RESOLUTION NO. R- 99- 10- 14 -13F7 GARDNER APPRAISAL GROUP, INC. Austin: 4314 Medical Parkway, Suite 300, Austin, Texas 78756 Tel: (512) 458-6294 TeL (210) 223 -6911 San Antonio: 10 Ledge Lane, San Antonio, Texas 78212 October 4, 1999 Mr. Bob Bennett, City Manager, City of Round Rock Round Rock City Hall 221 Main Street Round Rock, TX 78664 Dear Mr. Bennett: As requested, we offer the following proposal to perform the appraisal services necessary to prepare Market Value appraisals for a partial taking of eight parcels of real estate involved in the widening and reconstruction of Lee and Summit Street in Round Rock, Williamson County, Texas. Based on a communication with Joe Vining, it is our preliminary conclusion that 406, 507, 508 and 509 Lee Street should be appraised as land with commercial potential, giving little or no consideration to the existing improvements. 896 Summit Drive, which is currently improved with the Settlers Landing Apartments will be appraised as multifamily land, while 894 Summit Drive, which is currently improved with a medical office building, will be appraised as commercial land with a highest and best use of commercial. The remaining two parcels, 306 and 307 Sunset Drive will be appraised as residential homesites. Our estimated fee for completing the appraisal assignment as described above can be broken down into $1,000 each for the 5 commercial and one multifamily tract and $750 each for the two residential homesites for a total not greater than $7,500.00. I also estimate completion of the appraisal assignment to be accomplished within thirty to forty -five days or less from your approval to proceed. Please sign below to acknowledge our proposal and return so that we may begin the assignment. Respectfully submitted, homas ' . t .1 :er, I, Consultant Mr. .b Bet ett, City Manager GARDNER APP AISAL GROUP, INC. City of Round Rock DATE: October 8, 1999 SUBJECT: City Council Meeting — October 14, 1999 ITEM: 13.F.7. Consider a resolution authorizing the Mayor to execute an agreement with Gardner Appraisal Group, Inc. for services associated with the widening and construction of Lee Street and Summit Street. Staff Resource Person: Jim Nuse, Public Works Director.