CM-06-05-123PAUL HORNSBY & COMPANY
REAL PROPERTY APPRAISERS AND CONSULTANTS
May 18, 2006
Mr. Nyle Maxwell, Mayor
City of Round Rock
221 E. Main Street
Round Rock, TX 78664-5246
Re: Proposal for appraisal services relating to two tracts of land located along A.W.
Grimes Boulevard and one tract of land located at the northern terminus of Greenlawn
Parkway in Round Rock, Williamson County, Texas.
Dear Mayor Maxwell:
At your request, I am pleased to provide this proposal for appraisal services on the above -
captioned project. Terms of the assignment are summarized below.
Real Estate to be Appraised:
Tract 1 - Approximately 8.395 acres of land
serving as a residential subdivision buffer area
located along the east line of A.W. Grimes
Boulevard, Round Rock, Williamson County,
Texas. Per the subdivision plat, this tract is
described as Lot 47, Ashton Oaks, and is
designated as Public Park, Drainage & SS
Easement.
Tract 2 - Approximately 1.245 acres of land
serving as a residential subdivision "open space"
lot located along the west line of A.W. Grimes
Boulevard, Round Rock, Williamson County,
Texas. Per the subdivision plat, this tract is
described as Lot 2, Block Q, Turtle Creek Village,
and is designated as an "open space lot" and
labeled as a 30' drainage/access easement and
setback)
Tract 3: Approximately 7.066 acres ofvacant land
located at the northern terminus of Greenlawn
Parkway, Round Rock, Williamson County,
Texas.
8303 N. MoPac Expressway. Suite A-150 • Austin, Texas 78759 • 512/477-6311 • Fax 512/477-1793
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Mayor Maxwell
May 18, 2006
Page 2
Purpose of the Appraisal:
Use of the Report:
Appraisal & Reporting
Standards:
Fee:
To estimate the market value of the fee simple
interest in the subject properties as of the date of
inspection.
To establish a basis of value for each property for
purposes of securing a federal park land grant.
The appraisals will be developed and the reports
will be prepared in conformity with and subject to
the requirements of the Uniform Standards of
Professional Appraisal Practice (USPAP) of the
Appraisal Foundation and the Code of
Professional Ethics and Standards ofProfessional
Appraisal Practice of the Appraisal Institute.
The results of our analysis will be set forth in
summary appraisal reports as defined by Standard
Rule 2-2(b), of USPAP.
Tract 1:
Tract 2:
Tract 3:
Total
$4,250
$4,250
$4,000
$12,500
The fee for each appraisal is payable upon
completion of the respective assignment.
The fee reflects a three -parcel assignment and is
contingent on all appraisals being undertaken
concurrently.
Time spent in addition to the initial appraisals,
including, without limitation, updates, meetings,
depositions, mediation, arbitrations, hearings, trial
and preparation for testimony, will be paid
Mr. Maxwell
May 18, 2006
Page 3
Fee (cont.):
monthly, as incurred, at the following hourly
rates:
Paul Hornsby: $250/hour
Staff Appraisers: $125-$200/hour
Completion: As soon as possible, but not later than 45 days
from authorization.
If these terms are acceptable, please indicate by executing this agreement and returning one
copy to me. I look forward to working with you on this assignment.
Respectfully Submitted,
PAUL HORNSBY & COMPANY
Paul Hornsby, MAI, SRA, C
President
Accepted:
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City of Round Rock
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BLUE SHEET FORMAT
DATE: May 22, 2006
SUBJECT: City Manager Approval - May 26, 2006
ITEM: Request for approval of a Professional Services
Agreement with Paul Hornsby & Company for Appraisal
Services for the Greater Lake Creek Park Improvement
Project.
Department: PARD
Staff Person: Rick Atkins, Parks and Recreation Director
Justification: This Agreement will provide property appraisals for the
project that are required by the Texas Parks & Wildlife
Department as part of our Grant. These appraisals must
be completed prior to any request for funding.
Funding: $1,156,857.00
Cost: $12,500.00
Source of funds: G.O. Bonds, Grants (TPWD & LCRA), & Ron Sproull
Fund
Outside Resources: Paul Hornsby & Company
Background Information: The Greater Lake Creek Park Project involves three
existing park properties and several parcels of land
that the City already has or will acquire through the
platting process of new neighborhoods. Clay
Madsen Park, Greenlawn Park, and Lake Creek Park
will all receive improvements in the form of new
development and/or renovations. These three
parks will also be connected with a hike & bike
trail. Also included in this project will be the City's
first skate park, dog park, and inline hockey
facility. This project is partially funded by a Texas
Parks and Wildlife Dept. (TPWD) Grant and a Grant
from the Lower Colorado River Authority (LCRA).
Public Comment:
Blue Sheet Format
Updated 01/20/04
In addition to a focus group that was formed to
specifically address end-user concerns, the
Parks and Recreation department has received
several petitions and numerous requests over
the past three years for a skate park. Also,
several public hearings associated with the
Grant applications were held.