CM-06-08-169PAUL HORNSBY & COMPANY
REAL PROPERTY APPRAISERS AND CONSULTANTS
August 16, 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 acquisition of right-of-way for the proposed
widening of the Hester's Crossing and Interstate Highway 35 intersection 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:
Parcel 1 - (First State Bank of Texas): A 2.0
acre site improved with a 5,575 SF bank branch
with drive-through lanes located at the southwest
comer of Hester's Crossing and Interstate
Highway 35.
Parcel 2 - (Capital Fast Foods, Ltd.): A 1.06
acre site improved with a 3,087 SF fast food
restaurant (Burger King) located along the west
line of Interstate Highway 35, just south of
Hester's Crossing.
Parcel 3 - (Lowe's Home Centers, Inc.): A
14.248 acre site improved with a Lowe's home
improvement store located along the west line of
Interstate Highway 35, south ofHester's Crossing
and north of State Highway 45.
Parcel 4 - (GMRI Texas, L.P.): A 1.415 acre
site improved with an Olive Garden restaurant
located along the west line of Interstate Highway
35, south of Hester's Crossing and north of State
Highway 45.
8303 N. MoPac Expressway. Suite A-150 • Austin, Texas 78759 .512/477-631 1 • Fax 512/477-1793
Cai-o(R . oss-lir`l
Mayor Maxwell
August 16, 2006
Page 2
Real Estate to be Appraised (cont.):
Purpose of the Appraisal:
Use of the Report:
Appraisal & Reporting
Standards:
Parcel 5 - (Baltgem Development
Corporation): A 0.528 acre vacant site utilized
as a landscape feature as a part of the La Frontera
retail development located at the northwest corner
of Interstate Highway 35 and Sundance Parkway.
Parcel 6 - (Majestic Texas Properties): An
8.357 acre site improved with a vacant Wal-Mart
building located along the west line of Interstate
Highway 35, just south of Hester's Crossing.
To estimate just compensation for the proposed
acquisitions.
To establish a basis for negotiations involving the
acquisition of right-of-way for the proposed
widening of the Hester's Crossing and Interstate
Highway 35 intersection.
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 of Professional
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.
Mr. Maxwell
August 16, 2006
Page 3
Fee:
Parcel 1: $8,750
Parcel 2: $8,750
Parcel 3: $4,500
Parcel 4: $4,500
Parcel 5: $4,500
Parcel 6: $8,750
Total $39,750
The fee for each appraisal is payable upon
completion of the respective assignment. The
quoted fees for Parcels 3 and 4 assumes the
appraisal of land and site improvements. Should
the primary improvements not need to be
appraised, the fee would be lowered to a mutually
agreed amount. The fee for Parcel 3 assumes no
significant impact to its improvements due to a
reduced throat depth of an entrance drive.
The fee reflects a multi -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
monthly, as incurred, at the following hourly
rates:
Paul Hornsby: $300/hour
Staff Appraisers: $125-$200/hour
Completion: As soon as possible, but not later than 60 to 90
days from authorization.
Mr. Maxwell
August 16, 2006
Page 4
If these terms are acceptable, please indicate by executing this agreement and returning one
copy to me. I look forward to working with you on this assignment.
Respectfully Submitted,
PAUL HORNSBY & COMPANY
APaul Hornsby, MM, SRA, CRE
President
Accepted:
8.25-o.
Date
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$ 39,750 I
Improved with a 5,575 SF bank branch w/ drive-through lanes.
Acquisition wipes out about 18 parking spaces, portions of two
driveways, and landscaping. Land Planner is needed for
remainder reconfiguration.
Improved with a 3,087 SF fast food restaurant (Burger King) w/
drive-through lane. Acquisition wipes out driveways necessary
for proper vehicular circulation, and landscaping. Land Planner
Is needed for remainder reconfiguration.
Property improved with Lowe's, but it's likely only the land
!component will require appraisal as the acquistion is a narrow
'strip along the I1-1-35 frontage with only nominal site imps in
take. Could be throat depth issues -Land Planner
•
Property improved with an Olive Garden Restaurant, but it's
likely only the land component will require appraisal as the
acquistion is a narrow strip along the IH -35 frontage with only
nominal site imps in take.
Vacant tract utilized as a landscaped feature as a portion of the
La Frontera retail development.
Property is improved with an old/dark Wal-Mart building which
was most recently used as an indoor race track (RPM Indoor
Raceway). The building is currently vacant. The acquistion
consists of a denial of access along it's frontage with IH -35,
about 173' in length. This denial cuts off the property's main
access with just secondary access points available off of
Hester's Crossin • and Rawhide Drive.
TOTAL FEE
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0.528 0.033 0.495
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First State Bank of Tx.
Capital Fast Foods, Ltd.
Lowe's Home Centers, Inc.
GMRI Texas, L.P.
Baltgem Development Corp.
Majestic Texas Properties
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/
DATE:
SUBJECT:
ITEM:
CITY MANAGER BLUE SHEET
August 17, 2006
April 25, 2006
City Manager to enter into an engagement letter for professional
services with Paul Hornsby and Company for the Resters
Crossing/IH 35 improvement project (parcels 1-6).
Department: Legal
Staff Person: Don Childs
Justification: Appraisals are needed to assist with the acquisition of right
of way for the realignment project at Hesters Crossing/IH
35.
Funding:
Cost: $39,750
Source of funds: 4B Round Rock Transportation System Funds
Background Information:
O:\wdox\CORK\transprt\ih35hesters\general\otherdoc\00103579. DOC
Updated 3-10-05