CM-07-03-027PAUL HORNSBY & COMPANY
REAL PROPERTY APPRAISERS AND CONSULTANTS
February 19, 2007
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 5,625 SF of vacant land
located in downtown 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:
Purpose of the Appraisal:
Use of the Report:
Appraisal & Reporting
Standards:
MN-b`1-Ooa--
Approximately 5,625 SF of vacant land located
along the southeast line of East Liberty Avenue,
between South Mays Street and Lampasas Street,
Round Rock, Williamson County, Texas.
To estimate the market value of the fee simple
interest in the subject property as of the date of
inspection.
To assist the client in the potential purchase of the
subject property for purposes of constructing
additional parking in downtown Round Rock.
The appraisal will be developed and the report
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
a summary appraisal report as defined by
Standard Rule 2-2(b), of USPAP.
8303 N. MoPae Expressway. Suite A-150 • Austin, Texas 78759 • 512/477-6311 • Fax 512/477-1793
Mayor Maxwell
February 19, 2007
Page 2
Fee: $3,500, payable upon completion of the report.
Completion:
Time spent in addition to the initial appraisal,
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-$225/hour
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
Accepted:
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Date
City of Round Rock
James R. N
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PAUL HORNSBY & COMPANY Cmc
REAL PROPERTY APPRAISERS AND CONSULTANTS
December 23, 2004
City of Round Rock
c/o Ms. Laura Levinson
Sheets & Crossfield, P.C.
309 E. Main Street
Round Rock, Texas 78664-5246
Re: Appraisal of an approximate 5,625 SF vacant tract of land along the southeast line of
E. Liberty Avenue, Round Rock, Williamson County, Texas.
Dear Ms. Levinson:
At your request, we have undertaken an appraisal of the above -referenced property, the
conclusions of which are set forth in this summary appraisal report. This report is intended
to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the
Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As
such, it presents only summary discussions of the data, reasoning, and analyses that were
used in the appraisal process to develop our opinion of value. Supporting documentation
concerning the data, reasoning, and analyses is retained in our files. The depth of discussion
contained in this report is specific to the needs of the client and for the intended use stated
below. We are not responsible for unauthorized use of this report.
Based upon the data and analyses summarized herein, the market value of the subject
property, as of December 17, 2004, was estimated as follows:
FIFTY THREE THOUSAND FIVE HUNDRED DOLLARS
$53,500
The value estimate is predicated on a cash or cash -equivalent sale within a one to six month
exposure time. The value estimate is also predicated upon the Assumptions and Limiting
Conditions listed in this report.
Extraordinary assumptions were required for this appraisal, as summarized on page vi.
8303 N. Mopac Expressway • Suite A-150 • Austin, Texas 78759 • 512/477-6311 0 Fax 512/477-1793
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We certify that, to the best of our knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are our personal, impartial and unbiased
professional analyses, opinions, and conclusions.
We have no present or prospective interest in the property that is the subject of this
report, and no personal interest with respect to the parties involved.
We have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value opinion, the attainment of a stipulated
result, or the occurrence of a subsequent event directly related to the intended use of
this appraisal.
Our analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute, which include the Uniform
Standards of Professional Appraisal Practice, and the Canons of Professional Ethics
and Conduct of the Texas Real Estate Commission.
Paul Hornsby and Steve Bryant have made a personal inspection of the property that
is the subject of this report. The inspection was made from the adjacent street and
alley, and from the adjacent property.
As of the date of this report, I, Paul Hornsby, have completed the continuing education
program of the Appraisal Institute.
No one provided significant real property appraisal assistance to the undersigned.
The use of this report is subject to the requirements of the Appraisal Institute relating
to review by its duly authorized representatives.
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This transmittal letter and the following pages constitute our report which contains the data
and analyses utilized in formulating these opinions. If you should have any questions
concerning this report, please do not hesitate to contact the undersigned.
Respectfully Submitted,
PAUL HORNSBY & COMPANY
Paul Hornsby MAI, SRA, CRE
Certified App. #TX -1321761-G
Steve Bryant
Certified App. #TX -1331989-G
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TABLE OF CONTENTS
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Letter of Transmittal with Certification Page No.
Table of Contents
Ordinary Assumptions iv
Extraordinary Assumptions v
Limiting Conditions vi
vii
DESCRIPTIONS AND ANALYSES
Subject Identification
Legal Description 1
Purpose and Intended Use of the Appraisal 1
Definition of Market Value 1
1
Appraisal, Inspection, and Report Dates
Scope of Work 2
Ownership History and Ad Valorem Taxes 2
Site Analysis 4
Subject Photographs 5
Highest and Best Use Analysis 7
13
VALUATION, AS IMPROVED
Sales Comparison Approach, Introduction
Comparative Analysis 14
Conclusion 14
16
QUALIFICATIONS
Qualifications of Paul Hornsby, MAI, SRA, CRE
Qualifications of Steve Bryant 19
ADDENDA
Inspection Letter
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CITY MANAGER BLUE SHEET
DATE: 2/26/07
SUBJECT: City Manager Approval/Approval date 3/2/07
ITEM: Authorization for City Manager to enter into agreement for
appraisal services with Paul Hornsby and Company for the Downtown
Parking Project --Parcel 1.
Department: Legal
Staff Person: Don Childs
ustification: Authorization for City Manager to enter into agreement for
appraisal services with Paul Hornsby and Company for the
Downtown Parking Project --Parcel 1.
Fun Fun- ing
Cost: $3500.
Source of funds:
Background Information:
Updated 3-10-05