CM-07-05-090PAUL HORNSBY & COMPANY
REAL PROPERTY APPRAISERS AND CONSULTANTS
May 11, 2007
Mr. Jim Nuse, City Manager
City of Round Rock
221 E. Main Street
Round Rock, TX 78664-5246
Re: Proposal for appraisal services relating to a±19,232 SF office building located at 231
E. Main Street in downtown Round Rock, Williamson County, Texas.
Dear Mr. Nuse:
At your request, I am pleased to provide this proposal for appraisal services on the above -
captioned property. Terms of the assignment are summarized below.
Real Estate to be Appraised: A ±19,232 SF office building located at 231 E.
Main Street in downtown Round Rock,
Williamson County, Texas.
Purpose of the Appraisal: To estimate the market value of the fee simple
interest in the subject property as of the date of
inspection.
Use of the Report: Potential purchase of the subject property for
purposes of expanding city office space in
downtown Round Rock.
Appraisal & Reporting
Standards: 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.
0)1.-o1oE,-Oci0
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. MoPac Expressway. Suite A-150 • Austin, Texas 78759 .512/477-6311. Fax 512/477-1793
Mr. Nuse
May 11, 2007
Page 2
Fee:
Completion:
$5,000, payable upon completion of the report.
As soon as possible, but not later than 30 to 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
1
Paul Hornsby, MAI, S , CRE
Accepted:
City of Round Rock
N
Manager, City of Round Rock
DATE: May 17, 2007
SUBJECT: City Manager Approval- May 18, 2007
ITEM: City Manager to enter into an engagement letter for
appraisal services with Paul Hornsby and Company for
an office building located at 231 E. Main Street.
Department: Administration
Staff Person: David Kautz, Asst. City Manager
Justification: The city would like to purchase the building next door to city
hall for the purposes of expanding city office space in
downtown Round Rock.
Funding:
Cost: $5,000
Source of funds:
Outside Resources: Paul Hornsby & Company
Background Information: N/A
Public Comment: N/A