2007-08-14 CCPD PacketLfscombDavis
Co
R E A L E S T A T E S E R V I C E S
July 31, 2007
Mr. Jim Blagg, Director of Public Safety
Southlake Crime Control and Prevention District
667 North Carroll Avenue
Southlake, Texas 76092
Re: 31.1329 acres of land situated in the JOEL W.
CHIVERS SURVEY, ABSTRACT NO. 350, City of
Southlake, Tarrant County, Texas. A.K-A. City
of Southlake's 31.1329 acres of land on the
northeast corner of North White Chapel
Boulevard and East Dove Road, Southlake, Texas
Dear Mr. Blagg:
At your request, we have completed the real estate
appraisal assignment on the above referenced property.
The purpose of the appraisal is to estimate the "As Is"
market value of the fee simple interest in the subject
property on July 31, 2007, which is the Effective Date of
the Appraisal.
This is a Summary Appraisal report and should not be
considered a complete self-contained appraisal report as
defined by the Appraisal Foundation. In making any
decision that relies upon our work, you should know that
data gathered for compilation of the Summary Appraisal
report is presented in brief summary form and not in
detailed narrative analysis. Additional data relative to
the conclusions drawn by the appraisers in this report are
contained in the appraisers' files.
All pertinent data has been considered and a review of our
findings is contained in the attached report. The
analysis included an inspection of the subject property,
discussion of the approaches to value used and market data
2 10 1kle�t Collecre Street / Grapevine. Texas 76051 / 10ctro (817) 481-9572 / Fay; (817) 488-9145
r
considered. The appraised value is subject to the
Certification and Limiting Conditions set forth in the
attached appraisal report.
Based upon our analysis, it is our opinion that the "As
Is" market value of the fee simple interest in the subject
property on July 31, 2007, is as follows:
"AS IS" MARKET VALUE OF THE SUBJECT PROPERTY:
FIVE MILLION SEVENTY-FIVE THOUSAND DOLLARS
($ 5,075,000)
Thank you for allowing us to be of service to you in this
matter. If we may be of further assistance, please do not
hesitate to contact us.
Sincerely,
Joe E. Lipscomb, MSA
State Certified General
Real Estate Appraiser
No. TX-1323342-G
Gus N. Linthicum
State Certified General
Real Estate Appraiser
No. TX-1324801-G
A SU1�MRY APPRAISAL OF
31.1329 acres of land situated in the
JOEL W. CHIVERS SURVEY, ABSTRACT NO. 350
City of Southlake, Tarrant County, Texas
A.K.A. City of Southlake's 31.1329 acres of land on the
Northeast corner of
North White Chapel Boulevard and East Dove Road
Southlake, Texas
PREPARED BY
Lipscomb Davis & Company
210 West College Street
Grapevine, Texas 76051
PREPARED FOR
Mr. Jim Blagg, Director of Public Safety
Southlake Crime Control and Prevention District
667 North Carroll Avenue
Southlake, Texas 76092
MARKET VALUATION DATA
"As Is" Market Value: $ 5,075,000
Market Value Per Square Foot: $ 3.75/sf less cost to
remove existing
improvements
Market Value Per Acre: $ 162,997
SUMMARY DESCRIPTION OF THE SITE
Subject Property: 31.1329 acres of land best suited for
residential lot development; residential and agricultural
improvements currently on the property are of no value for
development purposes
Location: Northeast corner of North White Chapel
Boulevard and East Dove Road (also fronts west side of
Ridgecrest Drive), City of Southlake, Tarrant County,
Texas. The location of the site in a neighborhood of
estate quality homes in the upper income community of
Southlake is considered excellent for residential
development.
Mapsco: Tarrant County 11 V
Site Size: 31.1329 acres (1,356,149 square feet)
Purpose of the Appraisal: To estimate the "As Is" market
value of the fee simple interest in the subject property
Function of the Appraisal: To negotiate a sales price for
the property
Date of Valuation: July 31, 2007
H
Lipscomb, Davis & Company
r
Effective Date of
the Appraisal: July 31, 2007
Improvements: None of value; the site reportedly is
improved with a 1,430 square feet residence and modest
agricultural improvements which will be demolished and
removed prior to development.
Personal Property: The market value estimated in this
report is for real estate only. No personal property
valuation is included.
Flood Plain: According to Community Panel Number
48439CO185 H of the Flood Insurance Rate Maps provided by
the Federal Emergency Management Agency, dated August 2,
1995, for Tarrant County, Texas, the site lies in "Zone
X", areas not effected by the 100 year flood plain (see
Flood Plain Map, following).
Zoning. "SF 1-A" Single Family Residential District with
one acre minimum lot size
Mineral Rights: Although ownership of mineral rights
might add value to the property, no mineral rights value
is included in this report.
Topography: Generally level to gently rolling with
scattered native hardwood tree cover
Configuration: Irregular, "L" shaped, but adequately
configured for residential lot development (see "Plat"
exhibit, following).
Street access: Direct to all three streets
Street frontage: 500'+- on North White Chapel Boulevard;
1,434'+- on East Dove Road; 905'+- on Ridgecrest Drive
ON
Lipscomb, Davis & Company
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Utilities: All available; water and sewer provided by the
City of Southlake, electricity by TXU Energy and telephone
by SBC, Verizon and other providers.
Adjacent uses: Single family residential properties
and/or unimproved agricultural land to the north, south
and east; a city water tower to the west. New upscale
subdivisions currently are under development throughout
Southlake, including the subject neighborhood.
Easements/Restrictions: No title search data has been
provided to the appraisers, therefore it is an assumption
of this report that no easements or restrictions
detrimental to the development of the property are located
on the site. No visually apparent easements or
encroachments were noted on the date of inspection.
Soil: No results of a soils analysis have been provided
to the appraisers, however no evidence is apparent to
indicate that soil conditions exist which would prevent
efficient development of the property. Studies by a soils
engineer are recommended prior to new construction.
Environmental Studies: No environmental impact studies
were either requested or made in conjunction with this
appraisal, and the appraiser hereby reserves the right to
alter, amend, revise or rescind any of the value opinions
expressed herein based upon subsequent environmental
impact studies, research or investigation. It is assumed
that no asbestos, fiberglass, synthetic material fiber
products, petroleum products, lead paint or contaminants
of any nature are present on the property which would
materially effect its value. The services of an
environmental impact engineer are recommended to detect
such substances, if any.
Conclusion: The subject property is well -located for
residential lot development, and no adverse physical
characteristics were noted on the day of inspection which
would inhibit efficient development of the property.
3
Lipscomb, Davis & Company
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MAP RVISFP:
AUGUST 2,1995
PRImflosE
(Flood
lain Fed:ral Emergency Ivlanagerer.[ Age c}'
11.55
or
by
Seglnning at
Southwest cy,
dead the Soul
of Dove road
NO.832 P003i009
GF No.: 221175-T-0066
F-XH181T "A"
i.s of land situated in the Joel W. Chivers Survey, Abstract No. 350, City of
unty, Texas; said 30.5075 acres of land also being a portion of a called
t of Ian pnveyed to Robert Lee McPherson recorded in Volume 2867, Page 35,
O
f ,ounty, Texas; said 30.5075 acres of land also being that same tract
ed to RLM Family Limited Partnership (hereinafter referred to as
tember 17, 1997 and recorded in Volume 12935, Page 478, lased
, Texas; said 30.5075 acmes of land being more particularly described
t the Southwest corner of said 32.8 acre tract and the
rs ip tract, said Southwest corner being called by previous
Chivers Survey; said corner also being in the intersection
Road;
Thence North 02 A r a nutel 30 Seconds East, 226.15 feet along the West line of said
Partnership tract an i ite h pe Read a 1f2 inch iron rod set at the Southwest corner
of a 2.0 acre tract of I ' d, n ad�as &{e & Except` tract in said Partnership deed;
Thence South 89 degrees 8 s OQ� conds East, at 26.0 feet pass a fence line near the
East right-of-way line of sai e C of Road and continuing in all 338.50 feet to a 112 inch
iron rod set at the Southeas corn 1 of said 2,0 tract;
Thence North 01 degree 44 minutes 41 s nds b st, 44.00 feet along the East line of said
2.0 acre tract to a 112 inch iron rods at t No�the st corner of said 2.0 acre tract; said
corner being in the mast Westerly rth li of Sd 3 .8 acre tract;
Thence South 84 degrees 51 minutel.3, 00 secoMt Fast, (deed reference bearing, Volume
12935, Page 478, Deed Records of Tar?zK e 1 317.95 feet along said North line
to a 518 inch iron rod found at a re-entrant Ctrr r o d rtnership tract and the Southeast
Corner of a tract of land conveyed to John Mi ha T a wife, Sue Ann Tate, as recorded
in Volume 10772. Page 16, Deed Records of Ta Cod ty, Texas;
Thence North 02 degrees 38 minutes 04 seconr @a alo th East line of said Tate: tract
passing Tate's Northeast corner at 288.0 feet and their".aea c ner of Lot 2, Tate Addition,
an Addition to said city as recorded In Volume 38 -i , Pa 2 Plat Records of Tarrant
County, Texas and continuing along the Fast line of 411 In 8 82 feet to a 112 inch
iron rod found at the Northeast corner of said Lot 2; s ' d al b ing in the South line
of a tract of land conveyed to Thomas Keith McGregor as,rece al.
12776, Page
533, Deed Records of Tarrant County, Texas; ,((
Thence South 84 degrees 39 minutes 00 seconds East, 231�t ong�d McGregor's
South line and along a North line of said Partnership tract to a ch f ro found;
Thence North 04 degrees 16 minutes 23 seconds East, 112.95 fzti
West line of said Partnership tract and along the East line of said McG
iron rod found at the most Northerly Northwest comer of said Partne
also being the Southwest corner of a 27.083 acre tract of land corn
McPherson as recorded in Volume 10901, Page 1516, Deed Records of
Thence South 88 degrees 49 minutes 44 seconds East, along the most Nort rl
said Partnership tract and the South line of said 27.083 acre tract at 796.8 f+
inch iron rod. found in the West right-of-way line of Ridgecrest Drive and c
807.13 feet to the Northeast corner of said Partnership tract and the Southeast
27.083 acre tract;
r►o t Easterly
to112 inch
ix! iron rod
11:55
Thence
USA tr.
N0.832 P004/009
GF No.! 221 175-T-0066
South 02 degrees 24 minutes 17 seconds West, 693.92 feet along the most Northerly
of said Partnership tract and in said Ridgecrest Drive to the most Northerly Southeast
if said Partnership tract;
o 88 egrees 31 minutes 52 seconds West, at 16.02 feet pass a 112 inch iron rod
k the east comer of a 1.1 �J acre tract of land conveyed to Anita Sue Kelly as
I ' V �0213, Pags 1775, Dees} Records of Tarrant County, Texas, and continuing
e rth line o` said Kelly tract in all 211.00 feet to a 3/4 inch iron rod found at the
e omer Kelly tract and the Northeast comer of a tract of land conveyed to the
atate ��+ n; as recorded in Volurne 8577, Page 836, Deed Records of Tarrant
Thence Soul 02 s
at 495.74 fee pass
in the North rrg
Southeast corner of
Thence North 89 deore s
said Partnership tract 6,nc
to the Point of ftginnindN
acres ties within the existi
ROW of Cove Road and 0
29.2890 acres of land, ri
minutes 50 seconds West, 50.00 feet along the North line of said
rod found at the Northwest corner of said USA tract,
'�u0s 55 seconds West, along the West line of said USA tract
;rbn rod found at the Southwest corner of said USA tract and
of said Dove Road and continuing in all 519.68 feet to the
011{n the South line of said Partnership tract;
MOTE: THE COMPANY DOES NOT
FOOTAGE CALCULATIONS ARE COF
Tract lk
10 secnds West. 1433.54 feel along said South line of
;ne f s'Md 32.8 acre tract and being in said Dove Road
t 34. 5 acres of land, more or less, of which 0.1211
Chapel Road, 0.8882 acres lies within the existing
ites within the existing ROW of aidegcrest Drive, leaving
net. 1/\
Being 2.0005 acres of land situated in tT2.00Oacr
Southlake, Tarrant County, Texas; said 22.8 acre tract of land conveyed to RobeDeed Records of Tarrant County, Texas;or parcel of land referred to as a •Save
Partnership thereinafter referred to as "Partnership ,
in Volume 12835, Page 478, Deed Records of Tarr,
land being more particularly described by metes and
Commencing at a railroad spike set at the Southwest Zc
Southwest corner of said Partnership tract, said South
deed the Southwest corner of said Chivers Survey; said
of Hove {toad and White Chapel Road;
THE ACREAGE AND/OR SQUARE
Survey, Abstract No. 360, City of
�d also being a portion of a called
corded in Volume 2867, Page 35,
; of land also being that same tract
e Eed to RLM Family (.invited
ispo er 17, 1997, and recorded
Inty�, T xas; said 2.0005 acres of
Thence North 02 degrees 33 minutes 30 seconds East, 226.16 f lb
Partnership tract and said 32.8 acre tract and being in White Chapg
set at the Southwest corner of said 2.0 acre Save & Except tract;
of Beginning of this tract;
Thence continuing North 02 degrees 33 minutes 30 seconds East, 274.
line of Said 32.8 acre tract to the Northwest corner of said 2.0 acre Ti
acre tract and the
called by previous
In the intersection
Thence South 84 degrees 51 minutes 00 seconds East, (deed bearing call) 2t.
a 5/8 inch iron rod found and continuing along the North line of said 2.0 acre'vracl
line of said 32.8 acre tract and the South line of a tract of land conveyed to Joh
and wife, Sue Ann Tate as recorded in Volume 70112, Pago 1 b, Used KecordS
County, Texas, in all 33$.05 feet to a 1 /2 inch iron rod set at the Northeast corner
line of said
gh iron rod
the Point
1
11:5G
NO.832 P005/009
r
GF No.: 221175-T-0066
re tract;
{�f hen South 01 degrees 44 minutes 41 seconds West, 244.00 fast along the East line of said
J J -c tract to a 112 inch irons rod set at the Southeast corner of said 2.0 acre tract;
�nen 8t $9 egrees 58 minutes 08 seconds West, along the South tine of said 2.0 acre
tra . .600 o the Point of Seginning and containing 2.0005 acres of land, more or less,
ich . 8 5 of land lies within the existing ROW of White Chapel Road leaving
3 c s of and, ore or less, net.
N TE• H. DOES NOT REPRESENT THAT THE ACREAGE AND/OR SQUARE
FO ABC " L ONS ARE CORRECT.
0
APPRAISAL STANDARDS
This appraisal conforms with the minimum appraisal
standards as stated in F.D.I.C. Regulation 12 CFR Section
323.4, as follows:
Section 323.4 Minimum Appraisal Standards
For federally related transactions all appraisals shall,
at a minimum:
(a) Conform to generally accepted appraisal standards as
evidenced by the Uniform Standards of Professional
Appraisal Practice("USPAP") promulgated by the
Appraisal Standards Board of the Appraisal
Foundation, 1029 Vermont Avenue., NW, Washington,
D.C. 20005, unless principles of safe and sound
banking require compliance with stricter standards.
(b) Be written and contain sufficient information and
analysis to support the institution's decision to
engage in the transaction.
(c) Analyze and report appropriate deductions and
discounts for proposed construction or renovation,
partially leased buildings, non -market lease terms
and tract developments with unsold units.
(d) Be based upon the definition of market value as set
forth in this subpart; and
(e) Be performed by State licensed or certified
appraisers in accordance with requirements set forth
in this subpart.
Market Value is defined by the Office of the Comptroller
of Currency, 12 CRF Subpart C-34.42 (g) as:
DEFINITION OF MARKET VALUE - The most probable price which
a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the 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 passing of title from seller to
buyer under conditions whereby:
1. Buyer and seller are typically motivated;
7
Lipscomb, Davis & Company
2. both parties are well informed or well advised,
and acting in what they consider their own best
interest;
3. A reasonable time is allowed for exposure in the
open market;
4. payment is made in terms of cash in U.S. dollars
or in terms of financial arrangements comparable
thereto; and
S. the price represents the normal consideration for
the property sold unaffected by special or
creative financing or sales concessions granted
by anyone associated with the sale.
PROPERTY RIGHTS APPRAISED
The property rights being appraised are the unencumbered
fee simple interest. Definitions used in this report
follow.
Fee simple (Interest) - Absolute ownership unencumbered by
any other interest or estate; subject only to the
limitations of eminent domain, escheat, police power and
taxation. Defined as "the highest type of estate
ownership from which all other estates must be carved. It
is the complete ownership of the land with absolute
control, indefinitely."
"As Is" Market Value - The value of property in its
present condition and under market conditions prevalent on
the date of appraisal. No hypothetical conditions,
assumptions or qualifications concerning the physical or
legal aspects of the property are to be observed.
Marketing Period - The estimated length of time required
to effect a sale of the subject property measured from the
date of the appraisal.
Exposure Time - The estimated length of time the property
interest being appraised would have been offered on the
market prior to the hypothetical consummation of a sale at
market value on the effective date of the appraisal; a
retrospective estimate based upon an analysis of past
events assuming a competitive and open market.
I
Lipscomb, Davis & Company
SCOPE OF THE APPRAISAL
Readers of this report should be aware that under the
"Scope of Work" Rule of the Uniform Standards of
Professional Appraisal Practice, for each appraisal
assignment an appraiser must:
1) identify the problem to be solved;
2) determine and perform the scope of work necessary to
develop credible assignment results, and;
3) disclose the scope of work in the report.
To this end, in preparing this report the appraisers have
done the following:
Appraisal Problem: The appraisers are required to
estimate the "As Is" market value of the fee simple
interest in the subject property.
Property Inspections: A physical inspection was made of
the subject property and photos taken to adequately depict
the property. An inspection also was made of the
surrounding area to identify neighborhood characteristics
which might have an effect on the market value of the
subject property.
Compilation of Comparable Data: To estimate a credible
result via the Sales Comparison Approach, signs evidencing
comparable vacant land sales and listings were noted for
later investigation and confirmation. Data from area real
estate research firms was utilized to confirm recent sales
and leases of properties considered comparable to the
subject. Additionally, local real estate brokers and
appraisers were contacted for information regarding recent
sales activity in the area, and the appraisers have an
extensive in-house data bank of confirmed sales from which
information was obtained. Information regarding area
demographics has been secured from government agencies.
Analysis of Comparable Data: The appraisers have
reviewed, analyzed and adjusted comparable sales of
unimproved land discovered during the compilation of
comparable data as stated above. The comparable land
sales have been compared with the subject property using
an adjustment grid, a summary of the grid and an
explanation of the adjustments made to each comparable.
Lipscomb, Davis & Company
11
Estimate of Market Value: Based upon the analysis of
comparable data, the appraisers have estimated the current
market value of the land.
Conclusion: The appraisers assert that the Scope of Work
described in this appraisal report is that which is
required to produce credible assignment results in the
context of the intended use of this appraisal.
LEGAL DESCRIPTION
The metes and bounds descriptions of the two tracts which
comprise the subject property are provided as exhibits
following the Description of the Site section, preceding.
HISTORY OF THE SUBJECT PROPERTY
According to the Tarrant County Appraisal District, the
subject property has been owned by the current owner, the
City of Southlake, since 4/23/99. The property has been
used for residential and agricultural uses in the past.
CURRENT STATUS OF THE SUBJECT PROPERTY
The subject property currently is unimproved land and no
development is in progress.
SUBJECT PROPERTY TAX DATA
TAX JURISDICTION 2006 TAX RATE/$100
City of
Southlake
0.462
Carroll
I.S.D.
1.795
Tarrant
County
0.2715
Hospital
District
0.235397
College
District
0.13938
Total 2.903277
The City of Southlake is not considered to have an
exorbitant tax rate; however, present and future demand on
City and County services can be expected to generate
future tax increases. The Tarrant County Appraisal
District has assessed the subject in three separate
acocunts (05401763, 06465307 and 05401755) totalled as
follows:
10
Lipscomb, Davis & Company
Land: $ 871,200
Land: $1,350,000
Land: $ 10,395 Total Land: $2,231,595
Building: $ 74,400
Total: $2,305,995
All three account have an 'Absolute Government" exemption
meaning that no taxes are due. If the property were owned
by a non -government or non -church entity, 2006 property
taxes would be calculated as follows:
$2,305,995/100 = $23,059.95 x 2.903277 = $66,949.42
In the opinion of the appraisers the tax valuation of the
property is below its actual market value, a conclusion
supported by the comparable land sales data presented in
the Valuation section of this report, following.
11
Lipscomb, Davis & Company
SUMMARY AREA DESCRIPTION
The subject property is located in the city limits of
Southlake, in Tarrant County --one of three counties
comprising the Fort Worth Primary Metropolitan Statistical
Area (PMSA), which is part of the greater Dallas/Fort
Worth Consolidated Metropolitan Statistical Area (CMSA).
The CMSA consists of nine counties: Dallas, Tarrant,
Denton, Parker, Johnson, Ellis, Kaufman, Rockwall and
Collin. With a population of over 5.5 million in 2002,
the Dallas/Fort Worth CMSA ranked as the ninth -largest
urban area in the nation and the largest in Texas.
Despite a recent downturn in the national economy,
economic conditions in the Dallas -Fort Worth Metroplex are
best described as good. The area is growing and
prosperous, and the appraisers know of no physical or
economic area characteristics which would have a negative
impact on the market value of the subject property.
SUMMARY NEIGHBORHOOD DESCRIPTION
The neighborhood boundaries are as follows:
Bounded on the north by Lake Grapevine
Bounded on the south by Bear Creek
Bounded on the east by Park Boulevard
Bounded on the west by the City of Keller
The location of the neighborhood in the City of Southlake,
a growing and prosperous suburban community of
upper -middle and upper income residents, is considered
good for residential, commercial and industrial uses. The
topography of the neighborhood is generally level to
gently rolling. No adverse topographic features were
noted on the day of inspection which would inhibit
efficient development in the neighborhood. Drainage in
the area appears to be adequate and no abnormal drainage
conditions were observed during a visual inspection of the
area. Zoning and land use within the subject neighborhood
is typical of most urban neighborhoods in the north Texas
area. The neighborhood is developed with a combination of
single family residential subdivisions, churches,
municipal parks, public schools, small offices, retail
buildings and light industrial buildings. Commercial
development has taken place along the frontage of major
thoroughfares in the area, especially near the
intersections of major streets and highways. Properties
12
Lipscomb, Davis & Company
fronting the most heavily traveled streets are zoned for a
variety of commercial uses, specifically, office and
retail. Industrial uses primarily are located in planned
business/industrial parks and also on the frontage of
major thoroughfares in areas of heavy industrial and
commercial development. Land use throughout the
neighborhood appears generally consistent with the zoning.
Commercial and industrial improvements in the area appear
well-built and well -maintained, normal wear and tear
excepted. Single family residences are good to excellent
quality wood frame, brick and stone veneer structures
situated on a combination of 20,000 square feet lots to
acreage tracts; many residences are estate quality. Pride
of ownership among neighborhood property owners is
evidenced by the average to good quality of improvements
in the area. Access to the neighborhood via SH 114, FM
1938, FM 1709 and other city streets good. Each of the
roads is a major thoroughfare in the area. Roads in the
area are maintained by the local municipalities, the State
of Texas and the Federal government. Condition of the
roads and city streets is good. The neighborhood is
fully -developed and neighborhood trends are best described
as "growing and prosperous". Commercial and industrial
buildings offered for sale in the neighborhood typically
find a ready market of willing buyers, but the vacancy
rate of some buildings has increased since the beginning
of the economic downturn. Nonetheless, it is the opinion
of the appraisers that supply and demand generally are in
balance in the subject neighborhood. In conclusion, no
physical or economic conditions were noted during an
inspection of the neighborhood which would have a negative
influence on the market value of the subject property.
ANALYSIS OF MARKET CONDITIONS
Despite recent downturns in the national economy, economic
conditions in the Dallas -Fort Worth Metroplex currently
are best described as good -to -excellent for residential
properties of all types, including homes, lots and land
suitable for residential development. The highly
diversified economy of the Dallas -Fort Worth CMSA provides
resistance to sharp economic recessions and also provides
responsiveness during periods of general decline. The
region's diverse economic base has been an important
contributing factor in the area's continued growth despite
the aforementioned national economic downturn.
The appraisers therefore conclude that the real estate
13
Lipscomb, Davis & Company
market for unimproved land suited for residential lot
development in Southlake is excellent.
ANALYSTS OF MARKETING PERIOD
In light of the foregoing discussion of market conditions,
and considering that the subject property is a
well -located tract of land best suited for residential lot
development in Southlake, it is the opinion of the
appraisers that the marketing period for the subject
property, if aggressively and professionally offered on
the market at the price stated herein, would be less than
one year.
HIGHEST AND BEST USE
The highest and best use of both land as though vacant and
property as improved must meet four criteria. The highest
and best use must be:
1. Physically possible
2. Legally permissible
3. Financially feasible
4. Maximally productive
Based upon the preceding data and property descriptions,
it is the opinion of the appraisers that the highest and
best use of the subject property is "future residential
subdivision development".
Fell
Lipscomb, Davis & Company
THE APPRAISAL PROCESS
The estimation of a real property's market value involves
a systematic process in which the problem is defined; the
work necessary to solve the problem is planned; and the
data required is acquired, classified, analyzed and
interpreted into an estimate of value. There are three
basic approaches which are used by the appraiser, when
applicable. These are the Cost Approach, Income Approach
and Sales Comparison Approach.
The Cost Approach is a method whereby the present cost of
reproducing the improvement with exactly the same or
highly similar material is computed by using cost
handbooks and information obtained from local builders.
The Income Approach is a method whereby the net income
from the subject property is converted into an estimate of
value by applying capitalization methods and rates.
The Principle of Substitution as it relates to the Sales
Comparison Approach states "no one will pay more for the
subject land and building than an amount for which he can
buy an existing land and building which he considers
comparable." Therefore sales prices for properties
comparable to the subject property are germane to the
value of the subject property, after these prices have
been adjusted for differences between the sales
comparables and the subject property.
For the purposes of this appraisal, only the Sales
Comparison Approach will be used because the subject is a
tract of unimproved land with no improvements of value to
analyze via the other two approaches.
15
Lipscomb, Davis & Company
THE SALES COMPARISON APPROACH
THE SALES COMPARISON APPROACH IS DEFINED AS: That
approach in appraisal analysis which is based on the
proposition that an informed purchaser would pay no more
for a property than the cost to him of acquiring an
existing property with the same utility.
This approach is applicable when an active market
provides sufficient quantities of reliable data which can
be verified from authoritative sources. The Sales
Comparison Approach is relatively unreliable in an
inactive market or in estimating the value of properties
for which no real comparable sales data are available. It
is also questionable when sales data cannot be verified
with principles to the transaction.*
.By the nature of real estate, it is impossible for any
two properties to be exactly alike; therefore adjustments
for similarities and differences between the subject and
the market sales are made for various factors of value.
If a comparable sale is superior to the subject in a
particular factor of value, a minus adjustment is made to
the sales price of the comparable. If the sale is
inferior to the subject, a plus adjustment is made to the
sales price.
Factors of value considered are typically location,
size and utility. The term "utility" generally refers to
such property characteristics as configuration,
topography, access, visibility, zoning, access to public
utilities, drainage considerations, and, in the case of
improved properties, the type and quality of construction.
On the following pages are data relating to comparable
residential land sales in Southlake.
* Real Estate Appraisal Terminology, Byrl N. Boyce,
Ph.D., ed., Ballinger Publishing Co., Cambridge,
Massachusetts, 1981.
Lipscomb, Davis & Company
COMPARABLE RESIDENTIAL LAND SALE #I
Location: West side of Shady Oaks Drive
1/2+- mile north of Southlake
Boulevard, City of Southlake,
Tarrant County, Texas
Mapsco: Tarrant County 25 C
Legal Description: 75.0 acres in the THOMAS M. HOOD
SURVEY, ABSTRACT NO. 706, Tarrant
County, Texas
Grantor: Les Clow
Grantee: Terra -Shady Oaks LP
Recording Data: D206217962
Date: 7/13/06
Size: 75.0 acres (3,267,000 sf)
Zoning: Rezoned to "SF 20A" Single Family
Residential with 20,000 sf minimum
lot size
PHYSICAL DATA:
17
Lipscomb, Davis & Company
Utilities: Water, sewer, electric, phone
Improvements: None of value
Configuration: Generally rectangular
Frontage: not available
Topography: Level to gently rolling
Access: Direct from Shady Oaks
Drainage: Typical
Total Consideration: $ 14,266,000
Unit Price: $ 190,213 per acre ($4.37/sf)
Comments: Purchased to develop Shady Oaks
subdivision
Verified With: Bobby Harrell, with grantee
18
Lipscomb, Davis & Company
•icy, FJR, z rA )
Zip
a3 '°`q•A�>`�my �ena�,.� ' ��.r'����ef���t �Xt � 3a ? ' r"`
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PHYSICAL DATA:
Utilities:
Improvements:
Configuration
Frontage:
Topography:
Access:
Drainage:
Total Consideration
Unit Price:
Comments:
Verified With:
Water, sewer, electric, phone
None of value
Generally rectangular
not available
Level to gently rolling
Direct from Peytonville
Typical
$ 4,500,000
$ 191,489 per acre ($4.40/sf)
Purchased to develop Shady Oaks
subdivision
Bobby Harrell, with grantee
20
Lipscomb, Davis & Company
COMPARABLE RESIDENTIAL LAND SALE #3
Location: East side of Sunshine Lane 9001
north of Highland Street (50' of
frontage on Highland), City of
Southlake, Tarrant County, Texas
Mapsco: Tarrant County 26 C
Legal Description: 19.871 acres out of the FRANCIS
THROOP SURVEY,ABSTRACT NO. 1511,
Tarrant County, Texas
Grantor: J.D. Powers (11.694 ac) & Don
Andre (8.177 ac)
Grantee: Main & Main Development Ltd
Recording Data: not available
Date: 6/22/06
Land Size: 19.871 acres (865,593 sf)
Zoning: "SF 1-A" Single family, 1 ac lots
21
Lipscomb, Davis & Company
a
PHYSICAL DATA:
Utilities: Water, sewer, electric, phone
Improvements: None of value
Configuration: "L" shaped
Frontage: 451' on Sunshine Lane; 50' on East
Highland Street
Topography: Generally level
Access: Direct from both streets
Drainage: Typical
Topography: Generally level; .good tree cover
Unit Price: $116,008/ac; $2.66/sf
Total Consideration: $2,305,200
Comments: Purchased to develop Winbledon
Estates subdivision
Verified With: Appraisers' files
22
Lipscomb, Davis & Company
COMPARABLE RESIDENTIAL LAND SALE #4
Location: Wraps around southeast corner of
North White Chapel Boulevard and
East Dove Road, City of Southlake,
Tarrant County, Texas
Mapsco:
Tarrant County 11 V
Legal Description:
A tract in the LARKIN H. CHIVERS
SURVEY, ABSTRACT NO. 300, City of
Southlake, Tarrant County, Texas
Grantor:
S. Callicott, J. Poklanik, K.
Rhodes, T. Moore (six deeds)
Grantee:
Terra Estes Park IV LP
Recording Data:
not available
Date:
August 12, 2005
Size:
37.0 gross acres; 36.0 net acres
(1,568,160 sf)
Zoning:
"R-PUD" Single Family Residential
(15,000 sf lots)
23
Lipscomb, Davis & Company
PHYSICAL DATA:
Utilities: Water, sewer, electric, phone
Improvements: Three residences to be removed
Configuration: Irregular
Frontage: 447' on White Chapel, 743' on Dove
Topography: Generally level to gently rolling
Access: Direct from both roads
Drainage: Typical
Total Consideration: $3,553,000 (gross price of
$4,213,000 less $660,000 for
upscale residence and 1 acre)
Unit Price: $ 98,694 per acre ($2.27/sf)
Comments: Estes Park, Phase IV land
Verified With: Appraisers' files; contracts
24
Lipscomb, Davis & Company
COMPARABLE
RESIDENTIAL LAND SALE #5
Location:
Wraps around southeast corner of
North White Chapel Boulevard and
East Dove Road, City of Southlake,
Tarrant County, Texas
Mapsco:
Tarrant County 11 V
Legal Description:
A tract in the LARKIN H. CHIVERS
SURVEY, ABSTRACT NO. 300, City of
Southlake, Tarrant County, Texas
Grantor:
Terra Estes Park IV LP
Grantee:
4F Development/EP 4 LP
Recording Data:
D206353280
Date:
11/3/06
Size:
36.132 acres (1,573,921 sf)
Zoning:
Rezoned to "R-PUD" Single Family
Residential (15,000 sf lots)
25
Lipscomb, Davis & Company
PHYSICAL DATA:
Utilities:
Water, sewer, electric, phone
Improvements:
Three residences to be removed
Configuration:
Irregular
Frontage:
447' on White Chapel, 743' on Dove
Topography:
Generally level to gently rolling
Access:
Direct from both roads
Drainage:
Typical
Total Consideration:
$4,877,820
Unit Price:
$135,000 per acre ($3.10/sf)
Comments:
Estes Park, Phase IV land; resale
of comparable #4
Verified With: Appraisers' files
Lipscomb, Davis & Company
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COMPARABLE SUMMARY, LAND
In estimating the value of the subject property an
extensive search has been conducted for sales and
offerings of similar properties in the area. All
comparables presented are located in the general market
area of the subject. Basic differences in size, location
and utility characteristics are taken into account. A
list of the criteria typically considered when comparing
the subject with the comparables follows.
1) Terms -- unconventional or concessionary financing
2) Time -- typically necessary in a rapidly rising or
rapidly falling markets, and in situations where older
comparable sales must be used due to lack of current data.
3) Location -- usually the single most important
characteristic effecting a commercial property's value
4) Size -- it is a generally accepted theory of business
that the price per unit of a commodity typically decreases
as its volume increases.
5) zoning
6) Topography
7) Configuration
8) Street frontage
9) Utilities
10) Surrounding land uses
11) Neighborhood
12) Conditions of sale
13) Improvements
On the following page is an adjustment grid which reflects
the appraisers' opinion of the market value of the subject
property in relation to the comparable sales. A summary
discussion of the adjustments follows the grid.
27
Lipscomb, Davis & Company
ADJUSTMENT
GRID
SALE #
1
2
3
4
5
DATE
7106
8106
6106
8105
11106
SIZE (AC)
75.0
23.5 19.871
36.0
36.132
SP/SF $
4.37
4.40
2.66
2.27
3.10
Terms
0%
0%
0%
0%
0%
Time
0%
0%
0%
+20%
0%
Location
-20%
-20%
0%
0%
0%
Size
0%
0%
0%
0%
0%
Zoning
0%
0%
0%
0%
0%
Topography
0%
0%
0%
0%
0%
Configuration
Oo
0%
0%
0%
0%
Access
+10%
+10%
+10%
+10%
+10%
Drainage
0%
0%
0%
0%
0%
Neighborhood
0%
00,
0%
0%
0%
Surrounding
Land Uses
0%
.0%
0%
0%
0%
Improvements
00-.
0%
0%
0%
0%
Utilities
0%
0%
0%
0%
006
Conditions/sale
0%
0%
0%
0%
0%
School District
0%
0%
09.-
0%
0%
Total Adj.
-10%
-10%
+10%
+30%
+100-.
Indicated
value (sf) $
3.93
3.96
2.93
2.95
3.41
28
Lipscomb, Davis & Company
CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS
CERTIFICATION: I certify that to the best of my knowledge
and belief:
1. the statements of fact contained in this report are
true and correct.
2. the reported analyses, opinions and conclusions are
limited only by the reported assumptions and limiting
conditions and are my personal, impartial and unbiased
professional analyses, opinions and conclusions.
3. I 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.
4. I have no bias with respect to the property that is
the subject of this report or to the parties involved with
this assignment.
5. my engagement in this assignment was not contingent
upon developing or reporting predetermined results.
6. my 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.
7. my analyses, opinions and conclusions were developed
and this report has been prepared in conformity with the
Uniform Standards of Professional Appraisal Practice.
8. Gus N. Linthicum has made a personal inspection of the
property that is the subject of this report.
9. No one provided significant real property appraisal
assistance to the person signing this certification.
CONTINGENT AND LIMITING CONDITIONS: The certifications of
the Appraiser appearing in the appraisal report are
subject to the following conditions and to such other
specific and limiting conditions as are set forth by the
Appraiser in the report.
33
Lipscomb, Davis & Company
1. The Appraisers assume no responsibility for matters of
a legal nature effecting the property appraised or the
title thereto, nor do the Appraisers render any opinion as
to the title, which is assumed to be good and marketable.
The property is appraised as though under responsible
ownership.
2. Any sketch in the report may show approximate
dimensions and is included to assist the reader in
visualizing the property. The Appraisers have made no
survey of the property.
3. The appraisers, by reason of this appraisal, are not
required to give further consultation, testimony, or be in
attendance in court with reference to the property in
question unless arrangements have been previously made.
4. Any distribution of the valuation in the report
between land and building applies only under the stated
program of utilization. The separate allocations for land
and buildings must not be used in conjunction with any
other appraisal and are invalid if so used.
S. The appraiser assumes there are no hidden or
unapparent conditions on the property, including its
subsoil or improvements, if any, which would render the
property less valuable. The Appraiser assumes no
responsibility for such conditions, or for engineering
which might be required to discover such factors. No
environmental impact studies were either requested or made
in conjunction with this appraisal, and the appraiser
hereby reserves the right to alter, amend, revise or
rescind any of the value opinions based upon the results
of any subsequent environmental impact studies, research
or investigation. It is assumed that no asbestos,
fiberglass, synthetic material fiber products or
contaminants of any kind are present on the property which
would materially effect its value.
6. Information, estimates, and opinions furnished to the
Appraiser and 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 information can be assumed by the Appraiser.
7. Disclosure of the contents of the appraisal report is
governed by the Bylaws and Regulations of the National
Association of Master Appraisers.
34
Lipscomb, Davis & Company
8. Neither all, or any part of the content of the report,
or copy thereof (including conclusions as to the property
value, the identity of the Appraiser, professional
designations, reference to any professional appraisal
organizations, or the firm with which the Appraiser is
connected), shall be used for any purposes by anyone but
the client specified in the report. The report cannot be
used by other parties, including but not limited to the
borrower (if any), the mortgagee or its successors and
assigns, mortgage insurers, consultants, professional
appraisal organizations, any state or federally approved
financial institution, any department, agency, or
instrumentality of the United States or any state or the
District of Columbia, without the previous written consent
of the Appraiser; nor shall it be conveyed by anyone to
the public through advertising, public relations, news,
sales, or other media, without the written consent and
approval of the Appraiser.
9. It is assumed that all required licenses, certificates
of occupancy, consents, or other legislative or
administrative authority from any local, state, or
national government or private entity or organization have
been or can be obtained or renewed for any use on which
the value estimate contained in this report is based.
10. On all appraisals subject to satisfactory
completion, repairs or alterations, the appraisal report
and value conclusion are contingent upon completion of
the improvements in a good and workmanlike manner.
11. These standards meet and exceed the requirements of
the Uniform Standards of Professional Appraisal Practice,
and were adopted from the appraisal rules promulgated by
the Texas Real Estate Commission. �j/��/
4
Date.• Appraiser... .(
Appraiser.... .......
Lipscomb, Davis & Company
QUALIFICATIONS OF JOE E. LIPSCOMB, MSA
Joe E. Lipscomb began a career in real estate and
construction in 1974. He established Lipscomb, Davis &
Company Real Estate Services in 1987, providing real
estate appraisal, planning, and sales. He has worked
extensively as a real estate and construction analyst and
estimator as owner of Lipscomb Construction Company since
1983. Prior experience in residential, commercial, heavy
construction and land development provides a wide range of
practical knowledge regarding the relationship of these
activities to real estate values. Experience as a zoning
and building code administrator provides a unique
understanding of municipal.ordinances and their impact on
real estate values. His experience includes the valuation
of various types of commercial, industrial, multifamily,
single family and undeveloped real estate.
EDUCATION:
B.A. University of Texas, Arlington; continuing education:
Texas A&M, Southern Methodist University, University of
Texas, Arlington, North Lake College, Irving, Texas
Engineering Extension Service; Appraisal Education:
Principals of Real Estate Appraisal, Practice of Real
Estate Appraisal, Narrative Appraisal Report, Farm and
Land Appraisal, Commercial -Investment Appraisal - Lincoln
Graduate Center; Appraisal Institute, Capitalization
Theory and Technique, Part A. Joe Lipscomb is currently
certified under the continuing education requirements of
the National Association of Master Appraisers.
PROFESSIONAL AFFILIATIONS:
State Certified General Real Estate Appraiser Number
TX-1323342-G; Member, National Association of Master
Appraisers, Designated Master Senior Appraiser;
Certification Number 5606.
TAX PAYER IDENTIFICATION NUMBER: 90-0180084
PARTIAL LIST OF CLIENTS:
Bank of the West
First Financial Bank
North Star Bank
William D. Tate, atty
W
Lipscomb, Davis & Company
QUALIFICATIONS OF GUS N. LINTHICUM
Gus N. Linthicum, a State Certified General Real
Estate Appraiser in the State of Texas, began a career in
commercial real estate in 1972. He has commercial real
estate experience as an appraiser, broker, property
manager, contractor and developer. He has been involved
with the appraisal, development and sales of industrial
and residential subdivisions, shopping centers, retail
buildings, restaurants, automotive buildings,
office -warehouses, office buildings, industrial buildings
and multi -family complexes.
EMPLOYMENT SYNOPSIS
1989-Present: Partner: Lipscomb, Davis & Company,
Grapevine, Texas. Commercial real estate
appraisers.
1976-1989:
Owner, Linthicum Development Company and
Great Western Construction Company, San
Antonio, Texas. Commercial real estate
development.
1974-1976:
Broker, Naylor Realty, San Antonio, Texas.
Commercial property brokerage.
1972-1974:
Broker, First Commercial Realty, Dallas,
Texas. Commercial property brokerage.
1970-1972:
Advertising/public relations copywriter,
Jack T. Holmes & Associates, Fort Worth,
Texas.
PROFESSIONAL LICENSES
Mr. Linthicum is a State Certified General Real Estate
Appraiser in the State of Texas, License #TX1324801-G. He
holds Texas Real Estate Broker's License #0182204.
EDUCATION
Bachelor of Journalism degree, School of
Communications (Public Relations sequence), The University
of Texas at Austin, 1970.
Additional education:
Appraisal Institute ethics course, "Standards of
Professional Practice".
Certified Commercial Investment Member courses #101,
37
Lipscomb, Davis & Company
4102 and #103.
Appraisal Standards Board of the Appraisal Foundation,
"Compliance with the Departure Provisions of U.S.P.A.P."
Richland College, "Appraising Commercial Real Estate"
and "Urban Real Estate Market Update".
San Antonio Board of Realtors, Dr. George C. West,
"Advanced Financial Computations with the HP 12-C
Financial Calculator".
Continuing Education Institute, "Property Condition
Issues", and "Commercial Investment Real Estate Update"
Various Continuing Education Institute and Institute
for Real Estate Professionals, Inc. continuing education
courses.
TYPES OF APPRAISALS PERFORMED
office -warehouses, warehouses, office buildings, retail
buildings, strip centers, shopping centers, industrial
buildings, manufacturing facilities, convenience stores,
gasoline stations, medical buildings, dental buildings,
hospitals, veterinary clinics, restaurants, auto service
buildings, mini-lube facilities, health clubs, motels,
residential and industrial subdivisions, funeral homes,
mini -warehouses, theaters, bed & breakfast hotels, farms &
ranches, apartment complexes, skating rinks, churches,
auto/boat/RV dealerships, automatic car washes, self -serve
car washes, mobile home parks, executive suite office
buildings, child care centers, rodeo arenas, historic
buildings, unimproved land.
PARTIAL LIST OF CLIENTS:
Bank of the West
First Financial Bank
First National Bank -Town Square
Independent Bank of Texas
Liberty Bank
North Star Bank
Premier Bank
Southwest Securities Bank
T Bank
The National Bank of Texas at Fort Worth
Worth National Bank
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REVENUES
Sales Tax
Grant Income
Interest Income
Total Revenues
EXPENDITURES
Personnel
Operations
Capital
Total Expenditures
Net Revenues
Transfers Out -General Fund for debt service
Transfers Out -Crime Control Project Fund
Total Other Sources (Uses)
Beginning Fund Balance
Ending Fund Balance
SOUTHLAKE CRIME CONTROL
AND PREVENTION DISTRICT - OPERATING FUND
FY2008 Proposed Budget 06.45 AM
October 1, 2007 through September 30, 2008 08i0e/07
2006
Actual
2007
Adopted
2007
Amended
$ Increase/
(Decrease)
Adopted
% Increase/
-Decrease
2008
Proposed
$ Increase/
(Decrease)
Adopted
% Increase/
-Decrease
$3,857,390
$4,255,000
$4,255,000
$0
0.0%
$4,467,750
$212,750
5.0%
0
0
-
$0
0.0%
$0
$0
0.0%
367 942
$165,000
400,000
$235,000
142.4%
0$4 0,000
$235,000
142.4%
$4,655,000
$4,225,332
$4,420,000
$235,000
5.3%
$4,867,750
$447,750
10.1%
$178,515
$138,954
$138,954
$0
0.0%
$65,605
($73,349)
-52.8 %
$187,014
$0
$0
0
0.0%
$233,000
233,000
100.0%
246 371
$136,000
$136,000
0
0.0%
NO
(136,000)
-100.0%
$611,900
$274,954
$274,954
$0
0.0%
$298,605
$23,651
8.6 %
$3,613,432
$4,145,046
$4,380,046
$235,000
$4,569,145
$424,099
0
0
0
0
0
(7,790,000)
(7,790,000)
(7,040,250)
0
(7,790,000)
(7,790,000)
(7,040,250)
$5,989,108
$9 602.540
$9,602,540
$5 957 586
$9,602,540
S6 192 586
$6,192,586
$3.721.481
1. There are not any outstanding debt obligations of the Crime Control District for FY 2007
2. There is $6,192,586 in the Operating Fund estimated to be on hand as of the beginning of FY 2008
3. An estimated $4,467,000 is expected to be received by the District during FY2008 in sales tax revenues.
4. Total revenue is estimated at $4,867,750 consisting of sales tax and interest income.
5. Total money requested to fund programs is $298,605 for School Resource Officers, interim station and fiber optic for DPS West.
6. Total transfers of $7,040,250 requested for construction on DPS Central facility.
7. The sales tax rate is .5%.
8. There is $3,721,481 in the Operating Fund estimated to be on hand as of the end of FY2008
9. Total revenues available to cover the proposed budget are $4,867,750.
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