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Item 4H
CITY OF SOUTH LAKE MEMORANDUM (February 2, 2010) To: Shana Yelverton, City Manager From: Robert H. Price, P.E., Director of Public Works Subject: Approve purchase of right -of -way for North Kimball Avenue Improvements from the property at 501 North Kimball Avenue. Action Requested: Approve purchase of right -of -way for North Kimball Avenue Improvements from the property at 501 North Kimball Avenue. Background Information: The City is currently acquiring Right -of -Way (ROW) necessary for the construction of Phase 1 of the North Kimball Avenue widening project. One of the properties where additional ROW is necessary is located at 501 N. Kimball Avenue. The property was appraised and an initial offer of $63,612.00 for ROW and a utility wall and landscape easement was made on August 5, 2009. The initial offer was made based on the ROW appraisal and did not include compensation for the requested easement. The property owner has requested that the City amend the ROW request to include the easement area since the property will no longer be of any use to him. With the easement area added to the requested ROW, the market value of the ROW purchase increases to $91,944.00. Total ROW 16,103sf Prescriptive ROW 6,688sf @$0.00 /sf $ 0.00 Net ROW 9,415sf @$9.00 /sf $84,735.00 Improvements $ 7,003.00 Damages (Cost to Cure) $ 206.00 Total $91,944.00 The owner has agreed to an offer of $100,000 for the entire ROW area, which is approximately 8.8% higher than the appraised market value of the property. The ROW and easement area are necessary to accommodate additional travel lanes, relocated city utilities, pedestrian sidewalks and retaining walls that will be included in the widening project. Financial Considerations: Funding for the ROW purchase is available in the FY 2009 capital improvement program budget. Strategic Link: The improvements to North Kimball Avenue link to the city's strategy map relative to the focus areas of Mobility and infrastructure. The specific corporate objectives that are met by this purchase is investing to provide and maintain high quality public assets, providing high quality customer service and providing travel convenience in the city and region. Citizen Input/ Board Review: N/A Legal Review: N/A Alternatives: The City Council may approve or deny this purchase. Supporting Documents: Initial offer and Appraisal Amended ROW Document Staff Recommendation: Approve purchase of right -of -way for North Kimball Avenue Improvements from the property at 501 North Kimball Avenue. Staff Contact: Robert H. Price, P.E., Public Works Director Gordon J. Mayer, Jr., P.E., City Engineer Michael James, P.E., Civil Engineer Emory & Marlene Ivester 2930 Rivercrest Street Grapevine, TX 76051 Re: 501 North Kimball Ave. Permanent Right -of -Way Utility, Wall & Landscape Easement Dear Mr. & Mrs. Ivester: In accordance with the Texas Landowner's Bill of Rights, prescribed by the Texas Legislature in Texas Government Code Section 402.031 and Chapter 21 of the Texas Property Code, the City of Southlake commissioned Pyles - Whatley Corporation of Dallas, Texas to appraise the market value of the 0.297 acre tract of land that the City proposes to acquire as Right-of-Way. A copy of that appraisal is enclosed. The City of Southlake is prepared to offer sixty three thousand six hundred and twelve dollars ($53,612.00) as compensation for the proposed Right -of -Way acquisition and utility, wall & landscape easement, which is the fair market value of the parcel as determined by said appraisal. I have enclosed the requested easement ,documents for your review, along with a copy of the Texas Landowner's Bill of Rights, prescribed by the Texas Legislature in Texas Government Code Section 402.031 and Chapter 21 of the Texas Property Code. If you are agreeable to the request, please sign and notarize the enclosed documents and return them to this office. Once the executed easement documents are received a check will be issued to you. If you do not agree with the enclosed appraisal, or if you would like to discuss it in more detail, please contact me; however we do request that counter offers be accompanied by a supporting certified appraisal. Time is of the essence for this vital transportation improvement project, therefore we are asking for a response to our offer within 10 days. Time will be allotted in the right -of -way acquisition process for you to obtain an appraisal to support a counter offer, however, please provide the City an executed agreement with a certified appraiser for our files. Thank you for your consideration, please feel free to call me if you have any questions or concerns at (817) 748- 8101. Page 1 of 2 Public Works Department; 1400 Main Street, Suite 320, Southlake, Texas 76092 Page 2 of 2 Public Works Department, 1400 Main Street, Suite 320, Southlake, Texas 76092 This Bill of Rights applies to any attempt by the government or a private entity to take your property. The contents of this Bill of Rights are prescribed by the Texas Legislature in Texas Government Code Sec. 402.031 and Chapter 21 of the Texas Property Code. 1. You are entitled to receive adequate compensation if your property is taken for a public use. 2. Your property can only be taken for a public use. 3. Your property can only be taken by a governmental entity or private entity authorized by law to do so. 4. The entity that wants to take your property must notify you about its interest in taking your property. 5. The entity proposing to take your property must provide you with an assessment of the adequate compensation for your property. 6. The entity proposing to take your property must make a good faith offer to buy the property before it files a lawsuit to condemn the property. 7. You may hire an appraiser or other professional to determine the value of your property or to assist you in any condemnation proceeding. 8. You may hire an attorney to negotiate with the condemning entity and to represent you in any legal proceedings involving the condemnation. 9. Before your property is condemned, you are entitled to a hearing before a court- appointed panel that includes three special commissioners. This specialized hearing panel must determine the amount of compensation the condemning entity owes for the taking of your property. The commissioners must also determine what compensation, if any, you are entitled to receive for any reduction in value of your remaining property. 10. If you are unsatisfied with the compensation awarded by the special commissioners, or if you question whether the taking of your property was proper, you have the right to a trial by a judge or jury. If you are dissatisfied with the trial court's judgment, you may appeal that decision. CONDEMNATION PROCEDURE Eminent Domain is the ability of certain entities to take private property for a public use. Private property can include land and certain improvements that are on that property. Private property may only be taken by a governmental entity or private entity authorized by law to do so. Your property may be taken only for a public use. Eminent domain cannot be used to take your property for economic development purposes, except for limited exceptions provided by law. Your property cannot be taken without adequate compensation. Adequate compensation includes the market value of the property being taken. It may also include certain damages, if any, to your remaining property caused by the acquisition itself or by the way the condemning entity will use the property. POST OFFICE BOX 12548, Au571N, TEXAS 7871 1 -2 548 TEL: (512) 463 -2100 WEB: WWW.TEXAsATTORNLYGGNERAL.GOV An Equal Employment Opportunity Employer Printed an Recycled Paper How the Taking Process Begins The taking of private property by eminent domain must follow certain procedures. First, the entity that wants to condemn your property must notify you about its interest in acquiring your property. Second, before a condemning entity begins negotiating with you to acquire your property, it must send this Landowner's Bill of Rights statement to the last known address of the person in whose name the property is listed on the most recent tax roll. Third, the condemning entity must make a good faith offer to purchase the property. The condemning entity's offer must be based on an investigation and an assessment of adequate compensation for the property. At the time the offer is made, the governmental condemning entity must disclose any appraisal reports it used to determine the value of its offer to acquire the property. You have the right to either accept or reject the offer made by the condemning entity. Condemnation Proceedings If you and the condemning entity do not agree on the value of the property being taken, the entity may begin condemnation proceedings. uondemndtion is tne' iegar process'rorlt e taking of private property. oegins witn a condemning entity filing a claim for your property in court. if you live in a county where part of the property being condemned is located, the claim must be filed in that county. Otherwise, the claim can be filed in any county where at least part of the property being condemned is located. The claim must describe the property being condemned, the intended public use, the name of the landowner, a statement that the landowner and the condemning entity were unable to agree on the value of the property, and that the condemning entity provided the landowner with the Landowner's Bill of Rights statement. Special Commissioners' Hearing After the condemning entity files a claim in court, the judge will appoint three landowners to serve as special commissioners. These special commissioners must live in the county where the condemnation proceeding is filed, and they must take an oath to assess the amount of adequate compensation fairly, impartially, and according to the law. The special commissioners are not authorized to decide whether the condemnation is necessary or if the public use is proper. After being appointed, the special commissioners must schedule a hearing at the earliest practical time and place and provide you written notice of that hearing. You are required to disclose to the governmental condemning entity, at least ten days before the special commissioners' hearing, any appraisal reports used to determine your opinion about adequate compensation for the property. You may hire an appraiser or real estate professional to help your determine the value of your private property. You may also hire an attorney regarding these proceedings. At the hearing, the special commissioners will consider evidence on the value of the property, the damages to remaining property, any value added to the remaining property as a result of the project, and the uses to be made of the property being taken. Special Commissioners' Award After hearing evidence from all interested parties, the special commissioners will determine the amount of money to be awarded as adequate compensation. You may be responsible for the costs if the Award is less than or equal to the amount the condemning entity offered before the condemnation proceeding began. Otherwise, the condemning entity will be responsible for the costs. The special commissioners will give a written decision to the court that appointed them. That decision is called the "Award." The Award must be filed with the court and the court must send written notice of the Award to all parties. January 31, 2008 page 2 After the Award is filed, the condemning entity may take possession of the property being condemned, even if either parry appeals the Award of the special commissioners. To take possession of the property, the condemning entity must either pay you the amount of the Award or deposit the amount of the Award into the registry of the court. You have the right to withdraw the deposited funds from the registry of the court. Objection to the Special Comm issioners'.Award If either you or the condemning entity is dissatisfied with the amount of the Award, either parry can object to the Award by filing a written statement of objection with the court. If neither parry timely objects to the Award, the court will adopt the Award as the final judgment of the court. If a party timely objects to the special commissioners' Award, the court will hear the case in the same manner as other civil cases. If you object to the Award and ask the court to hear the matter, you have the right to a trial by judge or jury. The allocation of costs is handled in the same manner as with the special commissioners' Award. After that trial, either party may appeal any judgment entered by the court. Dismissal of the Condemnation Action A condemning entity may file a motion to dismiss the condemnation proceeding if it decides it no longer needs your property. If the court grants the motion to dismiss, the case is over and you are entitled to recover reasonable and necessary fees for attorneys, appraisers, photographers, and for other expenses incurred to the date of the hearing on the motion to dismiss. You may also file a motion to dismiss the condemnation proceeding on the ground that the condemning entity did not have the right to condemn the property, including a challenge as to whether the property is being taken for a public use. If the court grants your motion, the court may award you reasonable and necessary fees for attorneys, appraisers, photographers, and for other expenses incurred to the date of the hearing or judgment. Relocation Costs If you are displaced from a residence or place of business, you may be entitled to reimbursement for reasonable expenses incurred while moving personal property from the residence or relocating the business to a new site. You are not entitled to these relocation costs if they are recoverable under another law. If you are entitled to these costs, they cannot exceed the market value of the property being moved and can only be reimbursed for moving distances within 50 miles. Reclamation Options If private property was condemned by 'a governmental entity, and the purpose for which the property was acquired is canceled before the 1Oth anniversary of the date of the acquisition, you may have the right to seek to repurchase the property for the fair market value of the property at the time the public use was canceled. This provision does not apply to property acquired by a county, a municipality, or the Texas Department of Transportation. Disclaimer The information in this statement is intended to be a summary of the applicable portions of Texas state law as required by HB 1495, enacted by the 80th Texas Legislature, Regular Session. This statement is not legal advice and is not a substitute for legal counsel. Additional Resources Further information regarding the procedures, timelines and requirements outlined in this document can be found in Chapter 21 of the Texas Property Code. January 31, 2008 page 3 REAL ESTATE APPRAISAL REPORT Address of Property: 501 North Kimball Avenue, Southlake, Texas, Project: Kimball Avenue Property Owner: Emory and Marlene Ivester Parcel: 6 Address of Property Owner: 501 North Kimball Avenue, Southlake, Texas 76092 County: Tarrant Occupant's Name; Emory and Marlene Ivester Whole: ❑ Partial: ® Acquisition Purpose of the Appraisal The purpose of this appraisal is to estimate the market value of the fee simple title to the real property to be acquired, encumbered by any easements not to be extinguished, less oil, gas and sulphur. If this acquisition is of less than the whole property, then any special benefits and for damages to the remainder property must be included in accordance with the laws of Texas. Market Value Market value is defined as follows: "Market Value is the price which the property would bring when it is offered for sale by one who desires to sell, but is not obliged to sell, and is bought by one who desires to buy, but is under no necessity of buying it, taking into consideration all of the uses to which it is reasonably adaptable and for which it either is or in all reasonable probability will become available within the reasonable future." Certificate of Appraiser I hereby certify: That it is my opinion the total compensation for the acquisition of the herein described property is $63,612 as of May 28, 2009, based upon my independent appraisal and the exercise of my professional judgment; That on May 28, 2009, I personally inspected in the field the property herein appraised; that I afforded Emory and Marlene wester, the property owner or the representative of the property owner, the opportunity to accompany me at the time of the inspection; the property owner, or representative, was present at the time of the inspection. That the comparables relied upon in making said appraisal were as represented by the photographs contained in the appraisal report and were inspected on May 28, 2009 and other dates. That I have not revealed and will not reveal the findings and results of such appraisal to anyone other than the proper officials of the City of Southlake until authorized by the officials to do so, or until I am required to do so by due process of law, or until I am released from this obligation by having publicly testified to such findings; and, That my compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. I certify to the best of my knowledge and belief: That the statements of fact contained in this report are true and correct; That the reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions; That I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved; That my analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the appropriate State laws, regulations, and policies and procedures applicable to the appraisal of right of way for such purposes, and that to the best of my knowledge no portion of the value assigned to such property consists of items which are noncompensable under the established law of said State, and any decrease or increase in the fair market value of subject real property prior to the date of valuation caused by the public improvement for which such property is to be acquired, or by the likelihood that the property would be acquired for such improvement, other than that due to the physical deterioration within the reasonable control of the owner, has been disregarded in estimating the compensation for the property. Appraiser Signature Charles Stearman 1335388 -G Certification Number June 22, 2009 Date To the best of my knowledge, the value does not include any items, which are not compensable under State law. District Reviewing Appraiser Date Page 1.0 09 -533 TABLE OF CONTENTS SECTION ONE PAGE NO. Property Identification and Certification ........................................................................................................................... ............................1.0 USPAPRequirements .................... .... ........ .. ........ ... ..................................... ---- .... ... ......... .......................... ....... ...................... 1..... 11.1...,... L 1 Subject Identification & Ownership/ History ............................................... .. ......................... --- ....................................... ....................... 1.1 Rightof Way Project ......................:....:::............................................................................................................................ ............................1.2 Scope of the Appraisal /Appraisal Procedure— :................................................................................................................. ............................1.2 JurisdictionalException .............::..........::....:.................................................................................................................... ............................1.2 Disclaimers.......................................................:................................................................................................................. ............................1.3 Extraordinary AssumptionsNypothetical Conditions ...................................................................................................... ............................1.4 SECTION TWO Photographsof Subject Property ....................................................................................................................................... ............................2.0 MarketArea ............ ... ......................................... ..... ...................................... ..... .................................................................................. .. ........ 2.3 Areaand Neighborhood Analysis ...................................................................................................................................... ............................ SubjectNeighborhood ........................................................................................................................................................ ............................2.9 LocationMap—, ......................... ......................................................................................................... — ........................ ........................ 2.15 AerialPhotograph..... .............. -- ............................. - ....... ........................ -- ..................... __ ..... ................ __ .............................. ........... 2-16 Descriptionof the Whole Property .................................................................................................... ............................... ........................... LegalDescription ............................................................................................................................... ............................... ........................... FiveYear Sales History ...................................................................................................................... ............................... ........................... TaxMap ......................... .. ............................ ... ......... ...................... ..... .......................................... --- ................. 1........................ --- .... 2.18 SiteAnalysis ....................................................................................................................................... ............................... ........................... ImprovementsAnalysis ...................................................................................................................... ............................... ........................... AmericansWith Disabilities Act....... ........................................................................................... _ ............................................................. 2.22 PropertyTaxes..... ............................................................ ........ - ................. - ...... - ....................................................................................... 2,22 SECTION THREE WholeProperty Valuation Summary .................................................................................................................... ............................... PVS 3.0 Highestand Best Use ........................................................................................................................................................ ............................ Valuationof Land By Market Comparison ........................... ....................... .... ....................... ...................... .. ..................................... SCA 32 SECTION FOUR Valuation of Part To Be Acquired .... .: ............. .. PVS 4.0 Highestand Best Use .................................................................................................................................................... ............................... 4.1 ParcelSketch ...................................................................................................................................................................... ............................ SECTION FIVE Valuation of Remainder After Acquisition ........................................................................................................... ............................... PVS 5.0 Highestand Best Use ............................................................................................................................................ ............................... .......5.2 Valuationof Land By Market Comparison ............ .................................... .. ................ ... ............................................. --- ................. SCA 5.3 SECTION SIX CompensationSummary ...........:................:....:................................................................................... ............................... .........11.................6.0 04"1 3 "1 Tax Information Zoning Map Zoning Ordinance Future Land Use Map Flood Map Land Sales Map Land Sales Nos. I Through 3 Letter of Notice USPS Certified/Return Receipts 09 -533 PURPOSE OF THE APPRAISAIJUSPAP REQUIREMENTS The purpose of this report is stated on page one. The report is in compliance with the requirements of the Uniform Standards of Professional Appraisal Practice and the Code of Ethics of the Appraisal Institute. The report is also prepared in accordance with the guidelines promulgated by the Texas Department of Transportation. INTENDED USEINTENDED USER The intended use /user is specifically for City of Southlake, and its authorized representatives, for internal decision - making and analysis. The appraiser is not responsible for unauthorized use of this report, FEE SIMPLE & MARKET VALUE DEFINITIONS A Fee Simple Estate i.s definable as absolute ownership, unencumbered by another interest or estate, and subject only to the limitations of eminent domain, escheat, police power, or taxation. Market Value is defined on page one. EFFECTIVE DATE OF THE APPRAISAL . The subject property is appraised as of May 28, 20o9, and is subject to the market influences and economic conditions, which existed on that date. The subject property was inspected on May 28, 2009, and the comparable sales were inspected on May 28, 2009 and other dates, SUBJECT IDENTIFICATION & OWNERSHIP/HISTORY Identification: The subject is located in the city of Southlake, Texas, in Tarrant County. The subject property is an improved with a single family dwelling. The property is situated on the cast side of Kimball Avenue, approximately 704 feet north of SH 114, Southlake, Texas 76092. According to public records and deed records, the subject tract is comprised of 3.9890 acres, or 173,761 square feet. In the vicinity is St. Laurence Episcopal Church along the north side, single family residential along the east side, single family residential along the south side, and industrial (across Kimball Avenue) along the west side. Per the enclosed right-of-way field notes, the part to be acquired is stated at 0.297 acres, or 12,954 square feet, total, located along the western property line. Per the enclosed right -of -way field notes, 0.154 acres, or 6,708 square feet is a prescriptive right -of -way. In keeping with public policy, the 0.154 acres is not compensable. The remainder is 3.692 acres, or 160,807 square feet, calculated by subtracting the part to be acquired from the whole property and excluding the prescriptive easement. Legal Description: A current survey, or metes and bounds description of the subject is not available. According to public records and provided field notes, the property is legally described as land situated in the Freeman, Samuel Survey, Abstract 525, Tract 51306, Southlake, Tarrant County, Texas. Ownership /Subject History According to Tarrant Central Appraisal District, ownership is vested in Emory and Marlene Nestor. The property was transferred to Emory and Marlene Ivester from Gary and Pam Hagar, dated June 29, 1990, recorded in Volume 9974, Page 1168, Deed Records of Tarrant County, Texas. The price and terms of the transfer are not known. Currently, City of Southlake seeks to acquire a parcel out of the subject for right -of -way for Kimball Avenue. According to the information provided by the client, the part to be acquired in fee simple is 0.297 acres, or 12,954 square feet. The proposed acquisition is further described as follows: The length of the acquisition area is approximately 275.45 feet along Kimball Avenue, and is 22,69 feet wide on the north side and 22.72 feet wide on the south side of the property, exclusive of prescriptive right -of -way. Property 3.9890 AC Or 173,761 uired in Fee 0.2970 AC Or 12,954 SF Of which: 0.1540 AC Or 6,687 SF In Existing Prescriptive .bight -Of -Way Unencumbered 0.1430 AC Or 6,267 SF 3.6920 AC Or 160,807 SF Page 1.1 09 -533 PROJECT DESCRIPTION The project consists of the expansion of Kimball Avenue from two -lane road to a four -lane thoroughfare. SCOPE OF THE APPRAISAVAPPRAISAL PROCEDURE Dgta Researebed For this report, the subject market was researched for all pertinent data relating to the appraisal problem including: collecting and confirming data through brokers, appraisers, property owners, lessees /lessors, and others familiar with the real estate market. The information provided by these sources is deemed reliable, but is not guaranteed. In addition, verifiable third party sources were utilized including the Multiple Listing Service (MLS) and others. Where applicable, additional market data was extracted from market reports, and data circulated and purchased from, Real Estate Research Corporation, Price Waterhouse Coopers Korpacz Investor Survey, and M /PF Yieldstar. The information provided by these sources is deemed reliable, but is not guaranteed. Competency Collectively, the appraisers involved in this assignment have considerable experience in appraising this property type, and have adequate knowledge of the property type and location to meet the competency requirements of the Uniform Standards of Professional Appraisal Practice. In addition, other appraisers in the market would perform similar actions in the appraisal process to fulfill the scope of work in this assignment, and the appraisal meets or exceeds the expectations of parties who are regularly intended users for similar assignments. Procedure For this report, the area was inspected, and the highest and best use analyzed considering the factors of physically possible, legally permissible, financially feasible, and maximally productive. The subject is a 3.9890 -acre tract, improved with a single family dwelling. Other than cost to cure, damages to the remainder property are not anticipated. The subject to be appraised is identified as the whole subject land and affected site improvements. The subject land is valued by sales comparison of similar tracts of land. Site improvements affected are valued by replacement cost. The subject market was researched for all pertinent sales data relating to the subject valuation. This data was analyzed and adjusted using commonly accepted appraisal techniques. JURISDICTIONAL EXCEPTION The Uniform Standards of Professional Appraisal Practice (USPAP) requires that "When analyzing anticipated public or private improvements, located on or off the site, an appraiser must analyze the effect on value, if any, of such anticipated improvements to the extent they are reflected in market actions." USPAP, Standards Rule 1 -4 (f) USPAP provides that in developing areal property appraisal, an appraiser must: "determine the scope of work necessary to produce credible assignment results in accordance with the SCOPE OF WORK RULE." USPAP, Standards Rule 1 -2 (h) The USPAP Comment section of the SCOPE OF WORK RULE states in part: " Comment : The scope of work is acceptable when it meets or exceeds: • the expectations of participants in the market for the same or similar appraisal services; and • what the appraiser's peer's actions would be in performing the same or a similar assignment in compliance with USPAP." 09 -533 Page 1.2 It is generally accepted public policy that the appraisal of rights -of -way exclude the effect on value, if any, that a proposed public improvement may have on the whole property and the part to be acquired; and, the appraisal :of the remainder property must include the effects of the part acquired, and the public project, except the elements that are considered non - compensable are excluded from the remainder analysis. In keeping with this policy, a jurisdictional Exception is invoked -- the subject property is appraised excluding the consideration of any effect on value of the whole property, and the part to be acquired, caused by the proposed public improvements, and excluding any non - compensable damages to the remainder property that may result because of the part acquired or the public project, We conclude that the impending Project has no effect on the whole property or on the comparable sales used herein. SUMMARY REPORT This document is a summary appraisal report, DISCLAIMERS An environmental study covering the subject is not available. No environmental hazards are readily notable from our inspection. This is not, however, a guarantee that environmental concerns do not exist. All previous uses of the site are not known. The subject is appraised predicated on the absence of environmental hazards. The conclusions of this appraisal report would be materially changed if detrimental environmental conditions were associated with the subject. A phase one - environmental site analysis is recommended. Americans With Disabilities Act (ADA) The Americans with Disabilities Act (ADA) became effective January 26, 1992. The subject property has not been investigated to determine whether or not it is in conformity with the various detailed requirements of the ADA, It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the act. If so, this fact could have a negative effect upon the value of the property. Because no direct evidence relating to this issue has been made available, the possibility of noncompliance with the requirements of ADA in estimating the value of the property is not considered. Page 1.3 09 -533 Extraordinary Assumptions/Hypothetical. Conditions: The Uniform Standards of Professional Appraisal Practice require the disclosure of hypothetical conditions and extraordinary assumptions when employed in the development of an appraisal. As defined in the Uniform Standards of Professional Appraisal Practice, a hypothetical condition is "that which is contrary to what exists but is supposed for the purpose of analysis." As defined in the Uniform Standards of Professional Appraisal Practice, an extraordinary assumption is "an assumption, directly related to a specific assignment, which if found to be false, could alter the appraiser's opinions or conclusions." The subject is appraised conditioned upon the following: It is specifically assumed that, as a result of the taking, any shortage in land area, coverage, land to building ratio, setbacks, landscaped areas, or other restrictions that would affect the subject's conformity to zoning or other applicable governmental ordinances or regulations, will be cured by a waiver, exception, or variance granted by the appropriate governmental entity, or otherwise covered by an existing rule or ordinance addressing the specific circumstance, in favor of the subject property. It is specifically assumed that any property owner appurtenance, improvement, fixture, or itern that is situated in the proposed right -of -way acquisition area can be lawfully moved to the remainder property without further burden on the property owner, i.e., the cost to cure and/or damages will be paid by the acquiring entity, and any non- conforming circumstance as to the affected property will be recognized by the appropriate municipality or governmental entity as a legal non - conforming use with no further necessity of the property to conform to regulations in effect on the appraisal date. It is assumed that City of Southlake will, where necessary and without burden to the subject owner, negotiate the successful movement of any non- landowner items that are situated within the acquisition area, such as utility lines and appurtenances. The subject fronts the eastern line of Kimball Avenue for approximately 275 feet. Adequate access to the subject is assumed to be legally available via the roadways as of the appraisal date. Upon development or redevelopment of the property, curb cuts, or specific access points for ingress and egress, would be subject to the control of the City of South lake or Tarrant County. A legal opinion of the deed covering the subject property is not available.. It is specifically assumed that the deed does not contain any right, restrictions, or reservations that would affect the value conclusions of this report. No legal reasoning or analysis is implied in regard to the extraordinary assumptions or hypothetical conditions. A qualified attorney should be consulted for an opinion of the status of legal title and rights to the subject if such questions arise. The above are set forth for appraisal purposes. The reader should be aware—that. in the event that any of the above proves false inappropriate, or improperly applied, the conclusions of this re ort could be substantially charilzed or voided. PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: 6 Local Address: 501 North Kimball Avenue, Southlake, Texas. Date Taken: May 28, 2009 Taken By: Fee appraiser. 1. Point from which taken: Kimball Avenue Looking: Northerly along Kimball Avenue; subject on the right. Page 2.0 09 -533 2. Point from which taken: Subject property Looking: Southerly along the acquisition area. PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: $ Local Address: 501 North Kimball Avenue, Southiake, Texas. Date Taken: May 28, 2009 Taken By: Fee appraiser. 3. Point from which taken: Subject property Looking: Northerly at access area along Kimball Avenue. Page 2.t 09 -533 4. Point from which taken: Kimball Avenue Looking: Easterly toward subject property. PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: b Local Address: 501 North Kimball Avenue, Southlake, Texas. Date Taken: May 28, 2009 Taken By: Fee appraiser. 5. Point from which taken: Adjacent property Looking: Southerly at northwestern portion of subject property. Page 2.2 09 -533 b. Point from which taken: Kimball Avenue Looking: Northeasterly at gate and utilities in easement area. MARKETAREAE A "Market Area ", as defined in The Appraisal of Real Estate, 13,h Edition, copyrighted 2008, is; 'TThe defined geographic area in which the subject property competes for the attentions of market participants; the term broadly defines an area containing diverse land uses." A "Market Area ", as defined in The Dictionary of Real Estate Appraisal, 4th Edition, copyrighted 2002, is: "The geographic or locational delineation of the market for a specific category of real estate, i.e., the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users." Market area analysis focuses on the four forces — social, economic, governmental, and environmental. Forces that influence value are important in market area analysis. Similar characteristics point to the influences that have affected value trends in the past, and may affect values in the future. Examining why occupants live or work in the area may reveal a market area's character. Occupants are attracted to a location for its status, physical environment, services, affordability, and convenience. Therefore, the market area and subject's neighborhood are discussed below. Market Area Boundaries and Influences The market area is considered to be the city of 5outhlake, and the northern portion of Tarrant County, as the subject property competes with similar properties in this trade area. in January 2008, the Metroplex saw a record number of single - family home foreclosures. The meltdown of the subprime lending market and collapse of major financial institutions nearly halted commercial and residential lending. Development trends are downward, sales volumes have slowed dramatically, and demand for similar properties in the region is minimal /modest, Despite the government rescue plan, macro economic conditions continue to trend toward recession. Economic forecasts for 2009 are varied; however, the Texas economy is proving more resilient and less over -built as compared to Florida, Arizona, Nevada, and California. Good quality and availability of educational, medical, social, recreational, cultural and commercial services are readily available throughout the trade area. AREA AND NEIGHBORHOOD ANALYSIS The subject property is located within the city limits of Southlake, Texas, in Tarrant County. Descriptions of the city and subject vicinity are presented in the following pages. The area is located off of State Highway 114. Other major highways that provide access to this area are SH 121, SH 360, 1 -35, and 1 -635, and connect Denton, Tarrant and Dallas counties. DEMOGRAPHICS Current population of Southlake is just over 40,000, with an estimated 2013 increase of 3.39°/x, bringing the expected population to over 47,000. Number of households is 12,452 with an average household size of 3.2. Average number of families is 10,894, Average household income is currently $186,851, with fewer than 25% of households below the $75,000 annual income range. Median age of an area resident is 37. Population by age is highest in the 45 to 54 year age group at 19.4 %, followed by 15.8% in the 35 to 44 year age group. School age and under residents combined are at 33.9°/x. Current population is 50.3% male and 49.7% female. Married couples make up 72.9 %, un- married singles are 19.7 %, and at the low end of the scale are divorced residents 5.1 %, and widowed residents at 2.2 %. 5outhlake .1Pu �tihn , 1990 2000 2008 2013 est. 14,254 32 40,017 47,282 Source: U S Bureau of Census Page 2.3 09 -533 RESIDENTUL DEVELOPMENT Current 2008 number of housing units is 13,367, with a projected addition of 2,555 units, bringing the total to 15,922 units by the year 2013. Median home value is $354,426. This is an increase in value of $78,237 since the year 2000 and over $205,000 since 1990. Median home value is expected to increase slightly by a little over $6,500 by the year 2013. Total Housin g Owner Medlin Renter Dararat Occupied Horne Vtue Occupied Units 13,367 85.7% $354,426 7.4% 6.8% Source: 2000 Census of Population and Housing Forecast COMMERCIAL DEVELOPMENT There are over 2,000 businesses in the area. The economic goal and vision of the area is basically unanimous: • Maintain the town's current "small town" atmosphere and integrity • Protect the quality and character of existing development • Provide services and amenities for both resident and employee populations • Ensure that long term development is in the best interests of the community There are numerous projects in various stages of development in each city. The Town of Westlake has chosen to break up the uniform pattern of suburban development through quality site design,: building form, and environmental sensitivity. Westlake is one of a handful of towns in Texas that do not levy property taxes. Instead, revenue from sales taxes and franchise fees run the community and support its growth. The Town of Trophy Club's existing commercial development includes retail centers, commercial office buildings, a medical office building, and a state -of -the -art surgical hospital. Trophy Club is committed to attracting quality commercial development and has created reinvestment zones for the majority of the commercially zoned property in town, providing the ability to offer property tax abatements to potential commercial developments. The Town of Southlake's major developments include Southlake Town Square, The Shops of Southlake, Verizon Wireless Network Control Center, Gateway and Wyndham Plazas, and Southlake Comers. Southlake has a Planning and Development Services Department that provides professional advice and technical expertise on potential and existing development. The department offers assistance on zoning, platting, land use, tree preservation, building permits, sign permits, inspections, and code enforcement. They also provide mapping services and information pertaining to the city's comprehensive plan. Page 2.4 09 -533 EMPLOYMENT The total population, age 16 and over, in the area labor force is currently 96.4 %. White Collar workers make up 76.6 %, with Blue Collar workers at 13.2 %, and Service workers at 10.2 %. The un- employed population in the area is a small 3.6 %. Employment "/o ©ccnpation induOry . Sabre Holdings White Collar 29.8% Management/Business /Financial 20.8% Professional American Airlines Alliance 143% Sales Transportation 1 1.7% Administrative Support Services 10.2% Baylor Medical Center Slue Collar .01% Farming /Forestry/Fishing Daimler Chrysler 3.0% Construction /Extraction Transportation/Production 2.3% Installation/Maintenance/Repair r 2.9% Production 4.9% Transportation /Material Moving Source: US Bureau of Census There several Fortune 500 companies and major corporations operating in the area. Over 2,900 professional companies provide a variety of services to both residents and businesses including accounting, engineering, and architecture firms; physicians, dentists, and cosmetic surgeons; financial planning, banking, and law offices. Major Employers Eukployees induOry . Sabre Holdings 3,300 Travel/Distribution Fidell Investments 31,00 Financial American Airlines Alliance 2100 Transportation UPS 1200 Distribution Baylor Medical Center 1,000 Health Care Daimler Chrysler 850 Transportation/Production Tri -Dal Ltd. Under 500 Construction/Excavation Verizon Wireless " Communications/Technolo McKesson " Health Insurance Services Levi Strauss Manufacturing/Production Wells Fargo Bank Financial Source: Dallas Business Journal 2006 EDUCATION There are numerous school systems available to Southlake, Westlake, and Trophy Club students, including both public and private systems. Westlake Academy - Public Charter School operated by the Town of Westlake. • TEA Rating - Exemplary. K = 8 Attendance: 300 Carroll I.S.D. -5A Public School District. TEA Rating - Exemplary. K -12 Attendance'. 7,305 Keller I.S.D. - 5A Public School District. • TEA Rating - Recognized. K -12 Attendance: 21,786 Northwest I.S.D. - 5A Public School District. • TEA Rating - Recognized. K -12 Attendance: 6,343 Grapevine /Colleyville I.S.D. -5A Public School District • TEA Rating Academically Acceptable, K -12 Attendance: 13,835 page 2.5 09 -533 Grad/Praf : Bacheior Associates Some:: - Bich School 9 �12 Less than Degree Degree Degree CollegelNo Graduate `No Diploma 9� Grade Degr 16.2% 35.5 % 6.3% 20.7% 15.7% 3.2% 2.4% AMENITIES/RECREATION Lakes; Golf Courses, Parks and Recreation: • There are 5 lakes within 40 miles; and 23 lakes within $0 miles • 10 golf courses and country clubs available • Southlake has 450 acres of natural park land 624 acres of park land laid out within 2 community and 10 public parks; Southlake public library Westlake has Glenwyck Farms Park - 115 acres of open space with 60 ft, pecan and oak trees; running brook; three rustic bridges; paved walking path; operated by the town of Westlake and the Home Owner's Association of Glenwyck Farms Trophy Club has 3 parks and a community pool Entertainment, Athletic, Cultural Facilities within 40 minutes: ■ American Airlines Center Arneriguest Field and Ball Park at Arlington • Bass Performance Hall, Meyerson Symphony Center, and Casa Minana • . Kimball Art Museum and Dallas Museum of Art Dallas and Fort Worth zoos Hurricane Harbor and NRH20 water parks • Texas Motor Speedway Six Flags over Texas Amusement Park Medical Facilities m pro ity: • Baylor Regional Medical Center at Grapevine Cook Children's Medical Center .. Harris Methodist H -E -B Hospital • Harris Methodist Southlake :. • North Hills Hospital • - Texas Pediatric Surgery Center • Trophy Club Medical Center Major Airports within 20 miles to the East and West: + Dallas -Forth Worth International —Third busiest airport in the world; generates over 14.3 billion dollars annually for the North Texas economy; provides over 269,000 area jobs ■ Fort Worth Alliance- Nation's first industrial airport; generated 2.97 billion dollars in 2004; provides 24,000 area jobs UTILrr ES Gas and Electric Companies include Tri- County Electric, Power To Choose, and Atmos Energy. Telephone companies servicing the area are Verizon, Southwestem Bell, and AT &T. Local cable television service providers include Charter Communications, One Source Communications, and Dish Network. Water is provided through the cities of Keller and Southlake, and the towns of Westlake and Trophy Club. Sewer and waste disposal providers include Trophy Club MUD 1 and 2, Duncan Disposal, and Allied Waste. CONCLUSIONS Southlake, Westlake, and Trophy Club are upscale, flourishing communities in the heart of the Dallas -Fort Worth Metropolitan Area. They enjoy the luxury of having the "small town" community feel, but with all the amenities the big cities have to offer. Beautifully maintained neighborhoods, well planned commercial developments, and numerous recreational and cultural facilities within minutes, offer residents a high quality of life. Another major appeal in the area is the resident participation in community activities, schools, churches, clubs, and organizations, and the high level of involvement in the well being and prosperity of their towns. 09 -533 Page 2.7 At i cc coca 2 ��. y o t � Ma Hil 0. Fry_. Fl Y . Of 1 J .{ J n s 1 1- 4 SUBJECT NEIGHBORHOOD The subject neighborhood is suburban it) nature and is primarily comprised of.the city of Southlake. The dominant land use in the area is for 'commercial and retail ,along :the thoroughfares, with residential, :institutional, and public uses scattered throughout the area:: Many area residents commute to jobs in nearby Fort Worth, as well as other parts of the Dallas -Fort Worth area. . The neighborhood is accessible via State Highway 114 and US Highway 377.. State Highway 114 has undergone a major expansion through the northern portion of Tarrant County and southern Denton County into a six- lane limited access freeway system. US Highway 377, also known as Denton Highway extends from the city of Denton to the north to Fort Worth in the south. The main east - west road through the neighborhood is Southlake Boulevard, a six -lane highway with continuous center turn lanes, also known as FM 1709, Overall, access in the vicinity is rated as good. Within the neighborhood, topography ranges from near level to gently sloping, to moderately rolling. Creeks and more significant contours are scattered about, giving way to some areas of flood Prone land. Judging from the existing developments, with proper planning and engineering the lands should be adaptable to most building projects In general, the availability of suburban amenities varies throughout the neighborhood but overall is good. In some cases, extensions of utilities and infrastructure are required. Municipal water and sewer lines are available in most parts of the vicinity. Electricity and natural gas are also available. Various providers offer telephone service. The Carroll Independent School District serves the area. The City of Southlake provides fire department, emergency services, and police services. In the vicinity of the subject property, existing improvements vary from recent construction to the late stages of economic life, with some reclamation and renovation of older properties. Major developments along the SH 114 corridor include; the Southlake Town Square, Gateway Plaza, Solana, Verizon Wireless campus, Sabre Holding's headquarters, Fidelity Investments regional office, Cedar Ridge office park, and the Shops at Circle T Ranch. Proposed developments in the area include; Aventerra, The Grove, Southlake Regional Medical Center, and the Deloitte and Touche campus. No extraordinary nuisances or hazards are notable in the neighborhood. Sufficient services are accessible to service the community. 3 \2i 7 ƒ Lat 32.944758 Prepared By, STDBOnlinex a* Lon: a,kg . . ±« a m Latitude 32 9"a ,_t8m -071171 \. \ 4 � � < § . .. ... . . " � <, �— a & 4k & _e_badxmn Mao _ . D emographic and Income Profile - Appraisal Version Prepared Sy: STI)Bonflnemom Sao® r sRl Dn�ftr"nd rcaarfs and maps from r3u ®Ir6b% 7luialyst Oniirw. Order it MMDMd&OMqM or call W- 242 -^224 W1012009 Pape i ai 2 Page 2.11 09 -533 Latitude 32.9448 Let: 32 9 LonOHUde - 97.1171 Law . 97.117116 _ Sha Type: Redfui Radios: 1.610110 Summary 2099 2000 2913 Pupwatian 3,454 3,329 4.336 Households 1,260 1,430 5,569 Farnilies 991 1,496 1,193 Averago Houimlltald Sima 2.fi5 2.72 2.74 Owner Occupsod HUs 940 1,065 1,149 Rentpv Occupied HUs 348 365 421 Median gage 35,4 3T:9 38.2 Trends: 2000 2013 Annual Bate Am& Stato National Population 2% 21T% 1.23% Holiseholde 1.t3 % 2.14% 1.26% Families - - 1,7110 1.89% 1.05% Owner HHS 1.53:5 1.87 1 A0 1.47% Median Household Income 4:9 % a 42 °k 3.19% . .. - 266® - ..: - 2008 2613 Ho4"Wels by Woine Number Poncant Number Partwd Number Percent c 51 5.00 44 3.3 °f 33 2.3°% 32 2,0% $15,600 - $24,999 50 3.8 42 2.9% 32 2.0% S25,t704 - $34,99) 91 6.9% 49 3A% 39 2.$% $SS,000.54 ,W9 137 10.46/ _ 10 7.9% 517 550,006.574,999 265 15,5% 206 14.391 244 15.6°1 575.000 • $99,999 248 15.6 "A 249 17 4%, 495 12A% $106,U60 - $149,999 320 24A% 349 24:4 J 329 21.0% 5150,94[1 - $199,044 127 9.6% 13s 9.5% 212 43.5°/ "�20U,POU 93 7.0°% 259 17,7% 370 215% - Mndlan Household Income - - - $86,514 5103,157 - $193.6T3 Aveaage Houiehotd €noome $10€1,449 5138;496 $168,144 Per ropitd Income $36,329 548.566 .. 559,529 . 2000 ..24[19 3013 Populatimi by A66 Number Parcant Number PBreent Humber Percent 0 -'4 297 6,6% 312 79A, 3 7.94 5-9 318 9.2% 331 8.4"% 358 8.3�, 10 • 14 273 8,1 314 8.0% 344 7.9% 15- 19 229 8$% 262 83% 304 6.13 % 20 24 121 .3.5% 174 4.41 107 4.3% 25 -34 453 13:5°% 986 8.8°% 454 1QA% 35-44 770 22,6% 595 17:Z "!n 655 1$A 45.54 554 16.0 729 18.6% 799 15:4% 65 -64 237 S19% 437 11:19; 544 12.5% 65 '- - ' 87 - .15 1 A 164 4.2% 212 4. -9% 7534 - 72 2.1% 78 2.0 94 2.2% 85+ .26 0.®% 44. 1,1"I Si 1.2% Data Now irmme m N�pmoml in wmnl dollons - - Spurse: U.S . -Bumau Bf M. Ckn9sis 20DO C, mus ni - Pop ilalam anti HMLsing E'Sial larawMs tar2.Wa MCI 1013. Sao® r sRl Dn�ftr"nd rcaarfs and maps from r3u ®Ir6b% 7luialyst Oniirw. Order it MMDMd&OMqM or call W- 242 -^224 W1012009 Pape i ai 2 Page 2.11 09 -533 0. 09-533 L�� 20H 2013 Population by Ago Data Note: Incanw is exprcmM in current UoNam,- - - - saumez ti. s, twreo i_ni me Cnnrim mm cu m a# P wAnisDri avid Ho,kino. rsm fcrwe wos €or ml0 wu12013 09 -533 Demographic and Income Profile -Appraisal Version Prepared 8y. STDBoynfine -COO LatHude 32.9448 let:32.9A4i47ti LMS1tude - 97,1471 Lnn: 97:17T116 Sit ®typ ®: Radluu Radluz. 3.0 mile Summary 2000 2008 2013 Population 45137 51,428 59,356 Househalds 16.403 18,969 19,943 Families 42.325 13,386 14;445 Average Household Size 2 -713 2.82 2.82 Owner Occupiod HUs 11;355 12,879 13,7418 Aenter Occupied HUs 5,048 5,290 6,117 Median Age 34.8 36.9 37.6 Timnds:'200 &20'13 Annuat Rate Ama State National - Papula6uh .. - '1.85°x, 2 -17h 123 1 % Households 1,95% 2,14% 1.26 % Families 1.53% 4.99% 1,05% Ownei HHs 113% 1.87% 1,07% MetjienFlour ®hold Income 2,42% : .3.42% 3'40% 2000 :. 2008 2013 Household® by tneomu Number Porcont Number Pereont Numwr Percent $15,DD0 827 5.147 7M 4.2% 697 15% $15,DDD.04,999 902 5,6% 626 3.4% 428 2.1% $25,000.SU.999 1,433 8.1% 74$ d,;% 635 3.2% $35000- $48,899 '1,903 11 .W /o 9.964 If) 8% 1 A7R 7A $SQ,OPO 974,4439 2,823 171% 2,851 15.71E 3,623 181% $75,000 - .$99;999 2,447 141% 7,783 15.3% 2.559 12.99 $904,000 - $149,904 3,245 Ia13% 3,327 18:3% 3,754 18.0% 5150 ° 3199,000 1,206 7.9 °% 1,859 10;2',4 1,835 9.2% $2017,000+ 1,567 9,6sl 3.252 .17.9% 4,912 24.7'1 modian Household tr=,(i 577,476 $92, 825 $1174,636 AveragaHousohbldfnCoMia . S136,e48 $173,882 Per Capita incune 536,408 $48,806 $452 =056 2000 2008 2013 Population by Age Namber A• ment tNumbrar Portent Numbar Perconf 0 -4 .'3,451 7,5% 3,M4 7.1% 4,1112 7.1% 5_9 4,019 8.8% 3,953 7.79 4,983 7:4 10-14 .: .4.042 8.8g/ 4.218 8.2% 4370 7.0% is -'19 3,347 7.3% 3,705 7.2% 094 6.9 2P -24 zlo 4.74. 2,s37 5;1% 2,B59 5,1% 2S-34 5.R44 13 -0% 0.055 11.0% 0;825 12.1 3S :44 1b,617 21.9% 8,734 17.01 8,619 15.3% 45 -54 - - ..7,643 :16,7 9,761 78.9% 10,402 913.5% 55 -64 3,025 6.6% 5.619 10.9% 7,024 1215% 65=74 1,481 2.6% 1.909 17% 2,674 43% 75-134 699 1.$% 892 13% 1,071 1.910 65* 204 017% 350 03% 426 18% Data Note: Incanw is exprcmM in current UoNam,- - - - saumez ti. s, twreo i_ni me Cnnrim mm cu m a# P wAnisDri avid Ho,kino. rsm fcrwe wos €or ml0 wu12013 09 -533 Demographic and Income Profile - Appraisal Version Prepared By! STOBonhnexom i..autuaw 32.9x4@ so rou; ESR1 k),u=t8 Par 20G8 and 20* =N EBRE .On-domend reparts and maps "m Business 14""t Qn33iw, Qedei at.i ri,4stl,c9m13sua Of tali 800402.2224 LVIMUM Pa . 2 a33 Page 2.14 09 -533 Street Atlas USA© 2007 Location Map 0 Is �e ` N O _ � ;R7Hy Q N jec1 N 7 0 �� !.'3 Y 709 .... _.- n . a . Data use subjectto license. ' CD 2006 De Lamle.8treetAtlas USAV 2007. www.delarme.com Page 2.15 09 -533 Data Zoom 1 AERIAL PHOTOGRAPH 49 -533 Page 2.16 DESCRIPTION OF THE WHOLE PROPERTY Subiect The subject is located in the city of Southlake, Texas, in Tarrant County. The subject property is an improved parcel that has a single family dwelling. The property is situated on the east side of Kimball Avenue, approximately 704 feet north of SH 114, Southlake, Texas 76092. According to public records and deed records, the subject tract is comprised of 3.9890 acres, or 173,761 square feet. In the vicinity is St. Laurence Episcopal Church along the north side, single family residential along the east side, a single family residential along the south side, and industrial (across Kimball Avenue) uses along the west side. Legal Description: A current survey, or metes and bounds description of the subject is not available. According to public records and provided field notes, the property is legally described as land situated in the Freeman, Samuel Survey, Abstract 525, Tract 51306, Southlake, Tarrant County, Texas. Five Year Sales His= According to Tarrant Central Appraisal District, ownership is vested in Emory and Marlene Ivester. The property was transferred to Emory and Marlene Ivester from Gary and Pam Hagar, dated June 29, 1990, recorded in Volume 9974, Page 1168, Deed Records of Tarrant County, Texas. The price and terms of the transfer are not known. Currently, City of Southlake seeks to acquire a parcel out of the subject for right -of -way for Kimball Avenue. According to the information provided by the client, the part to be acquired in fee simple is 0.2970, or 12,954 square feet. Per the enclosed right -of -way field notes, 0.154 acres, or 6,687 square feet is a prescriptive right -of -way. In keeping with public policy, the 0.154 acres is not compensable. The proposed acquisition is further described as follows: The length of the acquisition area is approximately 275.45 feet along Kimball Avenue, and is 22.69 feet wide on the north side and 22.72 feet wide on the south side of the property. Property 3.9890 AC Or 173, uired in Fee 0.2970 AC Or 12,954 SF Of which: 0.1540 AC Or 6,687 SF In Existing Prescriptive Right -af- -Way Unencumbered 0.1430 AC Or 6,267 SF 3.6920 AC Or 160,807 SF Page 2.17 09 -533 TAX MAP DV 1R 5.574 @ 1 113w, SC1133F; l- { , .�{ iSQE f it €�c5 �R �3 4 1 - _ r•_ v �! 2 TR 5B2D 1.42 AC TR 5B2DI ,49 AC TR 5B2 TR W .9M93 @ TR 5B2C 1.97 AC 09 - 533 Page 2.16 SITE ANALYSIS Site: Based on the information available, the whole property land area is comprised of a rectangularly shaped tract of 173,761 square feet (3.9590 acres). The subject tract fronts the eastern line of Kimball Avenue for approximately 275 feet. Depth varies and on average is approximately 595 feet. Subject Vicinity and Abutting Uses: The subject is located at the east side of Kimball Avenue, approximately 704 feet north of SH 114, in the city of Southlake, Tarrant County, Texas. The immediate vicinity is St. Laurence Episcopal Church along the north side, single family residential along the east side, single family residential along the south side, and industrial (across Kimball Avenue) along the west side. Linkages: The subject is accessible to arterial linkages and distance to employment centers, restaurants, retailers, and schools are considered within reason in the city of Southlake. In terms of travel time and actual distances by road, the subject property is within community standards. Access: Access to and from the subject locale is adequate, and is primarily served by Kimball Avenue. Kimball Avenue is a two -lane, undivided paved thoroughfare. Overall, access for the neighborhood is rated as average, and for the subject is average. Visibility of the subject via Kimball Avenue is rated average. Topography: In general, the subject tract features mostly level terrain. According to the enclosed flood map, Map No. 45439CO205H, dated August 12, 1995, the subject is determined to be outside the 100 -year floodplain, within the Zone X. This is not a guaranty or warranty that flooding will not occur. A current survey is recommended to accurately determine the flood zone status of the subject. The desirability for use of the land is rated as positive. Soils: Soils in this area vary, and have been known to require specific engineering considerations. However, this is considered typical for the area, and no unusually unstable soil- bearing capacities are known. Utili The tract is of sufficient size to be economically adaptable for development," and benefits from adequate frontage and accessibility. With appropriate design and engineering, the site imposes no unusual or anticipated development problems. An electrical power line runs along the western portion of the property as well as a water utility easement at the northwestern portion of the tract that is at an angle from southwest to northeast. Utilities /Community Services: Electricity, water, sewer and phone services are available to the subject. Water and sewer are provided by the City of Southlake. Electricity is available from multiple providers. Natural gas service is available by Atmos, and various Providers provide telephone service in the area. The City of Southlake provides police protection, City of Southlake provides fire safety, and the Carroll independent School District serve the property. Easements and Deed Restrictions: A complete survey was not provided for this report, and the exact locale and type of easements on the site cannot be ascertained. An electrical power line easement runs southeast to northwest along the central portion of the property. This valuation assumes that utility and access easements typical of this property type are present and that no detrimental easement conditions exist. This should not be considered as a guaranty or warranty, however, that adverse easements do not exist. Though some easements are evident, no adverse easements affecting the subject are known. It is likely that utility easements are on and across the property. Deed restrictions can limit or restrict the use and physical characteristics of a property and its improvements. Comprehensive easement and title information and deed restrictions (if any) covering the subject have not been provided with the appraisal assignment. Easements and deed restrictions are a legal matter, and normally only a title search by a title attorney discovers with certainty any easements or deed restrictions. Thus, it is recommended that a title search be made if any questions regarding these matters arise. Environmental Conditions: An environmental study covering the "subject is not available. The subject is appraised predicated on the absence of environmental hazards. The conclusions of this appraisal report would be materially changed if detrimental environmental conditions were associated with the subject. A phase one environmental report is recommended. Wetlands: It is unknown if any part of the subject site is protected as wetlands. .Wetlands, as defined by Section 404 of the Clean Water Act, are those areas that are inundated or saturated by surface or groundwater at a frequency and duration sufficient to support, and under normal circumstances do support, a prevalence of vegetation typically adapted for life in saturated soil conditions. Swamps, bogs, fens, marshes, and estuaries are subject to federal environmental law. Zoning: The property is located in the City of Southlake and is zoned AG. The purpose of the "AG" Agricultural District is to provide for compatible land, building and structure uses primarily oriented to agricultural farming and ranching, and extremely low density residential purposes. The district may also serve as a transitional land use element pending future, more intensive urbanization; open space for the protection and enhancement of scenic areas, vistas, and recreational uses; and law density development where unusual or problematic soils, topographic conditions or sensitive ecological features are present that would normally not be conducive or appropriate to more intensive forms and patters of urbanization. Permitted uses consist of farms, ranches, orchards, truck gardens, plant nurseries, single family detached dwellings (on at least one acre) housing of the owner or operator of agricultural use, supplemental single family detached dwellings for full -time employees, city halls, fire and police stations. The subject as improved conforms with the current zoning requirements. The future land use map calls for regional retail uses. The density, area, yard, height and lot requirements are listed below: Minimum Front Yard: 40 Feet Minimum Side Yard: 25 Feet Minimum Rear Yard: 40 Feet Maximum Building Height: 35 Feet; 2 % stories Minimum Lot Size: 435,600 square feet Maximum Lot Coverage: 10% DIPROVEMENT ANALYSIS IMPROVEMENTS: The subject parcel is improved with a single family dwelling that was built in 1951 and is approximately 1,720 square feet according to the Tarrant County Appraisal District. The single family dwelling is approximately 305 linear feet from the proposed right -of -way area and is not judged to be affected. Page 2.21 09 -533 Real Estate Taxes The Texas legislature created a system of centralized appraisal districts for each Texas County so that all real estate within a given county is valued for tax purposes through a standard appraisal process. Property assessments are based on market value. Property valuations under the central appraisal district system became effective in 1982. In Tarrant County, the Tarrant Central Appraisal District is responsible for ad valorem tax appraisals of all real estate within the county. Based on the ad valorem tax appraisal, various tax districts levy annual taxes on property located within their respective districts. Typical taxing jurisdictions include assessments from the county, city, and school districts in which the property is located. The total ad valorem tax burden is the sum of the assessments for the various taxing authorities. The subject property is situated in the city limits of Southlake, and falls within the taxing jurisdictions of Tarrant County, City of Southlake, Tarrant County Hospital District, Tarrant County College District, and Carroll Independent School District. Pertinent 2008 tax rates for the subject are detailed below. 2008 TAX RATES (per $100) Tarrant County $ 0.264000 City of Southlake S 0.462000 Tarrant County Hospital District $ 0.227897 Tarrant County College District $ 0.137960 Carroll Independent School District $ 1.415000 Total $ 2.5 06857 The Tarrant Central Appraisal District (2009) account for the subject is summarized as follows: 3885615 $ 187,000 $ 55,800 1 $ 242800 Total $ 187,000 S 55,800 $ 242,800 Based on the proposed assessed value for 2009 and pertinent tax rates, the subject's annual tax liability is calculated as follows: Assessed.�alne )(`a Rote 77 ;�n� WOW TaxLlO , $242,800 x $2.50686 = S 6,087 The land assessed value is $187,000, or $1.08 1SF, and is below the concluded market value in this appraisal. This difference is typically due to the valuation methods of the appraisal district. 09 -533 Page 2.22 PROPERTY VALUATION SUMMARY Whole; Part to be Acquired: ❑ Remainder After: ❑ HIGHEST AND BEST USE ANALYSIS The Highest and Best Use analysis should consider the reasonably probable and legal use of vacant land or improved property considering legally permissible, physically possible, financially feasible, and maximally productive. See Page 3.1. VALUATION APPROACHES The subject is a 3,9890 -acre tract of land that is improved with a single family dwelling. The single family dwelling is approximately 305 linear feet from the proposed easement area and is not valued in this appraisal assignment. The primary valuation issues are the proposed right -of -way acquisition comprised of land, and affected site improvements. For these reasons, the cost, sales comparison, and income capitalization approaches in relation to improved properties are not applicable for appraisal purposes, and are not included in the valuation of the subject. The land is valued by market comparison with similar tracts of land using the sales comparison approach. Site improvements are valued by replacement costs. CostApproach .................. ............................... ............................NIA Sales Comparison Approach ............................ ............................N /A IncomeApproach...... ............................. ..................................... N/A Based on the foregoing, our opinion of the market value of the subject property is reconciled at $1,510,669. Contributory Value of Improvements (Itemized) .Wire mesh fencing: 79 LF P $4,80/LF, Less 40% depreciation $ 227 Barb wire fencing: 80 SF 2 $4.25 /SF,Less 40% depreciation $ 204 Grass: 5,713 SF $0.801SF, no depreciation $ 4,570 Iron gate. 16 SF @ $22.25/SF, Less 30% depreciation Is 244 Iron barriers: 18 LF P $18.25/LF, Less 30% de reciation $ 230 Concrete driveway 554 LF @ $5.50/LF, Less 50% depreciation $ 1,523 Total Contributory Value of improvements $ 7,003 Subject Prescriptive Right -Of -Way Total baud Value Reconciled Final Value .. 167,074 SF , or 3.8350 acres , @ $9.00 Per SF .................... $1,503,666 6,687 SF , or 0.1540 acres , @ 50.00 Per SF •..•1..• $0 173,761 SF , or 3.9890 acres $1,503,666 1 S 1 f}_669 Each approach developed Follows this page and is sequenced as shown below. Land Value, Cost Approach: Sales Comparison Approach: Income Approach: P . SCA 3.2 -3.3 P . CA -NIA P . SCA -NIA P . IA -NIA Page P V S — 3.0 09 -533 HIGHEST AND BEST .USE ANALYSIS Four basic criteria are examined in estimating the Highest and Best Use of a property both as vacant and as improved. These are: a) Possible Use - the uses to which it is physically possible to put on the site in question. b) Permissible Use (Legal) - the uses that are permitted by zoning and deed restrictions on the site in question. C) Feasible Use - the possible and permissible uses that will produce any net return to the owner of the site. d) Highest and Best Use - among the feasible uses, the use that will produce the highest net return on the highest present worth. HIGHEST & BEST USE AS VACANT Possible Use: In arriving of an opinion of highest and best use for the subject, it is first necessary to determine if the physical characteristics of the site - such as soil conditions topography, shape, and frontage'were favorable for development. Soil conditions vary throughout the area, and sometimes require particular engineering. The subject topography imposes no problem to development, and the site is of sufficient size, shape, and frontage to be economically adaptable to numerous uses. The size and shape of the site is adequate for commercial use. Permissible Use: The site is located in the city of Southlake and is zoned AG. The purpose of the "AG" Agricultural District is to provide for compatible land, building and structure uses primarily oriented to agricultural farming and ranching, and extremely low density residential purposes. The district may also serve as a transitional land use element pending future, more intensive urbanization; open space for the protection and enhancement of scenic areas, vistas, and recreational uses; and low density development where unusual or problematic soils, topographic conditions or sensitive ecological features are present that would normally not be conducive or appropriate to more intensive forms and patters of urbanization. Permitted uses consist of farms, ranches, orchards, truck gardens, plant nurseries, single family detached dwellings (on at least one acre) housing of the owner or operator of agricultural use, supplemental single family detached dwellings for full -time employees, city halls, fire and police stations. The future land use map calls for "RR" Regional Detail. Development within this land use may consist of a single large anchor store or have multiple anchor tenants (department, supermarket, drug, home improvement, sporting, variety, or specialty) along with pad sites developed on the fringe of the area. Feasible Use: The surrounding properties and land uses are considered for compatibility in determination of feasible use. in the vicinity there is St. Laurence Episcopal Church along the north side, single family residential along the east side, single family residential along the south side, and industrial (across Kimball Avenue) along the west side. Based on the land usage pattern of the surrounding area, the layout, location and frontage /visibility of the site, the most feasible use is considered to be for commercial use. Highest & Best Use_ The subject's location along Kimball Avenue, just north of State Highway 114 is easily accessible. Kimball Avenue is a two lane, undivided, paved road. According to the enclosed flood map No. 48439CO205H, dated August 12, 1995, the subject is determined to be outside the 100 -year floodplain, within the Zone X. For commercial use, location is considered average for appeal within the market. Access is rated average. Electricity, water, sewer and phone services are available to the subject. Based on the foregoing and future land use patterns, it is concluded that the highest and best use of the subject tract is for a commercial use, as demand warrants. HIGHEST & BEST USE AS IMPROVED The subject is improved with a single- family residence and associated site improvements, which are currently occupied. The intended use of the improvements is as a single - family residence. The improvements are adequately maintained and have a significant amount of remaining economic life. The current use indicates this use is feasible and is concluded as the highest and best use as improved, and indicates an interim use until demand warrants commercial development of the land. Page 3.1 09 -533 SALES COMPARISON APPROACH VALUATION GRID Representative Comparable Sales Subject Comp. No. 1 Comp. No. 2 Camp. No. 3 Grantor Stephen C. Kidwell & Pamela Madera Cedar Ridge Office Park, LP D /FW Carrol Road, Ltd. Grantee Hines Southlake Land, LP Xaris Investments, Ltd. Bowen SL, Ltd. Date of Sale January 17, 2008 September 19, 2007 May 15, 2007 Unit Price ($ /SF) $12.00 $18.11 510.01 Relative Location 2,00 miles northwest 1,50 miles northwest 1.50 miles northwest Rights Conveyed Fee Simple Fee simple Fee simple Financing Cash to the seller Cash to the seller Cash to the seller Land Size 167,074 SF 163,568 SF 91,824 SF 51,444 SF Conditions of Sale Arm's length Arm's length Arm's length Market Conditions -0- -0- +1% Adjusted Price ($ /SF) $12.00 $18.11 $10.11 Location Suburban -0- -0- -0- Physical Characteristics Access average -0- -10% -0- Exposure average -10% -15% -10% Zoning AG /future RR -0- -0- -0- Size 167,074 SF -0- 4% -5% Utility average -0- -0- -0- Topography mostly level -0- -0- -0- Utilities All utilities available -0- -0- -0- Net Adjustments -10% -29% -15% Indicated Unit Value $10.80 $12.86 $8.59 Unit Value ($ /SF) $9.00 Value by Sales Comparison Approach ............................................................................. ............................... $1,503,666 Subject 167,074 SF , or 3.8350 acres , @ $9.00 Per SF .................... $1,503,666 Prescriptive Right -Of -Way 6,687 SF , or 0.1540 acres , @ $0.00 Per SF ..................... $0 Total Land Value 173,761 SF , or 3.9890 acres $1,503,666 See Explan.wion ofAdjustments with Reconciliation on the next page Page SCA -3.2 Whole: ® Part to be Acquired: ❑ Remainder After: ❑ Land: ® Improved: ❑ 09 -533 EXPLANATION OF ADJUSTMENTS WITH RECONCILIATION The sample is comprised of three sales that represent the subject's potential. Rigbts Conveyed - All the property rights conveyed in the sales represent fee simple ownership; thus, adjustments for property rights are not required. Financing — Each of the three sales were purchased with cash, or third party financing which require no adjustments. Sate Conditions — The sales are arm's length transactions and no adjustments are required. Market Conditions -- The sales were transacted from May 15, 2007 to January 2, 2008: For most sectors of the North Texas metropolitan market, appreciation continued in 'recent years until 2007. In January 2008, the Metroplex saw a record number of single - family home foreclosures. The meltdown of the subprime lending market, and collapse of major financial institutions, nearly halted commercial and residential lending. Development trends are downward, sales volumes have slowed dramatically, and demand for similar properties in the region is minimal /modest. Despite the government rescue plan, macro economic conditions continue to trend toward recession. Economic forecasts for 2009 are varied; however, the Texas economy is proving more resilient and less over- built as compared to Florida, Arizona, Nevada, and California. Based on our observations and analysis, appreciation rates for real estate in the area have flattened, and no adjustments are made to sales transacted after mid -2007. Sale 3 sold prior to mid -2007 and is adjusted upward approximately 8% annually to June 2007. Location — The subject is located at the east side of Kimball Avenue, approximately 704 feet north of SH 114, in city of Southlake in Tarrant County. All sales are located in Southlake near the subject property and do not require an adjustment. Physical Characteristics — Various physical factors influencing utility, e.g., frontage, topography, visibility, access, overall utility, and size are considered for each sale. Access — The subject has adequate access via Kimball Avenue. Sales 1 and 3 are similar in access as compared to the subject and no a adjustments are needed. Sale 2 is a corner parcel on SH 114 and is superior in access as compared to the subject and is adjusted downward 10 %. Exposure — Exposure is quantitatively measured by the amount of daily traffic passing the subject, considered critical for commercial land uses. The 2004 traffic count for the subject is 10,520 cars per day. Sales I and 3, with traffic counts of 77,710 cars per day, are superior in exposure as compared to the subject, and each is adjusted downward 10 %. Sale 2 is a corner parcel, with a combined 2004 traffic count of 82,340 cars per day, and is superior in exposure as compared to the subject. Therefore, sale three is adjusted downward 15 %. Zoning— The subject is located the city of Southlake and is zoned "AG" Agricultural. Although the current zoning for the subject property is zoned for agricultural, the highest and best use of the subject property is for commercial uses. All sales are commercial use properties that are similar to the subjects highest and best use, The land use plan for Southlake show the subjects future zoning as Regional Retail. No adjustments are made for zoning. Size— The size adjustment is based on the premise that, in general, the larger the tract, the less its selling price on a per unit basis. Typically, through experience with similar properties, a 5 % -15% adjustment for each doubling /halving (100 %) in size of the comparable to equate to the subject is considered adequate. A factor of approximately 5% is used in the subject comparison. Sales 1, 2, and 3 are adjusted 0 %, -4 %, and -5 %, respectively. Utility- All sales have similar utility as compared to the subject property and no adjustment is needed. Topography The topography of the subject is characterized as mostly level, and the subject is determined to be outside the 100 - year floodplain. All of the sales are considered to have similar topography and no adjustment is applied. Utilities — Water, sewer and electricity are available to the subject. All of the sales have similar utilities and no adjustment is applied. Reconciliation — in the subject and sample comparison the adjusted sales range from $8.59 to $12.86 per square foot. Considering the subject's location and physical characteristics, a unit value of $9.00 per square feet is believed to be reasonable. This equates to an indicated value of $1,503,666 for the subject land in the whole property condition. Subject 167,074 SF , or 3.8350 acres , @ $9.00 Per SF ..........1......... $1,503,666 Prescriptive Right -Of -Way 6,687 SF , or 0.1540 acres , @ $0.00 Per SF ........... $0 Total Land Value 173,761 SF , or 3.9890 acres $1,503,666 Page SCA -3,3 09 -533 PART TO BE ACQUIRED Highest and Best Use: The part taken is considered severed land. Its highest and best use is as part of the whole property. Contributory Value of Improvements (Itemized) $ 7,003 Wire mesh fermifi : 79 LF @ $4.80/LF, Less 40% de reciation $ 227 Barb wire fencing: 80 SF $4.25/SF, Less 40% depreciation $ 204 Grass: 5,713 SF $0.80 /SF, no depreciation . - $ .4,570 Iron ate: 16 SF $22.25/SF, Less 30% de reciation $ 249 Iron barriers: 18 LF P $18.25/LF, Less 30 %depreciation $ 230 Concrete drivewa : 554 LF $5.50 /LF, Less 50% depreciation $ 1,523 Total Contributory Value of Improvements _ _ _ $ 7,003 Total Contributory Value of Im ro ements $ 7,003 $ 56,403 Land Acquired Fee 6467 SF $9.00 Per SF ... $ 56,403 Perscri tine Easement 6,687 SF $0.00 Per SF $ 0 Total Land TOTAL VALUE AS A UNIT S 63,406 REMAINDER BEFORE THE ACQUISITION ,ontributory Value of Improvements (Itemized) .. - None $ 'otal Contributory Value of Improvements $ Total Contributory Value of Improvements $ 0 $ 1,447,263 Remainder Land 160 807 SF .$9.00 Per SF $ 1,447,263 Total Land TOTAL VALUE AS A UNIT $ 1,447 63 Page = 4,0 09 -533 Rig ht-of-Way Ac uisition: The proposed acquisition is in fee simple. According to the information provided by the client, the part to be acquired is 0.297 acres, or 12,954 square feet, of which 6,887 square feet is in a prescriptive right -of -way. Whole Property 3.9890 AC Or 173,761 SF Total Part To Be Acquired in Fee 0.2970 AC Or 12,954 SF Of which: 0.1540 AC Or 6,687 SF In Existing Prescriptive Right -Of -Way Unencumbered 0.1430 AC Or 6,267 SF Remainder Property .3.6920 AC Or 160,807 SF The length of the acquisition area is approximately 275.45 feet along Kimball Avenue, and is 22.69 feet wide at the north side and 22.72 feet wide at the south side of the property, exclusive of prescriptive right -of -way. The proposed taking does not bisect the remainder. The single family improvement is located approximately 305 feet from the new right -of -way. Also situated in and/or proximate to the acquisition area are utility lines and appurtenances, such as utility equipment, utilities easements, signs, and markers and poles. These items are assumed the property of others - unrelated entities of subject ownership. It is assumed that City of Southlake will negotiate the successful movement of these items where necessary, and without burden to the subject owner. There are landowner improvements situated in the proposed acquisition area. Items that appear to be the property of others {other than the subject owner} are not considered in the valuation of the subject. Improvements Located in the Part To Be Acquired Parcel 6 - Owned by Emory and Marlene Ivester 501 North IGmball Avenue, Southlake9 Tarrant County Texas HIGHEST AND BEST USE ANALYSIS The part to be acquired is rectangular in shape, and could not be developed as a self - sustaining property. The proposed right -of -way parcel is considered severed land. Its highest and best use is as part of the whole property. Since the area to be acquired is not an economic unit, a value estimate cannot be supported by a direct comparison with comparable data in the market. As a result, the proposed acquisition is valued as a part of the whole property. Page 4.1 09 -533 ..Proposed Fee Simple Acquisition Improvements Quanti Wire mesh fencing 79 LF Barb wire fencing 80 SF Grass 5,713 SF Iron gate 16 SF Iron barriers 18 LF Concrete driveway 554 LF HIGHEST AND BEST USE ANALYSIS The part to be acquired is rectangular in shape, and could not be developed as a self - sustaining property. The proposed right -of -way parcel is considered severed land. Its highest and best use is as part of the whole property. Since the area to be acquired is not an economic unit, a value estimate cannot be supported by a direct comparison with comparable data in the market. As a result, the proposed acquisition is valued as a part of the whole property. Page 4.1 09 -533 PARCELSKETCH POINT Or BEGINNING S 58 "28' 54"W 47,04` t i STEPHEN 7. HAa'VZ BLOCK A f L463�FNCF- EPIC GPA! - Rt"3OPION SUF(+7vm EN THE C2(SUNi) NOYME.ER 12. 70M f t E rF� rl% M1 " - 39n;1, r F Ul.C3_ �j s N 88"22'26"E -. = L l�rjXmE L 13PITT . 6,267 f +? klFtfi'E'A!N - � ° FCSS I PROP�FFY CORfgrP ]L� Z �� SUP.` `'" ALL PROPERTY C)1'h F �RF S; r IrOri LhJti) Sl3RVcYUR .. 5 ATi OF fF �S NCI: 167 p2+ '1?i�f RF ?4 F'Z3D SF i s� t �n I p 4 tn € I EMORY O. JVESTER AND WIFE, MARLENE J. fVESTER r� 1 I VOL. 9974, PG. 3 168 rte. D.R.T.O.T. r } I - rn f r, I i/7 iRoN ROD SU POINT Or BEGINNING S 58 "28' 54"W 47,04` t i STEPHEN 7. HAa'VZ CITY 'OF SOUTH LAKE o f 1 400 MAIN STREET, SOUTHL KE, TEXAS, 76092 NORTH KIMBALL .AVENUE. PHASE I, S.Ha 114 TO PATTERSON WAY _ L BIT "B" j k3;�trPr Cgt&�'FORn IGHT -4F— A° � a RE Or LA14D TEq TH E AN SUS E GT 1Vn:''5S A-1 VVM1 ARRANT 'COUNTY, EXAS SCALE 1"— 60' 09 -533 Page 4.2 AREA TABLE 0.297 :ACRE TOTAL - 1 2t9'�� '�Q «�. SUF(+7vm EN THE C2(SUNi) NOYME.ER 12. 70M f t E rF� DA 54- ACRE IN PRESCRIPTIVE RIGHT - 41' --WAY w �j s w4; ACRE NET SQ FT -. = L l�rjXmE L 13PITT . 6,267 f +? klFtfi'E'A!N - � ° FCSS I PROP�FFY CORfgrP r REG ED PRtOF'E5'5FCt3�'. �� SUP.` `'" ALL PROPERTY C)1'h F �RF S; r IrOri LhJti) Sl3RVcYUR .. 5 ATi OF fF �S NCI: 167 p2+ '1?i�f W11i 1 GSP I EtR' TTAJ'J &. CRAW �R €? ' CITY 'OF SOUTH LAKE o f 1 400 MAIN STREET, SOUTHL KE, TEXAS, 76092 NORTH KIMBALL .AVENUE. PHASE I, S.Ha 114 TO PATTERSON WAY _ L BIT "B" j k3;�trPr Cgt&�'FORn IGHT -4F— A° � a RE Or LA14D TEq TH E AN SUS E GT 1Vn:''5S A-1 VVM1 ARRANT 'COUNTY, EXAS SCALE 1"— 60' 09 -533 Page 4.2 PROPERTY VALUATION SUMMARY Whole: ❑ Part to be Acquired: ❑ Remainder After: HIGHEST AND BEST USE ANALYSIS The Highest and Best Use analysis should consider the .reasonably probable and legal use of vacant land, or improved property considering legally permissible, physically possible, financially feasible, and maximally productive. See Page 5.1 VALUATION APPROACHES The subject is a 3.6920 -acre tract improved with a single family dwelling. Damages to the remainder property are not anticipated. The subject's highest and best use does not change. The cost, sales comparison, and income capitalization approaches in relation to improved properties are not applicable for appraisal purposes, and are not included in the valuation of the subject. The land is valued by market comparison with similar tracts of land using the sale comparison approach. The result is a value indication of the subject as is. CostApproach .................. ............................... ............................NIA Sales Comparison Approach ............................ ............................NIA IncomeApproach .............. ............................... ............................NIA Based on the foregoing, our opinion of the market value of the subject property in the remainder condition is $1,447,263, and is summarized below. Contributory Value of Improvements {Itemized} $.... 0 None $ 0 Total Contributory Value of Improvements $ 0 Land Value 160,807 SF , or 3.6920 acres @ $9.00 Per SF = $1,447,263 Reconciled ]Final Value .................................................. ............................... $1,447,263 Each a roach developed Follows this page and is se uenced as shown below. Land Valuc, Cost Approach, Sales Comparison Approach, Income Approach, P . SCA 5.3 -5.4 P . NIA P . N/A P . N/A Page PVS — 5.0 09 -533 Remainder: The remainder is comprised of 3.6920 acres, calculated, or 160,807 square feet, calculated. Whole Property 3.9890 AC Or 173,761 SF Total Part To Be Acquired in Fee 0.2970 AC Or 12.954 SF Of which: 0.1540 AC Or 6,687 SF In Existing Prescriptive Right -Of -Way Unencumbered 0.1430 AC Or 6,267 SF Remainder Property 3.6920 AC Or 160,807 SF Remainder After The Acquisition As A ecterl By The Fee Sim e Takin After the taking, the subject retains its highest and best use will continue unchanged, The proposed acquisition does not adversely affect the property or limit use of development potential. As if complete and in place, the road project improvements are a general enhancement in the neighborhood and are not judged to enhance a specific property. The subject front yard setback is less than the minimums stated in the zoning ordinance. The subject property is appraised on the assumption that the property is a legal non - conforming use. HIGHEST AND BEST USE ANALYSIS Four basic criteria are examined in estimating the Highest and Best Use of a property both as vacant and as improved. These are: a) Possible Use - the uses to which it is physically possible to put on the site in question. b) Permissible Use (Legal) - the uses that are permitted by zoning and deed restrictions on the site to question. c) Feasible Use - the possible and permissible uses that will produce any net return to the owner of the site. d) Highest and Best Use among the feasible uses, the use that will produce the highest net return on the highest present worth. HIGHEST & BEST USE AS VACANT Possible Use: In arriving at an opinion of highest and best use for the subject, it is first necessary to determine if the physical characteristics of the site - such as soil conditions, topography, shape, and frontage were favorable for development. Soil conditions vary throughout the area, and sometimes require particular engineering. The subject topography imposes no problem to development, and the site is of sufficient size, shape, and frontage to be economically adaptable to numerous uses. The size and shape of the site is adequate for commercial use. Permissible Use: The site is located in the city of Southlake and is zoned AG. The purpose of the "AG" Agricultural District is to provide for compatible land, building and structure uses primarily oriented to agricultural farming and ranching, and extremely low density residential purposes. The district may also serve as a transitional land use element pending future, more intensive urbanization; open space for the protection and enhancement of scenic areas, vistas, and recreational uses; and low density development where unusual or problematic soils, topographic conditions or sensitive ecological features are present that would normally not be conducive or appropriate to more intensive forms and patters of urbanization. Permitted uses consist of farms, ranches, orchards, truck gardens, plant nurseries, single family detached dwellings (on at least one acre) housing of the owner or operator of agricultural use, supplemental single family detached dwellings for full -time employees, city halls, fire and police stations. The future land use map calls for "RR" Regional Retail. Development within this land use may consist of a single large anchor store or have multiple anchor tenants (department, supermarket, drug, home improvement, sporting, variety, or specialty) along with pad sites developed on the fringe of the area. Feasible Use: The surrounding properties and land uses are considered for compatibility in determination of feasible use, In the vicinity there is St. Laurence Episcopal Church along the north side, single family residential along the east side, single family residential along the south side, and industrial (across Kimball Avenue) along the west side. Based on the land usage pattern of the surrounding area, the layout, location and frontage/visibility of the site, the most feasible use is considered to be for commercial use. Highest & Best Use: The subject's location along Kimball Avenue, just north of State Highway 114 is easily accessible. Kimball Avenue is a two lane, undivided, paved road. According to the enclosed flood map No. 48439CO205H, dated August 12, 1995, the subject is determined to be outside the 100 -year floodplain, within the Zone X. For commercial use, location is considered average for appeal within the market. Access is rated average. Electricity, water, sewer and phone services are available to the subject. Based on the foregoing and future land use patterns, it is concluded that the highest and best use of the subject tract is for a commercial use, as demand warrants. HIGHEST & BEST USE AS IMPROVED The subject is improved with a single -family residence and associated site improvements, which are currently occupied. The intended use of the improvements is as a single- family residence. The improvements are adequately maintained and have a significant amount of remaining economic life. The current use indicates this use is feasible and is concluded as the highest and best use as improved, and indicates an interim use until demand warrants commercial development of the land. Page PVS — 5.2 09 -533 SALES COMPARISON APPROACH V A T 7T A TinN!"_UM Renresentative Comparable Sales Subject Camp. No.1 Comp. No. 2 Comp. No. 3 Grantor Stephen C. Kidwell & Pamela Madera Cedar Ridge Office Park, LP D/FW Carrol Road, Ltd. Grantee Hines Southlake Land, LP Xaris Investments, Ltd. Bowen SL, Ltd. Date of Sale January 17, 2008 September 19, 2007 May 15, 2007 Unit Price ($ /SF) $12.00 $18.11 $10.01 Relative Location 2.00 miles northwest 1.50 miles northwest 1.50 miles northwest Rights Conveyed Fee Simple Fee simple Fee simple Financing Cash to the seller Cash to the seller Cash to the seller Land Size 160,807 SF 163,568 SF 91,824 SF 51,444 SF Conditions of Sale Arm's length Arm's length Arm's length -0- -0- +1% Market Conditions Adjusted Price ($ /SF) $12.00 $18.11 $10.11 Location Suburban, roadway -0- -0- -0- Physical Characteristics Access average -0- -10% -0- Exposure average -10% -15% -10% Zoning AG /future RR -0- -0- -0- Size 3.692 AC -0- -4% -5% Utility average -0- -0- -0- Topography mostly level -0- -0- -0- Utilities Net Adjustments All utilities available -0- -10% -0- -29% -0- -15% 1 1ndicated Unit Value $10.80 $12.86 $8.59 Unit Value ($ /SF) $9.00 Land Value 160,807 SF , or 3.6920 acres @ $9.00 Per SF = $1,447,263 Value by Sales Comparison Approach : ......... ......... .................. ............... .................... $1,447,263 See Explanation ofAdjusiments with Reconciliation on the next page. Page SCA -5.3 Whole: ❑ Part to be Acquired: ❑ Remainder After: Land: ® Improved: ❑ 09 -533 EXPLANATION OF ADJUSTMENTS WITH RECONCILIATION The sample is comprised of three sales that represent the subject's potential. Rights Conveyed - All the property rights conveyed in the sales represent fee simple ownership; thus, adjustments for property rights are not required. Financing — Each of the three sales were purchased with cash, or third party financing which require no adjustments. Sale Conditions — The sales are arm's length transactions and no adjustments are required, Market Conditions — The sales were transacted from May 15, 2007 to January 2, 2008. For most sectors of the North Texas metropolitan market, appreciation continued in recent years until 2007. In January 2008, the Metroplex saw a record number of single - family home foreclosures. The meltdown of the subprime lending market, and collapse of major financial institutions, nearly halted commercial and residential lending. Development trends are downward, sales volumes have slowed dramatically, and demand for similar properties in the region is minimal /modest. Despite the government rescue plan, macro economic conditions continue to trend toward recession. Economic forecasts for 2009 are varied; however, the Texas economy is proving more resilient and less over- built as compared to Florida, Arizona, Nevada, and California, Based on our observations and analysis, appreciation rates for real estate in the area have flattened, and no adjustments are made to sales transacted after mid -2007. Sale 3 sold prior to mid -2007 and is adjusted upward approximately 8% annually to June 2007. Location — The subject is located at the east side of Kimball Avenue, approximately 704 feet north of SH 114, in city of Southlake in Tarrant County. All sales are located in Southlake near the subject property and do not require an adjustment. Physical Characteristics — Various physical factors influencing utility, e.g., frontage, topography, visibility, access, overall utility, and size are considered for each sale. Access — The subject has adequate access via Kimball Avenue. Sales 1 and 3 are similar in access as compared to the subject and no a adjustments are needed. Sale 2 is a corner parcel on SH 114 and is superior in access as compared to the subject and is adjusted downward 10 %. Exposure - Exposure is quantitatively measured by the amount of daily traffic passing the subject, considered critical for commercial land uses. The 2004 traffic count for the subject is 10 ,520 cars per day.. Sales I and 3, with traffic counts of 77,710 cars per day; are superior in exposure as compared to the subject, and each is adjusted downward 10 %. Sale 2 is a corner parcel, with a combined 2004 traffic count of 82,340 cars per day, and is superior in exposure as compared to the subject. Therefore, sale three is adjusted downward 15 %. Zoning -- The subject is located the city of Southlake and is zoned "AG" Agricultural. Although the current zoning for the subject property is zoned for agricultural, the highest and best use of the subject property is for commercial uses. All sales are commercial use properties that are similar to the subjects highest and best use. The land use plan for Southlake show the subjects future zoning as Regional Retail. No adjustments are made for zoning. Size— The size adjustment is based on the premise that, in general, the larger the tract, the less its selling price on a per unit basis. Typically, through experience with similar properties, a 5 % -15% adjustment for each doubling /halving (100 %) in size of the comparable to equate to the subject is considered adequate. A factor of approximately 5% is used in the subject comparison. Sales 1, 2, and 3 are adjusted 0 %, -4 %, and -5 %, respectively. Utility- All sales have similar utility as compared to the subject property and no adjustment is needed. Topography - The topography of the subject is characterized as mostly level, and the subject is determined to be outside the 100 - year floodplain. All of the sales are considered to have similar topography and no adjustment is applied. Utilities Water, sewer and electricity are available to the subject. All of the sales have similar utilities and no adjustment is applied. Reconciliation — In the subject and sample comparison the adjusted sales range from $8.59 to $12.86 per square foot. Considering the subject's location and physical characteristics, a unit value of $9.00 per square feet is believed to be reasonable. This equates to an indicated value of $1,447,263 for the subject land in the remainder after condition. Land Value 160,807 SF , or 3.6920 acres @ $9.00 Per SF — $1,447,263 Page 5CA -5.4 09 -533 Damages To The Remainder Property After the taking, damages to the remainder property are limited to the costs -to -cure. The data do not support any other damages. Other than costs -to -cure, the data do not support any damages in relation to the fee simple acquisition. COMPENSATION SUMMARY WHOLE PROPERTY: The market value of the whole property is ................................... $1,510,669 PART TO BE ACQUIRED: Considered as severed land, the fee simple title to the part being acquired for roadway purposes (less oil, gas and sulphur and subject to existing easements, if any, which are not to be extinguished) is ...... : .................. . .... $ 63,406 REMAINING PROPERTY: The value of the remainder immediately before the taking is ............. $1,447,263 Considering the uses to which the part taken is to be subjected to, the market value of the remainder immediately after the acquisition is ............. ............................... .....................$ NET DAMAGES OR ENHANCEMENTS, if any ........................... ............................... $ 0 Cost -To -Cure, if any ........................................... ............................... $ 206 TOTALCOMPENSATION ...................................................... ............................... $ 63,612 Page 6.0 09 -533 TAX INFORMATION Tarrant pralsal District Real Estate aeta�E�oo� Account Nu bet: 03895615 Georeferenc( :: A 5275.513(10 Property L,acation:501 N Kimball Ave: Southlake Owner lriformation: Wester, Emory O Etux Marlene 2930 River Crest.,St Grapevine Tx 76051 -2631 1 Friar Owner Legal Description: Freeman. Samuel Survey A :525 Tr 51306 Taxing Jurisdictions; 022 City of :Southlake 220 'Tarrant County snowav, €rat ;sn 224 Tarmnt County Hospital Dist 1 {ome.;tt.r I Eiem�tio :3s ' - 225 'Tarro County College :Uist 919 Carroll 1SD 20G9 Notice Seat: 04/30/2009 Exemptions None Property Data Deed Date: 06/29/1990 Deed Vol - , 009974 Deed Page 1 169 Year Built: 1951 Pct Complete. 100 TAD Map. `? i 14 464. MAPSCG. 02611 Agent: Nome watt seta url: v vhe } ici. , rt) - C]ueslians and c cdm iienls: WMR" ' ' CcPY ^Bhk�199y <YOpS :Tarran {app Protest Deadline: 06/01/2009 Protest Filet[ Class: (103 6 state .CRr}de:r \1 Sing. J Family Garage Ba,s:0? cent ml Air: N Central Heat' N Pool. N org Real estate data updatedt tk D9121ft Met All righ&resorVed.... 09 -533 5 -Year Valu History Tax Yea %RAPT' Kok �f raE fipPraos�cS Lind Appraised imt it 1 Appraised Totai I Rwarket Land Uatket .mpr M „ r�l ^ _...., S167 SW I i ._.. . $ S,tifHY � �42.R4(J $187 0[k7 555 $00 $Z4� RCt0 'h(l7 N�! S ]R7 Si $ $242 8(H X187 i)C)D� �55 R[k1 $242,8(K) � (H15... aX) $150 off? $4970 ' $15[11Ck3 t9,7tH $' 2LN)a _.. u.! i?1.fi48 _._ _... �. $40.20W $171 9481 $131.649! $40,20E), 5171,80 20G9 Notice Seat: 04/30/2009 Exemptions None Property Data Deed Date: 06/29/1990 Deed Vol - , 009974 Deed Page 1 169 Year Built: 1951 Pct Complete. 100 TAD Map. `? i 14 464. MAPSCG. 02611 Agent: Nome watt seta url: v vhe } ici. , rt) - C]ueslians and c cdm iienls: WMR" ' ' CcPY ^Bhk�199y <YOpS :Tarran {app Protest Deadline: 06/01/2009 Protest Filet[ Class: (103 6 state .CRr}de:r \1 Sing. J Family Garage Ba,s:0? cent ml Air: N Central Heat' N Pool. N org Real estate data updatedt tk D9121ft Met All righ&resorVed.... 09 -533 ZONING MAP z �s�roii�iur� NM This data has been compiled for the City of Southlake. City of Southlake Various official and unofficial sources were used to 1400 Main Street City of Southlake gather Ns information. Every effortwas made to y Southlake, TX 751)92 ensure the accuracy of this data, however, no 5/2012009 guarantee is given or implied as to the accuracy of 09 -533 ZONING ORDINANCE tel: l iJIZI.: [)151'11(_"1' �) i t't i i 6SF ANi) ] \i ] ] \']; - "1'hc purjjosc ol fie �1fi ".AgHcultt ra t ktrict is.io provide. too Lt land, b�:aiidir�b ,ttaif structure uses priinariiy �a62MOd - Its a0ctiltUV l t'aaan'in" a:nrf ranching, and W clehohy i ydentii it pd pr ses.. Th(, district mly also some as {1) n trarr Aimml Ind use elove:nt_panding'y Mum. hnm imensive- rarhani A1!f1n: '(1) open space kw the prc3t.cobn mid enhanctiveni ofscmil areas visors, and ree.rcaUnnal usm and (3) low E�tiSitytfuti riii[intttili4fi r�`i.aiit.iettal orprcblethkic sciil:s;wpUrgaphic eohdibomf carsensidVe ccologirtt i'catures a'represc:w 'that would 0oriindly not lie conducive or ,approprimclo more inlcw4ivc, Fornis and patterns of eit'htaniraticsn. 7t ri��)rlttat tl U;c� - F inns r;inclics, orchards, truck,flard,4,ns, nzirscrie:s filar lire arc wind .�!'fal ants and similar.aata itlan nelhidetihWhri thi,'ugvAng sa? plhnts -and rtLh& ;md prastur4itz or wstt!n wel"ifig aacce.,,tary feeding pens Iitttnot coiaarae.reiai !' ding pots. provided (hat tic) operation shall he obnoxious r ofiblisive. IZer�iali�niial t`�c tiintole :fiwhily` detached tl4 dffings hwising lie owner of ctl�crrrtr.r cal` the <a�rieraltural u4r:. upon �tiviticii siiid aJwj lTtti i .siiticatcd L r Tq 1a . jLLjutrd. prnvivied the she ahoudiJanlo wive t sitleittial dwdlilr;Y un shall nor bo on tlwn owl D umer 1 5"plctiamal wnas.,le Tivinaly :detached dwelling ts:se:sl cxc;losively liar the hoosing.of tall -lim(, c:iiiployc6 ernployed on the prciniscs 1r3r the 4xj7rutis put po of banaging 6 +alaei'ii h r tl 0 a isYiCklltairtal Lisa cat ii i. or the t��s ncr retiiding can the sarno trart.trt1uh 1. CD -nil t=Ih _l: ictlgy jI - City hale, fiire ziitd police sin ions and o ltcr amoicipail uses. ?.., 1C C t tit a Y' Z�S1::S - in addition to rlu se acLnw, UM specit icWI �aM110riletl eta �ecti�?ra 4 o his oriiinancc, qn..y a c, inny toe i mablished as un latxegsori lice to a 17erniiaod use when ii emigh with tlti ecinditions fear an <tccc , sor y use i s c e hied .in this Girdinanec.. 7.•i SPt:C,il�tt:.'tftil I'f__K C,i,l 'Spc6iic use pennies ' may be approved by the Chy Councli follo"ving a reconamendatioo from the Planning caaad Zoning Commission as sl authtn ire: €i iii Section � a:rl� this e -�ri inance. subject it) ftilI and complete compliance With atay rand all condiiicns, required in Section 45. together wiih any otlier conditions as the City (".coiled naa) hri ;at»e., Any use aaccessmy to list talaptcivcd specific vise perinit shall be 9- 04 -533 ZONING ORDINANCE — CONTINUED ncri withmit sT10,6f s)pProv,'0 i . fit COTUllcs with the condifiims f6r It'. aCCCSS0I LlSi ils dofijliecl in this oalil); f As amonded by Ordinance No. 4804.'.) 3 DFV t1. - In this dislrict, the 1 lowilig Cleve lopment rcgil I, Shall tic applixable: No boildiog or su - uclurc shall execed two and one-lialf ( 1/ SlOrics. IIQI' shall it e%ce(- thirty-livc (35) rt,etl 1). F'rolit Yard: ThefLshafl be. I front .yard ornot icsS thm) furty.(40) feet. C. Sildc Yard: '.1"hexe. SlIzill be Z side ylird.of not less thnn I weWY-flyof2 feet. (1, Rimr Yzml: '(he sh',111 be a rm yl•cl of tl()( less 1.111 forty (40) fect, Al c. IN i 11111111 Lot C'ovcragt -: All btiildings or structurosshall 118V ;I 11111'Ximum lot Coveraac lei) (.10 percent a la t area Thc bLe: 1P, fic 1; 111 i iatioll olficr that . I. the tcq (1() p lot covoragc requiroTWO1 Ott flic or accessory buildings. f. kot A ron Tll� . mil . limu . m . a .. rou ora i shall he roue hundi'M tbiny-fl thousand six , I umdred (435,600) -�qiiarc f6cl. 'a - I ninimum width or three; hund (300) felt Lot Dimensioms: F' ch lolshall J I EIJI(] ti jtlifliITMJTT kiepffi of live hundred (500) rect, 010US-' 11 I a d Floor Area: Tho mum rusidenec shall comain a MilliM1,1111 0f fIVO hundred ( 1.500) sc;t.i rect offloor area. i. - n - 1 -5 Maximum Residenti2J Dcn The maximuz. - n Jim L er of dwel lillf' Ullit-9 11Cr aCt• shat I he 0. 10. q �j a, side- vqrds- set Fill-j.) ti.rij QSes-0 'Cal C1 19 i , this z o n i n c , t r }° is not 1:? he fioights or other buErl considcrcdn resid OTIlial eta I Tk� I A L 1 � �'LRI Q—ND fi L S p ec ja I ex c c 0 t i o n u s e,- may be a p p ro v c d I I e 130a rd o f ... I... ... .. ...t �f dJ it'll McItit Wi Specifically authorind in ScWc)T.i 44 or this ordimmcc sob W full olid complctc cnin plimlice tisllt any and all conditions r in Section 44, togcthor with 1111y nom u-Inditions its the Board of•Adi iustroet . It . n1a) impose. Any use access Ty to an approved Speck eac pticart Ilse shall lie permit.Wd without specific. pipproval if it compfies with IhL condifinn's:ror M) accotiEtit3 ° trsc i sdepned 'm ifii.5 ordinance: Ms.arnended by Ordinance: No. 9 09-533 FUTURE LAND USE MAP t i t o il a 3. 3 4, b '� e + W ' E - � F f MV a F � H , ju gg I F f S i t S ♦fi gg �_iw$4� s4 s.a e � a q Wn oil MI OAK M a q C j q 5 ° j �r Al E l li C CE IT ti t o il a 3. 3 4, b '� e + W ' E - � F f MV a F � H , ju gg I F f S i t S i t S H4 .S Im FLOOD CAPE CITY €RMiits :. North LONE 48%12 �.g n Fri Map NVI KLL S R _.. Ul FAM D ST . ".. wit Janet HIA Cf- DO Wt. ��.3 �s Branch Effective DaU 50 .r August 2.4995 cm w 6EO Flood Legend i ZONE x High flood risk rr " Moderate hood risk H4 .S Im ®1499 -2009 SourcriProse Gom6mtion: All 6ahts reserved. Pidected by U S. Patent NkjnibFSrs 6839326: 9679615. 6842695. and 70 09 -533 FLOOD CAPE CITY OF SO TTY LAKE �. 48%12 �.g n Fri Map Mao Number ".. 48439CO2 05H Effective DaU 50 .r August 2.4995 Flood Legend i High flood risk rr " Moderate hood risk El Low Hood risk This raport rnako& M rapreow or W�fivs CUnCamirjq RR wnl®nt, aC re tit omvletene6s. 3 �TE�t3online.cvm 469.574.1234 f 8w 24 Puvier®d by FbodSourca geodsourcn.mm ®1499 -2009 SourcriProse Gom6mtion: All 6ahts reserved. Pidected by U S. Patent NkjnibFSrs 6839326: 9679615. 6842695. and 70 09 -533 09 -533 County: Tarrant or/Lessor. Stephen C. Kidwell & Pamela Madera Grantee/Lessee: Hines Southlake Land LP Jan 17 2008 Recording Information: 2008 - 020968 Mapsco: FW -12 -H ss: NE /s of SH 114 1 500 feetNW of Hi land StreeL Southlake Tarrant Zip Code: 76092 County, Texas Description: Land situated in the Larldn H. Chivers Surve Abstract 300 Tract 3501 CA of Southlake Tarrant County, Texas rmed Price: 1 9 5 9 62 816 Verified with: Tom Allen Aizent and Conditions of Sale' Cash to the seller I Data: Size: 3.755 AC. or 163:568 SF Unit Price as Vacant: $522,721/AC, or $12.00 /SF Street: Highway Utilities: All utilities available oventient(s) Description: N/A Unit Price as Improved: NIA ovement(s) Size: (GBA): N /A" (NRA): SA ition and Functional Design: N/A ent Use: Vacant land Highest & Best Use: Commercial of Inspection Ma�2009 Zoning: C -2; City of Southlake Flood Plain: None tional information: The 7o is an inerior aazcel with a roximatel 210 feet of frontage along SH 114. The roe was urchased in cori'uctioii with the develo rrient of Carillion a master planned communi com rised of retail office, hotel, and residential. •aiser: Charles Stearman June 5 09 09 -533 Grantor/Lessor: Cedar Ride Office Park LP Grantee /Lessee: XariS investments LM. Date: September 19, 2007 Recording Information: 2007 340660 lVlapsco FW - 26 - B Address: NW /c of SH 114 and Carroll Road Southlake Tarrant county, Texas . Zip 76092 Legal Description: Land situated in the 114 & Carroll Addition Block A. Lot 7R1 City of Southlake. Tarrant Coup Texas . Confirmed Price: $1,663,078 Verified with: Tom Allen, Agent Terms and Conditions of Sale: Cash to the seller Rental Data: Land Size: 2.108 AC or 91,824 SF Unit Price as Vacant: $788,93 6/AC, or $18.11 /SF Type Street: Highway Utilities: utilities available Improvement {s} Description: NIA Unit Price as Improved: N1A hnproventent(s) Size: (;BA): NIA (NRA): N/A Condition and Functional Desigu: NIA Current Use: Vacant land Highest & Best Use: Commercial Date of Inspection• May 2_009 Zoning: C- 3,.City, of Southlake ' Flood Plain None r (fiffida l mtdtmau$nrrne' e�4 " r arc& vcira a oXili���8 �YSt,�f - Fcnii 4 s a ¢ 17 4r .anvro imat 200 feet of fronta e along Carroll Road. The ro a was urchased for develo 'ment of a medical office. All utilities are available. Charles Stearman June 5, -2009 Grantor/Lessor: Date: Address: Legal Description: D/FW Carrot Road, Ltd. Grantee/Lessee: Bowen SL Ltd• May lw 5 2007 Recording Information: 2007- 177996 Mapsco: FW -26 -B NE /s of SH 114 at CasV Court, Southlake Tarrant County, Texas Zip Code: 76092 Land situated in the Oaks Addition Block 1 Lots 19A & 20A Cily of Southlake Tarrant QguntL Texas Confirmed Price: $515,135 Verified with: Tom Allen, Agent Terms and Conditions of Sale: Cash to the seller Rental Data Land Size: 1.181 AC or 51 444 5F Unit Price as Vacant: $436,185 /AC. or 510.01 /SF Type Street: Hi 2hway Utilities: All utilities available imp . rovement(s) Descriptions NIA Unit Price as Improved:N /A Improvement(s) Size- (GBA): N/A (NRA): N/A Condition and Functional Design: NIA Current Use: Vacant land Htghest & Best Use: Commercial Date of Inspection: May 2& M09 Zoning: SP -1 Cfty of Southlake Flood Plain: None Additional information: The' Lo R egy is an interior parcel with approximately 300 feet of fro=ge along SH 114. The propeM was ac uired for development of a small office buildin Appraiser: Charles Stearman June S, 2D49 09 -533 COMPARABLE DATA SUPPLEMENT Parcel No.: 6 Project Kimball Avenue County: Tarrant Land Sale No. 3 LETTER OF NOTICE P HATLT,YCoRPC TdknoN Real V�6te. Can YEe nrfe(IPy1es, MAI, SRI WA Jun WhafloP, M-41 Slit W4 M J 20 t It #i3 anel 1iarhne Ivesi.ur 930 Jai Lr Crest Strocl (inipeville. Texas 1�i i fi]: t g lu t;, ccr[ilied €111ulil, rc1€arri TO"i - pt requested. articlery .nr+, 7008 1300 0000 3664 I , Whom It .,Mn C "Otit:enn: T)w City of' Soutlilake ha enp.agod mir Zinn to.06 :a €etil dstite i{jprai5al of a lia'e717csed t�erluitiitic3ti trot c 1� vtrui property ter lcscc €ted "honk) i�'ii bn1l = vt n7r. o in the t u�� o timuthl. €l:e. I,rrraric coulav, "rc tty, '1lris eii t €LLmei]t iw iii Coll ii�?s� �til1] ilte. Kimball f1vc. €sue Project I'Or roa dwfly wialnitit*, In pt%ejxari €tion i'or die project the cite rec Lrires Ipy aicztls of tlic I?i'ol7ci "hc� �rff °�C'.I�'Cl. \V , would U to mcct NvAb you and in—s'pec', your property i -iii' re r$ :6faale purpcks, PleaSe tcicphojw Eric Daniels with our (A'ficu at ? 1 4-34(Y- to arran`pc an :i ipointai tnt and distuss tt�ur t?roper(._. 1;nelose.d aw copiers ns tlae: proposed liticiuisiLion d sciiption 01-d drawin <.;''0 Your C'YLES WI'3rtT EY :CORPORATION : Charles Stearman rest C:ciitr<ri I)rivQ 777 Ma Street S]titc ?�.fE Suite 601) Dallas- 1G!xa�z 75243 «X{�4 Piles,Whut1c Por[WC,arlh. 1e %6576102 Phis nc i ! 1 <h 340 -`_ 880 Toll l `r�=i (800-i 340-2106 Phcaiic : S 17)'887 -8176 l tx f:'14) 3 0 -5 :1?- 1 rix fR17j :887- x;1`77 09 -533 USPS CERTIFIED/RETURN RECEIPTS 09 -533 '.. Er. L t t P f E t i!L4 - . Qt 7iV3e'1 ..ATJ„Ft ?w :IYys )gy{ atta4F rri f ,rj mid MafleT e r r� 2930 River Crest. SIr&t s, J Grapevine, `I exas 7601 .! . L , e 09- 5,'3 /LD rovmx uaab, vervx;vx:as. fi mi s,'.,i� II II f 1111 11 ,10 1 11 1 0. cornplate itams 1, P, and 3. A(sa sompTeta ftmtum item Alf A friciad Ulvary is dWr r r ® Prim your name and address on the reverse , era that we can mfum Ole card tO you: Attach this €%rd to the track of the Tnallpi . i e es� by ( Psfreed *rliq) ! to of [o€ €vgry or 6n the fftint if perm 1, 6 t1 #f ddd �£f 4ca° ° D. €s 1 =vary atidr s#e rr it #r Sm it ist 9? Yoa K YES, Onter dallvary sddrm W. 6vr:. " No 2930 River C wet Street Grapevir€e 7 exas 60- 09.5 3 3! FD 3. somob T ypo 0 Ommw t 0 Exaeo, maA - - - - . - : : 0 Roglaterad 0 F36tPtt7""e fl pt for om- hm-disa � Insrar�3 hfis31 L7 �:Cg.�. �ra;�sr�rfront o�e�p 717U8.,136 ©C7 Ci 366,4;:'59114. - P9 FOrm �3� , Feb tvy 2W Gtjv jfc ibtetrr Receipt ai�95fi2 A44SUG 09 -533 APPRAISER'S CERTIFICATE Parcel No 6 - Kimball Avenue Southlake, Tarrant County, Texas The undersigned do hereby certify that, except as otherwise noted in this appraisal report: T have nn nrPCPnt nr nrncnective interest in the nropertv that is the sublect.nf,this report. T have no bias with respect to the property QUALIFICATIONS CHARLES STEARMAN Appraisal assignments include retail properties, office buildings, and industrial properties, automobile dealerships, convenience stores . restaurants, religious facilities, land development, and specialized properties, single- and multi - family dwellings, right -of -way acquisitions, access rights, surplus property, easements and condemnation work, as well as feasibility and marketing studies. Experience ■ Engaged in appraisal work since 1998 ■ Real estate broker specializing in single- family sales, leasing, and property management • President and co -owner of Maverick Management, Inc., Arlington, Texas. Responsible for policy and procedure implementation, contract review, leasing and management of single - family residences (1995 — 1998). • Director, Property Management & Leasing, Van Zandt, REALTORS, Arlington, Texas. Developed and implemented department policies and procedures, oversight of department staff, agents and operations, advising company clients, sales, leasing and management (1992 — 1995). • Instructor George Leonard School of Real Estate, Arlington, Texas. Instruct students in courses requisite to real estate licensure 1995 -1999. ■ Accepted as an expert witness in condemnation proceedings Education ■ Texas A &M University ■ Abilene Christian University' ■ Tarrant County College ■ International Right-of-Way Association ■ Appraisal Institute Professional State of Texas State Certified General Real Estate Appraiser, No. TX- 1335388 -G ■ Approved Appraiser = Texas Department of Transportation ■. State of Texas � Licensed Real Estate Broker, No. 0363379 • Candidate — SR/WA Designation, No. 2714 • Member, International Right of Way Association • -'IRWA Chapter 36 Education Committee Chair, 2008 • IRWA Chapter 36 Secretary, 2009 ■ Member, Arlington Board of REALTORS, Texas Association of REALTORS and National Association of REALTORS ■ Board of Directors, National Association of Residential Property Managers, Tarrant County Chapter, 1995 -1996 ■ Member, Texas Association of Business Brokers 09 -533 QUALIFICATIONS ERIC DANIELS PYLES WHATLEY CORPORATION, a real estate appraisal and consultation firm conducting assignments throughout Dallas/Fort Worth area and surrounding counties. Appraisal assignments include existing office /warehouse buildings, single family residential, condominiums, multi - family, as well as land development. Experience From 2003 to present, Appraiser in the state of Texas. Four years experience in residential real estate. Education Completed numerous appraisal courses and seminars conducted by the Appraisal Institute and various real estate and financial organizations. Professional Titles ➢ Certified by the State of Texas as Licensed Real Estate Appraiser 09 -533 NOTICE OF CONFIDENTIALITY RIGHTS- IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT Is FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. CITY OF SOUTHLAKE PERMANENT RIGHT -OF -WAY THE STATE OF TEXAS COUNTY OF TARRANT KNOW ALL MEN BY THESE PRESENTS THAT, EMORY O. WESTER AND WIFE, MARLENE J. WESTER, of the County of Tarrant, State of Texas, for and in consideration of ONE DOLLAR, and other good and valuable considerations paid by the City of Southlake, a municipal corporation of Tarrant County, Texas, receipt of which is hereby acknowledged, does hereby grant, bargain and convey to said City, its successors and assigns, a permanent right -of -way and the right to construct, reconstruct and perpetually maintain a public street and /or drainage facilities and utilities, together with all necessary appurtenances thereto, and with the right and privilege at any and all times, to enter said premises, or any part thereof, as is necessary to the proper use of any other right granted herein, and for the purpose of constructing, reconstructing and maintaining said public street and /or drainage facilities and utilities, and for making connections therewith, in, upon and across that certain tract or parcel of land in Tarrant County, Texas, being described as follows: EXHIBITS "A" and "B ", attached hereto and made a part hereof, TO HAVE AND TO HOLD that said conveyed property unto the Grantee for the purposes herein set forth, Grantor hereby binds itself, its successors and assigns, to warrant and forever defend the said conveyed property and rights granted herein unto Grantee, its successors and assigns every person whomsoever lawfully claiming or to claim the same or any part thereof. WITNESS MY HAND, this the day of 2008. EMORY O. WESTER MARLENE J. WESTER STATE OF TEXAS COUNTY OF TARRANT BEFORE ME, the undersigned authority, in and for said County, on this day personally appeared EMORY 0. WESTER AND WIFE, MARLENE J. NESTER, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and considerations therein expressed, and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the day of , 2008. Notary Public in and for The State of Texas - Commission Expires: G: D OCIKIMBAL L- LEGAUP ROW29Cove r EXHIBIT "A" LEGAL DESCRIPTION PERMANENT RIGHT -OF -WAY NORTH KIMBALL AVENUE, PHASE I PARCEL 29 BEING 0.297 acre of land located in the S. Freeman Survey, Abstract No. 525, Southlake, Tarrant County, . Texas, and being a portion of a tract of land conveyed to Emory O. Ivester, and wife, Marlene J. Ivester, by the deed recorded in Volume 9974, Page 1168, of the Deed Records of Tarrant County, Texas, Said 0.297 acre of land being more particularly described by metes and bounds as follows: BEGINNING at a "PK" nail found at the Southwest corner of said Ivester tract, and lying in the centerline of North Kimball Avenue, THENCE N 00° 49'04" VV 275.45 feet, along the West boundary line of said Ivester tract and along the centerline of said North Kimball Avenue to a point at the Northwest corner of said Hagai• tract; THENCE N 88° 22' 26" E 47.01 feet, along the North boundary line of said Ivester tract to a' /" iron rod marked "Brittain & Crawford" set in the new East right -of -way line of said North Kimball Avenue; THENCE S 00° 49' 31" E 275.54 feet, along the new East right -of -way line of said North Kimball Avenue to a %" iron rod marked "Brittain & Crawford" set in the South boundary line of said Ivester tract; THENCE S 88° 28'54" W 47.04 feet, along the South boundary line of said Ivester tract, to the POINT OF BEGINNING, containing 0.297 acre (12,954 square feet) of land. g:dw* imb a11- Eeg3lslPr0w291 Z_I � LOT 1 R, BLOCK A ST. LAURENCE EPISCOPAL CHURCH ADDITION CAU.A, SLIDE 3900, P.R.T.C,T. I N 88 °22'26 "E 47.01' 1/2" IRON ROD SET y J Ln �. EMORY 0. NESTER AND WIF MARLENE J. NESTER VOL. 9974, PG. 1168 D.R.T.C.T. I w z C) f 6,267 SQ.FT. JAMES L BRnrtJN J PROPERTY CORNER NOTE O O V) q p �o G� J �a SOUT SOUTH K, TEXAS, 76092 ( m w 1 0 ni � ¢ I J C W r I Z �° w I' � ®C7 z Iw J I !T a O a Ia Z X W I 24.321 — 1 POINT OF BEGINNING "PK" NAIL FOUND Z_I � LOT 1 R, BLOCK A ST. LAURENCE EPISCOPAL CHURCH ADDITION CAU.A, SLIDE 3900, P.R.T.C,T. I N 88 °22'26 "E 47.01' 1/2" IRON ROD SET y J Ln �. EMORY 0. NESTER AND WIF MARLENE J. NESTER VOL. 9974, PG. 1168 D.R.T.C.T. 1/2" IRON ROD SET 8 47.04' STEPHEN T. HAGAR VOL 5885, PG. 82, D.R.T,C.T. AREA TABLE 0.297 ACRE TOTAL SURVEYED ON THE GROUND 12,954 SQ.FT. NOVEMBER t2. 2008 D 154 ACRE IN PRESCRIPTIVE q £1 RIGHT -OF -WAY r`n 0.143 ACRE NET C) JAME S L ®RITTAIN .. 6,267 SQ.FT. JAMES L BRnrtJN t 674 yy'd Sg�c?? �0 PROPERTY CORNER NOTE O O V) q p �o G� 1/2" IRON ROD SET 8 47.04' STEPHEN T. HAGAR VOL 5885, PG. 82, D.R.T,C.T. AREA TABLE 0.297 ACRE TOTAL SURVEYED ON THE GROUND 12,954 SQ.FT. NOVEMBER t2. 2008 D 154 ACRE IN PRESCRIPTIVE q £1 RIGHT -OF -WAY 0.143 ACRE NET JAME S L ®RITTAIN .. 6,267 SQ.FT. JAMES L BRnrtJN t 674 yy'd Sg�c?? �0 PROPERTY CORNER NOTE REMERED PROFESSIONAL LAND SURVEYOR STATE OF?EJCAS N0. 1674 ALL PROPERTY CORNERS SET ARE 1/2" IRON RODS WITH CAP MARKED "BRITTAIN & CRAWFORD" 1 400 CITY OF MAIN STREET, SOUT SOUTH K, TEXAS, 76092 NORTH KIMBALL AVENUE, PHASE 1, S.H. 114 TO PATTERSON WAY EXHIBIT "B" &CRA FOI?D PERMANENT RIGHT -OF -WAY L*D SURVEYING & 0.386 ACRE OF LAND PDPOGRAPHIC MAPPING LOCATED THE ( 8171 9x9-9x11 - 17190 (I IT) 459 -71112 S. FREEMAN SURVEY FAX N- Le17l 920-9347 P.O. 909 11374. 7 90VT1i FREEWAY ABSTRACT No. 525 SOUTHLAKE, TARRANT COUNTY, \KIMMLL\- ROW29\ TEXAS SCALE 1 "- 60' NOTICE OF CONFIDENTIALITY RIGHTS; IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. CITY OF SOUTHLAKE UTILITY, WALL AND LANDSCAPE EASEMENT THE STATE OF TEXAS KNOW ALL MEN BY THESE PRESENTS COUNTY OF TARRANT THAT, EMORY O. NESTER AND WIFE, MARLENE J. IVESTER, of the County of Tarrant, State of Texas, for and in consideration of ONE DOLLAR, and other good and valuable considerations paid by the City of Southlake, a municipal corporation of Tarrant County, Texas, receipt of which is hereby acknowledged, do hereby grant, bargain and convey to said City, its successors and assigns, the right to construct, reconstruct and perpetually maintain Utilities, Walls and Landscaping, together with all necessary appurtenances thereto, and with the right and privilege at any and all times, to enter said premises, or any part thereof, as is necessary to the proper use of any other right granted herein, and for the purpose of constructing, reconstructing and maintaining said Utilities, Walls and Landscaping, and for making connections therewith, in, upon and across that certain tract or parcel of land in Tarrant County, Texas, being described as follows: EXHIBITS "A" and "B ", attached hereto and made a part hereof. TO HAVE AND TO HOLD the same unto the City of Southlake, its successors and assigns: WITNESS OUR HANDS, this the day of 1 2009. EMORY 0. IVESTER MARLENE J. IVESTER STATE OF TEXAS COUNTY OF TARRANT BEFORE ME, the undersigned authority, in and for said County, on this day personally appeared, EMORY 0. WESTER AND WIFE, MARLENE J. IVESTER known to me to be the person whose names are subscribed to the foregoing instrument, and acknowledged to me that they executed the same for the purposes and considerations therein expressed, and in the capacity therein stated. GIVEN UNDER MY HAND AND `SEAL OF OFFICE, this the day of , 2009 Notary Public in and for The State of Texas Commission Expires: EXHIBIT "A LEGAL DESCRIPTION UTILITY, WALL AND LANDSCAPE EASEMENT NORTH KIMBALL AVENUE, PHASE I PARCEL 29 BEING 0.072 acre of land located in the S. Freeman Survey, Abstract No. 525, Southlake, Tarrant County, Texas, and being a portion of a tract of land conveyed to Emory O. Ivester, and wife, Marlene J. Ivester, by the deed recorded in Volume 9974, Page 1168, of the Deed Records of Tarrant County, Texas, Said 0.072 acre of land being more particularly described by metes and bounds as follows: BEGINNING at a ' /2 ' iron rod set in the North boundary line of said Ivester tract, lying N 88° 22' 26" E 47.01 feet from the Northwest corner of said Ivester tract, Said Point of Beginning lying in the new East right -of -way line of North Kimball Avenue; THENCE N 88° 22' 26" E 15.00 feet, along the North boundary line of said Ivester tract to a point; THENCE S 00° 49' 31" E 210.00 feet, along a line 15.00 feet East of and parallel to the new East right -of -way line of said North Kimball Avenue; THENCE S 89° 10' 29" W 15.00 feet, to a point in the new East right — of -way line of said North Kimball Avenue; THENCE N 00° 49' 31" W 209.79 feet,.along the new East right -of -way line of said North Kimball Avenue to the POINT OF BEGINNING and containing 0.072 acre (3148 square feet) of land. g: d oc\kimb a 11- 1ega1s \es -29\ I w a �I ,{ IRON ROD SET I z { 4 �I STEPHEN T. HAGAR f VOL. 5665, PG. 82, D.R.T.C.T. l 'n o I . SCALE 1 60' CITY OF SOUTHLAKE 1400 MAIN STREET, SOUTHLAKE, TEXAS, 76092 NORTH KIMBALL AVENUE, PHASE 1, S.H. 114 TO PATTERSON WAY EXHIBIT "B" G B rrrAnv &CCiuwro UTILITY, WALL AND LANDSCAPE LAND SURVEYING & � T E EASEMENT TOPOGRAPHIC MAPPING ��i,:"Q" 0.072 ACRE OF LAND JAM -- .-- ES - _..._..._.._......_ 1717' 92fi926-=[l - ""° ( 3 1 71 41:94112 L BRIi7kIN FAX Nn (817) 928 -9347 LOCATED THE P. O, 964 11374 . 3B BNTH FIaET Parr Y99TH, TEXW 78110 S. FREEMAN SURVEY ABSTRACT No. 525 SOUTHLAKE, TARRANT COUNTY, APRIL 27, 2009 LOT f R, BLOCK A ST. LAURENCE EPISCOPAL CHURCH ADDITION l I { I CAB.A, SLIDE 3900, P.R.T.C.T. I N 68 '22` s "E POINT OF BEGINNING 47 1/2" IRON ROD SET NORTHWEST CORNER OF � 0 22 '26 " 8 E IVESTER TRACT i 15.00' 4J { I � La V a l �� ° O N V1 UTILITY, WALL AND LANDSCAPE 0 Q EASEMENT, 0.072'ACRE /3148 S ®.FT � in _ a w z EMORY 0. NESTER AND WIFE, o � MARLENE J. NESTER z o VOL. 9974, PG. 1 168 D.R.T.C.T. �S { I 89 0 10'29 "W 15.00' I w a �I ,{ IRON ROD SET I z { 4 �I STEPHEN T. HAGAR f VOL. 5665, PG. 82, D.R.T.C.T. l 'n o I . SCALE 1 60' CITY OF SOUTHLAKE 1400 MAIN STREET, SOUTHLAKE, TEXAS, 76092 NORTH KIMBALL AVENUE, PHASE 1, S.H. 114 TO PATTERSON WAY EXHIBIT "B" G B rrrAnv &CCiuwro UTILITY, WALL AND LANDSCAPE LAND SURVEYING & � T E EASEMENT TOPOGRAPHIC MAPPING ��i,:"Q" 0.072 ACRE OF LAND JAM -- .-- ES - _..._..._.._......_ 1717' 92fi926-=[l - ""° ( 3 1 71 41:94112 L BRIi7kIN FAX Nn (817) 928 -9347 LOCATED THE P. O, 964 11374 . 3B BNTH FIaET Parr Y99TH, TEXW 78110 S. FREEMAN SURVEY ABSTRACT No. 525 SOUTHLAKE, TARRANT COUNTY, APRIL 27, 2009 NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. CITY OF SOUTHLAKE PERMANENT RIGHT -OF -WAY THE STATE OF TEXAS KNOW ALL MEN BY THESE PRESENTS COUNTY OF TARRANT THAT, EMORY O. WESTER AND WIFE, MARLENE J. WESTER, of the County of Tarrant, State of Texas, for and in consideration of ONE DOLLAR, and other good and valuable considerations paid by the City of Southlake, a municipal corporation of Tarrant County, Texas, receipt of which is hereby acknowledged, does hereby grant, bargain and convey to said City, its successors and assigns, a permanent right -of -way and the right to construct, reconstruct and perpetually maintain a public street and /or drainage facilities and utilities, together with all necessary appurtenances thereto, and with the right and privilege at any and all times, to enter said premises, or any part thereof, as is necessary to the proper use of any other right granted herein, and for the purpose of constructing, reconstructing and maintaining said public street and /or drainage facilities and utilities, and for making connections therewith, in, upon and across that certain tract or parcel of land in Tarrant County, Texas, being described as follows: EXHIBITS "A" and "B ", attached hereto and made a part hereof TO HAVE AND TO HOLD that said conveyed property unto the Grantee for the purposes herein set forth, Grantor hereby binds itself, its successors and assigns, to warrant and forever defend the said conveyed property and rights granted herein unto Grantee, its successors and assigns every person whomsoever lawfully claiming or to claim the same or any part thereof. WITNESS MY HAND, this the day of 2010. EMORY O. WESTER MARLENE J. WESTER STATE OF TEXAS COUNTY OFTARRANT BEFORE ME, the undersigned authority, in and for said County, on this day personally appeared EMORY O. WESTER AND WIFE, MARLENE J. WESTER, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and considerations therein expressed, and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the day of , 2010 Notary Public in and for The State of Texas Commission Expires: G: DOCWIMBALL- LEGAUPROW29Cove r EXHIBIT "A" LEGAL DESCRIPTION PERMANENT RIGHT -OF -WAY NORTH KIMBALL AVENUE, PHASE I PARCEL 29 BEING 0.370 acre of land located in the S. Freeman Survey, Abstract No. 525, Southlake, Tarrant County, Texas, and being a portion of a tract of land conveyed to Emory O. Ivester, and wife, Marlene J. Ivester, by the deed recorded in Volume 9974, Page 1168, of the Deed Records of Tarrant County, Texas, Said 0.370 acre of land being more particularly described by metes and bounds as follows: BEGINNING at a "PK" nail found at the Southwest corner of said Ivester tract, and lying in the centerline of North Kimball Avenue. THENCE N 00° 49' 04" W 275.45 feet, along the West boundary line of said Ivester tract and along the centerline of said North Kimball Avenue to a point at the Northwest corner of said Ivester tract; THENCE N 88° 22' 26" E 62.01 feet, along the North boundary line of said Ivester tract to a ' / 2 " iron rod marked "Brittain & Crawford" set in the new East right -of -way line of said North Kimball Avenue; THENCE along the new East right -of -way line of said North Kimball Avenue as follows; 1. S 00° 49' 31" E 210.00 feet, to a ' / 2 " iron rod marked "Brittain & Crawford" set; 2. S 89° 10' 29" W 15.00 feet, to a '' /z" iron rod marked `Brittain & Crawford" set; 3. S 00° 49' 31" E 65.75 feet, to a' /2" iron rod marked "Brittain & Crawford" set in the South boundary line of said Ivester tract; THENCE S 88'28'54"W 47.04 feet, along the South boundary line of said Ivester tract, to the POINT OF BEGINNING, containing 0.370 acre (16,103 square feet) of land. g:docWmba I I -leg a Is\p row29a 1 POINT OF BEGINN ''PK" NAIL FOUND z } J 1 W 1 �I SURVEYED ON THE GROUND JANUARY 12, 2010 OF .6 %T k rq J� S 88 °28'54 "W i 47.04' 1 STEPHEN T. HAGAR VOL. 5885, PG. 82, D.R.T.C.T. AREA TABLE 0.370 ACRE TOTAL 16,103 SQ. FT. 0.154 ACRE IN PRESCRIPTIVE RIGHT -OF -WAY 0.216 ACRE NET JAMES L BRITTAIN _ ............. .._. 9,415 SQ.FT. l 4 JA 9 y °F£ 167 MES L BRf1TAIN 551P t�� PROPERTY CORNER NOTE REGISTERED PROFESSIONAL SURV4 LAND SURVEYOR ALL PROPERTY CORNERS SET ARE 1/2" IRON RODS STATE OF TEXAS NO. 1674 WITH CAP MARKED "BRITTAIN & CRAWFORD" CITY OF SOUTHLAKE 1400 MAIN STREET, SOUTHLAKE, TEXAS, 76092 NORTH KIMBALL AVENUE, PHASE I, S.H. 114 TO PATTERSON WAY EXHIBIT "B" BRrrrAal &CRAwFoRD PERMANENT RIGHT -OF -WAY LOT 1 R, BLOCK A 0.370 ACRE OF LAND ° TOPOGRAPHIC MAPPING w I 926-102I FAX 92 1ETR° (°IT) 429 -5112 (81 9347 ( ST. LAURENCE EPISCOPAL ° ° ° 137 3° " FM "'° ' °° 7 ��` "" FONT r°RTH, TEAS T611° \KIMflALL\- R0W29A\ ABSTRACT No. 525 SOUTHLAKE, TARRANT COUNTY, TEXAS Z J I CHURCH ADDITION CAB.A, SLIDE 3900, P.R.T.C.T. a ' N 88 0 22'26 "E m cn 62.01' mw Y� Z =LJ > 1/2" IRON ROD SET w 24.24 BARBED WIRE FENCE 1 O Z Li d � ►ri n Z L, I a o N EMORY 0. WESTER AND WIFE, w I� Ld MARLENE J. IVESTER 3 Lu II-- Z r VOL. 9974, PG. 1168 I&P Z M D.R.T.C.T. 1 oZ J I� I �m LO � O w I a 0O G� 0 a V) I� O g P O � a I° N 1/2" IRON RODS SET 1 Z z 1 x W M S 89 °10'29 "W 15.00' BARBED WIRE FENCE S 00 0 49 ' 31 " E 65 .75 ' 24.32 1/2" IRON ROD SET POINT OF BEGINN ''PK" NAIL FOUND z } J 1 W 1 �I SURVEYED ON THE GROUND JANUARY 12, 2010 OF .6 %T k rq J� S 88 °28'54 "W i 47.04' 1 STEPHEN T. HAGAR VOL. 5885, PG. 82, D.R.T.C.T. AREA TABLE 0.370 ACRE TOTAL 16,103 SQ. FT. 0.154 ACRE IN PRESCRIPTIVE RIGHT -OF -WAY 0.216 ACRE NET JAMES L BRITTAIN _ ............. .._. 9,415 SQ.FT. l 4 JA 9 y °F£ 167 MES L BRf1TAIN 551P t�� PROPERTY CORNER NOTE REGISTERED PROFESSIONAL SURV4 LAND SURVEYOR ALL PROPERTY CORNERS SET ARE 1/2" IRON RODS STATE OF TEXAS NO. 1674 WITH CAP MARKED "BRITTAIN & CRAWFORD" CITY OF SOUTHLAKE 1400 MAIN STREET, SOUTHLAKE, TEXAS, 76092 NORTH KIMBALL AVENUE, PHASE I, S.H. 114 TO PATTERSON WAY EXHIBIT "B" BRrrrAal &CRAwFoRD PERMANENT RIGHT -OF -WAY LAND SURVEYING & 0.370 ACRE OF LAND ° TOPOGRAPHIC MAPPING LOCATED THE 926-102I FAX 92 1ETR° (°IT) 429 -5112 (81 9347 ( S. FREEMAN SURVEY ° ° ° 137 3° " FM "'° ' °° 7 ��` "" FONT r°RTH, TEAS T611° \KIMflALL\- R0W29A\ ABSTRACT No. 525 SOUTHLAKE, TARRANT COUNTY, TEXAS SCALE 1 "= 60'