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Item 4ECITY OF SOUTH LAKE MEMORANDUM (September 21, 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 Improvements from 600 North Kimball Avenue Action Requested: Approve purchase of right -of -way for North Kimball Improvements from 600 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. The property is located at 600 North Kimball Avenue. The property was appraised and an initial offer of $59,400.00 for ROW and a temporary construction easement was made on September 2, 2010. The initial offer was made based upon the ROW appraisal and included payment for replacement of the existing fence, as well as for reconstruction of the existing driveway. Initial Offer Appraised land value ($9.00 /S.F.) $57,264.00 Improvements 555.00 Net Value $59,400.00 The property owner has requested that the City amend the ROW offer to increase the cash payment with the understanding that the existing driveway will be reconstructed with the construction of Kimball Avenue, and the existing fence will not be replaced. Proaosed Settlement Appraised land value ($10.00 /S. F.) $63,010.00 Temp. Const. Easement ($1.00 /S.F.) 2,136.00 Improvements 0.00 Net Value (within 10% of appraisal) $65,146.00 With the temporary construction easement area added to the requested ROW, the market value of the ROW purchase increases to $65,146.00. The owner has agreed to an offer of $65,146.00 for the entire ROW area and a temporary construction easement, which is approximately 9.67% higher than the appraised market value of the property. The ROW and easement area are necessary to accommodate additional travel lanes, relocated city utilities, and pedestrian sidewalks that will be included in the widening project. Financial Considerations: Funding for the ROW purchase is available in the FY 2010 capital improvement program budget. Strategic Link: The North Kimball Avenue Improvements links to the city's strategy map relative to the focus areas of Mobility, Infrastructure, and Performance Management and Service Delivery. The specific corporate objectives that are met by this construction project include: Providing travel convenience within city and region; Providing high quality customer service; and Investing to provide and maintain high quality public assets. Citizen Input/ Board Review: N/A Legal Review: The Right -of -Way and Easement documents have been reviewed by the City Attorney's office. Alternatives: The City Council may approve or deny this purchase. Supporting Documents: Location Map Initial offer and Appraisal Contract of Sale Staff Contact: Robert H. Price, P.E., Public Works Director Gordon J. Mayer, Jr., P.E., City Engineer Cheryl Taylor, P.E., Civil Engineer i O . _ �C/) Q L7q, ainUDAV 119gWiN (D �5 �Y i r l I ti 1 P z 0 0 Public Works Administration September 2, 2010 Vision Southlake Development, LLC 600 North Kimball Avenue Southlake, TX 76092 Subject: 600 North Kimball Avenue Permanent Right -of -Way Dear Mr. Keener: 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 a 0.145 acre tract of land that the City proposes to acquire as Right -of -Way. A copy that appraisal is enclosed. The City of Southlake is prepared to offer fifty -nine thousand four hundred dollars ($59,400.00) as compensation for the proposed Right -of -Way acquisition and temporary construction easement, which is the fair market value of the parcel as determined by said appraisal. I have enclosed the Right-of-Way and 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 so that I may initiate the closing process. 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. Innovation 0 Integrity 0 Accountability 0 Commitment to Excellence 0 Teamwork Vision Southlake Development, LLC Thank you for your consideration. Please feel free to contact me with any questions or concerns at ($17) 748 -8100 or gUjo r c us . Sincerely, Cheryl Ta lor, P. . Civil Engineer cc: File Gordon J. Mayer, Jr., P.E., City Engineer Attachments: Landowner Sill of Rights ROW /Easement Documents. Copy of Appraisal performed by Pyles Whatley REAL ESTATE APPRAISAL REPORT Address of Property: 600 North Kimball Avenue Project: Kimball Avenue Property Owner: Vision Southlake Development, LLC Parcel: 7 Address of Property Owner: P.O. Box 2260, Keller, Texas 76244 County: Tarrant Occupant's Name: Vacant 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 /or 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 $59,400 as of August 12, 2010, based upon my independent appraisal and the exercise of my professional judgment: That on August 12, 2010, I personally inspected in the field the property herein appraised; that I afforded Vision Southlake Development, LLC, 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 not 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 August 12, 2010 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. SKg Appraiser Signature Charles Stearman 1335388 -G Certification Number August 18, 2010 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 10 -893 TABLE OF CONTENTS SECTION ONE ......... ........................................... _ .............2.0 RegionalMap ..................................................................................................................................................................... PAGE NO. Property Identification and Certification ........................................................................................................................ ............................... 1.0 USPAPRequirements ........................................................................................................................................................ ............................1.1 Subject Identification & Ownership/ History .................................................................................................................. ............................... 1.1 Right of Way Project .................................................................................................... ............................... ........... ............................... ............1.2 Scope of the Appraisal/Appraisal Procedure ..................................................................................................................... ............................1.2 Disclaimers......................................................................................................................................................................... ............................1.3 Extraordinary Assumptions/Hypothetical Conditions ...................................................................................................... ............................1.4 SECTION TWO Photographsof Subject Property ...... ................... ............................... ......... ......... ........................................... _ .............2.0 RegionalMap ..................................................................................................................................................................... ............................2.5 MarketArea ........................................................................................................................................................................ ............................2.6 AreaAnalysis ...................................................................................................................................................................... ............................2.6 LocationMap ...................................................................................................................................... ............................... ...........................2.17 AerialPhotograph ............................................................................................................................... ............................... ...........................2.18 Descriptionof the Whole Property .................................................................................................... ............................... ...........................2.19 LegalDescription ............................................................................................................................... ............................... ...........................2.19 Five Year Sales History.. .... ...............2.19 TaxMap .............................................................................................................................................. ............................... ...........................2.20 SiteAnalysis ........................ .... ....................... ......... ........ ............ ...... ............. ............... ............................... ..... 2.21 ImprovementsAnalysis. .................................... - ..... ..... - .............................. - ........................ - ................. - ..... ..... - .... - ..... .................. -.122 PropertyTaxes .................................................................................................................................... ............................... ...........................2.23 SECTION THREE WholeProperty Valuation Summary .................................................................................................................... ............................... PVS 3.0 Highestand Best Use ...................................................................................................................................................... ............................... 3.1 Valuation of Land By Market Comparison ........................................................................................................... ............................... SCA 3.2 SECTION FOUR Valuation of Part To Be Acquired ............... - .................... Highest and Best Use .......................... ............................... ParcelSketch ....................................... ............................... SECTION FIVE Field Notes/Legal Description Tax Information Plat Map Zoning Map Zoning Ordinance Future Land Use Map Flood Map Land Sales Map Land Sales Nos. 1 Through 3 Letter of Notice USPS Certified/Return Receipts .... PVS 4.0 ............. 4.1 ............. 4.3 10 -893 PURPOSE OF THE APPRAISAL/USPAP 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 USEANTENDED USER The client and intended use /user is specifically for the 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 is 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. PROPERTY RIGHTS APPRAISED In this report we develop a market value opinion of the fee simple estate in the subject real property. EFFECTIVE DATE OF THE APPRAISAL The subject property is appraised as of August 12, 2010, and is subject to the market influences and economic conditions, which existed on that date. The subject property was inspected on August 12, 2010, and the comparable sales were inspected on August 12, 2010 and other dates. The effective date of the appraisal is August 12, 2010. The date of this report is August 18, 2010. SUBJECT IDENTIFICATION & OWNERSHIP/HISTORY Identification: The subject is located in the city of Southlake, Texas, in Tarrant County. The subject property is agricultural land improved with an old garage and a bam. The property is situated on the southwest corner of North Kimball Avenue and Kirkwood Boulevard, Southlake, Texas 76092. According to public records, the whole subject property is comprised of 11.020 acres, or 480,031 square feet. For appraisal purposes the subject is identified as 1.087 acres, or 47,346 square feet and is considered an economic unit. Abutting uses include, Kirkwood Boulevard along the north side, Kimball Avenue along the east side, vacant land/Kimball Lakes Office Park along the south side, and vacant land along the west side. The subject land (economic unit) and site improvements affected by the proposed acquisition are identified as the subject property to be appraised. Per the enclosed right -of -way field notes, the part to be acquired is stated at 0.145 acres, or 6,301 square feet located along the eastern property line. Also, a temporary construction easement will be used during the time of construction that will be located parallel to the western side of the proposed acquisition area for a duration of up to one year. The remainder is 0.942 acres, or 41,045 square feet, calculated by subtracting the part to be acquired from the whole property. 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 T. Mahan Survey, Abstract 1049, Tracts 3B, 3D, 3C1, and 3A4, Soml - lake, Tarrant County, Texas. Ownership /Subject History According to the Tarrant County Appraisal District, ownership is vested in Vision Southlake Development, LLC. The property was transferred to Vision Soutllake Development, LLC from Lela T. Boyd Dynasty Trust, on May 21, 2007, recorded in Document Number D207191108, Deed Records of Tarrant County, Texas. The price and terms of the transfer are not known. The subject economic unit is offered for sale for $450,000, or $9.50 per square foot. The parent property is offered for sale for $2,950,000, or, $6.15 per square foot. Currently, the City of Southlake seeks to acquire a parcel out of the subject for right -of -way for the road widening of Kimball Avenue. According to the inforniation provided by the client, the part to be acquired in fee simple is 0.145 acres, or 6,301 square feet. The proposed acquisition amounts to approximately 13.34 percent of the land area (0.145 AC - 1.087 AC = 0.1334). The proposed acquisition is further described as follows: The length of the acquisition area is approximately 293.55 feet along Kimball Avenue, and is 31.16 feet wide on the north side and 22.17 feet wide on the south side of the property. Whole Property 1.087 AC Or 47,346 SF Part To Be Acquired in Fee 0.145 AC Or 6,301 SF Or 13.34% of the Whole Property Remainder Property 0.942 AC Or 41,045 SF 10 -893 Page 1.1 PROJECT DESCRIPTION The project consists of the expansion of Kimball Avenue from a two -lane road to a four -lane thoroughfare. SCOPE OF THE APPRAISAL /APPRAISAL PROCEDURE Data Researched 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. hi addition, verifiable third parry sources were utilized including the Multiple Listing Service (NILS) 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 assignnment, and the appraisal meets or exceeds the expectations of parties who are regularly intended users for similar assigmnents. 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 1.087 -acre tract of vacant land. 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. EXPOSURE TIME Exposure time is defined as the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective opinion based on an analysis of past events assuming a competitive and open market. Considering the state of the economy, properties of the subject type, and market participants' actions, an exposure time of twenty four months is concluded for the subject property — at a value consistent with the conclusions of this report. PROJECT INFLUENCE The subject property is appraised excluding consideration of the effect, if any, 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 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 market data used herein. SUMMARY REPORT This is a Summary Appraisal Report that is intended to comply with the reporting requirements set forth under Standards Rule 2 -2(b) of the Uniform Standards of Professional Appraisal Practice for a Suumnary Appraisal Report. As such, it presents summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Page 1.2 10 -893 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 10 -893 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 defiled 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 assumed that the 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 western line of Kimball Avenue for approximately 294 feet, and the southern line of Kirkwood Boulevard for approximately 222 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 Southlake 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. The subject is currently zoned AG, Agricultural District by the city of Southlake. According to a preliminary plat and information provided by the city of Soutllake, the subject is planned to be part of a future phase of the Kimball Lakes Office Park located adjacent to the southern boundary. We assume the subject can and will be rezoned to the SP -2 District allowing commercial development. 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 report could be substantially changed or voided. Page 1.4 10 -893 PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: 7 Local Address: 600 North Kimball Avenue, Southlake, Texas. Date Taken: August 12, 2010 Taken By: Fee appraiser. 1. Point from which taken: Adjacent property Looking: Northerly at the acquisition area on the southern boundary of the property. 2. Point from which taken: Adjacent property Looking: Northerly at the temporary construction easement area on the southern boundan of the subject. 10 -593 Page 2.0 PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement 4. Point from which taken: Kimball Avenue Looking: Westerly at the acquisition area on the driveway. Parcel No.: 7 Local Address: 600 North Kimball Avenue, Southlake, Texas. Date Taken: August 12, 2010 Taken By: Fee appraiser. 3. Point from which taken: Subject property Looking: Northerly along the acquisition area on the driveway. 10 -893 Page 2.1 PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Page 2.2 10 -893 Parcel No.: 7 Local Address: 600 North Kimball Avenue, Southlake, Texas. Date Taken: August 12, 2010 Taken By: Fee appraiser. 5. Point from which taken: Subject property Looking: Northwesterly along the acquisition area on the northeast corner of the subject. 6. Point from which taken: Kirkwood Boulevard Looking: Southeasterly along the acquisition area on the northeast corner of the subject. PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Page 2.3 10 -893 Parcel No.: 7 Local Address: 600 North Kimball Avenue, Southlake, Texas. Date Taken: August 12, 2010 Taken By: Fee appraiser. 7. Point from which taken: Kirkwood Boulevard Looking: Southeasterly along the acquisition area on the northeast corner of the subject. 8. Point from which taken: Kirkwood Boulevard Looking: Southerly toward subject property. PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement 10. Point from which taken: Kimball Avenue Looking: Southerly, subject property is on the right. Parcel No.: 7 Local Address: 600 North Kimball Avenue, Soud - lake, Texas. Date Taken: August 12, 2010 Taken By: Fee appraiser. 9. Point from which taken: Kimball Avenue Looking: Northerly, subject property is on the left. Page 2.4 10 -893 - ------ ----- Point --------------- -------- Regional Map Slidell Celina ubrey sac 380 lini. Elm Pr osper 3 380 289 77 Cfaek 380 Ponder Little Corinth + A rgyle l Lake Dallas Lake Justin Lewisville 77 11-ewiSVII10 21HE -- Flo er Mountl 121 �CSaek � �,� M27 oanoke ------ -- - Subject Haslet vt cop Pell '�So Wake I . Keller Grapevine 26 121 Colle 3150 ille 7 J The Colo L J + w k Lie Si IT j 11 Lake Wort Fort Mirth ED -1 ED 1 onnb'dale 1 14 'T f12 Do Soto L LI-ancaster a av mm Joe I Jd Page 2.5 10-893 MARKET AREA: A "Market Area ", as defined in The Appraisal of Real Estate, 13"' Edition, copyrighted 2008, is: "The 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, 4"' 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 envirornnent, 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 Southlake, 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. AREAAND 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 I -635, and connect Dallas, Denton, and Tarrant counties. DEMOGRAPHICS The current population of Southlake is just over 40,000, with an estimated 2013 increase of 3.39 %, bringing the expected population to over 47,000. Nrunber 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 %. 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 %. Southlake Po ulation 1990 2000 2008 2013 est. 14,254 32,034 40,017 47,282 Source: U S Bureau of Census Page 2.6 10 -893 RESIDENTIAL 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 Owner Median Renter Housing Vacant Occupied Home Value Occupied Units 13,367 L- 85.7% I $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 goals and visions of Southlake, Westlake, and Trophy Club are 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 Corners. 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. 10 -893 Page 2.7 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 Occupation White Collar 29.8% Management/Business/Finincial Fidelitv Investments 20.8% Professional American Airlines Alliance 14.3% Sales UPS 11.7% Administrative Support Services 10.2% Health Care Blue Collar .01% Fanning/Forestry/Fishing Tri -Dal Ltd. 3.0% Construction/Extraction Verizon Wireless 2.3% Installatiion/Maintenance/Repair McKesson 2.9% Production Levi Strauss 4.9% Tr ansportation/ Material M oving Source: US Bureau of Census There are 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 fines; physicians, dentists, and cosmetic surgeons; financial planning, banking, and law offices. Major Employers Employees Industry Sabre Holdings 3,300 Travel/Distribution Fidelitv Investments 31,00 Financial American Airlines Alliance 2100 Transportation UPS 1200 Distribution Bavlor Medical Center 1,000 Health Care Daimler Chrysler 850 Transportation/Production Tri -Dal Ltd. Under 500 Construction/Excavation Verizon Wireless 64 Communications/Technolo McKesson " Health Insurance Services Levi Strauss 44 Manufacturing/Production Wells Faro Bank " Financial Source: Dallas Business Journal 2008 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 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 2.8 10 -893 For parents seeking alternative schooling, there are a number of privately nm Montessori and Christian academies in the area as well. Higher Education Facilities There are 20 Universities within 40 miles of Southlake, Westlake, and Trophy Club: • Southern Methodist University — Dallas • Southwestern Medical School — Dallas • Tarrant County College — Hurst • Texas Christian University - Fort Worth • University of Dallas - Dallas • University of North Texas — Denton • University of Texas, Arlington — Arlington Educational Attainment of residents: Grad/Prof Bachelor Associates Some High School 9"' -12` Less than Degree Degree Degree College/No Graduate No Diploma 9 th Grade Degree 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 80 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 — 13.5 acres of open space with 60 ft. pecan and oak trees; rumling brook, three rustic bridges: paved walking path: operated by the town of Westlake and the Home Owner's Association of Glen«yck Farms • Trophy Club has 3 parks and a community pool Entertainment, Athletic, Cultural Facilities within 40 minutes: • American Airlines Center • Ameriquest 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 NRH2O water parks • Texas Motor Speedway • Six Flags over Texas Amusement Park Medical Facilities in proximity: • 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 Chub 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 amorally 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 Page 2.9 10 -893 UTILITIES Gas and Electric Companies include Tri- County Electric, Power To Choose, and Atmos Energy. Telephone companies servicing the area are Verizon, Southwestern 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 Chub. 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 ftwury of having the "small town' commmunity 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, chubs, and organizations, and the high level of involvement in the well being and prosperity of their towns. 10 -893 Page 2.10 Page 2.11 10 -893 SUBJECT VICINITY The vicinity is suburban in 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 area 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 to the south. The main east -west road through the city 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. The 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 area 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. Sufficient services are accessible to service the community. Page 2.12 10 -893 I - Ly 6D3 N Kimball Ave, Southlake... ot .�' c E x 2 Page 2.13 Site Map PylesWhstley Latitude: 32.948197 L©ncritude: - 97.116546 1 lmourf"Lew' le j ari 2 nt Grapevine - (i fy adi'as aunty Euless � . 10 -893 M -1 603 N Kimball Ave, Southlake, TX 76092 -6646 Ring: 1 mile radius Pyles W hatley Latftuc Longitude.. -'i7.116546 Summary Population Households Famirles Average Household Size Owner Occupied Housing Units Renter [Occupied Housing Units Median Age. Trends: 20 , 10 - 2015 Annual Rate Population Households Families Owner HHs Median Household Income Households by Income <$15,000 $15,000 - $24,999 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 x$75,000 - $99,999 $100,000 - $149,999 $150,000 - $199,999 $200,{100+ Median Household Income Average Household Income Per Capita Income Population by Age 0 -4 5 -9 10- 14 is- 19 20-24 25-34 35-44 45- 54 S5- 64 65- 74 75- 84 85+ Data Note: Income is expressed in current dollars $81,926 $93,896 $35,430 2000 Number Percent 302 7.8 % 310 8.0% 302 7.8% 259 6.7% 149 3.9% 522 13.5% 834 21.6% 642 16.7% 295 7.7% 116 3.0 % 91 2.4% 31 0.8% 2010 3,896 1,493 1,084 2.57 990 543 39.7 State 1.65% 1.63% 1.48% 1.72% 2.54% 2010 Number Percent 37 2.5% 42 2.8% 72 4.8% 153 10.2% 221 14.8% 238 15.9% 472 31.6% 152 10.2% 106 7.1% $97,747 2000 3,856 $107,373 1,475 $40,064 1,109 2.58 Number 1,052 262 423 284 36.0 303 Area 266 0.81% 189 0.80% 401 0.58% 570 0.66% 751 1.36% 514 2000 Number Percent 54 3.5% 63 4.2% 114 7.5% 175 11.5 % 251 16.5% 290 19.1% 374 24.6% 119 7.8% 78 5.1% $81,926 $93,896 $35,430 2000 Number Percent 302 7.8 % 310 8.0% 302 7.8% 259 6.7% 149 3.9% 522 13.5% 834 21.6% 642 16.7% 295 7.7% 116 3.0 % 91 2.4% 31 0.8% 2010 3,896 1,493 1,084 2.57 990 543 39.7 State 1.65% 1.63% 1.48% 1.72% 2.54% 2010 Number Percent 37 2.5% 42 2.8% 72 4.8% 153 10.2% 221 14.8% 238 15.9% 472 31.6% 152 10.2% 106 7.1% $97,747 $107,373 $40,064 3010 Number Percent 262 6.7% 284 7.3% 303 7.8% 266 6.8% 189 4.8% 401 10.3% 570 14.6% 751 19.3% 514 13.2% 212 5.4% 97 2.5% 48 1.2% 3015 4,056 1 1,116 2.57 1,023 531 40.1 National 0.76% 0.78% 0.64% 0.82°/6 2.36% 201'5 Number Percent 27 1.7% 29 1.9% 49 3.2 % 95 6.2% 216 13.9% 253 16.3% 590 38.0 % 169 10.9% 125 8.0% $104,599 $116,734 $43,499 201'5 Number Percent 255 6.3% 286 7.0% 315 7.8% 286 7.0% 203 5.0% 462 11.4% 501 12.3% 695 17.1% 582 14.3% 302 7.4% 126 3.1% 46 1.2% Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. ESRI forecasts f 201 an 2 015.. 3uly 27, 2010 Made with ESRI Business Analyst 10 -893 Page 2.14 Source, U.S. Bureau of the Census, 2000 Census of Population and Housing, ESRI Forecasts for 2410 and 7015. July 27, 2010 Made with ESRI Business Analyst Page 2.15 10 -893 Demographic anr Income ' r' Appraisal Version 603 N Kimball Ave, Southlake, TX 76092 -6645 PylnWhatley Ring: 3 miles radius Summary 2000 2010 2025 Population 44,165 51,010 55,513 Households 15,921 18,197 19,785 Families 11,892 13,264 14,246 Average Household Size 2.76 2.79 2.80 Owner Occupied Housing Units 10,900 11,926 12,899 Renter Occupied Housing Units 5,020 6,270 6,886 Median Age 34.7 36.9 37.1 Trends. 2010 - 2015 Annual 'Rate Area State National Population 1.71 1.65% 0.769 Households 1.69% 1.63% 0.78 Families 1.44% 1.48% 0.64% Owner HHs 1.58% 1.72% 0.82% Median Household Income 2.62% 2.54% 2.36% 300E 2010 3015 Households by Income Number Percent dumber 'Percent Number Percent <$15,000 817 5.1 0 /0 770 4.29'0 624 3.2% $15,000 - $24,999 881 515% 567 3.1% 457 2.3% $25,000 - $34,999 1,415 8.9% 926 5.1% 693 3.5% $35,000 - $49,999 1,879 11.8% 1,992 10.9% 1,426 7.2% $50,000 - $74,999 2,779 17.4% 3,196 17.6% 3,438 17.4% $75,000 - $99,999 2,365 14.8% 2,830 15.6% 3,271 16.5% $140,000 - $149,999 3,097 19.4% 3,843 21.1% 5,063 25.6% $150,000 - $199,999 1,219 7.7% 1,590 8.7% 1,816 9.2% $200,000+ 1,477 9.3% 2,482 13.6% 2,999 15.2% Median Household Income $76,528 $87,714 $99,842 Average Household Income $98,692 $118,022 $128,630 Per Capita Income $35,72.5 $42,417 $46,220 2000 2010 2015 Population by Age Number Percent Number Percent Number Percent 0-4 3,333 7.5% 3,646 7.1% 3,889 7.0% 5-9 3,849 8.7% 3,987 7.8% 4,328 7.8% 10- 14 3,893 8.8 0 /0 4,042 7.9% 4,430 8.0% 15-19 3,226 7.3% 3,573 7.0% 3,680 6.6% 20- 24 2,111 4.8 0 /e 2,561 5.0% 2,704 4.9% 25-34 5,844 13.2% 6,225 12.2% 7,068 12.7% 35-44 9,641 21.8% 8,092 15.9% 8,326 15.0% 45-54 7,313 16.6% 9,522 18.7% 9,168 16.5 55-64 2,917 6.6% 5,852 11.5% 6,952 12.5 65-74 1,151 2.6% 2,195 43% 3,368 6.1% 75-84 685 1.6% 950 1.9% 1,197 2.2% 85+ 201 0.5% 363 0.7% 403 0.7% Data Note: income is expressed in current dollars Source, U.S. Bureau of the Census, 2000 Census of Population and Housing, ESRI Forecasts for 2410 and 7015. July 27, 2010 Made with ESRI Business Analyst Page 2.15 10 -893 603 N Kimball Ave, Southlake, TX 76092 -6646 Ring: 5 miles radius summary Population Households Families Average Household Size Owner Occupied Housing Units Renter Occupied Housing Units Median Age Trends: 2010 - 2015 , Annual Rate Population Households Families Owner HHs Median Household Income Households by Income <$15,000 $15,000 - $24,999 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $149,999 $150 - $199,999 $20®,000+ Median Household Income Average Household Income Per Capita Income Population by Age 0 -4 5 -9 10- 14 15- 19 20- 24 25-34 35 -44 45-54 55 -64 65 -74 75 -84 85+ Data Note: income is expressed in current dollars 2000 85,865 29,428 23,800 2.91 23,277 6,151 35.6 !brie 1.97% 1.98% 1.76% 1.85 1.43% 2000 Number Percent 1,127 3.8% 1,304 4.4% 1,907 6.5% 2,718 9.2% 4,407 15.0% 4,637 15.8% 6,949 23.6% 2,853 9.7% 3,521 12.0% $90,892 $11.3,590 $38,905 2000 Number Percent 6,375 7.4% 8,243 9.6% 8,403 9.8% 6,463 7.5% 3,022 3.5% 9,251 10.8% 19,527 22.7% 15,026 17.5% 5,816 6.8 % 2,201 2,6% 1,180 1.4% 356 0.4% 2010 102,240 34,996 27,544 2.91 26,010 8,986 37.5 state 1.65% 1.63% 1.48% 1.72% 2.54% 2010 Number Percent 1,088 3.1% 897 2.6°00 1,298 3.7% 2,896 8.3% 5,058 14.5% 5,260 15.0% 8,457 24.2% 4,260 12.2% 5,782 16.5% $1.04,781 $133,768 $45,616 2010 Number Percent 7,331 7.2 8,585 8.4% 8,768 8.6% 7,715 7.5% 4,1.94 4.1% 10,485 10.3% 17,218 16.8 19,967 19.5% 11,487 11.2% 4,138 4,0 1,713 1.7% 642 0.6% PylesWhatley LaUW LOrt(lr -CUtle .;� +?.1L.o546 2015 112,714 36,605 30,060 2.91 26,509 10,096 37.4 National 0.76% 0.78% 0.64% 0.82% 2.36% 2015 Number Percent 869 2.3% 711 1.8% 965 2.5% 2,044 5.3% 5,422 14.0% 5,830 15.1% 10,516 27.2% 5,294 13.7% 6,954 18.0% $112,476 $144,333 $49,230 2fti15 Number Percent 8,025 7.1 9,461 8.4% 9,756 8.7% 7,825 6.9% 4,613 4.1% 12,569 11.2% 17,953 15.9% 19,490 17.3% 13,797 12.2% 6,335 5.6 % 2,152 1.9% 737 0.7% Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. ESRI forecasts for 2010 and 2015. July 27, 2010 Made with ESRI Bu Analyst Page 2.16 10 -893 4 c�4R¢ ILL y E M.�ERALD CIR G DR GOLDEN GATE DR DEL MAR DR JLpRIMROSE LN w a J J a s V L N O Z � w_ m E HIGHLAND ST n N w O �j y a\ � J M Q A V 0 F 14 0 0 SOUTHCREST CT r z JI F F w V 3 w _ PROSPECT ST � � w - LOCATION MAP (- F s z �m U x 03 ` m p O O rn $ Z O .a m 5�6U� 1 iQ 6i'� n m .z I I i2 o� .0 EU p z CHRIS m LN n r �� a Z O LAKE FOREST RD p �S� O ,�D' W r n S A n HOOD Lry p v1 � m � r� CIMARRON. TRL p O 0 CIVIC PL 3 w ¢ P O x f7 LO Southlake F 0 7ag � 0 ti ¢ 114 ❑ 7 4 s00T8�A 0 Q r ZE N � F 7Pl O O L — sMERLOT DR r� )NTAINE DR a W 6 RA cl C>, B x INBDW ST 4 A J q � IL HART CT Data use subject to license. ft O DeLorme. DeLorme Street Atlas USA@ 2010. 0 800 1600 2400 3200 4000 vwmw.delorme.com AN (4 E) Data Zoom 13 -0 10 -893 Page 2.17 �J IIL V H IU JLJL � Su ` j I } l HILLCASTLE ST p p O h. 1 w BROOKWOOD 0 LN 6) AVE i.. ItAII�FpR Ai� r HARBER r GREENBOUGH LN p w n rn P-Y � X rn T Ck�' n ROLLING LN y O J Z 0 •z� rn . J � A A Ir 0 N Y '- Or d a' - 1.. -J q LILAC LN o a Oro Z I x N. z z m F ¢ L �' O rn p 1 o u n rn 114 N - 7 O ¢ Y S rn x ,,..X rn O 0 CIVIC PL 3 w ¢ P O x f7 LO Southlake F 0 7ag � 0 ti ¢ 114 ❑ 7 4 s00T8�A 0 Q r ZE N � F 7Pl O O L — sMERLOT DR r� )NTAINE DR a W 6 RA cl C>, B x INBDW ST 4 A J q � IL HART CT Data use subject to license. ft O DeLorme. DeLorme Street Atlas USA@ 2010. 0 800 1600 2400 3200 4000 vwmw.delorme.com AN (4 E) Data Zoom 13 -0 10 -893 Page 2.17 AERIAL PHOTOGRAPH c *_ �J Copyrl R , t 4W _ w ram 4 � e - r 100 rY; a m, f7 lei' 400 f rFY � tl DISCLAIMER This data has been carnpiled for My Mai] NCTCOG. Various official and 1 urtofcial sources were used to i gatherthis information. Every Q FW M a p S . CCl m effort was made to ensure the accuracy of this data, however, no guarantee is given or implied North Central Texas as to the accuracy of said data. Council of Governments http:11wwvv.dAmaps_coral# 10 -893 Page 2.18 DESCRIPTION OF THE WHOLE PROPERTY Subject: The subject is located in the city of Southlake, Texas, in Tarrant County. The subject property is agricultural land improved with an old garage and a barn. The property is situated on the southwest corner of North Kimball Avenue and Kirkwood Boulevard, Southlake, Texas 76092. According to public records, the whole subject property is comprised of 11.020 acres, or 480,031 square feet. For appraisal purposes the subject is identified as 1.087 acres, or 47,346 square feet and is considered an economic unit. Abutting uses include, Kirkwood Boulevard along the north side, Kimball Avenue along the east side, vacant land/Kimball Lakes Office Park along the south side, and vacant land 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 T. Mahan Survey, Abstract 1049, Tracts 3B, 31), 3C1, and 3A4, Southlake, Tarrant County, Texas. Five Year Sales Histoa According to the Tarrant County Appraisal District, ownership is vested in Vision Southlake Development, LLC. The property was transferred to Vision Southlake Development, LLC from Lela T. Boyd Dynasty Trust, on May 21, 2007, recorded in Document Number D207191108, Deed Records of Tarrant County, Texas. The price and terms of the transfer are not known. The subject economic unit is offered for sale for $450,000, or $9.50 per square foot. The parent property is offered for sale for $2,950,000, or, $6.15 per square foot. Currently, the City of Southlake seeks to acquire a parcel out of the subject for right -of -way for the road widening of Kimball Avenue. According to the information provided by the client, the part to be acquired in fee simple is 0.145 acres, or 6,301 square feet. The proposed acquisition amounts to approximately 13.34 percent of the land area (0.145 AC - 1.087 AC = 0.1334). Also, a temporary construction easement will be used during the time of construction that will be located parallel to the western side of the proposed acquisition area for a duration of up to one year. The proposed acquisition is further described as follows: The length of the acquisition area is approximately 293.55 feet along Kimball Avenue, and is 31.16 feet wide on the north side and 22.17 feet wide on the south side of the property. Whole Property 1.087 AC Or 47,346 SF Part To Be Acquired in Fee 0.145 AC Or 6,301 SF Or 13.34% of the Whole Property Remainder Property 0.942 AC Or 41,045 SF Page 2.19 10 -893 WINCTI MEN Page 2.20 10 -893 A Tarraur_lppraisalDistrict w1 6 Aug OA2010 2794 -464 '' S. SITE ANALYSIS Site: Based on the information available, the economic unit land area is comprised of an irregularly shaped tract of 47,346 square feet (1.087 acres). The subject tract fronts the western line of Kimball Avenue for approximately 294 feet, and the southern line of Kirkwood Boulevard for approximately 222 feet. The site is approximately 220 feet deep. Subject Viciluty and Abutting Uses: The subject is located at the southwest corner of North Kimball Avenue and Kirkwood Boulevard, in the city of Southlake, Tarrant County, Texas. Abutting uses include, Kirkwood Boulevard along the north side, Kimball Avenue along the east side, vacant land/Kimball Lakes Office Park along the south side, and vacant land 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. hn 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 and Kirkwood Boulevard. Kimball Avenue is a two -lane, undivided paved roadway. Kirkwood Boulevard is a two -lane undivided connector street. Overall, access for the area is rated as average, and for the subject is average. Visibility of the subject via Kimball Avenue and Kirkwood Boulevard is rated average. Topography: In general, the subject tract features mostly level terrain. According to the enclosed flood map, Map No. 48439CO205H, 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. Utility: 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. 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 Atlmos, and various providers provide telephone service in the area. The City of Southlake provides police protection and fire safety, and the Carroll Independent School District serves the property. Easements and Deed Restrictions: A complete survey was not provided for this report, and the exact locale and type of all easements on the site cannot be ascertained. A 60 -foot electric transmission line easement is located adjacent to the western boundary of the economic unit tract. 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. 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. Page 2.21 10 -893 Zoning: The property is located in the City of Southlake and is zoned AG, Agricultural District. The purpose of this 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 patterns of urbanization. According to a preliminary plat and information provided by the city of Southlake, the subject is planned to be part of a future phase of the Kimball Lakes Office Park located adjacent to the southern boundary. We assmne the subject can and will be rezoned to the SP -2 District allowing commercial development. The future land use map calls for mixed use development. The density, area, yard, height and lot requirements for the SP -2 District are listed below: Minimum Front Yard: 30 Feet Minimum Side Yard: 15 Feet Minimum Rear Yard: 10 Feet Maximum Building Height: 35 Feet; 2 1 /2 stories Minimum Lot Size: None Maximum Lot Coverage: 50% IMPROVEMENT ANALYSIS IMPROT EVENTS: The subject is vacant land with site improvements consisting of an asphalt driveway on the eastern boundary, a wood garage, a barn, and barbed wire fencing. Page 2.22 10 -893 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 2009 tax rates for the subject are detailed below. 2009 TAX RATES (per $100) Land, 10 � Tarrant Comity $ 0.264000 City of Southlake $ 0.462000 Tarrant County Hospital District $ 0.227897 Tarrant County College District $ 0.137670 Carroll Independent School District $ 1.415000 Total S 2.506567 The 2010 Tarrant Central Appraisal District account for the subject is summarized as follows: ! , amt Num Land, 10 � Improvements _ Total 06139787 = $ 30,045 $ 1,112,336 $ 86,307T 1,198,643 Total $ 1,112,336 S 86,307 $ 1,198,643 Based on the proposed assessed value for 2010 and pertinent tax rates, the subject's annual tax liability is calculated as follows: Assessed Value Tax RAW$M Indicated Tax Liability $1,198,643 x $2.50657 = $ 30,045 Ag. $87,740 x $150657 = $ 2,199 The land assessed value of the land is $1,112,336, or $2.32/SF, and is below the concluded market value in this appraisal. This difference is typically due to the valuation methods of the appraisal district. The subject benefits from an agricultural classification and the tax liability shown is calculated showing both the subject's assessed market value and the agricultural value. If a change in use occurs, the property could be subjected to rollback taxes. Page 2.23 10 -893 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 1.087 -acre tract of land with site improvements consisting of an asphalt driveway on the eastern boundary, a wood garage, a barn, and barbed wire fencing. 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 ................................................. ............................N /A 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 $426,669. Contributory Value of Improvements (Itemized) Barbed wire fencing: 66 LF n, $4.00/LF, Less 30% depreciation $ 185 — Asphalt paving: 176 SF (ir $3.00 /SF, Less 30% depreciation $ 370 Total Contributory Value of Improvements $ 555 Land Value........... 1.087 acres, or 47,346 square feet, @ $9.00 /SF = $426,114 ReconciledFinal Value ...................................................................................... ............................... $426,669 Each approach developed follows this page and is sequenced as shown below. Land Value, Cost Approach: Sales Comparison Approach: Income Approach: Pg. SCA 3.2 -3.3 Pg. CA -N /A Pg. SCA -N /A Pg. IA -N /A Page PVS — 3.0 10 -893 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 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 are 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. Permissible Use: The site is located in the city of Southlake and is zoned AG, Agricultural District. The purpose of this 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 patterns of urbanization. According to a preliminary plat and information provided by the city of Southlake, the subject is planned to be part of a future phase of the Kimball Lakes Office Park located adjacent to the southern boundary. We assume the subject can and will be rezoned to the SP -2 District allowing commercial development. The future land use map calls for mixed use development. Feasible Use: The surrounding properties and land uses are considered for compatibility in determination of feasible use. Abutting uses include, Kirkwood Boulevard along the north side, Kimball Avenue along the east side, vacant land along the south side, and vacant land uses 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 development. 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, the 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 land use patterns, it is concluded that the highest and best use of the subject tract is for a commercial development, as demand emerges. Page 3.1 10 -893 SALES COMPARISON APPROACH Whole: ® Part to be Acquired: ❑ Remainder After: ❑ Land: ® Improved: ❑ VALUATION GRID Representative Comparable Sales Subject Comp. No. 1 Comp. No. 2 Comp. No. 3 Grantor Stephen C. Kidwell & Pamela Madera Harnett Commercial Properties, LP DFW -White Chapel Road, Ltd. Grantee Hines Southlake Land, LP Grapevine Office Property One, LP Greenway -White Chapel, LP Date of Sale January 17, 2008 January 11, 2008 August 22, 2007 Unit Price ($ /SF) $12.00 $10.00 $10.38 Relative Location 1.60 miles northwest 3.00 miles southeast 2.00 miles northwest Rights Conveyed Fee Simple Fee simple Fee simple Financing Cash to the seller Cash to the seller Cash to the seller Land Size 47,346 SF 164,483 SF 74,923 SF 270,072 SF Conditions of Sale Arm's length Arm's length Arm's length Market Conditions -0- -0- -0- Adjusted Price ($ /SF) $12.00 $10.00 $10.38 Location Suburban -0- -0- -0- Physical Characteristics Access average +10% -5% Exposure average -30% -10' %> -30% Zoning AG, Agricultural -0- -0- -0- Size 47,346 SF +9% +4% +13% Utility average -0- -0- -0- Topography mostly level -0- -0- -0- Utilities All utilities available -0- -0- Net Adjustments -11% -11% -22% Indicated Unit Value $10.68 $8.90 $8.10 Unit Value ($ /SF) $9.00 Value by Sales Comparison Approach ............................................................................. ............................... $426,114 Calculations: 47,346 SF, or 1.087 acres, (h`, $9.00 Per SF = $426,114 See Explanation ofAdjustments with Reconciliation on the nextpage. 10 -893 Page SCA -3.2 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 — All of the sales are arm's length transactions and no adjustments are required. Market Conditions — The sales were transacted from August 22, 2007 to January 17, 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 minilnal/modest. Economic forecasts 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. Location — The subject is located on the southwest comer of North Kimball Avenue and Kirkwood Boulevard, in city of Southlake in Tarrant County. Each of the sales is similar in locational characteristics as compared to the subject and no adjustments are required. 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 exhibits average access via Kimball Avenue and Kirkwood Boulevard. Sale 1 is inferior in access as compared to the subject and is adjusted upward 10 %. Sales 2 and 3 are superior in access as compared to the subject and each is adjusted downward 5 %. Exposure - Exposure is quantitatively measured by the amount of daily traffic passing the subject, considered critical for commercial land uses. The traffic count for the subject is 8,006 cars per day. Sale one, with a traffic count of 75,742 cars per day and sale three, with a traffic count of 89,668 cars per day, are superior in exposure as compared to the subject, and each is adjusted downward 30 %. Sale two, with a traffic count of 21,808 cars per day, is superior in exposure as compared to the subject. Therefore, sale three is adjusted downward 10 %. Zoning — The subject is located the city of Southlake and is zoned AG, Agricultural with a highest and best use of commercial. All of the sales are similar in zoning, and no adjustments are required. 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 +9 %, +4 %, and +13 %, respectively. Utility- The subject is adequately shaped for desirable utility. All of the sales are similar in utility as compared to the subject and do not require adjustment. 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 similar in 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 $8.10 to $10.68 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 $426,114 for the subject land in the whole property condition. Calculations: 47,346 SF, or 1.087 acres, @ $9.00 Per SF = $426,114 Page SCA -3.3 10 -893 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 proper . Contributory Value of Improvements (Itemized) Barbed wire fencing: 66 LF Wi $4.00/LF, Less 30% depreciation $ 185 Asphalt paving: 176 SF n $3.00 /SF, Less 30% depreciation $ 370 Total Contributory Valle of Improvements $ 555 Total Contributory Value of Improvements $ 5,555 Land Acquired Fee 6,301 SF ra $9.00 Per SF $ 56,709 Total Land $ 56,709 TOTAL VALUE AS A UNIT $ 57,264 REMAINDER BEFORE THE ACQUISITION Contributory Value of Improvements (Itemized) None $ 0 Total Contributory Value of Improvements $ 0 Total Contributory Value of Improvements $ 0 Remainder Land 41 SF $9.00 Per SF $ 369,405 Total Land $ 369,405 TOTAL VALUE AS A UNIT S 369,405 Page — 4.0 10 -893 Right- of -Wav Acquisition: The proposed acquisition is in fee simple. According to the information provided by the client, the part to be acquired is 0.145 acres, or 6,301 square feet, and amounts to approximately 13.34 percent of the total land area (0.145 AC - 1.087 AC = 0.1334). Whole Property 1.087 AC Or 47,346 SF Part To Be Acquired in Fee 0.145 AC Or 6,301 SF Or 13.34% of the Whole Property Remainder Property 0.942 AC Or 41,045 SF The length of the acquisition area is approximately 293.55 feet along Kimball Avenue, and is 31.16 feet wide on the north side and 22.17 feet wide on the south side of the property. The proposed taking does not bisect the remainder. Also situated in and /or proximate to the acquisition area are utility lines and appurtenances, such as utility equipment, utilities easements, signs, and markers. These items are assurned 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. Landowner improvements situated in the proposed acquisition area are comprised of barbed wire fencing and asphalt paving. 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 7 - Owned by Vision Southlake Development, LLC 600 North Kimball Avenue, Southlake, Tarrant County Texas Proposed Fee Simple Acquisition Improvements Quantit Barbed wire fencing 66 LF Asphalt paving 176 SF 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 emit, 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 10 -893 Valuation of the Temporary Construction Easement One temporay construction easement will be used during the construction phase of the project. The temporary construction easement totals 2,373 square feet, or 0.054 acres (stated). According to the client, use of the temporary construction easement area is needed for a total duration of one year. The value of the temporary construction easement is based on a return to the land value. The value of the subject land is established at $9.00 per square foot, which results in an indicated fee simple value of $21,357 for the temporary easement area (2,373 square feet x $9.00). Based on typical returns for alternate real estate investments, a 10% annualized return is considered appropriate. Applying the 10% return to the land value within the temporary construction easement of $21,357 indicates an annual return of $1,136, or a total return of $$2,136 for the duration of the temporary easement. Temporary Construction Easement Size SF $ /SF Indicated Value 2,373 x $9.00 = $21,357 Indicated Value Annual Return Annual Rent $21,357 x 10% _ $2,136 Annual Rent Duration (Year) Indicated Value $2,136 x 1 = $2,136 Thus, the estimated value of the part taken in the proposed temporary construction easement is $2,136. Page 4.2 10 -893 PARCELSKETCH 03"1 4'46" POINT OF BE GIN NING - 5/8" IRON RO FOUND R= 55,0.00' MOST N I4ORTHERLY CORNER OF L= 31.16' TRACT I I S 44 S 44 '3 ' "E LC= N 76'40'47"E 4 4 B. 9'.2' CyQ 31.16' - S 00" 5"34"E -- 2' IRS ---iSI 1/2' IRS V SOUTHLAKE °`53'28 "E °`53'28 "E LL DEVELOPMENT, LLC. 7.20' TRACT 11 �481 1/2" IRS CC No. D209248143 D.R.T.C.T. I r 2" OD FOUND 1/2" IRON ROD FOUND I �RON PERMANENT RIGHT-OF-WAY 0.145 ACRE 6,301 SO.FT. 1 Cp LLJ C o' Ljj u In < > C:) VISION SOUTHLAKE —j _j DEVELOPMENT, LLC. 0 Q Q C.C. No. D207191108 � D. R. T. C. T. z cr) qy < c:) (n 0 z 10' TEMPORARY CONSTRUCTION EASEMENT, 0.054 ACRE 2,373 SQ.Fr. I 1/2" IRS t I LOT 2. BLOCK 1, KIMBALL LAKES OFFICE PARK CC No. D209037493, D.R.T.C.T. S 89 sw iD SURVEYED ON THE GROUND 22.17' V) MAY 29, 201 OF JAME L BRMAIN JAMES L BRIFITAIN 1 674 REGt9TERED P,. SURVEYOR 14 LOM FO PROPERTY CORNER NOTE STATE OF TEXAS No. 1674 ALL PROPERTY CORNERS SET ARE 112" IRON RODS WITH CAP MARKED "BRITTAIN & CRAWFORD" CITY OF SOUTHLAKE F 1400 MAIN STREET, SOUTHLAKE, TEXAS, 76092 NORTH KIMBALL AVENUE, S.H. 114 TO DOVE ROAD EXHIBIT "B" CRAWFORD PERMANENT RIGHT—OF—WAY LAND SURVEYING & 0. 1 45 ACRE OF LAND TUPOCRAPHC MA"ING LOCATED THE teirr wo-mp I - WEIRD t *I F) 4z"i f2 FAX "� (all) 925--0347 T. MAHAN SURVEY � .13?- --as -W� FFM�T FAT 791 10 ABSTRACT No. 1049 FWJA-- SOUTHLAKE, TARRANT COUNTY, TEXAS SCALE 1 "= 40' 10-893 Page 4.3 PROPERTY VALUATION SUMMARY whole: ❑ HIGHEST AND BEST USE ANALYSIS Part to be Acquired: ❑ Remainder After: 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 5.2. VALUATION APPROACHES The subject is a 0.942 -acre tract of land with site improvements consisting of an asphalt driveway on the eastern boundary, a wood garage, a barn, and barbed wire fencing. The site improvements are judged to have little contributory value and are excluded from the valuation. The highest and best use of the subject 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 ................................................. ............................N /A Sales Comparison Approach ............................ ............................N /A IncomeApproach ............................................. ............................N /A Based on the foregoing, our opinion of the market value of the subject property in the remainder condition is $369,405, and is summarized below. Contributory Value of Improvements (Itemized) None $ $ Total Contributory Value of Improvements $ i) Land Value 41,045 SF , or 0.942 acres @ $9.00 Per SF = $369,405 Reconciled Final Value .................................................. ............................... $369,405 Each approach developed follows this page and is sequenced as shown below. Land Value, Cost Approach, Sales Comparison Approach, Income Approach, Pg. SCA 5.3 -5.4 Pg. N/A Pg. N/A Pg. N/A Page PVS — 5.0 10 -893 Remainder: The remainder is comprised of 0.942 acres, calculated, or 41,045 square feet, calculated. Whole Property 1.087 AC Or 47,346 SF Part To Be Acquired in Fee 0.145 AC Or 6,301 SF Or 13.34% of the Whole Property Remainder Property 0.942 AC Or 41,045 SF Remainder After The Acquisition As A[ ected By The Fee Simple Taking After the taking, the subject retains the same utility as in the before taking condition, and the highest and best use will continue as commercial. The proposed acquisition does not adversely affect the property or limit use or 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. Page PVS 5.1 10 -893 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 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. Permissible Use: The site is located in the city of Southlake and is zoned AG, Agricultural District. The purpose of this 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 patterns of urbanization. According to a preliminary plat and information provided by the city of Southlake, the subject is planned to be part of a future phase of the Kimball Lakes Office Park located adjacent to the southern boundary. We assume the subject can and will be rezoned to the SP -2 District allowing commercial development. The future land use map calls for mixed use development. Feasible Use: The surrounding properties and land uses are considered for compatibility in determination of feasible use. Abutting uses include, Kirkwood Boulevard along the north side, Kimball Avenue along the east side, vacant land along the south side, and vacant land uses 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 development. Highest & Best Use: The subject's location along Kimball Avenue, 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 detennined 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 land use patterns, it is concluded that the highest and best use of the subject tract is for a commercial development, as demand emerges. 10 -893 Page PVS — 5.2 SALES COMPARISON APPROACH Whole: ❑ Part to be Acquired: ❑ Remainder After: Land: ® Improved: ❑ VALUATION GRID Representative Comparable Sales Subject Comp. No. 1 Comp. No. 2 Comp. No. 3 Grantor Stephen C. Kidwell & Pamela Madera Harnett Commercial Properties, LP DFW -White Chapel Road, Ltd. Grantee Hines Southlake Land, LP Grapevine Office Property One, LP Greenway -White Chapel, LP Date of Sale January 17, 2008 January 11, 2008 August 22, 2007 Unit Price ($ /SF) $12.00 $10.00 $10.38 Relative Location 1.60 miles northwest 3.00 miles southeast 2.00 miles northwest Rights Conveyed Fee Simple Fee simple Fee simple Financing Cash to the seller Cash to the seller Cash to the seller Land Size 41,045 SF 164,483 SF 74,923 SF 270,072 SF Conditions of Sale Arm's length Arm's length Arm's length Market Conditions -0- -0- -0- Adjusted Price ($ /SF) $12.00 $10.00 $10.38 Location Suburban -0- -0- -0- Physical Characteristics Access average +10% -5% -5% Exposure average -30% -10% -30% Zoning AG, Agricultural -0- -0- -0- Size 41,045 SF +10% +5% +14% Utility average -0- -0- -0- Topography mostly level -0- -0- -0- Utilities All utilities available -0- -0- -0- Net Adjustments -10% -10% -21% Indicated Unit Value $10.80 $9.00 $8.20 Unit Value ($ /SF) $9.00 Land Value 41,045 SF , or 0.942 acres @ $9.00 Per SF = $369,405 Value by Sales Comparison Approach ................................................................................. ............................... $369,405 See Explanation ofAdjustments with Reconciliation on the nextpage. Page SCA -5.3 10 -893 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 parry financing, which require no adjustments. Sale Conditions — All of the sales are arm's length transactions and no adjustments are required. Market Conditions — The sales were transacted from August 22, 2007 to January 17, 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 minilnal/modest. Economic forecasts 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. Location — The subject is located on the southwest comer of North Kimball Avenue and Kirkwood Boulevard, in city of Southlake in Tarrant County. Each of the sales is similar in locational characteristics as compared to the subject and no adjustments are required. 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 exhibits average access via Kimball Avenue and Kirkwood Boulevard. Sale 1 is inferior in access as compared to the subject and is adjusted upward 10 %. Sales 2 and 3 are superior in access as compared to the subject and each is adjusted downward 5 %. Exposure - Exposure is quantitatively measured by the amount of daily traffic passing the subject, considered critical for commercial land uses. The traffic count for the subject is 8,006 cars per day. Sale one, with a traffic count of 75,742 cars per day and sale three, with a traffic count of 89,668 cars per day, are superior in exposure as compared to the subject, and each is adjusted downward 30 %. Sale two, with a traffic count of 21,808 cars per day, is superior in exposure as compared to the subject. Therefore, sale three is adjusted downward 10 %. Zoning — The subject is located the city of Southlake and is zoned AG, Agricultural with a highest and best use of commercial. All of the sales are similar in zoning, and no adjustments are required. 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 +10 %, +5 %, and +14 %, respectively. Utility- The subject is adequately shaped for desirable utility. All of the sales are similar in utility as compared to the subject and do not require adjustment. 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 similar in 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 $8.20 to $10.80 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 $369,405 for the subject land in the remainder after condition. Land Value 473,730 SF , or 10.875 acres n $6.00 Per SF = $2,842,380 Page SCA -5.4 10 -893 EXPLANATION OF DAMAGES (is if any): The proposed taking does not bisect the remainder. In the remainder after scenario, the highest and best use of the property is unchanged. COMPENSATION SUMMARY WHOLE PROPERTY: The market value of the whole property is .... ............................... $426,669 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 ........................ ............................... $ 57,264 REMAINING PROPERTY: The value of the remainder immediately before the taking is ............. $369,405 Considering the uses to which the part taken is to be subjected to, the market value of the remainder immediately after the acquisition is .................................. ............................... $369,405 NET DAMAGES OR ENHANCEMENTS, if any ........................... ............................... $ 0 Cost -To -Cure, if any ............................................................... ............................... $ 0 Temporary workspace easement .................................................. ............................... $ 2,136 TOTAL COMPENSATION ...................................................... ............................... $ 59,400 Page 6.0 10 -893 PARCELGKETCH/FUELD NOTES EXH|B|T^'A^ LEGAL DESCRIPTION PERMANENT RIGHT-OF-WAY NORTH KIMBALL AVENUE, STATE HIGHWAY 114T0 DOVE ROAD PARCEL7 BEING 0,145 acre of land located in the T. Mahan Survey. Abstract No- 1049. South|ake. Tarrant County. T$xas, and being a portion of the tract of hand designated as Tract || in the deed to Vision SouLh|ake Development, LUC recorded in County Clerk's File No O208248143 of the Deed Records of Tarrant County Texas. and a portion of the tract of land conveyed 1V Vision Gouth|ake Development, LLC by the deed recorded in County Clerk's File No O207191108 of the Deed Records of Tarrant County, Texas- Said O 145 oona of land being more particularly described by metes and boLinds as follows� BEGINNING at a50' iron rod found at the most Northerly corner of said Tract U and said POINT OF BEGINNING being the intersection of the existing West hQht-of+may line of North Kimball Avenue with the South right-of-way line of Kirkwood Boulevard. THENCE along the East boundary line of said Vision Sputh|ake Tracts anU the existing West right-of-way line of said North Kimball Avenue as 2. SDO�45' 34^E 40.03 feet, to a '/2" iron rod found at the Southeast corner of said Tract O; 3. N 89 53' 28' E 720 feet, to o 1 /2" iron rod found at the Northeast corner ofsaid Vision Soudh|aketract, recorded in C.C. No, D207191108: THENCE 388" 12'53"VV 22,17 feet, to m 1C2^ iron rod marked ^Britta/n & Crawford", set in the new West right-of-way line of said North Kimball THENCE along the new West i line of said North Kimball Avenue as follows: 1 N OD~ 49' 31^ VV 233.26 foet, to a 1 /2" iron rod marked ^Bnttam & Crawford". set� 2 N 51 34^ 54" VV 63.26 feet, to 1 /2" iron nod nnarkod^Brhtain & Cnawford oat in the North boundary line of aforesaid Tract ||' and the South right line of said Kirkwood Boulevard� THENCE NORTHEASTERLY 31.16 feet, along the North Boundary line o[ said Tract H. with e curve to the right having a radius of 550.00 feet, a central angle of03'1446 and a chord bearing N76°4O'47^E31.16 feet 10 the POINT OF BEGINNING containing 0.145 eone (6.301 square feet) of land. 1»-8» PARCEL SKETCH /FIELD NOTES ®= 03'14'46" R= 550.00 L= 31.16' LC= N 76'40'47 "E y 1 ..IQ — 112" IRS 10 r � �. VISION SOUTHLAKE j DEVELOPMENT, LLC. �` y TRACT 11 CC No. D209248143 1/2'' IRSf D.R.T.C.T. �� 4 A G� POINT O F BI GIN RING 15 /8" IRON RO FOUND 0.145 ACRE f 6,301 SQ.FT. 1+ GI NORTNE tY ORN R OF TRACT II JAMES L 8RfrrAINI S 44" RECII9TERF1) PROFESSM)W LAND SURVEYOR 'ss>4 PROPERTY CORNER NOTE S5 N I z Isli CITY 1400 I S 00 5'34 "E I 4 .03' Q °53'28 "E 7 20' 1/2" IRON ROD FOU40 PERMANENT RIGHT—OF—WAY 0.145 ACRE f 6,301 SQ.FT. I I� cq .FAMES L- BRITTAIN JAMES L 8RfrrAINI y � RECII9TERF1) PROFESSM)W LAND SURVEYOR 'ss>4 PROPERTY CORNER NOTE S5 N I z Isli CITY 1400 I I VISION SOUTHLAKE Q DEVELOPMENT, LLC. C.C. No. D2.07191108 D.R.T.C.T. 'mot - Io z Lu 1 f uj Y 10' TEMPORARY CONSTRUCTION EASEMENT, 0.054 ACRE 2,373 SQ.FZ. I 1/2" IRS- LOT 2. BLOCK 1, KIMBALL LAKES OFFICE PARK CC No. 0209037493, D.R.T.C.T. SS $9012'53 "W SURVEYM ON THE CRORD F 2.2 .17' MAY 28, 2010 I ` F 1 2" IRON OD FOUND I 0 rry uri 0 w i>n O 0 m =' kx ° a m ■v I� 0 I Z �� O F T *' .FAMES L- BRITTAIN JAMES L 8RfrrAINI 1674 ! 'F a� RECII9TERF1) PROFESSM)W LAND SURVEYOR 'ss>4 PROPERTY CORNER NOTE S5 N STATE OF TEXAS HO. 4 b74 IRON RODS ALL PROPERTY CORNERS SET ARE 1/2" WITH CAP MARKED " BRITTAIN & CRAWFORD" Isli CITY 1400 OF SOUTHLAKE MAIN STREET, SOUTHLAKE TEXAS 76092 NORTH KIMBALL AVENUE, S.H. 114 TO DOVE ROAD EXHIBIT "B" Bi;rrrAM &CRAWFORD PERMANENT RIGHT —OF —WAY � LMID SURVEYING & 0.1 45 AC OF LAND � TOPOGRAPHIC YAPPING LOCATED THE [eiil I, - KTRO - 2.347 :. --aIK FAN T. MFIAHAN SURVEY F A 1,7 . ('9'77} 129-9347 _a � �7a, I. " r l" T ABSTRACT No. 1049 FAfT flatTX, AEIl� T91 f0 MVJL " "' '�� SOUTHLAKE, TARRANT COUNTY, \KIYBALL\-ROW TEXAS SCALE 1 "= 40' 10 -893 TAX INFORMATION Tarrant Appraisal District Real Estate 08/16/2010 Account Number: 06139787 Georeference: A1049 -3B Property Location: 600 N Kimball Ave, Southlake Owner Information: Vision Southlake Dev LLC PO Box 2260 Keller Tx 76244 -2260 4 Prior Owners Legal Description: Mahan, Thomas Survey A1049 Trs 3B 3D 3C1 & 3A4 Taxing Jurisdictions: 022 City of Southlake 220 Tarrant County 224 Tarrant County Hospital Dist 225 Tarrant County College Dist 919 Carroll ISD This information is intended for reference only and is subject to change. It may not accurately reflect the complete status oft he account as actually carried in TAD'S database. Proposed Values for Tax Year 2010 Appraised value may be less than market value due to state- mandated limitations on value increases A zero value Indicates that the property record has not yet been completed for the indicated tax year *** Rounded 5 -Year Value History Tax Year Land Impr 2010 Total ** Market Value $1,112,336 $86,307 $1,198,643 Appraised Value* $1,112,336 $86,307 $1,198,643 AG Value $1,433 $86,307 $87,740 AG Acres 002 $1,177 11.0200 Land Acres $1,188,978 $0 11.0200 Land SgFt 002 $1,502 480,031 Appraised value may be less than market value due to state- mandated limitations on value increases A zero value Indicates that the property record has not yet been completed for the indicated tax year *** Rounded 5 -Year Value History Tax Year XMPT Appraised Land Appraised Impr Appraised Total Market Land Market Impr Market Total 2009 002 $1,202 $0 $1,202 $1,112,336 $0 $1,112,336 2008 002 $1,177 $0 $1,177 $1,188,978 $0 $1,188,978 2007 002 $1,502 $0 $1,502 $1,211,316 $0 $1,211,316 2006 1 002 1 $1,516 $0 $1,5161 $903,760 $0 $903,760 2005 1 002 1 $1,516 $0 $1,5161 $903,760 $0 $903,760 2010 Notice Sent: 04/30/2010 Protest Deadline: 06/01/2010 Protest Filed Exemptions: Agricultural 1 -D -1 Property Data Deed Date: 05/21/2007 Class:000 Instrument: D207191108 State Code: DI Ranch Land Garage Bays: 00 Year Built: 0000 Central Air: Central Heat: TAD Map: 2114 464 Pool: N MAPSCO: 026D Agent: 00851 Haynes & Associates 10 -893 PLAT MAP 4t Il cl, Zt� 4 SUBJECT L 4 A �N -�-- iR of MR lay'i 11 10-893 ZONING MAP @C ity of So uth la ke, NCTCO Patgerson Way SBPli wa$ef t k. I la mi.southlake.tx.us o 10 -893 ZONING ORDINANCE SECTION 9 "AG" AGRICULTURAL DISTRICT 9.1 PURPOSE AND INTENT - The purpose of the "AG" A District is to provide for compatible land, building and structure uses primarily oriented to agricultural fainuing and ranching I and extremely low density residential pinposes. The district inay also serve as (1) a transitional land use element pending fitt more Intensive urbanizatioli (2) open space for the protection andeuliailcenient of scenic areas. vistas, and recreational uses and (3) low density development where unusual of problematic soils, topographic conditions of sensitive ecological features are present that would noillially not be conducive or appropriate to more intensive foinis and patterns of urbanization. 9.2 PERMITTED USES a. Agicultural Uses - Farins, ranches, orchards, truck gardens, nurseries for the 2 TOW 111 9 of plants and sinu tar agrarian activities u'ivolvu'ig the growing of plants and raising and pasturing of livestock. M'cluduiig accessory feeding pens but not commercial feeding pens, provided that no operation shall be obnoxious of offensive. b. Residential Uses Single family detached dwellings housing the ovner or operator of the agricultmal use upon which said dwelling is simated or to be situated. provided the site area allocation to said residential ctwetffiig use shall not be less than one (1) acre. 2. Supplemental single falluily detached dwelling used exclusively for the housing of full-time employees employed on the premises for the express pia of inanaaing or operating the agricultural use or uses of the owner re siding es g on the saine tract of land. Conn Facility Uses - City hall. fire and police stations and other filuiucipal uses. 9.3 ACCESSORY USES - In addition to those accessory uses specifically authorized in Section 34 of this ordinance, any use may be established as ail accessory use to a permitted use when it complies with the conditions for an accessory use as defined in this ordinance. 9.4 SPECIFIC USE PERMITS - Specific use pelmits may be approved by the City Council following a reconiniendation from the Plannuilg and Zonu'ig Conum'ssiou as specifically ,authorized in Section 45 of this ordinance. subject to MR and complete compliance with any and all conditions required in Section 45, together with any other conditions as the City Comcit may impose. Any use accessory to an approved specific use penilit shall be 9-1 10-893 ZONING ORDINANCE - CONTINUED perilutted without specific approval if it complies with the conditions for an accessory use as defined in this ordinance. (As amended by Ordinance No. 480-C.) 9.5 DEVELOPKENT REGULATIONS - In this district, the following development regulations shalt be applicable: a. Height: No building or structure shall exceed two and one-half (2 1/2) stories, nor shall it exceed thirty-five (35) feet. b. Front Yard: There shall be a front yard of not less than forty (40) feet. Side Yard: There shall be a side yard of not less than twenty-five (25) feet. d. Rear Yard: There shall be a rear yard of not less than forty (40) feet. e. Maxiniun Lot Coverage: All buildings or structures shall have a maximum lot coverage not exceeding ten (10) percent of the lot area. There shalt be no -specific 1111LI'tation other than the ten (10) percent lot coverage requirement on the construction of accessory btutd'mLs. f. Lot Area: The minimum area of a lot shalt be four hundred thirty-five thousand -six hundred (435.600) square feet. Lot Dimensions: Each lot shalt have a mininium width of three hundred (300) feet and a 1111iffl'inuin depth of five hundred (500) feet. h. Floor Area; The inau'l residence shall contain a nuriminin of one thousand five hundred (1,500) square feet of floor area. 1. Maximum Residential Density: The maximum number of dwelling units per acre shall be 0.10. 9.6 NON-RESIDENTLAI STATUS - For purposes of calculating any required side yards, set backs. heights of other buffering or similar provisions, this zoning category is not to be considered a residential classification. 9.7 SPECLkL EXCEPTION USES - Special exception uses may be approved by the Board of Adjustment as specifically authorized in Section 44 of this ordinance subject to full and complete compliance with any and all conditions required in Section 44, together with any other condition as the Board of Adjustment may impose. Any use accessory to an approved special exception use shall be permitted without specific approval if it complies Nvitli the conditions for in accessory use as defined in this ordinance. (As amended by Ordinance No. 480-D.) 9-2 10-893 ZONING ORDINANCE — CONTINUED SECTION 32 S -P -2 GENERALIZED SITE PLAN DISTRICT RECiLJLATIONS (As amended by Ordinance No. 484 -C) 32.1 PURPOSE AND INTENT The S -P -2 Site Plan District is utilized to permit flexibility of area regulations while restricting usages. The basic land use district shall be identified for reference to area regulations. The land area for an S -P -2 Site Plan District shall not be less than two (2) acres in size. 32.2 PERMITTED USES a. No land shall be used and no building shall be erected for or converted to any use other than the general uses authorized by an ordinance of the City of Southlake granting a zoning change to S -P -2 Site Plan District zoning under the terms and conditions of this section. No variances to any other City ordinance, code or regulation will be permitted within this district. All applications will be processed in accordance with the procedures set forth below. Any use not prohibited by this ordinance or other ordinances of the City may be authorized in an S -P -2 district; provided, however, no single- family residential uses, either attached or detached, may be authorized in an S -P -2 District. Similar uses which are permitted in the Zoning Ordinance may be permitted in the S -P -2 zone, provided a revised concept plan has been submitted for recommendation to the Planning and Zoning Commission and approved by the City Council for any such proposed similar use, upon the written application for an amendment to the S -P- 2 Site Plan District previously granted and in accordance with all the regulations of this Section 32. The determination of whether a use is similar shall be in the sole discretion of the City Council. V1. A summary shall be provided which lists the proposed uses within the district. This may be via attached text or shown on the required Concept Plan. 32.3 APPLICATION - A change of zoning to an S -P -2 Site Plan District shall be granted by the City Council only upon the written application of the owner or his representative and a recommendation of Planning and Zoning Commission. No variances to other city ordinances, codes or regulations will be permitted. The S -P -2 Site Plan District allows the City Council to approve variances to regulations of this ordinance only. 32.4 CONCEPT PLAN -Applicants for S -P -2 zoning must file an application for Concept Plan approval in accordance with the requirements of Section 41 ordinance. 32-1 10 -893 ZONING ORDINANCE — CONTINUED All properties zoned at the effective date of this ordinance which do not have an approved Concept Plan on the with the City shall submit a Concept Plan meeting the requirements of Section 41 of this ordinance prior to a submittal of a site plan. The Concept Plan shall be processed in accordance with this ordinance and state law for changes in zoning. (As amended by Ordinance No. 480 -M.) 32.5 EFFECT OF CONCEPT PLAN -All subsequent site plans shall substantially conform to the Concept Plan approved with the zoning application. (As amended by Ordinance No. 480 -M.) 32.6 ADDITIONAI. DF.VF,LOPMENT REGULATIONS FOR BUILDINGS OR USES LYING WITHIN 1✓Ot1R HUNDRED FEET 400' OF SINGLE FAMILY RESIDENTIAL PROPERTY In addition to the development regulations applicable to this zoning; district, the development regulations in Section 43, fart III, Residential Adjacency Standards, shall also apply. When any requirements in this section are in conflict with any other requirements for this zoning district, the more stringent requirements shall apply. (As amended by Ordinance No. 480 -CC). 32.7 REVIEW AND IMPLEMENTATION a. The Planning and Zoning Commission in submitting its recommendations to the City Council and the City Council in making its decision shall state a list. of the reasons for approval and disapproval of each case and request. The stated reasons shall be incorporated in any ordinance approving a request. On the Official Zoning Map„ an S -P -2 Site Plan District shall bear the designation S- P -2 followed by the ordinance number, in parenthesis, rezoning the property to a Site Plan District. C. The City Council may impose any condition or restriction upon the use of the property rezoned, as may be necessary to secure and protect the public health, safety, morals and general welfare and to protect adjoining property and the value thereof, including the dedication of street rights-of-way for adequate now of traffic. Such conditions and restrictions shall not be construed as conditions precedent to the granting of the S -P -2 Site Plan District use, but shall be construed as conditions precedent to the granting of a Certificate of Occupancy. Zero lot line development may be permitted on a common interior lot line where construction of a party wall is used. Where zero lot development is utilized, the equivalent open space and plantings (normally provided in adjoining bufferyards along the common lot line) shall be provided elsewhere within the two developing lots. The approval shall be based upon an analysis of the location, the configuration, and the impact and compatibility of the construction with adjacent land uses. (As amended by Ordinance No. 480 -U.) 32 -2 10 -893 ZONING ORDINANCE —CONTINUED BECT0JN2l C-2 LOCAL RETAIL COMMERCIAL DISTRICT (As amended by Ordinance No.480-UU) 21.1 P LIRPOSE AN D INTENT - Th is d istrict isu low oomcdbmminu:ndtyuomnen:iaicategory providing u uniform set of standards for neighborhood type retail shopping facilities and general commercial activities. ]tis intended that this zoning district ho served ky thoroughfares and beo[ such ybr that all parking and tmffionxanCuvehng Call take place on the commercial site. It is intended toprovide limited local retail and service oommcruiuiumes which serve one or more neighborhoods lying within a one and one-half to two mile radiusof the site. %lJ PERMITTED USES (As amended by Ordinance No. 488-ll) {. Any use permitted in the C- 1 Office District. 2. Any use permitted in the C-1 Neighborhood Commercial District. 3. Antique shops. 4. Bakeries designed for retail sales rather than wholesale operation. 5. Bicycle sales Lind bicycle repair shops. 6. Blueprinting orpbc«ootating. 7. Book or stationery stores ko include large newsstands. 8. Business colleges or private schools forpoox\ionul truholngof office related careers, such us stenographers, executive secretaries, u<c. 9. Cigar mr tobacco stores. 10. Cleaning, dying and pressing works; laundry and Laundromats. providing that the floor area does not exceed three thousand (3.000) sqoun: &:c« for separate or combincduxca. |L Confectionery stores. 12L Custom dress making or millinery shops. 13. Dancing schools. 2|'| /o-8va ZONING ORDINANCE — CONTINUED 14. Day nurseries 15. Delicatessen shops without size limitations. 16. dog and cat hospitals or small animal hospitals if conducted wholly within a completely enclosed sound- proofed and air- conditioned building, providingthatnoise or odors created by activities within the building shall not be perceptible beyond the property line; that no long terns boarding of animals is permitted except where related to medical treatment; and that no animals are kept outside the building at any time. 17. Drug stores. 18. Dry goods and notion stores provided that the Boor area of such facility not exceed eight thousand (8,000) square feet. 19. Duplicating service, printing, lithographing, mimeographing, multi-graphingand offset printing, providing that the floor area does not exceed two thousand (2,000) square feet. 20. Financial institutions. 21. Florist or gift shops, 22. Frozen food lockers for individual or family use, not includingthe processing of food except cutting or wrapping, 23. Grocery stores and meat markets without size limitations. 24, health service facilities to include clinics, offices of dentists, doctors, and other practitioners of healing arts, licensed or similarly recognized under the laws of the State of Texas; offices for specialists and supporting health service fields, such as physical, audio and speech therapy, podiatry and psychological testing and counseling; dental, medical and optical laboratories and blood banks; ambulance dispatch stations, prescription pharmacies and offices, stores and display rooms for the sale and rental and medical supplies and equipment.. 25. Jewelry stores. 26. Leather and leather good shops, providing that the floor area does not exceed two thousand (2,000) square feet for separate or combined uses. 27. Optical goods. 28. Photographs, portrait or camera shops and photofinishing. 21 -2. 10 -893 ZONING ORDINANCE — CONTINUED 29. Radio and television sales and servicing. 30. Restaurants, tea rooms, cafeterias, fast food and "take -out" food restaurants. 3E Shoe repair services. 32. Sporting goods, including gun sales and repair. 33. Tailor, clothing or wearing apparel shops without size restriction, 34. Tires, batteries and automobile accessory sales, provided that such activities occur entirely within the confines of the business structure itself. 35. Variety stores, provided that the floor area of such facility does not exceed ten thousand (10,000) square feet. 21.3 ACCESSORY USES - In addition to those accessory uses specifically authorized in Section 34 of th is ordinance, any use may be established as an accessory use to a permitted use when it complies with the conditions for an accessory use as defined in this ordinance. 21.4 SPECIFIC ltSF PERMITS - Specilic use permits may be approved by the City Council following a recommendation from the Planning and Zoning Commission as specifically authorized in Section 45 of this ordinance, subject to full and complete compliance with any and all conditions required in Section 45, together with any other conditions as the City Council may impose. Any use accessory to an approved specific use permit shall be permitted without specific approval if it complies with the conditions for an accessory use as defined in this ordinance. (As amended by Ordinance No. 480 -C.) 21.5 DEVELOPMENT REGULATIONS - In this district, the following development regulations shall be applicable (As amended by Ordinance No. 480 -HH.): a. Height: No building or structure shall exceed two and one -half (2 -1.12) stories, nor shall it exceed thirty -five (35) feet. b. Front Yard: There shall be a front yard of not less than thirty (30) feet. C, Side Yard: There shall be a side yard of not less than fifteen (15) feet; provided, however, where a C -2 zoned lot abuts on the side of property zoned as single family residential, each portion of a building in excess of fifteen (15) feet in height shall be set back one additional (l) foot for each additional one (1) foot in height. Zero lot line development may be pcn pitted on a common interior lot line where construction of a party wall is used and when approved by the City Council after a recommendation by the Planning and "Zoning Commission. Where zero lot 21 -3 10 -893 ZONING ORDINANCE — CONTINUED development is utilized, the equivalent open space and plantings (normally provided in adjoining bufferyards along the common lot line) shall be provided elsewhere within the two developing lots. A concept plan meeting the requirements of Section 41 of this ordinance is required to be submitted with a request for zero lot line development. Approval shall be based upon an analysis of the location, the configuration, and the impact and compatibility of the construction with adjacent land uses. (As amended by Ordinance No. 480 -U.) d. Rear Yard: There shall be a rear yard of not less than ten (10) feet excerpt where the lot abuts property zoned as single- family residential there shall be a rear yard of not less than twenty -five (25) feet. e. Maximum Lot Coverage: All buildings or structures shall have a maximum lot coverage not exceeding fifty (50) percent of the lot area. f. Floor Area: The minimum size for a separate building or structure existingwithin this district shall be two thousand (2,000) square feet. The maximum floor area contained within any structure existing in this district shall be forty thousand (40,0010) square feet. g. All commercial uses within this district shall be retail sales and/or service type uses selling new merchandise only. h. All exterior lighting designed for security, illumination, parking lot illumination or advertising and which is placed within this zoning district shall meet the requirements of the current lighting ordinance, as amended. (As amended by Ordinance No. 480 - GG.) i. Outdoor storage of trash receptacles shall beat the side or rear of the site and sliali be totally encircled or screened by fence, planting or other suitable visual barrier. j. Off - street vehicle parking spaces may be located within the required front yard of any retail, office or industrial district; however, such off-street parking spaces shall be on a hard surfaced drive or parking area. k. Maximum Impervious Coverage: The maximum impervious coverage shalt not exceed seventy (70%) percent of the total lot area. (As amended by +Ordinance No. 480 -JJ.) 21.6 ADDITIONAL DF VELOPMENT RE(rULATIONS FOR BUILDINGS OR USES LYING WITHIN FOUR HUNDRED FEET (400') OF S INGLE FAMILY RESIDENTIAL PROPERTY In addition to the development regulations applicable to this zoning district, the development regulations in Section 43, Parl III, Residential Adjacency Standards, shall also apply. When any requirements in this section are in conflict with any otherrequirements 21-4 10 -893 FUTURE LAND USE MAP @C ity of So uth la ke. N CTC D T,• ev FTIT a E gi Sfi 114 M7 11= w3 1 �14 Ew $11 114 Fjw E —Sh 114 Fr 100 YEAR FLOOD PLAIN CORPS or ENGINEERS BOUNDARY PUBLIC PARKSIOPEN SPACE PUBLICISEMI-PUBLIC LOW DENSITY RESIDENTIAL MEDIUM DENSITY RES ID ENTIAL OFFICE CO"MERCIAL RETAIL COMMERCIAL MIXED USE TOWN CENTER REG 10 NAL R ETAIL INDUSTRIAL 10-893 FLOOD MAP D Sour-DeProse andior FloodSource Corporations. All rights reserved. Patents 6,631,.3M and 6.678.615. Other patents pending. For I Dfo: info@fkx>d-=-DL — 10-893 Prepared for: InterFl ood !Awt Pyles ' Whatley Corporation www.interflood.corn ■ 1-800-252-6633 Southlake, TX 76092 ZONE AE, LIMIT OF 14ILLC4 DETAPLE13 STUDY BrancA WAR ZONF LANDI x ZONE X RAINTREE OF srL GREENBMGH LU ROLLING HILLS Z x CF' ILKE 0 CITY 0 SOUTH 48 C C FLOODSCAPE FbA Hazards Map Map Number 49439CO20- Effective Date August 2.1995 9 60V 1200' 180V 2400' Powered by F 877.77.F-C-= D Sour-DeProse andior FloodSource Corporations. All rights reserved. Patents 6,631,.3M and 6.678.615. Other patents pending. For I Dfo: info@fkx>d-=-DL — 10-893 LAND SALES MAP { CrrQpevi ne Lake ------- ------ ---- -- ------------------------- ------------ 1 g J E DOVE RD Land Sale 3 r o c a w Land Sale 1 114 f F -M17nv S11* lake ALL Subject 17 P " Land Sale 2 Pevim - 'k 28 r yr �Rnr-Arr•.onrAL: PR 121 _ 114 f?� ' l I 380 Data use subject to license. III O Del-orme. Del-orme Street Atlas USAO 2010. 0 '/a '/2 3 /a 1 1 1'/2 1% vwwv.delorme.com MN (4.3 E) Data Zoom 11 -6 10 -893 COMPARABLE DATA SUPPLEMENT Parcel No.: 7 Project: Kimball Avenue County: Tarrant Land Sale No. 1 Grantor /Lessor: Stephen C. Kidwell & Pamela Madera Grantee /Lessee: Hines Southlake Land, LP Date: January 17, 2008 Recording Information: 2008- 020968 Mapsco: FW -12 -W Address: NE /s of SH 114 , 1,500 feet NW of Highland Street, Southlake, Zip Code: 76092 Tarrant County, Texas Legal Description: Land situated in the Larkin H. Chivers Survey, Abstract 300, Tract 3B01, City of Southlake, Tarrant County, Texas Confirmed Price: $1,973,796 Verified with: Lvnn Dowdle, Aszent (RM) Terms and Conditions of Sale: Cash to the seller Data: Land Size: 3.776 AC, or 164,483 SF Unit Price as Vacant: $522.721/AC, or $12.00 /SF Type Street: Highway Utilities: All utilities available Improvement(s) Description: N/A Unit Price as Improved:N /A Improvements) Size: (GBA): N/A (NRA): N/A Condition and Functional Design: N/A Current Use: Vacant land Highest & Best Use: Commercial Date of Inspection: August 12, 2010 Zoning: C -1, Citv of Southlake Flood Plain: None Additional information: The property is an interior parcel with approximately 210 feet of frontage along SH 114. The property was purchased in conjunction with the develpoment of Carillion, a master planned community comprised of retail, office, hotel, and residential. Appraiser: Charles Stearman 10 -893 COMPARABLE DATA SUPPLEMENT Parcel No.: 7 Project: Kimball Avenue Land Sale No. 2 County: Tarrant Grantor /Lessor: Harnett Commercial Properties, LP Grantee /Lessee: Date: January 11, 2008 Recording Information: 2008 - 013368 Mapsco: FW 27 -R Address: SE /c Hanover Drive and Municipal Wav, Grapevine, Tarrant County. Zip Code: 76051 Texas Legal Description: Land situated in the Grapevine Office Propem One Addition. Block L Lot L Grapevine, Tarrant Coup Texas Confirmed Price: $749,230 Verified with: Paul Guernsev, Broker (RM) Terms and Conditions of Sale: Cash to the seller Rental Data: Land Size: 1.720 AC, or 74,923 SF Unit Price as Vacant: $435,599/AC, or $10.00 /SF Type Street: Neighborhood Service Utilities: All utilities available Improvement(s) Description: N/A Unit Price as Improved: N/A Improvement(s) Size: (GBA): N/A (NRA): N/A Condition and Functional Design: N/A Current Use: Office Highest & Best Use: Commercial Date of Inspection: August 12, 2010 Zoning: PO, Professional Flood Plain: None Office, City of Additional information: The property is a corner parcel with approximately 200 feet of frontage on Hanover Drive and approximately 375 feet along Municipal Way. The property was purchasted for development of an office building that has been completed. Appraiser: Charles Steanuan August 18, 2010 10 -893 COMPARABLE DATA SUPPLEMENT Parcel No.: 7 Project : Kimball Avemie County: Tarrant Land Sale No. 3 sp, ® TR 3A28 - .43RC. TR 4 -- I D ss e a V s V L• b v iR4 u A 0 3sq ph Am a TRACT JA Grantor /Lessor: DFW -White Chapel Road, Ltd. Grantee /Lessee: GreenM -White Chapel, LP Date: August 22, 2007 Recording Information: 2007 - 302342 Mapsco: TA- 11 -Z Address: SW /e of SH 114 and White Chapel Boulevard, Southlake, Tarrant Zip Code: 76092 County, Texas Legal Description: Land situated in the Ravenaux Village Addition, Block A, Lot 1, Citv of Southlake, Tarrant Countv, Texas. Confirmed Price: $2,803,347 Verified with: Tom Allen, Agent (RM) Terms and Conditions of Sale: Cash to the seller Rental Data: Land Size: 6.200 AC, or 270,072 SF Unit Price as Vacant: $452,153/AC, or $10.38 /SF Type Street: Highway Utilities: All utilities available Improvement(s) Description: N/A Unit Price as Improved:N /A Improvements) Size: (GBA): N/A (NRA): N/A Condition and Functional Design: N/A Current Use: Vacant land Highest & Best Use: Commercial Date of Inspection: August 12, 2010 Zoning: SP -2, City of Southlake Flood Plain: None Additional information: This property is a corner parcel with approximately 685 feet of frontage along SH 114 and approximately 315 feet of frontage along White Chapel Boulevard. The property was purchased to hold for future development. All utilities are available to the site. Appraiser: Charles Stearman August 18, 2010 10 -893 LETTER OF NOTICE PYLES * WHATLEY CORPORATION Real Estate Consultants Wendell Pyles, MAI, SRIWA July 27, 2010 Vision Southlake Development, LLC PO Box 2260 Keller, Texas 76244 -2260 Jan Whatley, MAI, SRI WA Via first class, certified mail, return receipt requested, article no. 7010 0290 0001 7547 0582. Re: Right -Of -Way To Whom It May Concern: The City of Southlake has engaged our firm to perform a real estate appraisal of a proposed right-of-way acquisition out of your property located along Kimball Avenue in the city of Southlake, Tarrant County, Texas. This engagement is in connection with the Kimball Avenue Project for roadway widening. In preparation for the project, the city requires appraisals of the properties affected. We would like to meet with you and inspect your property for real estate purposes. Please telephone Richard McBride at 214.340 -5880 to arrange an appointment and discuss your property. Enclosed are copies of the proposed acquisition description and drawing for your property. We look forward to meeting you. Sincerely, PYLES WHATLEY CORPORATION Charles Stearman 11551 Forest Central Drive 777 Main Street Suite 220 Suite 600 Dallas, Texas 75243 www.PylesWhatley.com Fort Worth, Texas 76102 Phone (214) 340 -5880 Toll Free (800) 340 -2166 Phone (817) 887 -8176 Fax (214) 340 -5422 Fax (817) 887 -8177 10 -893 USPS CERTIFIED/RETURN RECEIPTS m Wr Vision Southlake Development, LLC' C-3 P0 Box 2260 ............. Feller, Texas 76244-2160 ... . ........ 10-893/RM ■ C items 1, 2, and 3. Also complete Item 4 if Restricted Delivery Is desired. • print your name and address on the reverse so that we can return the card to you. III Attach thi card to the bark of the mailj)18ce, or on the front it space Permits- 1 . Article Addressed to: A. Tature 0 Agent y . by(P;iQ"Name) _ jC, Date ofDeilvery C. Is deIWM address different from Item 17 []Y If YES, enter delivery address WGINL 0 No Vision Southlake Development, LLC U.S. Postal Service,-.I PO Box 2260 3. servIce Type CERTIFIED MAIL,,, RECEIPT 10-893/RM (Domestic Mail Only; No insurance Coverage Provided) 0 Insured Malt ❑ C.O.D• 4. Restricted DellyeFP {Extra FOO) 0 yes 2. Article Number 7 010 0290 0001 7 547 0562 For delivery information visit our web5ile of w—uslPs-com P,9 Form 3811, February 2004 Mmestic Return HQC43iPt m Wr Vision Southlake Development, LLC' C-3 P0 Box 2260 ............. Feller, Texas 76244-2160 ... . ........ 10-893/RM ■ C items 1, 2, and 3. Also complete Item 4 if Restricted Delivery Is desired. • print your name and address on the reverse so that we can return the card to you. III Attach thi card to the bark of the mailj)18ce, or on the front it space Permits- 1 . Article Addressed to: A. Tature 0 Agent y . by(P;iQ"Name) _ jC, Date ofDeilvery C. Is deIWM address different from Item 17 []Y If YES, enter delivery address WGINL 0 No Vision Southlake Development, LLC PO Box 2260 3. servIce Type Keller. Texas 76244-2260 [3 Certffiad Mall 0 Express Mall 10-893/RM ❑ Registered 0 Return Relefpt for Merchandise 0 Insured Malt ❑ C.O.D• 4. Restricted DellyeFP {Extra FOO) 0 yes 2. Article Number 7 010 0290 0001 7 547 0562 (Transfer from sew/co ;abe6t — I 02595-02-M-1 540 P,9 Form 3811, February 2004 Mmestic Return HQC43iPt 10-893 10 -893 APPRAISER'S CERTIFICATE Parcel No. 7 - Kimball Avenue Southlake, Tarrant County, Texas The undersigned do hereby certify that, except as otherwise noted in this appraisal report I have no present or prospective interest in the property that is the subject of this report. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attaimnent of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. To the best of my knowledge and belief, the statements of fact contained in this appraisal report, upon which analyses, opinions and conclusions expressed herein are based, are true and correct. This appraisal report sets forth all of the assumptions and limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. These are my personal, impartial, unbiased professional analyses, opinions, and conclusions. This appraisal report has been made in conformity with the Uniform Standards of Professional Appraisal Practice. I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute which include the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The Texas Appraiser Licensing and Certification Board requires a program of continuing education for its licensed and authorized appraisers. As of the date of this report, Charles Stearman has completed the requirements of the continuing education program of the Appraisal Institute. Richard McBride provided real property appraisal assistance to the person signing this certification. I certify that I personally inspected the property appraised on August 12, 2010, and afforded the subject property owner or owner's representative the opportunity to accompany the appraiser when inspecting the subject property. PYLES *WHATLEY CORPORATION Charles Stearman State of Texas Certification # 1335388 -G 10 -893 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 10 -893 QUALIFICATIONS RICHARD C. MCBRIDE Appraisal assignments include retail centers, existing and proposed office buildings, commercial and industrial properties. Additional consulting assignments include condemnation and right -of- way work, and other various consulting assignments. Experience ♦ Appraiser trainee with Pyles Whatley Corporation since October 2007 ♦ Over thirteen years experience in electronics manufacturing industry in Process Development and Management. Education ♦ North Dallas Chapter of the Appraisal Institute • Appraisal Principles • Appraisal Procedures • National USPAP Course ♦ Richland College, 1992 -1994 • Engineering • General studies Professional ♦ Texas Appraiser Licensing and Certification Board o Appraiser Trainee #1337384 -T ♦ Appraisal Institute o Associate Member 10 -893 STATE OF TEXAS (COUNTY OF TARRANT THIS CONTRACT OF SALE is made by and between Vision Southlake Development, LLC of Tarrant County Texas, (referred to in this Contract as "Seller ") and the City of Southlake, a home rule municipal corporation in Tarrant County, Texas, (referred to in this Contract as "Purchaser "). By this Contract, Seller sells and agrees to convey, and Purchaser purchases and agrees to pay for, a tract of land situated in Tarrant County, Texas, which is more particularly described as follows: a 0.145 acre parcel of land located in the T. MAHAN SURVEY, Abstract No. 1049, in the City of Southlake, Tarrant County, Texas, and being more particularly described by metes and bounds in Exhibit "A ", attached hereto and incorporated herein for all purposes, and being more particularly shown on a survey drawing marked Exhibit "B ", attached hereto and incorporated herein for all purposes together with all and singular the rights and appurtenances pertaining thereto, including any right, title and interest of Seller in and to adjacent streets, alleys or rights-of-way (all of such real property, rights, and appurtenances being referred to in this Contact as the "Property "), together with any improvements and fixtures, situated on and attached to the Property; provided, however, Seller and Seller's heirs, successors, and assigns forever, reserve all oil, gas, and other minerals in and under and that may be produced from the Property. If the mineral estate is subject to existing production or an existing lease, this reservation includes the production, the lease, and all benefits from it. Such mineral reservation shall be included in the Permanent Right of Way. For no additional consideration, Seller further agrees to grant to Purchaser a Temporary Construction Easement which shall be ten feet wide, adjacent and parallel to the right- of-way of the Property as shown on Exhibit "B" attached hereto, which Temporary Construction Easement shall. be in the form shown on Exhibit "B" which is attached hereto. This Contract is made for the consideration and upon and subject to the terms, provisions, and conditions set forth below. The purchase price for the Property shall be SIXTY -FIVE THOUSAND ONE HUNDRED FORTY -SIX AND 00 /100 DOLLARS ($65,146.00) cash, and will include the reconstruction of the existing driveway, but will not include the replacement of the existing fence on the property. Page 1 $2,500.00 has been tendered by Purchaser to the Seller with this Contract. Purchaser shall deliver this amount (the "Escrow Deposit ") to Rattikin Title Company, 112 State Street, Suite 200, Southlake, Texas (the "Title Company" or "Escrow Agent "). The Escrow Deposit shall be credited towards the cash portion of the sales price at Closing; provided, however, that in the event the Purchaser shall have given written notice to the Title Company that one or more of the conditions to its obligations set forth in Article VI have not been met, or, in the opinion of Purchaser, cannot be satisfied, in the manner and as provided for in Article 1V, then the Escrow Agent shall return the Escrow Deposit to Purchaser. :liY[y-11. 1 trlti1.F.`IDI:KY��[l , 11li;'� \►lII1 13WiIff34AIM 4.01 Preliminary Title Report. Within twenty (20) days after the date hereof, Seller, at Purchaser's sole cost and expense, shall have the Title Company issue a preliminary title report (the "Title Report") accompanied by copies of all recorded documents relating to easements, rights -of -way, etc., affecting the Property. Purchaser shall give Seller written notice on or before the expiration of ten (10) days after Purchaser receives the Title Report that the condition of title as set forth in the title binder is or is not satisfactory, and in the event Purchaser states that any conditions are not satisfactory, Seller shall promptly undertake to eliminate or modify all unacceptable matters to the reasonable satisfaction of Purchaser. In the event Seller chooses not to do so or is unable to do so within twenty (20) days after receipt of written notice, this Contract shall. thereupon be null and void for all purposes. If written notice is not received by Seller within the 20 day period, all conditions shall be deemed to be acceptable and any objection thereto shall be deemed to have been waived for all purposes. 4.02 Survey. Attached as Exhibit "B" is a copy of the survey that Purchaser caused to be prepared for Property. 4.03 New Surveys and Tests. Within ten (10) days after the date of execution, Seller shall provide to Purchaser a copy of any environmental site assessment that Seller has caused to be prepared for the Property, or that Seller has received. Within 20 (twenty) days after the date of execution, Purchaser is granted the right to conduct an environmental and engineering survey and feasibility study of the Property at Purchaser's sole cost and expense, and in this connection Purchaser or Purchaser's designated agents may enter upon the Property for purposes of soil analysis, core drilling, or other tests which may be deemed necessary to Purchaser or Purchaser's engineer. If Purchaser determines, in Purchaser's sole judgment, that the :Property is not suitable for the intended purposes, then and in this event, Purchaser may, on written notice to Seller within twenty (20) days after receipt of survey, terminate this Contract and it shall be null and void for all purposes. if the written notice is not received within this twenty (20) day period, the condition shall be deemed to be acceptable and any objection thereto shall be deemed to have been waived for all purposes. 4.04 Property Condition. Within twenty (20) days after the date of execution., Purchaser may have the property and facilities inspected by an inspector permitted by law to make such. inspections. Seller shall permit access to the property at reasonable times for inspection, repairs, and treatment and for reinspection after repairs and treatment have been completed. Page 2 Purchaser will have twenty (20) days after receipt of the inspection report to review and approve same. In the event any portion of the inspection report is unacceptable to Purchaser, then Purchaser shall, within the twenty (20) day period, give Seller written notice of this fact. Unless otherwise agreed by Seller and Purchaser, Seller shall, complete all agreed repairs and treatment prior to the Closing Date. if Seller fails to complete any agreed repairs and treatment prior to Closing Date, Purchaser may terminate this Contract and the Contract shall thereupon be null and void for all purposes. Purchaser's failure to give Seller this written notice shall be deemed to be Purchaser's acceptance of the property in its current condition. Seller, to its current actual knowledge, hereby represents and warrants to Purchaser as follows, which representations and warranties shall be deemed made by Seller to Purchaser also as of the Closing Date: (1) Seller. is the sole owner of the Property and has the right and ability to convey good and marketable title in fee simple to the Property to Purchaser without the approval or participation of any other person and free and clear of any and all liens, encumbrances, conditions, assessments and restrictions. (2) During Seller's ownership of the Property (1) no excavation of the Property occurred, (2) no landfill was deposited on or taken from the Property, (3) no construction debris or other debris (including, without limitation, rocks, stumps, and concrete) was buried upon the Property, and (4) no toxic waste or "hazardous substances" as that term is defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1988, or petroleum products and derivatives thereof, were deposited on the Property. Seller further represents and warrants that, to its current actual knowledge, none of the foregoing occurred on the Property prior to Seller's ownership of the Property. (3) That there are no real estate brokers', agents' or finders' fees or commissions due arising in connection with the execution of this Contract or from the consummation of the sale contemplated herein. This representation and warranty shall survive closing. 6.01 Closing Date. The closing shall be held on , 2010, at the Title Company (which date is herein referred to as the "Closing Date "). 6.02 Conditions at Closing. The closing and Purchaser's obligations under this Agreement to purchase the Property are expressly conditioned on: (1) Seller's delivery to Purchaser a duly executed and acknowledged Grant of Permanent Right of Way in the form attached hereto as Exhibit "C" conveying to Purchaser a permanent right -of- way on the Property, free and clear of any and all Page 3 liens, encumbrances, conditions, assessments, and restrictions other than as provided in this Contract. (2) Seller's delivery to Purchaser of a duly executed and acknowledged Temporary Construction Easement in the form attached hereto as Exhibit "D ". (3) Delivery to Purchaser, at Purchaser's sole expense, of a Texas Owner's Title Policy, issued by the Title Company in the lull amount of the purchase price, insuring Purchaser's permanent right-of-way on the Property, subject only to those title exceptions listed in this Article III, if any, such other exceptions as may be approved in writing by Purchaser, and the standard printed exceptions contained in the usual form of Texas Owner's Title Policy, provided, however: (a) The boundary and survey exceptions shall be deleted; (b) The exception as to restrictive covenants shall be endorsed "None of Record "; and (c) The exception as to the lien for taxes shall be limited to the year of closing and shall be endorsed "Not Yet Due and Payable." (3) Seller's execution of such documents and instruments reasonably requested by the title company to consummate the transactions contemplated herein. (4) Delivery to Purchaser of possession of the Property. 6.03 Failure of Conditions. Should any of the conditions specified in :Paragraph 6.02 of this Contract fail to occur within twenty (20) days after the establishment of Closing as provided in Paragraph 6.01 of this Contract, Purchaser shall have the power, exercisable by written notice to Seller, to cancel the closing, terminate this Contract, and recover any amounts paid by Purchaser to Seller or to the Title Company on account of the purchase price of the Property. The exercise of this power by Purchaser shall not, however, constitute a waiver of any other rights Purchaser may have against Seller for breach of this Agreement. The Title Company (Escrow Agent) shall be and is hereby irrevocably instructed by Seller on any such failure of condition and receipt of such notice from Purchaser by it to immediately refund to Purchaser all monies and instruments deposited by Purchaser pursuant to this Contract. 6.04 Prorations. Any assessments against the .Property as of the Closing Date shall be paid by Seller on or before the closing. General real estate taxes for the then current year relating to the Property, interest on any existing indebtedness, and rents if any, shall be prorated as of the closing date and shall be adjusted in cash at the closing. In the event any roll back or other deferred taxes exist which are retroactive to the period of Seller's ownership of the Property or any time prior thereto pursuant to a change in zoning, use, ownership or otherwise, such retroactive taxes shall remain the obligation of Purchaser. This provision shall survive the closing. 6.05 Closing Costs. All costs and expenses of closing in consummating the sale and purchase of the Property shall be borne and paid as follows: Page 4 Owner's Title Policy paid by Purchaser Survey paid by Purchaser Environmental and Engineering Survey, if any, paid by Purchaser Inspection Reports, if any, paid by Purchaser Filing fees paid by Purchaser Attorney's fees paid by the party incurring same ARTICLE VII. REAL ESTATE COMMISSIONS Seller shall pay, at Seller's sole cost and expense, any commissions or brokerage fees associated with this Contract which are owed by Seller. Seller agrees to indemnify and hold the City harmless from claims made by any person for any such fees, commission or like compensation claiming to have dealt with the Seller. In the event Seller shall fail to fully and timely perform any of its obligations hereunder or shall fail to consummate the sale of the Property for any reason, except because of Purchaser's termination of this Contract or because of Purchaser's default, Purchaser may either terminate the Contract, enforce specific performance of the Contract, or seek other remedies available at law, in equity, or by statute. Seller's failure to satisfy Purchaser's objections under Article VI shall constitute a default by Seller. If Purchaser shall fail to consummate this Contract for any reason, except Seller's default or the termination of this Contract pursuant to a right to terminate given herein, Purchaser shall be in default and Seller may at its sole and exclusive remedy have the Escrow Deposit paid to Seller as liquidated damages for the breach of Contract thereby releasing Purchaser from this Contract. ARTICLE X. MISCELLANEOUS 10.01 Effective Date. The effective date of this Contract will be the date the last party executes the contract. 10.02 Survival of Covenants. Any of the representations, warranties, covenants, and contracts of the parties, as well as any rights and benefits of the parties, pertaining to a period of time following the closing date of the transactions contemplated hereby shall survive the closing. 10.03 Notices. Any notice required or permitted to be delivered hereunder shall be deemed received when sent by certified United States mail, postage prepaid, return receipt requested, addressed to Seller or Purchaser, as the case may be, at the address set forth below the signature of the party hereunder. Page 5 10.04 Texas Law to Apply. This Contract shall be construed under and in accordance with the laws of the State of Texas, and all obligations of the parties created hereunder are performable in Tarrant County, Texas. 1.0.05 Parties Bound. This Contract shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, successors and assigns where permitted by this Contract. 10.06 Legal Construction. In case any one or more of the provisions contained in this Contract shall for any reason be held to be invalid, illegal, or unenforceable in any respect, this invalidity, illegality, or unenforceability shall not affect any other provision hereof, and this Contract shall be construed as if the invalid, illegal, or unenforceable provision had never been contained herein. 10.07 Gender. Words of any gender used in this Contract shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise. 10.08 Time. In this Contract, time is of the essence and compliance with the times for performance is required. 10.09 Attorneys Fees. The prevailing party in the adjudication of any proceeding relating to this Agreement shall be authorized to recover its reasonable and necessary attorney's fees pursuant to Sec. 271.159 of the Texas Local Government Code. EXECUTED this iq day of .:' & , 2010. • ; Southlake, Texas 76092 CITY OF S®UTHLAKE, TEXAS i John Terrell, Mayor 1400 Main Street Southlake, Texas 76092 Page 6 600 North Kimball Avenue STAT OF TEXA C OUNTY O F Before me, the undersigned authority in and for the State of Texas, on this day personally appeared David Keener, known to me (or proved to me on the oath of or through [description of identity card or other document]) to be the person whose name i subscribed to the foregoing instrument and acknowledged to me that he executed the same for the purposes and consideration therein expressed. G W UNDER MY IIAND AND 2010. ��" CHRISTOPHER DANIEL RANEY �` AX PV��i '� Notary Public, State of Texas "s �•, �,= My Commission Expires ' :;,,;.�` June 03, 2014 M OCn1 1 s { SEAL OF OFFICE, this the 1 day of Typed or Printed Name of Notary Q`• ;, OF D C OUNTY • . Before me, the undersigned authority in and for said County, Texas, on this day personally appeared John Terrell, known to me to be the person whose name is subscribed to the foregoing instrument and acluiowledged to me that he is the Mayor of the City of Southlake, Texas and is duly authorized to execute this Contract for the purposes and consideration therein. expressed. GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the day of 2010. Notary Public in and for The State of Texas My Commission Expires: Typed or Printed Name of Notary Page 7 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, VISION SOUTHLAKE DEVELOPMENT LLC., acting by and through the undersigned, their duly authorized representative, 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. VISION SOUTHLAKE DEVELOPMENT LLC. STATE OF TEXAS COUNTY OF TARRANT BEFORE ME, the undersigned authority, in and for said County, on this day personally appeared , known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that s /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. PARCEL NO. 7 Notary Public in and for The State of Texas Commission Expires: GDOC \KIMBALL- LEGALI PROw7Cover EXHIBIT "A" LEGAL DESCRIPTION PERMANENT RIGHT -OF -WAY NORTH KIMBALL AVENUE, STATE HIGHWAY 114 TO DOVE ROAD PARCEL 7 BEING 0.145 acre of land located in the T. Mahan Survey, Abstract No. 1049, Southlake, Tarrant County, Texas, and being a portion of the tract of land designated as Tract II in the deed to Vision Southlake Development, LLC recorded in County Clerk's File No. D209248143 of the Deed Records of Tarrant County, Texas, and a portion of the tract of land conveyed to Vision Southlake Development, LLC by the deed recorded in County Clerk's File No. D207191108 of the Deed Records of Tarrant County, Texas. Said 0.145 acre of land being more particularly described by metes and bounds as follows: BEGINNING at a 5/8" iron rod found at the most Northerly corner of said Tract II, and said POINT OF BEGINNING being the intersection of the existing West right -of -way line of North Kimball Avenue with the South right -of -way line of Kirkwood Boulevard; THENCE along the East boundary line of said Vision Southlake Tracts and the existing West right -of -way line of said North Kimball Avenue as follows; 1. S 44° 56'34" E 48.22 feet, to a point; 2. S 00° 45'34" E 40.03 feet, to a '/z" iron rod found at the Southeast corner of said Tract II; 3. N 89° 53' 28" E 7.20 feet, to a ' / 2 " iron rod found at the Northeast corner of said Vision Southlake tract, recorded in C.C. No. D207191108; 4. S 00° 49' 52" E 205.30 feet, to a point; THENCE S 89° 12' 53" W 22.17 feet, to a 1/2" iron rod marked "Brittain & Crawford ", set in the new West right -of -way line of said North Kimball Avenue; THENCE along the new West right -of -way line of said North Kimball Avenue as follows; 1. N 00° 49' 31" W 233.26 feet, to a' /z" iron rod marked "Brittain & Crawford ", set; 2. N 51' 34'54" W 63.26 feet, to a ' /2 " iron rod marked "Brittain & Crawford ", set in the North boundary line of aforesaid Tract II, and the South right -of -way line of said Kirkwood Boulevard; THENCE NORTHEASTERLY 31.16 feet, along the North Boundary line of said Tract II, with a curve to the right having a radius of 550.00 feet, a central angle of 03 °14'46 ", and a chord bearing N 76° 40'47" E 31.16 feet, to the POINT OF BEGINNING containing 0.145 acre (6,301 square feet) of land. G:d oc*jmba II -lega Islprow7 A= 03 °14'46" R= 550.00 L= 31.16' LC= N 76 °40'47 "E 31.16 �, O / / ' 112" IRS 6 VISION SOUTHLAKE / DEVELOPMENT, LLC. S• y TRACT II CC No. D209248143 1 12" IRSt D.R.T.C.T. 1/2" IRON ROD FOUNT POINT OF BEGIN IN( _5/8" IRON RO FOUND MOST NORTHERLY ORNIFR OF TRA T II S 44 5 '3 "E /-- . 2' LOT 2, BLOCK 1, KIMBALL LAKES OFFICE PARK CC No. D209037493, D.R.T.C.T. S 89 SURVEYED ON THE GROUND /�yt\ 22.1 7' - MAY 26, 2010 / O M N 0 N w m 0 O O m S 0 0 0 5'34"E 4 .03' 5 °53'28 "E i 7.20' /2" IRON ROD FOUND IW IZ dl; � Q a J a ai Y lO I Z wl z �I F� 5 ;tip 4 � G� �P P 4 I I JAMES L BRTTAIN `7 16/4 r` REGISTERED PROFESSIONAL 9 y !fs ;!a LAND SURVEYOR OF ye PROPERTY CORNER NOTE V ALL PROPERTY CORNERS SET ARE 1/2" IRON RODS TE N0. 1674 SUR WITH CAP MARKED "BRITTAIN & CRAWFORD" CITY OF SOUTHLAKE 1400 MAIN STREET, SOUTHLAKE, TEXAS, 76092 NORTH KIMBALL AVENUE, S.H. 114 TO DOVE ROAD EXHIBIT "B" BxrrrAIN &CRAwFoRD PERMANENT RIGHT —OF —WAY LAND SURVEYING & 0.145 ACRE OF LAND TOPOGRAPHIC MAPPING LOCATED THE rein 92& - Y 7) 92 Cain ,psi is T. MAHAN SURVEY P.O. BOX FAX 13? ( - 3 M26SWY raE ��„ N . / 761 E�,Ar ABSTRACT No. 1049 FORT '104TH, TEXAS 78110 `"� ``�"� SOUTHLAKE, TARRANT COUNTY, \KIM9ALL\— ROW -7\ TEXAS SCALE 1 "= 40' PERMANENT RIGHT -OF -WAY 1 0.145 ACRE / 6,301 SO.FT, J 1 I. I N I N I z J VISION SOUTHLAKE I o DEVELOPMENT, LLC. ' 4 C.C. No. D207191108 D.R.T.C.T. I� F Z O b w z i O `QP I Z a I I 10' TEMPORARY CONSTRUCTION I EASEMENT, 0.054 ACRE 2,373 SQ.FT. 1/2" IRS LOT 2, BLOCK 1, KIMBALL LAKES OFFICE PARK CC No. D209037493, D.R.T.C.T. S 89 SURVEYED ON THE GROUND /�yt\ 22.1 7' - MAY 26, 2010 / O M N 0 N w m 0 O O m S 0 0 0 5'34"E 4 .03' 5 °53'28 "E i 7.20' /2" IRON ROD FOUND IW IZ dl; � Q a J a ai Y lO I Z wl z �I F� 5 ;tip 4 � G� �P P 4 I I JAMES L BRTTAIN `7 16/4 r` REGISTERED PROFESSIONAL 9 y !fs ;!a LAND SURVEYOR OF ye PROPERTY CORNER NOTE V ALL PROPERTY CORNERS SET ARE 1/2" IRON RODS TE N0. 1674 SUR WITH CAP MARKED "BRITTAIN & CRAWFORD" CITY OF SOUTHLAKE 1400 MAIN STREET, SOUTHLAKE, TEXAS, 76092 NORTH KIMBALL AVENUE, S.H. 114 TO DOVE ROAD EXHIBIT "B" BxrrrAIN &CRAwFoRD PERMANENT RIGHT —OF —WAY LAND SURVEYING & 0.145 ACRE OF LAND TOPOGRAPHIC MAPPING LOCATED THE rein 92& - Y 7) 92 Cain ,psi is T. MAHAN SURVEY P.O. BOX FAX 13? ( - 3 M26SWY raE ��„ N . / 761 E�,Ar ABSTRACT No. 1049 FORT '104TH, TEXAS 78110 `"� ``�"� SOUTHLAKE, TARRANT COUNTY, \KIM9ALL\— ROW -7\ TEXAS SCALE 1 "= 40' TEMPORARY CONSTRUCTION EASEMENT VISION SOUTHLAKE DEVELOPMENT, LLC TO THE CITY OF SOUTHLAKE TARRANT COUNTY, TEXAS Being the owner of the above referenced property, I (we) hereby grant to the City of Southlake, and to the Contractor, a temporary construction easement through a portion of a tract of land conveyed to Vision Southlake Development, LLC by the deed recorded in County Clerk's File No. D207191108 of the Deed Records of Tarrant County, Texas for the purposes of constructing necessary roadway facilities. The temporary construction easement shall be 10 feet wide and shall be West of and parallel to the Permanent Right -of -Way Line shown on Exhibit "B" attached hereto. It is understood that during construction, the Contractor will of necessity require the temporary construction easement to accommodate movement of equipment for handling and placement of piping and supplies, but only as may be necessary, and in no case shall the Contractor permit equipment to become in contact with, or damage existing buildings or other permanent lot improvements. It is further understood that the Contractor shall be required by the City to restore all areas of the lot, relative to fencing, structures, and other improvements to pre- existing conditions, or better. The above granted permission shall expire and further activities limited to the permanent utility easement of record upon final acceptance by the City of the Contractor's work. Permission and access granted this, the day of 1 2010. OWNER(s) (Printed Name) OWNER(s) (Signature) OWNER(s) (Printed Name) OWNER(s) (Signature) ACKNOWLEDGEMENT THE STATE OF TEXAS COUNTY OF TARRANT BEFORE ME, the undersigned authority in and for Tarrant County, Texas, on this day personally appeared , known to me or proved to me through (description of identity card or other document), to be the same person whose name is subscribed to the foregoing instrument and acknowledged to me that he/she executed the same for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE, this day of _,2010. NOTARY SEAL Notary Public, State of Texas Notary's Name (Printed) Notary's Commission Expires PARCEL NO. 7 AFTER EXECUTION BY OWNER, PLEASE RETURN ORIGINAL TO: CITY OF SOUTHLAKE c/o Public Works Department 1400 Main Street, Suite 230 Southlake, Texas 76092 Phone: 817- 748 -8089 Fax: 817- 748 -8077