2004-099-RES ACCEPTING APPRAISED VALUE ON TWO TEMPORARY CONSTRUCTION EASEMENTS FOR THE TEXAS DEPT OF TRANSP FUNDED PROJECT TO WIDEN LAMAR AVE BETWEEN 20TH ST NE AND NORTH COLLEGIATE DRIVE

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USPAP REQUIREMENTS/SALIENT FACTS Property Rights Appraised: Being 0.3894 acre situated in the County of Lamar, State of Texas, being a part of the George W. Cox Survey, Abstract No. 164, also being a part of Lot 9, Block 222-A, of the City of Paris, Lamar County, Texas. A fee simple estate is defmed as "absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat"! Scope of the Appraisal: The scope of the assignment included a complete analysis of the subject property and the subject neighborhood. In addition, research was conducted on surrounding properties, market trends and comparable land sales and comparable improved sales. A form report, TXDOT Form ROW-A-6, was prepared which summarized the data and my analysis and conclusions regarding the subject property. While compiling information to complete this appraisal, I used several different data sources, including but not limited to: The City of Paris, Lamar County, local real estate experts, grantors, grantees and etc. All methodology used to arrive at the estimate of market value can be found in The Appraisal of Real Estate, Twelfth Edition, published by the Appraisal Institute. The appraisal methodology and the value conclusion contained herein are in conformance with the Uniform Standards of Professional Appraisal Practice. This appraisal report is for the exclusive use of Lockwood Andrews & Newnam, Inc. and The Texas Department of Transportation (client) for the purpose of assisting with the acquisition of right-of-way for the widening of Business US 82, Lamar County, State of Texas. This is a summary appraisal report which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it represents only summary discussions of the data, reasoning and analyses that were used. in the appraisal process to develop the appraiser's' opinion of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraiser's files. The depth of discussion contained in this report is specific to the needs of the cli~t and for the intended use stated above. The appraisers are not responsible for unauthorized use of this report. Within the appraisal process, the three accepted approaches to real property valuation (cost, income and sales comparison approaches) were considered (as applicable). In preparing this appraisal, the appraiser inspected the subject site and neighborhood. Information was gathered on comparable land and improved sales. The sales comparison approach was used to value the site as if vacant. When appropriate, information was obtained regarding comparable costs and the cost approach was utilized to value the site improvements. These approaches to value were reconciled to derive an--estimate of value for the whole property, the part taken, the remainder after the taking, severance damages and just compensation. Jurisdictional Exception: This appraisal has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USP AP). Jurisdictional exception provides for severability preserving the balance of US:P AP if one or more parts of USP AP are "contrary to'law or public policy of a jurisdiction." According to USPAP, "law means a body of rules with binding legal force established by controlling governmental authority." This includes federal and state constitutions, legislative and court made law, and administrative rules, regulations and ordinances. As appraisals performed for eminent domain are subject to certain constraints based on statutory and case law regarding compensibility, the issue of jurisdictional exception is invoked. History of the Subject Property: The subject property is currently owned by the City of Paris. The City of Paris has owned the subject property in excess of five years. The appraiser is not aware of any other transaction involving the subject property since that time. Exposure Period: One year at a value and highest and best use as state herein. Marketing Period: One year approaching a value as stated herein. Date of Inspection/Owner Contact: The appraisers contacted the property owners notifying them of our intent to inspect the subject property and offering the opportunity for a property owner representative to be present. A representative for the City of Paris granted the appraisers permission to inspect the property but was not present at the time of inspection. Effective Date of Appraisal: The effective date of this appraisal is March 10, 2004 the most recent date of inspection. Photos of the subject were taken during the initial inspection and photos of the sales were taken March 11, 2004. Date of Report: The date of this report is AprilS, 2004. 1 Appraisal Institute. The Appraisal of Real Estate. 12th Edition. Chicago, 1996, p. 137. Page 1.1