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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Location: Location adjustments tend to be somewhat subjective, as location differences are often difficult to isolate. Differences in location often will indicate that the highest and best use of the tracts are different. lbis is due to the tendency of a particular highest and best use to be predominant in areas with similar location characteristics. In this case, all of the tracts are considered to have a similar highest and best use and are relatively similar in location. Size/Shape: The sizes and shape of the various comparables is considered to have some impact upon sale price. The sales used in this report are not all the same size and size adjustments were necessary. When appropriate, adjustments will be made for differences in shape, as well. Sale 1 occurred in September of 2003 and involved a 0.27 acre tract of land located at 3171 Lamar A venue. The grantor in this transaction was Billy J. Williams and the grantee was Stephen Brown. Consideration involved in this sale was $45,000 or $3.83 per square foot. When comparing this sale to the subject property, no adjustments were deemed necessary. In the absence of any adjustments, Sale 1 indicates a per unit value of $3.83 per square foot. Sale 2 occurred in July of 2003 and involved a 0.198 acre tract ofl~d located at 2404 Lamar Avenue. The grantor in the transaction was David Glass Investments, LLC and the grantee was Larry Whitener and wife, Misty Whitener. Consideration involved in this sale was $35,000 or $4.06 per square foot. When comparing this sale to the subject property, a downward adjustment was made to account for the subject's inferior access/frontage. After this adjustment, Sale 2 indicates a per unit value for the subject property of$3.65 per square foot. Sale 3 is the May of 2002 sale of a 1.19 acre tract located along the south line of Lamar Avenue, east of Collegiate. The grantor in this transaction was Hibernia National Bank and the grantee was Tony Bowden and Stacy Bowden. Consideration involved in this sale was $100,000 which equates to a per square foot sales price of$1.93. When comparing this sale to the subject property, an upward adjustment was made to account for the subject's smaller size. After this adjustment, Sale 3 indicates a per unit value for the subject property of $2.03 per square foot. The final sale used in this analysis occurred in November of2001 and involved a 2.0716 acre tract ofland located at 3890 Lamar Avenue. The grantor in this transaction was James Christopher Martin and the grantee was Ting's Corpomtion. Consideration involved in this sale was $300,000 which equates to a per unit sales price of $3.32 per square foot. When comparing the sale to the subject property, a positive adjustment was made to account I for the subject property's smaller size. Additionally, a negative adjustment was made to account for the subject's inferior location when compared to Sale 4. After these adjustments, Sale 4 indicates a per unit value for the subject property of$3.32 per square foot. In summarizing the adjustment process for the subject property, the unit sale prices of the comparables utilized ranged from $1.93 to $4.06 per square foot before adjustments. After applying the adjustments noted, the sales produce adjusted sale prices that range from $2.03 to $3.83 per square foot. Considering the similarities and differences of these sales as they compare to the subject, it is my opinion that the subject property (land only) has a market value, as of the date of this appraisal, of$3.50 per square foot. Page 4.1