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17-C TxDOT Lamar 2 Easements DRAFT F:ALICEIRESWORKICURRENTI TxDOT Temp Canst Easement - Lamar Ave Impr Res June 10, 2004 RESOLUTION NO. A RESOLUTION OF THE CITY OF PARIS, PARIS, TEXAS, ACCEPTING APPRAISED V ALUE ON TWO TEMPORARY CONSTRUCTION EASEMENTS FOR THE TEXAS DEP AR TMENT OF TRANSPORTATION-FUNDED PROJECT TO WIDEN LAMAR A VENUE BETWEEN 20111 STREET N .E. AND NORTH COLLEGIATE DRIVE AND ACKNOWLEDGING RECEIPT OF THE REAL EST A TE APPRAISAL REPORTS FROM THE TEXAS DEPARTMENT OF TRANSPORTATION; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the Texas Department of Transportation (TxDOT) has undertaken a project to widen Lamar Avenue between 20th Street N.E. and North Collegiate Drive; and, WHEREAS, the City Council of the City of Paris did heretofore on the 8th day of September, 2003, in Resolution No. 2003-149 acknowledge its wholehearted support of the TxDOT project to widen Lamar Avenue between 20th Street N.E. and North Collegiate Drive; and, WHEREAS, in order to complete said project it is necessary that temporary construction easements be procured by TxDOT from adjacent property owners; and, WHEREAS, TxDOT has offered the appraised value to the City of Paris for temporary construction easements on two parcels of land owned by the City of Paris, being Parcel 19 TE consisting of a 0.024 acre (1,035 SF) tract of land in easement, situated in Lamar County Texas, part of the George W. Cox Survey, Abstract No. 164 in the amount of $725.00, and Parcel 28 TE consisting of a 0.028 acre (1,199 SF) tract of land in easement, situated in Lamar County Texas, part of the George W. Cox Survey, Abstract No. 164 in the amount of $839.00 as described in Exhibits A and B, and should in all things be approved and accepted. WHEREAS, it is deemed in the best interest of the citizens of the City of Paris to accept the appraised value and grant the necessary temporary construction easements to enable TxDOT to complete said Lamar Avenue improvement project; and, WHEREAS, the form of the Acknowledgment of Receipt of Appraisal Reports Temporary Construction License granting said temporary construction easement attached hereto as Exhibit A, should in all things be approved, and the City Manager should be authorized to execute the same; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble of this resolution are hereby in all things approved. Section 2. That the offer of the appraised value to the City of Paris for temporary construction easements on two parcels of land owned by the City of Paris, being Parcel 19 TE consisting of a 0.024 acre (1,035 SF) tract of land in easement, situated in Lamar County Texas, part of the George W. Cox Survey, Abstract No. 164 in the amount of $725.00, and Parcel 28 TE consisting of a 0.028 acre (1,199 SF) tract of land in easement, situated in Lamar County Texas, part of the George W. Cox Survey, Abstract No. 164 in the amount of $839.00 for the Texas Department of Transportation (TxDOT) project to widen Lamar Avenue between 20th Street N.E. and North Collegiate Drive is hereby approved and accepted. Section 2. That the City Manager of the City of Paris be, and he is hereby authorized and directed to execute, on behalf of the City of Paris, the Acknowledgment of Receipt of Appraisal Reports attached hereto as Exhibits A and B. Section 3. That this resolution shall be effective from and after the date of passage. PASSED AND APPROVED this 14th day of June, 2004. Curtis Fendley, Mayor ATTEST: Sherian Dixon, Assistant City Clerk APPROVED AS TO FORM: Larry W. Schenk, City Attorney ~ 'o:p."monr .Ior:::;"uon FonnROW-A-RA Rev. 512000 (Electronic version GSD-EPC Word 97) ACKNOWLEDGMENT OF RECEIPT OF APPRAISAL REPORT County: Lamar ROW Acct. No.: 0045-09-082 Federal Project No.: N/A Parcel No.: 19TE CSJ No.: 0045-09-082 Highway: Bus. US 82 I, 't hereby acknowledge receipt on -> I"~ /O'-t of a copy of an appraisal report prepared by Integra Realty Resources dated 4/5/2004, related to the above parcel. I acknowledge that this appraisal report is subject to the copyright laws of the United States and that any republication or redisdosure is prohibited without the express written consent of the Texas Department of Transportation. 1- Signature of Owner(s) Date Signature of Owner(s) Date EXHIBIT A.. Ian Lockwood, Andrews & Newnam, Inc. A SUBSIDIARY OF lED A DALY CONSULTANT TO THE TEXAS DEPARTMENT OF TRANSPORTATION May 13, 2004 County: Lamar Federal Project No.: N/A CSJ: 0045-09-082 ROW Account No.: 0445-09-082 Parcels: 19 TE Highway: Business u.S. 82 From: FM 195 To: Collegiate Drive City of Paris ATTN: Shawn Napier, City Engineer 150 S.E. 1st St. Paris, TX 75460 Dear Owners: In acquiring property for the highway systems of Texas, the Texas Department of Transportation follows a definite procedure for appraising the land needed and for handling personal negotiations with each owner. As explained by the Lockwood, Andrews'& Newnam Right of Way Agent, Mr. Scott J. Hodges, your property consisting of a 0.024 acre (1,035 SF) tract of land in easement, situated in Lamar County Texas, part of the George W. Cox Survey, Abstract No. 164, is to be acquired. We believe at this stage of the purchase process it is mutually beneficial to confinn that based on an appraisal made by a qualified appraiser and an analysis by the appraisal review staff in this office, the State is authorized to offer you $725.00 for your property, which includes $725.00 for the property to be purchased and $0.00 for damages to your remaining property. This amount is the total amount of just compensation for the property, as determined in accordance with State law, less oil, gas and sulphur. Except for any utility easements and/or advertising sign interests that will be handled separately by the Department, you will be responsible for negotiating with any other parties who may own an interest in the land or improvements. This offer to purchase includes the improvement(s) listed below which are considered to be part of the real property. Since the improvement (s) must be removed, it is the policy of the Department to permit owners to retain them if they wish to do so. The retention values shown are the estimated amounts the improvements woul!l bring if sold on public bids. If you wish to retain title to any of the following improvement(s) and remove it (them) from the right of way, the amount of the above offer must be reduced by the appropriate retention amount(s). Improvement N/A Amount to be Subtracted if Retained N/A ' In the event the condition of the property changes for any reason, the State shall have the right to withdraw this offer. After the date of payment of the purchase price, or the date of deposit in court of funds to satisfy the award of compensation as determined through eminent domain proceedings to acquire real property, you will be reimbursed for any fair and reasonable incidental expenses necessarily incurred in transferring title to the property for use by the Texas Department of Transportation. Expenses eligible for reimbursement may include (1) recording fees, transfer taxes and similar expenses incidental to conveying the real property to the Department and 2925 Brlarpark Drive. Houston, Texas 77042 . 713.266.6900 . Fax: 713.266.2089 (2) penalty costs for prepayment of any preexisting recorded mortgage entered into in good faith encumbering the real property. Voluntary unnecessary expenses or expenses incurred in clearing questionable title will not be eligible for reimbursement. Eligible incidental expenses will be reimbursed upon submission of a claim supported by receipted bills or other evidence of actual expenses incurred. You may file a written request for review if you believe that the Department failed to properly determine the eligibility for, or the amount of, incidental expenses to be reimbursed. There is no standard form on which to request a review of a claim; however, the claim must be filed with this office within six months after you are notified of the Department's determination on any claim for reimbursement. You may be entitled to additional payments and services under the State's Relocation Assistance Program. It is emphasized, however, that any benefits to which you may be entitled under this program will be handled entirely separate from and in addition to this transaction. You will receive a brochure entitled "Relocation Assistance" which will inform you of eligibility requirements, payments and services which are available. Attached is a copy of the Texas Department of Transportation brochure entitled "Right of Way Purchase" which we trust will give you a better understanding of the procedures followed by the Department in purchasing property. If you have any questions regarding the details as to the typb of facility to be built or concerning the purchase transaction, please do not hesitate to call Mr. Scott J. Hodges at (800) 688-7590 (toll free) or (713) 266- 6900, extension 1386, to answer them. IS!n Lockwood, Andrews & Newnam, Inc. A SUBSIDIARY OF lED A DALY CONSULTANT TO THE TEXAS DEPARTMENT OF TRANSPORTATION May 13, 2004 County: Lamar ROW CSJ: 0045-09-082 Parcel No.: 19 TE Project Limits: From FM 195 to Collegiate Drive Federal Project No.: N/A Highway: Business U.S. 82 City of Paris ATTN: Shawn Napier, City Engineer 150S.E.lstSt. Paris, TX 75460 Dear Owners: An offer was made by the Texas Department of Transportation on May 13, 2004, to purchase the above- designated property, on which you are located, for highway right of way. This Department assists persons displaced by the purchase of land for transportation purposes through our Relocation Assistance Program. The payments and services to which you may be entitled are outlined in the enclosed brochure which is entitled "Relocation Assistance. " We believe that you will fmd that this brochure is very helpful. Please take careful note of each and all of the following statements: 1. You will not be required to move from the property being acquired for at least 90 days from the date of this letter. At some later date you will be given a written notice and a date by which you must vacate the property. You will have at least 30 days after receipt of the written notice before you must move. 2. You may be entitled to a relocation assistance payment for moving costs and related expenses as explained in our brochure. This payment, however, is limited to the cost of relocating your displaced personal property and will not include any costs for moving real property. Such payment may includ~ actual reasonable costs and related expenses in moving and reinstalling your personal property from the real property acquired by the State for highway right of way. 3. Application for moving payments shall be made in writing on standard fonns provided by this Department and the application must be fIled with this Department no later than eighteen (18) months after the date you actually move from the State-acquired real property. " 4. Any person or entity who is not lawfully present in the United States is ineligible for relocation advisory services and relocation payments, unless such ineligibility would result in exceptional and extremely unusual hardship to a qualifying spouse, parent, or child. 5. Finally, if you are dissatisfied with a determination as to your eligibility for a payment or the amount of any relocation payment, you may request a review of your case by the Texas Department of Transportation's Relocation Assistance Review Committee as explained in our brochure. 2925 Briarpark Drive. Houston, Texas 77042 . 713.266.6900 . Fax: 713.266.2089 We request that you thoroughly read and examine our brochure for additional information and the requirements for payment eligibility. Assistance in preparing the necessary fonns and with the filing of your claims for any benefits to which you may be entitled, as well as any additional infonnation desired concerning our relocation assistance program, will be made available to you from this office. If any such help is desired, please contact Scott J. Hodges at (800) 688-7590 or (713) 266-6900 x1386. J,1Ì5 Project Manager Lockwood, Andrews & Newnam, Inc. Enclosure ~ I:,r... o:".ttmont of 7'r8n8p«IalJon FonnROW-A-RA Rev. 512000 (Electronic version GSD-EPC Word 97) ACKNOWLEDGMENT OF RECEIPT OF APPRAISAL REPORT County: Lamar ROW Acct. No.: 0045-09-082 Federal Project No.: Parcel No.: 28 TE CSJ No.: 0045-09-082 Highway: Bus. US 82 I, 1. , hereby acknowledge receipt on S" /\' loUr of a copy of an appraisal report prepared by Integra Realty Resources dated 4/512004, related to the above parcel. I acknowledge that this appraisal -report is subject to the copyright laws of the United States and that any republication or redisc1osure is prohibited without the express written consent of the Texas Department of Transportation. )( Signature of Owner(s) Date Signature of Owner(s) Date EXHIBIT Ji Ian Lockwood, Andrews & Newnam, Inc. A SUBSIDIARY OF lED A DALY CONSULTANT TO THE TEXAS DEPARTMENT OF TRANSPORTATION May 13, 2004 County: Lamar Federal Project No.: N/A CSJ: 0045-09-082 ROW Account No.: 0445-09-082 Parcels: 28 TE Highway: Business u.S. 82 From: FM 195 To: Collegiate Drive City of Paris ATTN: Shawn Napier, City Engineer 150 S.E. 1st St. Paris, TX 75460 Dear Owners: In acquiring property for the highway systems of Texas, the Texas Department of Transportation follows a definite procedure for appraising the land needed and for handling personal negotiations with each owner. As explained by the Lockwood, Andrews & Newnam Right of Way Agent, Mr. Scott J. Hodges, your property consisting of a 0.028 acre (1,199 SF) tract of land in easement, situated in Lamar County Texas, part of the George W. Cox Survey, Abstract No. 164, is to be acquired. We believe at this stage of the purchase process it is mutually beneficial to confmn that based on an appraisal made by a qualified appraiser and an analysis by the appraisal review staff in this office, the State is authorized to offer you $839.00 for your property, which includes $839.00 for the property to be purchased and $0.00 for damages to your remaining property. This amount is the total amount of just compensation for the property, as determined in accordance with State law, less oil, gas and sulphur. Except for any utility easements and/or advertising sign interests that will be handled separately by the Department, you will be responsible for negotiating with any other parties who may own an interest in the land or improvements. This offer to purchase includes the improvement(s) listed below which are considered to be part of the real property. Since the improvement (s) must be removed, it is the policy of the Department to permit owners to retain them if they wish to do so. The retention values shown are the estimated amounts the improvements would bring if sold on public bids. If you wish to retain title to any of the following improvement(s) and remove ïi (them) from the right of way, the amount of the above offer must be reduced by the appropriate retention amount(s). . Improvement Amount to be Subtracted if Retained In the event the condition of the property changes for any reason, the State shall have the right to withdraw this offer. After the date of payment of the purchase price, or the date of deposit in court of funds to satisfy the award of compensation as determined through eminent domain proceedings to acquire real property, you will be reimbursed for any fair and reasonable incidental expenses necessarily incurred in transferring title to the property for use by the Texas Department of Transportation. Expenses eligible for reimbursement may include (1) recording fees, transfer taxes and similar expenses incidental to conveying the real property to the Department and 2925 Briarpark Drive. Houston. Texas 77042 . 713.266.6900 . Fax: 713.266.2089 (2) penalty costs for prepayment of any preexisting recorded mortgage entered into in good faith encumbering the real property. Voluntary unnecessary expenses or expenses incurred in clearing questionable title will not be eligible for reimbursement. Eligible incidental expenses will be reimbursed upon submission of a claim supported by receipted bills or other evidence of actual expenses incurred. You may file a written request for review if you believe that the Department failed to properly determine the eligibility for, or the amount of, incidental expenses to be reimbursed. There is no standard fonn on which to request a review of a claim; however, the claim must be filed with this office within six months after you are notified of the Department's determination on any claim for reimbursement. You may be entitled to additional payments and services under the State's Relocation Assistance Program. It is emphasized, however, that any benefits to which you may be entitled under this program will be handled entirely separate from and in addition to this transaction. You will receive a brochure entitled "Relocation Assistance" which will infonn you of eligibility requirements, payments and services which are available. Attached is a copy of the Texas Department of Transportation brochure entitled "Right of Way Purchase" which we trust will give you a better understanding of the procedures followed by the Department in purchasing property. If you have any questions regarding the details as to the type of facility to be built or concerning the purchase transaction, please do not hesitate to call Mr. Scott J. Hodges at (800) 688-7590 (toll free) or (713) 266- 6900, extension 1386, to answer them. Lockwood, Andrews & Newnam, Inc. Ian Lockwood, Andrews & Newnam, Inc. A SUBSIDIARY OF LEO A DALY CONSULTANT TO THE TEXAS DEPARTMENT OF TRANSPORTATION May 13, 2004 County: Lamar ROW CSJ: 0045-09-082 Parcel No.: 28 TE Project Limits: From FM 195 to Collegiate Drive Federal Project No.: N/A Highway: Business U.S. 82 City of Paris ATTN: Shawn Napier, City Engineer 150 S.E. 1st St. Paris, TX 75460 Dear Owners: An offer was made by the Texas Department of Transportation on May 13, 2004, to purchase the above- designated property, on which you are located, for highway right of way. This Department assists persons displaced by the purchase of land for transportation purposes through our Relocation Assistance Program. The payments and services to which you may be entitled are outlined in the enclosed brochure which is entitled "Relocation Assistance. " We believe that you will find that this brochure is very helpful. Please take careful note of each and all of the following statements: 1. You will not be required to move Jrom the property being acquired for at least 90 days from the date of this letter. At some later date you will be given a written notice and a date by which you must vacate the property. You will have at least 30 days after receipt of the written notice before you must move. 2. You may be entitled to a relocation assistance payment for moving costs and related expenses as explained in our brochure. This payment, however, is limited to the cost of relocating your displaced personal property and will not include any costs for moving real property. Such payment may include actual reasonable costs and related expenses in moving and reinstalling your personal property from th"e real property acquired by the State for highway right of way. 3. Application for moving payments shall be made in writing on standard fonns provided by this Department and the application must be flied with this Department no later than eighteen (18) months after the date you actually move from the State-acquired real property. . 4. Any person or entity who is not lawfully present in the United States is ineligible for relocation advisory services and relocation payments, unless such ineligibility would result in exceptional and extremely unusual hardship to a qualifying spouse, parent, or child. 5. Finally, if you are dissatisfied with a determination as to your eligibility for a payment or the amount of any relocation payment, you may request a review of your case by the Texas Department of Transportation's Relocation Assistance Review Committee as explained in our brochure. 2925 Briarpark Drive' Houston, Texas 77042 . 713.266.6900 . Fax: 713.266.2089 We request that you thoroughly read and examine our brochure for additional infonnation and the requirements for payment eligibility. Assistance in preparing the necessary forms and with the filing of your claims for any benefits to which you may be entitled, as well as any additional infonnation desired concerning our relocation assistance program, will be made available to you from this office. If any such help is desired, please contact Scott J. Hodges at (800) 688-7590 or (713) 266-6900 x1386. Jj/t; Project Manager Lockwood, Andrews & Newnam, Inc. Enclosure ~ L.;.'! :. Fonn ROW-A-6 Rev. 4/2003 GSD-EPC PAGE 1 OF 5 REAL ESTATE APPRAISAL REPORT TEXAS DEPARTMENT OF TRANSPORTATION Address of Property: 2351 Lamar Avenue Property Owner: The City of Paris Address of Property Owner: N/ A Occupant's Name: Vacant Whole: D TCE: t8I Acquisition Account: 0045-09-082 Parcel: 19 TE CSJ: 0045-09-082 Federal Project No: Highway: Business US 82 County: Lamar 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 ofless than the whole property, then any special benefits and lor damages to the remainder property must be included in accordance with the laws of Texas. Market Value Market value is derIDed as follows: "Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell, and is bought by one who 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 $725 as of March 10, 2004, based upon my independent appraisal and the exercise of my professional judgment; That on March 10,2004 and other (date)(s), I personally inspected in the field the property herein appraised; that I afforded The City of Paris, the property owner or the representative of the property owner, the opportunity to accompany me at the time ofthe 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 March 11,2004 and other (date)(s); 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 Texas Department of Transportation or officials of the Federal Highway Administration until authorized by State officials to do so, or until I am required to do so by due process oflaw, or until I am released trom this obligation by having publicly testified to such fIDdings; That my compensation is not contingent upon the reporting of a predetennined 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 confonnity 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 thaÌi that due to the physical deterioration within the reasonable control of the owner, has been disregarded in estimating the compensation for the property. ~~ To the best of my knowledge, the value does not include any items which are compensable under the State law but are not eligible for Federal reimbursement. q.,/ ~,J ø Date Appraiser Signature Michael W. Welch Certification Number .TX-1323054-G Date April 5, 2004 Page 1 USP AP 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 derIDed 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 surnmary 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 USP 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 éertain 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 April 5, 2004. 1 Appraisal Institute. The Appraisal of Real Estate. 12th Edition. Chicago, 1996, p. 137. Page 1.1 GENERAL ASSUMPTIONS: The legal description used in this report is assumed to be correct. No survey of the property has been made by the appraiser and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in visualizing the property. No responsibility is assumed for matters of a legal nature affecting title to the property nor is an opinion of title rendered. The title is assumed to be good and merchantable. Information furnished by others is assumed to be true, correct and reliable. A reasonable effort has been made to verify such information; however, no responsibility for its accuracy is assumed by the appraiser. All mortgages, liens, encumbrances, leases and servitudes have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. It is assumed that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. No responsibility is assumed f9r such conditions or for engineering which may be required to discover them. In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building, such as the presence of urea- formaldehyde foam insulation, asbestos, and/or existence of toxic waste, which mayor may not be present on the property, was not observed by me; nor do I have any knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances; The existence of urea-formaldehyde insulation or other potentially hazardous waste material may have an effect on the value of the property. We urge the client to retain an expert in this field if desired. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless non-compliance is stated, deemed and considered in the appraisal report. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-confonnity has been stated, deemed and considered in the appraisal report. It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. It is assumed that the utiliZation of the land and improvements is within the boundaries or property lines described and that there is no encroachment or trespass unless noted within the report. Page 1.2 GENERAL LIMITING CONDITIONS The appraiser will not be required to give testimony or appear in court because of having made this appraisal, with reference to the property in question, unless arrangements have been previously made therefore. If any courtroom or administrative testimony is required in connection with this report, an additional fee shall be charged for those services. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser and, in any event, only with properly written qualifications and only in its entirety. The distribution of the total valuation in this report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales or any other media without written consent and approval of the appraiser. Nor shall the appraiser, fmn or professional orga¡pzation of which the appraiser is a member be identified without written consent of the appraiser. The report and data investigated, except that furnished by the client, remains the sole property of our fmn. The terms of the agreement between the client and the authors are such that the authors have no obligation to update the report or revise it in any manner because of events or transactions occurring subsequent to the date of such report. We have no objection to your use of our fmn name as the author of the report which is to be prepared, and hereby consent to your making reference to such report in your reports or fmancial statements and in any document filed with any governmental agency, provided that: 1) prior to making any such reference in any report or statement or any document fùed with The Securities and Exchange Commission or other governmental agency, we are allowed to review and approve the text of such reference to determine the accuracy and adequacy of such reference to the report prepared by our fmn; 2) in our opinion, the proposed reference is not untrue or misleading and is adequate for the purposes intended in light of the circumstances under which it is made; and, 3) such reference to the report includes language to be approved by our fmn. Loss or removal of any portion of this report invalidates the entire report. . Page 1.3 APPRAISERS' CERTIFICATE: We certify that, to the best of our knowledge and belief: (1) The statements of fact contained in this report are true and correct. (2) The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and is our personal, unbiased professional analyses, opinions and conclusions. (3) We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. (4) Our compensation is not contingent upon the reporting of a predetennined 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. (5) Our analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. i (6) Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics, the Standards of Professional Practice of the Appraisal Institute and the Texas Appraiser Licensing and Certification Board. (7) The use of this report. is subject to the requirements of the Appraisal Institute and the Texas Appraiser Licensing and Certification Board relating to review by its duly authorized representatives. (8) As of the date of this report, I, David R. Dominy and Michael W. Welch have completed the applicable requirements under the continuing education program of the Appraisal Institute and the Texas Appraiser Licensing and Certification Board. (9) (10) The property has been inspected by David R. Dominy, Michael W. Welch and James P. Patterson. Randy B. Moultry provided significant professional assistance to the person(s) signing this report. INTEGRA REALTY RESOURCES - HOUSTON BY: ~ ~~ -- David R. Dominy TX-1321542-G ~~ Michael W. Welch TX-1323054-G 1- --f -" ----f¿. - James P. Patterson TX-1331060-Trainee Page 1.4 ~ A '":~ Fonn ROW-A-6 Rev. 4/2003 GSD-EPC PAGE20F5 PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: 19 TE Date Taken: March 10, 2004 1. Point nom which taken: Lamar Avenue Loca1Address: 2351 Lamar Avenue Taken By: Fee Appraiser Looking: North at subject 2. Point nom which taken: Existing right-of-way Looking: West at acquisition area Page 2 PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: 19 TE Date Taken: March 10, 2004 3. Point from which taken: Existing right-of-way Local Address: 2351 Lamar Avenue Taken By: Fee Appraiser Looking: East along Lamar Avenue 4. Point from which taken: Existing right-of-way Looking: West along Lamar Avenue Page 2.1 ~ L.z:... Fonn ROW-A-6 Rev. 4/2003 GSD-EPC PAGE30F5 DESCRIPTION OF PROPERTY CITY OF PARIS. LAMAR COUNTY NEIGHBORHOOD ANALYSIS The subject is located in the City of Paris along Business US 82 (aka Lamar Avenue) in Lamar County, Texas. This neighborhood is part of the east portion of the City of Paris which is located approximately 90 miles northeast of the Dallas/Fort Worth Metroplex. Business US 82 is the primary traffic artery through the area, with secondary arteries including US 271, SH 19, SH 286, FM 137, FM 195 and FM 1497. Area development patterns include mixed commercial and residential sites along the north and south lines of Lamar A venue. Commercial development is the predominant use for the land located off the main traffic arteries. \, { . ":':-';~- - ~'- ~, " " ""'-..u".:' / I .. '>: \. ,", ",/ " I , ,- .,- 'I ur'; . . .. \ , ',---,---"" " "~~'-'--"-\ , // <:~~,j : ',," " ...',---.,:" ... Although precise population infonnation has not been obtained within the immediate area, demographic infonnation has been considered for a five mile radius extending from the intersection of Business US 82 and US 271. Within this area, the following demographic factors are noted: The current population is estimated at approximately 29,095. Population growth is estimated to have increased 2.52% between 1990 and 2000 and 1.14% between 2000 and 2003. The median age is estimated at 36.83 years and almost 70% of the population is over the age of21, The median household income is estimated at $32,105, with the average household income estimated at $45,662. For persons over the age of 25 years, the educational attainment level includes 31.85% with a high school diploma, 22.6% with some college education but no degree and 20.54% with either an associate's, bachelor's or graduate degree. Page 2.2 For persons over the age of 16, approximately 52.65% are employed, 3.45% are unemployed approximately 43.65% are not in the labor force. The City of Paris has experienced some commercial growth in the past five year period. As a compliment to this commercial growth., some residential development has occurred throughout the City. The most dense concentration of retail development has occurred along US 82 northeast of Paris. Major national retail tenants as well as super anchors including Home Depot have been developed in the surrounding area. A number of fast-food and restaurant retailers have also located in proximity. The majority of this construction has taken place on fonnerly vacant land. Continued development is expected to occur throughout the City, with the primary focus along major thoroughfares including US 82. Page 2.3 SITE ANALYSIS LOCATION: The subject property is located along the north line of Lamar Avenue, west of 24th Street. LEGAL DESCRIPTION: 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. ACCESS: Access to the subject site is considered good via Business US 82/Lamar Avenue. Lamar Avenue is a four-lane paved, east/west highway that borders the north line of the subject property. The subject property has approximately 69 feet of frontage along the north line of Lamar Avenue. PHYSICAL CHARACTERISTICS Size: Approximately 0.3894 acre, or 16,962 square feet Shape: Basically Rectangular (See included mapping) : Frontage: Approximately 69 feet along the north line of Business US 82/Lamar Avenue Topography: The topography of the area is generally rolling. A current survey of the temporary construction site was provided, but the survey was not intended to represent an actual survey for the whole property. The dimensions for the whole site were derived from the Lamar County Appraisal District. FLOOD PLAIN STATUS: According to the Federal Emergency Management Agency (FEMA), the subject property is located in flood Zone "C". Zone "C" is the flopd insurance rate zone that corresponds to areas outside the I % annual chance flood plain, areas of the I % annual chance sheet flow flooding or depths of less than one foot, areas of I % annual chance stream flooding where the contributing drainage area is less than one square mile, or areas protected from the 1% annual chance flood by levees. No base flood elevations or depths are shown within this zone. Insurance purchase is not required in these zones. UTll..ITIES Electricity: Water: Sewer: Gas: Telephone: TXU Electric and others City of Paris City of Paris TXU Gas Southwestern Bell ZONING: The subject property is currently zoned for commercial use. The subject is located in an area along Lamar A venue where the majority of the properties are zoned for either commercial or retail use. SCHOOL DISTRICT: The subject property is located in the Paris Independent School District, which offers all levels of education from kindergarten to 12th grade. EASEMENTS/ENCROACHMENTS: We were furnished with a reduced copy of a survey. Additionally, properties in this area generally have typical utility easements along the road frontage and perimeter areas. There are no observed encumbrances that hinder the use or development of the subject site. Page 2.4 IMPROVEMENTS: The subject property is a vacant tract orland. SURROUNDING LAND USE: Land use in the surrounding area is similar to that of the subject property. Single family residences are primarily located on secondary roadways with commercial structures located along major roadways. Page 2.5 SURVEY #03-107 $ _...~ " r:.r ,'!;I C Block 222-A vO+~O' onstruction ~'é' g;.~4-'" &O~ "'C ~ (JQ CD tV 0.. 109+00 SO' œ __I LINE TABLE .."",,!.Ioft CIty 0' ,"oris. Park, r- 2351 LomQJ' "\0811". tel ..- I..C.o.R. Vel. 651. PI . 408 ," Sat -- LINt stARING DISTANCE I/Z' r- 11M - l-I NO2'14'Orw 15,01' ""r_...q., L-2 N89'J"'OD"E 69.07' "'-'r- t,.-J SO1"59'1()"[ 1501' foe- L-4 S8"'4'OO"\v &9.00' --.. -.... Easement "'" I. O""pttt GllCI orife SuIOII DII,,"'u Lc.O.R VeIl. !o~ .',. !at rlrlt IoIICI s-. t-b tltl Gf Peuof.., ,.... T_. I..Ç'.O..ft. Val. SIS2. Pt, 408 Lot .. !lode 2n-A ~, a.- A- Block 2'of the Re-Subdivision of the Lamar Terrace Addition to the City of Paris, Texas LEGEND œ 0 . . ! . . Scale 1"=60. 50' ... .s lbi ~t;ui ~ 8nIOII SHEET' 1 OF 3 SHEETS Block 222-A 113+00 Block 249 tlO1tS: 1 A \.£GAl. IItSCRIPDON 0' t\tN ~y DAIt tC/l£' lDI IoCC;OWNCS "8$ PLA' 2) ~,,~=...~ ':~~c~~ ~l1I"L ZONE N\'O AOJUS'ItD TO MIlO U ,.oor $CAI.£ 'ACTOR I.COOI:2 1iI, R'VI¡1'I':O tN !ME CAOUNO IINt()I :I. ZDOJ STAT£: DlSlRICT P~a:l NO lITE COONTYI .lOB 1EXIIS P^"", «I, or ~, ~ I 081 CCfIT', .(:T- ....... I.... IIGHW'AY No. 0045 C9 a& -- _er... _SIll! C CIIN$IIIUCIDf EIo!iUÞI' 0.024 Ac.(I.111D SOl'.) "'C ~ n toJ t"' 00 ~ ..., n !=. FIELD NOTES: Survey: COtIDty: ACC:Ollllt No: CSJ No: Hlgbwa)': hrecl: Grl..tor: 03-107 Sheet Z of 3 Sheets Lamar 0045-0!}..O81 Busfucss US 82 (Lamar Av.e.) l'TE City of Paris, Paris, Texas 15.00 foot wIde CGDnrudioD hemeDt OdD.: 0.024 acres situated in tbe Count)' of Lamar, State of Texas, bq . part of a Geor¡e W. Cox Survey AbsI:taCt No. 164. also bcilll a part of 1.01 9 Block m.A, Cily of Paris. Lamar Count)'. T~ in. Wammt)' Deed ftom J.K. GUCSI; Sr., Weldon Staron and D. Wayne Brown 10 CII)' ofhris, Paris. Texas. Rearded in Deed Reœrd Volume 652. Page 408, Lamar County. Texas. dated Januuy 12. 1983, and being dcscn'bed by mdes and bounds as follows: Beghualøg at a 112" Set Iron Rod in the cxÏ$ling North Ri¡bt-oC. Way ofBusinøs US 82, said point being Business US 82 Station 110+-70.33 OlTsCI40.00 feel left; said point al$o being the Southwm comer of the City of Pøri" Pari" Texas tract. and the Southeast comer ora Ifact desçribed in a Wananty Deed from Billy J. Pius to Joo L Deupree and wife, Susan Deupree recorded in Deed Record Volume 515, P&,go 581, Lamar County. Texas. dlltcdlanuary 13.1916; said point also being the Southwesl comer oftbo Proposed 15.00 foot wide Construction EucmCflt, (I) nente North 02°14'O7"West a distance oft5.01 feet with the Proposed West side of the 15.00 foot ConstnJdion Easement and the West line of the n:fcrenced City of Paris, Paris. Texas tract. aDd the East Uno ordle referenced Deupree tract to a 112. Set Iron Rod, Business US 82 Station 11 ~9.8S. Offset 55.00 feet left, for the Nortbwcs1 (Orner' of this Proposed ConsIfUctjon Easement; Thenc:e Nri 89034'00" East a distance of 69.07 feet with the Proposed North side ot dIe Construc1iœ Easement CO. ~.. Set Iron Rod being in the East line of the rererençed City of Paris, Paris. Texas trac~ and ø1so being in the West line of a trac;t described in a Warranty Deed tom Ralph Crews and wife, luna Ann Crews to Fantastic Furnishing. Inc. recorded in Real Property Records VoJume 465. Page 52. dated August IS. 1994, aJ5o (2) Page 2.7 FIELD NOTES: Sbect 3 of 3 Sheets (3) being Business US 32 Station tit +38.92, OJTsCl 55.00 Cccllcft, for the Northeast comer of this Proposed Construction Easement; Theaee South 01°S9'lOn Ea$t D distance of 15.01 feet with Ibc Bast tine of the referenced City of Paris, Paris, Teus trKt and, \he West Uno o(the reCerenced Fantastic Furnishing. Inc. trac~ to the North line of Right-of. Way of Business US 82 Station 111+39.33 Offsct-ID.OO (eet left; to a 112" Set Iron Rod for the Southeast comer of this Proposed Construction Eascment, (4) neacc SoutI189"34'OO" West a distance 0(69.00 feet with !he North Right-of-Way of Business US 82 to the POJNT .OF.BEGINNING and containing 0.024 açres ofland. A Plat of even date herewith aceompanics Ibis lcpl dcscñption. SURVEYED ON THE GROUND MARCH 5, 2003 ;I df£ 1\fARK L. SANDERSON R.P.L.S.1#491 J Page 2.8 AsSESSMENT AND TAXES Tax records pertaining to the subject property were obtained from the Lamar County Appraisal District. Account # 17449 Assessed Value for 2003 $42,410 PROPERTY HISTORY The Standards of Professional Appraisal Practice requires full disclosure and analysis of any sales or property transfers within the past three years of the date of value. The Paris District of The Texas Department of Transportation has requested a five-year history. According to information available to the appraiser, the subject property has been owned by the current owner in excess of the previous five years. The appraiser is not aware of any existing contracts or pending sales on the subject property, nor does the property appear to be listed for sale. Page 2.9 HIGHEST AND BEST USE Highest and best use may be defined as "the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible and that results in the highest value." 1 To have value, a site must have utility that is in demand by prospective purchasers, with utility being defined as net income or amenities derived from ownership of the property. The location of the tract, neighborhood characteristics and current market needs and demands set forth the site's highest and best use. Other considerations that must be weighed in the analysis are the existing zoning ordinances, deed restrictions, topography, shape and size of the tract. To estimate highest and best use, four elements are considered: Physically Possible Use, Legally Permissible Use, Financially Feasible Use and Maximally Productive Use ANALYSIS OF SITE "As VACANT" LEGALLY PERMISSIBLE Except for legally non-conforming property, the flISt step in dete~g what is legally permissible is to analyze private restrictions, zoning, building codes, historic district controls, and environmental regulations. The subject is located within the surrounding area of the City of Paris which employs zoning ordinances. The subject property is currently zoned for residential use. Therefore, some type of residential use would be legally permissible on this site. However, it is possible to have the zoni~g changed from residential to commercial along this portion of Lamar Avenue. PHYSICALLY POssmLE Many physical characteristics of a site can affect the uses to which it can be put. These characteristics can include size, location, shape, road frontage, topography, easements, utility availability, flood plain, and surrounding properties. The subject property's size is physically suitable for many types of development. As previously mentioned, utility easements are typically located along the frontage and perimeter portions of the site. The location of the easements are typical of the area and do not have an adverse effect on the functionality of the site. Therefore, based on the physical characteristics of the subject, possible developments for this property are numerous. It should be noted that the subject property is located in an area that is primarily commercial in nature. As such, the subject property, will be tenned as a highest and best use of commercial, regardless of the property's current use. The value conclusion contained herein recognizes all potential uses of the site. FINANCIALLY FEASmLE There is currently limited demand for vacant land in the market area. Also, based on the analysis perfonned in the following sections of this report, land in the market is priced at a level that should not impede development alternatives. Therefore, economic conditions indicate that it is fmancially feasible to develop the property at this time for some type of commercial use. MAXIMALLY PRODUCTIVE Among the fmancially feasible uses, the use that produces the highest rate of return or value (given a constant rate of return), is the highest and best use. Based upon the previous discussion regarding the physical, legal and fmancially feasible aspects of the subject site, it has been noted that overall land uses in the subject neighborhood are vacant or currently used for commercial use. Given that fact, the maximally productive highest and best use for the subject is commercial use. 1 The Dictionary of Real Estate Appraisal. Third Edition, American Institute of Real Estate Appraisers, Chicago, illinois, 1989, p. 171. Page 2.10 HIGHEST AND BEST USE CONCLUSION After considering the tests for highest and best use, it is my opinion that the highest and best use for the subject, as vacant, is for commercial use. Page 2.11 VALUATION OF PART TO BE ACQUIRED LAND VALUATION Repr C esentahve om ara e a es Subject Compo No.1 Comp No.2 Comp No.3 Compo No.4 David Glass Hibernia National James Grantor Billy J. Williams Investments,LLC Bank Christopher Martin Larry Whitener Tony Bowden Ting's Grantee Stephen Brown and wife, Misty and Stacy Whitener Bowden Corporation Date 09/03/03 07/15/03 05/02/02 11/30/01 Unit Price $3.83/SF $4.06/SF $1.93/SF $3.32/SF Relative 3171 Lamar 2404 Lamar S/L Lamar 3890 Lamar Location Avenue Avenue Avenue, East of Avenue Collegiate Financing Similar Similar I Similar Similar Conditions Similar Similar Similar Similar of Sale Market Similar Similar Similar Similar Conditions Adjusted for $3.83/SF $4.06/SF $1.93/SF $3.32/SF Condition 0.27 Acres 0.198 Acres 1.19 Acres 2.0716 Acres Size 0.3894 Acre Similar Similar Superior Superior 0% 0% +5% +10% Shape Rectangular Similar Similar Similar Similar 0% 0% 0% 0% Access / Interior Similar Inferior Similar Similar Frontage 0% -10% 0% 0% Location Similar Similar Similar Inferior 0% 0% 0% -10% Adjusted $3.83/SF $3.65/SF $2.03/SF $3.32/Acre Indicated Unit $3.50/SF Value bl S 1 SALES COMPARISON APPROACH - LAND ONLY The Sales Comparison Approach is based upon the principle of substitution. In essence, this principle states that a prudent purchaser will pay no more for any particular property than would cost them to acquire an equally desirable alternate property. In other words, this approach to value seeks to estimate a markèt value for the subject property by comparison with other transactions that have occurred in the marketplace. The Sales Comparison Approach utilizes sales of similar properties to the subject as the basis for an indication of market value. Comparison is made between each sale and the subject property for different characteristics including, but not limited to, financing tenDS, conditions of sale, market conditions, property location, size, shape, frontage/access and flood plain characteristics, etc. These adjustments are made to the sales price of a comparable property to arrive at an indication of what it would have sold for had it been essentially the same as the subject property. After considering these adjustments for dissimilar characteristics, the appraiser arrives at an estimate of value for the subject property. Page 3 Each of the land sales considered in the valuation of the subject property are presented on the following pages. Detailed descriptions including the legal description, location, size and sale price are included on the comparable data supplement sheets. Additionally, a photograph and map showing the location of the sale transaction are also included. After analyzing the subject property relative to the sale comparables included within this report, it is our opinion that the subject property would have a per square foot value of $3.50. Based upon the whole property size of 0.3894 acre (16,962 SF), the subject has a market value, land only, of$59,367. Page 3.1 // Y ~> .u filii Þ= LAND SALES MAP PClr.f f ~ v..// II nO! 82.... ~ ~~y -~ ~ --- 11 ~~ ~ ---'" ~ - --.:; N ==» --1 .".. t!,t ~ ;; :a: A RI \ í .~ I lac a: 11/ == ; ~\ : ~~ ~ V ~- .J, 's~eLJB~ '\ 'fie H \ ~ ==::; (j ~ \ ~r(~ \\ {, - 1;-= ,... v" =Ì "" If \ w L ~ ~ ~ ~~ ~ - A , \' Y ~. :z¡ 1::= l Ii J 211.."- } ~l.:' \Þ ' ~ '"~-- ~/ i-: JI 1'. .~ --------~ ~..- , ~ I . - ~'-~--' ",Ie ~II ~-~ , 1 ~ "'~.""""'...~..... "\ ~ ~ I SaJe# 21 l{"saJe # 3 r '-- ~ 82 ~ - 82 ~, ~ ~N ~ ~rSale#4F Il :.... =c:J B ¡ be RIPI'I Page 3.2 ~ ~~" PaTIn ROW-A-5S Rev, 4/2003 GSD-EPC (REPLACES FORM 0-15-28) PAGE 1 OF 2 COMPARABLE DATA SUPPLEMENT ROW Account 0045-09-082 Parcel No: 19 TE Highway: Business US Hwy 82 County: Lamar Land Sale: D Improved Sale D Rental Data D See Attached PHOTOGRAPH & MAP GrantorlLessor: Billy J. Williams GranteelLessee: Stephen Brown Date: 09/03/2003 Recording Information: V1369/Pg86 Address: 3171 Lamar Avenue Zip Code: 75460 Legal Description: 0.27 acres a part of the George W. Cox Survey, Block 296, Lot 4, City of Paris, Lamar County, Texas. Confmned Price: $45,000 Tenns and Conditions of Sale: Arm's Length Rental Data: N/A Verified with: Barbara Elliot-Gateway Realty Land Size: 0.27 Type Street: Four-lane paved roadway Unit Price as Vacant: $3.83/SF Utilities: Public Water, Public Sewer Improvement(s) Description: N/A Improvement(s) Size: N/A Condition and Functional Design: N/ A Unit Price as Improved: $ N/A Current Use: Vacant Date of Inspection: March 11, 2004 Attach Additional Information: Highest & Best Use: Commercial Zoning: Residential Flood Plain: Zone C " Appraiser: Michael W. WeIch Page 3.3 'i I' '¡ " m'.~O_.oK i !f' I --~:, ... ""OU$IO'=~¡===="'C'=CCc.c. ,.,ostCl""""'" -- \ ~ i . '---'--"'="'='~'ROøIN""~',,_-- .._---~'-- , ----. .nmmn__n.., Land Sale 1 Location Map ~ tr ¡¡; ~ 'i " " n_nn..ln. ... . . . . . . r ii ~ -=- g i ~ -; 6 Ii .. ~ ~ ¡¡ Ii I !~~~~==,,=~~~==.,~.,.C.=n II Ii Ii Ii I: " ",0_"'==00.,.. ~ . ~ ð 11 I, .",~cjf=""'='=""""."v===,== ., Ii ."'....... """'."'.""""".L'_' ,I :1 !' .-.- n ... .,o...RD=c=",=co=, I Ii' 'i Ii Page 3.4 ~ AT=w Fonn ROW-A-5S Rev. 4/2003 GSD-EPC (REPLACES FORM D-15-2S) PAGE 1 OF2 COMPARABLE DATA SUPPLEMENT ROW Account 0045-09-082 Parcel No: 19 TE Highway: Business US Hwy 82 County: Lamar Land Sale: II Improved Sale 0 Rental Data 0 See Attached PHOTOGRAPH & MAP Grantor/Lessor: David Glass Investments, LLC Grantee/Lessee: Larry Whitner and wife, Misty Whitner Date: 07/15/2003 Recording Information: V1346/Pg 211 Address: 2404 Lamar Avenue Zip Code: 75460 Legal Description: 0.198 acres being part of the George W. Cox Survey, Abstract 164, lot 1, Block 249, City of Paris, Lamar County, Texas. Confmned Price: $35,000 Terms and Conditions ofSa1e: Ann's-length Verified with: Misty Whitener/Grantee Rental Data: N/ A Land Size: 0.198 acres Unit Price as Vacant: $4.06/SF Utilities: Public Water, Public Sewer Type Street: Four-land paved roadway Improvement(s) Description: N/A Improvement(s) Size: N/A(GBA) N/A(NRA) Unit Price as Improved: $ N/A Condition and Functional Design: N/A Current Use: Commercial Building Highest & Best Use: Commercial Zoning: Commercial Flood Plain: Zone C Date of Inspection: March 11, 2004 Attach Additional Information: " Appraiser: Michael W. Welch Page 3.5 ~ 0 ~ Ii -, C~""=C'.__C,""'C_."C- ,.."""""0'0.""""""""':.'" ...-. ..........,...... " .,......,....",."...=...,,=..==......,.,.,!:-... ""-. ...c.".1""" '~=="""""" Cir"~c=~-==c ~ ~ II ¡¡ .. ~ ~ ~ ~ ~ i. i i ii': " i,11 II Ii i if! ;. U ~ ~ ~ ~ .., r . Ii ~ ff ft " !' ;: Ii II ii , \ ..J"Jc'"U.._.~..Jlc=~,=.,j,Lrl......,=.....=",=L.""..,,~c..=JL=....====!cc,....._: , !i ',', ", !I !i $. i,1 .. "'\" .",.'",,- _"""""0"".."',."""", ~ " ~ OM ~ " j!; ~ " i! ... .. 0.' .. =."....~ Page 3.6 Land Sale 2 Photograph Land Sale 2 Location Map ~ A7..:... Fonn ROW-A-5S Rev. 4/2003 GSD-EPC (REPLACES FORM D-15-2S) PAGE 1 OF 2 ROW Account 0045-09-082 Parcel No: COMPARABLE DATA SUPPLEMENT Lamar Land Sale: II GrantorlLessor: Hibernia National Bank 19 TE Highway: Business US Hwy 82 County: Improved Sale 0 Rental Data 0 See Attached PHOTOGRAPH & MAP GranteelLessee: Tony Bowden and Stacy Bowden Date: 05/02/2002 Recording Information: VI 1 92/Pg62 Address: South line of Lamar Avenue, east of Collegiate Zip Code: 75460 Legal Description: 1.19 acres being part of the George W. Cox Survey, Abstract 164, City of Paris, Lamar County, Texas. Confirmed Price: $ 100,000 Tenns and Conditions of Sale: Arm's-length Rental Data: N/A Land Size: 1.19 acres Type Street: Four-land paved roadway Improvement( s) Description: N/ A Improvement(s) Size: N/A(GBA) N/A(NRA) Condition and Functional Design: N/ A Current Use: Vacant Date of Inspection: March 11, 2004 Attach Additional Information: Verified with: Tony Bowden/Grantee Unit Price as Vacant: $1.93/SF Utilities: Public Water, P:ublic Sewer Unit Price as Improved: $ N/A Highest & Best Use: Commercial Zoning: Commercial Flood Plain: Zone C Appraiser: Michael W. Welch Page 3.7 C="'CH'RR'(O=~'=~="'=='C=c=;:~=c==-'ic~~"r~H'R1r1===¡r--==,' ,) ~ 'J\ 'I :'i' : "=,,AwAtH"',': ~ i,' ~, :1 ~ II ¡i ¡. ~"N'.L~"~~""'" ",A J it. .=1....."""""',0,'",,, .'..,O"~'...==~o==¡ ',,:\ JI ~......,.m"'='='=~~='o"=o',o"',',, u;.r- .. .. ,'~- :'=0 ~, ~ ~ ~ ~ " ,,.".=".,...=j=,.,.,.=,....,.~,.",c,=="c=o"..,,;..,,==-~=, ¡Ii ~ ~ ij : i'~"""-"""" L j" r-r~-L""-'~r:,._.,..,J_.~ II ,Ii, II ~ ~ ~ ti ¡i eE G i~ ~ ~: ~ ]¡.. ~ ~ ~ F Ii\. ~, i ~ i, '\ ........,,- ....,........"","".., ",,"'.. . ",' I ~ale#3 " "m., . , -~,..., '---=,'": 0 , I r---t= ,/-...,,==.,\\ 'i t' ,i,:..,.,..~t.a'"""'~"=O' 0 t==:' Do~I=.~~~~..==== § Ii ~ !I Ii ... ~_.1 ~ ~ :1 ..,=, 0, ..... . 8 i I , Page 3.8 Land Sale 3 Photograph Land Sale 3 Location Map ~ L-:z.:- Fonn ROW-A-5S Rev. 4/2003 GSD-EPC (REPLACES FORM D-15-2S) PAGE 1 OF2 ROW Account 0045-09-082 Parcel No: COMPARABLE DATA SUPPLEMENT 19 TE Highway: Business US Hwy 82 County: Hunt Land Sale: II GrantorlLessor: James Christopher Martin Improved Sale 0 0 Rental Data See Attached PHOTOGRAPH & MAP Recording Information: Vol.1137/Pg.123 Grantee/Lessee: Ting's Corporation Date: 11/30/2001 Address: 3890 Lamar Avenue Zip Code: 75460 Legal Description: 2.0716 acres being part of the Joseph Leach Survey, Abstract 524, Lot No.8, City Block No. 313, City of Paris, Lamar County, Texas. Confirmed Price: $ 300,000 Terms and Conditions ofSa1e: Arm's-length Rental Data: N/A Land Size: 2.0716 acres Type Street: Four-land paved roadway Improvement(s) Description: N/A Improvement(s) Size: N/A (GBA) N/A (NRA) Condition and Functional Design: N/ A Current Use: Vacant Date of Inspection: March 11, 2004 Attach Additional Information: Verified with: Gerald WhitesideslBroker Unit Price as Vacant: $3.32/SF Utilities: Public Water, P).lblic Sewer Unit Price as Improved: $ N/A Highest & Best Use: Commercial Zoning: Commercial Flood Plain: Zone C Appraiser: Michael W. Welch Page 3.9 ,; ? it I;; % I;; ,. ¡ ,,==J>,c~""""UJ'.f=== ' ',0,0 è '>;;../ l! ,;"c/ ccJl~O:,'i"c ,',c""}=cJ,"""UOAo=Tr- " ~ ~. :: ~, ~ ~I H ~"""=""">"" ':" \\ ",,~,""."""'="'f==~\ 1ii~" ~, 1\\ t,""""""T.J~,_-,,,C'-"C" ~ ~ !Ç ~I Ii THO"""""""" ~._.-' Iii ',I j; H \ I' '=7'=~1¡ i: ¡' Ii I: ~ i !i I, 'co;"'" ';,~.-- ,\ ..~.~".J " (, ,i. r='~=-m",,'=,=,>..._....=~, ~ " t=""""~...,..,.,.,,,..o~' ,¡-o',',', """"-..;"; i j Ji il -""""""""3' """'="':",""MIIOtt . ¡ (;""""""-',=,1 Ii ï Ii '" I.t ~ '==~f;Fll il t""'~""""'-='=~i '('I 'I, w"",""--ROCRC""4i =_"ET==, :1 Ii ¡i) / .~tIP ""_.,'=c IT ~ ~ ~"~",,1=.,,,,1 ~"= :Jt::~':':.: ....."'."'" ......... Page 3.10 Land Sale 4 Photograph Land Sale 4 Location Map ~ L~.:. Fonn ROW-A-6 Rev. 4/2003 GSD-EPC PAGE 4 OF 5 Explanation of Adjustments with Reconciliation: SITE VALUATION: In order to estimate the market value of the subject property, the appraiser employed the sales comparison approach. "The sales comparison approach may be used to value land that is actually vacant, or land that is being considered as though vacant for appraisal purposes. Sales comparison is the most common technique for valuing land, and it is the preferred method when comparable sales are available. To apply this method, sales of similar parcels of land are analyzed, compared, and adjusted to provide a value indication for the land being appraised. In the comparison process the similarity or dissimilarity of the parcels is considered (The Appraisal of Real Estate, 1 ih Edition, Pg. 324)." The sales comparison approach applies the principle of substitution, as it is predicated on the assumption that no prospective purchaser is warranted in paying more for a given property than the price for which another property may be purchased, assuming that the other property is of equal functional utility and appeal, and has comparable future earning capabilities. It is considered to be reliable and accurate as it measures the actions of buyers and sellers in the typical market place. Its main weakness is that although two properties may be similar, no two properties are ever exactly alike. Also, the exact conditions of these sales are sometimes unknown, or are not revealed to the appraiser. The sale comparison approach analysis as made herein was conducted within the framework of the defmition of market value. In valuing this property, an analysis was made of the surrounding neighborhood to gather information concerning sales of comparable properties, as well as properties for sale at this time. In order to locate sales of vacant tracts within the market area, a search was made of the Lamar County Deed Records, as well as conversations held with area real estate professionals. Adjustment factors which are generally considered when analyzing land sales include property rights conveyed, fmancing, condition of sale, market conditions, and physical <;:haracteristics such as zoning, location, size, frontage, access, shape, flood plain influence and utility availability. The fIrst four characteristics, property rights conveyed, fmancing, condition of sale, market conditions, will always impact value regardless of the particular sub- market. However, individual sub-markets will dictate which of the physical factors are the most critical and are recognized by buyers and sellers of real property in that particular area. As such, not all of the above mentioned physical characteristics have an impact on values in all cases. These adjustment factors, and their impact on values, will be discussed in the following paragraphs. Financing: Finance adjustments are made to those sales which have atypical financing. A cash equivalency is generally detennined to bring a sales price as close to cash, or terms equivalent to cash, as possible. All four of the sales used herein involved cash or third party financing and no adjustments were needed. Condition of Sale: A condition of sale adjustment may arise if a particular transaction does not meet the requirements requisite to a "fair sale". Typically, adjustments for condition of sale account for motivations of buyer and seller. In each instance where knowledgeable participants in the sale transactions indicated extraordinary conditions of sale, adjustments are applied. Market Conditions: The subject property is located in an area that has experienced some economic growth in the past five year period. Based upon the data available, there is no information which warrants adjustment for a change in market condition during the time period the sale transactions occurred. There are numerous tracts of land available for development and redevelopment within the subject neighborhood. As such, it is our opinion that until significant absorption occurs, there will be limited upward pressure on sale prices. With that in mind, the sales considered within this analysis are not deemed to require adjustment for market conditions. Page 4 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. This 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 com parables 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 of hmd 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 fmal sale used in this analysis occurred in November of 2001 and involved a 2.0716 acre tract of land located at 3890 Lamar Avenue. The grantor in this transaction was James Christopher Martin and the grantee was Ting's CoIporation. 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 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 sinúlarities 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 ~ I.:::.., 1':-- Fonn ROW-A-6 Rev. 4/2003 GSD-EPC PAGES OF 5 ESTIMATED VALUE OF ACQUISITION The purpose of this acquisition is for a temporary construction easement. The temporary construction easement will be utilized for a two year period to widen Lamar Avenue within existing right-of-way. It is our opinion that this temporary construction easement is, in effect, being rented for two years. As a consequence, it is our opinion the best technique utilized to determine appropriate value for the two year temporary use of the land would be to determine the typical rate of return required by a property owner when leasing property. A rate of 10% annually is considered appropriate for the subject property. A period of two years has been considered. Utilizing these value estimates, total just compensation due to the property owner is completed as follows: Land: 0.024 Ac. (1,035 SF) @ $3.50/SF x 20% (10% X 2 years) $ 725 Improvements: $ 0 Total Improvements $ 0 TOTAL ESTIMATED VALUE ...................................................................................................................$ 725 COST TO CURE DAMAGES ....................................................................................................................$ 0 Estimated Total Compensation ................................................................................................................$ 725 Furnish comments on attachments as necessary. Page 5 ADDENDA PROFESSIONAL QVAUFlCATlONS OF FtnCBAEL W. WELCH PJof'essional AfI'IliaJiœø Slate CcrIlflcd General Real PAlate ApjlnÏSel' .1frX. )23054.0 Manbcr -lnJCnI8tiOllll RisbI orWr¡ Aløiatioa C11Iir - Yowq¡ LadCI'ÃÍp Council (JRW A) Rc:a11!111&c S.IC1D1111 . Taas License tHl4158JO SU&C Accrcd11c4 "fIilidi! MadJer or Ibœ A]iJmÌJI11nsdillte Member. 'North 018nnd Chlmber or ComIlll!ftC EdllCational DulcfP'Ound S«oad8ry Ed\a1Ïon; RoKa £. Loc Hip Sl:baoI In Ba)1own, Tcxu. : Poaa Socond8ry. Tc:us AaM. Univasity orHOUSIOIIo "deI otSCldy I Tcemkal Wri- IlaII!$J8&cCGuncs Include: LepJ A$pocts or Eascmcrú. Ut W A Prindptes ofRca1 Eat8Ie. Baylor UnM:r$iJy. O.C.£. Real &we Appraisal. 8QSor Unmml)'. O.C.£. Rat Eswc ~I ..'CS, BIyIorUai'VCl'$Ì(y.O.CJ!. Uniform SIaadWs or PIofc:såoIIII Apsníscta 8ftI! Code or Elhic:r,. East T- 8IpIisa UniwØtt Real Eswe Law. &.,tor~. o.C.1!. Reù EsIøe IawsJIIIeaI. BqIor UalYWlÏty. O.c.B. CIpi"ÌDIiOII'IbaoIy A TecbnÏqIIC8, Put A. (' D.A) AppnbaJ Imtilllte or Real EataIo Appniscn p~ BnmIOYII1aII Inl.. Dominy. FOld. MePbcøon, \Vim omm at 85$04 Kat)' Frwway I Suite 301 H~. Texas 77024. Assoeia1C Dil'CClor UliptioL Spceiallzil1l in IPPraisilll COIIIRIeICial. indusmal. rural propcnics 8TICI nail" otway. Experi~e "grit J ~M . MDdI.I992. RudIcrf«d. SmiJbcnrm), " p¡~ ~ Real Estate A¡lpraisallllCl 0InsukiøI. SI&1T appraiser. In COIUICCtÌOII with ~ ~ I"", ISSÌI8cId 8ncVot ~ assisnmaIU fOr !he foIlowi.. clienJs: SlltcolTcœ City otlbslon Manis Ca.lty Ri8't otwr¡ Hams eo.., FIoo4 CoøIIoI v.- DaaIàns ~ Variaus Law Finns V8riGuI MIInidpk Ulitity DisuIc:Is Meøopo&itan Tf8llSÏt Audlority NatioM 8Þk Various IDdiridDIIs F'" DcpoIic r-c Corp. TCXICO SbdI EMCft Coy- i~ Aq¡ctlllll BurtCIOtI DatIOn (jalvcslOn M1dIaad aodcweU Walker SJ.8Ies ¡lie I. AWIIma Rorida NOIth CaroIi.. 8d1 CImcroII Fort Bad JcII'cøco Mont¡omay SIn Jacinto Wa1ler Bexii' Chalnbcrs HaJdÏJI Leon Nvcca TamtII Webb Brazoria Comn Hmi, Liberty Oranac TJaril Wbartan Brazos ~111 HidllSO McLemaa Polk Trinity Arb.:o.. Dlînois 0k1~ "tic.... fn&øI Souelt c:-liIIa Calironù MiaDesoJa Texa I~-- rROr£SSIOIW. QUALIFICA'nONS OF DAVID It. ÞOMnCY~ MAl 1XiP1R1EftCE: ~. DIrccw ot'*P RaIry ~...... .... 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PROnssIONAL P\ØU~.l It CMc Afflllflliðn¡ ACTI\IITIES= í Mc'" AppnluT fllllkutel9SSS (MAl Da\aUt<d) PIlI Preúdeal - HouIon Chllptlr - Appraiul bI.tIÎIIIIe Me"'- Rt8IOM1 Miœ8Jld Coœac1in&Carminec- Appqi8aI f1ItelMO M... - BIIIpI IIId Pinwe Commktœ - AppraIullrulil\llc I.codcnhIp DmlaoPlJláU & AdYisoIy COWIdI-'aIiI Dbcuècn Lader - AppraIAI rnstlMt Member - CiC)' or sprifta vl1tq .......".... ZoDIoø Com'" Menter - CIt)' orSprins V8I1cy RC\'CI'M DevdopoicM Conmace . CiI1 of Spdn¡ Vdq 1dutrDcture ~ ReliI!88lle Brabr-'fexu Ucasemlti97-J3 IIIIcnIIIiøMI Ri¡ht 01 w., AIIocIadon Oincfor - Will HInis Ccunty Ml8licfpII Utility DiI8rIà .15 aIIimwI ~ c....- 5eoond -- Schoo1 ..... ~ BoIRt - Secoa4 8IipIÎII SdIooJ ø.yIor u.¡"fnity - ~~ o-eiI "C' ChIb STATECERTlncATtON= s.cCcr1iRCICI.Gc:om1 JtC*1 ~AfIpràittr. nx.l!21$oUoG Ra1 bIIoGeftet81 ApprahrI- S8Mt of'OIcI6oma-1167t R181"e Gcnen1 AJIIIftIÌICI' - SIIIe ofl.<luitiw.-OtO» TEACHING: ,...,. DI1tIo8nJ V ØMion Scninar - IR W" ConIaaœ ~ and Tau¡k USPAP -:sa. Iac- ~ AppraltllIIiIIItIde -1aIInIt'M c.. 110 IDVCA'nOtt: Ð8A -IIt)'lor ~ - ~ - ~..... ContMlt.. BduatioA ~I-- VIÂOUI ~ a UDI.tNitits QUAUFJID BEfORE COtJ1t'I'S AND CcIuM1 Coudc T CUI - Hams, ~. f'Gft Bcr.d. ....-. G.h~ a.nbm, Oñna AœIIN1S1M 'fIVE .., W8Ikr JtOÐIIS¡ Fcdcn1 Outs: HoaIIaIt IDII S1Ienmra. TØM " ~ r: ~~ ~~ <ot;>t. 222-A vo+~o.' Con stru ct i on ~. v-;. c:,~ -;.~~ <;v°<f- ~~ G ~ SURVEY #03-107 Block 109+00 50' @ LINE TABLE City of Paris, Paris, Texas 2351 Lamar Avenue L.C.D.R. Vol. 652, Pg. 408 LINE BEARING DISTANCE L-1 N02'14'07"W 15.01' L-2 N89'34'OO"E 69.07' L-3 S01'59"0"E 15.0'- L-4 S89'34'OO"W 69.00' Construction Eosement Property lines lot Number 1/2" Set Iron Rod 1/2- Found Iron Rod J/6" Found Iron Rod Property line PK Nail Dr~l.d Hole in Concrete Easement Joe lo Deupree ond wife Susan Deupree loC.C.R. Vol. 575, Pg. 581 First ond Second T rocts City of ParIs, Porls, Texas L.C.D,R. Vol. 652. Pg. 408 Lot 9. Block 222-A 2351 Lamar Avenue 80' Business U.S. 82 1/2" SIR 110+70.33 40' Lt. 111+00 -'--- Lamar Drilled Hole in Concrete 111+39.33 EXISTING 40' Lt. RIGHT-OF-WAY Avenue 50' +' .s::. ( ) .-- +'( )W ..¡-..... C'oI¡¡;(/) Block 2 of the Re-Subdivision of the Lamar Terrace Addition to the City of Paris, Texas LEGEND (j) 0 . e ~ 4» @ Scale 1 "=60' Mark L. Sanderson RPLS /i4911 SH EET 1 OF 3 SHEETS Block 222-A 113+00 Block 249 NOTES: 1) A LEGAL DESCRIPTION OF EVEN SURVEY DA TE HEREwITH ACCOMPANIES THIS PLAT 2) ALL BEARINGS ARE REFERENCED TO THE TEXAS COORDINATE SYSTEM, NORTH CENTRAL ZONE AND ADJUSTED TO NAD 83 TxDOT SCALE FACTOR 1.00012 SURVEYED ON THE GROUND MARCH 5. 2003 STATE DISTRICT PARCEL NO 19TE COUNTY JOB TEXAS PARIS . LAMAR 082 CONT. SECT. City. of Paris, Pons. Texas 0045 09 CSJ: 0045-09-082 HIGHWA Y NO. CONSTRUCTION EASEMENT 0.024 AC.(1,035 SO.FT.) PROJECT NO: BUSINESS US 82 Survey: County: Account No: CSJ No: Highway: Parcel: Grantor: 03-107 Sheet 2 of 3 Sheets Lamar 0045-09-082 Business US 82 (Lamar Ave.) 19TE City of Paris, Paris, Texas 15.00 foot wide Construction Easement Being: 0.024 acres situated in the County of Lamar, State of Texas, being a part of a George W. Cox Survey Abstract No. 164, also being a part of Lot 9 Block 222-A, City of Paris, Lamar County, Texas, in a Warranty Deed from J.K. Guest, Jr., Weldon Slaton and D. Wayne Brown to City of Paris, Paris, Texas, recorded in Deed Record Volurne 652, Page 408, Lamar County, Texas, dated January 12, 1983, and being described by metes and bounds as follows: Beginning at a 1/2" Set Iron Rod in the existing North Right-of-Way of Business US 82, said point being Business US 82 Station 110+70.33 Offset 40.00 feet left; said point also being the Southwest comer ofthe City of Paris, Paris, Texas tract, and the Southeast comer of a tract described in a Warranty Deed ftom Billy J. Pitts to Joe L. Deupree and wife, Susan Deupree recorded in Deed Record Volume 575, Page 581, Lamar County, Texas, dated January 13, 1976; said point also being the Southwest corner of the Proposed 15.00 foot wide Construction Easement, (I) Thence North 02°14'07"West a distance of 15.01 feet with the Proposed West side of the 15.00 foot Construction Easement and the West line of the referenced City of Paris, Paris, Texas tract, and the East line of the referenced Deupree tract to a 1/2" Set Iron Rod, Business US 82 Station 110+69.85, Offset 55.00 feet left, for the Northwest comer of this Proposed Construction Easement; (2) Thence North 89°34'00" East a distance of69.07 feet with the Proposed North side of the Construction Easement to a Yz" Set Iron Rod being,in the East line of the referenced City of Paris, Paris, Texas tract, and also being in the West line of a tract described iit a Warranty Deed ftom Ralph Crews and wife, Julia Ann Crews to Fantastic Furnishing, Inc. recorded in Real Property Records Volume 465, Page 52, dated August 15, 1994, also (3) (4) Sheet 3 of 3 Sheets being Business US 82 Station 111+38.92, Offset 55.00 feet left, for the Northeast comer ofthis Proposed Construction Easement; Thence South 01 °59'10" East a distance of 15.01 feet with the East line of the referenced City of Paris, Paris, Texas tract and, the West line of the referenced Fantastic Furnishing, Inc. tract, to the North line of Right-of- Way of Business US 82 Station 111+39.33 Offset 40.00 feet left; to a 1/2" Set Iron Rod for the Southeast comer of this Proposed Construction Easement, Thence South 89°34'00" West a distance of69.00 feet with the North Right-of-Way of Business US 82 to the POINT-OF-BEGINNING and containing 0.024 acres ofland. A Plat of even date herewith accompanies this legal description. SURVEYED ON THE GROUND MARCH 5, 2003 #~ MARK L. SANDERSON R.P.L.S. #4911