HomeMy WebLinkAboutResolution - 520 - URA Land Acquisition-Annie Hall Estate-Public Park, Lake 6 YCL Project - 06/12/1980WMM:pc
RESOLUTION RESOLUTION #520 - 6/12/80
A RESOLUTION AUTHORIZING THE ACQUISITION OF A CERTAIN PARCEL OF LAND FOR
THE PURPOSE OF PUBLIC PARK DEVELOPMENT IN THE YELLOWHOUSE CANYON LAKES PROJECT;
AUTHORIZING THE INSTITUTION OF CONDEMNATION PROCEEDINGS AS REQUIRED.
WHEREAS, it has been determined by the City Council that a certain parcel
of land located in the vicinity of Lake 6 in the Yellowhouse Canyon Lakes
Project within the City of Lubbock, Lubbock County, Texas, should be acquired
and developed for public park purposes; and,
WHEREAS, the Department of Housing and Urban Development (HUD) has
contracted with the City of Lubbock to provide funds through the Community
Development Program to aid in the development of such a project; and,
WHEREAS, it is necessary to acquire for public park purposes the fee
simple title to the land hereinafter described, owned by Annie Hall (Estate);
and;
WHEREAS, the City Council has caused two appraisals to be made of said
land and the value and total damages, if any, to the owner, and all others
whose interest may appear, for fee simple title to said land has been appraised
and the City Council finds the price offered to be fair and equitable; NOW
THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City of Lubbock acquire for the purposes of developing a public
park the fee simple title to the land lying and being situated in Lubbock
County, Texas, and described as follows, to -wit:
Parcel No. 99600-95-100: (See attached Legal description)
Purchased Price - $3,100.00 (Three Thousand One Hundred and No/100
Dollars)
THAT the owner, and all others whose interests may appear, be offered
through the Urban Renewal Agency of the City of Lubbock, Texas, the amount
established as the fair market value and total damages, if any, for fee simple
title and acquisition of said land for the purposes herein stated, for the use
and benefit of the City of Lubbock, being the amount hereinabove stated, and
that unless accepted forthwith the City Attorney is hereby authorized and
instructed to institute condemnation proceedings for and on behalf of the City
of Lubbock to acquire fee simple title to said land, as hereinabove described,
for public park purposes.
Passed by the City Council this 12th day o une , 1980.
BITL McALISTER, MAYOR
ATTEST:
Evelyn Gaffga, t ity SeereA VIrreasurer
AP ROVED AS TO CONTENT:
i C c�A. r -
Vicki Foster, Community Development Coordinator
Approved as to form: �J {
Assistant City Attorney
A tract of land located in Section 4, Block 0, and. in Section 3, Block
B, Lubbock County, Texas, being the same tract heretofore conveyed to
Annie Hall in Volume 951, Page. 103, dated July 25, 1963, save and
except that portion heretofore conveyed to Annie and Henry L. Davis in
Volume 952, Page 359, dated August 13, 1963, being further described
as follows: BEGINNING at a 3/4" iron pipe (found) which bears N.
89058'30" E., 1318.19 feet and S. 0001130" E., 199.94 feet from the
Southwest corner of Section 4, Block 0, and the Northwest corner of
Section 3, Block B, Lubbock County, Texas, at an "L" corner of a
199.02 acre tract heretofore conveyed to the City of Lubbock in Volume 1308,
Page 129, for the Southwest corner'of this tract; THENCE N. 00 *01'30"
W:, along a line of said 199.02 acre tract, at 160.00 feet pass a 3/4"
iron pipe (found) for an "L" corner of said 199.02 acre tract, said
pipe also being at the Southeast corner of a 3.025 acre tract heretofore
conveyed to F. A. Ussery in Volume 338, Page 349, and in Volume 477,
Page 206, said pipe being in the West line of this tract; continuing
along the East line of said 3.025 acre tract for a total distance of -
•466.47 feet to a 1/2" square metal tube (set) for the Northeast corner
of said 3.025 acre tract and the Northwest corner of this tract:;
THENCE S. 7228'04" E. a distance of 98.50 feet to a 1/2" square metal
tube (set) for the Northwest corner of a 0.493 acre tract heretofore
conveyed to Annie and Henry L. 'Davis in Volume 952, Page 359, and the
Northeast corner of this tract; THENCE S. 0061.4100" E., along the West
line of said 0.493 acre tract, a distance of 437.39 feet to a 1/2"
square metal tube (set) for the Southwest corner of said 0.493-acre
tract and in the North line of said 199.02 acre tract, for -the Southeast
corner of this tract; THENCE N. 8963844" W., along the North line of
said 199.02 acre tract, a distance of 95.50 feet to the Place of
Beginning. -
JUN 12 1980
ACQUISITION APPRAISAL REVIEW
PARCEL NO. 99600-95-100 PROJECT NAME Yellowhouse- Lake 6: 5th Year C. D.
ADDRESS 2102 East 19th Street, Lubbock, Texas
OWNER (s) Annie Hall (deceased) Annie Davis (daughter) says she is now owner.
TENANT (s) None, house is vacant
LEASEHOLD No
LEGAL DESCRIPTION: See attachment for metes and bounds description
1. Acquisition appraisal received .............................. May 6, 1980
(Date)
2. All corrections by appraiser completed............ .... May 27, 1980
3. Appraisal is adequate and acceptable........... Yes
............
.4. On-site inspection of property .............................. May 13, 1980
(Date)
S. Person accompanying review appraiser ....................... Annie Davis
6. On-site inspection of comparables May.13t_&_16th _ 1980
(Date)
7. Any report of unlawful condition or occupancy .............. No
S. Basis for conclusion as to fair market value: Approval of the appraiser's valuation is
based on my inspection of the property and review of the appraisal report but with an
increase in the land after reconsideration of all of the land values in the project
based on comparability.
In my opinion --the final estimate is $ 3,100.00
I hereby certify that I have no interest, present or contemplated, in the property; and to
the best of my knowledge and belief, all statements and information in this report are true
and correct, and no important facts have been withheld or overlooked.
May 28, 1980-�
DATE REV W AP
aro e ,
-1-
Buildings & Structures
(Whole Taking)
APPRAISAL
REVIEW APPRAISAL
Valuation
Valuation
1. Main Structure (House)
9 1,075
1,075
2.
3.
4.
Garage....................
200
200
Fence.......................
None
None
Landscape...................
100
100
Cid M&I .....................
Shed
None•
None
Other.......................
Well hole, cased
None
-None
Other.......................
well house
50
50
Other.......................
Cesspool
SO
50
Etiicty lb..Other•.............
Clothes line
25
25
Tenant-Owned Building, Structure,
Fixture & Other
1.
2.
Land...... ....................
.982 ac.
$ 1,500
1.600
TOTAL:.......... ...............
3,000
$ 3.100
Partial Taking
Whole Property
Part Taken
Remainder Before
Remainder After
Damages
TOTALTAKING AND DAMAGES:... ........
.... .......
-2-
APPRAISAL REPORT FOR THE CITY OF LUBBOCK
Project Yellowhouse, Lake 6, 5th Year C.D.
Parcel Number 99600-95-100
Property Address 2102 East 19th Street
Interest Appraised` Fee simple
Property Owner Annie Hall
Date of Appraiser's Inspection 4-1-80
Owner or Representative Accompanying Inspection none
Owners Not Present at Inspection . Annie Hall
.Limiting Conditions of the Appraisal:
(1) That the title is good and marketable-, 2) that no responsibility is assumed,by
the Appraiser for legal matters, especially hose affecting the title to the property,
(3) that the legal description of the property and the interest therein to be appraised,
furnished to the Appraiser by the Agency, is correct, and (4) that no survey of the
property has been' made.
The. Undersigned Nereby Certifies:
(1) that I personally made a thorough inspection oflk%,e property, (2) that, to the
best of my knowledge and belief, everything cont d in the report is true and no
relevant and important fact has been omitted, t at neither my employment nor my
compensation is contingent on the valuation ed, and (4) that I have no past,
_present, or prospective interest (including t of real estate agent or broker) in
the property, the parties involved, or any other interest that would conflict in any
way with the services performed or the making of an impartial report, (5) that I will
disregard any decrease or increase in the fair market value of the real property to
be acquired (or the entire property of the owner in the case of a partial taking)
prior to the date of valuation caused by the public improvement or project for which
the property is to be acquired for such improvement or project, other than that due
to physical deterioration within the reasonable control of the owner. In the case of
a partial taking, using the before -and -after method of valuation, my opinion of the
value of the remaining not -to -be acquired portion of the property does not reflect
any increase or decrease in value attributable to the project, (6) that my analyses
and opinions of property value does not reflect any consideration of or allowance for
the relocation assistance and payments provided under Title LI of the Act.
It is my opinion that the fair market value of property to be acquired is $3,000
as of 4-1-80
aro
Ae A4,00
Apri1•28, 1980 oea<l•
Date F
J Co dard, M.A.I.,S.R.P.A.
:.c.;=. harzrn*rp.cN"''**r;`,p"y,�'`7'-"°.rr'R"S.G,v",'r •'*' S ..,,, "..':. „,.....2, iy--...,...-. ;;,�,.,,:: -
'`�i. ..K'',st�y tt ;Mc«r a ."•.nsZsF.`y' "' ii ,-rr,� k a.s:,crs 3'.'3cb.,r_ s. r .f..;;: `.
Purpose and Scope of Appraisal
The purpose of this appraisal is to estimate the market value of the
property. The property rights appraised are fee simple with the
exception of mineral interests.'
Fufttlon W Appraisal
This'appralsal is required by the City of Lubbock for its guidance
in making fair and impartial determinations of fair market value and
the just compensation to be offered to the property owner.
'Ownership
Mrs, Annie Hall
3207 Teak Avenue
Lubbock, Texas 79404
z � „� - :7� .,c.;fi-:ck. .c ai`y,- �' .��;..,.`'.E t �` ...ry�rs �;fk'ip{- '+awl �sa � .ate �s=�,���'4'` �*''-�s '^',`4x^,:.h +w• ,..-. e.� ['"P,�r"r,;,z r�?" a�?: g � *"`.:.r,;u� .a,,, a"v' „�,�a�,�y:{� -r a_. ✓ :,t ate. • ".�C.::
• Q.�'x a a�.x. .��, �_:`{.�i �+`✓,K',K'���#:". �iF. ,�'�� a7ti`#�itr�as, �1f .,�R+�}.,µ�.{��yf+ ,W". �.yas •. N. Tr_�: ,"�,S ran x ��' ',La . .'.if' � � � ..}�i .d. �� A � &.r�- w'3� ry f'.,y §'i .� < .,i;�C ,...
Definition of Market Value
The term "market value," as used in this appraisal, is defined
in the book entitled REAL ESTATE APPRAISAL TERMINOLOGY, first
printing, 1975, on page 137 as follows:
The highest price in terms of money which a property will bring
in a competitive and'open market under all conditions requisite
to a fair sale, the buyer and seller, each acting prudently,
knowledgeably and assuming the price is not affected by undue
stimulus.
Implicit in this definition is.the consummation of a sale as of
a specified date and the passing of title from seller to buyer
under conditions whereby:
1. Buyer and seller are typically motivated.
2. Both parties are well informed or well advised,
and each acting in what he considers his own best
interest.
3. A reasonable time is allowed for exposure in the
open market.
4. Payment is made in cash or its equivalent..
5. Financing, if any, is on terms generally available
in the community at the specified date and typical
for the property type in its locale.
6. The price represents a normal consideration for the
property sold unaffected by special financing amounts
and/or terms, services, fees, costs, or credits incurred '
.
E
in the transaction.
-#�'%„ G.Y- " ,•T'p,1`'-v''f-,,,�h. 51# _ ��r.. �';a::-1 .1Ei hjr, �?z �'`1���i.�'�ry'b a'*R^a��i,�gti�l rev 5''�•�' �,E„�#'..�3Kxp'(..t rr`�
t
R
t
Sales History
The only sale of subject property in recent years was as fol -lows:
Grantor: ----- ,----- C. A. Cross
Grantee: ---------------------- Annie Hall
Book and Page: ----------------- 951 103
Date ------------ ------ 7-24-63
.Recited Sale Price: ------ $6,750
This recorded_.data includes a.50' strip located east of subject property
which was°Tater conveyed to Annie and Henry L. Davis from Annie Hall. on
8-13-63 recorded in volume 952. 359.
Off4ecord Title Information
I
' No off -record title information could be obtained..
Del irieati66 of Property
See attachment.
tt
t°Sa'.�":'$fi.���.�ri+�a':sf'aa�a�" "-�,"-a.<<`+� •st'4.-=- "'� �.� �•._ �, ar. s are s.. qt s�,,K.'�#` r,��
'
A tract of land located in Section 4, Block 0, and in Section 3, Block
B, Lubbock County, Texas, being the same tract heretofore conveyed to
Annie Hall in Volume 951, Page 103, dated July 25, 1963, save and
except that .portion heretofore conveyed to Annie and Henry L. Davis in
Volume 952, Page 359, dated August 13, 1963, being further described
as follows: BEGINNING at a 3/4" iron pipe (found) which bears N.
89"58'30" E., 1318.19 feet and S. 0001'30" E:, 199.94 feet from the
Southwest corner of Section 4, Block 0, and the Northwest corner of
Section 3, Block B, Lubbock County, Texas, at an "L" corner of a
199.02 acre tract heretofore conveyed to the. City of Lubbock in Volume 1.308,
Page 129, for. the Southwest corner of this tract; THENCE N. 00'0130"
V., along a line of said 199.02 acre tract, -at 160.00 feet pass a 3/4"
iron pipe (found) for an "L" corner of said 199.02 acre tract, nlid
pipe also being at the Southeast corner of a 3.025 acre tract heretofore
conveyed to F. A. Ussery in Volume 338, Page 349, and in Volume 477,
Page 206, said pipe being in the West line of this tract, continuing
along the East line of said 3.025 acre tract for a total distance of
-466.47 feet to a 1/2" square metal tube (set) for the Northeast corner
of said 3.025 acre tract and the Northwest corner of this tract;
THENCE S. 72°28'04" E. a distance of 98.50 feet to 1/2" square metal
tube (set) for the Northwest corner of a 0.493 acre tract heretofore
conveyed to Annie and Henry L. Davis in Volume 952, Page 359, and the
Northeast corner of this tract; THENCE S. 00"14'00" E.., along the West
dine of said 0.493 acre tract, a distance of 437.39 feet to a 1/2"
square metal tube (set) for the Southwest corner of said 0.493 acre
tract and in the North line of said 199.02 acre tract, for the Southeast
corner of this tract; THENCE N. 89"38144" W., along the North line of
said 199.02 acre tract, a distance of 95.50 feet to the Place of
Beginning.
J
r „t `."-Y ��.i.�',+.,, �' �;+,•3,y� r."P. :;aE..,$'�. r.�c: ,toig,. �, s^�,�=r.��r--�={ `a, -;i - .i ^ nn.�.. ,._-, :,cs,�.: ,.
r"
Neighborhood Analysis
The subject property is situated in a neighborhood that is located
in the east part of the City of Lubbock. The neighborhood area is
defined as the area generally shown on the following Neighborhood
Hap. The map also shows the general land uses and the location of
subject property.
This neighborhood has experienced very little growth in recent
years. No significant new construction has been observed in recent
years. Deed records indicate that market activity has been very
slow. The purchase of the Canyon land and its development into a
park has been the most significant change in the neighborhood in
recent years.
This neighborhood is located about 3 miles southeast of downtown
Lubbock and in the opposite direction from the main residential
and commercial growth direction of the city which is southwest.
This neighborhood has an ample supply of vacant land if the demand
for residential development should be generated.
Most of the housing in the area is modest to very modest in price
class and are typically occupied by lower income families.
'-J rt -3 � r w`K, ia;: '' s "� r s wu^� 1:..:M.� ',•.+4 �, "+ '" Y 3'r:.:x, #. a , �:, �, ..�
d4 "<',.?r. "x'id* . cl SL:. rR rs+ e _.. .3.,'. �' .;•. ,`i•;y Y'1. Y rF; +ri>r'�'ti SrItJ d ✓ a� "sx`" .:'� •" a � "' •x, r� 'rd- -y e vc > �J Y' d � '*mac . � � • � � „� �,n ,�,u'-a i.. �- k
1 i� IliFMT y�� 1. <e ,, ' 1 , ` •.••1 •V •n
to
4LK 34C• 3 r� t AP '�I�;;JJJJJJ 'T• Pte'
32
3p "I
O 33to, qI
'p Y r �� �° ' •r
•111 1 7 • 'r ' ' • • •�• ., \ 1 .. 'V ' j• � �'�
EN
•• •w• ••
r
.�
1
SUBJECT ,o;N
PROPERTY '
AGRICULTURAL
,. _ r _• . \ i1/� USE
u
tr'r n• r..� � � .
n
blys CUP
5 let
LT`t'.1 1 1.�_�-�a1-M±i-It.'i i»'1� ��'�• �+ ~' �''' 14
fRir : i •'•, +R •ZJ.\ •,...1"'�F.. -. !
71.1 1•t
�•. �`y".Jw .
•
s., .T 9•ITN ;rt
�• a
k a. T .n•
7 �, t•
l •1 1
,
•� t w
i 1
:w. �:.:i�«'•.. � 471•: �'
.,
• •
1'•:1i: :•�7..
�FMF SPRY
�Qo�K
^ h',�y� -- �S 1 ��N;+Y MiRY�g1a3'�7y Y " l3 �'J 4 �'�,.��* '^�a'i.1M1/' 1`ns. ti'�r Ke* �h2`+.�'-•.�.sr{af '^4�:'� { i� ..'�. � } 4Y�i? 's S
e ac� 3e��a.ss9� _ a. r_5, _ ��a�.51'.�t�..{oafdfia� �' �" + ✓ �� � T'" a " .* �-v'�`a..r' S '� '"<.. F , .�•,:. N 3 •�.;+y uY�r
t
Description of Improvements'
The property consists of a number of improvements described as follows:
House - 728 sq. ft.. house; wood frame construction resting.on concrete
block and loose concrete block perimeter and piers; stucco exterior wall
cover with wood windows and composition shingle.roof; interior floor
cover is a combination of,linoleum, carpet and wood; interior wall cover
*is. -a combination of damaged sheetrock and wood paneling; gas outlets
for heat and no. air-conditioning. This structure.has been badly
vandalized and is in very poor condition.
Water'We11 Nouse - 44 sq. ft. well house; wood frame construction resting
on concrete slab; stucco exterior wall cover and composition shingle roof.
coVer. The water well consists of a 6" casing without equipment and -is not
in use. The structure is badly damaged and considered in very poor condition.
Garage - 288 sq. ft. garage; wood frame construction resting on concrete
slab; stucco exterior wall cover and composition shingle roof cover; no.
garage door; this building is in poor condition and appears to have had
some fire damage.
i
Shed - 216 sq. ft. shed; wood frame construction with stucco exterior
wall cover and tin roof; in very poor condition and not considered to
add any significant value to the property.
Well house - 44 sq. ft. wood frame structure with stucco siding, concrete
5
floor, asphalt shingle roof, poor condition.
r
UN
The property also contains some scrapfencing and
g an open cesspool.
An unequippeo well is inside the well house, but is assumed to be
dry or filled in.
Site rata
This tract is 0.982 acres in area with dimensions that can be observed
from the following Site Sketch. The site fronts to East 19th Street,
' which is paved but without curb orutter. The tract is located ocated alone
the edge of Yel-lowhouse Canyon: About the north one-quarter to one-third
of the tradt.is near level land. The balance of the tractis rough
sloping canyon land.
No significant adverse easements or encroachments were noted at the time
of the appraisal inspection. The H.U.D. flood hazard reap does not include
this tract in a flood area. The north tip of this tract is zoned R-2,
Two Family Residential, but the majority of the tract is zoned R-1, Single
Family Residential.
City water and sewer would*be available after platting and payment of
pro rata expense. Other utilities are also available.
197-4s
SITE SKETCH
98
:F.A,
thlOrY
.A. Lftwv.
20
j
s
SECT
o
4AX
ccQM
fn
W, 0
SEC r101V L IME ES M A
c 0
c- w
ci I §
w
lb
0
z
0rf
SE4
ps
w
CMOj
I . $41% POINT wassso!ler
1110 14no4*fytw rw
:
N81
AND %nn" 1
WMI,r.4%Vf,tl f.oft"rp Op jrgjVjM 4,AWO
..,W. n Amrallif No" THWIST
TNM powl 11FAMS_N
D.Y" vx �P �t - a. � � x 'a�7 PE' .�p:.S'v '• " >.�1�w. 4 #,f'' 'i+ � �
yF,; yak ��..,�, �+� s'-^--^� -,fi - � r � r� :t.:;
r ;� � r � �, i �4 � � � 1 .� ' '��",�'.�'� `alp
No Text
No Text
No Text
r
Taxes'
Agent
Assessed Value Tax Amount
City and School
* $ 552.00 $13.67
State and County
$1,510.00 25.30
Total $38.97
.-*City and School office had
this property combined with adjoining parcel to
the east. The figure shown
is an arbitrary portion of the total shown
on rolls. -
Use and Occupancy
The property was vacant at
the time of the appraisal inspection and without
any existing use. The majority
of improvements appeared to have been
`
vandalized and the house is
not considered to be liveable in its present
condition.
Rental Information
None known.
Annual Operating Costs
Does not apply.
Highest and Best Use
'
The highest and best use of
this property is for single family residential
purposes.
Valuation of Property r
MARKET APPROACH
The undersigned hes recited three recent sales of properties most similar and proximate to subjrct and has Considered these in the market analysis. The descrip•
n includes a dollar adjustment, refleoting market reaction to those items of significant variation between the subiect and comparable properties. It a significant
m In the comparable property Is super(or•to, or more favorable then, the subject property, a minus (-) adjustment is made, thus reducing the Indicated valve of
jecti if a significant item in the comparable is inferior to, or less favorable than, the suhject property, a plus i+) adjustment Is made, thus incrt•asinq the indica-
ted value of the subject.
tTGM C.rhl..e 0.....e.... r`nMDACAAI C IUn 1 r MAOACAQi C wn -. P11UDACAR21 C sun -o
CnmmemSonMarketOate The negative functional utility ad ustment is in recognition or suD3ect not
ll�v-inB _wate.r. f 98.5 FF 0 $6.75 water pro rata charg-e') ..-_ The va a range is rather wide from
e_mar..ke.t_.data_ A roend.e_d fiaurj_ of_$3,.00O isudged_ as most rip presentative.
•
fit applicable) Economic Market Rents 130 /Mo. tr Gross Rent Multiplier 40
arVrniwl it maria XI ••as Is" L I subject to the repairs, alterations, or conditions listed below (completion per plans and specifications. – 2,i500
rnments and conditions of appraisal: The economic rent estimate is based on enough repairs 2J00
4_ma-ke_the.-prQ1erty liveablp_The cost of these repairs is then deducted rom_
tIM-- --- -
ie indication for an "as is" indication. The economic_ rent estimate -
is ase on the u i i les
i ling-pai y e owner w - .- --
2102 E. 19th
1003 David Avenue
1702 Ute
3306 E. Broadway
xIm1ty to Subl.
-
_
�g /A
_;
_ 's-1.900
3 500
Price
rkeet
tt_wlr►arse
$ 1.49
_
__mss _ 7.64 _
�s 3.65__ fj
ete14ource
inspection -seller
seller
saller
to of Snia end
DESCRIPTION
DESCRIPTION Adj st ant
_
DESCRIPTION Ad{Jstmant
_ -� T
DESCRIPTION Adj�:tlnent
e Adjustment
. 4-80
fair
-79 t4–/b--
fair I
i t --� -
– _
air _ I
Locetlon
eh►tew
.982 ac.
50 FF --� +1000
-
fF t
0 FF
s nand Appeal
stucco comp
_125 _
asb/comp_ - asb%cams_^
bTockjlatBV
Duan of cense.
fair
fair 1
fai r t
e
_
35 rs.+ ..
^
--35--yrs----._..._�.-�.�._
- _
35 -yrs--_- _ f- � - --- -- _� yrs
dit�orr
ver poor
verb poor I
—
fair + - 1-2(�Ob _
fair -poor
wing Area Room
Total IB•rms Baths
--, - --
Total i 8-rms i Beth$
--.__._�,i _.
Total 8-rms I Baths t
. -,-T--�
Total r 8-rms t Baths
-
Crtunt and Total
T i
4
5 2
1— t
ss Living Area
728 S9.Ft.
672. Sq.Ft I + 250
916 S9— F1. 550
9bU S F� - 700
.arrant a Btmt.
1
f
Finished Rooms
none
none
none
1
cnonei utility
no water
fair �`^ ' - ti50
fair 1-
_none _ _
af- r — - 650
CondlItoning .
none
none -_
none --_ i _
none
oarape/Ce►Pmt __
288sf_ yd _poo
-
none , +
e
e �- -
P hes. Patin,
smal'1
_
small t
smal I
small -
11, etc.
f
,
,fiat (e.g. fire-
no BIs,gas
no BIs, i
no BIs, wall I
no BIs, ,
:aub:Zig, hq
outlet heat
space heat i
& floor heat �- 300
space heat t
odelingi
MS or Financing
1 –
t
Concessions
i
I
.e_imp.__
ellhouse.stg
minimum . I + 50
wellhouse, t
minimum
___--
f e
t
fence
Net AdL(Tota1)
Pius; Minus ,s 850
Plus;[ Minus is 3,500
Plus;M_inust 900
iceted Value
•ubjact
��
;s 1,850
�— �` a 3,500.
�• iS 2 600
,
CnmmemSonMarketOate The negative functional utility ad ustment is in recognition or suD3ect not
ll�v-inB _wate.r. f 98.5 FF 0 $6.75 water pro rata charg-e') ..-_ The va a range is rather wide from
e_mar..ke.t_.data_ A roend.e_d fiaurj_ of_$3,.00O isudged_ as most rip presentative.
•
fit applicable) Economic Market Rents 130 /Mo. tr Gross Rent Multiplier 40
arVrniwl it maria XI ••as Is" L I subject to the repairs, alterations, or conditions listed below (completion per plans and specifications. – 2,i500
rnments and conditions of appraisal: The economic rent estimate is based on enough repairs 2J00
4_ma-ke_the.-prQ1erty liveablp_The cost of these repairs is then deducted rom_
tIM-- --- -
ie indication for an "as is" indication. The economic_ rent estimate -
is ase on the u i i les
i ling-pai y e owner w - .- --
fni-K1 hS}.X J° i�'.I +SSl yiC`� ` T.f'�Jq •R j -a -i y . �, y{,.. 4V 4iu4`aIL P'i'g+".�••�"a'L ;wk i
t '. • � ^a:.�w� .. .x C. }�i � a �k. �AP}1�,^.,a %�A.? +ax t .�' 4 4�:, f A'`^�`� n� L i.';i s a �" "'� ,�1`} � .4 „,^_ ,«°4' t.i it �^ +^
:-.y - ,t.y e `"•'�' .. 1 i.. Y . ''r%,.. t !40"'
"t c- M
�' k v '¢' ' a � -i ^m;. -<a# ?� ,+� ?s i '""' �' ..`�
moi' ;.-nom Ai � `."�..a�. ' 3i]irL+s.{�iClldw9Y7i�.e�e..2�'..a�' wi91;{�r •, S.' if... .� ,... -..p .r, •�a . A _ Z•�
.x •
e O
�it.al
COST APPROACH
M'"'urementa No. Stories Sq. Ft.
ESTIMATED REPRODUCTION COST — NEW — OF IMPROVEMENTS:
2 x 26 x
Dwelling 728 $q. Ft. e S 19.00 s
13,832
x— x
Sq. Ft. P S •
. X. ...... x
x •
Extras
x
x x
•
x x
Porches, Patios, etc.
otof Oros! Living brie (List In Market Dere Analy'lis below) 728
oerege/Cor Port 228 Sq. Ft. �+ S 8.0
a
Comment on functional end economic obsolescence: _ Physical
Site tmprovementi (driveway, landscaping, etc.) *
225
rp eciation is based ori .observed condition at
Total E, lmmod Cost New . . . . . . . . . s
15,881
e time_of thea raisal• in5Rect on. Eco—nom
de reciation is due to market res�'sfanceto this
; Physic I Functional
Depreciation $ 75� $
Economic u n
: 15% says
14,081
cation, Pride of ownership and maintenance
(
Depreciated value of improvements . S
)
1,80
enerally poor i'n the neighborhood.
ESTIMATED LAND VALUE . . . . • S
,
_
(if leesehoid, show only leasehold value) _
INDICATED VALUE 6Y COST APPROACH. $
3,300
Site improvements & contributory value
shed negligible
cesspool $ 50:00
landscape 100.00
clothesline 25.00
wellhouse 50.00
water well negligible
fencing nligligible
$ 225.00
ho ..
•_E ,y,. h.: �w"re., s-: yr^".`-.:w�d;.i +ri.3"t;;M 'r-"'4^y •:; ..-ti,�`tV*4•" .d,t' „7 •r ."` ,.sk*•'o:;;:r x y,s !•w rti..`.: c ''' .*«:: a"'`•`ky'4 ""i.}' „..;,. .,
"' +.t.�,+-- ':'mss �`,�''ro'2� °'� .h` C t+,:.',''''tt,.•..3Z <.. r � wv ,�r --s> �'•'7L, z� �.'!t3 , ¢ moi, r."ei .+� :;�.,.,t Sy�a' .t ," -ai $3 �s; v..:,. � .a„ r ''� � y.,e"ar,`, 3.
:�.sics'oa .. ..s':a `'ixS��'-',i+P'.°`�eoa�.�.3. --wry 5•: }.,1,: Ski' ..., � .. 1i=.✓d. *' ,y,,... "c�.t• y a� �E.-"-°.�sx3y�.sYi1'.t Mu3ds�5rM�La..�'sR ;,ate
ti
Land Value Estimate
f
Land Sale Pro Price
Indicates .•
# Date Acres' Zoh i ng Rata Per Acre
For Subject
1 4-78 1:"0 ; R-1 No $2,400
below $2,400 '
2 12-72 4-29 R-1 140 $1,465.50.
above $1,165.50
{ 3 1147 0.73 R-1 No $2,054
below $2,054
Subject --- 0.982 R-2 No ----
----
-Sale No. 1 is rated superior to subject because it is all level
land. Sale
No. 2.is a larger tract and is an older sale date. Subject is
rated better
than this•sale. Sale No. 3 is all level land and even without
street paving
paid it is considered better than subject.
In the final analysis a value conclusion of $1,500 per acre is
concluded
_ for subject property.
0.982 acres @ $1,500 _ $1,473
11sayll
Estimated Land Value $1,500
{ i
o
`��YwErssi u>
,{i't 4� !`,�`. a J,, v a'h tw 4 .`w .y +E'a'Lt"`r!p h �' �. •t'S ill > .i'4= 4 .yr'Y p.: j7 j"=. d "'7 Y ry. ,}+k1, }✓%
.�i734.rd.+W.'''
Correlation and Final Estimate of Value
Market Approach. ------------- $3,000
Income Approach`` ---.-=----- $2,700
Cost Approach -----7--------- $3,300
The market approach is considered the most reliable indicator. The
cost approach involves extensive depreciation estimates. 'The *income
approach has only a limited amount of data available for analysis.
FINAL ESTIMATE OF VALUE
.-------------------- $3,000 .
Arbitrary Breakdown of Value
l o'IS C�titi
Residence $?S"
Garage .200
Shed negligible
Cesspool 50
Landscape 100
Clothesline 25
Well house ne-gl-i-g-i- 4 -5-
Fencing
Fencing negligible
$3,000
I V
rru a& re
MARKET DATA MAP 6AVLOk
Et, ansa -to
ot Qj t f ftAftl
[ C'OT Ali
MIN
46
PARAWAT
F
It PL •r
I
4b
ENO at
060 PL
I NO OL w
fto
IgoJJJ llJ C
a SAG Q Q a C
.1m
� Y
1 M a
son to
49
®F Ta -1
IMPROVED SALE
FM -Ir -711- 71-11,11 #4
ffim
mi
It I$
LAND SALE
#2
I f
LAND SALE
93
ASSUMPTIONS AND CONTINGENT CONDITIONS
The appraiser assumes:
1.
That the legal description furnished.is correct.
2.
That the title to the property is good.
3.
That the property is free and clear of all liens.
4.
That the property will be properly maintained.
This report
is submitted subject to the following limiting conditions:
.1.
That no guarantee is made as to correctness of information,
estimates, or opinions furnished by others and used in
I
making this appraisal.
2
That no liability is assumed on account of inaccuracies
or errors in such information, estimates, or opinions.
3.
That no liability is assumed on matters of a legal
character affecting the property, such as title defects,
over-lapping boundaries, etc., and no right to expert
testimony unless adequate arrangements for fees are made.
4.
The appraisal fee is not, in any sense, contingent upon
_
anvthinn nther than delivery of this report.
_, 1 _.. £."""`w""•i'"" $ ''Nxs'�„•::w" :,f��r;3'JyJrt:•:uT�.. �: 'r,"`"y: a "t`�.� 7t::..-i.`.;;=F '�',.di +'•rF ..-.y::�=w--.z: ,.,. u r;vts `".r "s
i -;•,y +v g '.t w.}. +`'. a `k,�,.-� "�a+'r �,e`Iur,i',
>r `t +} sFva rizr f4r�$w Sy N
ar as.a:as4— h.a,rt�Y�e, rC aisimiia %6ec+czrdta..��s3:rde3���.��wi
RESTRICTIONS UPON DISCLOSURE AND USE
1. Disclosure of the contents of these appraisal reports is
governed by the By -Laws and Regulations of the American
Institute of Real Estate Appraisers of the National
Association of Real Estate Board.
2. Neither all nor any part of the contents of these reports
(especially any conclusions as to value, the identity of
the appraiser or the firm with which he is connected, or
any reference to the American Institute of Real Estate
Appraisers or to the Society of Real Estate Appraisers
or to the M.A.I. or S.R.P.A. designation) shall be
disseminated to the public through advertising media, public
relations media, news media, sales media or any other public
means of communication without the prior written consent and
approval of the undersigend.
j :.s' ,�T, ✓„ zs-` Y :� tny, a,•:l r i. .� ,. Y �..�r+, a.I'✓�4 r -Y J I.t .. i '" i «t
- t'`-�e,a- r ` ,t•�"'�'t t 'T� Y - `i. ita, -x3. v. . a., S 1{ +e`ri ^t :f. cL. ,�r A ''� .r* � < + t a 'L'" e�. N �.z + s � �'7�rt`i
at.¢.5- '41. '�",- s: 3 �?'t>. n s'.�![^.'i •!r f•'f �k..r J4 l'`F?a«;ak; ?eY'.'S �:.L`," L� 'r f+•.ri_� dii 51 <:,nw '2 �_ °+:, ,lZ a .�ii^,".
'.Ty '-y sh u6.�:iyAd �Y::'`�r' JfvaB:sld�tl+idi:--3st3.��i �i.�..4.mi.m.. -,.S.L�: ' .Z"w'1.:+,i r'^ ,.P n.._.. �.3.e'i. .�v--d.,2Lv '� k�li�••ti.-
QUALIFICATIONS OF JIMMY J. GODDARD, 1I.A.I.,S.R.P.A.
Education:
Professional Recognition Award, presented by the American _
Institute of Real Estate Appraisers for the years 1980, 1981,
and 1982.
I •
Texas Technological University
BBA Degree, 1963
Major: Finance Option: Real Estate and InsurancQ
Successfully completed Appraisal Course by Texas Highway
Department, Austin, Texas 1964
Successfully completed Examination I, Case Study Course II,
and Course VIII, American Institute of Real Estate Appraisers
Positions Held.
Owner - Goddard and Associates - presently, Lubbock, Texas
Manager - Property Evaluators, Inc. - 1966 - San Angelo, Texas'
Review and Staff Appraiser - Texas Highway Department - 1963
to 1966, Odessa, Texas
President - South Plains Chapter - Society of Real Estate
` Appraisers,. 1974 - 1975
Member - 1973 Young Men's Council - Society of Real Estate
Appraisers - 1976 - 1977
Instructor - Texas Tech University .
Lubbock Christian College
,x *' t'o s � ,. �v � `t+rr .y, �-s�'i'a-l�.s!'1- t �' 1� :is, +,w a y1 4. a fly ✓ v, .:,,",'. y,_ ,' r t4• d , ,ti , :t :
.ae��" ...� a d= E r.. ?f.'..z n1`.e� .'`S � 0 r "-..n.r b.'"v4, 'x i.�k'X. i'. ,t• ., i .` F- � :.,-.
-..,....c..�., ......t.,ear«»ss..J+...v....fa.a....a.a:ri�,�i.3.4u.i..���"'L'lt&.h'.�7?:..L rw^.t®'[sW�.. 'a +.,; Y4. #., 't7 .'� �5, •rr Y7^ �i i"A.._^..+
I
Memberships:
Member of American Institute of,Real Estate Appraisers
Senior Real Property Appraiser - Society of Real Estate Appraisers
Real Estate Broker's License - Texas Real Estate Commission
National Association of Realtors
Texas Association of Realtors
Lubbock Board of Realtors
Partial'List of:Clients:
Texas Highway Department
City of Lubbock
Veteran's Administration
Secretary of Housing and Urban Development
Republic National Bank of Dallas - Trust Department
Lubbock National Bank
First National Bank of Lubbock
First Federal Savings and Loan Association -
First Texas Savings Association of Lubbock
State Savings and Loan Association
West Texas Savings Association
Sentry Savings Association
Mortgage Guaranty Insurance Corporation
Merrill Lynch Relocation Management Corp.
PMI Mortgage Insurance Company
West Central Investment Corporation
Lutheran Mutual Life Insurance Company, Waverly, Iowa
Phillips Petroleum Company
Gulf Oil Company
Continental Oil Company
Sun Oil Company
Texaco, Inc.
Great Southwestern Life Insurance Company, Houston, Texas
Southwestern Bell Telephone Company
The Western Company
Texas Instruments, Inc.
Texas International Company
Southwestern Life, Dallas