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HomeMy WebLinkAboutResolution - 525 - URA Land Acquisition - Fred Flewellen - Public Park, Lake 6 YCL Project - 06/12/1980WMM:pc RESOLUTION #525 - 6/12/80 RESOLUTION 5 �� A RESOLUTION AUTHORIZING THE ACQUISITION OF A CERTAIN PARCEL OF LAND FOR 1� 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 Fred Flewellen; 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. 99600-895-270: (See attached Legal description) Purchased Price - $2,350.00 (Two Thousand Three Hundred Fifty 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 of June , 1980. PTLU A Mc ISTER, MAYOR ST:-..-__. elyn Gai7ga,,City Sec etar reasurer Approved as to roma: _ APP OVEP.AS TO CONTENT: )'e / J o aZ% Assistant Cky ney Vicki Fos"ter, Community Development Coordinator 9�1o00 ` X' -51'S �p A tract of land located in Section 4, Block 0, Lubbock County, Texas, being the same tract heretofore conveyed to Fred Flewellen in Volume 985, Page 446, dated April 7, 1964, being further described as follows: BEGINNING at a 1/2" iron rod (found) in the East line of a 0.646 acre tract heretofore conveyed. to E. C. Gregston in Volume 656, Page 235, and being the Northeast corner of a 0.697 acre tract heretofore conveyed to the City of Lubbock in Volume 1370, Page 314, said rod bears N. 89`58'30" E., 846.99 feet and N. 0011114" E., 191.87 feet from the Southwest corner of Section 4, Block 0, Lubbock County, Texas; THENCE N. 72'27120" W. along the North line of "said 0.697 acre tract, a distance of -47.40 feet to a 1/2" iron rod (found) as a North corner of said 0.697 acre tract, said rod being a South corner of this tract; THENCE S.- 87003123" W., along the North line of said 0.697 acre tract, at 105.46 feet pass a 3/4" iron pipe. (set) at the Northwest corner of said 0.697 acre tract, said pipe also being the Northeast corner of a 2.543 acre tract heretofore conveyed to the City of Lubbock in Volume 1408, Page 987, continuing along the North. line of said 2.543 acre tract for a total distance of 146.44 feet to a 3/4" Giron pipe (found) in the North line of said 2.543 acre tract, for the Southwest: corner of this tract, and being the Southeast corner of a 2.848 acre tract heretofore conveyed to Deema McIlhaney Endsley in Volume 953, Pape 479; TBENCE N. 000,06100" E., along the East line of said 2.848 acre tract, a distance of 223.25 feet to a 3/4" iron pipe (found) for the Northeast: corner of M said 2.848 acre tract, and being the Northwest corner of this tract;. THENCE N. 87*00'14" E. a distance of 146.35 feet to a 3/4" iron pipe (found) for a North corner 'of this tract; THENCE S. 72'28'04" E. a. distance of 47.81 feet to a 3/4" iron pipe (found) for the Northwest corner of a 0.168 acre tract, heretofore conveyed to" W. Leroy Waggoner in Volume 1144, Page 91, for the Northeast corner of -this tract; THENCE S. 00011114" W., along the West line of said 0.168 acre tract, at 154.65 feet pass a 1/2" square metal tube (set) at the Southwest corner of said 0.168 acre tract, said tube also being the Northwest corner of said 0.646 acre tract heretofore conveyd to E. C. Gregston in Volume 656, Page 235, continuing along the West line of said 0.646 acre tract for a total distance of 223.27 feet to the Place of Beginning. 4UN 1 2 198 d ACQUISITION APPRAISAL REVIEW PARCEL NO. 99600-895-270 PROJECT NAME Yellowhouse, Lake 6: 5th Year C.D. ADDRESS East 19th Street just south of Spruce Ave. OWNER (s) Fred Flewellen TENANT (s) Vacant site LEASEHOLD No LEGAL DESCRIPTION: See attachment for metes & bounds describtion. 1. Acquisition appraisal received ............................ May 12, 198.0'. (Date) 2. All corrections by appraiser completed..................... May 27, 1980 3. Appraisal is adequate and acceptable....................... Yes 4. On-site inspection of property ............................... Nay 16, 1980 (Date) -5. Person accompanying review appraiser....... ................ None 6. On-site inspection of comparables.. .. ..... ...... May 13th & 16th 1980 (Date) -7. Any report of unlawful condition or occupancy.............. No 8. 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. In my opinion the final estimate is $ 2,350.00 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 SER Harold L. Kelly, SRPA 4 -1- Buildings. & Structures (Whole Taking) APPRAISAL REVIEW APPRAISAL Valuation Valuation 1. None None None 2. 3. 4. Garage...................... Fence......... ............ Landscape................... Cellar...................... _ Other......................... Other..... ............. ... Other... .................. Fixtures .................... Tenant-Owned Building, Structure, Fixture & Other 1. 2. . Land........................... .982 ac. TOTAL :.......................... $ 2,350 2,350 r,: �.:,w, ,,.�:,ff;�,;.•�^ 't�.:; `%��',. ,.....fir . > ,...y, ��••;e•.r•.,rc r -.yr- G, ,wvr. :`,ra,. E�.,. ins •.tiv ?c e:y..-, .,T�� x is�s, rs""^ t z1'fh a APPRAISAL REPORT FOR THE CITY OF LUBBOCK Project Yellowhouse, Lake 6, 5th Year C.D. Parcel Number 99600-895-270 Property Address E.19th St. just south of Spruce Avenue and on north edge of Yellowhouse Interest Appraised Fee Simple Canyon Property Owner Fred Fiewellen Date of Appraiser's Inspection 4 -1 -80 -- Owner or Representative Accompanying Inspection none Owners Not Present at Inspection Fred Flewellen 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 those 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 Hereby Certifies: (1) That I personally made a thorough inspection of the property, (2) that, to the best of my knowledge and belief, everything contained in the report is true -and no relevant and important fact has been omitted, (3) that neither my employment nor my compensation is contingent on the valuation reported, and (4) that I have no past, present, or prospective interest (including that of real estate agent or broker) in the property, the parties involved,iiro interest that would conflict in any way with the services performed or the `' Rg 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 I1 of the Act. � It is my opinion that the fair market value of property to be acquired is $ 2,-48[1' as of 4-1-80 . April 29, 1980 Date Jim Goddard, Pi.A.I.,S.R. .A. Puroose 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. Function of Appraisal This appraisal 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 Fred Flewellen 1802 East 24th Street Lubbock, Texas 79404 7 - 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 Pie 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 in the transaction. �.,.� , 1�f. SM:�' F ,.� «Y•1J d.a �eJ' Np r w,s�ry»> .e; k.l trh ,y L >+4 @�.� a,r L.�,m^ ve ,*a� �._r��r�sx*t.; .. �-a-» attx LN Sales History The only sale of subject property in recent years was as follows: Grantor:---------=`------` Deema Mcllhaney Endsley Grantee: ----------------- Fred Flewellen Book and Page: ----------- 985-446 Date: -------------------- 4-7-64, Recited Sale Price: ------ $2,500 Off -Record Title Information The interview with the property owner did not produce any known title information. Delineation of Property See attachment. , ... ^i•. .. �, �, N .*i ..� i �4�';��r�3i`�r'Ra,r.�.e.°i..:cr�$F.36 Y3.m3,w�.�aa lLsw:�'.iiY4 +i'.39f'n .,k .. �R ., nv � b •Y':rb���4 � $� ,t4�, .,'��"' .�" ,. i�5: ' tti� , L^kY s � 3 `��.a A tract of land located in Section 4, Block 0, Lubbock County, Texas, being the same tract heretofore conveyed to Fred Flewellen in Volume 985, Page 446, dated April 7, .1964, being further described as follows: BEGINNING at a 1/2" iron rod (found) in the East line of a 0.646 acre tract heretofore conveyed to E. C. Cregston in Volume 656, Page 235, and being the Northeast corner of a 0.697 acre tract heretofore conveyed to the City of Lubbock in Volume 1370, Page 314, said rod bears N. 89*58'30" E., 846.99 feet and N. 00"11114" E., 191.87 feet from the - Southwest corner of Section 4, Block 0, Lubbock County, Texas; THENCE N. 72'27120" W., along the North line of said 0.697 acre tract, a distance of 47.40 feet to a 1/2" iron rod (found) as a North corner of said 0.697 acre tract,. said rod being a South corner of this tract; THENCE S. 87°03'23" W., along the North line of said 0.697 acre tract, at 105.46 feet pass a 3/4" iron pipe. (set) at the Northwest corner of said 0.697 acre tract, said pipe also being the Northeast corner of a 2.543 acre tract heretofore conveyed to the City of Lubbock in Volume 1408, Page 987, continuing along the North line of said 2.543 acre- tract cretract for a total distance of 146.44 feet to a 3/4" iron pipe (found) In the North line of said 2.543 acre tract, for the Southwest corner of this tract, and being the Southeast corner of a 2.848 acre tract heretofore Conveyed to Deema Mcllhaney Endsley in Volume 953, Page 479; THENCE N. . 00'06100" E., along the East line of said 2.848 acre tract, a distance of 223.25 feet'to a 3/4" iron pipe (found) for the Nor.tbeast corner of said 2.848 acre tract, and being the Northwest corner of this tract; THENCE N. 87'00114" E. a distance of 146.35 feet *to a 3/4" iron pipe (found) for a North corner of this tract; THENCE S. 7228104 " E. a distance of 47:81.feet to a 3/4" iron pipe (found) for the Northwest corner of a 0.168 acre tract heretofore conveyed to W. Leroy Waggoner . in Volume 1144, Page 91•, for the Northeast corner of this tract; T1IENCE line of said Q.168 acre tract, at S. 0011'14" W., along the West 154.65 feet pass a 1/2" square metal tube (set) at the Southwest corner of said 0.168 acre tract, said tube also being the Northwest corner of said 0.646 acre tract heretofore conveyd to E. C. Cregston in Volume 656, Page 235, continuing along the West line of said 0.646 acre tract for a total distance of 223.27 feet to the Place of. Beginning. T 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. y, i d r s.�y6d� � .R'`' ..'r t r ,Y- 1 •t..:'"` •3� t v ��` _� t x ,. �� ,:. t ..moi �� t :... `S' __ -_ �, i'_.y:�.��f`„i•�.rS,..J,'`�..�.1�.a xs"�' K.E ..vmr..'�io�`ir'''�_.= ^�.�.ri�riu�wi;... •r ;--ya.a..�r:�..uu"u ts...am..r..�•+' �afs..t ..�,L,�°"&. _ 3 ';..5.�. -sa,�w:�c*'.^._.. j i rr•i Er� t•1ia i i i L-al-�jIr T oil' , .�"»._ y•.»..• .. 32 lki SEN 1... .: AL- • • q•TH - SUBJECT PROPERTY q R51� • 2 1 1117' �� ..... AGRICULTURAL 1 USE y � p./•� 4UIIN {, • W V` 7 •. •' ••SMI 41< •, i TT._ �r <, t., • s �L�''�L ` 1 j'��rh i • �,' � , tiL L1, E.T;}t �'''' �r 'r 1 1. 1{ rA •p _�... ./r• M1s1rr d. •.., �� l I'l I+'I lx!' AI•-1'� .�� �j:J.1=1*I:I::I,'��+.' r ;-IT" ^, t z �9 T. r r .•, ire ao'� r • ly- G Descriation of Improvements The property is vacant, unimproved, unplatted land. City water or sewer pro rata has never been paid on this property. Site Data .This tract is 0.982 acres in size with dimensions as can be observed from the following site sketch. The site ftdnts to East 19th Street, which is paved but without curb and gutter. The tract backs up to the canyon. The rear 20 feet or so of the tract drops off steeply -to about a 15 foot lower elevation. It.appears that a portion of subject has been filled. Except for the rear approximate 20 feet, the tract lays fairly level. No significant adverse easements or encroachments were noted at the time ' of the appraisal inspection. The HUD flood hazard map does not include this tract in a flood area. The site is zoned R-2, Two Family Residential. City water and sewer would be available after platting and payment of pro rata expense. Other utilities are also available. i i 'Will SITE SKETCH !.MEET 19TH STREET t Q f' V o g O 982 ACBE TRACT .3C .. aD t ?_t W O c N+ �� N a��ppp N O DESCRIBED 1N VOL. 985, PG 446 Deamo Melllwney Endsley to Fred Flewellen_ td�i = N a >W �o Lei w N Apt11 7, 1964 N wco W t3 t` oin N u ip ALSO DESCRIBED IN GEED OF TRUST iN VOL.486 PG.390, N Fred Flewetten b Louro Grimes o x z M n • August 1, 1968 „ N "t O -i Z . A I o 50 -...58.89, .� N89°58'3d'E 106.89• ` a i ,I THIS PAINT DEARS Ne9951(30"E 646.99 AND NO0'If'14"E 260 49i FROM THE SOUTHWEST CORNER 0, SECTION 4, BLOCK O. O N Qs .,....N87 ►_ q 146.44 03 23" E_. - -- SrZo , 2? ?Q�K+,: .J ►- a M 105.46 4 0 n got` v 0697 ACRt TRACT aoo - N M N �0� > O T. W PREVIOUSLY o DESCRIBED IN VOL 1305, PG. 216 � W o A- cc tD m ii --in ao John L. Gdhspie to H G Burcnett ao 00 October 3.1967 3 a`� "31 in a Y p ° — Gof-j N H G Burchell it, [',qty oft uGt»rt'h - ' -z OUrr CLAIM DEED VOL 1370, PG. 314 8 December 19, 1973 �N 4, BLOCK O KED BY SYLVAN A'�Rp S.Q%i%S 1951 � THIS POINT FEARS Ne906e'3dc 946.99 FROM THE SOUTHWEST CORNER OF SECTION 4.6LOCK O a 15000" _ - — \ li -,- ,.. x� x . r»�s�^qtr<. �' '� �,,. v'� �• � '� � � > air s � *�� r •, �.�s � �a.,.yt� *�< Taxes A ent Assessed Value Tax Amount City and School $710 $17.61 State and County 200 3.35 Total $20.96 Use and Occupancy The land was vacant at the time of the appraisal inspection and.without any existing use. Rental Information None known. Annual Operating Cost Does not apply. Highest and Best'Use The highest and best use of subjects property is for one or two family residential use. ., .� ' -�-,� .a- � :.t. e. _. �.5.._•w�'�:�at...y 1 'y �.,�._a:.,.:2,i.a.:.ar.sx .. M j° '..s.`a..L �_.:s. "" t ?'-�.'YM.. c ".,� f.� a. „� -r Valuation of the Property The subject property is vacant land and the only meaningful approach to value is the direct comparison approach. The most pertinent comparables from the Market Data Supplement are summarized as follows: Land Sale Pro Price Indicates # Date Acres Zoning Rata .Per Acre For Subject list 1 4-78 1.0 R-1 No $2,400 $2,400 2 12-72 4.29 R-1 No 1,165.50 above $1,165.50 3 11-77 0.73 R-1 No 2,054. $2,054 - 4 2-'78 0.152 R-1 Yes 3,947 below $3,947 Offer #1 current 1.0 R-1 Yes 2,500 below $2,500 Subject 4-64 0.982 R-2 No 2,546 $2,546 Sale No. 2 is a larger tract that sold several years ago and sets the lower limits of -the value range. Sale No. 4 and Offer No. l set the upper limits of the value range. Sale No. 4 is a much smaller tract with pro rata paid. Offer No. 1 is very similar except in a better location due to quality of immediately surrounding development. Sales Nos. 1 and 3 are roughly equal with subject indicating $2,054 to $2,400 per acre. The records indicate that subject sold in 1964 for $2,546 per acre. By allowing the greatest weight to Sale No. 1 a value conclusion of $2,400 per acre is concluded. E 0.982 .acres @ $2,400 = $2,356.80 ..say.. $2,350 ------- FI14AL ESTIMATE OF VALUE / v MARKET DATA MAP ( 1 U1Tes YIAKULM ,II at C4 .11 M ! �I 1 TF-- i .f /—ti 1A111[V4Y ARIY 1 T 1 1PL Fa t• • s„L't i KLM Ma ILI, AM i �a f Y t;� �� •Q:tY4Q j 1 w ► 4 r 1 � � • oil 111110 Q luIw . 1 —ig, ED 0 /M 11 TN� ~ M._.LAND SALE o 4 w •1 • � vv o • ,� M./� ` RUL . a t rola ti MARTIN 1! i Jim= iltor0�+r �� .:� LLL.....JJ .. � • tures • iarct ------ __ n LAND SALE LArin SAL /. _ #3 S...� ® ..... .. %l L . r.nwl 1 [ 1 �..............�.es:.:ax'..�a® ASSUMPTIONS AND CONTINGENT CONDITIONS The appraiser assumes: 1. That the legal description furnished is correct. 2. That the title to the property is goad. 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 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 anything other than delivery of this report. 1 dial RESTRICTIONS . _, ". _ i - :--i"'asr r+,.r"f�Lf3d..�.P:r�i'.1as°.ai:�xai�sii�i�i6ir` _-i--•t�y, 7u v_4i. "t '�r__. 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. E I i min WWWWWASM QUALIFICATIONS OF JIMMY J. GODDARD, M.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. Texas Technological University BBA Degree, 1963 Major: Finance Option: Real Estate and Insurance Successfully completed Appraisal Course by Texas Highway. Department, Austin, Texas 1964 Successfully completed Examination I, Case.Study Course II,. and Corrse'VIII, American Institute of Real Estate Appraisers Positions'Held: Owner - Goddard and Associates - presently, Lubbock, Texas f 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 1. 1976 - 1977 Instructor - Texas Tech University } Lubbock Christian College ._ Y 3: aT' �s.r f'c" �• i. � 1 4iX '�.'.... ! .X Y, :, ,. ': � _ a Y .w,,.._.�..- _ :.t ..d.c•. _.a......+31.•+ L,aey%f.,..'.x'�..s - • "� - =' "—�_��.1�t..%:,_ +Yc4X: = .�:. _� _ 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