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HomeMy WebLinkAboutResolution - 527 - URA Land Acquisition - L.H. Mitchell - Public Park, Lake 6 YCL Project - 06/12/1980JUN�2. :Pc RESOLUTIONd #527 - 6/12/80 RRQ0T TTTTOM 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 L. H. Mitchell; 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. 99600-895-300: (See attached Legal description) Purchased Price - $7,050.00 (Seven Thousand 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. JAA BIL c ISTER, MAYOR ATT ST i Evelyn-Gairfga, tity S cr a -Treasurer AK"Zo—_ �e n b ram: APP VED AS TO CONTENT: Assistant City AKa�% ` Vicki Foster, Community Development Coordinator Two tracts of land located in Section 4, Block 0 and in Section 3, Block B, Lubbock County, Texas, being the same tracts heretofore conveyed to E. C. Gregston'in Volume 656, Page 235 (as Tracts 1, 2 and 3) being further described as one tract as follows: BEGINNING at a 1/2" square metal tube (set) ,at the Southeast corner of. a 0.697 acre tract heretofore conveyed to the City of ;Lubbock in. � n IL000 f � � t Two tracts of land located in Section 4, Block 0 and in Section 3, Block B, Lubbock County, Texas, being the same tracts heretofore conveyed to E. C. Gregston in Volume 656, Page 235 (as Tracts 1, 2 and 3) being further described as one tract as follows: BEGINNING at a 1/2" square metal tube (set) at the Southeast corner of. a 0.697 acre tract heretofore conveyed to the City of Lubbock in Volume 1370, Page 314, and being in the North line of a 199.02 acre tract heretofore conveyed to the City of Lubbock in Volume 1308,. - Page 129, said tube bears N. 8958130" E., 846.99 feet from the Southwest corner of Section 4, Block 0, and the Northwest corner of Section 3, Block B, Lubbock County, Texas, for the Southwest corner of this tract; THENCE N. 0011'14" E., along the. East line of said 0.697 acre tract, at 191.87 feet pass a 1/2" -iron rod (found) at the Northeast corner of said 0.697 acre tract, said rod also being the Southeast corner of a 0.982 acre tract heretofore conveyed to Fred Flewellen in Volume 985, Page 446, continuing along the Lust line of said 0.982 acre tract for a total distance of 260.49 feet to a 1/2" square metal tube (set) for the Southwest corner of a 0.168 acre tract heretofore conveyed to W. Leroy Vaggoner In Volume 1144, Page 91, for a westerly corner of this tract; THENCE N. - 8965 8'30" E., along the South line Qf said 0.168 acre tract, a distance of 50.00 feet to a 1/2" square metal tube (set) for the Southeast corner of said 0.168 acre tract, and -an "L" corner of this tract; THENCE N. 00606126" E., aong the East line of said 0.168 acre tract, a distance of 138.91 feet to a 3/8"' iron rod (found) at the. Northeast corner of said 0.168 acre tract, for the. Northwest corner of this tract; THENCE S. 72628104 " E. a distance of 62.70 feet to a 3/4" iron pipe (found) at the Northwest corner of a 3.025 acre tractheretofore conveyed -to F. A. Ussery in Volume 338, Page 349, and Volume 477, Page 206, for the Northeast corner of this tract; THENCE S. 00633106" W., along the West line of said 3.025 acre tract, at 120.00 feet pass a 1/2" square metal tube (set) for the Southeast corner of said 0.176 acre tract, continuing along the West line of said 3.025 acre tract for a total distance of 380.49 feet to a 3/8" iron rod (found) at an "L" corner of said 199.02 acre tract for the Southeast corner of this tract; THENCE S. 89658130" W., along the North line of said 199.02 acre tract, a distance of 107.24 feet to the Place of Beginning. rt N 1 1980 ACQUISITION APPRAISAL REVIEW PARCEL NO. 99600-895-300 PROJECT NAME Yellowhouse,. Lake-6: 5th Year C.D. ADDRESS 1912 East 19th Street, Lubbock, Texas OWNER (s) L..H. Mitchell TENANT (s) Owner occupied LEASEHOLD Na LEGAL DESCRIPTION: See attachment for metes and bounds description. 1. Acquisition appraisal received ........::.............:..... May 12, 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 20,_1980 (Date) 5. Person accompanying review appraiser..................... Owner's daughter. 6. On-site inspection of comparables..... .................. May 13th & 16th, 190 (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 but with a minor increase in the land value based on comparability after reconsideration of all of the land values in the whole project. In my opinion the final estimate is $ 7,050.00 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 29, 1980 DATE EV-1EVTrAPPRAISER naro d �SWA'- -1- Partial Taking Whole Property Part Taken Remainder Before Remainder After. Damages TOTAL TAKING AND DAMAGES :............................ -2- Buildings & Structures (Whole Taking) APPRAISAL REVIEW APPRAISAL Valuation Valuation 1. Main Structure (House) 3,500 $ 3,500 2. 3. 4. Garage ...................... $ 300 $ 300 Fence ........................ Chain link 500 S00 Landscape....... ... ...... 100 100 ............... Well House 50 SO Other, ..... ........ ....... Feed Stor. Shed 100 100 Other.... ........... .... Water Well 1,000 1,000 Other ....................... Sheds & Pens 50 SO #..................... Clothes line 25 25 Other...........,............ Flat Concrete_ 25 - Tenant -Owned Building, Structure, 25 Fixture & Other _Cesspool 50 50 Other Other Fences 0 50 2. _ Land .............................. ...... - M ac. $ 1,250 $ 1.300 TOTAL:...... .... ............ 7,000 $ 7,050 Partial Taking Whole Property Part Taken Remainder Before Remainder After. Damages TOTAL TAKING AND DAMAGES :............................ -2- APPRAISAL REPORT FORTHE CITY OF LUBBOCK Project Yellowhouse Lake''6 5th Year C.D. Parcel Number 99600-895-300 Property Address 1912 East 19th Street Interest Appraised Fee simpTe Property Owner L. H. Mitchell Date of Appraiser's Inspection , .4-25-80 Owner or Representative Accompanyinq Inspection L. H. Mitchell Owners Piot Present at Inspection none .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. Vecting the.title to the property, (3) that the legal description of the property a interest thereinto be appraised, furnished to the Appraiser by the Agency, is ct,'and (4) that no survey of the property has been made. The Undersigned Hereby Certifies: (1) That I personally madea 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, 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 ovmer. 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 II of the Act. It is my opinion that the fair market value of property to be acquired is $.7,000 as of 4-15-80 April 29, 1980 Date ,oddard, M.A.I.,S. .P.A. 0 vo_ �d I Purpose and Scone 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,'i.ts guidance in making.f6ir and impartial determinations of fair market value and the just compensation to be offered to the property owner, Ownership L. H. Mitchell 1912 East 19th Street Lubbock, Texas 79403 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 in the transaction. `�'�`"" s. �.'1 +a': �, -f tae ,s b� :�.� .w .. {_�rAY i �.;.w-^,ti{k �',.� `.� .war, c a.•'^T fac,.c .�' ,"<,:':� � r`' }°`"r� y �`^.. k z" .} .f.: ,r .+ Sales History The last recorded instrument regarding this property is as follows: Date: ---=---------=------ 2-18-57 Grantor: -------- ------------ J. T. Sweeten Grantee: ----------- -------- E. C. Gregston ' Book and Page: -------------- 656 •- 235 Off -Record Title Information Mr: L. H. Mitchell is the occupant of the property and claims to be the owner. It is assumed that he has acquired title to the property ` by some unrecorded instrument. Del irleatiori of Property See attachment. NMI-2%.�r 4 Vv rf�x r � �c�,' ^ti � i� zt �,•a � 3� .� � �'��`G. � �' ��t �- _} v�ay as ;. �,T � 4 «i . �� .� e Two tracts of land located in Section 4, Block 0 and in Section 3, Block B, Lubbock County, Texas, being the same tracts bcretofore conveyed to E. C. Gregston in Volume 656, Page 235 (as Tr.acts.l, 2 and 3) being further described as one tract as follows: BEGINNING at a 1/2" jquare metal tube (set) at the Southeast corner of a 0.697 acre tract heretofore conveyed to the- City of Lubbock In Volume 1370, Page 314, and being in the North line of a 199.02 acre, tract heretofore conveyed to the City of Lubbock in Volume 1308, Page 129, said tube beats N. 89"58!30" E., 846.99 feet: from the Southwest corner of Section 4, Block 0, and the Northwest corner of Section 3, Block B, Lubbock County, Texas, for. the Sauthwem: corner of this tract; THENCE N. 0011.14" E., along the Rast line of said 0.697 acre tract, at 191.87 feet pass a 1/2" iron rod .(found) at the Northeast corner of said 0.697 acre tract, said rod also being the Southeast corner of a 0.982 acre tract heretofore conveyed to Fred Flewellen in Volume 985, Page 446, continuing along the Tast line of said 0.982 acre tract for a total distance of 260.49 feet: to a 1/2" square metal tube (set) for the Southwest corner of a 0.168 acre tract heretofore conveyed to W. Leroy Waggoner i.n 1►oltime 1144, Page 91, for a westerly corner of this tract; THENCE N. t 89°58130" E., along the South line of said 0.168 acre tract, a distance of 50.00 feet to a 1/2" square metal tube (set:) for. the Southeast corner of said 0.168 acre tract, and an "1." corner of this tract; THENCE N. 0006126" E., aong the Past: line of said 0.168 acre tract, a distance of 138.91 feet to a 3/8" iron rod (found) at the Northeast corner of said 0.168 acre.tract, for the Northwest corner of this tract; THENCE S: 72'28'04" E. a distance of 62.70 feet to a 3/4" iron pipe (found) at the Northwest corner of a 3.025 acre tract heretofore conveyed to F. A. Ussery in Volume 338, Page 349, and Volume 477, Page 206, for the Northeast corner of this tract; THENCE S. 00033106" W., along the West line of said 3.025 acre tract, at 120.00 feet pass a 1/2" square metal tube (set) for the Southeast corner of said 0.1.76 acre tract., continuing along the West line of said 3.025 acre tract for a total distance of 380.49 feet to a 3/8" iron rod (found) at an "i." corner of said 199.02 acre tract for the Southeast corner of this: tract; THENCE S. 8958'30" W., along the North line of said 199.07. acre tract, a distance of 107.24 feet to the Place of 1egInning. 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 Map. 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 Most of the housing in the area is modest to very modest in price class and are typically occupied by lower income families. . t`w --,. , 4.� t.,.-` � t�'jf«f'mt f�a"tw a,,..�xr�� rtf+Yh ^j '.�:d; xh.;r"t �.a,.rF:�-w k ?i,�x,,,�ye w;w�A 4s; '1 't a 'pit .-_ y'� `- < Y•: r.« < �, £tea '* �' i'�- a.., > r + .s a a � �. � �' .a •� a k .h^. n4 �.. '� , w s r..• e,�i �- '�' -k" ,�4 � � �fi' r a �.r �y,� ren w�?k.. - � � ,� •s, �..."�`•; ,�wor..-t w•� � �.,ti,3'*fi K 'T ew +x � 3 c,. "r d �� ixi_-�A � �++s.� � � � �:;� +--..��..—� x �6'�ti;'�'��'��[:•4:.:i.�rLr..6Y'sl�.)'"�'_ .... a�ata. a�r3v'�.4;rw•,eaW�•,.ccl"tss.s5•�— - K_s., t ilN 34Iq 0 RHOOD AP `�� �. r • ��` �� Fri �� -� 32 3 ♦ ' w� 331 • �f p '".� . J�� .tom f' (.•.�� '��"1 t ' w- � IVEN PT ... • 10.1H SUBJECT PROPERTY s a AGRICULTURAL USE GRICULTURAL— USE W ..• a1 11 4 . ••, ,//a� .�' .I •tl v •ti ... 3 I ' Ili I AL �}wjr.,M�.ttl�w•. '��.ij}',.j�. M�� `.4 �,•r�' b•6� • \� . j • ����o •� Ri '1 •'a �� ���•, I •�ul �•j, •A IJ;t I�I�-�� • �� � � • ��:: . � �\\ r III �� r,;rt•vcvrv�s-, F 31SF S , y 16 �• In �•"`R�.r• r i rrn ;F .w f .'9T►1 $TIN •�tSrttw-'2,� �Fu� 1•L'4�•�� I .�I1 _ !:.'4� .. :'���• r-F`'.:I.: ttt ST. •'••L�..1.1w.Ll.l - •••• � GEMS BaflT •' ' 1 cF ()(,K P - w \ Description of Improvements The property has a number of improvements described below. House - 726 sq. -Jt., wood frame construction resting on concrete pier and beam foundation; asbestos shingle exterior wall cover and composition shingle roof cover; interior floors are a mixture of -vinyl tile, linoleum and carpet; interior walls are typical drywall finish with some panel and masonite wainscot in bathroom; window evaporative cooler for air. -conditioning; and space heater. The house contains a kitchen,,••living.room, bathroom and 2 bedrooms. The overall t condition is only fair. The house also contains'58 sq. ft. of covered porch area. Garage - 299 sq. ft. wood frame construction resting on concrete slab foundation; wood exterior wall cover and composition shingle roof cover; no interior wall cover and has electric light fixture; walls are leaning and considered in poor condition. Feed Storage Building - 309 sq, ft. wood frame construction with tin siding and roof; wood floor; in very poor condition. (has 150 sq. ft. attached shed with wood frame only.) Well House - 68 sq.ft. wood frame construction with wood floor; asbestos shingle wall cover with wood sheathing, celatex inter -wall and insulation. Contains 1/3 h.p. submergible pump, pressure tank and well. Well house is in poor condition. Shed's and Pens - 387-sq.ft. of sheds and pens in very poor condition. The construction is a combination of wood, tin and wire with dirt and wood floors. Fencin '- Approximately 350 lin. ft. of scrap fence in poor condition; approximately 252 lineal ft. of 4.6'.chain link fence on steel post on 8' centers in average to good condition. Others - Cesspool with tin top; approximately 80 sq.ft. of concrete walks, 1/3 h.p. submergible pump and water well. Site Data This tract•'is 0.822 acres in size with dimensions as can be observed from the following Site Sketch. The site fronts to East 19th Street which is paved but is without curb or gutter. The tract is located along the edge of Yellowhouse Canyon. The north 120' ± of the property is fairly level with the balance of the tract being rough sloping canyon land. The only encroachment or easement noticed at the time of the appraisal inspection was an electrical pole in the front yard. In this price class of property the pole is not considered to have any significant affect on the value of the property. 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 pro rata expense has not been paid. This property has a private water well and a private cesspool p , , i :.t::j-",�r�,.�ae'.. `P�" "'.&.LAM �4;:V rd - '''5�, -�+�,� .'� d k�'"��'j?i+�:.�..a��, � , �i . � �S'''� i'� rt �n's� e+ "#' tc ,`rar ��aN -y Fy,�,r , y�w, ;P�,. ^� �.. � R 5 a� "` ""K,g. F` � �'. �car�k "`-,i +�.., -• e .6 -: +�V .; .x .a.l -. 3�' .. ,. ��, ,+��s ��.. ��,4?s" ,� 1�`�.! r�A�.� �4`r,�%. Fr,�€-„*�-f.�� a$ +:.: .` e$ 4.. .s$� lytliF(ii+'NY ,MKN.xiFFn�-_ — _ 1 �'4? • t:p ' � . wm.. w.y...e �,p.••,.,+r ' mr •tel ....... .:... r v::,+tL4.rr.T•`'wnV,.'i. I .1n�.T.i+j�' SITE SKETCH DISI tin' �!� M► 6Z. �p ,. on tJ s' N a in u a� L� � •�q,� gr J f. IA Yl „_ O' t I;m !00 O► Nty V,80 O O N O `)d'! A(.kt tHA('T _ ` i s� si >w .: Lk jCHIMI U IN V(x 4M�. PG 446 Lteerrw MI111WAyy ( =wbley 10 Fred F 161041116 N N rp Ayni 7•• 1964Ni W V 0 0]u O ''�pet .0 DESCHIbfC IN DELLI OF TRUST 1N VOL 4116,PG-390, ^I * Zpn Fred F ltn.eurn Io Luuro Grtm$$ Auyuet 1, 1968 O �a J t;�� Z N89058*WE 106.89 _ t \I YT at No N'e-BS 30`10.901TC> j 646 et AND 901 14% 260 4t v FROM THE SOUTIIMtS1T COM"Ill OO f R OF SIXTION 4, MACK 0. f0 ; r11 4 � a . t4644' S7�o � C In .111103 2 3 E 1)?ON\ ► c 105.46 47 40 Q �1 ,j� ^� EAS1 ONE ACRE I Ub9f ALNL TRACT a S : u WEST TWO ACRES ►'rlt VIVUSLL w IoW `� � = vi IIL',CkIHt D IN VOL 1305, PG 116 y„ I O John L 6dlf%pot to N G Burthetl a= v Oclober S, 196T p, ,v J N H (. Burr'hell Ii. City of Lubt..Kk QUIT CLAM DEED VOL.1370, PG. 314 O December 19, 1973 N THIS •UINT BEARS 04Bt06e'W1. ' IR 444.ev'►ROM THE SOUTHWEST % - y CONNEt1 OF SECTION4, BLOCK O q SANDERS /95/ �0�- - — 15000' - ti ..IV/.L4._�. FROM TM — I: SOUT"WESI CURNEA OF SECTION 4, BLOCA O, AND.TNE NORTHWEST CORNER OF rtw SECTION 3, BLOCK 6 h6�iYP rF .,.s+lC�`�.7! r � ✓ �}.�v;. P fit. � $ � � ..\ * .. . t �i � � �rS. 3v•i. # W � � � vY '1T ° ,4, h' J 1•.e ,...%.�,,'� ��..+jN - i*.,�,:''�'i.� u.�v--rr...".,.s.+.. °Yr 4 `t e �rcf�j .t ' 4 f '^+r, •; -- ATF' .,.u.-- - �'--y. -,�„ �s ar- e h••e„+Kv "i i ° ri wr'°x° P .5 Jr 1 r�•� 1`�4t F t lr � � � �;, � , -.f °y" i �� } •.t s ti i ° ry'aY f � ,. x ;� 7= �k^ f d K [ � s y> �; YM N "''' �"'"' ..1'4.'3 moi.+-+. .+.\r.� �•i r d w a. t "*� A.. C � x r� ` r 4 LY Y d I No Text Taxes Agent Assessed Value Tax Amount City and School $2,830 $70.18 State and County 1,670 27.98 Total $98.16 Use and Occupancy The subject -property is occupied by the present owners and is used as .primary residence. Rental 'Information Does not apply. Annual Operating Costs Does not apply. Highest and Best Use The highest and best use of this property is for single family residential uses. - Valuation of Property MARKET APPROACH - The,underslpnrrl has reel Ind three recent sales of properties most similar and proximate to subircI and has considered (hese in the markel enelysis. he descrip. iheludns a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties- 11 a significant in the eomparnhle property is superior to, or more favbrebir then, the subieci properly; a minus I•) adjustmenl is made, thus reducing the Indieated valve of !u 7eCt; i{ a si„nificnni item in the comparnhlr is interior to, or Ins% favorahle than, the whirci property, a plus I+) aditrsiment is made, thus increasing the indicts- led velvet of the. suhiect. ITEM Subject Property COMPARABLE NO, t MCOMPARABLE NO. 2 COMPARABLE NO. 3 A "��" 1912 E. 19th 1702 Ute E. 13 and Oak Ave. 3306 E. Broadway iMIty_to Price _ $.7_,QQO _ _ 6, OD0 3,500 Price(�IytnQ area --...' _7.64j ;`._ -..9.38 - -- r i osta�Scurce ins ecti on -seller g buyer se er of Sate end _ DESCRIPTION •' DESCRIPTION Ad) rt ant DESCRIPTION Ad) %Imetal DESCRIPTION Adl it ant _ Adjustment' 4-804-76--'—Tl-__-79 Locstlon fair fair I fair fair r !�_�:._ -i + .822 ac 125 FF - 50 -'f 00 FF ) +_ �0 FF + 650 n end AppeOt -_ �_ - asb com_pas�comp ^ wd/comp_ block%f_1 at_! ousllyorconst. - _� _ fair fair 1 fair I _ fair 35 yrs35_yrs--- .► A35 yrs _.:. l 35 rs�— Iden - -- fai r - - + I - - fair + Total ; B rmstaths I -4 - T fair-poor I +1150 Total r B•rms t Baths 4 -�-7 1-. t Living Area Room Count Total _fair Total t 8 ems r Baths Total + B ems + Baths — 4 —,,,Z---r l••-- -5 -T 1 end Living Area 726 Sq.Ft. 916 _ �_ Sq.Fl.' - 850 t 6401—�5—� + 400 --�- - sq.Ft.. -1,05 1 Finished R rns 1` none none ' none ) none tlona►utulty.. _.._...__ - a Jair fair '- -� -,- fair - ) -fair- ' - onE�t�onlrtg wina.evaP.._.. none .- a _. _• none _{ none 1 Peregeicer Port 1 det. oor 1 def. C_ .- - �p ) . /Oet - 1 -- - - none 1 + 300- I Porrhes, Patlo, small small small -- small . W.etc. t ..ie.g. +tea- no BIs,spaee no BIs, wall f no BIs, wall 1 no BIs, spa- cd—places. kitchen enttlp., heating, heat & FF I - 300 heat i - 300 heat eiing) 01or t t t Finnneinq I ( t 1 Concession - (_ f Witp-imp-­ hs_,fnce. 1 + +9a0— minimum + 900 l t _ Net Ad. (Total) �-t Plus; Mings is 550 _ _ M Plus; Minus rS 1,350 Plus {-�ARlnwt 2,000 edvalue btjl ;s 6,450 1$ 7,350 .S 5,500 Comments on Market Date Subjects water well and cesspoo was ra ed even with the comparables which mWe—util Saes No. 1 and No. 2 are tmore comparable an-f subject is const ere o e_a value within t�ie--V1mits oft ase two inn calors. •III 16V • 4� nppticabin) Economic Market Rent S /Mo. x Gross Rant Multiplier - S s W ppraiwl is mnrin (-A "ns is" (_ subjnct to the repairs, alterations, or conditions listed halmv j compiatinn per plant and specifications. 'comments and Conditions of Appraisal: ,.. The economic rent estimate is based on the utilities being paid by the owner which is consistent with• the f,RM estimate. t , COST APPROACH Meesuramants No. Stories Sq. Ft. ESTIMATED REPRODUCTION COST— NEW — OF IMPROVEMENTS: 726 Sq. Ft. Q $ 19.00. S. 13,794 4:2 x 30 x - Dwelling Sq. Ft. Q S • ,x x " x x Extras x x x xinrae Porches, Patios, etc. _Sq. �isragelCar Port Ft. 0 S �g50 x x � Area In Market Date Analysis below) 726 Tot1944 e) Gross Living tilt! Phvci cal Site Improvements 1drivewatr. landscaping, etc.) � j ment on functional and economic obsolescence: i ion i s based on •observed. condi tion at Total Estimated Cost New .. - s 17,688 rge,Economic - ^•' ne time of the appraisal' inspection. Physical Less Functional ii Is Economic Is 30% 'says 15 880880 � de iation is due to market resistance to this 45� t Pride of ownershi i and maintenance . Depreclatadvelueofimprovements. . . . . s . s 1,250 gnerally�oor i n the nei hborhoo. ESTIMATED LAND VALUE (if IpMahold, show only leasehold value) INDICATED VALUE BY COST APPROACH. 7130 • *Site Improvements & contributory Value Feed storage building $ 1 00 Well house 50 50 10 Water well , 500 5 Sheds and pens 5 00 Chain Link Yard Fence Other fencing 50 Cesspool 50 Clothesline 25 25 Flat Concrete 100 Landscape Total $ 1,950 s Land Value Estimate Land Sale Pro Price Indicates #: Date Acres Zoning 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 No $1,165.5o above $1•,165.50 3 11-77 0.73 R-1 No $2,054 below $2,054 Subject ---- 0.822 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. 0.822 acres 0 $1,500 $1,233 s ay ll Estimated Land Value $1,250 i :.°!. ,� ".'iia i '•?q'i a� .rr.�.iui,. 5 s"qw 47�j },y71,'es•� .... ��`, .-,, x ir£t r.p. q`it y�'�„':.;'t�trA�.Fi'c- -a,� nriT`'7g' '° T '�""rx _ .a�.�'. 4 Correlation and Final Estimate of Value Market Approach --------------- $7,000 Income Approach ------------------ $6,400 Cost Approach -------------- --- $7,130 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. IN FINAL ESTIMATE OF VALUE ------ $7,000 Arbitrary Breakdown of Value Residence $3,500 Garage 300 Feed Storage Building 100 Well house 50 Water Well 1,000 Sheds and Pens 50 Chain Link Yard Fence 500 Other Fencing 50 Cesspool 50 Clothesline 25 Flat Concrete 25 Landscape 100 Land 1,250 Total $7,000 J ir r Pffi 4a Ti It Pk - MARKET DATA MAP : =4"'ok Av It oil -71 t---�' T 'jai .. ........ 1b% ju t �© Ho, AT 1 ��y o fill g F-11 I IMPROVED SALE #2 tit mvmLAND SALE LAW SALE #2 LAW SALE 3 _:. �, • fni: J. a� te` �i � .3 L• 1 r : c - ` .: �.�.:.._*`:�...L_ —v' '.JErat�,� 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 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. - 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 °I x'.` a s 6,%a "J')w errr Y'-ZU6cY R 3�.- {. •.G',l. •�<�s.';�S.A's�e.. �,`nravr:::.••" v,.._« ax •T; w. ^. � ds+d ..❑ £ ?<v� �_':_4.h say �"' � '4 aSw„�r�•LFl�ae.. .;.�.irY.,.tisws�� 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 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 exe, rr .. .+..._x a..rj+� m ,*,�•�,,. r ts:.�'sw�l'. ��s::.•=.Fl�aSu.w'YAis:3t�`.'v"isa,�;. _ aeueYril "..';'a�`.4i 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. Texan International Company Southwestern Life, Dallas f