HomeMy WebLinkAboutResolution - 542 - URA Land Acquisition - Clyde T. Vernon - Public Park, Lake 6 YCL Project - 06/26/1980WMM'pcRESOLUTION RESOLUTION 4542 - 6/26/80
A RESOLUTION AUTHORIZING THE ACQUSITION 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 con-
tracted with the City of Lubbock to provide funds through the Community Develo
ment 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 Clyde T. Vernon; 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. 99600-895-280: (See attached Legal description)
Purchase Price - $30,000.00 (Thirty Thousand 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 26th day of June , 1980.
B LL McALISTER, MAYOR
ATTEST:
Evelyn Gaf ga, ity Se e r - easurer Aovraee010tr= 4
APPROVED AS TO CONTENT:
Assix,ae cky "MnM
Vicki Foster, Community Development Coordinator
i-
A tract of land located in Section 4, Block 0, Lubbock County,
Texas, said tract being the same tract heretofore conveyed to Deema
McIlhaney Endsley in Quit Claim Deed in Volume 953, Page 479, dated
August 16, 1963, being further described as follows: BEGINNING at a
1/2" square metal tube (set) in the East right-of-way line of Quirt
Avenue, said right-of-way being described in Volume 613, Page 129
and Volume 644, Page 486, said tube being the Northwest corner of a
2.543 tract heretofore conveyed to the City of Lubbock in Condemnation
Judgement in Volume 1408, Page 987, said tube bears N. 89°58'30" E.,
100.00 feet and N. 00°01'30" W., 170.37 feet from the Southwest
corner of Section 4, Block 0, Lubbock County, Texas; THENCE N.
00°01'30" W., along the East right-of-way line of Quirt Avenue, a
distance of 222.71 feet to a concrete nail (set) for the Northwest
corner of this tract; THENCE N. 87°00'14_' E. a distance of 557.54
feet to a 3/4" iron pipe (found) at the Northwest corner of a 0.982
acre tract heretofore conveyed to Fred Flewellen in Volume 985, Page
446 for the Northeast corner of this tract; THENCE S. 0006'00 " W.,
along the East line of said 0.982 acre tract, a distance of 223.25
feet to a 3/4" iron pipe (found) for the Southwest corner of said
0.982 acre tract, and being in the North line of said 2.543 acre
tract, for the Southeast corner of this tract; THENCE S. 87°03'23"
W., along the North line of said 2.543 acre tract, a distance of
556.98 feet to the.Place of Beginning.
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METER •t; �
TENANT (s) Numerous tenants, names not obtained
LZASEHOLD No
LEGAL DESCRIPTION See attachment for metes and bounds description
1. Acquisition appraisal received........... .................. May 12.E 1980
(Date)
2. All corrections by appraiser completed....... ............. lune 2, 1980
3. Appraisal is adequate and acceptable.... Yes
4. On-site inspection of property.............................:.May 24, 1980
(Date)
_5_, ' Person accompanying review appraiser ....................... Clyde Vernon, owner
6. On-site inspection of comparables.......................... May 16th & 24th, 1980
(Date)
7. Any report -of unlawful condition or occupancy...... ...... No
8. Basis for conclusion as to fair market value: Aadv f the appraiser's valuation is
based on my inspection of the property aw of the appraisal report. Although
no change was made in the final valuation of the whole property, some changes were made
in the allocation of values in the improvements. One such involved the storage shed in'
the stack lot 'which the owner stated he wished to keep. Since it was easily removable
the review report shows it as having no value. Along with minor corrections, the app-
raiser was asked to make some changes to clarify his valuations of the land.
In my opinion the final.estimate is $ 30,000-00
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.
June 5, 1980
DATE
��VIE�WAPPRAIS%R_�'-Harold L. Kelly,PA
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Buildings & Structures
APPRAISAL
REVIEW APPRAISAL'
(Whole Takings
.
Valuation
Valuation
` 1. Disco Building
=$ .2, 500
$ 2,500
2. Rock House* (Main Building)
5,400
59400
3. Rent House (Most Westerly Detached Unit)
1,500
1,500
4. Apartment (Most Westerly Row Unit)
2,200
2,200
5. #6: Small Apt. (Shelter Between Gar. & #7)
1,200
1,200
6. #7: House Most Easterly Row Unit)
5,400
51400-
7. #8: House (Most Easterly detached House)
2.000
2,000._
Garage. .... ........... #5s Row Unit
300
300
Fence......:........... Stack Lot Fence
100
100
7, ;'Landscape.::......:.....
200
200
Cellar...........,..... Concrete Storm =
300
400
` ':Stokage,Shed........... In Stack Lot••'.
100.
None
.'Silo.......:...:,...... Stone
50
S0
Water Tank.............. Stone
None
None
i Cesspools ..............
250
250
Tenant -owned Building, Structure `.
Fixture & Other
1. None
Land ......................
$ 8,500
8,500
TOTAL........ .............
$ 30,000
$ 30,000
Partial Taking (Not Applicable)
APPRAISAL REPORT FOR THE CITY OF LUBBOCK
Project Yellowhouse, Lake 6, 5th.year C.D.
Parcel Number 99600 - 895 - 280
Property Address 1720 East 19th Street
Interest Appraised Fee Simple
Property Owner Clyde T. Vernon
Date of Appraiser's Inspection 4-3-80
Owner or Representative Accompanying,.Inspection Clyde T. Vernon
Owners Not 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 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 inspectoad
the property, (2) that, to the
best of my knowledge and belief, everything co in the report is true and no
relevant andimportant fact has been omitted,.t 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 acquiredJor the entire property of the owner in the case of a partial taking)
prior to-the date of valVation 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 ca%p 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 dec.-ease 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 $ 30,000
as of April 3, 1980
Ma '2, 1980 •
Date J .my fo dard, M.A.I.,S.R.P.A.
5 441
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.
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
Clyde T. Vernon
1802 East 27th Street
Lubbock, Texas 74404
�.s3fiw --
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.
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Sales H15tor
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A tract of land located in Section 4, Block 0, Lubbock County,
Texas, said tract being the same tract heretofore conveyed to beema
McIlhaney Endsley in Quit Claim Deed in Volume 953, Page 479, dated
August,16, I963,' being further described as follows: BEGINNING at a
1/2" square metal.iube (set) in the East right -o£ -way line of Quirt
Avenue, said right-of-way being described in Volume 613, Page 129
and Volume 644, Page 486, said tube being the Northwest: corner of a
2.543.tract heretofore conveyed to the City of Lubbock in Condemnation
Judgement in Volume 1408, Page 987, said tube bears N. 89°58'30" s.,
100.00 feet, and N. 00°01'30" W., 170.37 feet from the Southwest
corner of Section 4, Block 0, Lubbock County, Texas; THENCE N.
'00001130" W., along the East right-of-way line of Quirt Avenue, a
distance of 222.71 feet to a concrete nail '(set) for the Northwest
corner of:this tract; THENCE N. 87"00'14_' E. a distance of 557.54
feet to a 3/4" iron pipe (found) at. the Northwest corner of a 0.982.
acre tract heretofore conveyed to Fred Flewellen in Volume 985, Page
446 - for � the Northeast corner of this tract; THENCE S.. 00 °06'(10" W.,
along the East line of said 0.982 acre tract, a distance of 223.25
feet to a 3/4" iron pipe (found) for the Southwest corner of said
0.982 acre tract, and being in. the North line of said 2.543 acre
tract, for the Southeast corner of this tract; TH9NCE S. 87*03'7.3"
W., along the North line of said 2.543 acre tract, a distance of
556.98 feet to the Place of Beginning.
•
EN
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 of the housing in the area is modest to very modest in price
class and are typically occupied by lower income families.
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Description of Improvements
The subject property contained various improvements which are numbered
and categorized as follows:
#1 - Small Disco and Apartment - 980 sq. ft.
Interior inspection could not be obtained, therefore, observation
is from exterior only with description of interior furnished by the
owner. The building is of wood frame construction resting on concrete
pier and loose concrete block footing. The exterior wall cover
consists of a combination of wood, corrugated metal, tin and particle
board with wood windows and composition roll roof cover. The exterior
is considered to be in poor condition with need of major remodeling.
The interior consists of wood and carpet floor cover with a majority
of typical drywall finish for walls. A large amount of the structure
is used for club purposes with.a small bedroom and bathroom. There
is no air-conditioning and heat is furnished from a gas fired stove.
The interior is considered to be in fair condition and the overall
.condition of the building is fair to poor.
#2 - House - 1378 sq. ft.
This structure is a combination of wood frame and concrete block
construction with pier and beam and concrete slab foundation. The
exterior wall cover consists of a majority of mortared rock with wood
windows and composition roll roof cover. The exterior wood surfaces
are rotting and the roof cover has recently been replaced. The interior
floor covers are a combination of linoleum and carpet. The walls are
a combination of plaster -and typical drywall finish; and.ceilings are
acoustical tile and wood. Heat is provided by gas fired space heaters
and cooling is an evaporative window air-conditioning unit.
V
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Description'of Improvements
The subject property contained var ous improvements which are numbered
and categorized as follows:
#1 'Small Disco andAA artm nt - 980 s . ft.
Interior inspection could n t be obtained, therefore, observation
from exterior only with escriptionof interior furnished by the
o r. The building is of ood frame construction resting on concrete
-pier �Ioose concrete blo k.footing. The exterior wall 'cover
consis--eomb4 tion o wood, corrugated metal, tin and particle
board with wood windows d omposition roll roof cover. The exterior
is considered to be in poo c ndition with need of major remodeling..
The interior consists of woo d carpet floor cover with a majority
of typical drywall finish for 1s. A large amount of the structure`
_ is used for club purposes with a all bedroom.and bathroom. There
is no air-conditioning and heat is rnished from a gas fired stove.
The interior is considered to be in ai .condition and the overall
condition of the building is fair to oor.
#2 House - 1378 sq. ft.
This structure is a combination of woo frame and concr a block
construction with pier and beam and co crete slab foundat on. The
exterior wall cover consists of a majority of mortared roc with wood
windows and composition roll roof cover. The exterior wood urfaces
are rotting and the roof cover is in o ly fair condition. Th interior
floor covers are a combination of lin eum and carpet. The wa is are
-a combination of plaster and typical rywall finish; and ceilin s are
acoustical the and wood. Heat is p vided by gas fired space h aters
and cooling is an evaporative window air-conditioning unit.
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The house contains a living room, dining room, kitchen, 3 bedrooms,
and 1 bathroom. The building is in fair to poor condition. Extra
improvements consist of a fake fireplace, a small rock decorative
wall, approximately 365 sq. ft. of concrete walks and porch, and a'
132 sq.- ft. enclosed, porch.
#3 'Small unoccupied-apartment - 517 sq. ft.
This structure isnot occupied at the present time. The structure is
.Wood frame construction with concrete slab foundation. Exterior wall
cover is wood with composition roll roof cover.and wood windows. The
interior.floors are carpet with sheetrock walls and ceilings. The
ceiling-is:approximately 63-2..ft.,tall with a number of holes in wall ;
and ceiling surfaces. The apartment contains -a living room, bathroom,
kitchen and bedroom. 11he condition of this property is very poor and
isnot considered to be liveable at the present time.
#4 " Small apartment 555 sq. ft.
The structure is wood frame construction resting on loose concrete
block foundation with wood-siding and tin roof cover. The interior
features consist of carpet floor cover and.a combination of drywall,
wood, and paper wall cover. The apartment contains a living room,
kitchen,.bathroom and bedroom with space heater and no air-conditioning.
The condition of this property is very poor with need of major
remodeling.
#5 Garage - 492 sq. ft.
This structure is wood frame construction with dirt floors; wood
exterior wall cover, composition roll and tin roof cover. The garage
is considered to be in poor condition.
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#6 Small AnartMent - 381 sq. ft.
This structure is unoccupied and is attached to a.garage and house.
It is wood frame construction resting on.a concrete slab foundation.
Exterior walls•consis.t`of wood with tin and composition roll roof
cover.,:. The interior has bare concrete floors with drywall walls and
ceiling. The•apartment is one large room with restroom facilities.
A majority of this building is considered to be in poor condition.
47 Aouse 2072 sq. -ft.
Subject hou3e'is wood frame construction resting on ar combination of
slab and,pier and beam foundation. The exterior walls consist of a
majority of wood with some rock and the roof is a combination of tin
and composition roll roof cover. Interior floors are bare concrete,
wood, carpet and linoleum. The interior walls are either bare or
consists of paper and typical drywall finish. This house contains
a number of rooms with a kitchen, storage area and 1z bathrooms. The
condition is poor with need of major remodeling.
48 - Small house - .506 sq. ft.
Interior inspection could not be obtained, therefore, observation is
from exterior only with description of interior furnished by the
owner. The building is of wood frame construction resting on concrete
pier and beam foundation with concrete and wood perimeter. The
exterior wall cover consists of a combination of stucco and wood with
wood windows and composition roll roof cover. The interior has a
total of four rooms with orie bathroom. Interior condition is assumed
to be consistent with the fair to poor condition of the exterior.
Ice
All of the -above described improvements were reported to have cesspools
and serviced by city water with natural gas and electric service.
The improvements described below were also included on the property.
- 320 lineal feet -of -5' high -reinforced mesh wire fence on
scrap wood poles.
- 64 sq. ft. storage building, wood frame, wood siding, wood floor
and composition roll roof cover resting on loose concrete blocks;
in average condition:
102 sqc ft. storm cellar with concrete block walls and reinforced
poured concrete floor -and ceiling:
15 ft. high silo constructed of mortared rock with 18' circumference.
.3ft. high stone water tank constructed of mortared rock with masonry
lining; 50' circumference.
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Site Data
This tract is 2.848 acres in area with dimensions as can -be observed
from the following Site Sketch. The site fronts to both East 19tH
and Quirt Avenue. East 19th.Street does not have curb and gutter but
Quirt Avenue does. Access is somewhat limited along Quirt Avenue due
to the southwest corner of the site being several feet higher than
Quirt. The elevation of Quirt Avenue,,is dropping as it continues
south into the canyon.. Access from East 19th is at grage. The
rear portion of the tract is filled so that almost the entire tract
is 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., This site is zoned C-2, Local
- Retail.
City water and sewer would be available after platting and payment
of pro rata expenses. Electricity and natural gas serves the property.
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QUIT AVENUE
100 RIGHT-OF-WAY, DESCRIBED IN VOL, 613. PG 129
AND IN VOL 644, PG. 486
M 00°01'30"W 393.08'
170.37 ' 222=71'
THIS POINT KIkRS "r ;4'30 -t 100.00'
AND NOO'01 30 W 110.37 FROM THE
SOUTHWEST CORNER OF SECTION 4• - -
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Taxes
Agent Assessed Value Tax Amount
City and School $21,780 $540.15
State and County $ 4,780 80.07
Total $620.22
Use and
.Otcu anc
All of subject property's occupants are tenants. Four of the major
structures are being used as living quarters, one structure.is used
as a disco and apartment and the other major structures are vacant.
Rental Information
The following information was obtained from the owner.
property No. Income Uti 1 i ti es _
7 $150/month paid by owner
2 125/month paid by owner
4 75/month paid by owner
7 200/month all paid by owner except gas
8 75/month paid by owner
-fenced area 250/year N/A
Annual Operating Costs
The real estate taxes are the only operating cost obtained.
Highest and Best Use
The present uses of subject property include:
.1. Residential (7 living units)
9. Disco
3. Storage lot
onNone of these uses conform to the zoning. The property is zoned
C-2. The purpose of C-2 zoning is to provide limited local retail
and service commercial uses which serve one or several neighborhoods.
Due to the age of the existing buildings it is assumed that they were
in existarice long before the C-2 zoning and have a."pre-existing
non -conforming" status.
! It is the opinion of the appraiser thatthemarket demand for additional
C-2 uses in this specific location are very limited. It is concluded
that the demand for C-2 use could utilize only a portion of subject.
property, "say" 1 acre. The highest and best use.of the balance of
the tract is concluded to be for residential use.
i
Valuation of the Property
MARKET APPROACH
A very limited amount of market data is available for analysis with
a similar land size.and grouping of improvements. The following sales
are the most comparable data found:
Sale No. 5 6 T
Land Size Acres 1.42 .40: 1.99
Estimated Land Value $3,500/acre $3,000. $3,500/acre
or 11sayll (minimum or 11sayll
$52*000 site value) $7,000
Total Sq. Ft. of
Building Area 2,976 5,350 3,055
Total Sale Price $15,500 $20,000 $15,000
Residue of Sale Price
- to Building $10,500 $17,000 $8,000
or or or
"$3.53 per sq.ft.. $3.18 per sq.ft. $2.62 per sq.ft.
After a review of the various land sales in the MARKET DATA SUPPLEMEiT
a land value was -estimated for each comparable. A rounded value of $3,500
per acre wac estimated for each of the larger tracts and a minimum site
value of $3,000 is estimated for the smaller site.
Subject property has a larger land size and subject's total building area
is larger than any of the comparables. From a total sale price standpoirr$-
it is evident that subject's market value is in excess of $20,000. The
indications of building price per sq. ft. are reasonably consistent and
indicate that subjects buildings could be expected to contribute about
$3.00 per sq. ft. toward -a sale price. By summing the land value and site
Al
,e.s.i. '_�..v.r+:a..i - i..``�•- `�.:.o��nL sr.J� ——.e..w.++rik — _— ��+.6
aluation of'the'Pt6P6rt !'
MARKET APPROACH
A very limite ount o market data is available for analysis with
a similar.1a-nd size' d -grouping of improvements.. The following sales
are the most compara le to found: -
To 1 Sq.Ft. Sale Estimated Residue
Sale Pio. Lard S ze ' Buil . Area Price Of Sale Price to Bldg/Sq. F
5 1.42 a res 2,976 $15,500 $3.54
6 .40 5,350 0,000 2.97
7 '• 1.99 39055 15, 00 2.78
Subject 2.848 6,881
Although the comparables are bett located than subj'e t, subjects land
size is larger. Subject's total bu lding.area is also arger than -any of
the comparables. From a total sale rice standpoint it evident that
subject's market value is in excess o $20,000. In the c e of each sale
an estimate was made of the land valu and the residue or lance of the
sale price is shown above as indicatio s of the contributor value of the
various improvements. The indications are reasonably consis ent and
indicate that subjects buildings could be expected to contrib to about
x $3.00 per sq. ft. toward a sale price. By summing the land v lue and
site improvement values estimated in t e cost approach to this building
value a total property value of $30,00 is indicated.
6,881 sq. ft. @ $3.0 = $20,643
site improvements 19000
land value 8,400
$30,043
Hsayt�
Indicated Value by Market Approach - ---- $30,000
0 o -
INCOME APPROACH
fir. Clyde Vernon furnished actual rents on the occupied units. The
rents are on the basis of the owner paying the utilities. Other
known rental data in the general area tends to support the actual
rents as typical of the market. Rents were estimated for the vacant
units and the resulting rental schedule is as follows:
Improvement # Monthly Rent
l
$150
2 125
3 60
4 75
5 nil
6 60
-- 7 200
8 75
.$745 Total
x 40 Approximate GRt1 from
14ARKET DATA SUPPLEMENT
$29,800 Indicated Value of
Property exclusive of
excess land
There is some 1.72 acres of land not utilized by the improvements creating
the estimated income. By relying on the same reasoning as utilized in the
.cost approach land value estimate, this 1.72 acres of excess land has a
value of approximately $6,000.
excess land r.
1.0 acres (3 $4,458 = $4,4.58
0.72 acres 0 $2,200 = 1,584
.$6,042
sav
il
Value of Excess Land -- $6,000 ,(
:-;: -°'7' i' y+,{,Yy t:t,1 �sin�; l++'j':'c �ny.t n -}'+A L.4 '�`.+�'y'�,+ •�'k `:s..,aiCs .i''fiZ1 is f�`i"' f Y»a'� ;:7� A'aRia},h,'�„� ,+'.�� ;..t *y i; rF�'^`Fi �i ,..�r � �'
����:savLG,, 6`..e. �•"#...y; an. o ,.... � ,1.. ,: �% �'i. ':',�" ui ..•,; ".� ='•ka�...;� ".. !''•": a,y`.r ,.. lx r+ .tom-.., F`>.e(-,'e'7' s. ,�c:�'.'. f .F, .. r _ �:�r.6..*ii.i:...!l: ___ a.s.,., ,%`_esi8 s --'= w..cia...."'' -m �.:.. -�......
i
INCOME APPRO C�
fir. C yde Vernon furnished actual ren -on the-occupied.units. The
rents- re on the basis of,the owner ing the utilities. Other
known ntaf-data.-in'.the'general ar a tends to'support the actual
rents as typical -of the market. R nts were estimated for the vacant
}
units and the resulting rental sc edule is as follows:
rovement;# Monthly Rent
$150
2 125
3 60
4 75
5 -.nil
7
0
g 7.5
$745 Total
x 40 Approximate CRM from
RKET DATA SUPPLEMENT
$29,800 Ind Gated Value of
Prop rty exclusive of
exce land
There is some'l.72 acres of land not ut lized by the improveme is creating
the estimated income. By relying on th same reasoning as util zed in the
cost approach land value estimate, this .72 acres of excess lan has a
f value of approximately'$5,900.
excess land
1.0 acres @ $4,323 $4,323
0.72 acres @ $ ,200 = 1,584
$5,907
say
Value of Exces Land -- $5,900
GuGilfi _�Yi .. ...u.w.. - -... ,.kmii.-..»A.•sas.
...- '�LG.Sir.Wu«. •..•...•. :.wy.. _-.. -...3J.." irrrG:u.u:;
Y.oul.-:.anr_.i.w«ube+x;: wu.6wY.Losi
_ '•'�z.:+_ •an�c:^-.'iLw - w
.
$29,800 Indicated
Value of Property
.Y
Exclusive
of Excess Land
6,000 Value of Excess Land
$35,800 Indicated
Value of Property
by Income Approach
COST APPROACH
11
Small disco and apartment
Reproduction Cost
'
980 sq. ft. 0 $15.00 $14,700
Less depreciation
85% physical ..say..
12,500
Contributory Value
$.2,200
#2
House (1378 sq. ft.
Reproduction Cost
1378 sq.ft. 0 $16.50
2.2,737
Less depreciation
80% physical "say"
18,137
Contributory Value
4,600
#3
Small unoccupied apartment
Reproduction Cost
517 sq. rt. o $17.(10
Less depreciation
85% physical "say"
7,489
Contributory Value
1,300
#4
Small apartment
Reproduction Cost
555 sq.ft. 0 $17.00
9,435
Less depreciation
80% physical "say"
7,535
Contributory Value
-
1,900
7
+y,k A 4 . f � ah t W�-•!!' a., f Y oY'"F y;
�-f[i: i�11 •. x'.. 'Gi •.. z'a�."_ry�i' ,6Mf:..¢ F ,.� f.::. �. �.:...Y.C.si:Bu.r�`rE."'i..rr" ct�l+iWi 'T3i.'Y!__ '�:.ftr.�b y�a'i^•e�'.:.u'"tt'.' .en
a in
f
$29,800 Indicat Value of Property
Exclus a of Excess Land
5,900 Val a of Excess Land
-i. • $35,700 In i.cated Value of Property by Income Approach
C ST APPROACH
E #1
Small.disco an artme t
Reproduction Cost
980 sq. ft. @ $15. $14,700
Less depreciation
.85% physical °say 500
'Contributory Value $. 2,200
42
House (1378 sq. ft.)
aeproduction Cost
!
1378 sq.ft. @ $16.50 22,737
Less depreciation-
epreciation_80%-physical -18,137
-80%-physical"say".
Contributory Value ,600
4
#3
-Small unoccupied apartment
Reproduction Cost
k
517 sq.ft. 0 $17.00 = 8,789'
Less depreciation
85% physical:,"say" 79489
Contributory Value 1,300
#4
Small apartment
Reproduction Cost
555 sq.ft. @ $17.00 9,435
Less depreciation
80% physical "say" 7,535
i
Contributory Value 1,900
s
#5 Garage
Reproduction Cost
492 sq.ft.'@ $4.00
$1,968
' Less depreciation
..'•85% physical "say"
1_,668
Contributory Value
$ 300
#6 Small Apartment
Reproduction Cost
381 sq.ft.. @ $17.00 =
6,477
Less depreciation
.: 85% physical "say"
510477
Contributory Value
1,000
#7 House (2072 sq.ft.)
Reproduction Cost
- 2072 sq.ft. @ $15.00
= 31,080
Less depreciation'
85% physical ".say'
26,380
Contributory Value
69
4,700
#8 Small house
Reproduction Cost
. 506 sq.ft. @ $17.00
8,602
Less depreciation
80% physical "say„
6 ,-
Contributory Value
7,700
Estimated Contributory Value of
Other Improvements:
mesh wire fence
100
storage building
100
storm cellar
300
silo
50
j stone water tank
negligible
cesspools
250
r landscape
200
000
1____ __
Total contributory Value of all improvements $18,700
Estimated Land Value 8,500
Indicated Value by Cost Approach $27,200
Land Value Estimate
Land Sale Pro Price
# _Date Acres Zoning Rata Per Acre _
.1 4-78 1.0 R-1 No $2,400
.3 11-77 0.73 R-1 No 2,054
7 4-78 3.65 C-4 Yes 5,479
8 4-76 0.985 C-3 Yes 14,213
9 7-79 0.33 C-4 Yes 13,939
10 5-76 0.826 C-3 Yes 10,896
Offer #1 current 1.0 R-1 Yes 2,500
Offer #2 current 10.86 R-1 No 1,250
Offer #3 current 2.79 C-3 Yes 7,470
Subject ---- 2.848 C-2 No ----
Sale No. 7 is better located than subject, but has less desirable
topography. Sale No. 8, 9, and 10 are smaller and have better locations.
Sales Nos. 7 thru 10 indicate that if subject had its water and sewer
pro rata paid, the one acre at the corner of Quirt and 19th (222.71' x
195.59') could probably obtain a sale price of'$10,000 per acre. Pro
rata expenses for this acre would be $5,542.
(222.71' + 195.59' = 418.3' x $13.25 s $5,542
Sale No. 1 is a smaller tract than subject. Sale No. 3 is roughly equal .
to subject except that street paving was not paid on the sale. Offer #1.
tends to set the upper limits for the portion.of the tract with a
�y"i•,t-:as_u -:4':. Y ,�...fT�+• !t��.�-a,; n--•J� .w,.. ,..vy.. f. .r. ,::., u. ..;�.:,r.S�.:s;a..�.:. u.a:usa'..+m.:+
T al contributory Value of'oll improvements
$18,700
timated Land Value
8,400
nditated Value by Cost Approach
$27,100
L d Value Estimate
Lan Sale
Pro
Price
Date Ages onin Rata
Per Acre
1 _. 4-78 1.0 R-1
No
$2,400
3 11-77 0.73
R-1
No
2,054
7- 4-78 3.65
C-4
Yes '
5,479
8 76 0.985
C-3
Yes
14,213
9 7-7 0.33
C-4
Yes
13,939
+
10 5-76 826
C-3
Yes
10,896
Offer #1 current 1.0 R-1
Yes
2,500
Offer 02 current 10•.86 -1
No
1,250
Offer #3 current 2.79 C-
Yes-
7,470
Subject ---- 2.848 -2
No
----
Sale No. 7 is better located than ubject,
bu as
less desirable
topography. Sale No. 8, 9, and 10 re smaller a
have better locations.
Sales Nos. 7 thru 10 indicate that f subject had
s water and sewer
pro rata paid, the one acre at the
rner of Quirt
an 19th (393.08'. x
110.82') could probably obtain a sal
price of $11,000
er acre. Pro
rata expenses for this acre would be
$6,677.
(393.08' + 110.82' = 503.9' x $13.25
= $6,677)
'
Sale No. 1 is a smaller tract than s
bject. Sale
No. 3 is ro ghly equal
to subject except that street pavin
was not paid
on the sale. Offer #1
tends to set the upper limits for t e
portion.:of the
tract wit a
y
I13.=' •—.• _ _.. i.uc.r'-ei.'.iwke5:g �'+-��.—�._--yvi..J.r•+rvaw..yy�s'+cvaio.auwwiniaay.4' ..r..w`....+.rw.r-�...i.r�r.....r....n .wn muA..✓v.n..-Y.W-✓Ww+.,a..._......—_..a.,.w+..r - _ _'_
residential highest and best use designation. These sales bracket
the value range between $2,054 per acre and $2,400 per acre. It is
concluded that the residential portion of subject without pro rata
expenses paid has a.'value of $2,200 per acre.
Summary:
1.0 acre (C-2 use) @ $10,000 $10,000
less pro rata 5,542
net value $4,458.
1.848 acres (residential use)
@ $2,200 = 2,200 $4,066
$8,524`
�say"
Estimated Land Value -------------------- $8,500
This conclusion is a $2,985 acre ± overall average per acre. Lets
compare this to Offer #3 which is a similar total size tract with
similar zoning. The main difference is pro rata expense. The pro
rata cost for subject's entire tract on a per acre basis is $3,630/acre.
Offer #3's asking price of $7,470 per acre less subject's pro rata
expense of $3,630 per acre would indicate $3,840 per acre for subject
without pro rata paid. This analysis offers good support to the
previously concluded $8,500 or $2,985 per acre value for subject since
subject's location is inferior to this offer 0.
Although the existing improvements on subject property are being provided
by city water, the city engineering department reports that city water
and sewer pro rata has not been paid. It is assumed that upon sale of
subject property that the city would require water and sewer pro rata
to be paid.
K�
ft
residen ial highest and best.use desig ation. • These sales bracket
the valu range between $2,054 per ac a and $2,400 per acre. It is
concluded that the residential porti n of subject without pro rata
expenses p d has a value of $2,200 tr acre.
Summary:
1.0 acre -2 use) @ $11,0 0 _ $11,000
Tess pro rata 6,677
net value $4,323
1.848 acres (residentia use) @
$2,200 = 2,200 4,066
$8,389
"say"
Estimated Land Value-------------------- $8,400
This conclusion is a $2,950 acre t overall average. er acre. Lets
compare this to Offer #3 which is a s milar total s e tract with similar
ioning. The main difference is.pro.r to expense. Th pro rata cost
for subject's entire tract on a per cre basis is $4,42 /acre. Offer #31s
asking price of $7,.470 per acre less subjects pro rata a ense of.$4,423
per acre would indicate $3,047 per cre for subject witho pro rata paid.
This analysis offers good support the previously conclu d $8,400
or $2,950 per acre.
Correlation and Final Estivate of Value
Market Approach ---=----------------
$30,100
Income Approach --=-----------------
35,700
Cost Approach -----------
-----------
27,200 .
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 ----------------
$30,000
Arbitrary Breakdown of
Value
Improvement #1
2,500
-. Improvement #2
5,400
Improvement #3
1,500
Improvement #4
2,200
Improvement #5
300
Improvement #6
1,200
Improvement #7
5,400
Improvement #8
2,000
mesh wire fence
100
storage building
100
storm cellar
300
silo
50
stone water tank
negligible
cesspools
250
landscape
200
land
8,500
Total
$30,000
r_�5�r:sk e"^w"r
Nw""1ra. .L 1c.'L•tii.�i.. Sad CSX "%:_ «3 2
i Corr lation and Final Estimate of Value
Market Approach ---------- ------ $30,000
Income pproach----------- ------ 35,70
Cost App oach--------------------- 27 00
The market proach is considered the ost reliable indicator. The
cost approac involves extensive depreciation estimates. The income
approach has o a limited amoun of data available for analysis.
::'FINAL ES 1ATE OF V UE ---------------- $30,000.
kbitl*aty Breakdown of'Value
Improvement #1 $ 2,600
Improvement #2.. 5,400
Improvement #3 1,500
Improvement #4 2,200
Improvement 45 300
Improvement #6 1,200
'Improvement #7 5,400
Improvement #8. 2,000
mesh wire fence 100
storage building 100
storm cellar 300
silo 50
stone water tank negligible
cesspools 250
landscape 200
land -8;400
Total $30,000
r
66
"N. t -M A R K E T D A T A M A P &A1/uN 4
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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.
t
�- ♦ ./r i ice. u a 'd; i:. FP•�' +tg t•Y r Ai ;�.`'3 'i°',♦+1[n'"!YT.-t '3 'F'•1 �''T-..+In.� ��z.m2�.r.".,.''`
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RESTRICTIONS UPON DISCLOSURE AND USE
I 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 radia, news media, sales media or any other public
means of communication without the prior written consent and.
approval of the undersigend.
I
t
' r a",a �! a � )%-• S't ,l+v.°a .. :..-�, e ,i"+. � ,,;� ice+€, "� �' y�.Ynr, �,--+L. 7ry''�i�.- -� 'r .a. k'<',r' -�"��e „ i :„-`:C�..` F' d,,! . - -
•
QUALIFICATIONS OF JIMY 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
a
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
J 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
j
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