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Home My WebLink AboutResolution - 2008-R0483 - Approval Of Lubbock Central Appraisal District - 12_04_2008Resolution No. 2008-RO483 December 4, 2008 Item No. 5.4 RESOLUTION WHEREAS, Section 6.051, Texas Tax Code states in pertinent part; "The acquisition or conveyance of real property or the construction or renovation of a building or other improvement by an appraisal district must be approved by the governing bodies of three -fourths of the taxing units entitled to vote on the appointment of board members. The board of directors by resolution may propose a property transaction or other action for which this subsection requires approval of the taxing units;" and WHEREAS, the Lubbock Central Appraisal District has proposed property transactions and other actions for which the Act requires approval of the taxing units; and WHEREAS, the City Council of the City of Lubbock desires to approve the proposal submitted by the Lubbock Central Appraisal District to the voting taxing units; NOW THEREFORE: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: SECTION 1. THAT the proposal submitted by the Lubbock Central Appraisal District, which is attached hereto as Exhibit A and made a part hereof for all purposes, is hereby approved by the City Council of the City of Lubbock. SECTION 2. THAT this action is taken by this governing body on or before the 300, day after the date the Mayor received notice of the proposal. SECTION 3. THAT a copy of this Resolution shall be filed with the Chief Appraiser of the Lubbock County Appraisal District on or before the 10 h day after the 301' day following notice of the proposal as required by law. Passed by the City Council this ATTEST: 4th day of December ,2008 I �f 4V4 TOM MARTIN, MAYOR Garza, City Secretary APPROVED AS TO CONTENT: Chief Financial Officer APPROVED ASZO FORM: r, City Attorney DdResILCADproperty08Res November 12, 2008 E%HIBIT "A" Resolution 2008—RO483 LUBBOCK CENTRAL APPRAISAL DISTRICT DAVE KIMBROUGH OFFICE OF THE Chief Appraiser / Administrator CHIEF APPRAISER November 6, 2008 Mr. Tom Martin Mayor City of Lubbock P.O. Box 2000 Lubbock, TX 79457-0001 RE: Appraisal district proposal to purchase and convey real property Dear Mr. Martin: We are currently planning and making projections for future years concerning several areas of operation at the district. One issue we are addressing is our physical facility here. Reasons for our need for additional space and the public benefits of this move are detailed in the attached proposal. Appraisal districts are required by law to go through a unique process that could result in unnecessary costs. We have a proposal to share with you that will hopefully minimize any potential problems with the statutory requirements. Senate Bill 312 as enacted by the Legislature on April 23, 1987, effective January 1, 1988, amended Section 6.051 of the Property Tax Code. In effect, it defined the method by which real property may be purchased or sold by a central appraisal district. Specifically, in Subsection (b) it calls for the board of directors of the appraisal district by resolution to propose a property transaction which requires approval by % of the voting taxing units. The chief appraiser then notifies the presiding officer of each governing body entitled to vote on the proposal by delivering a copy of the board's resolution, together with information showing the costs of other available alternatives to the proposal (attached). On or before the 30th day after the date the presiding officer receives notice of the proposal, the governing body of a taxing unit by resolution may approve or disapprove the proposal. If a governing body fails to act on or before the 30th day or fails to file its resolution with the chief appraiser on or before the loth day after the 30th day, THE PROPOSAL IS TREATED AS IF IT WERE DISAPPROVED BY THE GOVERNING BODY. Please understand that construction of a new building alternatives contained in the last section of this proposal is NOT what we are asking you to approve. It is being provided to you solely to satisfy the statutory requirement of providing alternatives. The proposal we are asking your governing body to approve is reasonably self explanatory. It does not impact your allocation of the appraisal district budget until the first quarterly payment for our 20I0 budget due December 31, 2009.' Any payments that may become due prior to that date would be made by the appraisal district from our reserves, : Page 5 of 13 reflects our highest annual estimate of your portion of fitture debt service payments to our budget for the project. That estimate is based on a ten year term at a 6.25% interest rate. We would very much appreciate approval by your governing body of the proposal. I trust that any questions that may arise could be resolved by your staff and me. However, if you would like to discuss this issue, my Board Chairman, LeRoy Montoya, would be glad to visit with you at your earliest convenience. His telephone numbers are; home 795-2429 and office 785-1236. We appreciate your support of our work here at the Lubbock Central Appraisal District. R�Kimbrou submitte , Ave,Z cc Brady Goen Arlee Jackson Greg Jones Bobby McQueen LeRoy Montoya encls. 1715 - 26th STREET P.O. BOX 10542 LUBBOCK, TEXAS 79408 (806) 762-5000 FAX (806) 762-2451 TAXING UNIT APPROVAL RESOLUTION Taxing Unit Approval RESOLUTION WHEREAS, Section 6.051 Texas Property Tax Code states in pertinent part; "The acquisition or conveyance of real property or the construction or renovation of a building or other improvement by an appraisal district must be approved by the governing bodies of three -fourths of the taxing units entitled to vote on the appointment of board members. The board of directors by resolution may propose a property transaction or other action for which this subsection requires approval of the taxing units."; AND, WHEREAS, the Lubbock Central Appraisal District herein proposes property transactions and other actions for which this Act requires approval of the taxing units; AND, WHEREAS, the CITY OF LUBBOCK desires to approve the proposal submitted by the Lubbock Central Appraisal District to the voting taxing units; NOW THEREFORE: BE IT RESOLVED BY THE CITY COUNCIL of the CITY OF LUBBOCK: THAT, the proposal submitted by the Lubbock Central Appraisal District is hereby approved by the governing body of the CITY OF LUBBOCK; AND, BE IT FURTHER RESOLVED THAT, this action is taken by this governing body on or before the 30th day after the date the presiding officer of this governing body received notice of the proposal and that this governing body shall file this resolution with the chief appraiser on or before the IOth day after that 3Oth day as required by law. Passed by the CITY COUNCIL of the CITY OF LUBBOCK this day 2008. Presiding Officer ATTEST: 1 of 13 PROPOSAL THAT STARTS 30 DAY TIME FRAME With Attachments • Proposal Facts • Appraisal District Board Resolution NOTICE OF LUBBOCK CENTRAL APPRAISAL DISTRICT Proposal to Purchase Real Property and to Renovate Building(s) and Other Improvements Building area: 33,420 square feet Land area: 78,180 square feet (subject) Net Purchase price/building area=$12.49 per square foot Total investment (subject)/building area=$57.96 per square foot *Total investment/building area=$69.18 per square foot Purchase Price $ 500,000.00 Less Allowances Architectural Fees (partial) - $ 75,000.00 Asbestos Survey - $ 2,425.00 Environmental Site Insp. - $ 2,800.00 Closing costs (partial) - $ 2,445.00 Purchase Price Net of Allowances $ 417,330.00 Renovation (hard costs) +$1,308,128.00 Renovation (soft costs) +$ 91,570.00 Contingency and moving costs +$ 120,000.00 Proposed Total Investment (subject) $1,937,028.00 *Other Properties as available $ 375,000.00 *Proposed Total $ 2,312,028.00 Alternatives for consideration as required by law: New Construction A. $4,357,271+ or B. $4,752,631f *Finance -see Annual Debt Service Estimates attached 2of13 Appraisal District Property Proposal Facts Current Location 1715 26th, Lubbock Occupied 25 years sincel983 (one addition in 1995) 13,941 square feet main level 2,758 square feet main level addition in 1995 16,699 total square feet main level 2,050 square feet basement 117 parking spaces Total Land Area 10 1, 500 square feet=2.33 acres $ Estimated value for sale $375,000 to $425,000 Proposed Location 33,420 square feet, two story, no basement 193 parking spaces Total Maximum Cost Estimate $2,312,028 Amount to be financed $1,850,000 Annual Payment Estimate Alternatives BY Entity (see attached) Reasons for additional space needs: • Review Board now limited to (3) panels; since 2006 have needed (4) or (5); projected need (6) or (7) beginning 2010 • Panels run behind schedule causing customers to wait • Hearing time should be lengthened from the current (20) minutes to (25) or (30) • No available training or meeting space for other purposes during ARB hearing months • In 1983 we collected only for Lubbock City, County, Hospital, High Plains Water and LISD. We now collect for (17) taxing entities, (2) TIF's and (2) PID's. LCAD is the largest CAD in the state that collects. (111) of (253) CAD's collect. Most are small. • (6) necessary budgeted positions are currently vacant due to lack of space • Temporary help located in storage room; also need additional temporary help • Storage space to meet state mandated records retention requirements Our projections for Lubbock County growth in recent years have been more conservative than actual growth and our workload increase. Additional state and local mandates for administration of new and expanded exemptions, tax abatements, tax increment financing, and public improvement districts, and protest rights and procedures have resulted in resources being diverted from appraisal efforts to meet other mandates. • Projected future additional staff position needs to adequately serve the public and meet requirements +(2) 2010 +(2) 2011 +(2) 2012 3of13 Appraisal District Proposal RESOLUTION WHEREAS, Section 6.051 of the Texas Propga Tax Code states in pertinent part;..."The acquisition or conveyance of real property or the construction or renovation of a building or other improvement by an appraisal district must be approved by three -fourths of the taxing units entitled to vote on the appointment of board members." AND; WHEREAS, the Lubbock Central Appraisal District is desirous of acquiring and renovating real property including building(s) and other improvements AND; WHEREAS, the primary use of said real property will be for operation of the appraisal office; NOW THEREFORE: BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE LUBBOCK CENTRAL APPRAISAL DISTRICT THAT, the Lubbock Central Appraisal District hereby proposes to acquire and renovate real property including building(s) and other improvements in accordance with this resolution and the proposal required by Section 6.051 PrMM Tax Code, AND; BE IT FURTHER RESOLVED THAT, the Lubbock Central Appraisal District hereby proposes to convey its existing real property generally described as being located in the 1700 block of 26th St. Lubbock, and that proceeds shall be retained by the district and shall be expended only for real property transactions and improvements to real property. Passed by the Board of Directors this426ay of,5?� , 2008. ATTEST: Arlee Jackson, Secretary Board of Directors 4of13 PROJECTED FINANCING OPTIONS AND ANNUAL DEBT SERVICE ESTIMATES T LUBBOCK CENTRAL APPRAISAL DISTRICT Real Property Proposal Annual Debt Service, Estimates Based on 2009 Budget Allocation Amount Financed $1,850,000 Interest Rate 6.25% PERCENT 10 Years 12 Years 15 Years 20 Years 2008 LEVY OF TOTAL 250,191.69 220,285.84 190,943.57 162,688.81 SCHOOLS Frenship $ 32,502,996 11.4338% $ 28,606.00 $ 25,187.00 $ 21,832.00 $ 18,601.00 Idalou 2,324,855 0.8178% 2,046.00 1,802.00 1,562.00 1,331.00 Lubbock -Cooper 15,789,239 5.5543% 13,896.00 12,235.00 10,606.00 9,036.00 Lubbock 103,613,548 36.4487% 91,192.00 80,291.00 69,596.00 59,298.00 New Deal 2,111,168 0.7427% 1,858.00 1,636.00 1,418.00 1,208.00 Roosevelt 2,708,380 0.9527% 2,384.00 2,099.00 1,819.00 1,550.00 Shallowater 2,885,807 1.0152% 2,540.00 2,236.00 1,938.00 1,652.00 Slaton 3,125,636 1.0995% 2,751.00 2,422.00 2,099.00 1,789.00 Lorenzo ISD 132,182 0.0465% 116.00 102.00 89.00 76.00 Abernathy ISD 903,608 0.3179% 795.00 700.00 607.00 517.00 Southland ISD 6,370 0.0022% 6.00 5.00 4.00 4.00 CITIES Idalou $ 384,646 0.1353% $ 339.00 $ 298.00 $ 258.00 $ 220.00 Lubbock 51,616,589 18.1574% 45,428.00 39,998.00 34,670.00 29,540.00 New Deal 141,093 0.0496% 124.00 109.00 95.00 81.00 Ransom Canyon 666,023 0.2343% 586.00 516.00 447.00 381.00 Shallowater 506,867 0.1783% 446.00 393.00 340.00 290.00 Slaton 1,069,832 0.3763% 942.00 829.00 719.00 612.00 Wolfforth 1,111, 714 0.3911 % 978.00 861.00 747.00 636.00 Abernathy 78,896 0.0278% 69.00 61.00 53.00 45.00 SPECIAL DISTRICTS Lubbock County $ 44,471,509 15.6440% $ 39,140.00 $ 34,461.00 $ 29,871.00 $ 25,451.00 Hospital District 17,002,646 5.9811% 14,964.00 13,176.00 11,421.00 9,731.00 Water District 1,118,767 0.3936% 985.00 867.00 751.00 640.00 TOTALS $ 284,272,371 100.000% $ 250,191.00 $ 220,284.00 $190,942.00 $162,689.00 10/30/2008 7. 10/7/2008 LUBBOCK CENTRAL APPRAISAL DISTRICT Real Property Proposal Annual Debt Service Estimates Based on 2009 Budget Allocation Amount Financed $1,860,000 Interest Rate 6.0% PrRCENT 10 Years 12 Years 15 Years 20 Years 2008 LEVY OF TOTAL 247,360.55 217,376.00 187,911.36 169,457.59 SCHOOLS Frenship $ 32,502,996 11.4338% $ 28,283.00 $ 24,854.00 $ 21,485.00 $ 18,232.00 Idalou 2,324,855 0.8178% 2,023.00 1,778.00 1,537.00 1,304.00 Lubbock -Cooper 15,789,239 5.5543% 13,739.00 12,074.00 10,437.00 8,857.00 Lubbock 103,613,548 36.4487% 90,160.00 79,230.00 68,491.00 58,120.00 New Deal 2,111,168 0.7427% 1,837.00 1,614.00 1,396.00 1,184.00 Roosevelt 2,708,380 0.9527% 2,357.00 2,071.00 1,790.00 1,519.00 Shallowater 2,885,807 1.0152% 2,511.00 2,207.00 1,908.00 1,619.00 Slaton 3,125,636 1.0995% 2,720.00 2,390.00 2,066.00 1,753.00 Lorenzo ISD 132,182 0.0465% 115.00 101.00 87.00 74.00 Abernathy ISD 903,608 0.3179% 786.00 691.00 597.00 507.00 Southland ISD 6,370 0.0022% 6.00 5.00 4.00 4.00 CITIES Idalou $ 384,646 0.1353% $ 335.00 $ 294.00 $ 254.00 $ 216.00 Lubbock 51,616,589 18.1574% 44,914.00 39,470.00 34,120.00 28,953.00 New Deal 141,093 0.0496% 123.00 108.00 93.00 79.00 Ransom Canyon 666,023 0.2343% 580.00 509.00 440.00 374.00 Shallowater 506,867 0.1783% 441.00 388.00 335.00 294.00 Slaton 1,069,832 0.3763% 931.00 818.00 707.00 600.00 WoMorth 1,111,714 0.3911 % 967.00 850.00 735.00 624.00 Abernathy 78,896 0.0278% 69.00 60.00 52.00 44.00 SPECIAL DISTRICTS Lubbock County $ 44,471,509 15.6440% $ 38,697.00 $ 34,006.00 $ 29,397.00 $ 24,946.00 Hospital District 17,002,646 5.9811% 14,795.00 13,001.00 11,239.00 9,537.00 Water District 1,118,767 0.3936% 973.00 855.00 740.00 628.00 TOTALS $ 284,272,371 100.000% $ 247,362.00 $ 217,374.00 $187,910.00 $159,458.00 ff 10/712008 LUBBOCK CENTRAL APPRAISAL DISTRICT Real Property Proposal Annual Debt Service Estimates Based on 2009 Budget Allocation Amount Financed $1,950,000 Interest Rate 5.76% PERCENT 10 Years 12 Years 15 Years 20 Years 2008 LEVY OF TOTAL 244,547.59 214,485.64 184,905.26 156,259A 3 SCHOOLS Frenship $ 32,502,996 11.4338% $ 27,961.00 $ 24,524.00 $ 21,142.00 $ 17,866.00 Idalou 2,324,855 0.8178% 2,000.00 1,754.00 1,512.00 1,278.00 Lubbock -Cooper 15,789,239 5.5543% 13,583.00 11,913.00 10,270.00 8,679.00 Lubbock 103,613,548 36.4487% 89,134.00 78,177.00 67,396.00 56,954.00 New Deal 2,111,168 0.7427% 1.816.00 1,593.00 1,373.00 1,160.00 Roosevelt 2,708,380 0.9527% 2,330.00 2,043.00 1,762.00 1,489.00 Shallowater 2,885,807 1.0152% 2,483.00 2,177.00 1,877.00 1,586.00 Slaton 3,125,636 1.0995% 2,689.00 2,358.00 2,033.00 1,718.00 Lorenzo ISO 132,182 0.0465% 114.00 100.00 86.00 73.00 Abernathy ISO 903,608 0.3179% 777.00 682.00 588.00 497.00 Southland ISO 6,370 0.0022% 5.00 5.00 4.00 4.00 CITIES Idalou $ 384,646 0.1353% $ 331.00 $ 290.00 $ 250.00 $ 211.00 Lubbock 51,616,589 18.1574% 44,404.00 38,945.00 33,574.00 28,373.00 New Deal 141,093 0.0496% 121.00 106.00 92.00 78.00 Ransom Canyon 666,023 0.2343% 573.00 503.00 433.00 366.00 Shallowater 506,867 0.1783% 436.00 382.00 330.00 279.00 Slaton 1,069,832 0.3763% 920.00 807.00 696.00 588.00 Wotfforth 1,111,714 0.3911% 956.00 839.00 723.00 611.00 Abernathy 78,696 0.0278% 68,00 60.00 51.00 43.00 SPECIAL DISTRICTS Lubbock County Hospital District Water Oistrict $ 44,471,509 15.6440% $ 38,257.00 $ 33,554.00 $ 28,927.00 $ 24,445.00 17,002,646 5.9811% 14,627.00 12,829.00 11,059.00 9,346.00 1,118,767 0.3936% 962,00 844.00 728.00 615.00 TOTALS $ 284,272,371 100.000% $ 2A4,547.00 $ 214,485.00 156,259.00 7 1Wf2008 LUBBOCK CENTRAL APPRAISAL DISTRICT Real Property Proposal Annual Debt Service Estimates Based on 2009 Budget Allocation Amount Financed $1,850,000 Interest Rate 5.5°% PERCENT 10 Years 12 Years 15 Years 20 Years 2008 LEVY OF TOTAL 241,752.88 211,617.87 181,925.46 153,093.84 SCHOOLS Frenship $ 32,502,996 11.4338% $ 27,641.00 $ 24,196.00 $ 20,801.00 $ 17,504.00 Idalou 2,324,855 0.8178% 1,977.00 1,731.00 1,488.00 1,252.00 Lubbock -Cooper 15,789,239 5.5543% 13,428.00 11,754.00 10,105.00 8,503.00 Lubbock 103,613,548 36.4487% 88,116.00 77,132.00 66,309.00 55,801.00 New Deal 2,111,168 0.7427% 1,795.00 1,572.00 1,351.00 1,137.00 Roosevelt 2,708,380 0.9527°% 2,303.00 2,016.00 1,733.00 1,459.00 Shallowater 2,885,807 1.0152% 2,454.00 2,148.00 1,847.00 1,554.00 Slaton 3,125,636 1.0995% 2,658.00 2,327.00 2,000.00 1,683.00 Lorenzo ISD 132,182 0.0465% 112.00 98.00 85.00 71.00 Abernathy ISD 903,608 0.3179% 768.00 673.00 578.00 487.00 Southland ISD 6;370 0.0022% 5.00 5.00 4.00 3.00 CITIES Idalou $ 384,646 0.1353% $ 327.00 $ 286.00 $ 246.00 $ 207.00 Lubbock 51,616,589 18.1674% 43,896.00 38,424.00 33,033.00 27,798.00 New Deal 141,093 0.0496% 120.00 105.00 90.00 76.00 Ransom Canyon 666,023 0.2343% 566.00 496.00 426.00 359.00 Shatlowater 506,867 0.1783% 431.00 377.00 324.00 273.00 Slaton 1,069,832 0.3763°% 910.00 796.00 685.00 576.00 Wolfforth 1,111,714 0.3911% 945.00 828.00 711.00 599.00 Abernathy 78,896 0.0278% 67.00 59.00 50.00 42.00 SPECIAL DISTRICT$ Lubbock County Hospital District Water District $ 44,471,509 15.6440% $ 37,820.00 $ 33,105.00 $ 28,460.00 $ 23,950.00 17,002,646 5.9811% 14,460.00 12,657.00 10,881.00 9,157.00 1,118,767 0.3936% 951.00 833.00 716.00 603.00 TOTALS $ 284,272,371 100.000°% $ 241,750.00 $ 211,618.00 $181,923.00 $153,094.00 J... NEW CONSTRUCTION ALTERNATIVES REQUIRED BY LAW (NOT WHAT IS BEING PROPOSED) 615AZ00a Summary Report page: 1 Estimate Number 302 Estimate ID r99999 z'roperty Owner test for pat brownd UP/Postal Code 79411 Section 1 Dccupancy 100% Office Building Total Area Number of Stories (Section) Shape "emponents Elevators: Passenger # Sprinklers: Wet Sprinklers Land and Site: Land Site Improvements (undepreciated) Site Improvements (undepreciated) Exterior Walls: Single Metal on Steel Frame Cavity Brick HVAC (Heating): Complete HVAC Land and Site: Site Iimprovemenis (undepreciated) Cost as of O V2007 Basic Structure Base Cost Exterior Wails Heating & Cooling Elevators Sprinklers Basic Stricture Cost Less Depreciation Physical & Functional Depreciated Cost Miscellaneous Land Site Improvements Total Cost Class Height Rank Metal frame and walls 10.00 2.5 37,000 2.00 2.00 Units/% Other 1 Stops 2 100% 784,080 150,000 20,000 50% 50% 100% Climate : 2 160,000 Units/% 37,000 37,000 37,000 1 37,000 37,000 1.0% 37,000 37,000 Cost Total 57.14 2,114,180 11.I0 410,700 17.00 629,000 46,591.00 46,591 2.04 75,480 88.54 3,275,951 32,760 87.65 3,243,191 784,080 330,000 117.76 4,357,271 Cost Data by Marshall & Swift 9of13 6/5/2008 Detailed Report Page: I Estimate Number: 302 Estimate ID: r99999 Section 1 Occupancy Class Height Rank 1001/a Office Building Metal frame and walls 10.00 2.5 Total Area : 37,000 Number of Stories (Section) : 2.00 Shape 2.0 Components Units/% Other Elevators: Passenger # I Stops 2 Sprinklers: Wet Sprinklers 100% Land and Site: Land 784,080 Site Improvements (undepreciated) 150,000 Site Improvements (undepreciated) 20,000 Exterior Walls: Siq & -Metal on Steel Frame 50% Cavity Brick 50'/o HVAC (Heating): Complete HVAC 1000/0 Climate 2 Land and Site: Site Improvements (undepreciated) 160,000 Cost as of 01/2007 Total Cost Less Total Cost Units Uait Cost New Depreciation Depreciated Basic Structure Base Cost 37,000 57.14 2,114, I80 21,142 2,093,038 Exterior Walls Single -Metal on Steel Frame 18,500 4.94 91,390 914 90,476 Cavity Brick 18,500 17.26 319,310 3,193 316,1 t7 Heating & Cooling Complete HVAC 37,000 17.00 629,000 6,290 622,710 Elevators Passenger 1 46,591.00 46,591 466 46,125 Sprinklers Wet Sprinklers 37,000 2.04 75,480 755 74,725 Basic Structure Cost 37,000 88.54 3,275,951 32,760 3,243,191 Less Depreciation Physical & Functional 1.0% 32,760 3,243,191 Depreciated Cost 37,000 87.65 3,243,191 Miscellaneous Land Land 784,080 10 of 13 Cost Data by Marshall & Swift 6/5/2008 Detailed Report Page: 2 Estimate Number: 302 -33 imate W: r99999 Site Improvements Site Improvements (undepreciated) 150,000 Site Improvements (undepreciated) 20,000 Site Improvements (undepreciated) 160,000 Total Cost 37,000 117.76 4,357,271 11 of 13 Cost Data by Marshall & Swift 614t2008 Summary Report Page: 1 Estimate Number 302 Estimate ID r99999 Property Owner test for pat brownd W/Postal Code 79411 Section I Occupancy 1001% Office Building Total Area Number of Stories (Section) Shape Components Elevators: Passenger # Sprinklers: Wet Sprinklers Land and Site: Land Site Improvements (undepreciated) Site Improvements (undepreciated) Exterior Walls: Single -Metal on Steel Frame Cavity Brick HVAC (Heating): Complete HVAC Land and Site: Site Improvements (undepreciated) Cost as of 01/2007 Basic Structure Base Cost Exterior Walls Heating & Cooling Elevators Sprinklers Basic Structure Cost Miscellaneous Land Site Improvements Total Cost Class Height Rank Metal frame and walls 10.00 3.0 37,000 2.00 2.00 Units/% Other 1 Stops 2 100% 784,080 150,000 20,000 50% 50% 100% Climate : 2 160,000 Units/% Coat Total 37,000 66.92 2,476,040 37,000 11.12 411,440 37,000 17.00 629,000 1 46,591.00 46,591 37,000 2.04 75,480 37,000 98.34 3,638,551 37,000 784,080 330,000 128.45 4,752,631 Cost Data by Marshall & Swift 12 of 13 6/4/2008r Detailed Report Page: I Estimate Number: 302 Estimate ID: r99999 Section I Occupancy Class Height Rank 100% Office Building Metal frame and walls 10.00 3.0 Total Area 37,000 Number of Stories (Section) : 2.00 Shape : 2.0 Components Units/% Other Elevators: Passenger # 1 Stops 2 Sprinklers: Wet Sprinklers 1000/0 Land and Site: Land 784,080 Site Improvements (undepreciated) 150,000 Site Improvements (undepreciated) 20,000 Exterior wails: Single -Metal on Steel Frame 50% Cavity Brick 50% HVAC (Heating): Complete HVAC 100% Climate 2 Land and Site: Site Improvements (undepreciated) 160,000 Cost as of O V2007 Basic Structure Base Cost Exterior Walls Single -Metal on Steel Frame Cavity Brick Heating & Cooling Complete HVAC Elevators Passenger # Sprinklers Wet Sprinklers Basic Structure Cost Miscellaneous Land Land Site Improvements Site Improvements (undepreciated) Site Improvements (undepreciated) Site Improvements (undepreciated) Total Cost Total Cost Less Total Cost Units Unit Cost New Depreciation Depreciated 37,000 66.92 2,476,040 0 2,476,040 18,500 4.95 91,575 0 91,575 18,500 17.29 319,865 0 319,865 37,000 17.00 629,000 0 629,000 1 46,591,00 46,591 0 46,591 37,000 2.04 75,480 0 75,480 37,000 98.34 3,638,551 0 3,638,551 784,080 150,000 20,000 160,000 37,000 128.45 4,752,631 0 4,752,631 Cost Data by Marshall & Swift 13 of 13