S 0 ro '" '" l1<> Q 3" ro .... lD lD -I> N a a a W l> OJ ""0 ::::r'" 0 0 '" Q. '" M E M 0 RAN DUM August 2, 1994 To: Ron Whitehead From! J. B. Cline Enclosed ii the offer you requested, thanks for the opportunity to quote. Hobart and I will be out of the Town for the next six weeks, however I can be 􀁲􀁥􀁡􀁣􀁨􀁥􀁾􀀠at the following phone number: August 6th to 27th 303-259-4402 Hobart can be reached at: 303-247-5592 If need be, we can fly back to Dallas if given a few days notice.· The above numbers are in Durango Colorado. When I leave Durango on August 28th I will be visiting friends in Idaho and from there we plan to go to Glacier National Park. You also can reach us by calling our office in Addison 239-3771 and leaving a message on the Answering Machine. A secretary picks up our messages daily. The conditions I referred to in the offering letter, include curb cuts, utilities, tap and sleeves for utilities, medium cuts, variances on 􀁬􀁡􀁮􀁤􀁳􀁾􀁡􀁰􀁩􀁮􀁧􀀠as land is restricted, quick approval and construction, zoning for restaurants. etc. We will remove warehouse and leave slab and prefer to occupy said warehouse and office until construction commences. I will call John Baumgartner on August 10th in order to find out the Council's reaction. Thanks again for the consideration. J. B. Cline cc: John Baumgartner MCM Company dba Moses and Cline P. 0 .. Box 8 Addison TX 75001 Phone: 214-239-3771 FAX: 214-239-3773 Town of Addison August 2, 1994 P. O. Box 144 Addison Tx 75001 Attn: Ron Whitehead Dear Ron: As per your request, we are pleased to offer for sale the following property we own. It is located at the Northwest corner of Quorum Drive and Arapaho in Addison. As per the attached survey we are quoting three different parcels at three different prices. You will find attached a plat that is labeled A, B, and C. We are pleased to offer this to you, subject to prior sale, at the following prices: Parcel A -2.4881 Acres -108,380 Square Feet Parcel B -1.3975 Acres -60,873 Square Feet Parcel C -2.8457 Acres -123,960 Square Feet Parcel B Only 60,873 X $12.00 ft = $ 730,476.00 Parcel A & B 169,253 X $10.00 ft = $ 1,692,530.00 Parcel A-B-C 293,213 X $ 8.50 ft = $ 2,492,310.00 There are certain conditions that s hou ld be a part of the contract. which we can discuss at aome future date. You are aware of most of them as most transactions have such stipulations. Thank you very much for the opportunity to offer this land to you, as we feel it 􀁩􀁾􀀠one of the prime corners left in Addison. It should.appreciate in .value faster than land to the North. 􀁾􀀢􀀢􀁾MCM Company J. B. Cline cc: John Baumgartner ,"'it! , I I MOSES&CUNE 􀁾􀁹􀀠R.o.w. J.E, Cline P.O.aoxB AddI$On. lexu 75001 (214) 239-3771 FAX 239-377S " '" -Dtr 02' -IT" /? .. 862.0' L -1::1.DJ' ....1' rparce1' A"! 􀁾􀀠" ! 708, .J80 So. F7: (2.4887 AC.) REMAINDER '" Oil' J2' 25" 11 -778.0' I. -􀁦􀀲􀀤􀁾􀁍􀀻􀀠"., or .J7 If .. Ef1.5O# L -61.411 • Parcel c', 723,960 So. (2.8457 AC.) REMAINDER A OS' 21* 4$'R _ 862.0' L oaGl!' "'f'orJ7' 41" 11 GJT.50' 􀁾PAIl l. M.DT 􀁾􀀠" ,"' . 􀁐􀁬􀁩􀀺􀀧􀀺􀀩􀁾􀁮􀀧􀁬􀀠I 􀁴􀁾􀁇􀀯􀁒􀁅􀁾􀁌􀀠p.m 􀁊􀁴􀀺􀀬􀁾􀁊􀁅􀀠􀀧􀁧􀁾􀀺􀀮􀀠A.QOJi£J()14G AND A. 􀀲􀀮􀁾􀁏􀁏􀀠SQUARf FQGT 7;.... i 􀁻􀀾􀁾􀁬􀀧􀁴􀁾􀁊􀁴􀀺􀁾􀁾􀁾􀁩􀀢􀀮􀁩􀁃􀁾􀀠STORE. THE PROf'ERT't HAS A CURRENT :HCOME S;"'8V,! OF jlljA<)$T $;:00,000 00 I'!'R '(FAR Nr'T. HENCE A VALUE OF ".?PHOXiMAT!OLY 52 M!LUON 􀀧􀁐􀁵􀀮􀁪􀁾􀀧􀀻􀀧􀀠THtR'T"l" THOU:3AN!; 􀀼􀁾􀀺􀁯􀀠,:)00) SU'JAAc f-"Et-:!' GF ! .. \ND ;-lJ'o..S f\ 􀁃􀀻􀁜􀀨􀀧􀀢􀁩􀁾􀀠(:! i-,' FOR A80U'f 􀁓􀁾􀁖􀁾􀁎􀁬􀀠'f 􀁦􀁬􀁾􀀠(7'5) CARS 􀀧􀁮􀁾􀁣􀁈􀁅􀀺􀀠C-RE '/OUFt Cf>ST ?f"K 􀁐􀀩􀀧􀀧􀁜􀀮􀁒􀁾􀀡􀁎􀁇􀀠SPACE ON lHE LAND """OUU> 􀁦􀀺􀀺􀁾􀀠C·,,'=::7..: i.?5.0oo.GO. PLUS "('HE 􀀨􀀻􀀨􀀩􀁾􀀮􀁔􀀠TO OnA()USH TlII' 􀁩􀁬􀁕􀁬􀁬􀁭􀁾􀀻􀀻􀀻􀀢􀀮􀀠['I "'; ruE ,EMMIT HE-LOCATION C(I';rS, 􀁐􀁌􀀺􀁾􀀠S 􀀭􀁲􀁈􀁾􀀻􀀠jNPRO\lt:MEr4TS. --.-,. i ji.A1· IS WA'r' roo 􀁷􀀮􀁲􀀮􀀻􀁾􀁾􀀬􀀮􀀠f'p.Jinr':;UlPY-i!.'of, V ....tNt:t "(HERE 􀁾􀀻􀀮􀀻􀀠AN 􀀬􀁾􀀬􀀵􀀡􀁊􀁴􀁾􀁏􀁩􀀧􀀬􀀬􀀻􀀧􀁾􀁃􀁅􀀠Of t...VA1LA9t[ 􀀺􀀮􀀮􀀮􀁬􀁾􀀻􀀭􀀭􀀺􀂷􀁾􀀠1!-l,'\:-􀁾􀀾􀀺􀀠􀀧􀀮􀀮􀀧􀀱􀀧􀀬􀁌􀀯􀁾..n' Nt:AHHY fHA 1 G,,\'W HE tnll..l£t:lI. ,ME !l'; t::"NL) YO ;"i'>" ; 􀀻􀁾􀁬􀀤􀀠'v·':/·f,H::. 􀀭􀁾􀁪􀀬􀀭􀀺􀀧􀂷􀂷􀁾􀁵􀁲􀂷􀁈􀀺􀁙􀀠IN £.V-CP.Y Pu-:;·_ 􀀮􀀧􀂷􀁾􀁖􀂷􀀺􀀢􀀻􀀺􀁾􀀮􀀺􀀺􀀠Y:::):t ;\.<1.::': '-'i!":. 􀁬􀂷􀁴􀁾􀁾􀁾􀀠-.>U:". 'i ,I>..Y. \ 􀀻􀀮􀁾􀀠􀀯􀂣􀀡􀁾􀀻􀀺􀀺􀀬􀀠 􀁩􀀮􀁾􀁃􀀧􀁎􀁃􀁲􀀠􀁾􀀮􀁾􀀠􀁜􀁻􀀢􀀮􀁾􀀮􀀠TOTc'1L e' .81 47 c 􀀭􀀭􀀭􀀮􀀭􀁾1" , P _ •. ___􀁾􀁬􀁾􀀠.' --􀁾􀀠----j-- Moses and Cline P.O. Bo" 8 􀁁􀁾􀀨􀀡􀁩􀁳􀁯􀁮􀀠TX 15001 Phone: 214-239-3771 FAX, 214-239-3773 Marc h 15, 1995 Dart Real estate Div. Attn: Greg Althoff FAX: 749-3670 Dear Greg: Just a .hort memo to advise you that effective last night, the Addison Council zoned our 6.82 acres at the corner of Arapaho Road and Quorum Drive HC_l". Prior to this point it was Zoned PD. As you know C-l permits a variety of use9 that only o£eds a Building Permit to start construction. Enclosed i. a page from the Addison Zoning Ordinance which shows the Use Regulations. If you need the Height, Area. 'arking. Type of Construction, I will b. happy to FAX you the additional information. Tho Council also approved one Hotel and one Residence Inn last night subject to certain conditions. If you are interested, please give me a call. We snticipate that our approval of C-l Zoning will 􀁥􀁮􀁨􀁡􀁮􀁾􀁥􀀠interest in our property. The new Arapaho Road vhich will cut through our property 􀁷􀁾􀀱􀀱􀀠􀁰􀁲􀁯􀁢􀀸􀁢􀁬􀁹􀁧􀁥􀁮􀁥􀁲􀁡􀁴􀁥􀁾􀂷􀁡􀁲􀁯􀁵􀁮􀁤􀀠20,000 cars per day traffic. Most developers feel that 􀁁􀁾􀁾􀁩􀁳􀁯􀁮􀀠is currently moving into a new growth phase. Phase one vas office aad restaurants. Pha•• two will be Hotels and residential. As you know 􀁃􀁯􀁬􀁵􀁾􀁢􀁵􀀸􀀠Realty bas formed a jOint venture with Mr. Gaylord's Oklahoma Publishing Co. which owns 70 acres in Addison. This large project, which adjoins us to the North, includes residential, apartments, retail, office and Hotels. Thanks for your previous inquiry. If you have any questions 􀁰􀁬􀁾􀁡􀁳􀁥􀀠do not hesitate to call. AR'l'ICLB IX 􀀢􀁃􀀭􀁬􀁾􀀠COKHERCIAL-l DISTRICT REGULATIONS section 1. USE REGULATIONS In the "C-l" 􀁃􀁯􀁾􀁥􀁲􀁣􀁩􀁡􀁬􀀠district no land shall be used and no bulldinll shall be erected for or converted to any USB other thanl Antique shop AquariumArt 9al1eryBaker Bank, office, wholesale sales office or sample room Barber and beauty shopBird and pet shOpsBook or stationery store Camera shopCandy, cigars and tobaccos Caterer and wedding service Cleaning and pressing shops having an area of not more than 6,000 square feet Drull store Electrical lighting fixtures and supplies for consumer use Exterminating company Film developing and printingFix-it shops, bicycle repairs, saw filing, lawn mower sharpening,Florist Furniture repairs and upholstering Froten food lockers Gallery, for the display and sale of artworks General Services shops for maids, tax preparets, bOOkkeepingGrocery store Hardware, sporting goods, toys, paints, wallpaper, clothing, Hotel and Motel Health Club, publio or privateHousehold and office furniture, furnishings and applianoes,Jewelry, optical goods, photographic suppliesLaundromat, equipped with automatic washing machines of the type customarily found in a home and where the customers may personally supervise the washing and handling of their laundryMeat market Medical and Dental offices MortuaryNovelty or variety store Office building 74 Office/service/showroom, the office/showroom component is limited to a facility for the rwgular transaction of business and for the display of uncontainerized merchandise in a finished building setting, and the service component of this use is limited to not more than seventy-five percent (15\) of the floor area of the Ul;le. Photographers or artists studio Public garage, parking no repairs Piano and musical instruments Plumbing shop, without warehouse facilities (to include storage for ordinary repairs, but not storage for materials for eontraeting work)Retail shop for custom work Or the making of articles to be sold for retail on the premisesSeamstress, dressmaker or tailor Shoe repair shopStudios, dance, music, drama, health, and reducingstudio for the display and sale of glass, china, sculpture, art objects, cloth and draperies Video equipment and cassettes, sales and rental Wearing apparel, including olothing, shoes, hats, millinery, and accessories Section 2. HEIGHT REGULATIONS No building or structure ehall exceed six (6) standardI stories in height unless additional height is eet back from I the street lines one (I') foot for each two (2') feet of height above each six story limit. Height of structures is further limited by tbe Federal Aviation Administration , F.A.A. I Section 3. AREA REGULATIONS 1. 'front YardI (AI The minimum required front yard is twenty-five (2S1 feet, such distance shall be measured from the property Hne. (B) If a lot runs from one street to another and has double frontage, a required front yard must be provided on both streets, such distance shall be measured from the property line. • 75 \ • L. R. Denton & Co. L. Randall Denton, MAl Real Estate Appraisal and Consulting E. Glenn Silva, MAl David Heath, MAl Mindy S. Heath, MAl Of Counsel: Elise R. Mikus, MAl February 13, 1996 Mr. John Baumgartner Director of Public Works Town of Addison 16801 Westgrove Drive P.O. Box 144 Addison, Texas, 75001-0144 Re: Appraisal-MOSES & CliNE TRACT A 6.722 Acre Tract of Land with Improvements Located on the Northwest Comer of Quorum Drive and Arapaho Road Addison, Texas Dear Mr. Baumgartner: This letter is in response to the Dart Interoffice Memorandum dated Januray 22,1996, from Mike Shaw to Mack Turner regarding the above-captioned appraisal. The following are my comments and responses to the issues raised in the memorandum. 1) In the second paragraph, Mr. Turner assumes that properties are increasing at a constant 40% every nine months. While this is based on adjustments made in the appraisal, the adjustments were made based on changes in the market from the time ofthe sales to the effeetive date of value. Any adjustments after the date ofvalue must be made in light of changes demonstrated by market activity during that time period. As sueh, it is inappropriate to apply time adjustments made in the report for one period of time to a different time period. 2) In the third paragraph, it is noted that the improvements were given no value in the appraisal even though the improvements are capable ofproducing revenue. As stated in the report, the value of the property is based on the potential for future commercial development and the improvements are considered an intetim use. As sueh, a buyer of the property would not pay a price for the improvements over and abovc the land value. 3) Comparable #1 -Comparable 1 was included due to the proximity to the subject but was not given as much weight as other comparables due to the age of the sale and the substantial adjustments required. 4) Comparable #2 -Quorum Drive has not attracted retail users to date north ofBeltline Road with the exception of the one restaurant that has gone out of business several times. As such, it is my opinion that the locations south of Beltline on Landmark Drive and Quorum Drive represent comparable sales. 14800 Quorum Drive • Suite 330 • Dallas, Tel!lls 75240 • (214) 96Q.IMO • FAX (214) 49()'S892 Mr. John Baumgartner February 13, 1996 Page Two 5) Comparable #3 -It is recognized in the report that Comparable 3 is deed restricted and an adjustment is made for this. The adjustment is based on a comparison with other sales and is considered reasonable. 6) Comparable #4 -The adjustment to Sale 4 relates specifieally to that sale and it is improper to arbitrarily apply this adjustment to other sales. I would need to be supplied additional specific information on the sales mentioned in the memorandum before an analysis could be made regarding their relevance or how they would be compared to the subject. 7) Comparables #6 and #7 -The same response is made to these comments as under Comparable #2. 8) Summary -I would concur that Sale 5 is the most comparable sale, as discussed in the report. This sale was directly confirmed at $6.50 per square foot. Again, it is improper to make an arbitrary adjustment to this sale based on other adjustments that related to different sales and circumstances. This applies to this sale as well as adjustments to sales not used in the report. After review of the memorandum, it is my opinion that the final estimate of value in the appraisal report is reasonable. Again, the appraisal is made as ofMarch 14, 1995, and has not been updated. If you have any questions on any of the above or need any additional information, please feel frce to contact me. Sincerely, 􀁾􀀭􀀽􀀭􀀮􀁾􀁾􀀽􀁾􀀺􀁾􀀲􀁾􀁾..i"=--L. Randall Denton, MAl Moses, and Cline P. O. 30x 8 A ddinon rx 75001 239-3771 Land Facts 1 6.82 􀁁􀁃􀁉􀁥􀀬􀁾􀀠located at corner of Arapaho and quorum Drive in Addison TX. Land was sold 18 months ago withln a half block of Moses and Cline's land· at $ 8.50 per foot. The ';tarket is firmer today than it was when those'two pieces were sold. Daryl Snadon had an offer on land d1rectectly across .Arapaho at $ 8.00. 􀀭􀀭􀁾􀀮􀀱􀀵􀀷􀀰􀀠ARAPAHO ASSESSMENTS 72,615.411 􀁾1580 QUROUM DR. ASSESSMENtS 95,117.58 Our warehouse was renting for $ 2000.00 per month until the Town of Addison decided to' put a road through property. The tenant moved • J to Garland. Our property 1s being damaged because we are losing 20 %of the square feet and cannot recvver:any 􀁡􀁰􀁾􀁲􀁥􀁣􀀡􀁡􀁴􀁩􀁯􀁮􀀠i n value of the 20 %. FIe are limited on sales to parti<,g wLo are in tl·e market for 5-7 acre parcels as we cannot c'eliver one solid piece. Our property has been damaged for. four years slnee RTKL drew a line on a Thoroughfare Plan map. Not one party '''as .interested in purchasing it because the Town could not tell us whell or if the new road would be constructed. We have suffered 􀁩􀁲􀁲􀁥􀁰􀁡􀁾􀁬􀁡􀀠damages because of the Town's action and should be reimbursed accordir.gly for.our Asse$sments, loss of Tenant income, loss of 20 % of land, etc. , plus being paId a fair market value for the land. .::rS "2 Hoses and 􀁃􀁬􀁩􀁮􀁥􀁾􀀠P.O. Box 8 Addison, Texas 75001 239-3771 To: TOl