, i !, I I Ii 􀁾􀀮􀀠 􀁾􀀮􀀠r.::. 
􀁾.AJ:::)f)IsoN CITY l'vlANAGER'S DEPARTMENT • (214)450·1000' FAX (214) 960.1684 􀁾􀁾􀁉􀁊􀁉􀀧􀁬􀁜􀁩􀀡􀁉􀁴􀁪􀀮􀀧􀁦􀁦􀁬􀁡􀁾􀁩􀀺􀂣􀀧􀀺􀀿􀀠Pust Office Box 144 A,idisnn. Texas 75001-0144
5300 Bell Line. ROlld April 9, 1997 Mr. Otis Welch Federal Aviation Administration 2601 Meacham Blvd. Fort Worth, Texas 76137-4298 Re: Keller Springs Toll Tunnel Dear Otis: The Town
of Addison is excited about the prospect of meeting community and airport needs by constructing the Keller Springs Tunnel under Addison Airport. In working to bring this project forward,
we are trying to address the FAA's concerns related to the project and the positive impact to the airport. In reviewing your letter of December 18, 1996 it appears that we are approaching
this from the position of surplus property. The Town does not believe that is the 'appropriate position, The property in question is not being disposed of, but is in fact still part
ofa roadway system that serves the airport. However, I will attempt to address your questions/issues as follows: The Town of Addison must address the following: a. The land is no longer
needed for aeronautical purposes: The Town ofAddison is proposing to replace the 3 acres ofland with 4 acres along the west side ofthe airport. This replacement will provide additional
acreage expressly for airport use, thus making them no longer needed for aeronautical purposes. b. The airport is receiving fair market value for the property: The Texas Turnpike Authority
(ITA) contracted with a professional appraiser to determine the fair market value ofthe property based on the State law pertaining to eminent domain taking. This appraisal valued the
property at $129 million. The Town, with the help of its real estate professionals Pat Haggerty and Marlin Blake, MAl, reviewed the appraisal and we negotiated a settlement of$1.416
million for the affected property. It is our opinion that this settlement fairly compensates the Town/Airport for the taking. c. The Airport has an immediate need that can be accomplished
using the sale proceedS: The proceeds ofthe sale will be invested in the following ways: 1. Purchase of4 acres of property to replace the 3 acres affected by the tunnel. 
Mr. Otis Welch April 9, 1997 Page Two 2. Compensate leasehold investors, as required by law. 3. Pay for expenses associated with protecting the airport's interests relating to the right-of-way
take by the Texas Turnpike Authority. The expenses include legal fees, appraisal expenses, and engineering fees associated with evaluating the impact ofthe tunnel and restructuring our
agreements with our tenants. In addition, the Town of Addison will supplement the TIA's funds to satisfy the affected participants and avoid litigation. The Town of Addison win need
to formally request approval from the FAA for a release and sale. Your request should cover the following items: a. What agreements with the United States obligates the land? The Town
of Addison has fee interest in the affected property. This properly was purchased with one of the following FAA grants 5-48-0063-01 or 5-48-863-02. b. What is requested? The Town of
Addison respectfully requests that the FAA support the use of the properly affected by the tunnel to permit the construction of this necessary infrastructure project. This includes 127,
I II square feet (2.918 acres) of road right-of· way and 195,683 square feet (4.492 acres) of subsurface easement. c. Why the release of obligation is requested? The runway creates a
physical barrier to the efficient movement of vehicles and goods in, across, and around the airport. The Town has evaluated a number of proposals to mitigate the congestion created in
the community. Part ofthe solution includes constructing a tunnel under the airport that will connect east and west sections of Keller Springs, an arterial roadway that goes from Preston
Road (State Highway 289) across IH-35E to Coppell in the west. d. What facts and circumstances justify the request? This project will benefit the airport by providing for the more efficient
movement of vehicles and goods in, across and around the airport. It will provide better access to the aviation property on the west side of the field. While a total of three acres of
airport property will be affected by the tunnel, the Town proposes to replace it with approximately four acres. This will provide additional land for continued development. e. What requirements
of state or local law should be considered in the language of an FAA issued document ifthe request is granted? We are not aware of any specific language required by local or state law.

Mr. Otis Welch April 9, 1997 Page Three f. What property is involved? See attached maps and descriptions. g. How was the property acquired by the town ofAddison? The property was purchased
by the Town ofAddison from the original developers of the airport with an FAA grant and the appropriate sponsor match. h. What is the present condition of the property and how is it
used? The property consists ofa collection of hangar facilities. A total of 19 patio hangars, 23 Thangars, and 2 jet hangars are affected by the construction. Currently, there are 2
I aircraft in these facilities. It is our estimate that all but 5 to 10 of these aircraft can be placed in other T-hangers or patio hangars on the field and that there are multi-storage
facilities available for the remainder without requiring investors to remove existing non-aviation uses from their hangars. i. How will the property be used? The property will be used
to construct a tunnel under the runway that completes a missing link in Keller Springs Road, a major arterial roadway. j. What is the fair market value (FMV) of the property? It is our
opinion that fair market value ofthe property and improvements are $1.416 million based on the appraisal/negotiated settlement with the Texas Turnpike Authority. k. What will be done
with the proceeds from the property? The Town ofAddison will use tbe proceeds in the following ways: L To purchase 4 acres ofreplacement property. 2. To meet our obligations under the
law to compensate the affected investors for their leasehold interest. 3. To pay for expenses that are not compensable under an eminent domain process associated with the taking by the
TTA. These include professional services oflegal counsel, real estate professionals, and engineering and surveying expenses incurred to reconfigure ground leases. These proceeds will
be supplemented with funds from the Town ofAddison to satisfy the affected participants and avoid litigation. 􀁾..." 
Mr. Otis Welch April 9, 1991 Page Four I. A comparison of the relative advantage or benefit to the airport from the sale of property as opposed to retention for rental income. After
purchase of replacement property, the Town will actually have more leaseable property than before. It allows for more efficient use of the remaining hangars and provides an impetus for
the redevelopment ofthe T-hangar areas to be more consistent with the airport master plan. m. Provide a scaled drawing showing all airport property and facilities currently obligated
for airport purposes by agreements with tbe United States. Include tbe land appraisal for tbe land you request to be released. Attached is an airport layout pIan, an exhibit "A" and
property appraisals, A revised exhibit will be provided when the replacement property is purchased. We appreciate your patience as we attempt to construct this important infrastructure
project. As with most projects ofthis magnitude there is some impact to the adjacent properties. We believe our proposal fairly mitigates the affected properties, Please call John Baumgartner
at 912/450-2871 if you have any questions or need additional information regarding our submittal. Sincerely, Ron Whitehead City Manager Attachments: 1, Airport layout plan 2. Exhibit
"A" 3. Property appraisal cc: Charles Carroll 
301; Raleigh Street· P.O. Box 190369 Dallas, Thxas 75219 Phone 2141522-6200 Fax 214/528·4826 February 22, 1996 Town of Addison P.O. Box 144 Addison, TX 75001 Attn: Mr. Ronald N. Whitehead
City Manager RE: Purchase ofsurface right-of-way tract and temporary construction easements, and donation of a subsurface easement (all designated as Parcel 13-5) situated in the Addison
Airport, in the Town ofAddison, Dallas County, Texas, being more particularly described as follows: By Purchase: A. Surface 􀁒􀁩􀁾􀁨􀁴􀀠of Wav: 130,107 square feet or 3.987 acres out
of a called 365.34 acre tract as conveyed to the Town of Addison by deed recorded in Volume 77010, Page 1391, Deed Records, Dallas County, Texas, arId being out ofthe Wm. Lomax Survey,
Abstract 792 and the E. Cook Survey, Abstract 326. B. Temporary Construction Easement No.1: 68,911 square feet or 1582 acres out of a called 365.34 acre tract as conveyed to the Town
of Addison by deed recorded in Volume 77010, Page 1391, Deed Records, Dallas County, Texas, and being out of the Wm. Lomax Survey, Abstract 792 and the E. Cook Survey, Abstract 326.
C. Temporary Construction Easement No.2: 3,400 square feet or 0.078 acres out of a called 365.34 acre tract as conveyed to the Town ofAddison by deed recorded in Volume 77010, Page 1391,
Deed Records, Dallas County, Texas, and being out of the Wm. Lomax Survey, Abstract 792 arId the E. Cook Survey, Abstract 326. D. Temporary Construction Easement No.3: 4,902 square feet
or 0.113 acres out of a called 365.34 acre tract as conveyed to the Town ofAddison by deed recorded in Volume 77010, Page 1391, Deed Records, Dallas County, Texas, and being out of the
Wm. Lomax Survey, Abstract 792 arId the E. Cook Survey, Abstract 326. \ MEllliER$; JERI:: \t TIlO;\lPSO:'1.JR., CIBIR.'I1.\S. DALLAS .. 􀁌􀁕􀁔􀁴􀁬􀁅􀁒􀁇􀀮􀁊􀁏􀁾􀁅􀁓􀀬􀁊􀁒􀀮􀀠ViCE 􀁃􀁈􀀮􀁜􀁉􀁒􀁾􀁉􀀮􀁜
􀁾􀀮􀀠OORPl'SCfJRlSTI 􀁽􀀮􀁾􀁓􀁅􀀠S. WYN;"'E, AUSTIX .. MICll'.El \'. CIIOLl, 􀀱􀁉􀀰􀁕􀁓􀀱􀀧􀁏􀁾􀀠.. D.WID M, 􀁬􀀮􀁜􀀮􀁾􀁮􀁙􀀮􀀠IHLLAS .. 􀁬􀁏􀁒􀁒􀁾􀁉􀁾􀁅􀀠PERR\1L\S. ODESS.\ 􀁔􀁏􀁾􀁾􀁴􀁜􀁓􀀠CAROE;'A
S,JR., E1. PASO .. D.\\'ID E. BERX$EX, 8t:.\uMO:YT .. tEAHR.W\\,ROTES. fAlItVIE\f • RAVL .\. BESTt:IRO. JR.• 􀁂􀁒􀁏􀁕􀁾􀀧􀁓􀁜􀀧􀀱􀁌􀁌􀁅􀀠\ '.i'X£ A. Kt;:;SEDi'. 􀁮􀁯􀁵􀁳􀀱􀀧􀁏􀁾􀀠• PltlLIP
􀁢􀀱􀀰􀀺􀀧􀀺􀁩􀁇􀁏􀁍􀁅􀁒􀁾􀀺􀀠D.UL\5 .. j.\,\1E5 w: 􀁇􀁒􀁬􀁦􀁦􀁬􀁾􀀮􀀠EXECVTI\'E D1RI:CTOR • J1MMIE G, 􀁎􀁅􀁖􀀻􀁔􀁏􀁾􀀬􀀠SECRETARY • 􀁳􀀮􀁬􀁲􀀵􀀮􀁜􀁾􀀠,\. BOSE, TRF.,\Sl;ItER \ AN AGENCY
OF THE STATE OF TEXAS 
Mr. Ronald N. Whitehead Town of Addison February 22,1996 Page 2 of3 E. Permanent Subsurface Easement: 195,683 square feet or 4.492 acres out ofa called 365.34 acre tract as conveyed
to the Town ofAddison by deed recorded in Volume 77010, Page 1391, Deed Records, Dallas County, Texas, and being out ofthe Wm. Lomax Survey, Abstract 792 and the E. Cook Survey, Abstract
326. Ladies and Gentlemen: The Texas Turnpike Authority (the "Authority") must obtain a portion ofthe Town ofAddison's (the "City") property (parcel 13-5) within the Addison Airport
boundaries required for construction ofthe Addison Airport Toll Tuunel Project (the "Tuunel"). Two copies each ofthe legal description and plat of each of the above-referenced property
interests to be acquired are being provided as attachments. On the'basis of appraisals made by a qualified appraiser, the Authority is hereby offering the City $1,291,059 for the property
required for the Tuunel. This amount is based on the fair market value for the following: (i) 130,107 square feet ofsurface easement for road right-of-way, valued as iffee title to the
property were being acquired, and (ii) three temporary construction easements of 68,911 square feet, 3,400 square feet and 4,902 square feet, each, plus the current value of any improvements
in the part taken, as well as any other damages to the remaining property. Based upon prior discussions between the City and the Authority, it is the Authority's understanding that the
City intends to donate approximately 195,683 square feet ofsubsurface area through which the Tunnel will be constructed. Consequently, the above offer excludes auy compensation for the
acquisition of subsurface area. The enclosed plats do not include any encumbrances on the portion ofthe Addison Airport property to be acquired other than certain airplane hangers and
related buildings, plus a few parking spaces in the right-of-way to be acquired from the premises currently occupied by Bill White's Ultimate Sports Bar and the Concourse Plaza office.
If you you find there are additional encumbrances to the property, we will need to investigate those jointly to determine ifthe Authority has an obligation to relocate or compensate
the City for such additional encumbrances. As we mentioned to the City staff during our meeting ofNovember 28, 1995, it is the policy ofthe Authority, when purchaj)ing right-of-way or
any other property interests, that the owner ofthe land must satisfy such obligations as it may have to any lessees, optionees, mortgagees, or others who may own an interest in the land
or improvements. Furthermore, we understand that the City is 
Mr. Ronald N. Whitehead Town ofAddison February 22, 1996 Page 3 of3 prepared to negotiate with Addison Airport ofTexas, Inc., and any other leasehold owner whose leasehold interests
(or a portion thereof) will be acquired. In that regard, we intend to meet with the City's staff to review at 10:00 a.m. on March 1, 1996, the appraisals that have been prepared for
acquisition ofthe above-described property, If a sales agreement is executed between the City and the Authority, the Authority will pay all recording fees and title insurance costs.
After the City's staff has had an opportunity to meet with the Authority's staff to review the appraisal reports, ifthe City desires to accept this offer, please advise us as soon as
possible so that a sales agreement can be drawn, Funds are available to purchase the property and a closing is possible within thirty days after execution ofthe sales agreement, provided
any liens and judgments on the property required are released. Yours very truly, James W. Griffin, P.E. xecutive Director Enclosures nig 
MARLIN M. BLAKE & ASSOCIATES, INC. REAL ESTATE APPRAISERS & CONSULTANTS FOREST ASRAMS PLACE SOUTH 9304 FOREST LANE, SUITE 120 • DALLAS. TEXAS 75243 TEL. (214) 340-8510 FAX (214) 553-1650
December 12, 1996 Town of Addison 16801 Westgrove Drive Addison, Texas 75001-0144 ATI'N: Mr. John Baumgartner, P. E. Director of Public Works Re: Appraisal Report Proposed Tunnel Conneetor
for KeHer Springs Road H & S Ventures Parcels J, K & L Dear Mr. Baumgartner: In accordance with your request I have reviewed the documents relating to the captioned parceL I would propose
to prepare an appraisal report on the property for a fee not to exceed $2,200. I understand that time is of the essence and I would attempt to complete the report on or before December
31, 19%. It is difficult at this time of the year to reliably comIrm market data for inclusion in the analysis. However, I will proceed diligently in order to satisfy your time constraints.
I appreciate the opportnnity to submit this proposal and hope to be of service to you in this matter. Sincerely, 􀁍􀁾􀁊􀀿􀀿􀀦􀁌􀀠Marlin M. Blake, SRA 
P.2 12-20-1996 10,52AM FROM MARLIN M. BLAKE & ASSOCIATES. INC. REAl. eSTA.Te APPRAISERS & CON$ULTANTS FOREST ABRAMS PLACe: SOUTH 􀀹􀁾􀀰􀀴􀀠FOREST LANe. Sum; 120 • DALLAS. TeXAS 75243
TEL. (214) 340-6510 FAX (214) 553-1650 December n,1996 Town of Addison 161101 Wmgrove Drive Addison, Teus 75001-0144 ATIN: Ml'.lo1m Baumgsrhltr',P•.E•. Di:leetor of Public Works Re:
Appraisal Report Proposed T'IDlIlei CODDeetor fill' Keller Springs Road B '" S Veatares Pareda J, K '" L Dear Mr. BaWlllartDer: In aec0r4aJlce with yOIII' request I bave reviewed the
doc:umem:s nlatiDg to the captioned parcd. I would propose to prepare an appraisal report Oil the propet:ty for a fee not hi exceed Sl,lOO. I undentand that time is vt the eutac:e aad
I would aucmpt to complete the report 08 or before December 31, 1996. Itis difficult at this time of the year to reliably coDl'irm 'IlW'ket datil for inehlsion in the aaaiysis. However,
I will proceed diligeady in order to JatiJfy your time eollStraints. J appreciate the opportunity to sa.bmit this proponl 8Jld hope to be or.ervice to you in this matter. 􀁊􀁮􀁾nt 1$0_1.....
MarIiJl M. Blake, SRA 
Texas Turnpike 􀁁􀁵􀁴􀁨􀁯􀁲􀁩􀁾􀁹􀀠Fonn 200la ADDISON AIRPORT TUNNEL REAL ESTATE APPRAISAL REPORT Parcel Number ___-'______ Address Unallocated portions of right of wav and tcm[l9mry
constmction easements taken Address______________Owner Citv ofAddison Occupant's Name Addision Municipal Aimort Whole Taking ____ PartiaI Taking X Purpose ofthe Appraisal The purpose
of this appraisal is to estimate the Market Value of the fee simple title encumbered by existing easements, if any, which are compatible to highway use of the subject property as of
12/20/95. It is being made for the Texas Turnpike Authority in connection with the investigation and defense of the claims by the owner of the property for compensation and damages,
if any, arising out of the property acquisition by the Texas Turnpike Authority for right-of-way purposes. The estimates of value concluded herein wi!! be used for settlement of such
claims through negotiation or eminent domain proceedings. Market Value may be defined as follows: "Market Value is the price which the property would bring when it is offered for sale
by one who desires, but is not obliged, to sell, and is bought by one who is under no necessity of buying it, taking into consideration aU of the uses to which it is reasonable adaptable
and for which it either is or in all reasonable probability will become available within the reasonable future." Valuation In my opinion the compensation due as a result ofthis taking
is: Owner $,_______ Leasehold Interest "'________ Total $ 120.121. Appraiser's Certificate I hereby certif'y that the opinion of value herein expressed has been reached after a careful
examination of all pertinent data; that my fcc is in no way contingent upon the value placed on the property; that neither I nor any employee in my service has directly or indirectly
any financial or personal interest in or to the property appraised; and that should I or any employee in my service acquire any interest in or to the property appraised prior to the
acquisition of the parcel by the Authority, I will immediately notif'y the Authority of such interest or interests. 􀁵􀁾􀁾􀀯􀁾􀁴􀀨Appraiser Approved by the Board of Directors Right-of-Wa

Fonn 200la Page 2 A TIACH ALL PERTINENT PICTURES Parcel No. Local Address,__________________ Date Taken,__________ Taken by ________________ 1. Point from which taken _______________
Looking _______ 2. Point from which takenc--___________-,..__ Lookin.;;,.g_______ 
Fonn 200Ia Page 3 DATA ON WHOLE PROPERTY Legal Description Abstract 792, Addision Municipal Airport Dimensions: Right ofway taken -=.c36"",,,,,87,,,,6,--_sq.ft, .8466 Acres Location
(Urban): Street & No. _________---:_____on,________,side between -:_--,,-______________ and _____________streets. (Rural): _____-::--:-:::--:-:--__________________ 􀁾􀁾􀁾􀁟􀀺􀁟􀁟􀀽􀁟􀀭􀀺􀀭􀀭􀀭􀀽􀀭􀁾�
�􀁾􀁌􀁍􀁤􀁇􀁲􀁍􀁴􀁓􀁵􀁾􀁥􀁹􀀭􀀭􀀭􀁾􀁾􀁾􀀺􀀭􀀭􀁾􀁟􀀺􀁟􀀭􀀺􀁟􀁟􀁾􀀭􀀭􀀭􀀭􀂭Neighborhood or Area Analysis: TI,e Neighborhood is a commercial Md industrial area, having restaurant, neighborhood
􀁳􀁥􀁾􀁩􀁣􀁥􀀬􀀠office, office showroom and warehouse facilities, A major asset in the area is the Addison Airport, a general aviation operation, The subject is located on Airport property.
Highest and Best Use and Zoning of Subject Property: Airplane Storage, Industrial -3 COST APPROACH WHOLE PROPERTY NIA Estimated Reproduction Cost: Main Building: ft. @$ per square fool..
...... """".",,$:--__ Parking Lot: per ft "".""""".. "".. """".....,"'$__--:: Total Reproduction, " .. " ""c.. "".. "","""""."".........",."""""....... " ... """.""......... ".",,$___
Less Accrued Depreciation: Physical Deterioration ... "."""""... " .. ,,, .. ,, .."".""."... " .. "".""""."... " $___ Functional Obsolescence .. """,..""""......"" """.""".. " ... "."
."""."",,"'$___ Economic Obsolcsscencc " ..... , ..."".."".....".".............. ,,,.,,,,.,, .. ""......$__---, Total Depreciation .................. " ... " .......... " .........................
" ... " .................. " .......... $___-: Value Building Contributes to Whole Property ..... "".."""""""."."""".".. "." ."".""""".""..",,$____ Garages: ft. @$ per ft .... " .....................
......................... ".$___ Less Depreciation ................................... " ............................................................ $ Other (Detail) ....... " .................
,." ... " ......................... " ......... , ........................... " ... ".$___ Less Depreciation ... " ............... , ....... ".".. " ..... " .. " ....... , ... "" ....................
....... , ...... $ $,____ $____ Depreciated Value: Landscaping $,---::--:-" Fencing $,___􀁾􀀠Walks $ , Drives $ .,'" ... ""... " .......... """""........"".""".... " ........... " ....
$____ Value Improvements Contribute to Whole Property """ .. ""............ " ................ ", .............. ,"'$____ LAND ... " ........ "'-$____per ........................ " ..
, ................ "",,...... "., ........................ ,$ == ESTIMATED VALUE BY COST APPROACH. ......................... ""."....... " .. "".................... ".$,___ Comment on
Depreciation Factors: 
Mi..􀁾􀁅􀁔􀁄􀁁􀁔􀁁􀁁􀁐􀁐􀁒􀁏􀁁􀁃􀁈􀁗􀁈􀁏􀁌􀁅􀁐􀁒􀁏􀀮􀀠ATI (Land Comparables) Date._________Purchase Price of SUbject Property $----------Improvements Since Purchase and Estimated Cost:
Lease Terms or Rental Agreement: Sales and Information of Comparable Properties Use Additional Pages IfNecessary Estimated Land Value ofMarket Data Approach $ ... 1-'.:10"",,,,62,,,,8,,-,____

Fonn 2001a Page 5 INCOME APPROACH WHOLE PROPERTY N/A JUSTIFICATION OF RATE AND METHOD OF CAPITALIZATION:_________ Estimated remaining economic life ofimprovements--:-_________________
Stabilized Gross Income............................................$,___ Vacancy % ............................................ ___ Effective Gross Income...... ; ....................................
............................................................... .$,____ Taxes: City ........................................................................ $___ State & County ......................
................................. $___ Miscellaneous (School, etc.)....................................$.___ Insurance: Fire & Extended Coverage......................................$___
Miscellaneous.........................................................$,___ Annual Deferred Maintenance....................................$___ Management %. .......................................$,
___ Operating Expenses .................................................. $,___ Other Expenses ...............................$,___ Total Expenses before Depreciation ................................
........................................................ .$ Nct Income to Property ...........................................................................................................
$____ Less Income Attributable to (Land)............................ $ @% ................... $____ Income Attributable to (Improvements) .............................................................
.....................$____ Income Capitalized @% ( % Interest % for Recapture ofCapital) .... $____ (Land) (Improvements) .............................................................................
............................$ ESTIMATED VALUE BY CAPITALIZATION APPROACH ..............................................,""$___ ADDmONAL APPRAISAL INFORMATION 
Fonn 200la Page 6 FINAL ESTIMATE OF VALUE OF VfHOLE PROPERTY Correlaton ofApproaches to Value SeePage 6A Estimated Value ofWhole Property Owner $ Leasehold $_____ ....................................
................... $ ____ 
6A CORRELATION The City of Addison owns Addison Airport, which comprises approximately 360 acres of land. Addison Airport ofTexas, Inc. operates, manages, and subleases the airport property.
Unless renewed, this agreement terminates on December 31, 2000. There are three approaches to value that may be utilized to estimate fair market value of the subject -Market, Income
& Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units of comparison derived from sales ofsimIlar properties in the marketplace.
Those units ofcomparison are then applied to the subject property to arrive at a range ofvalues which should be indicative ofthe market estimate of value for the subject property. The
Income Approach to Value is based upon an analysis of the income stream of the property and comparison ofthat income stream with income streams of similar properties. This calculation
and analysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed in the marketplace
by investors for similar properties. The resulting figure is an income estimate ofvalue. The Cost Approach to Value embraces the philosophy that the reproduction costs or the principal
of substitution for a property should limit the upper side ofvalue. In this approach to value the appraiser calculates the market value ofthe site, the reproduction cost ofthe improvements
less any applicable depreciation, then combines these two items to arrive at a cost estimate ofvalue. The market approach has been used to estimate the value of the land. Sale #1 is
located One block south of the subject and east ofAddison Road. This comparable is slightly superior to the subject as Airport Parkway connects Addison Road and the Dallas North Tollway.
Federal Express has constructed a distribution facility on this property. Sale #2 is approximately 5 blocks north of the subject on a secondary street occupied by office showroom and
warehouse facilities. Sale #3 is west ofthe subject and on the west side ofAddison Airport in an office warehouse neighborhood. An office warehouse facility is currently under construction
on this property. The market approach is used to determine the value ofthe land and it is the most reliable indicator of the value of the subject. These comparables give an accurate
value for land in the vicinity ofAddison Airport used for commercial and warehouse uses. After analyzing these sales, a value of$3.00 per square foot is selected as fair market value
ofthe land before the taking for the land taken, and for the land value after the taking. This report values the unallocated portion ofthe property taken from the City ofAddison contained
in the Addision Municipal Airport that has not been considered as being related to a particular hanger or structure which has been valued previously with the tunnel project. Of the 130,
107 square feet taken for right of way, 36,876 square feet are unallocated. Ofthe 77,213 square fuet fuet taken under the temporary construction easement, 15,068 square feet are unallocated.
,. 
At $3. multiplied times 36,876 square feet, the fair market value of unallocated land taken for right ofway equals $110,628. The temporary construction easement will be needed for two
years. That compensation for the unallocated portion ofthe temporary construction easement will be equal to 10.5% ofthe fair market value ofthe land for that'period or $9,493. (15,068
sq.ft. x $3. x 10.5% x 2 yrs "" $9,492.84). i Tthe unallocated portions ofthe property taken for right ofway and for the construction easement cause no damage to the remaining property.
Total just compensation is summarized as follows: Right ofWay Taken $110,628. Construction Easement 9,493. Taken Total Just Compensation $120,121. 
Fonn 200la Page 7 􀁄􀁁􀁔􀁁􀁏􀁎􀁐􀁁􀁒􀁔􀁾􀁔􀁾􀁇􀀠Legal Description Part Taken Abstract 792, Addison Municipal AiIllort Dimensions: Right ofway taken 36.876 sq.ft. .8466 Acres WHOLE PROPERlY:
The market value ofthe whole property is .................$ 110,628. PART TAKEN: The market value of the fee simple title, less oil, gas and sulphur, to the part being taken for highway
purposes, considered as a severed tract is:.................................................. , ..................................... $110,628. (I) REMAINING PROPERlY: The market value
ofthe remiander inunediately before the taking is: ................... , .......................................... $ (2) Considering the use to which the part taken is to be subjected
to, the market value ofthe remainder inunediately after the taking is: ...................................$(3) NET DAMAGES, ifany .. , ................................... ",....................... ,., ................................ $____ SIGN ADJUSTMENT COSTS, jfany.............. " ....................
, ....................................... , ..􀀤􀀬􀀭􀀺􀀭􀀺􀀭􀀺􀁾􀀭􀀺􀀺􀀭􀀭􀁟􀀠 TOTAL COMPENSATION ............................................................................... $I 10,628.
APPRAISALS OF PART TAKEN AND REMAINDER Highest and Best Use of Part Taken ::--c:---=--:-:---------------------Remainder Before Taking -:-:-:_-::-___:-:-::-;-__________ Remainder after
taking considering the use to which the part taken is to be subjected __. Contributory Remainder Remainder Value of Part Taken Before After Improvements Taking Taking RIGIITOFWAY LAND-36,876
SQ.FT. $110,628. TOTAL AS A UNIT CONSTRUCTION EASEMENT + $110,628. (1) 9,493. $120,121. $ -0(2) $ -0(3) ==== Explain difference, if any, between Remainder Before and After Taking (If
extra space needed, use attachment.) 
Form 200la Page 8 #1 CVlv1PARABLE SALES DATA SUPPLEMEl'I, 􀁾􀀭􀀭􀁾􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀁾􀁾􀁾􀁾􀀭􀀭􀀼􀀮􀀠-------= Sales Parties: Grantor Hope Invi'!stmentLtd. Grantee Addison 􀁌􀁴􀀮􀀢􀀬􀁤􀀮􀁾􀁟􀁾􀀮_____
Dated_-,-,l􀀰􀀡􀀡􀀮􀁣􀀯􀀳􀀢􀀢􀀱􀀬􀀬􀀭􀀯􀀹􀀬􀀬􀀬􀀴􀀬􀀬􀀭􀀭􀁟􀁾____ Recorded in Volume29c:t46.2!.\101.--______ Page 3570 Local Address 4901 Airport Parkwav Legal 􀁄􀁥􀁳􀁣􀁲􀁩􀁰􀁴􀁩􀁯􀁮􀁾􀀺􀁬􀁊􀀻􀁊􀁳􀁴�
�􀀠482. Tract 30. Addison. TX Actual 􀁐􀁮􀁣􀁥􀁾􀁓􀀡􀀮􀀻􀀷􀀴􀀺􀀡􀀻􀁯􀀲􀀬􀀢􀀭􀀮􀀬􀀢􀁏􀁏􀀢􀀬􀁏􀀬􀀢􀀭􀀮__________Verified 􀁗􀁩􀁴􀁨􀀬􀀭􀀢􀁋􀀢􀀢􀁥􀀢􀀬􀁮􀁾􀁴H'-'!!0lllpe'--__________ Conditions
of Sale_Cas."h'--__________________ RenrnlDaw__________________________________________ Land Size 5.4963 Acr"'es'-___ Unit Price: As Improved______.; Unimproved-'$"'3c-.l"'O'-___ Street__----"C"'u"'r
b'-.&",·ccGu"""lt"'e"r______________-_. ______ Utilities_____ Improvments None at sal,...e_________________________________ Size and Description__-:-:::--:-:-__---:-􀁾􀁟􀀺􀁟􀀺􀁟􀀺􀀭􀀭􀀻􀀠---,:--:-';-
--::--:-----:--:"7--:--______ Minor dirt work to aid drainage from balance ofthe tract ofwhich Condition and Desirability-.lliiswi"s,!;awp..a"'rt""._______________________ ;-. Current
UseJed Ex Distribution Facilitv Highest and Best Use Commercial Date Inspected 7/15/95 Zoning Comrnercial-l Use reverse side for other pertinent information 
Fonn 200la Page 8 #2 􀁾􀁾􀀷􀁾_____􀁾􀀭􀁶􀀬􀁶􀁊􀁌􀁲􀁾􀀮􀁾􀀬􀁾􀁾􀁓􀁁􀁌􀁅􀁓􀁄􀁁􀁊􀀨􀁾􀁾􀁾􀁕􀁐􀀮􀁊􀁾􀁌􀁅􀁪􀁍􀁅􀁴􀁱􀀽􀀠 Sales Parties: Gramor M& F Development Co.. Inc. Grantee Manufacturing
Dated 3/2 1/95 Recorded in Volume 9:><.:-O"'S"'5'-______ Page -'4"'6""3'--__ Lecal Address 4500 Block Sunbelt Drive Legal Description West V, _Tract 13 Sunhelt Business Park Addition_
AddisQnl._..;T"'X"-_______ Actual Price.-->!$",1",2)",·􀀮􀀧􀀢􀀢􀁏􀀢􀁏􀁏􀀢􀀢􀀮􀁾_______Verified With George Roddv.._________ Conditions ofSale-'C"'a"'sh"-____________________________
Rental Datc________________________________ Land Size 1.0382 Acres Unit Price: As Improved_____; Unimproved $2.76 Street Concrete Ctirh & Gutter Utilities------'A"'l!!.l___ Improvments
None at Sa"'le'-____________________________ Size and Description Level. readv for development Condition and Desirability___ Current Use_-'U"'n"'im=p"ro"'v"'ed"-________ Highest and
Best Use Ligllt Industrial & ColTUl1ercial Date Inspected_7"-/""15,,,'",,-9,,,S),,--________ Zoning Commercial-] Use reverse side for other pertinent 􀁩􀁮􀁦􀁯􀁲􀁭􀁡􀁴􀁩􀁯􀁮􀁾_________-;-___-c;-.,,-__
____ 􀁡􀁡􀀬􀀨􀀦􀁉􀁉􀁙􀁾􀁾􀀠. 
Form 200la Page 8 #3 COMPARABLE SALES DATA SUPPLEMENT Sales Parties: Grantor _C"'h"'aiC\il>!.\.,.C"'h"'in"--__________ Grantee 􀁾􀁁􀀢􀀢􀁅􀀢􀀢􀁒􀀬􀀬􀀭􀀬􀀭______ Dated 4114/95 Recorded
in Volume-<:9"'50"-7r.::;4'--_____ Page -,6""6,,,8__ Local Address 2030 Chenault. Carrollton, TX Legal Description Abstract 923. Tract 20 Actual Price-"!$""5""30"'."'SO"'O"".________Verified
With Pat Hagl!ertv Conditions ofSale--"C"'as""h"-___________________________ 􀁒􀁥􀁮􀁴􀁡􀁬􀁾􀁾􀀬􀀢_______________________________ Land Size 4.0592 Acres Unit Price: As Improved,_____;
Unimproved $3,00 Street Concrete Curb & Gutter Utilities-"-A"'ll'--___ Improvrnents None at Sale Size and Description_____________________________ Condition and Desirability__________________________
_ Current Use Warehouse under constmciton Highest and Best 􀁕􀁳􀁥􀀭􀀧􀁃􀁾􀁯􀀢􀀧􀁭􀁭􀀢􀀢􀀧􀁥􀀢􀀧􀁲􀀢􀀧􀁣􀀮􀀡􀂣􀁩􀁡􀀢􀀧􀁬_______ Date Inspected--'I"'O"I2"'2"-'/9"'5'--_______ Zoning Commercial-j
Use reverse side for other pertinent information _____________________ 􀀦􀁵􀀴􀁤􀀯􀁾􀁤􀀠 
Texas Turnpike Authority Fonn200la ADDISON AIRPORT TUNNEL REAL ESTATE APPRAISAL REPORT Parcel Number-'P"a"'rc"'e"-I..<.A'-______ Address 4700 Block Keller Springs Rd .. Addison Texas
Ovmer_____________ Address_____________ Occupant's Name City of Addison Whole Takin,,,,g___Partial Takin,e.g_X,,-,-_ Purpose of the Appraisal The purpose of this appraisal is to estimate
the Market Value of the fee simple title encumbered by existing easements, if any, which are compatible to highway use of the subjeet property as of 12120/95. It is being made for the
Texas Turnpike Authority in cO!U1ection with the investigation and defense of the claims by the ovmer of the property for compensation and damages, if any, arising out of the property
acquisition by the Texas Turnpike Authority for right-of-way purposes. The estimates of value concluded herein will be used for settlement of such claims through negotiation or eminent
domain proceedings. Market Value may be defined as follows: "Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged,
to sell, and is bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is reasonable adaptable and for which it either is or in all
reasonable probability will become available within the reasonable future." Valuation In my opinion the compensation due as a result of this taking is: Ovmer 􀁾________ Leasehold Interest
􀁾_______ Total $ 15.63l. Appraiser'S Certificate I hereby certifY that the opnuon of value herein expressed has been reached after a careful examination of all pertinent data; that
my fee is in no way contingent upon the value placed on the property; that neither r nor any employee in my service has directly or indirectly any financial or personal interest in or
to tbe property appraised; and that should I or any employee in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the Authority,
I will immediately notifY the Authority of such interest or interests. Appraiser Approved by the Board of Directors Right-of-W 
Form 200 I a Page 2 ATTACH ALL PERTINENT PICTURES Parcel No,________ Local Address 4700 Block Keller Springs Road, Date Taken ___""9,,-,'7""/9,,,S,--Taken by Charles (Eo) Miller I. Point
from wllicll taken Adjacent PropertY Looking _---'\\"""'es"'t____ 
Fonn 200 I a Page 3 DATA ON WHOLE PROPERTY Legal Description Abstract 326, Addison Municipal Airport Dimensions: feet x ______feet-4.674 sq,ft..1078 Acres Location (Urban): Street &
No. _________-:-____on_______-'side between-::::_-::-_____________and ____________streets. 􀁾􀁵􀁾􀀩􀀺________􀁾􀁾􀁾􀁾􀁾􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭__-----------􀁾􀀺􀀭􀀺􀀭􀀺􀀭􀀭􀀺􀀭􀀭􀀭􀀭􀀺􀀭􀀭􀀽􀀺􀁟�
�􀀭􀀭􀀻􀁟􀁟􀀺􀁟􀁟􀀺􀁟􀁟􀀺􀀺􀀽􀁟􀁌􀁡􀁮􀁤􀀠Grant Survey ___"....,.__-:-----:--:-__--.,._____ Neighborhood or Area Analysis: The Neighborhood is a commercial and industrial area, having
restaurant, neighborhcod service, office, office showroom and warehouse facilities. A major asset in the area is the Addison Airport, a general aviation operation. The subject is located
on Airport property. Highest and Best Use and Zoning ofSubject Property: Airplane Storage, Industrial-3 COST APPROACH WHOLE PROPERTY Estimated Reproduction Cost: Main Building: ft. @$
per square foot.. .... " .............. $_--.,.=-_ Parking Lot: $1.15 per square ft. 225 sq.ft .................. $ 259. Total Reproduction .................. " ........ ''''''''''''''''.............
....................................... $ 259. Less Accrued Depreciation: Physical Deterioration ........................................................................ $ ____ Functional
Obsolescence .................................................................... 0'$____ Economic Obsolescence .....................................................................
$___-::::Total Depreciation ................................................................................................... $ ___. Value Building Contributes to Whole Property ...................
....................................................... $ 259. Garages: ft. @$ per fi.......................................................$___ Less Depreciation ....................................
............................................................. $ $'--__ Other (Detail) ... Fencing@$6/Iinearfoot x 215.ft ...... "........................................."..$ 1,290.
Less Depreciation ....... "........................................................................................$ $ 1.290. Depreciated Value: Landscaping $,__-::-:-" Fencing $,___􀁾􀀬􀀠Walks
$ , Drives $ ..............................................................................$,____ Value Improvements Contribute to Whole Property .....................................................
....... $ 1,549. LAND ............ .4,694 square feet ",$3",.",,00,,-__per.sq.ft ................................................... $14,082. ESTIMATED VALUE BY COST APPROACH. .......................
............................................... $15.631. Comment on Depreciation Factors: 
Texas Turnpike Authority Dallas North Tollway Fonn 200 la Page 4 MARKET DATA APPROACH WHOLE PROPERTY (Land Comparables) Date_________Purchase Price of Subject Property $,-------------Improvements
Since Purchase and Estimated Cost: Lease Tenus or Rental Agreement: Sales and Information of Comparable Properties SALE NO, 2 3 SALE DATE GRANTOR-GRANTEE 10/31194 Hope InY(. Ltd. Addison.
Ltd. 3/21195 M&F Development Co Diverseo Mann 04/17[95 Chaiu Chin AER SALE CONFIRMED WITH ADDRESS & LOCATION IN RELATION TO SUBJECT Kent HOr;!e 490 I Airport Pkwy, 344.47' E Addison
Rd I Blk South George Roddy 4500 blk Sunbelt, Approx. 667' W. of Addison Rd 5 blks N. Pat Haggerty 2030 Chenault@Earhart southeast comer ACTUAL SALE PRICE $742.000. $125.000. $530500,
CONDITIONS OF SALE Cash Cash Cash ESTIMATED UNIT PRICE $3.10 $2.76 $3.00 LEASE OR RENTAL DATA CURRENT USAGE Federal Express Distribution Faeilitv Unimproved Warehouse under Construction
HIGHEST & BEST USE Commercial Commercial Commercial SIZE 5.4963 Acres 1.0382 Acres. 4 Acres PHYSICAL FEATURES IMPROVEMENTS None at sale None at sale None at sale Correlation of Comparable
Sales To Subject Property: Use Additional Pages IfNecessary Estimated Land Value ofMarket Data Approach $....1""4",.0",,82,,,.___ i 
Form 200la Page 5 N/A INCOME APPROACH WHOLE PROPERTY JUSTIFICATION OF RATE AND METHOD OF CAPITALIZATION: _________ Estimated remaining economic life ofimprovements--=_________________
Stabilized Gross Income............................................$,___ Vacancy % ............................................ ___ Effective Gross Income.............................................
..............................................................$____ Taxes: City........................................................................$:--__ State & County...........................
............................$:___ Miscellaneous (School, etc.) .................................... $.___ Insurance: Fire & Extended Coverage......................................$___
Miscellaneous.........................................................$___ Annual Deferred Maintenance .................................... $___ Management % ......................................
$.___ Operating Expenses ...................................................$,___ Other Expenses ...............................$.___ Total Expenses before Depreciation ..............
, ....................... , ................................... , ............. $ . ===== Net Income to Property ......................................................................................
..................... $____ Less Income Attributable to (Land)............................. $.____ @__% ..................... $____ Income Attributable to (Improvements) .............................
......................................................$,____ Income Capitalized@:___% 􀀨􀁾__% Interest,___% for Recaptnre ofCapital) ....... $____ (Land) (Improvements) ....... : ....................
............................................................................... $ ESTIMATED VALUE BY CAPITALIZATION APPROACH ...............................................""'$___ ADDmONAL
APPRAISAL INFORMATION 
Form 2001a Page 6 FINAL ESTIMATE OF VALUE OF\VHOLEPROPERTY Correlaton ofApproaches to Value See6A Estimated Value ofWhole Property Owner $ Leasehold "'_____...........................................
............$,____ 
6A CORRELATION The City of Addison owns Aodison Airport, which comprises approxunately 360 acres ofland. Addison Airport of Texas, Inc. operates, manages, and subleases the airport property.
Unless renewed, this agreement terminates on December 31,2000. Several ground leases extend beyond that date. This property is under a ground lease with an original term of forty years,
as of November I, 1995. Twenty three (23) years, three (3) months remain on the lease. For purposes of this report, it is assumed that the property is owned and operated by the fee owner.
The fair market value estimated herein does not attempt to determine the value of the leased fee, the sublease position (sandwich position) of the airport management or the leasehold
estate created by the lease for the tenant currently in possession of the property. There are three approaches to value that may be utilized to estimate fair market value of the subject
-Market, Income & Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units of comparison derived from sales of similar properties
in the marketplace. Those units of comparison are then applied to the subject property to arrive at a range ofvalues which should be indicative of the market estimate of value for the
subject property. The Income Approach to Value is based upon an analysis ofthe income stream ofthe property and comparison of that income stream with income streams ofsimilar properties.
This calculation and analysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed
in the marketplace by investors for similar properties. The resulting figure is an income estimate of value. The Cost Approach to Value embraces the philosophy that the reproduction
costs or the principal ofsubstitution for a property should limit the upper side ofvalue. In this approach to value the appraiser calculates the market value of the site, the reproduction
cost of the improvements less any applicable depreciation, then combines these two items to arrive at a cost estimate ofvalue. The market approach has been used to estimate the value
ofthe land. Sale # 1 is located one block south ofthe subject and east ofAddison Road. This comparable is slightly superior to the subject as Airport Parkway connects Addison Road and
the Dallas North Tollway. Federal Express has constructed a distribution facility on this property. Sale #2 is approximately 5 blocks north of the subject on a secondary street occupied
by office showroom and warehouse facilities. Sale #3 is west of the subject and on the west side of Addison Airport in an office warehouse neighborhood. An office warehouse facility
is currently under construction on this property. These comparables give an accurate value for land in the vicinity ofAddison Airport used for commercial and warehouse uses. After analyzing
these sales, a value ofS3.00 per square foot is selected as fair market value of the land before the the taking and for the land taken. At $3.00 per square foot the fair market value
ofthe land is taken for right ofway equals $14,082. (4,694 sq.ft. x $3), The cost approach is the most reliable indicator ofvalue ofthe subject. There is no damage to the remaining property.
1: _:: . ... 
Total just compensation is summarized as follows: Improvement Taken $ 1,549. Right ofWay Taken 14,082. Total Just Compensation $15,631. .. 
Fonn 2001a Page 7 DATA ON PARTIAL TAKING Legal Description Part Taken _________________________ Dimensions x = 4,694 Sq.Ft. .1078 Acres WHOLE PROPER1Y: The market value of the whole
property is ................. $ 15.631. PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being taken for highway purposes, considered as a
severed tract is:........................................................................................ $15,631. (I) REMAINING PROPER1Y: The market value ofthe remiander immediately
before the taking is:.............................................................. $ (2) Considering the use to which the part taken is to be subjected to, the market value of the remainder
immediately after the taking is:...................................$ (3) NET DAMAGES, ifany ...................................................................................................􀀤􀀮􀁟􀁾
􀀭􀁏􀁣􀀮􀀭__ SIGN ADJUSTMENT COSTS, if any ............................................................................... 􀀤􀀧􀀺􀀭􀀺􀀭􀀺􀀲􀀭􀀰􀁾􀀭􀀭􀁟􀀠 TOTAL COMPENSATION ..........................
..................................................... $15,631. APPRAISALS OF P ART TAKEN AND REMAINDER Highest and Best Use of Part Taken=-:;---=-:--;-______􀁾_____________ Remainder
Before Taking --:-:-;-_.,.--__ -::7C:-:----------Remainder after taking considering the use to which the parttaken is to be subjected____________________ Contributory Value of Improvements
Part Taken Remainder Before Taking Remainder After Taking Paving 2,256 sf@$1.15 $ 259. 1.290. TOTAL IMPROVEMENTS 1,549. LAND 4,694 SF@$3. 14.082. -0-0, TOTAL AS A UNIT $15,631. (1) -0(2)
-0(3) 
Fonn 200la Page & #1 ( IlPARABLE SALES DATA SUPPLEMI Sales Parties: Grantor Hope Investment Ltd. Grantee Addison Ltd. Dated 1013lJ.i/9"'4______Recorded in 􀁖􀁯􀁬􀁵􀁭􀁥􀀮􀁾􀀹􀁣􀀺􀀡􀀴􀀢􀀢􀀧􀀲􀀮􀀮􀀮􀀬􀀱
􀁏􀀬􀀭􀀭􀀭􀁟􀁾____ Page 3570 Local Address 4901 Airport Parkway Legal Description Abst 482. Tract 30. Addison. TX Actual Price-"$.,.74"'2"".""0"-00"'._________Verified With-EK"e"lnl..t􀁈􀁾􀁯􀁪􀀬􀁬􀁰�
�􀀬􀀬􀀭__________ Conditions ofSale-'C"'a"'sh"-_____________________________ Rental Date_______________________________ Land Size 5.4963 Acres Unit Price: As Improved_____; Unimproved..,,$,.,,3"'.1'-
\0'--__ Street.__􀁾􀁃􀀼􀀮􀀡􀀮􀁵􀁬􀁌􀁲􀁢􀁬􀁌􀂣􀀡􀀦􀁾􀁇􀀡􀁤􀀱􀀡􀁵􀁴􀁴􀁬􀁬􀁥􀀢􀀧􀁲􀁾_______________ Utilities________ Improvments None at sale Size and Description Minor dirt work to aid
drainage from balance of the tract of which Condition and Desirability this is a part. Current Use Fed Ex Distribution Facilitv Highest and Best Use_-"C"o."nun"""e"'r""ci"'al'--_______
Date Inspected 7115/9S.. _________ Zoning Commercial-l Use reverse side for other pertinent infonnation, __________.-____7'-;,t-__ {»v4f}?t l£!t,' 
Form 200la Page 8 112 Sales Parties: Grimtor M& F 􀁄􀁥􀁶􀁥􀁬􀁯􀁪􀀩􀁭􀀢􀀢􀀬􀁥􀁮􀀢􀀬􀁴􀀬􀀭􀀬􀁃􀀢􀁯􀀢􀀬􀀬􀁾􀀬",In"c,,-,_____ Grantee Manufacturing Daled 3121195 Recorded in Volume,--29"'Sj£0,"'"S'--____
__ Page ""4"'6""3'--__ Local Address 4500 Block Sunbelt Drive Legal Description West Y, Tract 13 Sunbelt Business Park Addition, Addison, TX Actual Price $125,000, Verified With George
Roddy__________ Conditions ofSale,...."C"'a"'s,..h____________________________ Rental Dale_______________________________ Land Size_LO""3,,8"'2'-'-A"'c""r""es'--___􀁾__ Unit Price: As
Improved,_____: Unimproved $2,76 Street Concrete Curb & Gutter Utilities,--,AlCY!,.l___ Improvments None at Sale Size and Description LeveL ready for development Condition and Desirability___________
________________ Current Use,_-"U"'n!iin,..ljl""r"'o"'ve"'d'--_______ Highest and Best Use Light Industrial & Commercial Date Inspected_7!LJ...,15<L1""9,,,,"5<-._______ Zoning Comr:n.",e""rc",ia",l_-
,,-l__________ Use reverse side for other pertinent information __._______..,-___,..,;--_____ Q&tA/IM.?, Appraiser 
Fonn 200la Page 8 #3 􀁍􀁐􀁁􀁒􀁁􀁂􀁌􀁅􀁓􀁁􀁌􀁅􀁓􀁄􀁁􀁔􀁁􀁓􀁕􀁐􀁐􀁾􀀺􀁌􀀽􀁅􀀽􀁍􀁾􀀮􀁾􀁲__.___________􀁾􀀠 Sales Parties: Grantor -"C;!lh"'ai"'u-'C"'h"'in"-___________ Grantee 􀁾􀁁􀀢􀀢􀁅􀀢􀀢􀁒􀀢􀀬􀀭____
___ Dated 4114(9""5'--_______ Recorded in Volume--<9-".50"-7"'4L-_____ Page -,6""6,,,,8__ Local Address 203QJ::henault, Carrollton. TX Legal Description Abstract 923. Tract 20 Actual
Price-'<$"'53"'O""_"'50"'0""__________Verified With Pat HaggertY Conditions of Saie,--'C"'a"'sllh____________________________ RenmIDma________________________________ Land Size 4.0592
Acres Unit Price: As Improved,_____; Unimproved $3.00 Street 􀁃􀁯􀁮􀁣􀁲􀁥􀀨􀁥􀀭􀀢􀁃􀀢􀀧􀁵􀀮􀁵􀁲􀁢􀀧􀀭􀀦􀀢􀀢􀀭􀀧􀁇􀁵􀁾􀁴􀁴􀀢􀀧􀁥􀀢􀀢􀁲_________ _______ Utilities,-'-A""ll'--___ Improvrnents
None at Sale Size and Description___ Condition and Desirability___________________________ Current Use Warehouse under construciton Highest and Best Use.--'C"'o"'nun""''''er"''c'''ia''-'_______
Date Inspected--'Cl""0/""2"'2/""9"'5_______ Zoning Conunercial-l Use reverse side for other pertinent infonnation ____________________ 
'Iexas Turnpike Authonty Form 200la ADDISON AIRPORT TUNNELL REAL ESTATE APPRAISAL REPORT Parcel Number __________ Address 16051 Addison Road Address_____________Owner City ofAddison
Occupant's Name ConCQurse Plaza Whole Takino.g____ Partial Taking X Purpose ofthe Appraisal The purpose of this appraisal is to estimate the Market Value of the fee simple title encumbered
by existing easements, if any, which are compatible to highway use of the subject property as of 12/20/95. It is being made for the Texas Turnpike Authority in connection with the investigation
and defense of the claims by the owner of the property for compensation and damages, if any, arising out of the property acquisition by the Texas Turnpike Authority for right-of-way
purposes. The estimates of value concluded herein will be used for settlement of such claims through negotiation or eminent domain proceedings. Market Value may be defined as follows:
"Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged, lD sell, and is bought by one who is under no necessity
of buying it, taking into consideration all of the uses t9 which it is reasonable adaptable and for which it either is or in all reasonable probability will become available within the
reasonable future." Valuation In my opinion the compensation due as a result ofthis taking is: Owner $,________ Leasehold Interest $______ Total $ 34,260. Appraiser's Certificate I hereby
certifY that the opuuon of value herein expressed has been reached after a careful examination of all pertinent data; that my fee is in no way contingent upon the value placed on the
property; that neither I nor any employee in my service has directly or indirectly any financial or personal interest in or to the property appraised; and that should I or any employee
in my service acquire any interest in or lD the property appraised prior to the acquisition of the parcel by the Authority, I will immediately notifY the Authority of sU9h interest or
interests. 􀀰􀀴􀁾􀀱􀀱􀁴)􀁪􀁊􀀩􀁾􀀠Appraiser ' Approved by the Board of Directors Right-of-Wa 
Texas Turnpike Authority Form 200la Page 2 ATTACH ALL PERT0:ENT PICTURES Parcel No._______ Local Address 16051 Addison Road Date Taken'_....i9CLI7!.1.',"-,95L-__ Taken by Charles (Bo)
:YIiller 1. Point from which taken Keller Spring.s____.__________ Looking _"'-SO"""'lt"'h____ 2. Point from which taken_-,A",d",d",i",so",nC!.-"R",o",a",d__ Looking West 
, Texas Turnpike Authority Fonn 2001a Page 3 DATA ON WHOLE PROPERTY Legal Description Abstract 326. Addison Municipal Aimort Dimensions: feet x ______ feet = 72.348.19 sq,ft . ..,,1""',6"'6""1_____
Acres Location (Urban): Street & No. _____________ on,__________ between -,-_...,.-______________and ___________streets. (Rural): ________-__------------------,-,-:-_-:-________Land
Grant Survey _________________ Neighborhood or Area Analysis: The Neighborhood is a commercial and industrial area, having restaurant, neighborhood service, office, office showroom and
warehouse facilities. A major asset in the area is the Addison Airport, a general aviation operation. The subject is located on Airport property Highest and Best Use and Zoning ofSubject
Property: Office use COST APPROACH WHOLE PROPERTY Estimated Reproduction Cost: 42,600 $70.00. sq.ft ... $2,982,000. Main Building: 7,525 ft. @$23.00 per sq.ft ... $ 173,075. $3.155,075.
Parking Lot: $43.523.@$2. per square ft .............................. $ 87.046. Total Reproduction .. ,", ........ , .. ,"", ......... " ........... , ...............................................
.... $3,242,121. Less Accrued Depreciation: Physical Deterioration ............... ", ....... ,25% .................. " ............... $ 810,530. Functional Obsolescence Economic Obsolesscence
............... " ..... ,', .... , ....... , ............. ,", ......... $ -0Total Depreciation ............ "" ......... ,', .......... , ............... ,'" ........................................
. $ 810.530. Value Building Contributes to Whole Property ...... , ............................... , .................................. $2.431.591 Garages: ft. @$ per ft .............................
............... , .......... $___ Less Depreciation ., ............................................................................................... $ $,___ Other (Detail) ................
, ..... , ............ , .............................. , ............. , ........................... $.__ Less Depreciation , ..,." ....................... , ........................................
. ,., ....................... $ $,___ Depreciated Value: Landscaping $,____􀁾􀀬􀀠Fencing $,___􀁾􀀠Walks $ ,Drives ...................................... " .....................................
$2.431,591. Value Improvements Contribute to Whole Property ............................................................ ,:£$____ LAND ................ 72,348.19 per $5.00 per square
fOOL ........................................... $ 361,741. ESTIMATED VALUE BY COST APPROACH .................................................................... $2,793.332, Comment
on Depreciation Factors 
Texas Turnpike Authority Form 2001a Page 4 MARKET DATA APPROACH WHOLE PROPERTY (Land Comparables) Purchase Price of Subject Property $----------------Date,_________ Improvements Since
Purchase and Estimated Cost: Lease Terms or Rental Agreement: Sales and Information of Comparable Properties SALE NO. SALE DATE GRANTOR-GRANTEE , SALE CONFIRMED WITH ADDRESS & LOCATION
IN RELATION TO SUBJECT ACTUAL SALE PRICE CONDITIONS OF SALE ESTIMATED UNIT PRICE LEASE OR RENTAL DATA CURRENT USAGE HIGHEST & BEST USE SIZE 10/31/94 Hope Invt. Ltd. Addison. Ltd. Kent
HOlle 4901 Airport Pkwy, 344.47' E Addison Rd 1 Blk South $742,000. Cash $3.10 Federal Express Distribution Facility Commercial 5.4963 A£res Some fill PHYSICAL FEATURES required IMPROVEMENTS
None at sale 2 7/19/95 USA Metroport Realty Corn. Georlle Roddy Extension of Frank Luke $135.000. Cash $4.08 Unimllroved Commercial Hanger 33.105 sq.ft. Level adj. to hanger None at
sale 3 1012/95 Hope Inv. Ltd., State Farm Mutual Auto Insurance Kent Hope N/EIC Addison Rd @Airport Pkwy, I Blk South $600,000. Cash $5.60 UnimprOVed Commercial 2.5 Acres Fill and drainage
t .." reg. by Seller None at sale Correlation of Comparable Sales To Subject Property: Use Additional Pages IfNecessary Estimated Land Value ofMarket Data Approach $,.."2"",7,,.7.""79""8,,,,.___

Texas Turnpike Authority Fonn 200 la Page 5 INCOME APPROACH WHOLE PROPERTY JUSTIFICATION OF RATE AND METHOD OF CAPITALIZATION: 􀁟􀁾_______ Estimated remaining economic life ofirnprovements
_______----------40,515 sf@12.50fsf, plus hanger income $15,600 and other income $10,000. Stabilized Gross Income: hanger & other income,......$532.037, Vacancy 10 % .................................
........... 53.203. Effective Gross Income.,.................... , ...... , ..., ....... , ...................... , .." ...................................... $478,834. Taxes: City ..........
, .. ,"', ....... ,', ..................................., ........ $___ State & County............'................l995 ................... $ 28,600. Miscellaneous (School, etc.) .................................... $___ Insurance: Fire &
Extended Coverage ...................................... $ 9.000. Miscellaneous.........................................................$_:--:-::Annual Deferred Maintenance ..........................
.......... $ 47.500. Management 4 %.x ...................................$ 19,153, Operating Expenses ..............􀁾􀀠...................................$ 169.500. Other Expenses Tenant
Improvements & Comm........$ 46,000. Total Expenses before Depreciation ........................................................................................$ 319,753. Net Income
to Property ........................................................................................................... $ 159.081. Less Income Attributable to (Land) $361.741.@,...!.1"-0_%
...................... $ 36.174. Income Attributable to (Improvements) ......... , ........................................................................ $ 122.907. Income Capitalized
@...;I""O__% ......................................................................................... $1.229.070. (Land) (Improvements) ..............................................................
...........................................$ 361,741. ESTIMATED VALUE BY CAPITALIZATION APPROACH ..............................................$1.590,811. (Say) $1,591,000. ADDmONAL
APPRAISAL INFORMATION 
Texas Turnpike Authority Fonn 2001a Page 6 FINAL ESTIMATE OF VALUE OFV(HOLEPROPERTY Correlaton ofApproaches to Value SeePage6A Estimated Value ofWhole Property Owner Leasehold "'_____
.......................................................$,____ 
Page6A The City ofAddison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport ofTexas, Inc. operates, manages, and subleases the airport property. Unless
renewed, this agreement tenninates on December 31, 2000. Several ground leases extend beyond that date. This property is under a ground lease with an original term offorty years, as
of November 1, 1995. Twenty eight (28) years, eleven (11) months remain on the lease. For purposes ofthis report, it is assumed that the property is owned and operated by the fee owner.
The fair market value estimated herein does not attempt to detennine the value of the leased fee, the sublease position (sandwich position) ofthe airport management or the leasehold
estate created by the lease for the tenant currently in possession ofthe property. There are three approaches to value that may be utilized to estimate fair market value of the subject
-Market, Income & Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units of comparison derived from sales of similar properties
in the marketplace. Those units ofcomparison are then applied to the subject property to arrive at a range ofvalues which should be indicative ofthe market estimate ofvalue for the subject
property. The Inc?me Approach to Value is based upon an analysis ofthe income stream ofthe property and comparison ofthat income stream with income streams ofsimilar properties. This
calculation and analysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed in the
marketplace by investors for similar properties. The resulting figure is an income estimate ofvalue. The Cost Approach to Value embraces the philosophy that the reproduction costs or
the principal ofsubstitution for a property should limit the upper side ofvalue. In this approach to value the appraiser calculates the market value of the site, the reproduction cost
ofthe improvements less any applicable depreciation, then combines these two items to arrive at a cost estimate of value. The market approach has been used to estimate the value ofthe
land. Sale #3 is deemed most comparable to the subject. It is close in physical proximity and the sale occurred recently. Both properties are comers. The comparable is adjusted downward
slightly because ofthe drainage expenditure to be made by the seller. This expenditure ofapproximately $.25 per square foot is applied to the entire 15.8 acres ofwhich the 2.5 acres
was originally a part. Also, the NiE/C of Addison and Airport Parkway is the main entrance to the Addison Airport, thereby making this comer slightly superior to the subject. After considering
the comparables, a value of$5.00 per square foot is assigned to the subject as the fair market value ofthe land before the taking, for the land taken and for the land value after the
taking. At $5.00 per square foot, the fair market value ofthe land is $361,741. When $5.00 per square foot is mUltiplied times 4,752 square feet, fair market value ofthe land taken for
right ofway equals $23,760. 
In addition to the easement, paving and landscaping are located within the part taken. These improvements contribute $F ")0. to the value of the property. The income approach is the
most reliable indicator ofvalue of the subject. The cost approach usually indicates an upper limit ofvalue when the improvements are new and constitute the highest and best use ofthe
property. The income stream generated by the property can be compared to income from other investments available in the market with similar and varied degrees of risk and durability.
Direct capitalization -Building Residual technique is used to estimate the value ofthe property under the income approach. The land value has been established at $361,741. from comparable
sales. 10.5% is selected as adequate return on the value ofthe land or $36,174. When this income is subtracted from net income to property, $122,907.ofincome is attributed to the improvements.
Capitalizing this income at 10%, gives value attributed to the improvements of $1,229,070. The sum ofthe value ofland and value ofthe improvements equals the estimated value ofthe whole
property of$I,590,811. say $1,591,000. Since the income approach is the most accurate estimate ofthe fair market value, therefore $1,591,000. is the fair market value ofthe subject before
the taking. The value ofthe remainder before the taking is $1,556,551. ($1,590,881. less $34,260.) After the taking, with the exception ofpaving and landscaping taken, the improvements
are in tact. These improve,ments will generate income on a prorata basis equivalent to income generated before the taking. Therefore, the value ofthe remainder after the taking is unchanged
and is equal to $1,556,551. Total just compensation is summarized as follows: Improvement Taken $10,500. rught ofWay Taken 23,760. Total Just Compensation $34,260. 
Texas Turnpike Auth,,":..., Fonn 200la Page 7 􀁄􀁁􀁔􀁁􀁏􀁎􀁐􀁁􀁒􀁾􀁔􀁾􀁇􀀠Legal Description Part Taken ________________________ Dimensions )( = 4.752 Sq.Ft._-'-'.1,,09;LIL-_______Acres
WHOLE PROPER1Y: The market value of the whole property is ................. $1,590.811. PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being
taken for highway purposes, considered as a severed tract is: ........................................................................................ $34,260. (I) REMAINING PROPER1Y:
The market value ofthe rerniander inunediately before the taking is:.............................. , ............................... $1,556,551. (2) . Considering the use to which the
part taken is to be subjected to, the market value ofthe remainder inunediately after the taking is: ................................... $1,556.551. (3) NET DAMAGES, ifany ...........................
................................................... , .................... $_-"'-0""-__ SIGN ADJUSTMENT COSTS, ifany .... , ..........................................................................
$,_-'-0"--__ TOTAL COMPENSATION ........ " ................................. , ................... " ........... , ..$34,260. APPRAISALS OF PART TAKEN AND REMAINDER Highest and Best
Use of Part Taken _______________________ RemarnderBeforeTalcing ____________________ Remainder after taking considering the use to which the part taken is to be subjected___________________
Contributory Value of Improvements Part Taken Remainder Before Talcing Remainder After Talcing Paving-4,OOO sf@$2.50 Landscaping $ 10.000, 500. TOTAL IMPROVEMENTS $ 10,500. $1.218.570.
$1.218,570. RIGHr OF WAY 4,752 S.F. @$5, 23.760. $ 337,981. $ 337,981. TOTAL AS A UNIT $34,260. (l) $ 1,556,551. (2) $1,556,551. (3) Explain difference, ifany, between Remainder Before
and After Talcing (If extra space needed, use attachment.) 
Texas T umpike Authority Form 200 I a Page 8 #1 COMPARABLE SALES DATA SUPPLEMENT 􀀮􀀭􀀭􀀭􀀭􀀭􀀭􀁾􀀠􀁉􀁾__.. Grantee Addison Ltd.Sales Parties: Grantor 􀁦􀁵􀁾􀁬􀀡􀁬􀀺􀁾􀀱􀁬􀁉􀀡􀁾􀁊􀁤􀁾______
Dated__l..,0"-1,,,3'-'1/."-9"'4_______ Recorded in Volume-'9"'4"'2.!'10"--_____ Local Address 4901 Airport Parkwa\' Legal Description Abst. 482. Tract 30. Addison. TX Actual 􀁐􀁲􀁩􀁣􀁥􀀭􀀢􀀤􀀡􀀮􀀮􀀡�
�􀀷􀀺􀀺􀀡􀀮􀀴􀀢􀀢􀀲􀀮􀀢􀀬􀀰􀀬􀀬􀀬􀀰􀀬􀀬􀀬􀀰􀁾􀀮________Verified 􀁗􀁩􀁴􀁨􀀭􀀢􀁋􀀢􀁥􀀬􀀭􀀬􀁮􀁴􀀬􀀭􀀬􀁈􀁾􀁯􀁰􀀢􀀬􀁥􀀼􀀭__________ Conditions of 􀀧􀀧􀀧􀀧􀀧􀀮􀁾􀀮􀀮􀀮􀀡􀀧􀀧􀀭􀀧􀀡􀁬􀀡􀀡􀀮􀁌________________
_____________ Rentaluale______________________.................. __________ Land Size 5.4963 Acres Unit Price: As Improved_____; Unimproved . ..!J$2.,;3",.1,-,01--__ Street__-'C"'u...r.>t.b..>&"->G"'
u"tt"'e"'r________________ Utilities__-----Improvments_NQne..l'!Uill",... ____________________________ 􀁓􀁾􀁥􀁡􀁮􀁤􀁄􀁥􀁬􀀻􀁣􀁲􀁩􀁰􀁴􀁫􀀩􀁮____________________________ Minor dirt work
to aid drainage from balance of the tract of which Condition and 􀁄􀁥􀁳􀁩􀁲􀁡􀁢􀁩􀁬􀁩􀁴􀁹􀁟􀁴􀀢􀀭􀁨􀀢􀀧􀁩􀁳􀀧􀀭􀀢􀀧􀁩􀁳􀀧􀀭􀀧􀁡􀁕􀀢􀁰􀁡􀀢􀀧􀁲􀁴􀀢􀀮􀁾_______________________ Current Use
Fed Ex Distribution Facilitv Highest and Best u",______________ Date Inspected 7115/95 􀁚􀁯􀁮􀁩􀁮􀀱􀀤􀀮􀁧􀁾􀁃􀀢􀀢􀁯􀁭􀀬􀀡􀁩􀁬􀁬􀀡􀁭􀀧􀁟􀀧􀁥􀁾􀁲􀀢􀀧􀁣􀀡􀀡􀀡􀁩􀁡􀀡􀀡􀀮􀀺􀁉􀀭􀁃􀀡􀀱__________
Use reverse side for other pertinent information __________________ : ,". Appraiser 
Texas Turnpike Authority Form 200 I a Page 8 112 COMPARABLE SALES DATA SUPPLEMENT Sales Parties: Grantor United States of America Grantee Metroport Realtv Corp, Dated 7/19/95 Recorded
in Volume--"9"'5...1L39"-______ Page -""''''-'L__ Local Address Extension of Frank Luke Legal Description A-792 Part of Addison Airport Actual Price--"$...13".,S"",O",0,,,0,,-,________Verified
With George Roddy Conditions of Sale-'C"'n"'sh"-___________________________ 􀁒􀁥􀁭􀁡􀁬􀁾􀁾􀀮􀁾_________________________________ Land Size 33.105 sguare feet Unit Price: As Improyed_____;
Unimproved $4,08 Street Adjacent to airport taxi ways ___________ Utilities_____ improvments None at S.!!,l,"'e___________________________ Size and Description _____________________________
Condition and Desirability ___________________________ Current Use Unimproved Highest and Best Use Commercial -Hanl!er Date 􀁉􀁮􀁳􀁰􀁥􀁣􀁴􀁥􀁤􀁾􀁉􀀧􀁟􀀧􀁏􀀢􀁟􀁉􀁉􀀢􀀧􀀵􀀢􀁟􀀡􀀹􀀢􀀧􀀵􀀧􀁟_______
Zonin"'g_______________ Use reverse side for other pertinent information, _______________..,.-____ -• -:;? 'I ' Appraiser 
Texas Turnpike Authority Form 200Ia Page 8 #3 COMPARABLE SALES DATA SUPPLEMENT _..._------:-== Sales Parties: Grantor 􀁟􀁈􀀮􀀮􀀢􀀬􀁯􀀢􀀬􀁰􀁥􀀢􀀭􀀡􀀮􀀡􀁉􀁮􀀢􀀭􀀬􀁶􀀢􀀬􀁥􀁭􀀡􀁊􀁊􀁓􀀮􀁳􀁴􀀡􀁾􀁭􀀡􀀮􀀡􀀡�
�􀀬􀀢􀁮􀀢􀀬􀁴􀁳􀁌􀀭_________ State Farm Mutual Grantee Automobile Invst. Co. Dated 1012/95 Recorded in 􀁖􀁯􀁬􀁵􀁭􀁥􀀧􀀭􀀲􀀹􀀺􀁤􀀮􀀵􀁾􀀱􀀹􀀺􀀺􀀮􀁊􀀱􀁌􀀭_____ Page 7045 Local Address NEC
Addison Road & Airnort Parkway Legal Description Abstract 482, Addison, Texas Actual Price $600,000, Verified 􀁗􀁩􀁴􀁨􀀭􀀢􀁋􀀢􀀬􀁥􀀢􀀬􀁮􀁴􀀡􀁣􀀡􀁈􀁛􀀡􀀡􀁯􀁾􀁰􀀢􀀬􀁥􀀬􀀭􀀭____􀁾_____
Conditions of Sale-"C<l<a"'sh"-___________________________ Rental Date_________________________________ Land Size 2.4592 Acres Unit Price: As Improved_____,; Unimproved $5,60 _________________
􀁕􀁬􀁩􀁬􀁩􀁴􀁩􀁥􀁳􀀭􀁌􀁁􀀱􀀬􀀢􀁉􀁾___Street Curb & Gutter Improvments No"'ne"""at"'S"'aI=c___________________________ Size and Description Seller will provide drainage expenditure estimated
of $,25 per square foot Condition and Desirability for entire 15,8 acres_ acres_ of which this propertv was a part. Current Use Umproved Highest and Best Use,-,C"o",mrn""""e",r",ci",aLi_______
Date Inspected......I"'2!"'2"'9f..,!9"S'-_______ Zoning Commercial ___________ .' Use reverse side for other pertinent information __._______..__.________ 
Texas Turnpike Authority Fonn200la ADDISON AIRPORT TUNNELL REAL ESTATE APPRAISAL REPORT Parcel Number __________ Address 16101-16111 Addison Road Owner City of Addison William R. White
& Occupant's Name Ultimate Sports Grill Address _____________ Whole Taking, ____ Partial Taking X Purpose oftlle Appraisal The purpose of this appraisal is to estimate the Market Value
of the fee simple title encumbered by existing easements, if any, which are compatible to highway use of the subject. property as of 12120/95. It is being made fur the Texas Turnpike
Authority in connection with the investigation and defense of the claims by the owner of the property . fur compensation and damages, if any, arising out of the property acquisition
by the Texas Turnpike Authority for right-of-way purposes. The estimates of value concluded herein will be used for settlement of such claims through negotiation or eminent domain proceedings.
Market Value may be defined as follows: "Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged, to sell, and is
bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is reasonable adaptable and for which it either is or in all reasonable probabil,ity
will become available within the reasonable future," Valuation In my opinion the compensation due as a result ofthis taking is: Owner $________ Leasehold Interest $_______ Total $ 12.320.
Appraiser's Certificate I hereby certifY that the oplluon of value herein expressed has been reached after a careful examination of all pertinent data; that my fee is in no way contingent
upon the value placed on the property; that neither I nor any employee in my service has directly or indirectly any financial or personal interest in or to the property appraised; and
that should I or any employee in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the Authority, I will immediately notifY the
Authority of such interest or interests. Appraiser Approved by the Board of Directors Right-of-Way 
Texas T umpike Authorit, Form 200 la Page 2 AITACH ALL PERTINENT PICTURES Parcel No, _________,___ Locnl Address 16101 ADDISON ROAD Date Taken 9/7/95 Taken by 􀁟􀀢􀀻􀁃􀀡􀁅􀁈􀀢􀀬􀁁􀀬􀀻􀀺􀀻􀁒􀀢􀀬􀁌􀁅􀀢
􀀢􀁓􀀢􀀭􀀮􀀮􀀡􀀨􀀮􀀮􀁦􀁂􀁾􀁏􀁌􀀩􀀮􀁊􀁍􀁾􀁉􀁏􀀮􀀡􀁌􀀢􀀬􀁌􀀬􀀬􀀬􀁅􀁾􀁒􀁟􀀬______ L Point from which taken __ ADDISON, AT KELLER SPRINGS Looking __"'I;"'ES"'T'-___ , .,... ", 􀀬􀀭􀀭􀀬􀁾􀀠2,
Point from which taken ___-"AD"""D"'I"'-SO"'-N""""R"O""AD'=='-_______ Looking__.:.WE=S;T____ 
Texas Turnpike Authority Form 2001a Page 3 DATA ON WHOLE PROPERTY Legal Description Addison Municipal Aimort, Abstract 326 Dimensions: 151.54 x 330.33 x 185.85 x 298.76 feet -55.559.6
sq.ft. 1.2755 Acres Location (Urban): Street & No. 16111 Addison Road on Northwest corner between Keller Springs and Addison streets. (Rural): _____::---:-:::---::-________________ 􀁾􀁾􀁾􀁾􀁾􀁾􀀭􀀭􀁾
􀁾􀁾􀁾􀁌􀁡􀁮􀁤􀁇􀁲􀁡􀁮􀁴􀁓􀁵􀁾􀁥􀁹􀀭􀀭􀀭􀀭􀁾􀁾􀁾􀁾􀁾􀁾􀁾􀀭􀀭􀁾􀁾􀀭􀀭􀀭􀀭􀀭􀀭􀁾Neighborhood or Area Analysis: The Neighborhood is a commercial and industrial area, having restaurant,
neighborhood 􀁳􀁾􀁩􀁣􀁥􀀬􀀠office, office showroom and warehouse facilities. A major asset in the area is the Addison Airport, a general aviation operation. The subject is located on
Airport property. Highest and Best Use and Zoning ofSubject Property: Retail and Commercial use. COST APPROACH WHOLE PROPERTY Estimated Reproduction Cost: Main Building: 13,400 ft. @$37.57
per square fOOl........... $503,500. Parking Lot: $38,600. per $2.50 ft .",...... """".... , ...,...".$ 96,500. Total Reproduction. ".""..... " ........ "".. " ...... "".. "."".......""...
"""""... " ... """.... "" $600,000. Less Accrued Depreciation: Physical Deterioration .............. " .... """ 15%""" .... """"...."""""""". $ 90,000. Functional Obsolescence """""""......
" .......... ""....... " .............. " ... " ..$ -0Economic Obsolesscence """.............................................................. $ -0Total Depreciation .................................
.................................................................. $ 90,000. Value Building Contributes to Whole Property .......................... " ..............................................
$51 0,000. Garages: ft.@$perft".,...""......... " ... " .......... " ........ """,,$, ____ Less Depreciation """....... " .......... " .... "".."."........ " ... " ............. " ......
" ................. $ $____ Other (Detail) ... ".",."...""......... " .. "".................................""".....................""........$__ ""................................."""...............
......""........$__ Less Depreciation "".................. " ....................... " ................................. " ........ "",,$ $______ Depreciated Value: Landscaping $ 1,500.
, Fencing $ _______, Walks $ • Drives $ """"""..""................""""... " ... " ..""""""..... " ..... $ 1.500. Value Improvements Contribute to Whole Property " ......................
""....."".......... " ... " .... ,,$511.500. LAND .. "."""..... 55559.6 per $5.00 per square foot ... " .......... " .... " ........ " .." ... " .... $277,798. ESTIMATED VALUE BY COST
APPROACH .." ..... ".""............ " ............... ""."......""... " ..$789.298. Comment on Depreciation Factors 
Texas Turnpike Authority Fonn200la Page4 MARKET DATA APPROACH WHOLE PROPERTY (Land Comparables) Purchase Price of SUbject Property $.---------------Date'---________ Improvements Since
Purchase and Estimated Cost: Lease Terms or Rental Agreement: Sales and Infurmation ofComparable Properties SALE NO. 2 3 SALE DATE 1013I/94 7/19195 1012195 Hope Invt. Ltd. USA Metroport
Hope Inv. Ltd., State GRANTOR-GRANTEE Addison, Ltd. Realt!: Com. Farm Mutual Auto Insurance SALE CONFIRMED WITH Kent HOlle George Roddy KentHQlle 490 I Airport Pkwy, NIEIC Addison Rd
ADDRESS & LOCATION 344.47' E Addison Rd Extension of @Airport Pkwy, IN RELATION TO SUBJECT I Blk South Frank Luke 1 Blk South ACTUAL SALE PRICE $742,000. $135,000. $600,000, CONDmONS
OF SALE Cash Cash Cash ESTIMATED UNIT PRICE $3.10 $4.08 $5,60 LEASE OR RENTAL DATA Federal Express CURRENT USAGE Distribution Facility Unimproved UnimprOVed HIGHEST & BEST USE Commercial
Commercial Hanger Commercial SIZE 5.4963 Acres 33.105 S9.ft, 2.5 Acres Some fill Level adj, to Fill Fill and drainage PHYSICAL FEATURES required hanger reg. by Seller IMPROVEMENTS None
at sale None at sale None at sale Correlation of Comparable Sales To Subject Property: Use Additional Pages IfNecessary Estimated Land Value ofMarket Data Approach 􀀤􀀮􀁾􀀲􀀺􀀮􀀺􀀮􀀮􀀷􀀷􀀢􀀢􀀬􀀭􀀬􀀭�
�􀀷􀀹􀀬􀀭􀀬􀀬􀀸􀀢􀀭􀀮_____ 
Texas Turnpike Authority Fonn 200la Page 5 INCOME APPROACH WHOLE PROPERlY JUSTIFICATION OF RATE AND METHOD OF CAPITALIZATION: Subject is under a 40 yr. ground lease, with 28 yr" 4 mo,
remaining as of I 111/95, 12% cap rate is used to capitalize income from improvrnents and 10,5% is selected to capitalize ground rent and rcsidual 􀁧􀁲􀁯􀀢􀀭􀀬􀁬􀁬􀀡􀀮􀀡􀀱􀁮􀀢􀀬􀁤􀀭􀀬􀁶􀀢􀀬􀀭􀁡􀁬􀀢􀀬
􀁬􀁉􀀬􀀬􀀬􀁥􀀬􀁾______ Estimated remaining economic life ofimprovclllcnts 28 \'oar5 ...._______________ Stabilized Gross Income ...... """""...... ,, ....................$ll3.600. Vacancy
5 % ... "".................... " ............... _5.680, Effective Gross Income ............................... , ......... ".".. 107,920,.. "."..... , ...... " .......................
, ... $l I I.OR6. Taxes: 1I30ftaxespdbyTcnant 3,166, City ................ ",......................................... ", .... , .... $___ State & County .................. ""........................
.. " .. ,,'$ 9.500, Miscellaneous (School, etc.) ......... ", .................. , ..... $,___ Insurance: Fire & Extended Coverage ...................................... $ ? .500. l"lisccJlaneous"
.............. ,', ............... ,"', ..... , ....... " ... $_-:-:-:-::Annual Deferred MaintclIanee .................................... $ 5.400. lVfanagement 3 %.x $107,920 ...................
$ 3.238. Operating Expenses ,,, ................. ,, .................... , ....... $___ Olhcr Expenses .... " ........................ $ ___ Total Expenses before Depreciation .....................
" ..... ,""............ , ......... , ...... , ........... ,", .... ," ..$ 20,638. ====== Net Income to Property ............................... " .......... , ......... ,"""..........
, .. , .......................... ,", ... $ 90.448. Less Income Attributable to (Land) ............................ $277.798. @10.5 %".................$ 29.169. Income Attributable to
(Improvements) ................ """............."".. " .. " .............. " ..... ""....... ,,.$ 􀀶􀀱􀀮􀀲􀀢􀀬􀀷􀀭􀀬􀀬􀀭􀀹􀁾􀀬_ Income Capitalized@u1",2 __%,___, Interest___% for Recapture
of Capital).,,$) I 0.658. (Land) (Improvements) "., .... 55559,6 @$5,,, .............. ,""""',....................,, ..........................$277,798. 􀁾􀀭􀀽􀀽􀀽􀀠ESTIMATED VALUE BY
CAPITALIZATION APPROACH .............................................. $788.456. (Say) $7SS.500. 􀀽􀀽􀀽􀀽􀀽􀁾􀀮􀀭ADDITIONAL APPRAISAL INFORMATION 
Texas Turnpike Authority Foun 2001a Page 6 FINAL ESTIMATE OF VALUE OF WHOLE PROPERTY Correlaton ofApproaches to Value See Page 6A Estimated Value ofWhole Property Owner $ Leasehold $_____
....................................................... $ ____ 
Page6A The City ofAddison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport ofTexas, Inc. operates, manages, and subleases the airport property. Unless
renewed, this agreement terminates on December 31,2000. Severa! ground leases extend beyond that date. This property is under a ground lease with an original term offorty years. As of
November 1, 1995, twenty eight (28) years, four (4) months remain on the lease. For purposes ofthis report, it is assumed that the property is owned and operated by the fee owner. The
fair market value estimated herein does not attempt to determine the value ofthe leased fee, the sublease position (sandwich position) ofthe airport management or the leasehold estate
created by the lease for the tenant currently in possession ofthe property. There are three approaches to value that may be utilized to estimate fair market value ofthe subject -Market,
Income & Reproduction or Replacement Cost. The Market Approach to ;yalue is a basis for estimating value based upon units of comparison derived from sales ofsimilar properties in the
marketplace. Those units of comparison are then applied to the subject property to arrive at a range ofvalues which should be indicative ofthe market estimate ofvalue for the subject
property. The Income Approach to Value is based upon an analysis ofthe income stream of the property and comparison ofthat income stream with income streams of similar properties. This
calculation and ana'lysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed in
the marketplace by investors for similar properties. The resulting figure is an income estimate ofvalue. The Cost Approach to Value embraces the philosophy that the reproduction costs
or the principal ofsubstitution for a property should limit the upper side ofvalue. In this approach to value the . appraiser calculates the market value ofthe site, the reproduction
cost ofthe improvements less any applicable depreciation, then combines these two items to arrive at a cost estimate ofvalue. The market approach has been used to estimate the value
ofthe land. Sale #3 is deemed most comparable to the subject. It is close in physical proximity and the sale . occurred recently. Both properties are corners. The comparable is adjusted
downward slightly because ofthe drainage expenditure to be made by the seller. This expenditure ofapproximately $.25 per square foot is applied to the entire 15.8 acres ofwhich the 2.5
acres was originally a part also, the NIEfC of Addison and Airport Parkway is the main entrance to the Addison Airport, thereby making this corner slightly superior to the subject. After
considering the comparables, a value of$5.00 per square foot is assigned to the subject as the fair market value ofthe land before the taking, for the land taken and for the land value
after the taking. At $5.00 per square foot the fair market value ofthe land is $277,798, When $5.00 per square foot is multiplied times 1,489 square feet, fair market value ofthe land
taken for right of way equals $7,445. 
In addition to the easement, pwing and landscaping are located within the part taken. These improvements contribute $4, 5. to the value ofthe property. The income approach is the most
reliable indicator of value of the subject. The cost approach usually indicates an upper limit ofvalue when the improvements are new and constitute the highest and best use ofthe property.
The income stream generated by the property can be compared to income from other investments available in the market with similar and varied degrees of risk and durability. Direct capitalization
-Building Residual technique is used to estimate the value ofthe property under the income approach. The land value has been established at $277,798. from comparable sales. 10.5% is
selected as adequate return on the value ofthe land or $29,169. When this income is subtracted from net income to property, $61,279. ofincome is attributed to the improvements. Capitalizing
this income at 12%, gives value attributed to the improvements of $510,658. The sum ofthe value ofland and value ofthe improvements equals the estimated value ofthe whole property of$788,456.,
say $789,500. Since the income approach is the most accurate estimate ofthe fair market value, therefore $788,500. is the fair market value of the subject before the taking. The value
of the remainder before the taking is $776,136. ($788,456. less $12,320.) After the taking, with the exception ofpaving and landscaping taken the improvements are in tact. These improvements
will generate income on a prorata basis equivalent to income generated before the taking. Therefore, the value ofthe remainder after the taking is unchanged and is equal to $776,13'6.
Total just compensation is summarized as follows: Improvement Taken $ 4,875. Right ofWay Taken 7,445. Total Just Compensation $12,320. 
Texas Turnpike Authority Fonn 200la Page 7 DATA ON PARTIAL TAKING Legal Description Part Taken ________________________ Dimensions x = 1.489 Sq.Ft. Acres WHOLE PROPERTY: The market value
ofthe whole property is .................$-"78"'8"'.4""5"'6"-.___ PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being taken for highway
purposes, considered as a severed tract is: ........................................................................................ $12.320. (I) REMAINING PROPERTY: The market value
ofthe remiander immediately before the taking is:.............................................................. $ 776.136. (2) Considering the use to which the part taken is to be subjected
to, the market value ofthe remainder immediately after the taking is:................................... $ 716.136. (3) NET DAMAGES, ifany ............................................................
....................................... $_....:-0"--__ SIGN ADJUSTMENT COSTS, if any...............................................................................$-:-::-c:=:-0':C--TOTAL
COMPENSATION............................................................................... $12,320. APPRAISALS OF PART TAKEN AND REMAINDER Highest and Best Use of Part Taken Commercial
Remainder Before Taking 􀀮􀀮􀀮􀀮􀀺􀁃􀁾􀁯􀀺􀀢􀀧􀁭􀁭􀁾􀁥􀀢􀀢􀁲􀀻􀀢􀁣􀁩..al'---:--:-c:-:--:;-_-:-________ Remainder after taking considering the use to which the part taken is to be subjected-"'C""omm""
""'''''er'''c''''iau..l_______________ Contributory Remainder Remainder Value of Part Taken Before After Improvements Taking Taking Paving-I,350 sf@$2.50 Landscaping 1.500. TOTAL IMPROVEMENTS
4,875. $505,783. $505.783. RIGHT OF WAY -1,489 7,445. 􀁾􀀲􀀷􀀰􀀬􀀳􀀵􀀳􀀮􀀠􀁾􀀲􀀷􀀰􀀬􀀳􀀵􀀳􀀮􀀠::..S.F.@$5. :.-. TOTAL AS A UNIT $12,320. (1) $776,136. (2) $776,136. (3) Explain difference, if any, between Remainder Before and After Taking (If extra space needed, use attachment.)

Texas Turnpike Authority Fonn 2001 a Page 8 #1 COMPARABLE SALES DATA SUPPLEMENT ----".,--:-::-:-; Sales Parties: Grantor Hope Investment Ltd" Grantee tlfll!l!'lQ!l.!,,!lL_______ Dated_-'1"'01'-'!31"-
/9"'4'---______ Recorded in vOluITlej1.:U.!Q______ Page 3570 Local Address 4901 Airport Parkwav ________________________ Legal Description Abst. 482" Tract 30. Addisoll. TX Actual Price---"$cc7,,,4􀀲
􀀢􀀧􀀮􀀢􀀧􀁏􀀢􀀭􀁏􀁏􀀢􀀧􀀢􀁾________Verified Conditions of """'..!dS"'-_____________________________ 􀁒􀁥􀁮􀁾􀁬􀁵􀁾􀁾_________________________________ Land Size 5.4963 Acres Unit Price:
As lmlproverj______;" 􀁕􀁮􀁩􀁭􀁰􀁲􀁯􀁶􀁣􀁤􀀬􀀭􀀬􀀤􀁾􀀳􀀬􀀬􀀢􀀢􀀱􀀡􀀮􀁬􀀰􀀬􀀭􀀭__ Street__-'C""u"'r"b'-!&"'-'G"'u"'tt"'e"'r_________________ Utilities________ Improvrnents None at sale
Size and Description__----::-;:-_-;:__-;-_-:-:-;--;-_-;:_-:--:-_---:=___-;:--;-:--;-____ Minor dirt work to aid drainage from balance of the tract of which , " Condition and Desirability_t",h",is,-",
isua"olLa",rt",,-._______________________ Current Use Fed Ex Distribution Facilitv Highest and Best Date Inspected 7 /15/95 􀁚􀁯􀁮􀁩􀁮􀁧􀀭􀀭􀀬􀁃􀀢􀀢􀁯􀀢􀀬􀁭􀀢􀀬􀁭􀀽􀁥􀁲􀀬􀀭􀀬􀁣􀀢􀀬􀁩􀁡􀀬􀀬􀀢􀁉􀀭􀀭􀀬�
�􀁾_________ Use reverse side for other pertinent infonnation" _______---::--___,-___-:;-;f-Appraiser 
Texas Turnpike Authority Form 2001a Page 8 #2 COMPARABLE SALES DATA SUPPLEMENT Sales Parties: Grantor United States of America Grantee Metroport Realtv Corp. Dated 7/19/9S Recorded in
􀁖􀁯􀁬􀁵􀁭􀁥􀀮􀁾􀀹􀀢􀀬􀁓􀀬􀀭􀀬􀀱􀀮􀀽􀀮􀀳􀀭􀀬􀀬􀀭􀀹_______ Page 3650 Local Address Extension of Frank Luke Legal Description A-792 Part of Addison Airport Actual Price---,>$,-,1.=.3.=.S.".0,.,0",0,,-.
_________Verified Wilh George Roddv Conditions of Sale--'C"'a"'s"'h'--_____________________________ Rental Date __________________________________ Land Size 33.10S square feet Unit Price:
As Improved______: Unimproved $4.08 Street Adjacent to airpon taxi wavs Utilities._____ Improvments None at Sale Size and Description _______________________________ Condition and Desirability
_____________________________ Current Use Unimproved Highest and Best Use Commercial -Hanger Date Inspected,_-"10"'/....I""S/'-'9'-"S'--_______ Zoning,________________ Use reverse side
for other pertinent information _____-:-______-.________ Q'LVk􀁾􀀱􀀱􀀠􀁾􀀠􀀠//&i{. Appraiser 
Texas Turnpike Authority F onn 200 La Page 8 #3 COMPARABLE SALES DATA SUPPLEMENT State Fann Mutual Grantee Alltomobile Invsl. Co.Sales Parties: Grantor ...wH"'o"'pc"'-llIn"'v"'em"-">stwm""ciJjn"'ts'-
________ Dated 10/2/95 ___ Recorded in 􀁖􀁯􀁬􀁵􀁭􀁥􀀮􀁾􀀹􀀢􀀬􀀵􀁃􀀡􀀮􀁬􀁌􀀹􀀬􀀬􀀢􀀬􀀱______ Page 7045 Local Address NEC Addison Road & Aimort Parl,-wav Legal Description Abstract 4.82.
Addison. Texas Actual PriceJIi·"'OO"'.-"-OO"'O"'-.________Verified With'-"'K"e...􀁮􀁴􀀧􀀭􀀧􀁈􀁾􀁯􀁰􀀢􀀧􀁥􀀧􀁟􀁟__________ Conditions of Sale-'C"'a"'sh"-___________________________ 􀁒􀁥􀁮􀁴􀁡􀁬􀁾􀁾􀀮�
�__________________________________________ Land Size 2.4592.""A"'cr"'es"-___ Unit Price: As Improved__.. ___; Unimproved $5.60 Street Curb & Gutter 􀁕􀁴􀁩􀀱􀁩􀁴􀁩􀁥􀁳􀁾􀁁􀁬􀀬􀀢􀁌􀀬􀀭􀀭____
Improvments None at S"'a"'leL-______.________________________ Size and Description__-,-_____---___-----.______________ Seller will provide drainage expenditure estimated of$.25 per square
foot Condition and Desirability for entire 15.8 􀁡􀁣􀁲􀁥􀁾􀀬􀀠􀀠of which this property was a part. Current Use U"'m,.p"'ro"'v"'ed"'-________ Highest and Best 􀁕􀁳􀁥􀁾􀁃􀀢􀀧􀁯􀁬􀀡􀀡􀁭􀁊􀀡􀁭􀀡􀀡􀀡􀁥􀀼�
�􀀡􀁲􀀮􀁬􀁩􀀮􀁣􀁩􀀡􀁦􀀡􀁡􀀧􀁟􀁬_______ Date Inspected-".1"'2/"'2"'9"'/9"'5________ Zoning Commercial Appraiser 
FIELD NOTE DESCRIPTION SUB SURFACE AREA A PORTION OF ADDISON AIRPORT Wm. LOMAX SURVEY, ABSTRACf 792 E. COOK SURVEY, ABSTRACf 326 ADDISON, DALLAS COUNTY, TEXAS EXHIBIT 3 Being 19S,683
square feet or 4.492 acres out ofa called 36S.34 acre tract as conveyed to the City ofAddison, by deed recorded in Volume 77010, Page 1391, Deed Records, Dallas County, Texas, said called
36S.34 acre tract being out of the Wm. Lomax Survey, Abstract 792 and the E. Cook Survey, Abstract 326, all in the City ofAddison, Dallas County, Texas and being more particular described
as follows: (Bearings based on USC&GS Station "ARP 1966", with coordinates ofN 7,038,3SS.36-E 2,478,877.80 NAD83 and USC&GS Station "Airport Beacon", with coordinates ofN 􀀷􀀬􀀶􀁾􀀹􀀬􀀰􀀶􀀲􀀮􀀶􀀸􀀭􀁅
􀀠2,478,167.73 NAD83) BEGINNING, at a set S/8" iron rod on the Easterly line of Dooley Road (width varias), said iron rod being SS6°37'IS"E, a distance of 64.79 feet from the Northerly
cut-back comer at the northeast comer of the intersection ofsaid Dooley Road with Keller Springs Road (SO feet wide); THENCE, NOOO43'S2"W, departing the Easterly line ofsaid Dooley Road,
a distance of 18.61 feet to a point for coI'!ler; THENCE, N89°16'08"E, a distance of 174.25 feetto a point for comer at the beginning ofa tangent curve to the right, said curve having
a radius of 1763.00 feet; THENCE, continuing along said curve to the right, having a central angle of 05°47'20", a chord bearing of S87°50'12"E, a chord distance ofl78. 05 feet, and
an arc distance ofl78.13 feet to a point oftangency; THENCE, S84°56'32"E, a distance of 1,301.25 feet to a point for comer; THENCE, S05°03'28"W, a distance of 126.00 feet to a point
for comer; THENCE, N84°56'32" W, a distance of 1,301.25 feet to a point for comer at the beginning of a tangent curve to the left having a radius of 1,637.00 fcet; THENCE, continuing
along said curve to the left, having a central angie of 05°47'20", a chord bearing of N87°50'12"W, a chord distance of 165.33 feet, and an arc distance of 165.40 feet to the point oftangeney;
THENCE, S89°16'08"W, a distance of48.34 feet to a point for comer on.the Easterly line ofDooley Road; THENCE, NOoo12'22"W, continuing along said Easterly line 92.32 feet to a comer on
the Northerly line of Dooley Road; THENCE, S 89°42'54"W, continuing along said Northerly line ofDooley Road, a distance of 105.72 feet to a point for comer; 
TImNCE, N56°37'15"W, continuing along the Northerly line ofDooley Road, a distance of25.41 feet to the POINT OF BEGINNING, and containing 195,683 square feet or 4.492 acres in the metes
and bounds recited. This is to certifY that the above description was prepared from an on the ground survey conducted under my suparvision. 􀀭􀀺􀀭􀀭􀀺􀁾􀀱􀁲􀁦􀁦􀂱􀁾􀁾􀁾􀀻􀀨􀁾􀀮􀁾􀁾􀁾􀁾􀀧􀁾􀀮􀁑􀀺􀀺􀀺�
�􀀺􀁏􀀺􀀺􀀺􀀺􀀺􀁾􀁟􀀠DATE: 􀀯􀁊􀁚􀀮􀀯􀁾􀀿􀁉'1;􀀺􀀧􀀬􀁾􀀠􀀯􀁜􀁹􀁴􀀡􀁾􀀺􀀺􀀠R. S}\NDHU l:j eAuthority Ja. '1 􀁦􀀹􀁱􀁾􀀠􀁜􀀧􀀬􀀼􀁜􀀢􀁾􀀧􀀾􀂷􀀩􀀻􀁾􀀧􀁩􀀻􀁻􀀧􀀧􀀧􀁾􀀧􀀧􀀱'\2{' 􀀮􀀺􀁾􀀬􀀮􀀨􀀩􀀺􀀺􀀺􀀢􀀢..
􀀢􀀧􀂷􀁯􀁾􀁾􀂷􀁯􀀼􀁣􀁦􀀢􀀠􀀺􀀬􀁲􀀮􀀺􀂷􀀯􀀢􀀮􀁉􀀧􀁲􀀺􀁾􀁴􀀻􀀻􀀺􀁜􀀠.'1. ...:y:." 􀀻􀀢􀀢􀁾􀀺􀀢􀀧􀁴􀁾􀀻􀀺􀀺􀀧􀁾􀂷􀁴􀀨􀀻􀀮􀁾􀀠;:... 􀀢􀀺􀀧􀀺􀀺􀀺􀀺􀁾􀀮􀁣􀀺􀀺􀀺􀁾􀀠S· u}1"!..? 􀀭􀀮􀀮􀀮􀁾􀀮􀁆􀀺􀀻􀀺􀀡􀁩􀀺􀁦�
�􀀺􀀧􀀻􀀮􀀠
Texas Turnpike Authority Fonn 2001a ADDISON AIRPORT TUNNEL REAL ESTATE APPRAISAL REPORT Parcel Number ___--:______ Address Hanger 1000, 4739 Keller Springs Add res s _____________Owner
City ofAddison Occupant's Name Allen Tillev Whole 􀀢􀁲􀀺􀀮􀀮􀀧􀁾􀀮􀀺.•;:.'.o;.____ Partial Taking X Purpose ofthe Appraisal The purpose of this appraisal is to estimate the Market Value
of the fee simple title encumbered by existing easements, if any, which are compatible tc highway use of the subject property as of 12/20/95. It is being made for the Texas Turnpike
Authority in connection with the investigation and defense of the claims by the owner of the property for compensation and damages, if any, arising out of the property acquisition by
the Texas Turnpike Authority for right-of-way purposes. The estimates of value concluded herein will be used for settlement of such claims through negotiation or eminent domain proceedings.
Market Value may be defined as follows: "Market Value is the price which the property would bring when it is offered fur sale by one who desires, but is not obliged, to sell, and is
bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is reasonable adaptable and for which it either is or in all reasonable probabiljty
will become available within the reasonable future." Valuation In my opinion the compensation due as a result ofthis taking is: Owner $ _______ Leasehold Interest $_______ Total $324.758.
Appraiser's Certificate I hereby certify that the opInIon of value herein expressed has been reached after a careful examination of all pertinent data; that my fee is in no way contingent
upon the value placed on the property; that neither I nor any employee in my service has directly or indirectly any financial or personal interest in or to the property appraised; and
that should I or any employee in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the Authority, I will immediately notify the
Authority of such interest or interests. waJ/UiAppraiser Approved by the Board of Directors 􀁒􀁩􀁧􀁨􀁴􀀭􀁯􀁦􀀭􀁗􀁡􀁾􀀠Co 
Fonn 20013 Page 2 ATTACH ALL PERTINENT PICTURES Parcel No,_______ Local Address,__􀀭􀀢􀁈􀁁􀀽􀁎􀁇􀀢􀀬􀁅􀀢􀀬􀁒􀀢􀀭􀀬􀁬􀀭􀀬􀀬􀁏􀀢􀀬􀁏􀀬􀀬􀀭􀁏􀀭􀀬􀁋􀁾􀁅􀀺􀀺􀀺􀁌􀁾􀁌􀀺􀀽􀀺􀁅􀁾􀁒􀀭􀀬􀁓􀀺􀀺􀀮􀀺􀁐􀁣􀀮􀀺􀁒􀀺�
�􀀺􀀺􀁉􀁾􀁎􀁇􀁯􀁣􀁓􀀬􀀬􀀭􀀭􀀭____ Date Taken.-.JUl19j AND 11110/95 Taken by CHARLES (80) HILLER 1. Point from which taken ___􀀭􀀢􀁋􀀺􀀮􀀺􀀺􀁅􀀺􀀮􀀺􀀺􀁌􀀺􀀮􀀺􀀺􀁌􀀺􀀺􀀺􀀺􀁅􀀡􀀺􀀮􀁒􀁾􀁓􀁐􀁾􀁒􀀽􀁉􀁎􀀺􀀺
􀀺􀁇􀀺􀀺􀀮􀀺􀁓􀁾􀀠__􀁾..􀁟􀁾􀁾Looking 􀁟􀀭􀀺􀀭􀀺􀀺􀁎􀀺􀀧􀁏􀀺􀁒􀀺􀁔􀀺􀁈􀀺􀀺􀀺􀀻􀁾􀁟1---' _. 2. Point from which taken ____􀀭􀀽􀀭􀁔􀀧􀀭􀀧􀁁􀁘􀁾􀁉􀁩􀀡􀁃􀀺􀀻􀁁􀀢􀀭􀁙􀀽􀀭________ Looking__-"S"'OU"-'T"'H"-
___ 
Fonn 200Ia Page 3 DATA ON WHOLE PROPERTY Legal Description Abstract 792, A"""dd"'i"'so"'n!"JM"""u!'-m""c""ip"'a1'-'A"""irp""o"'rt"'-______________ Dimensions: 144,17 feet x _3".,5""0'--____feet
-50,462 sq,ft. ______ Acres Location (Urban): Street & No, _________-;-____on side between -;:;:---;:-_____________ and ____________streets, (Rural): ____----:_-:-=_-:::-_______________
:-::-:-:-:--:-----:-_;-'---:---:--:---::==-Land Grant Survey ___;-:---::-:--;--:--;-_-;--:-_____ Neighborhood or Area Analysis: The Neighborhood is a commercial and industrial area,
having restaurant, neighborhood service, office, office showroom and warehouse facilities, A major asset in the area is the Addison Airport, a general aviation operation, The subject
is located on Airport property. Highest and Best Use and Zoning of Subject Property: Airplane Storage, Industrial -3 COST APPROACH WHOLE PROPERTY Estimated Reproduction Cost: Main Building:
18,761 ft. @$23.00 per square focL""""",$431.503. Parking Lot: $ 1 .15 per square ft ,,31,701 sq,ft.".""""",$ 36.456. Total Reproduction"" """""...... , .. , ", ..." ..... " ... "".....
,.,...,.." ............. , .. " ................ $467.959. Less Accrued Depreciation: Physical Deterioration" .... " .......... ,' ..." .40% ...... " ... ",,,,, .."""""".. ",,, $187,184.
Functional Obsolescence """"..""....... "".", """..""" ....... " .... " .." ...... $ -0Economie Obsolesscence .................. " ......... ".".""................... " ........ $ -0Total
Depreciation ""...."".. ,, .......""""".""..........................""...... " ............... " ..... $187, 184. Value Building Contributes to Whole Property ................... ",
............................... ""........."".... $280,775. Garages: ft. @$ per ft""....""............"""..""""...............$___ Less Depreciation .......................... " .....................
" ..................... " ....................... $ $,___ Other (Detail) ............................................ " ......... , .... """.................""""....... "".. ".$__ Less
Depreciation .."""""..... , ............ ""...... " ........... , ..",,..., ................ " ... " .. "..".,$ $,___ Depreciated Value: Landscaping $ __,.....,., Fencing $,____, Walks
$ , Drives $ .... " ...""........................... " ........... ", .." ..................$___ Value Improvements Contribute to Whole Property ., ...... , .." ............ , .... ",
.......................... "'$___ LAND ... " ........ 50,462 square feet "'$3"',"'00"--__per,sq.ft ................................................ ,.$151,386. ESTIMATED VALUE BY COST
APPROACH .............................................. ",,,, ................... $432.l61. Comment on Depreeiation Factors: 
Fonn 2001a Page 4 MARKET DATA APPROACH WHOLE PROPER1Y (Land Comparables) Purchase Price of Subject Property $---------------Date'--________ Improvements Since Purchase and Estimated
Cost: Lease Terms or Rental Agreement: Sales and Infonnation of Comparable Properties SALE NO. 3 SALE DATE GRANTOR-GRANTEE 10/31/94 Hope Invt. Ltd. Addison, Ltd. 3121195 M&F Development
Co Diversco Mann 04117/95 Chaiu Chin AER SALE CONFIRMED WTIH ADDRESS & LOCATION IN RELATION TO SUBJECT Kent Hope 4901 Airport Pkwy, 344.47' E Addison Rd -'1..."B""lk...S"'o"'u""th>--___
George Roddy 4500 bJk Sunbelt, Approx. 667' W. of Addison Rd 5 blks N. Pat Hag:g:ert;y 2030 Chenault @Earhart southeast corner ACTUAL SALE PRlCE $742,000. $125.000. $530.500. CONDmONS
OF SALE Cash Cash Cash ESTIMATED UNIT PRlCE ..I3.10 $2.76 $3.00 LEASE OR RENTAL DATA CURRENT USAGE Federal Express Distribution Facilitv UnimprOVed Warehouse under Constnlction IDGHEST
& BEST USE Commercial Commercial Commercial SIZE 5.4963 Acres 1.0382 Acres. 4 Acres PHYSICAL FEATURES IMPROVEMENTS None at sale None at sale None at sale Correlation of Comparable Sales
To Subject Property: Use Additional Pages IfNecessary Estimated Land Value ofMarket Data Approach $ 151,386. 
Fonn 200la Page 5 INCOME APPROACH WHOLE PROPERTY JUSTIFICATION OF RATE AND METHOD OF CAPITALIZATION: Subject is under a ground lease with original 40 yr tenn. The lease has approximately
23 yrs and 8 mo. remaining. Net income from building is capitalized at 12%. 10.5% is the rate established as fair return on the land. Estimated remaining economic life of improvements,....2"'5c.;v.."
ea""r!.jls'--______________ Stabilized Gross Income............................................ $ 58.320. Vacancy 15 %............................................ 8.748. Effective Gross
Income..................................................................................................... , ..... $49.572. Taxes: City ..............................................................
.......... $ ___ State & County ....................................................... $ ___ Miscellaneous (School, etc.}....................................$___ Insurance: Fire & Extended
Coverage......................................$_-",2",-24"-" Miscellaneous ......................................................... $----c,.,-,. Annual Deferred Maintenance .........................
........... $ 600. Management 4 % ...................................... $ 1.983. Operating Expenses ..Utilities..................................... $ 1.400. Other Expenses .........................
...... $ ___ Total El'penses before Depreciation ........................................................................................ $ 4,207. Net Income to Property .............................
.............................................................................. $ 45.365. Less Income Attributable to (Land} ............................ $ @% .................... $ 15,896.
Income Attributable to (Improvements) .................................................................................. $ 29,469. Income Capitalized@,.."1",,2__% (1--__% Interest ___%
for Recapture of Capital) ..... $245.575. (Land) (Improvements) ........................................................................................................... $151,386.
Present value of $ I ,458/mo. or $17,496/yr + present value ofland revises value. ESTIMA TED VALUE BY CAPITALIZAnON APPROACH .............................................. $396,96 I.
(Say) $397,000. ADDITIONAL APPRAISAL INFORMATION 
FOnTI 2001a Page 6 FINAL ESTIMATE OF VALUE OFVVHOLEPROPERTY Correlaton of Approaches to Value See Page 6A Estimated Value of Whole Property Owner $ Leasehold $,_____ .......•••....•.•.••.•..
' ..............................$____ ,.-.-. 
6A CORRELATION The City ofAddison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport ofTexas, Inc. operates, manages, and subleases the airport property.
Unless renewed, this agreement tenninates on December 31, 2000. Several ground leases extend beyond that date. This property is under a ground lease with an original term of forty years,
as of November 1, 1995. Twenty three (23) years, eight (8) months remain on the lease. For purposes ofthis report, it is assumed that the property is owned and operated by the fee owner.
The fair market value estimated herein does not attempt to determine the value ofthe leased fee, the sublease position (sandwich position) ofthe airport management or the leasehold estate
created by the lease for the tenant currently in possession ofthe property. There are three approaches to value that may be utilized to estimate fair market value ofthe subject -Market,
Income & Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units ofcomparison derived from sales ofsimilar properties in the marketplace.
Those units ofcomparison are then applied to the subject property to arrive at a range ofvalues which should be indicative ofthe market estimate ofvalue for the subject property. The
Income Approach to· Value is based upon an analysis ofthe income stream ofthe property and comparison ofthat income stream with income streams ofsimilar properties. This calculation
and analysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed in the marketplace
by investors for similar properties. The resulting figure is an income estimate ofvalue . . The Cost Approach to Value embraces the philosophy that the reproduction costs or the principal
of substitution for a property should limit the upper side ofvalue. In this approach to value the appraiser calculates the market value ofthe site, the reproduction cost ofthe improvements
less any applicable depreciation, then combines these two items to arrive at a cost estimate ofvalue, The market approach has been used to estimate the value ofthe land. Sale #1 is located
one hlock south ofthe subject and east of Addison Road. This comparable is slightly superior to the subject as Airport Parkway connects Addison Road and the Dallas North Tollway. Federal
Express has constructed a distribution facility on this property. Sale #2 is approximately 5 blocks north ofthe subject on a secondary street occupied by office showroom and warehouse
facilities. Sale #3 is west ofthe subject and on the west side of Addison Airport in an office warehouse neighborhood. An office warehouse facility is currently under construction on
this property . . These comparables give an accurate value for land in the vicinity of Addison Airport used for commercial and warehouse uses. After analyzing these sales, a value of$3.00
per square foot is selected as fair market . value ofthe land before the taking taking for the land taken, and for the land value after the taking. At $3,00 per square foot the fair
market value ofthe land is $151,386. When $3,00 is multiplied times 23,407 square feet, fair market value ofthe land taken for the right ofway equals $70,221. A temporary construction
easement of 11,600 square feet is also being taken. Just compensation for the land taken under the construction easement equals $7,308. 100% ofthe building is being taken with a value
of $245,575. attributed to the improvements. The income approach is the most reliable indicator ofvalue ofthe subject. The cost approach indicates an upper limit ofvalue when the improvements
are new and constitute the highest and best use for the property, :-..; 
The income stream generated bv the property can be compared to income from other investments available in the market with similar and .ied degrees ofrisk and durability. Direct capitalization
-building residual tecimique is used to estimate the value ofthe property under the income approach. The land value has been established at $154,386. from comparable sales. 10.5% is
selected as adequate retum on the value ofthe land or $15,896. When this income is subtracted from net income to property, $29,469. of income is attributed to the improvements. Capitalizing
this income at 12% gives value attributed to the improvements of $245,575. The sums ofthe value ofland and value ofthe improvements equals the estimated value ofthe whole property of$396,961
(say $397,000.). The income approach is the most accurate estimate ofthe fair market value. Therefore $397,000. is the fair market value ofthe subject before the taking. The value of
the remainder before the taking is $81,165. ($396,961 less $315,796). After the taking, the improvements are removed. 27,055 square feet ofland remains with a value equal to $81,165.
The value ofthe remainder after the taking is unchanged and is equal to $81,165. In addition to taking ofthe improvement and the surface easement, a temporary construction easement will
be taken. It is estimated that this easement will be needed for a period of two years and that compensation wll be equal to 10.5% ofthe fair market value ofthe land for that period (11,600
sq.ft. + 2,625 sq.ft.= 14,225 sq.ft. x $3 x 10.5% x 2 yrs. = $8,961.75. Total just compensation is summarized as follows: Improvements Taken $245,575. Right of Way Taken 70,221. $315,796.
Construction Easement 8,962. Taken Total Just Compensation $324,758. 􀁾􀀺􀀭􀀺􀀠-' :. -:. ':. 
Fonn 200la Page 7 DATA ON PARTIAL TAKING Legal Description Part Taken ________________________ '. Dimensions x 341 =50.127 Sq.Ft. Acres WHOLE PROPERTY:. The market value ofthe whole
property is ................. $ 396.961. PART TAKEN: The market value ofthe fee simple title, less oi!, gas and sulphur, to the part being taken for highway purposes, considered as a
severed tract is: ........................................................................................ $315,796 (I) REMAINING PROPERTY: The market value ofthe remiander inunediately
before the taking is: .............................................................. $ 81,165. (2) Considering the use to which the part taken is to be subjected to, the market value
ofthe remainder immediately after the taking is: ................................... $ 81,165. (3) NET DAMAGES, ifany..................................................................................
..................$_""-0""-__ SIGN ADJUSTMENT COSTS, ifany ............... " ......... " ................................................... $,::-:-::,::-0,;;;.--,--_ TOTAL COMPENSATION
..................................... ,."., ....................... " ........... $315,796. APPRAISALS OF PART TAKEN AND REMAINDER Highest and Best Use of Part Taken ::--:::--=cc:-------------------R
emainder Before Taking --:-c;--:--:;----:--:--:-:--;--------:---Remainder after taking considering the use to which the part taken is to be subjected ______ Contributory Value of Improvements
Part Taken Remainder Before Taking Remainder After Taking Bldg.-18,761 sf(100%) $245,575. TOTAL IMPROVEMENTS RIGHT OF WAY 23,407 sf@$3. 70,221. $ 81,165. $ 81.165. TOTAL AS A UNIT .
$315,796, (1) 81,165. (2) 81,165. (3) CONSTRUCTION EASEMENT + 8,962. • $324,758. Explain difference, ifany, between Remainder Before and After Taking (1f extra space needed, use attachment.)

Form 200 la Page & #1 COMPARABLE SALES DATA SUPPLEMENT 􀀮􀀭􀀭􀁾􀀮􀀭􀀮􀀭􀀭􀀢􀀢􀀧􀀠·'-r.-?·",itt----·---'" , .•.... ; .. I , ..-----------"=--..􀁾􀁾􀀠-Sales Parties: Grantor Hope 􀁉􀁮􀁣􀁹􀀺􀁶􀁥􀁳􀁳􀁴􀀢
􀀬􀁭􀀢􀀬􀁥􀀲􀀡􀁮􀁾􀁴􀁊􀀬􀁌􀀢􀀢􀁴􀁤􀀢􀀬􀀮􀁾_____ Grantee Addison Ltd. Dated_-,1",0",,/31/94 ___Recorded in Volume-"9"'4"'2...IO"-______ Page 3570 Local Address 490 I Airport Parkway Legal
Description Abst. 482. Tract 30. Addison. TX ____􀁖􀁥􀁲􀁩􀁦􀁩􀁥􀁤􀁜􀁖􀁩􀁩􀁬􀁩􀀭􀁌􀁋􀁾􀁥􀁾􀁮􀁾􀁴􀁈􀁾􀁯􀁷􀁰􀁥􀁌􀁟_____________Actual Price $742.000. Conditions of Sale-'C""a"'shLL______________________
_________ Rental Date________________________________ Land Size 5.4963 Acres Unit Price: As Improved_____; Unimproved..,$""3"'.lo.oO'--___ Street 􀁾􀁃􀀢􀀢􀁬􀁬􀁬􀁩􀁬􀁲􀁾􀁢􀀧􀀭􀀧􀀦􀁾􀁇􀁵􀁾􀁴􀁴􀁥􀀡􀂣􀁌�
�________________ Utilities_______ Impro\ments None at sale Size and Description __-::--c:-_-,-____----:--,-_-:-_-:---c __-,-________----Minor dirt work to aid drainage from balance
of the tract ofwhich Condition and Desirability this is a part. Current Use Fed Ex Distribution Facilitv Highest and Best Use_-"C"'ollmm!ll'Sc""rc""ia"'I'--________ Date Inspected 7!I5/95
________ Zoning Commercial-l Use reverse side for other pertinent information ___-=__-------,,,----􀁦􀀡􀁊􀀮􀁴􀁚􀀨􀁩􀀡􀁦􀀻􀀨􀁾􀀠Appraiser 
Fonn 200la Page 8 #2 􀁾􀁾􀁾_______􀀮􀁟􀁾􀁶􀀧􀁎􀁬􀁲􀁾􀁾􀁾􀀱􀁟􀁾􀁓􀁁􀁌􀁅􀁓􀁄􀁁􀁔􀁁􀁾􀁕􀁐􀀱􀀧􀁌􀁅􀁉􀁾􀁅􀁬􀁾􀁾􀁾􀀠 Sales Parties: Grantor M&: F Development Co.. Inc. Grantee Manufacturing
Dated 3/21195 Recorded in 􀁖􀁯􀁬􀁵􀁭􀁥􀀬􀁾􀀹􀀢􀀬􀀵􀀰􀁦􀀮􀀰􀁾􀀢􀀬􀀭)"--______Page ""4"'6"'3'--__ Local Address 4500 Block Sunbelt Drive Legal Description West Y, _Tract 13 Sunbelt Business
Park Addition. Addison. TX Actual Price $125.000, Verified With George Roddy ___________ Conditions of 􀁓􀁡􀁬􀁥􀀭􀀬􀁃􀀢􀀬􀁡􀀢􀀬􀁳􀀢􀀬􀁨􀁾___________________ 􀁒􀁥􀁮􀁴􀁡􀁬􀁾􀁾􀀬􀀬______________________
_________________________ Land Size 1.0382 Acres Unit Price: As Improved ______; Unimproved $2.76 Street Concrete Curb & Gutter 􀁕􀁴􀁩􀀡􀁩􀁴􀁩􀁥􀁳􀀬􀁾􀁁􀀢􀀬􀁉􀀡􀀡􀀮􀁉___ Improvments
None at Sale Size and Description LeveL ready for development Condition and Desirability _________________________________________________ : . Current Use,__-"U"'n"'im=pr"'o'-'v"'ed"-________
Highest and Best Use Light Industrial & Corrunercial Date Inspected 71151955 ... ___________ Zoning Commercial -1 Use reverse side for other pertinent infonnation _____-,,-______-,.______________--;-
+____ Ie" IJ hJ/Y/)" //' __-,L/;",-",,2j_{..._'....:c:..:..'&:::':.../;;r/􀀣􀁴􀁾􀀠Appraiser 
Form 200 I a Page 8 #3 COMPARABLE SALES DATA SUPPLEYIEN I -----􀀭􀁾􀀭􀀧􀀭􀀧􀀭􀀭􀁾􀀽􀀠Sales Parties: Grantor _C"'h"'a"'i,..u..,C"'h"'in"-__________ Grantee 􀁾􀁁􀁅􀀬􀀭􀀬􀀬􀀽􀀭􀀬􀀭􀀬􀁒􀁾______
Dated 4/14,"'/9""5'---________ Recorded in Volume,---Z.9"'50"-'7C!4______ Page -,6",6",8__ Local Address 2030 Chenault. Carrollton, TX Legal Description Abstract 923, Tract 20 Actual
Price $530."'50"'0"",_______ Verified With Pat HaQQeti': Conditions of Sale-"C"'a.,.sh"--___________________________ RenrnIDma________________________________ Land Size 40592 Acres Unit
Price: As Improved_____; Unimproved $3,00 Street Concrete Curb & Gutter Utilities,-o.A....I...1 _____ Improvrnents None at Sale Size and Description,______________________________ Condition
and Desirability___________________________ Current Use...J.Yarehollse under constru<;,,,,,ito,,,n,--_ Highest and Best )Jse-"C",o",mrn"",e",rc",i""a,-l_____􀁾􀀠Date Inspected 10/22/95
",__",____ Zoning Commercia!-! Use reverse side for other pertinent inforrnation ________--:-________,---__ ? /" //J/' 1;/b 'i/,,<-,.4 /,7t 􀀡􀀯􀁦􀁦􀁾􀀯􀁕􀁬􀀠Appraiser 
Texas Turnpike Authority Fonn 200la ADDISON AIRPORT TUNNEL REAL ESTATE APPRAISAL REPORT Parcel Number _________􀁾􀀠Address Hanger 1100 Keller Springs Owner City ofAddison Address_____________
Occupant's na.."·_________ Whole Taking ____ Partial Taking X Purpose ofthe Appraisal The purpose of this appraisal is to estimate the Market Value of the fee simple title encumbered
by existing easements, if any, which are compatible to highway use of the subject property as of 12/20/95. It is being made for the Texas Turnpike Authority in connection with the investigation
and defense of the claims by the owner of the property for compensation and damages, if any, arising out of the property acquisition by the Texas Turnpike Authority for right-of-way
purposes. The estimates of value concluded herein will be used for settlement of such claims through negotiation or eminent domain proceedings. Market Value may be defined as follows:
"Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged, to sell, and is bought by one who is under no necessity
of buying it, taking into consideration all of the uses to which it is reasonable adaptable and for which it either is or in all reasonable probability will become available within the
reasonable future." Valuation Tn my opinionthe compensation due as a result ofthis taking is: Owner $152,350. Leasehold Interest $,______ Total $152.350, Appraiser's Certificate I hereby certifY that the opinion of value herein
expressed has been reached after a careful examination of all pertinent data; that my fee is in no way contingent upon the value placed on the property; that neither I nor any employee
in my service has directly or indirectly any financial or personal interest in or to the property appraised; and that should I or any employee in my service acquire any interest in or
to the property appraised prior to the acquisition of the parcel by the Authority, I will immediately notifY the Authority of such interest or interests. Approved by the Board of Directors
Right-of-Way 
Form 2001a Page 2 ATTACH ALL PERTINENT PICTURES Parcel,w,_, ___________ Local Address__---=HA=N.::G=.ER"---'I'-'I"'O-"O_K:.:.E"'L"'L""E:.:;R'-"-SP"'R"'I"'N"'G"'S____ DateTaken 9/7/95
AND 11/10/95 Taken by CHARLES ,(BO) MILLER I, Point from which taken ___ KELLER SPRINGS ____ LOOking,,==N::OR::T::H=::;;;;;;;;-_ 2_Porntfromwhlchbken___􀁾􀁔􀁾􀁁􀁘􀁾􀁉􀁾􀁗􀁁􀁾􀁙􀁾_________
􀁌􀁯􀁯􀁫􀁦􀁦􀁩􀀮􀁾􀁧__􀁾􀁓􀁏􀁾􀁕􀁾􀁔􀁾􀁈􀁾____ 
Form 200 Ia Page 3 DATA ON WHOLE PROPERTY Legal Description Abstract 792, Addision Municipal Airport Dimensions: 127.5 feet x 􀁾􀀳􀀢􀀬􀀴􀀢􀀬􀀰􀀬􀀭􀀭____feet -43,350 sq.ft. ,995 Acres
Location (Urban): Street & No. _________-:-____on.________side between -:=::---:::-_____________and ____________streets. (Rural): __________________________ 􀁾􀁾􀁾􀀭􀁾􀁾􀀭􀁾􀁾􀁾􀁾􀁌􀁡􀁮􀁤􀁇􀁲􀁡􀁮􀁴􀁓
􀁵􀁾􀁥􀁹􀀭􀀭􀁾􀁾􀁾􀁾􀁾􀁾􀀭􀁾􀁾􀁾􀀭􀀭􀀭􀀭􀂭Neighborhood or Area Analysis: The Neighborhood is a commercial and industriaJ area, having restaurant, neighborhood service, office, office
showroom and warehouse facilities. A major assct in the area is the Addison Airport, a general aviation operation. The subject is located on Airport property. Highest and Best Use and
Zoning of Subject Property: Airplane Storage, Industrial -3 COST APPROACH WHOLE PROPERTY Estimated Reproduction Cost: Main Building: 15.300 ft, @$23,00 per square foot .., ..........
$351,900. Parking Lot: $1.1 5 per sguare ft ..28,050 sq,ft ............. ,,$ 32,258. Total Total Reproduction .................. " ... "".....""",.....................................................
.... $384,158, Less Accrued Depreciation: Physical Deterioration .......................... 40% ....................................... $153,663, Functional Obsolescence .... ', ..............
, ............. , ....... , .." ............... ", , ..$ -0Economic Obsolesscence ................. "".,... , ................. , .. , ................ , ... $ -0Total Depreciation .........
" .......................................... , ................ ," .............. , .......... $153,663. Value Building Contributes to Whole Property .......... , ....................................
.................... " ..... $230,495. Garages: ft. @$ per ft.... " .......... " ................... " ........... " ... $___ Less Depreciation ................................. " ................
,., ............................... , ........... $ $,____ . Other (Detail) ........................................................ "" ....... , ......... , ........................
" ... $ ___ Less Depreciation ........................................ , ......... , .......... , ........... """..... " ........... $ $'--__ Depreciated Value: Landscaping $ __::::-::,,'
Fencing $ ___􀁾􀀠Walks $ • Drives $ .................................. , .................... " ..................... $ ___ Value Improvements Contribute to Whole Property ...........................
................................ $230,495. LAND ..... " ..... ,43,350 square feet ""$3"".0""0'---__per.sq.ft .. , ............................................... $130,050. ESTIMATED
VALUE BY COST APPROACH ....................................................................... $360.545. Comment on Depreciation Factors: 
Form 200 I a Page 4 MARKET DATA APPROACH WHOLE PROPERTI (Land Comparables) Date_________Purchase Price of Subject Property $_-----Improvements Since Purchase and Estimated Cost: Lease
Terms or Rental Agreement: Sales and Information of Comparable Properties SALE NO. 3 SALE DATE GRANTOR-GRANTEE 10/31/94 Hope Invt. Ltd. Addison, Ltd. 3121/95 M&F Development Co Diversco
Mann 04/17/95 Chaiu Chin AER SALE CONFIRMED WITH ADDRESS & LOCATION IN RELATION TO SUBJECT Kent HO)2e 4901 Airport Pkwy, 344.47' E Addison Rd I Blk South Qeorge Roddy 4500 blk Sunbelt,
Approx. 667' W. of Addison Rd 5 blks N. Pat H aggertv 2030 Chenault @Earhart southeast comer ACTUAL SALE PRICE $742.000, $125,000. $530.500, CONDITIONS OF SALE Cash Cash Cash ESTIMATED
UNIT PRICE $3,10 $2,76 $3.00 LEASE OR RENTAL DATA CURRENT USAGE Federal Express Distribution Facilitv Unimproved Warehouse under Constmction HIGHEST & BEST USE Commercial Commercial
Commercial SIZE 5.4963 Acres 1.0382 Acres. 4 Acres PHYSICAL FEATURES IMPROVEMENTS None at sale None at sale None at sale Correlation of Comparable Sales To Subject Property: Use Additional
Pages IfNecessary Estimated Land Value ofMarket Data Approach $-"1",30"""0,,.,5,,,0,,-.___ 
Fonn 200la Page 5 INCOME APPROACH WHOLE PROPER1Y mSTIFICA TION OF RATE AND METHOD OF CAPITALIZATION: Direct capitalization is used to estimate the value of subiect. 10.5% is the rate
established as fair rate of return value on the land and 12% is selected as fair return on the improvements. Estimated remaining economic life of improvements...,2""5CJvCl<ec!LurLils",.-_____________
_ Stabilized Gross Income............................................ $ 42,660. Vacancy 15 % ............................................ 􀀭􀀢􀀢􀀢􀀧􀀭􀀢􀀭􀁾􀀠 Effective Gross Income..................
......................................................................................... $36,261. Taxes: City ........................................................................
$ ___ State & County ....................................................... $ ___ Miscellaneous (School, etc.) .................................... $ ___ Insurance: Fire & Extended
Coverage...................................... $ 224. Miscellaneous ......................................................... $,_--:::-:-::Annual Deferred Maintenance.................................
...􀀤􀁟􀀭􀀺􀀭􀀷􀀵􀀧􀀮􀀺􀀭􀀧􀀰􀀰􀁾􀀮􀀠 Management 4 % ...................................... $ 1,450. Operating Expenses ..Utilities..................................... $ 1,360. Other
Expenses ............................... $ ___ Total Expenses before Depreciation ........................................................................................ $ 3,534. Net
Inco'me to Property ............................................. " ............................................................ $ 32,727. Less Income Attributable to (Land)..........................
.. $130.050. @10.5 % ................... $ 13,655. Income Attributable to (Improvements) .................................................................................. $ 19,072.
Income Capitalized@uI",,2c--_% (L-_% Interest.____% for Recapture ofCapital) ..$158.933. (Land) (Improvements) ........................................................................................
................. $130,050. ESTIMATED VALUE BY CAPITALTZATION APPROACH .............................................. $288.983. (Say) $289,000. ADDmONAL APPRAISAL INFORMATION 
Fonn2001a Page 6 FINAL ESTIMATE OF VALUE OF>VHOLEPROPERTY Correlaton ofApproaches to Value See Page 6A Estimated Value of Whole Property Owner $ Leasehold .. _____ ...................................
....................$____ ) . 
6A CORRELATION The City ofAddison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport ofTexas, Inc. operates, manages, and subleases the airport property.
Unless renewed, this agreement terminates on December 31, 2000. There are three approaches to value that may be utilized to estimate fair market value ofthe subject -Market, Income &
Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units of comparison derived from sales of similar properties in the marketplace.
Those units of comparison are then applied to the subject property to arrive at a range ofvalues which should be indicative ofthe market estimate of value for the subject property. The
Income Approach to Value is based upon an analysis of the income stream of the property and comparison of that income stream with income streams ofsimilar properties. This calculation
and analysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed in the marketplace
by investors for similar properties. The resulting figure is an income estimate of value. The Cost Approach to Value embraces the philosophy that the reproduction costs or the principal
of substitution for a properiy should limit the upper side ofvalue. In this approach to value the appraiser calculates the market value ofthe site, the reproduction cost ofthe improvements
less any applicable depreciation, then combines these two items to arrive at a cost estimate ofvalue. The market approach has been used to estimate the value ofthe land. Sale # 1 is
located one block south ofthe subject and east of Addison Road. This comparable is slightly superior to the subject as Airport Parkway connects Addison Road and the Dallas North Tollway.
Federal Express has constructed a distribution facility on this property. Sale #2 is approximately 5 blocks north of the subject on a secondary street occupied by office showroom and
warehouse facilities. Sale #3 is west of the subject and on the west side of Addison Airport in an office warehouse neighborhood. An office warehouse facility is currently under construction
on this property. These comparables give an accurate value for land in the vicinity of Addison Airport used for commercial and warehouse uses. After analyzing these sales, a value of$3.00
per square foot is selected as fair market value ofthe land before the taking for the land taken, and for the land value after the taking. At $3.00 per square foot the fair market value
of the land is $130,050. When $3.00 is multiplied times 17,887 square feet, fair market value of the land taken for the right of way equals $53,661. A temporary two year construction
easement of 2,37 5 square feet is also being taken. Just compensation for the land taken under the construction easement equals $1,496. 9,247 square feet or 60.55'Yoofthe building is
being taken with a value of$96,059. attributed to this part ofthe improvements. ($158,933. improvement value x 60.44%). The income approach is the most reliable indicator of value ofthe
subject. The cost approach indicates an upper limit ofvalue when the improvements are new and constitute the highest and best use for the property. The income stream generated by the
property can be compared to income from other investments avai lable in the market with similar and varied degrees of risk and durability. 􀀨􀀮􀀺􀁾􀀠i·".. 
Direct capitalization -building 􀁔􀁾􀁳􀁩􀁤􀁵􀁡􀁬􀀠technique is used to estimate tbe val.•" oftbe property under tbe income approach. The land v<. ;has been established at $130,050. from
l .parable sales. 10.5% is selected as adequate return on tbe value oftbe land or $13,655. When this income is subtracted from net income to property, $ I 9,On. of income is attributed
to tbe improvements. Capitalizing this income at 12% gives value attributed to tbe improvements 0[$ 158,933. The sums oftbe value ofland and value oftbe improvements equals tbe estimated
value oftbe whole property of$288,983. The income approach is tbe most accurate estimate oftbe fair market value. Therefore $288,983. is tbe fair market value oftbe subject before tbe
taking. The value oftbe remainder before tbe taking is $139,263. ($288,983 less$149,nO). After tbe taking, tbe improvements are reduced by 9,247 square feet or 60.44% oftbe value oftbe
improvements leaving approximately 6,053 square feet. The remaining improvements will generate income on a prorata business equivalent to income generated before tbe taking. Therefore,
tbe value oftbe remainder after tbe taking is unchanged and is equal to $139,263. In addition to taking a portion oftbe improvement and tbe right ofway, a temporary construction easement
will be taken. This easement will be needed for a period oftwo years and tbat compensation wll be equal to 10.5% oftbe fair market value oftbe land for tbat period (2,375 sq.ft. + 1,800
sq.ft. = 4,175 sq.ft. x $3. x 10.5% x 2 yrs. = $2,630.25). Totaljust compensation is summarized as follows: Improvements Taken $96,059. Right ofWay Taken 53,661. $149,720. Construction
Easement 2,630. Taken Total Just Compensation $152,350. 
Fonn 2001a Page 7 DATA ON PARTIAL TAKING Legal Description Part Taken ________________________ Dimensions x = Sq.Ft. Acres WHOLE PROPERlY: The market value ofthe whole property is .................
$ 288.983. PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being taken for highway purposes, considered as a severed tract is: ............................
............................................................ $149.720. (1) REMAINING PROPERlY: The market value of the remiander immediately before the taking is: ....................................
.......................... $ 139.263. (2) Considering the use to which the part taken is to be subjected to, the market value ofthe remainder immediately after the taking is: ........................
........... $ 139,263. (3) NET DAMAGES, if any ................................................................................................... $_..;:-0""-__ SIGN ADJUSTMENT COSTS,
if any ............................................................................... $.:-::;,.::-O"::'-':-_ TOTAL COMPENSATION ......................................................................
......... $149,720. APPRAISALS OF PART TAKEN AND REMAJNDER Highest and Best Use of Part 􀁔􀁡􀁫􀁥􀁮􀁾􀀻􀀭􀀭􀀭􀀻􀀺􀀻􀀺􀀺􀀭􀀺􀀭􀀺􀀭____________________ Remainder Before Taking --:c:c-:--;-----:-:-:--::-
---------Remainder after taking considering the use to which the part taken is to be subjected ____________________ Contributory Value of Improvements Part Taken Remainder Before Taking
Remainder After Taking Bldg.-9,247 sf(60.44%) 96,059. 62.874. 62,874. TOTAL IMPROVEMENTS RIGIIT OF WAY LAND 17,887 S.F. @$3. 53,661. 76,389. 76.389. TOTAL AS A UNIT $149,720. (1) $139,263.
(2) $139,263. (3) CONSTRUCTION EASEMENT + 2,630. $152,350. Explain difference, ifany, between Remainder Befure and After Taking (Ifextra space needed, use attachment.) 
Fonn 200 la Page 8 Sales Parties: Grantor Hope Investment Ltd, Grantee Addison Ltd, Dated,_--"1"'01!...i3"'1L;19,,4'--__ _____ Recorded in Vo]ume-i9"'4""2.!C1O"-_____ Page 3570 Local
Addrcss 4901 Airport Parkwav Legal Description Abst. 482. Tract 30. Addison, TX Actual 􀁐􀁲􀁩􀁣􀁥􀀭􀀢􀀤􀀼􀁌􀀷􀀲􀀴􀀷􀀢􀀢􀁟􀀬􀀬􀀬􀀬􀀰􀀬􀀬􀀬􀀰􀀰􀀬􀀬􀀭􀀮􀁾_______Vcrified With-"K",c",n"-.t􀁈􀀢􀀭􀀢􀀢􀀬􀁯�
�􀀲􀀢􀀬􀀬􀁥􀁾__________ Conditions ofSale-'C"'a"'s"'h______________________________ 􀁒􀁥􀁮􀁴􀁡􀁬􀁾􀁾􀀬______.__________ ,_________________ Land Size 5 􀀮􀀴􀀹􀀶􀀳􀂷􀀭􀀧􀁁􀁾􀁣􀀢􀀧􀁲􀀢􀀢􀀧􀁥􀁳􀀢􀁟____
Unit Price: As Improved,___ ; 􀁕􀁮􀁩􀁭􀁰􀁲􀁯􀁶􀁥􀁤􀀭􀀢􀀤􀀬􀀬􀀬􀀳􀁾􀀬1...,0'---__ Strect__-'C"u"'r"'b""&"-"G"'u"'tl"'er'--_______________ Utilities__________ Improvrnents None at sale
Size and Description__-c----c-___----c----c---::-----,----_c---c--:----Minor dirt work to aid drainage from balance of the tract of which Condition and Desirability_t",h",is,-!i",s",a-l>p",a",rt"",__
________________________ Current Use Fed Ex Distribution Facilitv Highest and Best Use,_-,C",o",mrn"""e",·r",ci",a,-I__􀁾_____ Date Inspected'---'-7!..11"'5<L/9""S<-__________ Zoning
Comrnercial-l -Use reverse side for other pertinent infonnation, __________________---;-􀁃􀁁􀁴􀀯􀁾􀀩􀁈􀁩􀁌 Appraiser 
Form 200la Page 8 #2 􀁾􀁾􀀭􀀻􀀭____COMPARABLE SALES . 􀀮􀁄􀁁􀁔􀁁􀀮􀁓􀁕􀁬􀀧􀁉􀁾􀁌􀁅􀀧􀁍􀁅􀀺􀁾􀀺􀁉􀀺􀀢􀀢􀀢􀀠 Sales P·arties: Grantor M& F Development Co.. Inc. Grantee Manufacturing Dated
3/21195 Recorded in 􀁖􀁯􀁬􀁵􀁭􀁥􀀮􀀭􀀭􀀢􀀹􀀢􀀬􀀵􀀢􀀬􀁏􀀬􀀬􀀬􀀵􀁾􀀵________ Page 463 Local Address 4500 Block Sunbelt Dri"e."-________________________ Legal Description We$t y, . Tract
13 Sunbelt Business Park Addition, Addison. TX Actual Price $:,"1",2)",,'􀀮􀀢􀀧􀁏􀀢􀀢􀁏􀁏􀀢􀀧􀀮􀁾_______Verified With George Roddv Conditions of Sale-"C""as""h"-____________________________
􀁒􀁥􀁮􀁴􀁡􀁉􀁾􀁡􀀬􀁯______________________________________ Land Size 1.0382 Acres Unit Price: As Improvcd______; Unimproved $2.76 Street Concrete Curb & Q"'u"'tt"'er'-_________________
􀁕􀁴􀁩􀁬􀁩􀁴􀁩􀁥􀁳􀁾􀁁􀀱􀁾􀁉___ Improvrncnts None at Sale Size and Description. Levcl."...!.re",ad"""vc.;fi",o"-r",d",cv-"c",l""oPlLm"",,en"'tL-___________________ Condition and Desirability
______________________________ Current Use._-'U"'·n.!.!i.!.!m"'ptl,fO><.v"'e"'d'-_________ Highest and Best Use Light Industrial & Commercial Date 􀁉􀁮􀁳􀁰􀁥􀁣􀁴􀁥􀁤􀁟􀀷􀀧􀀭􀀧􀀯􀁾􀀱􀀢􀀢􀀧􀀵􀀱􀀢􀀧􀀹􀀢
􀀧􀀵􀀭􀀢􀀵________ Zoning Commercial -I Use reverse side for other pertinent information ______________________ . ?:f:!/P'!C£􀁾􀀠. Appraiser 
Form 200 la Page 8 #3 COMPARABLE SALES DATA 􀁓􀁕􀁐􀁐􀁌􀁅􀁍􀁅􀀮􀁾􀀽􀁎􀀺􀀮􀀺􀁔􀁾􀀬.._, _______"""""-,,, Sales Parties: Grantor -"'C:.!.!ha"i"'uwC"'h:.!.!i"'n___________ Grantee 􀀭􀁄􀀢􀀢􀀧􀁾______
Dated 4114/95 Recorded in Vo!ume,---'9"'5"'O.!..:74"-_______ Page _6",6",8,-__ Local Address 2030 Chenault. Carrollton. TX Legal Description Abstract 923. Tra"'c"'-t""2"'0______________________
Actual 􀁐􀁲􀁩􀁣􀁥􀀭􀀭􀀢􀀤􀀢􀀢􀀵􀁤􀀳􀀰􀀩􀁌􀀮􀀢􀀢􀀵􀀢􀀧􀀰􀀢􀀧􀀰􀀮􀁾________Verified With Pat Hrurgertv Conditions of Sale,--'C"'a"'s"'h____________________________ Rental Data,_________________________
_______ Land Size 4.0592 Acres Unit Price: As Improved_____•Unimproved $3.00 Street Concrete Curb & Gutter _____________ Uti!ities---,-A",ILI----Improvrnents None at Sale Size and Description________
_____________________ Condition and Desirability___________________________ Current Use Warehouse under constmciton Highest and Best Use,--,C""o"m",m:.!.!e",r",c",ial!..!_______ Date
Inspected---"'1"'0"'12"'2""'19""S'---_______ Zoning Commercial-! Use reverse side for other pertinent infonnation, ________________-;;---;-__ /:lc:c£ 4: /;)j/k.!L; L/' Appraiser 
Texas Turnpike Authority Form 200la ADDISON AIRPORT TUNNEL REAL EST A TE APPRAISAL REPORT Parcel Number __________ Address Hanger 1200 Keller Sprin2S Address_____________Owner City ofAddison
Occupant's Narne,_________ Whole Taking ____ Partial Taking X Purpose ofthe Appraisal The purpose of this appraisal is to estimate the Market Value of the fee simple title encumbered
by existing easements, if any, which are compatible to highway use of the subject property as of 12/20/95, It is being made for the Texas Turnpike Authority in connection with the investigation
and defense of the claims by the owner of the property for compensation and damages, if any, arising out of the property acquisition by the Texas Turnpike Authority for right-of-way
purposes. The estimates of value concluded herein will be used for settlement of such claims through negotiation or eminent domain proceedings. Market Value may be defined as follows:
"Market Value is the price which the property would bring when it is offered for sale by by one who desires, but is not obliged, to sell, and is bought by one who is under no necessity
of buying it, taking into consideration all of the uses to which it is reasonable adaptable and for which it either is or in all reasonable probability will become available within the
reasonable future." Valuation In my opinion the compensation due as a result of this taking is: Owner 􀀤􀀢􀀬􀀭􀀬􀀳􀀹􀀬􀀬􀀭􀀬􀀬􀁾􀀵􀀰􀀬􀀬􀀭􀀬􀀳􀀬􀀭􀀬􀀭􀀮_____ Leasehold Interest $,______
Total $ 39.503. Appraiser's Certificate I hereby certify that the opInion of value herein expressed has been reached after a careful examination of all pertinent data; that my fee is
in no way contingent upon the value placed on the property; that neither I nor any employee in my service has directly or indirectly any financial or personal interest in or to the property
appraised; and that should I or any employee in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the Authority, I will immediately
notify the Authority of such interest or interests. (lLdJdiitlAppraiser : ., Approved by the Board of Directors Right-of-Wa 
Fonn 200la Page 2 ATTACH ALL PERTINENT PICTURES Parcel No. Local Address. HANGER 1200 KELLER SPRINGS Date Taken 9/7/95 AND .11 II 0/95 Taken by __􀀭􀀢􀁃􀀢􀀬􀁈􀀢􀀬􀁁􀁒􀀢􀀬􀁌􀁥􀀬􀁅􀀢􀀬􀁓􀀬􀀭􀀭􀀭􀀬􀀨􀁾�
�􀁏􀀢􀀭􀀩􀁌􀀭􀀭􀀧􀀮􀁍􀀽􀀽􀁉􀀢􀀬􀁌􀀢􀀬􀁌􀀢􀀢􀁅􀁒􀀬􀀬􀀭_____ I. Point from which taken __--'K"'E""L"'L"'E"'R'--"S-"-P"'R-=I"NG""S"---_ _..____ Looking _...IN'''O''''RL!T.1JH'--___ 2. Point
from which taken ___--'T""AX"'""I"'W"'A"'-Y__________ Looking_--'S"'O-=U.=T"'H____ 
Fonn 200 I a Page 3 DATA ON WHOLE PROPERTY Legal Description Abstract 792, Addison Municipal Airport Dimensions: 127 fectx 􀁾􀀳􀀴􀀢􀀬􀀬􀀰􀀬􀀭􀀭____ feet-43,180 sq,ft, ,9913 Acres Location
(Urban): Street & No, _________-:-____on________side between -,---c7'"-------------and ____________streets, (Rural): _____􀁾􀁟􀀺􀁟􀀺􀀺􀀭􀁟􀀽􀁟􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀂭􀁾􀁾􀁾􀀭􀁾􀁾􀀭􀁾􀁾􀁾􀁾􀁌�
�􀁮􀁤􀁇􀁲􀁡􀁮􀁴􀁓􀁵􀁾􀁥􀁹􀀭􀀭􀁾􀁾􀁾􀁾􀀭􀁾􀀭􀁾􀁾􀀭􀀭􀀭􀀭􀂭Neighborhood or Area Analysis: The Neighborhood is a commercial and industrial area, having restaurant, neighborhood 􀁳􀁥􀁾􀁩􀁣􀁥􀀬􀀠office,
office showroom and warehouse facilities, A major asset in the area is the Addison Airport, a general aviation operation, The subject is located on Airport property, Highest and Best
Use and Zoning of Subject Property: Airplane Storage, Industrial-3 COST APPROACH WHOLE PROPERTY Estimated Reproduction Cost: Main Building: 16,640 ft. @$15,00 per square foot"", .. ",
.. ,$249,600. Parking Let: $1.15 . per square ft ..26,540 sq,ft ... " .......... $ 30,52 L Total Reproduction ...... " ..... " " ........ " ....... ",,, .. ,,.,, ............ " .....
"".. " ..... """"""...... $280.121. Less Accrued Depreciation: Physical Deterioration ... ".."".... " .. ",,, . .40% ..... ",...... " ....... ", ..... ",,, ... $112.048. Functional Obsolescence
.." ... " ...... " ... " ..... " ... ""."..............""""""".$ -0Economic Obsolesscence """....... " ......... " ..... " ....... ""................ " ...... $ -0Total Depreciation
.. ""....","'..... " ........................................ " .. ""..... " ... ""............ ,,$112.048. Value Building Contributes to Whole Property .. "'.. " ........ ",.. ", ........
, .. "'",,,.......... ,,,, .. , ............ .$168.073, Garages: ft, @$ per ft." .... " ................... " ........... " ......".".$___ Less Depreciation ......... ""... " .... "
....... "" ............."."..............."""........ , .... , ..... ",,$ $___ Other (Detail)" .. , ... " .... " .. "" .................... " .... ", ... " ...........".'........ ' ..................
",. " .... $__ Less Depreciation .,..................... " .............. " .. '", ................ "".,... " ........... " ...... ,""$ $___ Depreciated Value: Landscaping $__-:::::-:-"
Fencing $ ___􀁾􀀠Walks $ , Drives $ ......... ", ........................ ",.....""..... " .. "."".............. $ ___ Value Improvements Contribute to Whole Property .... ",,, ...........
,,,,"',, .............. ,,,, ...... ,,,,,, ..$168,073. LAND".." ...... ,43,180 square feet $"'3"".0"'0"-__per.sq.ft ........................ " ..... ""............. $129,540. ESTIMATED
VALUE BY COST APPROACH .................... ""'.""... "",,,,,,,,.,,,,,,,,,,,,,,, ........$297,613. Comment on Depreciation Factors: 
Form 200 I a Page 4 MARKET DATA APPROACH WHOLE PROPERTY (Land Comparables) $_------Date,_________Purchase Price of Subject Property Improvements Since Purchase and Estimated Cost: Lease
Terms or Rental Agreement: Sales and Information ofComparable Properties SALE NO. 1 2 3 SALE DATE GRANTOR-GRANTEE 10/31194 Hope Invt Ltd. Addison, Ltd. 3121/95 M&F Development Co Diversco
Mann 04117/95 Chaiu Chin AER SALE CONFIRMED WTIH ADDRESS & LOCATION IN RELATION TO SUBJECT Kent HOlle 4901 Airport Pkwy, 344.47' E Addison Rd 1 Blk South George RoddX 4500 blk Sunbelt,
ApprO){, 667' W. of Addison Rd 5 blks N. Pat Haggertv 2030 Chenault @Earhart southeast corner ACTUAL SALE PRICE $742.000. $125,000. $530.500. CONDITIONS OF SALE Cash Cash Cash ESTIMATED
UNIT PRICE $3.10 $2.76 $3.00 LEASE OR RENTAL DATA CURRENT USAGE Federal Express Distribution Facilitv Unimproved Warehouse under Construction HIGHEST & BEST USE Commercial Commercial
Commereial SIZE 5.4963 Acres 1.0382 Acres. 4 Acres PHYSICAL FEATURES IMPROVEMENTS None at sale sale None at sale None at sale Correlation ofComparable Sales To Subject Property: Use
Additional Pages IfNecessary Estimated Land Value ofMarket Data Approach $..w12""9"".5:::L40",,.___ 
Form 200la Page 5 INCOME APPROACH WHOLE PROPERTI JUSTIFICATION OF RATE AND METHOD OF CAPITALIZATION: __________ Estimated remaining economic life ofimprovements,,,,,2,,,5-,y.,,ea,,,r,..s_____________
_ Stabilized Gross Income.......... , .. ,"',., ........... , .. , ........ ,$ 21,000, Vacancy 15 % ................................. ,.......... 3,150. Effective Gross Income......................
, ............... " .... " ............................... ,', ................. , ......... $17,850, Taxes: City, ............................... , ...................................
',' .$_-=--_ State & County .... : .................... } ............................ $ -0Miscellaneous (School, etc,) ............... , ...... , ............. $___ Insurance: Fire
& Extended Coverage ...................................... $ 69, Misce!laneous,... ", .................... ", .............. , ........ ,".$:---:7:' Annual Deferred Maintenance ......................
.............. $ 300. Management 4 % ...................................... $ 714 Operating Expenses ..Uti1ities..................................... $ 863, Other Expenses ,..........................
....$___ Total Expenses before Depreciation ........... , ............................................................................ $ 1,946. Net Income to Property .......................
, ...... " ...... " ................................................................... $ 15,904, , Less Income Attributable to (Land) ............................ $129,540. @10,5 %
.................... $ 13,602, Income Attributable to (Improvements) ., ..... , ...... " .............................................. , .................... $ 2,302. Income Capitalized@""1",,2__%
('--__% Interest___% for Recapture of Capital) ..... $ 19,183, (Land) (Improvements) ", ....... " ............... , ... ', ..,.,., .............. ' .... ,," ........ ,', .... " .......
".,., ............. ,$129,540. ====:::: ESTIMATED VALUE BY CAPITALIZATION APPROACH .............................................. $148,723, ADDITIONAL APPRAISAL INFORMATION 
Form 200 I a Page 6 FINAL ESTIMATE OF VALUE OF VVHOLE PROPERTY Correlaton ofApproaches to Value See Page 6A Estimated Value ofWhole Property Owner $ Leasehold "'_____ "" ... , .. ".,
.. , ...... ,.,..... , ...... , .. ,... " .... " .. $____ 
6A CORRELATION The City of Addison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport ofTexas, Inc. operates, manages, and subleases the airport property.
Unless renewed, this agreement tenninates on December 3 I, 2000. There are three approaches to value that may be utilized to estimate fair market value of the subject -Market, Income
& Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units of comparison derived from sales of similar properties in the marketplace.
Those units ofcomparison are then applied to the subject property to arrive at a range ofvalues which should be indicative ofthe market estimate ofvalue for the subject property. The
Income Approach to Value is based upon an analysis ofthe income stream of the property and comparison of that income stream with income streams ofsimilar properties. This calculation
and analysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed in the marketplace
by investors for similar properties. The resulting figure is an income estimate ofvalue. The Cost Approach to Value embraces thephilosophy that the reproduction costs or the principal of substitution for a property should limit the upper side ofvalue. In this approach to value the appraiser calculates the market
value of the site, the reproduction cost of the improvements less any applicable depreciation, then combines these two items to arrive at a cost estimate of value. The market approach
has been used to estimate the value ofthe land. Sale #1 is located one block south ofthe subject and east of Addison Road. This comparable is slightly superior to the subject as AilPort
Parkway connects Addison Road and the Dallas North Tollway. Federal Express has constructed a distribution facility on this property. Sale #2 is approximately 5 blocks north ofthe subject
on a secondary street occupied by office showroom and warehouse facilities. Sale #3 is west ofthe subject and on the west side ofAddison Airport in an office warehouse neighborhood.
An office warehouse facility is currently under construction on this property. These comparables give an accurate value for land in the vicinity ofAddison Airport used for commercial
and warehouse uses. After analyzing these sales, a value of$3.00 per square fuot is selected as fair market value ofthe land befure the taking for the land taken, and fur the land value
after the taking. At $3.00 per square foot the fair market value ofthe land is $129,540. When $3.00 is multiplied times 10,428 square reet, fair market value ofthe land taken for the
right of way equals $31,284. 6,365 square feet or 38.25% ofthe building is being taken with a value of$7,337. attributed to this part of the improvements ($19,183. improvement value
x 38.25%). The income approach is the most reliable indicator ofvalue ofthe subject. The cost approach indicates an upper limit of value when the improvements are new new and constitute
the highest and best use for the property. The income stream generated by the property can be compared to income from other investments available in the market with similar and varied
degrees ofrisk and durability. 
Direct capitalization -building 􀁲􀁾􀀮􀁩􀁤􀁵􀁡􀁬􀀠technique is used to estimate the value ofthe property under the income approach. The land va. .'las been established at $129,540. from
c larable sales. 10.5% is selected as adequate return on the value of the land or $13,602. When this income is subtracted from net income to property, $2,302. of income is attributed
to the improvements. Capitalizing this income at 12% gives value attributed to the improvements of$19,183. The sums ofthe value ofland and value ofthe improvements equals the estimated
value ofthe whole property of $148,723. The income approach is the most accurate estimate ofthe fair market value. Therefore, $148,723. is the fair market value of the subject before
the taking. The value of the remaiuder before the taking is $1l0,102. ($148,723. less $38,621.). After the taking, the improvements are reduced by 6,365 square feet, leaving approximately
10,725 square feet. The remaining improvements will generate income on a prorata basis equivalent equivalent to income generated before the taking. Therefore, the value of the remainder
after the taking is unchanged and is equal to $110,102. In addition to taking a portion ofthe improvements and the right ofway, a temporary construction easement will be taken. This
easement will be needed for a period oftwo years and that compensation will be equal to 10.5% ofthe fair market value ofthe land for that period (1,400 sq. ft. x $3 x 10.5% x 2 yrs.
= $882.). Total just compensation is summarized as follows: Improvements Taken $ 7,337. Right ofWay Taken 31,284. $38,621. Construction Easement Taken 882. Total Just Compensation $39,503.

Form 200la Page 7 DATA ON PARTIAL TAKlNG Legal Description Part Taken ________________________ Dimensions x = 10.428. Sq.Ft. .2394 Acres WHOLE PROPERTY: The market value ofthe whole
property is ................. $148.723. PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being taken for highway purposes, considered as a
severed tract is:........................................................................................ $38.621. (I) REMAINING PROPERTY: The market value ofthe remiander inunediately
before the taking is:.............................................................. $ 110.102. (2) Considering the use to which the part taken is to be subjected to, the market value
ofthe remainder immediately after the taking is:................................... $ J 10.102. (3) NET DAMAGES, ifany ................................................................................
................... $_..:;-0£:.-__ SIGN ADJUSTMENT COSTS, ifany...............................................................................􀀤􀀧􀀺􀀺􀀭􀀭􀀺􀀺􀀺􀀭􀁣􀁾􀀭􀁏􀀺􀀺􀀭􀀭__ TOTAL
COMPENSATION............................................................. , ................. $38,621. APPRAISALS OF PART TAKEN AND REMAINDER Highest and Best Use of Part Taken Airplane
Storage Remainder Before Taking _S""am"""e'--___-.,..::-::--::-__________ Remainder after taking considering the use to which the part taken is to be subjected,---'S"'a"'m.,e'--________________
Contributory Remainder Remainder VaJueof Part Taken Before After Improvements Taking Taking Bldg.-6,365 (38.25%) 7,337. 11,846. 11,846. TOTAL IMPROVEMENTS 11.846. RIGfITOFWAY $31,284.
$ 98.256. iii 98,25g. 10,428 s.f. @$3. TOTAL AS A UNIT $38,621. (1) $110,102. (2) $110,102. (3) )'. " i . CONSTRUCTION EASEMENT + 882. $39,503. 
Fonn 2001a Page 8 #1 COMPARABLE SALES DATA SUPPLEMEN 1 􀁾􀀭􀀧􀀭􀀭􀀭􀀭􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀠􀀭􀀭􀀭􀀭􀀭􀁾􀁾􀀮􀀮􀀠􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀁾􀁾􀀠 Sales Parties: Grantor Hope Investment Ltd, Grantee
􀁍􀁾􀀻􀁭􀀮􀀮􀀬􀀡􀁤􀁜􀀱􀁾_____________ Dated_--"10""/=-3""1I..<.94"-______Recorded in Volume,...;9"'4""2-<'10"--_____ Local Address 490 I Airport Parkwav Legal Description Abst. 482.
Tract 30. Addison. TX Actual Price $742.000. Verified Conditions Rentai,,",c_________________________________ Land Size 5.4963 Acres Unit Price: As Imprc1vel:L _____;· Unimprovcd...$"'3o...1"'0'--___
Street Curb 8: Gutter Improvments None at sale Size and Description, __-:-::-_-::-_-:_--;-;-::--:_--;;:--:-:-_--;;:-:-__-:::--:-:-:____ Minor dirt work to aid drainage from balance ofthe
tract ofwhich Condition and DesirabilitY--,t",h",is",i",s-"a...􀁰􀀢􀀬􀁡􀀡􀀮􀀡􀁲􀁴􀁾􀀮______________________ Current Use Fed Ex Distribution Facilitv Highest and Best 􀁕􀁓􀀧􀁬􀁟􀀮􀀮􀁑􀀲􀀡􀀡􀁬􀁬􀀡􀁬􀀡�
�􀀡􀁾􀀡􀁌_______ Date Inspected 7 /15/95 􀁚􀁯􀁮􀁩􀁮􀁧􀁾􀁃􀀢􀀢􀀢􀀢􀁯􀁯􀁭􀁭􀁷􀁵􀀢􀀧􀁥􀀢􀀧􀁲􀁣􀀧􀀢􀁪􀁡􀀢􀀧􀁉􀁟􀁟􀀧􀀭􀁉􀀧􀀭􀀭__________ -Use reverse side for other pertinent infonnation,
___-::;;:-__--;_-:_-:-____-,._ 􀁁􀁾􀁴􀁌􀀯􀀴􀀩􀀯􀁩􀁦􀁩􀁩􀁉􀁦􀀺􀁻􀀠 Appraiser 
Form 200 la Page 8 #2 ==c-------COMPARABLE SALES .DArA_SJDf'EL,EM!El'!..!='7. Sales Parties: Grantor M& F Development Co.. Inc. Grantee Manufacturing Dated 3/21195 Recorded in Volume.-"9""S",0),,,·)"
--______ Page _4"'6.,,3'--__ Local Address 4S00 Block Sunbelt Drive Legal Description 􀁗􀁥􀁳􀁴􀁾􀀻􀀧􀀠_ Tract \3 Sunbelt Business Park Addition, Addison, TX Actual 􀁐􀁲􀁩􀁣􀁥􀀭􀀭􀀢􀀤􀀬􀀭􀀬􀀱􀀢􀀢􀀲􀀢�
�􀀵􀀬􀀬􀀬􀀬􀀰􀀬􀀬􀀬􀁏􀀬􀀬􀀬􀀰􀁾􀀮________Verified With George Roddv Conditions of Salc--"C"'a"'sh"-______.._____________________ 􀁒􀁥􀁮􀁴􀁮􀁬􀁾􀁾􀁾___________________________________________
Land Size 1.0382 Acres Unit Price: As Improved________; Unimproved $2,76 Street Concrete Curb &c'G"u"'tt""e<Lr__________________ Utilities--,A"I!'-I___ Improvrnents None at Sale Size
and Description Leyel. readv for development Condition and Desirability _____________________________ Current 􀁕􀁳􀁥􀁟􀀭􀀭􀀬􀁕􀀢􀀬􀁮􀀢􀀬􀁩􀀬􀀭􀀬􀁭􀀢􀀬􀁰􀀢􀀭􀁲􀁯􀀬􀀬􀀬􀀬􀁜􀀬􀀭􀀬􀁥􀁤􀁾􀀬􀀭􀀮_______
Highest and Best Use Light Industrial & Commercial Date Inspected_7!.!1-'I"'S/c;9""S""S__________ Zoning Commercial -I Use reverse side for other pertinent infonnation, _________-:-_-:-______.,...,-_
___ /l/Appraiser 
Form 2001a Page & #3 COMPARABLE 􀁾􀁾􀁌􀁾􀁾􀀠DATA SUPPLEM:..:.::cEN...;1-=.f________---,="'" Sales Parties: Grantor -"C"'h"'ai""u-'C"'h"in"--___________ Grantee -wA"'E"'R"--______ Dated
4114/95 ___ ___ Recorded in Volume--29"'50"-7'-"4'--_____ Page ...;6""6,,,8__ Local Address 2030 Chenault Carrollton_ TX Legal Description Abstract 923_ Tract 20 Actual Price $530.500.
Verified With Pat Ha!l:gertv Conditions of Salc-'C"'a"'sllh_____.________________________ 􀁒􀁥􀁮􀁴􀁡􀁬􀁾􀁡􀀬􀁡_______________. ________________________ Land Size 4.0591 Acres Unit Price:
As Improved.______; Unimproved $3.00 Street Concrete Curb & Gutter Utilities-"A"'l1____ Improvments None at Sale Size and Description __________________________________________ Condition
and Desirability ______________________________ [: Current Use Warehouse under construciton Highest and Best yse---'C""o"'mm=e"'r-"-cl""a"-I______ Date Inspected,---'1"'O'-'/2"'2/;.c9""S'--_______
Zoning Commercial-l Use reverse side for other pertinent inforrnation _________________-;-.".-__ 􀀯􀁌􀁣􀁾􀁪􀀦􀀩//:4:/4 􀀭􀀭􀀧􀀽􀀽􀁾􀀠( 'Appraiser 
Texas Turnpike Authority Fonn 200la ADDISON AIRPORT TUNNEL REAL ESTATE APPRAISAL REPORT Parcel Number _____􀁾____ Address Hanger 1300 Keller Springs Owner City ofAddison Address______________
Occupant's Name Greg Hayes Whole Taking ____ Partial Taking X Purpose of the Appraisal The purpose of this appraisal is to estimate the Market Value of the fee simple title encumbered
by existing easements, if any, which are compatible to highway use of the subject property as of 12/20/95. It is being made for the Texas Turnpike Authority in connection with the investigation
and defense of the claims by the owner of the property for compensation and damages, if any, arising out of the property acquisition by the Texas Turnpike Authority for right-of-way
purposes. The estimates of value concluded herein will be used for settlement of such claims through negotiation or eminent domain proceedings . . Market Value may be defined as follows:
"Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged, to sell, and is bought by one who is under no necessity
of buying it, taking into consideration all of the uses to which it is reasonable adaptable and for which it either is or in all reasonable probability will become available within the
reasonable future." Valuation In my opinion the compensation due as a result ofthis taking is: Owner $_______ Leasehold Interest $_______ Total $ 48.352. Appraiser's Certificate I hereby
certifY that the opmlOn of value herein expressed has been reached after a careful examination of all pertinent data; that my fee is in no way contingent upon the value placed on the
property; that neither I nor any employee in my service has directly or indirectly any financial or personal interest in or to the property appraised; and that should I or any employee
in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the Authority, I will immediately notifY the Authority of such interest or
interests. Appraiser Approved by the Board of Directors Right-of-Way 
Form 200]a Page 2 ATTACH ALL PERTINENT PICTlJRES Parcel No, Local Address_.--!H",A",N""G"E",R,-"1..,3",Q",O..􀁋􀀢􀀬􀁅􀀢􀀬􀁌􀀢􀀬􀁌􀀢􀀬􀁅􀀢􀀬􀁒􀀢􀀭􀀬􀁓􀀢􀀬􀁐􀀭􀀢􀁒􀀬􀀬􀀬􀀬􀁉􀀢􀀧􀀭􀁾􀁊􀀮􀀡􀀮􀁇􀀬􀀬􀀭􀁓__
____ Date Taken. 917/95 AXD 1l/lO/95 I, Point from \\'hich taken KELLER SPRINGS _______ Looking __ }lQKlJi___ 2, Point from which ""'-"u.___􀀭􀂱􀁾􀁾􀁩􀀺􀁬􀁬􀀮_________ Looking__--'S'-'O'-'U'-'T"'H'--
__ 
Form 200la Page 3 DATA ON WHOLE PROPER1Y Legal Description,_-"A",b",st",ra",c,,-t􀀮􀁌􀀷􀀹􀀢􀀭􀀬􀀲􀀢􀀢􀀭􀂣􀁁􀀢􀁤􀀢􀀬􀁤􀀢􀀬􀁩􀁳􀀢􀀬􀀰􀀡􀀮􀀡􀀮􀁮􀀭􀀢􀁍􀀢􀀬􀁵􀀢􀀬􀁮􀀢􀀬􀁩􀁣􀀢􀀢􀁩􀁰􀀢􀀬􀁡􀀡􀀡􀀡􀁉􀀮􀀮􀁣􀁁􀀬
􀀬􀀬􀁩􀁭􀁾􀀰􀀢􀀢􀀧􀁲􀁴􀁾_____________ Dimensions: 120 feet x 􀁾􀀳􀀢􀀬􀀳􀁾􀀵􀀬􀀭􀀭____feet =54,560 sq.ft, ,976 Acres Location (Urban): Street & No, _________-:-____􀁯􀁮􀁾_______,side
between -::::---;:-_____________and ____________streets. (Rural): _____-::--:-::---;:-________________ :-:-:-:-;---:---:--_;----;---;---:--;:;:;;-Land Grant Survey ___-:-:-_.,-:--:---:---;-_-:---:-__
___ Neighborhood or Area Analysis: The Neighborhood is a commercial and industrial area, having restaurant, neighborhood service, office, office showroom and warehouse facilities. A
major asset in the area is the Addison Airport, a general aviation operation. The subject is located on Airport property. Highest and Best Use and Zoning of Subject Property: Airplane
Storage. Industrial -3 COST APPROACH WHOLE PROPER1Y Estimated Reproduction Cost: Main Building: 15.300 ft. @$23.00 per square fooL. .......... $35 1,900. Parking Lot: $2.00 per sguare
ft ..25.260 sq.ft.m ........... $ 50,520. Total Reproduction .............. "".".." ....... "m ... "".................... " .." .............. " ..... " ... $402.420. Less Accrued Depreciation:
Physical Deterioration ... m ..... ""..... "....40% ..... """............................ $160.968. Functional Obsolescence .................................................................
".$ -0Economic Obsolesscence .............""".... " ... ".." ........... " .......... ""....".$ -0Total Depreciation ....... " ....................... ""........................ " ...................
.................. $160.968. Value Building Contributes to Whole Property .......................... " .. " ......... " ............ " ................. $241,452. Garages: ft. @$ per
ft ......... " ........... "".... " ....... " ........ " ..,,$___ Less Depreciation .... " ...........................................................................................
$ $___ Other (Detail) ............................................................................................................ $.__ Less Depreciation .............................................
..................................................... $ $___ Depreciated Value: Landscaping $ __-::-:->. Fencing "'___􀁾􀀠Walks $ . Drives $ ..........................................................
............... " ... $.___ Value Improvements Contribute to Whole Property ..... ""................""""......"""................ $241,452. LAND............. 40,560 square feet ""$3"".0"'0'--__
per.sq.ft .................................................. $121,680. ESTIMATED VALUE BY COST APPROACH ........................................................................ $363.132.
Comment on Depreciation Factors: Building is approximately 15 yrs. old. Reasonable wear and tear is estimated at 40%. Remaining economic life is approximately 25 yrs. 
MARKET DATA APPROACH WHOLE PROPERTY (Land Comparables) Purchase Price of Subject Property $,-------Date'_________ Improvements Since Purchase and Estimated Cost: Lease Terms or Rental
Agreement: Sales and Information ofComparable Properties SALE NO. 2 3 SALE DATE 10/31/94 3121195 04117195 Hope Invt. Ltd. M&F Development Co Chaiu Chin 􀁇􀁒􀁊􀁕􀁦􀁔􀁏􀁒􀁾􀁒􀁁􀁎􀁔􀁅􀁅􀀠Addison.
Ltd. Diversco Mann AER SALE CONFIRMED WITH Kent HOlle George 􀁒􀁑􀁤􀁤􀁾􀀠Pat Haggem 4901 Airport Pkwy, 4500 blk Sunbelt, 2030 Chenault @ADDRESS & LOCATION 344.47' E Addison Rd Approx.
667' W. of Earhart southeast IN RELATION TO SUBJECT 1 Blk South Addison Rd 5 blks N. comer ACTUAL SALE PRICE $742.000. $125,000. $530.500. CONDITIONS OF SALE Cash Cash ESTIMATED UNIT
PRICE $3.10 $2.76 $3.00 LEASE OR RENTAL DATA Federal Express Warehouse under CURRENT USAGE Distribution Facility Unimproved Construction HIGHEST & BEST USE Commercial Conunercial CQrnrnercial
SIZE 5.4963 Acres 1.0382 Acres. 4 Acres PHYSICAL FEATURES IMPROVEMENTS None at sale None at sale None at sale "Correlation of Comparable Sales To Subject Property: Use Additional Pages
IfNecessary Estimated Land Value ofMarket Data Approach $ 121.680. 
Fonn 200la Page 5 INCOME APPROACH WHOLE PROPERTY JUSTIFICATION OF RATE AND METHOD OF CAPITALIZATION: SUbject is under a ground lease with original 40 yr terin. The lease has approximatelv
23 yrS and 3 mo. remaining. Net income from building is capitalized at 12%. Return on land value is 1O.5%. Estimated remaining economic life of improvements,-'2"'5c.:y"'e""ar..."s'----______________
Stabilized Gross Income ............................................ $ 41.520. Vacancy 15 %............................................ 6.228. Effective Gross Income .................................
.......................................................................... $35,292, Taxes: City ... """ ..",... , .... "., ........ , .......... , ............. , ...... " .... $ ___
State & County .......... , ................... , ..................... , ..$.___ Miscellaneous (School, etc.) ................................. , ..$___ Insurance: Fire & Extended Coverage
...................................... $ 224. Miscellaneous.., ... , ..... ,:" .............. " ....... , .............. , ..$__:-:-:Annual Deferred Maintenance ....................................
$ 600. Management 4 % ...................................... $ 1.412. Operating Expenses ..Utilities ..................................... $ IAOO. Other Expenses ...............................$.___
Total E){penses before Depreciation .., ................................... , ................... , .. , ... , ........ , ............. $ 3,676, Net Income to Property ....... , ....................
, .............................................................................. $ 31,656. Less Income Attributable to (Land) ............................. $121,680. @10.5 % ....................
$ 12,776. Income Attributable to (Improvements) .................................................. , ................................ $ 18,880. Income Capitalized@.21.=.2__% L(__% Interest.
___% for Recapture ofCapital) ..... $157,333. (Land) (Improvements) .......................................................... , ..................... , .......................... $121,640.
ESTIMATED VALUE BY CAPITALIZATION APPROACH .............................................. $279,013. Discounted Cash Flow (Say) $279,000. ADDITIONAL APPRAISAL INFORMATION 
Form 200la Page 6 FINAL ESTIMATE OF VALUE OF WHOLE PROPERTY Corrclaton ofApproaches to Value See Page 6A Estimated Value of Whole Property Owner $ Leasehold $_____....................................
...................$,____ :
Page6A ! The City of Addison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport ofTexas, Inc. operates, manages, and subleases the airport property.
Unless renewed, this agreement terminates on December 31, 2000. Several ground leases extend beyond that date. This property is under a ground lease with an original term offorty years,
as of November I, 1995. Twenty three (23) years, three (3) months remain on the lease. '. For purposes of this report, it is assumed that the property is owned and operated by the fee
owner. The fair market value estimated herein does not attempt to determine the value of the leased fee, the sublease position (sandwich position) ofthe airport management or the leasehold
estate created by the lease for the tenant currently in possession ofthe property. There are three approaches to value that may be utilized to estimate fair market value of the subject
-Market, Income & Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units ofcomparison derived from sales ofsimilar properties
in the marketplace. Those units of comparison are then applied to the subject property to arrive at a range of values which should be indicative ofthe market estimate of value for the
subject property. The Income Approach to Value is based upon an analysis ofthe income stream of the property and comparison ofthat income stream with income streams ofsimilar properties.
This calculation and analysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed
in the marketplace by investors for similar properties. The resulting figure is an income estimate of value. The Cost Approach to Value embraces the philosophy that the reproduction
costs or the principal of substitution for a property should limit the upper side ofvalue. In this approach to value the appraiser calculates the market value ofthe site, the reproduction
cost of the improvements less. any applicable depreciation, then combines these two items to arrive at a cost estimate ofvalue. The market approach has been used to estimate the value
ofthe land. Sale # I is located one block south ofthe subject and east of Addison Road. This comparable is slightly superior to the subject as Airport Parkway connects Addison Road and
the Dallas North Tollway. Federal Express has constructed a distribution facility on this property. Sale #2 is approximately 5 blocks north ofthe subject on a secondary street occupied
by office showroom and warehouse facilities. Sale #3 is west ofthe subject and on the west side ofAddison Airport in an office warehouse neighborhood. An office warehouse facility is
currently under construction on this property. These comparables give an accurate value for land in the vicinity ofAddison Airport used for commercial and warehouse uses. After analyzing
these sales, a value of$3.00 per square foot is selected as fair market value ofthe land before the taking for the land taken, and for the land value after the taking. At $3.00 per square
foot the fair market value of the land is $121,680. When $3.00 is multiplied times 3,515 square feet, fair market value of the land taken for the right ofway equals $10,545. 3,610 square
feet or 23.59% of the building is being taken with a value of$37,114. attributed to this part of the improvements ($157;333. improvement value x 23.59%). The income approach is the most
reliable indicator ofvalue of the subject. The cost approach indicates an upper limit ofvalue when the improvements are new and constitute the highest and best use for the property.
;... 
The income stream generated bv 􀁴􀁾􀁥􀀠property can be compared to income from other investmcnts available in the market with similar and \ hl degrees ofrisk and durability. Direct capitalization
-building residual technique is used to estimate the value of the property under the income approach. The land value has been established at $121,680. from comparable sales. 10.5% is
selected as adequate rerum on the value ofthe land or $12,776. When this income is subtracted from net income to property, $18,880. ofincome is attributed to the improvements. Capitalizing
this income at 12% gives value attributed to the improvements of $157,333. The sums ofthe value ofland and value of the improvements equals the estimated value ofthe whole property of$279,000.
The income approach is the most accurate estimate of the fair market value. Therefore $279,000 is the fair market value ofthe subject befure the taking. The value of the remainder before
the taking is $231,354. ($279,013. less $47,659.). After the taking, the improvements are reduced by 3,610 square feet or 23.59% leaving approximately 11,690 square feet. The remaining
improvements will generate income on a promta basis equivalent to income generated before the taking. Therefure, the value ofthe remainder after the taking is unchanged and is equal
to $231,254. In addition to taking a portion of the improvements and the right of way, a temporary construction easement will be taken. This easement will be needed for a period oftwo
years and that compensation will be equal to 10.5% ofthe fair market value ofthe land for that period (1,100 sq. ft. x $3 x 10.5% x 2 yrs. "" $693.). Total just compensation is summarized
as follows: Improvements Taken $37,114. Right ofWay Taken 10,545. $47,659. Construction Easement Taken 693. Total Just Compensation $48,352. 􀁾􀀠: 
Fonn 200la Page 7 DATA ON PARTIAL TAKING Legal Description Part Taken _________________________ Dimensions x -3,797 􀁓􀁱􀀬􀁆􀁴􀀮􀀮􀁾􀀬􀀢􀀧􀀰􀁟􀀢􀁟􀀸􀀶􀀢􀀧􀀷􀀧􀁟􀁟________Acres WHOLE
PROPERTY: The market value ofthe whole property is ",,,,,,.,,,,,,,.$279.013 PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being taken for
highway purposes, considered as a severed tract is:"""""""""'''''"."'''''''''"'''''"''"."''''".,,,,."'''''"'''''''''''",$47,659, (I) REMAINING PROPERTY: The market value ofthe remiander
inunediately before the taking is:"".""""'''"''''''''''',,",,"",,,,,.,,,,,,,,,,,,,,,,.$ 23 1.354, (2) Considering the use to which the part taken is to be subjected to, the market value
ofthe remainder inunediately after the taking is:.""""""""".".""."".,,$ 231354. (3) NET DAMAGES, ifany"", ",,,""",",."", '" ".,,' "'" """"""""""""".".,,"".,,"""" '" """".$,_..:;-0",,-__
SIGN ADJUSTMENT COSTS, ifany"", """""".",,, "'" """.""""""".,,""""""""""""."$_",,-0,,,,-__ TOTAL COMPENSATION", ".,"", ". """ "" "",",,"""","""""".. ",,"""."".".".$47,659. APPRAISALS
OF PART TAKEN AND REMAINDER Highest and Best Use of Part Taken Aimlane Storage 􀁒􀁥􀁭􀁡􀁩􀁮􀁤􀁥􀁲􀁂􀁥􀁦􀁵􀁲􀁥􀁔􀁡􀁫􀁩􀁮􀁧􀁟􀁓􀁾􀁡􀁭􀁾􀁥􀁾􀁾___􀁾􀁾___________ Remainder after taking considering
the use to which the part taken is to be subjected _____________________ Contributory Value of Improvements Part Taken Remainder Before Taking Remainder After Taking Bldg,-3,6 IO (23.59%)
and Concrete Paving approx, 37, II4 120,219 120,219 TOTAL IMPROVEMENTS RlGHTOFWAY LAND 3,515 s.f. @$3 10,545, $II 1,135, TOTAL AS A UNIT $47,659. (I) $231,354. (2) $231,354. (3) CONSTRUCTION
EASEMENT + 693, $48,352. 
Form 200la Page 8 #1 COMPARABLESALESDATASUPPLEMEN, 􀁾􀀭􀀮􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀧􀀢􀁾􀁾􀀮􀀠􀀭􀀮􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀁾􀁾􀀽􀀠Sales Parties: Grantor Hope Investment Ltd. Grantee Addison Ltd.
Dated__lO/31/94 _____ Recorded in Volume,"'9"'4"'2"'I"'O'-_____ Page 3570 Local Address 4901 Airport Parkwav Legal Description Abst 482. Tract 30. Addison. TX Actual 􀁐􀁲􀁩􀁣􀁥􀀭􀀭􀀢􀀤􀀢􀀭􀀷􀀭􀀭􀀬􀀴�
�􀀬􀀲􀀮􀀬􀀬􀀬􀀬􀀰􀀬􀀬􀀬􀁏􀁏􀀬􀀬􀀭􀀮􀁾_______Verified With,-,K"e",n"'-t􀀬􀀬􀀢􀁈􀀡􀀮􀁜􀀬􀁯􀁾􀁰􀀬􀀬􀀭􀁥___________ Conditions Rental Date________________________________ Land Size 5.4963
Acres ..____ Unit Price: As Irnproved,______; Unimproved,"'$""3"'.I..,O'--___ _______________ Utilities________Street__-,C"u",rb""",&"->,G""u""tt,,,erc.. Improvrnents None at sale Size
and Description__-c=_-::__-:-_-:-:-:--;-_-:;-_-:--:-_-c=___::--:-:--:-____ Minor dirt work to aid drainage from balance ofthe tract of which Condition and Desirability this is a part
.. _______________________ Current Use Fed Ex Distribution Facilitv Highest and Best 􀁕􀁳􀁥􀁟􀀭􀀧􀁃􀁏􀁾􀁭􀁭􀀢􀀢􀀢􀀢􀀧􀁥􀁲􀀮􀀮􀀬􀁣􀀢􀀧􀁩􀁡􀀢􀀧􀁉_________ Date Inspected-'7.J../Jc!)""'1""9""5__________
􀁚􀁯􀁮􀁩􀁮􀁧􀁾􀁬􀀱􀀱􀀢􀀧􀁭􀀢􀀧􀁥􀀢􀀧􀀭􀁲􀀢􀀧􀁣􀁬􀀢􀀧􀂷􀁡􀀢􀀭􀁉􀀭􀁟􀀧􀁉___________ Use reverse side fur other pertinent information ___________-;-___-;--;-_ /'i . /f7 I .:.:: ././􀁖􀀻􀀻􀁤􀁾􀂣􀀠􀀤􀀭􀀣�
�􀀿􀁌􀁾􀁻􀀠! Appraiser 
Fonn 200 I a Page 8 #2 Sales Parties: Grantor M& F Development Co .. Inc. Grantee Manufacturing Dated 3/21/95 _______ Recorded in Volume.-,9",S""0,,,S),:.'______Page -'4"'6""3'--__ Local
Address 4500 Block Sunbelt Drive Legal Description West y, . Tract 13 Sunbelt Business Park ..􀀬􀀭􀁁􀀢􀀬􀁤􀀢􀀢􀁤􀁬􀀻􀀮􀁣􀂷􀁴􀁩􀀢􀀬􀁯􀀢􀀬􀁮􀀮􀁾􀁁􀀬􀀭􀀬􀁤􀀢􀀬􀁤􀀢􀀬􀁩􀀢􀀬􀁳􀁯􀀢􀀢􀁮􀀢􀀢􀀧􀀮􀁊􀀮􀁔􀀢􀀢􀁘�
�􀀭􀀭_______ Actual 􀁐􀁲􀁩􀁣􀁥􀀭􀀢􀀤􀀢􀀱􀀢􀀢􀀲􀀵􀀢􀀬􀀮􀀬􀀬􀀬􀀰􀀬􀀬􀀬􀀰􀀬􀀬􀀬􀁏􀀮􀁾_______Verified With George Roddv Conditions of Sale--'C"'a"'s"'h____________________________ Rental
Date_____􀁾__________________________ Land Size 1.0382 Acres Unit Price: As Improved_____; Unimproved $2.76 Street COl!crete Curb & Gutter __________ Utilities,--£A"'IlL-__ ImprO\ments
None at Sale Size and Description_l.,evel, readv for development Condition and Desirability___________________________ Current Use Unimproved Highest and Best Use Light Industrial &
Commercial Date Inspected_7u.1"'15"'1"'9"'S"'S________ Zoning Commercial -I Use reverse side for other pertinent infonnation, _______________-:-..-___ 􀁡􀁾􀀴􀁁􀁊􀁀􀁩􀁬􀁬Appraiser 
... . Fonn 20013 Page 8 #3 COMPARABLE SALES DATA SUPPLEMEl'<! .....--.-. -----.",= Sales Parties: Grantor 􀁟􀁃􀀽􀁨􀁡􀀢􀀬􀁩􀁵􀀢􀀬􀀭􀀢􀁃􀁾􀁨􀀢􀀬􀁩􀁮􀀢􀀭􀀮__________ Grantee 􀁾􀀮􀀢􀀬􀁁􀀮􀁅􀀢􀀢􀁒􀀢􀀬􀀭__
_____ Dated 4114/95 Recorded in Volume-z9""50'-'7.:!4______ Page ...:6",6",8__ Local Address 2030 Chenault Carrollton. TX Legal Description Ab.tract 􀀹􀀲􀀢􀀧􀀳􀁯􀀧􀀮􀀬􀀬􀁾􀁔􀀧􀁟􀀧􀁲􀁳􀀻􀁡􀁣􀀢􀀢􀁴􀀧􀁟
􀀧􀀲􀀢􀀧􀀰􀀧􀁟􀁟____________________ Actual Price.......$""5"'30"'.d,5"'OO"'._________Verified With Pat Haggertv Conditions ofSalc-"C"'a"'-slc.1___________________________ Rental Data
Land Size.....:!..",O,L59",2""A=cre=s___.___ Unit Price: As Improvcd_____; Unimproved $3.00 Street Concrete Curb &Gutter 􀁕􀁴􀁩􀁬􀁩􀁴􀁩􀁥􀁳􀀭􀀭􀀭􀀢􀀬􀁁􀀢􀀬􀁬􀀱􀁾___ Improvments None at Sale Size and Description,_____________________________ Condition and Desirability___________________________ Current
Use \Varehouse under constnlciton Highest and Best )Jse--"C""o."mm=e",r",ci",a,-I______ Date Inspected 1012219d,5_______ Zoning Commercial·l Use reverse side for other pertinent infonnation,___=
___________􀀭􀀺􀀭􀁾􀀭􀀭􀀭􀁌􀀩􀀻􀁾􀂷􀁣􀀺􀁾􀂷􀀠/f/dfJ{/l. I -;---,--Appraiser 
Texas Turnpike Authority Fonn 200la ADDISON AIRPORT TUNNEL REAL ESTATE APPRAISAL REPORT Parcel Nurnber __________ Address Hanger 1600 Keller Springs Address _____________Owner City ofAddison
Occupant's Name _________ Whole Takingb-___Partial Taking X Purpose ofthe Appraisal The purpose of this appraisal is to estimate the Market Value of the fee simple title encumbered by
existing easements, if any, which are compatible to highway use of the subject property as of 12/20/95. It is being made for the Texas Turnpike Authority in connection with the investigation
and defense of the claims by the owner of the property for compensation and damages, if any, arising out of the property acquisition by the Texas Turnpike Authority for right-of-way
purposes. The estimates of value concluded herein will be used for settlement of such claims through negotiation or eminent domain proceedings. Market Value may be defined as follows:
"Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged, to sell, and is bought by one who is under no necessity
of buying it, taking into consideration aU of the uscs to which it is reasonable adaptable and for which it either is or in all reasonable probability will become available within the
reasonable future." Valuation In my opinion the compensation due as a result of this taking is: Owner $ll.5,"S",3'-'.._____ Leasehold Interest $,______ Total $33,583. Appraiser's Certificate
I hereby certify that the opmlon of value herein expressed has been reached after a careful examination of all pertinent data; thut my fee is in no way contingent upon the value placed
on the property; that neither I nor any employee in my service has directly or indirectly any financial or personal interest in or to the property appraised; and that should I or any
employee in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the Authority, I will immediately notify the Authority of such interest
or interests. Approved by the Board of -Directors Right-of-Wa 
Fonn 200 I a Page 2 ATTACH ALL PERTINENT PICTURES Parcel No. ________ Local Address_--'.JH",a.un.:,;o"e.l..r......L.1",6􀁑􀀢􀀧􀁑􀀾􀁌􀀮􀀮􀁊􀁋􀀢􀀢􀀧􀁥􀀧􀀢􀀭􀁬􀀧􀀭􀁬􀁷􀁥􀀧􀀭􀁊􀁲􀀧􀀭􀀧􀁓􀁾􀁰􀀡􀀢􀁲􀁌􀁊􀁌�
�􀂷􀁮􀀮􀁬􀀮􀁬􀁧􀀾􀀬􀁳􀁾______ Date Taken 9/7/95 AND 11/10/95 Taken by 􀁟􀀭􀀭􀀭􀀢􀁃􀀢􀀧􀁈􀁁􀀡􀁬􀁒􀀧􀀢􀀧􀁌􀀢􀀧􀁅􀁾􀁓􀀧􀀭􀀭􀀭􀀭􀀧􀀨􀀭􀀢􀁂􀀢􀀢􀁏􀁃􀁌􀀩--",M",,-I,,-LL"-E"'R"----______ 1.
Point from which taken __---'K"E"'L"'L"'E"'R'---'SuPCIR'-'I...cN"r,,,SL---_______ Looking _---'N"'O"'R"'-T"'H"--___ 􀀬􀀻􀀬􀁾􀀬. .... ..􀁾􀀠..,. 2. Point from which taken.____􀁾􀁔􀀧􀁟􀀧􀁁􀁘􀀢􀀢􀀧􀀢􀀧�
�􀀧􀀭􀀧􀁗􀀢􀀭􀁁􀀢􀀧􀁙􀀧􀀭􀀭􀀭􀁟􀁟􀁟􀁟􀁟􀁟􀁟􀁟􀀠Looking__--".SO"-U"-T"-'H"-___ 
Fonn 2001a Page 3 DATA ON WHOLE PROPERTY Legal Deseription Abstract 792, Addison Municipal Airport Dimensions: 135 feet x 􀁾􀀳􀀢􀀭􀀬􀀲􀀬􀀬􀀬􀀵􀀬􀀭􀀭____ feet-43,875 sq.ft. 1.0072 Acres
Location (Urban): Street & No. _________-;-____ on________.side between -:::,.--:-;-_____________ and ____________streets. (Rural): ---------c----------------Land Grant Survey ___-:-:-_:-:---:---,-:-
_-.,..--,_____ =-N';"e7'"ig7h::-bo-r7h-oo-d::-o-r-Ar-:-e-a-;AnaI-';"ys-cj,-s·-;.Th:;:;"e Neighborhood is a commercial and industrial area, having restaurant, neighborhood service, office,
office showroom and warehouse facilities. A major asset in the area is the Addison Airport, a general aviation operation. The subject is located on Airport property. Highest and Best
Use and Zoning of Subject Property: Airplane Storage, Tndustrial -3 COST APPROACH WHOLE PROPERTY Estimated Reproduction Cost: Main Building: 17,51 I ft. @$15.00 per square foot.. ............
$262,665. Parking Lot: $1.15 per square ft. 26,364 sq.ft .............. $ 30,3 19. Total Reproduction ................................................................................................
$292,9R4. Less Accrued Depreciation: Physical Deterioration .......................... 40% ....................... , ............... $117,194. Functional Obsolescence ................................
.................................... $ -0Economic Obsolescence ..................................................................... $ -0Total Depreciation ...........................................
....... , ................................................ $117,194. Value Building Contributes to Whole Property ..........................................................................
$175,790. Garages: ft. @$ per ft.......................................................$___ Less Depreciation .., ...................... , ..................... : ..... , .....................
, ..................... $ $___ Other (Detail) ........... ,',., ............................................................................... " .......... $__ Less Depreciation ....................
............................................................................. $ $___ Depreciated Value: Landscaping $ , Fencing $ . Walks $ . Drives $ .......................................""......"
""............"."".... $,,.,...,,--.,..Value Improvements Contribute to Whole Property "":.""....""""....... ,,,, ........................... $175.790. LAND" ........... 43,875 square
feet 􀀢􀀧􀀤􀀳􀀢􀀭􀁩􀀮􀁏􀁾􀁏􀀢􀀭􀀭__peLsq.ft""" .... " ........ "."............ " ........... $131,625. ESTIMATED VALUE BY COST APPROACH .................... ""................................
" ............. $307.415. Comment on Depreciation Factors: 
· Fonu 200la Page 4 MARKET DATA APPROACH WHOLE PROPERTY (Land ComparabJes) Purchase Price of Subject Property $,_________ Improvements Since Purchase and Estimated Cost: Lease Tenus
or Rental Agreement: Sales and Information of Comparable Properties SALE NO. 2 SALE DATE GRANTOR·GRANTEE 10/31/94 Hope lovt. Ltd. Addison, Ltd, 3/21/95 M&F Development Co Diverscc Mann
SALE CONFIRMED W1TH Ken! HOGc George Roddv 3 04117/95 Chaiu Chin AER Pat Haggerty ADDRESS & LOCATION IN RELATION TO SUBJECT ACTUAL SALE PRICE CONDITIONS OF SALE ESTIMATED UNIT PRICE
LEASE OR RENTAL DATA CURRENT USAGE I-llGHEST & BEST USE SIZE PHYSICAL FEATURES IMPROVEMENTS 4901 Airport Pkwy, 344.47' E Addison Rd I Blk South $742,000. $3.10 Federal Express Distribution
Facilitv Commercial 5.4963 Acres None at sale 4500 blk Sunbelt, Approx. 667' W. of Addison Rd 5 blks N. 2030 Chenault@Earhart southeast comer $125,000. $530,500. Cash Cash $2.76 noo
Unim[)roved Warehouse under Constnlction Commercial 1.0382 Acres. None at sale Commercial 4 Acres None None at sale ; . ''; Correlation of Comparable Sales To Subject Property: i . Use
Additional Pages IfNecessary Estimated Land Value of Market Data Approach $-,1,""3-,-,1,,,,62,,,5'-'..___ 
Form 2001a Page 5 INCOME APPROACH WHOLE PROPERTI JUSTIFICATION OF RATE AND METHOD OF CAPITALIZATION; _________ Estimated remaining economic life of improvements-"2""5...,v"'ea"'r""s_______________
Stabilized Gross Income............................................ $ 21,000. Vacancy 15 %............................................ 3,150. Effective Gross Income., ................................
...................................... , ........ , ......................... $17,850. Taxes; City .......... " ... " ..., ........ , .... ", ............... , ................... $___
Stale & County ......... , ..: ........................... ""...........$___ Miscellaneous (School, elc,) .... " .., ............. " .., ......... $,___ Insurance; Fire & Extended Coverage...........
......... " ................ $ 69. Miscellaneous ........... , ............... " ...... , ..................... $--:c::7' Annual Deferred Maintenance ......... " .........................
$ 300. Management 4 % ...................................... $ 816. Operating Expenses ..Utilities ..................................... $ 515. Other Expenses ...............................$___
Total Expenses before Depreciation ...................... " .................................... ""........................$ 1,855. Net Income to Property ................ , ............
, .............. ,", ........................................................... $ 15,995. Less Income Attributable 10 (Land)............................. $131,625, @10,5 % ..................
$ 13,820, Income Attributable to (Improvements) ................................................................................... $ 2.175. Income Capitalized@...!1",,2__% ('-__% Interest___%
for Recapture of Capital) ..... $ 18,125. (Land) (Improvements) .............................. " .................................................... , ..................... .$131,625,
ESTIMATED VALUE BY CAPITALIZATION APPROACH .............................................. $149,750 . • ADDITIONAL APPRAISAL IN
FORMATION Fonn 200la Page 6 FINAL ESTIMATE OF VALUE OF WHOLE PROPER1Y Correlaton ofApproaches to Value See 6A Estimated Value ofWllOIc Property Owner $ Leasehold 􀁾__..____ ..........................
,,,.,,,,,, .. ,,,,,,,,,,.,, .. ,.$____ : .... 
The City of Addison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport of Texas, Inc. operates, manages, and subleases the airport property. Unless
renewed, this agreement terminates on December 31, 2000. There are three approaches to value that may be utilized to estimate fair market value of the subject -Market, Income & Reproduction
or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units of comparison derived from sales of similar properties in the marketplace. Those units
of comparison are then applied to the subject property to arrive at a range ofvalues which should be indicative of the market estimate ofvalue for the subject property. The Income Approach
to Value is based upon an analysis of the income stream of the property and comparison of that income stream with income streams of similar properties. This calculation and analysis
results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed in the marketplace by investors
for similar properties. The resulting figure is an income estimate ofvalue. The Cost Approach to Value embraces the philosophy that the reproduction costs or the principal of substitution
for a property should limit the upper side of value. In this approach to value the appraiser calculates the market value of the site, the reproduction cost of the improvements less any
applicable depreciation, then combines these two items to arrive at a cost estimate of value. TIle market approach has been used to estimate the value of the land. Sale #1 is located
one block south of the subject and east ofAddison Road. This comparable is slightly superior to the subject as Airport Park-way connects Addison Road and the Dallas North Tollway. Federal
Express has constructed a distribution facility on this property. Sale #2 is approximately 5 blocks north of the subject on a secondary street occupied by office showroom and warehouse
facilities. Sale #3 is west of the subject and on the west side of Addison Airport in an office warehouse neighborhood. An office warehouse facility is currently under construction on
this property. TIlese comparables give an accurate value for land in the vicinity of Addison Airport used for commercial and warehouse uses. After analyzing these sales, a value of$3.00
per square foot is selected as fair market value of the land before the taking for the land taken, and for the land value after the taking. At $3.00 per square foot the fair market value
ofthe land is $\31,625. When $3.00 is multiplied times 2,000 square feet, fair market value of the land taken for right of way equals $6,000. A subsurface easement of 10,262 square feet
is also being taken. 10% of the fair market value ofland is just compensation for the land taken under subsurface easement, which equals $3,079. A two year temporary construction easement
of 10,125 square feet is being taken. Compensation for the land used under the construction easement equals $6,379. TIle income approach is the most reliable indicator ofvale ofthe subject.
TIle cost approach indicates an upper limit of value when the improvements are new and constitute the highest and best use for the property. The income stream generated by the property
can be compared to income from other investments available in the market with similar and varied degrees of risk and durability. 
Direct capitalization -building r 'iual technique is used to estimate the valu' 􀁾􀁴􀁨􀁥􀀠property under the income approach. TIle land 􀁶􀁡􀁬􀁵􀁾􀀠.,as been established at $13 I ,625.
from con.,..drable sales. 10.5% is selected as adequate return on the value ofthe land or $13,820. When this income is subtracted from net income to property, $2,175. of income is attributed
to the improvements. Capitalizing this income at 12% gives value attributed to the improvements of$18, 125. The sum ofthe value of land and value ofthe improvements equals the estimated
value ofthe whole property of$149,750. The income approach is the most accurate estimate of the fair market value. Therefore $149,750 is the fair market value ofthe subject before the
taking. The value ofthe remainder before the taking is $122,546. ($149,750. less $27,204.). After the taking, the improvements are completely removed with a value attributed to the improvements
of$18,125. 43,875 square feet of land remains with part ofthe land encumbered by two permanent easements -surface easement ofapproximately 2,000 square feet and subsurface easement ofapproximately
10,262 square feet. Compensation for the surface easement has been established as the fair market value or the land. Compensation for the subsurface easement is equal to 10% ofthe fair
market value ofthe land (10,262 square feet @$3.00 x 10% -$3,078.60). As long as this property is operated as an airport facility, the subsurface easement should not materially affect
any airport facility or operation. The value ofthe remainder after the taking is unchanged and is equal to $122,546. In addition to permanent taking of improvements, surface, and subsurface
easement, a temporary construction easement will also be taken. It is estimated that this easement will be needed for a period of2 years and that compensation will be equal to 10.5%
ofthe value ofthe land for that period (10,125 sq.ft. x $3.00 x 10.5% x 2 yrs. -$6,378.75). Total just compensation is summarized as follows: Improvement Taken $18,125. llight of Way
Taken 6,000. Subsurface Easement Taken 3,079. $27,204. Temporary Construction Easement 6,379. Total Just Compensation $33,583. 
Form 200 I a Page 7 DATA ON PARTIALTAKmG Legal Description Part Taken ________________________ Dimensions x = Acres wHOLE PROPERTY: The market value ofthe whole property is .................
$149,750 PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being taken for highway purposes, considered as a severed tract is:...............................
......................................................... $27,204. (I) REMAINING PROPERTY: The market value of the remiander immediately before the taking is:.........................................
.....................$ 122.546. (2) Considering the use to which the part taken is to be subjected to, the market value ofthe remainder immediately after the taking is:...............................
.... $ 122,546. (3) NET DAMAGES, ifany ..................................................................... , ............................. $_",,-O,!-=-__ SIGN ADJUSTMENT COSTS, ifany
............................................................................... $'--:-..;::-0l<C:-__ TOTAL COMPENSATJON...............................................................................
$26,691. APPRAISALS OF PART TAKEN AND REMAINDER Highest and Best Use of Part Taken =-::---:=-:-:-___________________ Remainder Before Taking _ ......􀁾􀁾___􀀭􀀺􀀭􀀻􀀭􀁾􀀺􀀭􀀭__________
Remainder after taking considering the use to whieh the part taken is to be subjected.___ Contributory Remainder Remainder Value of Part Taken Before After Improvements . Taking Taking
Bldg.-l7,511 sf(100%) 18,125 -0TOTAL IMPROVEMENTS RlGHT OF WAY 6,000. :l!122,546. :l!122,546. EASEMENT-2,000 SQ. FT.@$3. SUBSURFACE 10,262 3,079 SQ.FT. TOTAL AS A UNIT $27,204, (1) $122,546.
(2) $122,546. (3) CONSTRUCTION EASEMENT + 6,379. $33,583. 
Fonn 200la Page 8 #1 COMPARABLE SALES DATA SUPPLEMENT 􀁾􀁾􀁾􀀺􀁾􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀮􀁾􀁾􀁾􀀠􀀭􀀭􀁾􀁾􀀽􀀽􀀠Sales Parties: Grantor Hope Investment Ltd. Grantee Addison Ltd. Dated_---'1"'0'-"'3'-'lcc'''''9.
J''--_______ Recorded in V􀀰􀁉􀁵􀁭􀁥􀁾􀀹􀀢􀀬􀀴􀁣􀀺􀀲􀀲􀀮􀀱"-0_______ Page 3 5 70 Local Address 490 I Aimort Parkway Legal Description Abst. 48? Tract 30. Addison. TX Actual Price $742.000.
Verified With---,K",e",n,,-t.=.H"'o"'p"'e____________ Conditions of Sale-'C"'a""s"'h'---_____________________________ Rental Date _________________________________ Land Size 5.4963 Acres
Unit Price: As Improved,______; Unimproved-'$"'3"".1'-'0'--__ Street.__􀀭􀀭􀀭􀀧􀁃􀀢􀀧􀀭􀀢􀁵􀀡􀀮􀀮􀀡􀁲􀁢􀀧􀀭􀀭􀀢􀀧􀀦􀁾􀂷G"'-"u"'tt"'ecLr_________________ Utilities________ Improvments
None at sale Size and Description,___-:-:-:-----::-_--:-_--:-:----;-_----::---:---:-__-:-:___-::--:-:--:-____ Minor dirt work to aid drainage from balance of the tract of which Condition
and Desirability_",th",i,,-s􀀮􀀮􀁣􀁩􀁳􀀬􀀭􀀬􀁡􀀢􀀭􀀢􀁰􀀬􀀬􀀬􀁡􀀬􀀭􀀬􀁲􀁴􀁾􀀮_______________________ Current Use Fed Ex Distribution Facilitv Highest and Best 􀁕􀁳􀁥􀁟􀀭􀀧􀁃􀀢􀀧􀁯􀀢􀁭􀁭􀀢􀀢􀀧􀀧􀀧􀀧􀁥�
�􀀮􀀮􀀡􀁲􀁣􀀧􀀢􀁩􀁡􀀧􀀧􀀧􀁉􀁾________ Date Inspected---,7.!...'",15",'.<.9=-5__________ Zoning Commercial-l -Use reverse side for other pertinent infonnation _________________--r/' ;;'
􀁾􀀯􀀠J ''7, #b-//:<'c,;t'0 􀀯􀁾􀀠/#td&:;? Appraiser 
Fonn 200 Ia Page 8 #2 !P ARABLE SALES .DA􀁔􀁐􀀮􀀭􀀮􀁾•.􀁜􀀮􀀡􀁴􀀺􀁴􀁣􀀺􀀡􀀭􀀮􀁲􀀺􀀮􀀱􀁙􀀱􀀢􀁓􀁾􀀮􀀬􀀡􀀽􀀠 Salcs Pa'rtics: Grantor M& F Develooment Co.. Inc. Grantee r.hnufacturing Dated
3/21195 Recorded in 􀁖􀁯􀁬􀁬􀁬􀁭􀁥􀀭􀀬􀀬􀀹􀀢􀀬􀀵􀀡􀀼􀁏􀁾􀀵􀀬􀀬􀀭􀀵_______ Page _4"'6"'3"--__ Local Address 4500 Blo",c",1,,,-'",-S",u!.!'nb",c",l"..t"'DCLn...,·v"'e_________________________
Legal Description West\!'. Tract 13 Sunbelt Business Park AdditiQn".􀀮􀀮􀂣􀀮􀁁􀀲􀀡􀁤􀁾􀁤􀀡􀀮􀁬􀁩􀁩􀀡􀀮􀀡􀁳􀁯􀁯􀁌􀀡􀁬􀁨􀁬.􀀮􀀮􀀮􀀱􀁔􀀧􀁟􀀧􀁘􀁾________ Actual 􀁐􀁲􀁩􀁣􀁥􀀧􀀭􀀭􀀢􀀤􀀧􀀭􀀧􀀱􀀭􀀢􀀲􀀢􀀭􀀵􀀮
􀀢􀀧􀀰􀀢􀀧􀁏􀀢􀀧􀁏􀀮􀁾________Veritied With George Roddv Conditions of Salc--'C".a"'s!.!.h__________________________􀁾___ Rental ______􀁾_____________________________ 􀁾􀁵􀀬􀀬􀀠Land
Size 1.0382 Acres Unit Price: As Improved______; Unimproved $2.76 Street Concrete Curb & Gutter ________________ Utilities--'A"'I....I___ Improvrnents None at Sale Size and Description
Level, ready for developmcnt Condition and Desirability ________________ Current Current Use Unimproved Highest and Be;;t Use . Lif!.ht Industrial & Commercial Date Inspected 7115/955'-________
Zoning Commercial-l Use reverse side for other pertinent informatioll ___________-:-__________ I f} h) 􀀯􀁾􀀢􀀺􀀠/f,/-+1-"..;􀀯􀀯􀁾􀀺􀀢􀀬􀀾􀁾􀀴􀀠/21 􀁾􀁦􀁾􀁚􀁾􀀠C7 >, Appraiser 
Form 200 I a Page 8 #3 COMPARABLE SALES DATA SUPPLEMENT Sales Parties: Grantor 􀀭􀀢􀀬􀁃􀀢􀀬􀁨􀀬􀀬􀁾􀁩􀀡􀀮􀁩􀁵􀁌􀁃􀁾􀁬􀁬􀁉􀀡􀀮􀁃􀂷􀁮􀁌􀀭___________ Grantee _A"""E"'R'--______ Dated 4114/95
________ Recorded in 􀁖􀁯􀁬􀁵􀁭􀁥􀀭􀀭􀀭􀀬􀀬􀀹􀀬􀀬􀀭􀀵􀀰􀁾􀀷􀂣􀀺􀀺􀀴􀀬􀀭􀀭_____ Page -'£66"'8'--__ Local Address 2030 Chenoult, 􀁃􀁮􀁲􀁲􀁯􀁬􀁬􀁴􀁑􀀧􀁬􀀱􀀡􀀱􀁾􀀬T-'-"'X'--____________________
Legal Descriptioll -Abstract 􀀹􀀲􀀳􀀮􀁾􀁔􀀮􀀡􀀮􀀧􀀭􀀧􀁲􀁡􀀢􀀬􀁣􀀢􀁴􀀭􀀽􀀲􀀢􀀬􀁏_______________________ Actual Price--1»,,",'􀀳􀀻􀁣􀁏􀀬􀀭􀀾􀀮􀀢􀀭􀁓􀁏􀀢􀀬􀁏􀀬􀀬􀀬􀀬􀁾________Verified With
Pot Haggertv Conditions ofSalc-'C"",,"'s"-hL-_____________________________ 􀁒􀁥􀁮􀁴􀁵􀁬􀁾􀀢􀀮􀀬􀀬__________________________,__________ Land Size---.:lJ),"-S9"'2"-'..A"'c"'re"'s'--______
Unit Price: As Improved______: Unimproved $3,00 Street Concrete Ctlfb & Gutter __________ Utilities--'-'A"'lI____ 􀁉􀁭􀁰􀁲􀁯􀁜􀀱􀁔􀁉􀁥􀁮􀁾􀀠􀁎􀁯􀁮􀁥􀁡􀁴􀁓􀁡􀁬􀁾􀁥__________􀁾__􀁾_________􀁾_______
Size and Description___________________________________ Condition and Desirability_______________ Current Use Warehouse under constmciton Highest and Best !Jse.-,C",o"m",mci!e",r""e",ia'!..l_______
Date Inspected----CI""O/"'2"'2'-'./9"'Sc-______ Zoning Commercial-l Use reverse side for other pertinent infonllation ___ 0:---------______--;-___ 􀁻􀀻􀀡􀀻􀁣􀁾􀁊􀀺􀀠A [!li/tL I Appraiser

Texas Turnpike Authority Fonn 200la ADDISON AIRPORT TUNNEL REAL ESTATE APPRAISAL REPORT Parcel Number ___-c-_____ Address Hanger T -6, Keller Sorings Owner City ofAddison Address_____________
Occupant's Name _________ Whole Takin.,.,g___Partial Taking X Purpose ofthe Appraisal The purpose of this appraisal is to estimate the Market Value of the fee simple title encumbered
by existing easements, if any, which are compatible to highway use of the subject property as of 12/20/95 It is being made for the Texas Turnpike Authority in connection with the investigation
and defense of the claims by the owner of the property for compensation and' damages, if any, arising out of the property acquisition by the Texas Turnpike Authority for right-of-way
purposes. The estimates of value concluded herein will be used fur settlement of such claims through negotiation or eminent domain proceedings. Market Value may be defined as follows:
"Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged, to sell, and is bought by one who is under no necessity
of buying it, taking into consideration all of the uses to which it is reasonable adaptable and for which it either is or in all reasonable probability will become available within the
reasonable future." Valuation In my opinion the compensation due as a result ofthis taking is: Owner $133,604, Leasehold Interest $ ______ Total $133,604, Appraiser's Certificate I hereby
certify that the opmlOn of value herein expressed has been reached after a careful 'examination of all pertinent data; that my fee is in no way contingent upon the value placed on the
property; that neither I nor any employee in my service has directly or indirectly any financial or personal interest in or to the property appraised; and that should I or any employee
in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the Authority, I wi!! immediately notify the Authority of such interest or
interests, UmL !4J;//tJI, Appraiser Approved by the Board of Directors Right-of-Wa 
Fonn 100 la Page 2 ATTACH ALL PERTfNENT PICTURES Parcel No. _____ Local Address HANGER T-i>, KELLER SPRINGS Date Taken ___1:.;2",,1-,1-,,0-,-1-<-9,,-5_ ___ Taken by __. CHARLES ..i!l.Ql..-'MuI""LbLLE
""R'--______ L Point from wruch taken _____...._EAST _SIDE ....__________._ Looking _ -"W"'E"'S-'-T____ .. ; i 2. Point from wruch taken __..;;W"'Ec::S"'T..cS"'I"'D"'E'--_______ Looking_--""EA"'S'-'T
'--___ 
Form 200la Page 3 DATA ON WHOLE PROPERTY Legal Description,_---"A"'b"'st"'ra""ct"-L79"-'Z"",J;A"d"'dw;is"'io""n'-.!M"""un"'i""cl",'p"'al""A!.l!.Lim"'o"'rt"-_____________ Dimensions:
130 feet x -±:ZO""4'--____ feet =26,5Z0 sq.ft. .6088 Acres Location (Urban): Street & No. _________-:--____on________.side between -:::=---::-_____________and ____________streets. (Rural):
_____".--:-::----=________________ ::-:-:-:-::---:---:---;-_-;--;--;--= Land Grant Survey ---:--:-:-----;-:-c:---:-::----:---:----Neighborhood or Area Analysis: The Neighborhood is a
commercial and industrial area, having restaurant, neighborhood service, office, office showroom and warehouse facilities. A major asset in the area is the Addison Airport, a general
aviation operation. The subject is located on Airport property. Highest and Best Use and Zoning of Subject Property: Airplane Storage, Industrial-3 COST APPROACH WHOLE PROPERTY Estimated
Reproduction Cost: Main Building: 7,556 ft.@$Z3.00 per square foot ............... $173,788. Parking Lot: $1.15 per sQuare ft .. 18,964sq.ft ................. $ 21,809. Total Reproduction
...................................... : ......................................................... $195,597. Less Accrued Depreciation: Physical Deterioration ..........................
40%....................................... $ 78.239. Functional Obsolescence : ................................................................... $ -0Economic Obsolescence ..........................
........................................... $ -0Total Depreciation ................................................................................................... $ 78.239. Value
Building Contributes to Whole Property .......................................................................... $117,358. Garages: ft.@$perft.......................................................$
.___ Less Depreciation ................................................................................................. $ Other (Detail)..............................................................
.............................................$__ Less Depreciation .................................................................................................. $ $___ $,___ Depreciated
Value: Landscaping $,__=-:-", Fencing 􀁾___􀁾􀀠Walks $ ,Drives $ ...............................................................................$___ Value Improvements Contribute to
Whole Property ............................................................. $117.358. LAND ............. 26,520 square feet !lC$3"-'.:.O>!.\,O!....-__ per.sq.ft .....................................
........... $ 79,560. ESTIMATED VALUE BY COST APPROACH ..................................................................... $196.918. Comment on Depreciation Factors: 
Form 200la Page 4 MARKET DATA APPROACH WHOLE PROPERTY (Land Comparables) Date,_________Purchase Price of Subject Property $,------Improvements Since Purchase and Estimated Cost: Lease
Terms or Rental Agreement: Sales and Information of Comparable Properties SALE NO, 2 3 SALE DATE GRANTOR-GRANTEE 10/31/94 Hope Invt. Ltd. Addison. Ltd. 3121/95 M&F Development Co Diversco
Mann 04/17/95 Chaiu Chin AER SALE CONFIRMED WITH KentHQQe George RQddy Pat Haggerty ADDRESS & LOCATION IN RELATION TO SUBJECT 4901 Airport Pkwy, 344.47' E Addison Rd I Blk South 4500
blk SunbeJt, Approx.667'VV.of Addison Rd 5 blks N. 2030 Chenault @Earhart southeast corner ACTUAL SALE PRICE $742.000. $125,000. $530,500. CONDITIONS OF SALE Casb Cash Casb ESTIMATED
UNIT PRICE $3,10 $2.76 $3,00 LEASE OR RENTAL DATA CURRENT USAGE Federal Express Distribution Facility 􀁾􀁕􀁮􀁩􀁭􀁑􀁲􀁯􀁶􀁥􀁤􀀠VVarebouse under Construction HIGHEST & BEST USE Commercial
Commercial Commercial SIZE 5.4963 Acres 1.0382 Acres. 4 Acres PHYSICAL FEATURES IMPROVEMENTS None at sale None at sale None at sale Correlation ofCornparable Sales To Subject Property:
, , .. Use Additional Pages IfNecessary Estimated Land Value of Market Data Approach $'...l72,9,,,,5,,,60,,,-.__􀁾􀀠
Fonn 200la Page 5 INCOME APPROACH WHOLE PROPERTY JUSTIFICATION OF RATE AND METIIOD OF CAPITALIZATION:_________ Estimated remaining economic life of improvements....2""5-:<y",ea,,,-r.2.s______________
_ Stabilized Gross Income........ 2,300 ............................ $ 27.600. Vacancy 10 %............................................ 2,760. Effective Gross Income..................................
......................................................................... $24,840. Taxes: City ........................................................................ $,___ State &
County ....................................................... $ ___ Miscellaneous (School, etc.) .................................... $ ___ Insurance: Fire & Extended COverage.......................
............... $ 136. Miscellaneous ........ ; ........................................... : .... $'--::-c-:Annual Deferred Maintenance .................................... $ 550. Management
4 % ...................................... $ 994. Operating Expenses ..Utilities ..................................... $ 312. Other Expenses ...............................$,___ Total
Expenses before Depreciation ........................................................................................ $ 1,992. Net Income to Property .................................................
.......................................................... $ 22,848. Less Income Attributable to (Land) ............................ $79.5600. @10.5 % .................... $ 8.384. Income
Attributable to (Improvements) ................................................................................... $ 14.464. Income Capitalized@....1..,,2__% ('-__% Interest ___% for
Recapture ofCapital) ..... $120.533. (Land) (Improvements) ..................................... , ................... , ................................................. $ 79,560. ESTIMATED
VALUE BY CAPITALIZATION APPROACH ............................................... $200,093. (Say) $200,100. ADDmONAL APPRAISAL INFO
RMATION Form 200la Page 6 FINAL ESTIMATE OF VALUE OF WHOLE PROPERlY Correlaton ofApproaches to Value SeePage6A Estimated Value ofWhole Property Owner $ Leasehold $_____ ..............................
......................... $ ____ 
6A CORRELATION The City ofAddison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport of Texas, Inc. operates, manages, and subleases the airport property.
Unless renewed, this agreement terminates on December 31, 2000. There are three approaches to value that may be utilized to estimate fair market value of the subject -Market, Income
& Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units of comparison derived from sales of similar properties in the marketplace.
Those units of comparison are then applied to the subject property to arrive at a range of values which should be indicative ofthe market estimate ofvalue for the subject property. The
Income Approach to Value is based upon an analysis ofthe income stream ofthe property and comparison of that income stream with income streams of similar properties. This calculation
and analysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate which is commensurate with the rates expressed in the marketplace
by investors for similar properties. The resulting figure is an income estimate ofvalue. The cost approach to value embraces the philosophy that the reproduction costs or the principal
of substitution for a property should limit the upper side of value. In this approach to value the appraiser calculates the market value ofthe site, the reproduction cost ofthe improvements
less any applicable depreciation, then combines these two items to arrive at a cost estimate ofvalue. The market approach has been used to estimate the value of the land. Sale #1 is
located one block south ofthe subject and east of Addison Road. This comparable is slightly superior to the subject as Airport Parkway connects Addison Road and the Dallas North Tollway.
Federal Express has constructed a distribution facility on this property. Sale #2 is approximately 5 blocks north of the subject on a secondary street occupied by office showroom and
warehouse facilities. Sale #3 is west ofthe subject and on the west side of Addison Airport in an office warehouse neighborhood. An office warehouse facility is currently under construction
on this property. These comparables give an accurate value for land in the vicinity of Addison Airport used for commercial and warehouse uses. After analyzing these sales, a value of
$3.00 per square foot is selected as fair market value ofthe land before the taking for the land taken, and fur the land value after the taking. At $3.00 per square foot the fair market
value of the land is $79,560. When $3.00 is multiplied times 709 square feet, fair market value of the land taken for the right of way equals $2,127. A temporary construction easement
of 17,340 square feet is also being taken. Just compensation for the land taken for the construction easement equals $10,924. The income approach is the most reliable indicator of value
of the subject. The cost approach indicates an upper limit of value when the improvements are new and constitute the highest and best use for the property. The income stream generated
by the property can be compared to income from other investments available in the market with similar and varied degrees of risk and durability. ::.-;. > :: ..... 
Direct capitalization -building 􀁲􀁰􀀮􀁾􀁩􀁤􀁵􀁡􀁬􀀠technique is used to estimate the vallJe ofthe property under the income approach. The land 􀁶􀁾􀀠lhas been established at $79,560.
from cc irable sales. 10.5% is selected as adequate return on the value ofthe land or $8,384. When this income is subtracted from net income to property, $14,464. of income is attributed
to the improvements. Capitalizing this income at 12% gives value attributed to the improvements of $120,533. The sums ofthe value ofland and value ofthe improvements equals the estimated
value ofthe whole property of$200,093. The income approach is the most accurate estimate of the fair market value. Therefore $200,093 is the fair market value ofthe subject before the
taking. The value ofthe remainder before the taking is $77,413. ($200,093. less $122,680.). After the taking, the improvements are completely removed. $120,533. is the value attributed
to the improvements. The value ofthe remainder after the taking is unchanged and is equal to $77,415. In addition to taking ofthe improVIDents and the surface easement, a temporary construction
easement will be taken. It is estimated that this easement will be needed for a period of two years and that compensation will be equal to 10.5% ofthe fair market value ofthe land for
that period (17,340 sq.ft. x $3. x 10.5% x 2 yrs. = $10,924). Total just compensation is summarized as follows: Improvements Taken $120,553. llight ofWay Taken 2,127. $122,680. Construction
Easement 10,924. Taken Total Just Compensation $133,604. 
Form 200la Page 7 DATA ON PARTIAL TAKING Legal Description Part Taken ________________________ Dimensions x = Sq.Ft.___________Acres WHOLE PROPERTY: The market value ofthe whole property
is ..H............. $200,093. PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being taken for highway purposes, considered as a severed tract
is: ... H ... H .. H ................. H .......HHHm ...H., .... H ..,......HHH., .... ., .. .$122,680. (I) REMAmmG PROPERTY: The market value of the remiander immediately before the
taking is:.......,H................HH ......HH ..HH....... HH ... .,$ 77,413. (2) Considering the use to which the part taken is to be SUbjected to, the market value ofthe remainder
immediately after the taking is:... HHH ..,............ H .........$ 77.413. (3) NET DAMAGES, ifany HH ...HH ....HHH..........HH.H .........HHH ......... HH ...........HHH .........HH
... $ __-O:'-"__ SIGN ADJUSTMENT COSTS, ifany .......................... H ... H...........HH .... H H .. HHH.HHH .. HHHH$=-.::;-0";O";:-_ TOTAL COMPENSATION. H.HH HH"H'" HH" .....HH
HHHH" .......H'HH. H" H'HHHHH... $122, 180. APPRAISALS OF PART TAKEN AND REMAmDER Highest and Best Use of 􀁐􀁡􀁲􀁴􀁔􀁡􀁫􀁥􀁮􀁾􀁾􀁾􀁾_____________________ Remainder Before Taking -;-;--:_-:-__-;-:-:--
;-__________ Remainder after taking considering the use to which the part taken is to be subjected,_____________________ Contributory Remainder Remainder Value of Part Taken Before After
Improvements Tiling Tiling Bldg.-7,556 sf(100%) 120.553 TOTAL IMPROVEMENTS 120,553. : ." RIGHT OF WAY 2,127. 77.413. 77,413. . 709 sf @$3 , 􀁾􀀠 TOTAL AS A UNIT $122,680. (1) $ 77,413.
(2) $ 77,413. (3) CONSTRUCTION EASEMENT + 10,924. $133,604. 
Fonn 200 la Page 8 #1 COMPARABLE SALES DATA SUPPLEMEN"l 􀁾􀁾􀀭􀁾􀀭􀀭􀁾􀀢􀀭􀀺􀀧􀀺􀀺􀀧􀀮􀀺-..􀀭􀀭􀀭􀀭􀀭􀀺􀀭􀀺􀀭􀀺􀀭􀀺􀀭􀁾􀀽􀀠Sales Parties: Grantor Hope Investment Ltd. Grantee Addison
Ltd. Dated._--2C1O""1""3"'1I.L9:c4______ Recorded in Vo!ume..,,9"'4"'21'-'0'--_____ Page 3570 Local Address 490 I Airport Parkwav Legal Description Abst. 482. Tract 􀀺􀁬􀁏􀀧􀁌􀁟􀀧􀀭􀀧􀁁􀁴􀁽􀁃􀁤􀀾􀁬􀀮
􀀡􀁤􀁤􀀮􀀡􀁩􀁾􀁳􀁯􀁤􀀮􀀡􀁮􀁨􀀭􀀮􀀮􀀮􀀻􀁔􀀮􀁌􀁘􀁾__________________ Actual 􀁐􀁲􀁩􀁣􀁥􀀭􀀢􀀤􀁃􀀡􀀮􀀷􀀢􀀬􀀴􀀲􀀢􀀬􀀬􀁟􀀮􀀬􀀬􀀬􀀰􀀬􀀬􀀭􀁏􀁏􀀬􀀬􀀢􀀮􀁾_______Verified Witb--"-K"'e"'nt>-H"-"'o"pe"--_________
_ Conditions 􀁯􀁦􀁓􀁡􀁬􀁥􀁾􀁃􀁤􀁡􀀡􀀻􀀾􀁳􀀮􀀡􀁬􀁨____________________________ Rental Date ________________________________ Land Size 5.4963 Acres Unit Price: As Improved_____; Unimproved."'$""3"'".1.
..,O'--__ Street__􀁾􀁃􀀮􀀺􀀱􀁵􀀡􀁌􀁲􀁢􀀡􀁌􀀲􀀦􀀢􀀭􀁇􀁬􀀮􀀸􀀡􀁕􀁬􀁬􀁴􀁴􀀡􀁩􀀡􀁥􀁲􀀧􀁟􀁟_______________ Utilities________ . Improvrnents None at sale Size and Description,__--::-::-_-::-_--:_--:-:-:--:
-_--::----:--:-_--::-:-__-::--:-:-:-____ Minor dirt work to aid drainage from balance oftbe tract ofwhich Condition and Desirability--,t",h",is"",i",s..,a...p",a",rtO-'______________________
Current Use Fed Ex Distribution Facility Highest and Best 􀁕􀁳􀁥􀁟􀀮􀀮􀀾􀀮􀁃􀀢􀀧􀁯􀀢􀀧􀁭􀁭􀁾􀁥􀀢􀀧􀁲􀁣􀀢􀀧􀁩􀀢􀀢􀁡􀁬􀀧􀁟􀁟_______ Date 􀁉􀁮􀁳􀁰􀁥􀁣􀁴􀁥􀁤􀀬􀀭􀀭􀀬􀀷􀀢􀀭􀀱􀀢􀀬􀀬􀀱􀀵􀀬􀀬􀀬􀀯􀁾􀀹􀀵􀀬􀀬􀀭
_________ Zoning .... Commercial-I -Use reverse side for other pertinent infonnation ____________-,-___-,,-, -£,i //J ) v.. j? 􀁉􀀧􀀺􀀺􀀢􀁾􀀯􀁌􀀺􀀧􀀠􀁊􀁾􀀧􀀯􀀠􀁨􀀯􀁾􀁴􀁾􀀠Appraiser 
Foml 200la Page 8 #2 ;;;;;c:-:-;:::;:::::. .,.. ____􀁾􀁾􀀧􀁌􀀮􀁖􀁬􀁖􀁬􀁴􀀧,'\K1'U>i,C SALES.. DATA 􀁾􀀢􀀧􀁊􀁊􀀮􀁴􀀺􀁴􀀺􀁬􀀬􀀠􀁃􀁉􀁹􀀧􀀧􀁬􀁊􀀺􀀺􀀧􀁬􀁾􀁌􀁬􀁾􀀠Sales Parties: Grantor M&
F Development Co .. Inc ..._____ Grantee Manufacturing Dated 3121/95 Recorded in Volume-<9"'S'"'0)"'-S'--_____Page -'4"'6""3'--__ Local Address 4500 Block Sunbelt Drive Legal Description
West Yo. . Tract 13 Sunbelt Business.Park Addition. Addison. TX Actual 􀁐􀁲􀁩􀁣􀁥􀀭􀀭􀀾􀁦􀀤􀀢􀀱􀀢􀀧􀀲􀀵􀁾􀀮􀀬􀀬􀁏􀁙􀀮􀀮􀀰􀀰􀀢􀀧􀀬􀁾___􀁾_____Verified With GeorQe Roddv Conditions ofSale-"C"'a""sh!.L_
_____________________________ 􀁒􀁥􀁮􀁴􀁡􀁬􀁶􀁾􀀬􀁾_________________________􀁾________ Land Size 1.0382 Acres Unit Price: As lmproved_____; Unimproved $2,76 Street Concrete Curb & Gutter
_______ Utilities,---,A",l""l___ Improvments None at Sale Size and Description LeveL ready 􀁦􀁯􀁲􀀮􀀮􀀻􀁤􀀢􀀧􀁥􀀢􀀢􀁶􀁥􀀢􀀧􀁉􀀢􀀧􀁯􀁐􀁬􀀧􀁊􀁭􀁬􀀡􀀡􀁓􀁩􀀡􀁥􀁮􀀡􀁬􀀡􀁴􀁾____________________
Condition and Desirability ___________________________ Current 􀁕􀁳􀁥􀁟􀀭􀀭􀀢􀁕􀀢􀀧􀁮􀁾􀁩􀁭􀀡􀀡􀁊􀁐􀀢􀀧􀁲􀀢􀀢􀁯􀀭􀀧􀀮􀁶􀁥􀀢􀀧􀁤􀀢􀁟_______ Highest and 􀁂􀁥􀁾􀁴􀀠Use Light Industrial
& Commercial Date Inspected_7u/""15"'1""9::.S::.S________ Zoning Commercial-l Use reverse side for other pertinent information_ . _________:--,--__ --"7"C,.--AJ/#b1L , Appraiser 
Form 200la Page 8 #3 COMPARABLE SALES DATA SUPPLEMENT Sales Parries: Grantor 􀁾􀁃􀀡􀀡􀁨􀁡􀀼􀀡􀀡􀁩􀀢􀀢􀁵􀁾􀁃􀀢􀀬􀁨􀁬􀀡􀁩􀁮􀀬􀀬􀀭___________ Grantee 􀁾􀁁􀁯􀀮􀁅􀀢􀀢􀁒􀀬􀀭􀀬􀀭______ Dated
4/14195 Recorded in Volume 95074 _____ Page ...:6""6,,,8__ Local Address 2030 Chenault. Carrollton. TX Legal Description Abstract 923. Tract 20 Actual Price $530,500. _____Verified With
Pat HaQQertv Conditions of Sale--'C"'a"'s""h___________________________ 􀁒􀁥􀁮􀁴􀁡􀁬􀁾􀁟􀀮_____________________________________ Land Size 4.0592 Acres Unit Price: As lmproved_____; Unimproved
$3.00 Street Concrete Curb & Gutter Utilitics-"'A"'ll____ Improvments-..NQ,...􀁮􀀬􀀬􀀭􀁥􀁾􀁡􀀬􀀬􀀭􀁴"Sa"'I"'e____ Size and Descriptioll____________________________________________ Condition
and Desirability _____________________________________________ Current Use' Warehouse.under constmciton Highest and Best 􀁹􀁳􀁥􀀬􀁾􀁃􀀼􀀮􀁜􀁯􀀮􀀡􀁌􀁭􀁲􀁮􀁾􀁥􀁬􀁩􀀺􀀡􀁲􀀢􀀧􀁣􀀡􀀡􀀧􀁩􀁡􀀢􀁟􀁬__________
___ Date Inspected-'1"'0'-'12"'21L9".,5'-__________ Zoning Commercial-l l Use reverse side for other pertinent inforrnation. _____""7____________________􀁾􀁟􀀬􀀮7 /II h I 􀀧􀁾􀀧􀀷􀀠//i.//c?,,??u/i7X
.i!E::lZ:r Appraiser 
Texas Turnpike Authority Form 200la ADDISON AIRPORT TUNNEL REAL ESTATE APPRAISAL REPORT Parcel Number _________ Address Hanger T -4. Keller Springs Dallas, Texas Address_____________Owner
City of Addison Occupant's Name _________ Whole Taking, ____ Partial Taking X Purpose ofthe Appraisal The purpose of this appraisal is to estimate the Market Value of the fee simple
title encumbered by existing easements, if any, which are compatible to highway use of the subject property as of 12/20/95 It is being made for the Texas Turnpike Authority in connection
with the investigation and derense of the claims by the owner of the property for compensation and damages, if any, arising out of the property acquisition by the Texas Turnpike Authority
for right-of-way purposes. The estimates of value concluded herein wi!! be used for settlement of such claims through negotiation or eminent domain proceedings. Market Value may be defined
as follows: "Market Value is the price which the property would bring when it is offered offered for sale by one who desires, but is not obliged, to se!!, and is bought by one who is
under no necessity of buying it, taking into consideration all of the uses to which it is reasonable adaptable and for which it either is or in all reasonable probability will become
available within the reasonable future." Valuation In my opinion the ccmpensation due as a result ofthis taking is: Owner $ 251,417. Leasehold Interest $._______ Total $251,417. Appraiser's
Certificate I hereby certify that the oplIlJon of value herein expressed has been reached after a careful examination of all pertinent data; that my fee is in no way ccntingent upon
the value placed on the property; that neither I nor any employee in my service has directly or indirectly any financial or personal interest in or to the property appraised; and that
should I or any employee in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the Authority, I will immediately notify the Authority
of such interest or interests. Approved by the Board of Directors Right-of-Wa 
Fonn 200 la Page 2 ATTACH ALL PERTINENT PICTURES Parcel No, _______ Local Address HANGER T-4, KELLER SPRI:\GS Date Taken __-<.9LI lw6LlI29'.l5_____ Taken by __C",H"",A""R",L""ES,,-\(...,B,,,OL)..."M"
'r"'L"'LE"'R'-______ 2. Point from which taken ___..!:WE=S-"T-"-SI=-D"'E"--.________ Looking_--"E:;!A:::.ST=-____ 
Fonn 200la Page 3 DATA ON WHOLE PROPERTY Legal Description Abstract 792, Addison Municipal Aimort Dimensions: 213 feet x -'-11..,0'--____ feet = 23,430 sq.ft. .5379 Acres Location (Urban):
Street & No. _________--:-_____on________side bet>veen ---;:::---:::-_____________and ____________streets. (Rural): ______-:-;-_-::-_______________ .,.,-,--:--:--...,---,._-:--::---:-_=_
Land Grant Survey __--,;-:---:-:-:---:-::--:--:--.,----____ Neighborhood or Area Analysis: The Neighborhood is a commercial and industrial area, having restaurant, neighborhood service,
office, office showroom and warehouse facilities. A major asset in the area is the Addison Airport, a general aviation operation. The subject is located on Airport property. Highest
and Best Use and Zoning of Subject Property: Airplane Storage, Industrial -3 COST APPROACH WHOLE PROPERTY Estimated Reproduction Cost: Main Building: 9.139 ft. @$23.00 per square fooL
........... .$210.197. Parking Lot: $1.15 per square ft .. 13,981 sq.ft ............... $ 16,078. Total Reproduction ..................................................................................
.............. $226.175. Less Accrued Depreciation: Physical Deterioration ......................... .40% ....................................... $ 90,470. Functional Obsolescence ...................
................................................. $ -0Economic Obsolescence ..................................................................... $ -0Total Depreciation ..............................
..................................................................... $90,470. Value Building Contributes to Whole Property ..........................................................................
$135.705. Garages: ft.@perft.......................................................$,___ Less Depreciation ............................................................................................
..... $ $,___ Other (Detail).............................................................................................. Detail).....................................................................
......................... " ............ $ __ Less Depreciation ......................................................................... , ....................... .$ $,___ Depreciated
Value: Landscaping $,___..... Fencing $.___􀁾􀀠Walks $ , Drives $ .., .................................... , .. , ................................... $ ___ Value Improvements Contribute
to Whole Property ............................................................ $135,705. LAND............. 26,750 square feet ""$3,;.,:.0'i,;0i--__per.sq.ft ..........................................
....... $ 80,250. ESTIMATED VALUE BY COST APPROACH ..................................................................... $215,955. Comment on Depreciation Factors: Building is approximately
15 yrs. old. Reasonable wear and tear is estimated at 40%. Remaining economic life is approximately 25 yrs. 􀁾􀀠.. :-
Form 200 I a Page 4 MARKET DATA APPROACH WHOLE PROPERTY (Land ComparabJes) Daw_________________Purchase Price of Subject Property $.---------------Improvements Since Purchase and Estimawd
Cost Lease Terms or Rental Agreement: Sales and Information of Comparable Properties SALE NO. 2 3 SALE DATE GRANTOR-GRANTEE 10/31/94 Hope Invt. Ltd. Addison. Ltd. 3nI195 M&F Development
Co Diyersco Mann 04/17/95 Chaiu Chin AER 􀁓􀁁􀁌􀁅􀁃􀁏􀁎􀁆􀁬􀁬􀁕􀁍􀁅􀁄􀁾􀁔􀁈􀀠Kent HOl1e Qeorge Roddv Pat Haggertv 4901 Airport Pkwy, 4500 blk Sunbelt, 2030 Chenault @ADDRESS & LOCATION
344.47' E Addison Rd Approx. 667' W. of Earhart southeast IN RELATION TO SUBJECT I Blk South Addison Rd 5 blks N. comer ACTUAL SALE PRICE $742,000. $125.000. $530.500. CONDITIONS OF
SALE Cash Cash Cash ESTIMATED UNIT PRICE $3.10 $2.76 $3.00 LEASE OR RENTAL DATA Federal Express Warehouse under CURRENT USAGE Distribution Facility Unimproved Constnlction HIGHEST &
BEST USE Commercial Commercial Commercial SIZE 5.4963 Acres 1.0382 Acres. 4 Acres PHYSICAL FEATURES FEATURES IMPROVEMENTS None at sale None at sale None at sale i ' Correlation of Comparable
Sales To Subject Property: Use Additional Pages IfNecessary Estimared Land Value ofMarket Data Approach $,-"8""0,,.£25,,,0,,-,_____ 
Form 2001a Page 5 INCOME APPROACH WHOLE PROPERTY JUSTIFICATION OF RATE AND METHOD OF CAPITALIZATION: _________ Estimated remaining economic life of 􀁩􀁭􀁰􀁲􀁯􀁶􀁥􀁭􀁥􀁮􀁴􀁳􀀮􀀮􀀡􀀬􀀲􀀢􀀬􀀵􀀭􀁬􀁹􀁾􀁥�
�􀀢􀀬􀁲􀀭􀀬􀀬􀀭􀁳_______________ Stabilized Gross Income............................................ $ 35,700. Vacancy 10 %............................................ 3,570. Effective
Gross Income........................................................................................................... $32.130. Taxes: City ..........................................................
.............. $.___ State & County.......................................................$.___ Miscellaneous (School, etc.) .................................... $.___ Insurance: Fire
& Extended Coverage......................................$ 154. Miscellaneous......................................................... $ ___ Annual Deferred Maintenance...............................
.....$ 550. Management 4 % ...................................... $ 1,285. Operating Expenses ..Utilities..................................... $ 311. Other Expenses ...............................$._
__ Total Expenses before Depreciation ........................................................................................ $ 2,300. Net Income to Property ........................................
.................................................................. .$ 29.830. Less Income Attributable to (Land) ............................ $ 80,250. @10.5 % .................... $
8.426. Income Attributable to (Improvements) ................................................................................... $ 21,404. Income Capitalized@,..!1",2__% (L__% Interest.___%
for Recapture of CapitaI)..... $I78,367. (Land) (Improvements) ...........................................................................................................$ 80,250. ESTIMATED
VALUE BY cAPITALIZATION APPROACH .............................................. $258,617. ADDITIONAL APPRAISAL INFORMAT
ION Form 200la Page 6 FINAL ESTIMATE OF VALUE OF VfHOLE PROPERTY Correlaton ofApproaches to Value See Page 6A Estimated Value ofWhole Property Owncr $ Leasehold "'_____ ..............................
.........................$.____ 
6A CORRELATION The City of Addison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport ofTexas, Inc. operates, manages, and subleases the airport property.
Unless renewed, this agreement terminates on December 31, 2000. There are three approaches to value that may be utilized to estimate fair market value ofthe subject -Market, Income &
Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units ofcomparison derived from sales ofsimilar properties in the marketplace.
Those units ofcomparison are then applied to the subject property to arrive at a range ofvalues which should be indicative of the market estimate ofvalue for the subject property. The
Income Approach to Value is based upon an analysis ofthe income stream ofthe property and comparison ofthat income stream with income streams ofsimilar properties. This calculation and
analysis results in a net income stream attributable to the real estate. That income is then capitalized at a rate wfiich is commensurate with the rates expressed in the marketplace
by investors for similar properties. The resulting figure is an income estimate ofvalue. The Cost Approach to Value embraces the philosophy that the reproduction costs or the principal
ofsubstitution for a property should limit the upper side ofvalue. In this approach to value the appraiser calculates the market value of the site, the reproduction cost of the improvements
less any applicable depreciation, then combines these two items to arrive at a cost estimate ofvalue. The ma:rket approach has been used to estimate the value ofthe land. Sale #1 is
located one block south ofthe subject and east ofAddison Road. This comparable is slightly superior to the subject as Airport Park\vay connects Addison Road and the Dallas North Tollway.
Federal Express has constructed a distribution facility on this property. Sale #2 is approximately 5 blocks north ofthe subject on a secondary street occupied by office showroom and
warehouse facilities. Sale #3 is west ofthe subject and on the west side ofAddison Airport in an office warehouse neighborhood. An office warehouse facility is currently under construction
on this property. These comparables give an accurate value for land in the vicinity of Addison Airport used for commercial . and warehouse uses. After analyzing these sales, a value
of$3.00 per square foot is selected as fair market value ofthe land before the taking for the land taken, and for the land value after the taking. At $3.00 per square fuot the fair market
value ofthe land is $ 80,250. When $3.00 is multiplied times 24,350 square feet, fair market value ofthe land taken for the right ofway equals $73,050. 100% ofthe building is being taken
with a value of$178,367. attributed to the improvements. The income approach is the most reliable indicator ofvalue ofthe subject. The cost approach indicates an upper limit ofvalue
when the improvements are new and constitute the highest and best use for the property. The income stream stream generated by the property can be compared to income from other investments
available in the market with similar and varied degrees ofrisk and durability. 
Direct capitalization -building TPsidual technique is used to estimate the 􀁶􀁡􀁬􀀢􀁾􀀠ofthe property under the income approach. The land va 'has been established at $80,250. from co.
_ .irable sales. 10.5% is selected as adequate return on the value ofthe land or $8,426. When this income is subtracted from net income to improvements, $21,404. ofincome is attributed
to the improvements. Capitalizing this income at 12% gives value attributed to the improvements of$I78,367. The sum ofthe value ofland and value of the improvements equals the estimated
value ofthe whole property of$258,617. (say $259,000.). The income approach is the most accurate estimate ofthe fair market value. Therefore $259,000 is the fair market value ofthe subject
before the taking. The value ofthe remainder ofthe taking is $7,200. ($258,617 less $251,417). After the taking, the improvements are completely removed. 2,400 square feet ofland remain,
with a value equal to $7,200. The value ofthe remainder after the taking is unchanged and is equal to $7,200. Total just compensation is summarized as follows: Improvements Taken $178,367.
Right ofWay Taken 73,050. Total Just Compensation $251,417. 
Fonn 2001a Page 7 DATA ON PARTIAL TAKlNG Legal Description Part Taken _________________________ Dimensions x Sq.Ft.____________ Acres WHOLE PROPERTY: The market value ofthe whole property
is ,., .............. $258.617. PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being taken for highway purposes, considered as a severed
tract is:........................................................................................$25 1.417. (1) REMAINING PROPERTY: The market value ofthe remiander immediately before
the taking is:.............................................................. $ 7,200. (2) Considering the use to which the part taken is to be subjected to, the market value ofthe remainder
immediately after the taking is: ................................... $ 7.200. (3) NET DAMAGES, if any .................................................................................................
..$_--'-0:'--__ SIGN ADJUSTMENT COSTS, if any...............................................................................$::-:-:--=:-O":--=-_ TOTAL COMPENSATION ......... ,', ............
" ............................ , ... ,", ................. $251,417. APPRAISALS OF PART TAKEN AND REMAINDER Highest and Best Use of Part Taken Airplane Storage Remainder Before Taking
􀀭􀀭􀀢􀀡􀀧􀁓􀁡􀁭􀁾􀁥􀀢􀀭􀀭􀀺􀀭__---,:-:-:,---:-___________ Remainder after taking considering the use to which the part taken is to be subjected,---'S"'a"'m"'e'--_________________ Contributory
Value of Improvements Part Taken Remainder Before Taking Remainder After Taking Bldg.-9,1395f(100%) and Paving 178,367. -0-0TOTAL IMPROVEMENTS RIGHT OF WAY LAND 24,350 S.F. @$3 73.050.
7.200. 7,200. TOTAL AS A UNIT $251,417. (1) $ 7,200. (2) $ 7,200. (3) Explain difference, if any, benveen Remainder Before and After Taking (If extra space needed, use attachment.) 
Fonn 200la Page 8 #1 CvM:PARABLE SALES DATA SUPPLEMEl'< l' 􀁲􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀽􀁾􀀮􀀠􀀭􀀭􀀭􀀭􀀭􀀭􀁾􀁾􀀽􀀠Sales Parties: Grantor Hope Investment Ltd. Grantee Addison Ltd.
Dated_-''1'''01'''3,,1f-019'''4'--______ Recorded in 􀁖􀁯􀁬􀁵􀁭􀁥􀀮􀁾􀀹􀀢􀀬􀀴􀀢􀀬􀀿􀀢􀀬􀀭􀀱􀀰􀀬􀀬􀀭_____ Page 3570 Local Address 4901 Airport Parkway Legal Description Abst. 482. Tract
30. Addison. TX Actual Price $742.000. Verified With-EK",e<!.!ntLH!.&!opl<!e"-___________ Conditions 􀁯􀁦􀀮􀀢􀀬􀀬􀀧􀁶􀀮􀀮􀀻􀁾􀀱􀀱􀀭___________________________ Rental Date ____________________________
____ Land Size 5.4963 Acres Unit Price: As Improved_____; Unimproved,-'$"'3"-'.1'-'0'--__ Street__--'C""u..,r.!<b-'&"->G..,u"'tt"e:!..r________________ Utilities________ Improvrnents
None at sale Size and 􀁄􀁥􀁳􀁣􀁲􀁩􀁰􀁴􀁩􀁯􀁮􀁾􀁟􀀭􀀭􀀺􀀺􀀭􀀻􀀺􀀺􀀭􀁟􀀭􀀻􀀺􀀺􀀭􀁟􀀭􀀭􀀺􀀺􀀭􀀭􀀭􀀭􀀺􀀭􀀺􀀭􀀺􀀭􀀭􀀺􀁟􀀭􀀭􀀭􀀺􀀺􀀭􀀭􀀭􀀺􀀭􀀭􀀭􀀺􀀭􀀭􀁟􀀭􀀭􀀺􀀺􀁟􀀺􀁟􀀭􀀭􀁟􀀺􀁟􀁟􀀺􀁟􀁟􀀺􀁟􀀺􀁟􀀭􀀭􀀭􀂭Minor
dirt work to aid drainage from balance ofthe tract of which Condition and 􀁄􀁥􀁳􀁩􀁲􀁡􀁢􀁩􀁉􀁩􀁴􀁹􀀭􀀭􀀬􀁴􀁨􀀾􀀮􀀡􀁩􀁬􀁬􀁩􀁳􀀡􀀮􀀱􀁩􀁾􀁳􀀭􀀢􀁡􀀢􀀬􀁰􀀢􀀬􀁡􀁩􀀡􀁊􀁲􀁴􀀬􀀬􀀭􀀮______________________
Current Use Fed Ex Distribution Facilitv Highest and Best Use,_-"C",o",mm=e",r""ci",aLI________ Date Inspected,--'7l-"lS<!.I-".9"-S__________ Zoning Commercial-lcc-Use reverse side for
other pertinent infonnation, ___--;;-=_____--:-_-r-___""' 􀁃􀀻􀁁􀀧􀁾􀀴􀁾􀂣􀁽􀁧􀁴􀂣 ! /> Appraiser 
Form 200la Page 8 #2 =r.::-::-=-:-:-____.LIJIVllri\J'CAl:'Lt: SALES_DATA'􀁓􀁬􀁬􀀱􀁾􀁾􀁌􀁅􀁍􀁲􀁵􀁊􀁲􀀭􀀽􀀠 Sales Parties: Grantor M& F Development Co.. Inc. Grantee Manufacturing Dated
3/21/95 Recorded in 􀁖􀁯􀁬􀁵􀁭􀁥􀀧􀀭􀀲􀀹􀀢􀀬􀀵􀀢􀀬􀁏􀁾􀀬􀀭􀀬􀀭5'_______ Page -'4"'6".,3'--__Local Address 4500 Block Sunbelt Drive Legal Description West y" Tract !3 Sunbelt Business Park 􀁁􀁤􀁤􀁩􀁴􀁩􀁯􀁮􀀬􀀮􀁁􀀢􀀢􀁤􀀢􀀬􀁤􀁩􀀢􀀬􀁳􀀢􀀬􀁯􀁮􀀢􀀬􀀬􀁾􀁔􀀬􀀭􀀬􀁘􀀬􀀬􀀭_______ Actual
􀁐􀁲􀁩􀁣􀁥􀁾􀁓􀀢􀀢􀁉􀀽􀀭􀀲􀀩􀀢􀀬􀀭􀀬􀀬􀀬􀀬􀀰􀀬􀀬􀀭􀁏􀁏􀀬􀀬􀀭􀀮􀁾_______Verified With George Roddv Conditions of Sale-'C"'as"'-'-'-h___________________________ 􀁒􀁥􀁮􀁴􀁡􀁬􀁶􀁡􀁾______________________
__________ Land Size 1.0382 Acres Unit Price: As lmproved_____; Unimproved 52,76 Street Concrete Curb & GutteL __________________ Utilities,_A"""ll'--__ Improvments None atS"'a±>le'--________________
_􀁾􀀮________ Size and Description Level, ready for development Condition and 􀁄􀁥􀁳􀁩􀁲􀁡􀁢􀁩􀁊􀁩􀁴􀁹􀁾________ (," . Current Use_-"U"'n"'im"-p"'r"'o"-ve"'d'--______􀁾􀀠Highest and
􀁂􀁥􀁾􀁴􀀠Use Light Industria! & Commercial Date 􀁉􀁮􀁳􀁰􀁥􀁣􀁴􀁥􀁤􀁾􀀷􀀢􀀭􀀯􀀭􀀢􀀱􀀵􀀢􀀧􀀭􀀯􀀢􀀧􀀹􀀩􀀢􀀧􀀭􀀵􀀧􀁟􀁟_______ Zoning Commercial-l Use reverse side for other pertinent information
___________-:-_____-c__􀀱􀀯􀀰􀁾􀁌a 􀁾􀁬􀁊􀁐􀁴􀀯􀁻 Appraiser 
Form 200 la Page 8 #3 CuMPARABLE SALES DATA SUPPLEMENT Sales Parties: Grantor --"C"ha!!!i"'u'--'C"'h"'inLL______________ Grantee AER Dated 4/14/95 ____ Recorded in Volume.....z9"'-SO"-7<.::4'--______
_ Page _6"'6"'8'--___ Local Address 2030 Che",na",u",l",t,,--,C,,,a,,IT,,ol.!-lI,,,to,,,nL,,-,T,,,X;l.'__________________________________ Legal Description Abstract 923, Tract 20 . Actual
􀁐􀁲􀁩􀁣􀁥􀀮􀀭􀀢􀀤􀀢􀀬􀀵􀀢􀀢􀀳􀁹􀀧􀀰􀀬􀀬􀀬􀀬􀀵􀀬􀀬􀀬􀁏􀁹􀀧􀀰􀁾􀀮_____________Verified With Pat Haggertv Conditions of 􀁓􀁡􀁬􀁥􀁾􀁳􀀬􀀬􀀬􀁨􀁾______,_________________________________ 􀁒􀁥􀁾􀁡􀁬􀁾􀁾􀁾__
__ ,_______________.__________ ,________________________ Land Size 4.0592 Acres ________ Unit Price: As Improved_______: Unimproved $3.00 Street Concrete Curb & G"'u"'tt"'e"'r________________________
___ Utilities All Improvments None at Sale Size and Description _______________________________________________ Condition and Desirability ___________________________________________
Current Use Warehouse under constmciton Highest and Best:Use Corrunercial Date Inspected."."I""O""/2"'2",1"'95"-_________ Zoning Commercial-l Use reverse side for other pertinent information
AppraIser 
Texas Turnpike Authority Form 200la ADDISON AIRPORT TUNNEL REAL ESTATE APPRA ISAL REPORT Parcel Number __________ Address Port-O-Port, 4701 & 4700 Keller 􀁾􀁰􀁲􀁩􀁮􀁧􀁳􀀬􀀠Also called
tImmcr T-g, T-lD & L-IO (3 Buildings) Owner City ofAddison. Address______________ Occupant's Namc _________ Whole Taking, ____ Partial Taking X Purpose of the Appraisal The purpose of
this appraisal is to estimate the Market Value of the fee simple title encumbered by existing easements, if any, which are compatible to highway use of the subject property as of 12120/95,
It is being made for the Texas Turnpike Authority in connection with the investigation and defense of the claims by the owner of the property for compensation and damages, if any, arising
out of the property acquisition by the Texas Turnpike Authority for right-of-way purposes. The estimates of value concluded herein will be used for settlement of sllch claims through
negotiation or Clllincnt dOlllilin proceedings, Markct Value may be dcfined as follows: "Market Value is the price wl1ieh the property would bring when it is offcred for sale by one
who dcsires, but is not obliged, to sell, and is bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is reasonable adaptable and
for which it either is or in all reasonable probability will become available within the reasonable future," Valuation In my opinion the compensation due as a result ofthis taking is:
Owner $_______ Leasehold Interest 􀁾_______ Total $1 18,114. Appraiser's Certificate I hereby eertifY that the opinIOn of value herein expressed has been reached after a careful examination
of all pertinent data; that my fee is in no way contingent upon the value placed on the property; that neither I nor any employee in my service has directly or indirectly any financial
or personal interest in or to the property appraised; and that should I or nny employee in my service acquire any interest in or to the property appraised prior to the acquisition of
the parcel by the Authority, I will immediately notifY the Authority of such interest or interests. ,. J Appraiser Approved by the Board of Directors Right-of-Way 1 
Form 2001a Page 2 ATTACH ALL PERTINENT PICTURES Parcel No. _______ Local Address Port-O-Port, 470 l & 4700 KeJ 1er Springs Also called Hanger T-8, T-10 & L-IO (3 Buildings; 12/10/95
Taken by Charles (Bo) MillerDate Taken _ --....-. .' ,",'-"" . 'l:..,.--------,'1 2. Point from which takcn,___"EAficS;;,.TL..iS1JIUDUEL________ Looking ._"'I<"'E"'S...T_____ 
Form 200 la Page 2 ATTACH ALL PERTINENT PICTURES Parcel No,_______ Local Address_!?QLC"Q-PQrt. 47Q I & 4700 ReJ J er Springs Also called Hanger T-8, T-IO & L-IO (3 Building'Date Taken
12/10/95 Taken by Charles (Bo) Miller 3. Point from which taken 􀀭􀀭􀀭􀁟􀁊􀁬􀁪􀁊􀀮􀁋􀁛􀁝􀀻􀁌􀀮􀀮􀂧􀁊􀁊􀀲􀁬􀁪􀁾_______ Looking 􀁟􀀭􀀢􀁓􀀢􀀢􀀬􀁏􀀢􀀬􀁴􀀺􀁔􀀮􀀺􀀮􀀡􀁈􀀬􀀢􀀭􀁟􀁾􀁟􀀠• 
Form 2001a Page 3 DATA ON WHOLE PROPERTY Legal 􀁄􀁥􀁳􀁣􀁲􀁩􀁰􀁴􀁩􀁯􀁮􀁾􀁬􀁬􀁳􀁴􀁲􀁡􀁣􀁴􀀠792 Addison Municipal Airport Dimensions: 65 feet x ..1JL..____feet = 13,780 sq. ft. .3 163 Acres
Location (Urban): Street &No. ________􀁾􀀭􀀭􀀭􀀭􀀭􀁯􀁮􀀮􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀁾􀁳􀁩􀁤􀁥􀀠between --:::--_::---___________ and ____________streets, (Rural): _____􀀭􀀻􀀭􀀭􀀺􀀭􀀺􀀺􀀺􀀭􀁟􀁾􀀻􀁟􀁟􀀭􀀭􀀭__-------
---:7"-;-:';--:--:--;-----;--;;-:--Land Grant Survey _________________ Neighborhood or Area Analysis: Highest and Best Use and Zoning ofSubject Property: COST APPROACH WHOLE PROPERTY
Estimated Reproduction Cost: 3 Main Buildings: 5.254 ft. @$23.00 per square fooL"" .." .... $120,842. Parking Lot: $1.15 per sQuare ft ... 6.626 sq.ft. 7,620 ......... $ 12.370. Concrete:
$2.50 per square ft...l,900 sq.ft. 4,750 Total Reproduction .......... "".......... " ... "".., ............ ""....... " .... " ............ " ............. " $133,212. Less Accrued
Depreciation: Physical Deterioration""" ..... " ............. 40%.""""...............""......... " $ 53,285, Functional Obsolescence ..".." ...... " .... " ...... " ........ " ... "
............. " ........ $ -0Economic Obsolescence ""."""""""""""...."""".""."".. """".."""..$ -0Total Depreciation " ......... "",,,,,,, ................ ,,,, ................ ,,.,,
........... " ............... " ...... $ 53,285. Value Building Contributes to Whole Property .. """....."".."".."""..""".." .... """"""...........",,$ 79,927. Garages: ft. @$ per ft
..... """............"""""........".".... " ... $___ Less Depreciation " ............................. " ...... " ................... " .... ""........................... $ $___ Other
(Detail) ........................................ " .... " .... ""......."""................ " ..... " ............. .$.___ Less Depreciation ........................... " ...........
"""........... " ... " ... " ............ " ............... $ $___ Depreciated Value: Landscaping $ , Fencing $ , Walks $ , Drives $ " ................. " .................. " .........
" ............... " ......... $___ Value Improvements Contribute to Whole Property " ... , ............ " ......... " ....... """".... " ........ $ 79,927. LAND .. ""... " .. 13,780
square feet ""$3"".0""0'--__per.sq.ft""..""".".... " ................ " ..... ".",$ 41,340. ESTIMATED VALUE BY COST APPROACH""""""...... " .... " .... """""............""....... " ...
,$121,267. Comment on Depreciation Factors: Building is approximately 15 yrs. old. Reasonable wear and tear is estimated at 40%. Remaining economic life is approximately 25 yrs. 
Form 2001a Page 4 MARKET DATA APPROACH WHOLE PROPERTY (Land Comparables) Purchase Price of Subject Property $_--------Date,__________ Improvements Since Purchase and Estimated Cost:
Lease Terms or Rental Agreement: Sales and Information of Comparable Properties SALE NO, 2 SALE DATE GRANTOR-GRANTEE 10131194 Hope Invt. Ltd, Addison. Ltd. 3/2)/95 M&F Development Co
Diversco Mann SALE CONFIRMED wrrn Kent HOlle George Roddy 3 04117/95 Chaiu Chin AER Pat Haggertv ADDRESS & LOCATION IN RELATION TO SUBJECT ACTUAL SALE PRICE CONDITIONS OF SALE ESTIMATED
UNIT PRICE LEASE OR RENTAL DATA CURRENT USAGE HIGHEST & BEST USE' SIZE PHYSICAL FEATURES 4901 Airport Pkwy, 344.47' E Addison Rd 1 Blk South $742,000. Cash $3.10 Federal Express Distribution
Facility Commercial 5.4963 Acres 4500 blk Sunbelt, Approx.667'VV, of Addison Rd 5 blks N, $125,000, Cash $2,76 Unimproved Commercial 1.0382 Acres, 2030 Chenault @Earhart southeast corner
$530,500. Cash $300 VVarehouse under Constmction Commercial 4 Acres IMPROVEMENTS Ngne at 􀁾􀁡􀁬􀁥􀀠None at sale None at sale Correlation ofComparable Sales To Subject Property: Use Additional
Pages IfNecessary Estimated Land Value ofMarket Data Approach 􀀤􀀮􀀮􀁌􀀷􀀮􀀡􀀮􀁯􀀱􀀮􀀢􀀬􀀬􀀲􀀳􀀬􀀬􀀭􀀼􀀲􀁾􀀮___ 
Form 2001a Page 5 INCOl'vfE APPROACH WHOLE PROPERTY JUSTIFICATION OF RAlE AND l'vfETHOD OF CAPITALIZATION:,_________ Estimated remaining economic life of􀁩􀁭􀁰􀁲􀁯􀁶􀁥􀁭􀁥􀁮􀁴􀁳􀀢􀀢􀀬􀀲􀀢􀀭􀀵􀀭􀀢􀁹􀀬
􀀬􀀬􀁥􀁡􀁾􀁲􀁳􀀬􀀬􀀭􀀭_______ Stabilized Gross Income............................................$23.1 00. Vacancy 15 % ........................................... $ 3,465. Effective
Gross Incomc.................................... , ........................................... , .. , ....................... $19.635. Taxes: City.....................................................
............. , ..... $,....,..-,__ State & County.... } ................................................. $ 1 000. Miscellaneous (School, etc.) ....................................
$___ Insurance: Fire & Extended Coverage...................................... $ 102. Miscellaneous.........................................................$._=_ Annual Deferred Maintenance
................................... $ 275. Management 4 % ..................................... $ 1.785. Operating Expenses ................................................... $ ___
Other Expenses ...............................$'--__ Total Expenses before Depreciation ................................................................................. " ..... $ 2,162.
Net Inrome to Property ............. , ..................... , .......................... " ........................... , ............... $ 17.473. Less Income Attributable tc (Land).................
........... $ 41.340. @10.5 % .................... $ 4.341. Income Attributable to (Improvements) ...................................................................................
$13.132. Income Capitalized@,"'1"'2__%(....__% 􀁉􀁮􀁴􀁥􀁲􀁥􀁳􀁴􀁾__% for Recapture ofCapital) ..$109,433. (Land) (Improvements) ........ , ............ ,', ......... , ............ ,
.................................................... , .... $ 41,340. ESTIMAlED VALUE BY CAPITALIZATION APPROACH ............................................$150.773. ADDmONAL APPRAISAL
INFORMATION 
Fonn200la Pagc 6 FINAL ESTIMATE or VALUE OF WHOLE PROPERlY Correlaton of Approaches to Value SeePage 6A Estimated Value ofWllole Property Owner $ Leasehold "'_____ ...................................
....................$,____ 
6A CORRELATION The City of Addison owns Addison Airport, which comprises approximately 360 acres ofland. Addison Airport of Texas, Inc. operates, manages, and subleases the airport property,
Unless renewed, this agreement tenninates on December 31,2000. There are three approaches to value that may be utilized to estimate fair market value ofthe subject -Market, Income &
Reproduction or Replacement Cost. The Market Approach to Value is a basis for estimating value based upon units of comparison derived from sales of similar properties in the marketplace.
Those units of comparison are then applied to the subject property to arrive at a range ofvalues which should be indicative of the market estimate ofvalue for the subject property. The
Income Approach to Value is based upon an analysis ofthe income stream ofthe property and comparison ofthat income stream with income streams ofsimilar properties. This calculation and
analysis results in a net income stream attributable to the real estate. That income is then then capitalized at a rate which is commensurate with the rates expressed in the marketplace
by investors for similar properties. The resulting figure is an income estimate of value, The Cost Approach to Value embraces the philosophy that the reproduction costs or the principal
ofsubstitution for a property should limit the upper side ofvalue, In this approach to value the appraiser calculates the market value of the site, the reproduction cost ofthe improvements
less any applicable depreciation, then combines these two items to arrive at a cost estimate ofvalue. The market approach has been used to estimate the value ofthe land, Sale # I is
located one block south ofthe subject and east ofAddison Road, This comparable is slightly superior to the subject as Airport Parkway connects Addison Road and the Dallas North Tollway.
Federal Express has constructed a distribution fucility on this property, Sale #2 is approximately 5 blocks north ofthe subject on a secondary street occupied by office showroom and
warehouse fucilities, Sale #3 is west ofthe subject and on the west side of Addison Airport in an office warehouse neighborhood. An office warehouse fucility is currently under construction
on this property, These comparables give an accurate value for land in the vicinity ofAddison Airport used for conunercial and warehouse uses. After analyzing these sales, a value of
$3.00 per square foot is selected as fair market value ofthe land before the taking for the land taken, and for the land value after the taking, At $3.00 per square foot the flUr market
value ofthe land is $41,340. A two year temporary construction easement of 13,780 square feet is being taken. Just compensation for the land taken under the construction easement equals
$8,68 L The income approach is the most reliable indicator ofvalue ofthe subject. The cost approach indicates an upper limit ofvalue when the improvements are new and constitute the
highest and best use for the property. The income stream generated by the property ean be compared to income from other investments available in the market with similar and varied degrees
of risk and durability. 
Direct capitalization -building residual technique is used to estimate the value ofthe property under the income approach. TIre land va ,has been established at $41,340. from C{ arable
sales. 10.5% is selected as adequate return on the value ofthe land or $4,341. When this mcome is subtracted from net income to property, $13,132. of income is attributed to the improvements.
Capitalizing this income at 12% gives value attributed to the improvements of $109,433. The sums of the value ofland and value ofthe improvements equals the estimated value ofthe whole
property of $150,773. The income approach is the most accurate estimate ofthe fuir market value. Therefore $150,800. is the fair market value of the subject before the taking. The value
of the remainder before the taking is $41,340. ($150,773. less $109,433.). After the taking, the improvements are completely removed. $109,433. is the value attributed to the improvments.
The value ofthe remainder after the taking is unchanged and is equal to $41,340. In addition to taking ofthe improvements and the surfuce easement, a temporary construction easement
will be taken. This easement will be needed for a period of2 years. Fair rental value is equal to 10.5% oflhe value of the land for that period (13,780 sq.ft. x$3 x 10.5% x 2 yrs = $8,681.).
Total just compensation is summarized as follows: Improvements Taken $109,433. Construction Easement Taken 8,68l. Total Just Compensation $118,114. , : 
Fonn 2001a Page 7 DATA ON PARTIAL TAKING Legal Description Part Taken ________________________ Dimensions x Sq.Ft. Acres WHOLE PROPERTY: The market value ofthe whole property is .................􀀤􀁬
􀁾􀀰􀀢􀀧􀀢􀀮􀀷􀀧􀁟􀀧􀀷􀀢􀀧􀀳􀁾􀀮__ PART TAKEN: The market value ofthe fee simple title, less oil, gas and sulphur, to the part being taken fur highway purposes, considered as a severed
tract is: ........................................................................................ $109.433. (I) REMAINING PROPERTY: The market value ofthe remiander immediately before
the taking is:.................. ; ............................................ $ 41.340. (2) Considering the use to which the part taken is to be subjected to, the market value ofthe
remainder immediately after the taking is:................................... $ 41.340. (3) NET DAMAGES, ifany ........................................................................................
...........$_..::!-0>F-__ SIGN ADJUSTMENT COSTS, if any ............................................................................... $:7;:..::-0":::-;:-TOTAL COMPENSATION..........................
..................................................... $109,433. APPRAISALS OF PART TAKEN AND REMAINDER Highest and Best Use of 􀁐􀁡􀁲􀁴􀁔􀁡􀁫􀁥􀁮􀁾􀁾􀁾􀁾____________􀁾_________________
Remainder Before Taking -:-:-:-__.,--__-:-;-:--;-_________________ Remainder after taking considering the use to which the parttaken is to be subjected.__________________________________
Contributory Value of Improvements Part Taken Remainder Before Taking Remainder After Taking Bldg.-5,254 (100%) $109.433. TOTAL IMPROVEMENTS 109.433. 41.340. 4\,340. TOTALASAUNlT $109,433.
(I) $ 41,340 (2) $ 41,340. (3) CONSTRUCTION EASEMENT + 8,681. $118,114. 
Form 2001a Page 8 #1 C(J",{PARABLE SALES DATA SUPPLEM&", 􀁉􀁴􀀭􀁾􀀭􀀭􀀻􀀭􀀺􀀮􀀭􀀮􀀭􀀭􀀮􀀭􀁾􀀠􀀭􀁾􀀧􀀭􀀧---',.. .....-----,.--c;-:= Sales Parties: Grantor Hope Investment Ltd.. ______
Grantee Addison Ltd. Dated,_-£lO"'I""3""1/""94'"--_._____ Recorded in Volume""9c.c4",2,,,10,--_____ Page 3570 Local Address 4901 Aimor! Parkway Legal Description Abst. 482. Tract 􀀳􀁾􀀮􀀠Ad<iison.
TX Actual Pricc-"$cc7:.c42""."'O"'OO"".________Verified 􀁗􀁩􀁴􀁨􀁾􀁋􀀢􀀬􀁥􀀢􀀬􀁮􀀭􀀬􀀭􀁴H=o"'pe"--__________ Conditions of Sale-'C"'a!i!sj!h___________________________ Rental Date____________________
__,--__________ Land Size 5.4963 Acres Unit Price: As Improved,______; 􀁕􀁮􀁩􀁭􀁰􀁲􀁯􀁜􀀧􀁥􀁤􀀭􀀢􀀤􀀢􀀧􀀳􀁾􀀮􀁉􀀮􀀮􀀮􀀬􀁏􀀧􀁟__ _ ______ Utilities________Street__􀁾􀁃􀀢􀀧􀁵􀁬􀀡􀀮􀁲􀁢􀀡􀁌􀀲􀀦􀀢􀁟􀁇􀀧�
�􀀱􀀮􀀡􀀡􀁵􀀢􀀧􀁴􀁴􀀢􀀢􀁥􀁲􀀧􀀭􀀭________ Jrnpro\1nents None at sale Size and Description,___:-::_--::__-:-_--:-::-:--:-_-::_-:--:-__::-:-___c:--::-:--:-____ Minor dirt work to aid drainage
from balance ofthe tract of which Condition and Desirability_t",h",is,-l",'􀁳􀀢􀀬􀁡􀀬􀀭􀁰􀀢􀀬􀁡􀀽􀁲􀁴􀀢􀀬􀀮􀁾______________________ Current Use Fed Ex Distribution Facilitv Highest and
Best 􀁕􀁳􀁥􀀮􀁟􀀭􀀬􀁃􀀢􀀬􀁯􀀢􀀬􀁭􀁭􀀢􀀢􀀢􀀢􀀬􀁥􀀬􀀭􀀬􀁲􀁣􀀢􀀬􀁩􀁡􀀢􀀬􀁉􀀬􀀭􀁾_______ Date Inspected--'.7"'Il"'S""/9""S'--__________ Zoning Commercial,! Use reverse side for other pertinent
infonnation, _________,--_________ 􀁡􀁾􀁴􀁾􀀯􀁬􀀻􀀻􀀻􀁬Appraiser 
Form 200la Page 8 #2 r=;;=:c-:-:::c:::::-_____"COlVIPARABLESALES.DA Sales Parties: Grantor M& F Development Co" Inc, Grantee Manufactming Dated 3/21/95 Recorded in Volume,--<9",5",0,,-5:l,,--_______
Page 463 Local Address 4500 Block Sunbelt Dn'..!'v,,-c______________________ Legal Description West \I, . Tract !3 Sunbelt Business Park Addition. Addison. TX Actual 􀁐􀁲􀁩􀁣􀁥􀁾􀀲􀀢􀀢􀁓􀀢􀀬􀀮0""0"'0
'---,______ Verified With George Roddv Conditions of Sale--'C"'a"'s-'-'h____________________________ Rental Land Size 1.0382 Acres Unit Price: As Improved_____; Unimproved $2.76 Street
Concrete Curb & Gutter _______ Utilities---,A",l!!.l___ lmprovrnents None at Sale Size and Description Level. readv for development Condition and Desirability___________________________
Current Use_-"U"'n"'im"p"'r"'o"'v"'ed"-_______ Highest and 􀁂􀁥􀁾􀁴􀀠Use Light lndustcial & Commercial Date Inspected_7!.J.1..c1"'51"'9"'S.=.5________ Zoning Commercial -I Use reverse
side for other pertinent 􀁩􀁮􀁦􀁯􀁬􀀱􀁬􀁬􀁬􀁬􀁴􀁩􀁯􀁮􀁾_______-,-_______,--____ //IJ 􀁾􀀯􀀻􀀯􀁽􀁊􀀢􀀠ibd1/({'&,/􀁾􀁉􀀯􀀧􀀯􀀯􀁢􀀮􀀮􀁴􀀮􀀧􀁾􀀱􀀠Appraiser 
Fonn 200 I a Page 8 #3 CvMPARABLE SALES DATA SUPPLEM'.:.::::EN•..:..:cr_.___.___..__􀁾􀀬􀀽􀀢􀀢􀀢􀀠 Sales Parties: Grantor ...:C"h"'a"'i],lu-"C"-h"'in"-____________ Grantee 􀀮􀀮􀀮􀁌􀀡􀁁􀀢􀀬􀁅􀀬􀀬􀀭􀀬�
�􀁾______ Dated--=!Ll::r.4/<29"'S_________ Recorded in Volume-L9=.50".7f..:4L-_____ Page ...:6",6",8__ Local Address 2030 Chenault Carrollton. TX Legal Description Abstract 923. Tract
20 Actual Price $530.500. _______Verified With Pat Ha{!gertv Conditions ofSale.---'C"'a"'s"-h____________________________ 􀁒􀁥􀁮􀁴􀁥􀁬􀁾􀁾􀀬􀁾__________________________________ Land
Size 4.0592 Acres Unit Price: As Improved,______; Unimproved $3.00 Street Concrete Curb & OU<-'!.litte""-r_________________ Utilities-.A!l ____ Improvrnents None at Sale Size and Description_____
Condition and Desirability_____________________________ Current Use Warehouse under constmciton Highest and Best Use,-'C"'o"mm!.lU!;;er"'c""ia"-I_______ Date Inspected 10/22/95 ______
Zoning Commercial-! Use reverse side for other pertinent inforrnation ____