I[. III􀁾 REAL ESTATE APPRAISAL OF Midway Road at Spring Valley -Parcel 2 Northwest Comer of Midway Road and Spring Valley Road Dallas County Town ofAddison, Texas 75001 PREPARED FOR:
Contract Land Staff, Inc. Attention: Mr. Leon Boone 800 West Airport Freeway, Suite 420 Irving, Texas 75062 I![Ir\ LOCAL EXPERTlSE. ..NATIONALLY EFFECTIVE DATE OF THE APPRAISAL: November
7, 2000 INTEGRA REALTY RESOURCES DFW FILE NUMBER: 2000C-0578F-Parce12
DALLAS COUNTY DEPARTMENT OF PUBLIC WORKS I APPRAISAL REPORT Project No: Location: Property Owner: Midway Road at Spring Valley Parcel No.: 2 NWC of Midway Rd & Spring Valley, Addison,
TX Whole Acquisition _ Partial Acquisition..K Crow Greenhill #1 Address: 2001 Ross Avenue, #3200, Dallas, TX 75201-8001 Occupant's Name: N/A Address: PURPOSE OF THE APPRAISAL The purpose
of this appraisal report is to estimate the market value of the fee simple title encumbered by existing easements, if any, which are not to be extinguished in the purchase ofthe fee
of the subject property. MARKET VALUE 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, taking into consideration all ofthe uses to which it is reasonably adaptable and for which it either
is or, in all reasonable probability, will become available within the reasonable future. AFFIDAVIT OF APPRAISER I have personally inspected the property herein appraised and to the
best ofmy knowledge and belief the statements contained in the appraisal hereinabove set forth are true, and the information upon which the opinions expressed therein are based is correct.
I have no direct or indirect present or contemplated future personal interest in such property or in any benefit from the acquisition of such property appraised and should I or any employee
in my service acquire any interest in or to the property appraised prior to the acquisition ofthe parcel by the County, I will immediately notify the County of such interest or interests;
I have not revealed and will not reveal the findings and results of such appraisal to anyone other than the proper officials ofthe County of Dallas until authorized by County officials
to do so or until I am required to do so by due process of law or until I am released from this obligation by having publicly testified as to such findings. My opinion of the fair market
value of the acquisition plus damages, if any, as of the 7th day of November, 2000 is $25,448 based upon my independent appraisal and the exercise ofmy professional judgment. PATRICIA
MURPHY Notary Public STATE OF TEXAS My Comm, Expires 07-27-2003 􀀮􀀧􀂷􀀧􀀻􀀵􀁹􀀮􀁾􀁾􀁾􀁾􀁩􀁜􀁓􀀡􀀡􀁩􀁓􀂧􀁾􀁾 THE STATE OF TEXAS)) COUNTY OF DALLAS ) BEFORE ME, the undersigned authority,
in and for Dallas County, Texas, on this day personally appeared DONALD J. SHERWOOD, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged
to me that he executed the same for the purpose and consideration therein expressed. GIVEN UNDER MY HAND AND SEAL OF OFFICE, This 􀀭􀀮􀀮􀀬􀁌􀀯􀀭􀀭􀀭􀀭􀀧􀁾􀁾􀀽􀀭..􀀭􀁟_􀁾_day 􀁯􀁦􀀲􀁾􀀮􀀭􀁣
,2001 I. Notary Public, Dallas County, Texas My Commission Expires
II TABLE OF CONTENTS I SUMMARY AND DETERMINATION OF COMPENSATION 1-1 LEGAL DESCRIPTION, PROPERTY RIGHTS APPRAISED, I INTENDED USE OF THE REPORT, SCOPE OF THE APPRAISAL 1-2 JURISDICTIONAL
EXCEPTION, DATE OF VALUE ESTIMATE, EXPOSURE I PERIOD, REPORT TYPE 1-3 HISTORY OF SUBJECT PROPERTY ENVIRONMENTAL DISCLAIMER, DEFINITION OF MARKET VALUE, INSPECTION INFORMATION 1-4 II
AREA AND NEIGHBORHOOD ANALYSIS 1-5 i PHOTOGRAPHS OF SUBJECT 1-11 I WHOLE PROPERTY SITE ANALYSIS 2-1 IMPROVEMENT ANALYSIS, ASSESSMENT AND TAXES 2-7 HIGHEST AND BEST USE 2-8 VALUE OF WHOLE
PROPERTY 3-1 COMPARABLE SALES SUMMARY & ADJUSTMENT GRID 3-2 . COMPARABLE SALES PICTURES & PLATS 3-3 DISCUSSION OF ADJUSTMENTS 3-12 VALUE OF AREA ACQUIRED 4-1 SURVEY OF AREA TO BE ACQUIRED
4-3 i -i LEGAL DESCRIPTION OF PART TO BE ACQUIRED 4-4 VALUE OF REMAINDER BEFORE ACQUISITION 5-1 VALUE OF REMAINDER AFTER ACQUISITION 6-1 III ADDENDA: CERTIFICATION PAGE, ASSUMPTIONS
AND LIMITING CONDITIONS
SUMMARY & DETERMINATION OF COMPENSATION Parcel #: 2 Project Name Midway Road at Spring Valley Location or Address NWC of Midway Road at Spring Valley Road, Addison, TX Character of Acquisition:
Whole [ ] Bisection I [] Partial [x] Bisection II [ ] Owner Crow Greenhill # 1 Address 2001 Ross Avenue, #3200, Dallas, TX 75201-8001 Telephone WHOLE PROPERTY (from 3-1) AREA ACQUIRED
(from 4-1) Area 9.170 Acres 399,465 Square Feet Area 3,181 SF (Fee) Value from Information on Whole [x] Highest & Best Use Commercial Value Determined Independently [ ] Highest & Best
Use As Part OfWhole Value by Market Data $3,195,720 Improvements: Value by Cost Approach $ N/A $ Value by Income Approach $ N/A $$ FINAL VALUE CONCLUSION $3,195,720 (Land Only) TOTAL
IMPROVEMENTS $ Land Fee $ 25,448 Permanent Easement $__0 Temporary Easement $__0 REMAINDER AFTER ACQUISITION (Page 6-1) TOTAL LAND $ 25,448 Area 9.097 Acres 396,284 Square Feet TOTAL
ACQUISITION VALUE $25,448 Highest & Best Use Commercial REMAINDER BEFORE ACQUISITION fCALC,) Value by Market Data $3,170,272 Value by Cost Approach $ N/A Value of Whole $3,195,720 Value
by Income Approach $ N/A LAND Value of Area Acquired $ 25,448 (Land Only) LAND Value of Remainder $3,170,272 FINAL VALUE CONCLUSION $ 3.170,272 DETERMINATION OF COMPENSATION Value of
Area Acquired (Land only)-------------------------------------------------------------------$ 25,448 Value of Remainder Before Acquisition $3,170,272 Value of Remainder After Acquisition
$3,170,272 Damages (or Enhancement)------------------------------------------------------------------------------$__0 Temporary Easement --------------------------------------------------------------
--------------------$__0 Permanent Easement -----------------------------------------------------------------------------------$__0 Improvements within ACQUISITION AREA ------------------------------
------------------------$__0 TOTAL COMPENSATION----------------------------------------------------------------------------$ 25,448 1-1
IIII I\II. f . 'I .I I,I LEGAL DESCRIPTION OF THE SUBJECT PROPERTY The subject property is legally described as Lot 2, Greenhill Park, Town of Addison, Dallas County, Texas. PROPERTY
RIGHTS APPRAISED The property rights. being appraised consist of a fee simple estate andlor an easement in the subject property. Fee simple estate is defined in The Dictionary of Real
Estate Appraisal, Third Edition, copyright 1993, page 140, by the Appraisal Institute as being: "Absolute ownership unencumbered by any other interest or estate, subject only to the
limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." An easement is defined in The Dictionary of Real Estate Appraisal, Third Edition,
copyright 1993, page 110, by the Appraisal Institute as being: "An interest in property that conveys use, but not ownership of a portion of an owner's property. Access or right-of-way
easements may be acquired by private parties or public utilities." INTENDED USE OF THE REPORT The intended use of this report is to provide an estimate of market value of the subject
property and total compensation due to the owner. The intended user is Dallas County to assist in the acquisition of right-of-way for a public purpose. Any other use of this report is
not authorized. SCOPE OF THE APPRAISAL The scope of the appraisal means the extent of the process of collecting, confirming and reporting data. An estimate of the total compensation
due to the owner of the property as the result of a proposed acquisition from the property is prepared. This will require an appraisal of the Whole Property, the Area Acquired and the
value of the Remainder Before and After the Acquisition. The process included collecting data and information concerning the subject property and an inspection of the property. The appraiser
has examined public records including plat and map records such as zoning maps, ordinances, and flood plain data. Upon determination of the subject's Highest and Best Use, the appraiser
has researched public records for recent sales of comparable properties. Factual data collected on the comparable sales included characteristics of the site and improvements, if any,
consideration of the sale price given, extent of financing made available, if any, and dates of sale. Where applicable, the appraiser has also examined and researched rental rates and
expenses in the development of the Income Approach. Where applicable, the Cost Approach has been developed through the Marshall and Swift Cost Calculator Service, 1-2
II I-. I file data and/or interviews with developerslbuilders/contractors. This information has been analyzed and is presented in the following report. JURISDICTIONAL EXCEPTION This
appraisal is intended to conform to the requirements of the USPAP. Jurisdictional exception provides for severability preserving the balance of USPAP if one or more parts of USPAP are
contrary to law or public policy of a jurisdiction. According to USPAP, law means a body of rules with binding legal force established by controlling governmental authority. This includes
federal and state constitutions, legislative and court made law, administrative rules, regulations and ordinances. As appraisals performed for eminent domain are subject to certain constraints
based on statutory and case law regarding compensability, the issue of jurisdictional exception has been invoked in the preparation of this appraisal and report. DATE OF VALUE ESTIMATE
The effective date of this appraisal is the date of the last inspection, November 7, 2000. 2000. The date of the report is the date of the signature on the first page of this report.
EXPOSURE PERIOD A reasonable exposure period for the subject property is considered to be within twelve months, approaching a value, and highest and best use, as stated herein. REPORT
TYPE Due to the jurisdictional exception granted to governmental agencies with the power of eminent domain, such as Dallas County, some of the traditional requirements of USPAP are not
applicable. As required by Dallas County, standardized forms have been completed and are included herein, along with supplemental comments when appropriate. In accordance with the USPAP,
the appraisal of the subject property is reported in the following text as a summary appraisal report. As such, it represents a summary discussion of the data, reasoning and analyses
that were utilized in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraiser's
file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated previously. The appraiser is not responsible for unauthorized
use of this report. 1-3
lI HISTORY OF SUBJECT PROPERTY The Standards of Professional Appraisal Practice requires full disclosure of any sales or property transfers with the previous three years of the date
of value. A review of public records indicates that ownership of the subject property is currently vested in Crow Greenhill #1. According to deed records, the ownership in the subject
has been vested in Crow Greenhill #1 for over three years. The appraisers are not aware of any existing contracts or pending sales on the subject property, nor does it appear to be listed
for sale. ENVIRONMENTAL DISCLAIMER The value estimated in this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances
or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant
hazardous substances or detrimental environmental conditions which would affect the property negatively. It is possible that tests and inspections made by a qualified hazardous substance
and environmental expert would reveal the existence of hazardous materials and environmental conditions on or around the property that would negatively affect its value. DEFINITION OF
MARKET VALUE Market Value is defined by City of Austin v. Cannizzo, 267 S.W. 2d 808 (Tex 1954) as being: "The price the property would bring when offered for sale by one who desires
to sell, but is not obliged to sell, and is bought by one who desires to buy, but is under no necessity of buying, taking into consideration all of the uses to which it is reasonably
adaptable and for which it either is, or in all reasonable probability, will become available within the reasonable future. INSPECTION INFORMATION The subject property owner, Crow Greenhill
#1, was notified by certified mail on September 28, 2000. As of the effective date of this appraisal, the property owner has not contacted the appraisers. On Tuesday, November 7,2000,
Ted Brooks, MAl inspected the subject property. A prior inspection was conducted on October 11, 2000, by Donald J. Sherwood, MAL 1-4
1-5
·1I AREA AND NEIGHBORHOOD ANALYSIS LOCATION The subject IS located in the northwest portion of Dallas County, in a submarket area encompassing portions of the Cities of Farmers Branch,
Carrollton, Addison and Dallas. It is part of an older, established mixed-use neighborhood, generally bound by Trinity Mills Road to the north, Dallas North Tollway to the east, IH-635
(LBJ Freeway) to the south, and Marsh Lane to the west. Stemmons Freeway (IH-35E) is located about two miles west of the subject neighborhood, and Central Expressway (US Highway 75)
is situated approximately three miles to the east. North: Trinity Mills Road East: Dallas North Tollway South: IH-635 (LBJ Freeway) West: Marsh Lane ACCESS The subject neighborhood has
excellent access provided by the bounding roadways as well as Alpha Road, Spring Valley Road, Belt Line Road, Inwood Road/Addison Road and a number of smaller collector streets and feeder
streets. Arterials are typically concrete paved or asphalt paved, with concrete curb and gutters. gutters. Most streets are ona north-southleast-west axis. The subject has ingress/egress
and exposure from both Midway Road and Keller Springs Road. Midway Road extends northerly from the Love Field Airport, through North Dallas and Plano to a point just south of SH-121
and the Frisco city limits. Keller Springs Road extends from Campbell Road in northern Dallas near Preston Road westward through Dallas, Addison, Carrollton, Coppell and Grapevine before
ending at the Tarrant County/Dallas County line. i Along the way, the street name changes from Keller Springs to Whitlock Lane in Carrollton to . I Sandy Lake Road in Coppell. In the
subject locale, both of these streets are considered major thoroughfares bisecting the neighborhood. Dallas Area Rapid Transit, more commonly known as DART, fully services the subject
neighborhood. The Addison Transit Center, located just south of Addison Airport at the comer of Quorum Drive and Arapaho Road, has recently been completed. This fully staffed transportation
center has a 205-space parking lot and IS an important link to 16 bus routes as well as numerous trolley and rail routes. DEMOGRAPHIC FACTORS For a more in depth perspective on the subject
neighborhood, we consulted Market Profile Reports, prepared by Claritas Services. The Market Profile Report contains a comprehensive list of demographic information based on 1990 Census
data updated to reflect 2000 estimates and 1-6
2005 projections. The Market Profile Report is categorized by three geographic areas, delineated, as follows: \IJ Area 1: Area 2: Area 3: 1 Mile radius from Belt Line RoadlMidway Road
2 Mile radius from Belt Line RoadlMidway Road 3 Mile radius from Belt Line RoadlMidway Road ( 􀁾􀁊I /.....• " •.......•.•..'.,........... .·.··.·.·, •.•····L\,•.·••·••·.•••.•·•·· POPULATION
AND HOUSEHOLDS .. ••.•.•••. ·.iL\ •• Area 1 Area 2 Area 3 2005 Population 6,437 127,850 158,921 2000 Population 5,678 116,941 141,222 1990 Population 3,864 96,335 114,523 % Growth 1990-2000
46.9% 21.4% 23.3% 2005 Households 3,601 61,887 158,921 2000 Households 3,154 55,887 141,222 1990 Households 2,139 45,205 114,523 As indicated, all areas are each projected to have a
moderate population growth from 2000 to 2005. In addition to the above information, the Market Profile Report indicates that the median age of the population in the areas is 37.1, 35.8
and 35.7 years, respectively. About 17% of the population within Area 1 owns their housing, housing, while about 75% represents rental occupied property. The indicated average household
incomes for 2000 in the areas averages $74,499, $89,712, and $97,738, respectively. DEVELOPMENT Developed properties within the defined area are primarily improved with a mix of residential,
commercial and light industrial land uses. At the center of the subject neighborhood is the Addison Airport, a small regional facility which provides full service for both commercial
and private use. It is the third largest general aviation airport in the US. Brookhaven College is located in the southwestern quadrant of the defined neighborhood. Along the eastern
side of Dallas North Tollway, the specified eastern neighborhood boundary, lies both the Galleria shopping mall and the Prestonwood Town Center mall. Along the freeways which bound the
eastern and southern portions ofthe neighborhood are numerous Class-A office buildings. The neighborhood is presently approximately 90% built out. Improved properties are primarily commercial
in nature, with pockets of residential in the western and southwestern portions. Public parks and athletic complexes are located throughout the neighborhood. In the area surrounding
Brookhaven College are apartment complexes. Most major thoroughfare corridors are developed with service commercial and retail land uses. The areas nearest the Addison Airport contain
a typically heavy concentration ofindustrial uses. 1-7
IjI ·1.jIIII The subject area is characterized as being stable, with a modest supply of land available for future development. Recent construction includes development of the Addison
Circle urban district, which is an office/retail/apartment development with over 400,000 square feet in commercial space and 3,500 housing units. The three-phase Millennium office development
will contain 1,000,000 square feet when it is completed. Predominate Age of Improvements 2 to 30 Years Predominate Quality and Condition Average to good Approximate Percent Developed
90% Percent Developed as Single-Family 25% Prevailing Single-Family Price Range $100,000 to $400,000 Life Cycle Stage Stable Infrastructure/Planning Good Predominate Location of Undeveloped
Land Intermittently throughout Prevailing Direction of Growth In-fill Immediate Surrounding Land Use North: Residential/Commercial (Adjacent Neighborhood Characteristics) South: Commercial/Residentia
l East: Commercial West: Residential/Commercial UTILITIES Electricity is supplied to area by TXU Electric, natural gas is supplied by TXU Gas Company, telephone service is provided by
Southwestern Bell Telephone Company, and municipal water and sanitary sewer are provided by the Cities of Carrollton and Farmers Branch, and the Town of Addison. According to municipal
offices, all utilities are available in sufficient quantity and quality to allow typical development ofproperties in the subject neighborhood. EDUCATION The Carrollton Farmers Branch
Independent School District (CFB ISD) and the Dallas Independent School District (DISD) both serve the entire subject neighborhood, with students attending assigned campuses. Both are
competitive school districts offering good quality public education in modem facilities. Within Dallas County, college education is available through Dallas Community College (including
Brookhaven in the subject neighborhood), University of Texas at Dallas, University of Texas Southwest Medical Center and School, University of Dallas, Southern Methodist University,
Dallas Baptist University, Paul Quinn College, Texas A&M University Research and Extension Center and Dallas Christian College. This network of education opportunities provides a rich
pool of qualified employees for potential employers in the Dallas/Fort Worth Metroplex. Many relocation decisions by major manufacturers and employers have been based, in part, on the
ample supply of qualified employees in the Dallas County area. 1-8
CONCLUSION The subject neighborhood is a vital economic and business center, and is considerably more than a typical suburban bedroom community to the Greater Dallas area. This is evidenced
by significant amount of office, and retail development along major thoroughfares, and the heavy concentration of industrial businesses around Addison Airport. Extensive new construction
is taking place in the northeastern quadrant of the neighborhood and is expected to generate renewed interest throughout the greater North Dallas region. I Ii\I 1-9
Neighborhood Location Map 1-10
PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.:__----"2'--Local Address: NWC Midway & Spring Valley Date Taken: 11/7/2000 Taken By: Fee Appraiser 1. Point
from which taken: Spring Valley Looking: North at subject 2. Point from which taken: SEC of site Looking: North at proposed area to be acquired 1-11
PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.:__􀀭􀀭􀀭􀀭􀀽􀀲􀁾 Local Address: NWC Midway & Spring Valley Date Taken: 11/7/2000 Taken By: Fee Appraiser 3.
Point from which taken: SEC of Site Looking: West along proposed property line 4. Point from which taken: Midway Road Looking: West at subject property 1-12
.1I WHOLE SITE ANALYSIS LOCATION The subject site is located south of Belt Line Road at the northwest comer of Midway Road and Spring Valley Road. The south property line fronts on Spring
Valley Road and the east property line fronts on Midway Road. LEGAL DESCRIPTION Lot 2, Greenhill Park Addition, Town of Addison, Dallas County, Texas. ACCESS Access to the subject site
is good via Midway Road, which is a primary north/south traffic artery leading from LBJ Freeway through the neighborhood. Access to the subject is also good due to Belt Line Road, an
east/west artery that is located just north of the subject and connects with the Dallas North Tollway. Both are asphalt paved, four-lane streets with curb and gutters. In addition, the
subject fronts on Spring Valley Road, which is a four lane, asphalt paved street that is considered to be a primary traffic carrier. PHYSICAL CHARACTERISTICS Size Shape Frontage Topography
Approximately 9.170 Acres, or 399,465 square feet per Dallas County Appraisal District Records. Irregular Approximately 643' along the west side of Midway Road Approximately 793' along
the north side of Spring Valley Basically level to sloping -III II .1 -.,:I A survey of the whole site was not provided. The dimensions were taken from a county plat map. The site's
shape is functional with adequate frontage for access. 2-1
]I .1Ii OVERALL ACCESSIEXPOSURE The overall access/exposure of the subject is considered good. The frontage exhibited by the subject allows for adequate ingress/egress to and from the
subject site along Midway Road. In addition, the frontage along Spring Valley Road provides good access into the site. FLOOD PLAIN STATUS Drainage appears to be adequate, as the subject
is slightly above street grade of the surrounding roads, which appear well drained by gutters along the frontage. According to FEMA map number 4810890005 A, revised July 16, 1980, a
flood plain area is located along the northwestern boundary of the site. Given the size of the property and location of the flood plain area, this is not considered to be a detriment
to the development potential of the site. It should be noted that the National Flood Insurance Program does not indicate whether or not a property will flood, instead it indicates possible
effects a certain tributary has to a particular property. Other types of flooding could occur. It is recommended that a qualified engineer be consulted to determine the effects from
any and all sources of flooding of the subject property should the reader or client deem necessary. . ,i UTILITIES Electricity Water Sewer Gas Telephone TXU Electric Town ofAddison Town
ofAddison TXUGas Southwestern Bell Telephone .1I -j ZONING The subject is presently zoned "PD84-092" -Planned Development District. This district provides for most industrial and commercial
uses. Any development requires approval of a site plan. The following table summarizes basic requirements ofthe local zoning classification: Minimum Lot Area N/A Minimum lot Width N/A
Minimum front yard 25 feet Minimum rear yard ofeet unless adjacent to single family or multifamily, then 10 feet. Minimum side yard 25 feet for a corner lot Maximum building height 2.5
standard stories or 29 feet. 2-2
I ·1 SCHOOL DISTRICT Dallas Independent School District. EASEMENTSIENCROACHMENTS No survey of the whole site was provided. However, overhead utility lines are present along the frontage
portions of the site. Markers· for underground telephone lines and natural gas lines are also present in this area. These encumbrances are considered typical and do not hinder the use
or development of the subject site. According to the plat map obtained from the Town of Addison, several utility easements are located within the site. These easements tend to be located
near the boundaries of the site and are not considered to be a detriment to the property. No other adverse easements or encroachments were noticeable. !J SURROUNDING LAND USES The surrounding
area is generally comprised of mixed commercial. Specific uses surrounding the subject site include retail/commercial buildings to the north, office/tech buildings to the east, commercial
buildings to the south and vacant land to the west. VEGETATION The subject property contains several trees and shrubs on the site. The unimproved area of the subject contains native
grass vegetation. SITE SUMMARY The subject site is an irregular shaped tract of land, located at the northwest comer of Midway Road and Spring Valley Road. The site contains approximately
399,465 square feet, or 9.170 acres. It has availability to municipal utilities and the access of the site is considered good. The topography of the site is generally level and is at
or above the grade level of Midway Road. According to current flood plain maps for the subject property, it does not appear to be located in a flood hazard area. Overall, the subject
property is well suited for legally permissible development based on the size ofthe parcel and good physical features. 2-3
ROAD PLAT MAP 2-4 ,l.j L
I !I r-CORPOR..AT-E LIMITS _ I ZONE C r--I{{j f-􀁉􀁾 FLOOD PLAINMAP 2-5
Cl «afl:: >-􀁾c r 4 j 􀁾􀀧􀀺􀀬􀀧 "'F1 􀁲􀀧􀀢􀁾􀀧􀀭􀀢􀀧􀀭􀀧--.,-',', """-􀁬􀀧􀁾􀁣􀁣􀀺􀁟􀀢􀀮 􀁾.........._. ._.....,.,..'.,_ r ; ) (/) j /VALLEY ZONING MAP 2-6
I1\ IMPROVEMENT ANALYSIS The subject property currently consists of vacant land. It should be noted that a Town of Addison sign monument and landscaping is located within the area to
be acquired. It is assumed that replacing this sign monument and landscaping will be in a manner that is similar to relocating of typical city utilities and signage. ASSESSMENT AND TAXES
The subject property is situated within the taxing jurisdictions of the Dallas Independent School District, the Town of Addison and Dallas County. According to Dallas County tax records,
the following proposed 2000 assessments have been applied to the subject: . \ Address Midway Road IrnprovertlentSF N/A 2000 Assessm$l'1t $3,059,890 iI The 2000 tax rates per $100 of
assessed value for the involved taxing jurisdictions are as follows: Town of Addison $0.3846000 Dallas Independent School District $1.4605300 Dallas County $0.4476990 Total $2.2928290
Using the 2000 tax rate, the estimated liability for the year can be calculated as follows: $3,059,890 x $0.02292829 = $70,158 The subjects tax records show that the 2000 assessment
is identical to the 1999 assessment. According to the tax assessor's office, all real estate taxes are current and paid for the subject property as of the date of inspection. 2-7
III .JIIIJ HIGHEST AND BEST USE Highest and best use may be defined as "the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately
supported, financially feasible and that resultsin the highest value."l To have value, a site must have utility that is in demand by prospective purchasers, with utility being defmed as net income or amenities derived from ownership
of the property. The location of the tract, neighborhood characteristics and current market needs and demands set forth the site's highest and best use. Other considerations that must
be weighed in the analysis are the existing zoning ordinances, deed restrictions, topography, shape and size of the tract. To estimate highest and best use, four elements are considered:
Physically Possible Use, Legally Permissible Use, Financially Feasible Use and Maximally Productive Use. ANALYSIS OF SITE "As VACANT" PHYSICALLY POSSIBLE Many physical characteristics
of a site can affect the uses to which it can be put. These characteristics can include size, location, shape, road frontage, topography, easements, utility availability, flood plain,
and surrounding properties. The subject site consists of 9.170 acres or 399,465 square feet of land. Because of the land size, large-scale developments would be permitted. As previously
mentioned, an overhead utility and underground telephone easement is present along the frontage portion of the site. The location ofthe easements is typical and does not have an adverse
affect on the utility of the site. According to the Flood Insurance Rate Maps, the subject property does not lie within any identified flood hazard areas. LEGALLY PERMISSIBLE Except
for legally non-conforming property, the first step in determining what is legally permissible is to analyze private restrictions, zoning, building codes, historic district controls,
and environmental regulations. The subject is located in the Town of Addison and is subject to zoning restrictions. The subject is presently zoned "PD84-092" Planned Development District.
Permitted uses include most commercial uses including commercial, retail, office and office/showroom buildings. Some form of commercial I The Dictionary of Real Estate Appraisal, Third
Edition, American Institute of Real Estate Appraisers, Chicago, Illinois, 1989, p. 171. 2-8
i _I -I\ development would be legally permissible and would have the greatest possibility of being economically viable. FINANCIALLY FEASIBLE The uses that are physically possible and
legally permissible must be analyzed further to determine those that are likely to produce some income or return greater than the combined income needed to satisfy operating expenses,
financial expenses, and capital amortization. All uses that are expected to produce a positive return are regarded as financially feasible. As mentioned in the neighborhood analysis,
the subject trade area is considered stable at present. It has been recognized that the majority of existing structures in the subject neighborhood were constructed between the 1970's
to 1990's. The recent construction boom experienced in other areas of the Dallas/Fort Worth Metroplex has eluded most of the immediate area, indicating a maturity of the market. Current
rental rates for commercial properties in the subject neighborhood are generally found to be similar to rental rates paid in surrounding markets. This illustrates sufficient demand at
the present time for the construction of new income-producing properties. The most recent developments in the subject vicinity have involved fast food restaurants, a self-storage facility,
and several owner-occupied industrial buildings. The preponderance of financially feasible developments targeted for the subject market area are owner-occupant or build-to-suit type
facilities. MAXIMALLY PRODUCTIVE Among financially feasible uses, the use that provides the highest rate of return or value (given a constant rate of return), is the highest and best
use. Based upon the previous discussion regarding the physical, legal and financially feasible aspects of the subject site, it has been noted that uses ofthe subject neighborhood are
predominately commercial and industrial. Given current development in the neighborhood and the present zoning, it would appear the most maximally productive use for the subject, as if
vacant, would be for for commercial use with an owner-occupant type facility. 2-9
VALUE OF WHOLE PROPERTY Correlation of Approaches to Value: Income Approach............ . .. . .. .. ... .. . . .. .. .. . .. . .. . .. . . .... $ N/A Cost Approach... . . .. .. .. ..
.. .. . .. . . . .. . .. . ... .. . .. .. $ N/A Market Data Approach (Land Only)................ $ 3,195,720 Discussion: The Market Data Approach is considered the only appropriate method
of valuation and I indicates that the value of the subject site is $8.00 per square foot which equates to I $3,195,720 for the 399,465 square foot Whole Property. Estimated Land Value
of the Whole Property $3,195,720 BREAKDOWN FOR COMPUTATION PURPOSES: Improvements: $$$$$$ Total Improvements Land: Fee 399,465 SF @$8.00/SF = 3,195,720 Total Land Value, Whole Property
3-1 $ N/A $3,195,720
COMPARABLE SALES SUMMARY SALE SALES LOCATION DATE PRICE SIZE ZONING SUBJECT NWC Midway & Spring N/A N/A 399,465 SF PD84-092 Valley, Addison, TX 9.170 Acres SALEl SWC Be1meade & Tarpley,
09/98 $ 4.10/SF 645,167 SF I Carrollton, TX 14.811 Acs. SALE 2 SWC Parkside Ctr. & Park 01/98 $ 9.00/SF 86,121 SF PD-65 Bridge, Farmers Branch, 1.977 Acres TX SALE 3 SEC Golden Bear
& 04/00 $ 5.39/SF 237,533 SF I Be1meade, Carrollton, TX 5.453 Acres SALE 4 E/S Addison Road, S of 07/98 $10.01/SF 68,825 SF PD Arapaho, Addison, TX 1.58 Acres The adjustments, discussed
on page 3-12 of this report, were made to compare each sale to the subject site and are summarized below. VALUATION GRID RepresentafIve Comparabie SaIes Subject Comp No.1 CompNo.2 Comp
No.3 CompNo.4 Grantor -Trinity Mills.. Westerra Park.. Trinity Mills... Daryl Snadon Grantee -Frito Lay, Inc. Studio Plus.. Pacific Addax... Rail Hotels... Date of Sale -9/24/1998 1/12/1998
4/3/2000 7/1/1998 Relative Location NWCMidway& Belmeade Dr. Parkside Ctr Golden Bear Addison Road Spring Valley Unit Price Per SF $4.10 $9.00 $5.39 $10.01 Financing Market Condition
of Sale Market Date of Sale November 2000 +10% +10% 0% +10% Adjusted Price $4.51 $9.90 $5.39 $11.01 Location +15% +10% +15% +10% Physical Characters +5% Size 399,465 SF +5% -15% -5%
-15% Utilities All available Zoning Indicated Unit Value $5.41 $9.41 $5.93 $11.01 Est. Unit Value -Fee $8.00/SF 399,465 SF .............................................. $3,195,720 I
Estimated value per square foot for the subject site is $8.00/SF or $3,195,720 for the 399,465 square foot site. 3-2
i .1I Form ROW-A-5S Rev. 3-98 ROW Account _ Parcel No.__􀁾􀀲􀀢􀀭􀀺􀀭􀀬􀀭􀀭􀀭_ ___:_---Highway __􀀭􀀭􀀢􀁍􀀢􀀧􀁩􀀢􀀧􀀢􀁤􀁷􀀢􀀢􀀧􀁡􀀮􀀮􀀮􀀬􀁹􀀧􀀭􀀧􀁒􀁾􀁯􀀢􀀧􀁡􀁤􀀢􀀧􀀭􀀭 _ County 􀀭􀀭􀀧􀁄􀁾􀁡􀀢􀀢􀁬􀁬􀀢�
�􀁡􀁳􀀢􀀭􀀭 _ COMPARABLE DATA SUPPLEMENT Land Sale,__-"O:..:l__Improved Sale Rental Data. _ See Attached PHOTOGRAPH & MAP Unit Price as Vacant $ 4.10 per square foot Type Utilities Water,
Sewer, Electric, Phone Grantor/Lessor Trinity Mills-Midway Partners, Ltd. Grantee/Lessee Frito Lay, Inc. Date 9/24/1998 Recording Information DOC 98187/3899 Key Map 4-N (Dallas) Legal
Description Lot 2R2, Block 4, Texas Highlands Addition, Carrollton, Dallas County, Texas Confirmed Price $ 2,645,000 Verified with Stuart Smith, Broker (972-713-4787) Terms and Conditions
of Sale Arm's length, Cash to seller Rental Data__􀁎􀁾􀀯􀁁􀁾 _ Land Size 645,167 square feet or 14.811 acres Type Street Belmeade, 2-lane, concrete paved Improvement(s) Description __􀁎􀁾􀀯􀁁􀀬􀀭􀀬􀀭
􀀭 _ Improvement(s) Size N/A (GBA) -----'N'"'-'./..!..2A'---__(N,N,RA) Unit Price as Improved $ 􀁾􀁎􀀬􀀬􀀭􀀬􀀯􀁁􀀬􀀭􀀬􀀭􀀭􀀭 _ Condition and Functional Design --'Nc.:./""A-O-_ Current
Use vacant land Highest & Best Use_-"'C""o.:.:.mm=e::..:r""'c""ia,...l _ Date of Inspection 11/7/2000 Zoning I Flood Plainc---"'Z""'o"'n""-e-'-X"---_ Attach Additional Information This
parcel is located on the southwest comer of Belmeade Drive and Golden Bear Drive. This site was purchased for future industrial development. Information concerning this sale was provided
by a broker involved in the transaction. Appraiser Donald 1. Sherwood (Typed, not signed) 3-3 11/7/2000 Date
t 3-4 dSale 1 11/7/2000 Photograph IIlalnd 􀁾􀁓􀁡􀁬􀁬􀁥 1 10/10/2000 Plat Map
Unit Price as Vacant $ 9.00 per square foot Type Utilities Water, Sewer, Electric, Phone ROW Account _ Parcel No.__􀁾􀀲􀀬􀀬􀀭􀀭􀀭􀀭􀀭 _ Highway __-----'-M'-'-'i=d\'-'-va"-'v'--'R=o=3=d
_ County 􀁾􀁄􀀢􀀢􀁡􀀢􀀭􀀡􀀮􀁉􀀢􀀬􀀱􀀳􀀬􀀬􀀭􀁳 _ COMPARABLE DATA SUPPLEMENT Land Sale__--"O'-'=2'----_Improved Sale .Rental Data. _ See Attached PHOTOGRAPH & MAP Grantor/Lessor Westerra
Parkside, LP Grantee/Lessee Studio Plus Properties, Inc. Date 1/P/1998 Recording Information DOC 98007/2456 Key Map 14-K (Dallas) Legal Description Lot 2, Block A, Parkside Center Addition.
Farmers Branch. Dallas County, Texas Confirmed Price $ 775,089 Verified with Mark Hajdu, Broker (972-419-4000) Terms and Conditions of Sale Arm's length. Cash to seller Rental Data__"--'N""'/A'-'---_
Land Size 86, P 1 square feet or 1.977 acres Type Street Parkside, 2-lane, concrete paved Improvement(s) Description 􀁟􀁾􀁎􀀧􀀭􀀧􀀭􀀧􀀭􀀧􀀯􀁁􀀭􀀭􀀧􀀭􀀭􀀭􀀭 _ Improvement(s) Size N/A
(GBA) --:N-"/-".-AO--__(NRA) Unit Price as Improved $ !-N""/A'-'---_ Condition and Functional Design -----'N'-'-'-'./A--'----_ Current Use Hotel Highest & Best Use_-'=C""0""m"-'.n""'1""er""c=ia""1
_ Date ofinspection 11/7/7000 Zoning PD-65 Flood Plain---'=Z""'o""n""'e..1..X"---_ Attach Additional Information This parcel is located at the SWC of Parkside Center and Park Bridge.
This site was purchased for development of a Studio Plus Hotel. which has been constructed. Information concerning this sale was provided by a broker involved in the transaction. Appraiser
Donald J. Sherwood (Typed, not signed) 3-5 11/7/2000 Date
III Land Sale 2 Photograph 11/7/20 3-6 I Land Sale 2 􀀱􀀱􀀯􀀷􀀯􀀧􀀢􀀬􀁵􀁾􀀬􀁵 III Plat Map
Unit Price as Vacant $ 5.39 per square foot Type Utilities Water. Sewer. Electric, Phone RO\V Account __ Parcel No. 􀁾􀀲􀀢􀀭􀀭􀀭􀀭􀀭 ___ Highway 􀀭􀀭􀀭􀀭􀀢􀁍􀀧􀀭􀀧􀀭􀀧􀁩􀀢􀀢􀀭􀁤􀁜􀀢􀀧􀁶􀁡􀁾􀁶􀀧􀁟􀀧􀁒
􀀢􀀧􀁯􀀢􀀢􀁡􀁤􀀢􀁟􀁟 __ County 􀁾􀁄􀀢􀀧􀁡􀀢􀀭􀀧􀀭􀁉􀁬􀀢􀀢􀁡􀀢􀀭􀀭􀁳 _ COMPARABLE DATA SUPPLEMENT Land Sale,__-"O:.=;:3__Improved Sale Rental Data __ See Attached PHOTOGRAPH & MAP Grantor/Lessor
Trinity Mills Midway Partners Grantee/Lessee Pacific Addax Company, Inc. Date 4/312000 Recording Infomlation DOC 2000065/6298 Key Map 4-1 (Dallas) Legal Description Lot 4. Block 4, Texas
Highlands Addition. Carrollton, Dallas County, Texas Confirmed Price $ 1.?80.000 Verified with Stewart Smith, Broker(97'J-713-4787) Terms and Conditions of Sale Arm's length, Cash to
seller Rental Data__N'--"-'/A--'----_ Land Size 237.533 square feet or 5.453 acres Type Street Golden Bear 2-lane, concrete paved Improvement(s) Description 􀁾􀁎􀀧􀀭􀀢􀀭􀀧􀀯􀁁􀀭􀀭􀀧􀀭􀀭􀀭􀀭
_ Improvement(s) Size N/A (GBA) 􀁾􀁎􀀭􀀬􀀬􀀭􀀯􀀭􀀬􀀭􀀭􀀬􀁁􀀬􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭__(NRA) Unit Price as Improved $ "'-'N"-'/A--'----_ Condition and Functional Design 􀁾􀁎􀀧􀀭􀀢􀀭􀀧􀀯􀁁􀀭􀀭􀀧􀀭􀀭􀀭􀀭
_ Current Use vacant land Highest & Best Use -'=C""o"'m"'m"'-'e::.;r""c"'ia:.:,I _ Date oflnspection 1]/1012000 Zoning I Flood Plain,---"Z""o'-"n:.::e--'.X-'--_ Attach Additional Information
This parcel is located at the southeast corner of Golden Bear Court and Belmeade Drive. The site was purchased for future development. This information was obtained from a broker involved
in the transaction. Appraiser Donald 1. Sherwood (Typed, not signed) 3-7 1]/1012000 Date
Land 11/10/2000 Photograph Sale 3 􀁧􀁾􀁾􀁐􀀺􀁬􀁾􀀽􀁾􀀭􀁾􀀬􀁲􀁾􀁲 ;:. 􀀡􀁬􀀺􀀧􀂷􀁾 •. '4. 􀀺􀀻􀁾􀁾􀁾..nt.::. 􀀧􀁾􀀻􀀢􀁯􀁴􀁾􀀮􀁾􀁬􀀧 􀁬􀁈􀁴􀀬􀁾􀀼 ;lofS f,A:dW{""'} . 􀁾􀁾􀀧􀁾􀀱􀀮 !:t 􀁗􀀾􀁜􀁊􀁯􀁩􀁾􀁊􀁬
􀁎􀁩􀁮 ,'\,' i!!f 􀀱􀀺􀀧􀁬􀁉􀁦􀁴􀁴􀁩􀂷􀁾 􀀬􀁬􀁬􀁾􀁪􀀧􀁾􀀡 􀁪􀀬􀀮􀀧􀀮􀀮􀀮􀁾􀀭􀀺􀀺􀁪􀀻􀀬􀀬􀀨􀁾 􀁣􀁾 􀁉􀀬􀀺􀁉􀁾 ..... :1t:)\J( I 3-8 lot. 􀁾􀁬􀀻􀁮􀀮􀀭􀀺􀂷􀀧 􀁾􀁴 l,JJ.':.);,:' 􀁾 ·;2(:.':.
: 􀁾 􀀮􀀤􀀴􀁾􀁟􀀱􀀧􀁩􀀧􀀢 .: ... :,".o:.'}I',: 􀀧􀀺􀀢􀁟􀁾􀀭􀁾 )oj' 􀁾􀀮􀀺􀀧􀁴􀀨􀀮􀀻􀁾􀀬􀁾􀀺 LOT lR. BLOCK 4 7.95 ACRES Land 11/10/2000 Plat Map Sale 3
Unit Price as Vacant $ 10.0 I per square foot Type Utilities Water. Sewer. Electric, Phone ROW Account _ Parcel No.__----"-2 _ Highway __-----"M'-'-'i""-d\.:.:.va"-'y'--'R=o=a"'-d _
County 􀁾􀁄􀀽􀁡􀀽􀁬􀁬􀀽􀁡􀀬􀀬􀀭􀀭􀁳 _ COMPARABLE DATA SUPPLEMENT Land Sale.__--"O'--'4__Improved Sale, Rental Data. _ See Attached PHOTOGRAPH & MAP Grantor/Lessor Daryl N. Snadon Grantee/Lessee
Rail Hotels Corporation Date 7/1 !I 998 Recording Informati on DOC 981271755 Key Map__-,-14-,---,=C,--,(-:=D:..o:a=11=as=)__ Legal Description Lot I, Block A, Ouorum Centre Addition,
Addison, Dallas County, Texas Confirmed Price $ 688,770 Verified with Jim Durbin, Grantor (972-661-10 II) Terms and Conditions of Sale Arm's length, Cash to seller Rental Data__N'--'-'-'/A'-'----_
Land Size 68,825 square feet or 1.58 acre Type Street Arapaho, 4-lane, concrete paved Improvemen«s) 􀁄􀁥􀁳􀁣􀁲􀁩􀁰􀁴􀁩􀁯􀁮􀁟􀁾􀁎􀁾􀀯􀁁􀁾 _ Improvement(s) Size N/A (GBA) -----'N-'.!/.:...A'---__(NRA)
Unit Price as Improved $ "-'N""/A--'----_ Condition and Functional Design 􀀭􀀭􀀧􀁎􀁣􀀮􀀺􀀮􀀯􀀧􀀭􀀧􀀮􀁁􀁾 _ Current Use Motel Highest & Best Use_""C"'o.:.:.m.:.:.m'-'.e"'r""c"-'ia:.:.I
_ Date of Inspection 11110/2000 Zoning PD Flood Plain----"Z""'o=n""e...e,X"'--_ Attach Additional Information This parcel is located on the east side of Addison Road, just south of Arapaho
Road. This site was purchased for the construction of a Main Stay Suites motel. This tract also has an access easement to Arapaho Road. Appraiser Donald J. Sherwood (Typed, not signed)
3-9 11!l 0/2000 Date
3-10 Land 11/10/2000 Photograph Land 11/10/2000 Plat Map Sale Sale 44
,.I. 􀁾 -...􀁾􀀲􀀰􀀰􀀰􀁎􀁌􀁾􀀮 LAND SALES LoCATION MAP 3-11
II I. II1-_-EXPLANATION OF ADJUSTMENTS The adjustment process is typically applied through either quantitative or qualitative analysis. Quantitative adjustments are often developed as
dollar or percentage amounts, while qualitative adjustments are simply expressed through relative comparison (i.e. significantly inferior). Quantitative adjustments are most applicable
when the quality and quantity of data allows paired sales or statistical analysis. Given the availability of data and imperfect nature of the real estate market, participants most often
rely on relative or qualitative comparisons. Combining the benefits of both qualitative and quantitative analysis, a blended adjustment technique has been used. This is accomplished
through pre-assigning quantitative adjustments for relative comparison. The following chart illustrates the blended adjustment technique. BLENDED ADJUSTMENTS Pre-Assigned Quantitative
Relative Comparisons Adjustment Slight Adjustment 5% Moderate Adjustment 10% Fair Adjustment 15% Significant Adjustment 20% Large Adjustment 25% plus Market participants can often identify
superior or inferior characteristics when comparing properties. Without paired sales or statistical information, applying quantitative adjustments to reflect the differences is often
problematic or subjective. For this analysis, the above listed quantitative adjustments reflect the need for slight, moderate, fair, significant, or large adjustments. EXPLANATION OF
ADJUSTMENTS FOR WHOLE PROPERTY -LAND The previous sales have all been analyzed and adjusted to provide a value indication for the subject property. The unadjusted unit sale prices range
from $4.1O/SF to $10.01/SF. The unit prices have been adjusted for the factors indicated in the previous table as follows: FlNANCING TERMS This adjustment is generally applied to a property
that transfers with atypical financing such as having assumed an existing mortgage at a favorable interest rate. Conversely, a property may be encumbered with an above-market mortgage,
which has no prepayment clause or a very costly prepayment clause. Such atypical financing often plays a role in the negotiated sale price. Each of the sales were cash equivalent to
the seller and no adjustment was required. 3-12
[\!II. I\< CONDITIONS OF SALE This category reflects extraordinary motivations of the buyer and seller to complete the sale. Examples include purchase for assemblage involving anticipated
incremental value, or a quick sale for cash. This adjustment category may also reflect a distress-related sale, or significant buyer expenditures immediately after purchase. The sales
were reported to involve norrnalconditions of sale. No adjustment was required. DATE OF SALE Market conditions in the subject neighborhood have been steadily improving with the current
economic conditions of the region. Sales that occurred 12 months prior to the effective date of appraisal warrant an upward adjustment. Sales 1, 2 and 4 are over 12 months old. Based
on conversations with brokers in the market, a 10% upward adjustment was made to each sale. If the previous adjustments are required, they are applied sequentially in the order indicated.
LOCATION Sale No. 1 is located north of the subject in an area of less intensive commercial development. Its location is considered to be inferior to the subject due to surrounding development.
Thus, this transaction was adjusted upward. Sale 2 is situated just south of the subject, off of Midway Road. Its location is considered inferior to the subject due to it being situated
on a secondary roadway. Thus, this transaction was adjusted upward. Sale 3 is situated in a more industrial area, west of Midway Road. This location is considered to be inferior to the
subject and was adjusted upward. Sale 4 is located on Addison Road, just north of Belt Line Road. The location of the sale is considered to be inferior to the subject due to it being
located in an area of less intense commercial development. Thus, this transaction was adjusted upward. PHYSICAL FEATURES The subject is rated good with regard to shape, comer orientation,
topography, soil characteristics and encumbrances. Sales 1, 2 and 3 have frontage on two streets like the subject, and do not require adjustment. Sale 4 does have an access easement
easement to a second roadway, however it is not considered to be a true comer location and was adjusted upward for this factor. SIZE With respect to size, the market will generally indicate
that parcels with a larger number of square feet or acres will command lower unit sale prices. This is due to the larger market of potential buyers available for the purchase of smaller
parcels. Sale 1 is larger in size when compared to the subject and was adjusted upward for this factor. The remaining sales are smaller than the subject and were adjusted downward for
this factor. 3-13
IIlI1, I(r -I UTILITIES The subject and the sales had access to all utilities, therefore no adjustments were required. ZONINGIUSE Each of the sales is considered to have reasonably similar
commercial or industrial use potential based on the zoning of the sites. Each of the sales are situated in areas that include a mixture of industrial, office and other uses. No differences
in prices paid could be extracted from the market data shown in this analysis. Therefore, no adjustments were required. CONCLUSION Before adjustment, the sales had a unit price ranging
from $4.l0/SF to $lO.Ol/SF with a mean of $7.13/SF. After adjustments, the unit sales price ranged from $5.41/SF to $ll.Ol/SF with a mean of $7.94/SF. Each of the sales are considered
to be reasonably similar to the subject and will be given approximately equal consideration. Given the previous adjustments, it is our opinion that a unit value of $8.00 per square foot
is appropriate for the subject parcel, as ofNovember 7,2000. This indicates a value of $3,195,720 for the whole subject property land (399,465 SF x $8.00/SF). 3-14
l1Jff\tJ.l. (f .. VALUE OF AREA ACQUIRED Property Description The proposed right-of-way acquisition is located along the eastern and southern boundaries ofthe subject whole site. The
proposed acquisition is irregular, running approximately 375 feet along the southern boundary and approximately 275 feet along the eastern boundary. The proposed area to be acquired
contains approximately 3,181 square feet, or 0.073 acres. The survey map and legal description of the part to be acquired is shown later in this report. Land Value It has been noted
that the size of the take is too small to support any development by itself; however, there is no market evidence that suggest a unit value of a parcel smaller than the whole subject
could command a higher unit value than the whole. For the valuation of the part to be acquired, it is the appraisers' opinion that the comparable land sales used to estimate the market
value for the subject property whole land would be applicable to the part to be acquired. In the valuation of the whole, a unit value estimate of $8.00 per square foot was indicated.
Based on 3,181 square feet in fee ownership, the land value for the partial acquisition in fee is estimated at $25,448 (3,181 Square Feet x $8.00/SF). Improvement Value The subject property
currently consists of vacant land, however a Town of Addison monument sign and landscaping is located within the area to be acquired. It is assumed that these improvements will be addressed
in a manner similar to the relocation of city owned utilities and slgnage. BREAKDOWN FOR COMPUTATION PURPOSES: Improvements: Total Improvements II. . Land: Fee 3,181 SF@=.;$8:::.:...0;:;..;:0;.;...:/
S=F =$ 25,448 Total Land $25,448 TOTAL AS A UNIT 4-1 $25,448
'-1.J 􀀱􀁴􀁾􀂷􀁩􀀮􀁉􀀺􀁗􀀧􀁓􀀮􀁎􀁕􀁊􀀧􀁦􀁃􀁩􀀧􀁩􀁬􀀧􀁉􀁄􀁬􀁚􀁉 Fa HtlnllU.Tkltr .eM". .j .... :.....:..J .. 􀁾ufI '4D1I, AU 􀁰􀁊􀁗􀁴􀀧􀁨􀀢􀁫􀀾􀀧􀁴􀁾 S_ .IIU' .. WrT1'J\O. .....us. 􀀢􀀧􀁬􀁯􀂣􀁬􀀨􀁾􀀨
..em>· 􀀮􀀢􀀮􀀬􀀮􀁾 01 􀀧􀁎􀀢􀁾􀁗􀁕􀁊 'J'(m 'OlD ,W'J'""tClI:OQ tl-􀁾 􀀮􀁾 lAJilr:tt ""Q.'tlt, LIHI Of' ll'ilfw,' ....Ai..lJ::!' lI.r.V4.! 1'0 'MI't1Ial"Gu:toOl 􀁉􀁾􀁮 P.Mtt 􀁾. .t 􀁾􀁾
􀁾 Ali 􀁐􀁴􀁃􀁾􀀨􀀬􀀢􀀴􀀬􀁰􀁁 U,' 'V1)l-'till 1"f].)1ll "",,-a ,t.-, 􀁾 􀁾 ttGoQ. 􀁬􀀩􀁾􀁭􀀢 .:t 􀁾􀀢􀀢􀀢􀁉􀁉􀀧 "I tU#ltf"t' 􀁏􀁾􀁮 fil,UiM1U 􀁾􀁑􀁗􀀧􀁁􀁎􀁬􀁕􀀬m.. flLAt. I\ 􀀭􀀭􀀭􀀭􀀭􀀭􀁟􀀮􀁟􀀮􀁾􀀭�
� A 'lATOF A sumeY gfA 􀁾􀀵􀀮􀀡􀀵􀁡 sq.lfI. (;II" U'-! TRACT OF LAtlill IN 'lifE THOMAS L CHfNOWliH SURVEY AQSTRAC'f NUMBEfll73 CITY OF ADDISON DAlLAS COUNTY, TEXAS 􀁾􀀧􀀺􀀺􀁵􀀺􀀮􀀽􀀺􀀭􀀺􀁉􀁗
-=--._-...... %1=": -:it __ :. 'fOMlIIJt. Ct!k N,;1:W UN:! 􀀭􀀭􀀬􀀭􀀧􀁾􀀭􀀧􀀭 􀀱􀀱􀁉􀀭􀀭􀀭􀁾􀀧 ! ............ --+--􀁾 ..aIM 􀁾􀀧􀀺􀀧􀀽􀁾􀁾.._ i 􀀽􀁾 􀀮􀀺􀀺􀀮􀀻􀀽􀁾􀀻􀀺􀀮􀀻􀀬􀁾 􀁾 ':HIit..'fIJ'l'
􀁾􀀬􀁣􀀺􀀺􀀺􀀺􀀺􀀺􀀺􀁟􀀮􀀮 ,_._::i'. 􀁟􀁊􀁩􀀮􀁬􀁬􀁊􀁬􀁬􀁬􀁔􀁬􀁬􀁍􀁊􀀺􀀧􀀮􀀡􀁦􀁉􀀧􀁴􀁊􀁬􀁇􀀧􀁉􀀧􀀧􀀧􀀧􀀧􀀧􀀺􀁾􀁟 0 )1!1It'4It. 􀀺􀁲􀁾􀁾􀀢􀀢􀀮􀀧􀀧􀁬􀀧􀀭􀁴􀀮􀁉􀁉􀀭􀁴􀁾􀀮􀁴􀀺􀁴􀀮􀁾 ....
lII'l. "i, '" lIlJ .. l...at 􀀧􀁾􀁊 􀁾􀁾__􀁾􀁾􀁾􀀺􀀺􀀺􀁾􀁾􀁾􀁾 􀀢􀁾􀁲􀂣􀁬 􀁾 􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀁾 :··.·1 .. PARCEL 2 -SURVEYOFPART To BEAcQUIRED 4-2
II EXHIBIT"A" County Dallas Parcel g Highway Intersection of Spring Valley at Midway Road CSJ: Account: Legal Land Description for Parcel .2 Page 1 of 3 0-15-June 4,1999 IIr' rIr-' rII.f.'
BEING 295.50 square meters [3181 square feet] of land in the Thomas L. Chenowith Survey, Abstract No. 273 in Dallas County, Texas and being a portion of that 2.12335 hectare [5.2470
acres] parcel of land conveyed to Greenhill Crow (Crow tract) as recorded in Volume 85140, Page 4091 of the Deed Records of Dallas County Texas (D.R.D.C.T.), said Crow tract being in
Greenhill School Addition as recorded in Volume 5320, Page 453 of the Map Records of Dallas County Texas (M.R.D.C.T.), said 295.50 square meters [3181 square feet] of land, being more
particularly described by metes and bounds as follows: COMMENCING at the most westerly northwest corner of said Crow tract, THENCE, South, along the west property line of said Crow tract
for a distance of 73.152 meters [240.00 feet] to the southwest corner of said Crow tract in the existing north right-ot-way line of Spring Valley Road, THENCE, East, along the south
property line of said Crow tract and the existing north right-of-way line of Spring Valley Road for a distance of 138.533 meters [454.51 feet] to aone halt inch iron rod with cap marked
AB&A set for corner in the new northerly right-of-way line of Spring Valley Road, being the Point of Beginning of the tract of land herein described; 1. THENCE, North 87 degrees 42 minutes
22 seconds East, along the new northerly right-of-way line of Spring Valley Road, for a distance of 39.926 meters [130.99 feet] to a one half inch iron rod with cap marked AB&A set for
corner; 2. THENCE, East, continuing along the new northerly right-of-way line of $pring Valley Road, for a distance of 57.426 meters [188.41 feet] to a one half inch iron rod with cap
marked AB&A set for corner at the beginning of a curve to the left whose chord bears North 45 degrees 19 minutes 48 seconds East, 28.964 meters [95.03 feet] having a radius of 20.600
meters [67.59 feet]. ! 3. THENCE, Northerly, continuing along the new northerly right-of-way line of Spring Valley Road and along said curve to the left through a central angle of 89
degrees 20 minutes 17 seconds and an arc length of 32.120 meters [105.38 feet] to a one half inch iron rod with cap marked AB&A set for corner at the end of said curve in the new westerly
right-of-way line of Midway Road; PARCEL 2 -LEGAL DESCRIPTION OF PART To BE ACQUIRED 4-3 -'
EXHIBIT uN' County Dallas Parcelg Highway Intersection of Spring Valley at Midway Road CSJ: Account: Page 2 of 3 0-15-June 4,1999 fiI I Legal Land Description for Parcel g 4. THENCE,
North 00 degrees 10 minutes 36 seconds East. along the new westerly right-of-way line of Midway Road, for a distance of 51.589 meters [169.25 feet] to a one half inch iron rod with cap
marked AB&A set for corner; 5. THENCE, North 08 degrees 44 minutes 59 seconds East. continuing along the new westerly right-of-way line of Midway Road, for a distance of 15.586 meters
[51.14 feet] to a one half inch iron rod with cap marked AB&A set for corner on the east property line of said Crow tract and the existing west right-of-way line of Midway Road; 6. THENCE.
South 00 degrees 10 minutes 15 seconds West, along the east property line of said Crow tract and the existing west 􀁲􀁩􀁧􀁾􀁬􀁴􀀭􀁯􀁦􀀭􀁷􀁡􀁹 line of Midway Road. a distance of 63.350
meters [207.84 feet] to a pointat the beginning of a curve to the right whose chord bears South 45 degrees 01 minutes 04 seconds West. 36.221 meters [118.84 feet], having a radius of
25.682 meters [84.26 feet]; 7. THENCE. southerly along said curve to the right in the existing west right-of-way line of Midway Road, through a central angle of 89 degrees 41 minutes
19 seconds and an arc length of 40.202 meters [131.90 feet] to a point at the end of said curve on the south property line of said Crow tract and the existing north right-of-way line
of Spring Valley Road; 8. THENCE. West, along the south property line of said Crow tract and the existing north right-of-way line of Spring Valley Road, a distance of 94.639 meters [310.49
feet] to the Point of Beginning. PARCEL 2 -LEGAL DESCRIPTION OF PART To BE ACQUIRED 4-4
EXHIBIT"A" County Dallas Parcel,2 Highway Intersection of Spring Valley at Midway Road CSJ: Account: Legal Land Description for Parcel g Page 3 of 3 0-15-June 4.1999 The above described
tract of land contains 295.50 square meters [3181 square feet] of land more or less. A plat of even survey date herewith accompanies this legal description. The basis of bearings for
this intersection is the South R.O.W. line of Spring Valley Road per Metropolitan Business Park No.7 plat as recorded in Volume 79181 Page 3133 M.R.D.C.T. All dimensions are in meters
unless otherwise noted. English units are given for information only. Company Name: 􀀺􀁲􀁲􀁥􀁤􀁯􀁮􀁤􀁯􀀧􀁾􀁓􀁏􀁣􀁩􀁡􀁴􀁥􀁳􀀬 Inc. By: UI!<.u IC 􀁾 Date: t;:'-& 'I-c;1 Surveyor's Name:
Eddie L. Dunn R.P.L.S. Registered Professional Land Surveyor Texas Registration No. 4580 j. IIl PARCEL 2 -LEGAL DESCRIPTION OF PART To BE ACQUIRED 4-5
VALUE OF REMAINDER BEFORE ACQUISITION Property Description The remainder of the whole site will contain approximately 396,284 square feet, or 9.097 acres. The remainder property will
be similar in shape to that of the whole. Ii iI \.. Highest and Best Use: Commercial Correlation of Approaches to Value: Income Approach Cost Approach Market Data Approach ( ) ( ) (X)
$ N/A $ N/A $ 3,170,272 r-! Land:Fee Total Land 396,284 SF @$ 8.00/SF $3,170,272 $3,170,272 MARKET VALUE, REMAINDER BEFORE THE ACQUISITION: $3,170,272 i' II· Discussion: The value of
the Remainder Before the Acquisition is the mathematical difference between the value of the Whole Property and the value ofthe Areas Acquired. $3,195,720 -$25,448 = $3,170,272 5-1
IIVALUE OF REMAINDER AFTER ACQUISITION Property Description The remainderof the whole site will contain approximately 396,284 square feet, or 9.097 acres. The remainder property will be similar in shape to that ofthe whole. Highest and Best Use: Commercial
1-Correlation of Approaches to Value: Income Approach Cost Approach Market Data Approach ( ) ( ) (X) $ N/A $ N/A $ 3,170,272 Discussion of Damaging Influences and Method of Valuation:
The utility ofthe subject site will not be negatively affected after the acquisition and it is the appraiser's opinion that no damages will have occurred. The same comparable sales used
to value the Whole Property were used to value the Remainder After the Acquisition. Considering the use to which the area acquired is to be subjected, the market value ofthe remainder
immediately after the acquisition $3,170,272 BREAKDOWN FOR COMPUTATION PURPOSES: Improvements: $$$$$$ Total Improvements Land: $ N/A Fee Total Land 396,284 SF @$ 8.00/SF 6-1 $3,170,272
$3,170,272
IL.. I[. I!Ir1-ADDENDA
CERTIFICATION We certify that, to the best ofour knowledge and belief; • The statements offact contained in this report are true and correct. • The reported analyses, opinions, and conclusions
are limite.d only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. We have no bias with respect to
the property that is the subject ofthis report or to the parties involved with this assignment. We have no present or prospective interest in the property that is the subject of this
report, and we have no personal interest with respect to the parties involved. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client,
the amount of the value opinion, the attainment of a stipulated result, or the occurrence ofa subsequent event directly related to the intended use ifthis appraisal. Our analyses, opinions,
and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards ofProfessional Appraisal Practice. • I> •• I • I. •• Ted Brooks, MAl and Donald
1. Sherwood, MAl have made a personal inspection of the property that is the subject of this report. • No one has provided significant professional assistance to the persons signing
this report. • The reported analyses, opinions, and conclusions were developed, and this report has been developed in conformity with the requirements ofthe Code of Professional Ethics
and the Standards ofProfessional Appraisal Practice ofthe Appraisal Institute, and the Texas Real Estate License Act. • The use of this report is subject to the requirements of the Appraisal
Institute relating to review by its duly authorized representatives. • As ofthe date ofthis report, we, Donald 1. Sherwood, MAl and Ted Brooks, MAl, have completed the requirements under
the continuing education program ofthe Appraisal Institute. l. Donald J herwood, MAl State ofTexas Certification #TX-1320183--Ted Brooks, MAl State ofTexas Certification #TX-1320511-G
IIII\ II[. II I[ ASSUMPTIONS AND LIMITING CONDITIONS For the purpose of this appraisal, the following assumptions and contingent conditions are made a part hereof: 1. This appraisal
has been assigned to this appraiser with the expressed condition that an appraisal be made of the real property taken and the value of any improvements thereon which are materially affected
by the proposed project. It is intended for the sole use of Dallas County. Others may receive a copy of this report due to legal requirements of disclosure, but the appraiser does not
intend use of this report by entities other than Dallas County. 2. This appraisal is made for the express purpose of establishing just compensation to the landowner by Dallas County;
such compensation being based on fair market value as defined elsewhere in this report. 3. Consideration is given to but no responsibility is assumed by the appraiser for matters of
a legal character. The title is assumed to be marketable. The appraiser has not made a survey of the real estate and does not assume responsibility for accuracy thereof. 4. While it
is believed the information, estimates and analysis contained herein are correct, the appraiser does not guarantee them and assumes no responsibility for errors in fact, analysis or
judgment. Information furnished by others is believed reliable and has been verified where possible but it is not guaranteed to be accurate. 5. Information obtained from the flood prone
maps prepared by the U. S. Corp. of Engineers or other appropriate entities is assumed to be accurate. 6. If condemnation proceedings become necessary, this appraiser will testify to
an updated opinion reflecting the value of the part taken considered as severed land, the value ofthe entire remainder prior to the taking and the value of the entire remainder after
the taking, reflecting any change in the size or character of the land and/or changes in number and/or conditions of the improvements located thereon. 7. The appraiser has no interest
either real or implied in the subject property and his opinion of value was not prejudiced by any influence other than that exerted by the normal procedure of appraisa1. 8. The values
stated herein are estimates. The appraiser makes no guarantees written or implied, that the subject will sell for the value stated. 9. The supplied information indicates the size of
the Whole Property, the Proposed Acquisition and the Remainder Property. The appraiser used this information, which is assumed to be correct, to value the subject property. 10. The appraiser
has made no investigations into the presence or absence of hazardous materials. The appraiser is not qualified to detect hazardous material and assumes no liability in such regard. Environmental
liability may greatly affect the value of the property and should be determined by a competent environmental professional. 11. The State of Texas does not have full disclosure laws regarding
real estate transactions. Therefore the appraiser had to confirm all sales with brokers, property managers, mortgage brokers, grantors,
I. II. grantees and other parties familiar with the transaction. The appraiser's results are limited by the accuracy of the information supplied by the aforementioned individuals. 12.
Appraisers for Dallas County are required to estimate values of fractional portions of ownership and establish compensation for property taken for public use. If any part of the Uniform
Standards of Professional Appraisal Practice is contrary to the policy of Dallas County, the policy of Dallas County shall prevail, but only for that part of the USPAP that is directly
affected under the Jurisdictional Exception clause.
PROFESSIONAL QUALIFICAnONS OF DONALD J. SHERWOOD, MAl EXPERIENCE Director of the Fort Worth office of Integra Realty Resources-DFW, a full service real estate consulting and appraisal
finn. Mr. Sherwood has been an appraiser of all types of real property since December 1978. Mr. Sherwood has perfonned appraisals on various properties including, but not limited to,
shopping centers, apartment complexes, industrial facilities, a nuclear bomb storage site, an air force base, automobile race track, raw and developed land, office complexes, motels,
hotels, marinas, cemeteries, bowling alleys, amusement parks and mixed use developments. He is qualified in Federal and Texas State Courts as an expert on real estate values. He was
appointed Special Commissioner for County District Court in 1980. He served as a member ofthe Tarrant Appraisal District Review Board from 1984 to 1986. As a graduate student, he spent
one and a half years as a research assistant involved in real estate research for the Texas Real Estate Center at Texas A&M University. He was a staff appraiser with James K. Norwood,
Inc. from 1978 to 1986. In 1986, he opened the finn of Sherwood & Associates. In 1996, Mr. Sherwood merged his finn with Loughry Appraisal Company, Inc. to fonn AppraisallData Services.
PROFESSIONAL ACTIVITIES Member President Vice President Licensed Member Vice Chainnan Adjunct Professor Member Member STATE LICENSE Appraisal Institute -Designated MAl (Member of Appraisal
Institute), Certificate No. 6791, President of Central Texas Chapter, 1989-1990 International Right-of-Way Association, President of Chapter 36, 1998 Society of Texas A&M Real Estate
Professionals, Vice President 1979, 1980 Texas Real Estate Broker, License No. 214402 Fort Worth Board of Realtors Board of Zoning Adjustments -City of Mansfield, Texas Texas Christian
University, Department of Finance Appraisal Institute, Member ofNational Faculty IRWA, Member ofNational Faculty Texas State Certified General Real Estate Appraiser, Certificate No.
TX-1320183G EDUCATION Bachelor of Business Administration Southwestern University, Georgetown, Texas 1976 Master of Agriculture, Specializing in Land Economics & Real Estate Texas A&M
University, College Station, Texas 1978 CERTIFICATION Currently certified by the Appraisal Institute's program ofcontinuing education for its designated members.
II· I TEXAS APPRAISER LICENSING AND CERTIFICATION BOARD BE IT KNOWN THAT DONALD JAMES SHERWOOD HAVING PROVIDED SATISFACFORY EVIDENCE OFmE QUALIFICATIONS REQUIRED BY THE TEXAS APPRAISER
LICENSINGAND CERTIFICATION ACT, ARTICLE 6573a.2, VERNON'S TEXAS CIVIL STATUTES, IS AUTHORIZED TO USE THE TITLE STATE CERTIFIED GENERAL REAL ESTATE APPRAISER Number: TX-1320183-G Renil
C. LinerI Conunissioner Jacqueline G. Humphrey, Secretary Eduardo A. Lopez Elroy Carson James M: Synatzske, Vice-Chair Douglas Oldmixon Robert A. Seale, Jr. Date of Issue: January 23,
2001 Date of ExpiIation: March 31,2003 Debra S. Runyan, Chair Benjamin E. Barnett L. W. (Wayne) Mayo IIIIII
PROFESSIONAL QUALIFICATIONS OF TED BROOKS, MAl EXPERIENCE Senior Analyst with the Fort Worth office of Integra Realty Resources-DFW, a full service real estate consulting and appraisal
finn. Mr. Brooks has been an appraiser of all types of real property since January 1985. Mr. Brooks has perfonned appraisals on various properties including, but not limited to, shopping
centers, apartment complexes, industrial facilities, a nuclear bomb storage site, an air force base, raw and developed land, office complexes, motels, hotels, marinas, bowling alleys,
amusement parks and mixed use developments. He is qualified in Federal and Texas State Courts as an expert on real estate values.. He was appointed as a Board Member of the City of Bedford
Zoning Board of Adjustment in 1997. As a graduate student, he spent one year as a research/teaching assistant involved in real estate research for the Texas Real Estate Center at Texas
A&M University. He was an appraisal office with Texas Commerce Bank, Inc. from 1985 to 1989. 1989. He was also a review appraiser with Guaranty Federal Bank from 1989 to 1990, and a
senior appraiser with Noyd and O'Connell from 1990 to 1995. In 1995, he joined Loughry Appraisal Company, Inc., which is now part of Integra Realty Resources DFW. PROFESSIONAL ACTNITIES
EDUCATION Texas State Certified General Real Estate Appraiser, Certificate No. TX-1320511G III Member Treasurer Licensed Board Member Board Member STATE LICENSE Appraisal Institute -Designated
MAl (Member of Appraisal Institute), Certificate No. 8442 Society of Texas A&M Real Estate Professionals, 19881992 Texas Real Estate Broker, License No. 0339193 Zoning Board of Adjustments,
Vice Chainnan -City of Bedford, Texas Tarrant County Community Development Corporation IIIrI Bachelor of Business Administration Texas A&M University, College Station, Texas 1983 Master
of Agriculture, Specializing in Land Economics & Real Estate Texas A&M University, College Station, Texas 1984 CERTIFICATION Currently certified by the Appraisal Institute's program
of continuing education for its designated .members.
TEXAS APPRAISER LICENSING AND CERTIFICATION BOARD BE ITKNOWN THAT TED DANIEL BROOKS HAVING PROVIDED SATISFAcrORYEVIDENCE OF THE QUALIFICATIONS REQUIRED BY THE TEXAS APPRAISER LICENSINGAND
CERTIFICATIONACT, ARTICLE 6573a.2, VERNON'S TEXAS CIVIL STATUTES, IS AUTHORIZED TO USE THE TmE STATE CERTIFIED GENERAL REAL ESTATE APPRAISER Number: TX-1320511-G Date of Issue: February
18, 1999 .Date of Expiration: April 30;· 2001 [I I\I: I Benjamin E. Barnett, Chair Leonel Garza, Jr. Robert A. Seale, Jr. Debra S. Runyan, :Yice-Chair David Gloier James M. Synatzske
In Witness Thereof Renil C. Liner, Commissioner Jacqueline G. Humphrey, Secretary Eduardo A. Lopez Angie V. White