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HomeMy WebLinkAboutCC 1991-03-25 MinutesNOTES ON PRE COUNCIL MEETING MARCH 25, 1991 Present: Tommy Brown Lyle E. Welch Byron Sibbet Charles Scoma Linda Spurlock Rodger Line Dennis Horvath C.A. Sanford Jeanette Rewis Rex McEntire Lee Maness Greg Dickens Kane Kelly Barry LeBaron Arlita Hallam Richard Albin Absent: Richard Davis Mack Garvin Mayor Councilman Councilman Councilman Councilwoman City Manager Deputy City Manager Assistant City Manager City Secretary Attorney Finance Director Public Works Director MIS Director Community Services Director Library Director City Engineer Mayor Pro Tern Councilman ITEM DISCUSSION ASSIGNMENT DISCUSSION OF Council was advised there had been some Note SMOKING complaints about smoking in Pre - Council. ORDINANCE Some Council members expressed the smoke did not bother them. Council was advised the ordinance could be amended to allow smoking, if desired. DISCUSSION OF Consensus of the Council was to continue in Note C.E.R.T. CERT until after the April meeting and a report will be given back to the Council. Some Council Members felt progress had been made on the sharing of services. Pre - Council Minutes 3/25/91 Page 2 ITEM DISCUSSION ASSIGNMENT STORMWATER Council was given a report on the content of Greg MANAGEMENT the proposal. Staff asked for guidelines from TAA UTILITY the Council as to whether or not to proceed. It was the consensus of the Council to proceed with the proposed schedule. This item will be placed on the April 8th City Council Agenda. Mayor Pro Tem Davis now present. STREET Attorney for the City explained the procedure NAN ASSESSMENT in conducting the public hearing and approving POLICY the assessments. Council was advised that the committee working on the Street Assessment Policy recommended approval of the policy. Councilman Garvin now present. ANIMAL CARE No questions. Council commended Ms. Pam NAN AND CONTROL Burney and Mr. Dennis Horvath for their work CENTER on the interlocal agreement. INTERLOCAL AGREEMENT WITH THE CITY OF WATAUGA PROPOSED Harold McInroe presented this item. Mr. NAN CERTIFICATE OF McInroe stated they recommended refunding. OBLIGATION AND CONTRACTURAL OBLIGATION REFUNDING - IRON HORSE GOLF COURSE COMMUNITY Staff explained the alternatives on the proposed Dennis CENTER improvements. Staff recommended Alternate 3. Please follow up. PARKING LOT Council felt input was needed from the Park and Recreation Board, Library Board and Judge Thorn of Municipal Court. It was decided that two persons from each board would meet and bring a proposal back to the Council at the April 8th meeting. Pre - Council Minutes 3/25/91 Page 3 ITEM DISCUSSION ASSIGNMENT LAKEWAY Attorney for the City explained the content of NAN ORDINANCE ON the Ordinance. It was the consensus of the ITINERANT Council to leave the City's ordinance as is. VENDORS REPORT ON Attorney for the City explained the content of NAN CABLE T.V. the report from Cable T.V. There were no questions from the Council. OTHER ITEMS Council was advised that the celebration NOTE planned for April 6th had been changed to July 4th. Mayor Brown asked that Richard Davis remain on the committee for the celebration. Council asked the status on employees' on active duty. Attorney for the City replied. WORK SESSION Please note that there is a joint meeting with Note the Industrial Development Committee set for April 2nd, 6:30 p.m. City Council Chamber. ADJOURNMENT Council adjourned to Executive Session. MINUTES OF THE REGULAR MEETING OF THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS, HELD IN THE CITY HALL, 7301 NORTHEAST LOOP 820 - MARCH 25, 1991 - 7:30 P.M. 1. CALL TO ORDER Mayor Brown called the meeting to order March 25, 1991, at 7:30 p.m. Present: Tommy Brown Richard Davis Mack Garvin Lyle E. Welch Charles Scoma Byron Sibbet Linda Spurlock Staff: Rodger N. Line Dennis Horvath Jeanette Rewis Rex McEntire Greg Dickens Absent: C.A. Sanford ROLL CALL Mayor Mayor Pro Tern Councilman Councilman Councilman Councilman Councilwoman City Manager Deputy City Manager City Secretary Attorney City Engineer Assistant City Manager 2. INVOCATION Mayor Pro Tern Davis gave the invocation. 3. PLEDGE OF ALLEGIANCE 4. MINUTES OF THE REGULAR MEETING FEBRUARY 25, 1991 APPROVED Councilwoman Spurlock moved, seconded by Councilman Sibbet, to approve the minutes of the February 25, 1991 meeting. March 25, 1991 Page 2 Motion carried 6 -0. 5. MINUTES OF THE SPECIAL MEETING MARCH 14, 1991 APPROVED Councilwoman Spurlock moved, seconded by Councilman Sibbet, to approve the minutes of the March 14, 1991 meeting. Motion carried 6 -0. 6. SPECIAL PRESENTATION - MAYOR BROWN FRANK METTS, JR. - FORMER COUNCILMAN, PLACE 4 ED AND BETTY JONES - VOLUNTEERS OF THE YEAR Mayor Brown presented Frank Metts, Jr. with a plaque in appreciation for his service to the City and City Council. Mayor Brown presented Mr. and Ms. Ed Jones with a proclamation recognizing them as volunteers of the year. 7. PRESENTATIONS BY BOARDS & COMMISSIONS LIBRARY BOARD MINUTES REPORT FROM LIBRARY BOARD - JAN DANIELS, CHAIRMAN Ms. Jan Daniels, Library Board Chairman, made a short presentation on the activities of the Library Board. 8. REMOVAL OF ITEM(S) FROM THE CONSENT AGENDA Mayor Pro Tern Davis removed Item No. 15 and Councilman Scoma removed Items No. 14 and 30 from the Consent Agenda. 9. CONSENT AGENDA ITEMS) INDICATED BY ASTERISK (16, 17, 22, 23, 24, 26, 28, & 29) APPROVED March 25, 1991 Page 3 Mayor Pro Tern Davis moved, seconded by Councilman Garvin, to approve the Consent Agenda. Motion carried 6 -0. 10. PZ 91 -01 - PUBLIC HEARING - REQUEST OF LERER REALTY TO REZONE LOT 1R, BLOCK 23, CLEARVIEW ADDITION, FROM ITS PRESENT CLASSIFICATION OF C -1 (COMMERCIAL) TO C -2 (COMMERCIAL) (LOCATED AT 8001 GRAPEVINE HIGHWAY) Mayor Brown opened the Public Hearing and called for those wishing to speak in favor to please come forward. The following spoke in favor of rezoning Lot 1R, Block 23, Clearview Addition from C -1 to C -2: Stephen Scott, 10147 Caribou Trail, Dallas, represented the applicant Myrtis Byrd, 7312 Hialeah Circle West. Mayor Brown called for those wishing to speak in opposition to come forward. No one appeared to speak in opposition to the request. Mayor Brown closed the Public Hearing. 11. ORDINANCE NO. 1719 APPROVED Councilman Garvin moved, seconded by Mayor Pro Tern Davis, to approve Ordinance No. 1719 with the stipulation that if financing was not obtained within 90 days it would be brought back to the Council. Motion carried 5 -1; Mayor Pro Tern Davis, Councilwoman Spurlock, Councilmen Sibbet, Garvin and Scoma voting for and Councilman Welch voting against. March 25, 1991 Page 4 12. PZ 91 -02 - PUBLIC HEARING - REQUEST OF ALAMO CUSTOM BUILDERS TO REZONE 23 LOTS IN GLENVIEW PARK ADDITION FROM THEIR PRESENT CLASSIFICATION OF R -6 -T (TOWNHOUSE DISTRICT) TO R -3 (SINGLE FAMILY). (LOCATED ON THE SOUTH SIDE OF GLENVIEW DRIVE, WEST OF RUFE SNOW DRIVE) Mayor Brown opened the Public Hearing and called for anyone wishing to speak in favor of the request to please come forward. The following appeared and spoke in favor of the request: Mr. Mark Wood, representing the owners Mr. David Pokluda, representing Alamo Homes Mr. Forrest Grubbs, 6505 Towne Park Drive. Mayor Brown called for anyone wishing to speak in opposition to come forward. No one appeared to speak in opposition to the request. Mayor Brown closed the Public Hearing. 13. ORDINANCE NO. 1720 APPROVED Mayor Pro Tern Davis moved, seconded by Councilman Garvin, to approve Ordinance No. 1720 with the stipulation that the fence be built on the lot where the model house was and the other fence completed within one year. Motion carried 6 -0. 14. PS 91 -02 - REQUEST OF ALAMO CUSTOM BUILDERS FOR REPLAT OF LOTS 3R -16R, BLOCK 1, AND LOTS 1R -4R & 6R -10R, BLOCK 2, GLENVIEW PARK ADDITION (LOCATED ON THE SOUTH SIDE OF GLENVIEW DRIVE, WEST OF RUFE SNOW DRIVE) APPROVED Mr. Mark Wood, representing the owner, appeared before the Council. There was considerable discussion pertaining to the drainage. March 25, 1991 Page 5 Mayor Pro Tern Davis moved, seconded by Councilman Garvin, to approve PS 91 -02 with all the recommendations of the Planning and Zoning Commission. Motion carried 4 -2; Mayor Pro Tern Davis, Councilmen Garvin, Welch and Sibbet voting for and Councilman Scoma and Councilwoman Spurlock voting against. 15. GN 91 -35 - POLICE MOBILE DATA TERMINAL INTERLOCAL AGREEMENT RESOLUTION 91 -14 APPROVED Councilman Scoma moved, seconded by Councilman Sibbet, to approve Resolution No. 91 -14 authorizing the City Manager to sign the agreement. Motion carried 6 -0. *16. GN 91 -36 AMENDMENT TO ORDINANCE NO. 1691 (BENEFITS FOR SERVICE PERSONNEL CALLED TO ACTIVE DUTY) ORDINANCE NO. 1723 APPROVED *17. GN 91 -37 ANIMAL CARE AND CONTROL CENTER INTERLOCAL AGREEMENT WITH THE CITY OF WATAUGA RESOLUTION NO. 91 -12 APPROVED 18. GN 91 -38 STREET ASSESSMENT POLICY ORDINANCE NO. 1715 APPROVED Mayor Pro Tern Davis moved, seconded by Councilman Scoma, to approve Ordinance No. 1715 adopting Method No. 3. Motion carried 6 -0. March 25, 1991 Page 6 19. GN 91 -39 - PUBLIC HEARING ON DAVIS BOULEVARD (FM 1938) ASSESSMENTS Mayor Brown opened the Public Hearing. Mr. Greg Dickens, Public Works Director, presented the scope of the program. Mr. Jim Norwood, Appraiser, presented the Enhancement Study. Enhancement Study attached to these minutes as permanent record. Mr. Doc Dutton, 8204 Odell, appeared before the Council. Mr. Dutton stated that the plans did not show an opening for his driveway. Mr. Dutton was advised that according to the State he would have a drive approach on Davis Boulevard. Mr. Floyd Schexnayder, 8320 Elm Court, spoke in opposition to the assessment. There being no one else wishing to speak Mayor Brown closed the Public Hearing. 20. GN 91 -40 - DETERMINING THE NECESSITY FOR IMPROVEMENTS ON DAVIS BOULEVARD (FM 1938) ORDINANCE NO. 1717 APPROVED Councilman Scoma moved, seconded by Councilman Garvin, to approve Ordinance No. 1717. Motion carried 6 -0. 21. GN 91 -41 - CLOSING HEARING AND LEVYING ASSESSMENTS FOR IMPROVEMENTS OF DAVIS BOULEVARD (FM 1938) ORDINANCE NO. 1718 APPROVED Mayor Pro Tern Davis moved, seconded by Councilman Garvin, to approve Ordinance No. 1718 with the changes in the Enhancement Study. Motion carried 6 -0. Mayor Brown called a recess. RECESS BACK TO ORDER March 25, 1991 Page 7 Mayor Brown called the meeting back to order with the same members present as recorded. Mayor Brown advised Council he was departing from the regular agenda for a Citizen Presentation. Ms. JoAnn M. Sikonski, 7828 Clover Leaf Drive, appeared before the Council. Ms. Sikonski spoke on the proposed placement of the 'Deaf Child" signs. Staff advised this request would be investigated and a report be given to the Council. *22. GN 91 -42 - ENDORSING THE ESTABLISHMENT OF A RAILTRAN STATION IN THE CITY OF RICHLAND HILLS RESOLUTION NO. 91 -13 APPROVED *23. GN 91 -43 - PROPOSED CERTIFICATE OF OBLIGATION AND CONTRACTUAL OBLIGATION REFUNDING - IRON HORSE GOLF COURSE ORDINANCE NO. 1721 - RESOLUTION NOS. 91 -10 & 91 -11 APPROVED *24. GN 91 -44 - PROPERTY TAX REFUND APPROVED March 25, 1991 Page 8 25. GN 91 -45 - PUBLIC HEARING FOR CONSIDERATION OF A REVISION TO THE MASTER THOROUGHFARE PLAN REGARDING BURSEY ROAD ORDINANCE NO. 1722 Mayor Brown opened the Public Hearing. The following appeared in opposition to Bursey Road being four lanes: Mr. Konrad Roeder, 8016 Hunter Lane Mr. Kevin Beatty, 7901 Kendra Lane Ms. Diane Gorenc, 8028 Kendra Lane Mr. William Tooley, 7924 Londonderry. There being no one else wishing to speak Mayor Brown closed the Public Hearing. Councilman Garvin moved, seconded by Councilman Scoma, to designate Bursey Road as C -2 -U. After considerable discussion, Councilman Garvin amended his motion and Councilman Scoma amended his second, to designate Bursey Road a 41 foot street with a left -hand turn lane and striped as three lanes. Motion carried 3 -3; Councilmen Garvin, Sibbet and Scoma voting for, and Mayor Pro Tern Davis, Councilman Welch, and Councilwoman Spurlock voting against. Mayor Brown voting against to break the tie. Mayor Pro Tern Davis moved, seconded by Councilman Welch, to designate Bursey Road as C -4 -U and striped as three lanes. Motion carried 3 -3; Mayor Pro Tem Davis, Councilman Welch and Councilwoman Spurlock voting for, and Councilmen Garvin, Sibbet and Scoma voting against. Mayor Brown voting for to break the tie. *26. GN 91 -46 - PLEDGING SUPPORT FOR CARSWELL AIR FORCE BASE AND ITS EXPANSION RESOLUTION NO. 91 -09 APPROVED March 25, 1991 Page 9 27. GN 91 -47 - COMMUNITY CENTER PARKING LOT TABLED Councilwoman Spurlock moved, seconded by Mayor Pro Tern Davis, to table GN 91 -47 for two weeks and Judge Thorn, Councilwoman Spurlock, and two representatives from the Beautification Board, Park and Recreation Board and Library Board to review the plans. Ms. Jan Daniels, 5409 Scott, and Kay Schmidt, 4920 Skylark Circle, spoke in opposition to tabling the request. After discussion, Councilwoman Spurlock withdrew her motion. Councilman Welch moved, seconded by Councilman Scoma, to table GN 91 -47 for two weeks and Judge Thorn, Councilwoman Spurlock, and two representatives from the Beautification Board, Park and Recreation Board and Library Board to review the plans. Mr. Gene Ellis spoke in opposition to tabling GN 91 -47. Motion carried 4 -2; Councilwoman Spurlock, Councilmen Garvin, Welch and Scoma voting for and Mayor Pro Tem Davis and Councilman Sibbet voting against. *28. PW 91 -10 - APPROVE AGREEMENT FOR ENGINEERING SERVICES WITH TEAGUE NALL AND PERKINS, INC. APPROVED *29. PW 91 -11 - APPROVE CONTRACT FOR ENHANCEMENT STUDY FOR NORTH CRANE ROAD AND VALLEY PARK ESTATES SANITARY SEWER MAIN EXTENSION APPROVED 30. PW 91 -12 - APPROVE BUDGET FOR 1991 OPTICOM SIGNAL LIGHT CONTROL IMPROVEMENTS AT TWO INTERSECTIONS; RUFE SNOW DR./ WATAUGA ROAD AND RUFE SNOW DRIVE /GLENVIEW DRIVE APPROVED Councilman Scoma moved, seconded by Councilman Sibbet, to approve PW 91 -12. Motion carried 6 -0. 31. CITIZENS PRESENTATION March 25, 1991 Page 10 Mr. Cliff Stevens, 9201 Kirk Lane, had questions pertaining to the drainage on Davis Boulevard. Staff advised Mr. Stevens that Davis Boulevard was a state highway project and Mr. Dickens would go over the plans with him at Mr. Stevens' convenience. Mr. Kevin Beatty, 7901 Kendra Lane, voiced his opposition to Bursey Road being designated C -4 -U. Mr. Charles Cole, 6125 Riviera, spoke on his displeasure of solicitors and felt the garage sale ordinance should be enforced. Mr. V.L. Gibson, 8333 Odell, spoke on the drainage problems on Odell Street. Staff responded to Mr. Gibson's questions. Ms. Myrtis Byrd, 7312 Hialeah Circle West, expressed her appreciation to Councilwoman Spurlock on beautifying the City. Mr. Marlin Miller commended the Police Department. 25. ADJOURNMENT Mayor Pro Tern Davis moved, seconded by Councilman Garvin, to adjourn the meeting. Motion carried 6 -0. ATTEST: Je tte Rewis - City Secretary Mayor _ ENHANCEMENT STUDY OF 125 PARCELS FOR STREET AND DRAINAGE ASSESSMENT FROM EMERALD HILLS WAY TO STARNES /RUMFIELD ROAD NORTH RICHLAND HILLS, TARRANT COUNTY, TEXAS PREPARED FOR: THE CITY OF NORTH RICHLAND HILLS 7301 N.E. LOOP 820 NORTH RICHLAND HILLS, TEXAS 76180 AS OF: MARCH 19, 1991 PREPARED BY: JAMES K. NORWOOD, MAI, ARA JAMES K. NORWOOD, INC. REAL ESTATE APPRAISERS 7001 GRAPEVINE HIGHWAY, SUITE 332 FORT WORTH, TEXAS 76180 M A JAMES K. NORWOOD, INC. Real Estate Appraisers JAMES K. NORWOOD, MAI, ARA March 20, 1991 Mr. Mark Bradley City of North Richland Hills 7301 Northeast Loop 820 North Richland Hills, TX 76180 ASSOCIATES: BRYAN A. CARRELL GREG MARWITZ JULIE A. RUSSELL W. PAUL YOUNG RE: Enhancement Study of 125 tracts proposed for street and drainage assessment along Davis Boulevard from Emerald Hills Way to Starnes /Rumfield Road, North Richland Hills, Tarrant County, Texas Dear Mr. Bradley: As requested by you, we have completed an enhancement study covering 125 tracts of land located on both sides of Davis Boulevard between Emerald Hills Way on the south and Starnes /Rumfield Road on the north. These parcels are herein described by reference to parcel number, owner, size, zoning, and type of building improvement, if any. We have studied sales of comparable land located throughout the northeast Tarrant County area in order to determine: 1. The current market value, as herein defined, of each of the 125 tracts proposed for assessment. 2. By the use of a paired sales analysis, the amount of enhancement, if any, which is anticipated to accrue to the 125 subject tracts as a result of the proposed curb, gutter and storm sewer project that was outlined by you. We have studied the proposed curb and gutter plans, the - State Department of Highways and Public Transportation construction plans which pertain to widening Davis Boulevard and have inspected each of the subject tracts involved in this __. enhancement study. Market value of each of the subject tracts was estimated based on the assumption that each of the subject properties was vacant land and available for development to their highest and best use contingent upon zoning and the current demand for future development in the subject area. 7001 GRAPEVINE HWY., SUITE 332 • FORT WORTH, TEXAS 76180 __ PHONE (817) 284 -2222 • METRO (817) 589 -0431 • FAX (817) 284 -4290 The following summary sheet sets out the amount of assessment under the current assessment ordinance and also the assessment under the proposed assessment ordinance as provided by you. our opinion of estimated enhancement was based on information and comparable sales subject only to the Contingent and Limiting Conditions included in this report. Sincerely, da i P. Schreiner AMOUNT OF ASSESSMENT UNDER CURRENT PROPOSED ESTIMATED PARCEL PROPERTY OWNER ORDINANCE ORDINANCE ENHANCEMENT 3 4 5 6 7 & 8 - 9 & 10 11 12 J.B. Sandlin J.B. Sandlin J.B. Sandlin Sandlin & Hamm J.B. Sandlin Joe C. Metcalf U.S. Postal Service College Hill Assembly 18,321.66 5,994.77 2,298.79 3,665.00 14,683.46 2,368.17 14,112.30 8,299.05 13,128.73 4,295.70 1,646.92 2,626.25 10,511.31 1,696.85 10,127.24 4,226.76 $26,500 14,900 17,000 16,800 20,300 3,400 86,600 34,000 14 15, 16 & 17 18 19, 20, 21, Alan Hamm Tr. E- Systems. Inc. John Hay Warren H. Bates & 24,834.04 19,796.86 3,078.60 17,649.87 12,529.89 2,206.05 42,200 85,300 5,100 23, 24 & 25 22 A. H. Sanders Joe T. Warren 37,372.49 1,470.84 25,116.09 2,449.84 57,500 3,100 27 28 29 30A 30B & 30C 31 32, 33, 34 Curtis R. Moore, et ux. Vernie Snider, et ux. Ruby Murchison Hill R.M. Kidwell Nasser Shafipour Ronald & Metra Precht John Parish 264.06 1,467.00 5,480.34 1,132.20 22,955.06 5,131.00 178.67 1,051.00 4,009.47 1,866.45 15,743.55 4,727.25 4,500 4,000 4,300 1,900 58,700 8,700 35 & 36 37 Investments Inc. Tarrant County 3,230.73 0 1,383.75 0 9,700 0 42 43 44 45 46 47 48 49 50 Louise Brunson 2,053.80 Terry R. Dye, et ux. 767.82 Edmund J. Potter, et ux. 324.63 Clark Hughey, et ux. 309.30 Joseph Aquilera 168.30 Herman J. Smith 32,894.11 Debra Ann Walthers 3,844.69 R. G. Gutierrez 3,078.60 Alva Ray Paul 2,929.44 882.84 646.69 273.42 260.50 189.00 23,640.45 3,221.20 2,143.02 3,228.07 1,000 1,000 1,000 1,000 1,000 27,700 12,500 8,100 16,300 58 59 Norwood Natl. Corp. Luttrell Inv., Inc. 13,692.44 12,167.80 9,811.67 8,719.15 42,200 20,100 61 62 63 Nasser Shafipour Town & Country Food Nasser Shafipour 11,116.38 4,398.00 6,833.91 7,965.73 3,151.50 4,897.01 28,300 18,000 47,800 94 95 & 96 97 Khosrow Yazhari Muhieddin Dalloul AMOUNT OF ASSESSMENT UNDER 17,567.25 14,808.78 65,300 39,200 99 CURRENT PROPOSED ESTIMATED PARCEL PROPERTY OWNER ORDINANCE ORDINANCE ENHANCEMENT 64 Jack Roseberry $ 4,859.79 � $ 3,482.41 $ 8,100 65 & 66 Joseph W. Barnett 21,732.83 16,231.81 41,600 67 & 70 Cecil R. Barnett 11,893.36 8,551.91 23,500 71 & 72 Tr. E- Systems Inc. 43,548.12 31,205.52 58,800 73 & 74 Tr. E- Systems Inc. 18,231.18 13,224.33 14,100 75 Tr. E- Systems Inc. 10,522.95 7,516.75 32,600 76 John D. Hay 4,682.45 3,643.70 3,800 77 John D. Hay 1,466.00 1,050.50 1,100 78 John D. Hay 3,658.75 2,827.75 3,800 - 79 B. J. G. Partners 6,973.47 4,998.49 25,600 80A B. J. G. Partners 5,864.00 4,202.00 19,600 81 Bank of North Texas 5,849.76 4,551.16 15,600 82 Burk Collins Inv. 5,656.24 4,300.30 19,400 85 & 86A Curtis Moore 11,501.70 10,125.92 26,200 86B Dalworth Tile 2,943.73 2,222.44 2,700 87 Fredrich D. Culp 4,398.00 3,151.50 8,200 _. 88 Fredrich D. Culp 1,466.00 1,050.50 4,800 89A Donald Shemwell, et al. 4,054.37 2,905.26 8,400 89B Burk Collins Inv. 5,240.95 3,755.54 7,600 90 Haverty Furniture 7,591.58 5,438.82 41,000 91A Tarrant County 0 0 0 94 95 & 96 97 Khosrow Yazhari Muhieddin Dalloul 23,915.28 17,819.88 17,567.25 14,808.78 65,300 39,200 99 Stonybrooke Inc. 8,566.42 _w' 6,138.49 sm"woffewo 19,700 100 Stonybrooke Inc. 16,794.50 12,034.53 30,700 103 C. L. Jones, et ux. 1,468.93 631.26 700 104 Ronald S. Hicks, et ux. 1,463.07 628.74 700 105 Alan & Tracy Larman 1,474.80 633.78 700 106 Denis Hagon, et ux. 1,457.20 626.22 700 110 Jas. P. Stevens 2,932.00 1,260.00 1,400 112 Donald L. Skultety 3.125.51 1,343.16 1,400 1_ T�onna M, Halcomb _ 2,606.55 1,120.14 1.400 CONTINGENT AND LIMITING CONDITIONS The legal description and size of the property are those furnished the appraiser by the client and are assumed to be correct. No responsibility for matters legal in character is assumed. The title is good and merchantable. The property is appraised as though free and clear of encumbrances except utility easements, if any. The property is appraised on the basis of Fee Simple Title conveyance to the purchaser and full cash payment being received by the seller. It is recognized, however, that the purchaser will likely take advantage of the maximum available financing, - and the effects of such financing upon the probable selling price have been considered. Use of this appraisal is reserved to the named recipient, and use of portions excerpted from the complete report is prohibited. The appraisers are not required to give testimony or attendance in any court by reason of this appraisal, with reference to the property in question unless prior arrangements have been made. The data contained in this report, and upon which this appraisal is based was gathered from responsible sources and is believed to be authentic, but no responsibility is assumed for the result of actions by anyone based on such information. All information, comments and conclusions relative to the subject and other properties are the opinion of the appraiser after personal inspection of the properties concerned was made. A valuation relating to an estate in land that is less than the whole Fee Simple estate related to a fractional interest only in the real estate involved and the value reported for this fractional interest plus value of all other fractional interests may or may not equal the value of the entire Fee Simple estate considered as a whole. -- "This appraisal was obtained from James K. Norwood and consists of trade secrets and commercial or financial information which is privileged and confidential and exempted from disclosure under 5 U.S.C. 552 (b) (4)." Please notify James K. Norwood of any request of production of this appraisal. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraisers become aware of such during the appraisers inspection. The appraisers have no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraisers, however, are not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. Unless specifically stated in this appraisal report, we were not made aware of, or did not discover during the course of this assignment, any information that would suggest that the subject property of this report has any natural, cultural, recreational or scientific value. If it is later determined that a natural, cultural, recreational or scientific value exists, the value contained herein may or may not be affected. The Appraisal Institute conducts a program of continuing education for its designated members. MAIs and RMs who meet the minimum standards of this program are awarded periodic educational certification. James K. Norwood, MAI is certified under this program. Only the land value has been estimated for each of the subject parcels herein appraised. The amount of enhancement which has been estimated to accrue to the subject properties is applicable to the value of the whole property and has been estimated as a percentage of the land value only, considered as vacant and available for use according to its highest and best use estimate, regardless of the existing building improvements. Each of the parcels appraised have been considered separately if they were of sufficient size to support the estimated highest and best use. However, several of the parcels have been combined for the purpose of valuation as they are held under a common ownership and exhibited their highest value as if assembled with adjacent tracts. SCOPE_OF STUDY The scope of this appraisal assignment included researching Deed Records of Tarrant County for comparable sales. Sales transactions since April 1986 were used to represent current actions of buyers and sellers in the marketplace. These sales were confirmed with one or more parties involved in these transactions. These sales were inspected and compared to the subject property. A total of 125 tracts of land proposed for assessment have been inspected. The State Department of Highways and Public Transportation construction plans for Davis Boulevard - were also reviewed. This process was the primary basis for our conclusion of value for the subject property. PURPOSE OF STUDY The purpose of this study is to provide an estimate of the amount of enhancement, if any, which will accrue to the subject properties herein described. FUNCTION OF STUDY The function of this study is to serve as a guide for basing decisions on the amount of assessment charged against each subject parcel for curb and gutter. ESTATE APPRAISED Fee Simple, subject to utilities easements of record, of the land only. MARKET VALUE Market value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and each acting in his own best interest; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. EFFECTIVE DATE OF STUDY The effective date of this study is March 19, 1991, which was the last date of property inspection. ZONING The properties involved in this enhancement study are covered by a variety of permitted zoning classifications. We have listed below each zoning category which affects properties within the study area. "LR" Local Retail District - The Local Retail District is intended to a permit limited area of service establishments and retail stores for the benefit of the adjacent and nearby residential areas in which all trade is conducted indoors and in such a manner as to be capable of placement adjacent to residential areas without changing the character of residential neighborhoods. The "LR" district permits service stations, convenience stores, professional offices, restaurants, etc. "C -1" Commercial District - The 11C -1" Commercial District permits a limited variety of commercial uses including retail trade, personal business services and offices. As North Richland Hills has a stair step type zoning, this "C -111 Commercial District includes not only uses permitted in the "C -1" District, but also those permitted in the local retail district and the "0-1" Office District. The 110-1" Office District is intended to permit professional and organizational office needs of the community. These uses include professional office needs of the community and fraternal organizations, banks and savings and loans, veterinarian clinics, public schools and medical clinics. 11C -2" Commercial District - The "C -2" District is intended to permit an extensive variety of commercial uses including retail trade, personal business service establishments with limited outdoor use or storage. Through stair step zoning, the "C -2" zoning allows "C -1" Commercial District uses, "0-1" Office District uses, Local Retail uses and "R -7MF" Multi- Family District uses. "U" School. Church and Institution District - The "U" District is intended to permit only nonprofit activities of an educational, religious, governmental or institutional nature. The following are the only permitted uses within the "U" District: churches, sanctuaries, church schools, rectories, public schools, nonprofit educational institutions, colleges, universities, governmental offices, libraries, public buildings and city and utility uses. "I -1" Light Industrial District - The "I -1" District is intended to permit a limited range of assembly, warehousing and service uses. This zoning allows assembling operations, warehousing and storage, cabinet shops, lumber yards, and all uses of the "C -2" Commercial District. "I -2" Medium Industrial District - The 11I -2" District is intended to permit a wider range of manufacturing, wholesale and service type uses. The uses permitted within the 11I -2" Medium Industrial District are commercial carpet cleaning, chemical laboratories, cold storage plants, machine shops, welding shops, sales and service for heavy equipment and all permitted uses under the "I -1" zoning classification. "AG" Agricultural District - This zoning is intended to preserve lands suited for agricultural from encroachment or incompatible uses. Furthermore, it is the goal of this zoning to preserve agricultural uses, land suited to eventual development pending proper timing for economic development. The uses permitted in the "AG" District are: agriculture including the raising of field crops, horticulture, animal husbandry, ranch and farm dwelling and parks and playgrounds. "R -3" Sincfle Family District - The permit the low density developme n dwelling units. The only permitte d are single family detached dwelling of 7,500 SF in area, public parks of "R -2". "R -3" District is intended to t of detached single family uses with the "R -3" District units on a lot with a minimum and play grounds and all uses !'R -5D" Duplex District - The "R -5D" District i permit the medium density development of attached residential dwelling units, having land use control family district. This zoning allows duplex type public parks and play grounds. s intended to multi - family of the single dwellings and AREA ANALYSIS The subject property is located in the northeastern portion of the City of North Richland Hills at the intersection of Watauga and Smithfield Roads. This location is in the northeastern portion of Tarrant County in a popular area. This area is located in the north central portion of Texas, in the area known as the Dallas /Fort Worth Metroplex. With employment centers in Dallas, Fort Worth and immediate cities and numerous high speed traffic arteries connecting the Dallas /Fort Worth region, the area can be considered a single metropolitan complex with an inter - related economic base. In May 1973, the separate Fort Worth and Dallas Standard Metropolitan Statistical Area, known better as the Metroplex, was - combined into a contiguous eleven county area forming a Metropolitan complex of approximately 8,360 square miles including 144 incorporated cities centered around the Dallas /Fort Worth Metroplex. With a current population of approximately 3,000,000, Dallas /Fort Worth has grown to become the nation's ninth largest Metropolitan Area. Although the Fort Worth /Dallas S.M.S.A. is often analyzed as a single unit, a great deal of economic autonomy exists in and around the two cities. Diversified manufacturing has built the economy of Fort Worth's region. The ratio of manufacturing employment to total employment (33 %) is higher than all other major cities in Texas and is greater than 11 other states' total manufacturing employment. Major employers in or near the subject neighborhood area primarily are defense related industries and industries associated with the Dallas /Fort Worth Airport complex. One of the major factors underlying the growth of the region and Fort Worth specifically is the strong link to transportation. This region itself is interconnected with numerous highways including three interstate highways. This excellent highway system links the Fort Worth Metropolitan Area with all major industrial, commercial, and agricultural centers in the region. In general, real estate investment trends are basically negative at present as the effects of a poor economy coupled with tax law changes in 1987 have resulted in real estate investments not being as attractive as they once were. The construction boom of the mid 1980's as well as the loss of equity financing sources for real estate investments have also adversely affected the real _. estate market. A period of supply side real estate development occurred in the mid and early 1980's with little or no respect for the demand side or who would occupy or use the various real estate developments that were being created. Most of the real estate projects planned by major developers in Tarrant County had sufficient backing so that there was orderly development of proposed real estate projects current with the demand. However, - there were many developments started by the smaller developers without careful planning or adequate funding and which resulted in an overbuilt situation, particularly in the multi- family area. Most recently, and probably the biggest problem area in the real estate market, is the over supply of both neighborhood and strip shopping centers and multi- tenant office buildings. This overbuilt situation is more prevalent in the suburban areas in Tarrant County. Recent market surveys indicate that there is at least a five -year existing supply of multi- tenant office and retail space. The Dresco Company Inc., through its Roddy Reports provides a compilation of real estate transactions in the Tarrant County Area. This service provides a real estate deed search service that lists most real estate activity, with the exception of single family housing. Real estate trends obtained from the Roddy Reports from 1984 through 1990 indicated that total sales activity had declined whereas the number of foreclosures increased dramatically. The method of data abstraction did not change over that seven -year period and, as such, would provide a consistent source of real estate data for analysis. The following is a chart depicting the total number of sales that were presented in the Roddy Reports as well as the number of plats that were recorded in Tarrant County for that same period and the number of foreclosures that were recorded. From the above table it is evident that for the past seven years, sales volume was down 63.61% and the number of plats recorded is down 96.31 %. These numbers are, in my opinion, accurate indicators of buyers' and sellers' reaction to the real - estate market. Although the number of sales still is decreasing, the levels are decreasing generally at a declining rate. Additionally, 1990 was the first year since the decline began that the number of foreclosures dropped dramatically. Although plat recordings are not an exact indicator, they are indicative of market participants' confidence in the real estate market as well as future development trends. Generally over the past six years, approximately 45% of the plats that were recorded were platted for properties that are located in the northeast quadrant of Tarrant County. The growth trend for Tarrant County over the past ten years, with the exception of the REAL ESTATE TRENDS TOTAL # OF % RECORDED $ FORE - $ SALES CHANGE PLATS CHANGE CLOSURES CHANGE 1984 3,506 N/A 379 N/A 9 N/A 1985 3,159 [10 %] 284 [25 %] 96 +966.67% 1986 2,290 [28 %] 218 [23 %] 291 +203.13% 1987 1,545 [33 %] 111 [49 %] 514 + 76.63% 1988 1,366 [12 %] 105 [ 5 %] 649 + 26.26% 1989 1,319 [ 3 %] 51 [51 %] 724 + 11.55% 1990 1,276 [ 3 %] 14 [73 %] 559 [22.79 %] From the above table it is evident that for the past seven years, sales volume was down 63.61% and the number of plats recorded is down 96.31 %. These numbers are, in my opinion, accurate indicators of buyers' and sellers' reaction to the real - estate market. Although the number of sales still is decreasing, the levels are decreasing generally at a declining rate. Additionally, 1990 was the first year since the decline began that the number of foreclosures dropped dramatically. Although plat recordings are not an exact indicator, they are indicative of market participants' confidence in the real estate market as well as future development trends. Generally over the past six years, approximately 45% of the plats that were recorded were platted for properties that are located in the northeast quadrant of Tarrant County. The growth trend for Tarrant County over the past ten years, with the exception of the City of Arlington (southeast), has generally been in a northeast and southwest direction. However, it is becoming increasingly apparent that the southwest portion of the county is experiencing less and less development activity. Although real estate activity has continued to decline, it is apparently declining at a decreasing rate. Also, the number of foreclosures during 1990 dropped significantly, possibly signaling a turnaround in market activity. A number of sales transactions have been analyzed and it appears that real estate prices for all categories of real estate are beginning to illustrate some evidence of stabilizing with some market sectors recovering somewhat more rapidly. We have studied residential building permits which were issued in 1988, 1989 and 1990 in North Richland Hills, Colleyville, Keller, Southlake and Grapevine. City records indicate that single family building permits issued in the five cities totaled 1,234 in 1988, 1,773 in 1989, and 1,745 in 1990. This would indicate a 43.7% increase in 1989 over 1988 totals, with 1990 exhibiting about the same amount of activity as 1989. Based on building permits issued during 1990, Keller and Colleyville appear to be experiencing about the same demand in 1990 as in 1989. Grapevine issued approximately 64% of the 1989 total in 1990. However, Southlake issued over three times as many building permits for single family residences in 1990 as were issued in 1989, and North Richland Hills issued 1.45 times the total 1989 permits during 1990. These figures indicate a very strong demand for residential use and indicate that during 1989 there were an average of 148 single family residential building permits taken out per month and during 1990, there were an average of 145 permits per month. Specifically, 1989 saw an average of 25 single family building permits per month issued in North Richland Hills, while the 1990 monthly average for North Richland Hills was approximately 36. This data indicates residential growth in the area which is a harbinger for all types of real estate development. The data also lends support for future commercial development in the area, although the past two years have seen a diminished demand for commercial tracts. It appears the market is recognizing the overbuilt situation created in the early to mid 1980's. A very competitive market exists for vacant commercial properties in the area as the supply of this type of property far exceeds demand and consequently, prices have dropped. I � $ i O RT 938 i RICH LAND HILLS o E zabeth � E Burse Y Rd OaWidpe IPPerory ur"Y Lon on erry Woodhairen S 1 n,a r Ter g ee Neil WflT0 View \`0e Q �� $ a Far sy GerY p of moss; d l� e n RedWd K no u Waoda Ln T� 9 ' Kirk lane Or a erView C erry a t; Severe Ln i LL a �ll��----- worth Park m Overto &Doke u John Autry Rd Red `'� rci I or o Fair Oaks 3 I A � 'E Oak rk g s £{ uck $ �- m F,4Parkwood >1 to I Lincoln v8 r Perk= � g f — JnWoud - -o- .�. -?o - -- - --- g ,c _ Rumfle —T Rd Ct$rc o•- - - -- Rides 3 J Ridgewood urS S s Rd it P Rd da I Greenm 11 T s 1 Ui e N � adY , Tamiaml )r IFaese G W end Park Pda� S Every ede vmj�VJ /ago'G�peresl Qr . 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Leaver L �_ Blvd W I v t �r Sierra _ `o'r Barbed. r orth Richl BI - - -- - o ..CAN Gulp _ s1 S ne ', • H. S. r te` Ot ltnrrxick ;Si Ftilrkk Or v Z C .. ry ,gyp P c n ' tkr sy $ -- - -_____ f k G�rc� h Mary Or 820 ' e Y E V v IffIN;;r p c %sn TAR'RAjVT 3t CO TY S I MI .v ( �lj,n -ems• i f'COLLE Corona r 5 m �y0 r ,�s+ JU lOR E r I 938 ' IN.£. �usl ��rr f� oh 1; r- b N f. a K _ ren t 3 c ° y� c0 U Q fMeatlo a ybN 2 Ofilef OA L!1 9i {-- ---- -- ---- - - -- - o ..CAN Gulp _ mar ', • H. S. r Janette a rSch Ja Or v Z C .. ,de n ' tkr $ -- - -_____ f k 820 ' e Y E V lie ° 8 E. S I $ Thouse Corona r 5 m pl kleOt re + 1 N f. a K _ ren t 3 c ° y� c0 U Q 8 A �� r: L!1 9i i c II n ran ` Teaian rr am" amphmk m oowraronr rm Neighborhood Map CITY ANALYSIS The City of North Richland Hills, located in Northeast Tarrant County, lies approximately ten miles north of the Fort Worth Central Business District and 14 miles west of the Dallas /Fort Worth Airport. It is bordered on the north by Keller, on the west by Watauga and Haltom City, on the south by Richland Hills and Hurst, and on the east by Hurst. The City's population has increased steadily since 1970 as the table below shows. Year Population Annual $ Increase 1970 16,514 1980 30,592 7.3 1985 36,500 1.8 1990 45,094 2.1 Source: U. S. Census and City of North Richland Hills As seen in the above table, the 1990 population indicates an overall 2.1% annual percentage increase over the City's population in 1985 and a 14.7% overall increase since 1980. The latest population estimate is from the 1990 Census which the City indicated was lower than numbers produced by the North Central Texas Council of Governments research department in January 1990. Although the City has questioned the preliminary 1990 Census figures, projection estimates by both the City of North Richland Hills and the North Texas Council of Governments indicate that population for the City of North Richland Hills continues to increase, although at a decreasing rate in comparison to the 1970 to 1980 period. The 1985 estimated annual household income and net disposable income per household for North Richland Hills were $44,700 and $32,000, respectively. Both of the household income figures are well above national averages and are the highest of the Hurst - Euless - Bedford area and the Haltom - Richland Area. North Richland Hills has a good roadway system. Northeast Loop 820 (east -west) and Grapevine Highway (north- south) are the major traffic arteries through the City. They carry much of the commuter traffic through northeast Tarrant County to Fort Worth to the south and west and the Hurst - Euless- Bedford area to the east. According to the State Department of Highways and Public Transportation, the traffic count at the intersection of Loop 820 and State Highway 26 is 102,000 cars per day eastbound and 97,000 cars per day westbound. Rufe Snow Drive and Davis Boulevard (FM 1938) are other important north -south streets with Glenview Drive, Watauga Road and Chapman Drive the other important east - west streets. These roads provide ready access to the interstate system and to major employers in the area. Bell Helicopter, D /FW Airport, General Dynamics, Motorola, Affiliated Foods, General Motors, the Western Company, and Carswell Air Force Base are all within a 30 minute drive of North Richland Hills. Utilities throughout the community are provided by Texas Electric Service Company, Lone Star Gas and Southwestern Bell. The City of North Richland Hills provides water and sewer service and the City has its own police and fire departments as well. Land use in North Richland Hills is about 70% residential with the remainder in commercial, industrial, and institutional use. Most new residential subdivision development is occurring in that part of North Richland Hills north of Loop 820 and Grapevine Highway. Industrial development is limited to areas in southern North Richland Hills, north of Grapevine Highway. The commercial development is located along major thoroughfares. An important commercial development is the North Hills Mall located on Grapevine Highway at Loop 820. Other major commercial developments are the Outlet Malls of America project on the west side of Rufe Snow north of Loop 820, Cambridge Development Company's retail center on the east side of Rufe Snow north of 820 and numerous strip retail centers throughout the City. Real estate trends in the City of North Richland Hills parallel those exhibited by Tarrant County in general. As evidenced on the following table, building permit activity in the City of North Richland Hills showed dramatic declines from Fiscal - Year 1986 through Fiscal Year 1988, with a slight resurgence in activity during Fiscal Year 1990. CITY OF NORTH RICHLAND HILLS BUILDING PERMITS FOR NEW CONSTRUCTION It is apparent from the above data that all categories of real estate development were down significantly when comparing 1986 to 1989 levels. Total building permits for 1988 and 1989 are approximately one half the total permits for the entire year of 1986. Although the construction boom of the early 1980's has affected building activity in North Richland Hills, it is apparent that some maturing of the area is currently in process. Fiscal Year 1990 showed a slight recovery although the total 1990 new construction building permits were still only 71% of those issued in the peak Fiscal Year 1986. Future development trends from this data are indicative of over supply situations in primarily all sectors of the real estate economy with slight recovery in some area. The maturing of the area, coupled with relatively static population levels and the overbuilt situations from the mid 1980's indicate little growth for the area. The COM SF 2 F MF IND TOTAL 10/89 - 9/90 407 0 0 93 500 10/88 - 9/89 281 1 1 108 391 10/87 - 9/88 254 0 3 120 377 10/86 - 9/87 437 7 0 177 621 10/85 - 9/86 435 81 2 185 703 It is apparent from the above data that all categories of real estate development were down significantly when comparing 1986 to 1989 levels. Total building permits for 1988 and 1989 are approximately one half the total permits for the entire year of 1986. Although the construction boom of the early 1980's has affected building activity in North Richland Hills, it is apparent that some maturing of the area is currently in process. Fiscal Year 1990 showed a slight recovery although the total 1990 new construction building permits were still only 71% of those issued in the peak Fiscal Year 1986. Future development trends from this data are indicative of over supply situations in primarily all sectors of the real estate economy with slight recovery in some area. The maturing of the area, coupled with relatively static population levels and the overbuilt situations from the mid 1980's indicate little growth for the area. The existing supplies of various sectors of the real estate economy will need to be occupied before accelerated growth occurs. There are three distinct retail concentrations within the subject neighborhood. The Watauga and Summerfields Area are primarily serviced by retail shopping centers along U. S. Highway 377. North Richland Hills and Watauga are serviced primarily by shopping centers along Rufe Snow Drive and the eastern portion of North Richland Hills. Hurst and Colleyville are served by retail centers along Davis Boulevard. The Watauga /U. S. 377 corridor is an area that has experienced severe and extreme overbuilt situations for retail facilities. We have compiled a study of the available space along U. S. Highway 377, north of Watauga Road and generally south of Hightower Road, where the majority of the retail space in this - sector is located. The five strip shopping centers in this area contain a total of 111,123 square feet. Currently, 26,020 square feet are occupied, which indicates an approximate 23% occupancy and 77% vacancy. For the past three years, only 13,000 SF have been absorbed in this particular sector. This area is along the western boundary of the Richland Hills Submarket, and based on the above figures, the demand for commercial shopping center space in this sector is very poor. The middle or center retail portion of the Richland Hills - Submarket is located along Rufe Snow Drive. This sector has an extensive amount of shopping center space and Rufe Snow is the major thoroughfare for this portion of Tarrant County. We have completed an in -depth analysis of the existing supply and /or inventory of vacant space in the prime retail area between Loop 820 and Watauga Road. In this area, there are currently 459,403 SF of neighborhood multi- tenant strip shopping center space, of which 336,282 SF of tenant space was occupied as of April 1990. This indicates a 73.2% occupancy, which is considerably better than the occupancy in this area in January of 1988. The third area of retail concentration in the Richland Hills Submarket is located along Davis Boulevard, generally north of Grapevine Highway. This area represents the most eastern portion of the Richland Hills Submarket and based upon an in -depth study by this appraisal firm, this portion of the Richland Hills Submarket has experienced a historically better absorption and /or occupancy status as compared to the other two sections of the Submarket. Currently there is 177,879 SF of multi- tenant strip shopping center space located along Davis Boulevard. As of April 1990, 128,273 SF are occupied which indicates an occupancy rate of 72 %. The three major corridors of retail activity in the Richland Hills Submarket are summarized in the following table. RICHLAND HILLS SUBMARKET AS OF APRIL 1 1990 Location U. S. 377 N of Watauga Rd & S of Hightower Rufe Snow N of Loop 820 & S of Watauga R Davis Blvd. N of Loop 820 & S of Smithfield SF Total SF Occ SF Vac 111,123, 26,020 85,103 459,403 336,282 123,121 177,879 128,273 49,606 748,405 490,575 257,830 or 66% or 34% Within a two -mile radius of the subject property and primarily near the intersection of Loop 820 and Airport Freeway, there are nine mid -rise, multi- tenant office buildings which have a total of 627,482 square feet of space. Thus, within a competing distance from the subject property, there are approximately 708,362 square feet of Class A multi- tenant office space available which competes directly with the subject property. This comprises 33.7% of the total Class A multi- tenant space in the Northeast Tarrant County area. Based on the above data, multi- tenant office development would not be financially feasible for at least five years. By an analysis of office supply situation vs. retail supply situation, it is apparent the future development time for office facilities in the subject neighborhood is excessive in comparison to future development time for retail activities. Although both of these uses are well into the future, it is apparent that retail use is the appropriate choice. It is apparent from our study of the real estate market over the past several years, that dropping rental rates are not reflective of a demand situation where new construction is eminent. It is our opinion that as rental rates drop, and accordingly occupancy rates increase, the absorption of the existing vacant space, both in office and retail sectors, will occur. Another positive factor is that no new development will occur in the majority of the area for the next several years and this should utilize some of the existing supply now on the market. LEGEND /./ "LR" Local Retail District /77/ "C -1" Commercial District "C -2" Commercial District "U" School, Church and Institution District AW "I -1" Light Industrial District "I -2" Medium Industrial District "AG" Agricultural District "R -3" Single Family District /:;/ "R -5D" Duplex District ►rltus. DR w 7 / /�' Saw- 1 1• 1 /,• • • t7 •flfK �.} ,Q / i. ® 711.41 1 x /7 • • . / • / Tf.YY .Y •c 7. >♦ K 7 7 Ix ] f•• CARDINAL cr t r - Cr 23 7 1 _ 7 a 9 5' ' • , le a • 7 • , i • own oR r 144 fF 13 M , . • U n. • /e 711 a x ` ¢ �' lHlq 7 o.Y1 Vol. 111 IN { 2, q �:•�.. 17.x2K T11 �.� I. 3 u O it tx / To. 04M 711. NM At so 71 •`f 1.• 1 . N .� •� am ' • • �SI� � 12 ; ", �. a � 1 7 • 13 to tl to / • ?: 11 7.0 I• 2 , tl 44111` d - w la /• 1011 17 TER" ae is 6 so 7A M,.` 8A s NN se x co SA �j 1 air J F VFY �. f ' 6 30 65 x �i�.. p1 � �'�INM'�_ 'ice', �` �, ° � "":. -- �`lt � f��•� w`t,, •.,a ee 4/ .'63 tE .x -M Gm Sto t 2a 1 u Ix 93 �b t p01LE NOME , 101— - _ — 114p/ ! • ,• is iptD W EAST M ��- 1• is so ar • xx 7 t.D1 LAY 7 'a a Is 9 13 to 10 11 a1 fJ •1 '�0 �,� 7' • R � s � u 7 • + YiTK t , �•is' „ • 7 ULSTER DR Y t7 1/ * s i / 17 C i • Io 11 /x 7 •D �g 1 ,✓. /i.... 1 , ' x a ' a • '1,1 • • so 11 Z 19 1 Is Is . , GpT IRISH DR 2' 3 1 x a la . r 14 x a �♦. - 1 ! $ 17 ,• N a• as x. x7 :• xa n 27 x• 11 • s to Is LINIENICK LN W 17J �" I• a I. t 9 a . a • 7 • f 10 It 12 17 Tw M d EY i!i /: •• w 7 s xs x• fa xx f1 70 to 1/ 17 /, 7 0 1606 to DDHHSAL L N • 30 Z Q a • / / 1O 1 x 7 • a 1 7 • • 10 11 ix la 14 la ii to •Irsr.mww eaOCOfrslolrtTp/ Tax Map Location ar am* awxn. mOCO..RaN.ion Tax Map Location Tax Map Location J PARCEL NO.: 1 OWNERSHIP: Calvin E. Stewart LEGAL: Tract 17 -B, W. W. Wallace Survey, A -1606 ZONING: C LAND SIZE: 0.29 Acre FRONT FOOT: 367' NOTES: Drainage is already partially enclosed. CURRENT ASSESSMENT: $13,032.49 PROPOSED ASSESSMENT: $9,982.72 ESTIMATED CURRENT VALUE: 0.29 AC @ $2.50 /SF = $31,600 ENHANCEMENT: Nil PARCEL NO.: 2 OWNERSHIP: Texas Utilities Electric Co. LEGAL: Tract 17 -A, W. W. Wallace Survey, A -1606 ZONING: C LAND SIZE: 0.29 Acre FRONT FOOT: 97' NOTES: Property is used as site for Electric Utility Line. CURRENT ASSESSMENT: $2,844.04 PROPOSED ASSESSMENT: $1,911.91 ESTIMATED CURRENT VALUE: 0.29 AC @ $2.50 /SF = $31,600 ENHANCEMENT: Nil i- 11 p PARCEL NO.: 3 OWNERSHIP: J. B. Sandlin & J. W. Hamm LEGAL: Tract A, Block 29, Holiday North Addition ZONING: C LAND SIZE: 3.05 Acres FRONT FOOT: 624.88' NOTES: Access is currently limited by the bar ditch. CURRENT ASSESSMENT: $18,321.66 PROPOSED ASSESSMENT: $13,128.73 ESTIMATED CURRENT VALUE: 3.05 AC @ $2.00 /SF = $265,700 ENHANCEMENT: 3.05 AC @ $.20 /SF = $26,500 PARCEL NO.: 4 OWNERSHIP: J. B. Sandlin & A. W. Hamm LEGAL: Tract A, Block 26, Holiday North Addition ZONING: C LAND SIZE: 1.14 Acres FRONT FOOT: 204.46' NOTES: Removing the bar ditch will cut down on maintenance of landsca CURRENT ASSESSMENT: $5,994.77 PROPOSED ASSESSMENT: $4,295.70 ESTIMATED CURRENT VALUE: 1.14 AC @ $3.00 /SF = $149,000 ENHANCEMENT: 1.14 AC @ $.30 /SF = $14,900 4 40 J. PARCEL NO.: 5 OWNERSHIP: J. B. Sandlin & A. W. Hamm LEGAL: Lot 1, Block 1, College Circle Shopping Center Addition ZONING: LR LAND SIZE: 1.3 Acres FRONT FOOT: 156.7' NOTES: Adding curb and gutter will improve general appearance. CURRENT ASSESSMENT: $2,298.79 PROPOSED ASSESSMENT: $1,646.92 ESTIMATED CURRENT VALUE: 1.3 AC @ $3.00 /SF = $169,900 ENHANCEMENT: 1.3 AC @ $.30 /SF = $17,000 PARCEL NO.: 6 OWNERSHIP: Sandlin & Hamm, c/o Southland Corp. LEGAL: Lot 1, Block 2, College Circle Shopping Center Addn. ZONING: LR LAND SIZE: 0.483 Acre FRONT FOOT: 125' NOTES: Covering bar ditch and putting in curb and gutter will improve access. CURRENT ASSESSMENT: $3,665.00 PROPOSED ASSESSMENT: $2,626.25 ESTIMATED CURRENT VALUE: 0.483 AC @ $8.00 /SF = $168,300 ENHANCEMENT: 0.483 AC @ $0.80 /SF = $16,800 PARCEL NO.: 7 OWNERSHIP: J. B. Sandlin & A. W. Hamm LEGAL: Tract 9B1, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 0.10 Acre FRONT FOOT: 32' NOTES: Combined with Parcel No. 8. CURRENT ASSESSMENT: $14,683.46 PROPOSED ASSESSMENT: $10,511.31 ESTIMATED CURRENT VALUE: 2.34 AC @ $2.00 /SF = $203,900 ENHANCEMENT: 2.34 AC @ $0.20 /SF = $20,300 PARCEL NO.: 8 OWNERSHIP: J. B. Sandlin & A. W. Hamm LEGAL: Tract 9B2, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 2.24 Acres FRONT FOOT: 468' NOTES: Combined with Parcel No. 7. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 9 OWNERSHIP: Joe C. Metcalf, DVM LEGAL: Lot 2, Block 34, College Hills Addition ZONING: C LAND SIZE: 4,792 SF FRONT FOOT: 58.48' NOTES: Combined with Parcel No. 10. CURRENT ASSESSMENT: $2,368.17 PROPOSED ASSESSMENT: $1,696.85 ESTIMATED CURRENT VALUE: 11,326 SF @ $3.00 /SF = $34,000 ENHANCEMENT: 11,326 SF @ $0.30 /SF = $3,400 PARCEL NO.: 10 OWNERSHIP: Joe C. Metcalf, DVM LEGAL: Lot 3, Block 34, College Hill Addition ZONING: C LAND SIZE: 6,534 SF FRONT FOOT: 51.51' NOTES: Combined with Parcel No. 9. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: 7 PARCEL NO.: 11 OWNERSHIP: U. S. Postal Service LEGAL: Lot 2, Block 33, College Hill Addition ZONING: C LAND SIZE: 6.63 Acres FRONT FOOT: 481.32' NOTES: CURRENT ASSESSMENT: $14,112.30 PROPOSED ASSESSMENT: $10,127.24 ESTIMATED CURRENT VALUE: 6.63 AC @ $3.00 /SF = $866,400 ENHANCEMENT: 6.63 AC @ $0.30 /SF = $86,600 PARCEL NO.: 12 OWNERSHIP: College Hill Assembly of God Church LEGAL: Tract 10C, J. Barlough Survey, A -130 ZONING: U LAND SIZE: 3.91 Acres FRONT FOOT: 240' NOTES: CURRENT ASSESSMENT: $8,299.05 PROPOSED ASSESSMENT: $4,226.76 ESTIMATED CURRENT VALUE: 3.91 AC @ $2.00 /SF = $340,000 ENHANCEMENT: 3.91 AC @ $0.20 /SF = $34,000 PARCEL NO.: 13 OWNERSHIP: Sturdivant- Dunaway LEGAL: Lot 1A, Block 31, College Hills Addition ZONING: C LAND SIZE: 11,698 SF FRONT FOOT: 226.7' NOTES: CURRENT ASSESSMENT: $6,646.84 PROPOSED ASSESSMENT: $4,762.97 ESTIMATED CURRENT VALUE: 11,698 SF @ $2.50 /SF = $29,200 ENHANCEMENT: 11,698 SF @ $0.15 /SF = $1,700 PARCEL NO.: 14 OWNERSHIP: Alan Hamm LEGAL: Tract 6D, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 4.847 Acres FRONT FOOT: 847' NOTES: Includes value and size for Tract 6B, A -130 CURRENT ASSESSMENT: $24,834.04 PROPOSED ASSESSMENT: $17,649.87 ESTIMATED CURRENT VALUE: 4.847 AC @ $2.00 /SF = $422,300 ENHANCEMENT: 4.847 AC @ $0.20 /SF = $42,200 PARCEL NO.: 15 OWNERSHIP: Tr. E- Systems Inc. LEGAL: Tract 5, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 0.761 Acre* FRONT FOOT: 320.2' NOTES: *Owns adjoining Tract 5A, A -130 containing 3.0 Acres. Total o 3.761 Acres. Combined with Parcels No. 16 and 17. CURRENT ASSESSMENT: $19,796.86 PROPOSED ASSESSMENT: $12,529.89 ESTIMATED CURRENT VALUE: 13.053 AC @ $1.50 /SF = $852,900 ENHANCEMENT: 13.053 AC @ $0.15 /SF = $85,000 PARCEL NO.: 16 OWNERSHIP: Tr. E- Systems Inc. LEGAL: Tract 5C, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 3.867 Acres* FRONT FOOT: 250' NOTES: *Owns adjoining Tract 5B, A -130, containing 3.0 acres. Total of 6.867 Acres. Combined with Parcels No. 15 and 17. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 17 OWNERSHIP: Tr. E- Systems Inc. LEGAL: Tract 5C1, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 2.425 Acres FRONT FOOT: 105' NOTES: Combined with Parcels No. 15 and 16. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 18 OWNERSHIP: John Hay LEGAL: Lot 22, Block J, Smithfield Addition ZONING: C LAND SIZE: 17,000 SF FRONT FOOT: 105' NOTES: CURRENT ASSESSMENT: $3,078.60 PROPOSED ASSESSMENT: $2,206.05 ESTIMATED CURRENT VALUE: 17,000 SF @ $3.00 /SF = $51,000 ENHANCEMENT: 17,000 SF @ $0.30 /SF = $5,100 PARCEL NO.: 19 OWNERSHIP: Warren H. Bates LEGAL: Lot 17R, Block J, Smithfield Addition ZONING: I LAND SIZE: 2.57 Acres FRONT FOOT: 203.04' NOTES: Combined with Parcels No. 20, 21, 23, 24 and 25. CURRENT ASSESSMENT: $37,372.49 PROPOSED ASSESSMENT: $25,116.09 ESTIMATED CURRENT VALUE: 10.572 AC @ $1.25/SF = $575,700 ENHANCEMENT: 10.572 AC @ $0.125 /SF = $57,500 PARCEL NO.: 20 OWNERSHIP: W. H. Bates & A. H. Sanders LEGAL: Lot 16, Block J, Smithfield Addition ZONING: I LAND SIZE: 20,900 SF FRONT FOOT: 100' -. NOTES: Combined with Parcels No. 19, 21, 23, 24 and 25. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 21 OWNERSHIP: W. H. Bates & A. H. Sanders LEGAL: Lot 14, Block J, Smithfield Addition ZONING: I LAND SIZE: 20,900 SF FRONT FOOT: 100' NOTES: Combined with Parcels No. 19, 20, 23, 24 and 25. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 22 OWNERSHIP: Joe T. Warren, et ux. LEGAL: Lot 12, Block J, Smithfield Addition ZONING: I LAND SIZE: 20,900 SF FRONT FOOT: 100' NOTES: Highest and best use is Industrial even though currently used as residence. CURRENT ASSESSMENT: $1,470.84 PROPOSED ASSESSMENT: $2,449.84 ESTIMATED CURRENT VALUE: 20,900 SF @ $1.50 /SF = $31,350 ENHANCEMENT: 20,900 SF @ $0.15 /SF = $3,100 PARCEL NO.: 23 OWNERSHIP: A. H. Sanders & W. H. Bates LEGAL: Lot 10, Block J, Smithfield Addition ZONING: I LAND SIZE: 20,900 SF FRONT FOOT: 100, NOTES: Combined with Parcels No. 19, 20, 21, 24 and 25. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 24 OWNERSHIP: A. H. Sanders & W. H. Bates LEGAL: Lot 1R, Block J, Smithfield Addition ZONING: I LAND SIZE: 5.69 Acres FRONT FOOT: 529.20' NOTES: Combined with Parcels No. 19, 20, 21, 23 and 25. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 25 OWNERSHIP: A. H. Sanders & W. H. Bates LEGAL: Tract 16B, J. Barlough Survey, A -130 ZONING: I LAND SIZE: 0.903 Acre FRONT FOOT: 125.46' NOTES: Combined with Parcels No. 19, 20, 21, 23 and 24. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 26 OWNERSHIP: St. Louis & Southwestern Railroad Co. LEGAL: Tract 16, J. Barlough Survey, A -130 ZONING: I LAND SIZE: 14.38 Acres NOTES: CURRENT ASSESSMENT: $7,330.00 PROPOSED ASSESSMENT: $5,252.50 ESTIMATED CURRENT VALUE: ENHANCEMENT: Nil FRONT FOOT: 250' 14.38 AC @ $1.25 /SF = $783,000 PARCEL NO.: 27 OWNERSHIP: Curtis R. Moore, et ux. LEGAL: Lot 4, Block G, Smithfield Addition ZONING: C LAND SIZE: 22,653 SF FRONT FOOT: 18' NOTES: Value and size includes Lots 1, 2 and 3, Block G. CURRENT ASSESSMENT: $264.06 PROPOSED ASSESSMENT: $178.67 ESTIMATED CURRENT VALUE: 22,653 SF @ $2.00 /SF = $45,300 ENHANCEMENT: 22,653 SF @ $0.20 /SF = $4,500 PARCEL NO.: 28 OWNERSHIP: Vernie, Velma, & Sam Snider LEGAL: Lot 5 -8 & Closed Street, Block D, Smithfield Addition ZONING: C LAND SIZE: 10,000 SF FRONT FOOT: 100' NOTES: Adjacent Lots 1 -4; 10,000 SF. CURRENT ASSESSMENT: $1,467.00 PROPOSED ASSESSMENT: $1,051.00 ESTIMATED CURRENT VALUE: 20,000 SF @ $2.00 1SF = $40,000 ENHANCEMENT: 20,000 SF @ $0.20 /SF = $4,000 PARCEL NO.: 29 OWNERSHIP: Ruby Murchison Hill LEGAL: Tract 1B3, J. Crockett Survey, A -273 ZONING: C LAND SIZE: 0.5 Acre FRONT FOOT: 177' NOTES: CURRENT ASSESSMENT: $5,480.34 PROPOSED ASSESSMENT: $4,009.47 ESTIMATED CURRENT VALUE: 0.5 AC @ $2.00 /SF = $43,600 ENHANCEMENT: 0.5 AC @ $0.20 /SF = $4,300 PARCEL NO.: 30A OWNERSHIP: R. M. Kidwell LEGAL: Tract 1B2, J. Crockett Survey, A -273 ZONING: C LAND SIZE: 0.220 Acre FRONT FOOT: 75' NOTES: CURRENT ASSESSMENT: $1,132.20 PROPOSED ASSESSMENT: $1,866.45 ESTIMATED CURRENT VALUE: 0.22 AC @ $2.00 /SF = $19,200 ENHANCEMENT: 0.22 AC @ $0.20 /SF = $1,900 `1 ftjr- PARCEL NO.: 30B OWNERSHIP: Nasser Shafipour LEGAL: Tract 1B, J. Crockett Survey, A -273 ZONING: C LAND SIZE: 8.59 Acres FRONT FOOT: 208' NOTES: Combined with Parcel 30C. CURRENT ASSESSMENT: $22,955.06 PROPOSED ASSESSMENT: $15,743.55 ESTIMATED CURRENT VALUE: 8.99 AC @ $1.50 /SF = $587,400 ENHANCEMENT: 8.99 AC @ $0.15 /SF = $58,700 PARCEL NO.: 30C OWNERSHIP: Nasser Shafipour LEGAL: Tract 3B, J. Crockett Survey ZONING: C LAND SIZE: 0.4 Acre FRONT FOOT: 565' NOTES: Combined with Parcel 30B. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 31 OWNERSHIP: Ronald & Mitra Precht LEGAL: Tract 3B1, J. Crockett Survey, A -273 ZONING: C LAND SIZE: 0.73 Acre FRONT FOOT: 175' NOTES: Owns adjacent Tract 1B6, A -273, 11,761 SF, Value $23,522. CURRENT ASSESSMENT: $5,131.00 PROPOSED ASSESSMENT: $4,727.25 ESTIMATED CURRENT VALUE: 1.0 AC @ $2.00 /SF = $87,100 ENHANCEMENT: 1.0 AC @ $0.20 /SF = $8,700 PARCEL NO.: 32 OWNERSHIP: John Parish Inv., Inc. LEGAL: Lot 18, Block 3, Odell Addition ZONING: R3 LAND SIZE: 8,418 SF FRONT FOOT: 62' NOTES: Combined with Parcels No. 33, 34, 35 and 36. CURRENT ASSESSMENT: $3,230.73 PROPOSED ASSESSMENT: $1,383.75 ESTIMATED CURRENT VALUE: 1.492 AC @ $1.50 /SF = $97,500 ENHANCEMENT: 1.492 AC @ $0.15 /SF = $9,700 PARCEL NO.: 33 OWNERSHIP: John Parish Inv., Inc. LEGAL: Lot 17, Block 3, Odell Addition ZONING: R3 LAND SIZE: 9,360 SF FRONT FOOT: 61' NOTES: Combined with Parcels No. 32, 34, 35 and 36. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 34 OWNERSHIP: John Parish Inv., Inc. LEGAL: Lot 16, Block 3, Odell Addition ZONING: R3 LAND SIZE: 10,762 SF FRONT FOOT: 63' NOTES: Combined with Parcels No. 32, 33, 35 and 36. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 35 OWNERSHIP: John Parish Inv., Inc. LEGAL: Lot 15, Block 3, Odell Addition ZONING: R3 LAND SIZE: 11,869 SF FRONT FOOT: 63' NOTES: Combined with Parcels No. 32, 33, 34 and 36. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: - ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 36 OWNERSHIP: John Parish Inv., Inc. LEGAL: Lot 14, Block 3, Odell Addition ZONING: R3 LAND SIZE: 12,300 SF FRONT FOOT: 30' - NOTES: Combined with Parcels No. 32, 33, 34 & 35. Also owns Lot 13, Block 3, Odell Addition. Total size 12,300 SF. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 37 OWNERSHIP: Tarrant County LEGAL: Tract 3E, J. Crockett Survey, A -273 ZONING: R3 LAND SIZE: 0.031 Acre FRONT FOOT: 100' NOTES: CURRENT ASSESSMENT: $0.00 PROPOSED ASSESSMENT: $0.00 ESTIMATED CURRENT VALUE: $0.00 ENHANCEMENT: $0.00 PARCEL NO.: 38 OWNERSHIP: Danny E. Campbell, et ux. LEGAL: Part of Lot 24, Block 2, Odell Addition ZONING: LR LAND SIZE: 10,248 SF FRONT FOOT: 154.03' NOTES: Combined with Parcel No. 39. CURRENT ASSESSMENT: $3,709.02 PROPOSED ASSESSMENT: $2,659.03 ESTIMATED CURRENT VALUE: 10,248 SF @ $0.73 /SF = $7,500 ENHANCEMENT: 10,248 SF @ $0.073 /SF = $750 PARCEL NO.: 39 OWNERSHIP: Danny E. Campbell, et ux. LEGAL: Part of Lot 25, Block 2, Odell Addition ZONING: LR LAND SIZE: FRONT FOOT: 98.8' NOTES: Combined with Parcel No. 38. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 40 OWNERSHIP: Bobbie Allen LEGAL: Part of Lot 26, Block 1, Odell Addition ZONING: R3 LAND SIZE: 17,633 SF FRONT FOOT: 64.40' NOTES: Combined with Parcel No. 41. CURRENT ASSESSMENT: $3,712.98 PROPOSED ASSESSMENT: $1,591.64 ESTIMATED CURRENT VALUE: 17,633 SF @ $0.28 /SF = $5,000 ENHANCEMENT: 17,633 SF @ $0.028 /SF = $500 PARCEL NO.: 41 OWNERSHIP: Bobbie Allen LEGAL: Part of Lot 26, Block 1, Odell Addition ZONING: R3 LAND SIZE: FRONT FOOT: 188.7' NOTES: Combined with Parcel No. 40. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 42 OWNERSHIP: Louise Brunson LEGAL: Lot 15, Block 13, Smithfield Acres ZONING: R3 LAND SIZE: 9,135 SF FRONT FOOT: 140' NOTES: CURRENT ASSESSMENT: $2,053.80 PROPOSED ASSESSMENT: $882.84 ESTIMATED CURRENT VALUE: 9,135 SF @ $1.10 /SF = $10,000 ENHANCEMENT: 9,135 SF @ $0.11 /SF = $1,000 PARCEL NO.: 43 OWNERSHIP: Terry R. Dye, et ux. LEGAL: Lot 9, Block 12, Smithfield Acres Addition ZONING: R3 LAND SIZE: 13,906 SF FRONT FOOT: 205.30' NOTES: CURRENT ASSESSMENT: $767.82 PROPOSED ASSESSMENT: $646.69 ESTIMATED CURRENT VALUE: 13,906 SF @ $0.72 /SF = $10,000 ENHANCEMENT: 13,906 SF @ $0.07 /SF = $1,000 PARCEL NO.: 44 OWNERSHIP: Edmund J. Potter, et ux. LEGAL: Lot 8, Block 12, Smithfield Acres Addition ZONING: R3 LAND SIZE: 9,399 SF FRONT FOOT: 86.8' NOTES: CURRENT ASSESSMENT: $324.63 PROPOSED ASSESSMENT: $273.42 ESTIMATED CURRENT VALUE: 9,399 SF @ $1.06 /SF = $10,000 ENHANCEMENT: 9,399 SF @ $0.11 1SF = $1,000 PARCEL NO.: 45 OWNERSHIP: Clark Hughey, et ux. LEGAL: Lot 7, Block 12, Smithfield Acres Addition ZONING: R3 LAND SIZE: 11,742 SF FRONT FOOT: 82.7' NOTES: CURRENT ASSESSMENT: $309.30 PROPOSED ASSESSMENT: $260.50 ESTIMATED CURRENT VALUE: 11,742 SF @ $0.85 /SF = $10,000 ENHANCEMENT: 11,742 SF @ $0.085 /SF = $1,000 PARCEL NO.: 46 OWNERSHIP: Joseph Aquilera LEGAL: Lot 6, Block 12, Smithfield Acres Addition ZONING: R3 LAND SIZE: 15,000 SF FRONT FOOT: 45' NOTES: CURRENT ASSESSMENT: $168.30 PROPOSED ASSESSMENT: $189.00 ESTIMATED CURRENT VALUE: 15,000 SF @ $0.83 /SF = $12,500 ENHANCEMENT: 15,000 SF @ $0.07 /SF = $1,000 PARCEL NO.: 47 OWNERSHIP: Herman J. Smith Co. LEGAL: Tract A, Block 13, Smithfield Acres Addition ZONING: C LAND SIZE: 4.25 Acres FRONT FOOT: 1,121.9' NOTES: CURRENT ASSESSMENT: $32,894.11 PROPOSED ASSESSMENT: $23,640.45 ESTIMATED CURRENT VALUE: 4.25 AC @ $1.50 /SF = $277,700 ENHANCEMENT: 4.25 AC @ $0.15 /SF = $27,700 PARCEL NO.: 48 OWNERSHIP: Debra Ann Walthers LEGAL: Tract 3A1, Wm. Cox Survey, A -321 ZONING: C LAND SIZE: 1.44 Acres FRONT FOOT: 303.8' NOTES: CURRENT ASSESSMENT: $3,844.69 PROPOSED ASSESSMENT: $3,221.20 ESTIMATED CURRENT VALUE: 1.44 AC @ $2.00 /SF = $125,500 ENHANCEMENT: 1.44 AC @ $0.20 /SF = $12,500 PARCEL NO.: 49 OWNERSHIP: R. G. Gutierrez LEGAL: Tract 1C, Wm. Cox Survey, A -321 ZONING: AG LAND SIZE: 1.86 Acres NOTES: CURRENT ASSESSMENT: $3,078.60 FRONT FOOT: 105' PROPOSED ASSESSMENT: $2,143.02 ESTIMATED CURRENT VALUE: 1.86 AC @ $1.00 /SF = $81,000 ENHANCEMENT: 1.86 AC @ $0.10 1SF = $8,100 PARCEL NO.: 50 OWNERSHIP: Alva Ray Paul LEGAL: Tract 1, Wm. Cox Survey, A -321 ZONING: LR LAND SIZE: 7.5 Acres FRONT FOOT: 230' NOTES: CURRENT ASSESSMENT: $2,929.44 PROPOSED ASSESSMENT: $3,228.07 ESTIMATED CURRENT VALUE: 7.5 AC @ $1.00 /SF = $326,700 ENHANCEMENT: 7.5 AC @ $0.05 /SF = $16,300 PARCEL NO.: 51 OWNERSHIP: Herman J. Smith LEGAL: Tract 1A, Wm. Cox Survey, A -321 ZONING: AG LAND SIZE: 1.55 Acres FRONT FOOT: 274.4' NOTES: CURRENT ASSESSMENT: $8,752.27 PROPOSED ASSESSMENT: $6,472.00 ESTIMATED CURRENT VALUE: 1.55 AC @ $1.00 1SF = $67,500 ENHANCEMENT: 1.55 AC @ $0.05 /SF = $3,300 PARCEL NO.: 52 OWNERSHIP: Floyd Schexnayder, et ux. LEGAL: Lot 1, Block 1, Crestwood Estates ZONING: R5D LAND SIZE: 9,600 SF FRONT FOOT: 120.6' NOTES: CURRENT ASSESSMENT: $1,769.20 PROPOSED ASSESSMENT: $760.50 ESTIMATED CURRENT VALUE: $20,000 ENHANCEMENT: $500 PARCEL NO.: 53 OWNERSHIP: Bobby Joe Fisher LEGAL: Lot 12, Block 1, Crestwood Estates ZONING: R5D LAND SIZE: 96,00 SF FRONT FOOT: 120' NOTES: CURRENT ASSESSMENT: $1,760.40 PROPOSED ASSESSMENT: $756.72 ESTIMATED CURRENT VALUE: $20,000 ENHANCEMENT: $500 PARCEL NO.: 54 OWNERSHIP: Estelle McDonald LEGAL: Lot 13, Block 1, Crestwood Estates ZONING: R5D LAND SIZE: 9,600 SF FRONT FOOT: 120' NOTES: CURRENT ASSESSMENT: $1,760.40 PROPOSED ASSESSMENT: $756.72 ESTIMATED CURRENT VALUE: $20,000 ENHANCEMENT: $500 PARCEL NO.: 55 OWNERSHIP: Tommy W. Pollard LEGAL: Lot 13, Block 2, Crestwood Estates ZONING: R5D LAND SIZE: 9,600 SF FRONT FOOT: 120' NOTES: CURRENT ASSESSMENT: $1,760.40 PROPOSED ASSESSMENT: $756.72 ESTIMATED CURRENT VALUE: $20,000 ENHANCEMENT: $500 PARCEL NO.: 56 OWNERSHIP: Timothy Lee West LEGAL: Lot 12, Block 2, Crestwood Estates ZONING: R5D LAND SIZE: 9,600 SF FRONT FOOT: 120' NOTES: CURRENT ASSESSMENT: $1,760.40 PROPOSED ASSESSMENT: $756.72 ESTIMATED CURRENT VALUE: $20,000 ENHANCEMENT: $500 D PARCEL NO.: 57 OWNERSHIP: Ronald D. Kelley LEGAL: Lot 1, Block 2, Crestwood Estates ZONING: R5D LAND SIZE: 9,600 SF FRONT FOOT: 120' NOTES: CURRENT ASSESSMENT: $1,760.40 PROPOSED ASSESSMENT: $1,261.20 ESTIMATED CURRENT VALUE: $20,000 ENHANCEMENT: $500 PARCEL NO.: 58 OWNERSHIP: Norwood Natl. Corp. LEGAL: Tract AR1, Block 2, Crestwood Estates ZONING: C LAND SIZE: 4.85 Acres FRONT FOOT: 467' NOTES: CURRENT ASSESSMENT: $13,692.44 PROPOSED ASSESSMENT: $9,811.67 ESTIMATED CURRENT VALUE: 4.85 AC @ $2.00 /SF = $422,500 ENHANCEMENT: 4.85 AC @ $0.20 /SF = $42,200 PARCEL NO.: 59 OWNERSHIP: Luttrell Inv., Inc. LEGAL: Tract 17J, W. W. Wallace Survey, A -1506 ZONING: C LAND SIZE: 6.6 Acres FRONT FOOT: 415' NOTES: Site is low at the rear of the property. CURRENT ASSESSMENT: $12,167.80 PROPOSED ASSESSMENT: $8,719.15 ESTIMATED CURRENT VALUE: 6.6 AC @ $0.70 /SF = $201,200 ENHANCEMENT: 6.6 AC @ $0.07 /SF = $20,100 PARCEL NO.: 60 OWNERSHIP: Texas Utilities Electric Co. LEGAL: Tract 18A, W. W. Wallace Survey, A -1606 ZONING: C LAND SIZE: 5.690 Acres FRONT FOOT: 97' NOTES: CURRENT ASSESSMENT: $2,844.04 PROPOSED ASSESSMENT: $1,596.76 ESTIMATED CURRENT VALUE: 5.69 AC @ $1.00 1SF $247,800 ENHANCEMENT: Nil PARCEL NO.: 61 OWNERSHIP: Nasser Shafipour LEGAL: Lot 1, Block 3, Red Gate Addition ZONING: C LAND SIZE: 2.17 Acres FRONT FOOT: 379.14' NOTES: CURRENT ASSESSMENT: $11,116.38 PROPOSED ASSESSMENT: $7,965.73 ESTIMATED CURRENT VALUE: 2.17 AC @ $3.00 /SF = $283,600 ENHANCEMENT: 2.17 AC @ $0.30 /SF = $28,300 PARCEL NO.: 62 OWNERSHIP: Town & Country Food Stores LEGAL: Lot 2, Block 2, Red Gate Addition ZONING: C LAND SIZE: 22,520 SF FRONT FOOT: 150' NOTES: CURRENT ASSESSMENT: $4,398.00 PROPOSED ASSESSMENT: $3,151.50 ESTIMATED CURRENT VALUE: 22,520 SF @ $8.00 /SF = $180,000 ENHANCEMENT: 22,520 SF @ $0.80 /SF = $18,000 PARCEL NO.: 63 OWNERSHIP: Nasser Shafipour LEGAL: Lot 1, Block 2, Red Gate Addition ZONING: C LAND SIZE: 4.39 Acres FRONT FOOT: 233.08' NOTES: CURRENT ASSESSMENT: $6,833.91 PROPOSED ASSESSMENT: $4,897.01 ESTIMATED CURRENT VALUE: 4.39 AC @ $2.50 /SF = $478,000 ENHANCEMENT: 4.39 AC @ $0.25 /SF = $47,800 PARCEL NO.: 64 OWNERSHIP: Jack Roseberry LEGAL: Lot 1, Block 1, Red Gate Addition ZONING: C LAND SIZE: 27,007 SF FRONT FOOT: 165.75' NOTES: CURRENT ASSESSMENT: $4,859.79 PROPOSED ASSESSMENT: $3,482.41 ESTIMATED CURRENT VALUE: 27,007 SF @ $3.00 /SF = $81,000 ENHANCEMENT: 27,007 SF @ $0.30 /SF = $8,100 X° PARCEL NO.: 65 OWNERSHIP: Joseph W. Barnett LEGAL: Tract 9B, J. Barlough Survey, A -130 ZONING: I -1 LAND SIZE: 23.2 Acres FRONT FOOT: 654.90' NOTES: Combined with Parcel No. 66. Also owns adjacent Tract 19A, A -130, containing 3.57 Acres. CURRENT ASSESSMENT: $21,732.83 PROPOSED ASSESSMENT: $16,231.81 ESTIMATED CURRENT VALUE: 27.34 AC @ $0.70 /SF $833,700 ENHANCEMENT: 27.34 AC @ $0.035 /SF $41,600 PARCEL NO.: 66 OWNERSHIP: Joseph W. Barnett LEGAL: Tract 10E1, J. Barlough Survey, A -130 ZONING: I -1 LAND SIZE: 0.57 Acre FRONT FOOT: 45' NOTES: Combined with Parcel No. 65. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 67 OWNERSHIP: Cecil L. Barnett, et ux. LEGAL: Tract 10E, J. Barlough Survey, A -130 ZONING: I -1 LAND SIZE: 0.148 Acre FRONT FOOT: 105' NOTES: Combined with Parcel No. 70. CURRENT ASSESSMENT: $11,893.36 PROPOSED ASSESSMENT: $8,551.91 ESTIMATED CURRENT VALUE: 15.388 AC @ $0.70 /SF = $469,200 ENHANCEMENT: 15.388 AC @ $0.035 /SF = $23,500 PARCEL NO.: 68 OWNERSHIP: Cecil L. Barnett LEGAL: Tract 10K, J. Barlough Survey, A -130 ZONING: I -1 LAND SIZE: 1.0 Acre FRONT FOOT: 190' NOTES: Combined with Parcel No. 69. CURRENT ASSESSMENT: $9,984.70 PROPOSED ASSESSMENT: $6,771.31 ESTIMATED CURRENT VALUE: 1.0 AC @ $0.70 /SF = $30,500 ENHANCEMENT: 1.0 AC @ $0.035 /SF = $1,500 PARCEL NO.: 69 OWNERSHIP: Cecil L. Barnett LEGAL: Tract 7B, J. Barlough Survey, A -130 ZONING: I -1 LAND SIZE: FRONT FOOT: 30' NOTES: Combined with Parcel No. 68. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 70 OWNERSHIP: C. R. Barnett LEGAL: Tract 7, J. Barlough Survey, A -130 ZONING: I -1 LAND SIZE: 15.24 Acres FRONT FOOT: 300.64' NOTES: Combined with Parcel No. 67. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 71 OWNERSHIP: Tr. E- Systems Inc. LEGAL: Tract 6C, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 10.7 Acres FRONT FOOT: 1,375.27' NOTES: Combined with Parcel No. 72. CURRENT ASSESSMENT: $43,548.12 PROPOSED ASSESSMENT: $31,205.52 ESTIMATED CURRENT VALUE: 13.51 AC @ $1.00 /SF = $588,500 ENHANCEMENT: 13.51 AC @ $0.10 /SF = $58,800 PARCEL NO.: 72 OWNERSHIP: Tr. E- Systems Inc. LEGAL: Tract 6A4A, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 2.810 Acres FRONT FOOT: 110' NOTES: Combined with Parcel No. 71. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 73 OWNERSHIP: Tr. E- Systems Inc. LEGAL: Tract 5D, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 1.20 Acres FRONT FOOT: 300' NOTES: Combined with Parcel No. 74. CURRENT ASSESSMENT: $18,231.18 PROPOSED ASSESSMENT: $13,224.33 ESTIMATED CURRENT VALUE: 1.62 AC @ $2.00 /SF = $141.100 ENHANCEMENT: 1.62 AC @ $0.20 /SF = $14,100 PARCEL NO.: 74 OWNERSHIP: Tr. E- Systems Inc. LEGAL: Tract 5C2, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 0.420 Acre FRONT FOOT: 321.8' NOTES: Combined with Parcel No. 73. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 75 OWNERSHIP: Tr. E- Systems Inc. LEGAL: Tract 4, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 13.06 Acres FRONT FOOT: 358.9' NOTES: Adjoining tracts with same owner: 4A1, 0.630 Acre, Tract 4A4, 0.41 Acres, Tracts 4A5, 4A5B and 4A7, 0.39 Acres, Tract 4B, 0.5 Acre. CURRENT ASSESSMENT: $10,522.95 PROPOSED ASSESSMENT: $7,516.75 ESTIMATED CURRENT VALUE: 14.99 AC @ $1.00 /SF = $653,000 ENHANCEMENT: 14.99 AC @ $0.05 /SF = $32,600 9 j., PARCEL NO.: 76 OWNERSHIP: John D. Hay LEGAL: Tract 2, John's Addition ZONING: LR LAND SIZE: 15,375 SF FRONT FOOT: 125' NOTES: Curb and gutter will help drainage. CURRENT ASSESSMENT: $4,682.45 PROPOSED ASSESSMENT: $3,643.70 ESTIMATED CURRENT VALUE: 15,375 SF @ $2.50 /SF $38,400 ENHANCEMENT: 15,375 SF @ $0.25 /SF $3,800 PARCEL NO.: 77 OWNERSHIP: John D. Hay LEGAL: Tract 1, John's Addition ZONING: C LAND SIZE: 5,750 SF FRONT FOOT: 50' NOTES: Curb and gutter will help drainage. CURRENT ASSESSMENT: $1,466.00 PROPOSED ASSESSMENT: $1,050.50 ESTIMATED CURRENT VALUE: 5,750 SF @ $2.00 /SF = $11,500 ENHANCEMENT: 5,750 SF @ $0.20 /SF = $1,100 PARCEL NO.: 78 OWNERSHIP: John D. Hay LEGAL: Tract 2A2B, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 0.440 Acres FRONT FOOT: 100' NOTES: Curb and gutter will help drainage. CURRENT ASSESSMENT: $3,658.75 PROPOSED ASSESSMENT: $2,827.75 ESTIMATED CURRENT VALUE: 0.44 AC @ $2.00 /SF = $38,300 ENHANCEMENT: 0.44 AC @ $0.20 /SF = $3,800 PARCEL NO.: 79 OWNERSHIP: B. J. G. Partners, Ltd. LEGAL: Tract 2A2F, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 3.931 Acres FRONT FOOT: 237.84' NOTES: Value includes Tract 2C1D of J. Barlough Survey, A -130. The drainage will be improved with curb and gutter. CURRENT ASSESSMENT: $6,973.47 PROPOSED ASSESSMENT: $4,998.49 ESTIMATED CURRENT VALUE: 3.931 AC @ $1.50 /SF = $254,800 ENHANCEMENT: 3.931 AC @ $0.15 /SF = $25,600 PARCEL NO.: 80A OWNERSHIP: B. J. G. Partners. Ltd. LEGAL: Tract 2A2, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 3.0 Acres FRONT FOOT: 200' NOTES: Value and size include tract 2C1, A -130. Curb and gutter will help with poor drainage. CURRENT ASSESSMENT: $5,864.00 PROPOSED ASSESSMENT: $4,202.00 ESTIMATED CURRENT VALUE: 3.0 AC @ $1.50 /SF = $196,000 ENHANCEMENT: 3.0 AC @ $0.15 /SF = $19,600 WWI PARCEL NO.: 80B OWNERSHIP: Bates & Sanders LEGAL: Tract 2A2E, J. Barlough Survey, A -130 ZONING: C LAND SIZE: 0.2 Acre FRONT FOOT: 15' NOTES: Value and size include tract 2C1C, A -130. The property is a drainage culvert for Bates Container across the street. CURRENT ASSESSMENT: $439.80 PROPOSED ASSESSMENT: $315.15 ESTIMATED CURRENT VALUE: 0.2 AC @ $5,000 /AC = $1,000 ENHANCEMENT: Nil PARCEL NO.: 81 OWNERSHIP: Bank of North Texas LEGAL: Tract 7A, John's Addition ZONING: C LAND SIZE: 2.55 Acres FRONT FOOT: 169.77' NOTES: CURRENT ASSESSMENT: $5,849.76 PROPOSED ASSESSMENT: $4,551.16 ESTIMATED CURRENT VALUE: 2.4 AC @ $1.50 /SF = (R) $156,800 ENHANCEMENT: 2.4 AC @ $0.15 /SF = (R) $15,600 PARCEL NO.: 82 OWNERSHIP: Burk Collins Inv. LEGAL: Tract 8A, John's Addition ZONING: I LAND SIZE: 2.97 Acres FRONT FOOT: 163.17' NOTES: CURRENT ASSESSMENT: $5,656.24 PROPOSED ASSESSMENT: $4,300.30 ESTIMATED CURRENT VALUE: 2.97 AC @ $1.50 /SF = (R) $194,000 ENHANCEMENT: 2.97 AC $0.15 /SF = (R) $19,400 L L L PARCEL NO.: 83 OWNERSHIP: St. Louis & Southwestern Railroad Co. LEGAL: Tract 5, J. Barlough Survey, A -130 ZONING: AG LAND SIZE: 0.761 Acres FRONT FOOT: 275' NOTES: Site is below grade with the street and the railroad tracks. CURRENT ASSESSMENT: $8,063.00 PROPOSED ASSESSMENT: $6,618.15 ESTIMATED CURRENT VALUE: 0.761 AC @ $1.50 /SF = (R) $49,700 ENHANCEMENT: $0.00 PARCEL NO.: 84 OWNERSHIP: Wm. Gumfory LEGAL: Lot 2R, Block 1, Smithfield Addition ZONING: C LAND SIZE: 17,700 SF FRONT FOOT: 175.9' NOTES: This property already has drainage and curbs. CURRENT ASSESSMENT: $8,186.79 PROPOSED ASSESSMENT: $6,725.06 ESTIMATED CURRENT VALUE: 17,700 SF @ $3.00 /SF = (R) $53,100 ENHANCEMENT: 17,700 SF @ $0.15 /SF = (R) $2,600 PARCEL NO.: 85 OWNERSHIP: Curtis Moore LEGAL: Lot 4, Block 1, Smithfield Addition ZONING: I LAND SIZE: 20,038 SF FRONT FOOT: 100' NOTES: Combined with Parcel No. 86A. CURRENT ASSESSMENT: $11,501.70 PROPOSED ASSESSMENT: $10,125.92 ESTIMATED CURRENT VALUE: 4.02 AC @ $1.50 /SF = (R) $262,700 ENHANCEMENT: 4.02 AC $0.15 /SF = (R) $26,200 PARCEL NO.: 86A OWNERSHIP: Curtis Moore LEGAL: Lot 3, Block 1, Smithfield Addition ZONING: I LAND SIZE: 3.56 Acres FRONT FOOT: 206.18' NOTES: Combined with Parcel No. 85. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 86B OWNERSHIP: Dalworth Tile Company, Inc. LEGAL: Lot 1R, Block 1, Smithfield Addition ZONING: I LAND SIZE: 1.27 Acres FRONT FOOT: 100.4' NOTES: CURRENT ASSESSMENT: $2,943.73 PROPOSED ASSESSMENT: $2,222.44 ESTIMATED CURRENT VALUE: 1.27 AC @ $1.00 /SF = (R) $55,300 ENHANCEMENT: 1.27 AC @ $0.05 /SF = (R) $2,700 PARCEL NO.: 87 OWNERSHIP: Fredrich D. Culp LEGAL: Lot 2 Block 1 Culp ZONING: I LAND SIZE: 27,300 Sq. Ft. FRONT FOOT: 150' NOTES: CURRENT ASSESSMENT: $4,398.00 PROPOSED ASSESSMENT: $3,151.50 ESTIMATED CURRENT VALUE: 27,300 SF @ $3.00 /SF = (R) $81,900 ENHANCEMENT: 27,300 SF @ $.30 /SF = (R) $8,200 PARCEL NO.: 88 OWNERSHIP: Fredrich D. Culp LEGAL: Lot 1, Block 1, Culp Addition ZONING: I LAND SIZE: 4.42 Acres FRONT FOOT: 50' NOTES: CURRENT ASSESSMENT: $1,466.00 PROPOSED ASSESSMENT: $1,050.50 ESTIMATED CURRENT VALUE: 4.42 AC @ $1.00 /SF = (R) $192,500 ENHANCEMENT: 4.42 AC @ $0.025 /SF = (R) $4,800 PARCEL NO.: 89A OWNERSHIP: Donald Shemwell, et al. LEGAL: Lot 1, Block 3, Culp Addition ZONING: I LAND SIZE: 28,012 SF FRONT FOOT: 138.28' NOTES: CURRENT ASSESSMENT: $4,054.37 PROPOSED ASSESSMENT: $2,905.26 ESTIMATED CURRENT VALUE: 28,012 SF @ $3.00 /SF = (R) $84,000 ENHANCEMENT: 28,012 SF @ $0.30 /SF = (R) $8,400 FNMA ,1 PARCEL NO.: 89B OWNERSHIP: Burk Collins Inv. LEGAL: Lot 2, Block 3, Culp Addition ZONING: I LAND SIZE: 25,388 SF NOTES: FRONT FOOT: 178.75' CURRENT ASSESSMENT: $5,240.95 PROPOSED ASSESSMENT: $3,755.54 ESTIMATED CURRENT VALUE: 25,388 SF @ $3.00 /SF = (R) $76,200 ENHANCEMENT: 25,388 SF @ $0.30 /SF = (R) $7,600 PARCEL NO.: 90 OWNERSHIP: Haverty Furniture LEGAL: Lot 2R, Block 2, Culp Addition ZONING: I LAND SIZE: 24.82 Acres FRONT FOOT: 517.49' NOTES: The site is several feet below grade of the street. CURRENT ASSESSMENT: $7,591.58 PROPOSED ASSESSMENT: $5,438.82 ESTIMATED CURRENT VALUE: 24.82 AC @ $1.50 /SF = (R) $1,621,700 ENHANCEMENT: 24.82 AC @ $0.038 /SF = (R) $41,000 PARCEL NO.: 91A OWNERSHIP: Tarrant County LEGAL: Lot 26, Block 2, Odell Addition ZONING: I LAND SIZE: 10,248 SF FRONT FOOT: 157' NOTES: Tarrant County was not assigned any cost in the assessment study. CURRENT ASSESSMENT: $0.00 PROPOSED ASSESSMENT: $0.00 ESTIMATED CURRENT VALUE: $0.00. ENHANCEMENT: $0.00 s PARCEL NO.: 91B OWNERSHIP: Dock G. Dutton LEGAL: Part of Lot 27, Block 2, Odell Addition ZONING: R3 LAND SIZE: 12,900 SF FRONT FOOT: 96' NOTES: Highest and best use for assemblage with adjacent lots for industrial use. CURRENT ASSESSMENT: $1,295.91 PROPOSED ASSESSMENT: $1,362.73 ESTIMATED CURRENT VALUE: 12,900 SF @ $1.00 /SF = (R) $12,900 ENHANCEMENT: 12,900 SF @ $0.10 /SF = (R) $1,300 PARCEL NO.: 92 OWNERSHIP: J. D. Scott & R. D. Graves, Tr. LEGAL: Part of Lot 27, Block 1, Odell Addition ZONING: R3 LAND SIZE: See Parcel # 93A FRONT FOOT: 30' NOTES: Combined with Parcels No. 93A & 93B. CURRENT ASSESSMENT: $3,695.37 PROPOSED ASSESSMENT: $1,602.29 ESTIMATED CURRENT VALUE: 35,860 SF @ $.40 /SF = (R) $14,300 ENHANCEMENT: 35,860 SF @ $0.04 /SF = (R) $1,400 PARCEL NO.: 93A OWNERSHIP: J. D. Scott & R. D. Graves, Tr. LEGAL: Part of Lot 28, Block 1, Odell Addition ZONING: R3 LAND SIZE: 7,060 SF FRONT FOOT: 195' NOTES: Combined with Parcels No. 92 & 93B. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 93B OWNERSHIP: J. D. Scott LEGAL: Part of Lot 29, Block 1, Odell Addition ZONING: R3 LAND SIZE: 14,400 SF FRONT FOOT: 26.9' NOTES: Combined with Parcels No. 92 & 93A. Owns adjacent Lot 30, Block 1, Odell Addition containing 14,400 SF with a value of $900. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 94 OWNERSHIP: Khasrow Yazhari & M. Khayyam LEGAL: Tract 1, E. Cross Survey, A -281 ZONING: C LAND SIZE: 5.15 Acres FRONT FOOT: 294' NOTES: Combined with Parcels No. 95 & 96. CURRENT ASSESSMENT: $23,915.88 PROPOSED ASSESSMENT: $17,567.25 ESTIMATED CURRENT VALUE: 15.0 AC @ $1.00 /SF = (R) $653,400 ENHANCEMENT: 15.0 AC @ $0.10 /SF = (R) $65,300 PARCEL NO.: 95 OWNERSHIP: Khasrow Yazhari & M. Khayyam LEGAL: Tract 1B, E. Cross Survey, A -281 ZONING: C LAND SIZE: 7.128 Acres FRONT FOOT: 350' NOTES: Combined with Parcels No. 94 & 96. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: PARCEL NO.: 96 OWNERSHIP: Khasrow Yazharai & M. Khayyam LEGAL: Tract 3, Wm. Cox Survey, A -321 ZONING: C LAND SIZE: 2.99 Acres FRONT FOOT: 205' NOTES: Combined with Parcels No. 94 & 95. CURRENT ASSESSMENT: PROPOSED ASSESSMENT: ESTIMATED CURRENT VALUE: ENHANCEMENT: k�P' t� PARCEL NO.: 97 OWNERSHIP: Muhieddin Dalloul LEGAL: Tract 3D, Wm. Cox Survey, A -321 ZONING: C LAND SIZE: 6.00 Acres FRONT FOOT: 592.9' NOTES: CURRENT ASSESSMENT: $17,819.88 PROPOSED ASSESSMENT: $14,808.78 ESTIMATED CURRENT VALUE: 6.0 AC @ $1.50 /SF = (R) $392,000 ENHANCEMENT: 6.0 AC @ $0.15 /SF = (R) $39,200 r PARCEL NO.: 98 OWNERSHIP: Stonybrooke, Inc. LEGAL: Tract 3D1, Wm. Cox Survey, A -321 ZONING: C LAND SIZE: 1.2 Acres FRONT FOOT: 357.14' NOTES: CURRENT ASSESSMENT: $10,471.34 PROPOSED ASSESSMENT: $7,503.51 ESTIMATED CURRENT VALUE: 1.2 AC @ $1.00 /SF = (R) $52,300 ENHANCEMENT: 1.2 AC @ $0.10 /SF = (R) $5,200 PARCEL NO.: 99 OWNERSHIP: Stonybrooke, Inc. LEGAL: Tract AR, Block 13, Stonybrooke Addition ZONING: C LAND SIZE: 2.27 Acres FRONT FOOT: 292.17' NOTES: CURRENT ASSESSMENT: $8,566.42 PROPOSED ASSESSMENT: $6,138.49 ESTIMATED CURRENT VALUE: 2.27 AC @ $2.00 /SF = (R) $197,800 ENHANCEMENT: 2.27 AC @ $0.20 /SF = (R) $19,700 CJ PARCEL NO.: 100 OWNERSHIP: Stonybrooke Inc. LEGAL: Tract AR, Block 14, Stonybrooke Addition ZONING: C LAND SIZE: 4.7 Acres FRONT FOOT: 572.8' NOTES: Curb and gutter system will help provide better access to the property. CURRENT ASSESSMENT: $16,794.50 PROPOSED ASSESSMENT: $12,034.53 ESTIMATED CURRENT VALUE: 4.7 AC @ $1.50 /SF = (R) $307,100 ENHANCEMENT: 4.7 AC @ $0.15 /SF = (R) $30,700 PARCEL NO.: 101 OWNERSHIP: HUD LEGAL: Lot 52A, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 6,000 SF FRONT FOOT: 50' NOTES: CURRENT ASSESSMENT: $1,466.00 PROPOSED ASSESSMENT: $1,050.50 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 PARCEL NO.: 102 OWNERSHIP: HUD LEGAL: Lot 52B, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 6,000 SF FRONT FOOT: 50' NOTES: CURRENT ASSESSMENT: $1,466.00 PROPOSED ASSESSMENT: $1,050.50 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 PARCEL NO.: 103 OWNERSHIP: C. L. Jones, et ux. LEGAL: Lot 51A, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 6,000 SF FRONT FOOT: 50' NOTES: CURRENT ASSESSMENT: $1,468.93 PROPOSED ASSESSMENT: $631.26 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 .w- _ - PARCEL NO.: 104 OWNERSHIP: Ronald S. Hicks, et ux. LEGAL: Lot 51B, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 5,988 SF FRONT FOOT: 49.9' NOTES: CURRENT ASSESSMENT: $1,463.07 PROPOSED ASSESSMENT: $628.24 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 AL PARCEL NO.: 105 OWNERSHIP: Alan & Tracy Larman LEGAL: Lot 50A, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 6,036 SF FRONT FOOT: 50.3' NOTES: CURRENT ASSESSMENT: $1,474.80 PROPOSED ASSESSMENT: $633.78 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 PARCEL NO.: 106 OWNERSHIP: Denis Hagon, et ux. LEGAL: Lot 50B, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 5,964 SF FRONT FOOT: 49.7' NOTES: CURRENT ASSESSMENT: $1,457.20 PROPOSED ASSESSMENT: $626.22 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 PARCEL NO.: 107A OWNERSHIP: HUD LEGAL: Lot 49B, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 6,000 SF FRONT FOOT: 50' NOTES: CURRENT ASSESSMENT: $1,466.00 PROPOSED ASSESSMENT: $1,050.50 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 PARCEL NO.: 107B OWNERSHIP: HUD LEGAL: Lot 49A, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 6,000 SF FRONT FOOT: 50' NOTES: CURRENT ASSESSMENT: $1,466.00 PROPOSED ASSESSMENT: $1,050.50 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 PARCEL NO.: 108 OWNERSHIP: Richard Peterson, et ux. LEGAL: Lot 48A, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 6,000 SF FRONT FOOT: 50' NOTES: CURRENT ASSESSMENT: $1,466.00 PROPOSED ASSESSMENT: $1,050.50 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 PARCEL NO.: 109 OWNERSHIP: Richard Peterson, et ux. LEGAL: Lot 48B, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 6,000 SF FRONT FOOT: 50' NOTES: CURRENT ASSESSMENT: $1,466.00 PROPOSED ASSESSMENT: $1,050.50 ESTIMATED CURRENT VALUE: $7,000 ENHANCEMENT: $700 PARCEL NO.: 110 OWNERSHIP: Jas. P. Stevens, et ux. LEGAL: Lot 47, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 12,000 SF FRONT FOOT: 100' NOTES: CURRENT ASSESSMENT: $2,932.00 PROPOSED ASSESSMENT: $1,260.00 ESTIMATED CURRENT VALUE: $14,000 ENHANCEMENT: $1,400 PARCEL NO.: 111 OWNERSHIP: Ronald D. Kelley LEGAL: Lot 46, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 12,000 SF FRONT FOOT: 100' NOTES: CURRENT ASSESSMENT: $2,932.00 PROPOSED ASSESSMENT: $2,101.00 ESTIMATED CURRENT VALUE: $14,000 ENHANCEMENT: $1,400 PARCEL NO.: 112 OWNERSHIP: Donald L. Skultety, et ux. LEGAL: Lot 45, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 12,792 SF FRONT FOOT: 106.6' NOTES: CURRENT ASSESSMENT: $3,125.51 PROPOSED ASSESSMENT: $1,343.16 ESTIMATED CURRENT VALUE: $14,000 ENHANCEMENT: $1,400 PARCEL NO.: 113 OWNERSHIP: Felice S. Chipman LEGAL: Tract lAl, 0. Rumfield Survey, A -1365 ZONING: R5D LAND SIZE: 19,597 SF FRONT FOOT: 117.7' NOTES: CURRENT ASSESSMENT: $3,450.96 PROPOSED ASSESSMENT: $2,472.88 ESTIMATED CURRENT VALUE: $14,000 ENHANCEMENT: $700 ti = PARCEL NO.: 114 OWNERSHIP: Donna M. Holcomb LEGAL: Lot 44, Block 21 Stonybrooke Addition ZONING: R5D LAND SIZE: 10,668 SF FRONT FOOT: 88.9' NOTES: CURRENT ASSESSMENT: $2,606.55 PROPOSED ASSESSMENT: $1,120.14 ESTIMATED CURRENT VALUE: $14,000 ENHANCEMENT: $1,400 �-;V-ppj PARCEL NO.: 115 OWNERSHIP: George Whitmire LEGAL: Lot 43, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 10,800 SF FRONT FOOT: 90' NOTES: CURRENT ASSESSMENT: $2,638.80 PROPOSED ASSESSMENT: $1,890.90 ESTIMATED CURRENT VALUE: $14,000 ENHANCEMENT: $1,400 a PARCEL NO.: 116 OWNERSHIP: Florida Federal LEGAL: Lot 42, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 10,800 SF FRONT FOOT: 90, NOTES: CURRENT ASSESSMENT: $2,638.80 PROPOSED ASSESSMENT: $1,890.90 ESTIMATED CURRENT VALUE: $14,000 ENHANCEMENT: $1,400 PARCEL NO.: 117 OWNERSHIP: Richard L. Peterson, et ux. LEGAL: Lot 41, Block 2, Stonybrooke Addition ZONING: R5D LAND SIZE: 13,200 SF FRONT FOOT: 110' NOTES: CURRENT ASSESSMENT: $3,225.20 PROPOSED ASSESSMENT: $2,311.10 ESTIMATED CURRENT VALUE: $14,000 ENHANCEMENT: $1,400 VALUATION PROCESS _ The process of valuation includes three approaches to an estimate of value, namely: Cost, Income and Sales Comparison Approaches. The approaches are based upon direct and indirect comparisons of the market experiences. Each of the approaches gives a separate indication of value. The Cost Approach is based upon the cost or cash outlay to - reproduce an improvement less appropriate allowance for depreciation plus the estimate of land value. The Income Approach is based upon known or projected earnings experience and proper deductions for expenses. The net income can be capitalized into an indication of value by the use of demonstrated rates found in the market. This approach to value is closely associated with income or investment properties since the Principle of Contribution and Principle of Substitution affirms that an investor would pay no more for this type of property than he would to purchase a substitute income property. The Sales Comparison Approach is a direct comparison of known market transactions of similar properties. When sufficient information is available in order to make a unit comparison, a supportable indication of the property value can be obtained. Once a conclusion has been drawn from each approach to value, the three estimates by their individual approaches are correlated into a reasonable estimate as to the value for the property being appraised. APPLICABLE APPROACH TO VALUE As previously mentioned, each parcel has been appraised as if vacant and ready for development to its highest and best use. -- As such, only the market data approach is applicable in this appraisal assignment. The current value estimate has been based on 30 sales which have occurred in the northeast Tarrant County area from 1986 to 1991 encompassing various sized tracts with various types of zonings. A complete write -up of each of these sales is included for informational purposes. These sales were used to value the subject parcels in their current condition, prior to completion of the proposed street improvement project. The amount of enhancement, if any, was estimated for each of the subject parcels based on a paired sales analysis which follows. Ten comparisons were made using sales with similar characteristics with the exception that the sale designated "A" did not have concrete curb and gutter or storm drainage in place. Adjustments to these sales included terms, time, location and access, physical features, zoning and size. These adjustments were made to isolate the remaining difference between the paired sales which was the presence or lack of curb, gutter and storm sewer structure. The average difference in the adjusted sale _ prices of these ten paired sales is 13.8 %. Not all of the subject parcels were found to have been enhanced due to the street project, notably, the Texas Utilities properties, Parcels No. 2 and 60, and the Cottonbelt Railroad properties, Parcels No. 26 and 83. These two are utility corridors whose value would be unaffected by any type of street improvement work. It was also found that no enhancement accrued to Parcel 1 where a curb, gutter and drainage system is in place. SALES COMPARISON APPROACH The Sales Comparison Approach is an appraisal technique in which the market value is based on prices paid for similar properties in actual market transactions. The following are sales of vacant tracts in the competing area which were compared to the subject properties and from which we have abstracted the sales price per square foot of land area to get an indication of the market value of the subject tract. A complete sale write -up of each transaction may be found in the Addenda of this report. PAIRED SALES ANALYSIS SALE 1 - Collins to Haverty, 12/87, 24.944 AC, $1.95 /SF NEC Davis & Northeast Parkway Zoned 11I -2" & "LR" by the City of North Richland Hills SALE 1A - Lucas to Aegon, 11/89, 75.9039 AC, $1.00 1SF W/S State Highway 26 @ Precinct Line Road - Rezoned Commercial by the City of North Richland Hills ADJUSTMENTS Sale 1 Sale lA Date 12/87 11/89 Size 24.944 AC 75.9039 AC Price $1.95/SF $1.00 1SF Terms = Time [26 %] [10 %) Location /Access = [10 %] Utilities = 10% Physical Features = 10% Size = 20% Total Adjustments [26 %] 20% Equivalent Price $1.44/SF $1.20 /SF Difference of $0.24 /SF or 20% attributable to curb, gutters and storm sewer in place on Sale 1. VACANT TARRANT 38T COMPARABLE SALE NO. 1 Grantor : Burk Collins Investments - Grantee . Haverty Furniture Companies, Inc. Instrument . Warranty Deed Recorded . Volume 9149, Page 1669 Date . December 17, 1987 Area 24.944 acres Consideration $2,125,000 Unit Sales Price As Improved S l - 9 5 / SF of Land Unimproved - S 1 , 9 5 / SF Confirmation Grantor Terms Cash Reservations Zoned "1-2", medium industrial and "LR" , local retail, by the City of North Richland Hills and various utility easements Reason for Purchase : Future retail and industrial development Highest and Best Use: Same Improvements Several old frame houses; added no contributory value for highest and best use Description This tract is located in northeast corner of Davis Boulevard and Northeast Parkway. The property has 517' of frontage on Davis, 1,760' on Northwest Parkway and 780' on Odell. There is also 500' of rail frontage. All utilities are available. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76118 Phone: (817) 284.2212 COMPARABLE SALE NO. . lA TARRANT 52D Grantor Prudence Lucas, et al Grantee Aegon USA Realty Advisors, Inc. Instrument Warranty Deed Recorded Volume 9756, Page 1081 Date November 7, 1989 Area 75.9039 Acres in L. C. Consideration Walker Svy . , A-1652 $3,300,000 Unit Sales Price As Improved Vacant Unimproved $1 • 0 0 / SF Confirmation Ralph Emerson, Aegon Realty - grantee Terms Cash Reservations None noted; zoned "AG ", agricultural, by the City of North Richland Hills, two TESCO easements, approximately 13 acres are located in 100 year floodpla Reason for Purchase : Mixed use development, future office center for large insurance company, possible multi - family,and pad site commercial usages. Highest and Best Use: Same Improvements Vacant Description This irregular shaped parcel is located in the northwest corner of Grapevine Highway (SH 26) and Precinct Line Road. The tract has road frontages on a portion of three of its sides including the following: 1,586' on the west side of Precinct Line Road, 1,501.92' on the northwest side of Grapevine Highway, and 1,387.23' on the east side of Cardinal Lane. The tract has fairly level topography with the exception of a low, below Precinct Line Road grade along the eastern side of the property. Approximately 13 acres are within the 100 year floodplain of Lorean Branch which begins just north of this parcel. The tract is grown up in mesquite brush. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 SALE 2 - Grossman to Grapevine / Colleyville ISD, 2/91, 7.82 AC, $1.50 /SF NEC Glade & Bransford Zoned "PUD - School Site" by the City of Colleyville - SALE 2A - Pennington to Bedford Christian Church, 1/90, 7.13 AC, $1.25/SF NWC Hall Johnson & Pool Road - Zoned "AG" by the City of Colleyville _ ADJUSTMENTS Sale 2 Sale 2A Date 2/91 1/90 Size Price 7.82 AC $1.50 /SF 7.13 AC $1.25 /SF Terms - - [10$] _ Time = [10%] Location /Access = 20% Utilities = Physical Features Size = Total Adjustments 0 0 Equivalent Price $1.50 /SF $1.25 /SF Difference of $0.25 /SF or 20% attributable to curb, gutters and storm sewer in place on Sale 2. COMPARABLE SALE NO. 2 TARRANT 39Q Grantor Peter D. Grossman, Tr. Grantee Grapevine /Colleyville I. S. D. -- Instrument Warranty Deed Recorded Volume 10167, Page 49 Date February 4, 1991 Area 7.822 Acres or 340,714 SF, T. J. Polson Survey, A -1248 Consideration $511,089 Unit Sales Pace As Improved Vacant Unimproved $ 1 . 50 /SF Confirmation Grantee /Larry Garrison Terms Cash - Reservations Zoned 11CC111 Community Commercial by the City of Colleyville Reason for Purchase : Future School Site Highest and Best Use: Commercial Development Improvements Vacant Description This property is located at the southeast corner of Glade Road and Bransford Road. It has 226' of frontage on Bransford and 385' of frontage on Glade. The site is above grade of both roads and has curb and gutter on both sides. A � .JOT • iy[T tot' Ate 1.0 at 17111. `' A t.t i.�lilt�� 2.7 .0 10 A % � , \ .11 � LO Y To 1C TII to 11 Ill 'a�\• t.to .0 5.7ee .G A tat .IOf i�7 2.0 .e FI 11- To t►u }► 1 A f x.11 4 �A7 _ JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE NO. 2A Tarrant 40G Grantor David Franklin Pennington, et ux Grantee Bedford Christian Church Instrument Warranty Deed Recorded Volume 9827, Page 1866 Date January 26, 1990 Area 7.13 acres net, Tracts 1C and 1C4, W. Joyce Survey, A -8f Consideration $388,41.28 Unit Sales Pace As Improved Vacant Unimproved $1 . 25 / SF Confirmation *dark Wood, Broker Terms $47,057 cash (12 %) and $291,171.37 V /L, 5 year note Reservations Zoned agriculture by the City of Colleyville Reason for Purchase : Future church site Highest and Best Use: Commercial Improvements Vacant Description Located in the northwest corner of Hall- Johnson Road and Pool Road. The tract has 439' of frontage on the north side of Hall- Johnson Road and 770' on the west side of Pool Road. Topography is near level and all utilities are available. the » .a M. IU ' Mich 0 I e./ .e I 6.67 K - Jorce SU Sao — c. Subject -T... - .., .e m..e F- e � . s » • n n JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 SALE 3 - Walker to Carlen, 9/89, 1.6 AC, $1.55 /SF E/S Flory south of Glenview Zoned "I" by the City of North Richland Hills SALE 3A - Marcom to Walker, 2/86, 0.8 AC, $1.35 /SF Barrett to Walker, 4/86, 0.8 AC, $1.72 /SF E/S Flory south of Glenview Zoned "R -711, rezoned "I" by the City of North Richland -- Hills ADJUSTMENTS Sale 3 Sale 3A Date 9/89 2 & 4/86 Size 1.6 AC SF 54/ AC Price $1.55 /SF $1.54 /SF AVG Terms = Time [12 %] [30 %] Location /Access = _ Utilities = Physical Features = Size = Total Adjustments [12 %] [30 %] Equivalent Price $1.36 /SF $1.08 /SF Difference of $0.28 /SF or 25.9% attributable to curb, gutters and storm sewer in place on Sale 3. COMPARABLE SALE NO. 3 TARRANT 51U Grantor Walker Real Estate Investments, Inc. Grantee James G. Carlen and Donald R. Carlen Instrument Warranty Deed Recorded Volume 9724, Page 2287 Date September 29, 1989 Area 69,764 SF out of A. G. Walker Sv Consideration $108,000 Y•, A-1630 Unit Sales Price As Improved Contirmation Unimproved 5 � r; r; Terms James G. Carlen Cash Reservations None noted; zoned "C -211 City of North Richland Hills. by the Reason for Purchase : Expansion of car repair facility located in proximity on south side of Grapevine Highway. Highest and Best Use: Same. Improvements Vacant. Description This vacant rectangular shaped parcel was formerly used as outdoor storage lot. The site is rectangular having 2001 of frontage on the east side of Flory Street, approximately 6001 south of Glenview Drive. The site extends eastward an average depth of 348.321. All utilities are available to this level site, which was gravel covered and security chain link fenced. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284.2222 6LENVIE7 Oil— T" 801 .a�•,4 I �� 67C is — — — t e 11 M M M !I. 111 Imt T• ill] �• 716 66• — t 1.17•s y - -- - -_ TO am 111 M It t TO 03 ' 17 I ��� N N e' 111 •►6 ' f� g�� �) JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284.2222 VACANT TARRANT 51Q COMPARABLE SALE NO. 3A Grantor : William T. Marcom, Jr. Grantee : Walker Real Estate and Investments, Inc. Instrument : Warranty Deed Recorded : Volume 8467, Page 156 Date : February 21, 1986 Area Consideration 0.80 Acres, 34,900 SF, Tract 4R1, A -1630 $47,000 Unit Sales Price Confirmation As improved Vacant $1.35 /SF ��—�- Unimproved Grantee Terms Cash Reservations : Zoned "C -211, commercial by the City of North Richland Hills (now being rezoned to "I -21', industrial) Reason for Purchase : Future light industrial use Highest and Best Use: Light industrial Improvements . Vacant Description This sale is located midway between Harmonson Road and Glenview Drive on east side of Flory Street. The tract has 100' of frontage and is 349' in depth. Flory Street has recently been paved and has a concrete curb and gutter. All city utilities are available. • r, rR ` K 11 i 01 v JAMES K. NORWOOD 7031 Grapevine Hwy., Suite 332 Fort Worth, Texas 76118 Phone: (8 17) 284.2222 VACANT TARRANT 51U COMPARABLE SALE NO. 3A Grantor Betty Barrett Grantee James M. Walker, Inc. Instrument Contract Recorded N/A Date Anril 4, 1986 _ Area 0.80 Acres, Tract 4R, A -1630, 34,900 SF Consideration $60,000 Unit Sales Pace As Improved $1 . 72/SF Unimproved $1.72/SF Confirmation Grantee Terms Cash Reservations Zoned "R-7", multi- family by the City of North Richland Hills (now being rezoned to "I -2 ", industrial) Reason for Purchase : Future industrial use Highest and Best Use: Light industrial Improvements Old frame house being razed by the grantee Description This sale is located midway between Harmonson and Glenview on the east side of Flory Street. The tract has 100' of frontage and is 349' in depth. Flory Street.has recently been paved and has concrete curbing and gutters. All city utilities are avialable. r 1 � w • rr. at♦ • To" A t 7W1 �sri p let Baas a t 2R \ ` mom Taw N 1 � f � sM• � ~ ZR� AM � � - n Y • ,,, i+. � LOt'3 uT4 etms ST. • BLK 1 'd' I us na Y ' Z ma0 y. �' tea � � , �.e ,flr , a ► ��5 b s 'S ,1•s+ v'. i c i.a r1 7!!NI 4 A ` �r 41p 1'1 IM a Tt 1! �a •� �• w B • T wsr ztin R As = �z JAMES K. NORWOOD 7031 Grapevine Hwy., Suite 332 Fort Worth, Texas 76118 Phone: (817) 284.2222 SALE 4 - Baker to Colleyville Dev., 3/88, 7.5923 AC, $4.75/SF NEC State Highway 26 & Oak Knoll Drive - Zoned commercial by the City of Colleyville SALE 4A - RTC to Jemtex, 1/91, 3.461 AC, $3.15 /SF SEC Hall Johnson & Pool Zoned commercial by the City of Colleyville ADJUSTMENTS Sale 4 Sale 4A Date 3/88 1/91 Size 7.5923 AC 3.461 AC Price $4.75/SF $3.15 /SF Terms = _ Time [24 %] _ Location /Access = 10% Utilities = _ Physical Features = _ Size = _ Total Adjustments [24 %] 10% Equivalent Price $3.61 /SF $3.46/SF Difference of $0.15 /SF or 4.3% attributable to curb, _ gutters and storm sewer in place on Sale 4. TARRANT 39R COMPARABLE SALE NO. 4 Grantor Baker & Associates, JV #4 Grantee Colleyville Development Company Instrument Warranty Deed Recorded Volume 9223, Page 1125 Date March 21, 1988 Area 7.5923 AC, Pt Lot 1, Block 2, Village Park Addition Consideration $1,571,000 Unit Sales Price As Improved vacant Unimproved $4-75/SF Confirmation Gray Turner, K -Mart -- Terms Cash to seller _. Reservations Utility easements; zoned commercial by the City of Colleyville. Reason for Purchase : Construction of a K -Mart store. Highest and Best Use: Same Improvements Vacant Description This is an irregularly shaped parcel of land located adjacent to the northeast corner of Oak Knoll Drive and State Highway 26. The property has 506' of frontage on the southeast side of State Highway 26 and approximately 480' of frontage on the northeast side of Oak Knoll Drive. A K -Mart was constructed on the site shortly after purchase. All utilities were available to the site. 1.0 AC TO IC 10 7.10 IC S.S00 AC f0 tot I.]11 f V� 111 .C•]; P0q* t0 ]f t.0 Ct 10 ]• ].1 1C rtt ]C t.) IC `— / r?`/ I !f v — JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 OA C 1 Description This property is located on the southeast corner of Hall- Johnson Road and Pool Road. The tract has 305' of frontage on the south side of Hall- Johnson and 557' of frontage on the east side of Pool Road. Topography is gently sloping down and away from the frontage. All utilities are available. I I _ t5i � I •.7 K r•.tc •.7a K re.lca I _. I >A M 7• 1.1• K 1 [EZ - 1 -- pA. a • • 7 • • _ is h110i u I 1 • a 1121 tell' 11 1 K. • v C i = a.• K • >0 i• M M a• a as Y7 a• f1 ._. • Kom OAK ON. .1— I 7 u • • 7 • • I / • f n IY r• 1• 1 a K f! K.. • 40 0, a --- • >• n w as a• •a as 71 a• t t'ug-YET 40 1 I i• .t Map 2.708 K /i 1• as t7 70 / la „ al wl�pw0 p67g3 ( f7 a ra as CEDAR o •\ aaf t //• /• / a• 1 /a 1a• 11 I JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284-2222 TARRANT 40G COMPARABLE SALE NO. 4A SWC Hall- Johnson & Glade Grantor Resolution Trust Corporation Grantee Jemtex Development No. 66, Inc. Instrument Special Warranty Deed Recorded Volume 10146, Page 221 Date January 4, 1991 -- Area 3.461 Acres net, Tract 2G, C. Doss Survey, A -439 Consideration $475,000 Unit Sales Pace As Improved Vacant Unimproved $3.15/SF _.. Confirmation Mark Wood, Broker Terms Cash Reservations Zoned commercial by the City of Colleyville Reason for Purchase : Future Food Trion Supermarket -- Highest and Best Use: Commercial Improvements Vacant Description This property is located on the southeast corner of Hall- Johnson Road and Pool Road. The tract has 305' of frontage on the south side of Hall- Johnson and 557' of frontage on the east side of Pool Road. Topography is gently sloping down and away from the frontage. All utilities are available. I I _ t5i � I •.7 K r•.tc •.7a K re.lca I _. I >A M 7• 1.1• K 1 [EZ - 1 -- pA. a • • 7 • • _ is h110i u I 1 • a 1121 tell' 11 1 K. • v C i = a.• K • >0 i• M M a• a as Y7 a• f1 ._. • Kom OAK ON. .1— I 7 u • • 7 • • I / • f n IY r• 1• 1 a K f! K.. • 40 0, a --- • >• n w as a• •a as 71 a• t t'ug-YET 40 1 I i• .t Map 2.708 K /i 1• as t7 70 / la „ al wl�pw0 p67g3 ( f7 a ra as CEDAR o •\ aaf t //• /• / a• 1 /a 1a• 11 I JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284-2222 SALE 5 - Lancaster to Trotter, 5/89, 0.9613 AC, $2.68/SF W/S Lancaster Drive just south of College Street Zoned office by the City of Grapevine SALE 5A - First Nat'l Bank to Harrison, 2/89, 1.01 AC, $2.06 /SF - NEC Diamond & F. M. 1709 Zoned office by the City of Southlake ADJUSTMENTS Sale 5 Sale 5A Date 5/89 2/89 Size 0.9613 AC 1.01 AC Price $2.68/SF $2.06 /SF Terms = [10 %] Time [15 %] [17 %] Location /Access = 20% Utilities = 10% Physical Features = _ Size = _ Total Adjustments [15 %] 3% Equivalent Price $2.28/SF $2.12 /SF Difference of $0.16 /SF or 7.5% attributable to curb, _- gutters and storm sewer in place on Sale 5. 27L COMPARABLE SALE NO. 5 Grantor : Edgar L. Lancaster, et ux Grantee : Brooks P. Trotter, John F. Ferris, and Martyn Gordon - Instrument : Warranty Deed Recorded : Volume 9600, Page 2213 Date : May 16, 1989 - Area .9613 acre or 41,876 SF; Lot 11A, Block 1, Clearview Park Consideration $112,227 Addition Unit Sales Price As Improved Unimproved $2-68/SF Confirmation Grantor Terms All cash Reservations . None mentioned; zoned professional office by the City of Grapevine Reason for Purchase : Office use Highest and Best Use: Same Improvements Vacant Description This sale is located on the west side of Lancaster Drive, approximately 345' south of College Street. This site is open, level land with 188' of frontage on Lancaster Drive adjacent to the Baylor Medical Center. All utilities are available. • Il Er ry ' J � I, _ _I— ------- - ----� COLLEGE J7AEl7 All i l I j. a ' t • :4lT { Y+ !11• isihts � JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRANT COUNTY 26J COMPARABLE SALE NO. 5A Grantor : First National Bank of Grapevine Grantee : Harrison Custom Homes Employees Profit Sharing Trust Instrument : Warranty Deed Recorded : Volume 9510, Page 253 Date : February 6, 1989 Area : 43,780 SF, 1.005 acres Lot 12, Block 2 Diamond Circle Estates Consideration :$90,000 Southlake Unit Sales Price As Improved Vacant . Unimproved $2.06/SF Confirmation Grantee, Bedford Harrison Terms : $10,000 Cash and $80,000 V /L, 2 years interest only @ 120 Note due at end of second year Reservations : Zoned C -1 retail use by the City Southlake Reason for Purchase: Commercial development Highest and Best Use: Same Improvements . Vacant Description Located at northeast corner of FM 1709 and Diamond Boulevard. Water, electricity, gas and phone available. No sanitary sewer in neighborhood. The property has 245' frontage on FM 1709 and is 179' in depth. Topography is near level. No access offored by Diamond due to brick fence along entrance to Diamond Cirlcle Estates. M �EIY`7 R YC s M • • 1 ..., . 3 u s V. HAL •.a Ae SlR4VE 1 1 _ A -687 _ F1 H u SOITTHLAKE BOULEVARD I f- • Tr ■ 71 YK R.IK TK x 1111.00 Ae b q O JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 Tfl .0 It." K t ...• .e f.07 4kc G K TK L1 D .: JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 SALE 6 - Hamm to Tenneco, 3/88, 22,500 SF, $12.00 /SF SWC Davis and Lola Drive Zoned "C -2" by the City of North Richland Hills SALE 6A - Shafipour to Town & Country, 7/86, 22,500 SF, $11.65 /SF NEC Davis and Mockingbird Zoned "C -2" by the City of North Richland Hills ADJUSTMENTS Sale 6 Sale 6A Date 3/88 7/86 Size 22,500 SF 22,500 SF Price $12.00 /SF $11.65 /SF Terms = _ Time [24 %] [35 %] Location /Access = 10% Utilities = _ Physical Features = _ Size = _ Total Adjustments [24 %] [25 %] Equivalent Price $9.12 /SF $8.74/SF Difference of $0.38 /SF or 4.3% attributable to curb, gutters and storm sewer in place on Sale 6. TARRANT 52E COMPARABLE SALE NO. 6 Grantor Alan W. Hamm Grantee Tenneco Oil Instrument Warranty Deed Recorded Volume 9215, Page 1136 Date March 10, 19 R 8 Area 22,500 ±•SF, Lot 1; Block 50,.Northeast Addition, North Rich- Consideration $270,000 land Hills Unit Sales Pace As Improved Vacant Unimproved $12.00 /SF Confirmation Richard Zemanek - Tenneco Oil Terms Cash Reservations Zoned "C-2", commercial, by the City of North Richland Hills Reason for Purchase : Future gas station Highest and Best Use: Commercial Improvements Vacant Description This sale is located on the southwest corner of Davis Boulevard and Lola Drive. The property has 150' of frontage along Davis Boulevard and 150' of frontage along Lola Drive. All utilities are available. l 41 a t. I l• .J .— LI Gl -1 • Is le r. -n � is : _t•_ a t f JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRANT 52B COMPARABLE SALE NO. 6A Grantor Nasser Shafipour Grantee Town & Country Food Stores, Inc. Instrument Warranty Deed Recorded Volume 8609, Page 372 Date July 8, 1986 Area 22,500 SF; Holiday East Mobile Home Park Addn. Consideration $ 26 2 , 07 Unit Sales Pace As Improved vacant Unimproved S11 .65 /SF Confirmation Jack Roseberry and Grantee Terms Cash to seller; $262,207 note to Texas Commerce Bank/ San Angelo Reservations . None mentioned; zoned "C -2 ", Commercial Reason for Purchase: Convenience store site Highest and Best Use: Same Improvements Vacant Description This is the sale of the northeast corner of Mockingbird Lane and Davis Boulevard. This tract is square shaped with 150' of frontage along Davis and 156.69' of frontage along Mockingbird Lane. Water and sewer are in adjoining streets. m •H rtr � A ,Gr, S9' 17 U . -I Mockingbird JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76118 Phone: (817) 284 -2222 SALE 7 - Hurlburt to Reyes, 1/88, 1.2035 AC, $0.46 /SF N/S Harmonson, 2 blocks west of Rufe Snow Zoned "R -311, residential by the City of North Richland Hills SALE 7A - TAB to Milville, 4/88, 1.5 AC, $0.40 /SF W/S Keller /Smithfield Road, 1 block south of Noneman Zoned "R -211, residential by the City of North Richland Hills ADJUSTMENTS Sale 7 Sale 7A Date 1/88 4/88 Size 1.2035 AC 1.5 AC Price $0.46 /SF $0.40 /SF Terms = _ Time [25 %] [23 %] Location /Access = _ Utilities = _ Physical Features = _ Size = _ Total Adjustments [25 %] (23 %) Equivalent Price $0.35 /SF $0.31 /SF Difference of $0.04 /SF or 12.9% attributable to curb, gutters and storm sewer in place on Sale 7. 6533 HARMONSON ROAD TARRANT 51T COMPARABLE SALE NO. 7 Grantor Gretchen Hurlburt Receiver for Norman H. Rowe and Ginger E. Grantee Peter Reyes Rowe Instrument Warranty Deed Recorded Volume 9172, Page 1649 Date January 14, 1988 Area 1.2035 acres, Tract 2G -2, A -953, Mahaly and Lynch Survey Consideration $24,000 Unit Sales Price As Improved Vacant Unimproved $0.46 /SF Confirmation MLS Terms Cash Reservations Zoned "R-3", by the City of North Richland Hills Reason for Purchase : Residential use Highest and Best Use: Residential Improvements Vacant Description This sale is located on the north side of Harmonson Road, 695' east of Honey Lane. The property has 90' of frontage along Harmonson Road and is 582' in depth. - JM MOVDIUSEN Su A -!fe8 I Iw i►w - _ _ 1 i6A law • 1 �N n y� <r • [ 3 '� few 9.w Y - r' t M 3^w am � 4 I'M • iu� 1 " . I To >aa tat lac is* Saw 2 sAw ' 1 s 1 ' : r s• 2 A sit•' =?D,► T[ .� �► 1 "' sew liA-' la4 ISIS � S� J -'s < y 1r `yu 2 1 y JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 ' ! ? \ - TowNt A( M �� F1. 9 �� It• o J a a�e : 3 b 7 , tiyW ' tlrw 6SLaft ID Xmas L is tla�rr 0 ` It •� ; .Z b 31.• 3 riL '2 m 2,* TR T[ ra re 1211's. 211'sTit r�, r _ T T[ Te • ll• tIl 1 i 2 3 irl tai p 14� jrl, lv7 T[ 7Mia 1 4ARMOA/3AV Rp JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRANT 38N COMPARABLE SALE NO. 7A Grantor Texas American Bank Fort Worth Grantee David Milville Instrument Warranty Deed Recorded Volume 9256, Page 3219 Date April 29, 1988 Area 1.5 acres, William Cox Survey, A -321 Consideration $26,000 Unit Sales Price As Improved Vacant Unimproved $ 0 • 4 0 / SF Confirmation Grantor Terms Cash to seller, $23,000 note to North Fort Worth Bank Reservations Zoned "R -2 ", residential, by the City of North Richland Hills; easements and restrictions of record Reason for Purchase : Investment Highest and Best Use: Residential Improvements Two wood frame house adding no contributory value to the property Description • This sale is located on the west side of Keller Smithfield Road, approximately 200' south of Noneman Street. The tract has 157.7' of frontage along Keller Smithfield Road and averages 420' in depth. :1- r: 5.4 4 b �Erl.swl ST. 3 2 I �• 8 ' i .Iw ,'� ? ` g A. 3 2 '. •. - 6AOMe MIA •. a ,... .. ".: Z .. Ttt. t� TQ,L.A2 J 2 21 W . to .e ` t. 4. »..: ... 3 ?o T e < <, 4 19.. 1 L 23 t _ ^ I 70. "S 9 14 U _ f. -% 4s. ' to 13 d 14 1n ion 90 20 TO 243 I A.C. •• U 6aQ/4n0►t.r •- 21 • `• • . TO. i.�.4 11t. . TO 1 &1 1• 2 � IV Q GT 17 Q X25= 21: 123 CO Td 212 .9 Iaa. • Ta I &tA � '1. • _ I TT7 IBS __ � JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 SALE 8 - Pasteur to Nevtex, 3/90, 6.2394 AC, $1.50 /SF NEC Lake Shore & F. M. 157 Zoned "C -211, community business by the City of Euless SALE 8A - Flories to Shafipour, 12/86, 10.76 AC, $2.00 /SF W/S Davis Boulevard, just north of Main Street Zoned "C -111, commercial by the City of North Richland Hills ADJUSTMENTS Sale 8 Sale 8A Date 3/90 12/86 Size 6.2394 AC 10.76 AC Price $1.50 /SF $2.00 /SF Terms = _ Time [ 5 %] [34 %] Location /Access = _ Utilities = _ Physical Features = _ Size = _ Total Adjustments [ 5 %] [34 %] Equivalent Price $1.42 /SF $1.32/SF _. Difference of $0.10 /SF or 7.6% attributable to curb, gutters and storm sewer in place on Sale 8. TARRANT 41X COMPARABLE SALE NO. 8 Grantor : William E. Pasteur, Trustee and Harold Fuller, Trustee Grantee : Nevtex Investment Company, Inc., Trustee Instrument : Warranty Deed Recorded : Volume 9875, Page 726 Date : March 13, 1990 Area : 6.2394 acres, Tract A & B, Lakewood Addition, Euless Consideration :$407,688 Unit Sales Price As Improved Unimproved - 81 _ 50 / SF Confirmation Lee Schmitt - Broker Terms : Cash Reservations : 10' sewer easement along the south right -of -way of Ash Lane; zoned "C -2 ", community business district, by the City of Euless. Reason for Purchase : Investment. Highest and Best Use: Future commercial development. Improvements Vacant. Description n1 eo II T11 s3 2.0. k 3.0 .0 This sale is located at the northeast corner and the southeast corner of Ash Lane and F.M. 157. The property also fronts on Lake Shore Drive. The tract has approximately 722' of frontage along the east side of F.M. 157. The tract is above street grade with sloping topography. The tract is primarily tree covered. All utilities are available to the property. �. b G1 Gm a 1E l.i Nt. +635 I LA w KE 00 1 7N 1711 a01� t1 T11 a 33.172 K T11 3o 1..33 0 Luke SHOM I F H• . w iM 7 21 22 1. ? Se TA 100 I 1 i 42�n' -- so $ f0 3 2.000 .0 FOREST THA n 1. 2 20 zs IL CT 4 1 20 2e 27 20 27 2e ^� 27 :. 2a o 111 i 12 11 1��Gc -. 1. � JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 VACANT TARRANT 38T COMPARABLE SALE NO. 8A Grantor B. R. Flories, Trustee Grantee Nassar Shafipour Instrument Warranty Deed Recorded Volume 8803, Page 657, Tarrant County Deed Records Date December 30, 1986 Area 10.76 acres or 468.706 SF, John Crockett Survey, A -273 Consideration $937,412 Unit Sales Price As Improved Vacant Unimproved $2 - 00 /SF Confirmation Nassar Shafipour Terms Cash to seller Reservations None noted; zoned "C -111, commercial, by the City of North Richland Hills Reason for Purchase : Investment and commercial development Highest and Best Use: Future commercial development Improvements One old house with no contributory value Description This irregular shaped parcel is located around the northwest corner of Main Street and Davis Boulevard in North Richland Hills, Texas The property has 960.53' of frontage along the west side of Davis Boulevard and 216.65' of frontage on the north side of Main Street in the old town area of Smithfield. The tract begins approximately 250' north and 270' west of the northwest corner of both streets. The tract lies east of the Smithfield Elementary School and the Smithfield Cemetery. All utilities are available to the site. ' .!s • -� � 1 4. • 1..1.E f. n.M 1 D: 4 3' b 7 : t 7: lo. n . 2 T11.9G 14.. i .._. Tf Ta 14. -- x-11 .:�• }'• 4 O eo 14. 1 P4' 2 TQ.SE JAMES K. PJORWOOD N w 1 t 'i - nx e ; 7001 Grapevine Hwy., Suite 332 TR 84 :' Waft O pup 2 POD O O � II G17• Mpl. �w t4 TM.roa 41,74•.. �O O 1 Fort Worth, Texas 76118 Phone: (817) 284.2222 TM.1Y. n lot $.2 :: :•: 70 ,31 Phone: (817) 284.2222 SALE 9 - Hillwood to LaPetite, 4/89, 1.0 AC, $3.76/SF S/S Basswood Boulevard, 1 block east of Park Vista _ Zoned "E", commercial by the City of Fort Worth SALE 9A - Blair to Hoffman, 1/89, 0.989 AC, $2.44/SF W/S Davis Boulevard, 1 block south of Rumfield Road Zoned "C -111, commercial by the City of North Richland Hills ADJUSTMENTS Sale 9 Sale 9A Date 4/89 1/89 Size 1.0 AC 0.989 AC Price $3.76/SF $2.44/SF Terms = _ Time [12 %] [13 %] - Location /Access = 20% Utilities = 5% Physical Features = _ Size = _ Total Adjustments [10 %] 12% Equivalent Price $3.31 /SF $2.73/SF Difference of $0.58 /SF or 21.2% attributable to curb, gutters and storm sewer in place on Sale 9. VACANT COMPARABLE SALE NO. 9 TARRz1NT 3 6 R Grantor Hillwood /Park Glen Ltd. Grantee La Petite Academy, Inc. Instrument Warranty Deed Recorded Volume 9568, Page 1362 Date April 17, 1989 Area 1.0 AC, Wm. Evans Survey, A -467 Consideration $163.785 Unit Sates Pace As Improved Vacant Unimproved Confirmation Grantee Terms Casn Zoned "E", Commercial, by the City of Fort Worth. Reservations Easements of record. Reason for Purchase : Future site of day care facility Highest and Best Use: Commercial Improvements Vacant Description This property is located on the south side of Basswood Boulevard, 300' east of Park Vista Boulevard. The tract is rectangular in shape. There is a 2,276 SF access easement to this property. • i s ft 2 4 1• 1• 1• ,71 f• I• A r 9 711 s a..a• • •• .a w It • 1• s • 17 ,a : d • F ' ! • 7 ,• If ' ' t1 , ' ^ ��d .• 12, • • f TR 4(. ,.• •�• / lISLS •� Y ,• �„`A Q 1 +4 154.t lu�a A� i �R381 / t• r I N, J ft bl 5�i A' 61 To 1 \al. $a • , JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRANT 38 L COMPARABLE SALE NO. 9A Grantor Blair Plumbing Company, Inc. Grantee Mark M. Hoffman and John D. Hoffman Instrument Warranty Deed Recorded Volume 9479, Page 1073 Date January 5, 1989 Area 43,080 SF South 200' of Lot 1B2, College Acres Addition Consideration $105,000 Unit Sales Price As Improved Unimproved $2.44/SF Confirmation Grantor Terms Cash to seller Reservations Zoned "C-111, Commercial by the City of North Richland Hills Reason for Purchase : Investment Highest and Best Use: Commercial development Improvements Vacant Description This rectangular shaped tract is located on the west side of Davis Boulevard, approximately 200' north of the intersection of Davis Boulevard and Wood Lane. This vacant tract has near level topography. All utilities are available except sewer which is located JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 SALE 10 - Pipkin to Heffley, 6/88, 0.5 East end Starlight Drive Zoned "R- 20,000" by the City SALE l0A - Brookville to Wyley, 1/91, 1 E/S Elaine Street, 1 block s Zoned "R- 20,000" by the City ADJUSTMENTS AC of AC :)utl of Lot, $33,500 Keller Lot, $28,000 z of Bear Creek Drive Keller Sale 10 Sale 10A Date 6/88 1/91 Size 0.5 AC LOT 1.0 AC LOT Price $33,500 $28,000 Terms = _ Time [14 %] _ Location /Access = _ Utilities = _ Physical Features = _ Size = [10 %] Total Adjustments [14 %] [10 %] Equivalent Price $28,800/LOT $25,200/LOT Difference of $3,600 /Lot or 14.3% attributable to curb, gutters and storm sewer in place on Sale 10. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRANT 23X 433 Starlight Ct. COMPARABLE SALE NO. 10 - Grantor Wilson Pipkin Grantee Instrument Terry Hef f ley Recorded Warranty Deed Date Volume 9305, Page 1041 Area June 17, 1988 Consideration � Acre, Lot 11, Block 4, Sunrise Estates Phase IV, Keller • $33,500 Unit Sales Pa Price Vacant As Improved Unimproved $67,000/AC Confirmation Northeast M.L.S. or- Terms Cash Reservations Zoned R 20,000 City of Keller Reason for Purchase : Single family residential development Highest and Best Use: Same Improvements Vacant Description Located on a cul de sac at the end of Starlight Court. There is 40' of street frontage and the lot is 215' in depth. Starlight is asphalt paved with curb and gutter. Wooded lot with all utilities. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRANT 23P COMPARABLE SALE NO. 10A Grantor Brookville Homes Grantee Ricky Wyley, et ux . Instrument Warranty Deed Recorded Volume 10158, Page 1857 Date January 17, 1991 Area 43,289 SF, Lot 31, Block 3, Bear Creek Estates Consideration $28,000 Unit Sales Price As Improved Vacant Unimproved $0.65/SF Confirmation Grantee $28,000 /Lot Terms Cash Reservations Zoned "R-20,000" Residential by the City of Keller Reason for Purchase : Future residence Highest and Best Use: Residential homesite Improvements Vacant Description This property is located on the east side of Elaine Street four lots south of Bear Creek Drive. The tract has 242.38' of asphalt street frontage but no curb or gutter or storm drainage in place. It is 178.6' in depth. Topography is sloping and wooded. All utilities are available. " to to u to A u q f1 to u " to v is l I �`� I YI I m sou I I J I : ".,I! JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 OPESK I I W ac A BEASii A1E see I I� I..N K I I A 7oD �� mIN in u a.= Ac t� as at...c a .e .■, HpL�YNO J A -14V • rRa ma - mw .917 .0 .t) AC .71 k 8 .W t .1s M u I I TM .a a l I �`� I YI I m sou I I J I : ".,I! JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 PAIRED SALES ANALYSIS Pair 1 20.0% 25 AC & 76 AC tracts zoned Commercial Pair 2 20.0% 7.8 AC & 7.1 AC tracts zoned PUD & Agriculture Pair 3 25.9% 1.6 AC & 1.6 AC tracts zoned Industrial Pair 4 4.3% 7.6 AC & 3.5 AC tracts zoned Commercial Pair 5 7.5% 0.96 AC & 1.0 AC tracts zoned Office Pair 6 4.3% 0.52 AC & 0.52 AC tracts zoned Commercial Pair 7 12.9% 1.2 AC & 1.5 AC tracts zoned Residential Pair 8 7.6% 6.2 AC & 10.8 AC tracts zoned Commercial _ Pair 9 21.2% 1.0 AC & 0.99 AC tracts zoned Commercial Pair 10 14.3% 0.5 AC & 1.0 AC lots zoned Residential 5 Commercial Paired Sales Average 11.5% - 1 PUD /Agricultural Paired Sales Average 20.0% 1 Industrial Paired Sales Average 25.9% 1 Office Paired Sales Average 7.5% 2 Residential Paired Sales Average 13.6% 10 CERTIFICATION We certify that, to the best of our knowledge and belief, .. . the statements of fact contained in this report are true and correct. . the reported analyses, opinions, and conclusions are limited by the reported assumptions and limiting conditions, and - are our personal, unbiased professional analyses, opinions, and conclusions. . we have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. * our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. * the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the µ Standards of Professional Practice of the Appraisal Institute. we certify that the use of this report is subject to the - requirements of the Appraisal Institute relating to review by its duly authorized representatives. * James K. Norwood is currently certified under the continuing education program of the Appraisal Institute. we have made a personal inspection of the property that is the subject of this report. - no one provided significant professional assistance to the persons signing this report. * our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. Based on our investigation of the market and the findings as shown in this report, we have formed the market value estimate of the subject properties, as of March 19, 1991. Ja 4Noocr, MA , ARA i P. Schreiner ADDENDA APPRAISAL QUALIFICATIONS OF JAMES R NORWOOD EDUCATION: - Graduate - DeQueen, Ark. High School, 1959 Bachelor's Degree, Forestry - Louisiana Tech University, 1963 Master's Degree, Forestry - Louisiana State University, 1965 TECHNICAL TRAINING: American Institute of Real Estate Appraisal Courses: I. Basic Appraisal Principles, Methods & Techniques II. Urban Properties III. Rural Properties IV. Condemnation VII. Industrial Appraisal American Soc. of Farm & Ranch Appraiser's Rural Appraisal Courses Various seminars and continuing education courses. Currently certified with the American Institute of Real Estate Appraisers continuing education program. PROFESSIONAL AFFILIATIONS: American Institute of Real Estate Appraisers - Designated MAI (Member Appraisal Institute), Certificate No. 5529 President, AIREA Chapter 54, 1986 American Society of Farm & Ranch Appraisers - Designated ARA (Accredited Rural Appraiser), Certificate No. 412 Past President, Texas Soc. Farm Managers & Rural Appraisers Society of American Foresters - Member Tarrant Appraisal District Board of Directors Texas Real Estate Broker's License Texas Association of Realtors - Member Fort Worth Board of Realtors, Inc. - Member Northeast Tarrant County Board of Realtors - Member EXPERIENCE: A real estate appraiser since 1966. President of James K. Norwood, Inc., Real Estate Appraisers, 7001 Grapevine Highway, Suite 332, Fort Worth, Texas. Experience includes appraisal of all types of real estate. Qualified in Federal and Texas State courts as an expert on real estate values. APPRAISAL QUALIFICATIONS OF LAURI P SCHREINER EDUCATION Graduate - Longview High School Longview, Texas, 1980 Bachelor of Business Administration - Baylor University, 1984 TECHNICAL TRAINING: American Institute of Real Estate Appraisal Courses: Real Estate Appraisal Principles Basic Valuation Procedures Capitalization Theory and Techniques Part A Capitalization Theory and Techniques Part B Standards of Professional Practice PROFESSIONAL AFFILIATIONS: American Institute of Real Estate Appraisers - MAI Candidate Texas Real Estate Salesman's License EXPERIENCE: A real estate appraiser since 1986. Experience includes appraisal of all types of real estate. Currently employed as a staff appraiser by James K. Norwood, Inc. VACANT TARRANT 38L COMPARABLE SALE Grantor . Lee Bonham, Ardella Bonham, Jack Roseberry, Annie Mae Grantee . Southland Corporation Roseberry Instrument . Warranty Deed Recorded . Volume 8637, Page 2326 Date July 30, 1986 Area 21,362 SF or .4904 acre; Tract 2R -2B, Blk 13, Meadowview Consideration $213,620 Estates Unit Sales Pace As Improved Unimproved $10 . 00 / SF Confirmation Jack Roseberry Terms Cash Reservations Reciprocal easements of ingress- egress between this sale tract and the adjoining tract to the north owned by the grantors Reason for Purchase : Possible future convenience store site Highest and Best Use: Same Improvements Vacant Description This sale is located at the northeast corner of Rumfield Road and Davis Boulevard. The tract is square shaped with 126' of frontage on Davis and 169' of frontage on Rumfield. There is water and sewer available in the roadways. 169.93' U) .,� - i CN N 169.93' Rumf ield JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76118 Phone: (817) 284.2222 VACANT TARRANT 36 U -- COMPARABLE SALE Grantor Perot Investment Partners, Limited — Grantee Routen Realty Company Instrument Warranty Deed Recorded Volume 9063, Pages 806 and 837 _ Date September 8, 1987 Area 16.49 Net Acres Consideration $1,450,000 Unit Sales Pace As Improved V;; (- an i- Unimproved— $2-02/SF Confirmation Ron Routen Terms $250,000 down, $1,200,000 V/L note for eight interest only first five ears g years, Y CE $1,333,506 or $1.86 /SF Reservations Zoned "E", commercial, by the City of Fort Worth Reason for Purchase : Future development Highest and Best Use: Commercial Improvements Vacant Description This tract is located on the northwest and northeast corner-of Basswood Boulevard and Park Vista Boulevard. The property has 1,281' of frontage along Park Vista Boulevard. All street accessments were paid in full at the time of the sale. A 12" water line is available in Basswood Boulevard at Blackthorn Drive and 6" sewer lines in Blackthorn Drive at Basswood Boulevard. Q JAMES K. NORWOOD I i..a • 7001 Grapevine Hwy., Suite 332 L, 1 —01 Fort Worth, Texas 76180 l� L Phone: (817) 284 -2222 Grantor Grantee Instrument Recorded Date Area Consideration Unit Sales Price Confirmation Terms COMPARABLE SALE TARRANT 52B : CoCo Venture (Charles Owens, James Stephens, Charles Owen: U. S. Postal Service I_ Warranty Deed Volume 8990, Page 1142 June 24, 1987 6.6277 acres, pt. Lot 1, Blk 33, College Hills Addn. $1,242,000 As Improved Unimproved $4.30/SF Deed and Jack Roseberry Cash Reservations Zoned "C-2", commerical by the City of North Richland Hills Reason for Purchase : Future 20,000 SF post office site Highest and Best Use: Same Improvements Vacant Description This sale is adjacent to the northwest corner of Ross Road and Davis Boulevard. The tract is basically square shaped but has a leg jutting out to access Ross Road. The tract has 482' of frontage on Davis and 63' of frontage on Ross Road. There is water but no sewer in Ross Road. 601.96' 1O - 470.44'' � � 4 o Out er gra�. ro JAMES K. NORW000 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76118 Phone: (817) 284.2222 7949 KENDRA LANE COMPARABLE SALE Grantor Northeast Builders, Inc. Grantee Kidwell Construction Instrument Warranty Deed Recorded Volume 8839, Page 2370 Date February 6, 1987 Area 10,625 SF, Lot 14, Block 2 Consideration $21,500 Unit Sales Price As Improved Vacant Confirmation Realtor Terms Cash TARRANT 38E Unimproved $2.02/SF Reservations Zoned "R-2", residential, by the City of North Richland Hills; easements and restrictions of record Reason for Purchase : Residence Highest and Best Use: Residential Improvements Vacant at time of sale Description This sale is located on the southwest corner of Kendra Lane and Kim Lane. The property has 85' of frontage along Kendra Lane and is 125' in depth. Trees are present throughout the property. All utilities are available. 14 -4 1 A l5 1 17 1 �:- _ ,. L r• ' l3 LA, I3 : 13 : : 14 13 IZ s L5 i Q Q �o � G a o f 9 1O n y b .�17 2 Ic J 9 B 2 �7 7 Q ri0 8 19 P Xb, 3 r— r5 J 184 21 zz 3 l l 3 73 1 Z3 4 L1 u 14 3 c Ac. 2L �; Z S L JAMES K. NORWOOD 1 z� ` ` zv �' ; (817) 284 -2222 _1z INOOOSTAIQ CR lelo N �_ * �_' "' Tff S& 15 To d .y Tn. B►3 :4 TQ 16 Z •1 �- 3 • 2 � R1 %N 'LX JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76118 Phone: (811) 284 -2222 COMPARABLE SALE TARRANT 38U 8713 Woodstair Grantor VFM Builders Grantee James Breitenstine Instrument Warranty Deed Recorded Volume 9106, Page 203 Date October 27, 1987 Area Consideration 8,400 SF, 0.193 acre, Lot 25, Block 8, Glenann, NRH $18,500 Unit Sales Pace As improved Vacant Unimproved $ 2 , 2 0 / SF -- Confirmation Terms Broker Cash Reservations Zoned residential by the City of North Richland Hills Reason for Purchase : Construct a single family dwelling Highest and Best Use: Single family residential Improvements Vacant Description Located on the north side of Woodstair, one block west of Chilton. The lot has 70' of frontage by 120' in depth. There are no trees. City water and sewer is available. Street is asphalt with concrete curbs and gutters. -ft. -trees are present on the property. _1z INOOOSTAIQ CR lelo N �_ * �_' "' Tff S& 15 To d .y Tn. B►3 :4 TQ 16 Z •1 �- 3 • 2 � R1 %N 'LX JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76118 Phone: (811) 284 -2222 7104 MELISSA COURT COMPARABLE SALE TARRANT 38R Grantor Edward C. Foster Grantee E & M Builders Instrument Warranty Deed Recorded Volume 9111, Page 1403 Date November 11, 1987 Area 10,000 SF, Lot 7, Block 8, Eden Addition Consideration $19,000 Unit Sales Pace As Improved Vacant $1.90 /SF Confirmation Unimproved MLS Terms Cash to seller Reservations Zoned "R -2 ", residential, by the City of North Richland Hills Reason for Purchase : Homesite Highest and Best Use: Residential Improvements Vacant Description This sale is located on the east side of Melissa Court, 78' north of Ashcraft Drive. The property has approximately 83' of frontage along Melissa Court and utilities are available. No trees are present on the property. 110:; is 14 er j: 12 •a ..e oc �- ID LHA`E • Ta 3A3 . I r , o .r l 8 -7 s3o . 324 33 ze 23 5 • u• U 1` 2 N w J 5 r 18 24 w S ^� •O , AS 0 5 � S 9 IV n 25 z,. S 21 v Y ,o 20 is , n :i rrd Is : la :� 13. rz u - w _ ; a ,' -7 b JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE Tarrant 38K Grantor : Commodore Savings Association Grantee • James Barrett Instrument • Warranty Deed Recorded . Volume 9078 Page 1031 Tarrant County Deed Records Date . September 23,1987 - Area 4.399 Acres Lot AR, Block 1, Coventry Place Estates, Consideration $350,000 North Richland Hill-C Unit Sales Price As Improved Unimproved $-1-83/,(;p __. Confirmation Grantor Terms $250,000 Cash $100,000 V/L note to grantors for one year. Reservations ; None noted; Zoned "C-111, commercial, by the City of North Richland Hills. Reason for Purchase : Future retail center. Highest and Best Use: Same -- Improvements Vacant Description Rectangular shaped parcel located in the southeast corner of Starnes Road and Smithfield Road. The tract has 526.59, of frontage on the east side of Smithfield Road and 363.19, of frontage on the south side of Starnes Road. All utilities are available to the site. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 1 • a �j;•,•'• awl Gill ill Sale ................. as a, a a a g940a e ° w ' To.$ s u • u • a ° > a:A le 1° 14 1a OL D to �i HICKORY OR 1 u al al 4a w w ° n e 7 u „ n O e ,a u� \v x o g Sal u ° ,e , • ' Y A Nl U92 null wl wa 1111 /0 to fe to t° „ 5 S t• A' +in COYENTiiY cT '+ +40 to ,40 to 4 a 140, a e , 140 ,w ,il ,ae ve a, a s a• a soft ,w to » ao ,wl , e 7 • 140 /w to 17M aw 11+11 aw ,w JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRANT 38J COMPARABLE SALE Grantor Ray M. Hawrylak and Fred A. Thetford Grantee Boat Club Estates, Inc. Instrument Warranty Deed Recorded Volume 8815, Page 929, Tarrant County Deed Records Date January 17, 1987 Area 16.58 acres, J. Condra Survey, A -311 Consideration $468,000 Unit Sales Price As Improved Vacant Unimproved $28,266.78/AC Confirmation : A. L. Endres, Grantee Terms Cash Reservations None noted; zoned "AG", agricultural, by the City of North Richland Hills Reason for Purchase: Future residential development Highest and Best Use: Future residential development Improvements Unimproved Description This tract is located on the north side of Starnes Road 1,000' east of Douglas Lane. The property is open pasture without trees with sloping topography. The tract had 576' of road frontage. Utilities were available in the area. It. 3a 2 A. TR3 10.3ZAG rte WI "I n.. Tit 3D f.1 at Ta 3C Vs. -1 e a 2 1 wal o< lb • 2T Z1 � TR 3E GAL io T k � Teas - J � JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76118 Phone: (817) 284 -2222 JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE TARRANT 51B Grantor Joey Giacomarro, et ux -- Grantee H & M Food Systems Company Instrument Warranty Deed Recorded Volume 9401, Page 12 Date September 30, 1988 Area 23,080 SF; part Lot 5RA, Block 3, Industrial Park Addn. Consideration $57,700 _ Unit Safes Pace Confirmation As Improved $ 2 . 5 0 / SF Unimproved (Conf . ) Grantor Terms Cash Reservations None mentioned; zoned industrial by the City of North Richland Hills Reason for Purchase : Future expansion of business Highest and Best Use: Same Improvements Vacant Description This is a level, vacant tract located on the south side of Browning Court, approximately 660' west of Wuliger Way. This tract had approximately 78' of frontage and is 295' in depth. All utilities were available. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 Vacant COMPARABLE SALE TARRANT 52C Grantor Lomas and Nettleton Financial Corporation Grantee North Richland Hills Corporation Instrument Warranty Deed Recorded Volume 9370, Page 910, Tarrant County Deed Records Date August 31, 1988 - Area 12.85 Acres (9.68 Net Acres), Lot B, Bl. 2, Walker Brancl- Consideration $875,000 Unit Sales Price Addn . As Improved Unimproved $1.56 /Gross /SF Confirmation Grantors Terms $155,902 cash plus $719,098 V/L to grantor$2.08 /Net /SF a @ 8% for five years Reservations None noted; zoned "R-7", multi - family, by the City of North Richland Hills, density 16 units /AC, W /PD Z zoning, 20 units /AC. Reason for Purchase : Future apartment development Highest and Best Use: Same Improvements Vacant Description This irregular shaped parcel is located adjacent to an existing apartment complex on the north side of Emerald Hills Way, approximately 1,000' northwest of Grapevine Highway or State Highway 26. The tract is basically level, but has a 100' drainage ditch along its eastern boundary. All utilities are available. 1 1011 It u N)1♦ l 1.11 1 � PE' N• b n b = ft !! E •I t1 i Io t :_ i 10 P �T Pw,rlltr .yT O Ha1ww w►• 10 li LL ].13 wa. 11 ^ P EMEYKls Ml�. a Mw•! _ T.II I y3 11 16 JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 i •1e.. • � 2 s 4.T(Zr i s t to a .2 --- Z is AWL is O Ha1ww w►• 10 li LL ].13 wa. 11 ^ P EMEYKls Ml�. a Mw•! _ T.II I y3 11 16 JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 i •1e.. • � � Z IS 1{ O Ha1ww w►• 10 li LL ].13 wa. 11 ^ P EMEYKls Ml�. a Mw•! _ T.II I y3 11 16 JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 7944 HUNTER LANE COMPARABLE SALE TARRANT 38E Grantor Northeast Builders Grantee Doug Higgins and Associates Instrument Warranty Deed Recorded Volume 9213, Page 1190 Date March 3, 1988 Area 9,000 SF, Lot 12, Block 2, Fair Oaks Consideration $20,500 Unit Sales Price As Improved - Vacant Unimproved $2.28/SF Confirmation Realtor Terms Cash Reservations Zoned "R-2", residential, by the City of North Richland Hills Reason for Purchase : Residence Highest and Best Use: Residential Improvements Vacant Description This sale is located on the east side of Hunter Lane just south of Kim Lane. The property has 72' of frontage on Hunter and is 125' in depth. Trees are present throughout the property. All utilities are available. �. r,,V I1 13 [ 14 t Ij : L 14 13 : ' • t 15 I z c a � j 9 1D n Y Ic • 9 9 B 2 7 Y • A Q 8 19 P � ` ... w Lo A 7 m . ,.� W 1. r 5 j to Z, 4 ZI — Q L f--- -- r '► Z S ZZ 5 zz Q I S 1 3 23 z3 4 L1 2 14 3 = Zt F 3 zs 21. 1 = Zfr a I JAMES K. NORWOOD BU25Ey phone: (817) 284 -2222 7920 KENDRA LANE COMPARABLE SALE TARRANT 38E Grantor Northeast Builders Grantee Double R Construction Instrument Warranty Deed Recorded Volume 9207, Page 1 Date February 26, 19 8 8 Area 9,000 SF, Lot 6, Block 3, Fair Oaks Consideration $20,500 Unit Sales Price As Improved Vacant Unimproved $2.28/SF Confirmation Realtor Terms Cash to seller Reservations Zoned IIR -211, residential, by the City of North Richland Hills Reason for Purchase : Residence Highest and Best Use: Residential Improvements Vacant Description This property is located on the east side of Kenra Lane. The property has 75' of frontage on Kendra and is 125' in depth. Trees are present throughout the property. All utilities are available. ',. J 1 L3 l Kati' �A C IL 13 ► c it 13 C 11 Z 13 1 . n IL s is Q Ii 15 I: 1 Q 9 to Iz Ib .� 2 1r i 1 nu J g • c 9 'b 9 A ? MC) 8 19 LO to _ .5 J Z' � Z1 O 4. S 22 5 21 S L A I 3 23 23 , L3 I 3 21 2& � , Z ?S 1 25 •� I ? � Z j� �` JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 le jr o �, v, — _ :k St t [)ani 1 �. ss • � �\ � o t � a >� �— ` H` Ctn D � �oTarior�� � to 0 ;inphill< Or ��i -0�.RapencY c 0 n0'"04dLC. i a � tSpipO� f„0,e,.rWO00-- PLAZA C. Q O C: .7 r E. WEE' L / = JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 VACANT TARRANT 38T COMPARABLE SALE Grantor Burk Collins Grantee Donald L. Shemwell, et al (DBA Sonic Drive -In) Instrument Warranty Deed Recorded Volume 9219,Page 1789, Tarrant County Deed Records Date March 16, 1988 Area 28,012 SF, Portion of Lot 1, Block 3, Culp Addn., North Consideration $112,048 Richland Hills Unit Sales Price As Improved Vacant Unimproved $4.00/SF Confirmation Closing Statement Terms Cash Reservations None noted; zoned "C -111, commercial, by the City of North Richland Hills Reason for Purchase : Future site Sonic Drive —In Restaurant Highest and Best Use: Same Improvements Vacant Description This rectangular shaped parcel is located on the east side of Davis Boulevard, approximately 338.61' south of Northeast Parkway. The tract has 138.27' of Davis Boulevard frontage and extends eastward as average depth of 205.351. All utilities are available to the site. le jr o �, v, — _ :k St t [)ani 1 �. ss • � �\ � o t � a >� �— ` H` Ctn D � �oTarior�� � to 0 ;inphill< Or ��i -0�.RapencY c 0 n0'"04dLC. i a � tSpipO� f„0,e,.rWO00-- PLAZA C. Q O C: .7 r E. WEE' L / = JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 Improvements Vacant Description This sale is located on the west side of Rufe Snow Drive, one block south of Harrison Way. The site has 100' of frontage by 180' of depth. Topography is level. All utilities are available. 31�i�3ooiYit COMPARABLE SALE TARRANT 37U 6745 Rufe Snow Dr. Grantor Kelcord Joint Venture Grantee Midas Realty _ Instrument Warranty Deed Recorded Volume 9394, Page 2380 Date September 28, 1988 Area Consideration 18,000 SF, Lot B -7, Blk. 12, Watauga Heights East Addn. $129,600 Unit Sales Pace As Improved - var -ant Confirmation Unimproved _S2 9n /cp Grantor Terms Cash Reservations Zoned "C -2 ", general commercial, by the City of Watauga, 25' ingress /egress across frontage and 25' building set back. Reason for Purchase : Future Midas "•Iuffler Shop Highest and Best Use: Commercial Improvements Vacant Description This sale is located on the west side of Rufe Snow Drive, one block south of Harrison Way. The site has 100' of frontage by 180' of depth. Topography is level. All utilities are available. 31�i�3ooiYit �ee�ae VIV, .a b. � Y . B.6R B -3R B� 84 is 8 A JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 ° /] 0 12 id '• � a ] 12 b u . e 410 1° g ° 407A �' f7 • 17 ° °.� s .e G1* YN P 5 P566 7 e , 19 ° 32.75 ° t: f• O 17 II S 4: 711 ]i l-- 7.N] ° .. -.. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE TARRANT 36 Q Grantor : Hillwood /Park Glen, Ltd. Grantee . Haltom City Baptist Temple, Inc. Instrument : Warranty Deed Recorded . Volume 9389, Page 52 Date , September 22, 1988 Area : Consideration 3.072 Acres, Lot 48, Block 12, Hillwood Phase I Addition $281,000 Unit Sales Pace As Improved Vacant Unimproved $2.10 /SF Confirmation Grantee Terms $182,990 cash & V/L $98,010 3 year note, interest only. Reservations Zoned Commercial, by the City of Fort Worth Reason for Purchase : Future church site Highest and Best Use: Commercial Improvements Vacant Description This property is located along the south side of Basswood Boulevard just west of Park Vista Boulevard. Topography is sloping open land. All utilities are available. ° /] 0 12 id '• � a ] 12 b u . e 410 1° g ° 407A �' f7 • 17 ° °.� s .e G1* YN P 5 P566 7 e , 19 ° 32.75 ° t: f• O 17 II S 4: 711 ]i l-- 7.N] ° .. -.. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRANT 381 COMPARABLE SALE Grantor Quadrangle Development Company, Inc. Grantee Chris Lawry Builders Instrument Warranty Deed Recorded Date May 1989 Area 12,200 SF, Lot 1, Block 4, Century Oaks Addition Consideration $21,500 Unit Sales Price As Improved Vacant $1.76 /SF Confirmation Unimproved . Bill Pasture $ Terms Cash 21,500 /lot Reservations Zoned "R-2", residential, by the City of North Richland Hills Reason for Purchase : Custom home Highest and Best Use: Single family residential Improvements Vacant Description This lot is located at the southeast corner of Starnes Road and Century Drive. The property has 1001 of frontage on Century Drive and is 1221 in depth. 4,.,4 U• I,uN"F.',1 1 lBl I o� I r 1•�I 2 I J I • I 7 I A NIINS r, rr•x/►s -- � I ft K/ _ � Ni1 I" E3 T/.fE�,; _J �~~• "`�" "_`»"! PO1N7 OF BEG AR - -- - 2 »� �W.. � Raw 171 !r.•!»n ■« i 1 R 1.'.. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE TARRANT 38C Grantor : Mildred Kidwell Grantee , Sandlin and Barfield Joint Venture Instrument . Warranty Deed Recorded . Volume 9686, Page 103 Date , August 25, 1989 Area 38.82 acres in the S. Richardson Survey A -1266, Consideration $1,123,839 North Richland Hills Unit Sales Pace As Improved Unimproved -$ 8 - 9 S 0 /AC Confirmation Terms John Barfield, Grantee Offered $26,500 all cash large trees. $196,818 cash (17.5 %) All utilities $927,021 V/L note to grantor for 5 years @ 10% Reservations None noted; zoned "OC ", outdoor commercial, by the City of North Richland Hills. Rezoned "R -1 ", 15,000 SF Lot deed restriction minimum 2,400 SF home. Reason for Purchase : Single family residential development Highest and Best Use: Same Improvements Vacant Description This irregular shaped parcel is located on the east side of Davis Boulevard approximately 850' north of Timber Drive. The tract has 733.78' of Davis Boulevard frontage and is somewhat L- shaped. The tract has rolling topography, with a scattering of large trees. All utilities are available to the site. V JAMES K. NORWOOD C 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 VACANT COMPARABLE SALE TARRANT 37U Grantor Argus Realty Corporation Grantee Tarrant Development Company Instrument Warranty Deed Recorded Volume 9659, Page 350, Tarrant County Deed Records Date July 7, 1989 Area 25, 185 square feet, Lot 17, Bl. 13, Watauga Heights E. Consideration $190,000 Addn . Unit Sales Price As Improved Vacant Unimproved —$ 7 SF Confirmation Grantee Terms Cash to seller Utility easements; 50' building line across frontage; Reservations 15' non - exclusive, reciprocal access easement with Argus; 25' none - exclusive, reciprocal fire lane. Zoned "C -211, general commercial, by City of Watauga. Reason for Purchase: Gateway Auto parts Store Highest and Best Use: Comm ercial Improvements Vacant Description This rectangular tract is located on the west side of Rufe Snow Road south of the southwest corner of the Rufe Snow intersection with Oaklawn Drive. This is the extreme eastern boundary of the City of Watauga. The tract has 95' of frontage and extends westward on average depth of 2651. 637 AC I 3 � ea • f7 t7 3 I 2 f 1 f 16 77 / I .M Ac e 4.01 AC JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284.2222 • I .n . > 7 x 10 ° N V A 1! 2 � e 13 a eJ 7 1.os7 3 /e 3 TIYCT SM. A� es I 1 14 nt Ftl OAKLAMN OF 13 068 I� • • 1e 7 16 1.761 AC 637 AC I 3 � ea • f7 t7 3 I 2 f 1 f 16 77 / I .M Ac e 4.01 AC JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284.2222 ' I t 2 ! 7 15 Zi y� u It f !. • �,r . tJ o, _ is f —' ! fA � � •�i Y14AG 1 1 Ev'" M . _. ,avE_ Y JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRAi1 T 3 6 R COMPARABLE SALE Grantor Hillwood /Park Glen Ltd. Grantee Park Vista Ltd. Instrument Warranty Deed Recorded Volume 9526, Page 1560 Date February 24, 1989 Area 1.766 AC, 11m. Evans Survey, A -467 Consideration $230,780 Unit Sales Pace As Improved Vacant Unimproved - $ 3 - 0 0 / SF Confirmation Grantee Terms Cash Zoned "E ", Commercial, by the City of Fort Worth Reservations 10' Utility Easement; Undivided � royalty interest in all oil, gas and other minerals. Reason for Purchase : Investment Highest and Best Use: Commercial Improvements Vacant Description This property is located at the southeast corner of Basswood Boulevard and Park Vista Boulevard in Fort Worth. The property has 212.89' of frontage along the south side of Basswood and is basically a rectanaulai tract. • ,f . t: g f7 f• f0 to of f• t• "I III - � nt to Si :7{ • t7 f• tl)ff !t) t• - Is t • f. ! to i tt „ g o • n s • o.or K P VEY a.aa a p • -OA p '• ha 5 to ►71 '• �' to o ' I t 2 ! 7 15 Zi y� u It f !. • �,r . tJ o, _ is f —' ! fA � � •�i Y14AG 1 1 Ev'" M . _. ,avE_ Y JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE TARRANT 27L Grantor : E. L. Lancaster, et ux Grantee : Constantine Kotsanis Instrument : Warranty Deed Recorded : Volume 9603, Page 1787, Tarrant County Deed Records Date : May 25, 19 8 9 Area : 44,150 SF, Lot 11 Block 3, Clearview Park Addition Consideration : $150,000 Unit Sales Pace As Improved N/A Unimproved $3.40 /SF Confirmation : Grantor Terms : 10% cash down payment; remaining balance financed with the grantor for 18 months at 10% interest (monthly p & i payments) Reservations : None noted Reason for Purchase : Of f ice use Highest and Best Use: Same Improvements • None Description This rectangular shaped tract was located in the southeast corner of College Street and Lancaster Drive and was zoned "PO ", professional office. Frontage consisted of 183.01' along the south side of College Street and 223.5' along the east side of Lancaster Drive. Topography was open, level and at street grade of the adjoinging streets. y • _• a I 72 u , • Q ��. 9L I u • ,a • u � v— e • t= • 90 VP D 7 L.F-A JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 '% �:;: }:'fig ,a ,• � uju� Sale S #r. o STER sp?5�e M pICAL = GSA CENTER A J a t0 OXFGAp O. 9 il Q a A to . ' _• xa u • , It. uTON ur. 7 L.F-A JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE TARRANT 26K Grantor L. Ray Hughey Grantee Bear Creek Communities, Inc. Instrument General Warranty Deed Recorded Volume 9829, Page 859 Date January 30, 19 9 0 Area 19.314 AC; Part of the 0. W. Knight Svy., A -899 Consideration $733,934 (Calculated) Unit Sales Pace As Improved Unimproved $ 3 8 , 0 0 0 /AC _ Confirmation Grantor Terms Cash Reservations Reason for Purchase : All of record; zoned "AG ", agriculture, by the City of Southlake. Future retail and /or commercial development. Highest and Best Use: Same. Improvements A single family residence, reportedly of no value to the grantee. Description This irregular shaped site was located along the south side of FM 1709, approximately 300± feet west of Carroll Road in the City of Southlake. The property had approximately 587' of frontage along the south side of FM 1709 and had all utilities available except sewer. -� � • b _IYf u r M. cY���. .`�`�. � 1 +air FT. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE 24M Grantor Southlake J.V. Grantee Albertson' s Inc. Instrument Warranty Deed Recorded Volume 9734, Page 429 Date October 13, 1989 Area 5.552 acres; Lot 2, Block 1, Southlake Crossing, Phase I Consideration $1,079,000 Unit Sales Pace As Improved Unimproved $ 4 . 46 / SF Confirmation Cash Terms Bob Rissing, Grantee -- Reservations None mentioned; zoned commercial by the City of Southlake Reason for Purchase : Future Albertson' s supermarket Highest and Best Use: Same Improvements Vacant Description This sale is located along the south side of FM 1709, approximately 450' northeast of FM 1938 (Davis Blvd,). The site was near level at the grade level of FM 1709. The tract has 259' of frontage along the south side of FM 1709 and all utilities, except sewer, are available. OZ �5. � G tat ' �..•' Z ��r�y• s' 60 ` !! t aw•rs. LOT 2 > a.sa2 ACM •` G 1 Lira" 1t i aiar af2122 r- -- N ia�• I 1•a1N � — w A r 04'. �p ..... " •o � 0 ,� •� it rw ,as �) I.O hw, IlY.,a f ♦ r�wi LIY MS lY �.ti.l JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76 180 Phone: (817) 284 -2222 FM 1 >„ 365' 0 M JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE TARRANT 26M Grantor C. C. Hall, Jr. Grantee Joanne R. Dinsmoore Instrument Warranty Deed Recorded Volume 9835, Page 830 Date January 29, 19 9 0 - Area 3.0 acres; S. Freeman, A -525, T. Easter, A -474 Consideration $120,000 Unit Sales Price As Improved Unimproved 540.000 /AC - Confirmation Grantor & Real Estate Broker Terms Cash to seller; $100,000 six month note to Northwest Bank of Roanoke Reservations None mentioned; zoned mixed use (residential and light commercial) by the City of Southlake. Reason for Purchase Highest and Best Use: Improvements Vacant. Description This sale is located on the south side of Southlake Boulevard, just east of Kimball Road. The tract is a wooded, scenic, upland tract with 382' of road -- frontage. All utilities except sewer are available. FM 1 >„ 365' 0 M JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 Grantor Grantee Instrument Recorded Date Area Consideration Unit Sales Price Confirmation Terms Reservations Reason for Purchase : COMPARABLE SALE TARRANT 512 Charlotte Dorsey Cotton, et ai North Richland Hills Baptist Church Warranty Deed Volume 9834, Page 669 January 5, 1990 12,312 SF; Lot A, Calloway Acres $20,000 As Improved Unimproved $1.62/SF Grantee All cash to seller; $20,000 note to Bank of North Texas None mentioned; previously zoned "U" for institutional use Future parking for existing church facility Highest and Best Use: Same Improvements Vacant; old residence subsequently removed Description This sale is located at the southeast corner of Glenview Drive and Scruggs Drive. The site has 88.5' of frontage along Glenview Drive and 144' of frontage along Scruggs. All utilities are available. GIENVtEr an F1 ,Y ,u s Y O K O ENa 3 n, w , „ u r. —, To M To 44 n ra o • r a •, n.. HENP o N( E Mi C1 JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE TARRANT 26J Grantor Joseph R. Mantheiy, et ux Grantee Bear Creek Communities Instrument Warranty Deed Recorded Volume 9827, Page 917 Date January 29, 19 9 0 Area 35.6925 AC; Lots 1A -1C, Block 1, Dilg Place & Consideration $1,246,000 O. W. Knight Survey Unit Sales Pace As Improved Unimproved 9'14-90c)/AC' Confirmation Grantee - Terms Cash to seller. - Reservations None mentioned; zoned "AG", by the City of Southlake . Reason for Purchase : Assemblage of a 1,400 acre residential community. Highest and Best Use: Residential development with commercial potential along FM 1709. Improvements Vacant. Description This is an irregular shaped tract with 602' of frontage along the south side of FM 1709. The tract has rolling, wooded topography, slightly below the grade level of FM 1709. All utilities except sewer are available. JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE TARRANT 2 6 J Grantor Joseph R. Mantheiy and Peggy ggy L. Mantheiy Instrument Bear Creek Communities, Inc. Recorded Warranty Deed Rec orded Volume 9827, Page 917 January 29, 1990 - Area 35.6925 AC; Part of the 0. W Knight Svy, A -899 and Lot i Consideration $1,246,000 I-A, 1 -B & -C of the Dil Place Addn. Unit Sales Pace As Improved Unimproved Q ng i nr Confirmation Grantor Terms Cash Reservations Reason for Purchase : Highest and Best Use: Improvements Description JAMES K. NORWOOD All of record; zoned "AG ", agriculture, by the City of Southlake. Future retail and /or commercial development. Same. None of value. • This irregular shaped site was located along the south side of FM 1709 across from the terminus of Diamond Street in the City of Southlake. The property had approximately 602.83' of frontage along the south side of FM 1709 and had all utilities available except sewer. Also, some of the southern portion of this site was encumbered by the floodplain. 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 7F cu Phone: (817) 284 -2222 COMPARABLE SALE Grantor June E. Eubanks Grantee Bear Creek Communities -- Instrument Warranty Deed Recorded Volume 9823, Page 1078 Date January 23, 19 9 0 Area 10.4043 AC; Knight Survey, A -899 Consideration $350,000 Unit Sales Price As Improved $33,640/AC Confirmation Grantee Terms Cash to seller Unimproved TARRANT 26J Reservations Utility easements to T. P. & L.: zoned "AG ", by the City of Southlake. - Reason for Purchase : Assemblage of a 1,400 acre residential community. Highest and Best Use: Residential development. _ Improvements Three bedroom, 1,800 SF residence in good condition; Description This sale is located on the south side of FM 1709 approximately 1,000'east of Diamond Circle Boulevard. This tract is "L" shaped with 353' of frontage on FM 1709, with a 1.59 acre tract carved out of the -- east side. The site is wooded, rolling land. All utilities, except sewer, are available. A-0040 , — — -_j soulMWtE BOIILEYAPO 0 Jo N M o. TM .n eftt G F O M ,. G M K /70,Y7 a�i• S9z.gy Y � 1 to w AC JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE TARRANT 26E Grantor First National Bank Grapevine Grantee Phillip Bressinck Instrument Warranty Deed Recorded Volume 9889, Page 1422 Date March 29, 19 9 0 Area 2.056 Acres, Lots 1 & 2, Block 3, Diamond Circle Estates Consideration $179,119 Unit Sales Pace As Improved Unimproved $ 2 • 00 / SF Confirmation Grantee Terms $17,912 (10%) cash down plus V/1 note to grantor for $161,207 for two years @ 10 %. Reservations None noted; zoned "C -211, local retail, by the City of Southlake. Reason for Purchase : Hold for resale, long term investment. Highest and Best Use: Future commercial development. Improvements Vacant. Description This rectangular shaped parcel is located on the north side of FM 1709, 150' west of Diamond Circle Boulevard. The parcel has 315' of frontage and extends northward an average depth of 2841. City water is available, however, no sewer is available in Southlake. 1. Y • Y 11 i M Qp -7I • .yYs Sale _ _ _ _ _ _ _ _ _ .� _ .._. _ �...�J •3afT1�AKC EOtLEYA/O JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 COMPARABLE SALE 41L Grantor Howard Lee Weddle, et ux June Grantee Pulte Home Corporation of Texas Instrument Warranty Deed Recorded Volume 9852, Page 1691, Tarrant County Deed Records Date February 26, 1990 - Area 3.96 acres; J. H. Hughes Survey, A -2028 Consideration $186,000 Unit Sates Price As Improved Unimproved - $1 .08 /SF _ Confirmation Grantor Terms Cash to seller Reservations Zoned R -7.5, residential, by the City of Grapevine Reason for Purchase : Develop with adjoining land for single family homes Highest and Best Use: Same Improvements Vacant Description Rectangular Hughes Road chased by P- of frontage depth. All ILL ♦ shaped tract located on the north side of and adjoining other land to the west pur- alte for development. This tract had 300' on Hughes Road and approximately 575' in city services were available to the property. m 1 I YS ale Noma eoaocoov Edo[--- rs.r • .1 E � r-• N eQ Qeu Q a� eaata JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284 -2222 TARRANT 41T COMPARABLE SALE Grantor F. D. I. C. Grantee Al -Ko Southwest, Inc. Instrument Special Warranty Deed Recorded Volume 9963, Page 839 Date June 21, 1990 Area 9.764 acres; Levi Franklin Survey; platted to Al -Ko Southwes Consideration $420,000 Addn Unit Sales Pace As Improved Unimproved $O . 9 9 / S F Confirmation Nicole Curtis, grantor Terms All cash Reservations Deed reflects conveyance "as is", electric line and billboar in the northwest corner; rezoned to industrial use Reason for Purchase : Plastics plant Highest and Best Use: S ame Improvements Description Vacant This sale is located along the east side of FM 157, 910, north of Mid - Cities Blvd. The tract has 378' of frontage along FM 157. There is a small creek meandering through the east portion of the sale. Zoning at the date of sale was for "C -2 ", community business, and a community develop- ment ordinance for residential use, however, the entire site was rezoned for industrial use after the purchase. All utilities are available. 1 I I To WI 1 1 S9 Ac I 1 .31 1 I Ac 1 Ta 1 I I I � 1 I � I 1 1 I � �K wq N } 3 2 (D Lij M 17 (\ t!1 I r1 I I 1 I I (II I I 1 I 1 I I I I I I I I I I 1 1 I 1 I I 1 JAMES K. NORWOOD 7001 Grapevine Hwy., Suite 332 Fort Worth, Texas 76180 Phone: (817) 284.2222