Beruflich Dokumente
Kultur Dokumente
CITY OF DALLAS
DATE
January 17,2014 Honorable Mayor and Members of the City Council Information Regarding Sapphire Road Development (AKA Patriots Crossing Project)
TO
SUBJECT
As the subject of discussion at the January 8, 2014 City Council meeting, please find attached information regarding property appraisals, purchase prices, and other costs incurred and paid under their development contract.
~~
Carolyn R. Davis, Chair Housing Committee C: A.C. Gonzalez, Interim City Manager Warren M. S. Ernst, City Attorney Judge Daniel F. Solis, Administrative Judge Rosa A. Rios, City Secretary Craig D. Kinston, City Auditor Ryan S. Evans. Interim First Assistant City Manager Jill A. Jordan, P.E., Assistant City Manager Forest E. Turner, Assistant City Manager Joey Zapata, Assistant City Manager Charles M. Cato, Interim Assistant City Manager Theresa O'Donnell, Interim Assistant City Manager Jeanne Chipperfield, Chief Financial Officer Frank Librio, Public Information Officer Elsa Cantu, Assistant to the City Manager - Mayor and Council
s
S
$ $ $
$ $
Broker Fees
Legal Fees Consulting Fees Relocation & Moving Costs Demolition Predevelopment Architect, Expenses
s
Engineering, Zoning, Surveying
Alley purchase, abandonment Total Other Costs Plus Land Costs Grand Total
$ $
s
s s
Address 4502 4506 4510 4514 4518 4522 4526 4530 4602 4606 4610 4614 4618 4622 4626 4634 4702
Denley Denley Denley Denley Denley Denley Denley Denley Denley Denley Denley Denley Denley Denley Denley Denley Denley
Appraised Value Purchase Price $ 189,000.00 $ 100,000.00 $ 189,000.00 $ 100,000.00 88,700.00 $ 62,000.00 $ 92,000.00 $ 120,400.00 $ 90,500.00 $ 47,000.00 $ 88,700.00 $ 60,000.00 $ $ 120,400.00 $ 120,400.00 $ 120,400.00 $ 120,400.00 $ 120,400.00 $ 120,400.00 $ 120,400.00 $ 120,400.00
Address 4501 4507 4515-27 4531 4615 4619 4623 4627 4631 4703
lancaster lancaster lancaster lancaster lancaster lancaster lancaster lancaster lancaster lancaster
Appraised Value $ 109,200.00 109,900.00 $ $ 950,000.00 $ 190,000.00 $ 109,900.00 $ 109,900.00 $ 109,900.00 $ 109,900.00 $ 298,600.00 $ 100,200.00
Purchase Price
s
s
$
$
$ $ $
$ $
100,000.00 100,000.00 850,000.00 105,000.00 100,000.00 100,000.00 77,500.00 77,500.00 268,000.00 100,000.00
$
$
$
$
$
$ $
$ $ $ $ $ $ $
120,400.00 120,400.00 120,400.00 86,600.00 120,400.00 135,000.00 36,000.00 Total Land Costs
$ 2,197,500.00
$ 1,878,000.00
$ 3,559,800.00
$ 2,217,692.00
$ 1,681,800.00
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APPROACH
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The sales used in this valuation are the most recent available and were selected to accurately reflect the value range of tracts similar to the subject and with direct or indirect frontage on a major traffic artery. Although averaging is never employed in making the final value decision, it is interesting to note that the adjusted sales range in price from SILO 1 to S 1S .68 per square foot. The adjusted mean is SI~.88 per square foot with an adjusted median ofS14.42 per square foot. Due to the assemblage's proximity to the DVMC and Dart Light Rail, the mid to upper end of the value spectrum is most appropriate to the specific subject's of this report. Based on the data, the indicated value of the fee simple interest in the subject lots as is and as if vacant and available today can be calculated as follows:
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SUBJECT
Tract #
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I 2 3 4 5 6 7 8 9
Account # 317208000000 317209000000 317206000000 317203000000 317200000000 317197000000 317194000000 317191000000 317185000000
PROPERTY LOT SF
8.450 8450 8450 8450 8,450 8450 8450 8450 8450 76,050
PrlSF
Mkt Val
$120,400 S120400 SI20,400 SI20.400 $120,400 $120,400 $120,400 $120400 $120,400 $1.083,600
s 14.2S
S14.25 S14.25 SI4.2S $14.25 $14.25 S14.25 $14.2S $14.25
4526 S Denlev 4530 S Denlev 4602 S Denlev 4(i()6 S Denlev 4610 S Denley 4614 S Denlev 4618 S Denley 4626 S Denley
TOTAL
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Appraisals Unlimited
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DISCRIP11VEDATA Tract I 2 Seller Address 4622 S Denley Dr. Snith TIiomll 4634 S Denley Dr. 4634 S Denley Dr. 4634 Denley 4501 Lancaster 4501 Lancaster 4615 Lancaster 4619l.ancaster 4103 Lancaster PROPERTY IDm'fOFICATION lot Block 4 I 2 18 19 3114S29 3114S29 31/4S29 Addition Bellevue Bellevue Bellevue
Subject ProoertY
TAX DATA
City Zoning R7.SA R7.SA Pr/SF S 510.50 510.50 510.50 513.00 513.00 513.00 513.00 513.00
MARKET VAWE Mkt Value 583,192 578,262 578,262 SIS6,524 5109,239 5109,850 5109,850 5109,850 5100,152 S778,6.56 Rounded 583,200 S78,JOO 578,300 51S6,600 5109,200 5109,900 5109,900 5109,900 5100,200 5778,900
Sq.Ft.
7,923.00 7,4S3.S0
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I I I I I I I I I I
3114529 Bellevue Bellevue 31/4529 29 3114529 Bellevue Bellevue 30 31/4529 NEpt I Al4352 Gendale Acs
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Appraisals Unlimited
37
Pr_m T""DAT,I CiCY lon". Cll I'ItSl'S lll.OO SU.OO 110.50 SIO.50 Price
2
1 4
So,.
Me.
PRO'IRTY IDIl\nU'ICA 110N Lol Accounl' CAD 0000II311'231000000 31 <nlOOJ1125400CmI 32 <nlOOJ1~ NIIILl4 13
AJditiD. BeIlvIMl
So.FL
8,450ro 8,45000 21601.14 8,622.00 47,113,14
sn.~ sn,~
536,000 56',000
ca
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MAJUQn'VAUJII Mid Va~. Rounded SI09,1OO SI09,CJOO SI09,CJOO 1I09,W $216,800 S226,112 S90.'31 S537,043 S9OJ(XI S531100
TOTALS
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ApprQisa/s Unlimited
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1431 Wate,..d. Dr. Calla TX75211 em.lI: georgJord.n.1.bcglob.Lnet
Appraisals Unlimited
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Phon.: (214) 320-190.
August 23,2010 City of Dallas and SapphireRoad DevelopmentLLC Mr. YigalLelah PO Box 797648 Dallas,TX 75379 Re: Update of an appraisal and summary report covering 4702 South Denley, City of Dallas, Dallas County, Texas. The original appraisal carried an effectiV'i date of August 17, 2009. Property 10 II: 00000318625000000 and Owner. Miguel A. Soria.
Dear Mr. Lelah: At your request. I submit this restrictive use report updating the aforementioned appraisal and estimating the current value of the above referenced property. I have made an on-site inspection of the site and considered factors pertinent to and indicative of value including City of Dallas, Dallas County, and area characteristics, as well as regional market infonnation and industry trends, locational amenities, highest and best use, and other elements of value. My estimate of the market value for the subject is effective as of August 21, 2010 while the date of this appraisal is considered to be August 23, 2010. Methodology and terminology used throughout the report . include the following: Market Value As Is on Aopraisal Date - An estimate of the market value of a property in the condition observed upon inspection and as it physically and legally exists without hypothetical conditions, assumptions, or qualifications on the effective date the appraisal is prepared. Hypothetical Market Value As If Complete - Market value of the property with all proposed development, construction, conversion, andlor rehabilitation hypothetically completed, or under other specifically proposed conditions, as of the date of the appraisal. With regard to the property studied herein, the overall subject property or proposed PUD is currently a mix of improved and unimproved land that is zoned Single Family, General Commercial, or Community Retail. My value conclusion considers the subject of this specific report as part of an assemblage that encompasses all of Block 3114529 and at least the two lots out of Block Al4352. All approvals for a mixed use PUD as described herein or the original write-up are presumed to be in place. The city suggests that these are reasonable expectations. Keeping these factors in mind, the Hypothetical Market Valw Concept was employed. No extraordinary QS$lImpdons were utilized in finalizing this assignment. With reference to the preceding deflnitions, the estimated hypothetical market value conclusion is as follows:
Is 0108/11110
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APPRAISAL OF
4510 S Denley Drive Located In Block 31/4329, Dallas, Dallas County, TX 75218 (A Total Of 1 Tax Parcel Containing A Total Of 1 Lot)
FOR.
City of Dallas and Sapphire Road Development LLC PO Box 797468 Dallas, TX 75379
APPRAISAL
PRliPAR6D 8
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___________________ A~ppra~ahUnlimued
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January 26,2009 City of Dallas and Sapphire Road Development LLC Mr. Yigal Lelah PO Box 797648 Dallas, TX 75379 Re: An appraisal and summary report covering one lot out of Block 3114529, City of Dallas, Dallas County, TX 75216. This parcel encompasses a total of 0.194 acres, out of said block and involves a single tax parcel. (See exhibits for a detailed list and individual areas.).
Dear Mr. Lelah: At your request, I submit this summary report of an appraisal to estimate the value of the above referenced property. I have made an on-site inspection of the site and considered factors pertinent to and indicative of value including regional and DallasIFort Worth Metroplex characteristics, market data and trends, locational amenities, highest and best use, industry tendencies, and other elements of value. My estimates of the market value for the subject are effective as of January 23, 2010, which is the same date my inspection took place. The date of the appraisal is considered to be January 26,2010. Methodology and terminology used throughout the report include the following: Market Value As Is on Appraisal Date-An estimate of the market value of a property in the condition observed upon inspection and as it physically and legally exists without hypothetical conditions. assumptions, or qualifications on the effective date the appraisal is prepared. Hypothetical Market Value As If CQmplete - Market value of the property with all proposed development, construction, conversion, and/or rehabilitation hypothetically completed, or under other specifically proposed conditions, as of the date of the appraisal. With regard to the property studied herein, the subject property is currently improved with a single family residence and zoned for Single Family. My value conclusion considers the subject as part of an assemblage that encompasses all of 3114529 and at least the northern lots out of Al4352. All approvals for a mixed use PUD as described herein are presumed to be in place and the city suggests that these are reasonable expectations, Keeping these factors in mind, the Hypothetical Markel Value Concept was employed. With reference to the preceding definitions, the estimated values are as follows:
urimatedlh rev
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'SfUI,700 I Year
The following report sets forth a description of the property along with a swnmary of the market data considered and
the conclusions derived from such data. Your attention is directed to the general assumptions and limiting conditions on pages three and four as well as the hypothetical conditions/extraordinary assumptions on page I. . If you should have questions concerning any portion of this appraisal, please contact my office. Respectfully submitted,
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APPRAISALS UNLIMITED
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COMMITTE. TRA!'ISMIT DATI: PURPOSI PROPIRTYQATA OWNIR: CITY: COUNTY:
P~\IIEW DATI: l1t12019 121231200t APPRAJlIR: 0' APPIWSAL: DAI*IdDI_. Bomb!y Inv trnent!, Ltd. 0Da111 DOtIIIr._ . __ 0ow. DCoIIn ODdall
Vernon Sm App,. Unlimited D$wpIIIIs.ie 051t1Acqu11aon DROW AcqujIjIIan AREA: 21,030.00 05c1.A. ZONINO: -=C;.:.;:R:...._ MAPSCO: --=.:::.:..-
LOCATION: 4131 So uncut Av Dan IMPROVEMINTS: Non. Included In vllue timate FLOOD PlAIN: DYes 0No
FLOODWAV: Dves
APPRAISAL DATA HIGHUT AND BIST YSE: Commen:1at Development ESTlMATlD MARKET VALUE: $291,100.00 VALUA;nON VALue OF WHOLE PROPERTY: VALUE PARTIS) TAKEN: VALUE 0' REMAINDER BEFORI THI TAKE: VALUE REMAINDER AFTER THE TAKE: DAMAGES TO THE REIIAINDER: TOTAL OFFER AUTHORIZED:
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$291.100.00
CONDmONS
NQI
AceaDtable
Not AcceDtable
ApDllcable
0 0
(2} (2}
0 D
0 0
0 0
0
0
0
0
0
(2}
0 0 0 0
0 0 0 0 0 0
0
CommentI:
ASSUMPllON' UMITATIONS The DCAD Value ($13,080) not rt"...mauve of tile Compa,.ble Sa app,."" Qed the comPllrl8on app!'OK" ($291,100) In detarmlnlnll,value.
0 D 0 0 D 0 0 0 0 0 D 0 0 0 D D 0
0 D 0 0 0 0 0 0 D 0 0 0 0 0 0 0 0 0
1012112C10t
NEIGHBORHOOD ANALVSIS AD VALOREM TAX DATA WHOLE PROPERTY DATA OWNERSHIP HISTORY MPROVEIIENTs I COST APPROACH
I NCOMI! APPROACH
DATA
0' INSPECTION
DATED
Is acceptable
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SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
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Project Name: Location: MapscoNo.: CensUi Tract: LongltudeJLatftude: BuUdlnl Data: Basic Construction:
Lancaster' Corridor Redevelopment Block 3114329 (Comer of Lancaster & Atlas) Dallas, Dallas County, TX 7S216 D-6S-G
57 32.691720 N/96.792S1 W
Some lots have improvements while others are vacant, Improvements vary from old homes to old conunercial buildings. All are in fair condition and add nothing to the land value. For this 'reason, no specifics will be provided for individual parcels. All Ibuildings will be razed and the lots prepared for redevelopment as 'they are acquired.
'N/A
-,Net Building Area (NLSF): Remaining Economic Life: Sprinklered: Site Area:
J
Land to Buildlnl Ratio: Zoning: Flood Zone: Environmental Hazards: . Property Rfgbts Appraised: Penonal Property In~luded: Hypothedcal Conditio -Extraordinary Assumption:
i'N/A \N/A 'In total the lots contain 0.483 acres, more of less or 21,030.00 square These lots are adjacent to one another, but overall assemblage to ~dateis scattered. The reader is referred to the tax plat map in the !Iexhibitsfor a better visualization of bow the unit under study is laid out. Under the hypothetical conditions covering this report the [ultimate property ready for development will be essentially . gular and contiguous with some lots across Atlas on the west side of Lancaster.
Ireet.
fA IL-'U'~ter Lots -
one X one noted. ee Simple Interest one o Extraordinary Assumption made while completing this ignment, The hypothetical condition that assemblage has been ompleted and all approvals and entitlements were in place to permit elopment as explained to the appraiser and outlined berein are in lace and will run with the land was employed.
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Site Area Land Value (Total) Cost Approach
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21,030.000 Sq. Ft. 5298,600 or 514.20 N/A
$298,600 .
NtA $298,600
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Date of Inspection/Effective/Appraisal:
Appraisals
Unlimited
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Appraisals Unlilnited
14311
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Drive
Oal TX 75211
.mall:
george. J0rdane7@11bcglobalnet
March 16,2010 City of Dallas and Sapphire Road Development LLC Mr. Yigal Lelah PO Box 797648 " Dallas, TX ~S379 Re: An appraisal and summary report covering five lots out of Block 31/4529, City of Dallas, Dallas County, TIC 75216. This parcel encompasses a total of 0.969%acres, out of said block and involves three tax parcels. (See Exhibits for a detailed list and individual areas.).
Dear Mr. Lelah: At your request, I submit this summary report of an appraisal to estimate the value of the above referenced property. I have made an on-site inspection of the site and considered factors pertinent to and indicative of value including regional and Dalla.s/Fort Worth Metroplex characteristics, market data and trends, locational amenities, highest and best use, industry tendencies, and other elements of value. My estimate of the market value for the subject is effective as of March 10, 2010, which is the same date my inspection took place. The date of the appraisal is considered to be March 16,2010. Methodology and terminology used throughout the report include the following:
I
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Market Value As Is on APmisal Pate-An estimate of the market value of a property in the condition observed upon inspection and as it physically and.legally exists without hypothetical conditions, asswnptions, or qualifications on the effective date the appraisal is prepared.
Hmothetical Market yalue As If Complete - Market value of the property with all proposed development, construction, conversion, and/or rehabilitation hypothetically completed. or under other specifically proposed conditions, as of the date of the appraisal. With regard to the property studied herein, the subject property is effectively unimproved according to my inspection and CAD records. It is Zoned for Community Retail or "CR" by the City of Dallas. My value conclusion considers the subject as part of an assemblage that encompasses all of J 1/4529 and at least the western most lots out of Al43S2. AU approvals for a mixed use PUD as described herein are presumed to be in place and the city suggests that these are reasonable expectations. Keeping these factors in mind, the Hypothetical MOI"Irn VaJue Concept was employed. With reference to the preceding definitions, the estimated values are as follows:
E" Iimaled
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$1'50.1100
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The following report sets forth a description of the property along with a summary of the market data considered and the conclusions derived from such data. Your attention is directed to the general assumptions and limiting conditions on pages three and four as well as the hypothetical conditioru/extraorcli1ll1T)l a.uumptioM on page I. If you should have questions concerning any portion of this appraisal, please contact my office. Respectfully submitted, ')APPRAISALS UNLIMITED
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CAD INFORMATION AND LEGAL
DiSCIUPTlVEDATA PROPtxn1DEN11F1CA Tract
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TION Lot
20.11,22
Scllo:r
NEO
Addn:ss
4S IS S LaDc lcr
Account
II CAD
Block
31/4329
000003172J6000000
Price
SSlo,OOO
SQ.Fl.
15.JOO.00
CAD lAnd
750900
CADlqJ
-. 0
CAD Value
75.900
CADISF
$3.00
AUC5sed
575,900
Tad
S 1.9\10
Zoning
CR CR CR
1 1
NED NED
00000317239000000 00000317242000000
II 24
3114329 ll14329
0 0 0
$1.00 $1.00
SlS.350 SlS,l50
TOTALS
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APPRAISAL
OF
4522 S Denley Drive Located In Block 31/4329, Dallas, Dallas County, TX 75216 (A Total Of 1 Tax Parcel Containing A Total Of 1 Lot)
FOR.
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City of Dallas and Sapphire Road Development LLC PO Box 797468 Dallas, TX 75379
APPRA-IS4L
PRffl>ARfiD By:
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Appraisals Unlimited
1431 Wat.rslde Drive Oall , TX 75218 em_': g.org Jord8l187@Sbcglobal.net Phone: (214) 320.590. Fall: (214) 320.2721
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December 22, 2009 City of Dallas and Sapphire Road Development LLC Mr. Yigal Lelah PO Box 797648 Dallas, TX 75379
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Re:
An appraisal and summary report covering one lot out of Block 3114529, City of Dallas, Dallas County, TX
75216. This parcel encompasses a total of 0.194 acres, out of said block and involves a single tax parcel. (See exhibits for a detailed list and individual areas.).
Dear Mr. Lelah: At your request, Isubmit this summary report of an appraisal to estimate the value of the above referenced property. I have made an on-site inspection of the site and considered factors pertinent to and indicative of value including regional and DailaslFort Worth Metroplex characteristics, market data and trends, locational amenities, highest and best use, industry tendencies, and other elements of value. My estimates of the market value for the subject are effective as of December 15, 2009, which is the same date my inspection took place. The date of the appraisal is considered to be December 22,2009. Methodology and tenninology used throughout the report include the following: . Market Value As Is on AmmUsal Date-An estimate of the market value of a property in the condition observed upon inspection and as it physically and legally exists without hypothetical conditions. assumptions. or qualifications on the effective date the appraisal is prepared, Hypothetical Market Value As If CQnmlete - Market value of the property with all proposed development, construction. conversion, and/or rehabilitation hypotheticaJly completed, or under other specifically proposed conditions, as of the date of the appraisal. With regard to the property studied herein, the subject property is CU1TeDtly improved with a single family residence and zoned for Single Family. My value conclusion considers the subject as part of an assemblage that encompasses all of 3114529 and at least the northwest two lots out of Al43S2. All approvals for a mixed use PUD as described herein are presumed to be in place and the city suggests that these are reasonable expectations. Keeping these factors in mind, the Hypothetical Market Value Concept was employed. With reference to the preceding definitions, the estimated values are as follows:
hetical Market Value oISo ec:t Pr 588.700 1 Ye
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The following report sets forth a description of the property along with a summary of the market data considered and the conclusions derived from such data. Your attention is directed to the general assumptions and limiting conditions on pages three and four as well as the extraordinary assumptions on page I. If you should have questions concerning any portion of this appraisal, please contact my office. Respectfully submitted, APPRAISALS UNLIMITED
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PROplmDAIA
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OWNIR: Meredith J Brt!n CITY: 0 CIlIa 0 0IfIm COUNTY: 121 DIIIa 0 c.o.
LOTI: 1 ,7
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PROJICT: lancaeW Con1dcw ~1:Idon p!'!!I!aI-8appl!l M DftefoD!!!!!!!_' INTll!m VICUIt Reeldetltlel LotII 0 Sq,1't. 01GiI
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APPIWML DATA HIGHUT AND BUT USI: _M_Ix_ect __ '_MJ __IIty..;... ESTlIlATBD IlAlU<a'VALUI: VALVAnON P71,OOO.oo
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VALUI WHOli PROPIm: VALUI pAItT(S) TAKEN: VALUIO' IUUIAINGM BIPORII THI TAKI: VAUJIO' RDIAINDIR APTIR THI TAKI: DAIIAGU TO THI RDIAIND"-:
0'
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TOTAL CONgmgNl
0"'"
AUTHOI!IZID:
NOI
Acceata
Not
AaDtIaJ:lle
BIVIEW CHICKUST
0
0 0 0 0 0 0 0
0
0 0 0 0 0 0 0 0 0 0
0
0 0 0 0 0 0
MARKaT VAWI DUlNITION VALVAnOIi DATI: PHOTOGRAPHS 0' THI PROPIm LEGAL DUCRIPTIOM OIl THI pROplRTY NmGH.c)RHOOD ANALvsaa AD VALe lAX DAIA WHOli PROpmnY DATA OWNIRSHIP HI8TOAY
I MPNWUIBmI
0
0 0 0
0
0 0 0 0 0
DATA
0
0
0
0
HlGHUT AND BUT USI DATA COST APPIlU)ACH NCOIII APPROACH I SALES COIIPAIUON DATI 0' 'N8PICTJON FLOOD PLAIN DATA RDORT SlGNm. DATID APPROACH COIIPAllAII SALES DATA
0
0 0
0
0
0 0 0 0
0
AllUIIPTIONa UIlfTAnONS CommenIII: AM data 0I1n.,.cdon the _ date TIle .ppra dlstrtcts _ttrnat. 01value ('10,OOO.OO..,a2 S Den.., and ('10,000) 4toI Den.., nat ~ 01 tile com . In the . The .ppralMr UMd tile .au /lypotlleltaa MarUI Appraaclt (1371.000.00) In datIarmInlnt v
0 0 0 0 0 0 0
01".,
a.
of v
tilt
um to be dItIrmIMd offtclally
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~1431 w. 1de Drtw
DaJl-. TX75211 em.": georga.e.Jatdane70bcglobaf.net May 31. 2011 City ofDaJlas and Sapphire Road Development Mr. Yigal Lelah PO Box 797648 Dallas, TX 75379 Re:
LLC
An appraisal and summary report covering lots 16 and 17 out of Block 3114329, City of Dallas. Dallas County, TX 75216. This parccl encompasses a total of 0.3855:: acres. out of said block and involves two contiguous laX parcels. (See Exhibits for a detailed list and individual areas.).
Dear Mr. Lelah: At your request, I submit this summary report of an appraisal to estimate the value of the above referenced property. I have made an on-site inspection of the site and considered factors pertincnl to and indicative of value including regional and DallasIFort Worth Metroplex characteristics, market data and trends.locational amenities. highest and best use, industry tendencies, and other elements of value. My estimate of the market value for the subject is effective as of May 24, 2011, which is the same date my inspccCion took place. The date of the appraisal is considered to be May 31, 2011. Methodology and tenninology used throughout the report include the following:
Market Value; As Is 00 Appraisal Date-An estimate of the market value of a property in tbe condition observed upon inspection and as it physically and legally exists without hypothetical conditions. assumptions, or qualifications on the effective date the appraisal is prepared.
Hypothetical Market Value As If Complete! Magcet value of the properly with all proposed development, construction. conversioa, and/or rebabiJitation hypothctically completed, or under other specifically proposed conditions. as of the date of the appraisal. With regard to the property studied herein. the subject p1)pcrty is effedively unimproved according to my inspection aI CAD records. Ic' is zoned for Residential or "R 7.SA" by the City of Dallas. My value conclusiOll considas the subject 81 part of an assemblage thaC CftCllIDpRCI all of 31/4S29 and at least the northern most lots out of Al43S2. All approvaJl for a mixed use PUD 81 described herein and zoning cbanges as required are praumed to be in place and city suggests that tbc:se are reasonable expectations. Keeping these factors in mind, Hypothetical Mart" Yalu.Concept was employed.
With reference to the pRCeding definitions. the esDmated values are as follows:
ESllmlted H
";J7/1.IJIIO
1V,.
The following report sets forth a descriptioD of the property along with a summary of the market data considered and the conclusions derived from such data. Your attention is directed to the general assumptions and limiting conditions on pages three and four as well as the hypothetical condttioNJIextraordinary a.uumptiOM on page l. If you should have questions concerning any portion of this appraisal. please contact my office. Respectfully submitted. APPRAISALS UNLIMITED ~ -'~ f':::.:::='~~_? :2ei~
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APPRAISAL REVIEW SHEET
COMMITTEI REVIEW DAn: 313912919 TRANSMIT DATa: 3I2tI2010 APPItAlSER: Vtmon Smith Apprallill Unlimited PURPOSI 0' APPRAISAL: 0-'--111 O~ OSurPul Sale 0S1111 AICqUiIIIan ROW Aa\IIiIiIIIIn PROPlRIYDATA ARIA: ',540.00 0Sq. fit. OWNIR: Vema Co Mccullough Corp CITY: 00*1 DOtfIr._-= _ BLOCK: 31/4321 ZONING: ..,;:C;,;,,;R:..._ Doe.: MAPSCO: COUNTY: 00*1 Dc. DOdIn SSG
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LOCAnON: 4131 So LancuW Av Dill IMPR~INTI:None FLooD~N:~O~Y~.---~0~~~_-----------~F~LO~0~D~W:A~Y~:~O~y.~--r.0~_~-SUBJECT PROPERTY DATA LOa NO. IMPROYEMINTS IN TAKI ARIA None APPMISAL DATA HIGHEST AND BEST USI: Commen:laI ESnMATED MARKET VALUE: "90,000.00 VALUAnON VALUI 0' WHOLB PROPERTY: VALUI 0' PART(S) TAKEN: VALUI REMAINDER SEFOAI THI TAK~ VALUE 01" REMAINDER AfTER THI TAKE: DAMAGES TO THE REMAINDER: TOTAL OFFER AUTHORIZED:
$110,000.00
0'
nI. nJ.
III.
nil
$110,000.00
CONDIIlONl
NO.
Acc:egable
Not Acc:egable
ADDllcabie
0
[2]
0
[2]
0 0 0 0 0
[2]
0 0 0 0
[2]
D 0 0 0 0 D 0 0 0 0 0 0
0 0 0
0 0 0 0 0
0'
0
0 0 0 0 0 0
0
LEGAL DESCRIPTION 0' THI PROPERTY NEIGHBORHOOD ANALYSIS AD VALOREM TAX DATA WHOUi PROPERTY DATA OWNERSHIP HISTORY IMPROVEMEIITS DATA HIGHEST AND BEST USE DATA COST APPROACH INeOllI APPROACH SALES COMPARISON APPROACH COMPARABLE SALES DATA DAIlE 0' INSPECTION FLOOD PLAIN DATA REPORT SIGNED II DATED
0
0
0
[2]
0 0 0
D 0 D
0
0
[2] Cornrnents:
0 0
0
0 0
0
ASSUMPTIONS II UMITAnONS 11Ie DCAD Value ($21,120) nol of tile Comparable SaJee In tile IPpra"" uNCI the cornparllon IPproach ("10,000) In ctet.nnlnlnl value.
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as just cornpenutlon.
4531 S Lancaster - Appraisal Review
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Data
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__________
143. W lde Ortve
08TX7121' em.lI: geotg Jordan.7.bcglob8l.net
/_'_ppraisals Unlimited
Phone: (Z14) 3ZCHIOI
F.x:(214)3za-2721
March 16,2010 City of DaUas and Sapphire Road Development LLC Mr. YigaJ Lelah PO Box 797648 Dallas, TX 75379 Re: An appraisal and $ummary report covering lot 2S out of Block 3114329, City of Dallas. Dallas County. TX 75216. This parcel encompasses a total of 0.196 acres. out of said block and involves one tax parcel, (See Exhibits for a detailed list and individual areas.).
At your request, I submit this summary report or an appraisal to estimate the value of the above referenced property. I have made an on-site inspection of the site and considered factors pertinertCto and indicative of value including regional and DallaslFort Worth Metroplex charaaemtics, market data and trends, locational amenities, highest and best use, industry tendencies. and other elements of value. My estimate of the IJ1aJ'ketvalue for the subject is effective as of March 10. 2010, which is the same date my inspection took place. The date of the appraisal is considered to be March 16,2010. Methodology and terminology used throughout the report include the following:
Market Value
As Is on Aopraisa.I ~An estimate of the market value of a property in the condition observed upon inspection and as it physically and legally exists without hypothetical conditions, assonptions, or qualifications on the effective date the appraisal is prepared. Hypothetical Market value As If Complete - Market value of the property with all proposed development. construction, conversion. and/or rehabilitation hypothetically completed. or under other specifically proposed conditions, as of the date of the appraisal. With regard to the property studied herein, the subject JrOperty is effectively unimproved according to my inspection Di CAD records. It is zoned for Community Retail or "CR" by the City of Dallas. My value conclusion comiders the subject as part of an assemblage that. encompasses all of 3114329 and at least the western most lots out of N43S2. All approvals for a mixed use PUD as described herein are presumed to bC in place and the city suggests that these are reasonable expectations. Keeping these factors in mind, the Hypothedcal Martet Value Concept was employed.
With reference to the preceding definitions, the estimated values are as follows:
F.stimated I as
ill all
of 0311 011 0
ureJMarketin
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S IIJO
uno I Yea
I I
The following report sets forth a description of the property along with a summary of the market data considered and the conclusions derived from such data. Your attencion is directed to the general assumptions and limiting conditi011S on pages three and four as well as the hypothelical conJidomlextraordinary 03SumptioM on page I. If you should have questions concerning any portion of this appraisal, please contact my office. Respectfully submitted,
APPRMSALSUNLThMTED
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