integra realty resources houston appraisal of real property ...10587 on 2, the oaks opinion of t...

Integra Realty Resources Houston

Appraisal of Real Property

Bradshaw Nursery Rd. and League City Pkwy. Vacant Land NWC Bradshaw Nursery Rd. and League City Pkwy. League City, Galveston County, Texas 77573

Prepared For: City of League City

Effective Date of the Appraisal: May 5, 2015

Report Format: Restricted Appraisal Report

IRR ‐ Houston File Number: 155‐2015‐2144

Bradshaw Nursery Rd. and League City Pkwy. NWC Bradshaw Nursery Rd. and League City Pkwy. League City, Texas

Integra Realty Resources 5 Riverway Drive T 713.243.3300 Houston Suite 200 F 713.243.3301 Houston, TX 77056 www.irr.com

May 29, 2015 John Baumgartner Deputy City Manager City of League City 300 West Walker Street League City, TX 77573 SUBJECT: Market Value Appraisal Bradshaw Nursery Rd. and League City Pkwy. NWC Bradshaw Nursery Rd. and League City Pkwy. League City, Galveston County, Texas 77573 IRR ‐ Houston File No. 155‐2015‐2144 Dear Mr. Baumgartner: Integra Realty Resources – Houston is pleased to submit the following Restricted Appraisal Report containing an opinion of value of the fee simple interest in the referenced property. The report is intended to comply with the requirements for a Restricted Appraisal Report contained in Standards Rule 2‐2 (b) of the 2014‐2015 edition of the Uniform Standards of Professional Appraisal Practice (USPAP). As such, it presents no discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the opinion of value. The opinions and conclusions set forth in the report may not be understood properly without additional information in the appraiser’s work file. Use of the report is restricted to the client.

Identification of Subject The subject is a parcel of vacant land containing an area of 0.7583 acres or 33,030 square feet. The property is zoned OS, Open Space, which permits recreational areas, utility easement areas, dedicated park and greenway areas, and marinas (certain other enumerated uses are permitted subject to the approval of a Special Use Permit by the City Council).

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ose of the Aurpose of theroperty as of The appraisa

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ent Ownerswner of recoAllsel Corp. oty Clerk’s reco

e best of our , and as of thtion to buy, n

nition of Maet value is de

most probabtions requisitming the pricee as of a speci

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keting Times

y Rd. and Leag

tionBradshawNWC BradLeague CitR310588,Lots 35‐37

Appraisal e appraisal is the effectiveal is valid only

nd User of the appraisgue City. Accoed Appraisal of this report

ship and Salrd is City of Lon March 14, ord number 2

knowledge, ne effective danor is it listed

arket Value fined as:

le price whichte to a fair sale is not affectfied date and

seller are typ

es are well inests;

ble time is all

s made in terle thereto; an

gue City Pkwy

w Nursery Rd. andshaw Nursery ty, Texas 77573 R311041, & R37, Block 4, Secti

to develop an date of the ay as of the sta

sal is for propording to StanReport. Integ.

es Historyeague City. T2000, for an 2000012214.

no sale or traate of this appfor sale.

h a property sle, the buyer ted by undue d the passing

pically motiva

formed or we

owed for exp

ms of cash innd

y.

nd League City PRd. and League 310587on 2, The Oaks

n opinion of tappraisal, Maated effective

perty dispositndards Rule 2gra Realty Res

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should bring and seller eastimulus. Impof title from

ated;

ell advised, an

posure in the

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Pkwy.City Pkwy.

of Clear Creek S

the market vaay 5, 2015. The date or date

ion purposes‐2 (b) of USPAsources – Hou

ague City purprice. The tra

ership has ocroperty is not

in a competitch acting pruplicit in this dseller to buye

nd acting in w

open market

or in terms of

Subdivision, Gal

alue of the fehe date of thees.

s. The client aAP, no party ouston is not r

rchased the sunsaction is re

ccurred withint subject to a

tive and openudently and kndefinition is ther under cond

what they con

t;

f financial arr

lveston County,

ee simple intee report is Ma

nd sole intenother than thresponsible fo

ubject properecorded in Ga

n the past thran agreement

n market undenowledgeablyhe consummaditions where

nsider their o

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e of Work m L. Springerny, MAI, CRE,

dentified the st the characte

ation Methmethodology

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sed only the soach is applicaient sales dat

e sales compa

Location: L

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Use: Comm

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esearched ane sales with pop a value ind

keting Times

y Rd. and Leag

represents thnancing or sa

ederal Regulanes, Federal R

ormed any seof this report

r, MAI, condu, FRICS, condu

subject throueristics of the

odology employed in

e

proachn Approach

sales comparable to the suta is available

arison approa

League City, T

than 6 acres

mercial

on Date: Janua

d assembled arties to the tdication for t

gue City Pkwy

e normal conles concessio

ations, Title 12Register, 75 F

rvices, as an at within the t

ucted an on‐sucted an on‐s

ugh a legal dee property tha

this assignme

Applicabil ityNot ApplicabApplicableNot Applicab

ison approacubject because for analysis.

ch, we search

Texas

ary, 2012 to p

data for the mtransaction ohe subject.

y.

nsideration foons granted b

2, Chapter I, PFR 77449, Dec

appraiser or ihree‐year pe

ite inspectionsite inspectio

scription andat are relevan

ent is summa

y to Subjectble

ble

h to develop se there is an

hed for sale t

present

most relevanor secondary s

or the property anyone ass

Part 34.42[g]cember 10, 20

in any other criod immedia

n of the propen on other da

d tax records, nt to its proba

rized as follo

Use in AsNot Util izUtil izedNot Util iz

an opinion oactive marke

ransactions w

t sales, and csources. The

ty sold unaffeociated with

]; also Interag010, page 774

capacity, regaately precedin

erty on May 5ates.

and assemblable use and

ws:

signmentzed

zed

of value for thet for similar p

within the fol

confirmed thesales were th

ected by specthe sale.”

gency Apprais472)

arding the prong acceptance

5, 2015. David

ed informatiomarket value

he subject. Thproperties, an

lowing param

e arms‐lengthhen analyzed

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cial or

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operty e of

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on e.

is nd

meters:

h nature to

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The coproperenta

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Extra

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ost approacherty, and the l income in it

ficant Apprcknowledgedsting of particactions involvng, under the

est and Besighest and bect property isding schools,ed along a po

clusion of Va

e Conclusionisal Premiseet Value

aordinary Ass

he subject propy the City of Leawned propertiend/or developeearby propertie

alue conclusiots. An extraordse as of the eff

ata and analy

osure and Md on the concmarketing tim

sure Time ansure Time (Moneting Period (M

keting Times

y Rd. and Leag

is not applicaincome appros current stat

raisal Assistd that J. Tyler cipating in theving comparasupervision o

st Use est use of thes currently zo libraries, hosrtion of the F

alue

umptions an

perty is currentague City. The aes with the OS ed by a privatees along Highw

ons are subjectdinary assumptfective date of

ysis used to d

Marketing Tiluded marketes are as follo

nd Marketingnths)Months)

gue City Pkwy

able becauseoach is not apte.

ance Davis made ae property inble propertieof the person

e subject as vaned PS, whichspitals, and gFM 2094 corri

InteresFee Sim

d Hypothetic

tly zoned as anappraisers wezoning designae owner, the usway 96 (League

t to the fol lowition is uncertathe appraisal

develop the o

mes t value statedows:

g Period1212

y.

there are nopplicable beca

a significant pspection, cones, performings signing the

acant land is ih permits moovernment oidor that is ho

st Appraisedmple

cal Condition

n Open Space Dre not able to fation. We assuable site area e City Parkway)

ng extraordinaain information, we reserve th

pinion of valu

d previously, i

o improvemenause the subj

professional cnducting reseg appraisal anreport.

its developmostly public anoffices). Howeome to subst

Date of ValueMay 5, 2015

ns

District (OS), afind a sufficienume that, werewould be re‐zo).

ary assumption accepted as he right to mod

ue are retaine

it is our opini

nts that contrject is not like

contribution tarch on the snalyses, and a

ent for commnd communitever, the subjantial comme

e

as are many otnt set of exampe the subject poned for comm

ons that may affact. If the assify our value c

ed in our wor

ion that the p

ribute value tely to generat

to this appraisubject and assisting in re

mercial use. Tty‐related useect property ercial develop

Value Conclus$99,

her propertiesples of privateroperty to be omerical use, as

ffect the assignumption is fouconclusions.

rk file.

probable expo

4

to the te

sal,

eport

he es is pment.

sion,000

owned ely‐owned are

nment und to

osure

Expos

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CertiWe ce

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

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fication ertify that, to

The statem

The reportassumptioprofession

We have nand no per

We have nproperty tacceptanc

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Our engagpredeterm

Our compereporting oamount ofsubsequen

Our analysin conformapplicable

The reportprepared, Appraisal P

The use ofreview by

William L. report. Da

Significantsigned this

We have ethe Compe

As of the dhave compInstitute.

keting Times

y Rd. and Leag

the best of o

ments of fact

ted analyses, ons and limitinnal analyses, o

no present or rsonal interes

not performedhat is the sube of this assig

no bias with rewith this assig

gement in thismined results.

ensation for cof a predeterf the value opnt event direc

ses, opinions,mity with the state apprais

ted analyses, in conformityPractice of th

f this report isits duly autho

Springer, MAvid R. Dominy

t real propertys certification

experience in etency Rule o

date of this repleted the co

gue City Pkwy

our knowledg

contained in

opinions, andng conditionsopinions, and

prospective st with respec

d any servicebject of this regnment.

espect to thenment.

s assignment

completing thmined value pinion, the attctly related to

and conclusiUniform Stansal regulation

opinions, andy with the Coe Appraisal In

s subject to thorized repres

AI, made a pey, MAI, CRE, F

y appraisal asn.

appraising prof USPAP.

eport, Williamntinuing educ

y.

e and belief:

this report ar

d conclusionss, and are our conclusions.

interest in thct to the part

s, as an appraeport within t

e property tha

was not cont

his assignmenor direction itainment of ao the intended

ions were devndards of Profns.

d conclusionsde of Professnstitute.

he requiremeentatives.

rsonal inspecFRICS, has pe

ssistance was

roperties sim

m L. Springer, cation progra

re true and co

s are limited or personal, im.

e property thties involved.

aiser or in anythe three‐yea

at is the subje

tingent upon

nt is not contin value that fa stipulated red use of this a

veloped, and fessional App

s were develosional Ethics a

ents of the Ap

ction of the prersonally inspe

s provided by

ilar to the su

MAI and Davam for Design

orrect.

only by the rempartial, and u

hat is the subj

y other capacar period imm

ect of this rep

developing o

ingent upon tfavors the caesult, or the oappraisal.

this report hpraisal Practic

oped, and thisand Standard

ppraisal Instit

roperty that iected the sub

y J. Tyler Davis

bject and are

vid R. Dominynated Membe

eported unbiased

ject of this re

city, regardingmediately pre

port or to the

or reporting

the developmuse of the clieoccurrence of

has been prepce as well as

s report has bs of Professio

ute relating t

is the subjectbject.

s who has not

e in complianc

y, MAI, CRE, Fers of the App

5

port

g the ceding

parties

ment or ent, the f a

pared,

been onal

to

t of this

t

ce with

RICS praisal

Expos

Brads

15.

WilliaCertifTexas

sure and Mar

shaw Nursery

As of the dhave compAffiliates o

m L. Springerfied General Rs Certificate #

keting Times

y Rd. and Leag

date of this repleted the Staof the Apprais

r, MAI Real Estate Ap# TX‐1380120‐

gue City Pkwy

eport, Williamandards and Esal Institute.

ppraiser ‐G

y.

m L. Springer, Ethics Educat

DavidCertiTexas

MAI and Davtion Requirem

d R. Dominy, fied General s Certificate #

vid R. Dominyments for Can

MAI, CRE, FRReal Estate A# TX‐1321542

y, MAI, CRE, Fndidates/Prac

RICS Appraiser 2‐G

6

RICS cticing

Expos

Brads

AssuThis astand

1.

2.

3.

4.

5.

6.

This alimitin

1.

2.

3.

4.

5.

6.

sure and Mar

shaw Nursery

mptions anappraisal and ard assumpti

The title iseasementsmanageme

There are of the prop

There are render the

The revenucorrect rel

The propefederal, sta

The informaccuracy.

appraisal and ng conditions

An appraisproperty a

The concluno represe

No changelimitation,

No environappraisal, any subseqrequired bapproved

Unless othsubpoena without co

We have msuch mattepurposes ocovers theassumed t

keting Times

y Rd. and Leag

nd Limiting Cany other woions, except a

s marketable s and restrictent and is ava

no existing juperty.

no hidden or e property mo

ue stamps plaation to the a

rty is in compate and local

mation furnish

any other wos, except as ot

sal is inherentappraised.

usions stated entation is ma

es in any fede the Internal

nmental impaand we reserquent environby law, the apby the appro

herwise agreeor attend anyompensation

made no survers. Any sketconly and shoue property as o be correct.

gue City Pkwy

Conditionsork product reas otherwise n

and free and ions. The proailable for its

udgments or p

undisclosed ore or less va

aced on any dactual dollar a

pliance with alaws, regulat

hed by others

ork product retherwise note

tly subjective

in our appraiade as to the

eral, state or lRevenue Cod

act studies werve the right tnmental impappraisal assumpriate regulat

ed to in writiny court, goverelative to su

ey of the proch or survey ould not be condescribed in t

y.

elated to thisnoted in the r

clear of all lieperty is undehighest and b

pending or th

conditions ofluable. Furthe

deed referencamount of th

all applicable tions and cod

s is believed t

elated to thised in the repo

and represen

isal apply onlyeffect of sub

ocal laws, regde) are anticip

ere either reqto revise or react studies. Ifmes that suchtory bodies.

ng, we are notrnmental or ouch additiona

perty and assof the propernsidered to bthis report, a

s engagementreport:

ens, encumbrer responsiblebest use.

hreatened litig

f the land or oermore, there

ced herein toe transaction

building, enves.

to be reliable,

s engagementort:

nts our opinio

y as of the efbsequent even

gulations or cpated.

quested or mescind any of f any environm statement w

t required to other hearingl employmen

sume no resprty included inbe scaled accund the areas

t are limited b

rances, encroe ownership a

gation that co

of the improve is no asbest

o indicate the n.

vironmental, z

, but no warr

t are subject t

on as to the v

ffective date onts.

codes (includi

ade in conjunthe value opmental impacwill be favorab

give testimog with referennt.

ponsibility in cn this report iurately for sizand dimensio

by the follow

oachments, and compete

ould affect th

vements that tos in the pro

sale price are

zoning, and o

anty is given

to the follow

value of the

of the apprais

ing, without

nction with thinions based ct statement ble and will b

ny, respond tnce to the pro

connection wis for illustratze. The appraions set forth

7

ing

nt

he value

would operty.

e in

other

for its

ing

sal, and

his upon is e

to any operty

with tive isal are

Expos

Brads

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

sure and Mar

shaw Nursery

No opinionhave assumof such ma

We acceptconsideratas legal titelectrical, may also inlaws, regu

The distribonly underand improso used. Threport sha

Neither allthe identitdisseminatmeans of cmemorandwritten co

Informatiosources ar

Any incompurpose of

If the propthe appraieconomy, expire or o

Unless othlocated onthe real pr

The currenwe have as

The valuesforth in thand Limitin

The analysassumptioconditionsmatters. Sunanticipa

keting Times

y Rd. and Leag

n is expressedmed that the aterials, unles

t no responsibtions include,le, geologic cstructural annclude determlations and co

bution of the tr the reportedvements mushe appraisal rll be utilized

l nor any partty of the apprted through acommunicatioda and other nsent of the

on, estimates e assumed to

me and expensf estimating v

perty is subjecsal may be paof the real esotherwise ter

herwise statedn the premiseroperty has be

nt purchasingssumed that

s found hereine body of thisng Conditions

ses containedons regarding s, the absenceome estimateated events an

gue City Pkwy

d as to the vaproperty is nss otherwise

bility for cons but are not lonsiderationsd other enginminations of odes.

total valuatiod highest andst not be usedreport shall bseparately or

t of the conteraisers, or anyadvertising mon (including offering matepersons signi

and opinionso be reliable a

se estimates value and do

ct to one or marticularly affstate industryminate.

d in the repors or to the coeen considere

g power of theno extreme f

n is subject tos report but ws.

d in the reportproperty pere of material es or assumpnd circumsta

y.

lue of subsurnot subject tonoted in our

siderations reimited to, legs such as soilsneering and ecompliance w

on in the repod best use of td in conjunctbe consideredr out of conte

ents of this rey reference to

media, public rwithout limiterial providedng the report

s contained inand have not

contained in not constitut

more leases, afected by signy, or of the ap

rt, no consideost of moving ed.

e dollar is thefluctuations in

o these and towhich may ha

t necessarily rformance, gechanges in thtions, howevnces may occ

rface oil, gas o surface entryappraisal.

equiring expegal descriptios and seismicenvironmentawith zoning an

ort between lthe property.ion with any d only in its enext.

port (especiao the Appraisrelations medtation prosped to prospectt.

n the report abeen indepe

the appraisate predictions

any estimate nificant changppraised prop

eration has be or relocating

e basis for then economic cy

o any other aave been omit

incorporate neneral and loche competitivver, inevitablycur; therefore

or mineral rigy for the expl

rtise in otherons and other c stability; andal matters. Sund other fede

and and impr. The allocatioother appraisntirety. No pa

ally any conclusal Institute) sdia, news medectuses, privative investors

and obtained ndently verif

l report are us of future op

of residual vages in the conperty at the ti

een given to g such person

e values stateycles will occ

assumptions otted from thi

numerous estcal business ave environmey will not mate, actual resu

ghts, if any, anloration or re

r fields. Such legal mattersd civil, mechauch consideraeral, state, an

rovements apons of value fsal and are inart of the app

usions as to vshall be dia or any othate offering ) without the

from third‐pied.

used only for tperating resul

alue containendition of the ime these lea

personal propnal property;

ed in the apprur.

or conditions s list of Assum

timates and and economicnt and other erialize, and lts achieved d

8

nd we emoval

s such anical, tions nd local

pplies for land nvalid if praisal

value,

her

e prior

arty

the ts.

ed in ses

perty only

raisal;

set mptions

c

during

Expos

Brads

18.

19.

20.

21.

22.

23.

24.

sure and Mar

shaw Nursery

the periodmaterial.

The Amerimade a spof the impissues, andInasmuch conforminability anddetermine

The appraaffiliates. Iupon any i

No studiesmaterials oupon the aincluding, representaproperty. IVentures, subcontracenvironmerequired toenvironmeassessmen

The personin the appHazard Aredeterminaproperty, aexistent or

Integra ReHouston dproblems. recommen

The appracompletio

It is expresIntegra Paappraisal rresponsiblappraisal w

keting Times

y Rd. and Leag

d covered by o

cans with Disecific survey rovements md render no oas compliancg physical chd the cost to ce compliance.

isal report is t may not beinformation i

s have been pon the subjecassumption thwithout limitations or warIntegra RealtyInc. and/or actors or emplental conditioo discover whental conditiont of the subje

ns signing theraisal report wea. We are noations. The prand the valuer minimal.

alty Resourceoes not guaraMold may bended.

isal report ann of construc

ssly acknowlerties, arising reports, and/oe or liable forwas fraudulen

gue City Pkwy

our analysis w

sabilities Act (or analysis of

meet the ADA opinion regardce matches eaaracteristics ocure any defic

prepared for used or relien the report w

provided to usct property orhat the subjetation, hazardranties are my Resources –ny of their reloyees (the “Ions that do exhether such cons, the appraect property.

e report may whether the ot qualified toesence of floe conclusion i

es – Houstonantee that the present in t

nd value concction, repairs

edged that in out of, relatinor any other r any incidentnt or prepare

y.

will vary from

(ADA) becamf the propertyaccessibility ding complianach owner’s fof a propertyciencies woul

the exclusiveed upon by anwithout our w

s indicating thr in the improct property isdous wastes, tmade regardin– Houston, Intespective officntegra Partiexist or for anyconditions exiaisal report ca

have reviewesubject propeo detect suchod plain areas predicated

is not a builde subject prohe subject pr

lusions for anor alterations

any action wng to, or in anrelated work tal or conseqd with intent

our estimate

e effective Jay to determinguidelines. Wnce of the subfinancial ability, a specific std be needed

e benefit of thny other partywritten conse

he presence oovements, ans free and cletoxic substanng the environtegra Realty cers, owners,es”), shall noty engineeringist. Because wannot be con

ed available ferty is located areas and thas and/or weton the assum

ding or envirooperty is free roperty and a

n appraisal ass in a workma

which may be ny way pertaiproduct, theuential damational miscon

es, and the va

anuary 26, 19ne whether thWe claim no ebject with ADty with the cotudy of both tfor the Depa

he Client, its sy. All parties went do so at th

or absence ofd our valuatioar of any envnces and moldnmental condResources, In managers, dt be responsibg or testing thwe are not exnsidered as an

lood maps and in an identiherefore do ntlands may afmption that w

onmental inspof defects ora professional

ssume the satanlike manne

brought againing to this ee Integra Partiages or lossesduct. It is furt

ariations may

92. We have he physical asexpertise in ADA regulationsost to cure ththe owner’s frtment of Jus

subsidiaries awho use or reheir own risk.

f hazardous on is predicatvironment hazd. No dition of the snc., Integra Stirectors, agenble for any suat might be xperts in the fn environmen

nd may have fied Special Fot guaranteeffect the valuewetlands are n

pector. Integrr environmenl inspection is

tisfactory er.

nst any of theengagement, ies shall not bs, unless the ther acknowl

9

y be

not spects DA s. e non‐inancial stice to

and/or ely .

ted zards

subject trategic nts, uch

field of ntal

noted Flood e such e of the non‐

ra tal s

e the be

edged

Expos

Brads

25.

26.

27.

28.

sure and Mar

shaw Nursery

that the copaid for thprepared ware in relia

Integra Reprepared tthe appraiprovided. Ause and beunrestricteother worklimitation,clarificatioappraisal r

The concluforeseeabdata obtaicurrent macompletelyoccurrenceassignmenunanticipaopinion threpresent risk and unmarketing

All prospecprospectivcontingencsubstantiaeconomy, lenders, firdeed restrtime are co

The appra

keting Times

y Rd. and Leag

ollective liabilhe preparationwith intentionance upon the

alty Resourcethe appraisal sal report by Accordingly, tenefit unless wed right to wik product rela conclusions on, unless ourreport (even i

usions of this le future occuned in publicarket, and resy reliable. Thees that could nt. Furthermoated events mat our findingthat these esncertainty. Mfor the durat

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David R. Dominy, MAI, CRE, FRICS Houston Integra Realty Resources

irr.com

T 713‐243‐3300 F 713‐827‐8552

5 Riverway, Suite 200Houston, TX 77056

Experience Senior Managing Director of Integra Realty Resources Houston, a multi‐faceted real estate valuation and consulting firm with experience in properties including office buildings, single‐family and multi‐family residential, single and multi‐tenant retail centers, industrial facilities, subdivisions, billboard valuation, convenience stores/service stations, hospital/MOB properties and mini‐warehouse facilities. Other assignments include pipeline systems and rights of way including roadways, railroads, waterways, avigation and high voltage transmission corridors and salt cavern storage facilities. Clients include financial institutions, insurance companies, law firms, governmental entities, oil companies, developers, and private property owners, including many Fortune 500 companies. The practice features a litigation section assisting clients in many matters including general commercial litigation, property partitioning, estate tax matters, environmental contamination cases and eminent domain cases among others.

Professional Activities & Affiliations

Former President: Houston Realty Business Coalition Former President: C Club Former Vice Chairman: Integra Realty Resources; National Chairman: Accurity Qualified Analytics Board of Director: West Harris County Municipal Utility District #15 Member: International Right of Way Association Appraisal Institute, Member (MAI) Former President; Houston

Board Member: On Track Ministries Board Member: Yellowstone Academy

[email protected] ‐ 713.243.3333

Currently certified by the Appraisal Institute's voluntary program of continuing education for its designated members. Guest Lecturer: Rice University; CLE International; Harris County Eminent Domain Seminar; Harris County Appraisal District; Texas Association of Assessment Officers

David R. Dominy, MAI, CRE, FRICS Houston Integra Realty Resources

irr.com

T 713‐243‐3300 F 713‐827‐8552


[email protected]

Licenses

Education

Qualified Before Courts & Administrative Bodies

BBA – Baylor University – Major – Accounting/Finance Successfully completed numerous real estate related courses and seminars sponsored by the Appraisal Institute, accredited universities and others.

Alabama, Real Estate General Appraiser, G00659, Expires September 2015 Arizona, Certified General Real Estate Appraiser, 31937, Expires February 2017

Advisory Board Member: Baylor University ‐ Hankamer School of Business

Arkansas, State Certified General Appraiser, CG 1255, Expires September 2016 Colorado, Real Estate General Appraiser, CG40033015, Expires December 2015 Louisiana, Real Estate General Appraiser, G1033, Expires December 2015 Mississippi, Real Estate General Appraiser, GA‐740, Expires October 2016 Oklahoma, Real Estate General Appraiser, 11679, Expires February 2018 Texas, Real Estate General Appraiser, TX‐1321542‐G, Expires November 2015 Texas, Real Estate Broker, 341697‐13, Expires May 2016

County and District Courts: Texas – Harris, Montgomery, Fort Bend, Brazoria, Galveston, Chambers, Grimes, San Jacinto, Angelina, Polk, Liberty, Bexar, and Waller. Arkansas ‐ White County Louisiana – St. Tammany Parish Federal Courts: Houston and Sherman, Texas

Counselor of Real Estate (CRE) Former Chairman, Current Board Member; Houston Royal Institute of Chartered Surveyors, Fellow (FRICS)

William Springer, MAI Houston Integra Realty Resources

irr.com

T 713‐243‐3300 F 713‐827‐8552


Experience Mr. Springer is an Associate Director with Integra Realty Resources Houston, a real estate appraisal and consulting firm. Integra Realty Resources is a multi‐faceted real estate appraisal and consulting firm specializing in properties including regional malls, office buildings, single‐family and multi‐family residential, single and multi‐tenant retail centers, industrial facilities, subdivisions, convenience stores/service stations, mini‐warehouse facilities, schools, churches and other special purpose properties and rural properties. Other property types include right of way and utility corridors, easements and various property types for eminent domain proceedings. Prior to joining Integra, Mr. Springer was employed with ThoreenHale Commercial Real Estate Advisors, serving as a Senior Analyst.

Professional Activities & AffiliationsAppraisal Institute, Member (MAI), November 2014 Board of Governors: The Fondren Foundation Board of Directors: Houston Children’s Chorus

Licenses Texas, Certified General Real Estate Appraiser, TX‐1380120‐G, Expires January 2016 Louisiana, General Real Estate Appraiser, G3716, Expires December 2015

Education Bachelor of Business Administration in Real Estate – Baylor University Appraisal Institute Courses Completed: Real Estate Principles, Procedures and USPAP General Appraiser Market Analysis and Highest and Best Use Finance, Statistics and Modeling General Appraiser Sales Comparison Approach General Appraiser Site Valuation and Cost Approach General Appraiser Income Approach, Parts I and II General Appraiser Report Writing and Case Studies Advanced Income Capitalization Advanced Sales Comparison and Cost Approaches Advanced Applications

[email protected] ‐ 713‐243‐3341

Integra Realty Resources, Inc.

Corporate Profile

Integra Realty Resources, Inc. offers the most comprehensive property valuation and counseling coverage in the United States with 62 independently owned and operated offices in 34 states and the Caribbean. Integra was created for the purpose of combining the intimate knowledge of well‐established local firms with the powerful resources and capabilities of a national company. Integra offers integrated technology, national data and information systems, as well as standardized valuation models and report formats for ease of client review and analysis. Integra’s local offices have an average of 25 years of service in the local market, and virtually all are headed by a Senior Managing Director who is an MAI member of the Appraisal Institute.

A listing of IRR’s local offices and their Senior Managing Directors follows:

ATLANTA, GA ‐ Sherry L. Watkins., MAI, FRICS AUSTIN, TX ‐ Randy A. Williams, MAI, SR/WA, FRICS BALTIMORE, MD ‐ G. Edward Kerr, MAI, MRICS BIRMINGHAM, AL ‐ Rusty Rich, MAI, MRICS BOISE, ID ‐ Bradford T. Knipe, MAI, ARA, CCIM, CRE, FRICS BOSTON, MA ‐ David L. Cary, Jr., MAI, MRICS CHARLESTON, SC ‐ Cleveland “Bud” Wright, Jr., MAI CHARLOTTE, NC ‐ Fitzhugh L. Stout, MAI, CRE, FRICS CHICAGO, IL ‐ Eric L. Enloe, MAI, FRICS CINCINNATI, OH ‐ Gary S. Wright, MAI, FRICS, SRA CLEVELAND, OH ‐ Douglas P. Sloan, MAI COLUMBIA, SC ‐ Michael B. Dodds, MAI, CCIM COLUMBUS, OH ‐ Bruce A. Daubner, MAI, FRICS DALLAS, TX ‐ Mark R. Lamb, MAI, CPA, FRICS DAYTON, OH ‐ Gary S. Wright, MAI, FRICS, SRA DENVER, CO ‐ Brad A. Weiman, MAI, FRICS DETROIT, MI ‐ Anthony Sanna, MAI, CRE, FRICS FORT WORTH, TX ‐ Gregory B. Cook, SR/WA GREENSBORO, NC ‐ Nancy Tritt, MAI, SRA, FRICS GREENVILLE, SC ‐ Michael B. Dodds, MAI, CCIM HARTFORD, CT ‐ Mark F. Bates, MAI, CRE, FRICS HOUSTON, TX ‐ David R. Dominy, MAI, CRE, FRICS INDIANAPOLIS, IN ‐ Michael C. Lady, MAI, SRA, CCIM, FRICS JACKSON, MS ‐ J. Walter Allen, MAI, FRICS JACKSONVILLE, FL ‐ Robert Crenshaw, MAI, FRICS KANSAS CITY, MO/KS ‐ Kenneth Jaggers, MAI, FRICS LAS VEGAS, NV ‐ Charles E. Jack IV, MAI LOS ANGELES, CA ‐ John G. Ellis, MAI, CRE, FRICS LOS ANGELES, CA ‐ Matthew J. Swanson, MAI LOUISVILLE, KY ‐ Stacey Nicholas, MAI, MRICS MEMPHIS, TN ‐ J. Walter Allen, MAI, FRICS MIAMI/PALM BEACH, FL ‐ Scott M. Powell, MAI, FRICS

MIAMI/PALM BEACH, FL‐ Anthony M. Graziano, MAI, CRE, FRICS MINNEAPOLIS, MN ‐ Michael F. Amundson, MAI, CCIM, FRICS NAPLES, FL ‐ Carlton J. Lloyd, MAI, FRICS NASHVILLE, TN ‐ R. Paul Perutelli, MAI, SRA, FRICS NEW JERSEY COASTAL ‐ Halvor J. Egeland, MAI NEW JERSEY NORTHERN ‐ Barry J. Krauser, MAI, CRE, FRICS NEW YORK, NY ‐ Raymond T. Cirz, MAI, CRE, FRICS ORANGE COUNTY, CA ‐ Larry D. Webb, MAI, FRICS ORLANDO, FL ‐ Christopher Starkey, MAI, MRICS PHILADELPHIA, PA ‐ Joseph D. Pasquarella, MAI, CRE, FRICS PHOENIX, AZ ‐ Walter ‘Tres’ Winius III, MAI, FRICS PITTSBURGH, PA ‐ Paul D. Griffith, MAI, CRE, FRICS PORTLAND, OR ‐ Brian A. Glanville, MAI, CRE, FRICS PROVIDENCE, RI ‐ Gerard H. McDonough, MAI, FRICS RALEIGH, NC ‐ Chris R. Morris, MAI, FRICS RICHMOND, VA ‐ Kenneth L. Brown, MAI, CCIM, FRICS SACRAMENTO, CA ‐ Scott Beebe, MAI, FRICS ST. LOUIS, MO ‐ P. Ryan McDonald, MAI, FRICS SALT LAKE CITY, UT ‐ Darrin W. Liddell, MAI, CCIM, FRICS SAN ANTONIO, TX ‐ Martyn C. Glen, MAI, CRE, FRICS SAN DIEGO, CA ‐ Jeff A. Greenwald, MAI, SRA, FRICS SAN FRANCISCO, CA ‐ Jan Kleczewski, MAI, FRICS SARASOTA, FL ‐ Carlton J. Lloyd, MAI, FRICS SAVANNAH, GA ‐ J. Carl Schultz, Jr., MAI, FRICS, CRE, SRA SEATTLE, WA ‐ Allen N. Safer, MAI, MRICS SYRACUSE, NY ‐ William J. Kimball, MAI, FRICS TAMPA, FL ‐ Bradford L. Johnson, MAI, MRICS TULSA, OK ‐ Robert E. Gray, MAI, FRICS WASHINGTON, DC ‐ Patrick C. Kerr, MAI, SRA, FRICS WILMINGTON, DE ‐ Douglas L. Nickel, MAI, FRICS CARIBBEAN/CAYMAN ISLANDS ‐ James Andrews, MAI, FRICS

Corporate Office Eleven Times Square, 640 Eighth Avenue, 15th Floor, Suite A, New York, New York 10036 Telephone: (212) 255‐7858; Fax: (646) 424‐1869; E‐mail [email protected] Website: www.irr.com

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SPTB Description Area Market Ag Value

Type ValueEff YearAreaDescription Year Built

Bedrooms

2015 2014 2013 2012

Land Segments

Sales

Situs Address

FlooringRoofInteriorExteriorFoundationConstruction

Current Owner Legal Description Exemptions Market

CITY-LEAGUE CITY (O158065) 300 W WALKER ST LEAGUE CITY,TX 77573-3898

ABST 3 PAGE 17 LOT 36 BLK 4 THE OAKS OF CLEAR CREEK SEC 2

EX

Entities

GGA, S16, RFL, M18, C40

42,780

Assessed

42,780

History Information

Building Attributes

Improvements

Imp HS

Imp NHS

Land HS

Land NHS

Ag Mkt

Ag Use

Tim Mkt

Tim Use

HS Cap

-

Assessed

--

$42,780

-

-

-

-

-

$42,780

-

-

-

$36,570

-

-

-

-

-

$36,570

-

-

-

$36,570

-

-

-

-

-

$36,570

-

-

-

$36,570

-

-

-

-

-

$36,570

Date Volume Page Seller Name

Heat/AC Baths Fireplace Year Built Rooms

CITY-LEAGUE CITY

ALLSEL CORP 2000012214

HOWARD, LADDIE 2000009397

TARA GLEN LIMITED 011-86-0832

42,7809555FResidential LotC9

Page of1 1R311041

2015 05/29/2015



Bedrooms

2015 2014 2013 2012

Land Segments

Sales

Situs Address





EX

Entities

GGA, S16, RFL, M18, C40

36,330

Assessed

36,330

History Information

Building Attributes

Improvements

Imp HS

Imp NHS

Land HS

Land NHS

Ag Mkt

Ag Use

Tim Mkt

Tim Use

HS Cap

$0

Assessed

$0$0

$36,330

$0

$0

$0

$0

-

$36,330

$0

$0

$0

$31,050

$0

$0

$0

$0

-

$31,050

$0

$0

$0

$31,050

$0

$0

$0

$0

-

$31,050

$0

$0

$0

$31,050

$0

$0

$0

$0

-

$31,050



CITY-LEAGUE CITY


TARA GLEN LIMITED 2000011414


Page of1 1R310588

2015 05/29/2015



Bedrooms

2015 2014 2013 2012

Land Segments

Sales

Situs Address





EX

Entities

GGA, S16, RFL, M18, C40

37,120

Assessed

37,120

History Information

Building Attributes

Improvements

Imp HS

Imp NHS

Land HS

Land NHS

Ag Mkt

Ag Use

Tim Mkt

Tim Use

HS Cap

$0

Assessed

$0$0

$37,120

$0

$0

$0

$0

-

$37,120

$0

$0

$0

$31,730

$0

$0

$0

$0

-

$31,730

$0

$0

$0

$31,730

$0

$0

$0

$0

-

$31,730

$0

$0

$0

$31,730

$0

$0

$0

$0

-

$31,730



CITY-LEAGUE CITY


TARA GLEN LIMITED 2000011414

SPIERS, MARION 012-95-2218

TARA GLEN LIMITED 011-86-0829


Page of1 1R310587

2015 05/29/2015

Land Sale Profile Sale No. 1

Location & Property Identification

1.49 AC on FM 646Property Name:

Sub-Property Type: Commercial

FM 646Address:

League City, TX 77539City/State/Zip:

GalvestonCounty:

SuburbanMarket Orientation:

SWC of FM 646 (16th St) & Avenue F

Property Location:

IRR Event ID: 1138665

Sale Information

$235,000Sale Price:

$235,000Eff. R.E. Sale Price:

08/27/2014Sale Date:

Sale Status: Closed

$/Acre(Gross): $157,486

$/Land SF(Gross): $3.62

$/Acre(Usable): $157,486

$/Land SF(Usable): $3.62

Grantor/Seller: Susan V. Miller

Grantee/Buyer: ACV Investments LLC

Property Rights: Fee Simple

Exposure Time: 3 (months)

Financing: Cash to seller - buyer obtained financing

Document Type: Warranty Deed

Recording No.: 2014.50197

Verified By: Mr. John "Tyler" T. Davis

Verification Date: 5/27/15

Verification Source: Murlene Ware, Bayou Realtors, 281-337-4557

Verification Type: Confirmed-Seller Broker

Sale Analysis

Proposed Use Desc.: Commercial

Improvement and Site Data

Block 165, Moore's Addition to the Town of Dickinson, save and except Lots 6 and 12/ R165951

Legal/Tax/Parcel ID:

1.49/1.49Acres(Usable/Gross):

65,000/65,000Land-SF(Usable/Gross):

Usable/Gross Ratio: 1.00

Shape: Rectangular

Topography: Level

Vegetation: Grass and shrubs

Corner Lot: Yes

Frontage Type: 2 way, 2 lanes each way

Traffic Control at Entry: Turn lane

Traffic Flow: Moderate

AccessibilityRating: Average

Visibility Rating: Average

Zoning Desc.: Office Commercial

Flood Plain: Yes

Flood Zone Designation: X (Shaded)

Comm. Panel No.: 4854880030E

Date: 09/22/1999

Utilities: Electricity, Water Public, Sewer, Gas, Telephone, CableTV, Fiber Optics

Utilities Desc.: Utilities available along FM 646

Source of Land Info.: Public Records

1.49 AC on FM 646



1.166 AC on E. WalkerProperty Name:


101 E. Walker St.Address:


GalvestonCounty:


Southeast line of E. Walker Street, north of Highway 3

Property Location:


Sale Information

$156,000Sale Price:



Sale Status: Closed

$/Acre(Gross): $133,756




Grantor/Seller: Marion M. Ringo

Grantee/Buyer: Ming-He Huang and Hong Hu


Financing: Cash to seller


Recording No.: 2013072022



Verification Source: Patrick McFarland, 713-857-2715

Verification Type: Confirmed-Seller Broker


Lot 1, Abstract 3, Ringo Special Subdivision/ R517599





Shape: Rectangular

Topography: Level


Corner Lot: No


Visibility Rating: Above average

Zoning Code: General Commercial

Flood Plain: No

Flood Zone Designation: X

Comm. Panel No.: 485488

Date: 09/22/1999

Utilities: Electricity, Water Public, Sewer, Gas


1.166 AC on E. Walker



0.9 AC at 820 Louisiana AveProperty Name:

Sub-Property Type: Residential

820 Louisiana Ave.Address:


GalvestonCounty:


E/L of Louisiana AvenueProperty Location:


Sale Information

$90,000Sale Price:



Sale Status: Closed

$/Acre(Gross): $100,000




Grantor/Seller: Michael D. and Ginger Sprouse

Grantee/Buyer: Justin and Lynsey Davis



Financing: Cash to seller - buyer obtained financing





Verification Source: Ginger Sprouse, 713-933-8241

Verification Type: Confirmed-Seller

Sale Analysis

Proposed Use Desc.: Single Family Residence


Unrestricted Reserve E, Louisiana Plantation Addition, Galveston County, Texas/ R370746





Shape: Rectangular

Topography: Level


Corner Lot: No

Frontage Type: 2 way, 1 lane each way

Traffic Control at Entry: Turn lane



Zoning Desc.: Single Family Residential

Flood Plain: No


Comm. Panel No.: 4854880013D

Date: 09/22/1999

Utilities: Electricity, Water Public, Sewer, Gas, Telephone, CableTV


0.9 AC at 820 Louisiana Ave



SH 3 LandProperty Name:


1012 S. State Highway 3Address:


GalvestonCounty:


E/S of Highway 3, S of Washington Street

Property Location:


Sale Information

$750,000Sale Price:



Sale Status: Closed

$/Acre(Gross): $133,476




Grantor/Seller: John B. Daro

Grantee/Buyer: Adriana Weathers

Assets Sold: Real estate only


% of Interest Conveyed: 100.00


Financing: Cash to seller

Document Type: Deed


Verification Source: Alliance Realty, Allen Cruitherds

Verification Type: Confirmed-Buyer


MSA: Houston-Sugar Land-Baytown, TX Metropolitan Statistical Area

Abstract 3, Page 16, S F Austin Survey, Tract 76/ R135141





Shape: Irregular

Topography: Level

Corner Lot: No

Frontage Feet: 250

Frontage Desc.: 250 - Highway 3

Frontage Type: 2 way, 2 lanes each way

Traffic Control at Entry: None

Traffic Flow: Moderate



NoEasements:

Environmental Issues: No

Flood Plain: No


Comm. Panel No.: 4854880030E

Date: 09/22/1999

Utilities: Electricity, Water Public, Sewer, Gas, Telephone, CableTV

Utilities Desc.: League City

Source of Land Info.: Broker

SH 3 Land

Adden

Brads

nda

shaw Nurseryy Rd. and Leaggue City Pkwyy.

integra realty resources houston appraisal of real property ...10587 on 2, the oaks opinion of t...

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