O-2016-3630 Abandoning and Closing a Portion of the East "A" Street ROW and Authorizing the Execution and Delivery of a Deed

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.....Page 2 Continued...... It should clearly be understood that this letter only constitutes only a statement of the final value and that does not presume to be the complete analysis of the subject property nor a complete appraisal format and is subject to the preparation of a detailed appraisal report. Sales of generally similar properties in the subject neighborhood were researched that had locations that range from primary to secondary type roadways. The subject's market area generally has access public utilities. The subject site appears to be generally flat and level and is not located in the 100 year flood plain. The Highest and Best Use of the subject property is determined to be for use a street right of way or for use by adjacent property owners due to its configuration. Adjacent property uses on the north, east and west boundaries of the subject property are single family detached houses. The client and intended user of this appraisal is the City of La Porte only. The intended use is to estimate the current market value of the subject property of this analysis as described above for use in street abandonment procedures. There has been no transfer of the subject property noted for the past 36 months per appraisal district records. The effective date of the appraisal and original inspection is November 23, 2015. The new effective date of the report is January 28, 2016. The estimated exposure time is up to 24 months. A unit value range of between $1.62 PSF to $2.03 PSF was noted from the comparable lot sales before any adjustments were made. All of the comparable lot sales were effectively unimproved lots with frontage and access on paved public streets. These sales were considered superior to the subject property due to the subject property and were adjusted downward for this aspect. After adjustments, it is my opinion the estimated unit value range for the subject property would be between $1.22 PSF to $1.53 PSF with an estimated mid- range value of $1.35 PSF before any additional discounting by the City. Therefore the unit market value of the subject tract is estimated at $1.35 PSF which is based on 100% fee simple ownership with no discounting applied. Respectfully Submitted, C� CCS Chris Chuoke, President R.C. CHUOKE & ASSOCIATES, INC.