O-2007-2971 close alley Blks 349,351,352 & portions of North 1ST Street and North “G” Street R.O.Ways

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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 and is subject to the preparation of a complete self-contained report. The market values in the subject neighborhood appear to vary generally from +-$0.75 PSF to over $7.00 PSF for tracts generally similar to the subject property with locations that range from primary to secondary type roadways. The adjacent "parent tracts" consists of sites which appear to range from 1.29 acres to 2.42 acres of land that is located either on the west line of North Broadway Street or Barbour's Cut Blvd. The site is reported to have public utilities per your office. The site appears to be generally flat and level and is assumed not have any adverse site or environmental conditions. The site is currently occupied by a container shipping facility. The Highest and Best Use .of the subject property is determined to. be for industrial development. The . intended user of this apprai~al istl1~.City ~fLaPorte only, The i~te~ded use. is to determine the estimated market value of the subject property. 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 is December 28, 2004. The effective date of the report is December 30, 2004. The estimated exposure time is 12 months. After a review of the comparable sales it is my opinion the estimated unit value. range of between $1.50 to $3.00 PSF would be placed on the subject property with a mid-range value of $2.25 PSF being indicated for the parent tract. Therefore the unit market. value of the subject tract is estimated at $2.~5 PSF whkh is based on 100% fee simple ownerslUp with 1W disoounWlg applied . Respectfully Submitted,