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i <br /> i <br /> .....Page 2 Continued...... <br /> The market values in the subject neighborhood appear to vary generally from <br /> +-$1.00 PSF to over $4.00 PSF for tracts generally similar to the subject <br /> property with locations on secondary type roadways such as S. 14th Street, <br /> and South 16th Street and other smaller nearby collector streets. The primary <br /> roadways in the immediate neighborhood are State Highway 146 and <br /> Fairmont Parkway. The area has general access public utilities. The subject <br /> site appears to be generally flat and level. The subject property is not located <br /> in the 100 year flood plain. The Highest and Best Use of the subject property is <br /> determined to be for use an alleyway or for use by adjacent property owners <br /> due to its unique configuration. Adjacent property uses on the north, east and <br /> west boundaries of the subject property are all either commercial/light <br /> industrial tracts of land or commercial/light industrial buildings with frontage <br /> along S. 14th Street, and West G Street. The client and intended user of this <br /> appraisal is the City of La Porte only. The intended use is to estimate the <br /> current market value of the subject property of this analysis as described <br /> above for use in street abandonment procedures. There has been no transfer of <br /> the subject property noted for the past 36 months per appraisal district <br /> records. The effective date of the appraisal is May 15, 2015. The effective date <br /> of the report is May 18, 2015. The estimated exposure time is up to 24 <br /> months. <br /> After a review of the comparable sales it is my opinion the estimated unit <br /> value range of between $1.50 PSF to $3.00 PSF would be placed on the <br /> subject property with a mid-range value of $2.50 PSF being indicated for the <br /> subject property before any discounting. Therefore the unit market value of <br /> the subject tract is estimated at $2.50 PSF which is based on 100% fee <br /> simple ownership with no discounting applied. <br /> Respectfully Submitted, <br /> Chris Chuoke, President <br /> R.C. CHUOKE & ASSOCIATES, INC. <br />