12-09-19 Regular Meeting of the La Porte City Council

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VALUE DEFINITION Market value is defined by City of Austin v. Cannizzo, 267 S.W. 2d 808 (Tex. 1954) as being: "The price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell, and is bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is reasonably adaptable and for which it either is or in all reasonable probability will become available within the reasonable future." SCOPE OF WORK Definition:The scope of work is the type and extent of research and analysis in an assignment. Scope of work includes the extent to which the property is identified, the extent to which tangible property is inspected, the type and extent of data research, and the type and extent of analysis applied to arrive at credible opinions or conclusions. The specific scope of work for this assignment is identified below and throughout this report. Scope of Subject Property Inspection (Site Visit) Approaches to Value Developed Cost Approach: Property Date of Is necessary for credible results and is developed in this analysis Appraiser Name: Is not necessary for credible results; not developed in this analysis Inspection: Inspection: Is not necessary for credible results but is developed in this analysis David R. Bethel, MAI N/A Yes No Carlo S. Forni, MAI 6/26/2019 Yes No Sales Comparison Approach: Zachry C. Kezar, MAI 6/10/2019 Yes No Is necessary for credible results and is developed in this analysis Is not necessary for credible results; not developed in this analysis Aaron M. Romero N/A Yes No! Is not necessary for credible results but is developed in this analysis Describe Scope of Property Inspection(s): Income Approach: Zachry C. Kezar, MAI inspected the property from the public Is necessary for credible results and is developed in this analysis right of way on June 10, 2019. Carlo S. Forni, MAI inspected Is not necessary for credible results; not developed in this analysis the property from the public right of way on June 26, 2019. Is not necessary for credible results but is developed in this analysis We assume no changes to the property have occurred between our inspection date and the date of this report. Source of Area Calculations: We were provided with title work, deeds, tax records, and a survey exhibit of the partial acquisition. We have relied upon the survey exhibit for the size and shape of the partial acquisition. The proposed pipeline crosses an 8.072 acre tract (TX-HR-0026.00000) and an 18.378 acre tract (TX-HR-0026.00000). These tracts are contiguous, used in conjunction, and are under the same ownership. As such, we have combined these tracts in our appraisal. We have relied upon the limited title certificate and deed records for the size and shape of the subject whole property which indicate a subject whole property size of 26.45 acres (8.072 acres + 18.378 acres). Data Sources Consulted: This investigation included the collection of sales, offerings, and other developments that have occurred in this market. The sources of our data included our own database, multiple listing services (MLS), and other real estate appraisers and brokers. Significant Real Property Appraisal Assistance: None Disclose Name(s) and Contribution: Tyler L. Givens assisted in the market data research, research of the subject property, and compilation of this report. Allen, Williford and Seale, Inc. Page 2