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E. I. TARiN & CO. <br />REAL ESTATE APPRAISERS CONSULTANTS <br />613 - 7TH AVENUE NORTH (P. O. BOX 2277) TEXAS CITY, TEXAS 77590 <br />TEL. (71 3) 945- 3384 332 - 1511 332 - 1744 <br />October 3, 1980 <br />Betty T. Waters, City Secretary <br />City of La Porte <br />P.O. Box 1115 <br />La Porte, Texas 77571 <br />Re: Real Estate Appraisal <br />Alleys on Block 171 and 173 <br />La Porte, Harris County, Texas. <br />Dear Mrs. Waters, <br />As you requested, we have inspected and appraised the <br />above mentioned property. <br />The objective of this appraisal is to estimate the market <br />value of the subject property, which is defined as: <br />"The amount of money that a person desiring to sell <br />but not bound to do so, could, within a reasonable <br />time, procure for such property from a person who <br />desires and is able to buy, but is not bound to <br />purchase the property. <br />It is the amount that could be obtained at private <br />sale and not at a forced sale or auction sale." <br />(West Texas Hotel Company v. El Paso, et al 83 SW <br />2nd 772) <br />It is our opinion that the subject property has a market <br />value, as of September 18, 1980, of: <br />FIVE THOUSAND SEVEN HUNDRED SIXTY DOLLARS <br />($5,760.00) <br />`t~ ~ t: <br />J'~Ly <br />t: <br />®~ ~-C~ <br />E. I. TARIN, M.A.I. <br />B1g <br />