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<br /> <br />THE BILICEK COMPANY <br />A Professional Real Estate Consuhinll Firm <br /> <br />April IS, 2008 <br /> <br />Gretchen Larson <br />Economic Development Coordinator <br />City of La Porte <br />604 West Fanmont Parkway <br />La Porte, Texas 77571 <br /> <br />RE.: Summary appraisal of a 0.3297 acre vacant tract of land located at the southeast <br />comer of San Jacinto Street and South Broadway Street in La Porte, Texas. <br /> <br />Dear Ms. Larson: <br /> <br />In accordance with your request, I have appraised the above referenced property. The <br />purpose of this appraisal is to develop my opinion of the subject property's as is market <br />value. I completed an unescorted cursory site visit to the property on March 11,2008. <br /> <br />FINAL VALUE CONCLUSION: <br /> <br />FIFTY~TWO THOUSAND FIVE HUNDRED DOLLARS <br />($52,500) <br /> <br />CLIENT & INTENDED USERS: The client and intended users of this repOlt are the City <br />of La Porte, the Texas Parks And Wildlife Depaliment, and Garson Silvers. <br /> <br />INTENDED USE OF REPORT: This appraisal is intended to assist the client with <br />deciSIon making regarding the possible purchase/sale of the subject property. <br /> <br />LEGAL DESCRIPTION: The subject property is legally described as 0.3297 acres, more <br />or less, being Lots 1,2,3,4,5,6, 7, 8, and 9 of Block 199, City of La Porte, Ranis County, <br />Texas. Neither the appraiser nor his legal counsel has verified the legal description. <br />Verification of the legal description should be made prior to its use. <br /> <br />PURPOSE OF THE APPRAISAL: The purpose of this appraisal is to develop my opinion <br />of the as is market value of the subject property's fee simple estate. <br /> <br />MARKET VALUE DEFINITION: Market value means the most probable price which a <br />property should bring in a competitive and open market under all conditions requisite to a <br />fair sale, the buyer and seller each acting prudently and knowledgeably. and assuming the <br />price is not affected by undue stimulus. Implicit in this definition is the consummation of a <br /> <br />12695 Whittington Drive, Suite 220, Houston, Texas 77077 <br />Telephone (281) 497-2774 FAX (281) 497-2366 E-Mail sbilicek@sbcglobal.net <br />