03-29-10 Special Called Regular Meeting of the Fiscal Affairs Committee

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SUMMARY APPRAISAL REPORT 2 sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, acting in what they consider their own best interests; (3) A reasonable time is allQwed for exposure in the open market; (4) Payment is made in telms of cash in U.s. dollars or in terms of financial anangements comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Markel Value Definition Pel' Financial Institution Reform, Recovery and Enforcemenl Acl of 1989 (FIRREA), Efficfive Augusl 24, 1990. EFFECTIVE DAT:E OF VALUE: The effective date of the as is market value opinion for which this appraisal shall apply is March 11, 2008. DATE OF REPORT: April 15, 2008 APPRAISAL PROCESS: It has been the appraiser's intention to prepare this appraisal in conformity with FlRREA and the requirements of the Ullifol11l Standards of Professional Appraisal Practice of the Appraisal Founqation iiS well as the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Apptaisal Institute. The appraisal was also prepar~ with the intent of being in compliance with the appraisal policies of the City of La Porte and the Texas Parks And Wildlife Department. The appraisal process involves a step-by-step analysis which begins with the definition of the apprais~l problem. Once the problem is defmed the tnethods for solving it are outlined and planned. The final step is the collection of data which is classified, analyzed and interpreted into an estimate of value. The appraisal problem defmition has five basic step; 1) Identify the property to be appraised, 2) Specify the rights involved, 3) State the purpose of the appraisal, 4) Ascertain the date as of which the estimate is desired, and 5) Define the value to be estimated. Once the problem is defmed, apreliminary survey is made to determine the character, scope and the amount of work it would take to solve the problem. In addition, the limitations of the problem are also addressed. lfthe problem is to estimate the market value of a property, the "highest and best use" must be determined (or most profitable use) as well as any qualifications relating to that estimate of value. The Bilicek Company