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

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SUMMARY APPRAISAL REPORT 4 since the appraiser has determined that matket participants do not scrutinize income parameters in the analysis of vacant land. This appraisal is limited only by the accuracy of the data reported to the appraiser. Your attention is dir~cted to the following report, which presents the analysis and conclusions pertaining to the valuation of the subject property. EXPOSURE TIME: One of the conditions in the above definition calls for reasonable exposure time. Exposure time is always presumed to precede the effective date of the appraisal. It may be defined as the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an an~lysis of past events assuming competitive and open market. The overall concept of reasonable exposure encompasses adequate, sufficient, and reasonable time and effort. An estimate of the time pe1"iod fat reasonable exposure is not intended to Pe a prediction of a date of sale. It is gell.erally based on one or more of the following; (1) statistical irrformation about days on the market; (2) infol'illation gathered through sales verification; and (3) interviews with market participants. A reasonable exposure period is a function of price, time, and use. After considering the available data, which consists prim. arily of interviews with real estate brokers active in the local market, it is the appraiser's opinion that a reasonable exposure time for the subject is a period of not more than twelve months. HISTORY OF THE PROPERTY: The subject property is currently owned by East A Development and La POlte 5 Points Properties LP. A representative of the owner, Garson Silvers, reported that the subject property, along with a second property, was purchased in one transaction ftom Wade Cooper on August 3, 2007 (Doc. No. 2007-0477563 & 2007- 0731724). The consideration for both propeliies Was reported to be $60,000 with no allocation being given between the 2 properties. The second property is located at the northeast comer of San Jacinto Street (l07FF) & East Main Street(56.4FF). This 8,230 square foot site is improved with a one-stolY retail building that Was built in 1955. Thi$ building was in poor condition and the Buyer plans to renovate the structure for future retail use. The appraiser is not aware of any additional transactions regarding the subject that have OCCUlTed within the past three yeats. REAL ESTATE TAX. DATA: The subject property is located in Harris County within the city of Houston. It is subject to taxation by several taxing jurisdictions. These jurisdictions and their tax rates are summarized within the following table. The Bilicek Company