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<br />SUMMARY APPRAISAL REPORT <br /> <br />16 <br /> <br />The subject property is available for most commercial uses an~ to the appraiser's knowledge, <br />there are no restrictions, deed or otherwise, which would inhibit the use or development of <br />this property. <br /> <br />The subject property does include concrete paved area that appear to be portions of a <br />building slab or parking areas associated with a prior use. Garson Silvers repoiied that the <br />property was once used as a service station and that the fuel tanl\s associated with this prior <br />use have been. removed. The appraiser was not provided with an environmental assessment <br />eval1,latin.g the presence of, or lack Of, hazardous materials on the subject site. I suggest that a <br />professional in this area be engaged to make such a determination. <br /> <br />The appraiser's cursory site visit revealed no detrimental easements or encroachments on the <br />property. It is important to. note that the appraiser has not completed a title or abstract search <br />regarding the subject property. <br /> <br />Conclusions: The subjectpropetiy is ofa size that it could accommodate a variety of uses. <br />The property is served with all public utilities and it does not appear to be located within a <br />knoWn flood hazard area. The property is zoned for commercial use but the development of <br />the site is limited by its shape. Overall the subject property has features that that would allow <br />the tract to be developed in a manner that is compatible with the commercial development <br />patte~ of the area. <br /> <br />aIGHEST AND BEST USE: Highest and Best Use is defmed in The Appraisal Of Real <br />Estate, 12th Edition, page 305, as "the reasonably probable and legal use of vacant land (jr <br />improved property that is physically possible, appropriately supported, and fthancially <br />feasible and that results in the highest value." <br /> <br />Highest and best use of a property is determined both lias vacant" and lias improved". In the <br />subject's case it is vacant land artd only its highest and best use as vacant willbe determined. <br />Four tests have been applied in order to deterrlline highest and best use. The tests applied to <br />determine highest and best use inClude: (1) physically possible use, (2) legally permissible <br />use, (3) finanCially feasible use, (4) max.imally ptoductive use. <br /> <br />Physically Possible: The subject property is a triangular shaped property that has adequate <br />frontage, ac~ess. and exposure to the three adjoining streets. The subject site appears to be <br />typical of sites in the immediate area in regards to vegetation and tel1'ain, but its triangular <br />shape is limiting to the development potential pf the site. The property has all utilities <br />available and it does not appear to be located within a known flood hazard area. Overall the <br />subject property has features that that would ~l1ow the tract to be developed in a manner that <br />is compatible with the development pattern ofthe area. <br /> <br />Legally Possible: The subject site is located within the city limits of La Porte and is zoned <br />Main Street District which allows for commerCial use with the intent "to pre$erve the <br /> <br />The Bilicek Company <br />