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HomeMy WebLinkAbout233-24 RESOLUTION113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 233-24 File Number: 2024-489 CBRE, INC. CUSHMAN & WAKEFIELD OF TEXAS, INC. AND TEXAS APPRAISAL TEAM, LLC. (APPRAISAL SERVICES): A RESOLUTION TO AWARD RFP 24-11 AND AUTHORIZE THE PURCHASE OF ON -CALL APPRAISAL SERVICES FROM CBRE, INC.; CUSHMAN & WAKEFIELD OF TEXAS, INC.; AND TEXAS APPRAISAL TEAM, LLC BASED ON RATES AND AVAILABILITY AS NEEDED THROUGH DECEMBER 31, 2025, WITH THREE AUTOMATIC ONE-YEAR RENEWALS WHEREAS, as part of many of the City's street, drainage, water and sewer projects the City must acquire right of way and easements in order to construct the improvements; and WHEREAS, for the City to establish fair compensation rates for the acquisitions, appraisals are ordered for some of the properties throughout the project; and WHEREAS, when an appraisal is needed, the City Land Agents will request 3 quotes from local appraisers and the lowest quote will be selected; and WHEREAS, by selecting on -call appraisers, this will allow the Land Agents to move forward without requesting multiple quotes and will save project time. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby awards RFP 24-11 and authorizes the purchase of on -call appraisal services from CBRE, Inc.; Cushman & Wakefield of Texas, Inc.; and Texas Appraisal Team, LLC based on rates and availability as needed through December 31, 2025, with three automatic one-year renewals. PASSED and APPROVED on September 17, 2024 Approved Id Jordan, Page 1 Attest: Kara Paxton, City Clerk Treasurer ���irrruru����i J•TR�s �4 ` •DIY Ok •.G��. �� Vv• A. =U• — • FAYETIEV111i�: 5. CITY OF FAYETTEVILLE ARKANSAS MEETING OF SEPTEMBER 17, 2024 CITY COUNCIL MEMO 2024-489 TO: Mayor Jordan and City Council THRU: Chris Brown, Public Works Director Susan Norton, Chief of Staff FROM: Matt Casey, Engineering Design Manager SUBJECT: Approval of a resolution to award RFP 24-11, to CBRE, Inc. Cushman & Wakefield of Texas, Inc. and Texas Appraisal Team, LLC based on rates provided and availability for on -call appraisal services as needed through December 31, 2025 with three automatic one-year renewals. RECOMMENDATION: Approval of a resolution to award RFP 24-11, to CBRE, Inc. Cushman & Wakefield of Texas, Inc. and Texas Appraisal Team, LLC based on rates provided and availability for on -call appraisal services as needed through December 31, 2025 with three automatic one-year renewals. BACKGROUND: As part of many of the City's street, drainage, water and sewer projects the City must acquire right of way and easements in order to construct the improvements. For the City to establish fair compensation rates for the acquisitions, appraisals are ordered for some of the properties throughout the project. Typically, when an appraisal is needed, the City Land Agents will request 3 quotes from local appraisers. After the quotes are received, the lowest quote will be selected, and a purchase order will be requested. By selecting on -call appraisers, this will allow the Land Agents to move forward without requesting multiple quotes and will save project time. DISCUSSION: A City selection committee selected CBRE, Inc. Cushman & Wakefield of Texas, Inc. and Texas Appraisal Team, LLC to be used for on -call appraisal services for street, drainage and utilities projects for 2025 with automatic renewals for 2026, 2027 and 2028. BUDGET/STAFF IMPACT: Funds for the appraisals have been budgeted in various capital projects with the Sales Tax Capital Improvements Fund, the Transportation Bond Fund, Drainage Bond Fund and the Water and Sewer Fund. ATTACHMENTS: SRF (#3), RFP 24-11, Submittal - CBRE, Inc. - E (#4), RFP 24-11, Submittal - Cushman & Wakefield of Texas, Inc. - E (#5), RFP 24-11, Submittal - Texas Appraisal Team LLC - E (#6) Mailing address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 == City of Fayetteville, Arkansas y 113 West Mountain Street Fayetteville, AR 72701 (479)575-8323 - Legislation Text File #: 2024-489 Approval of a resolution to award RFP 24-11, to CBRE, Inc. Cushman & Wakefield of Texas, Inc. and Texas Appraisal Team, LLC based on rates provided and availability for on -call appraisal services as needed through December 31, 2025 with three automatic one-year renewals. A RESOLUTION TO AWARD RFP 24-11 AND AUTHORIZE THE PURCHASE OF ON -CALL APPRAISAL SERVICES FROM CBRE, INC.; CUSHMAN & WAKEFIELD OF TEXAS, INC.; AND TEXAS APPRAISAL TEAM, LLC BASED ON RATES AND AVAILABILITY AS NEEDED THROUGH DECEMBER 31, 2025, WITH THREE AUTOMATIC ONE-YEAR RENEWALS WHEREAS, as part of many of the City's street, drainage, water and sewer projects the City must acquire right of way and easements in order to construct the improvements; and WHEREAS, for the City to establish fair compensation rates for the acquisitions, appraisals are ordered for some of the properties throughout the project; and WHEREAS, when an appraisal is needed, the City Land Agents will request 3 quotes from local appraisers and the lowest quote will be selected; and WHEREAS, by selecting on -call appraisers, this will allow the Land Agents to move forward without requesting multiple quotes and will save project time. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby awards RFP 24-11 and authorizes the purchase of on -call appraisal services from CBRE, Inc.; Cushman & Wakefield of Texas, Inc.; and Texas Appraisal Team, LLC based on rates and availability as needed through December 31, 2025, with three automatic one-year renewals. Page 1 Resolution: 233-24 File Number: 2024-489 Page 2 Matt Casey Submitted By City of Fayetteville Staff Review Form 2024-489 Item ID 9/17/2024 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item 8/28/2024 ENGINEERING (621) Submitted Date Division / Department Action Recommendation: Approval of a resolution to award RFP 24-11, to CBRE, Inc. Cushman & Wakefield of Texas, Inc. and Texas Appraisal Team, LLC based on rates provided and availability for on -call appraisal services as needed through December 31, 2025 with three automatic one-year renewals. Account Number Project Number Budgeted Item? No Budget Impact: Fund Project Title Total Amended Budget Expenses (Actual+Encum) Available Budget Does item have a direct cost? No Item Cost Is a Budget Adjustment attached? No Budget Adjustment Remaining Budget V20221130 Purchase Order Number: Previous Ordinance or Resolution # Change Order Number: Approval Date: Original Contract Number: Comments: CITY OF _ FAYETTEVILLE ARKANSAS RFP 24-11 CBRE, Inc. Supplier Response Event Information Number: RFP 24-11 Title: On -Call Appraisal Services Type: Request for Proposal Issue Date: 6/16/2024 Deadline: 7/10/2024 02:00 PM (CT) Notes: The City of Fayetteville, Arkansas, is now accepting proposals from qualified firms to provide on -call appraisal services for the City of Fayetteville. Any questions regarding this solicitation process shall be directed to Amanda Beilfuss, City of Fayetteville Sr. Purchasing Agent at abeilfuss(c)fayetteville-ar.gov or (479) 575-8220. Contact Information Contact: Amanda Beilfuss Address: Purchasing Room 306 City Hall 113 West Mountain Street - Room 306 Fayetteville, AR 72701 Email: abeilfuss@fayetteville-ar.gov Page 1 of 2 pages Vendor: CBRE, Inc. RFP 24-11 Beilfuss, Amanda From: Jones, Holly Sent: Wednesday, August 14, 2024 8:01 AM To: Beilfuss, Amanda Subject: FW: CBRE RFP Contact Info Attachments: CBRE RFP No. 24-11, On -Call Appraisal Services.pdf Amanda, CBRE sent this to Brandi with the request below. I looked at the attachment and it is the same one submitted, so I think we've already granted their request. Do we need anything else from them? Thanks, Holly Jones Land Agent Engineering Division, Public Works Department City of Fayetteville, Arkansas 479-444-3414 www.favetteville-ar.gov CITY OF ��FAYETTEVILLE ARKANSAS From: Patterson, Jim @ Houston <Jim.Patterson@cbre.com> Sent: Tuesday, August 13, 2024 7:32 PM To: Samuels, Brandi <bsamuels@fayetteville-ar.gov> Cc: Mueller, Grant @ Austin <Grant.Mueller@cbre.com> Subject: CBRE RFP Contact Info CAUTION: This email originated from outside of the City of Fayetteville. Do not click links or open attachments unless you recognize the sender and know the content is safe. Brandi, Attached is the proposal that was submitted to the City of Fayetteville. As we discussed, can we please change the contact information in the purchasing department system so that the appraisal requests come to me moving forward. Please let me know if you need any additional information. Thanks again for all the help. Jim Patterson, R/W-AC Executive Vice President I Right of Way Team Leader CBRE I Valuation Advisory Services T +1 713 577 1596 1 C +1 713 882 5103 iim.patterson@cbre.com I LinkedIn I Twitter Details about the personal data CBRE collects and why, as well as your data privacy rights under applicable law, are available at CBRE — Privacy Policy. CBRE, Inc. Information Contact: Brian Kenworthy Address: 438 East Milsap Suite 103 Fayetteville, AR 72703 Phone: (479) 444-2540 Email: brian.kenworthy@cbre.com Web Address: www.cbre.com By submitting your response, you certify that you are authorized to represent and bind your company. Brian Kenworthy, MAI Signature Submitted at 71912024 12:01:27 PM (CT) Supplier Note brian.kenworthy@cbre.com Email Any questions or clarifications regarding our response can be directed to the following team member: Brian Kenworthy, MAI First Vice President CBRE Valuation & Advisory Services (479) 444-2540 brian.kenworthy@cbre.com CBRE appreciates the opportunity to provide a response to this Request for Proposal (RFP). Requested Attachments RFP 24-11, On -Call Appraisal Services CBRE RFP No. 24-11, On -Call Appraisal Services.pdf Please attach the signed and completed RFP form, located in the 'Attachments' tab, along with proposal. Bid Attributes 1 Addendum Acknowledgement By selecting "I agree", you acknowledge that you have read all addendum(s) that have been issued for this solicitation, if applicable. ❑✓ 1 agree Page 2 of 2 pages Vendor: CBRE, Inc. RFP 24-11 CBRE VALUATION & ADVISORY SERVICES REQUEST FOR PROPOSAL (RFP) For On -Call Appraisal Services No. 24-11 July 10, 2024 Prepared For: Amanda Beilfuss, Senior Purchasing Agent City of Fayetteville 113 West Mountain Street, Purchasing Division - Room 306 Fayetteville, Arkansas 72701 T: (479) 575-8256 E: abeilfuss@fayetteville-ar.gov Prepared By: Brian Kenworthy, MAI, First Vice President CBRE, Inc. 438 East Millsap, Suite 103 Fayetteville, Arkansas 72703 T: (479) 444-2540 E: brian.kenworthy@cbre.com Brian Kenworthy, MAI First Vice President CBRE, Inc. Valuation & Advisory Services Amanda Beilfuss Senior Purchasing Agent City of Fayetteville 113 West Mountain Street, Purchasing Division - Room 306 Fayetteville, Arkansas 72701 (479)575-8256 abeilfuss@fayetteville-ar.gov Ms. Beilfuss, CBRE 438 East Millsap Suite 103 Fayetteville, Arkansas 72703 brian.kenworthy@cbre.com www.cbre.com We are pleased to present to the City of Fayetteville the following response to the Request for Proposal (RFP) for On -Call Appraisal Services — RFP Number 24-11, released June 16, 2024 with a submission deadline of 2:00 p.m. on Wednesday, July 10, 2024. We are well-equipped to provide on -call appraisal services in support of the City's Purchasing Division for the contract term of one year with up to four additional one year renewal periods. CBRE professionals have provided appraisal services for various public and private entities in numerous areas of the southern United States. These include completing market analysis and appraisals for oil & gas pipelines, road & highway projects, high voltage electric transmission lines, rail projects, water lines, and other projects which involve the acquisition or disposition of real property. In connection with these projects, CBRE professionals have also served as expert witnesses in county, state, and federal courts. CBRE's efforts will be centered on a profound respect for Property Rights. This includes both the private property owner's right to full use and enjoyment of their property and the condemnor's right to acquire all necessary property rights for public use. This perspective will guide CBRE's efforts to value real estate and to minimize the cost of litigation. CBRE First Vice President, Brian Kenworthy, MAI is authorized by CBRE to contractually obligate our organization and negotiate the contract on behalf of CBRE, Inc. Mr. Kenworthy can be reached at the contact information referenced in our letterhead and via telephone at (479) 444-2540. Attached you will find our response to this opportunity. We certify that all of the information submitted within this response is accurate. Should you have any questions please contact us at the number listed below and we appreciate this opportunity to be of service. Best regards, CBRE VALUATION & ADVISORY SERVICES Brian Kenworthy, MAI First Vice President T: (479) 444-2540 brian.kenworthy@cbre.com CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 TABLE OF CONTENTS FIRM EXPERIENCE 1 PROJECTTEAM...........................................................................................................................2 PROJECT EXPERIENCE........................................................................................................... 5 Current Workload and Meeting Deadlines.......................................................................................................................................................5 References..............................................................................................................................................................................................................................6 APPRAISALPROCEDURE........................................................................................................7 Demonstrated Understanding of The Scope of The Project 7 AppraisalProcess..............................................................................................................................................................................................................7 Non -Eminent Domain Related Appraisals.............................................................................................................................................9 Eminent Domain/Condemnation Related Appraisals....................................................................................................................9 AppraisalReports/Formats......................................................................................................................................................................................10 Quality Assurance/Quality Control............ Right -Of -Way Testifying Expert Review CBRE Management Review ............................. Right -Of -Way Scrub Review ........................... Violations of the Appraisal Act ..................... 10 10 .11 .11 .11 FEES/PRICE...................................................................................................................................12 CONCLUSION 14 ADDENDA.......................................................................................................................................15 Key Personnel Qualifications & Licensing Required Forms CBRE PROPOSAL FOR VALUATION &ADVISORY SERVICES I RFP NUMBER 24-11 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES FIRM EXPERIENCE The applicant is CBRE, Inc. Valuation & Advisory Services (VAS) Group. CBRE, Inc. is the largest commercial real estate services and investment firm in the world tracing its roots to San Francisco in 1906. CBRE is based in Dallas, Texas and operates more than 500 offices worldwide and has clients in more than 100 countries. Likewise, the proponent's VAS group represents the largest appraisal firm in the world with more than 1,900 valuation professionals, completing in excess of 470,000 real estate valuation and advisory assignments each year. Proponent's principal office and office responsible for appraisal services for this project will be in 438 East Millsap, Suite 103 Fayetteville, Arkansas 72703. Additionally, CBRE is publicly traded, operates as a corporation, and has been a Fortune 500 company since 2008 (ranked #135 in 2024). CBRE, Inc. rose to #3 on the Baron's 2024 list of 100 most sustainable companies in the U.S., out of the 1,000 largest publicly traded companies by market value. CBRE was the #1 real estate company on the list, which recognizes U.S. corporations that outperform their peers on issues related to employee relations, ethical practices, community support and shareholder performance. Also, CBRE has also been the number one real estate brand by The Lipsey Company for 23 consecutive years. Our large staff allows for extreme flexibility in scheduling, as well as quick response and delivery times. Our highly qualified staff are well versed in the appraisal of all property types including land (commercial, residential, farms, ranches, etc.), retail, industrial, office, and multifamily. We are also experienced in the valuations of subdivisions, self -storage facilities, and special purpose assets such as schools or churches. CBRE valuation team members have access to all of the latest technology and software. Our analysts/appraisers utilize Argus Enterprise (AE), Argus Asset Management, Flood Insights, NDC Data, RealFacts, Costar, ESRI, Real Capital Analytics, Hoovers, Hanley Wood Market Intelligence, LoopNet, RealQuest, RealData Apartment Insights, all major Multiple Listing Services and Marshall Valuation Service. Our appraisers also have access to robust in-house research and GIS departments which provides our team members with the most current real estate information available. CBRE also uses the most current file sharing software. This allows us to receive and transmit large electronic files such as title work, CAD drawings, plats, images, as well as provide seamless and efficient electronic delivery of our appraisal reports to clients. Our project approach is simple — "get it right the first time". We accomplish this by following an efficient framework and step-by-step protocol from project kickoff to completion. The protocol includes a detailed process from the initial file set up, property inspection, research, analysis, valuation, and report delivery. Quality & Risk Management (QRM) are critical to the completion of an accurate, supportable, and defensible appraisal. Our QRM control protocol includes an internal peer review completed by an appraiser who holds the MAI designation. CBRE has a proven track record providing right-of-way appraisal and appraisal review services for various right-of-way projects across the country. We are well qualified and have the expertise necessary to complete valuation and advisory services for the City of Fayetteville. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 1 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES PROJECT TEAM Who we are At CBRE, we understand that accurate and reliable valuations are critical to the success of every real estate investment, which is why we offer our clients unique perspectives and access to the largest valuation database and the most valuable proprietary data in the industry. As technology and connectivity continue to reshape the global marketplace, our clients rely on our ability to deliver high -quality, consistent, market -leading valuations. We leverage our industry expertise, innovation and proven processes to deliver exceptional valuation, advisory and consulting services across all property types and geographies. We do all of this with one key objective in mind: enabling our clients to make confident, informed business decisions. We trust you will find our breath and depth of services useful to your business strategies and invite you to get to know CBRE's valuation professionals across the globe. We look forward to working with you in the near future. CBRE's Valuation & Advisory Services professionals are the leading valuation, advisory and consulting authorities in the real estate industry. Investment and commercial banks, financial institutions, corporations, superannuation funds, investors, property owners, REITs and government agencies from around the globe use our services to meet their business objectives. All CBRE valuations are prepared in compliance with Global, Country or Regional standards and regulations. What we do CBRE provides comprehensive valuation, advisory and consulting services for real estate owners, investors and lenders, combining our specialized expertise and premier technologies to deliver industry -leading valuation reports and analysis. We leverage our unparalleled perspectives, scale and connections to deliver exceptional client outcomes through real estate solutions that drive value. Our approach to Valuation & Advisory Services is comprised of three core principles: — Commitment to excellence and quality risk management — Industry -leading technology platforms and data accessibility — Global coverage and serviceability It is our dedication to these principles that distinguishes CBRE's valuations for our clients, offering exclusive insights that lead to exceptional outcomes. CBRE, Inc. is pleased to present our assembled team with a proven track record to perform appraisal services. We also have numerous other qualified team members that can be assigned to projects depending on the scope and timeframe of the City of Fayetteville projects. CBRE, Inc. is pleased to present our assembled team with a proven track record to perform appraisal services. We also have numerous other qualified team members that can be assigned to projects depending on the scope and timeframe of the projects. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 2 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES C' Appraisal Team Real Property Appraisal Team AR License # Yrs. of Experience Role/Responsibility CG3496 Appraiser of Record / Project Manager Brian Kenworthy, MAI 14 CG3691 Jake White 10 Senior Appraiser CG2884 Nathan Broyles 17 Senior Appraiser Max Fanning CG3800 10 Senior Appraiser Appraiser of Record/Project Manager Brian Kenworthy, MAI is a First Vice President with CBRE's Valuation & Advisory Services group in Fayetteville, Arkansas. Mr. Kenworthy has 14 years of real estate appraisal and consulting experience, including research, analysis and appraisal of properties for lending, litigation, right-of-way and other purposes under eminent domain. Mr. Kenworthy currently specializes in multi -housing residential properties but has a wide range of additional experience including property types such as vacant land, retail, office (professional and medical), industrial, hotel/motel, special-purpose, residential and commercial subdivisions, agricultural, and recreational. Mr. Kenworthy's clients have included financial institutions, government agencies, attorneys, accountants, local business and individuals, national and multi -national businesses, etc. He has prepared appraisal reports for financing purposes, estate planning, tax appeals, litigation support, condemnation, and conservation easements, among other things. Eminent domain related projects worked on by Mr. Kenworthy include clients such as Arkansas Department of Transportation, Beaver Water District, the City of Springdale, the City of Fayetteville, the City of Bentonville, the City of Lowell, O.R. Colan, Volkert, Universal Field Services, Pinnacle Consulting Management Group, Contract Land Staff, Halff and Associates, etc. Additional information relative to Mr. Kenworthy's qualifications and state certification can be found in the addenda of this response. Senior Appraiser Jake White is a Vice President with over 10 years of real estate appraisal and consulting experience. Mr. White is in the Valuation & Advisory Services group's Fayetteville, Arkansas office in the South -Central Region. While he has performed valuation services on almost every property type, Mr. White specializes in the valuation of multi -tenant retail, multitenant office and medical/dental office property types. Mr. White is a member of the CBRE National Medical Office Team. His clients include financial institutions, individual and corporate property owners and attorneys. Additional information relative to Mr. White's qualifications and state certification can be found in the addenda of this response. Senior Appraiser Nathan Broyles is a senior valuation associate at the Valuation and Advisory Service Groups Northwest Arkansas office in the South -Central Region. Mr. Broyles started his appraisal career in Cabot, Arkansas, and now has seventeen years of professional experience in real estate and consulting. Mr. Broyles specializes in right -of way/ eminent domain valuation. Prior to joining CBRE, Mr. Broyles was a staff appraiser for the Arkansas Department of Transportation (ARDOT), where he worked for nine years. When Mr. Broyles left ARDOT, he was a Lead Appraiser. Mr. Broyles has been accepted as an expert witness in several jurisdictions in the State of Arkansas, and while working with ARDOT, he was able to work on projects in every part of Arkansas. Mr. Broyles also has experience appraising properties for Commercial and Residential lending institutions, where he covered Central and Southwest Arkansas. Additional information relative to Mr. Broyles' qualifications and state certification can be found in the addenda of this response. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES Senior Appraiser Maxwell Fanning is an Vice President within the Valuation and Advisory Services Group's Northwest Arkansas office in the South -Central Region. Mr. Fanning started his appraisal career with CBRE's Northwest Arkansas Office and has over ten years of professional experience in real estate appraisal in Northwest Arkansas. While he has experience with a wide variety of property types, Mr. Fanning specializes in the valuation of retail and office properties. His additional experience includes of wide variety of property types including, but not limited to, vacant land, industrial, special-purpose and agricultural land. His geographic focus includes Arkansas, eastern Oklahoma and southwest Missouri. His clients include financial institutions, government agencies, attorneys, accountants, local businesses, national and multi -national businesses, developers and individuals. Additional information relative to Mr. Fanning's qualifications and state certification can be found in the addenda of this response. Associate Appraiser/Research Assistant Associate Appraiser/Research Assistant will provide support data for the Senior Appraisers and to the Appraiser of Record. Associate Appraisers will be involved in the actual preparation of the appraisal report and in any valuation analysis. Support/Administrative Staff The support/administrative staff will be responsible for coordinating initial subject data into physical and electronic files, provide contract support and process invoices. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 4 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES PROJECT EXPERIENCE CBRE is extremely familiar with Fayetteville and has completed over 256 assignments within the city over the last 36 months. Within the state of Arkansas, CBRE has completed approximately 3,377 valuation and advisory assignments over the same timeframe. These assignments involved a variety of commercial properties including, multifamily, single and multitenant office, single and multitenant industrial, single and multitenant retail, subdivisions, unimproved land, convenience stores, self -storage facilities, automotive dealerships, special purpose properties, etc. CBRE's extensive experience combined with our depth and breadth of staffing differentiates our firm from others in the market. CBRE's Arkansas team consists of 4+ appraisers that specialize in various property types with numerous team members with experience condemnation/eminent domain -related projects. Our team members are qualified and routinely provide litigation support and expert witness testimony if needed. CBRE's clients include numerous public entity clients including many state, county, and local municipalities. CBRE has a proven track record for completing appraisals for public entity clients across the state of Arkansas and has high performance results. Below is a partial list of comparable project experience. — 54 appraisals of various property types for new alignment associated with the Springdale Bypass — 43 appraisals of various property types for improvements to the Highway 62 Interchange with Interstate 49 in Fayetteville — 160 appraisals of various property types for the widening of AR Highway 112 from Tontitown to the existing Springdale Bypass — 28 appraisals for the City of Bentonville for partial acquisitions for City projects — 41 appraisals of various property types for the widening of U.S. Highway 79 South in Pine Bluff — 119 appraisals of various property types for the widening of State Highway 10, in Little Rock We are also in the process of completing additional appraisals for eminent domain -related projects throughout Northwest Arkansas. Additional examples of our project experience can be provided upon request. Current Workload and Meeting Deadlines CBRE and Mr. Kenworthy take pride in completing assignments on or before due dates. As an ongoing business entity, CBRE has developed a reputation for being responsive to the needs of our clients. Utilizing an organizational schedule administered by the principals and administrative team, together with regular meetings, a smooth and responsive workflow is maintained by the appraisers and staff. Although backlogs vary from day to day, leveraging our large appraisal team and the use of technology to manage large amounts of data, we can deliver independent and supportable right of way appraisals in a time frame tailor to meet client and project needs. Completion of individual appraisal assignments within 21 days of receiving all necessary project documents is in line with our current business practices. Ultimately, we will work with the City of Fayetteville to complete projects in an agreed timeline. Mr. Kenworthy and the project team are currently involved with four other projects for eminent domain purposes, as well as appraisal assignments for other intended uses. We have the ability to add additional projects to our workload, and can also add additional team members as necessary. Typical projects can be CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 5 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES completed within 60-90 days from notice to proceed, given that all necessary documentation is available. The project timeline can be adjusted based on the size of the project and the needs of the client. Based on our depth and breadth of staffing, CBRE has no concerns about our ability to be available during the project timeline. We will dedicate a project team to this assignment. Benefiting from being part of a $20 billion (annual revenue) company, CBRE Valuation's industry leading technology platform and access to proprietary data provides the foundation for us to provide more capacity than the City of Fayetteville would ever need. We provide ROW valuation solutions using local appraisers, and if additional capacity is needed, we draw upon regional and even national resources. This provides virtually limitless capacity. CBRE has the capacity to serve the City of Fayetteville solving for all your valuation needs. In addition, CBRE has a proven track record of providing valuation and advisory services for state, regional, and local governmental entities including counties, cities and other municipalities. The team assembled for this effort includes some of the most experienced and knowledgeable. All have a proven ability to deliver high - quality, well -designed projects. This group also has the financial strength and resources to deliver the project in a timely and cost-effective manner to meet the City of Fayetteville's requirements. Linking our knowledge from thousands of projects with highly coordinated research, appraisal, reporting and project management, we deliver quality, cost-effective right of way appraisals and consulting assignments in a timely and consistent fashion. Brian Kenworthy, MAI, Project Manager, will be the main point of contact for the duration of the project. Mr. Kenworthy is willing and able to provide periodic status updates and attend any and all meetings during the project. Multiple Senior Appraisers, Appraisal Trainees and Administrative Assistants are available to assist in researching and providing project assistance as volume dictates. CBRE has strategically cross -trained many appraisers to provide valuation services to our governmental clients. Our history of turning in assignments on - time, having the labor resources and expertise allows us to complete potential projects. All staff assigned to the City of Fayetteville projects will be 100% available to service delivery commitments made to the Utility. References Organization Name: Client Name: Address: Client Telephone: Client Email: Work Performed: Organization Name: Client Name: Address: Client Telephone: Client Email: Work Performed: Organization Name: Client Name: Address: Universal Field Services Bart Waits, R/W-NAC I Project Manager 6737 South 85`h East Avenue, Tulsa, Oklahoma 74133 (918) 494-7600 bwaits@ufsrw.com Appraisals for right-of-way acquisition on projects throughout Northwest Arkansas. Volkert, Inc. James F. Braden I Project Manager Arkansas 2102 Riverfront Drive, Suite 100, Little Rock, Arkansas 72202 (501) 944-0701 james.braden@volkert.com Appraisals for right-of-way acquisition on projects throughout Northwest and Central Arkansas. Beaver Water District Bill Hagen Burger, P.E. I Chief Operating Officer 301 North Primrose Road, Lowell, Arkansas 72745 Client Telephone: (479) 756-3651 Client Email: bhagenburger@bwdh20.org Work Performed: Appraisals for the Western Corridor water transmission line project. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES APPRAISAL PROCEDURE CBRE's has a successful record of completing valuations and advisory services on a variety of projects involving acquisitions of real property including residential and commercial property for roadways, oil & natural gas pipelines, electric transmission lines, drainage improvements, waterlines, sewer lines, utilities, voluntary buyouts, and other infrastructure projects. Our qualifications demonstrate our experience and ability to comply with all federal, state, county, and local requirements. Our diversified client base speaks to our past performance relative to the quality of our services as well as the timely delivery of our valuation and advisory services. Demonstrated Understanding of The Scope of The Project All of our appraisal work is completed pursuant to the Uniform Standards of Professional Appraisal Practice (USPAP), and all appraisals prepared for potential acquisition purposes, subject to an eminent domain action, are also prepared in compliance with the State of Arkansas Appraiser Licensing and Certification Board. When appropriate, we prepare full and partial acquisition appraisals subject to the Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA or Yellow Book). Appraisal assignments would be completed with the use of the most appropriate valuation methods for the specific property type. These include the Sales Comparison Approach, the Income Approach, and the Cost Approach. We understand that the City of Fayetteville is looking for appraisals to be completed for the following: land acquisitions, (including easements), residential, and commercial properties. In the process of completing appraisals of acquisitions, subject to State of Arkansas Appraiser Licensing and Certification Board, we give full consideration to possible severance damages and benefits that may accrue to the remainder parcel as a result of the acquisition and project. We are very experienced in preparing damage studies that are well researched and have been accepted by the courts when we are called to testify. When we conclude that there are damages, every attempt is made to quantify benefits that accrue to the remainder, as benefits can be utilized to offset severance damages. In the State Rule, benefits may not offset the value of the actual acquisitions. When reports are prepared to meet the guidelines of UASFLA a complete before and after analysis is required. The Federal Rule differs from the State Rule in that benefits can offset the value of the parts taken. However, it should be noted that when applying the Federal Rule, a direct calculation of the value of the parts acquired, damages and benefits is not undertaken. Rather the property is apprised in its before condition and this is compared the what the value of the property would have been on the date of value if the project were implemented, and the acquisitions already made. The difference between the before and after valuations results in the value of the proposed acquisitions. Appraisal Process A general overview of the typical appraisal process is provided on the following page. Please note that this process will be modified as needed based on the specific scope of work, appraisal requirements, intended use, and intended users. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES A 4� 00 0 '1 7. Reconcile 1. Identify 3. Procure6. Inspect Site or flue Indicators Subject Data based on Comparable Final Opinion Property Property Type Property of Value n% 2. Determine 4. Gather and 6. Select and Function of Verify Data Apply Valuation Appraisal Method Issue Appraisal Report 6C A summary of the typical valuation process is provided below. Please note that this process will be modified as needed based on the specific scope of work, appraisal requirements, intended use, and intended users. THE VALUATION PROCESS Identify Identify the purpose Identify the Identify the Identify the Identify client and of the assignment intended relevant intended assignment intended use (type and definition use characteristics of conditions users of value) the property 0A Market Area Data Subject Property Data Comparable Property Data General characteristics of region, Subject characteristics of land use Sales, listings, offerings, vacancies, city and neighborhood and improvements, personal cost and depreciation, income and property, business assets, etc. expenses, capitalization rates, etc. Market Area Data Demand studies Supply studies Market ability studies Sales Comparison Approach Highest and Best Use Analysis Land as through vacant Ideal Improvement Property as Improved Income Capitalization Approach V Cost Approach CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 8 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES Project Approach Non -Eminent Domain Related Appraisals CBRE VAS considers all applicable approaches to value in each appraisal and uses accepted methodologies that are appropriate for the type of property being appraised. Scope of work and appraisal formats are discussed with the client in advance in order to meet with the client's objectives. Eminent Domain/Condemnation Related Appraisals Our efforts will at all times be centered on our profound respect for property rights. This includes both the property owner's right to full use and enjoyment of their property and the client's right to acquire all necessary property rights for public or private use. This perspective will guide our efforts toward just compensation and to allow the client to acquire rights -of -way and to minimize the amount of litigation. Our process, once authorized, typically will follow this general framework. Please note that once engaged, we will consult with the client to customize an appraisal process to meet the needs of the contract. Property Owner Notification (as needed): At commencement of engagement, CBRE will identify the properties to be appraised with information such as address, tax parcel identification number, owner of record, type of property, site size, and building size. Upon collection of the parcel specific information, CBRE will prepare letters to the owners of record for each parcel. These letters will outline the scope of the project and the purpose and use of the proposed acquisition in fee and/or easement. Letters will be delivered via certified mail to the owners of record within approximately one business week from commencement of engagement. CBRE will be responsible for the cost of delivery of the certified letters. Front -End File Development: In conjunction with development of the market study if requested, our administrative staff, in conjunction with one of our ROW valuation experts, will develop individual files for each parcel in the project. Each file will contain all correspondence with property owner of record, assessor records, floodplain maps, zoning maps, surveys of the whole property and proposed acquisition, legal descriptions of the whole property and proposed acquisition, title commitments, ROW maps, easement documents, aerials, etc. Development of files is anticipated to be completed within approximately two weeks after commencement of engagement. Inspection and Property Owner Interaction: Within one to two weeks after our administrative staff have mailed certified letters to the owners of record, we would anticipate return responses from the property owners. During this correspondence period, CBRE would attempt to set up inspections of the identified parcels. As needed, CBRE staff will send out an additional letter, via certified mail, which outlines the information which CBRE will be requesting in order to complete the appraisal assignment. An appraiser/ROW expert will attend each property inspection and insist on providing each property owner the opportunity to articulate the project's effect on their property. This will improve the chances of delivering the most just compensation and decrease the chances of litigation. The inspections of the parcels would include an inspection of the interior and exterior of all improvements located on the parcel as well as an inspection of the proposed acquisition. However, please note that our detail of inspection will be contingent on the cooperation of the landowner of the Parcel affected by the Project. Valuation: Applying the market data and feedback from the property inspection and meeting with the owners, the CBRE team will analyze the property and determine the just compensation due to the property owner. The appraisal reports will be written according to the applicable requirements and guidelines with market value definition being based on current Federal and State standards. The development of the appraisal will consider all relevant facts and aspects of the property being appraised and the proposed acquisitions in fee and/or easement. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 9 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES If there are damages, CBRE will estimate the cost to cure and effective age of the improvements within the proposed acquisition and any effect(s) to the remainder after the acquisition. Our analysis may utilize sources such as the Marshall & Swift Valuation Guide and/or construction cost estimates developed by outside consulting firms. Further, depending on the complexity of the appraisal assignment, CBRE, Inc. may consult with a certified land planner to determine appropriate land use plans and designs in the cost to cure and remainder after scenario. Report Delivery: CBRE's Arkansas ROW Valuation Team consists of 4+ dedicated appraisers that specialize in various property types and are experienced in right-of-way projects. Additional support is provided by 4+ appraisers who are located in our Southern Region who have valuation experience involving multiple property types, including aviation related assets. Ultimately, we will staff the project to meet the scope of the project within the required delivery time. We would anticipate receiving review comments (if any) from the designated representative within a reasonable time frame upon delivery of the Appraisal Report. Upon receipt of any suggested revisions, we would deliver a revised Appraisal Report within three business days, or sooner if needed. Appraisal Reports/Formats Appraisals formats will be based on the complexity, scope of work, and intended use of the appraisals. Appraisals will be completed in accordance with an conform to applicable standards. This could include the Uniform Standards of Professional Practice, Uniform Appraisal Standards for Federal Land Acquisitions (aka "Yellow Book"), 49 CFR Part 24/Uniform Relocation Assistance and Real Property Acquisition for Federal and Federally Assisted Programs, and others if applicable. Quality Assurance/Quality Control The review process is an essential part of the appraisal process. It is at this point of the assignment that critical thinking and analytical skills are utilized by an objective party to confirm or critique all aspects of the appraisal report, including the non -textual parts such as photos, maps, exhibits, addenda, etc. CBRE Right-of-way (ROW) appraisal projects will undergo three levels of internal review: 1. Right -of -Way Testifying Expert Review 2. CBRE Management Review 3. Right -of -Way Scrub Review Right -Of -Way Testifying Expert Review At least one ROW Testifying Expert will be assigned to each parcel. This expert will direct appraisal assignments within the project. Professionals and Testifying Experts should discuss the assignments up front and periodically throughout to ensure all client expectations are being met. ROW Testifying Experts are selected based on their experience and credentials and should be knowledgeable in current approved methodologies and applicable case law. The ROW Testifying Expert will ensure: — Only client approved appraisers are assigned, inspect subject properties and complete assignments (sign the certification and report). In most cases, it is acceptable for other licensed appraisal staff to significantly contribute, if this is approved by the client and adheres to USPAP. — Consistency is maintained within the project regarding methodology, data used, value component conclusions and value conclusions. This will be accomplished through project review and audit. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 im CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES — Proper right-of-way valuation methodology is utilized. The Testifying Expert will work with assigned appraisers to resolve questions regarding right-of-way specific valuation issues, as well as current case law application. — Compliance with State guideline. — Proper report format utilized in the preparation of reports. CBRE Management Review CBRE VAS requires all appraisal reports to be reviewed by MAI-designated Management. Managers include all employees with titles of Managing Director (MD), Senior Managing Director (SMD), Executive Managing Directors (EMD) and sometimes Director. For every assignment, the Reviewer is required to complete a thorough review of the items in the report as outlined in the VAS Practice Area Guidelines (PAG) and as endorsed by the Appraisal Institute. This review and approval is mandatory. Key areas of review are: — Engagement letter and required scope of work — Unique client requirements were followed — Applicable ownership history is presented — All Extraordinary and/or Hypothetical Assumptions are clearly stated — A detailed review of the entire report encompassing all sections, methodologies including damage/enhancement calculations (if any), etc. Right -Of -Way Scrub Review The Right -of -Way Scrub Team will consist of administrative staff that has been trained to identify ROW specific format and clerical issues within an appraisal report. Before a draft or final appraisal can be delivered to the client or an external reviewer, the report must be clerically reviewed by the ROW Scrub Team. This team will perform a final clerical review and will incorporate the project specific review sheet created by the ROW Project Manager(s). The ROW Scrub Team may not alter language or content within the report. If it is necessary to make such alterations, the report will be returned to the appraiser for revision prior to finalizing. Violations of the Appraisal Act The project team has no violations of the Appraisal Act or governing standards found justified by the Arkansas Appraiser Licensing and Certification Borad within the past 10 years. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 m CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES FEES/PRICE CBRE will review all projects with the City of Fayetteville to determine the most cost effective plan for appraisal services, and will provide project specific fees prior to starting any work. Our fees will include all costs associated with the performance of the services specified, including materials, supervision, labor, insurance, transportation, delivery, fuel or other surcharges, demurrage, and related costs. Appraisals will be quoted on a "per service" price schedule, with any litigation or expert witness testimony being charged on an hourly rate. The following is a sample of our typical rates for appraisal services. City of Fayetteville Proposed Fee Schedule for On -Call Appraisal Services Effective January 1, 2024 Appraisals for Acquisitions/Dispositions not Involving Condemnation/Eminent Domain Category of Appraisal Assignment Examples of Specific Assignments Complexity of Appraisal Assignment Non -Complex Complex Vacant Land Rural Land; Farm Land; Ranch Land +/- $2,500 _F +/- $4,000+ Residential Lot (1 to 4 family) Residential Single Family (1 to 4 family) +/- $3,000 +/- $5,000+ Small Commercial Retail Center (Unanchored) +/- $3,500 +/- $7,500+ Office Building; Medical Office Single -Tenant Warehouse Convenience Store; Service Station Office Building; Medical Office Large Commercial Retail Center (Anchored) +/- $4,000 +/- $10,000+ Multi -Family Apartments Self -Storage RV/MH Parks Multi -Tenant Warehouse Special Purpose Churches +/- $3,500 +/- $10,000+ Educational Facilities Other Special Purposes Update Appraisal Fee: Litigation and Expert Witness Testimony Fee: Market Study Fee: 75% of Initial Fee Quoted hourly based on the following: Testifying Expert $300 Appraiser Associate $200 Research $125 Administrative $75 +/-$3,500 to +/-$10.000+ CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 12 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES Notes: This information is being provided to summarize a general fee structure. Fees are approximate and are typically quoted on a project specific basis. Fees can vary due a variety of factors such as location, scope of work required, complexity, turnaround time, volume of appraisals, size of project, etc. Fees for specific projects will be negotiated after receipt and review of project -specific documents and agreed to in advance. Fees for court preparation and testimony will be billed at a half day minimum. CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 13 CBRE REQUEST FOR PROPOSAL (RFP) FOR VALUATION, CONSULTING, AND ADVISORY SERVICES CONCLUSION CBRE has a proven track record of providing valuation and advisory services for state, regional, and local governmental entities including counties, cities and other municipalities. CBRE has the knowledge and expertise to provide appraisal services and expert witness testimony. Linking our knowledge from thousands of projects with highly coordinated research, appraisal, reporting and project management, we deliver quality, cost-effective right of way appraisals in a timely and consistent fashion. Any questions or clarifications regarding our response can be directed to the following team member: Brian Kenworthy, MAI First Vice President CBRE Valuation & Advisory Services (479)444-2540 brian.kenworthy@cbre.com CBRE appreciates the opportunity to provide a response to this Request for Proposal (RFP). CBRE PROPOSAL FOR VALUATION & ADVISORY SERVICES I RFP NUMBER 24-11 14 "rAD D E N D AOP Request for Proposal (RFP) For On -Call Appraisal Services No. 24-11 Project Team Qualifications & Licensing Brian Kenworthy, MAI Jake White Nathan Broyles Max Fanning PROFILE Clients Represented - Arvest Bank - Beaver Water District - Centennial Bank - Colliers Mortgage - Cornerstone Bank - Encore Bank - Farm Credit Services - Federal Aviation Administration - First National Bank of Fort Smith - First Security Bank - General Services Administration - Generations Bank - Halff Associates, Inc. - Legacy National Bank - O.R. Colan Associates - Universal Field Services - U.S. Bank - University of Arkansas - Volkert - Walker & Dunlop Education - Georgia State University, J. Mack Robinson College of Business, Atlanta, GA Master of Science in Real Estate - Clemson University, College of Business and Behavioral Science, Clemson, SC Bachelor of Science, Financial Management in Real Estate - Appraisal Institute and Other Professional Courses VALUATION & ADVISORY SERVICES / NORTHWEST ARKANSAS Brian J. I<enworthy, MAI Vice President, Arkansas T +1 479 444 2540 M +1 864 506 6794 E brian.kenworthy@cbre.com Professional Experience Brian Kenworthy is a Vice President in the Valuation and Advisory Services Group's Northwest Arkansas office in the South -Central Region. Mr. Kenworthy started his appraisal career in Atlanta, GA, and now has over twelve years of professional experience in real estate appraisal and consulting in Northwest Arkansas. As a Vice President, Mr. Kenworthy specializes in the valuation of multi -family residential properties, both existing and proposed. He also leads a team of appraisers that provide appraisals services for right-of-way/eminent domain purposes. His additional experience includes a wide variety of property types such as vacant land, retail, office (professional and medical), industrial, hotel/motel, special-purpose, residential and commercial subdivisions, agricultural, and recreational. His geographic focus includes Arkansas, eastern Oklahoma and southern Missouri. His clients include financial institutions, government agencies, attorneys, accountants, local businesses, national and multi -national businesses, developers, and individuals. Prior to joining CBRE in 2018, Mr. Kenworthy was an Appraiser at a local appraisal firm in Fayetteville, Arkansas. In addition to preparing appraisal reports for financing purposes, Mr. Kenworthy has experience with preparing appraisals for estate planning, tax appeals, litigation support, eminent domain, conservation easements, and lease consulting. Professional Affiliations APPRAISAL INSTITUTE • Appraisal Institute, Designated Member (MAI) • Green Country and Ozark Mountain Chapter Vice President 2022 - Present Secretary 2020 - 2022 Treasurer 2016 - 2017 and 2019 - 2020 Board Member 2017 - 2019 Accreditations CERTIFIED GENERAL REAL ESTATE APPRAISER • State of Arkansas, No. CG3496 • State of Oklahoma, No.13478CGA 4)2022 CBRE, INC. �w 4 ARKANSAS APPRAISER LICENSING & CERTIFICATION BOARD This is to certify that 00 Brian Kenworthy License #: CG 3496 has complied with the rec uirements of Arkansas Code Section §17-14-201 et seq,: and is the holder of a valid certificate. This card is for identification purposes only. & 3012024 Expiration Date Chairman STATE OF ARKANSAS APPRAISER LICENSING & CERTIFICATION BOARD Attest That BRIAN UWORTgY On this date was certified as a STATE CERTIFIED GENERAL APPRAISER The Arkansas Appraiser Licensing and Certification Board hereby affirms that this Certificate is issued in accordance with all the requirements of Arkansas Code Annotated, Section § 17-14-101 et seq., and subsequently adopted `Rules and Regulations" and shall remain in force when properly supported by a current pocket identification card. -V'VM 13, 2012 Date Issued Chairman, AAL & CB I fJ if7lfJIfJI7IfJ1 �If]IfJ,i]��]G]GJ GJr CG3496 Certificate Number PROFILE Clients Represented - Arvest Bank - Bancorp South - Bank of the Ozarks - Citizens Bank - First Security Bank - Summit Bank - Chambers Bank - Centennial Bank - Legacy National Bank - Regions - Signature Bank - Bank of Fayetteville - First National Bank of Fort Smith - Iberia Bank - Great Southern Bank - First Community Bank - First Western Bank - Today's Bank Education - University of Arkansas Bachelor of Science in Business Administration Financial Management / Investments VALUATION & ADVISORY SERVICES / NORTHWEST ARKANSAS Jake White Senior Appraiser, Fayetteville, AR T +1 479 444 2542 M +1 479 3871457 E jake.white@cbre.com Professional Experience Jake White is a Senior Appraiser in the Valuation & Advisory Services group's Northwest Arkansas office in the South Central Region of CBRE. Located in the Fayetteville office since 2011, Mr. White has more than a decade of real estate appraisal and consulting experience throughout the states of Arkansas, Missouri and Oklahoma. While he has performed valuation services on almost every property type, Mr. White specializes in the valuation of retail, office and industrial property types. His clients include financial institutions, individual and corporate property owners and attorneys. Professional Affiliations APPRAISAL INSTITUTE • Appraisal Institute, Candidate for Designation Accreditations WERTIFIED GENERAL REAL ESTATE APPRAISER • State of Arkansas, No. CG3691 • State of Oklahoma, No.13156CGA • State of Missouri, No. 2018002784 Professional Courses APPRAISAL INSTITUTE • Uniform Standard of Professional Appraisal Practice (USPAP) • Advanced Income Capitalization • Advanced Concepts and Case Studies • Quantitative Analysis • Advanced Market Analysis and Highest and Best Use • Business Practice and Ethics • General Appraiser Report Writing and Case Studies • General Appraiser Site Valuation and Cost Approach • General Appraiser Sales Comparison Approach ©2022 CBRE, INC. ------------ ----------- "W8'" a` "�`' - --------------------------- ARKANSAS APPRAISER LICENSING & A CERTIFICATION BOARD " Y ;' This is to certify that �7 .�� ,c�`- Jacob White License #: CG 3691 STATE OF ARKANSAS has complied with the requirements of tl cH> Sr9T� Arkansas Code Section §17-14-201 et seq,; and --''•r is the holder of a valid certificate. This card is for identification purposes ur only. P P Y v w` 6/30/2024 z Expiration Date Chairman AI�pRAISER LICENSING & CERTIFICATION BOARD Attests that On this date was certified as a STATE CERTIFIED GENERAL APPRAISER The Arkansas Appraiser Licensing and Certification Board hereby affirms that this Certification is issued in accordance with all the requirements of Arkansas Code Annotated, Section 17-14-101 et seq., and subsequently adopted "Rules and Regulations" and shall remain in force when properly supported by a current pocket identification card. September 16, 2015 Date Issued Chairman, AALCB CG 3691 Certification Number PROFILES Clients Represented - Arkansas Department of Transportation - Centennial Bank - Central Arkansas Water - City of Bentonville - City of Fayetteville - City of Greenbrier - Community Bank of Mississippi - Diamond Bank - First Community Bank - First Security Bank - First Service Bank - Homebank of Arkansas - Peoples Bank - Regions Bank Education - Bachelor degree in Business Administration from Central Baptist College - Appraisal Institute Courses - IRWA Courses Other Professional Courses VALUATION & ADVISORY SERVICES / NORTHWEST ARKANSAS Nathan Broyles Senior Valuation Analyst T +1 479 249 9518 M +1 501 658 0621 E nathan.broyles@cbre.com Arkansas State Certified General Appraiser 2884 Professional Experience Nathan Broyles is a senior valuation associate at the Valuation and Advisory Service Groups Northwest Arkansas office in the South -Central Region. Mr. Broyles started his appraisal career in Cabot, Arkansas, and now has seventeen years of professional experience in real estate and consulting. Mr. Broyles specializes in right-of- way/eminent domain valuation. Prior to joining CBRE, Mr. Broyles was a staff appraiser for the Arkansas Department of Transportation (ARDOT), where he worked for nine years. When Mr. Broyles left ARDOT, he was a Lead Appraiser. Mr. Broyles has been accepted as an expert witness in several jurisdictions in the State of Arkansas, and while working with ARDOT, he was able to work on projects in every part of Arkansas. Mr. Broyles also has experience appraising properties for Commercial and Residential lending institutions, where he covered Central and Southwest Arkansas. 9)2023 CBRE, INC. � SARAH H A �NDERS Governor . DIV SSETT Secretary of Labor and Licensing State of Arkansas Arkansas Dept of Labor and Licensing Arkansas State Board of Appraisers, Abstracters, and Home Inspectors 900 W Capitol Ave, Suite 400 Little Rock, AR 72201 PH (501)-296-1843 https://www.arkansas.gov/aicb/ THIS CERTIFIES THAT NATHAN BROYLES IS LICENSED AS A Certified General Appraiser Given under our hand and seal this 24th day of Jun, 2024. SECRETARY OF LABOR AND LICENSING NATHAN BROYLES 100 ROBERTSRIDGE STREET HOT SPRINGS, ARKANSAS 71901 LICENSE M CG2884 This license expires: 06/30/2025. PROFILE Clients Represented - Arvest Bank - Bancorp South - Bank OZK - Centennial Bank - Chambers Bank - Encore Bank - First National Bank of Fort Smith - First Security Bank - Generations Bank - Great Southern Bank - Legacy National Bank - Signature Bank - U.S. Bank Education - University of Arkansas, Sam M. Walton College of Business, Fayetteville, AR Bachelor of Science, Financial Management/Investments - Appraisal Institute and Other Professional Courses VALUATION & ADVISORY SERVICES / NORTHWEST ARKANSAS Maxwell F. Fanning Appraiser, Fayetteville, AR T +1479 444 2541 F +1479 442 7806 E maxwell.fanning@cbre.com Professional Experience Maxwell Fanning is an Appraiser within the Valuation and Advisory Services Group's Northwest Arkansas office in the South -Central Region. Mr. Fanning started his appraisal career with CBRE's Northwest Arkansas Office and has over ten years of professional experience in real estate appraisal in Northwest Arkansas. While he has experience with a wide variety of property types, Mr. Fanning specializes in the valuation of retail and office properties. His additional experience includes of wide variety of property types including, but not limited to, vacant land, industrial, special- purpose and agricultural land. His geographic focus includes Arkansas, eastern Oklahoma and southwest Missouri. His clients include financial institutions, government agencies, attorneys, accountants, local businesses, national and multi- national businesses, developers and individuals. Professional Affiliations APPRAISAL INSTITUTE • Appraisal Institute, Associate Member (No. 567225) Accreditations CERTIFIED GENERAL REAL ESTATE APPRAISER • State of Arkansas, No. CG3800 ©2022 CBRE, INC. STATE OF ARKANSAS ,tNE ST,g�, F 04 .sy°iE, o� 4' 'I 5 ARKANSAS APPRAISER LICENSING & a CERTIFICATION BOARD This is to certify that Maxwell Fanning License #: CG 3800 has complied with the requirements of Arkansas Code Section §17-14-201 et seq,; and is the holder of a valid certificate. iThis card is for identification purposes only. 6/30/2024 Expiration Date Chairman APPRAISER LICENSING & CERTIFICATION BOARD Attests that Maxwell F Fanning On this date was certified as a STATE CERTIFIED GENERAL APPRAISER The Arkansas Appraiser Licensing and Certification Board hereby affirms that this Certification is issued in accordance with all the requirements of Arkansas Code Annotated, Section 17-14-101 et seq., and subsequently adopted "Rules and Regulations" and shall remain in force when properly supported by a current pocket identification card. 3/6/2018 Date Issued Chairman, AALCB CG-3800 Certification Number Request for Proposal(RFP) For On -Call Appraisal Services No. 24-11 Required Forms City of Fayetteville RFP 24-11, On -Call Appraisal Services SECTION C: Signature Submittal 1. DISCLOSURE INFORMATION a. Proposer must disclose any possible conflict of interest with the City of Fayetteville, including, but not limited to, any relationship with any City of Fayetteville employee. Proposer response must disclose if a known relationship exists between any principal or employee of your firm and any City of Fayetteville employee or elected City of Fayetteville official. i. If, to your knowledge, no relationship exists, this should also be stated in your response. Failure to disclose such a relationship may result in cancellation of a purchase and/or contract as a result of your response. This form must be completed and returned in order for your bid/proposal to be eligible for consideration. PLEASE CHECK ONE OF THE FOLLOWING TWO OPTIONS, AS IT APPROPRIATELY APPLIES TO YOUR FIRM: 1) NO KNOWN RELATIONSHIP EXISTS 2) RELATIONSHIP EXISTS (Please explain): b. I certify that; as an officer of this organization, or per the attached letter of authorization, am duly authorized to certify the information provided herein is accurate and true, and my organization shall comply with all State and Federal Equal Opportunity and Non -Discrimination requirements and conditions of employment. c. Proposer agrees that they shall have a current, valid registration with the Arkansas Secretary of State at time of RFP deadline OR be able to provide proof of registration before recommendation of award to Fayetteville City Council. d. Pursuant Arkansas Code Annotated §25-1-503, the Contractor agrees and certifies that they do not currently boycott Israel and will not boycott Israel during anytime in which they are entering into, or while in contract, with any public entity as defined in §25-1-503. If at any time during contract the contractor decides to boycott Israel, the contractor must notify the contracted public entity in writing. e. Pursuant Arkansas Code Annotated §25-1-1002, the Contractor agrees and certifies that they do not currently boycott Energy, Fossil Fuel, Firearms, and Ammunition Industries during any time in which they are entering into, or while in contract, with any public entity as defined in §25-1-1002. If at any time during the contract the contractor decides to boycott Energy, Fossil Fuel, Firearms, and/or Ammunition Industries, the contractor must notify the contracted public entity in writing. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 15 of 17 2. PRIMARY CONTACT INFORMATION At the discretion of the City, one or more firms may be asked for more detailed information before final ranking of the firms, which may also include oral interviews. NOTE: Each Proposer shall submit to the City a primary contact name, e-mail address, and phone number (preferably a cell phone number) where the City selection committee can call for clarification or interview via telephone. Corporate Name of Firm: CBRE, Inc. Primary Contact: Brian Kenworthy, MAI Title of Primary Contact: Vice President Phone#1 (cell preferred): (864) 506-6794 Phone#2: (479) 444-2540 E-Mail Address: brian.kenworthy@cbre.com 3. ACKNOWLEDGEMENT OF ADDENDA Acknowledge receipt of addenda for this invitation to bid, request for proposal, or request for qualification by signing and dating below. All addendums are hereby made a part of the bid or RFP documents to the same extent as though it were originally included therein. Proposers/Bidders should indicate their receipt of same in the appropriate blank listed herein. Failure to do so may subject Contractor to disqualification. ADDENDUM NO. SIGNATURE AND PRINTED NAME DATE ACKNOWLEDGED 4. DEBARMENT CERTIFICATION: a. As an interested party on this project, you are required to provide debarment/suspension certification indicating compliance with the below Federal Executive Order. Certification can be done by completing and signing this form. b. Federal Executive Order (E.O.) 12549 "Debarment and Suspension" requires that all contractors receiving individual awards, using federal funds, and all sub -recipients certify that the organization and its principals are not debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded by any Federal department or agency from doing business with the Federal Government. c. Signature certifies that neither you nor your principal is presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any federal department or agency. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 16 of 17 5. SIGNATURE SUBMITTAL: NAME OF COMPANY: CBRE, Inc. PHYSICAL ADDRESS: 438 East Millsap, Suite 103, Fayetteville, Arkansas 72703 MAILING ADDRESS: 438 East Millsap, Suite 103, Fayetteville, Arkansas 72703 TAX I D #: 95-2743174 PHONE: (479) 301-2520 E-MAIL: brian.kenworthy@cbre.com AR. SECRETARY OF STATE FILING #: 100058899 FAX: (479) 301-2521 By submitting your response, you certify that you are authorized to represent and bind your company : 611rel'I_1IIWso]9 PRINTED NAME: Brian Kenworthy, MAI TITLE: Vice President City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 17 of 17 DATE: 6/21 /2024 END OF RFP DOCUMENT CBRE THANKYOU., CBRE VALUATION & ADVISORY SERVICES Prepared By: Brian Kenworthy, MAI First Vice President (479) 444-2540 brian.kenworthy@cbre.com CBRE ©2024 All Rights Reserved. All information included in this proposal pertaining to CBRE—including but not limited to its operations, employees, technology and clients —are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of CBRE. This letter/proposal is intended solely as a preliminary expression of general intentions and is to be used for discussion purposes only. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and until a definitive agreement has been fully executed and delivered by the parties. The parties agree that this letter/proposal is not intended to create any agreement or obligation by either party to negotiate a definitive lease/purchase and sale agreement and imposes no duty whatsoever on either party to continue negotiations, including without limitation any obligation to negotiate in good faith or in any way other than at arm's length. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those summarized herein, (2) enter into negotiations with other parties and/or (3) unilaterally terminate all negotiations with the other party hereto. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. CITY OF WA FAYETTEVILLE ARKANSAS RFP 24-11 Cushman & Wakefield Cushman & Wakefield of Texas, Inc. Supplier Response Event Information Number: RFP 24-11 Title: On -Call Appraisal Services Type: Request for Proposal Issue Date: 6/16/2024 Deadline: 7/10/2024 02:00 PM (CT) Notes: The City of Fayetteville, Arkansas, is now accepting proposals from qualified firms to provide on -call appraisal services for the City of Fayetteville. Any questions regarding this solicitation process shall be directed to Amanda Beilfuss, City of Fayetteville Sr. Purchasing Agent at abeilfuss@fayetteville-ar.gov or (479) 575-8220. Contact Information Contact: Amanda Beilfuss Address: Purchasing Room 306 City Hall 113 West Mountain Street - Room 306 Fayetteville, AR 72701 Email: abeilfuss@fayetteville-ar.gov Page 1 of 2 pages Vendor: Cushman & Wakefield RFP 24-11 Cushman & Wakefield Information Contact: Jason Crump Address: 5101 Weelis Dr Suite 300 Memphis, TN 38117 Phone: (901) 257-9996 Email: jason.crump@cushwake.com Web Address: www.cushmanwakefield.com By submitting your response, you certify that you are authorized to represent and bind your company. Jason Crump Signature Submitted at 71912024 04:49:01 PM (CT) Supplier Note Thank you for the opportunity to supply this bid. Requested Attachments RFP 24-11, On -Call Appraisal Services jason.crump@cushwake.com Email RFP 24-11 - Cushman & Wakefield RFP form and Proposal.pdf Please attach the signed and completed RFP form, located in the 'Attachments' tab, along with proposal. Response Attachments Sample report.pdf Sample Appraisal Report Bid Attributes 1 Addendum Acknowledgement By selecting "I agree", you acknowledge that you have read all addendum(s) that have been issued for this solicitation, if applicable. ❑./ 1 agree Page 2 of 2 pages Vendor: Cushman & Wakefield RFP 24-11 Cushman & Wakefield Proposal On -Call Appraisal Services R F P# 24-11 Prepared for City of Fayetteville, AR July 2024 IIIIIIIt WAK FIELD Executive Summary July 9, 2024 City of Fayetteville, Arkansas Purchasing Division — Room 306 113 West Mountain Street Fayetteville, AR 72701 Sr. Purchasing Agent, Amanda Beilfuss RE: Request for Proposal # 24-11— On -Call Appraisal Services for the City of Fayetteville, Arkansas Dear Ms. Beilfuss: Cushman & Wakefield appreciates the opportunity to present the City of Fayetteville, Arkansas with our proposal for On -Call Appraisal Services. In response to the Request for Proposals, this document describes our appraisal method, experience, team, and fee schedule. Our representative for any projects resulting from this RFP would be: Jason E. Crump, R/W-AC, Senior Director, Infrastructure Practice Valuation & Advisory 5101 Wheelis Drive, Suite 300, Memphis, TN 38117 901.257.9996 1 Jason.Crump@cushwake.com Cushman & Wakefield is a leading real estate services firm with a Valuation & Advisory Team comprised of professionals experienced in all aspects of real estate appraisal. Valuation services include appraisal and consulting, feasibility studies, market and highest and best use studies, and advisory services. Further, we have a specialized Infrastructure Practice Group that is accustomed to handling appraisal assignments for easement advisory and right-of-way projects of varying sizes and complexities, including on -call or multi -parcel assignments. Our firm conducts valuation and consultation services relating to municipalities of all sizes including federal, state, local, and tribal government entities. We are committed to quality, timely services, and implement our resources and team members to ensure we meet agreed upon deadlines. Our team has experience in a variety of asset types, including: • Commercial • Multifamily • Industrial • Railroad corridors • Highways • Pipelines • Greenways and other corridors • High tension power lines • Rural/Agriculture • Airports and hangars RFP # 24-11 Page 12 RFP# 24-11 • State and federally owned properties • Floodways • Gravel pits • Conservation easements • Equestrian and cattle farms • Electric vehicle charging stations Given our specialized Infrastructure Practice Group, we are also uniquely qualified in valuation needs unique these government bodies. Right of way assignments include partial acquisitions as well as total acquisitions, including: • Right of Way • Utility Easements • Greenways and other corridors • Special Purpose • Highways • Litigation & Expert Witness Testimony • Multifamily • Railroad corridors • Rural/Agriculture • Commercial • Industrial We appreciate the opportunity to provide this proposal. Should you have any questions, or require additional information regarding our response, please do not hesitate to contact us at any time to discuss. Respectfully Submitted, CUSHMAN & WA _ I son Crump, R/W-AC Senior Director, n as ructure tice Valuation & Advisory 901.257.9996 1 Jason.Crump@cushwake.com Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 13 IIIIIIIt WAK FIELD Table of Contents Executive Summary ................... Methodology .............................. • Understanding & Approach ........ • Example of Appraisal Procedure Experience .................................. • Project Experience ..................... • Key Personnel ............................ • References ................................. Fee Schedule .............................. Required Forms .......................... .........................................................................................2 .........................................................................................5 ................................................................................................. 5 ................................................................................................. 5 .........................................................................................7 ................................................................................................. 7 ................................................................................................. 8 ...............................................................................................17 .......................................................................................18 .......................................................................................19 Cushman & Wakefield i City of Fayetteville i RFP # 24-11 Page14 RFP# 24-11 Methodology Understanding & Approach We understand the City of Fayetteville is seeking qualified firms to provide on -call appraisal services as described in their statement of work, including right of way, easement advisory, acquisition, before and after values, and fee simple valuation. Cushman & Wakefield is exceptionally qualified and prepared to provide such services. Our firm includes a Valuation & Advisory department with a dedicated Infrastructure Practice Group experienced in preparing valuation assignments for government entities of all sizes. We prepare reports in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), in addition to any agency specific guidelines including the Uniform Appraisal Standards for Federal Land Acquisitions (Yellow Book Standards). We are well - versed in all common property types, as well as a variety of specialty property types, right-of- way, and acquisition assignments. Our firm is accustomed to handling projects of all sizes and complexities, including large, multiparcel right-of-way assignments. Our Infrastructure Practice Group works on assignments ranging from single -parcel on -call appraisals to projects consisting of hundreds of parcels. We are experienced in a vast range of valuation and advisory services including appraisal, consulting, feasibility studies, highest and best use studies, market analysis, and other advisory services. Collaboration is key to our project team's performance and ensures efficiency and success in achieving objectives. When contracts are awarded, our administrative staff and research team sets up work files and sorts information from clients to begin basic tax and GIS research on subject properties. Appraisers make contact and discuss the project with client and property owners, if applicable. We perform property research, such as verifying zoning and taxes and tracking comparable properties. Reports are reviewed by a senior Cushman & Wakefield quality control professional versed in the market or region. Every valuation report is prepared and/or reviewed and signed by a senior designated Cushman & Wakefield professional. Our team works cohesively to ensure we meet agreed upon deadlines with high -quality reports. Example of Appraisal Procedure The Statement of Work notes appraisals will be needed to determine values related to proposed right of way, permanent utility easements and temporary construction easements, acquisition, before and after appraisals, fee simple, easement, etc. Our team is well -versed in all of these valuation types. As example, we will outline our process to analyze acquisition of a parcel. This process begins with data collection and inspection of the property. One must also initially identify the impacts of the acquisition on the property and assess the effects of the acquisition on the remainder. This is achieved through a series of steps including: Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 15 RFP# 24-11 • Reviewing plats and plans of the proposed taking, proposed utilities, grade changes, access changes, etc. • Discussing the specific parcel with the engineering group to make sure nothing is overlooked and plans accurately reflect the proposed changes. • Discussing expected impacts with property owners and representatives, noting concerns in the report. Once the changes are understood and documented, the appraiser can begin to value the property 'after the taking,' valuing the property under the hypothetical condition that the project is completed as of the effective date. The valuation after the taking includes any benefit or diminution in value to the remainder. The appraiser may also appraise the part acquired depending on the jurisdictional requirements. The appraiser will select new comparables as needed to reflect the subject's characteristics after the taking. Any severance damages and costs to cure must also be calculated. Severance damages must be supported with market -based evidence, such as paired sales, setback studies, parking studies, market participant interviews, etc. Cost to Cure is best supported by independent engineering reports, which design the cure and include the expected cost to complete. Finally, if the property is improved and relocation is required, appraisers must coordinate with relocation agents to ensure compliance and associated costs of relocation and site clearance. Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 16 RFP# 24-11 Experience Project Experience Cushman & Wakefield is a leading real estate services firm. Our Valuation & Advisory team is comprised of professionals experienced in all aspects of real estate appraisal, including a specialized Infrastructure Practice Group with experience specific to right of way and acquisition appraisal services and easement advisory reports. Complexity of reports have ranged from uncomplicated to highly technical and those involving litigation and testimony. We are experienced in a vast range of additional services including consulting, feasibility studies, highest and best use studies, and advisory services. We offer valuations in compliance the Uniform Standards of Professional Appraisal Practice (USPAP), as well with the Uniform Appraisal Standards for Federal Land Acquisition compliance (Yellow Book). Our highly trained team is experienced in an array of asset types unique these government bodies. Right of way assignments include partial acquisitions as well as total acquisitions, including: • Right of Way • Utility Easements • Greenways and other corridors • Special Purpose • Highways • Litigation & Expert Witness Testimony • Multifamily • Railroad corridors • Rural/Agriculture • Commercial • Industrial Our team is versed in a variety of property types, ranging from common to special use. A sampling of these property types includes: • Commercial • Industrial • Highways • Greenways and other corridors • Rural/Agriculture • State and federally owned properties • Gravel pits • Equestrian and cattle farms • Multifamily • Railroad corridors • Pipelines • High tension power lines • Airports and hangars • Floodways • Conservation easements • Electric vehicle charging stations Cushman & Wakefield takes pride in providing services to government clients. Assisting federal, state, and local governments with their real estate valuation and strategy needs is something our team has done consistently over our history. Over the past decade, our team has provided valuation and advisory services to a vast number of government authorities. Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 17 RFP# 24-11 Cushman & Wakefield's deep bench of highly talented valuation professionals, state of the market technology platform and dedicated portfolio team management enables the firm to execute assignments efficiently and expeditiously. We have a talented team of six Arkansas licensed appraisers whose recent project work includes: - An ongoing 16-parcel roadway project in Bentonville, AR - An ongoing I I -parcel roadway project in West Memphis, AR - A 40-parcel project in Greenwood, AR for ArDOT from June 2023 to February 2024 - An 18-parcel project for ArDOT in Paragould, AR - A single -parcel project for ArDOT in Cabot, AR. Our Infrastructure Practice Group's specialization in right of way and eminent domain projects allows capacity to take on -call assignments at any time. We work on projects ranging from single -parcel on -call appraisals to projects consisting of hundreds of parcels. We have a national presence, and complete thousands of parcel reports every year. This team is accustomed to handling projects of all sizes and complexities. In addition to the team of appraisers, our firm has a dedicated research team to assist in identification of subject properties and gathering basic information on each property assignment in order to maximize time and efficiency. This system ensures our workload is consistently sufficient to take on on - call projects of any size on an as -needed basis and meet agreed upon deadlines. We are not aware of any violations of the Appraisal Act or governing standards found justified by the Arkansas Appraiser Licensing and Certification Board within the past 10 years. Key Personnel Cushman & Wakefield's comprehensive approach to valuation and advisory ensures services are performed in a timely, efficient manner, and yield top results. Our process ensures that inspections are scheduled and conducted appropriately, and our dedicated research team, guarantees background information is aptly handled, such as investigating zoning, parcel history, and existence of encumbrances. Our appraisal team is experienced in right of way, eminent domain, easement advisory, acquisition, and determining before and after values. Each assignment is staffed by the most qualified personnel within the firm, dictated by location of the asset, prior experience of the respective personnel with the asset, and/or location and the type of asset. Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 18 RFP# 24-11 Jason E. Crump, AR License # CG-4262 Project Team Lead. Provides strategic planning R/W--AC and guidance on projects and deliverables. Prepares USPAP compliant appraisal reports. Experienced in appraisals relating to right of way, eminent domain, easements, acquisitions, before and after values, with 17 years experience. Jed R. Cook, MAI AR License # CG5198 Prepares USPAP compliant appraisal reports. Experienced in appraisals relating to right of way, eminent domain, easements, acquisitions, before and after values, with 10 years experience. Gina Phalen, AR License # CG-4994 Prepares USPAP compliant appraisal reports. MAI, SR/WA, Experienced in appraisals relating to right of R/W--AC way, eminent domain, easements, acquisitions, before and after values, with 10 years experience. Kirk McCoy, MAI, AR License # CG-5133 Prepares USPAP compliant appraisal reports. CUM Experienced in appraisals relating to right of way, eminent domain, easements, acquisitions, before and after values, with 19 years experience. Jason D. Pace AR License # CG-5144 Prepares USPAP compliant appraisal reports. Experienced in appraisals relating to right of way, eminent domain, easements, acquisitions, before and after values, with 6+ years experience. David W. Moore, AR License # CG-5135 Prepares USPAP compliant appraisal reports. MAI Experienced in appraisals relating to right of way, eminent domain, easements, acquisitions, before and after values, with 5+ years experience. Frank Fassl AR License # CG-5136 Prepares USPAP compliant appraisal reports. Experienced in appraisals relating to right of way, eminent domain, easements, acquisitions, before and after values, with 6 years experience. Executive Anthony Alderman, Oversight CRE, SR/WA, FRICS Research/Data Management/Appraisal Coordination Team Resumes for each team member follows. National Infrastructure Practice Lead. Provides executive oversight on deliverables and assists in executive decision making. Team of researchers providing data for use in appraisal reports. Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 19 Jason E. Crump, R/W-AC Senior Director Valuation & Advisory Infrastructure Practice Group Cushman & Wakefield Professional Expertise Mr. Crump serves as a Senior Director for Valuation & Advisory where his expertise supports the Infrastructure Practice Group. He has experience in managing and appraising large scale right-of-way projects for public and private entities. Assignments include the valuation of partial acquisitions for local, state, and federal transportation projects as well as projects for power transmission lines, pipelines, and other utility related projects. Additionally, he has experience in testifying in over a hundred eminent domain proceedings. Prior to joining Cushman & Wakefield, Mr. Crump was in a similar role at JLL Valuation & Advisory Services and its predecessor, Integra Realty Resources — Houston. He joined IRR in 2007 as an appraiser and analyst supporting the right-of-way team. Memberships, Licenses, Professional Affiliations and Education • Right of Way Appraisal Certified, International Right of Way Association • Certified General Real Estate Appraiser in the following states: — Arkansas - CG-4262 — Florida - RZ4171 — Kansas - G-3310 — Louisiana - APR-04448-CGA — Maryland - 34224 — Mississippi - GA-1336 — Oklahoma - 13460CGA — Pennsylvania - GA004587 — Tennessee - 5711 — Texas - 1380229G — Virginia - 4001018309 • Bachelor of Business Administration, Finance - University of Houston Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 110 Jed R. Cook, MAI Senior Director Valuation & Advisory Cushman & Wakefield of Colorado, Inc. Professional Expertise Mr. Cook began his appraisal career in early 2004 working for J. Philip Cook and Associates, and effectively worked with the same group for 18 of the past 20 years. The focus of his practice has primarily been on eminent domain, as well as litigation support, lending, tax appeals, feasibility studies, divorce and estate planning, Mr. Cook has experience in numerous property types, including but not limited to, industrial, retail, office, single and multifamily residential, subdivision development, hotels and hospitality, a variety of types of vacant land (industrial, commercial, multifamily, recreational, agricultural, investment speculation), water rights, hazardous waste facilities, landfills, conservation easements, right-of-way easements, air rights, utility and access easements, self -storage facilities and gravel pits. Memberships, Licenses, Professional Affiliations and Education • Designated Member, Appraisal Institute. As of the current date, Jed R. Cook, MAI has completed the requirements of the continuing education program of the Appraisal Institute • Certified General Real Estate Appraiser in the following state: — Utah — 6098903-CG00 • Bachelor of Arts, Arizona State University Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 1 11 Gina Phalen, MAI, SR/WA, R/W-AC Senior Director Valuation & Advisory Infrastructure Practice Group Cushman & Wakefield Professional Expertise Ms. Phalen is a Senior Director within the Infrastructure Practice Group for Valuation & Advisory. She has managed and appraised numerous right-of-way projects on both transportation and utility projects over the past decade. She has extensive knowledge on performing complex assignments for eminent domain in all types of real estate and has testified in over 75 Special Commissioners hearings in various counties within the state of Texas. Prior to joining Cushman & Wakefield, Ms. Phalen was the Managing Director for Transportation at O'Brien Right of Way Valuation in Fort Worth, Texas. She also serves on the Planning & Zoning Commission for the City of Southlake and on the Board for Chapter 36 International Right of Way Association (IRWA). Memberships, Licenses, Professional Affiliations and Education • Designated Member of the Appraisal Institute (MAI) • Senior Right of Way Designated, International Right of Way Association (IRWA) • Right of Way Appraisal Certified, International Right of Way Association (IRWA) • Certified General Real Estate Appraiser in the following states: - Arkansas - #CG-4994 - North Carolina - #A8688 - Oklahoma- #13323CGA - Texas- #TX-1380648-G • City of Southlake, Texas - Planning & Zoning Commission (2018 - present) • City of Southlake, Texas - Sign Board (2018 - present) • City of Southlake, Texas - Corridor Committee (2020 - present) • TxDOT, Oklahoma DOT and North Carolina DOT approved appraiser • Bachelor of Science, Master of Business Administration, Arizona State University • Coursework accredited by the Appraisal Institute and IRWA • Eminent Domain Conference, CLE International - 2016, 2018, 2020 • IRWA International Education Conference - 2017, 2019, 2021, 2022 Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page112 Kirk D. McCoy II, MAI, CCIM Senior Director Valuation & Advisory I Infrastructure Practice Group Cushman & Wakefield Professional Expertise Kirk D. McCoy II, MAI, CCIM is a Senior Director with Cushman & Wakefield's Valuation & Advisory service line and a member of the Infrastructure Practice Group, which provides eminent domain consultations and right of way valuations among other services. He has more than 19 years of experience in the commercial real estate industry, most recently as a Principal with Stewart, Martin & McCoy (SM&M), where he directed both appraisal and commercial brokerage operations for the firm. His business line included right-of-way appraisals for financial institutions, property owners, government and private institutions. He specialized in eminent domain and provided USPAP- and NCDOT-compliant appraisal reports with governmental and client guidelines. Previous to the founding of SM&M, he was a Senior Director with Cushman & Wakefield's Valuation Advisory Group for 10 years in both the Atlanta office and Raleigh -Durham office. Over that period, Kirk led valuation professionals responsible for appraisal, tax appeal, and consulting assignments. He is qualified as an expert witness in tax appeal hearings and litigation cases. Previous to Cushman & Wakefield, he was an associate at Enterprise Social Investment Corporation in Columbia, Maryland. Memberships, Licenses, Professional Affiliations and Education • Designated Member, Appraisal Institute. As of the current date, Kirk McCoy II, MAI, CCIM has completed the requirements of the continuing education program of the Appraisal Institute. • Designated Member, CCIM Institute. As of the current date, Kirk McCoy II, MAI, CCIM has completed the requirements of the continuing education program of the CCIM Institute. • Master's in Business Administration, University of North Carolina at Chapel Hill • Bachelor of Science in Mechanical Engineering, Florida Agriculture and Mechanical University • Approved NCDOT Right of Way Appraiser • Certified General Real Estate Appraiser in the following states: —North Carolina ♦ A7687 —Arkansas ♦ CG5133 — Texas ♦ 1381374G — South Carolina ♦ CG6995 — Georgia ♦ 300386 — Virginia ♦ 4001018594 — Tennessee ♦ 6495 Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Jason D. Pace Associate Director Valuation & Advisory Infrastructure Practice Group Cushman & Wakefield Professional Expertise Mr. Pace is an Associate Director within the Infrastructure Practice Group for Valuation & Advisory. He has managed and appraised numerous right-of-way assignments on both transportation and utility projects over the past decade. He has extensive knowledge on performing complex assignments for eminent domain in all types of real estate. Prior to joining Cushman & Wakefield, Mr. Pace was a Senior Analyst at O'Brien Right of Way Valuation in Fort Worth, Texas. He is also a member of Chapter 36 of the International Right of Way Association (IRWA), and a practicing affiliate of the Appraisal Institute. Memberships, Licenses, Professional Affiliations and Education • Certified General Real Estate Appraiser in the following states: - Arkansas - #CG-5144 - Texas - #TX-1381092-G - Oklahoma- #13663CGA • TxDOT and Oklahoma DOT approved appraiser • Master of Science, Bachelor of Arts, Texas A&M University • Coursework accredited by the Appraisal Institute and IRWA • Eminent Domain Conference, CLE International - 2022, 2023 • IRWA International Education Conference - 2022 Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 114 David W. Moore, MAI Director Valuation & Advisory Infrastructure Practice Group Jhh Cushman & Wakefield Professional Expertise David W. Moore, MAI is a Director within the Valuation & Advisory (V&A) Group at Cushman & Wakefield and is a member of the Infrastructure Practice Group, which provides eminent domain consultations and right of way valuations among other services. Since joining Cushman & Wakefield's Valuation and Advisory service line in 2019, Mr. Moore has experience with a variety of property types including industrial, office, multifamily, commercial land, residential subdivisions, rural land and agricultural properties. Prior to joining Cushman & Wakefield, Mr. Moore held a position as associate appraiser with Parker Property & Appraisals, Inc. in Athens, GA where he gained valuable expertise with a variety of commercial property types and land. Prior to becoming an appraiser, Mr. Moore was a commercial real estate salesperson with VIP Realty Services, Inc. in Augusta, GA who focused on commercial sales and leasing and site selection for developers. Memberships, Licenses, Professional Affiliations and Education • Designated Member, Appraisal Institute. As of the current date, David W. Moore, MAI has completed the requirements of the continuing education program of the Appraisal Institute • Associate Member, American Society of Farm Managers and Rural Appraisers (ASFMRA) • Member, International Right of Way Association (IRWA) • Approved NCDOT Right of Way Appraiser, March 2022-current • Certified General Real Estate Appraiser in the following states: — Georgia - 345274 — Arkansas — CG-5135 — South Carolina — 7912 — North Carolina - A8422 • Bachelor of Arts, Business Administration, Furman University • Coursework accredited by the Appraisal Institute and IRWA Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 115 Frank Fassl Director Valuation & Advisory Cushman & Wakefield Professional Expertise Frank Fassl is a Director with Cushman & Wakefield Western, Inc. in the Sacramento office and is based remotely in San Luis Obispo, California. He is also a member of the Cushman & Wakefield Infrastructure Practice Group (IPG) specializing in eminent domain valuation. He has 6± years full-time as appraising and consulting experience as a research analyst/appraiser trainee and Certified General Real Estate Appraiser in the State of California and holds a B.S. degree in Economics with a Concentration in Real Estate from the Orfalea College of Business at California Polytechnic State University - San Luis Obispo. He is currently an active member of the ASFMRA California Chapter, active member of the International Right -of -Way Association Region 1 Chapter 47, and Farmer Mac Preferred Appraiser. He is a certified general real estate appraiser in California and has been involved in a variety of complex assignments throughout his career as a trainee and certified general appraiser. His primary focus is complex agricultural assignments including irrigated farmland (row crops, permanent plantings, greenhouses, etc.), ranches, open space, wineries, vineyards, grazing land, pasture, rural residences/ranchettes, dairy and livestock facilities, dry -farm land and transitional use/ large-scale development properties. His experience covers all real estate markets including land, residential, industrial and commercial properties throughout the state including but not limited to San Luis Obispo, Santa Barbara, Monterey, Ventura, Riverside, San Francisco, San Diego, Imperial, Lake, Sonoma, Fresno and Tulare counties with primary focus on the Central Coast and Central Valley agricultural markets. His list of clients includes individuals, city, county, state, and federal government, financial institutions and mortgage companies, insurance and pension funds, professional firms, and public and private corporations. Memberships, Licenses, Professional Affiliations and Education • Current Active Member, ASFMRA California Chapter • Current Active Member, International Right -of -Way Association, Region 1, Chapter 47 • Certified General Real Estate Appraiser in the following states: - California - License number AG3009294 - Arkansas - License Number CG-5136 • Farmer Mac Preferred Appraiser • Bachelor of Science in Economics with Real Estate Concentration, Orfalea College of Business, California Polytechnic State University, San Luis Obispo Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 116 References 1. City of Fort Worth Property Management Dept, Real Estate Division Niels Brown, Real Property Manager 900 Monroe St, Ste 400, Fort Worth, TX 76102 Phone: 817.392.5166 email: neils.brown@fortworthtexas.gov Eagle Mountain Waterline Project. Gina Phalen worked on right of way appraisal assignments for 15 parcels from May to July 2022. 2. ORC Real Estate Solutions for Infrastructure Matt Starling, Project Manager 7005 Shannon Willow Rd., Suite 100, Charlotte, NC 28226 Phone: 704.944.1394 email: mstarling@orcolan.com Anthony Alderman provided Executive oversight on road alignment project in Craven County, NC consisting of 200 parcel reports through 2021. 3. Hearns Real Estate Solutions Mr. Marvin Hearns 2015 Ayrsley Town Blvd, Suite 202, Charlotte, NC 28273 Phone: 704.272.1806 email: marvin@hearnesres.com Kirk McCoy performed appraisal right-of-way appraisals for DOT assignments in Harnett County, NC in 2021. Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page 117 Fee Schedule The following offers a unit price for appraisals based on type of property or utility easement or size of property, which price shall be guaranteed for at least one year. 1. Total Acquisitions (the entirety of a property is acquired in fee simple) a. Vacant Land: $3,000 b. Single Family Residence: $3,500 c. Commercial Improved: $4,000 to $8,000+ depending on complexity 2. Partial Acquisitions that do not result in either a) the loss of building(s) or b) damages to the remainder (a loss in value beyond the right of way or easements themselves). a. Vacant Land: $4,000 b. Single Family Residence: $4,500 c. Commercial Improved: $6,000 to $10,000+ 3. Partial Acquisition that does result in the loss of building(s) and/or damages to the remainder. a. Vacant Land: $5,000 b. Single Family Residence: $6,500 c. Commercial Improved: $7,500 to $12,000+ depending on complexity. Alternatively, standard billing hourly rates are as follows: APERSONNEL HOURLY RATE Executive Managing Director $400 Senior Managing Director $375 Managing Director $325 Senior Director $300 Director $250 Associate Director $200 Administrative $100 Cushman & Wakefield I City of Fayetteville I RFP # 24-11 Page118 City of Fayetteville RFP 24-11, On -Call Appraisal Services SECTION C: Signature Submittal 1. DISCLOSURE INFORMATION a. Proposer must disclose any possible conflict of interest with the City of Fayetteville, including, but not limited to, any relationship with any City of Fayetteville employee. Proposer response must disclose if a known relationship exists between any principal or employee of your firm and any City of Fayetteville employee or elected City of Fayetteville official. i. If, to your knowledge, no relationship exists, this should also be stated in your response. Failure to disclose such a relationship may result in cancellation of a purchase and/or contract as a result of your response. This form must be completed and returned in order for your bid/proposal to be eligible for consideration. PLEASE CHECK ONE OF THE FOLLOWING TWO OPTIONS, AS IT APPROPRIATELY APPLIES TO YOUR FIRM: X 1) NO KNOWN RELATIONSHIP EXISTS 2) RELATIONSHIP EXISTS (Please explain): b. I certify that; as an officer of this organization, or per the attached letter of authorization, am duly authorized to certify the information provided herein is accurate and true; and my organization shall comply with all State and Federal Equal Opportunity and Non -Discrimination requirements and conditions of employment. c. Proposer agrees that they shall have a current, valid registration with the Arkansas Secretary of State at time of RFP deadline OR be able to provide proof of registration before recommendation of award to Fayetteville City Council. d. Pursuant Arkansas Code Annotated §25-1-503, the Contractor agrees and certifies that they do not currently boycott Israel and will not boycott Israel during anytime in which they are entering into, or while in contract, with any public entity as defined in §25-1-503. If at any time during contract the contractor decides to boycott Israel, the contractor must notify the contracted public entity in writing. e. Pursuant Arkansas Code Annotated §25-1-1002, the Contractor agrees and certifies that they do not currently boycott Energy, Fossil Fuel, Firearms, and Ammunition Industries during anytime in which they are entering into, or while in contract, with any public entity as defined in §25-1-1002. If at anytime during the contract the contractor decides to boycott Energy, Fossil Fuel, Firearms, and/or Ammunition Industries, the contractor must notify the contracted public entity in writing. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 15 of 17 2. PRIMARY CONTACT INFORMATION At the discretion of the City, one or more firms may be asked for more detailed information before final ranking of the firms, which may also include oral interviews. NOTE: Each Proposer shall submit to the City a primary contact name, e-mail address, and phone number (preferably a cell phone number) where the City selection committee can call for clarification or interview via telephone. Corporate Name of Firm: Cuslmian & Wakefield Senior Director; Infrastnuct ure Primary Contact: Jason Cnunp. R`W AC Title of Primary Contact:Practnce `%altnatnon & Advnsony Phone#1 (cell preferred): 281.216.3845 Phone#2: 901.257.9996 E-Mail Address: jason.cnunipC(i,ctnshwake.coin 3. ACKNOWLEDGEMENT OF ADDENDA Acknowledge receipt of addenda for this invitation to bid, request for proposal, or request for qualification by signing and dating below. All addendums are hereby made a part of the bid or RFP documents to the same extent as though it were originally included therein. Proposers/Bidders should indicate their receipt of same in the appropriate blank listed herein. Failure to do so may subject Contractor to disqualification. ADDENDUM NO. SIGNATURE AND PRINTED NAME DATE ACKNOWLEDGED 4. DEBARMENT CERTIFICATION: a. As an interested party on this project, you are required to provide debarment/suspension certification indicating compliance with the below Federal Executive Order. Certification can be done by completing and signing this form. b. Federal Executive Order (E.O.) 12549 "Debarment and Suspension" requires that all contractors receiving individual awards, using federal funds, and all sub -recipients certify that the organization and its principals are not debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded by any Federal department or agency from doing business with the Federal Government. c. Signature certifies that neither you nor your principal is presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any federal department or agency. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 16 of 17 5. SIGNATURE SUBMITTAL: NAME OF COMPANY: Cuslmian & Wakefield PHYSICAL ADDRESS: 5101 Wlieelis Drive, Suite 300, Memphis, TN 38117 MAILINGADDRESS: '• Box 9296 New • ►Y10087-9296 TAX ID #: 13-2625361 AR. SECRETARY OF STATE FILING #: 811158177 PHONE: 901.257.9996 FAX: u/a E-MAIL: jasou.cnuup(dcushxvake.com By submitting your response, you certify that you are authorized to represent and bind your company : SIGNATURE: PRINTED NAiv t: Jason Clump, R."V-AC Seiuor Director, Infrastructure TITLE: Practice Valuation & Advisory City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 17 of 17 DATE: 7i5i2024 END OF RFP DOCUMENT IIIIIIIt WAK FIELD Appraisal of Real Property Bentonville, AR 72712 DATE OF VALUE As of January 26, 2024 Prepared For: Little Rock, AR 72227 Prepared By: Cushman & Wakefield Valuation & Advisory 5101 Wheelis Drive, Suite 300 Memphis, TN 38117 IIIIIIII WA EFIAELD March 12, 2024 Assistant Project Manager Little Rock, AR 72227 Re: Appraisal Report - Improvements Project Bentonville, AR 72712 Client ID: Dear Mr. 5101 Wheelis Drive, Suite 300 Memphis, TN 38117 cushmanwakefield.com Property In fulfillment of our agreement as outlined in the Letter of Engagement saved within our work files, we are pleased to transmit our appraisal of the above referenced property in the following Appraisal Report. It is our opinion that the before and after value difference resulting from the proposed acquisition, as of January 26, 2024, is: This appraisal has been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Standards Board (ASB). The report is intended to comply with the Appraisal Operational Procedures Manual. The value as reported is subject to all Assumptions and Limiting Conditions presented in the attached report. The appraisal was developed for right of way acquisition purposes on part of the . Any other use of this report without written permission from the appraiser is prohibited. This letter is invalid as an opinion of value if detached from the report, which contains the text, exhibits, and Addenda. Respectfully submitted, CUSHMAN & WAKEFIELD son Crump Senior Director AR Certified General Appraiser License No. CG-4262 jason.crump@cushwake.com 19012579996 Office Direct SUMMARY OF SALIENT FACTS & CONCLUSIONS Table of ContentIc Summary of Salient Facts & Conclusions......., Scope of Work .................................................. Market Analysis (Economy) ............................. Property Description ......................................... Subject Photographs ........................................ Highest and Best Use ...................................... Whole Property Valuation ................................ Reconciliation of Approaches ........................... Proposed Acquisition & Effects on Remainder Remainder Analysis ......................................... Remainder Property Valuation ......................... Reconciliation................................................... Allocation.......................................................... Certificate of Appraiser ) .....................I ..4 ..6 12 19 25 28 30 34 35 39 40 42 43 44 CUSHMAN & WAKEFIELD 3 SUMMARY OF SALIENT FACTS & CONCLUSIONS Summary of Salient Facts & Conclusions The following presents an executive summary of property information presented in greater detail throughout the report: Property Owner Property Address: Assessor's Parcel Number(s): Zoning Existing Use Land Area: Proposed Acquisition Highest and Best Use As though vacant: As though improved: Date of Inspection: Effective Date(s) of Valuation Date of Report: Las Vegas, NV 89180-6178 Bentonville, AR 72712 Benton County C-2 (Community Development 2), City of Bentonville Vacant 1.04-ac. or 45,302 SF Parcel No. 1 - Right of Way, 3,334 SF Parcel No. 2 - Permanent Utility Easement, 4,698 SF Commercial development. Not applicable. January 26, 2024 January 26, 2024 March 12, 2024 CUSHMAN & WAKEFIELD 4 SUMIMRY OF IEM FACTS & CONCLUSIONS Arkansas Job Number: N/A County: Benton Tract: Location: Arkansas, AR 72712 Fee Owner(s): _Address: -Las Vegas, NV 89180-6178 Area of Whole: 1.04-ac. t Permanent Easement(s) 0.11-ac. t Area of Remainder: 0.96-ac. t Temporary Easement(s): 0.00-ac. t Area of Acquisition: 0.08-ac. t Temporary Easement(s): 0.00-ac. t (Title Certificate and Legal Description Attached) Land $ Improvements $ Total After Land $ Improvements $ Total FAIR MARKET VALUE OF ACQUISITIONS (DIFFERENCE BETWEEN BEFO (+) Temporary Construction Easement Total Compensation: (Rounded to nearest $1) Total Acquisition as of: January 26, 2024 March 12, 2024 Ad! son Crump, Appraiser Date LT" GUSH N & WAIa RE]LD F.21193= Scope of Work Assignment Conditions At the request of the client, this report is to be completed to_standards. This Scope of Work is a summary of the ) expectations and responsibilities of the appraiser in providing an appraisal with which a basis for just compensation is established. The specific_ appraisal requirements can be found in various_ publications and manuals, such as the "Right of Way Manual", the "Acquisition Pamphlet", and the Appraisal Section SOP. Laws of the State of Arkansas, 49 CFR 24.103, (The Uniform Act) and the Uniform Standards of Professional Appraisal Practice (USPAP): Appraisals made for the _ must conform to the unique qualifies and standards for an agency which has the power of eminent domain. Determining just compensation requires that such appraisals must be performed in a manner consistent with applicable State and Federal Law, including_ policy, which are intended to be consistent as much as possible with the Uniform Standards of Professional Appraisal Practice (USPAP). The Uniform Act applies to the appraisals and acquisitions when the State uses Federal funds in any part of a project. The purpose of the Uniform Act is to ensure that all property owners are treated fairly and uniformly when if is necessary for their property to be acquired for any federally assisted project. The Uniform Act allows the State to have appraisal requirements that supplement the Uniform Act requirements. 49 CFR 24.103(a) (a) requires that the Federal Requirements, which have the standing of Standards, cannot be supplanted by USPAP. The Uniform Act explains: "While these requirements (49 CFR 24.103(a)) are considered consistent with USPAP, neither can supplant the other, nor interchangeable. Appraisals performed for federal and federally assisted real property acquisition must follow the requirements in this regulation." Fortunately, USPAP has provisions to permit it to be flexible and interact with other appraisal standards. The Jurisdictional Exception Rule in USPAP allows appraisers to perform appraisal services and comply with the various appraisal standards and requirements. "When an appraiser properly follows this Rule in disregarding a part of USPAP, there is no violation of USPAP." (USPAP 2020-2022 Edition) In arriving at the basis forjust compensation to which the property owner is entitled, the appraiser first determines the fair market value of the whole property immediately before the taking, and then determines the fair market value of the remaining property immediately after the taking. The compensation the property owner is entitled to recover is the difference, if any, between the fair market value of the whole property immediately before the taking and fair market value of the remainder property immediately after the taking. In determining the fair market value of the remaining property immediately after the taking, the appraiser considers the remaining property as if the project was completed and permanently in place according to the construction plans on file. cuswrow awaxErErn SCOPE OF WORK Purpose of Appraisal The purpose of this appraisal is to estimate market value of the subject property, before and after the proposed acquisition, as a basis for just compensation. The facts, analyses, opinions, and conclusions contained in this appraisal report are the basis of an estimate of the before and after market value of the subject property. The difference between the before and after value is the basis for just compensation. The estimate of compensation, in this report, includes the value of the acquisition, costs to cure, and any damages or benefits, to the extent that benefits are allowed by the Laws of the State of Arkansas and applicable standards. Property Rights to be Acquired: Fee Simple, Partial Interest (Utility Easement) Estate Appraised: Fee Simple Estate The Dictionary of Real Estate Appraisal, current edition, by the American Institute of Real Estate Appraisers defines these as follows: "Fee Simple Estate": "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat." Intended Use This appraisal is to estimate the fair market value of the subject property, in the whole (before) and remainder (after the acquisition). It will be the basis for just compensation, as of the specified effective date of valuation, for the proposed acquisition of the property rights specified below, which is part of the federally assisted project. It will be used by the intended users to inform decisions regarding just compensation for the acquisition of property rights defined elsewhere in this report and for assistance in right-of-way negotiations and eminent domain proceedings if necessary. Intended User The intended users of this appraisal report are and the their representative and assigns. Market Value (Fair Market Value) For the purpose of valuing the subject property, including land and any building structures and improvements thereon acquired under the power of Eminent Domain by the Federal government or using Federal -aid or Federal grant funds, Fair Market Value is the amount of money (cash or its equivalent) which, as of the date of valuation: • An informed and knowledgeable purchaser willing, but not obligated, to buy the property would pay to an informed and knowledgeable owner willing, but not obligated, to sell it. • Taking into consideration all uses for which the property is suited and might in reason be applied; including, but not limited to the present use or highest and best available use taking into consideration the existing zoning or other restrictions upon use and the reasonable probability of a change in those restrictions. • Allowing a reasonable period of time to effectuate such sale. • Disregarding any decrease or increase in fair market value of such real property prior to the date of valuation caused by the public improvement for which such property is acquired, or by the likelihood that the property would be acquired for such improvement, other than that due to physical deterioration within the reasonable control of the owner. • Disregarding the fact that the owner might not want to part with the land because of its special adaptability to the owner's use. • Disregarding the fact that the taker needs the land because of its peculiar fitness for its purpose. CUSHMAN & WAKEFIELD SCOPE OF WORK • Disregarding any "gain to the taker", i.e., not giving consideration to the special use of the condemnor as against others who may not possess the right of Eminent Domain. • Including the value of any buildings, structures, or improvements located upon the land, which are required to be removed or which it is determined will be adversely affected by the use to which such real property will be put, regardless of whether such building, structure or improvement is classified as real or personal property under local law. Such buildings, structures and improvements are valued based upon their contribution to the fair market value of the real property to be acquired or their value for removal from the real property (salvage value), whichever is greater. This includes tenant owned buildings, structures, or improvements, even if the tenant has a right or obligation to remove the building, structures, or improvements at the expiration of the lease term and even if classified as personal property under local law. • Fair market value, based upon adequate recent comparable sales and offering data is usually the measure of just compensation. (FHWA: The Appraisal Guide) Also: When the appraiser uses the expression "fair market value", we mean the amount of money which a purchaser who is willing but not obligated to buy the property would pay to an owner who is willing but not obligated to sell it, taking into consideration all uses to which the land is adapted and might reasonably be applied. Fair market value is not necessarily based on the use to which the property was being put at the date of taking but is to be based on the fair market value of the land put to its highest and best use. (Arkansas Model Jury Instructions - Chapter 20 - Eminent Domain — AMI 2006 Definition) PREMISES, COMMON ASSUMPTIONS, AND LIMITING CONDITIONS This appraisal is predicated on the premise that: • The sketch map, construction plans, and/or tract descriptions furnished to the appraiser by the Engineering Section are correct. • The attached title certificate is correct and reflects the fee owner and all holders of less than fee interests in the property and reflects current real estate tax information. The appraiser does not render any opinion as to the title. Unless otherwise specified in the report, the property is analyzed as though free and clear and under responsible ownership and competent management. • Information, date, estimates, and opinions contained in this report were obtained from sources considered reliable; however, no liability for them can be assumed or guaranteed by this appraiser. Information furnished by others is assumed to be true, correct, and reliable. A reasonable effort has been made to verify such information; however, the appraiser assumes no responsibility for its accuracy. The value conclusions are subject to the correctness of said data. • Consideration has not been given in this appraisal to personal property located on the premises, or to the cost of moving or relocating such personal property unless otherwise stated. • Possession of this report or any copy hereof does not carry with it the right of publication, nor may the same be used for any purpose by any party except the without the previous written consent of the appraiser, and in any event, only in its entirety and with proper qualification. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relation, news, sales, or other media without the written consent and approval of author. • The appraiser acknowledges that the client will provide a copy of the report to the owner of the property appraised, or their representative. • No opinion is expressed as to the value of subsurface oil, gas, or mineral rights and that the property is not subject to surface entry for the exploration or removal of such materials except as is expressly stated. • No consideration has been given in the appraisal to the value, if any, attributable to growing crops on any portion of the property appraised unless otherwise stated. CUSHMAN & WAKEFIELD SCOPE OF WORK • The estimated value after acquisition is based on the project being constructed in the manner proposed, as furnished to the appraiser as of the date of appraisal. Extraordinary Assumption An assumption directly related to a specific assignment which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions are specific to the assignment, as opposed to general assumptions, which could be applicable to any assignment. • We make the extraordinary assumption that the project will occur as shown on the plans included herein. In addition, we have relied upon regulatory design approvals and design standards as provided by Idaho Power Company. Reliance upon these extraordinary assumptions may have affected our assignment results. Use of this extraordinary assumption may have affected assignment results. Hypothetical Condition A hypothetical condition is "that which is contrary to what exists but is supposed for the purpose of analysis." Appraisal reports prepared for eminent domain purposes may recognize one or more hypothetical conditions. • The appraisal of a remainder property assumes that the proposed public or private improvements were complete as of the effective date of valuation, when in fact it is known that they are not. The use of hypothetical conditions derived from public policy and case law does not result in a process that is limited or renders the results no longer credible. • In addition, in the before condition, the value of the property is estimated as if the market has no knowledge of the proposed public project. This condition is assumed for the purpose of analysis, when in fact market participants may have knowledge of the proposed public project as of the effective date of the appraisal. Reliance upon these hypothetical conditions may have affected our assignment results. Jurisdiction Exception An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP. (USPAP — Definitions) The Jurisdictional Exception Rule provides a saving or severability clause intended to preserve the balance of USPAP if compliance with one or more of its parts is precluded by the law or regulations of a jurisdiction. When an appraiser properly follows this Rule in disregarding a part of USPAP, there is no violation of USPAP. (USPAP 2024 Edition) 1. Appraisers should not link opinions of value, for appraisals completed for the , to a specific opinion of exposure time, unlike appraisal assignments for other purposes under USPAP Standards Rule (This is a jurisdictional exception.) Exposure time is the estimated length of time that 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. (USPAP — Definitions) The previously stated definition of market value allows "a reasonable period of time to effectuate such sale." Therefore, exposure or marketing time estimates are inappropriate for, and must not be included in, appraisal reports prepared for the . The request to provide a reasonable marketing time opinion exceeds the normal information required for the conduct of the appraisal process for eminent domain in Arkansas and is beyond the scope for this type of appraisal assignment. CUSHMAN & WAKEFIELD SCOPE OF WORK 2. When completing a "before and after" evaluation or report, it is a hypothetical condition to consider the project completed and in place in order to calculate the "after" or remainder value. 3. The appraiser has not considered any general benefits or diminutions based on the influence or knowledge of the project in the calculation of compensation. This is a jurisdictional exception. According to the Uniform Standards of Professional Appraisal Practice (USPAP), appraisers When analyzing anticipated public or private improvements, located on or off the site, an appraiser must analyze the effect on value if any, of such anticipated improvements to the extent they are reflected in market actions." (USPAP 2020-2022, SR 1-4 (f)). Arkansas Case Law states: In determining the fair market value of lands involved in a condemnation action any appreciation or depreciation to land values that may result by reason of the plans to construct the highway improvement is disregarded when arriving at a before value on properties involved in eminent domain proceedings. Arkansas State Highway Commission v. Griffin, 241 Ark. 1033, 411 S.W.2d 495 (1967), Ark. State Highway Comm. v. Littlefield, 247 Ark. 686, 447 S.W.2d 146 (1969), Arkansas State Highway Commission v. Roberts, 246 Ark. 1216, 441 S.W.2d 808 (1969). In addition, 49 CFR Part 24 states, "The appraiser shall disregard any decrease or increase in the fair market value of the real property caused by the project for which the property is to be acquired, or by the likelihood that the property would be acquired for the project, other than that due to physical deterioration within reasonable control of the owner. (49 CFR Part 24.103(b)). Information Provided by the • Right of way plans indicating current ownership, total parcel, areas of acquisition and residuals • Certificate of title and description of taking DAMAGES AND BENEFITS Arkansas Case Law requires that just compensation is to be established by determining the difference between the fair market value of the whole property immediately before the taking and the fair market value of the remaining lands immediately after the taking. The Arkansas Supreme Court has held that where the public use for which a portion of a property owner's land is taken so enhances the value of the remainder property so as to make it of greater value than the whole property before the taking, the property owner has received just compensation in the form of benefits. In instances where the remainder is diminished in value by the taking, the courts have awarded "severance damage." Severance damage is the difference between the value of the remainder before the taking and the value of the remainder after the taking. NON-COMPENSABLE ELEMENTS OF VALUATION CONSIDERATIONS It is an established principle that certain elements of valuation, which may occur by reason of a government acquisition of realty, are not compensable in the appraisal as part of eminent domain proceedings in the State of Arkansas. These non-compensable items must be disregarded by appraisers when estimating market value of the real estate to be acquired. The following is a list of elements of valuation which in and of themselves are non-compensable. This list is not necessarily comprehensive of all non-compensable items. CUSHMAN & WAKEFIELD 10 SCOPE OF WORK • Loss of business profits. • Loss of goodwill. • Interruptions of or loss of business, inconvenience, etc. during temporary period of construction. • The loss of expected profits from a projected subdivision. • Loss of tenants, business, etc. because of anticipated taking. • Damage to personal property and moving expense. • Cost of obtaining or inability to obtain new quarters. • Annoyances, discomfort, dust, etc. during period of construction. • Diversion of traffic. • Circuity of travel. • Inability to gain access to a newly located highway. (This does not necessarily exclude severance damages where a unit of land has been severed). • Noise, dust, and other such items incident to living on a public highway. • Bringing about the change in the character of the neighborhood. RESEARCH AND ANALYSIS The type and extent of our research and analysis is detailed in individual sections of the report. In general, the following steps were taken to perform this assignment: • Performed an inspection of the subject property appropriate for the appraisal problem and in adherence to the guidelines of ArDOT. Determined which, if any, of the improvements are affected by the acquisition. Gathered relevant information regarding the subject property from the property owner or their representative, public records, and/or third -party sources. • Inspected the surrounding market area and gathered appropriate economic and demographic trends, including data on the local property market obtained from local market participants, published data, and other sources. • Researched comparable sales data obtained from public records, MLS services, and other reporting services. Transactions were confirmed with a party to the transaction — broker, agent, owner, buyer, etc. - wherever possible. • Developed an opinion of the property's highest and best use before and after the acquisition based on conditions at the subject and in the market. • Arrived at a market value indication for the land and, when applicable, impacted improvements and site improvements, before and after the acquisition. • The analysis and appraisal of the property after the acquisition assumes the proposed public improvements have been completed as of the effective date of the appraisal. • Derived an estimate of total compensation due to the owner resulting from the proposed acquisition, and prepared an appraisal report summarizing our analysis, opinions, and conclusions. CUSHMAN & WAKEFIELD 11 MARKET ANALYSIS (ECONOMY) Market Analysis (Economy) In order to understand the subject's position in the area or region, we have undertaken a brief analysis in order to determine how trends —both historical and projected —in population, employment, personal income, consumer spending, and housing impact supply and demand and influence the subject's area directly and indirectly. This analysis first begins on a broader spectrum, and without respect to the subject itself. Introduction Benton County is located in northwest Arkansas, bordered by Missouri and Oklahoma and is included in the Fayetteville -Springdale -Rogers Core Based Statistical Area (Fayetteville CBSA). Among its 13 municipalities, Bentonville is the county seat and Rogers is the most populous city. With a population of over 300,000 residents, Benton County is the second largest county in the state. Benton County is located in the Ozark Mountains, along Beaver Lake. The county is known as the "mountain bike capital of the world" due to its famous biking trails and scenic lakes. The city of Bentonville recently ranked second on USA Today's recent "Best Small Town for Adventure" poll. The county contains three nationally protected areas, including the Ozark National Forest (which spans 1.2 million acres), as well as three state protected areas. The following map portrays the Benton County within the state of Arkansas: �e „q F OwataO Tuka 0 �� &Olean Mow 0 SaO�Ma WagO� TatNqu h &.by Y11aYoq•- 1I ,-IL Ot.11 _ PIFRi NATION O, n r �wryw a avcwah✓ v saffimm ;�'-.4 Source: CoStar Group, Inc., compiled by Cushman & Wakefield V&A Macro Trends The economy continues to recover and evolve from the impacts of the pandemic and the economic crisis that followed. Right now, inflation remains elevated and the Federal Reserve's interest rate hikes are further compounding market volatility. With this, it is important to take in mind that data lags, and industry participants are still trying to accurately determine some of the effects these events will, or have had, on the commercial real estate market. In other sections of the report, we will discuss these effects and impacts on the immediate market and subject property in as much detail as possible. For this market analysis section of the report, we ask that you keep in mind that some macro trends may not affect the subject property directly. CUSHMAN & WAKEFIELD 12 MARKET ANALYSIS (ECONOMY) Current Trends Benton County's economy is heavily influenced by Walmart's corporate headquarters and the supporting large and small businesses it lured, as more than 1,450 suppliers have established offices in the region to be close to Walmart. These companies include Energizer, General Mills, J.M. Smucker's, Kellogg's, Nestle, Spectrum Brands and Unilever. However, the county's economic base is well -diversified including agriculture (dairy and poultry), light manufacturing, and logistics. Benton County, specifically Bentonville, is a major driving force for the Fayetteville CBSA. The county steadily attracts businesses, as region is becoming home to technology and advance mobility companies, like Microsoft, NCR, GoodLeap, and IBM that do business with Walmart as well. Demographic Characteristics The demographic characteristics Benton County are generally stronger than the demographic traits of the national average. At 36 years, the median age of residents in the county is three years younger than that of the national median age of 39 years. County residents are more likely to graduate from college compared to adults across the United States with 33.1 % of adults in the region having earned a bachelor's degree or advanced university degree, compared to 31.9% of adults across the U.S. have achieved similar levels of educational attainment. Higher levels of educational attainment usually translate to higher household incomes, as 32.5% of households in Benton County have incomes of $100,000 or more, compared to 31.1 % of the national average. The following chart compares the demographic characteristics of Benton County, AR with those of the United States: demon Unked Characterlstk CM" Sates Median Age (years) 36 39 Average Annual Household Income S102,421 $%,357 Median Annual Household Income S72,142 S66,422 Households by Annual Income Level: <S25,000 14.1% 18.2% S25,000 to S49,999 19.1% 20.0% $50,000 to $74,999 18.9% 17.4% $75,000 to S99,999 15.4% 13.3% S100,000 plus 32.5% 31.1% Education Breakdown: < High School 11.5% 12.1% High School Graduate 29.4% 27.1% College < Bachelor Degree 26.0% 28.8% Bachelor Degree 21.7% 19.7% Advanced Degree 11.4% 12.2% Source: Z 2022 Experian Marketing Solutions, Inc. -All rights reserve( Cushman & Wakefield Valuation & Advisory CUSHMAN & WAKEFIELD 13 MARKET ANALYSIS (ECONOMY) Population Population growth in Benton County outpaced national population growth, averaging 2.5% annually from 2012 through 2022. During the same time period, national population growth increased at an average annual rate of 0.6%. Population growth in Benton County is forecast to decrease to an average annual growth rate of 2.1 % through 2027, outpacing the 0.4% projected average annual growth rate for the nation over the next five years. The following chart compares population growth between Benton County, AR and the United States: 0.0% POPULATION GROWTH BY YEAR Benton County. AR vs. United States, 2012-2027 ■ - e :-.a:e- • Evto- Coj�ty AR 12 13 14 is 16 17 1 a 19 20 21 22 23 24 25 26 A Sou ce. Da u Courtesy of Mood ys And Vx,, and Cu+lrna. L w4refnl0 V4ua430L Ad awry Note. Shaded b+rs rep rsa t loemaued vAw% Nat U&N brown area nd Kale paeods o1 rmevron The following table shows Benton County, AR's annualized population growth: Compound Compound Annual Annual Forecast Forecast Growth Rate Growth Rate Population (000's) 2012 2022 2023 2027 12-22 23-27 United States 314,688.6 333,287.6 335.142.8 340.428.3 u.6k - - . Benton County, AR 234.9 302.1 3083 336.0 2.5% 2.1% Source. Data Courtesy of Moody's Anaytics. Cushman & Wakefield Valuation & Advisory CUSHMAN & WAKEFIELD 14 MARKET ANALYSIS (ECONOMY) Households Generally, a region's household formation trends are directly tied to its overall population growth, as an increase in the population drives demand for real estate. From 2012 through 2022, household formation in Benton County outpaced national expansion, averaging 2.1 % annually. In the same ten-year period, household formation for the national average increased at an annual rate of 0.8%. Household formation growth in Benton County is forecast to decrease to an average annual growth rate of 1.8% through 2027, remaining ahead of the 0.8% average annual growth rate projected for the national average over the next five years. The chart below compares household formation growth between Benton County, AR and the United States: 3S% 3.0% 4 s10 25% HOUSEHOLD FORMATION BY YEAR Benton County. AR vs. United States 2012-2077 12 13 14 15 16 17 Is 19 20 21 22 23 24 25 26 V source. Deu Co unefy of Moody'%And"and Cushnwn L W Ire f rdd V v anon L Adv eory No to Shaded DenrWrewrx torecaaed values Note tight D rorwn wee ndr u to pano ds of recession Gross Metro Product Gross Metro Product (GMP) is defined as the market value of all final goods and services produced within a metropolitan area, and when compared to the nation's Gross Domestic Product (GDP), can determine shifting economic trends in a given region. Economic growth in Benton County outperformed national economic expansion over the decade, averaging 4.3% annually from 2012 through 2022. Over the decade, the national GDP increased at an average annual rate of 2.3%. GMP growth in Benton County is forecast to decrease to an average annual growth rate of 2.7% through 2027, ahead of the 2.0% average annual growth rate projected for the national GDP over the next five years. The chart below compares gross product growth by year for Benton County, AR and the United States: CUSHMAN & WAKEFIELD 15 MARKET ANALYSIS (ECONOMY) B D% 16 6.0% c u c 4.0% d a 2.0% 0.0% -2.0% -4.0% REAL GROSS PRODUCT GROWTH BY YEAR Benton County, AR vs. United States, 2012-2D27 12 13 14 is 16 n 18 19 20 21 22 23 24 25 26 27 SourCa: Data Courtesy of MoodysAnalyticsand Cushman& W&keficld vswatan&Advrsory Note: Shaded bearepresentforecasted values -E Lghtbrown anseinbcmPeriods ofrtcmion Employment Distribution The Trade, Transportation & Utilities sector dominates Benton County as the largest employment sector with roughly 21 % of the regional workforce, compared to 18.8% on the national level. Benton County offers a diverse mix of industry employment with the Professional & Business Services and Government sectors accounting for 19.5% and 13.5% of total employment, respectively. Together, these three industries comprise 54% of the county's share of employment. The following chart compares non -farm employment sectors for Benton County, AR and the United States: Co ramm o- Man Ja c:_ - ^c Traae.TrarsportstanBUt :es trio'ma: F a-. a A ^ v: es Profes s ora & E.s ^ess S ery ce s E out ati on i Health Serr to s Is is r!e t Has pits i-y Other S ervf ce s (exce pt Govo Government 0% EMPLOYMENT BY SECTOR Benton County, AR vs. United States 2023 Estimates ■ ^:E ::a:E: ■ Ee Ron County. AR rc - 20% So urce.0aa C oun esy of Mood y%A hey tzs a nd C u%Nri m ` wA a hea vab anon L Ad veo r) CUSHMAN & WAKEFIELD 16 MARKET ANALYSIS (ECONOMY) Major Employers The following table lists the largest employers in Benton County, AR: Company Business Type Walmart Stores, Inc. Retail JB Hunt Transport Services, Inc. Logistics Rogers School District Education Mercy Health System of Northwest Arkansas Healthcare Bentonville School District Education Simmons Food, Inc. Manufacturing (Food) McKee Foods Corporation Manufacturing (Food) Arvest Bank Group Finance Tyson Foods, Inc. Manufacturing (Food) Ozark Mountain Poultry, Inc. Manufacturing (Food) Source: Arkansas Economic Development Commission; Cushman & Wakefield & Valuation & Advisory Employment Growth From 2012 through 2022, employment growth in Benton County outpaced national expansion, averaging 3.5% annually. During the same time period, national employment growth increased at an average annual rate of 1.3%. Employment growth in Benton County is forecast to decrease to an average annual growth rate of 0.7% through 2027, remaining ahead of the projected 0.5% average annual growth rate for the nation over the next five years. The following chart illustrates employment growth for Benton County, AR and the United States: 8.0% 6.0% L 1 4.0% G V C 2.0% L u a 0.0% A re •2.0% -4.0% -6.0% -8.0% TOTAL EMPLOYMENT GROWTH BY YEAR Benton County, AR vs. United States, 2012-2027 ■United States • EenLon Canty AR 2 13 14 15 16 17 t8 19 20 21 22 23 2d 25 2E Souioe: 0MCourtesy of MoodyiArmlymand Cushman 6 wakefiold va4at,on l,Advaory Note: Shaded bars rWesom forecasted val utf Note: Lghtbrown r"indicm periodsofrecession CUSHMAN & WAKEFIELD 17 MARKET ANALYSIS (ECONOMY) Unemployment From 2012 through 2022, the Benton County unemployment rate decreased at an average annual rate of 8.4%, compared to the nation's unemployment rate which decreased at an average annual rate of 7.7%. Benton County's unemployment rate is forecast to increase by an average annual rate of 8.2% between 2023 and 2027. The graph below illustrates unemployment rates for Benton County, the State of Arkansas, and the United States: UNEMPLOYMENT RATE BY YEAR Benton County. AR vs. Arkansas vs. United States, 2012.2027 _ n*ec -:a:ei -,Ja at — 6e ". Zo ri / AR 12 13 14 15 16 17 to 19 20 21 22 23 24 25 26 27 Source Dau Counesy o I Moody%And1y tas and C u-h nv4 ria►ef i eld Vaw ta+ L Adw,o y Noce.Ooued 1 nn raprevent to wcated w hies Note. Lot brown area indg ate perrods olrece%von Conclusion Benton County will continue to outpace the national average over the forecast period. The high concentration of retail, logistics and food processing corporations as well as technology and advanced mobility companies create a thriving economy in the region. Robust population and demographic trends remain a strength in the county and overall region that allow for above -average performance. CUSHMAN & WAKEFIELD 18 PROPERTYD ScmpmN Property Description CUSH Raw�R PROPERTY EESCMPMM PROPERTY IDENTIFICATION Property Location Bentonville, AR 72712 Owner Las Vegas, NV 89180-6178 Site Area & Larger Parcel Determination In this instance, the subject larger parcel consists of one tax lot with a total site area of 1.04 acres. This is based on information obtained from the Benton assessor's office. Land Area (Ac.) Land Area (SF) 1.04 ac. 45,302 SF 1.U4 ac. 45.702 SF ZONING CHARACTERISTICS The subject is zoned C-2, General Commercial, under the jurisdiction of the City of Bentonville. CusHrow&wax Hr PROPERTY DESCRIPTION The C-2 zone id described as being designed "to serve the planning area and highway travelers". This zone district is located primarily along arterial streets. More specifically, the city's municipal code describes the zone as follows: "The C-2 district represents the least restrictive of the commercial districts and is designed to serve the planning area and highway travelers. This district shall congregate on local arterial streets in such a manner as to minimize disruptions of through traffic and shall be interspersed within the corporate boundaries." Outright allowed uses within the zone district include typical mixed -use improvements such as retail, sales, and services; as well as multifamily residential. Dimensional standards are summarized in the tables below: COMMERCIAL (C) DISTRICTS LOT AND AREA STANDARDS District Building Type Min. lot area (sq. ft.) Min. land area/ dwelling unit (sq. ft.) Lot width Min. lot depth Max. lot coverage Min. lot width Max. lot width Interior lot Exterior/ cornerlot C-1 All 7,000 - 70' - 50% 50% C-2 All 7,000 - 70' -- - 60% 60% C-3 All - -- -- - 100% 100% COMMERCIAL (C) DISTRICTS MINIMUM SETBACK REQUIREMENTS Front Side Rear District Parking in front No parking in front Adjacent to non-residential district Adjacent to residential district Adjacent to non-residential district Adjacent to residential district C-1 50, 20' 7' 15, 2U 25' C-2 50' 20' 7' 30' 20' 30' C-3 0' 0' 0' 10' 0' 0' FIVE-YEAR SALES HISTORY From: To: Date: Instrument: Consideration: COMMERCIAL (C) DISTRICTS MAXIMUM HEIGHT STANDARDS District Maximum height C-1 40' C-2 60' C-3 60' Remarks: The 2013 transaction appears to have been among related parties. Due to the dated and non-arm's length status of the prior transaction, it has been given no weight in the following valuation analysis. ASSESSMENT DATA Real estate tax assessments are estimated by jurisdiction on a county basis and represent ad valorem taxes, meaning a tax applied in proportion to value. The following contains a summary of the subject tax account: Assessed values are the result of the mass appraisal methodology utilized by appraisal districts, which does not consider the level of analysis performed in our appraisal. CUSHMAN & WAKEFIELD 21 ■ PROPMW oEscmPnm REALTY & PERSONAL PROPERTY The property is vacant. No personal property was observed on the site. PRELIMINARY TITLE REPORTANDIOR DISCUSSION OF ENCUMBRANCES I have been provided a Title Commitment dated December 26, 2023, and have given consideration to any exceptions or limiting conditions that might affect the value of the subject property. Said title report lists 13 exceptions involving a variety of items including encumbrances such as easements and those restrictions shown on the partition plate. Although I have not conducted a thorough review of each of these exception documents, the property does not appear to be subject to any encumbrances that would limit the overall highest and best use of the property. The following easements are noted, however, as they are located in close proximity to the proposed acquisitions to be discussed further later in the report: 11. Reservations, Restrictions, Easements, Dedications, Right of Ways and Setback Lines as may be shown upon the recorded plat of said Subdivision/Addition, filed for record in/as Book 11 Page 187 of the records of Benton County, AR. 12. Right of Way Grant in favor of the City of Bentonville, Arkansas, dated March 24, 1986, and filed for record March 25, 1986 in/as Book 650 Page 122 among the land records of Benton County, AR. 13. Electrical Right of Way Grant in favor of the City of Bentonville, Arkansas, dated November 22, 1989, and filed for record May 11, 1990 intas 9012497 among the land records of Benton County, AR. Excerpt from Title Commitment dated December 26, 2023 As stated above, the perimeter of the site is encumbered with a utility easement favoring the City of Arkansas (see Exception #13). The location of this existing easement is generally identified on the following plat map exhibit. INSPECTION COMMENTS The property owner was offered the opportunity to be present during the course of my inspection via USPS regular and certified mail in a letter dated February 12, 2024. 1 received no response to the mailing. As such, I was unaccompanied during the course of my inspection which occurred on January 26, 2024. Said date of inspection establishes the date of value for this appraisal. cuswrow a Wa RErn PROPERTY NESCRIPMN SITE ANALYSIS An analysis of the property is vital in establishing its highest and best use. Following is a discussion of those site characteristics that are considered important in the market: Access The subject gains access via an informal gravel driveway located near the southeast property corner. Drainage No drainage study was provided in conjunction with this assignment. However, drainage appears to be adequate. Property Location, Size, and Shape: The subject larger parcel consists of a single tax parcel and a site area of 45,302 SF or approximately 1.04-acre. The site has a generally rectangular configuration with frontage along its east boundary with the adjacent_ Might of way. Topography f Floodplain: The subject has gently sloping topography and is unencumbered by 100-year floodplain based upon FEMA map -, dated 5120/2010, with no wetlands noted. Soil Conditions No soil study was provided in conjunction with this assignment. However, surrounding development suggests that soil stability is adequate to support development. Environmental Statement: We are unaware of any detrimental environmental conditions that affect the property. For the purposes of our analysis, we have estimated the market value of the site as if it is free from any adverse environmental conditions. cusrvraw a Wa RErn PROPERTY NESCFUPT ON Hazardous Materials A Phase I report was not provided. I have not conducted an independent investigation to determine the presence or absence of toxins on the subject property. If questions arise, the reader is strongly cautioned to seek qualified professional assistance in this matter. Please see the Assumptions and Limiting Conditions for a full disclaimer. Utilities: The subject has access to municipal utilities, including electricity, from the City of Bentonville. The City of Bentonville provides electric, domestic water, irrigation water, wastewater and solid waste services to more than 22,200 customers within the City's service area. The following GIS map exhibit identifies the location of existing utility infrastructure in the vicinity of the subject parcel. These utilities are considered adequate for future commercial development of the site. Improvements According to inspection, the subject is a vacant tract. cusramw awa✓. Rr i �p ���g � t ., HIGHEST AND BEST USE Highest and Best Use Before a property's value can be concluded, the highest and best use of the property must be determined for both the subject site as though vacant, and for the property as currently improved (if applicable). The "highest and best use" of the property means the most favorable purpose to which the property is adaptable and the most valuable purpose for which it could have been used in the not -too -distant future. Highest and best use means the most advantageous use to which the property could actually be put without entering into speculation. It is the use of the property that would produce the maximum economic value on the date of the taking. -- Arkansas Model Jury Instructions-- Eminent Domain In common appraisal practice the Highest and Best Use is defined as: That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonable probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible and which results in highest land value. The definition above applies specifically to the highest and best use of land. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land in its highest and best use exceeds the total value of the property in its existing use. Implied within these definitions is recognition of the contribution of that specific use, to community environment or community development goals in addition to wealth maximation of individual property owners. Also implied is that the determination of highest and best use results from the appraiser's judgement and analytical skill (i.e., that the use determined from analysis represents an opinion, not a fact to be found). In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In context of most probably selling price (market value) another appropriate term to reflect highest and best use would be most probable use. In the contect of investment value an alternative term would be most profitable use. Four tests are used to establish the highest and best use of a site. To qualify as the highest and best use all four tests must be satisfied. That is, the use must be: The highest and best use must be: 1. Legally Permissible 2. Physically Possible 3. Financially Feasible 4. Maximally Productive The American Institute of Real Estate Appraisers, The Appraisal of Real Estate, 131h Edition 2008, pages 277/278. CUSHMAN & WAKEFIELD 28 HIGHEST AND BEST USE HIGHEST AND BEST USE ("BEFORE" PROPERTY) Legally Permissible (Existing & Future Land Use Regulations) The subject is zoned C-2 (General Commercial) under the jurisdiction of Bentonville City which allows for a wide variety of uses, including commercial, retail, multifamily, institutional and limited industrial uses. Surrounding properties are similarly -zoned. Given surrounding zoning, a rezone of the subject is highly unlikely. A commercial use satisfies the test of legally permissible. Physically Possible The subject is 1.04-acre tract with conforming characteristics. The site has a generally rectangular configuration and lies at grade with the adjacent right of way. All utilities are immediately available and topography is generally level. Overall, there are no physical hurdles to development. Financially Feasible and Maximally Productive Financial feasibility relates to supply and demand factors for a particular use. There is active commercial development occurring in the general and specific market areas. This new development includes retail and service uses. The subject is located on the primary north -south artery in the area and benefits from high traffic counts. Collectively, this strongly suggests that commercial development would be financially feasible at present. Conclusion As improved The subject property consists of an undeveloped tract of land. As such, a highest and best use conclusion as though unimproved is not applicable. As though vacant Maximally productive test analyzes the highest profit for the property. Considering the land as vacant, an investor would consider the legal/physical characteristics and financial feasibility of the property. Based upon the aforementioned analysis, the subject's maximally productive and reasonable use would be for commercial development as demand warrants. CUSHMAN & WAKEFIELD 29 WHOLE PROPERTY VALUATION Whole Property Valuation CONSIDERATION OF APPROACHES There are three generally accepted approaches to developing an opinion of value: Cost, Sales Comparison and Income Capitalization. We considered each in this appraisal to develop an opinion of the market value of the subject property. In appraisal practice, an approach to value is included or eliminated based on its applicability to the property type being valued and the quality of information available. The reliability of each approach depends on the availability and comparability of market data as well as the motivation and thinking of purchasers. Sales Comparison Approach: In the Sales Comparison Approach, sales of comparable properties are adjusted for differences to estimate a value for the subject property. A unit of comparison such as price per square foot of building area or effective gross income multiplier is typically used to value the property. When developing an opinion of land value the analysis is based on recent sales of sites of comparable zoning and utility, and the typical units of comparison are price per square foot of land, price per acre, price per unit, or price per square foot of potential building area. In each case, adjustments are applied to the unit of comparison from an analysis of comparable sales, and the adjusted unit of comparison is then used to derive an opinion of value for the subject property. The subject property is representative of the types of properties found within the market area. Comparable sales information has been found to support analysis and conclusions needed in the sales comparison approach. Therefore, this approach is considered a reliable source for establishing market value for the site. Cost Approach: The Cost Approach is based on the proposition that an informed purchaser would pay no more for the subject than the cost to produce a substitute property with equivalent utility. This approach is particularly applicable when the property being appraised involves relatively new improvements which represent the Highest and Best Use of the land; or when relatively unique or specialized improvements are located on the site for which there are few improved sales or leases of comparable properties. In the Cost Approach, the appraiser forms an opinion of the cost of all improvements, depreciating them to reflect any value loss from physical, functional and external causes. Land value, entrepreneurial incentive and depreciated improvement costs are then added, resulting in an opinion of value for the subject property. Our valuation is limited to the land only; therefore, the Cost Approach is not a valid approach to estimate market value. Income Approach: This approach uses capitalization of expected future income as a basis for estimating value. The underlying assumption is that an informed purchaser will pay no more for the subject than would have to be paid for another property with an income stream of comparable amount, duration, and quality. Vacant land is typically not traded on its income producing capability. Weighing all information available for the appraisal of the subject property, the income approach would have little influence on the final estimate of value given that vacant land is typically not traded based upon its income producing capability. Any estimate of market value based on the income approach would therefore not be tested, supported, or validated within the general market area. CUSHMAN & WAKEFIELD 30 raiuiras Qtl:aHr ai i fUH SALES COMPARISON APPROACH (SITE VALUATION) SALES COMPARISON APPROACH (BEFORE) Sale Brochure #4 Sale Brochure #11 Sale Brochure #14 Sale Brochure #21 Sale Brochure #48 804 SW Regional 100 SE Regional Location Airport Blvd 807 SE Walton Blvd S Walton Blvd Lot B E Centerton Blvd Airport Blvd Date 3/7/2022� 6/9/2022 10/11/2022 5/25/2023 4/28/2023 Sale Price 1 $2.500,000 $2,500,000 $1,122,105 $540,000 $1.304,308 Land Size (SF 45.302 SF 108,900 SF � i 129,809 SF_ 48,787 SF 27 007 SF 54,014 SF Land Size AC 1.04-ac. 2.50-ac. 2.98-ac. 1.12-ac. 0.62-ac. 1.24-ac. Price per SF $22.96 $19.26 " $23.00 $19.99 $24.15 Price per Acre $1.000,000 $838,92 $1,001.879 $870.968 $1.051,861 Property Rights Fee Simple Comparable Comparable Comparable Comparable Comparable Financing Cash Equivalent Comparable Comparable Comparable Comparable Com arable Conditions of Sale Arm's Length Comparable Comparable .26.38% Comparable Comparable Com arable Market Conditions 15% 3 0.21% 21.29% 11.96% 13.08% Ad usted Sale PricelSF $29.89 $24.34 $27.90 $22.39 $27.31 Other Adjustments Location 0.00% 0.00% (15.00%) 10.00% 0.00% Frontage/Access (30.00%) (20.000%%) 20..0g0o (20.00%) 29.00%) Size 10.00% % 1000(10.00%) 0.00% Shape 0.00% 0% 0.00%L$21.85 Functional Utili 0.00% 0.00% 0.00% 0.00% Utilities (15.00% 0.00% 0.00% 0.00% Zonin 0.00% 0.0- 0.00% 0.00% Adjusted Value $19A3 $21.91 $18.14 $17.91 Reconciled Value/Price Per SF WSHP &WN FIELD WHOLE PROPERTY VALUATION EXPLANATION OF ADJUSTMENTS — SALE ADJUSTMENTS • Property Rights: This adjustment considers the transfer of property rights, such as differences between properties owned in fee simple and in leased fee. • Financing: This adjustment considers the financing terms of a transaction, as compared to what is typical in the market. • Conditions of Sale: This adjustment considers the motivations of either the buyer or the seller in a transaction, e.g., when the comparable contains improvements with contributory value to be extracted out on a land sale or if the buyer or seller is atypically distressed or motivated. • Market Conditions: Real estate values normally change over time. This adjustment considers market differences occurring between the effective date of the appraisal and the sale date of the comparable when values have appreciated or depreciated. Based upon the location and pricing trends observed in the market, a 15.00% annual adjustment has been applied. EXPLANATION OF ADJUSTMENTS — OTHER ADJUSTMENTS Location: This adjustment considers the surrounding area influences, adjoining land uses, and overall location within the market area. Sales 4, 11, and 48 are located near the subject along the Regional Airport and Walton Blvd highways. No adjustment is warranted in these instances. Sale 14 is located in a superior commercial district and has been adjusted downward. Sale 21 is located in a residential area with limited commercial services. As such, the sale is adjusted upward. Frontage/Access: This adjustment considers access to the subject including the availability and amount of road frontage and multiple roadway access. The desirability of these factors varies based upon highest and best use. The subject has limited vehicle exposure along its east boundary with Rainbow Lane. Access is limited to a single driveway near its southeast property corner. The sales are considered superior to the subject in this regard. Sale 4 consists of a corner parcel with highway exposure along its south and west boundaries. Sale 14 is situated in an established commercial corridor with good exposure along its south boundary. The remaining sales, 11, 21, and 48, have frontage along Highway 12. Each of the sales have been adjusted downward accordingly. Size: Typically, smaller sites will bring higher unit sales prices when compared to larger sites with similar characteristics. Sales 14 and 48 are similar in size when compared to the subject. No adjustment is warranted. Sales 4 and 11 are slightly larger to the subject and has been adjusted upward. Conversely, Sale 21 is smaller to the subject and has been adjusted downward. Shape: This adjustment considers the configuration of the site. Generally, uniformly configured sites will bring higher unit sale prices when compared to sites with an irregular shape. However, the material impact varies based upon size, highest and best use, and overall market expectations. The subject and all the sales are considered similar in this regard and no adjustments are made. Functional Utility: This adjustment considers physical attributes (i.e., water features, tree coverage, floodplain), site configuration, encumbrances, and/or topography. The subject and sale are all fully functional tracts and no adjustments are warranted. Sale 4, however, was at the time of sale with a commercial building in relatively good condition. Although we have not concluded a formal determination of the contribution value of these improvements, they are considered to add limited interim value until the site is redeveloped. As such, the site is adjusted downward. • Utilities: This adjustment considers the availability of utilities. The subject and sales all of have immediate access to utilities. No adjustment is warranted. CUSHMAN & WAKEFIELD 32 WH PROPERLY VA MAON • Zoning: This adjustment considers permissible uses under zoning laws and other legal restrictions that apply to a site. The subject and all of the sales share the same highest and best use and no adjustments are made. RECONCILIATION The sales comparables are all reasonably similar to the subject and have been given equal consideration. Based upon the data presented, the appraisers concluded value for the subject land is $20 per acre. Sale Brochure 21 $17.91 Sale Brochure 14 $18.14 Sale Brochure 4 $19.43 Sub"ect Sale Brochure 11 21.91 Sale Brochure 11 $21.91 CONCLUDED LAND VALUE BY SALES COMPARISON APPROACH Whole Landlll�y Sales Comparison r cusHrow awa✓.ErLErn NECONCILIFTION OF APPROACHES Reconciliation of Approaches Explanation Final reconciliation is the process of evaluating alternative conclusions and selecting a final estimate of value from the approaches used in the report. The appraiser weighs the relative significance, applicability, and defensibility of the indications of value derived from each approach and places the most credence on those which provide a reasonable and well supported indication of market value. For the purposes of this analysis, only the Sales Comparison Approach for land value has resulted in a conclusion of market value. Component Land 45,302 SF @i F @ 100% _ $ Improvements $ Total (Whole Property -"Before") $ CusHrow & WA FIELD _ PROPOSED ACQUISITION & EFFECTS ON REMAINDER Proposed Acquisition & Effects on Remainder The is in the process of completing improvements to the intersection of '. and_ The project is described on the BentonvilleBond.com website as follows: "The existing intersection of , commonly known as currently has an overall intersection LOS E, which will continue to deteriorate to an LOS F prior to the 2040 Design Year. The recommended improvements primarily consist of installing a flyover bridge to remove the westbound, left -turning traffic from the intersection. With the recommended improvements, an LOS C will be achieved for the projected 2040 traffic." PROPOSED ACQUISITION As part of the project, the city requires two acquisition components at the subject property. These consist of a right of way acquisition and a permanent easement. The images provided on the page that follows show the approximate location of the proposed acquisitions on the larger parcel. To add clarity to the discussion, I have labeled the acquisition areas within this report as Parcels 1 and 2, as summarized in the table below. ID Name of Taking SF Parcel No. 1 Right of Way 3,334 Parcel No. 2 Permanent Utility Easement 4,698 The following pages include sketch exhibits and engineering drawings illustrating the location of the proposed acquisition. These drawings are followed by a narrative discussion of each of the acquisition components. CUSHMAN & WAKEFIELD 35 PROPOSED A UISDION & EFFECTS M REMNNOER CUSHM dWM( RFl PROPOSED A UISDION & EFFECTS M REMNNOER CUSHM dWM FlE PROPOSED ACQUISITION & EFFECTS ON REMAINDER Parcel 1 — Right of Way The proposed parcel 1 consists of a 3,334 SF right of way acquisition area that extends along the east property boundary. The acquisition area has a depth of 21.75-feet as measured from the northeast corner and then widens to a depth of 24.65-feet as measured from the southeast corner. The property is undeveloped and improvements in the vicinity of the proposed right of way acquisition are limited to brush and field grass. The acquisition is a fee acquisition. Parcel 2 — Permanent Utility Easement As was discussed earlier in the report, the perimeter of the property is encumbered in the before condition with an existing utility easement. The location of this existing easement is identified on the sketch exhibit provided on the preceding above in light blue shading. The project requires an additional 4,698 SF located adjacent to and west of the existing utility easement corridor. Similar to Parcel 1, improvements within the boundaries of the proposed utility easement are limited to unmaintained brush and vegetation. With respect to the permanent easement, only a portion of the total bundle of rights (or fee simple estate) is being acquired as the property owner will still retain ownership of the area in question. Although we have not been provided a copy of the Utility Easement document that the city intends to use for this acquisition, utility easements typically grant the right construct and maintain utility infrastructure above, below, and over the property. The terms of the proposed utility easement will reduce the utility associated with the land to a surface use in perpetuity. In the after condition, no structural development capability exists. The appraiser has considered the rights being acquired within the proposed drainage easement and the rights being retained by the fee simple owner, and 75% of fee is considered appropriate. IMPROVEMENTS TO BE ACQUIRED: The subject property consists of a bare tract of undeveloped plan. As such, the acquisition does not impact any improvements. CUSHMAN & WAKEFIELD 38 REMAINDER ANALYSIS Remainder Analysis An analysis of the remainder property has been considered as though the project is complete and in place as indicated on the ROW plans provided at the time of our appraisal. PROPERTY DESCRIPTION The remainder shape and utility will be very similar to the whole property and still falls within market expectations for development at the highest and best use (see analysis below for H&BU for the remainder). The ultimate question is "will the remainder command a lower price due to the presence of the easement?" Through our analysis, as well as additional market research, the appraisers were not able to discern any "across the board" diminution in value to the remainder property as a result of the proposed easement. HIGHEST AND BEST USE (REMAINDER PROPERTY) It is the appraiser's opinion that commercial use will still be viable and the remainder after the acquisition will have the same highest and best use as before the acquisition. Legally Permissible No change Physically Possible The remainder is a 41,968 SF, or approximately 0.963-acre, tract of land located on the west side of just south of . The remainder size falls within market expectations and development is still feasible with the highest and best use of commercial. Financially Feasible No change Conclusion As vacant Based upon the aforementioned analysis, the subject remainder's maximally productive and reasonable use would be for commercial use. As improved The subject remainder is vacant land; therefore, the highest and best use as improved is not applicable. CUSHMAN & WAKEFIELD 39 ai rr_11: Uli'W [L11i[lrp/:IpL\IYIt Remainder Property Valuation Sales Comparison Approach — Land Value— Remainder The land size, shape and utility of the subject site is similar in the remainder; therefore, the same comparable land sales and adjustments have been applied to the remainder land analysis. In the after condition, —. will be realigned where it meets - In the before condition, the property has highway frontage at its north boundary with Highway. , which runs in a north/south direction along the east boundary, consists of a local street which extends northward across before meeting with - - approximately 600 feet to the north. In the after condifton, . will be realigned to extend south along the alignment, and then meet via a new signalized intersection at In other words, the subject property will then exist as a comer parcel with the northeast comer fronting the intersection of- and-. This will represent a significant increase in vehicle exposure to the subject. In light of the change in vehicle exposure and frontage characteristics in the after condition, I have adjusted the comparable sales accordingly. After analysis of each comparable sale to the subject remainder property, the appraisers estimate the market value for the Remainder to bell per square foot as of January 26, 2024 (date of value). Within the easement areas, the remaining property rights are considered. We conclude an after -condition fee land value equivalent to the before condition at per square foot. SALES COMPARISON APPROACH AFTER SaMBmchure" Sale BrochureRV Sele Bruchure#1d Sale Brochure#21 Sale Bmchurepd8 Location BM SIM Regional 807SE Walton BNd S W a11on Blvd LctB E Cameron Blvd 100 5E Regional HirWtl BNd Airport Blvd Date - WSM22 652022 1011112022 Si 428/2023 Sale Price $2,500,000 $250go0o $1,122,105 Mail $1,304,30B Land Size(SF) 45302 Sit 108,9005E 129 it SF 4%787Sit 27007 SF 54014 SF Land Sae AC 1Mac 250ac 298-ac. 1.12-ac 062-do 124ac. Price per SF $0.00 $22.96 $19.26 ¢3D0 $19.99 S24.15 Price ver Acre $0 $1000000 Sales $838926 Adjustments S1001 N 'i 968 41,D51,861 PmpeM in is Fee Simple Comparable Comparable Comparable Comparable Comparable Financing Cash Equivalent Comparable Comparable Comparable Comparable Compaable Conditions of Sale Arm s Length Comparable Comparable Comparable Comparable Comparable Market Conditions 15% 3021% 2638% 2129% 1196% 1308% Adustetl Sele PdcelSF $29.89 $24.34 $27.90 $2239 S27.31 l Location Om% 000% (15.00%) 1000% 000% Fmmage)Aeaeee (2000%) (1000%) (1000%) (1000% 1000%) Size 1000% ram% 000% (ram%) 000% Shape — 000% 000% B00% 000% 000% Consul Utlits — 000% 000% B00% 000% 000% Large — (1500%) 000% eno% Om% Doe% Zoning— 000% 000% 000% 000% 000% Adjust" Value $n.42 $2a-34 $20.93 $20.15 $24.5e Reconciled Wool Per AC Cost Approach The Cost Approach has not been considered as a reliable source for market value for the remainder subject. Income Approach: The income approach has not been considered as a reliable source for market value for the remainder subject. CUSHMAN a WANEFIELD 40 ai rig l: Uli'W [L11i[lCp/:IpL\IYIt Reconciliation The analysis detailed in the preceding sections developed the market value of the subject remainder property using all the information, extraordinary assumptions, hypotheses, limiting conditions, descriptions, and disclosures stated in the above report. The estimate of value for the subject remainder property of this report is based upon an examination of appropriate information, general and specific, contained within the approaches employed by this report. The final value, as determined by this appraiser, is a comparison and analysis of approaches used and reflects the appraiser's opinion of the most accurate market value of the remainder property. After careful consideration of all the factors pertaining to the influencing of value, the data analysis supports the below conclusion of estimated market value for the subject remainder property as of January 26, 2024 (date of value). Component Land - Unencumbered Land Improvements Total Land - Unencumbered Land - Encumbered 37,270 SF @ /SF @ 100% _ Parcel No. 2- Permanent Utility Easement 4,698 SF @ /SF @ 25% _ Total Land - Encumbered Total Value of the Remainder LI cusrorow awa✓ REID 41 RECONCILIATION Reconciliation DIFFERENCE IN BEFORE AND AFTER VALUE The tables below illustrate the difference in the before and after values for the subject property. The difference between the before and after values are accounted for by allocating the difference to land, improvements, damages to the remainder, and benefits, if any. The total of the allocation equals the difference between the before and after values. REMAINDER PROPERTY COMPARISON Remainder Before Land $ Improvements $ Total $ Remainder After Land Improvements $ $ Total $ Difference $ SALVAGE VALUE OF IMPROVEMENTS ACQUIRED Salvage Value is defined as: The estimated value that an asset will realize upon its sale at the end of its useful life and for which refurbishing, or repair is neither desired, possible, nor economically feasible. Description of Salvage Value Does not apply. Justification of Salvage: No salvage value is considered due the subject being vacant land. CUSHMAN & WAKEFIELD 42 ALLOCATION Allocation Arkansas Job Number: N/A County: Benton Tract: - Location: Arkansas, AR 72712 Fee Owner(s): Owner Address: 'Las Vegas, NV 89180-6178 Area of Whole: 1.04-ac. ± Permanent Easement(s) 0.11-ac. ± Area of Remainder: 0.96-ac. ± Temporary Easement(s): 0.00-ac. ± Area of Acquisition: 0.08-ac. ± Temporary Easement(s): 0.00-ac. ± (Title Certificate and Legal Description Attached) Land Improvements Total Land Imnrovements I7_\I:akhril V AmmvlielME] =917_[e(pint..11016IOF.YUIInn=VOki lM2111:i21IRgrA»►"411:1=a (+l Tamnnrnry rnnctri irtinn Fn zomont I otal uompensatlon: (Rounded to nearest $1) Total Acquisition as of: son Crump, Appraiser M January 26, 2024 March 12, 2024 Date CUSHMAN & WAKEFIELD 43 CERTIFICATE OF APPRAISER ( Certificate of Appraiser I, as the appraiser signing this report, hereby certify: • 1 have made a personal field inspection of the comparable sales relied upon in making said appraisal. • 1 have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. • That the statements contained in the appraisal herein set forth are true, and the information upon which the opinion expressed therein are based is correct. • The analyses, opinions, and conclusions are limited by the assumptions, limiting conditions, and legal instructions, and are the personal, unbiased, professional analysis, opinions, and conclusions of the appraiser. • Genesee Borges provided significant real property appraisal assistance to the person signing this certification. • That the existence of potentially hazardous material used in the construction or maintenance of any structures, and/or the existence of hazardous materials or hazardous waste, which may or may not be present on the property, was not observed by me; nor do I have any knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The existence of hazardous materials or potentially hazardous waste material may have an effect on the value of the property. • That I understand that such appraisal may be used in connection with the acquisition of right of way for a project to be constructed by the State of Arkansas with the assistance of Federal -aid highway funds, or other Federal funds. • That such appraisal has been made in conformity with the appropriate State laws, regulations and policies and procedures applicable to appraisal right of way for such purposes; that in appraising the value before acquisition, no consideration has been given to increases or decreased in Fair Market Value caused by the public improvement; and that to the best of my knowledge no portion of the value assigned to such property consists of items which are non-compensable under the established law of said State. • That this assignment was not contingent upon developing or reporting predetermined results. • That I have no direct or indirect present or contemplated future personal interest in such property or in any benefit from the acquisition of such property appraised. • 1 have no personal interest with respect to the parties involved. • 1 have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • That I have not revealed the findings and results of such appraisal to anyone other than the property officials of the of said or officials of the and I will not do so until so authorized by said State Officials, or until I am required to do so by due process of law, or until I am released from this obligation by having publicly testified as to such findings. • That I have made a personal inspection of the property appraised. The property owner, or a designated representative, was given the opportunity to accompany the appraiser on the property inspection. • That in my opinion, the basis for just compensation for the acquisition as January 26, 2024 is $ based upon my independent appraisal and the exercise of my professional judgement. March 12, 2024 J Crump, Appraiser Date CUSHMAN & WAKEFIELD 44 CEWIHCA OFAPPNA M— Addenda CUSH. awAla=Ht ss CERTIFICATE OF APPRAISER - Addendum A: Right of Way Plan Sheets CUSHMAN & WAKEFIELD 46 CERHHCA OFAPPNA M— COSHM dWAK RFl 47 CEWIHC EOFNPPRAISERM) CUSHM & WA FIEM CEWIHC EOFNPPRAISER- CUSHM & WA FIEM CERHHCA OFAPPNA M— COSHM dWAK RFl CEWIHCA OFAPPNA M—) LT2-2�. Pugc 1 of 1 COSHM dWAK RFl CEWIHCA OFAPPNA MS LT2-2�. Pugc 1 of 1 COSHM dWAK RFl CEWIHCA OFAPPNA M— Addendum B. Subject Aerial Map CUSH. awAl REM CEWIHCA OFAPPNA M— Addendum C: Tax / Plat Map CUSH. awAla=Rt CEWIHCA OFAPPNA MS Addendum D. Zone Map CUSH. awAla=Rt CEWIFI AT OFAPPNA M— Addendum E. Comparable Sales Data Sheets I o Ben, Corr rSPee rarily s 0 n®n G owo,e 0 ®- =n as v GUSH waw�Rt ss CERTIFICATE OF APPRAISER LAND SALE COMPARABLE 1 Property Name. Sale Brochure 44 o Address: 804 Southwest Regional Airport Boulevard City, State, Zip: Bentonville AR 72713 MJurisdiction: mn Benton County MSA: Submarket: Property Type: Land Property Subtype. Commercial Classification: NIA ID: 768118 j Tax Number(s): 01-05275-002 PROPERTY INFORMATION Site Area (Acres): 2.5000 Public Utilities: All Available Site Area (Sq.Ft.): 108.900 Electricity: Yes Zoning: C-2 Water: Yes Utility: Good Sewer: Yes Access: Good Gas: Yes Frontage: Good Proposed Use: Retail -Commercial Visibility: Good Maximum FAR: NIA Shape: Rectangular Potential Building Area: NIA Topography: Level Potential Units: NIA Entitlements: No SALE INFORMATION Status: Recorded Sale OAR: NIA Deed Reference: L2022-015494 NOI: N/A Sale Date: 312022 Price per Sq.Ft.: S22.96 Sale Price: $2;500;000 Price per Acre: $1,000,000 Value Interest: Fee Simple Price per Potential Building Area: NIA Grantor. Cornerstone Baptist Church Price per Potential Units: NIA Grantee: Evans Investment Group, LLC Financing: Cash to Seller Condition of Sale: Arm's Length !VERIFICATION• Paul Esterer (479)-685-6612, pesterer@mosestucker.com. Moses Tucker Partners VALUATION & ADVISORY CUSHMIIIII� WAK FIELD CUSHMAN & WAKEFIELD 57 E CERTIFICATE OF APPRAISER_) LAND SALE COMPARABLE 2 Property Name. Sale Brochure #11 Address: 807 Southeast Walton Boulevard City, State, Zip: Bentonville AR 72712 g Jurisdiction: Benton County ' MSA: Fayetteville -Springdale -Rogers Submarket: Property Type: Land Property Subtype: Retail -Commercial Classification: N/A ID: 768129 I � Tax Number(s): 01-00184-000 PROPERTY INFORMATION Site Area (Acres): 2.9800 Public Utilities: All Available Site Area (Sq.Ft.): 129,809 Electricity: Yes Zoning: C-2 Water: Yes Utility: Good Sewer: Yes Access: Good Gas: Yes Frontage: Good Proposed Use: Retail -Commercial Visibility: Good Maximum FAR: NIA Shape: Rectangular Potential Building Area: NIA Topography: Level Potential Units: NIA Entitlements: No SALE INFORMATION Status: Recorded Sale OAR: NIA Deed Reference: L2022-39164 NOI: NIA Sale Date: 612022 Price per Sq. Ft.: S19.26 Sale Price: $2;500;000 Price per Acre: $838,926 Value Interest: Fee Simple Price per Potential Building Area: NIA Grantor. Terry L Law., et al Price per Potential Units: NIA Grantee: Glide Xpress Principal Group, LLC Financing: Cash to Seller Condition of Sale: Arm's Length VERIFICATION• Verified with Kurt Green, the buyer. VALUATION & ADVISORY CUSHMIIIII� WAK FIELD CUSHMAN & WAKEFIELD 58 CERTIFICATE OF APPRAISER LAND SALE COMPARABLE 3 Property Name. Sale Brochure #14 Address: 1003 South Walton Boulevard City, State, Zip: Bentonville AR 72712 Jurisdiction: Benton County MSA: Fayetteville -Springdale -Rogers Submarket: Property Type: Land ® Property Subtype: Retail -Commercial Classification: N/A / ID: 768136 Tax Number(s): 01-20307-000 PROPERTY INFORMATION Site Area (Acres): 1.1200 Public Utilities: All Available Site Area (Sq.Ft.): 48,787 Electricity: Yes Zoning: C-2 Water: Yes Utility: Good Sewer: Yes Access: Good Gas: Yes Frontage: Good Proposed Use: Retail -Commercial Visibility: Good Maximum FAR: NIA Shape: Rectangular Potential Building Area: NIA Topography: Level Potential Units: NIA Entitlements: No SALE INFORMATION Status: Recorded Sale OAR: NIA Deed Reference: L202265770 NOI: N/A Sale Date: 1012022 Price per Sq.Ft.: S22.80 Sale Price: $1;112;105 Price per Acre: $992,951 Value Interest: Fee Simple Price per Potential Building Area: NIA Grantor. Redbud Holdings, LLC Price per Potential Units: NIA Grantee: Herbst Holdings, LLC Financing: Cash to Seller Condition of Sale: Arm's Length VERIFICATION• Verified with CoStar and public records. We reached out to Alan Cole, the sale and listing agent but did not receive a response. VALUATION & ADVISORY CUS 1111116 FIELD CUSHMAN & WAKEFIELD 59 E CERTIFICATE OF APPRAISER LAND SALE COMPARABLE 4 Property Name. Sales Brochure #21 Im,Address: 1530 East Centerton Boulevard City, State, Zip: Bentonville AR 72712 Jurisdiction: Benton County ju,nrA MSA: Fayetteville Springdale -Rogers Submarket: Property Type: Land Property Subtype: Retail ' Classification: N/A ID: 768022 Tax Number(s): 01-13251-003 PROPERTY•R • Site Area (Acres): 0.6800 Public Utilities: All Available Site Area (Sq.Ft.): 29,621 Electricity: Yes Zoning: C-1 Water: Yes Utility: Good Sewer: Yes Access: Good Gas: NIA Frontage: Good Proposed Use: Retail -Commercial Visibility: Good Maximum FAR: NIA Shape: Rectangular Potential Building Area: NIA Topography: Level Potential Units: NIA Entitlements: No SALE INFORMATION Status: Recorded Sale OAR: NIA Deed Reference: L-202326792 NOI: NIA Sale Date: 512023 Price per Sq. Ft.: S18.23 Sale Price: $540;000 Price per Acre: $794,118 Value Interest: Fee Simple Price per Potential Building Area: NIA Grantor. Land of Dog Bentonville, LLC Price per Potential Units: NIA Grantee: Proper Tea Holdings Financing: Cash to Seller Condition of Sale: Arm's Length VERIFICATION• Verified with Brennan Sharpe with Steve Fineberg & Associates, the listing agent. VALUATION & ADVISORY CUSHMIIIII� WAK FIELD CUSHMAN & WAKEFIELD 60 CERTIFICATEOFAPPRAS — LAND SALE COMPARABLE 5 Property Name'. sale 6mcnure AS Addreaa'. 1000 Scuthi Regional Airport Boulevard Only Slate, Zip: Bentonville AN 72712 Junsd'Icticn: Benton County myb FayettevilleSPnngdaleLRogers Submalxet. Property Type: Land Property Subtype: Retail -Commercial Classification: NIA ID: 768279 Tar Nombegs(: 01 15859 we Site Anse (Acres) 1.2400 Public UtiOtaii All Available Site Area(Sq Ft 54014 Electricity: Yes Zoning'. C2 Water yes Utility: Good Serves Yes Access: Good Gas: N/A Frontage: Good Proposed Use: Retail -Commercial Visibility Good Maximum FAR: N/A Shape: Rectangular Poteribed Bulding Aran: N)A Topography' Level Potential Units'. N/A Entitlements' No Status: Recorded Sala OAR: NA Deed Reference: L202320808 Not RA Sale Date: 4R023 Price per Sq. Ft: 52415 Sale price $1,304,308 Pit Bar Anse $1,051,961 Value Interest'. Fee Smple Price per Potential Holding Area NIA Grantor: The Resource Planning Accommodation, LLC Price see Potential Units: RA Grantee' SC RAB, LLC Financing: Cash to Seller Condition of Sale: AnFs Length Steven P Lane 479-356-6000 Steve .Hngg' celliers com, Calbea VALUATION BADVISORY I�„� WAKEFIELD COSHI d WAI(EFIEI➢ CERTIFICATE OF APPRAISER - Addendum F: DataTree Property Profile CUSHMAN & WAKEFIELD 62 CERHHCA OFAPPNA MS COSHM dWAK RFl CERTIFICATE OF APPRAISER_) Addendum G: Title Certificate CUSHMAN & WAKEFIELD 64 CERHHCA OFAPPNA M— COSHMH d WAKEHI CERHHCA OFAPPNA M—) COSHM dWAK RFl CERHHCA OFAPPNA MS COSHM dWAK RFl CERHHCA OFAPPNA M—) COSHM dWAK RFl CEWIHC EOFAPPNAISER_) COSHMH d WAKEHI CERHHCA OFAPPNA M— COSHM dWAK RFl CERHHCA OFAPPNA M— COSHM dWAK RFl CERHHCA OFAPPNA M— COSHM dWAK RFl CERHHCA OFAPPNA M—) COSHM dWAK RFl CERTIFICATE OF APPRAISER Addendum H: Vesting Deed & Notable Exceptions CUSHMAN & WAKEFIELD 74 CEWIHC EOFAPPNAISER_) COSHM dWAKEHI CERHHCA OFAPPNA MS COSHM dWAK RFl CERHHCA OFAPPNA M— COSHM dWAK RFl CERHHCA OFAPPNA M- COSHM &WAK RFl CERTIFICATE OF APPRAISER �) Addendum I: Copy of Owner Contact Letter & USPS Receipts CUSHMAN & WAKEFIELD 79 CERTI FICATE OF APPNNSER —) As a part of the appraisal process, we are attempting to contact the property owner in conjunction with the appraisal. According to public record, you are the owner or property owner representative. We would like to extend to you the opportunity to accompany us on the inspection, hawever, your presence is not mandatory during the inspection. If you would like to join us during the inspection, I would appreciate you or your appointed representative contacting me to confirm a mutually agreeable time. You are encouraged to provide any pertinent information relating to your property, the area, or the local real estate market. your information will be given thorough consideration, but as the appraiser, I will arrive at my own independent value. I will only be able to answer those questions falling within the area of my expertise and all other questions should be directed to the Acquisition Manager for this project. Thank you,. s� Jason E. Crump, R/W-AC ARCertiTred General Real Estate Appraiser COSHMAR d WAKEREI➢ CERHHCA OFAPPNA M- 1 COSHM dWAK RFl CERHHCA OFAPPNA MS COSHM dWAK RFl CERTIFICATE OF APPRAISER ) Addendum J:Appraiser Qualifications Jason E. Crump, R/W-AC Senior Director Valuation & Advisory Infrastructure Practice Group Cushman & Wakefield of Georgia, LLC Professional Expertise Mr. Crump serves as a Senior Director for Valuation & Advisory where his expertise supports the Infrastructure Practice Group. He has experience in managing and appraising large scale right-of-way projects for public and private entities. Assignments include the valuation of partial acquisitions for local, state, and federal transportation projects as well as projects for power transmission lines, pipelines, and other utility related projects. Additionally, he has experience in testifying in over a hundred eminent domain proceedings. Prior to joining Cushman & Wakefield, Mr. Crump was in a similar role at JLL Valuation & Advisory Services and its predecessor, Integra Realty Resources — Houston. He joined IRR in 2007 as an appraiser and analyst supporting the right-of-way team. Memberships, Licenses, Professional Affiliations and Education • Right of Way Appraisal Certified, International Right of Way Association • Certified General Real Estate Appraiser in the following states: — Arkansas - CG-4262 — Florida - RZ4171 — Kansas- G-3310 — Louisiana - APR-04448-CGA — Maryland - 34224 — Mississippi - GA-1336 — Oklahoma - 13460CGA — Pennsylvania - GA004587 — Tennessee - 5711 — Texas - 1380229G — Virginia - 4001018309 • Bachelor of Business Administration, Finance - University of Houston CUSHMAN & WAKEFIELD 83 CERTIFICATE OF APPRAISER STATE OF ARKANSAS APPRAISER LICENSING & CERTIFICATION BOARD Attests that Jason Earl Crump On this date was certified as a STATE CERTIFIED GENERAL APPRAISER The Arkansas Appraiser Licensing and Certification Board hereby affirms that this Certification is issued in accordance with all the requirements of Arkansas Code Annotated, Section 17-14-101 et seq., and subsequently adopted "Rules and Regulations" and shall remain in force when properly supported by a current pocket identification card. 5/31/2023 Date Issued Chairman, AALCB CG-4262 Certification Number CUSHMAN & WAKEFIELD 84 CITY OF WA FAYETTEVILLE ARKANSAS RFP 24-11 Texas Appraisal Team LLC Supplier Response Event Information Number: RFP 24-11 Title: On -Call Appraisal Services Type: Request for Proposal Issue Date: 6/16/2024 Deadline: 7/10/2024 02:00 PM (CT) Notes: The City of Fayetteville, Arkansas, is now accepting proposals from qualified firms to provide on -call appraisal services for the City of Fayetteville. Any questions regarding this solicitation process shall be directed to Amanda Beilfuss, City of Fayetteville Sr. Purchasing Agent at abeilfuss(c)fayetteville-ar.gov or (479) 575-8220. Contact Information Contact: Amanda Beilfuss Address: Purchasing Room 306 City Hall 113 West Mountain Street - Room 306 Fayetteville, AR 72701 Email: abeilfuss@fayetteville-ar.gov Page 1 of 2 pages Vendor: Texas Appraisal Team LLC RFP 24-11 Texas Appraisal Team LLC Information Contact: Aaron Wright Address: 717 Cordes Drive Venus, TX 76084 Phone: (972) 268-6695 Email: aaron@txateam.com Web Address: txateam.com By submitting your response, you certify that you are authorized to represent and bind your company. Aaron H. Wright, MAI, R/W-AC Signature Submitted at 71912024 09:53:12 AM (CT) Requested Attachments RFP 24-11, On -Call Appraisal Services aaron@txateam.com Email City of Fayetteville RFP 24-11 - Texas Appraisal Team.pdf Please attach the signed and completed RFP form, located in the 'Attachments' tab, along with proposal. Bid Attributes 1 Addendum Acknowledgement By selecting "I agree", you acknowledge that you have read all addendum(s) that have been issued for this solicitation, if applicable. ❑✓ 1 agree Page 2 of 2 pages Vendor: Texas Appraisal Team LLC RFP 24-11 TEXAS APPRAISAL TEAM For your Valuation and Consulting Needs July 8, 2024 Providing The City of Fayetteville Real Estate Appraisal Service Expertise by the "A -Team" of Appraisals A Request for Proposal: RFP 24-11, On -Call Appraisal Services prepared by Texas Appraisal Team for the City of Fayetteville. Prepared for: Amanda Beilfuss, City of Fayetteville -Purchasing Division City of Fayetteville Purchasing Division — Room 306 113 West Mountain Street Fayetteville, AR 72701 Prepared by: Aaron H. Wright, MAI, R/W-AC, Chief Operating Officer Texas Appraisal Team 717 Cordes Drive Venus, Texas 76084 Office: 972-268-6695 Cell: 214-755-3023 Aaron @TXAteam.COm Enclosed Fayetteville RFP 24-11, On Call Appraisal Services................................................................................................................................................................. Next Page ExecutiveSummary................................................................................................................................................................................................................Addendum 1 Appraisal Services, Experience and Qualifications..............................................................................................................................................................Addendum 2 Scope of Work, Pricing and Narrative of Appraisal Procedure..........................................................................................................................................Addendum 3 ReferenceLetters...................................................................................................................................................................................................................Addendum 4 OtherDocuments...................................................................................................................................................................................................................Addendum 5 AppraisalSample....................................................................................................................................................................................................................Addendum 6 1WM CITY OF FAYETTEVILLE ARKANSAS City of Fayetteville, Arkansas Purchasing Division — Room 306 113 W. Mountain Fayetteville, AR 72701 Phone: 479.575.8256 TDD (Telecommunication Device for the Deaf): 479.521.1316 Request for Proposal: RFP 24-11, On -Call Appraisal Services DEADLINE: Wednesday, July 10, 2024 before 2:00 PM, local time SR. PURCHASING AGENT: Amanda Beilfuss, abeilfuss@fayetteville-ar.gov DATE OF ISSUE AND ADVERTISEMENT: 06/16/2024 REQUEST FOR PROPOSAL RFP 24-11, On -Call Appraisal Services No late proposals shall be accepted. RFP's shall be submitted through the City's third -party electronic bidding platform or by submitting a sealed physical proposal to the City of Fayetteville, Purchasing Division at the below location. City of Fayetteville Purchasing Division — Room 306 113 West Mountain Street Fayetteville, AR 72701 All proposals shall be submitted in accordance with the attached City of Fayetteville specifications and documents attached hereto. Each Proposer is required to fill in every blank and shall supply all information requested; failure to do so may be used as basis of rejection. The City of Fayetteville shall not be responsible for lost or misdirected proposals, or for failure of proposer's technical equipment. The undersigned hereby offers to furnish & deliver the articles or services as specified, at the prices & terms stated herein, and in strict accordance with the specifications and general conditions of bidding, all of which are made a part of this offer. This offer is not subject to withdrawal unless upon mutual written agreement by the Proposer/Bidder and City Purchasing Director. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 1 of 17 City of Fayetteville RFP 24-11, On -Call Appraisal Services Advertisement City of Fayetteville, AR Request for Proposal RFP 24-11, On -Call Appraisal Services The City of Fayetteville, Arkansas, is now accepting proposals from qualified firms to provide on -call appraisal services for the City of Fayetteville. Any questions regarding this RFP shall be directed to Amanda Beilfuss, City of Fayetteville Sr. Purchasing Agent at abeilfuss@fayetteville-ar.gov or (479) 575-8220. Solicitation documents and addenda shall be obtained at the City of Fayetteville Purchasing Division's electronic bidding platform at www.fayetteville-ar.gov/bids. All proposals shall be received by Wednesday, July 10, 2024 before 2:00 PM, Local Time utilizing the electronic bidding software or by submitting a sealed physical proposal to the City of Fayetteville, Purchasing Division. All proposals are due before the time stated. No late proposals shall be accepted. Submitting electronically is strongly encouraged. The City of Fayetteville shall not be responsible for lost or misdirected proposals, or for failure of proposer's technical equipment. All interested parties shall be qualified to do business and licensed in accordance with all applicable laws of the state and local governments where the project is located. A current, valid registration with the Arkansas Secretary of State will be required from awarded Proposer at time of contract award. The City of Fayetteville reserves the right to reject any or all Proposals and to waive irregularities therein, and all parties agree that such rejection shall be without liability on the part of the City of Fayetteville for any damage or claim brought by any interested party because of such rejections, nor shall any interested party seek any recourse of any kind against the City of Fayetteville because of such rejections. The filing of any Statement in response to this invitation shall constitute an agreement of the interested party to these conditions. City of Fayetteville By: Amanda Beilfuss, Sr. Purchasing Agent P: 479.575.8220 abeilfuss@fayetteville-ar.gov TDD (Telecommunications Device for the Deaf): (479) 521-1316 Date of advertisement: 06/16/2024 This publication was paid for by the Purchasing Division of the City of Fayetteville, Arkansas. Amount paid: $161.71 City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 2 of 17 City of Fayetteville RFP 24-11, On -Call Appraisal Services SECTION A: General Terms & Conditions 1. SUBMISSION OF A PROPOSAL SHALL INCLUDE: Each proposal shall contain the following at a minimum. Proposer must also address detailed requirements as specified in the Scope of Work. a. A written narrative describing the method or manner in which the Proposer proposes to satisfy requirements of this RFP in the most cost-effective manner. The term Proposer shall be in reference to a firm or individual responding to this solicitation. b. A description of the Proposer's experience in providing the same or similar services as outlined in the RFP. This description should include the names of the person(s) who will provide the services, their qualifications, and the years of experience in performing this type of work. Also, include the reference information requested in this RFP. c. The complete fee and cost to the City for all services outlined in this RFP. d. Statement should be no more than twenty-five (25) pages, single sided, standard, readable, print on standard 8.5x11 documents. Proposers shall also submit a three (3) page (maximum) executive summary. The following items will not count toward the twenty -five -page limitation: appendix, cover sheet, 3-page executive summary, resumes (resumes shall be no more than 1 page per person), and forms provided by the City for completion. Submitting and responding to this RFP: Proposals shall be prepared simply and economically, providing a straightforward, concise description of its ability to meet the requirements for the project. Fancy bindings, colored displays, and promotional material are not required. Emphasis should be on completeness and clarity of content. All documents physically submitted should be typewritten on standard 8 %" x 11" white papers and bound in one volume. Exceptions would be schematics, exhibits, one -page resumes, and City required forms. Limit proposal to twenty-five (25) pages or less, excluding one -page team resumes, references, and forms required by the City for completion. All proposals shall be sealed upon delivery to the City of Fayetteville. 1. Option 1 —Electronic Submittal (strongly encouroged): Proposers can go to www.fayetteville-ar.gov/bids and follow the prompts to submit a proposal within the electronic bidding platform. If a proposal is submitted electronically, a physical submission is not necessary. All Proposers must register in order to be able to submit. There is no fee for registration. 2. Option 2 — Physical Submittal: All Proposers shall submit one (1) original copy of their proposal as well as one (1) electronic copy on a properly labeled USB or other electronic media device. The electronic copy submitted shall be contained into one single electronic file and shall be identical to the hard copies provided. The use of Adobe PDF documents is strongly recommended. Files contained on an USB or electronic media City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 3 of 17 shall not be restricted against saving or printing. Electronic copies shall not be submitted via e-mail to City employees by the Proposer and shall be provided to the City in a sealed manner. FeclEx, UPS, USPS, or other packages should be clearly marked with the RFP number on the outside of the mailing package. e. Proposals will be reviewed following the stated deadline, as shown on the cover sheet of this document. Only the names of Proposer's will be available after the deadline until a contract has been awarded by the Fayetteville City Council. All interested parties understand proposal documents will not be available until after a valid contract has been executed. f. Proposers shall submit a proposal based on documentation published by the Fayetteville Purchasing Division. g. Proposals must follow the format of the RFP. Proposers should structure their responses to follow the sequence of the RFP. h. Proposers shall have experience in work of the same or similar nature and must provide references that will satisfy the City of Fayetteville. Proposer shall furnish a reference list of clients for whom they have performed similar services and must provide information as requested in this document. i. Proposer is advised that exceptions to any of the terms contained in this RFP or the attached service agreement must be identified in its response to the RFP. Failure to do so may lead the City to declare any such term non-negotiable. Proposer's desire to take exception to a non-negotiable term will not disqualify it from consideration for award. j. Local time shall be defined as the time in Fayetteville, Arkansas on the due date of the deadline. Documents shall be received before the deadline time as shown by the atomic clock located in the Purchasing Division Office or electronic clock located in the City's third -party bidding software. 2. WRITTEN REQUESTS FOR INTERPRETATIONS OR CLARIFICATION: No oral interpretations will be made to any firms as to the meaning of specifications or any other contract documents. All questions pertaining to the terms and conditions or scope of work of this proposal must be sent in writing via e-mail to the Purchasing Department. Responses to questions may be handled as an addendum if the response would provide clarification to the requirements of the proposal. All such addenda shall become part of the contract documents. The City will not be responsible for any other explanation or interpretation of the proposed RFP made or given prior to the award of the contract. 3. DESCRIPTION OF SUPPLIES AND SERVICES: Any manufacturer's names, trade name, brand name, catalog number, etc. used in specifications are for the purpose of describing and establishing general quality levels. Such references are NOT intended to be restrictive. Proposals shall be considered for all brands that meet the quality of the specifications listed for any items. 4. RIGHTS OF CITY OF FAYETTEVILLE IN REQUEST FOR PROPOSAL PROCESS: In addition to all other rights of the City of Fayetteville, under state law, the City specifically reserves the right to the following: City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 4 of 17 The City of Fayetteville reserves the right to rank firms and negotiate with the highest-ranking firm. Negotiation with an individual Proposer does not require negotiation with others. b. The City of Fayetteville reserves the right to select the proposal it believes will serve the best interest of the City. c. The City of Fayetteville reserves the right to accept or reject any or all proposals. d. The City of Fayetteville reserves the right to cancel the entire request for proposal. e. The City of Fayetteville reserves the right to remedy or waive technical or immaterial errors in the request for proposal or in proposals submitted. f. The City of Fayetteville reserves the right to request any necessary clarifications, additional information or proposal data without changing the terms of the proposal. g. The City of Fayetteville reserves the right to make selection of the Proposer to perform the services required on the basis of the original proposals without negotiation. h. The City reserves the right to ask for a best and final offer from one or more Proposers. The best and final offer process is not guaranteed; therefore, Proposers shall submit and respond to this RFP on the most favorable terms available. 5. EVALUATION CRITERIA: The evaluation criterion defines the factors that will be used by the selection committee to evaluate and score responsive, responsible and qualified proposals. Proposers shall include sufficient information to allow the selection committee to thoroughly evaluate and score proposals. Each proposal submitted shall be evaluated and ranked by a selection committee. The contract will be awarded to the most qualified Proposer, per the evaluation criteria listed in this RFP. Proposers are not guaranteed to be ranked. 6. COSTS INCURRED BY PROPOSERS: All expenses involved with the preparation and submission of proposals to the City, or any work performed in connection therewith, shall be borne solely by the Proposer(s). No payment will be made for any responses received, or for any other effort required of, or made by, the Proposer(s) prior to contract commencement. 7. ORAL PRESENTATION: An oral presentation and/or interview may be requested of any firm, at the selection committee's discretion. 8. CONFLICT OF INTEREST: a. The Proposer represents that it presently has no interest and shall acquire no interest, either direct or indirect, which would conflict in any manner with the performance or services required hereunder, as provided in City of Fayetteville Code Section 34.26 titled "Limited Authority of City Employee to Provide Services to the City". The Proposer shall promptly notify Amanda Beilfuss, City Sr. Purchasing Agent, in writing, of all potential conflicts of interest for any prospective business association, interest, or other circumstance City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 5 of 17 which may influence or appear to influence the Proposer's judgment or quality of services being provided. Such written notification shall identify the prospective business association, interest or circumstance, the nature of which the Proposer may undertake and request an opinion to the City as to whether the association, interest or circumstance would, in the opinion of the City, constitute a conflict of interest if entered into by the Proposer. The City agrees to communicate with the Proposer its opinion via e-mail or first-class mail within thirty days of receipt of notification. 9. WITHDRAWAL OF PROPOSAL: A proposal may be withdrawn prior to the time set for the proposal submittal based on a written request from an authorized representative of the firm; however, a proposal shall not be withdrawn after the time set for the proposal. 10. LATE PROPOSAL OR MODIFICATIONS: Proposal and modifications received after the time set for the proposal submittal shall not be considered. Modifications in writing received prior to the deadline will be accepted. The City will not be responsible for misdirected bids. Proposers refer to their submission status in the online bidding portal or call the Purchasing Division at (479) 575-8220 to ensure receipt of their submittal documents prior to opening time and date listed. b. The time set for the deadline shall be local time for Fayetteville, AR on the date listed. All proposals shall be received in the Purchasing Division BEFORE the deadline stated. The official clock to determine local time shall be the atomic clock located in the Purchasing Division, Room 306 of City Hall, 113 W. Mountain, Fayetteville, AR. 11. CONSTITUTIONAL. STATE. AND FEDERAL COMPLIANCE REQUIREMENTS: The laws of the State of Arkansas apply to any purchase made under this request for proposal. Proposers shall comply with all constitutional, state, and federal directives, orders and laws as applicable to this proposal and subsequent contract(s) including but not limited to Equal Employment Opportunity (EEO), Disadvantaged Business Enterprises (DBE), & OSHA as applicable to this contract. 12. PROVISION FOR OTHER AGENCIES: Unless otherwise stipulated by the Proposer, the Proposer agrees to make available to all Government agencies, departments, municipalities, and counties, the proposal prices submitted in accordance with said proposal terms and conditions therein, should any said governmental entity desire to buy under this proposal. Eligible users shall mean all state of Arkansas agencies, the legislative and judicial branches, political subdivisions (counties, local district school boards, community colleges, municipalities, counties, or other public agencies or authorities), which may desire to purchase under the terms and conditions of the contract. 13. COLLUSION: The Proposer, by affixing his or her signature to this proposal, agrees to the following: "Proposer certifies that their proposal is made without previous understanding, agreement, or connection with any person, firm or corporation making a proposal for the same item(s) and/or services and is in all respects fair, without outside control, collusion, fraud, or otherwise illegal action." City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 6 of 17 14. RIGHT TO AUDIT, FOIA, AND JURISDICITON: a. The City of Fayetteville reserves the privilege of auditing a Contractor's records as such records relate to purchases between the City and said Contractor. b. Freedom of Information Act: City contracts and documents prepared while performing City contractual work are subject to the Arkansas Freedom of Information Act. If a Freedom of Information Act request is presented to the City of Fayetteville, the (contractor) will do everything possible to provide the documents in a prompt and timely manner as prescribed in the Arkansas Freedom of Information Act (A.C.A. §25-19-101 et. seq.). Only legally authorized photocopying costs pursuant to the FOIA may be assessed for this compliance. c. Legal jurisdiction to resolve any disputes shall be Arkansas with Arkansas law applying to the case. 15. CITY INDEMNIFICATION: The successful Proposer(s) agrees to indemnify the City and hold it harmless from and against all claims, liability, loss, damage or expense, including but not limited to counsel fees, arising from or by reason of any actual or claimed trademark, patent or copyright infringement or litigation based thereon, with respect to the services or any part thereof covered by this order, and such obligation shall survive acceptance of the services and payment thereof by the City. 16. VARIANCE FROM STANDARD TERMS & CONDITIONS: All standard terms and conditions stated in this request for proposal apply to this contract except as specifically stated in the subsequent sections of this document, which take precedence, and should be fully understood by Proposers prior to submitting a proposal on this requirement. 17. ADA REQUIREMENT FOR PUBLIC NOTICES & TRANSLATION: Persons with disabilities requiring reasonable accommodation to participate in this proceeding/event, should call 479.521.1316 (telecommunications device for the deaf), no later than seven days prior to the deadline. Persons needing translation of this document shall contact the City of Fayetteville, Purchasing Division, immediately. 18. CERTIFICATE OF INSURANCE: The successful Proposer shall provide a Certificate of Insurance of professional liability insurance in the amount of $1 million US dollars, at minimum. Such Certificate of Insurance shall list the City as an additional insured and not be required unless firm is selected. 19. PAYMENTS AND INVOICING: The Proposer must specify in their proposal the exact company name and address which must be the same as invoices submitted for payment as a result of award of this RFP. Further, the successful Proposer is responsible for immediately notifying the Purchasing Division of any company name change, which would cause invoicing to change from the name used at the time of the original RFP. Payment will be made within thirty days of invoice received. The City of Fayetteville is very credit worthy and will not pay any interest or penalty for untimely payments. Payments can be processed through Proposer's acceptance of Visa at no additional costs to the City for expedited payment processing. The City will not agree to allow any increase in hourly rates by the contract without PRIOR Fayetteville City Council approval. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 7 of 17 20. CANCELLATION: a. The City reserves the right to cancel this contract without cause by giving thirty (30) days prior notice to the Contractor in writing of the intention to cancel or with cause if at any time the Contractor fails to fulfill or abide by any of the terms or conditions specified. b. Failure of the contractor to comply with any of the provisions of the contract shall be considered a material breach of contract and shall be cause for immediate termination of the contract at the discretion of the City of Fayetteville. c. In addition to all other legal remedies available to the City of Fayetteville, the City reserves the right to cancel and obtain from another source, any items and/or services which have not been delivered within the period of time from the date of order as determined by the City of Fayetteville. d. In the event sufficient budgeted funds are not available for a new fiscal period, the City shall notify the Contractor of such occurrence and contract shall terminate of the last day of the current fiscal period without penalty or expense to the City. 21. ASSIGNMENT, SUBCONTRACTING, CORPORATE ACQUISITIONS AND/OR MERGERS: a. The Contractor shall perform this contract. No assignment of subcontracting shall be allowed without prior written consent of the City. If a Proposer intends to subcontract a portion of this work, the Proposer shall disclose such intent in the proposal submitted as a result of this RFP. b. In the event of a corporate acquisition and/or merger, the Contractor shall provide written notice to the City within thirty (30) calendar days of Contractor's notice of such action or upon the occurrence of said action, whichever occurs first. 22. NON-EXCLUSIVE CONTRACT: Award of this RFP shall impose no obligation on the City to utilize the Contractor for all work of this type, which may develop during the contract period. This is not an exclusive contract. The City specifically reserves the right to concurrently contract with other companies for similar work if it deems such an action to be in the City's best interest. In the case of multiple -phase contracts, this provision shall apply separately to each item. 23. LOBBYING: Lobbying of selection committee members, City of Fayetteville employees, or elected officials regarding request for proposals, request for qualifications, bids or contracts, during the pendency of bid protest, by the bidder/proposer/protestor or any member of the bidder's/propose r's/protector's staff, and agent of the bidder/proposer/protestor, or any person employed by any legal entity affiliated with or representing an organization that is responding to the request for proposal, request for qualification, bid or contract, or has a pending bid protest is strictly prohibited either upon advertisement or on a date established by the City of Fayetteville and shall be prohibited until either an award is final or the protest is finally resolved by the City of Fayetteville; provided, however, nothing herein shall prohibit a prospective/bidder/proposer from contacting the Purchasing Division to address situations such as clarification and/or questions related to the procurement process. For purposes of this provision lobbying activities shall include but not be limited to, influencing or attempting to influence action or non -action in connection with any request for proposal, request for qualification, bid or contract through direct or indirect oral or written communication or an City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 8 of 17 attempt to obtain goodwill of persons and/or entities specified in this provision. Such actions may cause any request for proposal, request for qualification, bid or contract to be rejected. 24. ADDITIONAL REQUIREMENTS: The City reserves the right to request additional services relating to this RFP from the Proposer. When approved by the City as an amendment to the contract and authorized in writing prior to work, the Contractor shall provide such additional requirements as may become necessary. 25. SERVICES AGREEMENT: A written agreement, in substantially the form attached, incorporating the RFP and the successful proposal will be prepared by the City, signed by the successful Proposer and presented to the City of Fayetteville for approval and signature of the Mayor. 26. INTEGRITY OF REQUEST FOR PROPOSAL (RFP) DOCUMENTS: Proposers shall use the original RFP form(s) provided by the Purchasing Division and enter information only in the spaces where a response is requested. Proposers may use an attachment as an addendum to the RFP form(s) if sufficient space is not available on the original form for the Proposer to enter a complete response. Any modifications or alterations to the original RFP documents by the Proposer, whether intentional or otherwise, will constitute grounds for rejection of such RFP response. Any such modifications or alterations a Proposer wishes to propose shall be clearly stated in the Proposer's RFP response and presented in the form of an addendum to the original RFP documents. 27. OTHER GENERAL CONDITIONS: a. Proposers must provide the City with their proposals signed by an employee having legal authority to submit proposals on behalf of the Proposer. The entire cost of preparing and providing responses shall be borne by the Proposer. b. The City reserves the right to request any additional information it deems necessary from any or all Proposers after the submission deadline. c. This solicitation is not to be construed as an offer, a contract, or a commitment of any kind; nor does it commit the City to pay for any costs incurred by Proposer in preparation. It shall be clearly understood that any costs incurred by the Proposer in responding to this request for proposal is at the Proposer's own risk and expense as a cost of doing business. The City of Fayetteville shall not be liable for reimbursement to the Proposer for any expense so incurred, regardless of whether or not the proposal is accepted. d. If products, components, or services other than those described in this bid document are proposed, the Proposer must include complete descriptive literature for each. All requests for additional information must be received within five working days following the request. e. Any uncertainties shall be brought to the attention to Amanda Beilfuss immediately via telephone (479.575.8220) or e-mail (abeilfuss@fayetteville-ar.gov). It is the intent and goal of the City of Fayetteville Purchasing Division to provide documents providing a clear and accurate understanding of the scope of work to be completed and/or goods to be provided. We encourage all interested parties to ask questions to enable all Proposers to be on equal terms. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 9 of 17 f. Any inquiries or requests for explanation in regard to the City's requirements should be made promptly to Amanda Beilfuss, City of Fayetteville, Sr. Purchasing Agent via e-mail (abeilfuss@fayetteville-ar.gov) or telephone (479.575.8220). No oral interpretation or clarifications will be given as to the meaning of any part of this request for proposal. All questions, clarifications, and requests, together with answers, if any, will be provided to all firms via written addendum. Names of firms submitting any questions, clarifications, or requests will not be disclosed until after a contract is in place. g. At the discretion of the City, one or more firms may be asked for more detailed information before final ranking of the firms, which may also include oral interviews. h. Any information provided herein is intended to assist the Proposer in the preparation of proposals necessary to properly respond to this RFP. The RFP is designed to provide qualified Proposers with sufficient basic information to submit proposals meeting minimum specifications and/or test requirements but is not intended to limit a RFP's content or to exclude any relevant or essential data. i. Proposers irrevocably consent that any legal action or proceeding against it under, arising out of or in any manner relating to this Contract shall be controlled by Arkansas law. Proposer hereby expressly and irrevocably waives any claim or defense in any said action or proceeding based on any alleged lack of jurisdiction or improper venue or any similar basis. The successful Proposer shall not assign the whole or any part of this Contract or any monies due or to become due hereunder without written consent of City of Fayetteville. In case the successful Proposer assigns all or any part of any monies due or to become due under this Contract, the Instrument of assignment shall contain a clause substantiallyto the effect that it is agreed that the right of the assignee in and to any monies due or to become due to the successful Proposer shall be subject to prior liens of all persons, firms, and corporations for services rendered or materials supplied for the performance of the services called for in this contract. k. The successful Proposer's attention is directed to the fact that all applicable Federal and State laws, municipal ordinances, and the rules and regulations of all authorities having jurisdiction overthe services shall apply to the contract throughout, and they will be deemed to be included in the contract as though written out in full herein. The successful Proposer shall keep himself/herself fully informed of all laws, ordinances and regulations of the Federal, State, and municipal governments or authorities in any manner affecting those engaged or employed in providing these services or in any way affecting the conduct of the services and of all orders and decrees of bodies or tribunals having any jurisdiction or authority over same. If any discrepancy or inconsistency should be discovered in these Contract Documents or in the specifications herein referred to, in relation to any such law, ordinance, regulation, order or decree, s/he shall herewith report the same in writing to the City of Fayetteville. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 10 of 17 City of Fayetteville RFP 24-11, On -Call Appraisal Services SECTION B: Scope of Services and General Information 1. INTRODUCTION: The City of Fayetteville, Arkansas is accepting proposals from qualified licensed appraisers and/or firms specializing in the appraisal of real property for the City on as needed basis. The City intends to select one or more licensed professionals on contract for real property appraisal and easement acquisition services. The primary need for appraisals is related to land acquisition (including easements); however, appraisals for other reasons may also be conducted under the resulting contract. The successful firm(s) shall provide all labor, supervision, and materials required to perform the appraisal work. In addition, the successful firm(s) shall provide consulting work as it relates to real estate appraisal services, as needed. The City intends to award a one (1) year contract with up to four (4) additional one (1) year renewal periods. It is the City's intent to award contracts to multiple providers for these services, while establishing a primary firm, secondary firm, etc. Firms may submit proposals for residential appraisal services and/or commercial appraisal services. The number of firms awarded will depend on the quality and quantity of proposals received. Upon the established need for the City to conduct an appraisal or easement acquisition, the City will contact the primary vendor first, secondary vendor next, etc. Each project will vary depending on need. The City reserves the right to use other third parties if the City determines that it is in its best interest to do so. The City also reserves the right to hire as many appraisers as it deems appropriate for a specific project. 2. SCOPE OF WORK The scope of work in this section has been provided to communicate what the City believes is critical for the success of ongoing needs. The City invites Proposers to provide different approaches as appropriate based on services offered. Proposers are invited to include all strategies and processes listed below, or only to those specific to the proposing firm: a. Provide real estate appraisal services on an as needed basis. b. Provide a cost estimate for the requested appraisal report based on contracted rates within time agreed upon with the City. c. Work conducted shall conform to the latest edition of the nationally recognized Uniform Standards of Professional Appraisal Practice (USPAP) and the most recently established rules and regulations of the State of Arkansas Appraiser Licensing and Certification Board. d. Deliver all requested work within 21 calendar days unless specifically agreed to otherwise in writing by the City. e. Provide any other needed real estate appraisal consulting services to the City as requested. f. Each appraisal report shall be delivered to the City within the agreed upon schedule after authorization to proceed. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 11 of 17 g. All appraisal reports shall be available upon request as deemed necessary to complete an individual project by the City. Details in reports shall be industry standard or as agreed upon with the City for each project. i. Determining values related to a proposed right of way ii. Determining values of permanent utility easements (drainage, sidewalk, and multi -use trail), temporary, and construction easements iii. Determining values of other damage as the result of City land acquisition iv. Before and after appraisals v. Fee simple, easement, etc. 3. FEES/PRICE: Provide a description of how fees would be charged (e.g., by the hour, per service, etc.) and what those fees would be for the services provided. Proposed prices and fees shall include all costs associated with the performance of the services specified, including materials, supervision, labor, insurance, transportation, delivery, fuel or other surcharges, demurrage, and related costs. Charges not listed in Proposal will not be allowed. a. If offering services at an hourly rate, list any differing hourly rates for each type of service such as residential appraisal, commercial or industry appraisal, or by staff member if rate is different for each. b. If hourly rates provided doesn't include all costs to the City, itemize and price each type of service and/or all costs to the City to perform the appraisal as specified. c. If listing prices "per service" or by some other method, itemize and price each type of service and/or all costs to the City to perform the appraisal as specified. d. Itemize and price any new or additional service not previously listed but offered as regular and routine services. 4. MINIMUM REQUIREMENTS: The City of Fayetteville requires Proposers to meet all the following minimum requirements listed below. Proposers shall demonstrate capacity and available resources to provide the materials and services as described and offered under the appraisal industry. a. Be properly licensed with the Arkansas Appraiser Licensing & Certification Board 4. PROPOSAL CONTENT: Proposals shall be prepared simply and economically, providing a straightforward, concise description its ability to meet the requirements for the project. Fancy bindings, colored displays, and promotional material are not required. Emphasis should be on completeness and clarity of content. All documents should be typewritten on standard 8 %" x 11" white pages and bound in one volume. Exceptions would be schematics, exhibits, or other information necessary to facilitate the City of Fayetteville's ability to accurately evaluate the proposal. Limit proposal to twenty-five (25) pages or less, excluding one -page team resumes, references, and forms required by the City for completion. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 12 of 17 5. PROPOSAL REQUIREMENTS: Each Proposal shall contain the following elements: b. Proposals shall include at least three (3) references for whom comparable work has been performed. This shall include company name, contact information, address, phone number, email address, and the nature of work performed. c. Provide a history of experience in providing appraisal services to state and local governments within the greater Northwest Arkansas area, specifically regarding the acquisition of fee title or easements for right-of-way purposes, public open space, public facilities, or public access. d. Provide an overview of firm's current workload and how priority will be assigned to City projects. e. List key professional staff to be assigned work under this contract and describe their experience as team members, emphasizing their experience in working with similar projects and local governments. f. Describe firm's past experience meeting required timelines and deadlines. In some instances, time is of the essence where situations exist to expedite appraisals. Explain how your firm would address these instances. g. Include a narrative of the typical appraisal procedure used in determining property valuation and a sample appraisal report. h. Arkansas Real Estate Appraiser license number i. List any violations of the Appraisal Act or governing standards found justified by the Arkansas Appraiser Licensing and Certification Board within the past ten (10) years. 6. CONTRACT FORMATION: If the negotiation produces mutual agreement, a contract will be considered for approval by the City of Fayetteville City Council. If negotiations with the highest-ranking Proposer fail, negotiations may be initiated with the next highest-ranking Proposer until an agreement is reached. The City reserves the right to reject all offers and end the process without executing a contract. 7. SELECTION CRITERIA: The following criteria will be used by the City to evaluate and score responsive proposals. Proposers shall include sufficient information to allow the City to thoroughly evaluate and score the proposal. Each proposal submitted is not required to be ranked by the selection committee. The contract may be awarded to the most qualified firm, per the evaluation criteria listed below, based on the evaluation of the selection committee. Following the evaluation of the proposals, the Selection Committee may request that the top- ranking firm(s) make an oral presentation or be interviewed. If presentations are necessary, they will take place in Fayetteville, Arkansas. Notices will be sent by the Purchasing Division. 1) 25% Qualifications in Relation to Specific Project to be Performed: Information reflecting qualifications of the consultant, partners, and project team. Indicated specialized experience and technical competence of the firm in connection with the type and complexity of the service required. Subcontractors, if used, shall be listed with information on their organization. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 13 of 17 2) 25% Experience, Competence, and Capacity for Performance: Information reflecting the names, titles, and qualifications (including experience and technical competence) of the major personnel assigned to this specific project. 3) 10% Proposed Method of Doing Work: A proposed work plan (description of how the project would be conducted as well as other facts concerning approach to scope) indicating methods and schedules for accomplishing scope of work. Include with this the amount of work presently underway. 4) 25% Past Performance: Previous evaluations shall be considered a significant factor. If previous evaluations with the City are not available, the professional firm's past performance records with City and others will be used, including quality of work, timely performance, diligence, and any other pertinent information. Firm will provide a list of similar jobs performed and person whom the City can contact for information. 5) 15% Cost/Fees: Complete costs and fees as described in this RFP and for delivery of the proposal including fiscal feasibility and financial stability. All fees shall be clearly identified with RFP response and be itemized as much as possible. CO NTI NTU ES ON NEXT PAGE City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 14 of 17 City of Fayetteville RFP 24-11, On -Call Appraisal Services SECTION C: Signature Submittal 1. DISCLOSURE INFORMATION a. Proposer must disclose any possible conflict of interest with the City of Fayetteville, including, but not limited to, any relationship with any City of Fayetteville employee. Proposer response must disclose if a known relationship exists between any principal or employee of your firm and any City of Fayetteville employee or elected City of Fayetteville official. i. If, to your knowledge, no relationship exists, this should also be stated in your response. Failure to disclose such a relationship may result in cancellation of a purchase and/or contract as a result of your response. This form must be completed and returned in order for your bid/proposal to be eligible for consideration. PLEASE CHECK ONE OF THE FOLLOWING TWO OPTIONS, AS IT APPROPRIATELY APPLIES TO YOUR FIRM: X 1) NO KNOWN RELATIONSHIP EXISTS 2) RELATIONSHIP EXISTS (Please explain): b. I certify that; as an officer of this organization, or per the attached letter of authorization, am duly authorized to certify the information provided herein is accurate and true, and my organization shall comply with all State and Federal Equal Opportunity and Non -Discrimination requirements and conditions of employment. c. Proposer agrees that they shall have a current, valid registration with the Arkansas Secretary of State at time of RFP deadline OR be able to provide proof of registration before recommendation of award to Fayetteville City Council. d. Pursuant Arkansas Code Annotated §25-1-503, the Contractor agrees and certifies that they do not currently boycott Israel and will not boycott Israel during anytime in which they are entering into, or while in contract, with any public entity as defined in §25-1-503. If at any time during contract the contractor decides to boycott Israel, the contractor must notify the contracted public entity in writing. e. Pursuant Arkansas Code Annotated §25-1-1002, the Contractor agrees and certifies that they do not currently boycott Energy, Fossil Fuel, Firearms, and Ammunition Industries during any time in which they are entering into, or while in contract, with any public entity as defined in §25-1-1002. If at any time during the contract the contractor decides to boycott Energy, Fossil Fuel, Firearms, and/or Ammunition Industries, the contractor must notify the contracted public entity in writing. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 15 of 17 2. PRIMARY CONTACT INFORMATION At the discretion of the City, one or more firms may be asked for more detailed information before final ranking of the firms, which may also include oral interviews. NOTE: Each Proposer shall submit to the City a primary contact name, e-mail address, and phone number (preferably a cell phone number) where the City selection committee can call for clarification or interview via telephone. Corporate Name of Firm: Texas Appraisal Team, LLC Primary Contact: Aaron H. Wright, MAI, R/W-AC Title of Primary Contact: COO Phone#1 (cell preferred): 214-755-3023 Phone#2: 972-268-6695 E-Mail Address: aaron@txateam.com 3. ACKNOWLEDGEMENT OF ADDENDA Acknowledge receipt of addenda for this invitation to bid, request for proposal, or request for qualification by signing and dating below. All addendums are hereby made a part of the bid or RFP documents to the same extent as though it were originally included therein. Proposers/Bidders should indicate their receipt of same in the appropriate blank listed herein. Failure to do so may subject Contractor to disqualification. ADDENDUM NO. SIGNATURE AND PRINTED NAME DATE ACKNOWLEDGED 4. DEBARMENT CERTIFICATION: a. As an interested party on this project, you are required to provide debarment/suspension certification indicating compliance with the below Federal Executive Order. Certification can be done by completing and signing this form. b. Federal Executive Order (E.O.) 12549 "Debarment and Suspension" requires that all contractors receiving individual awards, using federal funds, and all sub -recipients certify that the organization and its principals are not debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded by any Federal department or agency from doing business with the Federal Government. c. Signature certifies that neither you nor your principal is presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any federal department or agency. City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 16 of 17 5. SIGNATURE SUBMITTAL: NAME OF COMPANY: Texas Appraisal Team, LLC PHYSICAL ADDRESS: 717 Cordes Drive, Venus, Texas 76084 MAILING ADDRESS: 717 Cordes Drive, Venus, Texas 76084 TAX ID #: 83-3492276 AR. SECRETARY OF STATE FILING #: N/A PHONE: 972-268-6695 E-MAIL: aaron@txateam.com FAX: By submitting your response, you certify that you are authorized to represent and bind your company : i SIGNATURE: �-✓G��/� PRINTED NAME: Aaron H. WriRht MAI. R/W-AC TITLE: COO DATE: 7-8-2024 END OF RFP DOCUMENT City of Fayetteville, AR RFP 24-11, On -Call Appraisal Services Page 17 of 17 Addendal Executive Summary Executive Briefing — Texas Appraisal Team Texas Appraisal Team is honored to have the opportunity to work with the City of Fayetteville. Our team especially thanks all the RFP applicant reviewers for their time and patience throughout the 2024 Contract RFP process. Thanks to Amanda Beilfuss in purchasing and others for taking the time to review our unique company's vision and how it aligns with the needs of the City of Fayetteville. This executive briefing outlines how our solutions that align with The City of Fayetteville's stated requirements. We pride ourselves on delivering timely appraisals with the best desired outcomes. We are confident that we will provide a high-level overview of Texas Appraisal Team's unique company's vision on how our company can align itself with the needs of City of Fayetteville. Our company's vison may be considered unique in today's world; however, it is far from complicated nor is it a new concept. Remaining true to the needs of our clients, treating each assignment on an individual basis, and delivering a product along with follow up services with the upmost professionalism. Our Understanding of City of Fayetteville's Needs In our communications with your team and reading The City of Fayetteville RFP for Real Estate Appraiser Services, we fully understand that The City of Fayetteville has a choice when awarding these contracts. The intent of the RFP is to assist the City of Fayetteville in proposals for appraisals services from Texas Appraisal Team. Texas Appraisal Team has a minimum of five years of experience appraising real property, and federally funded projects for a governmental entity and appraisal experience in eminent domain. Texas Appraisal Team discovery of the criteria has aligned our responses as outlined in the RFP process. • Our team fully understands the Scope of work listed on RFP 24-11 and the standards set forth in USPAP's Standard Rule 2-2. These standards and practices are used in every appraisal the A -TEAM family produces. • In the prior contract cycles, Texas Appraisal Team illustrated our expertise of our industry in each appraisal. We delivered our appraisals on time and remained a phone call away offering any extra follow up for your questions. Our commitment in our work does not end with our written appraisal. It is our commitment and our understanding of the working relationships that we are also offering a follow up support with each appraisal that we produce. Texas Appraisal Team's Desired Business Outcomes • Texas Appraisal Team desires a mutually beneficial ongoing working relationship with The City of Fayetteville. Optimizing our industry expertise, we aim to: • Thoroughly illustrate our findings in a concise easy to read appraisal. • Getting to know the City of Fayetteville's Staff and becoming a reliable industry resource hence minimizing any confusion through remaining a resource long after the appraisal has been submitted. • Establishing the value and ease of our services Texas Appraisal Team would like to expand our awareness within the City of Fayetteville's users becoming the preferred real estate appraisal firm across the board. Why should City of Fayetteville Partner with Texas Appraisal Team As an owner operated team, Aaron H. Wright, MAI, R/W-AC and the team have personal interest in earning a contract with The City of Fayetteville. We pride ourselves on professionalism as well as quality of our appraisals. We pay close attention to our individual client's needs. We do not treat our clients with a one size fits all approach. In short, if it is important to The City of Fayetteville, then it is important to us! • We have been awarded contracts in prior years from The City of Fayetteville (demonstrating we have a good understanding and existing working relationship) — A -TEAM fully understands the Scope of work listed on Exhibit RFP #2023-22 and the standards set forth in USPAP's Standard Rule 2-2. • We have been awarded TxDOT contracts working within multiple counties across the State of Texas and in multiple cities across the State of Texas, including the City of Fort Worth. We work in coordination between State, County and City Governments Our competency and past experiences afford us the knowledge pertaining to special jurisdiction overlay and coordination of said authorities flE billboards) • Texas Appraisal Team home office is centrally located in the DFW area; however, we travel Statewide from El Paso to The Deep Woods of East Texas and to Oklahoma. There is no job too large or too small that we will not travel. When we accept a job, we deliver on time appraisals and with same level expertise/professionalism with each client. Texas Appraisal Team Overview Texas Appraisal Team LLC is a full -service appraisal firm and offers a wide variety of valuation and consulting needs. Texas Appraisal Team was established in 2011 under the name of AW Appraisal and Review Services. By 2017, the company had grown and changed the name to Texas Appraisal Team and in 2019, Texas Appraisal Team was formed in to a limited liability company (LLC). The company is continuing to grow. Our passion is the valuing of properties as well as integrity of people. Our philosophy is to provide quality appraisals and appraisal services that meets and exceeds our client's needs. We value our professional partners and teams we work closely with in infrastructure projects, and we individually respect each property owner who may be affected by the acquisitions. As per the RFP 24-11, On Call Appraisal Services, Aaron H. Wright, MAI, R/W-AC and Matthew A Sims, R/W-AC meets all the qualifications for the RFP and will be the qualifying appraisers for this RFP. The entire Texas Appraisal Team is included as the RFP states to include firms personal. Conclusion In conclusion, everyone at Texas Appraisal Team is excited at the prospect of working with City of Fayetteville in the next contract cycle, and we are eagerly anticipating the opportunity. We will continue to work extremely hard to continue to build a strong, long-term partnership focused in the helping City of Fayetteville achieve the best quality appraisals in the desired time frame with all the expertise and the highest level of professionalism in order to exceed City of Fayetteville expectations at every point along the way. Addenda Appraisal Services, Experience and Qualifications For Texas Appraisal Team TEXAS 717 Cordes Drive, Venus, Texas 76084 APPRAISAL TEAM T: 972.268.6695 If ur t n111 l ,ultralinli am/ .Accds City of Fayetteville Request for Proposal: RFP 24-11, On -Call Appraisal Services ;l, r. .r. i Firm Overview: Texas Appraisal Team was established in 2011 under the name of AW Appraisal and Review Services. By 2017, the company had grown and changed the name to Texas Appraisal Team and in 2019, Texas Appraisal Team was formed in to a limited liability company (LLC). Texas Appraisal Team has over 50 years of experience in commercial appraisal services and has extensive experience in valuation of commercial, industrial, special purpose properties and complex real estate assignments. Texas Appraisal Team specializes in Right of Way, Commercial Lending, and Financial and Investment decision making services. Texas Appraisal Team has been providing professional appraisal services to state and local governmental entities and private enterprise throughout the United States since 2011. Our clients include numerous water districts, transmissions companies, counties, cities and states. Mission: Our passion is the valuing of properties as well as integrity of people. Our philosophy is to provide quality appraisals and appraisal services that meets and exceeds our client's needs. We value our professional partners and teams we work closely with in infrastructure projects, and we individually respect each property owner who may be affected by the acquisitions. Purpose: The intent of the RFP is it assist the City of Fayetteville in proposals for appraisal services from Texas Appraisal Team, specifically Aaron H. Wright, MAI, R/W-AC and Matthew A. Sims, R/W-AC. Specifically, that Texas Appraisal Team has a minimum of five year of experience appraising real property, and federally funded projects for a governmental entity and appraisal experience in eminent domain. Appraisals Appraisals and services of all property types for the following acquisitions: Services for • Partial Acquisitions • Damage Analysis Right -of -Way: • Whole Acquisitions • Market Research • Easement Acquisitions • Highest and Best Use Studies • Transmission Acquisitions • Appraisal Management • Litigation Support • Cost Estimates for Right of Way Acquisition 0 Expert Witness Testimony 0 Appraisal Review Professional Ad Valorem Tax Consulting, Arbitration / Mediation, Asset Analysis, Bond and Financing Services Districts, Buy and or Sell Decisions, Fee Simple, Condemnation / Right -of -Way, Provided: Permanent, Temporary and Construction Easements, Damages, Before and After, Cost - Benefit Analysis, Distressed Property Valuations, Due Diligence Studies, Economic Impact Analysis, Entitlement Consulting, Expert Witness Testimony, Forecast Valuations, Going Concern Values, Highest and Best Use Studies, Insurable Values, Investment Values/Studies, Land Use Studies, Leased Fee and Leasehold Analysis, Lease Review and Analysis, Life and Remainder Estates, Litigation Support, Market Feasibility Studies, Mergers and Acquisitions, Reviews, Risk Management, Site Selection, Farm and Ranch, and Zoning Consulting. Company Size: E i g h t Team Members (Consisting of Three General licensed Appraisers, Three Trainees and two Specialist/Analyst) Areas of Operation: Texas Based. Nationwide. Office is located at 717 Cordes Drive, Venus, TX 76084, just south of Ft Worth. Website / Telephone: Website: txateam.com • Telephone: 972-268-6695 — Main Office Affiliations: 0 Appraisal Institute • North Texas Real Estate • International Right -of -Way Association • San Antonio Association of Realtors • Greater Fort Worth Association of Realtors • State of Texas (TALCB) • State of Arkansas (Arkansas State Board of Appraisers) • State of Oklahoma (Oklahoma Insurance Department) Projects: IH 635, US-380, FM 2499, FM 2181, SH 121 (Coppell/Grapevine), SH 121 (Melissa), SH 183,IH 820, Dodgen Loop (Temple), Horseshoe Project (Dallas), Connector Project, IH 35E (Fort Worth), IH 35W (Dallas), IH 35 (Temple), IH 35 (Belton), IH 35 (West/Abbott), IH 35 (Waco/Hewitt/Lorena), IH 35 (Temple), IH 30 (Arlington), SH 289 (Plano to Celina), North Texas Expressway, Texas Stadium (Dallas Cowboys), SH 36 (Houston), Grand Parkway (Houston), US 377 Pilot Point, Joe Battle Blvd (SH 375, El Paso), 19th St (SH 114, Lubbock), Cash Water Line (276), Fort Worth -Lake Arlington Project, Blackland Water Line, McKinney Airport, Electrical Transmission Line -Fort Worth, SH 2O5, SH 276, US 377, IH 20. Infrastructure Projects for: City of Plano, City of Fort Worth, City of Anna, City of Rockwall, City of Talty, City of Melissa, City of Rowlett, City of Denton, City of McKinney. Texas Appraisal Team Experience Log Number Month and Year Number of Parcels Types of Apprisals General Location Client Condemining Authority 1 June 2024 4 Acquisition - AG/SFR City of Mesquite PTG City of Mesquite 2 April 2024-June 2024 4 Acquisition - Comm/SFR Rowlett PTG Rowlett 3 May 2024-June 2024 5 Acquisition - AG/SFR Royse, City Whitman Land Group Royse City 4 Nov 2023-July 2024 25 Acquisition - Comm/SFR Marshall, Texas TxDOT TxDOT 5 Nov 2023- Feb 2024 9 Acquisition - Comm/AG Odessa, Texas TxDOT TxDOT 6 Aug 2023 - Oct 2023 14 Acquisition - Comm/SFR Bowie, Texas TxDOT TxDOT 8 May 2023 29 Acquisition -Commercial Rockwall City Blackland Water Blackland Water 9 May 2023 11 Acquisition - SFR Fort Worth Fort Worth Fort Worth 10 April 2023 10 Vacant Land South Mesquite Mesquite Mesquite 11 April 2023 15 Acquisition - SFR Rowlett PTG Rowlett 12 March 2023 39 Acquisition - SFR/Comm Fort Worth Fort Worth Fort Worth 13 March 2023 13 Acquisition - Land Rockwall City Tx Land Professionals Cash Water District 14 Febuary 2023 4 Acquisition - Land Colleyville TNP Colleyville 15 Mar 2020- May 2023 70 Acquisition - Commercial Lake Arlington Fort Worth Fort Worth 16 January 2023 6 Acquisition - SFR Fort Worth Fort Worth Fort Worth 17 Nov - Dec 2022 20 Acquisition - Oil Field Gregg City Spitzers and Associates TxDOT 18 November2022 6 Acquisition - Land Seagoville Megatel Homes Seagoville 19 December 2022 14 Acquisition - Land Rockwall City Tx Land Professionals High Point Water 20 Oct 2021-Oct 2022 125 Acquisition - Comm/Mix Denton City - US 377 TxDOT TxDOT 21 September 2022 11 Acquisition - Commercial Fort Worth Fort Worth Fort Worth 22 September 2022 25 Acquisition - Commercial Melissa SH 5 Tx Land Professionals TxDOT 23 August 2022 6 Acquisition - Oil Field Gregg City TxDOT TxDOT 24 Jan 2022 - Dec 2022 80 Acquisition - Comm/SFR Fort Worth Fort Worth Fort Worth 25 September 2021 2 Acquisition - Land Lubbock Pinnacle Lubbock 26 Jan 2021- Dec 2021 120 Acquisition - Comm/SFR Fort Worth Fort Worth Fort Worth 27 October- 2021 8 Acquisition - Mixed Use Denton IH 35E TxDOT TxDOT 28 March 2021 24 Acquisition - Mixed Use Denton I 35W TxDOT TxDOT 29 January 2021 17 Acquisition - Commercial Corinth TxDOT TxDOT 30 Jan 2020 - Dec 2020 60 Acquisition - Comm/SFR Fort Worth Fort Worth Fort Worth 31 May 2020- Aug 2020 38 Acquisition - Land Rockwall City Tx Land Professionals Cash Water District 32 June 2020- Aug 2020 48 Acquisition - Comm/Land Red Oak FM 664 TxDOT TxDOT 33 Jan 2020- May 2020 64 Acquisition - Comm/Land Kaufman SH 276 TxDOT TxDOT 34 Nov-2019- Dec 2019 8 Acquisition - Comm/Land City of Anna City of Anna City of Anna 35 Oct 2019 - Aug 2019 8 Hearings Lufkin TxDOT TxDOT 36 Nov-2019- Dec 2019 41 Acquisition - Comm/SFR Rockwall City TxDOT TxDOT 37 August 2019 11 Acquisition - Comm/Land Lufkin TxDOT TxDOT 28 Aug 2019- Oct 2019 52 Acquisition - Commercial Rockwall/Kaufman City TxDOT TxDOT 39 Dec 2018 -July 2019 60 Acquisition -Commercial Lufkin TxDOt TxDOT 40 Dec 2018-Jan 2019 10 Acquisition - Commercial Dallas - 3'G's TxDOT TxDOT 41 Nov 2018- Dec-2018 30 Acquisition - Comm/Land Polk County TxDOT TxDOT 42 Jan 2018- Dec 2018 25 Acquisition - Commercial Fort Worth Fort Worth Fort Worth 43 Mar 2018- July 2018 27 Acquisition - Comm/Land Camp County TxDOT TxDOT 44 Jan 2018- Mar 2018 17 Acquisition - Commercial 635- Dallas TxDOT TxDOT 45 Nov-2017- Dec 2017 11 Acquisition - Commercial Dallas TxDOT TxDOT Total 1203 The above project list is representative of all personnel working over the past six years. At Texas Appraisal Team, we work as a team on all projects, which allows us to deliver a consistent product to our clients in order to assist our clients with negotiations with property owners. Over the last six years, Texas Appraisal Team has worked on 2,000+ appraisals for eminent domain. The work above was for appraisals for potential eminent domain for multiple clients. Not included is numerous prep and testimony jobs for eminent domain hearings. Aaron H. Wright, MAI, R/W-AC and Matthew A. Sims, R/W-AC are the individuals that are responsible for Arkansas work. Texas Appraisal Team does include the following individuals that assist on day-to-day operations and are included on the following qualifications. Professional Qualifications of Aaron H. Wright, MAI, R/W-AC Aaron H. Wright, MAI, R/W-AC is the Principal and Senior Appraiser of Texas Appraisal Team, a full -service real estate consulting and appraisal firm. Mr. Wright has been appraising real estate since May 2005 and is a Certified General Real Estate Appraiser in the State of Texas. Mr. Wright's responsibilities include appraisal and appraisal review of all types of properties. Mr. Wright has testified as an expert witness regarding real property value on numerous occasions in various courts of law. Prior to appraisal, Mr. Wright was the Principal of Wright Innovations, a construction and real estate investment company based in Fort Worth, Texas. Mr. Wright has performed valuation, consulting services and review on various properties including, but not limited to, shopping centers, apartment complexes, industrial facilities, raw and developed land, office towers and complexes, motels, hotels, residential and mixed -use developments. Mr. Wright has worked on numerous unique valuations, such as utility corridors, easement interests, partial and undivided interests, and billboards. EDUCATION: Bachelor of Science in Accounting University of North Texas, Denton, Texas 2001 Key Courses: • Finance • Accounting • Business Law • Real Estate • General Business Completed the following courses offered by the Appraisal Institute: Basic Appraisal Principles Basic Appraisal Procedures Real Estate Finance, Statistics, and Valuation Modeling General Appraiser Sales Comparison Approach General Appraiser Site Valuation and Cost Approach General Appraiser Market Analysis and Highest and Best Use General Appraiser Income Approach/Part 1 General Appraiser Income Approach/Part 2 General Appraiser Report Writing and Case Studies Advanced Market Analysis and Highest and Best Use Advance Income Capitalization Advanced Concepts and Case Studies Completed the following courses offered by the International Right of Way Association: Business Relocation The Valuation of Partial Acquisitions Relocation Assistance Easement Valuation Reviewing Appraisal in Eminent Domain Evaluating your Ethical Awareness PROFESSIONAL Licensed: Texas Certified General Real Estate Appraiser (TX-1337782-G) AFFILIATIONS: Arkansas Certified General Appraiser (CG5201) Member: International Right -of -Way Association (IRWA) Appraisal Institute Member Reece Creek Volunteer Fire Department - Director ACTIVITIES: Mr. Wright is active in the Central Texas Chapter of the Appraisal Institute and International Right of Way Association. Mr. Wright holds a MAI designation from the Appraisal Institute and Right of Way Appraisal Certification (R/W-AC) for the IRWA. Professional Qualifications of Matthew A. Sims, R/W-AC Matthew A Sims, R/W-AC is a General Certified Appraiser and Director of Texas Appraisal Team, a full -service real estate consulting and appraisal firm. Prior to joining Texas Appraisal Team, Mr. Sims worked for Morrison Supply Company as a sales associate and operations manager located in Fort Worth. Prior to Morrison Supply Company, Mr. Sims worked for an appraisal firm in Fort Worth for over three years. Matthew A. Sims has assisted in valuation of various properties including raw and developed land, apartment complexes, office buildings, convenience stores, restaurants, industrial facilities, and shopping centers, mixed -use and special-purpose properties. Matthew A. Sims has worked on numerous unique valuations, such as utility corridors, easement interests, partial and undivided interests. EDUCATION PROFESSIONAL AFFILIATIONS: ACTIVITIES: Texas Tech University Bachelor of Communication Studies with an emphasis in Corporate Communication, 2006 Completed the following courses of study and exams offered by the Appraisal Institute: Basic Appraisal Principles Basic Appraisal Procedures Supervisor - Trainee Course for Texas General Appraiser Market Analysis and Highest and Best Use General Appraiser Site Valuation and Cost Approach General Appraiser Sales Comparison Approach General Appraiser Sales Income Approach 1 General Appraiser Sales Income Approach 2 General Appraiser Report Writing and Case Studies Statistics, Modeling, and Finance Appraisal Subject Matter Electives Completed the following courses offered by the International Right of Way Association: Reviewing Appraisal in Eminent Domain The Valuation of Partial Acquisitions Easement Valuation Licensed: Texas Certified General Real Estate Appraiser(TX-1381080-G) Oklahoma Certified General Real Estate Appraiser (OK-13642CGA) Arkansas Certified General Appraiser (CGN-5180) International Right -of -Way Association (IRWA) Real Estate Sales Agent (TX-646915) Property Tax Consultant (TX-11459) Mr. Sims is active in the International Right of Way Association and holds a Right of Way Appraisal Certification (R/W-AC) designation. a Professional Qualifications of Christy E. Cavazos -Wright Mrs. Wright is the Chief Executive Officer and primary owner of Texas Appraisal Team, a full -service real estate consulting and appraisal firm. Mrs. Wright has been managing Texas Appraisal Team since 2011 (formerly AW Appraisal and Review Services). Mrs. Wright is an Appraiser Trainee in the State of Texas. Prior to managing Texas Appraisal Team, Mrs. Wright worked for the Texas Department of Family and Protective Services as a caseworker and expert witness. Mrs. Wright has assisted in valuation of various properties including raw and developed land, apartment complexes, office buildings, convenience stores, restaurants, industrial facilities, and shopping centers, mixed -use and special-purpose properties. Mrs. Wright has worked on numerous unique valuations, such as utility corridors, easement interests, partial and undivided interests. EDUCATION PROFESSIONAL AFFILIATIONS ACTIVITIES: University of Texas at Arlington Bachelor of Social Work 2003 Coursework included social work, statistics, sociology and psychology. Completed the following courses of study and exams: Appraisal Principles Appraisal Procedures Standards of Professional Appraisal Practice (USPAP) General Appraiser Market Analysis and Highest and Best Use License Appraiser Trainee (TX-1343434-Trainee) Member: International Right of Way Association Director of MATCH, a non-profit organization Mrs. Wright is active in the International Right of Way Association. J T"F xAs * IWPAISAL. Ti.A Professional Qualifications of Amber Dean Mrs. Dean is a Certified General Appraiser and Senior Appraiser for the Texas Appraisal Team, a full -service real estate consulting and appraisal firm. Prior to joining Texas Appraisal Team, Mrs. Dean worked for an appraisal firm in Fort Worth for two and a half years. Prior to appraisal, she was in the residential real estate market for a number of years. Mrs. Dean has assisted in valuation of various properties including raw and developed land, apartment complexes, office buildings, convenience stores, restaurants, industrial facilities, and shopping centers, mixed -use and special- purpose properties. Mrs. Dean has worked on numerous unique valuations, such as utility corridors, easement interests, partial and undivided interests. EDUCATION: University of North Texas Bachelor of Business Administration, Real Estate, Magna Cum Laude, 2008 Coursework included real estate law, real estate finance, real estate valuation real estate investment, and real estate property management. Completed the following courses of study and exams offered by the Appraisal Institute: Appraisal Principles Appraisal Procedures Standards of Professional Appraisal Practice (USPAP) General Appraiser Market Analysis and Highest and Best Use Cost Approach and Site Valuation Business Practices and Ethics General Appraiser Report Writing and Case Studies General Appraiser Sales Comparison Approach General Appraiser Income Approach 1 General Appraiser Income Approach 2 Statistics, Financing and Valuation Modeling Expert Witness for Commercial Appraisers Commercial Appraisal Review Completed the following courses offered by the International Right of Way Association: Business Relocation Relocation Assistance PROFESSIONAL License Certified General Appraiser (TX-1380336-G) AFFILIATIONS: Member: North Texas Real Estate Alumni Professional Qualifications of Leo M. Sumner, R/W-NAC Leo M. Sumner, R/W-NAC is an Appraiser Trainee and Director of Texas Appraisal Team, a full -service real estate consulting and appraisal firm. Prior to joining Texas Appraisal Team, Mr. Sumner worked for The City of Fort Worth as a Land Agent, Mr. Sumner also worked for a Right of Way firm in Fort Worth for more than a year. Mr. Sumner has testified as an expert witness regarding real property acquisitions on numerous occasions in various courts of law. Leo M. Sumner has assisted in valuation of various properties including raw and developed land, apartment complexes, office buildings, convenience stores, restaurants, industrial facilities, and shopping centers, mixed -use and special-purpose properties. Leo Sumner has worked on numerous unique valuations, such as utility corridors, easement interests, partial and undivided interests. EDUCATION: Texas Tech University Bachelor of Science - Agriculture and Applied Economics, 2009 Completed the following courses of study and exams offered by the Appraisal Institute and International Right -of -Way Association: Basic Appraisal Principles Basic Appraisal Procedures Supervisor -Trainee Course for Texas Standards of Professional Appraisal Practice (USPAP) Residential Report Writing and Case Studies Principles of Real Estate Negotiations Completed the following courses offered by the International Right of Way Association: Legal Aspects of Easements Engineering Plan Development and Application Principles of Real Estate Negotiations Property Descriptions Conflict Management Evaluating your Ethical Awareness United States Land Titles PROFESSIONAL Licensed: Appraiser Trainee (TX-1342000) AFFILIATIONS Real Estate Broker (TX-626103) Member: International Right -of -Way Association (IRWA) Ducks Unlimited, Fort Worth Chapter President ACTIVITIES: Mr. Sumner is active in the International Right of Way Association and holds a Right of Way- Negotiation/Acquisition Certified (R/W-NAC) designation. :CL_ Professional Qualifications of Lesley (Lee) D. Patterson, LNFA Lesley D. Patterson is an Appraiser Trainee and Director of Texas Appraisal Team, a full -service real estate consulting and appraisal firm. Prior to joining Texas Appraisal Team, Mr. Patterson worked as an Executive Director and Senior Officer in the retirement and long-term care industry. Mr. Patterson has testified as an expert witness on numerous occasions in various courts of law. Lesley D. Patterson has led multiple feasibility and valuation of various expansion and development projects. Mr. Patterson's experience spans from determining operational feasibility, preconstruction design, marketability, demand and financing. Lesley D. Patterson has executed land assemblies conceptual design and overseen construction from ground floor until completion of multi -unit urban high rise living apartment complexes. In addition, Lesley D. Patterson has proficient knowledge of ADA and Center of Medicare and Medicaid regulations, Life Safety Code requirements as it pertains to Skilled Nursing Homes, Assisted Living and Memory Care Facilities as well as the constructional requirements for licensure. Lesley's expertise lies in day-to-day business operations of the long-term care industry which earned and maintained an investment grade Fitch Rating of BBB+ Outlook Stable throughout multiple expansions. EDUCATION: PROFESSIONAL AFFILIATIONS ACTIVITIES: University of North Texas Bachelor of Business Administration — Entrepreneurship and Strategic Management, 1998. Key Courses: • Entrepreneurial Studies • Finance • Accounting • Business Law • Production Operation Management Completed the following courses of study and exams offered by the Appraisal Institute and the International Right -of -Way Association.: Basic Appraisal Principles Basic Appraisal Procedures Supervisor -Trainee Course for Texas Standards of Professional Appraisal Practice (USPAP) General Appraiser Market Analysis and Highest and Best Use Licensed: Appraiser Trainee (TX-1342504) Licensed Nursing Home Administrator #9728 (LNFA) Mr. Patterson is active in the International Right of Way Association. Addenda Scope of Work, Pricing and Narrative of Appraisal Procedure Texas Appraisal Team Scope of Work Texas Appraisal Team can and will provide appraisal services on an as needed basis for the City of Fayetteville in a timely manner. Work can be delivered for typically assignments within 21 days or on agreed terms with the City of Fayetteville. The work performed will comply with the current edition of USPAP, along with local, state and federal regulations regarding the specific appraisal process. Texas Appraisal Team provides appraisal services for the following: Ad Valorem Tax Consulting, Arbitration / Mediation, Asset Analysis, Bond and Financing Districts, Buy and or Sell Decisions, Fee Simple, Condemnation / Right -of -Way, Permanent (Drainage, Sidewalk, Multi -use) Easements, Temporary and Construction Easements, Damages, Before and After, Cost -Benefit Analysis, Distressed Property Valuations, Due Diligence Studies, Economic Impact Analysis, Entitlement Consulting, Expert Witness Testimony, Forecast Valuations, Going Concern Values, Highest and Best Use Studies, Insurable Values, Investment Values/Studies, Land Use Studies, Leased Fee and Leasehold Analysis, Lease Review and Analysis, Life and Remainder Estates, Litigation Support, Market Feasibility Studies, Mergers and Acquisitions, Reviews, Risk Management, Site Selection, Farm and Ranch, and Zoning Consulting. Texas Appraisal Team specializes in acquisition appraisals, plus, Texas Appraisal Team provides many appraisal and consulting services as shown above. As shown in are letters of references from clients, Texas Appraisal Team is able to meet deadlines in a timely manner. Current work load is managed by entire staff in order to meet all deadlines. If issues arise, clients are contacted immediately to discuss any possible delay or need adjustments to maximize product delivery. Pricing Pricing for appraisal services and consulting services is $250 per hour. Each appraisal is quoted on the complexity of the assignment. For example, a simple land appraisal would typically take approximately 8 to 10 hours. When a job is bid, the fee would be based on a set estimated hour. The fee includes all cost associated with completion of the assignment. Narrative of the Typical Appraisal Procedure After an appraisal assignment is accepted the following steps are performed: To perform an appraisal assignment, we took the following steps to gather, confirm, and analyze relevant data: ■ Physically inspected the subject property and the surrounding market area. The inspection of the property is limited to those things readily observable without the use of special testing or equipment. ■ Collected factual information about the property and the surrounding market, and confirmed the information with various sources. ■ Performed a highest and best use analysis of the subject site as vacant and as improved when applicable. ■ Gathered market information on comparable land and improved sales, construction costs, depreciation, rents, operating expenses, and capitalization rates. The comparable sale and rent information were/are confirmed with at least one of the parties to the transaction. ■ Analyzed market information and developed indications of value under the necessary approaches to value for a credible assignment result. The market information was analyzed for an appraisal of the Whole Property, the Part to be Acquired and the value of the Remainder Before and Remainder After the acquisition. o The appraisal of real estate typically employs three traditional valuation methods: the sales comparison approach, the cost approach, and the income approach. All three traditional approaches were used in this analysis. In the income analysis, the value estimate for the fee simple interest was concluded by direct capitalization. or Exclusion of the sales comparison approach, the cost approach, or the income approach must be explained - Standards 2-2(a). (OR) o In certain partial right-of-way acquisitions, the primary improvements are well removed from the area of proposed acquisition. If it has been determined that the proposed acquisition will not result in permanent damages to the remainder property, the opinion of compensation can be limited to the valuation of the land and affected site improvements. The exclusion of the unaffected improvements is not necessary in some cases for a credible assignment result. ■ Partitioned the Whole Property value opinion between the Part to be Acquired and the Remainder Before the acquisition. In this case, the part to be acquired and remainder before estimates are prorated allocations of the whole property (i.e., The whole property is 100% and the part to be acquired is 10%, resulting in a remainder before the acquisition of 90%). Or The Part to be Acquired is a self-sustaining economic unit..... ■ Performed a highest and best use analysis on the Remainder After with consideration to the impact on the residual property as a result of the proposed acquisition. If necessary, the cost to cure and restore the functional utility of the remainder after was estimated. ■ Derived an estimate of the total compensation due to the owner of the property as the result of a proposed acquisition by summation of the part to be acquired and any damages. The damages were calculated based on the difference in the value opinion for the remainder before and remainder after. 0 Prepared an appraisal report summarizing our analyses, opinions and conclusions. Addenda Reference Letters July 8, 2024 City of Fayetteville Amanda Beilfuss Sr. Purchasing Agent Re: Request for Proposal: (RFP) Number: RFP 24-11, On -Call Appraisal Services Real Estate Appraiser Services — Texas Appraisal Team To Whom it May Concern: Pursuant to a request from the captioned applicant, Texas Appraisal Team, our records indicate that his firm has provided real estate appraisal services for us at various times during the period from January 2016 through July 2024. Among the projects are the following: • CPN CO2382-2 SSR Contract 90 • CPN Open Space Appraisal FID - Lake Arlington • CPN 02505 — McCart Avenue/McPherson The projects listed above is a small sample of projects. The City of Fort Worth is pleased to report that we are satisfied with the appraisal product and quality as well as Texas Appraisal Team's ability to meet production and exceed delivery timelines. Delivery times are typically less than 30 day and engagement contracts are accepted within 12 hours. Currently, on projects that are rushed, delivery is less than 20 days from the signing of the agreement. In general, the appraisals provided by Texas Appraisal Team have been accurate, legible, skillful and well organized. If you have any questions or need any additional information, please do not hesitate to contact me at 817-392-8379 (office), and/or Ricardo.Salazar@fortworthtexas.gov. Sincerely, Ricky Salazar - Assistant Director, Real Estate City of Fort Worth Property Management Department 900 Monroe St, Suite 400 Fort Worth, Texas 76102 PROPERTY MANAGEMENT DEPARTMENT- Real Estate DIVISION THE CITY OF FORT WORTH • 900 MON ROE STREET, SUITE 400 • FORT WORTH, TEXAS 76102 (817) 392-7590 • FAX (817) 392-7591 REV.20210119 July 8, 2024 City of Fayetteville F M MUMM Amanda Beilfuss, SR. Purchasing Agent LAND Purchasing 113 W. Mountain PROFESSIONALS Fayetteville, AR 72701 Re: Request for Proposal (RFP) Number: 24-11, On -Call Appraisal Services Real Estate Appraiser Services — Texas Appraisal Team To Whom it May Concern: Pursuant to a request from the captioned applicant, Aaron H. Wright, our records indicate that he has provided real estate appraisal services for us at various times during the period from September 2016 through July 2024. Among the projects are the following: • SH 276; CASH Water District (Appraisal) • SH 276; Blackland Water Supply (Appraisals) • SH 5 in Collin County — TxDOT (Appraisals) We are pleased to report that we are satisfied with appraisal product and quality as well as Texas Appraisal Team's ability to meet production and delivery timelines. Delivery times are typically less than 30 day and engagement contracts are accepted less than 24 hours. Currently, on projects that are rushed, delivery is less than 20 days from the signing of the agreement. In general, the appraisals provided by Texas Appraisal Team have been accurate, legible, skillful and well organized. If you have any questions or need any additional information, please do not hesitate to contact me at 469-583-0562 (cell), and/or larry@texaslandprofessionals.com. Sincerely, DocuSigned by: yesrIFCA c� Larry Montenegro, SR/WA, R/W-RAC Senior Project Manager Texas Land Professionals, Inc P.O. Box 611 Caddo Mills, Tx 75135 JAMES D. BRADBURY, PLLC ALSO ADMITTED IN ARKANSAS & MONTANA 201 MAIN STREET SUITE 600 FORT WORTH, TEXAS 76102 April 19, 2024 OFFICE: 817-339-1105 JIMOBRADBURYCOUNSEL.COM Re: Performance Evaluation/Reference Letter Aaron H. Wright, MAI, R/W-AC with Texas Appraisal Team Litigation Support To Whom it May Concern: Our firm, James D. Bradbury, PLLC has worked with Aaron H. Wright, MAI, R/W-AC from Texas Appraisal Team on several litigation matters of the past eight years. Our practice includes real estate matters as well as eminent domain proceedings. Our firm has retained Mr. Wright on behalf of clients in numerous cases. He has provided litigation support services on a number of hearings and other requested services. Mr. Wright has been punctual, communicative and professional in relation to litigation support. Mr. Wright communicates effectively in all stages leading up to hearings, as well as testifying. In every case he has been a very well prepared and effective witness. I am pleased to report that I am satisfied with his appraisal and litigation product quality as well as his ability to meet production and delivery timelines. We have always been pleased to use him for our client matters and intend to continue retaining him in the future. If you have any questions or need any additional information, please do not hesitate to contact me. Sincerely, a D. Bradbury April 18, 2024 Re: Performance Evaluation/Reference Letter Aaron H. Wright, MAI, R/W AC with Texas Appraisal Team Litigation Support To Whom it May Concern: The City Fort Worth records indicate that Aaron H. Wright with Texas Appraisal Tearn, has provided real estate appraisal services for more than ten years. Mr. Wright has provided litigation support on a number of hearings and I have worked with him on a number of cases. Mr. Wright has been punctual, communitive and professional in relation to litigation support. Mr. Wright communicates affectively in all stages leading up to hearings, as well as testifying. I am pleased to report that I am satisfied with his appraisal and litigation product quality as well as his ability to meet production and delivery timelines. If you have any questions or need any additional information, please do not hesitate to contact me. Sincerely, Christopher B. Mosley Senior Assistant City Attorney/Section Chief for General Litigation City Attorney's Office 200 Texas Street Fort Worth, Texas 76102 817-392-7603/Fax: 817-392-8359 Chri s.Mosley@fortwortlitexas.gov PTG , I NC. May 15, 2023 Ref. Texas Appraisal Team To Whom It May Concern, Aaron Wright and Matt Sims with Texas Appraisal Team has performed Real Estate Appraisals for residential, commercial and full takings / whole acquisitions for our company for over ten years on various City(s) projects throughout the North Texas Region. Texas Appraisal Team is responsive to any circumstances and their work performance has always been completed ahead of schedule. Their work is detailed orientated, accurate and easy to understand. The City(s) have been very pleased with the service provided by both Aaron Wright and Matt Sims with Texas Appraisal Team. I would highly recommend Texas Appraisal Team for future acquisition projects. Sincerely, Linda Latham, VP 972-849-9781 linda(a,ptg2000,com P❑ Box 462469 1 GARLAND, Tx 75046 1 TFL 972-272-6600 1 www.PTG2000.com Addenda Other Documents W 00 2 > o U' E Qc) Lci O U)LU cn N C) w Z � 0 p C UU ry U J O Q" > Q x U U) L i N •N i = N +O+ O >p Q U)O M Ma a�Cl)ti00 O N ~ O Q W C7 O >Qa) M 2 Q N r M Cn N o v�� E Z z N O O O LU t' W a) i ci C/)LL J V \ N J O N Q M (� U) O to a O i a Q N z Q O T- W Cl) Z U U W co Q a Z Q Z H W L Cl)�kD O N O 00 Q W L Q J 4 N J Q; m O L .L) � O Lu D O N� N ti U 70 OC � Q C� O • O rn� W c VJ O •,v o� 0 a CD 0 co Q o cn LJLI 0 Lu w CN 0 w w = z _ in = z F w� O O J V Q N Na O N LL U) U L L � N N Q O Cl) in •� V CD a Q ViJato°'O o Q UU)) Q N� O C Q m � m Cl) � CO (ti CO Q m o Q cc 0)LL cn w LU o ui C� Q 0 Q Y 1 W U)0 N J Y O O °°-."�aw�� aM vi M �"3 U H H v m U m G) o U)� c� = 3 U) Q o cl) in a a m c� O z L Q Q O W z cn CU L J W z o c a Q LU cv O vi cn p O 0) _0 co co Q J W o QJ� CO E m 5 p� IL O .� p s, W U J �' L) U) 2 LU Q C� c) Addenda Sample Appraisal A SUMMARY RIGHT OF WAY ACQUISITION APPRAISAL REPORT Parcel 20 Owned by Elliott and Lillian, LLC (aka Elliot & Lillian, LLC) 5625 E IH 20 Tarrant County, Fort Worth, Texas 76119 PREPARED FOR: City of Fort Worth c/o Ricky Salazar, Assistant Director, Real Estate Real Property Division 900 Monroe Street, 0 Floor Fort Worth, Texas 76102 Effective Date of the Apprais 2/ 10/2023 Texas Appraisal Team File Number: 2023-013 .�i d16 1w�y' JW, Plopond ExistW `meat E \ Wr�p��sed Tee � � �p��ra�ry C�,nst�ruct�ion :asc:rn.cr�rt ; 717 CORDES DRIVE 0 VENUs, TEXAS 76084 • 972-268-6695 • TEXASATEAM. COM TEXAS APPRAISAL TEAM For your I caution and Consulting V eeds February 10, 2023 City of Fort Worth c/o Ricky Salazar, Assistant Director, Real Estate Real Property Division 900 Monroe Street, 4' Floor Fort Worth, Texas 76102 SUBJECT: Right -of -Way Acquisition Appraisal of Parcel 20 Owned by Elliott and Lillian, LLC (aka Elliot & Lillian, LLC) 5625 E IH 20 Fort Worth, Texas 76119 File Number. 2023-013 Dear Mr. Ricky Salazar, I am pleased to transmit this summary appraisal report that was prepared on the above-refe� ce property. The intended use of this appraisal is to assist the client in their determination of adequate compensation due as of 2/10/2023, the effective date of the appraisal. The date of this report is 2/13/2023. According to tax records, the whole property is a 7.887 acres or 343,558 square feet site of land improved with a tree nursery and related site improvements. The City of Fort Worth has proposed to acquire approximately Parcel 20 which contains 8,460 square feet or 0.194 acres in a permanent sanitary sewer easement, however, the City of Fort Worth already owns 7,748 square feet or 0.178 acres. This results in the City of Fort Worth needing only 712 square feet or 0.016 acres in additional permanent sanitary sewer easement. In addition, the City of Fort Worth has proposed to acquire two temporary construction easements. Parcel 20 — Temporary Construction Easement 1 consist of 28,687 square feet, or 0.659 acres and Parcel 20 — Temporary Construction Easement 2 consist of 1,526 square feet, or 0.035 acres. The proposed acquisition does not cause permanent damages to the remainder. The report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) and the Standards of Professional Practice of the Appraisal Institute. My opinion of market value is premised upon the Assumptions and Limiting Conditions cited in the addenda of this report. To report the assignment results, I used the Appraisal Report option of Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP). Accordingly, this report contains summary information and analyses that are used in the appraisal process. The depth of discussion contained in this report is specific to the needs of the client and the intended use of the appraisal. Based on the analysis and conclusions in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed herein, it is my opinion that the compensation for the acquisition of the herein described property as of 2/10/2023, is $17,597 If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, Texas Jpraisal Team Aaron H. Wright, MA , R/W-AC Certified General Real Estate Appraiser State Certificate #TX-1337782-G All Christy E. ght Appraiser r inee State Ce i cate #TX-1343434-Trainee Matthew A. Sims, R/W-AC Certified General Real Estate Appraiser State Certificate #TX-1381080-G 717 CORDEs DRIVE 0 VENus, TExas 76084 • 972-268-6695 • TEXASATEAM. com PARCEL 2O TABLE OF CONTENTS Table of Contents Page Number GENERALINFORMATION.................................................................................................................................................................................................................... 1.1 Summary of Salient Facts and Conclusions................................................................................................................................................................................................... 1.1 Identificationof Subject and Project............................................................................................................................................................................................................. 1.2 CurrentOwnership and Sales History........................................................................................................................................................................................................... 1.2 RealEstate Tax Assessment........................................................................................................................................................................................................................... 1.2 Inspection Information, Effective Date and Date of Report........................................................................................................................................................................ 1.3 Effectiveand Report Date.............................................................................................................................................................................................................................. 1.3 PriorSubject Property Services.....................................................................................................................................................................................................................1.3 Identificationof the Client.............................................................................................................................................................................................................................1.3 IntendedUsers and Intended Use.................................................................................................................................................................................................................1.3 Objectiveof the Assignment..........................................................................................................................................................................................................................1.3 AppraisalReport Option.................................................................................................................................................................................................................................1.4 PropertyRights Appraised............................................................................................................................................................................................................................. 1.4 ExtraordinaryAssumptions............................................................................................................................................................................................................................ 1.4 JurisdictionalExceptions...................................................................................................................................................�......................................................................... 1.5 HypotheticalConditions................................................................................................................................................................................................................................. 1.5 CompetencyProvision............................................................................................................................................................................... �.............................................. 1.5 EnvironmentalStatement.............................................................................................................................................................................................................................. 1.5 Scopeof Work................................................................................................................................................................................................................................................. 1.6 PersonalProperty and Trade Fixtures..................................................................................................................................................................................................... 1.6 NeighborhoodAnalysis.................................................................................................................................................................................................................................. 1.7 AreaMap......................................................................................................................................................................................................................................................... 1.8 WHOLEPROPERTY DESCRIPTION.......................................................................................................................................................................................................... 2.1 Descriptionand Analysis of the Land...............................................................................................................#........................................................................................ 2.1 FloodMap................................................................................................................................. 2.3 Flood(Goo le Earth)....................................................................................................................................................................................................................................2.4 Description and Analysis of the Improvements........................................................................................................................................................................................... 2.5 Aerial................................................................................................................................................................................................................................................................ 2.7 Aerial(Google)........................................................................................................................................................................................................................................2.8 Zoning.....................................................................................................*................................................................................................................................................... 2.9 Zoning............................................................................................................................................................................................................................................................ 2.11 WHOLEPROPERTY ANALYSIS.............................................................................................................................................................................................................. 3.1 Highestand Best Use Analyses - Whole Property....................................................................................................................................................................................... 3.1 ValuationMethodology -Whole Property ............................................... ............................................................................................................................................... 3.1 Sales Comparison Approach - Land Whole Property.......................................................................................................................................................................... 3.2 CostApproach -Whole Property.................................................................................................................................................................................................................. 3.7 Sales Comparison Approach - Improved Whole Property........................................................................................................................................................................ 3.10 IncomeApproach - Whole Property.....................................................................................................................................................................................................3.14 Conclusionof Value - Whole Property.......................................................................................................................................................................................................3.19 PARTTO BE ACQUIRED ANALYSIS........................................................................................................................................................................................................4.1 HighestAnd Best Use - Part to Be Acquired................................................................................................................................................................................................ 4.2 TemporaryEasements....................................................................................................................................................................................................................................4.3 REMAINDERBEFORE ANALYSIS............................................................................................................................................................................................................ 5.1 REMAINDERAFTER ANALYSIS.............................................................................................................................................................................................................. 6.1 Highest And Best Use - Remainder After ............................ Sales Comparison Approach -Land Remainder After........ Cost Approach - Remainder After ........................................ Sales Comparison Approach - Improved Remainder After Conclusion of Value - Remainder After Property ............... 6.1 6.2 6.3 6.5 6.7 CONCLUSION AND COMPENSATION SUMMARY........................................................................................................................................................................................ 7.1 ADDENDA Certification, Qualifications of Appraiser(s), Assumptions and Limiting Conditions.....................................................................................................................Addendum A Definitions........................................................................................................................................................................................................................................Addendum B Project/Survey Maps and Legal Descriptions.................................................................................................................................................................................Addendum C PropertyInformation.......................................................................................................................................................................................................................Addendum D TQC PARCEL 20 GENERAL INFORMATION GENERAL INFORMATION SUMMARY OF SALIENT FACTS AND CONCLUSIONS Project CFW# Project No. 100995 Lake Arlington Lift Station and Force Main Parcel Parcel 20 Property Type Commercial/Industrial Owner of Record Elliott and Lillian, LLC (aka Elliot & Lillian, LLC) Address 5625 E IH 20 Fort Worth, Texas 76119 Property Tax Id Number(s) 06146813; 40389294 Effective Date of the Appraisal 2/10/2023 Date of the Report 2/13/2023 File Number 2023-013 Highest and Best Use Remainder Before the Acquisition (Calculated) Whole Property Commercial/Industr Whole Value $3,450,000 Part To Be Acquired As Part of Whole Less Part To Be Acquired $979 Remainder After Commercial/Industr Equals Remainder Before Value $3,449,021 Whole Property Value Conclusions After Property Land Value (SCA) $934,131 Land Value (SCA) $933,152 Cost Approach $3,441,416 Cost Approach $3,440,437 Sales Comparison Approach $3,456,000 Sales Comparison Approach $3,456,000 Income Approach $3,471,117 Income Approach $3,471,117 Reconciled Whole Value $3,450,000 Remainder After Value $3,449,021 Part To Be Acquired Calculations Improvements Whole Parcel 20 in Fee $979 Fee Area 335,810 SF 7.709 Acres Total Land $979 ` Existing Sewer 7,748 SF 0.178 Acres TOTAL VALUE AS A UNIT $979 Part Acquired Total $0 IS Parcel 20 in 712 SF 0.016 Acres Land Remainder Parcel 20 in Fee $979 Fee Area 335,098 SF 7.693 Acres Parcel 20 in 712 SF 0.016 Acres Total Part To Be Acquired $979 Existing Sewer 7,748 SF 0.178 Acres Comments The appraiser's opinion is that there are no permanent damages to the remainder as a result of the acquisition. Determination of Compensation Whole Property Value............................................................................................... $3,450,000 PartTo Be Acquired............................................................................................................... $979 Remainder Before the Acquisition................................................................................ $3,449,021 Remainder After the Acquisition................................................................................. $3,449,021 Damages(or Enhancements)...................................................................................................... $0 Coststo Cure........................................................................................................................ $0 TemporaryEasement............................................................................................................... $16,618 TotalCompensation........................................................................................................ $17,597 PAGE 1.1 PARCEL 20 GENERAL INFORMATION Identification of Subject and Project The subject is located at 5625 E IH 20, Fort Worth, Tarrant County, Texas. The subject is legally described as: Being Lots 1 and 3, Block 1 out of the Postwood Business Park Addition, City of Fort Worth, Tarrant County, Texas. According to tax records, the whole property is a 7.887 acres or 343,558 square feet site of land improved with a tree nursery and related site improvements. The City of Fort Worth has proposed to acquire approximately Parcel 20 which contains 8,460 square feet or 0.194 acres in a permanent sanitary sewer easement, however, the City of Fort Worth already owns 7,748 square feet or 0.178 acres. This results in the City of Fort Worth needing only 712 square feet or 0.016 acres in additional permanent sanitary sewer easement. In addition, the City of Fort Worth has proposed to acquire two temporary construction easements. Parcel 20 — Temporary Construction Easement 1 consist of 28,687 square feet, or 0.659 acres and. Parcel 20 — Temporary Construction Easement 2 consist of 1,526 square feet, or 0.035 acres. The project has been identified as by the client as CFW# Project No. 100995 Lake Arlington Lift Station and Force Main. Current Ownership and Sales History The Uniform Standards of Professional Appraisal Practice (USPAP) requires full disclosure of any sales or property transfers with the previous three years of the date of value. According to public records the owner of record is Elliott and Lillian, LLC (aka Elliot & Lillian, LLC), who purchased in 2014. To the best of my knowledge, no other sale or transfer of ownership has occurred within the past five years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. Real Estate Tax Assessment Real estate tax assessments are estimated by jurisdiction on a county basis for the subject. The property is located in Tarrant County. Real estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate taxes for an individual property may be determined by dividing the assessed value for a property by 100, then multiplying by the composite rate. (0 Property Tax ID Number(s) 06146813; 40389294 Land Assessment $215,339 Building Assessment $650,385 Total Assessment $865,724 Tax Rate 2.59960% Indicated Tax Liability $22,505 Tax records indicate that the site has 12.2800 acres, or 534,916 square feet, indicating a Land Assessment of $0.40 per square foot or $17,536 per acre. According to the tax records the building area is 10,720 square feet with a total assessment of $865,724 or $80.76 per square foot of building area. The assessed value for the land is below market value. The overall sessment not investigated for the purposes of this report. -_i_- -E PAGE 1.2 PARCEL 20 GENERAL INFORMATION Inspection Information, Effective Date and Date of Report An inspection of the subject property was made on 3/5/2020, and 5/5/2021 from the public right of way. A letter was mailed to the property owner on 1/28/2020. An additional inspection was made on 2/10/2023 from the public right of way. No contact was established with the property owner. Primary Contact Alternate Contact Name Elliott and Lillian, LLC (aka Elliot & Lillian, LLC) Tyler Milton Company Elliott and Lillian, LLC (aka Elliot & Lillian, LLC) Dawson & Sodd, PLLC Address 1914 Saddlehone Lane 8333 Douglas Ave, Suite 380 City, State, Zip Mansfield, Texas 76063 Dallas, Texas 75225 Email tyler@dawsonsodd.com Phone 1 (214) 373-8181 Work Phone 2 Effective and Report Date The effective date of this report is the most recent date of inspection, or 2/10/2023. The date of the report 2/13/2023. Prior Subject Property Services Under the Conduct section of USPAP, disclosure is required to the client if the appraiser is performing, or has performed other services with regard to the property such as property management, leasing, brokerage, auction, investment advisory services, or other valuation services in the three years prior to accepting an assignment. I have provided services regarding the subject property as an appraiser within the prior three years of accepting this assignment. This is an update of a prior report. Identification of the Client The appraisal report is prepared for the City of Fort Worth, its employees, agents and assigns. Intended Users and Intended Use r` 1% The intended users of this report include the client and its employees/agents. This report may also be used by an outside entity hired by the client to assist in the assignment. The intended use of this appraisal is to assist the client in their determination of adequate compensation due. r Objective of the Assignment The scope of this assignment is to form an opinion of total compensation due to the property owner as a result of the proposed acquisition by the City of Fort Worth. This compensation includes the fee and easement interest at Market value of the part to be acquired and any (if any) damages to the remainder property. The compensation may include temporary or permanent easement interest. PAGE 1.3 PARCEL 20 GENERAL INFORMATION Appraisal Report Option This report is intended to conform to the Summary Appraisal Report format in compliance with Standards Rule 2-2(a) of The Uniform Standards of Professional Appraisal Practice (USPAP). This appraisal report is intended to conform to "The Uniform Appraisal Standards for Federal Land Acquisitions" in accordance with Federal Regulations and the Appraisal report requirements of the Uniform Act (49 CFR 24.103). This appraisal has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Foundation, the Standards of Professional Practice and the Code of Professional Ethics of the Appraisal Institute, except as they may conflict with State and Federal regulations regarding the appraisal of properties involved with the power of eminent domain for land acquisitions. This opinion of value is subject to the Assumptions and Limiting Conditions that are included in the attached report. There is additional supporting documentation contained within the appraisal files and project files. When valuing the subject property, the influence of the project cannot be considered according to 49 CFR 24.103(b) which states: "To the extent permitted by applicable law, the appraiser shall disregard any decrease or increase in the fair market value of the real property caused by the project for which the property is to be acquired, or by the likelihood that the property would be acquired for the project, other than that due to physical deterioration within the reasonable control of the owner." v When appraising the remainder after the acquisition, a forecast is being made. This is a hypothetical situation that is a typical appraisal practice for valuing eminent domain situations. Property Rights Appraised kV " The property rights being appraised in this report can consist of a fee simple estate, easement and temporary easement. The interest being acquired can be in the form of fee simple estate, easement or temporary easement. These are defined by The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015), by the Appraisal Institute as: Fee Simple Estate - "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." Easement — "An interest in real property that transfers use, but not ownership, of a portion of an owner's property." Temporary Easement — "An easement granted for a specific purpose and applicable for a specific time period." Extraordinary Assumptionsec% i* Extraordinary assumption "presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis." (The Dictionary of Real Estate Appraisal) If it turns out to be untrue, the value conclusion could be impacted. Extraordinary assumptions are those assumptions that are specific to the assignment, as opposed to general assumptions, which could be applicable to any assignment. In this assignment, I have assumed typical general assumptions and limiting conditions as cited in the addenda of this report. In addition, this report assumes that any improvements affected by the acquisition will be addressed by the City and property owner separately, therefore, this report does not include compensation for the improvements. If this is not the case , it could change the compensation of this report. The City has already acquired a permanent easement were a portion of the proposed permanent easement is located. This report assumes the City of Fort Worth has the right to utilize the existing easement for the proposed permanent easement and the acquisition is limited to the area that is not located in the existing easement. If this is not the case, it could change the compensation of this report. PAGE 1.4 PARCEL 20 GENERAL INFORMATION Jurisdictional Exceptions For right-of-way projects in the State of Texas, there are also several cases that may establish compensable and non- compensable elements resulting from a project. For example, in the State of Texas vs. Schmidt, the Texas Supreme Court "held that owners were not entitled to compensation for diminution in value of remainder property due to diversion of traffic, increased circuitry of travel of property, lessened visibility to passersby, or inconvenience of construction activities." These types of damages are considered community damages which would be non-compensable based on case law, as opposed to specific damages that are exclusive to a property. In addition, regarding the compensation for landscaping, the Texas Supreme Court stated in the case of White vs. Natural Gas that "in eminent domain proceedings our courts have consistently held that the landowner cannot recover for damage to crops, loss of trees, ornamental shrubs, etc., as separate items. These features can be taken into consideration in determining compensation only insofar as they affect the market value of the land, as land." Hypothetical Conditions A hypothetical condition is "that which is contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis."(2020-2023 USPAP) In the State of Texas, appraisal reports prepared for eminent domain purposes may recognize one or more hypothetical conditions. For example, the appraisal of a remainder property assumes that the proposed public or private improvements were complete as of the effective date of valuation, when in fact it is known that they are not. The use of hypothetical conditions derived from public policy and case law does not result in a process that is limited or renders the results no longer credible. When valuing the sub% property, the influence of the project cannot be considered according to 49 CFR 24.103(b) which states: "To the extent permitted by applicable law, the appraiser shall disregard any decrease or increase in the fair market value of the real property caused by the project for which the property is to be acquired, or by the likelihood that the property would be acquired for the project, other than that due to physical deterioration within the reasonable control of the owner." When appraising the remainder after the acquisition, a forecast is being made. This is a hypothetical situation that is a typical appraisal practice for valuing eminent domain situations. No other hypothetical conditions are utilized in this assignment other than the ones listed in the report and in the addenda. Competency Provision 00%k ,% I am competent to accept this appraisal assignment based on my education and experience in appraising properties involving partial acquisitions for right of way purposes as well as my knowledge of the local real estate market. Significant time has been spent in the collection and analysis of sales, rents, local costs, and demographics in order to obtain the necessary understanding of the local market. Environmental Statement f A A non -scientific inspection of the subject property and the rights -of -way being acquired indicated no evidence of underground storage tanks, soil contamination, or environmental hazards. However, the appraiser is not qualified to detect the presence of environmental hazards, and the client is urged to retain an expert in this field if there is any question as to the existence of hazardous materials or environmental problems. The value determined in the appraisal is based on the assumption that no hazardous materials or environmental problems are present on or in the property. PAGE 1.5 PARCEL 20 GENERAL INFORMATION Scope of Work To perform this assignment, we took the following steps to gather, confirm, and analyze relevant data: Physically inspected the subject property and the surrounding market area. Collected information about the property and the market area, and confirmed the information with multiple sources. Performed a highest and best use analysis of the subject site as vacant and as improved when applicable. Gathered market information on comparable land and, if applicable, improved sales, construction costs, depreciation, rents, operating expenses, and capitalization rates. The applicable comparable sales and rent information was confirmed with a party involved with the transaction. Analyzed market information and developed indications of value under the necessary approaches to value for a credible assignment result. The market information was analyzed for an appraisal of the Whole Property, the Part to be Acquired and the value of the Remainder Before and Remainder After the acquisition. The appraisal of real estate typically employs three traditional valuation methods: the sales comparison approach, the cost approach, and the income approach. All three traditional approaches were used in this analysis. In the income analysis, the value estimate for the fee simple interest was concluded by direct capitalization. Partitioned the Whole Property value opinion between the Part to be Acquired and the Remainder Before the acquisition. In this case, the part to be acquired and remainder before estimates are prorated allocations of the whole property (e.g., The whole property is 100% and the part to be acquired is 10%, resulting in a remainder before the acquisition of 90%). Performed a highest and best use analysis on the Remainder After with consideration to the impact on the residual property as a result of the proposed acquisition. If necessary, the cost to cure and restore the functional utility of the remainder after was estimated. Derived an estimate of the total compensation due to the owner of the property as the result of a proposed acquisition by summation of the part to be acquired and any damages. The damages were calculated based on the difference in the value opinion for the remainder before and remainder after. Prepared an appraisal report summarizing our analyses, opinions and conclusions. Personal Property and Trade Fixtures r%"I The estimate of compensation in this report is for real property interest, or real estate which includes the physical land and improvements attached to the land. This report does not include a value estimate for personal property or trade fixtures unless represented otherwise in this report. According to the Code of Federal Regulations (CFR), Title 49 — Transportation, Section 24.103(a)(1), "The appraisal report should identify the items considered in the appraisal to be real property, as well as those identified as personal property". The real property or real estate is described in other sections of this report, or the Description and Analysis of the Land and in the Description and Analysis of the Improvements. Business personal property is located in the easement area, which is inventory such as trees and other related items. PAGE 1.6 PARCEL 20 GENERAL INFORMATION NEIGHBORHOOD ANALYSIS The subject is located in Tarrant County, in the southern portion of Fort Worth. The subject is located in the US 287 and Interstate 20 area. The neighborhood is mixed use with the predominant use in the immediate area being commercial and industrial along Business US 287 and Interstate 20. Over the past 15 years, the neighborhood has seen a significant increase in commercial and industrial uses. The neighborhood is primarily a bedroom community with most residence working in the Fort Worth CBD. Demand Generators — Employment Downtown Fort Worth has a diverse group of employers, such as Pier 1 Imports, D.R. Horton, XTO Energy, TPG Capital. Due to its central location, Fort Worth is a major recreational destination due to the retail and restaurant/entertainment venues located in the Sundance Square area of downtown. The Tarrant County College — Trinity River Campus and government operations for Tarrant County are also major sources of employment and demand in the area. Access and Public Services Primary access to the neighborhood is via IH 35W, which extends from Hillsboro to Denton, with IH 20 and IH 30 providing direct access to Dallas to the east. The local market perceives public transportation as good compared to other areas in the region. However, northern sections of IH 35W are current undergoing reconstruction and expansion, and traffic congestion is a major force in the market. i Police and fire protection is provided by the City of Kennedale. The Fort Worth surrounding area is mainly served by the Fort Worth Independent School District, however, the immediate surrounding area in served by the Crowley Independent School District. Higher education is provided by Tarrant County Community College (TCCC), a two year college. The hospital district is located just south of IH 30 downtown. Land Use The immediate area consist of mixed uses of industrial, residential and some commercial. Most of the commercial nodes for the subject's area are located at the intersections of Interstate 20 and US 287 with industrial uses along Business US 287. The commercial area over the last five years has continued to grow, with most growth at US 287 and Little Road. New developments have been extending southward to Sublet Road. Industrial uses along Business US 287 have been stable with some properties being redeveloped. Predominant Age of Improvements 30 to 50 years Prevailing Single -Family Price Range $100,000 to $250,000 Life Cycle Stage Growth Infrastructure/Planning Average Predominant Location of Undeveloped Land Infill Conclusion The market area is in the growth stage of its life cycle, with many residential houses being developed within the immediate area. The location in the southern portion of Fort Worth, leads this area to future growth in residential development and the area will continue as a bedroom community. Growth trends and property values will remain stable in the near future in this market. PAGE 1.7 PARCEL 20 Area P E Rap GENERAL INFORMATION +.. z87B N Fort YJorth — - Nature Ref grand. AIM H'R! e67 3n I .Bedford s- tet Trail 'TyME - Euless Flying Oaks System `.-'" y N B 99 Melody Hills _ �North-Ricfiland Hills rt NWrth Krum Hurst t'S Q - y Richland Hills _ SAKW Lake �`C,�Sansom Park:Village -yam&o .... ip o . y 380 ��� . +63 } —P��� -- Fuller � C, 4 Fort Wort o Stub -trip River Oaks � Il ® Fort Worth NAS White Settlement 1 - - �• -Wentworth • 287B +-�'--- I Westover Hills tss / l 341 • 1NE SF F_'vW - N _flN1st� Arlington ",v! tM Sr 0 303 190 MP-60W_ 590 377 Pantego y _ ■ E atoNE ER.pKK1' Dahvorthington, r ens Mar um Ranch 183 MARTlryLL • / ®•rant) Pro' M i 1 r , 1vy a Benbrook Forest,I HiII Elorenom liltmo �l� t • gton Muni 28; • Edged Village, H--�_ ✓ - en edale Ho liday Pk - n a Park p Action Hero „/ ff 1, 377 `— •Eve, n ,�� Lyr r. Greek Park Sycamore Srft 4 aerrbook Lake ; LJ t Bisbee Range \ [J- SUU 0Coyd Park Fstes Park Rocky Creek Parlll _ Luck Field - 287B Garden Acres • Joe Pool Luke Oak Grove CrowJ t �Y � • Rendon PAGE 1.8 PARCEL 20 WHOLE PROPERTY DESCRIPTION Whole Property Description Description and Analysis of the Land Being Lots 1 and 3, Block 1 out of the Postwood Business Park Addition, City of Fort Worth, Tarrant County, Texas. Physical Features Land Area According to tax records, the whole property is a 7.887 acres or 343,558 square feet site of land improved with a plant nursery and related site improvements. It is noted that 7,748 square feet of the land is encumbered by a sew easement that is owned by the City of Fort Worth. The City of Fort Worth has proposed to acquire approximately Parcel 20 which contains 8,460 square feet or 0.194 acres in a permanent sanitary sewer easement, however, the City of Fort Worth already owns 7,748 square feet or 0.178 acres. This results in the City of Fort Worth needing only 712 square feet or 0.016 acres in additional permanent sanitary sewer easement. In addition, the City of Fort Worth has proposed to acquire two temporary construction easements. Parcel 20 — Temporary Construction Easement 1 consist of 28,687 square feet, or 0.659 acres and Parcel 20 — Temporary Construction Easement 2 consist of 1,526 square feet, or 0.035 acres. Configuration Irregular ` Topography Near level Drainage Adequate Flood Plain Community Panel # 48439CO430L Date September 25, 2009 Flood Zone Zone X — Outside of the 100 year flood (80%) Zone AE — Inside of the 100 year flood (10%) Zone AE Floodway — Inside of the 100 year floodway (10%) Flood Insurance Not required in Zone X, required in Zone AE Environmental Hazards i` An environmental assessment report was not provided for review and environmental issues are beyond our scope of expertise. Our inspection of the site did not reveal any obvious signs that there are contaminants on or near the property. Therefore, we assume the subject is not adversely affected by environmental hazards. Ground Stability A soil report was not provided for review; however, based on our inspection of the property and observation of development on nearby sites, we assume that the subject is not affected by any adverse soil conditions that would restrict it from being developed to its highest and best use. PAGE 2.1 PARCEL 20 WHOLE PROPERTY DESCRIPTION Streets, Access, Frontage Street Frontage Feet Paving Curbs/Gutters Sidewalks Lanes Direction of Traffic Condition Traffic Levels Signals/Traffic Control Access Visibility II3 20 — Frontage Road +/- 1,400 feet Concrete Paving No No 2 Lanes West Average Average None Average Average Driveways Three UTILITIES Utility Provider Water City of Fort Worth Sewer City of Fort Worth Electricity Oncor (through other retailers) Natural Gas Atmos Energy Local Telephone Various providers Summary of Land Description Overall, the physical characteristics of the site are suitable for the uses permitted by zoning. Most factors, including its topography, location, accessibility, and availability of utilities are positive attributes. In comparison to other commercial sites in the region, I rate the subject as follows: SITE ATTRIBUTE RATINGS Visibility Average Traffic Light Controlled Intersection Average Utilities Average Shape and Contour Average Land available for future development Average i J PAGE 2.2 PARCEL 20 Flood Map I OF'FORT ORTH 480596 LASTER ROAD ZONE X L ZONE X LIMIT OF DETAILEDST KALtL`tbllUv Rpnl ZONE X ZONE AEVJ OAD ZONE A TREASURE (EL 5641 ISLAND TRAIL N Z NEX $c A Z —1 0 Z -rLi S 1J k=i[�.4N.1V .y 1 D ZONE/X L•IMI\eQFF'_ _ _ �� NE_lC_` H11 f' L�Jb.z COUNTY UN kTED ARRAS ZONE X- ZONE X WHOLE PROPERTY DESCRIPTION Lin ance Study report for this jursdidion. e in this community, contact your insurance- rogram at 1-800-638-6820. am I DO6 ° i!:1CT r PANEL 0340K ZO FIRM ,O FLOOD INSURANCE RATE MAP o E TARRANT COUNTY, TEXAS 0 A. iNcoRPORA'rRD AREAS U z S PANEL 340 OF 495 a ISLE MAP INDEX FOR nRM PANEL LAYOUT TAuwv l C'ou" eaese m.n < -1. ". city OW rts+s. na.0 r r5I-ILL 011y t7 -mom ten .QNI/.( 19ojfYol .bear ala < / Nemx c"T aF "C"Ge tali k Name n lee' me a" N. scan, nrwe —0 a rasawNw.t+a+�v ^ao see.. .. I'prr..urYly NurrW. r•.,.., "eT MAP NUMBER s 4UM0340K MAP REVISED SEPTEMBER 25, 2009 Federal Emeruenry AtandRement ARenq This K an dgiclal copy at a ponlon of the &bow relorencea Rood map R .vas extracted using F-MIT On•Llne Tss map does not rolled changes o• amendmenh vMlch they hew ben m,, suW wWorn to the data on Ina true pock For the latest goduct rnbrmeeon about Naeone Flood Inst~ice —ogram hood map& check the FEMA Flood Map State at vrmr+ mac rams gov Page 2.3 01 �s:p.i •.a>.;�r7� I r 4 ontage-R'c t PARCEL 20 WHOLE PROPERTY DESCRIPTION Description and Analysis of the Improvements The following description is based on my exterior inspection of the property from the right of way, tax records and aerial measurements. Land to building ratio is 31.81 to 1. Exterior Description Name of Property The Tree Place General Property Type Single Tenant Property Class Industrial/Retail Occupancy Type Owner Occupied Size Gross Building Area (GBA) 8,400 square feet — Main Building (originally designed as a retail sales store) 2,400 Square feet - Office/Shop Source of SF Info. Aerial measurements Number of Buildings Two Building Shape Rectangle Year Built 1987 — Main Building (34 years actual age) 2005 — Office/Shop & Foundation Poured, reinforced concrete footing with concrete slab. Exterior Walls/Windows Tilt wall construction. Double paned windows on molded aluminum frames (Main Building). Metal wall construction with double paned windows (Shop/Office). Roof Built-up, near flat roof — Main Building Metal roof — Office/Shop Attached Building Canopy Area 825 square feet — Main Building 252 square feet — Office Building Sheds Shed 1 — 240 SF; Shed 2 — 96 SF; Shed 3 — 800 SF Solar Lean To The property contains two solar lean-tos 4A Interior Description Interior Partitioning Typically drywall; firewalls, per code. Floor Plate /Layout 1,764 square feet as a convenience store, 3,612 square feet as multi -tenant. Adequate layout and design. Ceiling Cover Typically suspended acoustic ceiling panels. Wall Cover Painted drywall with variations to tenant specifications. Floor Cover Primarily commercial -grade carpet with some vinyl tile and other variations to tenant specifications. Lighting Suspended and recessed fluorescent and incandescent lighting to tenant specifications. PAGE 2.5 PARCEL 20 WHOLE PROPERTY DESCRIPTION Equipment and Mechanical Systems (Assumed) HVAC Warm and cool air (zoned). Assumed for Main Building and Office/Shop Electrical Assumed to meet code. Rest Rooms Adequate. Security System Unknown Site Improvements (Assumed) Landscaping There is about 4,260 square feet of landscaping n the form of pavers, shrubs and rocks. Concrete Paving There is about 35,050 square feet of concrete paving. Gravel Paving There is approximately 205,000 square feet of gravel paving. Fencing The property contains approximately 1,740 linear feet of chain -link fencing with gates; 44 linear feet of pipe fencing with gates; 280 linear feet of wrought iron fencing with gates; and 900 feet of wood fencing. Canvas Canopies The property contains two canvas canopies behind the Main Building. Signs The property contains two signs Pond The property contains one pond. Light Standard The property contains one light standard. Carport The property contains sone carport. Parking Stops The property contains three parking bumpers. Improvements Analysis Condition The condition of the improvements is good with typical construction. Deferred Maintenance Overall, the property has been adequately maintained. Quality of Construction The quality of construction is average. Functional Utility My inspection did not reveal any significant items of functional obsolescence. Environmental No hazardous substances were observed during my inspection of the improvements; however, I am not qualified to detect such substances. Unless otherwise stated, it is assumed that no hazardous conditions are present at the subj ect. Summary of Improvements Description In comparison to other buildings in the region, the subject rates average to other buildings. PAGE 2.6 w • Prop sed Permanent S wer-Easement J-Z' Proposed Te � � �pora�r� WIN 11(liiil F, � C Pi1ll P til�i � C. . \ Ga Proposed Permanent Sewer Easement Pt ol)- osed Tenija'cirai < oi" ruction Fa�ill� �1 R - _ _ 20 - PARCEL 20 WHOLE PROPERTY DESCRIPTION Zoning The subject is zoned PD 579 and "E" Neighborhood Commercial District, which is for commercial and industrial uses. PD 579 is specifically "for nursery with outdoor storage of plat materials, screening fence to the north, no storage of large equipment" (City of Fort Worth). Specific zoning requirements are summarized in the following tables. ZONING SUMMARY Zoning Jurisdiction City of Fort Worth Zoning Designation PD 579 and "E" — Neighborhood Commercial District Zoning Change Likely? No Permitted Uses The purpose of the neighborhood commercial ("E") district is to provide areas for neighborhood -serving commercial, institutional and office uses. Category Minimum Lot Area Minimum Street Frontage Minimum Lot Width Minimum Lot Depth Minimum Front Yard Setback Minimum Side Yard Setback (Interior) Minimum Side Yard Setback (Corner) Minimum Rear Yard Setback Maximum Lot Coverage Maximum Height 40:) Source ZONING REQUIREMENTS Zoning Requirement "E" None None None None 20 Feet e7a 5 feet minimum adjacent to residentially zoned lot, none otherwise. If provided, side yard must be 3 feet minimum. None required unless through lot, then 10 feet minimum required 10 feet minimum unless adjacent to residential district, where 15 feet minimum required. None 3 stories or 45 feet maximum provided, however, stealth telecommunication towers are permitted to a height of 60 feet; telecommunication towers are permitted to a height of 45 feet as a special exception approved by the board of adjustment. City of Fort Worth According to the local planning department, there are no pending or prospective zoning changes. As stated, the property is zoned planned development, which currently allows for a nursery. If the use is changed, it would have to go before the zoning board in order to change use. This is typical for "planned development" districts and is not a hindrance as "planned development" uses do change over time. PAGE 2.9 PARCEL 20 WHOLE PROPERTY DESCRIPTION OTHER LEGAL AND REGULATORY CONSTRAINTS Easements, Encumbrances, and Restrictions Although a title report was not provided for review, I am are not aware of any easements, encumbrances, or restrictions that would adversely affect the use of the site. A title search is recommended to determine whether any adverse conditions exist. We assume that there are no easements, encumbrances, or restrictions that would restrict the property from being developed to its highest and best use. It is noted that the property contains a number of easements along the east portion of the property, however, the easements do not affect development of the property. Encroachments I was not provided a survey; however, an inspection of the site revealed no apparent encroachments. It is assumed that the nronertv is free and clear of encroachments. Other Land Use Regulations; Development Moratoriums I am not aware of any land use regulations other than zoning that would affect the property, nor am I aware of any moratoriums on development. 14 PAGE 2.10 PARCEL 20 Zoning r PD625 �; r s^ 1 5:5t825��I;l 1665 _ Subject E 0 WHOLE PROPERTY DESCRIPTION Page 2.11 PARCEL 20 WHOLE PROPERTY ANALYSIS Whole Property Analysis Highest and Best Use Analyses — Whole Property Before an opinion of value can be developed, there must be a determination of the highest and best use of the property. The highest and best use must be: Legally permissible, Physically Possible, Financially Feasible and capable of producing the highest value from among the permissible, possible, and financially feasible uses. Legally Permissible The subject is located in the southern portion of Fort Worth and Tarrant County. The subject is currently zoned PD 579 and "E" — Neighborhood Commercial District. There are no other legal restrictions that would impeded the property from being developed to its highest and best use. Physically Possible The physical characteristics of the site should reasonably accommodate any use that is not restricted by its size. According to tax records, the whole property is a 7.887 acres or 343,558 square feet site of land improved with a plant nursery and related site improvements. The City of Fort Worth has proposed to acquire approximately Parcel 20 which contains 8,460 square feet or 0.194 acres in a permanent sanitary sewer easement, however, the City of Fort Worth already owns 7,748 square feet or 0.178 acres. This results in the City of Fort Worth needing only 712 square feet or 0.016 acres in additional permanent sanitary sewer easement. In addition, the City of Fort Worth has proposed to acquire two temporary construction easements. Parcel 20 — Temporary Construction Easement 1 consist of 28,687 square feet, or 0.659 acres and. Parcel 20 — Temporary Construction Easement 2 consist of 1,526 square feet, or 0.035 acres. According to the most recent Flood Insurance Rate Map, the subject property does lie within 20% flood zone. Perimeter utility easements are assumed to be present along the sites perimeter, and the location and nature of these easements does not have an adverse effect on the utility of the site. The topography is generally level and near level. The property has adequate frontage, depth, accessibility and visibility, and is physically suited for most uses. It is estimated that the property can be developed, as the property is currently improved. Financially Feasible n, In the immediate vicinity of the subject, land uses vary greatly. There are many commercial and industrial developments near the subject. Based on the current market, there is sufficient demand to support commercial uses. Therefore, industrial and commercial uses are considered financially feasible at this time. Maximally Productive Considering the permissible, possible, and financially feasible uses. I conclude that industrial and commercial uses are the maximally productive use of the property. Conclusion ('14- Industrial and Commercial uses are the only uses that meet the four tests of highest and best use. Accordingly, it is concluded to be the highest and best use of the property. Analysis of Site "As Improved" The subject is currently improved with a plant nursery building and related site improvements. The current value indications for the subject property, as improved, would exceed the projected value of the site as if vacant; i.e., the current improvements contribute to the overall value of the site. Considering current economic conditions of the neighborhood, no alternative legal use would justify removal of the improvements at present. Therefore, the existing improvements are considered to be the highest and best use of the property. PAGE 3.1 PARCEL 20 WHOLE PROPERTY ANALYSIS Valuation Methodology — Whole Property The three traditional methods of valuing real estate include the cost approach, the sales comparison approach, and the income approach. The three approaches are variously applied in different appraisal assignments depending on the unique characteristics of the property being appraised, the scope of work of the appraisal assignment, or the availability of relevant market data. The cost approach assumes that an informed purchaser would pay no more than the cost of producing a substitute property with the same utility. This approach is particularly applicable when the improvements being appraised are relatively new and represent the highest and best use of the land, or when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. The cost approach essential involves estimated the depreciated value of the improvements and added this to the value of the land. The land valuation is typically estimated by the sales comparison approach based on the highest and best use conclusion previously presented for the subject. The sales comparison approach assumes that an informed purchaser would pay no more for a property than the cost of acquiring another existing property with the same utility. This approach is especially appropriate when an active market provides sufficient reliable data that can be verified from authoritative sources. The sales comparison approach is less reliable in an inactive market, or when estimating the value of properties for which no real comparable sales data is available. The income capitalization approach reflects the market's perception of a relationship between a property's potential income and its market value, a relationship expressed as a capitalization rate or income multiplier. This approach converts the anticipated benefits (dollar income or amenities) to be derived from the ownership of property into a value indication through capitalization or an income multiplier. This approach is widely applied when appraising income -producing properties. Applicability of Valuation Approaches All approached to value are utilized to value the whole property. PAGE 3.1 PARCEL 20 SALES COMPARISON APPROACH — LAND WHOLE PROPERTY Sales Comparison Approach — Land Whole Property Aerial Map Description Land Sale 1 Vacant Land Sale (Deed) Date 1/27/2022 5720 E. Rosedale Street Grantor (Seller) Jaime Saucedo Fort Worth, Texas 76116 Grantee (Buyer) Gurnam Dhaliwal Recording DOC D222024974 Zoning E ' This property was purchased for future development. Highest and Best Use Commercial Utilities All Available Flood Plain None / Land Size (SF) 87,120 3 Land Size (Acres) 2.0000 Sale Price $180,000 Sale Price Per SF $2.07 Price Per Acre $90,000 Aerial Map Description Land Sale 2 Vacant Land Sale (Deed) Date 8/8/2022 ` 600 S SH 287 Grantor (Seller) Herman Smith & Company — Mansfield, Texas 76063 Grantee (Buyer) Village Castle Investments, LP Recording DOC D222199028 Zoning , I-1 r� This property was purchased for future development. The Highest and Best Use Industrial r-y property can be used for industrial or commercial use. Utilities All Available Flood Plain None Land Size (SF) 175,956 Land Size (Acres) 4.0394 Sale Price $600,000 Sale Price Per SF $3.41 Price Per Acre $148,537 Aerial Map Description Land Sale 3 Vacant Land Sale (Deed) Date 9/15/2021 t 1407 S SH 287 Grantor (Seller) Ven-Ken, Inc. Mansfield, Texas 76063 Grantee (Buyer) Jim Tally Recording DOC D2021-35163 Zoning PD This property was purchased for future development. The Highest and Best Use Industrial property can be used for industrial or commercial use. Utilities All Available Flood Plain None Land Size (SF) 222,984 Land Size (Acres) 5.1190 Sale Price $825,000 Sale Price Per SF $3.70 f Price Per Acre $161,164 Aerial Map Description Land Sale 4 Vacant Land Sale (Deed) Date 12/7/2020 3401 E Loop 820 S Grantor (Seller) Estate of Betty F. Grims Fort Worth, Texas 76119 Grantee (Buyer) Beard's Trailer Sales, LLC Recording DOC D220325518 Zoning G-Intensive Commercial This property was purchased for future development with Highest and Best Use Commercial trailer sales facility. Utilities All Available q Flood Plain 5% to 10% • Land Size (SF) 415,997 Land Size (Acres) 9.5500 Sale Price $900,000 Sale Price Per SF $2.16 Price Per Acre $94,241 PAGE 3.2 PARCEL 20 SALES COMPARISON APPROACH - LAND WHOLE PROPERTY PARCEL 20 SALES COMPARISON APPROACH — LAND WHOLE PROPERTY The sales comparison approach assumes that an informed purchaser would pay no more for a property than the cost of acquiring another existing property with the same utility. This approach is especially appropriate when an active market provides sufficient reliable data that can be verified from authoritative sources. The sales comparison approach is less reliable in an inactive market, or when estimating the value of properties for which no real comparable sales data is available. It is also questionable when sales data cannot be verified with principals to the transaction. VALUATION GRID Representative Comparable Sales Subject Comp No. 1 Comp No. 2 Comp No. 3 Comp No. 4 Grantor - Jaime Sauced... Herman Smith... Ven-Ken, Inc... Estate of Be... Grantee - Gurnam Dhali... Village Cast... Jim Tally... Beard's Trai... Date of Sale 2/10/2023 1/27/2022 8/8/2022 9/15/2021 12/7/2020 Relative Location 5625 E IH 20 Fort Worth Mansfield Mansfield Fort Worth Size (Acres) 7.887 2.000 4.039 5.119 9.550 Size (Square Feet) 343,558 87,120 175,956 222,984 415,997 Sale Price - $180,000 $600,000 $825,000 $900,000 Unit Price Per SF $2.07 $3.41 $3.70 $2.16 Property Rights Financing Condition of Sale Date of Sale (Annual Adjustment) 6.0% 6% 3% 8% 13% Adjusted Price Per SF $2.19 $3.51 $4.00 $2.44 Location 5625 E IH 20 15% -5% -15% Physical Characteristics No Size 7.887 Flood 20% \4,%qJ-10% -10% -5% Shape Irregular Utilities All Availabe 9 Zoning/H&B Industrial/Commercial� Total Adjustments 5% -15% -25% -5% Indicated Unit Value S2.30 S2.98 $3.00 $2.32 Estimated Unit Value $2.75 Estimated Value by Sales Comparison Approach......................................................................................, $934,131 Explanation of Adjustments My rating of each comparable sale in relation to the subject is the basis for the adjustments. If the comparable is superior to the subject, its sale price is adjusted downward to reflect the subject's relative inferiority; if the comparable is inferior, its price is adjusted upward. The elements of comparison are: Real Property Rights Conveyed -This adjustment is generally applied to reflect the transfer of property rights different from those being appraised, such as differences between properties owned in fee simple and in leased fee. For this analysis, no adjustments are required. Financing Terms - This adjustment is generally applied to a property that transfers with atypical financing, such as having assumed an existing mortgage at a favorable interest rate. Conversely, a property may be encumbered with an above -market mortgage which has no prepayment clause or a very costly prepayment clause. Such atypical financing often plays a role in 7-1 the negotiated sale price. For this analysis, no adjustments are required. PAGE 3.4 PARCEL 20 SALES COMPARISON APPROACH — LAND WHOLE PROPERTY Conditions of Sale - This adjustment category reflects extraordinary motivations of the buyer or seller to complete the sale. Examples include a purchase for assemblage involving anticipated incremental value or a quick sale for cash. This adjustment category may also reflect a distress -related sale, or a corporation recording a non -market price. No adjustment are required Expenditures at Purchase - This adjustment is appropriate in situations where the sale price has been influenced by expenditures that the buyer intended to make immediately after purchase. Examples include buyer -paid sales commissions, buyer -paid back taxes, and costs to demolish obsolete structures to clear a site for redevelopment. No adjustments are required. The previous adjustments, if required, are applied sequentially in the order discussed. Time - Market Conditions - Real estate values normally change over time. The rate of this change fluctuates due to investors' perceptions of prevailing market conditions. This adjustment category reflects value changes, if any, that have occurred between the date of the sale and the effective date of the appraisal. All of the sales are reasonably current, occurring between December 2020 and August 2022. However, the Dallas/Fort Worth area as a whole has seen an increase in value and a 6% annual increase is utilized for the subject area, which is south of the Fort Worth area. Time - Market Conditions adjustments are applied after the previous adjustments but before any of the following adjustments. Location - Location has a great impact on property values. The subject is located on Interstate 20 frontage road. Land Sale 1 is located on Rosedale and this area has less visibility and exposure, thus a positive adjustment is applied. Sales 2 and 3 are located in Mansfield and negative adjustments are applied. Land Sale 4 is located on the east side of Loop 820 and is considered similar. Corner — The subject is not a corner location. All Land Sales are not located on corner locations and will not require adjustments. Physical Characteristics - This adjustment category generally reflects differences such as site size, configuration, availability of utilities, or topography. • Size — The subject is 7.887 acres or 343,558 square feet. All Land Sales are considered similar in size and will not require adjustments based on the market. • Shape — The subject is irregular in shape and all the sales are similar. Thus, no adjustments are applied. • Flood Hazard — The property is located in 20% flood zone. Sales 1, 2 and 3 are considered superior and negative adjustments are applied. Land Sale 4 had 5 to 10% flood and a negative adjustment was applied. • Utilities — The subject has access to all utilities. All Land Sales are considered similar and no adjustments are applied. Zoning/H&B - This adjustment category generally addresses any differences between the highest and best use of the subject and the comparables. The subject is currently zoned for commercial use. In addition, the surrounding properties has a mixed use area including industrial and commercial, thus, the subject property is considered commercial use. All Land Sales are considered similar and no adjustments are needed. PAGE 3.5 PARCEL 20 SALES COMPARISON APPROACH — LAND WHOLE PROPERTY Land Value Conclusion — Whole Property — Fee Area Based on the preceding analysis and adjustments, the comparable sales provide a range of value indications from $2.23 to $2.96 Per SF with an average of $2.60 Per SF. With most weight applied to Sales 1, 2 and 3, it is my opinion that the applicable unit value is $2.75 Per SF. This results in a concluded land value as follows: Fee Area Easement Valuation Matrix 335,810 SF @ $2.75 / SF $923,478 As noted, the whole property contains an sewer easement that is owned by the City of Fort worth. The following chart (Right of Way Magazine, "Easement Valuation", Sherwood, May 2006) outlines a very basic analysis of typical easement encumbrances. It can be used as a generic guide to in order to analyze the extent of ownership the fee owner loses as a result of the encumbrance brought about by an easement. Porcentage 90% - 100%, Cornnients Severe impact on surface use Potential Types Overhead electric Conveyance of future uses Flowage easements Railroad ROW Irrigation canals Access roads 75% - 89% Major impact on surface use Pipelines Conveyance of future uses Drainage easements Flowage easements 51% - 74% Some impact on surface use Pipelines Conveyance of Scenic easements ingress/egress rights 50% Balanced use by both owner Water or sewer lines and easement holder Cable line Telecommunications 26% - 49% Location along a property Water or sewer line line, location across non Cable lines usable land area 11% - 25% Subsurface or air rights that Air rights have minimal effect on use Water or sewer line and utility Location with a setback 0% to 10% Nominal effect on use and Small subsurface utility easement Based on the chart above, the existing sewer easement is encumbered 50% and the owner of the property and the City have balance use. The following shows the estimated value of the existing sewer easement. Existing Sewer Easement 7,748 SF @ $2.75 / SF $10,653 Combined Value of Fee and Easement The following shows the combined land areas. Fee Area 335,810 SF @ $2.75 / SF $923,478 Existing Sewer Easement 7,748 SF @ $2.75 / SF 50% $10,653 Total Land 343,558 SF r$934,131 PAGE 3.6 PARCEL 20 COST APPROACH -WHOLE PROPERTY Cost Approach - Whole Property The steps taken to apply the Cost Approach are: ■ Develop an opinion of the value of the land as though vacant and available to be developed to its highest and best use, as of the effective date of the appraisal; ■ Estimate the cost of replacing the existing improvements under current market conditions; ■ Estimate accrued depreciation from all causes and deduct this estimate from replacement costs new to arrive at depreciated replacement costs of the improvements; and Add land value to the depreciated cost of the improvements to arrive at a market value indication for the property overall. ANALYSIS OF REPLACEMENT COST Replacement cost is the current cost to construct improvements with equivalent utility to the subject, using modern materials and current standards, design, and layout. The following sections address the three components of the replacement cost estimate: direct and indirect costs, and entrepreneurial incentive. Direct Costs Direct costs are expenditures for labor, materials, equipment and contractor's overhead and profit. We use Marshall Valuation Service (MVS) and contractors as the basis of our direct cost estimate as follows: UNIT REPLACEMENT COST ESTIMATE MVS Unit Refined Current Local Other Adjusted Building Improvements Sec./Page Quality Base Cost Base Cost Multiplier Multiplier Multipliers Base Cost Main Building 13/26 Good $173.00 $173.00 1.06 0.93 1.00 $170.54 Office/Shop 14/14 Good $75.00 $75.00 1.07 0.93 1.00 $74.63 Accessory Improvements Main Building Canopy Contractor $40.00 $40.00 1.00 1.00 1.00 $40.00 Office/Shop Canopy Contractor $40.00 $40.00 1.00 1.00 1.00 $40.00 Shed 1 Contractor ` $45.00 $45.00 1.00 1.00 1.00 $45.00 Shed 2 Contractor $45.00 $45.00 1.00 1.00 1.00 $45.00 Shed 3 Contractor ^ $45.00 $45.00 1.00 1.00 1.00 $45.00 Solar Lean-to Contractor $50,000.00 $50,000.00 1.00 1.00 1.00 $50,000 Site Improvements Landscaping 66/8 $5.00 $5.00 1.07 0.93 1.00 $4.98 Concrete Paving Contractor $5.50 $5.50 1.00 1.00 1.00 $5.50 Gravel Paving Contractor $2.00 $2.00 1.00 1.00 1.00 $2.00 Chain Link Fence w/gates Contractor $40.00 $40.00 1.00 1.00 1.00 $40.00 Pipe Fence w/gates Contractor $80.00 $80.00 1.00 1.00 1.00 $80.00 Wrought Iron w/gates Contractor $108.00 $108.00 1.00 1.00 1.00 $108.00 Wood Fence Contractor $30.00 $30.00 1.00 1.00 1.00 $30.00 Canvas Canopies Contractor $4,300.00 $4,300.00 1.00 1.00 1.00 $4,300 Signs Contractor $8,000.00 $8,000.00 1.00 1.00 1.00 $8,000 Pond Contractor $7,500.00 $7,500.00 1.00 1.00 1.00 $7,500 Light Standards 66/5 $2,500.00 $2,500.00 1.07 0.93 1.00 $2,488 Carport Contractor $4,500.00 $4,500.00 1.00 1.00 1.00 $4,500 Parking Stops Contractor $75.00 $75.00 1.00 1.00 1.00 $75.00 Source: Marshall Valuation Service (MPS) & prior construction estimates The MVS includes certain indirect costs such as architectural and engineering fees, and interest on building loan funds during construction. PAGE 3.7 PARCEL 20 COST APPROACH -WHOLE PROPERTY Indirect Costs MVS does not include all of the indirect costs that are appropriate in a replacement cost estimate. Therefore, we add an allowance for the following indirect costs that are not contained within MVS: taxes and carrying costs on land during construction; legal and accounting fees; and marketing and finance costs prior to stabilization. We estimate that a 10% allowance for additional indirect costs is appropriate. Entrepreneurial Incentive The final component of the replacement cost estimate is entrepreneurial incentive, the profit that a developer would expect to receive in addition to recovering all direct and indirect costs. This is the economic reward that would be necessary to motivate a developer to undertake the project. It is our estimate that an allowance of 15% of total direct and indirect costs is appropriate. Replacement Cost New The following table details our replacement cost estimates for the site improvements. REPLACEMENT COST ESTIMATE Adjusted Indirect Base Plus Profit Replacement Reconciled Estimated Building Improvements Base Cost Cost Indirect Incentive Unit Cost Unit Cost Quantity Unit Cost New Main Building $170.54 10% $187.60 15% $215.74 $216.00 8,400 SF $1,814,400 Office/Shop $74.63 10% $82.10 15% $94.42 $94.00 2,400 SF $225,600 Accessory Improvements Main Building Canopy $40.00 10% $44.00 15% $50.60 $51.00 825 SF $42,075 Office/Shop Canopy $40.00 10% $44.00 15% $50.60 $51.00 252 SF $12,852 Shed 1 $45.00 10% $49.50 15% $56.93 $57.00 240 SF $13,680 Shed 2 $45.00 10% $49.50 15% $56.93 $57.00 96 SF $5,472 Shed 3 $45.00 10% $49.50 15% $56.93 $57.00 800 SF $45,600 Solar Lean-to $50,000 10% $55,000 15% $63,250 $63,250.00 2 EA $126,500 Site Improvements Landscaping $4.98 10% $5.47 15% $6.29 $6.00 4,260 SF $25,560 Concrete Paving $5.50 10% $6.05 15% $6.96 $7.00 35,050 SF $245,350 Gravel Paving $2.00 10% $2.20 15% $2.53 $3.00 205,000 SF $615,000 Chain Link Fence w/gates $40.00 10% $44.00, 15% $50.60 $51.00 1,740 LF $88,740 Pipe Fence w/gates $80.00 10% $88.00 15% $101.20 $101.00 44 LF $4,444 Wrought Iron w/gates $108.00 10% $118.80 15% $136.62 $137.00 280 LF $38,360 Wood Fence $30.00 10% $33.00 15% $37.95 $38.00 900 LF $34,200 Canvas Canopies $4,300 10% $4,730 15% $5,440 $5,440.00 2 EA $10,880 Signs $8,000 10% *1 $8,800 15% $10,120 $10,120.00 2 EA $20,240 Pond $7,500 10% $8,250 15% $9,488 $9,488.00 1 EA $9,488 Light Standards $2,488 40% $2,737 15% $3,147 $3,147.00 1 EA $3,147 Carport $4,500 �* 10% $4,950 15% $5,693 $5,693.00 1 EA $5,693 Parking Stops $75.00 10% $82.50 15% $94.88 $95.00 10 EA $950 Total Replacement Cost Ne $3,388,231 PAGE 3.8 PARCEL 20 COST APPROACH -WHOLE PROPERTY ESTIMATE OF ACCRUED DEPRECIATION Accrued depreciation is the difference between the replacement cost new of the improvements and their contribution to overall property value on the effective date of the appraisal. Depreciation for the site improvements is estimated separately, based on their shorter economic lives. Our estimate of accrued depreciation and calculation of depreciated replacement cost are shown in the following table. DEPRECIATION CALCULATIONS Estimated Depreciation Depreciation in Depreciated Depreciated Building Improvements Cost New Percent Dollars Cost Unit Cost Unit Main Building $1,814,400 26% $471,744 $1,342,656 $159.84 SF Office/Shop $225,600 26% $58,656 $166,944 $69.56 SF Accessory Improvements Main Building Canopy $42,075 26% $10,940 $31,135 $37.74 SF Office/Shop Canopy $12,852 26% $3,342 $9,510 $37.74 SF Shed 1 $13,680 26% $3,557 $10,123 $42.18 SF Shed $5,472 26% $1,423 $4,049 $42.18 SF Shed 3 $45,600 26% $11,856 $33,744 $42.18 SF Solar Lean-to $126,500 26% $32,890 $93,610 $4b.805 EA Site Improvements II Landscaping $25,560 26% $6,646 $18,914 $4.44 SF Concrete Paving $245,350 26% $63,791 $181,559 $5.18 SF Gravel Paving $615,000 26% $159,900 $455,100 $2.22 SF Chain Link Fence w/gates $88,740 26% $23,073 $65,667 $37.74 LF Pipe Fencew/gates $4,444 26% $1,156 $3,288 $74.73 LF Wrought Iron w/gates $38,360 26% $9,974 $28,386 $101.38 LF Wood Fence $34,200 26% $8,892 $25,308 $28.12 LF Canvas Canopies $10,880 26% $2,829 $8,051 $4,026 EA Signs $20,240 26% $5,263 $14,977 $7,489 EA Pond $9,488 26% $2,467 $7,021 $7,021 EA Light Standards $3,147 26% $819 $2,328 $2,328 EA Carport $5,693 26% $1,481 $4,212 $4,212 EA Parking Stops $950 26% $247 $703 $70.30 EA Total $3,388,231 26% $880,946 $2,507,285 VALUE INDICATION BY COST APPROACH - WHOLE PROPERTY By combining our land value conclusion with the depreciated replacement cost of the improvements, we arrive at a value indication by the cost approach as shown in the table below. Depreciated Replacement Cost of Improvements $2,507,285 ' Land Value $934,131 Estimated Value by Cost Approach $3,441,416 PAGE 3.9 PARCEL 20 SALES COMPARISON APPROACH — IMPROVED WHOLE PROPERTY Sales Comparison Approach — Improved Whole Property Photo Description Improved Sale 1 �'- Industrial Sale (Deed) Date 7/15/2020 4901 Carey Street Grantor (Seller) Mohr Here Fort Worth, LLC '7 i:� Fort Worth, Texas 76119 Grantee (Buyer) Fisch Grandchildren's Trust }2 Recording DOC D220171537 .{ Land Size (SF) 261,708 y _ Land to Building Ratio: 13.55 to 1. Property was sold by Land Size (Acres) 6.0080 \ Here Rentals and was leased back. Rent is $26.93 per Gross Building Area 19,320 ri square foot. Year Built Occupancy Type 2018 Single ��, Condition tenant Good ` Sale Price $7,265,000 1 I Unit Price $376.04 Per Square Foot Photo Description Improved Sale 2 j' Office/Warehouse Sale (Deed) Date 8/30/2022 t 8325 Forney Road Grantor (Seller) WDO Properties, LLC i Dallas, Texas 75227 Grantee (Buyer) , IBJK LLC ` Recording DOC D202200235761 Land Size (SF) 110,135 o LTB ratio: 13.77 to 1 The building is approximately 30 Land Size (Acres) 2.5284 J a .. office and 70% warehouse. Gross Building Area 8,000 I, r Year Built 1981 �r! Occupancy Type Single Tenant Condition Good Sale Price $1,624,625 0W.-' - Unit Price $203.08 Per Square Foot Photo Description Improved Sale 3 ' Office/Warehouse Sale (Deed) Date 5/16/2022 353 Long Creek Road Grantor (Seller) Douglas A Beaty Sunnyvale, Texas 75182 Grantee (Buyer) Recording DOC PC5 Properties LLC D202200139075 Land Size (SF) 216,929 ' LTB ratio: 9.04 to 1 The building is approximately 27.5 Land Size (Acres) 4.9800 office and 72.5% warehouse. Gross Building Area 24,000 i I i li it... It III l Year Built 2002 j I fwRh F" irII4"AmmrrIIr Occupancy Type Single Tenant Condition Good Sale Price $5,300,000 Unit Price $220.83 Per Square Foot Photo Description Improved Sale 4 Office/Warehouse Sale (Deed) Date 5/6/2021 Z 12111 Garland Road Grantor (Seller) SDALLAS TX Realty LP ' ` Dallas, Texas 75218 Grantee (Buyer) SK 12111 Garland, LLC Recording DOC D202100147398 Land Size (SF) 122,075 LTB ratio: 7.35 to 1 The building is approximately 20% Land Size (Acres) 2.8025 office and 80% warehouse. Gross Building Area 16,618 Year Built 1970 1 k Occupancy Type Single Tenant Condition Good r° Sale Price $3,609,491 Unit Price $217.20 Per Square Foot .i I_—_ —E-. -_ PAGE 3.10 PARCEL 20 SALES COMPARISON APPROACH — IMPROVED WHOLE PROPERTY Comparable Improved Sales Map Coppell Carrollton_' R Pleasant Valley e MOund� Richar 1211 Keller lake Gra Buctongham `N,. : R 97 l Far Branch H,rbSrn ze f 11J� 377 77 H �, Garland 1 n „/ t �--,- ' DaNaslFt I,ydl :BeRowle} � F-..-��.,t�� Watauga Y Minters Chapel, 75. J • /' Colleyvllle r t i± Improved Sale 4 - 2ss �t - e7 { aw 2a7 I ?� 244 i Bedford' 'te1 ^.� aYa "kl7eld ., Uniiersi12 _ty i ark - North:Richland�Hills iaa Euless r - rrrr Highland Park , f MeltidY-Litllsl .Hurst380 �� I• .' i r 183 J n .Irvig age - ; >_ •Richland Hilts ;x�,,,.. � ,-.,, � � � � • � i- - { 356 �� I •..,.. Haltom City rin F2iver� VC / e7 /`\ 78 Improvetl Sale ? Fort o fi \ Perk F DaIIA ' �" ♦ Y l r� J j� y� ��>�+` w' t ` Mau e L - '� Improved Sale 2 i c t75 l F Grand-Praine ia0 aid Arlington Dalies,NavalAi Statien Cockrell Hill , Heigter park tch Springs �sos hts i tt x. r� mproved sale Lakeland antego •Lakeview ` / —Dalworthington=Gardens 30s ==�— a08 ` Lawson Subject - aInd it* Mulil e7 - - - 1Ieo 157 se0 ` Florence Hill \• Forest,HiN mgton uni � � r• � � I i EdgecBff ViFlage Duncanville . { Kennedale -�1. '` �. ti t75 1 ,, ncanvitlt Air For tion _ '-r Eve man t� 2878 Cedar Hill - I Garden Acres } ' !I SF Shamrock t 1 ,-' Joa ICedar Hill De Soto a Jimer CO Oak GrovePooli'~' 'y • Rendoo �� f Lnkrencaster / ` Wrt worth spinks 4� ` Mansfield-,' PAGE 3.11 PARCEL 20 SALES COMPARISON APPROACH — IMPROVED WHOLE PROPERTY Sales Comparison Approach "As Improved"- Adjustments VALUATION GRID Representative Comparable Sales Subject Comp No. 1 Comp No. 2 Comp No. 3 Comp No. 4 Grantor - Mohr Herc Fo... WDO Properti... Douglas A Be... SDALLAS TX R... Grantee - Fisch Grandc... IBJK LLC... PC5 Properti... SK 12111 Gar... Date of Sale 2/10/2023 7/15/2020 8/30/2022 5/16/2022 5/6/2021 Relative Location 5625 E IH 20 Fort Worth Dallas Sunnyvale Dallas Land Size (Acres) 7.887 6.008 2.528 4.980 2.802 Land Size (Square Feet) 343,558 261,708 110,135 216,929 122,075 Improvement Size (SF) 10,800 19,320 8,000 24,000 16,618 Sale Price - $7,265,000 $1,624,625 $5,300,000 $3,609,491 Unit Price Per SF $376.04 $203.08 $22 .83 $217.20 Property Rights Financing Condition of Sale Date of Sale (Annual Adjustment) 6.0% 15% 3% 4% 11 % Adjusted Price Per SF $432.45 $209.17 $229.66 $241.09 Location IH 20 10% 10% 5% Age Condition Utility 1987-2005 -20% 5% 10% Size 5% Land to Building Ratio 31.81 to 1 50 e) 5% 10% 15% Total Adjustments -15% 20% 25% 30% Indicated Unit Value $367.58 $251.00 $287.08 $313.42 Estimated Unit Value $320.00 Explanation of Adjustments The sales comparison approach assumes that an informed purchaser would pay no more for a property than the cost of acquiring another existing property with the same utility. This approach is especially appropriate when an active market provides sufficient reliable data that can be verified from authoritative sources. The sales comparison approach is less reliable in an inactive market, or when estimating the value of properties for which no real comparable sales data is available. It is also questionable when sales data cannot be verified with principals to the transaction. Analysis and Adjustment of Sales Our rating of each comparable sale in relation to the subject is the basis for the adjustments. If the comparable is superior to the subject, its sale price is adjusted downward to reflect the subject's relative inferiority; if the comparable is inferior, its price is adjusted upward. The elements of comparison are: Real Property Rights Conveyed -This adjustment is generally applied to reflect the transfer of property rights different from those being appraised, such as differences between properties owned in fee simple and in leased fee. For this analysis, no adjustments are required. PAGE 3.12 PARCEL 20 SALES COMPARISON APPROACH — IMPROVED WHOLE PROPERTY Financing Terms - This adjustment is generally applied to a property that transfers with atypical financing, such as having assumed an existing mortgage at a favorable interest rate. Conversely, a property may be encumbered with an above -market mortgage which has no prepayment clause or a very costly prepayment clause. Such atypical financing often plays a role in the negotiated sale price. For this analysis, no adjustments are required. Conditions of Sale - This adjustment category reflects extraordinary motivations of the buyer or seller to complete the sale. Examples include a purchase for assemblage involving anticipated incremental value or a quick sale for cash. This adjustment category may also reflect a distress -related sale, or a corporation recording a non -market price. For this analysis, no adjustments are required. Expenditures at Purchase - This adjustment is appropriate in situations where the sale price has been influenced by expenditures that the buyer intended to make immediately after purchase. Examples include buyer -paid sales commissions, buyer -paid back taxes, and costs to demolish obsolete structures to clear a site for redevelopment. For this analysis, no adjustments are required. The previous adjustments, if required, are applied sequentially in the order discussed. Time - Market Conditions - Real estate values normally change over time. The rate of this change fluctuates due to market's perceptions of prevailing market conditions. This adjustment category reflects value changes, if any, that have occurred between the date of the sale and the effective date of the appraisal. Overall market conditions have been improving in DFW market area. Although values have risen more dramatically in some areas than others, a 6% annual adjustment has been applied. The adjustments are made according to sale date. Time - Market Conditions adjustments are applied after the previous adjuys but before any of the following adjustments. Location - Location has an impact on property values. This adjustment category considers general market area influences as well as a property's accessibility and visibility from a main thoroughfare. Sales 2, 3 and 4 are in inferior in locations and positive adjustments are applied. Sale 1 is similar and no adjustments are applied. Physical Characteristics Age/Condition - This adjustment category considers the differences in age/condition/utility of the subject and the comparables. The subject's improvements were constructed in 1987 and 2005. Sales 1 is newer than the subject and negative adjustment is applied. Sales 2 and 4 are older than the subject and positive adjustments are applied. Sale 3 is considered similar overall. _ i Building Size — This adjustment takes into consideration differences in size of the subject and the comparables. Sale 1, 2 and 4 are considered similar an no adjustments are applied. Sale 3 is larger than the subject and a positive adjustment is applied. Land to Building Ratio — This category takes into account the land to building area ratio of each property. The subject property has a land to building area ratio of approximately 31.81 to 1. All of the sales have lower land to building ratios and positive adjustments are applied. Value Conclusion — Improved Whole Property Based on the preceding analysis and adjustments, the comparable sales provide a range of value indications from $251.00 to $367.58 Per SF, with an average of $304.77 Per SF. With roughly most weight applied to Sales 1, 3 and 4, it is our opinion that the applicable unit value is $320.00 Per SF. This results in a concluded property value as follows: Unit Price (Per SF) $320.00 Improvement Area (SF) 10,800 Concluded Value $3,456,000 PAGE 3.13 PARCEL 20 INCOME APPROACH —WHOLE PROPERTY Income Approach — Whole Property Photo Description Rent Comparable 1 AL HERC Rentals Rent Commencement Date 7/17/2020 4901 Carey Street Lessor Grandchildrens Fisch Trust Fort Worth, Texas 76119 Lessee HERC Rentals Land Size (SF) 261,708 T Land Size (Acres) 6.0080 x Land to Building Ratio: 13.55 to 1. Property was sold by GBA 19,320 Here Rentals and was leased back. Rent is $26.93 per Year Built 2018 square foot. q Occupancy Type Single tenant Condition Good Rental Data $26.93 Per Square Foot, Triple Net. 5 Sold at 6.10% cap rate. year. Photo Description MA Rent Comparable 2 Industrial Rent Commencement Date 5/15/2019 725 Jones Street Lessor Stone Dome Real Estate r A w Lewisville, Texas 75057 Lessee DynaGrid Construction V,'FW Land Size (SF) 206,518 Land Size (Acres) 4.7410 -tQ Land to Building Ratio: 19.11 to 1. The seller signed a GBA 10,806 �- five year lease agreament with an annual rent rate of $24.00 Year Built 2006-2016 per square foot of buildign area on a triple net. Occupancy Type Single tenant Condition Good n5 Rental Data $24.00 Per Square Foot, Triple Net. Year. Sold at 9.34% cap rate. Photo Description Rent Comparable 3 ir '' W&Wq�. Office/Warehouse 202 S Ryan Drive Rent Commencement Date 5/7/2021 Lessor Caliber Collision IF % T1 iuwl ear Red Oak, Texas 75154 Lessee Red Oak Buyer LLC s a - Land Size (SF) 124,582 Size (Acres) 2.8600 Tic',Land �.� The property is a auto repair facitily and the land to GBA 12,700 =• building ratio is 9.8 to 1. Property has approximately 20% Year Built 2021 office and 80% warehouse/repair. Occupancy Type Single Tenant ' Condition Excellent Rental Data $20.44 Per Square Foot, Triple Net. :i Photo Description Rent Comparable 4 = Office/Warehouse Rent Commencement Date 12/31/2020 1403 Precision Drive Lessor Sunstate Equipment Plano, Texas 75074 Lessee 1403 Precious, LP ,;1 Land Size (SF) 125,771 �F Land Size (Acres) 2.8873 The building is approximately 27% office and 73% GBA 7,880 warehouse and the land to building ratio is 15.96 to 1. The Year Built 1999 total building area is comprised of two buildings. Occupancy Type Single Tenant Condition Good Rental Data $18.62 Per Square Foot, Triple Net. PAGE 3.14 PARCEL 20 INCOME APPROACH —WHOLE PROPERTY Comparable Rentals Map Justin I Rental 2 wort egional xLewlsVllle I !i _ ___ �� ♦c I j I I — `Rental' t W." Flower Mound ,Hebron Shepton P al ll_ fc "h �T —fix Park- las_MUrphyt___li*WYlie a Y''y Roanoke / I rk F orth Aganc Trophy Club tlorthshore 1 I f Fr II �' ------ -- Westlake -� -z:,21 - —i� -� rk ,i /// chse 17a 377 Addisonl' f- ' CoPpell 1soGarrollton Pleasant Valley r Blue 140 of V Southlake ♦ Richardson Buclan ham a 4 KelLake ks ler ♦ Grapevine l g :R t Hxbb d ze 0 # Garland 1 287 - - :c , t r+ [[j a, oal t W Intl ngy ♦ Rowlett Eagle Mountain + Watauga Min grs Chapel> _ � ille � Sagina ' Saglnaw f I ; 348 4 J 2- i' l e7 �—BedfoFd 1e, UoivelsitN'Palk— Fort'NorthIAeacham4� '"^ NOrth;RlchlaridHills 183 `~♦ Euless h ,a ' 12 r Melody Hips Hurst 3ed 183 Highland Park } t t Ilj,� .> ♦ ni g = x ,Sansom Park Vrdl I NI 3� ` f ' Haltom Ci, ,_ — Trin R r dt / Sunnyvale • Fort Worth Gre r Dallas ,Rivet Oaks � j ♦ � White Settlement } ` r Mesquit ; • Westwort �> Y ~ " Forne 341 y -{ _ Grand Pralrle n Mesquite ldetr Arlin o Coctvell Hitt ' Westover Hills 1ao { Rental 1 �' 303 ., * ..a` I : Pantego I 'Lakeland Heights. jI l ; I � Uah orthington'Ga�dens- Lakeview . -Lawson. -{'.L`Sut:te� I ralrle'k��m I� t, - 1litz Il I I r Iva •� 1 F7 rence+Hill n _ Benbrook For- ill lin9tgp Idu�li �+ 3,z Ed Villa ` \' \^ u♦ B7 Hutchins guff� Kennedale l/ ` �Duncanvil i t t E I &man 1 f 7 -- I 1 Il Bisbee f i f -} • 1I CedaFHil"\,.ShamroCk / Tt Garden Acres KK Lancaster + /&Au Hill De Soto Wilmer Corr Crowley Oak Grove 2876 rtworth sawks Rerrdon `._ -ry Mansfield' Est Rental 3 BUrIeS0r1f'"`�---'----- -'287 `-t-._._---------------------- ----- - - --------------- ------------------Z. I � 3eo ovilia Ferris India , - ,� i ♦,Red Oak r E PAGE 15 PARCEL 20 INCOME APPROACH —WHOLE PROPERTY Income Approach The income capitalization approach reflects the market's perception of a relationship between a property's potential income and its market value, a relationship expressed as a capitalization rate. This approach converts the anticipated benefits (dollar income or amenities) to be derived from the ownership of property into a value indication through capitalization. This approach is widely applied when appraising income -producing properties. Economic Profile of Property The property is currently 100% occupied by The Tree Place. Market Rental Estimate In the valuation of a fee simple estate, market rent is the basis for estimating income for current and future vacant space. To estimate market rent, we analyze the subsequent comparable rentals that are summarized in the following table: No. Address City Rent/SF/YR Lease Structure 1 4901 Carey Street Fort Worth $26.93 NNN 2 725 Jones Street Lewisville $24.00 NNN 3 2028 Rayn Drive Red Oak $20.44 NNN 4 1403 Precision Drive Plano $18.62 .. NNN The rental comparison array presented below illustrates how the subject compares to the selected comparable properties summarized above. In analyzing the rental data, we have selected the rent per square foot as the operative unit of comparison. Rent Ranking Analysis Rent/SF 1 Superior $26.93 2 Superior $24.00 Subject 3 Inferior $20.44 4 Inferior $18.62 Overall, these comparable rentals should accurately reflect the subject's market potential. Overall and based on the market rents, the market rent for the subject is estimated at $22.00 per square foot on a triple net basis. Market Rental Rate Conclusion ec% All four leases were analyzed. Based on the information presented above, it is my opinion that a market rental rate of $20.00 per square foot is appropriate. The following chart shows the potential income based on the per month rate: Rental Rate Conclusion RBA (SF) Rental Rate Annual Rental Main Building 8,400 $22.00 $184,800 Office/Shop 2,400 $22.00 $52,800 Total 10,800 $22.00 $237,600 Typical lease terms for the market are on a triple net for this type of property. Based on conversations with brokers, the triple net appears to be absolute basis. I have chosen to analyze the subject on such a basis. Expense responsibilities are apportioned as follows to the right: Expense Structure Expense Real Estate Taxes Insurance Maintenance Management Fees Replacement Reserves Owner Tenant X X X X X PAGE 3.16 PARCEL 20 INCOME APPROACH —WHOLE PROPERTY Vacancy and Collection Loss This category consists of the rent loss caused by physical vacancy and credit loss projected for the subject. For the subject, we estimate stabilized vacancy and collection loss at 5.0% based on the market trends of this area. Deducting vacancy and collection loss from potential gross income, we arrive at effective gross income. Estimate of Stabilized Income and Expenses In estimating the fee simple estate, it is assumed that the property is stabilized. Under current market conditions, we use the first forecast year to develop a stabilized income and expense statement. The first forecast year is the 12-month period following the effective date of the appraisal. Next is a summary of market data and the expense projections. Expense Category Subject Projections Per Rentable SF In Dollars % of EGI Subject 10,800 Real Estate Taxes $2.08 $22,505 8.64% Insurance $0.30 $3,240 1.24% Maintenance $1.00 $10,800 4.15% Management Fees $0.72 $7,813 3*0% Replacement Reserves $0.72 $7,813 3.00% Total Operating Expenses $4.82 $52,171 20.03% Net Operating Income (NOI) Total operating expenses are estimated to be $4.82 Per SF, or $52,171 annually. The stabilized net operating income for the subject, calculated by deducting the projected operating expenses from the adjusted effective gross income, is $208,267. Potential Gross Income $237,600 Reimbursement Income $36,545 Potential Gross Income $274,145 Vacancy 000-$13,707 Effective Gross Income........................................................ $260,438 Expenses: Fixed Taxes ................................... $22,505 Insurance .............................. $3,240 Maintenance .......................... $10,800 Variable Management .......................... $7,813 Other Reserves ................. $7,813 Total Expenses........................................................-$52,171 Net Operating Income......................................................... $208,267 PAGE 3.17 PARCEL 20 INCOME APPROACH —WHOLE PROPERTY Capitalization Rate Analysis Extraction of capitalization rates from comparable sales have been analyzed on recent building sales in and around the subject area. Sale 1 of this report is the most current sale and indicates a capitalization rate of 6.1%, however the improvements are newer. Based on the most current sales and file information, a capitalization rate of 6.0% is appropriate for the subject. Direct Capitalization We estimate a capitalization rate of 6.00% based on rates extracted from comparable sales and supported by investor surveys and the band of investment method. By applying the capitalization rate to the stabilized net operating income of $208,267, we arrive at the following value indication: Net Operating Income $208,267 Capitalization Rate 6.00% Value Indication $3,471,117 PAGE 3.18 PARCEL 20 CONCLUSION OF VALUE - WHOLE PROPERTY CONCLUSION OF VALUE - WHOLE PROPERTY Reconciliation involves the analysis of alternative value indications to determine a final value conclusion. The appraisal of real estate typically employs three traditional valuation methods: the Sales Comparison Approach, the Cost Approach, and the Income Approach. The value indicated by the approaches to value are follows: Cost Approach Sales Comparison Approach Income Capitalization Approach CONCLUSION OF VALUE $3,441,416 $3,456,000 $3,471,117 Based on the analyses and conclusions in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed herein, it is our opinion that the market value as of 2/10/2023, is $3,450,000. Because the subject has a proposed partial acquisition, the value of the various building, site improvements and land components must be allocated. The various components were segmented in the cost approach and based on the reconciled value, the following breakdown of the subject follows. Contributory Value of Improvements - Whole Property (Itemized) Main Building 8,400 SF @ $160.86 / SF $1,351,240 Office/Shop 2,400 SF @ $69.56 / SF $166,944 Main Building Canopy 825 SF @ $37.74 / SF $31,135 Office/Shop Canopy 252 SF @ $37.74 / SF $9,510 Shed 1 240 SF @ $42.18 / SF $10,123 Shed 2 96 SF @ $42.18 / SF $4,049 Shed 3 800 SF @ $42.18 / SF $33,744 Solar Lean-to 2 EA @ $46,805 / EA $93,610 Landscaping 4,260 SF @ $4.44 / SF $18,914 Concrete Paving 35,050 SF @ $5.18 / SF $181,559 Gravel Paving 205,000 SF @ $2.22 / SF $455,100 Chain Link Fence w/gates 1,740 LF @ $37.74 / LF $65,667 Pipe Fence w/gates 44 LF @ $74.73 / LF $3,288 Wrought Iron w/gates 280 LF @ $101.38 / LF $28,386 Wood Fence 900 LF @ $28.12 / LF $25,308 Canvas Canopies 2 EA @ $4,026 / EA $8,051 Signs 2 EA @ $7,489 / EA $14,977 Pond 1 EA @ $7,021 / EA $7,021 Light Standards 1 EA @ $2,328 / EA $2,328 Carport 1 EA @ $4,212 / EA $4,212 Parking Stops 10 EA @ $70.30 / EA $703 Total Contributory Value of Improvements $2,515,869 Fee Area 335,810 SF @ $2.75 / SF $923,478 Existing Sewer Easement 7,748 SF @ $2.75 / SF 50% $10,653 Reconciled Final Value $3,450,000 The unit prices above are estimated by taking the value of an item and dividing by the quantity. The unit price shown above is not a precise number and is rounded to the nearest dollar/cents amount. EXPOSURE TIME AND PROBABLE BUYER The above expressed opinion of value is based upon an estimated exposure time (i.e., the length of time the subject property would have been exposed for sale in the market at the market value concluded in this analysis as of the date of this valuation) of about 18 months. Many similar real estate assets similar to the subject are owned by national corporate entities and local i7l- ntities, suggesting that the most probable buyer of the whole property under typical market parameters would be the same. PAGE 3.19 PARCEL 20 PART To BE ACQUIRED ANALYSIS I Part To Be Acquired Analysis The part to be acquired may be valued in two different manners in Texas. If the part to be acquired can be considered an individual economic entity, then it is valued as a separate parcel. Thus, this may require that all three approaches to value and possibly, a whole new set of market data be considered, which would be more comparable to the part taken, than just the reuse of the market data utilized in the whole property valuation. On the other hand, if the part taken cannot be considered an individual economic entity, then its value contribution to the entire parcel is used. In this case, the value of the part to be acquired would not be independent and the part to be acquired represents the prorated value from the whole property. Property Description — Part to Be Acquired The City of Fort Worth has proposed to acquire approximately Parcel 20 which contains 8,460 square feet or 0.194 acres in a permanent sanitary sewer easement, however, the City of Fort Worth already owns 7,748 square feet or 0.178 acres. This results in the City of Fort Worth needing only 712 square feet or 0.016 acres in additional permanent sanitary sewer easement. A map of the proposed fee acquisition area is shown below. The complete survey map and legal description of the part to be acquired are presented in the addenda of this report. N897971 •E' 25.72' ♦ PERM"ENT VARIABLE \ WIDTH SEWER EASEMENT CONTAINMIG 6 S / \ 0.194 AC. 0 too 200 GRAPHIC SCALE IN FEET FoRTWORTH --•�_ City of Fort Worth EXHIBIT PAGE 5 OF S B I IM JP1 \ i1lll \ • :r',1 ��a; n� ,i�. mar ye. ,.. K�ci�1 1 v,& J \ >� 5�0: ory6leltw D.MT�T PROPOSED TEMPORARY EASEMENT � J� IN �Nroe:T7w r J 45.84' s PROPO� TEMPORARY CONSTPUCT)ON EASEMENT V. I s1 37•E' 4I N88'20'11 f 43,55' `N88.20'I I'W' 30.04' INTERSTATE 20 BLE WIDTH RIGHT—OF—WAY) l IEFND• PROPERTY BOUNDARY — — — EX. EASEMENT PROP- EASEMENT CAPPED IRON ROD SET CIRS M:ON ROD FOUND IRF DEED RECORDS TARRANT COUNTY TEXAS D.R.TC.T. PLAT RECORDS ?ARRANT COUNTY TEXAS P.R.T.C.T. t„uar a 5rawu: � PARCEL OF PROPERTY y LT 3, BL I POSTWOOD BUSINESS PARK GIIWIFII IN ru DAWD STRICKLAND SURVEY TARRAINr COUNTY, TEXAS swcc al.. INS.. D20245779 —, .P ......................... ii? EM E. De27E _%-4673 __ Dote: 1211212019 16120 • 817-446-66 I7BPE FIRM Reg. No. 8917 - 7BLS Firm Reg. No. 101014-00 1 The above illustration shows the entire 8,460 square feet in green. The area with hash marks represents the 7,748 square feet. PAGE 4.1 PARCEL 20 PART To BE ACQUIRED ANALYSIS Highest And Best Use — Part to Be Acquired While smaller than the whole site, there is no market evidence that would suggest a unit value of a parcel smaller than the whole subject could command a higher unit value than its contribution to the whole. It is the appraisers' opinion that the comparable land sales used to estimate the market value for the subject property whole land would be applicable to the part to be acquired. Therefore, its highest and best use is to serve as part of the whole site. Easement Valuation Matrix As noted, the parts to be acquired are easement areas. The following chart (Right of Way Magazine, "Easement Valuation", Sherwood, May 2006) outlines a very basic analysis of typical easement encumbrances. It can be used as a generic guide to in order to analyze the extent of ownership the fee owner loses as a result of the encumbrance brought about by an easement. Itp Pwcentqp af Fee 90% - 300% Comments I Severe impact on surface use Potential Types of Easements Overhead electric Conveyance of future uses Flowage easements Railroad ROW Irrigation canals Access roads 75°6 - 89% Major impact on surface use Pipelines Conveyance of future uses Drainage easements Flowage easements 51% - 74% Some impact on surface use pipelines Conveyance of Scenic easements ingress/egress rights 50% Balanced use by both owner Water or sewer lines and easement holder Cable line Telecommunications 26% - 49% Location along a property Water or sewer Line line, location across non Cable lines usable land area 11% - 25% Subsurface or air rights that Air rights have minimal effect on use Water or sewer Line and utility Location with a setback 0% to 10% Nominal effect on use and Small subsurface utility easement The City of Fort Worth has proposed to acquire approximately Parcel 20 which contains 8,460 square feet or 0.194 acres in a permanent sanitary sewer easement, however, the City of Fort Worth already owns 7,748 square feet or 0.178 acres. This results in the City of Fort Worth needing only 712 square feet or 0.016 acres in additional permanent sanitary sewer easement. The acquisition is a permanent sanitary sewer easement. Based on the chart above, the acquisition of the sewer easement encumbers 50% of the rights and the easement will be going along existing easements. The following shows the estimated value of the permanent sewer easement. Parcel 20 in Fee 712 SF @ $2.75 / SF @ 50% $979 PAGE 4.2 PARCEL 20 PART TO BE ACQUIRED ANALYSIS TEMPORARY EASEMENTS The City of Fort Worth has proposed to acquire two temporary construction easements. Parcel 20 — Temporary Construction Easement 1 consist of 28,687 square feet, or 0.659 acres and Parcel 20 — Temporary Construction Easement 2 consist of 1,526 square feet, or 0.035 acres. A map of the proposed temporary acquisition area are shown below. The complete survey map and legal description of the temporary easements are presented in the addenda of this report. EXHIBIT B - EXHIBIT B NV PAGE 6 OF 9 \ / 01AGE 9 OF 9 1 J � _. a7r o•�7f� \ sloDN� c+Ice AFNn>awrt •aF. \ or wort .fy / • � ♦ \ 10290' 0.90' CONSTRUC70Y e� CASEMEANT - - - - \ \ \ ♦ \ 7E-IW7RrA1' .1 CONTA#AWG 20.E07 SD_ `� \ \ \ f+rSPAI7FT \ FT / D OW AC.PROPOSED _ .. � \•) \ \ \ \ FAQq= Mtll!17F)�� \ SEN[R FA5ENEIFT \ L SI YA9'J7T' r I Bar' - - \ NI.011 - - 76,2J• (• YrPI Gr18BR \ yFJr I �• � ,'\ OR ICI .J _ 6E.121.31W NOJ7r JIW I.52• ` N00.20YIW N6,}•11 JI i 73,59' NOC20'I I y N60.20'r r W .J55' MMUCTI N INTERSTATE 20 TEYPORWy 25.03' u9` INTERSTATE 20 L-SVENT (VARMLE WIDTH RIGHT-OF-WAY) LEffdl2' Q CCW71' 1.526 s0. (VARIABLE WIDTH RIGHT -OF -WAS Fr. D.D.0 AC. I.EGEEtP. PROPERTY OPUILO11RY _ _ ac E&SOAENT - PROPERTY ROUN wr - - — EX EASELtW 6 Too Too ___ PROP. EASEMENT I��x - Im no PROP EASEMENT CAPIYD MON ROD SET CMS CAPPED POW ROD SLUT ORS GRAPHIC SCALE IN FEET WON ROD FOUND AV DES RICORDS TiRItW COUNTY TEM OF.TCT. / V 1 'ON ROD FOUND MF GRAPIIIC SCALE. IN FEET DEED RECORDS TAWW COUNTY TENAS DRTC.T PUT RECORDS 7AR9ANf CDIAYIY 7E7FlP, f RT.Ct. PLAT RECORDS I.YVR,WT CpMTY TEA:1S P.R.TCT pr ilinpp PARCEL Oi PROPERII' OF Or 3, BLOCK I POSTRIDOD BUSMEE•SS PAR 4r+�o•*+T •Iy Op.r �Il� PARCEL OF PROPERTY OT 3, BLOCK I POSrWOOD BUSINESS OF y � E.'T + •,,,,,,,•»h1 DAND STR7CKLAND SURVEY _ �s City of FortWorth - DAVID STRICKLAND SURVEY N TEXAS JANES . D6OT7E . • »Y a»» • - INST D?09?45779 46/S '-� �.� + TARRANT COUNTY. TEXAS City of Fort Worth - 9 1NST 0209?/5779 -AWES E O-CTIE - 4673 • 'CT 1 .. + rs�o�+0e '% `4 A AMT.� CRY Na. rDp993 '% ••3" Or CLW EASE.kENT NP. r PARCEI N. JD SURV L Sd AND Y4N ICp993 OWCUM Et .- N- PARLEL NR�20 SURV LAND MOM S0 R 0P 0, 656 AC Dine: 17/T2/?O19 Na 9 tAN No r I TIN SO IT OR O 9 9 Doh: 11/12/?O i9 AAYES D,0 NA; 2201 L-11 PRAT• 3 119 F MTM� )FIID • 91-H6-6R7: WE PMII Rr9. % 6917 TOMS I- R" NR. 10.1I-00 5 I LTMV PI(W1'. S I19 f 'aptRAM Rp NP 09I7 . IBLS Firer R+9. Nr. 101011-00 The City of Fort Worth has proposed a temporary construction easement for 2 years or 24 months. The use of this easement is understood to be temporary and to facilitate construction of the permanent sanitary sewer easement. The temporary easement is considered as a type of ground lease whose underlying fee interest is retained by the property owner. My research into ground leases for similar retail properties in the market area indicates that such rents are typically negotiated based on a percentage of the underlying value of the fee simple interest in the land. My research into land lease rates indicates that an appropriate annual rate for the short term use of the subject's land is 10%. The following shows the estimated value of the temporary construction easement: Temporary Temporary Unit Temp Esmt Annual Present Easement Area Esmt Area Value Land Value Rental Rate Payment Years Value Parcel 20 - TCE - 1 28,687 SF @ $2.75 / SF $78,889 @ 10.00% $7,889 2.00 $15,778 Parcel 20 - TCE - 2 1,526 SF @ $2.75 / SF $4,197 @ 10.00% $420 2.00 $840 Total 30,213 $8,309 $16,618 The total estimated compensation due to the property owner related to the temporary easement is $16,618. PAGE 4.3 PARCEL 20 REMAINDER BEFORE ANALYSIS i Remainder Before Analysis The value of the remainder before the taking is found by subtracting the value of the part to be acquired from the value of the whole property. The remaining property before the taking is sometimes referred to as the "residue." The total value of the part to be acquired equals $979. The value of the whole property was estimated at $3,450,000, indicating a residual value or Remainder Before value of $3,449,021. Whole Property Value $3,450,000 Less: Part To Be Acquired $979 Equals: Remainder Before Value $3,449,021 The following chart provides a breakdown of the remainder before components: Contributory Value of Improvements - Remainder Before (Itemized) Main Building 8,400 SF @ $160.86 / SF $1,351,240 Office/Shop 2,400 SF @ $69.56 / SF ` $166,944 Main Building Canopy 825 SF @ $37.74 / SF 0 $31,135 Office/Shop Canopy 252 SF @ $37.74 / SF $9,510 Shed 1 240 SF @ $42.18 / SF $10,123 Shed 2 96 SF @ $42.18 / SF $4,049 Shed 3 800 SF @ $42.18 / SF $33,744 Solar Lean-to 2 EA @ $46,805 / EA $93,610 Landscaping 4,260 SF @ $4.44 / SF $18,914 Concrete Paving 35,050 SF @ \ $5.18 / SF $181,559 Gravel Paving 205,000 SF @ $2.22 / SF $455,100 Chain Link Fence w/gates 1,740 LF @ $37.74 / LF $65,667 Pipe Fence w/gates 44 LF @ $75 / LF $3,288 Wrought Iron w/gates 280 LF `@ $101.38 / LF $28,386 Wood Fence 900 LF @ $28.12 / LF $25,308 Canvas Canopies 2 EA @ $4,025.50 / EA $8,051 Signs 2 EA @ $7,488.50 / EA $14,977 Pond 1 EA @ $7,021.00 / EA $7,021 Light Standards 1 EA @ $2,328.00 / EA $2,328 Carport 1 EA @ $4,212.00 / EA $4,212 Parking Stops - 10 EA @ $70.30 / EA $703 Total Contributory Value of Improvements $2,515,869 Fee Area 335,098 SF @ $2.75 / SF $921,520 Parcel 20 in Fee 712 SF @ $2.75 / SF @ 50% $979 Existing Sewer Easement 7,748 SF @ $2.75 / SF @ 50% $10,653 Total Land $933,152 TOTAL VALUE AS A UNIT $3,449,021 PAGE 5.1 PARCEL 20 REMAINDER AFTER ANALYSIS Remainder After Analysis The value of the remainder after the taking is an estimate of the market value taking into consideration the effect that the proposed easement or right-of-way will have on the remainder. This valuation is based upon a new site analysis, highest and best use analysis, as well as the employment of the three approaches to value. Damages or benefits to the remainder are found by subtracting the value of the remainder after the taking from the value of the remainder before the taking. If positive, damages exist. Likewise, if the figure is negative, benefits are present (enhancement). PROPERTY DESCRIPTION - REMAINDER AFTER The remainder property will be very similar to the whole property before the acquisition, as illustrated below. After the acquisition, the shape of the remainder will be the same and will contain approximately 343,558 square feet, or 7.887 acres. HIGHEST AND BEST USE - REMAINDER AFTER The highest and best use of the remainder after the acquisition is the same as that of the whole property. After the acquisition, the remainder will be similar as the whole property. We conclude that the highest and best use of the remainder after the acquisition is the same as that of the whole property. No damages to the remainder result from the proposed acquisition. PAGE 6.1 PARCEL 20 SALES COMPARISON APPROACH — LAND REMAINDER AFTER SALES COMPARISON APPROACH — LAND REMAINDER AFTER VALUATION GRID Representative Comparable Sales Subject Comp No. 1 Comp No. 2 Comp No. 3 Comp No. 4 Grantor - Jaime Sauced... Herman Smith... Ven-Ken, Inc... Estate ofBe... Grantee - Gurnam Dhali... Village Cast... Jim Tally... Beard's Trai... Date of Sale 2/10/2023 1/27/2022 8/8/2022 9/15/2021 12/7/2020 Relative Location 5625 E IH 20 Fort Worth Mansfield Mansfield Fort Worth Size (Acres) 7.887 2.000 4.039 5.119 9.550 Size (Square Feet) 343,558 87,120 175,956 222,984 415,997 Sale Price - $180,000 $600,000 $825,000 $900,000 Unit Price Per SF $2.07 $3.41 $3.70 $2.16 Property Rights Financing Condition of Sale Date of Sale (Annual Adjustment) 6.0% 6% 30/( 8% 13% Adjusted Price Per SF $2.19 $3. $4.00 $2.44 Location 5625 E IH 20 15%-5% -15% Physical Characteristics No Size 7.887 Flood 20% -10% -10% -10% -5% Shape Irregular Utilities All Available Zoning/H&B Industrial/Commercial Total Adjustments 5% -15% -25% -5% Indicated Unit Value $2.30 $2.98 53.00 52.32 Estimated Unit Value 52.75 Estimated Value by Sales Comparison Approach..................................................................................... $933,152 EXPLANATION OF ADJUSTMENTS The land sales presented for analysis of the whole property land would be applicable to the reminder property land. In addition, the adjustments for the whole property land are similar to the remainder property land. For a recompilation of information, reference is made to the sale data sheets and explanation of adjustments presented in Section 3. Fee Area 335,098 SF @ $2.75 / SF $921,520 Sewer Easement 8,460 SF @ $2.75 / SF 50% $11,632 Total 343,558 SF r$933,152 PAGE 6.2 PARCEL 20 COST APPROACH - REMAINDER AFTER COST APPROACH - REMAINDER AFTER The cost data presented for analysis of the whole property would be applicable to the reminder property. For a recompilation of information, reference is made to the cost approach presented in Section 3. The following table details replacement cost estimates for the remainder subject buildings and site improvements. REPLACEMENT COST ESTIMATE Adjusted Indirect Base Plus Profit Replacement Estimated Building Improvements Base Cost Cost Indirect Incentive Unit Cost Quantity Unit Cost New Main Building $170.54 10% $187.60 15% $216.00 8,400 SF $1,814,400 Office/Shop $74.63 10% $82.10 15% $94.00 2,400 SF $225,600 Accessory Improvements Main Building Canopy $40.00 10% $44.00 15% $51.00 825 SF $42,075 Office/Shop Canopy $40.00 10% $44.00 15% $51.00 252 SF $12,852 Shed 1 $45.00 10% $49.50 15% $57.00 240 SF $13,680 Shed 2 $45.00 10% $49.50 15% $57.00 96 SF $5,472 Shed 3 $45.00 10% $49.50 15% $57.00 800 SF $45,600 Solar Lean-to $50,000 10% $55,000 15% $63,250 2 EA $126,500 Site Improvements Landscaping $4.98 10% $5.47 15% $6.00 4,260 SF $25,560 Concrete Paving $5.50 10% $6.05 15% $7.00 35,050 SF $245,350 Gravel Paving $2.00 10% $2.20 15% $3.00 205,000 SF $615,000 Chain Link Fence w/gates $40.00 10% $44.00 15% $51.00 1,740 LF $88,740 Pipe Fence w/gates $80.00 10% $88.00 15% $101.00 44 LF $4,444 Wrought Iron w/gates $108.00 10% $118.80 15% $137.00 280 LF $38,360 Wood Fence $30.00 10% $33.00 15% $38.00 900 LF $34,200 Canvas Canopies $4,300 10% $4,730 15% $5,440 2 EA $10,880 Signs $8,000 10% $8,800 15% $10,120 2 EA $20,240 Pond $7,500 10% $8; ,�0 15% $9,488 1 EA $9,488 Light Standards $2,488 10% $2, 15% $3,147 1 EA $3,147 Carport $4,500 10% $4,950 15% $5,693 1 EA $5,693 Parking Stops $75.00 10% $82.50 15% $95.00 10 EA $950 Estimate of Accrued Depreciation t The estimate of accrued depreciation and calculation of depreciated replacement cost are shown in the following table. 04% 1% DEPRECIATION CALCULATIONS Estimated Cost Depreciation Depreciation in Depreciated Depreciated Building Improvements Jr New Percent Dollars Cost Unit Cost Unit Main Building $1,814,400 26.00% $471,744 $1,342,656 $159.84 SF Office/Shop $225,600 26.00% $58,656 $166,944 $69.56 SF Main Building Canopy _ $42,075 26.00% $10,940 $31,135 $37.74 SF Office/Shop Canopy $12,852 26.00% $3,342 $9,510 $37.74 SF Shed 1 $13,680 26.00% $3,557 $10,123 $42.18 SF Shed 2 $5,472 26.00% $1,423 $4,049 $42.18 SF Shed $45,600 26.00% $11,856 $33,744 $42.18 SF Solar Lean-to i $126,500 26.00% $32,890 $93,610 $46,805 EA Site Improvements Landscaping $25,560 26.00% $6,646 $18,914 $4.44 SF Concrete Paving $245,350 26.00% $63,791 $181,559 $5.18 SF Gravel Paving $615,000 26.00% $159,900 $455,100 $2.22 SF Chain Link Fence w/gates $88,740 26.00% $23,073 $65,667 $37.74 LF Pipe Fencew/gates $4,444 26.00% $1,156 $3,288 $74.73 LF Wrought Iron w/gates $38,360 26.00% $9,974 $28,386 $101.38 LF Wood Fence $34,200 26.00% $8,892 $25,308 $28.12 LF Canvas Canopies $10,880 26.00% $2,829 $8,051 $4,026 EA Signs $20,240 26.00% $5,263 $14,977 $7,489 EA Pond $9,488 26.00% $2,467 $7,021 $7,021 EA Light Standards $3,147 26.00% $819 $2,328 $2,328 EA Carport $5,693 26.00% $1,481 $4,212 $4,212 EA Parking Stops $950 26.00% $247 $703 $70.30 EA Total $3,3889231 26.00% $880,946 $2,5079285 PAGE 6.3 PARCEL 20 COST APPROACH — REMAINDER AFTER Value Indication by Cost Approach By combining the land value conclusion with the depreciated replacement cost of the improvements, a remainder value indication by the cost approach is calculated in the table below. Depreciated Replacement Cost of Improvements $2,507,285 Land Value Estimated Value by Cost Approach $933,152 $3,440,437 PAGE 6.4 PARCEL 20 SALES COMPARISON APPROACH — IMPROVED REMAINDER AFTER SALES COMPARISON APPROACH — IMPROVED REMAINDER AFTER VALUATION GRID Representative Comparable Sales Subject Comp No.1 Comp No. 2 Comp No. 3 Comp No. 4 Grantor - Mohr Herc Fo... WDO Properti... Douglas A Be... SDALLAS TX R... Grantee - Fisch Grandc... IBJK LLC... PC5 Properti... SK 12111 Gar... Date of Sale 2/10/2023 7/15/2020 8/30/2022 5/16/2022 5/6/2021 Relative Location 5625 E IH 20 Fort Worth Dallas Sunnyvale Dallas Land Size (Acres) 7.887 6.008 2.528 4.980 2.802 Land Size (Square Feet) 343,558 261,708 110,135 216,929 122,075 Improvement Size (SF) 10,800 19,320 8,000 24,000 16,618 Sale Price - $7,265,000 $1,624,625 $5,300,000 $3,609,491 Unit Price Per SF $376.04 $203.08 $220.83 $217.20 Property Rights Financing Condition of Sale Date ofSale (Annual Adjustment) 6.0% 15% 3% 4% 11% Adjusted Price Per SF $432.45 $209.17 $229.66 $241.09 Location IH 20 10% 10% 5% Age Condition Utility 1987-2005 -20% 5% 10% Size 5% Land to Building Ratio 31.81 to 1 50 5% 10% 15% Total Adjustments -15% 1 20% 25% 30% Indicated Unit Value $367.58 $251.00 $287.08 $313.42 Estimated Unit Value $320.00 EXPLANATION OF ADJUSTMENTS The improved sales presented for analysis of the whole property would be applicable to the reminder property. In addition, the adjustments for the whole property improvements are similar to the remainder property improvements. For a recompilation of information, reference is made to the sale data sheets and explanation of adjustments presented in Section 3. The comparables' adjusted prices range from $251.00 to $367.58 Per SF with a mean of $304.77 Per SF. Based on the data, a unit value of $320.00 Per SF is concluded for the remainder subject improvements. This indicates a remainder value of - Unit Price (Per SF) $320.00 Improvement Area (SF) 10,800 Concluded Value $3,456,000 ! �t I=--- E PAGE 6.5 PARCEL 20 SALES COMPARISON APPROACH — IMPROVED REMAINDER AFTER INCOME APPROACH — REMAINDER AFTER The income approach presented for analysis of the whole property would be applicable to the reminder property. The income conclusions for the whole property improvements are similar to the remainder property improvements. For a recompilation of other adjustments, reference is made to the income approach presented in Section 3. After adjustment, the concluded rental rate for the remainder subject is: Rental Rate Conclusion RBA (SF) Rental Rate Annual Rental Main Building 8,400 $22.00 $184,800 Office/Shop 2,400 $22.00 $52,800 Total 10,800 $22.00 $237,600 The potential gross income including reimbursement and other income is $274,145. Accounting for vacancy and collection losses of 5.0%, the effective gross income is estimated at $260,438. The remainder expenses are summarized below: Potential Gross Income Reimbursement Income Potential Gross Income Vacancy 5.0% $237,600 $36,545 $274,145 -$13,707 Effective Gross Income ................................................ ...... $260,438 Expenses: Fixed Variable Other Total Expenses Taxes ................................... $22,505 Insurance .............................. 4 $3,240 Maintenance .......................... $10,800 Management .......................... $7,813 Reserves ................ $7,813 ...........................................................-$52,171 Net Operating Income........................................................ $208,267 Deducting the operating expenses from the effective gross income results in a net operating income of $208,267. The direct capitalization rate for the remainder is estimated at 6.00%. This indicates a remainder value by the income approach of - Net Operating Income $208,267 Capitalization Rate 6.00% Value Indication $3,471,117 PAGE 6.6 PARCEL 20 REMAINDER AFTER ANALYSIS Conclusion of Value - Remainder After Property Reconciliation involves the analysis of alternative value indications to determine a final value conclusion. The appraisal of real estate typically employs three traditional valuation methods: the Sales Comparison Approach, the Cost Approach, and the Income Approach. The value indicated by the sales comparison approach for land is as follows: Cost Approach Sales Comparison Approach Income Capitalization Approach CONCLUSION OF VALUE $3,440,437 $3,402,000 $3,471,117 Based on the analyses and conclusions in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed herein, it is my opinion that the remainder after market value as of 2/10/2023, is $3,449,021. Contributory Value of Improvements - Remainder After (Itemized) Main Building 8,400 SF @ $160.86 / SF $1,351,240 Office/Shop 2,400 SF @ $69.56 / SF $166,944 Main Building Canopy 825 SF @ $37.74 / SF $31,135 Office/Shop Canopy 252 SF @ $37.74 / SF $9,510 Shed 1 240 SF @ $42.18 / SF $10,123 Shed 2 96 SF @ $42.18 / SF $4,049 Shed 3 800 SF @ $42.18 / SF $33,744 Solar Lean-to 2 EA @ $46,805 / EA $93,610 Landscaping 4,260 SF @ $4.44 / SF $18,914 Concrete Paving 35,050 SF @ $5.18 / SF $181,559 Gravel Paving 205,000 SF J $2.22 / SF $455,100 Chain Link Fence w/gates 1,740 LF $37.74 / LF $65,667 Pipe Fence w/gates 44 LF @ $74.73 / LF $3,288 Wrought Iron w/gates 280 LF @ $101.38 / LF $28,386 Wood Fence 900 LF @ $28.12 / LF $25,308 Canvas Canopies 2 EA @ $4,026 / EA $8,051 Signs 2 EA @ $7,489 / EA $14,977 Pond 1 EA @ $7,021 / EA $7,021 Light Standards 1 EA @ $2,328 / EA $2,328 Carport 1 EA @ $4,212 / EA $4,212 Parking Stops 10 EA $70.30 / EA $703 Total Contributory Value of Improvements $2,515,869 Fee Area 335,098 SF @ $2.75 / SF $921,520 Sewer Easement 8,460 SF @ $2.75 / SF 50% $11,632 Reconciled Final Value $3,449,021 PAGE 6.7 PARCEL 20 CONCLUSION AND COMPENSATION SUMMARY Conclusion and Compensation Summary The previous data has been considered for an indication of permanent damages or enhancements to the subject property. Typically, enhancements to the Remainder After property are applied to off -set damages to the Remainder After property. However, enhancements do not off -set compensation for the Part to be Acquired. Based on the analysis and conclusions in this report, and subject to the definitions, assumptions, and limiting conditions expressed herein, it is my opinion that the compensation for the acquisition of the herein described property as of 2/10/2023, is calculated as follows: Determination of Compensation Whole Property Value............................................................................................... $3,450,000 PartTo Be Acquired............................................................................................................... $979 Remainder Before the Acquisition................................................................................ $3,449,021 Remainder After the Acquisition................................................................................. $3,449,021 Damages or Enhancements +46-1 ................. $0 Coststo Cure........................................................................................................................ $0 TemporaryEasement.........................................................................................................- .... $16,618 TotalCompensation........................................................................................................ $17,597 PAGE 7.1 PARCEL 20 ADDENDUM A 00� ADDENDUM A / Certification ... Qualifications of Appraiser(s) Assumptions and Limiting Conditions PAGE A.1 PARCEL 20 ADDENDUM A CERTIFICATION We certify that, to the best of our knowledge and belie£ 1. The statements of the facts contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. 4. We have performed appraisal services, as an appraiser, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as promulgated by the Appraisal Foundation and the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. 9. Aaron H. Wright, MAI, R/W-AC and Christy E Wright made a personal inspection of the property on 2/13/2023. Matthew A. Sims, R/W-AC has inspected the property on 2/2/2023. 10. No one provided significant real property appraisal assistance to the person(s) signing this certification. 11. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. ■ 12. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 13. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 14. It is our opinion that the subject does not include any enhancement in value as a result of any natural, cultural, recreational or scientific influences retrospective or prospective. 15. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. 16. As of the date of this report, Aaron H. Wright, MAI, R/W-AC has completed the continuing education program of the Appraisal Institute. Aaron H. Wright, MAI, R/W-AC Matthew A. Sims, R/W-AC Certified General Real Estate Appraiser Certified General Real Estate Appraiser Certificate # TX-1337782-G State Certificate #TX-1381080-G Christy E. Wri t Appraiser Tra' e Certificate #-1337238-Trainee PAGE A.2 PARCEL 20 ADDENDUM A Professional Qualifications of Aaron H. Wright, MAI, R/W-AC Aaron H. Wright, MAI is the Principal and Senior Appraiser of Texas Appraisal Team, a full -service real estate consulting and appraisal firm. Mr. Wright has been appraising real estate since May 2005 and is a Certified General Real Estate Appraiser in the State of Texas. Mr. Wright's responsibilities include appraisal and appraisal review of all types of properties. Mr. Wright has testified as an expert witness regarding real property value on numerous occasions in various courts of law. Prior to appraisal, Mr. Wright was the Principal of Wright Innovations, a construction and real estate investment company based in Fort Worth, Texas. Mr. Wright has performed valuation, consulting services and review on various properties including, but not limited to, shopping centers, apartment complexes, industrial facilities, raw and developed land, office towers and complexes, motels, hotels, residential and mixed -use developments. Mr. Wright has worked on numerous unique valuations, such as utility corridors, easement interests, partial and undivided interests, and billboards. EDUCATION: PROFESSIONAL AFFILIATIONS: ACTIVITIES: Bachelor of Science in Accounting University of North Texas, Denton, Texas 2001 Key Courses: • Finance • Accounting • Business Law • Real Estate • General Business Completed the following courses offered by the Appraisal Institute: Basic Appraisal Principles Basic Appraisal Procedures Real Estate Finance, Statistics, and Valuation Modeling General Appraiser Sales Comparison Approach General Appraiser Site Valuation and Cost Approach General Appraiser Market Analysis and Highest and Best Use General Appraiser Income Approach/Part 1 General Appraiser Income Approach/Part 2 General Appraiser Report Writing and Case Studies Advanced Market Analysis and Highest and Best Use Advance Income Capitalization Advanced Concepts and Case Studies Completed the following courses offered by the International Right of Way Association: Business Relocation The Valuation of Partial Acquisitions Relocation Assistance Easement Valuation Reviewing Appraisal in Eminent Domain Evaluating your Ethical Awareness Licensed: Texas Certified General Real Estate Appraiser (TX-1337782-G) Member: International Right -of -Way Association (IRWA) Appraisal Institute Member Reece Creek Volunteer Fire Department - Director Mr. Wright is active in the Central Texas Chapter of the Appraisal Institute and International Right of Way Association. Mr. Wright holds a MAI designation from the Appraisal Institute and Right of Way Appraisal Certification (R/W-AC) for the IRWA. PAGE A.3 PARCEL 20 ADDENDUM A Professional Qualifications of Matthew A. Sims, R/W-AC Matthew A Sims is a General Certified Appraiser and Analyst of Texas Appraisal Team, a full -service real estate consulting and appraisal firm. Prior to joining Texas Appraisal Team, Mr. Sims worked for Morrison Supply Company as a sales associate and operations manager located in Fort Worth. Prior to Morrison Supply Company, Mr. Sims worked for an appraisal firm in Fort Worth for over three years. Matthew A. Sims has assisted in valuation of various properties including raw and developed land, apartment complexes, office buildings, convenience stores, restaurants, industrial facilities, and shopping centers, mixed -use and special-purpose properties. Matthew A. Sims has worked on numerous unique valuations, such as utility corridors, easement interests, partial and undivided interests. EDUCATION: PROFESSIONAL AFFILIATIONS: ACTIVITIES: Texas Tech University Bachelor of Communication Studies with an emphasis in Corporate Communication, 2006 Completed the following courses of study and exams offered by the Appraisal Institute: Basic Appraisal Principles Basic Appraisal Procedures Supervisor- Trainee Course for Texas General Appraiser Market Analysis and Highest and Best Use General Appraiser Site Valuation and Cost Approach _/ " General Appraiser Sales Comparison Approach General Appraiser Sales Income Approach 1 General Appraiser Sales Income Approach 2 'General Appraiser Report Writing and Case Studies Statistics, Modeling, and Finance Appraisal Subject Matter Electives Completed the following courses offered by the International Right of Way Association: Reviewing Appraisal in Eminent Domain Licensed: Texas Certified General Real Estate Appraiser (TX-1381080-G) Oklahoma Certified General Real Estate Appraiser (OK-13642CGA) International Right -of -Way Association (IRWA) Real Estate Sales Agent (TX-646915) Property Tax Consultant (TX-11459) Mr. Sims is active in the International Right of Way Association and holds a Right of Way Appraisal Certification (R/W-AC) designation. PAGE A.4 PARCEL 20 ADDENDUM A AL N� •t �\ �/l' I pit �^ Professional Qualifications of Christy E. Cavazos Wright Mrs. Wright is the Chief Executive Officer and primarily owner of Texas Appraisal Team, a full -service real estate consulting and appraisal firm. Mrs. Wright has been managing Texas Appraisal Team since 2011 (formerly AW Appraisal and Review Services). Mrs. Wright is an Appraiser Trainee in the State of Texas. Prior to managing Texas Appraisal Team, Mrs. Wright worked for the Texas Department of Family and Protective Services as a caseworker and expert witness. 4#N"- Mrs. Wright has assisted in valuation of various properties including raw and developed land, apartment complexes, office buildings, convenience stores, restaurants, industrial facilities, and shopping centers, mixed -use and special-purpose properties. Mrs. Wright has worked on numerous unique valuations, such as utility corridors, easement interests, partial and undivided interests. EDUCATION: PROFESSIONAL AFFILIATIONS ACTIVITIES University of Texas at Arlington Bachelor of Social Work 2003 Coursework included social work, statistics, sociology and psychology. Completed the following courses of study and exams: Appraisal Principles -L�` Appraisal Procedures Standards of Professional Appraisal Practice (USPAP) General Appraiser Market Analysis and Highest and Best Use License Appraiser Trainee (TX-1343434-Trainee) Member: International Right of Way Association Director of MATCH, a non-profit organization Mrs. Wright is active in the International Right of Way Association. PAGE A.5 PARCEL 2O ADDENDUM A Assumptions and Limiting Conditions That the date of value to which the opinions expressed in this report apply is set forth in the Letter of Transmittal. The appraiser assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinions herein stated. That no opinions are intended to be expressed for legal matters or that would require specialized investigation or knowledge beyond that ordinarily employed by real estate appraisers, although such matters may be discussed in this report. That no opinion as to title is rendered. Name of ownership and the legal description were obtained from sources generally considered reliable. Title is assumed to be marketable and free and clear of all liens, encumbrances, easements, and restrictions except those specifically discussed in this report. The property is appraised assuming it to be under responsible ownership and competent management and available for its highest and best use. That no engineering survey has been made by the appraiser. Except as specifically stated, data relative to size and area were taken from sources considered reliable and no encroachment of real property improvement is assumed to exist. That maps, plats, and exhibits included herein are for illustration only, as an aid in visualizing matters discussed within this report. They should not be considered as surveys or relied upon for any other purpose. That no detailed soil studies covering the subject property were available to the appraiser. Therefore, premises as to soil qualities employed in this report are not conclusive, but have been considered consistent with information available to the appraiser. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and I have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in my appraisal. The property is appraised as though free and clear, under responsible ownership, and competent management. All existing liens and encumbrances have been disregarded. Unless otherwise stated herein, all of the improvements previously described were considered operational and in good condition. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. r Unless stated otherwise in this report, no presence of hazardous materials on or in the property was observed by the appraiser. The appraiser has no information on the existence of such materials and is not qualified to detect same. The presence of such materials on or in the property could affect the appraiser's opinion of market value. However, the value stated herein is based on the assumption that no hazardous materials are present on or in the property, and the appraiser accepts no responsibility for determining such condition. The client is urged to retain an expert in this field if there is any question as to the existence of hazardous material. r Any information furvenished to us by others is belieo be reliable, but I assume no responsibility for its accuracy. Possession of this report, or a copy thereof, does not carry with it the right to publication, nor may it be used for any purpose, by any but the intended user, without the previous written consent of the appraiser or the intended user and, in any event, only in its entirety. This appraisal does not require us to give testimony in court or attend on its behalf unless arrangements have been previously made therefore. If condemnation proceedings become necessary, this appraiser will testify to an updated opinion reflecting the value of the whole property, the part to be acquired, the value of the entire remainder prior to the acquisition and the value of the entire remainder after the acquisition, reflecting any change in the size or character of the land and/or changes in number and/or conditions of the improvements located thereon. The distribution of the total valuation in this report between land and improvements apply only under the existing programs of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. The value is reported in dollars on the basis of the currency prevailing at the date of this appraisal. PAGE A.6 PARCEL 2O ADDENDUM A I have no present or contemplated interest in the property appraised. My compensation for making this appraisal is in no manner contingent upon the value reported. That the appraiser assumes no responsibility for determining if the property lies within a flood hazard area and its consequences to the property. It is advised that a Topographic Survey be obtained and local officials be contacted. That my analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as promulgated by the Appraisal Foundation and the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. The appraisal of the Whole Property considered all factors willing, knowledgeable buyers and sellers would consider in negotiating the purchase price of the property except the influence of the proposed project. The exclusion of the project influence is a Departure from USPAP and is allowed through Jurisdictional Exception. This exception was made under the Jurisdictional Exception provision and is also considered a hypothetical condition under Uniform Standards of Professional Appraisal Practice. The appraisal of the Remainder considered all factors willing knowledgeable buyers and sellers would consider in negotiating the purchase price of the property including the use to which the part taken is to be put and the effects of the condemnation but excluded the effects of all non-compensable elements. Such exclusion is typical appraisal practice in eminent domain situations. Information received from the client pertaining to the size and description of the subject property and partial acquisition is assumed to be correct. Additional information, which assisted me in the production of this appraisal, has been retained in my files. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. PAGE A.% PARCEL 20 ADDENDUM B .N0 ADDENDUM B Definitions PAGE B.1 PARCEL 20 ADDENDUM B Definitions These definitions have been extracted, solely from the following: 1. Uniform Standards of Professional Appraisal Practice, 2020-2023 Edition (USPAP) 2. The Dictionary of Real Estate Appraisal, e Edition, Appraisal Institute, Chicago, Illinois, 2015 (Dictionary) 3. The Appraisal of Real Estate, 141 Edition, Appraisal Institute, Chicago, Illinois, 2013 Appraisal The act or process of developing an opinion of value; an opinion of value. (USPAP) Easement Interest An interest in real property that transfers use, but not ownership, of a portion of an owner's property. (The Appraisal of Real Estate) Effective Date The date on which the analyses, opinions, and advice in an appraisal, review, or consulting service apply. (Dictionary) Exposure Time SN The time a property remains on the market. 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 on an analysis of past events assuming a competitive and open market. Exposure time is always presumed to occur prior to the effective date of the appraisal. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. Exposure time is different for various types of real estate and value ranges and under various market conditions. (Dictionary) Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. (Dictionary) Highest and Best Use The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of the land or improved property -specific with respect to the user and the timing of the use- that is adequately supported and results in the highest present value. (Dictionary) Leased Fee Interest An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (the leased fee owner) and the lessee are specified by contract terms contained within the lease. (Dictionary) Leasehold Interest The interest held by the lessee (the tenant or renter) through a lease transferring the rights of use and occupancy for a stated term under certain conditions. (Dictionary) Market Value Market Value is defined by City of Austin v. Cannizzo, 267 S.W. 2d 808 (Tex 1954) as being: "The price the property would bring when offered for sale by one who desires to sell, but is not obliged to sell, and is bought by one who desires to buy, but is under no necessity of buying, taking into consideration all of the uses to which it is reasonably adaptable and for which it either is, or in all reasonable probability, will become available within the reasonable future." PAGE 13.2 PARCEL 20 ADDENDUM C ADDENDUM C - 'r# Project/Survey Maps And Legal Descriptions PAGE C.1 PARCEL 20 ADDENDUM C EXHIBIT A LEGAL DESCRIPTION PERMANENT VARIABLE WIDTH SEWER EASEMENT Being a portion of Lot 3, Block 1 Postwood Business Park, situated in the City of Fort Worth, Tarrant County, Texas as it appears upon the plat recorded in Cabinet A, Slide 8813 of the Plat Records of Tarrant County, Texas (P.R.T.C.T.), and being more particularly described as follows: COMMENCING at a 112 inch iron rod found in the north line of Interstate 20 ( 1-20, a variable width right of way) being described in the deed to the State of Texas, recorded in Volume 4801, Page 412 and Volume 4640, Page 614 of the Deed Records of Tarrant County, Texas (D.R.T.C.T.) and in the west edge of a 75 foot wide Oncor Electric Delivery Company LLC tract, from which bears a TxDOT ROW monument in the east line of the aforementioned 75 foot wide Oncor Electric Delivery Company LLC tract, S 81 °03'44" E a distance of 74.44 feet. THENCE N 81°07'31" W, along said north line of 1-20 right of way, a distance of 521.85 feet to a corner of said 1-20. THENCE N 83°20'35" W, continuing along the said north line of 1-20 right of way, a distance of 765.79 feet to the southeast corner of said Lot 3, Block 1 Postwood Business Park. THENCE N 83°21'31" W, along the common line of 1-20 right of way and said Lot 3, a distance of 434.37 feet to an angle in said common line of 1-20 right of way and said Lot 3. THENCE N 88020" 1" W, continuing along the said common line of 1-20 right of way and Lot 3, a distance of 43.55 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673" being the POINT OF BEGINNING. . " . THENCE N 88'20'11" W, along the said common line of the 1-20 right of way and Lot 3, a distance of 30.04 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673". THENCE N 01°08'37" W, departing said common line of the 1-20 right of way and Lot 3, a distance of 45.84 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673". THENCE N 39°28'49" W, a distance of 354.04 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673" in the north line of said Lot 3. THENCE N 89°29'21" E, along the said north line of Lot 3, a distance of 25.72 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673". THENCE S 39°28'49" E, departing said north line of Lot 3, a distance of 360.93 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673". THENCE S 01°08'37" E, a distance of 41.62 feet to THE POINT OF BEGINNING and containing 8,460 square feet or 0.194 acres more or less of which 7,748 square feet or 0.178 acres more or less lie within existing easements, leaving 712 square feet or 0.016 acres exclusive of said existing easements. Page 1 of 5 PAGE C.2 PARCEL 20 ADDENDUM C NOTES: 1) All bearings and coordinates are in US survey feet surface using a scale factor of 1.000137001 and referenced to the Texas Coordinate System, Nad-83, The North Central Zone 4202. 2) Exhibit B of same date accompanies this legal description. Lk �s•�0 F... T ......................... �•JAMES E. DeOTTE 4673 �Pe \�FSUR`1Fy� Dote: 1211212019 IL James E. DeOtte —\AA, Registered Professional Land Surveyor No. 4673 �q - I James DeOtte Engineering, Inc. TBPLS Firm No. 10101400 2201 Dottie Lynn Parkway, Suite 119 Fort Worth, Texas 76120 (817) 446 — 6877 �llllllO` Page 2of5 PAGE C.3 PARCEL 20 ADDENDUM C EXHIBIT B PAGE 3 OF 5 A FAFR Y _ j _iVlll _ M_ALTE KBuL' 1 S !!.L.fiJt Ir I1 1� VICINITY MAP Jli h t,t I F�u-_t._ 1` orr a •13 J; A [ 71 a iOJECT 1 ~ J 3 i 1CATION rk4jL-j 1 _= I Ii ar_HILL i IAk J o_ �C'•' c4 •'� /� 7 I•::.TrIEu: t 1 - - I ,3 �;a: . ww �i 9 N:IcS: BEARINGS ARE REFERENCED TO AN IRON ROD AND A TXDOT MONUMENT FOUND MARKED AS CONTROLLING MONUMENTS. ALL DISTANCE AND AREAS SHOWN ARE SURFACE. LEGAL DESCRIPTION OF SAME DATE ACCOMPANIES THIS PLAT. 5/8" CAPPED IRON RODS STAMPED DEOTT£ RPLS 4673" WILL BE SET AT CORNERS OF THE ACCESS EASEMENT LEGEND: PROPERTY BOUNDARY — — EX. EASEMENT PROP. EASEMENT �I CAPPED IRON ROD SET CIRS I _<L nNi, - Ivaei. � Il IRON ROD FOUND IRF DEED RECORDS TARRANT COUNTY TEXAS D.R.T.C.T. PLAT RECORDS TARRANT COUNTY TEXAS P.R.T.C.T. PARCEL OF PROPERTY �%OF FORT WORT LT 3, BL I POSTcurWOOD BUSINESS PARK•' ......... of y Lwrtn ',ti IH. DAVID STRICKLAND SURVEY City of Fort Worth TARRANT COUNTY, TEXAS JAMES E. OeOTTE 10 T,;,. INST. D20245779 ".••-o 4673••P .'• •r P7 W��Rr"', Tn J��-U RE.^.OPIG . rAR1�ANT �:p�r:rr r�XA` ('.F�F ,��•• Q_ f • E S S •..•• O PROJECT- LAKE ARLINGTON LIFT STA77ON AND FORCE MAIN CITY PROJECT No. 10099` gti0'" ••" �� I PERMANENT VARIABLE W10TH .SEWER EASEMENT PARCEL No. 20 S U RV LAND ACQUISITION AREA: 8,460 SO FT OR 0.794 AC ,JDEI JOB No. 201704200 DRAVIN BY: PWY PAGE .3 OF 5 Date: 12/12/2019 JAMES DeOTTE ENGINEERING, INC. • 2201 DOTTIE LYNN PKVIY„ SUITE 119 FORT WORTh, TX 76120 • 817-446-6877 TBPE FIRM Reg. No. 8917 • TBLS Firm Reg. No. 10r014-00 —E-'- PAGE CA PARCEL 20 ADDENDUM C EXHIBIT B / PAGE 4 OF 5 r II 1 i � I � 1 \ * L / LINE F'OR "k DIRECTIONAL \\ N88'20' 1 1 "W" CONTROL \\ `43.55' \ / NO 1'07'31 "W' ti \� N83'21 '31 "W' � 521.85' 434.37' N83'2O 35 -It,, P.O.C. 765.79' (C. 1V i P.O.B. F TERSTATr-- ZO ROW ' 1 4801, :''G. 412 7X ROW IfCN 111 20 ROW f�RT..C.T VOL. 4640. PC. 614 O.R.T.C.T. INTERSTATE 20 581'03'441E'� (VARIABLE WII)TH 'RIGHT—OF—WAY) 74.44' ` LEGEND. I PROPERTY BOUNDARY — — EX. EASEMENT n4wo goo PROP. EASEMENT CAPPED IRON ROD SET CIRS IRON ROD FOUND IRF GR11i'IIIC SCAL[' IN FEET DEED RECORDS TARRANT COUNTY TEXAS D.R.T.C.T,&ccla PLAT RECORDS TARRANT COUNTY TEXAS P.R. T.C. T. t rtiIP1T 8 SHOWING A I' O RT WO RT PARCEL OF PROPERTY o LT J. BL 1 POSTWOOD BUSINESS PARK ti ; �� T RFo DAVID RlCKLAND SURVEY • . ,•.,,,••,.,•.. ARRANT COUNTY, TEXAS JAMES E. Deg �TTE City of Fort Worth A; k:^LP.uE Jv .................... 7l,AS 9T12tE7 INST. D20245779 .0 4673 T WU[i'-1+, Tk. �F:jt _E-,D %VE, 9-= OF TARRANI CC✓N-: '?:-', - •••.QUF �aP:� c\ I-'ROJECT LAKE ARLINGTON LIFT STATION AND FORCE MAIN CITY PROJECT No. 7009 ` �'y'D • +'tRMANENT VARIABLE WIDTH SEWER EASEMENT PARCEL No. 20 SURV LAND ACQUISITION AREA 8,460 SO FT OR 0 194 AC JOEI JOB No. 207704200 1 DRAWN BY} PWY I PAGE 4 OF S Date: 1211212019 DAMES DeOTTE ENGINEERING, INC, • 2201 DOTTIE LYNN PKWY., SUITE 119 FORT WORTH, TX. 76120 • 817-446-687 TP.PE FIRM Reg. No. 8917 • TBLS Firm, Reg. No. 101014-00 I �t PAGE C.5 PARCEL 20 ADDENDUM C AIEHMAIDEWT _ EXHIBIT B PAGES OF 5 �! 1 " ✓r �r' !T:{YtN Eo:,*Elr_NT ;r;'� �,�t?��, o!_ ,•Ts \ fA5EM6NT APPROX00TE AREA OF OVERLAP 7,748 \ uv7L:T / SO FT OF Dtr57iNG N89 29 2 l E' SEWER EASEMENT \ 2 Jr 72 ' D 196187394 CIRS — D.R.T.C.T. L•_.cnr_;7 - PROPOSED TEMPORARY CONSTRUCTION \ _41 /07- A I !I i.1AIV b I \ � EASEMENT � '•FANS ►El n. -- — — \ v.Tr T \ UZOSr' - \ PERMANENT VARIABLE \ 0 07 T C r WIDTH SEWER EASEMENT CONTAINING fJT !. vt cll:R 1 \ 8,460 SO. FT- / p x ,, io�pyr \\ '-7)W,'IQ J11r?DINO PAR, 0.194 AC. 111,07 Il?Q,?a4C:r••9 ,T & L;! '�'' \ �" 19EMdE*iflaesre�.T :Afi A ;i!J HAIJ�DA rur = > \ C T taN55-Fi =t a r21.11-ili_�� o E0jFn16l (I P > P S1''37 E" A -- ,)t ,�-20,7 NI'08'37iV'') 45.84' I 41. 2' N88'20'11 "W' 43.55" -IdRNEY L1.;Nr(1 A 111JRr�-M .113t' IvES,(_'LiF�= fir N m- ), 3/ 1xS g/q' r1py 434-3J' ��-N� PROPOSED N83'27'31 FART ►1hJr�TrJ, rX 7�ir�: .—zrr a `s TEMPORARY P.0.8. ►N' ' 11Lt1t7i'�—a '�F.'. F q T 17 7 CONSTRUCTION N88'20' 1 1 "W' .70 A?V# PIN6 Nil EASEMENT 30. 04' �RT INTERSTATE 20 "``'""-(VARIABLE WIDTH RIGHT—OF—WAY) LEGEND: PROPERTY BOUNDARY — — EX. EASEMENT (i 100 200 PROP. EASEMENT 1 CAPPED IRON ROD SET CIRS IRON ROD FOUND /RF GR/1?111C SC.ALF 1N FRET DEED RECORDS TARRANT COUNTY TEXAS D.R.T.C.T. PLAT RECORDS TARRANT COUNTY TEXAS P.R. T C. T. ExFvsrr a �r+ew�r:, ORT PARCEL OF PROPERTY - OF WORT OUT OF � ......... rF LT 3, BL 1 POSTWOOD BUSINESS PARK '+.•v DAVID STRICKLAND SURVEY TARRANT COUNTY TEXAS JAMES E. DeOTTE City of Fort Worth AS RECOR,7 ' .. ........................:... 00 TEXAS- STREET INST. 620245779 't-o 46,73 ,)AT WOA'rH, TA. /67(;� YEC'OADS 0;: 7PRA'.4'J- A)UN--e TEXA:> ('•�OF Oar� •.,,E 5 5 . .• O PROJECT- LAKE ARLINGTON LIFT STATION AND FORCE VAIN CITY PROJECT Na. fU0995 9ti0 S U R V � { PERMANENT VARIABLE WIDTH SEWER EASEMENT PARCEL No, 20 LAND ACQUISITION AREA: 8,460 SO FT OR 0 794 AC JDEI JOB No. 207704.900 1 DRAWN BY: PWY I PAGE 5 OF 5 Date: 1211212019 JAMES DeOTTE ENGINEERING, INC. • 2201 DOTTIE LYNN PKWY„ SUITE 119 FORT WORTH, TX 76120 • 817-446-5877 TBPE FIRM Reg. No. 8917 • TBLS Firm Reg. No. 101014-00 PAGE C.6 PARCEL 20 ADDENDUM C EXHIBIT A LEGAL DESCRIPTION TEMPORARY CONSTRUCTION EASEMENT TCE No.1 Being a portion of Lot 3, Block 1 Postwood Business Park, situated in the City of Fort Worth, Tarrant County, Texas as it appears upon the plat recorded in Cabinet A, Slide 8813 of the Plat Records of Tarrant County, Texas (P.R.T.C.T.), and being more particularly described as follows: COMMENCING at a 1/2 inch iron rod found in the north line of Interstate 20 ( 1-20, a variable width right of way) being described in the deed to the State of Texas, recorded in Volume 4801, Page 412 and Volume 4640, Page 614 of the Deed Records of Tarrant County, Texas (D.R.T.C.T.) and in the west line of a 75 feet wide Oncor Electric Delivery Company LLC tract, from which bears a TxDOT ROW monument in the east line of the said 75 feet wide Oncor Electric Delivery Company LLC tract, S 81 °03'44" E a distance of 74.44 feet. THENCE N 81°07'31" W, along said north line of 1-20 right of way, a distance of 521.85 feet to a corner of said 1-20. THENCE N 83°20'35" W, continuing along the said north line of 1-20 right of way, a distance of 765.79 feet to the southeast corner of said Lot 3, Block 1 Postwood Business Park. THENCE N 83°21'31" W, continuing along said common line of 1-20 right of way and said Lot 3, a distance of 432.85 feet to the POINT OF BEGINNING. THENCE N 83°21'31" W, continuing along said common line of 1-20 right of way and said Lot 3, a distance of 1.52 feet to an angle in said common line of 1-20 right of way and said Lot 3. THENCE N 88'20'11" W, continuing along said common line of 1-20 right of way and said Lot 3, a distance of 43.55 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673". THENCE N 01 °08'37" W, a distance of 41.62 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673". THENCE N 39°28'49" W, a distance of 360.93 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673" in the north line of said Lot 3. THENCE N 89°29'21" E, along the said north line of Lot 3, a distance of 102.90 feet. THENCE S 39°28'49" E, a distance of 267.60 feet. THENCE S 01°08'37" E, a distance of 116.03 feet to THE POINT OF BEGINNING and containing 28,687 square feet or 0.658 acres more or less of which 7.209 square feet or 0.165 acres more or less lie within existing easements, leaving 21,478 square feet or 0.493 of an acre more or less exclusive of said existing easements. Page 1 of 9 PAGE C.7 PARCEL 20 ADDENDUM C TCE No.2 Being a portion of Lot 3, Block 1 Postwood Business Park, situated in the City of Fort Worth, Tarrant County, Texas as it appears upon the plat recorded in Cabinet A, Slide 8813 of the Plat Records of Tarrant County, Texas (P.R.T.C.T.), and being more particularly described as follows: COMMENCING at a 1/2 inch iron rod found in the north line of Interstate 20 ( 1-20, a variable width right of way) being described in the deed to the State of Texas, recorded in Volume 4801, Page 412 and Volume 4640, Page 614 of the Deed Records of Tarrant County, Texas (D.R.T.C.T.) and in the west line of a 75 feet wide Oncor Electric Delivery Company LLC tract, from which bears a TxDOT ROW monument in the east line of the said 75 feet wide Oncor Electric Delivery Company LLC tract, S 81 °03'44" E a distance of 74.44 feet. THENCE N 81 °07'31" W, along said north line of 1-20 right of way, a distance of 521.85 feet to a corner of said 1-20. THENCE N 83°20'35" W, continuing along the said north line of 1-20 right of way, a distance of 765.79 feet to the southeast corner of said Lot 3, Block 1 Postwood Business Park. THENCE N 83°21'31" W, continuing along said common line of 1-20 right of way and said Lot 3, a distance of 434.37 feet. a THENCE N 88'20'11" W, continuing along said common line of 1-20 right of way and said Lot 3, a distance of 73.59 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673" and being the POINT OF BEGINNING. THENCE N 88'20'11" W, continuing along said common line of 1-20 right of way and said Lot 3, a distance of 25.03 feet. THENCE N 01 °08'37" W. a distance of 76.23 feet. THENCE S 39°28'49" E, a distance of 40.30 feet to a 5/8" iron rod set with plastic cap stamped "DEOTTE RPLS 4673". THENCE S 01°08'37" E, a distance of 45.84 feet to THE POINT OF BEGINNING and containing 1,526 square feet or 0.035 acres more or less of which all lie within existing easements. i & Gj Page 2 of 9 PAGE C.8 PARCEL 20 ADDENDUM C NOTES: 1) All bearings and coordinates are in US survey feet surface using a scale factor of 1.000137001 and referenced to the Texas Coordinate System, Nad-83, The North Central Zone 4202. 2) Exhibit B of same date accompanies this legal description. L. [07411 Date: 1211212019 James E. DeOtte i\sk Registered Professional Land Surveyor No. 4673 James DeOtte En ineerin Inc L ` 9 g, TBPLS Firm No. 10101400 2201 Dottie Lynn Parkway, Suite 119 Fort Worth, Texas 76120 (817) 446 — 6877 J Page 3 of 9 PAGE C.9 PARCEL 20 ADDENDUM C s EXHIBIT B AkF vluNlrrMAP z In PAGE 4 OF 9 sAGugR N.T.S. cel U u Z 5 DAVID STRiCKLAND DAVID+ STRICKLAND �N 3 - VESTA FARE y J/h� W VESTA FAR EY "ASTER H:G BEA W aj a a Z i eCTFR o� i�� �iei i C V NOTES: BEARINGS ARE REFERENCED TO AN IRON ROD AND A TXDOT MONUMENT FOUND MARKED AS CONTROLLING MONUMENTS. ALL DISTANCE AND AREAS SHOWN ARE SURFACE. LEGAL DESCRIPTION OF SAME DATE ACCOMPANIES THIS PLAT CITY I L G ND: PROPERTY BOUNDARY EX. EASEMENT PROP. EASEMENT I CAPPED IRON ROD SET CIRS IRON ROD FOUND IRF DEED RECORDS TARRANT COUNTY TEXAS 0. R. T C. T. PLAT RECORDS TARRANT COUNTY TEXAS P. R. T C. T OF EXHIBIT B SHOWING A PARCEL OF PROPERTY ORTWORTH OUT OF LOT 3, BLOCK 1 POSTWOOD BUSINESS PAR ��;........ TF STf P:'r n'••.1 Fo SITUATED IN THE % lq; ST DAVID STRICKLAND SURVEY ,,,,,,•,,,,,,,,,,,,,,;,,, TARRANT COUNTY, TEXAS JAMES E. DeOTTE Clt)/ Of Fort Worth AS RECORDED IN ..Y..................... t... zoo TEXAS STREET INST. D209245779 673 f JRT WORTH, TX, 1610? OEEb REG'OROS OF TARRANT COUNTY TEXAS �•'•�0E, Oa`'•� q'•.,,E S tiO S U R � � PROJECT.' LAKE ARLINGTON LIFT STATION AND FORCE MAW CITY PROJECT No. 100995 TEMPORARY CONSTRUCTION EASEMENT No.1 PARCEL No. 20 Date: 1211212019 LAND ACQUISITION AREA: 28,687 SQ FT OR 0.658 AC No. PWY 4 JDEI JOB 201704200 1 DRAWN BY. JPAGE OF 9 JAMES DeOTTE ENGINEERING, INC. • 2201 DOTRE LYNN PKWY, SUITE 719 FORT WORTH, TX. 76120 • 817-446-6877 7SPE FIRM Reg. No. 8917 . TBLS Firm Reg. No. 101014-00 PAGE C.10 PARCEL 20 ADDENDUM C EXHIBIT B PAGE 5 OF 9 r — — I I i fl III l LINE FOR �C1— \ DIRECTIONAL CONTROL 21 31 "W' / N81 '0731 "W' 432.85' ` 521.85' 765.79' P.O. C. N83 20 ;35 -W, (C. M) P. 0. B. !RF INTERSTATE 20 ROW VOL. 4807, PG, 412 TX ROW MON INTERSTATE 20 ROW D.R.T.C.T. VOL. 4640, PG. 614 O.R.LC.L INTERSTATE 20 S81'D 7444; (VARIABLE WIDTH RIGHT-OF-WAY) LEGEND: PROPERTY BOUNDARY EX. EASEMENT J 400 800 PROP. EASEMENT CAPPED IRON ROD SET CIRS IRON ROD FOUND !RF GRAPHIC SCALE IN FEET DEED RECORDS TARRANT COUNTY TEXAS D.R.T.C.T. PLAT RECORDS TARRANT COUNTY TEXAS P. R. T. C. T. EXHIBIT B SHOWING A F'orr WORTH PARCEL OF PROPERTY F T� 1�1 �l LOT 3, BLOCK 1 POSTWOOD BUSINESS PAR �?:•� ` RFo , S'TUATEO IN THE ' DAVID STRICKLAND SURVEY City Of Fort Worth TARRANT COUNTY, TEXAS ••JAMES••E.••DeOTTE•• AS RECORDED IN ••Y.......................... 200 TEXAS STREET INST. D209245779 's o 4673 FORT WORTH, TY. M?W GEE0 RECGROS OF TARRANT COUNTY TEXAS �•••;PpF p�,�'� y'•.••E S S�• O PROJECT. LAKE ARLINGTON LIFT STATION AND FORCE MAIN CITY PROJECT No. 100995 tip S U Rv TEMPORARY CONSTRUCTION EASEMENT No. 1 PARCEL No. 20 LAND ACQUISITION AREA: 28,687 SO FT OR 0.658 AC JDEI JOB No. 201704200 1 DRAWN BY.- PWY IPAGE 5 OF 9 Dote: 1211212019 JAMES DeOTTE ENGINEERING, INC. - 2201 DOTTIE LYNN PKWY., SUITE 119 FORT WORTH, TX. 76120 • 817-446-6877 TBPE FIRM Reg. No. 8917 • TBLS Firm Reg. No. 1070 14-00 _=--IE-_—E- _ PAGE C.11 PARCEL 20 ADDENDUM C AAY1 k_ ; ;. ;L - LRrNNCP° ! L i EXHIBIT B TAX DEF; _dSFM£PI7 l PAGE 6 OF 9 D.R,TCJ t t .T WOFFH,, n� 7P11-3 L+1gzs_; REklAIN-DER \ T APPROXIMATE AREA D 15701.SF.;17 ' •� S OF OVERLAP 115 SO b'OL 3089. PC 234 1 FT OF EXIS77NG SEWER EASEMENT 1.T C T /:J+SEMENT 'ti 0196187J94 APPROXIMATE AREA / "•:4065V r \ ` \ •'' ` _ti D.R.T.C.T OF OVERLAP 4,236 D.RT C 7.\ N89 29'21 'E SO FT OF EXIS77NG SEWER EASEMENT 102.90' D182015494 \ O. R. T C.T. 5/8 CIRS TEMPORARY D /640r_ I ti CONSTRUCTION a-r[. r `� 64SEMENT No. 1 \ CONTAINING 28,687 SQ. O tA`EMENT `. FT 0.658 AC. \ ELL10T & LILLIAJV LL,_ 1914 SADDLF'F,0RN LN PTCr \•s,.� MANSFIELD, Tx n.rb-- — _MEN D<092R5779 +. P-RTC T \ `: PROPOSED y y"F1s�n,s LOT J. L+LOc K 1 VARIABLE WIDTH �'�. -�� ,Y2v9s440649 'I_=TWUOD BUILDINS SEWER EASEMENT \acp. \ Yqrr.T 021�3440fi49 cz LILLItiN b' ���� �NE1R SFMENi 7 CAB A. Sr_D b9L: ;'y t;-ALrDLEN..RN L�(\ `�z-\ � A.R.T.0 r R T C. T MANSFI£LD, Tk 7606!' \� \ �\ j T' 0771f7r E45E)AFQIT D. RT C. - T S 1 '08'37 E' i�• ruv3s4Do4e P RT.C.T i 16.03 i f \\ LOT 1, BLOC'!' I �` ` \ APPROXIMATE AREA OF 4�\'' VETWrk'0 BUILDINT' PAH, /B�CfRS OVERLAP 2,858 SO FT OF EXIS77NG SEWER EASEMENT • r 1. .388-207, Pf_.-55 N1 *08'37 D196187394 & D175513607 7 — 41.�2 D.R.T.C.T. = TURNc TURNEY UAVID A DLA''-qAA? D,NG L'NE 5/ CIRS 432.85' -T1 36 Wr7 `STfLIFr POW T i4 N83'21'31 "W' N83'21 31 jq,, Fi7RT WORTH, T,l' 76109 12 LV ; tNT 1.52' D785 r ` ;14 QR LC.T r 55 N88'20'11 "W' 43.55' LOT 2, BLOCK I TEMPORACONSTRUCTION INTERSTATE 20 POSTWOOD BUSINESS A EASEMENT (VARIABLE WIDTH RIGHT-OF-WAY) LEGEND: PROPERTY BOUNDARY EX. EASEMENT 0 100 200 PROP. EASEMENT CAPPED IRON ROD SET CIRS m 61�m" IRON ROD FOUND IRF GRAPHIC SCALE IN FEET DEED RECORDS TARRANT COUNTY TEXAS D.R.T.C.T. PLAT RECORDS TARRANT COUNTY TEXAS P. R. T. C. T. £XHISIT R SHOW+NG I PARCEL O PR OPERTY A F FORT WORTH T LOT 3, BLOCK 1 POSTWOOD BUSINESS PAR ,.0 •.. T� SITUATED IN THE fi7.: Q' DAVID STRICKLAND SURVEY ....................... City Of Fort Worth TARRANT COUNTY, TEXAS AS RECORDED W JAMES E. DeOTTE ••Y••••'••••••'•••••••••Y•• INST. D209245779 '. 0 4673 200 TEXAS STRPEr hC'RT WORTH, TX, 76102 DEED RECORDS OF TARRANT COUNTY TEXAS �•••'PprE OaP'� • ,,s s �ti0 S U R`I F y Date: 1211212019 PROJECT.. LAKE ARLINGTON LIFT STATION AND FORCE MAIN CITY PROJECT No. 100995 TEMPORARY CONSTRUCTION EASEMENT No. 1 PARCEL No. 20 LAND ACQUISITION AREA: 28,687 SO FT OR 0.658 AC JDEI JOB No. 201704200 1 DRAWN BY: PWY PAGE 5 OF 9 JAMES DeOTTE ENGINEERING, INC. • 2201 DOTTIE LYNN PKWY., SUITE 119 FORT WORTH, TX. 76120 • 817-446-6877 TBPE FIRM Reg. No. 8917 • 7-BLS Firm Reg. No. 101014-00 PAGE C.12 PARCEL 20 ADDENDUM C Sr EXHIBIT B n PAGE 7 OF 9 DAVID STRICKLANE Y VESTA FARL Y A_ CASTER _ 7 ,—" 1 11 VICINITY MAP N.T.S. c u f H c �BE W J u u a Rny Pl PROJECT CffLI 'TT - LiTT1.' LOCATION - i `3 _ cn i u KENNEBALE =T'Y BOLEN ✓dN r N �Ir PNN N J � Dt. 1 a I _ o NOTES: BEARINGS ARE REFERENCED TO AN IRON ROD AND A TXDOT MONUMENT FOUND MARKED AS CONTROLLING MONUMENTS- ALL DISTANCE AND AREAS SHOWN ARE SURFACE. LEGAL DESCRIPTION OF SAME DATE ACCOMPANIES THIS PLAT. r_ r,-rY „IN'�y LEGEND: r -mL 1% PROPERTY BOUNDARY EX. EASEMENT — - PROP. EASEMENT CAPPED IRON ROD SET CIRS IRON R00 FOUND IRF DEED RECORDS TARRANT COUNTY TEXAS D. R. T. C.T. PLAT RECORDS TARRANT COUNTY TEXAS P. R. T. C. T. �I 0 F �:..•••••••. FORT WORTH EKHIBIT B SHOWING A PARCEL OF PROPERTY OUT OFF LOT 3, BLOCK 1 POSTWOOD BUSINESS PAR jF ?•��`S;ERca y SITUATED !n, PIE UJJ• DAVID STRICKLAND SURVEY �tP ,,,,,,,,,,,,,,,,,,,,,;,,, City of Fort Worth TARRANT COUNTY, TEXAS AS RECORDED rN JAMES E. DeOTTE ••v•••••••••••••••• V•• 7--AA; JNST. D209245779 :Q 4673 zoo T;atT FORT WORTH, TX, 76102 DEED RECORDS OF TARRANT COUNTY TEXAS •••;OF O;.P•� 9,I;O ,f S 5 �,•'y0 S U R v PROJECT. LAKE ARLINGTON LIFT STATION AND FORCE MAIN CITY PROJECT No. 100995 TEMPORARY CONSTRUCTION EASEMENT No.2 PARCEL No. 20 Dote: 1211212019 LAND ACQUISITION AREA; 1,526 SO FT OR 0.035 AC 7 JDEI JOB No. 201704200 1 DRAWN BY: PWY PAGE OF 9 JAMES DeOTTE ENGINEERING, INC. • 2201 DOTTIE LYNN PKWY., SUITE 119 FORT WORTH, By. 76120 • 817-446-6877 TBPE FIRM Reg. No. 8917 • TBLS Firm Reg. No. 101014-00 PAGE C.13 PARCEL 20 ADDENDUM C INTERSTATE 20 ROW VOL. 4640, PG. 614 D. R. T.C. T I 0 400 800 GRAPHIC SCALF, IN FFF,T EXHIBIT B PAGE 8 OF 9 INTERSTATE 20 (VARIABLE WIDTH RIGHT—OF—WAY) Li LEGEND: PROPERTY BOUNDARY EX. EASEMENT PROP. EASEMENT CAPPED IRON ROO SET CIRS IRON ROD FOUND IRF DEED RECORDS TARRANT COUNTY TEXAS O. R. T. C. T. PLAT RECORDS TARRANT COUNTY TEXAS P. R. T. C. T. EXHIBIT 8 SHOWING A Iq FORT WORTH PARCEL OF PROPERTY OUT OF LOT 3, BLOCK 1 POSTWOOD BUSINESS PAR SITUATED IN THE DAVID STRICKLAND SURVEY City Of Fort Worth TARRANT COUNTY, TEXAS AS RECORDED IN 200 TEXAS STRttT INST. D209245779 FORT WORT}i, TX. 76102 DEED RECORDS OF TARRANT COUNTY TEXAS PROJECT. LAKE ARLINGTON LIFT STATION AND FORCE MAIN 7CITY PROJECT No. 100995 TEMPORARY CONSTRUCTION EASEMENT No.2 I PARCEL No. 20 LAND ACQUISITION AREA 1 526 SO FT OR 0 035 AC TX ROW MON (C. M. S81'03'44'E' 74.44 P.�� \ S T £R •••. f •• JAMES••E. •DeOTTE �e ..% ......................... 4673 \O.SUR 1E1 � JDEI JOB No. 201704200 1 1 DRAWN BY.- PWY I PAGE 8 OF 9 Date: 1217212019 JAMES DeOTTE ENGINEERING, INC. • 2201 DOTTIE LYNN PKWY., SUITE 179 FORT WORTH, TX. 76120 • 817-446-6877 TBPE FIRM Reg. No. 8917 . TBLS Firm Reg. No. 101014-00 PAGE C.14 PARCEL 20 ADDENDUM C ! MYERS kATHERINE L PERMANENT EXHIBIT B TA DEPT - ASEMENT \ Ii 079675C /2 I �. , ` I PAGE 9 OF 9 57717 ENSIGN OR W \ D R.Tc,r CRT WORTH, TX 161 1 g n' SEw£r, tASEdAEN7 REMAINDER \ / I I rH?:7,?777R U75707362. r T c T L'OL JCi8,9. PG _' 14 \ `. D.R.TL T '•;nr;5 ter 2J SEVER EASEMENT �_ ,•, \ oi64n6hSr5 .. \ \ \ TEMPORARY u %T, r, T CONS77?UC7lON 7 5' 7TUCO EASEMENT ram. \ \ \ EASEMENT _LLIJT it LILLON Ll_C i74 7AP,DLEHORN LN MNSF-7ELD, Ta- 76S.g;3 — — r 1?1 0T5494 O 5_NEA' rI.RTCT o.Rr.c'.r \ PROPOSED LOT 3, I�LJCK ! VARIABLE WIDTH ` EAsEMEN D1Ai1 J0619 � �TWOOD BVIUJIIUG Fa,Pk SEWER EASEMENT tlA � Pr,T,_D203440649 ELLIOT Nc LILK '\ .N T' t71tiEME � CAB. A, SL D 881 _' 7 914 SAODL ENr?RN L ♦ �� \\ 755 r 3lia7 L PR_T.I,.T MANSOLLD. DC 760r , ` ,\ 40. JO' "49 E� �gR.r.GT� \ / D21414829' 40.30" AP,IROXIU47F AREA OF OVERLAP ?.-A' VNiTV EA.' AL T� D. R. T. G.T N1'08'37"W" 1,526 SO FT OF EXIS77NG D7JJ44d649 P.R.TC_T j \ 76.23' SEWER EASEMENT LOT 1, BLOCk 7 0164065315, D175513607, \ r do D196187394 ,afJSTNOOD UUILDING PAF<+' S/B� CI1tS D.R.T.C.T. PC S.j _ _ _ S 1 "08'37 E" T rn5/6( r,nr — — — — CIRS 45.84' TURNEY DAWD A DURHAM .!) i5 WESTCLIFF RO W FORT WORTH, TX 76109 !' 185� U0274 D.RTr.T. LOT 2, 81OCK 1 P037WOOFJ BUS/NE;S P,'� D i -.- LEGEND: WIWT- T TEMPORARY CONSTRUCTION EASEMENT No.2 CONTAINING 1,526 SQ. FT / 0.035 AC. P.O.B. \-N88'20' 1 1 "W' NB3 2 73.59' N88"20'1 1 "W' 25.03' INTERSTATE 20 (VARIABLE WIDTH RIGHT-OF-WAY) PROPERTY BOUNDARY EX. EASEMENT 0 100 200 PROP. EASEMENT I ICAPPED IRON ROD SET CIRS IRON ROD FOUND IRF GRAPHIC SCALE, IN FEET DEED RECORDS TARRANT COUNTY TEXAS D.R.T.C.T. PLAT RECORDS TARRANT COUNTY TEXAS P. R. T. C. T. EXHI9IT B SHOW7N; a 1 FORT WORTH PARCEL OF PROPERTY OUT OF LOT 3, BLOCK 1 POSTWOOD BUSINESS PAR SrrUATED IN THE DAVID STRICKLAND SURVEY TARRANT COUNTY, TEXAS City Of Fort Worth AS RECORDED M1V 200 TEXAS STREET INST. D209245779 ri;RT WORTH, TX. 7610> DEE0 RECORDS OF TARRANT COUNTS TEXAS" PROJECT.' LAKE ARLINGTON LIFT STATION AND FORCE MAIN CITY PROJECT No. 100995 TEMPORARY CONSTRUCTION EASEMENT No.2 I PARCEL No. 20 st ............................. JAMES E. DeOTTE ...;. Q.......P 4673 \ •••�°..E S s o 0 \0 •SUR� JDEI JOB No. 201704200 V DRAWN BY. PWY v PAGE 9 OF 9 Date: 1211212019 JAMES DeOTTE ENGINEERING, INC. • 2201 DOTTIE LYNN PKWY., SUITE 119 FORT WORTH, TX. 76120 • 817-446-6877 TBPE FIRM Reg. No. 8917 • TBLS Firm Reg. No. 101014-00 i _=--IS-_—E- _ PAGE C.15 PARCEL 20 ADDENDUM D ADDENDUM D Property Information PAGE D.1 PARCEL 20 ADDENDUM D Account: 06146813 Address: 5625 E IH 20 09wO Location lu 32°40'11.9"N 97°14'02.9"W 56251-20, Fort Worth, TX 76119 Directions View larger map DOA . • tiaeloonz os Balloon store 4�P a T r o. v%/ dya^ + O r 1-20 Frontage Rd If - _ - 1-20 Frontag< v Go gle ? T -- - Map data 9)2023 Google Report a map error This map, content, and location of property is provided by Google Services. 'a 1W Go PAGE D.2 PARCEL 20 ADDENDUM D Address: 5625 E IH 20 City: FORT WORTH Georeference: 32884-1-1 Neighborhood Code: POSTWOOD BUSINESS PARK Latitude: 32.6699664529 Longitude:-97.2341393518 TAD Map: 2078-364 MAPSCO: TAR-093Q * Property Data Legal Description: POSTWOOD BUSINESS PARK Block 1 Lot 1 Jurisdictions: CITY OF FORT WORTH TARRANT COUNTY TARRANT REGIONAL WATER DISTRICT TARRANT COUNTY HOSPITAL TARRANT COUNTY COLLEGE FORT WORTH ISD State Code: F1 Year Built: 1987 Personal Property Account: Agent: None -�kN9 Site Number: 80543499 Site Name: THE TREE PLACE Site Class: RETGen - Retail-General/Specialty Parcels: 1 Primary Building Name: THE TREE PLACE / 06146813 Primary Building Type: Commercial Gross Building Area'": 8,320 Net Leasable Area+++: 8,320 Land Sgft': 43,560 Land Acres*: 1.0000 Pool: N Notice Sent: 1/1/1900 Notice Value: $0 PAGE D.3 PARCEL 20 ADDENDUM D Protest Deadline: 1/1/1900 Rendition Received: 1/1/1900 Rendition Worked: Y Rendition Extension Date: 1/1/1900 Rendition Penalty: Y +++ Rounded * This represents one of a hierarchy of possible values ranked in the following order; Recorded, Computed, System, Calculated Owner Information Current Owner: ELLIOTT AND LILLIAN LLC Primary Owner Address: 1914 SADDLEHORN LN MANSFIELD, TX 76063 Deed Date: 7/10/2014 Deed Volume: 0000000 Deed Page: 0000000 Instrument: D214148225 W\4to4k Z twkN9 Previous Owners:. Name FIRST FINANCIAL BANK NA Date 8/6/2013 Instrument D214039065 Deed Volumne 0000000 Deed Page PACE DA PARCEL 20 ADDENDUM D 111116I1I6AI11 Name SE FT WORTH MAJESTIC BUILDING Date 3/12/2010 Instrument D210059484 Deed Volumne 0000000 Deed Page 0000000 Name ` MAJESTIC TEXAS PROPERTIES LP Date 3/11/2010N4 Instrument D210057527 Deed Volumne 0000000 ` Deed Page 0000000 Name Y & D BEVERAGE INC 4j Date 12/12/2005 Instrument D206005364 Deed Volumne 0000000 Deed Page 0000000 PAGE D.5 PARCEL 20 ADDENDUM D Name TRIPLE SEVEN STORES INC Date 7/14/2000 Instrument 00144320000172 Deed Volumne 0014432 Deed Page 0000172 Name DRAPER JAMES E ETAL Date 4/24/1989 Instrument 00095770001297 Deed Volumne 0009577 Deed Page 0001297 Name DRAPER JAMES E ETAL Date 3/26/1987 Instrument 00088850000001 Deed Volumne 0008885 Deed Page 0000001 Name PAGE D.6 PARCEL 20 ADDENDUM D LOU GRANTGES CO Date 1/1/1987 Instrument 00000000000000 Deed Volumne 0000000 Deed Page 0000000 $ Values This information is intended for reference only and is subject to change. It may not accurately reflect the complete status of the account as actually carried in TAD's database. Tarrant County Tax Office Account Information Year 2023 Improvement Market Pending Land Market Pending Total Market Pending Total Appraised+ Pending Year 2022 Improvement Market $480,369 Land Market PAGE D.7 PARCEL 20 ADDENDUM D $65.340 Total Market $545.709 Total Appraised+ $545,709 Year 2021 Improvement Market $469,660 Land Market $65,340 Total Market $535,000 Total Appraised+ $535,000 Year 2020 Improvement Market $434,660 Land Market $65,340 Total Market $500,000 Total Appraised+ C3 $500,000 Year 2019 Improvement Market $392,629 Land Market $5 7,371 Total Market PAGE D.8 PARCEL 20 ADDENDUM D $450,000 Total Appraised+ $450.000 Year 2018 Improvement Market $334,660 Land Market $65,340 Total Market $400,000 Total Appraised+ $400,000 Pending indicates that the property record has not yet been completed for the indicated tax year + Appraised value may be Less than market value due to state -mandated limitations of value increases V IN Q Exemptions ,W le6, There are no exemptions for this property Per Texas Property Tax Code Section 25.027, this website does not include exemption information indicating that a property owner is 65 years of age or older CONTACT Tarrant Appraisal District 2500 Handley-Ederville Road PAGE D.9 PARCEL 20 ADDENDUM D Fort Worth, Texas 76118-6909 (817) 284-0024 BUSINESS HOURS Monday - Friday 8:OOam - 5:OOpm © 2023 Tarrant Appraisal District I �t PAGE D.10 PARCEL 20 ADDENDUM D Account: 40389294 Address: 5501 E IH 20 09wO Location 32°40'12.4"N 97°14'04.1V 5625 1-20, Fort Worth, TX 76119 View larger map �O Baeloont Balloon store Directions v, a 0- �v yQ log GO �-_ The Tree Place Nursery Tree (err .... 287 4 r7l-fi'% 1-20 Frontage Rc Go gle Map data ©2023 Google Report a map error This map, content, and location of property is provided by Google Services. v PAGE D.11 PARCEL 20 ADDENDUM D Address: 5501 E IH 20 City: FORT WORTH Georeference: 32884-1-3 Neighborhood Code: POSTWOOD BUSINESS PARK Latitude: 32.6701220459 Longitude:-97.2344827124 TAD Map: 2078-364 MAPSCO: TAR-093Q * Property Data t* Legal Description: POSTWOOD BUSINESS PARK Block 1 Lot 3 Jurisdictions: CITY OF FORT WORTH TARRANT COUNTY TARRANT REGIONAL WATER DISTRICT TARRANT COUNTY HOSPITAL TARRANT COUNTY COLLEGE FORT WORTH ISD State Code: F1 Year Built: 2005 Personal Property Account: Agent: None Site Number: 80857507 Site Name: DESIGNS IN NATURE Site Class: WHStorage - Warehouse -Storage Parcels: 1 Primary Building Name: DESIGNS IN NATURE FENCED / 40389294 Primary Building Type: Commercial Gross Building Area": 2,400 Net Leasable Area"`: 2,400 Land Sgftk: 299,998 Land Acres"': 6.8870 Pool: N Notice Sent: 1/1/1900 Notice Value: $0 PAGE D.12 PARCEL 20 ADDENDUM D Protest Deadline: 1/1/1900 Rendition Received: 1/1/1900 Rendition Worked: Y Rendition Extension Date: 1/1/1900 Rendition Penalty: Y +++ Rounded * This represents one of a hierarchy of possible values ranked in the following order: Recorded, Computed, System, Calculated Owner Information Current Owner: ELLIOTT & LILLIAN LLC Primary Owner Address: 1914 SADDLEHORN LN MANSFIELD, TX 76063 Deed Date: 9/4/2009 Deed Volume: 0000000 Deed Page: 0000000 Instrument: D209245779 tw Previous Owners: Name HAFKESBRING NOELLE;HAFKESBRING ROBT III Date 1/1/2003 Instrument 00000000000000 Deed Volumne 0000000 Deed Page PAGE D.13 PARCEL 20 ADDENDUM D $ Values This information is intended for reference only and is subject to change. It may not accurately reflect the complete status of the account as actually carried in TAD's database. Tarrant County Tax Office Account Information Year 2023 Improvement Market Pending Land Market Pending Total Market Pending Total Appraised+ Pending Year 2022 Improvement Market $170,016 Land Market $149,999 Total Market $320,015 Total Appraised+ $320,015 Year PACE D.14 PARCEL 20 ADDENDUM D 2021 Improvement Market $170,016 Land Market $149,999 Total Market $320,015 Total Appraised+ $320,015 Year 2020 Improvement Market $132,892 0 Land Market $149,999 Total Market $282,891 Total Appraised+ $282,891 Year 2019 Improvement Market $132,892 Land Market $149,999 Total Market $282,891 Total Appraised+ $282,891 Year 2018 Improvement Market PAGE D.15 PARCEL 20 ADDENDUM D $82,411 Land Market $149,999 Total Market $232,410 Total Appraised+ $232,410 Pending indicates that the property record has not yet been completed for the indicated tax year + Appraised value may be less than market value due to state -mandated limitations of value increases Q Exemptions There are no exemptions for this property ,6, 7 Per Texas Property Tax Code Section 25,027, this website does not include exemption information indicating that a property owner is 65 years of age or older CONTACT Tarrant Apprai tr 2500 Handley -Ed Road Fort Werth, Texas 76118-6909 (817) 284-0024 PAGE D.16 PARCEL 20 ADDENDUM D BUSINESS HOURS Monday - Friday 8:00am - 5:00pm © 2023 Tarrant Appraisal District I �t PAGE D.17 PARCEL 20 ADDENDUM D TEXAS APPRAISAL TEAM Foryour Valuation and C'onsulling Needs January 28, 2020 Elliott & Lillian LLC 1914 Saddlehom Ln. Mansfield, TX 76063 City of Fort Worth Project: CFW Project# 100995 Lake Arlington Lift Station and Force Main Property Identification: Tax Records Address: Parcel 20 5501 E IH 20 Dear Property Owner: '4't The City of Fort Worth has approved the Lake Arlington Lift Station and Force Main project in Tarrant County, Texas. The City of Fort Worth is now proceeding with the acquisition of easements for the project. Texas Appraisal Team has been retained to perform real estate appraisals of certain properties identified to be part of the project. According to the tax records of Tarrant County, you are an owner/representative of the above -referenced property, which has been identified as part of the proposed public project. Texas Appraisal Team has been asked to appraise your property as identified on the project maps. For your information, we have included a copy of the project depicting your property as it has been provided to us. In order to proceed with the appraisal, we would like to speak with you about the property at your earliest convenience. We are also available to meet with you to inspect the property and to discuss the appraisal process_ We would like to schedule an inspection time with you as soon as possible to visually inspect the property, and to take measurements and photographs. Please contact Aaron H. Wright, MAI at (972) 268-6695 ext. 103 or via email at,aaron@txateam.com to schedule a specific time to meet. Please also complete the attached owner information sheet and send it by e-mail it to the address shown above. You can also send it by regular mail to the Venus address shown at the bottom of this page. Your prompt attention to this matter will be greatly appreciated. We look forward to hearing from you or your representatives, and we appreciate your cooperation. Sincerely, TEXAS APPRAIsaL "I'EAm Aaron H. Wright, MAI Matthew A. Sims Director - Appraiser Appraiser EXPERTISE WHEN IT COUNTS 717 Cordes Drive Venus, Texas 76084 Office: 972-268-6695 Texasateam.com PAGE D.18 PARCEL 20 ADDENDUM D Property Owner Information Please complete the following information and return by email to Aaron H. Wright, MAI at aron a-txateam.com. Owner per Tax Records Project and Propert<• Information Elliott & Lillian LLC City of Fort Worth Project: CFW Project# 100995 Lake Arlington 1914 Saddlehorn Ln. Lift Station and Force Main Mansfield. TX 76063 Property Identification: Parcel 20 Tax Records Address: 5501 E IH 20 The information on this page is used strictly for this project, and is not distributed to outside parties or databases. Additional information is needed to assist in the appraisal process and far negotiations. Please provide the best person to contact in regards to the property described above. Print Name Address Telephone Number Alternate Phone N City, State, Zip Code E-mail. Please check and complete the following. ❑ I amthe property g�� nrro or.rcpresenC:___ e ❑ of the property described above and by the enclosed map. • How long have you owned the property? • Is the property listed for sale ❑ or under, contract ❑ to sell? _❑Yes ❑No ❑ 1 grant permission for The Texas Appraisal Team to enter on my property, as identified above and on the enclosed property map, ti)r the purpose of appraising my property in connection with the construction of the above identified project. ❑ i would like to have myself❑ or have my property representativg.❑ accompany The Texas Appraisal Team during his inspection of my propery. ❑ I am not the owner of the property as described by the enclosed project map. Signature Date The above information is used strictly for this project, and is not distributed to outside parties or databases. PAGE D.19 uiiiiiiii ,►i►ii�I�Ii�liilii����������,,,,..y �Y w ; Cal '1Z; ►Yk.:'lam_ = �.:J �� PARCEL 20 ADDENDUM D Taken from: IH 20 Frontage Road North towards easement. Taken from: IH 20 North towards whole property. PAGE D.22 ,PIT CAN&. PARCEL 20 ADDENDUM D I V �,i� ,a =- *:ems. VA Existing Sewer Easement 1 — lit 3p _ -,1M II I � I •r N a PAGE D.24