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Ordinance 6951
ORDINANCE NO.- ORDINANCE CLOSING HEARING AND LEVYING ASSESSMENTS FOR PART OF THE COST OF IMPROVING A PORTION OF__, IRVI_NG STREET _ AND PORTIONS OF SUNDRY OTHER STREETS, AVENUES AND PUBLIC PLACES IN THE CITY OF FORT WORTH, TEXAS: FIXING CHARGES AND LIENS AGAINST ABUTTING PROPERTY THEREON, AND AGAINST THE OWNERS THEREOF: PROVIDING FOR THE COLLECTION OF SUCH ASSESSMENTS AND THE ISSUANCE OF ASSIGNABLE CERTIFI- CATES IN EVIDENCE WHEREOF: RESERVING UNTO THE CITY COUNCIL THE RIGHT TO ALLOW CREDITS REDUCING THE AMOUNT OF THE RESPECTIVE ASSESSMENT TO THE EXTENT OF ANY CREDIT GRANTED: DIRECTING THE CITY SECRETARY TO EN- GROSS AND ENROLL THIS ORDINANCE BY COPYING THE CAPTION OF SAME IN THE MINUTES OF THE CITY COUNCIL OF FORT WORTH, AND BY FILING THE ORDINANCE IN THE ORDINANCE RECORDS OF SAID CITY: AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Fort Worth, Texas, has heretofore ordered that each of the hereinafter described portions of streets, avenues and public .places in the City of Fort Worth, Texas, be improved by raising, grading, or filling same and by constructing thereon to-wit: IRVING STREET From Blue Mound Road to 2480' east, known and designated as Project No. 104-24000-235, a seven-inch thick reinforced concrete pavement on a six-inch thick lime stabilized subgrade with seven-inch high superimposed concrete curb on a forty foot roadway. Six-inch thick concrete driveways will be constructed where specified. r City of Fort Worth, Texas Mayor or and Council Communication DATE REFERENCE SUBJECT: Benefit Hearing - Assessment PAGE NUMBER Paving 1/21/74 G-2337 of Irving Street IOf 2 On December 17, 1973, a contract was awarded for the assessment paving of Irving Street, Project No. 104-24000-235, as described below, and January 21, 1974, was set as the date for the Benefit Hearing (M&C C-2688) . Roadway R.O.W. Street Limits Width Feet Width Feet Irving Street Blue Mound Road 40 60 to 2480' East Improvements The improvements in this project were initiated in conjunction with Community Facilities Contract No. 5601 as amended by M&C C-2460, dated March 5, 1973. All of the property adjacent to the north side of the street is owned by the developer. The property adjacent to the south side of the street is owned by six individual owners including the Federal Aviation Administration. All property owners were informed of their proposed assessments by letter, dated November 30, 1973, and a Neighborhood Meeting was conducted on the project on December 10, 1973. The existing 14 foot wide gravel street will be improved by construction of 7-inch thick concrete pavement with 7-inch high concrete curb on a 6-inch lime stabilized subgrade along with 6-inch thick concrete drive- ways where specified on the plans. In addition, storm drainage facil- ities will be constructed to serve Irving Street as well as improving drainage facilities on the east side of Blue Mound Road at Irving Street. Federal Aviation Administration Property Based upon correspondence from the F.A.A. Regional Director, the F.A.A. has no foreseeable need for the paving of Irving Street. Consequently, a 'paving assessment is viewed as an involuntary tax against the United States and, in view of the immunity granted the United States under the Constitution from state or local taxation, there would be no legal basis under which the F.A.A. could pay a paving assessment since no funds were appropriated by the Congress for the improvement of Irving Street. The Departmeart of Law of the City of Fort Worth concurs with the position that property of the Unite4 States is exempt from special assessments for street improvements, without an act of Congress authorizing such assessment. 4 PATE RETE ERCE SUBJECT: Benefit Hearing - Assessment PAGE NUMB1/21/74 G-2337 Paving of Irving Street 2 of 2 Proposed Assessments and Enhancement Appraisals An independent land appraiser was employed by the Public Works Department to determine the enhancement of properties as a result of the above im- provements. In the expert opinion of the appraiser, Mr. Ross E. Jones, all properties save one would enhance in value more than the assessments proposed to be levied in accordance with standard policy. In that one instance, the enhancement is only $116 less than would be levied under standard policy. The Public Works Department concurs in the appraiser's report, which will be available for consideration at the Benefit Hearing. The assessment roll, with amounts of enhancement shown, has been prepared for comparison. Recommendations It is.recommended that: 1) The Federal Aviation property, known as Tract 6, W. B. Tucker Survey, not be assessed; and, 2) That an ordinance be adopted closing the hearing and levying the assessments as recommended in the appraisal report and/or as determined by the Council. RNL:c Attachments SUBMITTED DYs 0I8P0kTION BY COUNCILSP CuIRD By T APPROVE OT (DEB AI■ — _ 01 • MIY A ALU kj 41 DAT l� CITY MANAGER .at PROJECT NO . 104 - 24000 - 235 } � 3 OD a LppP 82p a CU LOOP 820 ao � -N- � Y M Z Bqn. Proj, a Sca/e.' /��3000' M 0 IRVING ST ODUM RD w End Proj. J w t0 > TERMINAL RD a Meacham E- Field N U Z LONG AVE Z a > J } N Y Z � W O w Z o IRVING STREET Blue Mound Road to 2480 ' east r a p > >~ cr 3 N �OOp 82 Y 0 a d3 LOOP OD } 3 cli � LL: � 3 n Y ul M = Bgn, Proj. Q 0 IRVING ST ODUM RD w J End Proj. ir f11 w TERMINAL 0D a Meacham �- Fie/d N U 2 - a SIGNED RESULT OF POSTCARD SURVEY ORIGINAL FOR AGAINST NO OBJECTION TOTAL PETITION PAVING PAVING SUBMITTED I NO. OF FRONT FEET 4837 2415 1387 1033 ' PER CENT ](�(!.(? 49.9 28. 7 21 .4 PARCELS OF PROPERTY 8 1. 3 4 PER CENT 1 nn 1 2. 5 37. 5 n,r; NO. OF PROPERTY OWNERS 7 1 3 3 PER CENT 1 nn,r 14.2 42. 9 42 . 9 OWNERS LIVING ON STREET —n— —( _ _{l_ _.,n,_ PER CENT OWNERS LIVING ELSEWHERE ? 1 3 3 PER CENT i,-.n n 14. 2 4.2 n 42 . 1) PROJECT NO. 104-24nnn-235 IRVING STREET FROM BLUE MOUND ROAD TO 248n' EAST, INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 2282 +IPT I qFO �of40RT�A To the Mayor and Members of the City Council February 8, 1974 ueurexP�. Subject: ASSESSMENT PAVING OF IRVING STREET FROM BLUE MOUND ROAD TO 1073 2,480 FEET EAST On January 21st, 1974, the City Council conducted a public hearing for the purpose of determining benefits to be derived by adjacent property as a result of the proposed improvement of Irving Street. The hearing was con- tinued to allow time for the property owners and City staff members to meet and consider various aspects of the proposed project. Apportionment of Cost The preliminary assessment roll considered by the City Council was prepared in accordance with provisions of State law and standard policies of the -City of Fort Worth. Proposed assessments were determined on the basis of the front footage of each parcel of land abutting the street. This apportionment of cost, however, does not take into account the relative size of each parcel of land or its valuation. Appraisals of each parcel of land, both as to value before paving and estimated value after paving, were made by Mr. Ross Jones, independent appraiser employed by the City who took into account relative size of parcels and valuation before and after the paving, and these appraisals were offered in evidence indicating that all parcels except one were enhanced in value by an amount at least equivalent to the proposed assessment. In the one case, it was proposed that the assessment be reduced from the front foot basis to an amount equal to the enhancement of value. There are at least four ways to approach the apportionment of that portion of the total cost of paving which is to be assessed against abutting property owners: (1) the front foot method; (2) the area method; (3) the assessed valuation method; and (4) the direct benefit or enhancement method. The front foot method uses the length of the property which abuts the improvement in determining the amount to assess. Standing alone, it disregards all other factors such as the depth of the lot and its shape, its value, location, and the extent to which an imI`rovement actually benefits the property. The area method gives consideration to the lot width as well as its depth and shape and is basically a proration bad6d on the ratio of the area of a particular lot to the total area of the properties abutting the project. The property valuation method takes into account the value of the real estate without improvements and distributes the cost in accordance with the ratio of the value of a parcel compared to the total value of all parcels abutting the project. The direct benefit method, in theory, is the most equitable method for levying a special assessment, but it is not related to project construc- tion cost and, strictly applied, would in many cases result in the property owners paying more than the total cost of construction. Such practice is prohibited by State law. The direct benefit or enhancement of value does serve as an upper limit for assessments proposed under any of the first three methods. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 2282 - Page 2 PrP T(gf0 uwexp��. fFoerTo the Mayor and Members of the City Council February 8, 1974 Subject: ASSESSMENT PAVING OF IRVING STREET FROM BLUE MOUND ROAD TO 1073 2,480 FEET EAST Pursuant to the Council's directive, computations have been made to determine an alternate rate of assessment. A proposed revised assessment has been computed after consideration of assessment as computed under each of the three methods, i.e.; front foot, area, and valuation. A weighting factor of 40 per cent for the front footage and 30 per cent for each of the other two methods has been used and the result in each case checked against the direct benefit to ascertain that it does not exceed the enhancement. Attached to and a part of this report is a revised assessment roll showing the resultant computed values. Except for the Hobbs Trailer Company, all assessments may be lowered as a result of considering area and valuation factors. Due to the large size of the Hobbs Trailer Company (over 50 acres), its assessment would be increased substantially above the amount originally proposed in accordance with the front foot rule and standard City policy. It is believed that the Hobbs Trailer Company assessment should remain the lower of the two figures, which is the amount proposed under the front foot basis. The net result of these recommendations is that the City would absorb an additional $13,144.81 in cost from the original proposed assessment roll. Representatives of the owners of property along the street have been informed of this alternative and have agreed to accept the revised assessments. All property owners have indicated their desire that the street be paved and the project not be abandoned. Street Width Members of the Council requested further consideration of the width of -road- way proposed to be paved. Current plans on which bids were received provide for a 40 foot wide roadway. This is considered to be the desirable standard for streets within heavy industrial districts in order to provide adequate room for the safe maneuvering of large trucks and trailers. Further study and consideration was given to reducing the width of pavement to one-half,of a future divided boulevard section, but recent land development in the Mark IV Industrial District to the east of Hobbs Trailers precludes further considera- tion at this time of the feasibility of connecting Odom Road into Irving Street as a major thoroughfare. Due both to the Mark IV development and other, physical problems (railroad yards, petroleum product lines, and Meacham Field) , it is unlikely that any extension of Irving Street will occur beyond the current project. It is therefore recommended that the roadway width remain at the forty feet as proposed. Construction Specifications Current specifications require construction of a 7 inch thick reinforced concrete pavement over a 6 inch thick lime stabilized subgrade. As a part ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 2282 - Page 3 �y,P rtRF a T'o the Mayor and Members of the City Council February 8, 1974 Subject: ASSESSMENT PAVING OF IRVING STREET FROM BLUE MOUND ROAD TO 2,480 FEET EAST of the design consideration, soil tests were made to determine the feasibility of constructing an asphaltic concrete pavement. These tests reveal that the underlying material is a )iighly plastic clay with a 25 per cent shrinkage factor. Since the underlying layer of expansive soil is several feet thick, shrinkage cracks will occur well below the stabilized subgrade and will reflect through the subgrade and asphaltic concrete pavement. Such cracks coming through to the surface then permit the intrusion of surface water through the pavement and the treated subgrade into the underlying native soil, thereby further deteriorating the pavement and hastening its failure. On the other hand, reinforced concrete pavement is able to bridge shrinkage cracks and is held together by the reinforcing steel imbedded within the concrete. East of the area in question, streets were permitted to be paved in the Mark IV Industrial District using asphaltic concrete. Although these streets are now only about six years old, cracking is already evident and base failures are showing up in a number of locations. In order to prevent further deterioration of the Mark IV streets, it will be necessary in the near future to undertake extensive maintenance. It is recommended that the specifications as currently provided for the paving of Irving Street not be reduced. It is recommended that an ordinance be adopted closing the hearing and levying assessments as determined by the City Council. Respectfully submitted, R. N. Line City Manager RNL:ms Attachment ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS The above,together with combined concrete curbs and gutter on proper grade and line where same are not already so constructed, together with storm drains and other necessary incidentals and appurtenances; all of said improve- ments are to be so constructed as and where shown on the plans and in strict accordance with the Plans and Specifications therefor: and contract has been made and entered into with J. L. BERTRAM, CONSTRUCTION for the making and construction of such improvements on the above said portion of streets, avenues and public places. WHEREAS, estimates of the cost of the improvements of each such.portion of streets, avenues and public places were prepared and filed and approved and adopted by the City Council of the'City, and a time and place was fixed for a hearing and the proper notice of the time, place and purpose.of said hearing was given and said hearing was had and held at the time and place fixed therefor, to-wit, on the 21st day of JANUARY 19_Z4,__, 9.10 .A. h—, in the Council Chamber in the City Hall in the City of Fort Worth, Texas, and at such hearing the following protests and objections were made, to-wit: ;protested that protested that protested that protested that -protested that that --protested that that protested that --_—__--------protested that and said hearing was continued to the present time in order to more fully accomplish the purposes thereof, and all desiring to be heard were given full and fair opportunity to be heard, and the City Council of the City having, fully considered all proper matter, is of the opinion that the said hearing should be closed and assessments should be made and levied as herein ordered: NOW THEREFORE: BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS, THAT: I. Said hearing be, and the same is hereby, closed and the said protest and objections, and any and all other protests and objections, whether herein enumerated or or not, be and the same are hereby, overruled. IL The City Council, from the evidence, finds that the assessments herein levied should be made and levied against the respective parcels of property abutting upon the said portions of streets, avenues and public places and against the owners of such property, and that such assessments and charges are right and proper and are substantially in proportion to the benefits to the respective parcels of property by means of the improvements in the unit for which such assessments are levied, and establish substantial justice and equality and uniformity between the respective owners of the respective properties, and between all parties concerned, considering the benefits received and burdens imposed, and further finds that in each case the abutting property assessed is specially benefited in enhanced value to the said property by means of the said improvements in the unit upon which the particular property abuts and for which assessment is levied and charge made, in a sum in excess of the said assessment and charge made against the same by this ordinance, and further finds that the apportion- ment of the cost of the improvements is in accordance with the law in force in this City, and the proceedings of the City heretofore had with reference to said improvements, and is in all respects valid and regular. III. There shall be, and is hereby, levied and assessed against the parcels of property herein below mentioned, and against the real and true owners thereof (whether such owners be correctly- named herein or not) the sums of money itemized below opposite the description of the respective parcels of property and the several amounts assessed against the same, and the owners thereof, as far as such owners are known, being as follows: IV. Where more than one person, firm or corporation owns an interest in any property above described, each said person, firm or corporation shall be personally liable only for its, her or his pro rata of the total assessment against such property in proportion as its, his or her respective interest bears to the total ownership of such property, and its, his or respective interest in such property may be released from the assessment lien upon pay- ment of such proportionate sum. V. The several sums above mentioned and assessed against the said parcels of property, and the owners thereof, and interest thereon at the rate of six per cent (61"(" ) per annum, together with reasonable attorney's fees and costs of collection, if incurred, are hereby declared to be and are made a lien upon the respective parcels of property against which the same are assessed, and a personal liability and charge against the real and true owners of such property, whether such owners be correctly named herein or not, and the said liens shall be and constitute the first enforceable lien and claim against the property on which such assessments are levied, and shall be a first and paramount lien thereon, superior to all other liens and claims, except State, County, School District and City ad valorem taxes. The sums so assessed against the abutting property and the owners thereof shall be and become due and payable as follows, to-wit: in five (5) equal installments, due respectively on or before thirty (30) days, one (1), two (2), three (3), and four (4) years from the date of completion and acceptance of the improvements in the respective unit, and the assessments against the property abutting upon the remaining units shall be and become due and payable in such installments after the date of the completion and acceptance of such respective units, and shall bear interest from said date at the rate of six per cent (61'( ) per annum, payable annually with each install- ment, except as to the first installment, which shall be due and payabie at the maturity thereof, so that upon the completion and acceptance of the improvements in a particular unit, assessments against the property abutting upon such completed and accepted unit shall be and become due and payable in such installments, and with interest from the date of such completion and acceptance. Provided, however, that any owner shall have the right to pay the entire assessment, or any installment thereof, before maturity by payment of principal and accrued interest, and provided further that if default shall be made in the payment of principal or interest promptly- as the same matures, then the entire amount of the assessment upon which such default is made shall, at the option of said City of Fort Worth, or its assigns, be and become immediately due and payable, and shall be collectable, together with reasonable attorney's fees and cost of collection, if incurred, PROVIDED, however, that acting through its duly authorized Director of Public Works the Cite of Fort Worth retains the right to authorize payment of the sums assesed against abutting property- upon such completed and accepted unit in not more than forty-eight (48) equal regular monthly installments of not less than $9.00 each, the first of such installments to become due and payable not more than thirty- (30) days after the completion and acceptance by the City of the particular unit. PROVIDED FURTHER, that the City Attorney- is hereby empowered to authorize payments of said sums of lesser installments and/or over a longer period of time in cases in which the Director of Public Works has previously determined that an extreme financial hardship upon the property owner will otherwise result; and PROVIDED FURTHEPZ, that such method of payments shall be authorized only in instances where the owner or owners of property abutting upon such completed and accepted unit shall have executed and delivered to the City- of Fort Worth a lawful, valid and binding note and mechanic's and materialman's contract upon forms supplied by the City granting a mechanic's lien upon and conveying the said abutting property in trust to secure the payment by said owner or owners according to the terms thereof of the sums assessed against such property. If default shall be made in the payment of anv assessment, collection thereof shall be enforced either by the sale of the property by the Assessor and Collector of Taxes of said City as near as possible in the sane man- ner provided for the sale of property for the non-paymm ent of ad valoretaxes, or at the option of the City of Fort Worth, or its assigns, payment of said sums shall he enforced by- suit in any court of competent jurisdic- tion, or as provided in any mechanic's or materialman's contract as aforesaid, and said City shall exercise all of its lawful powers to aid in the enforcement and collection of said assessments. VII. The total`.amount assessed against the respective parcels of abutting property, and the owners thereof, is in accordance with the proceedings of the City relating to said improvements and assessments thereof, and is less than the proportion of the cost allowed and permitted by the law in force in the City. VIII. Although the aforementioned charges have been fixed, levied, and assessed in the respective amounts hereinabove stated, the City Council does hereby reserve unto itself the right to reduce the aforementioned assessments by allowing credits to certain property owners where deemed appropriate. Notwithstanding the City Council has herein reserved the right to issue credits, it shall not be required to issue credits, and will not do so, if same would result in any equity and/or unjust discrimination. The principal amount of each of the several assessment certificates to be issued the City of Fort Worth, Texas, as hereinafter provided, shall be fixed and determined by deducting from the amount of any assessment hereinabove levied such amount or amounts, if any, as may hereafter be allowed by the City Council as a credit against the respective assessments. IX. For the purpose of evidencing the several,sums assessed against the respective parcels of abutting prop- erty and the,owners thereof, and the time and terms of payment, and to aid in the enforcement and collection thereof, assignable certificates in the principal amount of the respective assessments less the amount of any re- spective credit allowed thereon, shall be issued by the City of Fort Worth, Texas, upon completion and accept- ance by the City of the improvements in each unit of improvement as the work in such unit is completed and accepted, which certificates shall be executed by the mayor in the name of the City and attested by the City Secretary, with the corporate seal of the City impressed thereon, and shall be payable to the City of Fort Worth, or its assigns,and shall declare the said amounts, time and terms of payment, rate of interest, and the date of the completion and acceptance of the improvements abutting upon such property for which the certificate is issued, and shall contain the name of the owner or owners, if known, description of the property by lot and block number, or front feet thereon, or such other desciption as may otherwise identify the same; and if the said property shall be owned by an estate, then the description of same as so owned shall be sufficient and no error or mistake in describing any property, or in giving the name of the owner, shall invalidate or in anywise impair such certificate; to the assessments levied. The ce'rtiiicates shall provide substantially that if same shall not be paid promptly upon maturity, then they shall be collectable, with reasonable attorney's fees and costs of collection, if incurred, and shall provide substantially that the amounts evidenced thereby shall be paid to the Assessor and Collector of Taxes of the City of Fort Worth, Texas, who shall issue his receipt therefor, which shall be evidence of such payment on any demand for the same, and the Assessor and Collector of Taxes shall deposit the sums so received by him forth- with with the Cit y,Treasurer.to be kept and held by him in a separate fund, and when any payment shall be made in the �ity the Assessor and Collector of Taxes upon such certificate shall, upon presentation to him of the ceiti&%te by the holder thereof endorse said payment thereof. If such certificate be assigned then the holder thereof shall be entitled to receive from the City Treasurer the amount paid upon the presentation to him of such•certific4te �o endorsed and credited; and such endorsement and credit shall be the Treasurer's Warrant for making such p4yment. Such payments by the Treasurer shall be receipted for the holder of such certificate in writing and by surrender thereof when the principal, together with accrued interest and all costs of collection and reasgnable'attorney's fees, if incurred, have been paid in full. Said certificates shall further recite substantially that the proceedings with reference to making the improvements have.been regularly had in compliance with the law, and that all prerequisites to the fixing of the assessment H6-against the property described in such certificate and the personal liability of the owners thereof have been performed, and such recitals shall be prima facie evidence of all the matters recited in such certificates, and no further proof thereof shall be required in any court. Said ceiificates may have coupons attached thereto in evidence of each or any of the several installments thereof,or,nnay,,-have coupons for each of the first four installments, leaving the main certificate to serve for the fifth itistallrz ent, which coupons may be payable to the City of Fort Worth, or its assigns may be signed with the facsimile signatures of the'Mayor and City Secretary. Said certificates shall further recite that the City of Fort Worth, Texas shall exercise all of its lawful powers, when requested so to do, to aid in the enforcement and collection thereof, and may contain recitals sub- stantially in accordance with the above and other additional recitals pertinent or appropriate thereof, and it shall not be necessary that the recitals be in the exact form above set forth, but the substance thereof shall be sufficient. The fact that such improvements may be omitted on any portion of any of said units adjacent to any premises exempt from the lien of such assessments shall not in anywise invalidate, affect or impair the lien of such assessments upon other premises. X. Full power to make and levy reassessments and to correct mistakes, errors, invalidities or irregularities, either in the assessments or in the certificates issued in evidence thereof, is,in accordance with the law in force in this City,vested in the City. XI. All assessments levied are a personal liability and charge against the real and true owners of the premises described, notwithstanding such owners may not be named, or may be incorrectly named. XII. The assessments so levied are for the improvements in the particular unit upon which the property described abuts, and the assessments for the improvements in any unit are in nowise affected by the improve- ments or assessments in any other unit, and in making assessments and in holding said hearing, the amounts assessed for improvements in any one unit have been in nowise connected with the improvements or the assess- ments therefor in any other unit. XIII. The assessments levied are made and levied under and by virtue of the terms, powers and provisions of an Act passed at the First Called Session of the Fortieth Legislature of the State of Texas, known as Chapter 106 of the Acts of said Session and now shown as Article 1105b of Vernon's Texas Civil Statutes, which Act has been adopted as an amendment to and made a part of the Charter of the City of Fort Worth, Texas. XIV. The City Secretary is hereby directed to engross and enroll this ordinance by copying the caption of same in the Minute Book of the City Council of Fort Worth,Texas, and by filing the complete Ordinance in the appro- priate Ordinance Records of said City. XV. This ordinance shall take effect and be in full force and effect from and after the date of its passage and it is so ordained. PASSED AND APPROVED this M!��ay of C'i ak APPROVED AS TO FORM AND LEGALITY: City Attorney PROJECT NO 104-24000-235 IRVING STREET FROM BLUE MOUND ROAD TO .2480' FAST, to be improved by constructing a seven-inch reinforced concrete pavement on a six-inch thick lime stabil- ized subgrade with seven-inch high,superimposed concrete curb on a forty foot roadway. Six- inch thick concrete driveways will be constructed where specified. BLOCK OWNER LOT ZONING FRONTAGE RATE AMOUNT ASSESSMENT NORTH SIDE HOBB'S TRAILERS ADDITION Hobb's Trailers 1 1 2415' Pavement $21.37 $51,608.55 A Division of Fruehauf, Inc. Ina . 2375' Curb .95 2,256.25 609 North Main 465 Sq. Ft. Drive 1.00 465.00 76106 $54,329.80 APPRAISERS ESTIMATED ENHANCEMENT. $126,000.00 S-OLITH_ SIDE W. B. TUCKER SURVEY NORTH R. D. Ryno, Jr. Tract 10-A 320' Pavement $21.37 $ 6,838.40 7201 Richland Road Inc 310' Curb .95 294.50 76118 $ 7,132.90 APPRAISERS ESTIMATED ENHANCEMENT. . . . . $ 8,300.00 Lone Star Gas Co. Tract 774 50' Pavement $21.37 $ 1,068.50 Transmission Dept. Ind. 50' Curb .95 47.50 908 Monroe Street 76102 $ 1,116.00 APPRAISERS ESTIMATED ENHANCEMENT. . . . . $ 19,000.00 L. N. Wileman & Tract 7 515' Pavement $21.37 $11,005.55 C. P. Radley Ind. 495' Curb .95 470.25 P.O. Box 7426 76111 $11,475.80 APPRAISERS ESTIMATED ENHANCEMENT. . . . . $17,700.00 1. m 03Edr N0. 104-24000-235, IRV'ING STREET FROM BLUE MOUND ROPED TO 2480' FAST, CONTINUEDI BLOCK OWNER LOT ZONING FRONTAGE RATE AMOUNT ASSESSMENT SoultA StIE W, B. TUCKER SURVEY NORTH Pelton Mfg. Co, Tract 7_-C_ 435' Pavement $21.37 $ 9,295.95 P,O. Box 4748 Ind. 425' Curb .95 403.75 76106 $ 9,699.70 APPRAISERS ESTIMATED ENHANCEMENT. . $16,500.00 Alice L. Pelton Tract 7-B 437' Pavement $21.37 $ 9,338.69 P.O. 'Box 4148 �In 437' Curb .95 415.15 76106 237 Sq. Ft, Drive 1.00 237.00 $ 9,990.84 APPRAISERS ESTIMATED ENHANCEMENT. . . . . . $13,500.00 Federal. Aviation Admin. Tract 6 500'° Frontage - 0 - Chief logistics Div. I,nd. No Assessment - Legal Recommendation P.O. Box 1689 76101 Attn: Mr. Marvin R. Warren APPRAISERS ESTIMATED ENHANCEMENT. . . . . . $17,500.00 Lone Star Gas Co. Tract 5 165' Pavement $21.37 $ 3,526.05 Transmission Dept. Ind. 165' Curb .95 156.75 908 Monroe $ 3,682.80 76102 ' APPRAISERS ESTIMATED ENHANCEMENT. . . . . . $ 4,500.00 2. s ► Nb; 104-240010-235, IR'K'ING STREET FROM BLUE M01UND ROAD To 2480' FAST,, Com: TOTAL COST TO PROPERTY OWNERS . . . . . . . . . .$ 97,427.84 TOTAL COST TO CITY OF FORT WORTH . . . . . . . . $ 87,348.32 TOTAL ESTIMATED CONSTRUCTION COST. $184,776.16 RESUI T9 ,Af A'PhA'lttRS 'tSTIMAT'E: TOTAL COST TO PROPERTY OWNERS . . . . . . . . . . .$97,311.84 TOTAL COST TO CITY OF FORT WORTH. . . . . . . . . .$87,464.32 3. APPRAISAL OF 50.43 ACRES INDUSTRIAL LAND OWNER: HOBBS TRAILERS A DIVISION OF FRUEHAUF, INC. IRVING STREET, FORT WORTH, TEXAS DECEMBER 19, 1973 Lot 1 , Blk 1 A a T A B L E OF CONTENTS Paye Summary of Salient Facts and Conclusions 1 Legal Description of Land Appraised 2 Purpose of Appraisal 2 Market Value Defined 3 Zoning and Highest and Best Use 3 Contingent Assumptions and Limiting Conditions 4 Tax Data on Property Appraised 5 Description of Neighborhood 6 Description of Subject Property 7 Comparable Sales (Before Street Improvement) 8 Comparable Sales (After Street Improvement) 12 Comparable Sales Map 15 Plat of Subject Property 16 Appraiser's Certification 17 Qualifications of Appraiser - Ross E. Jones, SRA SR/WA 18 Photographs of Subject 19 Lot 1 , Blk 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS OWNER: Hobbs Trailers, a division of Fruehauf, Inc. ZONING: B1K" Industrial EFFECTIVE DATE OF APPRAISAL: December 19, 1973 DESCRIPTION OF PROPERTY: A trapizoidal shaped tract of land containing approximately 50.43 acres. Tract is sub- stantially improved with factory and office building, parking area and storage facilities. Tract is level , has aprx. 2,564.4' along northerly side of unpaved Irving St. ROW. Tract has 12000 FF along west side fronting FM #156, 1 ,246.7' depth on east side and 1 ,829.2' along north side. Location is corner of FM Road 156 (Blue Mound Road) and Irving Street. LEGAL DESCRIPTION: Lot 1 , Block 1 , Hobbs Trailer Addn., Fort Worth, Tarrant County, Texas. LAND ONLY APPRAISED Estimated Present Land Value $428,000 Estimated Land Value after completion of proposed paving project on Irving Street $554,000 Estimated increase in land value caused by completion of proposed p roj ect $126,000. 1 . S Lot 1 , Blk 1 LEGAL DESCRIPTION OF LAND APPRAISED Lot 1 , Block 1 , Hobbs Trailer Addition, Fort Worth, Tarrant County, Texas, as recorded in Volume 388-79, Page 33, Plat Records, Tarrant County, Texas. Location is approximately 4-1/2 miles northerly of downtown Fort Worth. Tract fronts southerly along ROW of Irving Street, fronts westerly along FM Road #156 (Blue Mound Road) . PURPOSE OF APPRAISAL Purpose of this appraisal is to: 1 . Estimate present market value of subject land only, as of December 19, 1973, in fee simple, title free and clear of all encumbrances. 2. Estimate market value of land after completion of proposed Paving Project #104-24000-235. Proposed project includes 40' wide, 7" thick concrete paved street with concrete curbs, underground storm drains and asphaltic concrete transition area at junction of FM Road #156 and Irving Street. Project begins at FM Road #156 and extends easterly approximately 2,4801 . 2 Lot 1 , Blk 1 MARKET VALUE DEFINED Market Value is to be defined as follows: "Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell , and is bought by one who is under no necessity of buying it, 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." ZONING AND HIGHEST AND BEST USE Present zoning is "K" - Heavy Industrial , which allows most any type of commercial or industrial use. Subject tract now used as site for trailer manufacturing plant. There is a building on southwesterly portion of tract. Continued present use and development of vacant area of tract for industrial use is considered highest and best use. 3 CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS Property being appraised is subject to the following assumptions and limiting conditions. 1 . That legal description furnished is correct. 2. That title to property is marketable. 3. There are no encroachments, defects of title or easements except utility easements serving property being appraised. 4. That property is free and clear of all liens. 5. No liability is assumed for matters of a legal character affecting the property. 6. Sketches included in report are to assist reader to visualize property and location only and are not to be used in lieu of survey. 7. Information used in this report has been obtained from sources believed to be reliable, has been verified in all possible instances. The accuracy of the data, however, is not guaranteed. 8. Possession of this report does not carry the right of publication nor may it be used by anyone other than parties for whom it is made without prior approval of the appraiser. 9. Your appraiser is not required to give any testimony or attend any court by reason of this appraisal unless prior arrangements are made therefor. 4 Lot 1 , Blk 1 TAX DATA ON PROPERTY APPRAISED County Tax Assessed Value 1973: Land and Improvements Total $462,350 Eagle Mountain - Saginaw School Assessed Value 1973: Land and Improvements Total $931 ,070 City Value 1973: 100 Per Cent Value Assessed 55 Per Cent Total Assessed Land Improvements Land Improvements $126,080 $1 ,650,360 $69,340 $907,700 $977,040 1973 Tax Rates Per $100 Assessed Value: Indicated 1973 Tax Charge: City $1 .69 City $977,0+0 x $1 .69 = $1 ,651 .20 School $1 .89 School $931 ,070 x $1 .89 = $1 ,759.72 County $2.77 State F, County $462,350 x $2.77 = $1 ,280.71 Total $4-,691 .63 *County Tax Rate Includes: State $0.22 County $0.86 ROW $0.29 Water $0.25 Hospital $0.75 Junior College $o.4o TOTAL $2.77 Proposed capital improvements and capital improvements now under construction by county, city and school agencies will require possible 10 per cent increase in tax rates within next five years. 5 DESCRIPTION OF NEIGHBORHOOD Subject area located approximately 4-1/2 miles northerly of downtown Fort Worth, is a developing light and heavy industrial area. Industrial development includes parts of City of Saginaw, City of Blue Mound and City of Fort Worth. Interstate Loop #820 bisects the area, connects with Interstate 35W and Interstate 20. All utilities are available in the area. City of Fort Worth has large sanitary sewer collector line constructed to City of Saginaw sewer to insure adequate sanitary sewer facilities for future expansion. Major planned industrial developments in the area are Mark IV Industrial Park at intersection of Loop 820 and I-35W, City of Fort Worth; El Rancho Industrial Park at intersection of Loop 820 and Blue Mound Road. Other small acreage tracts have been developed with industrial buildings. Approximately 10% of the immediate area is now developed for industrial use. Accelerated future development is anticipated with completion of northwest quadrant of Loop 820 providing improved roadway facility to west side of Fort Worth. 6 g Lot 1 , Blk 1 DESCRIPTION OF SUBJECT PROPERTY Subject is a 50.43 acre tract platted as Lot 1 , Block 1 , Hobbs Trailer Addition. Tract fronts westerly along Blue Mound Road, extends easterly along northerly side of Irving Street to Fort Worth and Denver Railroad ROW. Present primary access to subject is from Blue Mound Road, secondary access to easterly portion of tract from Blue Mound Road is via 18' wide gravel roadway. Easterly portion of tract has sewer service from recent sewer line extended northerly from Mineola Avenue. Water service is from Blue Mound Road. Tract is improved with factory and office building near southwesterly portion of tract, paved parking area and storage facilities. New building is under construction near southeasterly portion of tract. Manufacture of tractor trailers is function of the improvements. (Land Only is Appraised.) Completion of proposed Irving Street paving project will accelerate development of other portions of subject tract as well as improve the utility of existing improvements. 7 Lot 1 , Blk 1 COMPARABLE SALES (Present Land Value) DATE OF SIZE OF TRACT SALE PRICE SALE NO. SALE ACRES PER ACRE LOCATION FROM SUBJECT 1 12/71 6.03 $ 7,500 2 miles northerly 2 12/71 7.7 $ 5,850 1/4 mile southerly 3 5/71 5.54 $ 7,500 2 miles northerly 4 11/73 443.51 $ 6,500 2 miles northerly 5 12/73 41 .32 $10,000 1/4 mile northerly Asking Sale #4 and Offer-to-Sell #5 included only for information as to current land market in general area. Sales #1 & 3 have frontage on existing hottop county road, all utilities available. Each tract now improved with warehouse/manufacturing plant. Offer-to-Sell #5 is considered most comparable to subject tract, size and access being similar and all utilities available. This tract will require platting prior to construction of any Improvements. Subject has been platted recently, now has new building under construction on southeasterly portion of tract. Considering subject's size, access and availability of utilities, compared to sales and offers to sell listed, estimated present value of subject land is $8,500 per acre. 50.43 acres x $8,500 = $428,655 - Indicated Present Land Value - Say $428,000. 8 COMPARABLE SALES SALE NO. l : Grantor: Richard Russell et al Grantee: Edward L. Harvey et ux Volume 5191 , Page 811 Dated: 12/22/71 - Filed: 2/16/72 Consideration: $45,225 County Tract #1Q2 out of David Cook Survey, Abstract #345, a vacant tract containing 6.03± acres. Tract is rectangular, fronts southerly 525 FF along Cantrell-Sansom Road (County Road #4001 ) , 500' depth. Location is approximately 1/2 mile easterly of Blue Mound Road. All utilities available at time of sale. County Road hottopped. Tract is now improved with manufacturing/warehouse type building. Indicated Sale Price Per Acre - $7,500 SALE N0. 2: Grantor: R. D. Ryno, Jr. Grantee: H. B. Everett, Jr. Volume 5160, Page 801 Dated: 12/9/71 - Filed: 12/17/71 Consideration: $45,000 County Tracts #4A, 4A1 & 4B out of W.B. Tucker Survey, Abstract #1515, a vacant tract containing 7.7 acres. Tract rectangular shape, fronting northerly 543.9 FF along unimproved DeRidder Street approximately 620*' depth. All utilities are available. Existing Webber Street provided access to southerly portion of tract at time of sale. Tract has been platted as Lot 25, Block 42, Sabine Place #6 (12/17/71 ) and Lots 13 thru 20, Block 35, Sabine Place #6 (1/12/72) . Indicated Sale Price Per Acre - Say $5,850 9 COMPARABLE SALES (Cont 'd) SALE NO. 3: Grantor: Richard Russell Co., et al Grantee: Andrew Green Volume 5067, Page 341 Dated: 5/21/71 - Filed: 6/30/71 Consideration: $41 ,550 County Tract #1Q1 out of David Cook Survey Abstract #345, a vacant tract containing 5.54± acres. Tract rectangular in shape, fronting westerly along Blue Mound Road approximately 402.4 FF, depth 600' . All utilities are available, Blue Mound Road is hottop. Location approximately 1/4 mile north of Cantrell-Sansom Road. Tract now improved with warehouse/manufacturing type building. Indicated Sale Price Per Acre - $7,500 SALE NO. 4: Grantor: Chicago, Rock Island s: Grantee: Fort Worth 820, Joint Venture Pacific R.R. Co. Volume 5553, Page 439 Dated: 11/8/73 - Filed: 11/9/73 Consideration: $2,893,280 County Tracts #1B, 2 & 4 out of J. Hibbins Survey Abstract #638, County Tract #1 out of James Huie Survey Abstract #800 and all of E.C. Team Survey Abstract #2036. A vacant tract containing 445. 12 acres. Tract fronts northerly on Cantrell-Sansom Road, fronts easterly on Blue Mound Road, is bisected in approximate center by Interstate Loop #820. Also has access to railroads on east and west sides. Indicated Sale Price Per Acre - $6,500 10 COMPARABLE SALES (Cont'd) SALE NO. 5 (Offer to Sell ) : Owner: Grayco Enterprises, Ltd. County Tract #6C out of D. Odum Survey, Abstract #1184. A vacant tract containing 41 .32 acres, approximate trapizoid shape. Tract fronts westerly along Blue Mound Road 1 ,359.3 FF, 1 ,829.3 ' depth along south side, 826.3 ' depth along north side, rear 1 ,702.11 . All utilities are available. Blue Mound Road is hottopped. Location is approximately 1 ,000' north of Irving Street R.O.W. Now being offered for sale, asking $10,000 per acre. 11 Lot 1 , Blk 1 COMPARABLE SALES (After completion of proposed street improvement) Sale Date of Size of Tract Sale Price Mo. Sale Acres Per Acre Location from Subiect A 12/71 18 $11 ,325 2 miles northerly B 8/71 3.356 $15,250 2 miles northerly C 6/71 0.69 $15,250 2 miles northerly All above sales had concrete curbs and gutters, asphalt paved streets and all utilities in parkway at time of sale. These sales are in the immediate area of Sales #1 , 3 and 4 which were considered as undeveloped tracts at time of sale. Subject tract will have 2,480 LF concrete street, concrete curb and gutter along southerly side after completion of proposed Irving Street Project. Sewer and water are available from new extension from Mineola Avenue across Irving Street to subject tract. Considering time of above sales and comparing subject 's proposed concrete street with sales' asphalt street, estimated value of subject land per acre after com- pletion of proposed project is $11 ,000 per acre. 50.43 acres x $11 ,000 = $554,730 Indicated Value of Subject Land after Completion of Proposed Paving Project - Say $554,000. SUMMARY OF VALUES Estimated Value of Subject Land Before Paving of Irving Street $428,000 Estimated Value of Subject Land After Completion of Paving of Irving Street 554,000 ESTIMATED ENHANCEMENT $126,000. 12 COMPARABLE SALES SALE NO. A: Grantor: M.B. Fleet, Trustee Grantee: Norton Metal Products Co., Inc. Volume 5153, Page 525 Dated: 11/29/71 - Filed: 12/2/71 Consideration: $205,000 Cash Block D of Rancho North Industrial Park. A vacant tract containing 18 acres. All utilities installed, streets paved with asphalt paving, concrete curb and gutters. Tract rectangular shape, has 682.73 ' FF on west side Blue Mound Road, 890.05 FF along south side Lawson Road. Tract now improved with warehouse/manufacturing type building. Indicated Sale Price Per Acre - $11 ,325 SALE NO. B: Grantor: M.B. Fleet, Trustee Grantee: Steel Processors, Inc. Volume 5103, Page 381 Dated: 8/30/71 - Filed: 8/30/71 Consideration: $51 , 165.57 Lot 3A) , Block A, Rancho North Industrial Park #1 . A vacant tract containing 3 .356 acres. All utilities installed, street paved with asphaltic paving, concrete curb and gutters. Tract rectangular shape, has 300 FF along west side Blue Mound Road, 489.35 FF along north side Lawson Road. Tract now improved with warehouse/manufacturing type building. Indicated Sale Price Per Acre - $15,250 13 COMPARABLE SALES (Cont'd) SALE NO. C: Grantor: M.B. Fleet, Trustee Grantee: Guy Collins Volume 5061 , Page 939 Dated: 5/1/71 - Filed: 6/21/71 Consideration: $10,500 Lot 3B, Block A, Rancho North Industrial Park #1 . A vacant tract containing 0.69 acres. All utilities installed, street paved with asphaltic paving, concrete curb and gutters. Tract rectangular shape, 100 FF along north side Lawson Road, 300' depth. Tract now improved with warehouse/manufacturing type building. Indicated Sale Price Per Acre - $15,250 14 DAVID C o U R A Amort.«: ✓.+��� /�..i,.w: X45 A sdnr a sW nr vonAr- ' �-3'j ' s�.�s.. JORDAN 13 33 1695 4A.M ALKEA We.pE rox•0-Ko 1136 i nn114il�tin FAw�A1i!!s Vvohn R'annr+'y ,1!7.to//ins ` s r�.•,tr i1/ %/a.Ymi 39c rtsrrr. n 79.C.l,rie. 329 52 Ae. 330.4Ae. s.:= 4$ /N Ar, �� aAn M.A�7r-/Mb a,F -Vft V, j eR�.•a N An. O g 1 ;1•aoo, �c&+ry.r r tJlarsyvr nh� pM/ :- O :.c/. JOHN HIBBI S res.6Ac. Avco% Cb �<►x d A J�aIS Ae. lt*41e. MR 6 Ac. i i DAVODu AM ns M. �fA Ac. C. V2 90.1 C. e. Team, y �4� i � aoind ♦ik i 1141 wti[e ask. �. 3 ., 'JAc d r o� 800 z �R1z ►Y,+c. i �I1Aw Y'is/ip / I 14S OU Ar. Se &A. i IM G. R . CCk'� 1464 w ,00Ac. A. *Ac. . , cE.Gunn, 7y a n /CWI"AM-IL AMCIL r "At. V Aa . L w +r 4 IS Iry% arc.4 c Ar. Am"A nwe. a Lb vo a'.; I W M. S. T KE R 1515 2, ` r.... *"� 9 *ortY 6. n A**A(A : A2A. J.WALLACE tM . . :.9 A*. ` ,kk �V4AW. �sf�t.e. wsr.�e R ski! Irs. I x loos s�s.ar. co ...., -I-- IJ C,*�/f"Iwr-M WIA BAKER u Mem wx?.*, COMPARABLE SALE MAP .Ae. S LES 0 SUBJECT & � �r _ rwr. :sem. �� • M. `IOTM *:i AANGEA TUCKER 5Jd � r. j ' arra t. lb.,�tPow#v t. ►j, o ..ai 1� a� �rq►Af�. C w7tAe AWAr. R� A warJAri+si/arr Nh. .r +►w.. rAr. ewe. �i►ww I I �•i 1 4, a , 4 O 7.3 Aa r •! ♦ r • • • r 574.E ,4, R O N y ! Ir4 TR. i-Q Q � 24-A V TR. F.YY IO.R R. W.dt .4c- TR. FA +, �t9t2O Ac. 1 ,829.2' w• � 1 ,000 FF (Lot 1 , Blk. 1 , Hobbs Trailer Addn.) , a 2,564.41 +•+.. saa ansa_ - u,�cw.00L L/M/TJ g 2g 3ZC 6 Lot 1 , Blk 1 APPRAISER'S CERTIFICATION This is to certify that the writer, in submitting the herein stated opinion of value of the subject property, acted in accordance with and was bound by the following principles and conditions. 1 . No interest, present or contemplated, in the property. 2. Neither the employment to make the appraisal nor the compensation is contingent on the amount of the valuation reported. 3. Personal inspection of the property. 4. To the best of my knowledge and belief, no 'important facts have been withheld and the statements and opinions contained in this appraisal report are correct, subject to the limiting conditions herein set forth in this report; also, that this appraisal has been made in conformity with the rules and regu- lations of the Professional Ethics of the National Association of Real Estate Boards. 5. In my opinion, as of December 19, 1973, the market value of subject 50.43 acres land only, is: FOUR HUNDRED TWENTY EIGHT THOUSAND ($428,009) DOLLARS. 6. In my opinion, upon completion of Proposed Irving Street Paving Project #104-24000-235, the market value of 50.43 acres land, only, will be: FIVE HUNDRED FIFTY FOUR THOUSAND ($554,000) DOLLARS. C�Z�� —60- 4_)It� ROSS E. JO S, SRA SR/WA 17 ROSS E. JONES ■u.toas R E A L T R PHOME ED 2-32SS • 1200 W. FREEWAY - RM. 304 (EL PAso AT LAKE STREET) FORT WORTH, TEXAS QUALIFICATIONS OF APPRAISER ROSS E. JONES, S. R. A. Licensed Real Estate Broker, State of Texas, License #25,638. Charter member, Chapter #55, Society of Real Estate Appraisers; President, 1955. Served as Director six years. Active member, Fort Worth Real Estate Board since January, 1946. Served as Director four years. Active member, Fort Worth Home Builders Association since 1950. Served as Director four years; Secretary two years. Charter member, Past President, Fort Worth Independent Appraiser's Association, Inc. Senior member, American Right-of-Way Association, Chapter #36. Served on Tax Equalization Board, City of Fort Worth and Fort Worth Independent School District, 1953, 1954, 1956, 1957, 1958, 1959, 1962 and 1966. Qualified as witness in real estate evaluation, eminent domain proceedings, County Court at Law, District Courts and Federal Courts. Approved Appraiser for: Veterans' Administration, Dallas, Texas, Regional Office Federal Housing Administration, Fort Worth, Texas, District Office General Services Administration, Region 7, Fort Worth, Texas State Highway Department City of Fort Worth, Departments of Law, Land and Tax City of Cleburne City of Alvarado County of Tarrant City Housing Authority of City of Fort Worth, Texas Tarrant County Water Control and Improvement District #1 *Life Insurance Companies *Individuals and Corporations. *Specific names furnished on request 18 --ter f Looking Easterly along Irving Street from Blue Mound Road �}r � Looking Northerly along Blue Mound Road from Irving Street 19 Lot 1 , Blk 1 i i Y Easterly Portion of Tract looking West on Irving Street Easterly Portion of Tract looking East on Irving Street 20 Lot 1 , Bik i Looking Northwesterly Looking Northeasterly TYPICAL VIEWS OF EXISTING- IMPROVEMENTS FROM IRVING STREET 21 Lot 1 , Blk I m APPRAISAL OF 2.34 ACRES INDUSTRIAL LAND OWNER: R. D. RYNO, JR. IRVING STREET FORT WORTH, TEXAS DECEMBER 19, 1973 m � 8 TABLE OF CONTENTS Page Summary of Salient Facts and Conclusions 1 Legal Description of Land Appraised 2 Purpose of Appraisal 2 Market Value Defined 3 Zoning and Highest and Best Use 3 Contingent Assumptions and Limiting Conditions 4 Tax Data on Property Appraised 5 Description of Neighborhood 6 Description of Subject Property 7 Comparable Sales (Before Street Improvement) 8 Comparable Sales (After Street Improvement) 12 Comparable Sale Map 15 Plat of Subject Property 16 Appraiser' s Certification 17 Qualifications of Appraiser - Ross E. Jones, SRA SR/WA 18 Photographs of Subject 19 a • w B SUMMARY OF SALIENT FACTS AND CONCLUSIONS Owner: R. D. Ryno, Jr. Zoning: 'K' Industrial Effective Date of Appraisal : December 19, 1973 Description of Property: An irregular shaped tract land containing approximately 2.34 acres. Tract is vacant, level , has approximately 523 FF along southerly side of unpaved Irving St. R.O.W. Tract has 288.6' depth along westerly side, ZERO depth at east end. Location is approx- imately 2, 100' easterly of FM Road #156 (Blue Mound Road) . Legal Description: City Tract #10-A (County Tract #4) out of the W.B. Tucker Survey Abstract #1515, Fort Worth, Tarrant County, Texas. LAND ONLY APPRAISED Estimated Present Land Value $11 ,700 Estimated Land Value after Completion of Proposed Paving Project on Irving Street. 20,000 Estimated Increase in Land Value caused by Completion of Proposed Project. $ 8,300 1 Tract #10-A m LEGAL DESCRIPTION OF LAND APPRAISED County Tract #4 (City Tract #10-A) out of W. B. Tucker Survey Abstract #1515, as recorded in Volume 4644, Page 309, dated 3/16/68, Deed Records, Tarrant County, Texas. Location is approximately 4-1/2 miles northerly of downtown Fort Worth. Tract fronts northerly along R.O.W. of Irving Street approximately 2,100' easterly of FM Road #156 (Blue Mound Road) . PURPOSE OF APPRAISAL Purpose of this appraisal is to: 1 . Estimate present market value of subject land only, as of December 19, 1973, in fee simple, title free and clear of all encumbrances. 2. Estimate market value of land after completion of proposed Paving Project #104-24000-235. Proposed Project includes 40' wide, 7" thick concrete paved street with concrete curbs, underground storm drains and asphaltic concrete transition area at junction of FM Road #156 and Irving Street. Project begins at FM Road #156 and extends easterly approximately 2,480' . 2 Tract #10-A a MARKET VALUE DEFINED Market Value is to be defined as follows: "Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell , and is bought by one who is under no necessity of buying it, 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." ZONING AND HIGHEST AND BEST USE Present zoning is W - Heavy Industrial , which allows most any type of commercial or industrial use. Subject tract now vacant. Future development for industrial use is considered to be highest and best use. 3 CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS Property being appraised is subject to the following assumptions and limiting conditions. 1 . That legal description furnished is correct. 2. That title to property is marketable. 3. There are no encroachments, defects of title or easements except utility easements serving property being appraised. 4. That property is free and clear of all liens. 5. No liability is assumed for matters of a legal character affecting the property. 6. Sketches included in report are to assist reader to visualize property and location only and are not to be used in lieu of survey. 7. Information used in this report has been obtained from sources believed to be reliable, has been verified in all possible instances. The accuracy of the data, however, is not guaranteed. 8. Possession of this report does not carry the right of publication nor may it be used by anyone other than parties for whom it is made without prior approval of the appraiser. 9. Your appraiser is not required to give any testimony or attend any court by reason of this appraisal unless prior arrangements are made therefor. 4 Tract #10-A TAX DATA ON PROPERTY APPRAISED County Tax Assessed Value 1973: Land and Improvements Total $2,620 City and School Tax Value 1973: 100 Per Cent Value Assessed (a) 55 Per Cent Total Assessed Land Improvements Land Improvements $2,810 0 $19545 0 1973 Tax Rates Per $100 Assessed Value: Indicated 1973 Tax Charge: City $1 .69 City , $19545 x $1 .69 = $ 26.11 School $1 .78 School $19545 x $1 .78 = $ 27.50 County * $2.77 State & County $21,620 x $2.77 = 72.57 Total $126.18 *County Tax Rate Includes: State $0.22 County $0.86 R.O.W. $0.29 Water $0.25 Hospital $0.75 Junior College $0.40 Total $2.77 Proposed capital improvements and capital improvements now under construction by county, city and school agencies will require possible 10 per cent increase in tax rates within next five years. 5 DESCRIPTION OF NEIGHBORHOOD Subject area located approximately 4-1/2 miles northerly of downtown Fort Worth, is a developing light and heavy industrial area. Industrial development includes parts of City of Saginaw, City of Blue Mound and City of Fort Worth. Interstate Loop #820 bisects the area, connects with Interstate 35W and Interstate 20. All utilities are available in the area. City of Fort Worth has large sanitary sewer collector line constructed to City of Saginaw sewer to insure adequate sanitary sewer facilities for future expansion. Major planned industrial developments in the area are Mark IV Industrial Park at intersection of Loop 820 and I-35W, City of Fort Worth; El Rancho Industrial Park at intersection of Loop 820 and Blue Mound Road. Other small acreage tracts have been developed with industrial buildings. Approximately 10% of the immediate area is now developed for industrial use. Accelerated future development is anticipated with completion of northwest quadrant of Loop 820 providing improved roadway facility to west side of Fort Worth. 6 & a DESCRIPTION OF SUBJECT PROPERTY Subject property is 2.34 acre vacant tract, irregular in shape. Tract is approximately 2,100' easterly of hottop Blue Mound Road. Present access from Blue Mound Road is via 18' wide gravel roadway. Recent extension of sanitary sewer line northerly from Mineola Ave., northerly across Irving Street R.O.W., provides sanitary sewer service along westerly boundary of subject tract. Future development of subject tract will be accelerated by completion of Proposed Irving Street Paving Project. 7 Tract #10-A COMPARABLE SALES '(Present Land Value) DATE OF SIZE OF TRACT SALE PRICE SALE NO. SALE ACRES PER ACRE LOCATION FROM SUBJECT 1 12/71 6.03 $ 7,500 2 miles northerly 2 12/71 7.7 $ 5,850 1/4 mile southerly 3 5/71 5.54 $ 7,500 2 miles northerly 4 11/73 443.51 $ 6,500 2 miles northerly 5 12/73 41 .32 $10,000 1/4 mile northerly Asking Sale #4 and Offer-to-Sell #5 included only for information as to current land market in general area. Sales #1 & 3 have frontage on existing hottop county road, all utilities available. Each tract now improved with warehouse/manufacturing plant. Sale #2 is considered most comparable to subject tract, size and access being similar and all utilities available. This tract required platting prior to con- , struction of improvements. Subject will also require platting prior to construction of improvements. Considering subject's size, irregular shape, access and availability of utilities, compared to sales listed, estimated present value of subject land is $5,000 per acre. 2.34 acres x $5,000 = $11 ,700 - Indicated Present Land Value 8 COMPARABLE SALES SALE NO. 1 : Grantor: Richard Russell et al Grantee: Edward L. Harvey et ux Volume 5191 , Page 811 Dated: 12/22/71 - Filed: 2/16/72 Consideration: $45,225 County Tract #1Q2 out of David Cook Survey, Abstract #345, a vacant tract containing 6.03± acres. Tract is rectangular, fronts southerly 525 FF along Cantrell-Sansom Road (County Road #4001 ) , 500' d6pth. Location is approximately 1/2 mile easterly of Blue Mound Road. All utilities available at time of sale. County Road hottopped. Tract is now improved with manufacturing/warehouse type building. Indicated Sale Price Per Acre - $7,500 SALE NO. 2: Grantor: R. D. Ryno, Jr. Grantee: H. B. Everett, Jr. Volume 5160, Page 801 Dated: 12/9/71 - Filed: 12/17/71 Consideration: $45,000 County Tracts #4A, 4A1 & 4B out of W.B. Tucker Survey, Abstract #1515, a vacant tract containing 7.7 acres. Tract rectangular shape, fronting northerly 543 .9 FF along unimproved DeRidder Street approximately 620*' depth. All utilities are available. Existing Webber Street provided access to southerly portion of tract at time of sale. Tract has been platted as Lot 25, Block 42, Sabine Place #6 (12/17/71 ) and Lots 13 thru 20, Block 35, Sabine Place #6 (1/12/72). Indicated Sale Price Per Acre - Say $5,850 9 COMPARABLE SALES (Cont 'd) SALE NO. 3: Grantor: Richard Russell Co., et al Grantee: Andrew Green Volume 5067, Page 341 Dated: 5/21/71 - Filed: 6/30/71 Consideration: $41 ,550 County Tract #1Q1 out of David Cook Survey Abstract #345, a vacant tract containing 5.54+ acres. Tract rectangular in shape, fronting westerly along Blue Mound Road approximately 402.4 FF, depth 600' . All utilities are available, Blue Mound Road is hottop. Location approximately 1/4 mile north of Cantrell-Sansom Road. Tract now improved with warehouse/manufacturing type building. Indicated Sale Price Per Acre - $7,500 SALE NO. 4: Grantor: Chicago, Rock Island & Grantee: Fort Worth 820, Joint Venture Pacific R.R. Co. Volume 5553, Page 439 Dated: 11/8/73 - Filed: 11/9/73 Consideration: $2,893,280 County Tracts #1B, 2 & 4 out of J. Hibbins Survey Abstract #638, County Tract #1 out of James Huie Survey Abstract #800 and all of E.C. Team Survey Abstract #2036. A vacant tract containing 445. 12 acres. Tract fronts northerly on Cantrell-Sansom Road, fronts easterly on Blue Mound Road, is bisected in approximate center by Interstate Loop #820. Also has access to railroads on east and west sides. Indicated Sale Price Per Acre - $6,500 10 COMPARABLE SALES (Cont'd) SALE NO. 5 (Offer to Sell ) : Owner: Grayco Enterprises, Ltd. County Tract #6C out of D. Odum Survey, Abstract #1184. A vacant tract containing 41 .32 acres, approximate trapizoid shape. Tract fronts westerly along Blue Mound Road 1 ,359.3 FF, 1 ,829.3 ' depth along south side, 826.3 ' depth along north side, rear 1 ,702.11 . All utilities are available. Blue Mound Road is hottopped. Location is approximately 1 ,000' north of Irving Street R.O.W. Now being offered for sale, asking $10,000 per acre. 11 COMPARABLE SALES ( After completion of proposed street improvement ) SALE NO. DATE OF SIZE OF TRACT SALE PRICE LOCATION FROM SUBJECT SALE ACRES PER ACRE A 12/71 18 $11 ,325 2 miles northerly B 8/71 3 .356 15,250 2 miles northerly C 6/71 0.69 15,250 2 miles northerly All above sales had concrete curbs and gutters, asphalt paved streets and all utilities in parkway at time of sale. These sales are in the immediate area of sales #1 , 3 & 4 which were considered as undeveloped tracts at time of sale. Subject tract will have concrete street, concrete curb & gutter after completion of proposed Irving Street Project. Sewer and water is available from Sabine Place, Block 50, approximately 100' southerly of subject. Considering time of above sales and comparing subject 's proposed concrete street with sales asphalt street, as well as cost of extending water and sewer to subject tract, estimated value of subject land per acre after completion of proposed project is $8,700 per acre. 2.34 acres x $8,700 = $20,358 - Indicated value of subject land after completion of Proposed Pav'i ng Project - SAY $20,000 SUMMARY OF VALUES ESTIMATED VALUE OF SUBJECT LAND BEFORE PAVING OF IRVING STREET $11 ,700 ESTIMATED VALUE OF SUBJECT LAND AFTER COMPLETION OF PAVING OF IRVING STREET 20,000 ESTIMATED ENHANCEMENT $ 8,300 12 COMPARABLE SALES SALE NO. A: Grantor: M.B. Fleet, Trustee Grantee: Norton Metal Products Co., Inc. Volume 5153, Page 525 Dated: 11/29/71 - Filed: 12/2/71 Consideration: $205,000 Cash Block D of Rancho North Industrial Park. A vacant tract containing 18 acres. All utilities installed, streets paved with asphalt paving, concrete curb and gutters. Tract rectangular shape, has 682.73 ' FF on west side Blue Mound Road, 890.05 FF along south side Lawson Road. Tract now improved with warehouse/manufacturing type building. Indicated Sale Price Per Acre - $11 ,325 SALE NO. B: Grantor: M.B. Fleet, Trustee Grantee: Steel Processors, Inc. Volume 5103, Page 381 Dated: 8/30/71 - Filed: 8/30/71 Consideration: $51 , 165.57 Lot 3A1 , Block A, Rancho North Industrial Park #1 . A vacant tract containing 3.356 acres. All utilities installed, street paved with asphaltic paving, concrete curb and gutters. Tract rectangular shape, has 300 FF along west side Blue Mound Road, 489.35 FF along north side Lawson Road. Tract now improved with warehouse/manufacturing type building. Indicated Sale Price Per Acre - $15,250 13 e COMPARABLE SALES (Cont'd) SALE NO. C: Grantor: M.B. Fleet, Trustee Grantee: Guy Collins Volume 5061 , Page 939 Dated: 5/1/71 - Filed: 6/21/71 Consideration: $10,500 Lot 3B, Block A, Rancho North Industrial Park #1 . A vacant tract containing 0.69 acres. All utilities installed, street paved with asphaltic paving, concrete curb and gutters. Tract rectangular shape, 100 FF along north side Lawson Road, 300' depth. Tract now improved with warehouse/manufacturing type building. Indicated Sale Price Per Acre - $15,250 14 DAVID G o V r% t7,/e• A 345 ltAr. s sung- �S„rr vsn f JORDAN 010 33 1695 4A.IWABLKEA 1 ns finni�t Gi/Nn F/jAc /ofsn�t'e�nncd'y j1!T.Go!/ins � 6.s r/27,Ic- /7 329147 Re. 3SO.4.4c. �3 /A4 Ac. i�y �.ixat M./r4+-IK.r1- /At.$a Ar. ar,� c we c,/seas t�a/ 17.s A,. Msi O• ,,/R. �B #. son A�thrger r RPi I/rrf9r- I s.Co. JOHN xcC 4c. The.4ri, 2R .tr�olnovf T ts.s!Ac. 1?O.AIc. /iJ s Ac. Js.r! �- I DAVI ODU its U. ! 1"Ac. Ab/h C airnr++os 1 184 E. ., ee�!/ C B. Te�/n 1 m ®A As. Z'79Ac- O SODA � s ,nei�nd Kik ld 1N 1102 -=' °JAS Hui 800 w. e2a Ac- M.M.B lfAe. it C A 7"-p Ir Ac A/1P rAsOir / i !//ft P rZ ^ NrA A.AV:/saan ✓no+/C/ Asp IOBB$ s ?► v 14.Sfs Ar. {� AA in ZO'" o S.A. L II G, R. . CO „ /° l'� a 1464 * iOOAc. ria .i ✓.Ab is, ,c. .; , - = . w/rbeks a{. PON.N.T1 hroh/ C E.Cunn.c sowc. IoAr. /4?Ac. I i.L G.N' /7�hAerf+ 1cMM,..l IL S ioowe. nr.ArAfC. 4+�►Ae, 19551s .salmi KIAe V 08M RaAa�.ck aw R e n a wr. Y%m"At nar. LQ70 <r c . Wbl B. TUCKER ISIS dlowir rZ ' do M4 t sphvA pir Mr:.Vs r/ /o►MtA ` /K L. AIlrio AMir/ltd Rtf. cb ,r! A.'tnvr �r ss we �+c wr j o� J WALLACE Ne: i�1.c K *r.a Alc. 4 A�MAxv ONwmf+•.•W. ar �e, iw sr, •1 2 t I 1605 trs r snhAe. .... rt6! r * Is.,,r N i - ' c.i�..!/►/nr.M -.' ~; . ti: .,. w>rt G^BIER �. a r r ►� ' ! ""'"e COMPARABLE SALE MAP s� ""; . fAr. SALES SUBJECT©Ac �t 'amu a'a" rr ao Nbio1 / A. -Q �. , " �• ruCKER 1516r&*wpwAre0 dam+ Wires Aws r. r� R r NGE R •t.✓. lbirf s AK"vv Lop F*"7 r, i /lt//' Oiswr � 6*PAk 77*8 r war/�MJs91o.. ,e, PQf Ar, APAC- APAI, d11r�► APPRAISER'S CERTIFICATION This is to certify that the writer, in submitting the herein stated opinion of value of the subject property, acted in accordance with and was bound by the following principles and conditions. 1 . No interest, present or contemplated, in the property. 2. Neither the employment to make the appraisal nor the compensation is contingent on the amount of the valuation reported. 3. Personal inspection of the property. 4. To the best of my knowledge and belief, no important facts have been withheld and the statements and opinions contained in this appraisal report are correct, subject to the limiting conditions herein set forth in this report; also, that this appraisal has been made in conformity with the rules and regu- lations of the Professional Ethics of the National Association of Real Estate Boards. 5. In my opinion, as of December 19, 1973, the market value of subject 2.34 acres land only, is: ELEVEN THOUSAND SEVEN HUNDRED ($11 ,700) DOLLARS. 6. In my opinion, upon completion of Proposed Irving Street Paving Project #104-24000-235, the market value of 2.34 acres land, only, will be: TWENTY THOUSAND ($20,000) DOLLARS. RbSIS E. JONES, 4RA SR/WA 17 ROSS E . JONES $ R E A L T *O R PHONE ED 2-3255 1200 W. FREEWAY - RM. 304 (EL PASO AT LAKE STREET) FORT WORTH, TEXAS QUALIFICATIONS OF APPRAISER ROSS E. JONES, S. R. A. Licensed Real Estate Broker, State of Texas, License #25,638• Charter member, Chapter #55, Society of Real Estate Appraisers; President, 1955• Served as Director six years. Active member, Fort Worth Real Estate Board since January, 1946. Served as Director four years. Active member, Fort Worth Home Builders Association since 1950• Served as Director four years; Secretary two years. Charter member, Past President, Fort Worth Independent Appraiser's Association, Inc. Senior member, American Right-of-Way Association, Chapter #36. Served on Tax Equalization Board, City of Fort Worth and Fort Worth Independent School District, 1953, 1954, 1956, 1957, 1956, 1959, 1962 and 1966. Qualified as witness in real estate evaluation, eminent domain proceedings, County Court at Law, District Courts and Federal Courts. Approved Appraiser for; Veterans' Administration, Dallas, Texas, Regional Office Federal Housing Administration, Fort Worth, Texas, District Office General Services Administration, Region 7, Fort Worth, Texas State Highway Department City of Fort Worth, Departments of Law, Land and Tax City of Cleburne City of Alvarado County of Tarrant City Housing Authority of City of Fort Worth, Texas Tarrant County Water Control and Improvement District #1 *Life Insurance Companies 'Individuals and Corporations. *Specific names furnished on request 18 d ,S 1 yf Lfil Looking Southeasterly across Subject Looking Westerly on Irving Street from Subject 19 Lot l0A 1 a APPRAISAL OF 1 .0 ACRE INDUSTRIAL LAND OWNER: LONE STAR GAS CO. IRVING STREET FORT WORTH, TEXAS DECEMBER 19, 1973 S A 4 TABLE OF CONTENTS Page Summary of Salient Facts and Conclusions 1 Legal Description of Land Appraised 2 Purpose of Appraisal 2 Market Value Defined 3 Zoning and Highest and Best Use 3 Contingent Assumptions and Limiting Conditions 4 Tax Data on Property Appraised 5 Description of Neighborhood 6 Description of Subject Property 7 Comparable Sales (Before Street Improvement) 8 Comparable Sales (After Street Improvement) 12 Comparable Sales Map 15 Plat of Subject Property 16 Appraiser's Certification 17 Qualifications of Appraiser - Ross E. Jones, SRA SR/WA 18 Photographs of Subject 19 Tract #5 w SUMMARY OF SALIENT FACTS AND CONCLUSIONS OWNER: Lone Star Gas Company ZONING: "K" - Industrial EFFECTIVE DATE OF APPRAISAL: December 19, 1973 DESCRIPTION OF PROPERTY: A rectangular shaped tract of land containing approximately 1 .0 acre. Tract is used as part of natural gas pipeline distribution system, office and storage area. Tract is level , has approximately 165 FF along southerly side of un- paved Irving Street ROW. Tract has 299.6' depth along westerly side, fronting FM Road #156. Location is at the corner of FM Road #156 (Blue Mound Road) and Irving Street. LEGAL DESCRIPTION: City Tract #5 (County Tract #2E) out of the W. B. Tucker Survey, Abstract #1515, Fort Worth, Tarrant County, Texas. LAND ONLY APPRAISED Estimated Present Land Value $ 6,500 Estimated Land Value after completion of proposed paving project on Irving Street $11 ,000 Estimated increase in land value caused by completion of proposed project $ 4,500. 1 p Tract #5 LEGAL DESCRIPTION OF LAND APPRAISED County Tract #2-E (City Tract #5) out of W. B. Tucker Survey, Abstract 1515, no record of purchase found in Deed Records. Location is approximately 4-1/2 miles northerly of downtown Fort Worth. Tract fronts northerly along ROW of Irving Street, fronts westerly along FM Road #156 (Blue Mound Road) . PURPOSE OF APPRAISAL Purpose of this appraisal is to: 1 . Estimate present market value of subject land only, as of December 19, 1973, in fee simple, title free and clear of all encumbrances. 2. Estimate market value of land after completion of proposed Paving Project #104-24000-235. Proposed project includes 40' wide, 7" thick concrete paved street with concrete curbs, underground storm drains and asphaltic concrete transition area at junction of FM Road #156 and Irving Street. Project begins at FM Road #156 and extends easterly approximately 2,4801 . 2 Tract #5 MARKET VALUE DEFINED Market Value is to be defined as follows: "Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell , and is bought by one who is under no necessity of buying it, 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." ZONING AND HIGHEST AND BEST USE Present zoning is "K" - Heavy Industrial , which allows most any type of commercial or industrial use. Subject tract now used in conjunction with natural gas pipeline distribution system, has numerous storage buildings and office area. Continued present use is highest and best use. 3 CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS Property being appraised is subject to the following assumptions and limiting conditions. 1 . That legal description furnished is correct. 2. That title to property is marketable. 3• There are no encroachments, defects of title or easements except utility easements serving property being appraised. 4. That property is free and clear of all liens. 5. No liability is assumed for matters of a legal character affecting the property. 6. Sketches included in report are to assist reader to visualize property and location only and are not to be used in lieu of survey. 7. Information used in this report has been obtained from sources believed to be reliable, has been verified in all possible instances. The accuracy of the data, however, is not guaranteed. 8. Possession of this report does not carry the right of publication nor may it be used by anyone other than parties for whom it is made without prior approval of the appraiser. 9. Your appraiser is not required to give any testimony or attend any court by reason of this appraisal unless prior arrangements are made therefor. 4 Tract #5. TAX DATA ON PROPERTY APPRAISED County Tax Assessed Value 1973: Land and Improvements Total $14,070 City and School Tax Value 1973: 100 Per Cent Value Assessed 55 Per Cent Total Assessed Land Improvements Land Improvements $1 ,500 $9,395 $825 $5,165 $5,990 1973 Tax Rates Per $100 Assessed Value: Indicated 1973 Tax Charge: City $1 .69 City $ 5,990 x $1 .69 = $101 .23 School $1 .78 School $5,990 x $1 .78 = $106.62 County $2.77 State & County $14,070 x $2.77 = $389.74 TOTAL $597.55 *County Tax Rate Includes: State $0.22 County $0.86 ROW $0.29 Water $0.25 Hospital $0.75 Junior College $o.4o TOTAL $2.77 Proposed capital improvements and capital improvements now under construction by county, city and school agencies will require possible 10 per cent increase in tax rates within the next five years. 5 DESCRIPTION OF NEIGHBORHOOD Subject area located approximately 4-1/2 miles northerly of downtown Fort Worth, is a developing light and heavy industrial area. Industrial development includes parts of City of Saginaw, City of Blue Mound and City of Fort Worth. Interstate Loop #820 bisects the area, connects with Interstate 35W and Interstate 20. All utilities are available in the area. City of Fort Worth has large sanitary sewer collector line constructed to City of Saginaw sewer to insure adequate sanitary sewer facilities for future expansion. Major planned industrial developments in the area are Mark IV Industrial Park at intersection of Loop 820 and I-35W, City of Fort Worth; El Rancho Industrial Park at intersection of Loop 820 and Blue Mound Road. Other small acreage tracts have been developed with industrial buildings. Approximately 10% of the immediate area is now developed for industrial use. Accelerated future development is anticipated with completion of northwest quadrant of Loop 820 providing improved roadway facility to west side of Fort Worth. 6 Tract #5 DESCRIPTION OF SUBJECT PROPERTY Subject property is a 1 .0 acre tract , rectangular in shape. Tract is on east side of Blue Mound Road at corner of Irving Street . Water and sewer service are connected on subject tract . Existing improvements include old residence converted to office use, several small warehouse and storage buildings. Property now used for servicing and measuring high pressure natural gas pipeline system serving metropolitan area. (Land only is appraised.) Future use of subject tract is limited to its present use due to its location related to existing pipelines. 7