Res 2003-025 - Laserfiche WebLink

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Frederick & Hornsby, Inc. Real Estate Appraisers / Consultants August 6, 2002 Mr. Dan O'Leary Interim City Manager City of San Marcos 630 East Hopkins San Marcos, TX 78666 Re: Complete appraisal of two tracts of land out of a 174 acre tract located between the Blanco River and IH-35, north of Hackberry Street, San Marcos, Hays County, Texas. Dear Mr. O'Leary: Pursuant to your request, we have inspected and appraised the above referenced property. The purpose of our assignment was to estimate the market value of the fee simple interest in each tract in their as-is condition but with the hypothetical condition that the Blanco Shoals Planned Development District had been established as of the effective date hereof (a copy of the district description used as the basis for this appraisal is included in the Addenda). The effective date of our analyses and value opinion was August 1, 2002, the date of inspection. The two tracts appraised herein are identified in the Blanco Shoals Planned Development District document as Lots 3 and 4 though they are not subdivided lots. This identification tenninology is used in this appraisal for consistency with the development district identification but the sites were not appraised as if subdivided. Extraordinary assumptions as noted herein were made regarding: 1. the estimated area and depth in the flood plains impacting the subject tracts; 2. usable area for Lot 3; 3. the cost of remediating the flood plain area to provide a usable site on Lot 3; 4. the cost of off-site street and utility infrastructure necessary to serve the subjects; 5. the pro rata share calculation of off-site street and utility infrastructure applicable to Lot 3 and other lots in the Blanco Shoals Planned Development District; rezoning of Lot 4 from 'c' to 'MF-4' in accordance with our conclusion of highest and best use; and, 6. 1717 West 6th Street I Suite 250. Austin, Texas 78703.512/477-6311 . Fax 512/477-1793