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<br />PAUL HORNSBY & CaMP ANY <br /> <br />REAL. PROPERTY APPRAISERS AND CONSULTANTS <br /> <br />November 6, 2002 <br /> <br />Mr. Dan O'Leary <br />Interim City Manager <br />City of San Marcos <br />630 East Hopkins <br />San Marcos, TX 78666 <br /> <br />Re: <br /> <br />Complete appraisal, summary report of an ::1:81.2 acre tract ofland, also known as Lots <br />5,6, 7, 8, and 9 of the Blanco Shoals Planned Development District, out of a ::1:174 <br />acre tract located between the Blanco River and IH-35, north of Hackberry Street, <br />located within the City of San Marcos, Hays County, Texas. <br /> <br />Dear Mr. O'Leary: <br /> <br />Pursuant to your request, we have inspected and appraised the above referenced property. <br />The purpose of our assignment was to estimate the market value of the fee simple interest in <br />the ::1:81.2 acre tract in its as-is condition, but with the hypothetical condition that the Blanco <br />Shoals Planned Development District was approved as of the effective date. The effective <br />date of our analyses and value opinion is October 5, 2002, the date of inspection. <br /> <br />The subject property is identified in the Blanco Shoals Planned Development District <br />(BSPDD) document as Lots 5, 6, 7, 8, and 9. Though this identification terminology is <br />sometimes used in this appraisal for consistency with the development district identification, <br />the sites were not appraised as if subdivided. <br />