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106 I " .< MAR 1 9 1992 FIRST AMERICAN APPRAISAL CONSULTANTS, ~fReNMENT ..¡RiNG March 18, 1992 To: The City Commission, City of San Marcos, Texas From: First American Appraisal Consuitånts, Inc., Austin, Texas RE: Appraisal of a water tower site and pipeline easements pertaining thereto on the Freeman Ranch, located approximately one mile west of the City of San Marcos, Hays County, Texas and the representation of the City in any court proceedings MEMORANDUM OF AGREEMENT In accordance with the telephone call between the parties on March 13,1992, it is understood and agreed that First American Appraisal Consultants, Inc., Austin, Texas has been chosen to appraise a water tower site and pipeline easements pertaining thereto on the Freeman Ranch, located approximately one mile west of the city of San Marcos, Hays County, Texas. The agreed fee for the appraisal is $5,000, and the work will begin upon acceptance of this Memorandum of Agreement by a duly authorized representative of the City of San Marcos. The scope of the work will include a detailed Highest and Best Use Analysis of the subject property. At this point the subject property is being operated as a ranch. The property is located Íone mile from the City Limits of San Marcos and the availability of city water and wastewater services. Nearby are several rural residential subdivisions, which operate on well water and septic tanks. Along the east property line is the right-of-way line for the proposed Outer Loop. In the Highest and Best Use Analysis, it must be determined whether the property will continue to be ranchland, commercial development land associated with the Outer Loop, a rural residential subdivision, or will be annexed and developed as a residential subdivision with all city services. In order to determine the highest and best use for the property, a detailed absorption study will be required. This study falls within the scope of the work to be performed. Once the highest and best use analysis has been completed, the appraisers will estimate the value of the whole property, the value of the land taken, the amount of enhancement or damage to the property due to the construction of the one million gallon water tank, and finally, the compensation to the landowner. 1250 Capital of Texas Highway 2964 LBJ Freeway 1800 Bering Dr. Cielo Building 2, Suite 450 Suite 305 Suite 360 Austin, Texas 78746 Dallas, Texas 75234 Houston, Texas 77057 512-328-771.7 214-241-7775 713-974- 7044 FAX # 512-328-7770 FAX # 214-484-9239 FAX # 713-974-7043