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HomeMy WebLinkAboutItem 06 - Deacon HouseMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: ROGER NELSON, CITY MANAGER 1W MEETING DATE: SEPTEMBER 2, 2003 SUBJECT: SET MINIMUM BID PRICE FOR SURPLUS PROPERTY AT 204 SOUTH DOOLEY STREET, "DEACON HOUSE". RECOMMENDATION: City Council consider authorizing the sale of surplus property at 204 South Dooley Street, set a minimum bid price of $121,000, and take any necessary action. BACKGROUND INFORMATION: On October 15, 2000, the Grapevine Township Revitalization Project, Inc. (GTRP) moved the historic 1918 Deacon House and barn from Euless to 204 South Dooley Street for the purposes of revitalizing the City's Township area and to preserve a home with historic significance to Grapevine's agricultural community. On June 19, 2001 Council declared 204 South Dooley Street surplus property (Res. 2001- 31). The previous bid price was $67,000. The person who won the bid was unable to close on the property. Additional work such as painting the exterior, rebuilding the windows / screens, installation of skirting to the exterior, rebuilding the porch and completion of the plumbing repairs has been done and, as a result, the value of the property has increased. Attached is the most recent appraisal done on the property, which establishes the minimum bid price as $121,000. The home has been designated a Historic Landmark Subdistrict by the City Council. Within the next few weeks, the City will begin advertising and receiving bids on this property. Attachment /wdk August 28, 2003 1:54PM ...�. n.__.r.nr 11111IMPPA AlMnENTIAL APPRAISAL. REPART Pl6berly Address 204 S. Dooley Street CRY Grapevine State TX Zip Code 76051 LeoW Description Lot 7R G.E. Hurst Subdivision Cou Tarrant Assessol�s Parml No. 07397445 Tac Year RE Taxes Special Assessments 0.00 Borrower N/A Current Owner CftY of Gra evine D=pant Owner Tenant Vacant Prombir rights le Leasehold rdum WWA HOA S N/A hbahood a Name G.E. Hurst Reference 28-J Census Tract 1137.02 Sale Price S NIA Date of Sale NIA Description and amount of loan cher concessions to be paid by sailer Le Bent City of Grapevine Address 200 S. Main Street Grapevine, TX 76051 ADDralser Void J. Hurst MRA Address P. O. Box 821281 N. Richland Hills TX 76182 Location Lj Urban Suburban Rural BUR up ❑ Over 75% ❑ 25.75% ❑ Under 25% Pre10n111 rd 00q�encl' W pR� aD pis" land use% One fm* 75 lad weehmp ® i(/00} Not Rely ❑ Likely Growth rate ❑ Rapid ® Stable ❑ Sm ® Owner 55 Low NEW 2-d famly 3 ❑ In process Property values ❑ Increasing ® Stade ❑ Docking ❑ Tenant 194 High 100 Multl fam9y 2 To: Der a supply ❑ Shortage ® In balance ❑ Over supply ® Vaeat (45%) Ptedortttnant Commercial 10 Marketinalkna, Under 3 mos nos. Over fi rnDs. Vac. owe 105 50 Vacant 10 Mote: Raw rad the radial compoeftWo of the peyhbarAood an rat appmkal feretars Neighborhood boundaies and characteristics: The immediate neighborhood is located south of Northwest Business 114 east of Ball Street north of Dallas Road and west of Loop 382 Business 114). Factors that affect the malkelabfity Of the "Oft In the nefgfrbodood (prodr* to anpbymmnt and aroribes, empbyrrat stabiRy, appeal to market, etc.): The sub ect is located immediately east of Grapervinee central business district Homes in the immediate area range from several historical homes built in the early 1900's to several new replies homes built on passed over lots. The subject is located Immediately northeast of the actual historical district but is a historical landmark home and like many of these homes was moved from another location to its Present site. Aocess to major erryloyment centers Is Dallas/Fort Worth and D/FW Intemational Airport is Qood and Grapevine Lake is 1.5 miles north. Market conditions In the subject neighborhood (Including support for the above conclusions related to tits trend of property values, dernandJsupply, and marketing time — such as data on compet1M properties for sale in the neighborhood, description of the prevalence of sales and financing co rcessiens, etc.): General economic conditions as well as property values appear to be stable at the present time with no adverse factors noted. Supply and demand appear to be in balance with normal marketing time for the subject estimated to be under 60-90 days. Typical list to sales price ratio is approximately 95-100%. Financing is readily available at competitive rates with no adverse interest buydowns or seller concessions noted. Pro)ect Idonrrtion for PUDs (If applicable) - - is the develope0bulder in control of the bane Owners' Associatim (HOA)? L Yes L No Approftate total nuntm of units In the subject project Appmotirrwte total m mber of units for We In the subject protect Describe cannon elements and recreational facilities: NiA Dimensions 65 x 140 Topography Level Pad Sham 9100' Caner Lot ❑ Yes ® No Size Typical Speck zoning classification and description R 7.5 Single Family Residential Shape Rectangle Zoning compifance ❑ Legal ® Legal rowatonni g (Grandfathered rise) ❑ Illegal ❑ No zortng Drainage Appears Adequate Highest 4 best use as kn Present use M Other use lain View Average Landscaping Average Utilities Public Other OM-aletmprove—ft Type Pudic Private Electricity ® Street Asphalt ® ❑ Driveway Surface Dirt/Grass Gas ❑ Curb/gutter Concrete ® ❑ Apparel easernernts T 'cal Waley ® Sidewalk None ❑ ❑ FEMA Special Rood Hazard Area ❑ Yes ® No Sanitary sewer ® Street 11" Typical ® ❑ FEMA Zone X Map Date 8-2-95 Storm sews Alley None FEMA Map No. 48439C 0205-H Comments (apparent adverse easements, ercroachrrnads, special assessments, side areas, Illegal or legal nonconforming zoning use, etc.): No adverse easements or encroachments were observed at the time of inspection; rely on current survey for accuracy of dimensions easements encroachments and exact location of flood hazard area. GENERAL DESCRIPTION DOERIOR DESCRIPitON FOUNDATION BASEMENT INSULATION No. of Urns 1 Foundation Concrete Pier Slab No Area Sq. FL 0 Roof ❑ No. of Stales 1 Exterior Wails Wood Siding Crawl Space Yes %Finished Gaiting Type (DeUAtL) Detached Root Surface Composition Basement None Ceiling Ways Design (Style) Traditional Gutters 6 Dwnspis. None Sung Purnp None Wallis Floor ❑ Eldstkg/Proposed Existing Window Type Wood Dampness None Noted Poor None ❑ Age (Yrs.) 83 Stan/Screens NoRJone Sef tent None Noted Outside Entry Unimma ❑ E1fecM A(Yrs.) 22 Man pictured House No Infestation None Noted ROOMS Fover Uvino Dlrdm I IOtchen I Den I Fw& Rm Rec. Rm. Bedrooms #r Balls I Laundry I Other AreaSq.FL Basement 0 Level 1 2 1 1 1,265 Level 2 Finished area above made contains: 6 Roans' 2 Bedroom(s): 1 Bath s ' 1,265 are Feet of Gross L Area INTERIOR MaterialsJCmftm HEATING 2 MENE", ATTIC AMENITIES CAR STORAGE: Floors C Hdwd Vin/Fafr Type None RddgerAx ❑ Mone ❑ Firepiace(s) #r None ❑ Naze ❑ Wags SR Pan Tex/Fair Fuel None Ran *Dven ❑ States ❑ Patio None ❑ Garage #n of cars TdffvR sir Wood/Fair Condition NIA Disposal ❑ Drop Stair ❑ Deck None ❑ Attached 0 COOLING BaMPloor Vn sk Dishwasher F-1 tib Se ® Porch Covered ® Detained 2 Bath Wainscot SR Tex Mason/Fair Central No Wood ❑ PW F] Fence None ❑ BuRan 0 Doors SC-ExVFair Other None Microwave F-1Heated F-1PoolNone ❑ Carport None HC4nt/Fair Condition N/A Washertfter M I Finished D None AddRatal features (special anergy efficient ftems, etc.): New foundation roof, exterior paint, front porch, plumbingrough in and new 18x26 concrete slab with existing 2 car detached ra /sho . Condition of the Impta neft depreciation (physical, functiarai, ad external), repairs needed, cptalky of construction, renode8rlarki toms, etc.: subject was recently moved to its present site for renovation and is classified as one of thedt(s historical landmark homes. Exterior repairs have been completed and per city r uirements are consistent wrth the orf 'nal construction. Physical de enation is extensive due to unfinished interior. No functional or external obsolescence was noted. Adverse erwiromrertal conditions (such as, but not IrnPoed to, hazardous waft toxic substances, etc.) present in the improvements, on tine site, or In the knmedkte vkI#fy ofthe subject property- No adverse environmental conditions were noted however, the appraiser is not an expert in this field and an inspection by a qualified environmental specialist is recommended. WM mat; rvim to cwvo rAuc r ur z tamle Mae Fare 1004 693 Form UA2 —'TOTAL for Windows" appraisal sdWdm by a la mode, hc. —1400-ALWODE ■vas n®u ®reenenTIAl ADDIIIAiftAI RCDtIItT co. w, ondrxn() vrswu... ESTIMATED SITE VALUE ...................... ........... ........... F $ ESTIMATED REPRODUCTION COST -NEW -OF IMPROVEMENTS: Dwel nog 1.265 Sq. FL @$ 76.00 - $ 96.140 0 Sq. FL @$ Covered Porch 3,646 Gwa*Carpat 477 Sq, FL@S 25.00 - 11,925 Total Estimated Cost New .......... ................... - $ 111,911 Less Pty*A FwxftS EAemal Depreciation 35,1741 ( _$ 40,000 35174 Comments on Cost Approach (such as, source of cost estimate, sle value, squ'am foot calculation and for HUD, VA and FmHA, the estimated remaking economic Be of the property): Site value is based on review of available site sales and/or tax records. The Cost Approach is per the Manthal-Sw f: Residential Cost Handbook and local builders and contractors. Physical depreciation is based on the a eAife method. Effective age 22 Yearsf7O Year Economic .= Life. over the last 12 month Period revealed few recent sales similar to the subject Sale 2 is a slightly older sale than normally preferred and *Sale DepreciaW Value of impnmmmds_ ............................... _$ 'As-ls' Value of Site Improvements ................................... e$ INDICATED VALUE BYCOSTAPPROACH ............................ = 76.7371 I'D 0 117,737 The three sale used pmvide a dose range of value when compared to the subject and are believed to be the best indicators of value available for cram a 'son at this time. Egyal weight was given all three sales. TTIN SUB ECT COMPARABLE NO.1 COMPARABLE NO.2 1 Remaining economic life 48 Years M?A I SUBJECT COMPARABLENO.1 CDMPARABLENO. 2 COMPARABLE NO. 3 204 S. Dooley Street Address Gtwevine 529E Worth St Grapevine 208 S. Dooley St Grapevine 409 E. Worth St Grapevine Pradmity to Saks Price N/A Gross L Area Data and/or Inspection Vin Source 0.15 miles 133.91 MLS #9652019 Grapevine Realty 0.01 miles 163 900 123.46 �Itl MLS #9520615 Tax Office 0.13 miles 157 900 OEM 125 000 98.27 d� MLS #9654874 Tax office VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION ; +(-)$Adjust. DESCRIPTION ; + - $ Ad st DESCRIPTION +(-)$Adiust Saks or RremhV Date of me Conv/Seiler Paid $0 6-03/7-03' Conv/Seiler Paid $3,500 10-0211 O-02 ConvtSelier -3,500 Paid $0 543/5-03 ocation Average Average Average Average Le Simple FEE FEE FEE FEE Site 9100' 14,000' -10,000 9107 11,280' View Average Average Average Average Desion and ARDW Trad/1 Story Traci/1 Story Trades Story Trad/1 Story Quality of Cmsbucbon Average Average Averaoe Average Aoe 85 78 83 73 Condl}ott PartRestored Restored -35,000 Restored -35=0 PartRestored Above Grace Total Bdrrns� Baths Room Count 6 3 j 2 Gross Llvim Area 1,265 Sq. R. Total Bdrms Baths 5 2 1 1,224 Sq. Ft Total Bdrms Baths +2,000 6 2 2 0 1 279 Sq. FL Total Bdrms Baths 5 3 2 0 1,272 jt. 0 Basemmt & Finished No Basement Roans Below Grade None No Basement None No Basement None No Basement None Fumbortal UtIIV Avenage Average Average Average None Central HeaVAC -3 ODO Central WAC -3,000 Central H/AC -3,000 A A,,-- a Ave—e Averane E rummitferns ve e v GaracWCawd 2 Car Gar/Ski None +4,000 None +4,000 3 Car Gar/Shop -2 Or' Porch Patio. Deck Average Average Average Average greplace(s),etc None None None Norte Fetus etc, None None None None Net A + - 42,000 + - 37,500 + - 5,000 Adjusted Sales Price of Comparable 121 900 120,400 �,u 120 000 Commends on Sales Comparison (including the subect property's compa*R, to neigltbatood, etc.): An extensive search of the immediate market area over the last 12 month Period revealed few recent sales similar to the subject Sale 2 is a slightly older sale than normally preferred and *Sale 1 is an approved sale scheduled to dose 7-31-03 but both were included due to roxi similar desi nt eat age, and size. Sale 3 was the most recent closed sale located and sold "as is" with construction underway for a total renovation before occupancy by the new buyer. The three sale used pmvide a dose range of value when compared to the subject and are believed to be the best indicators of value available for cram a 'son at this time. Egyal weight was given all three sales. TTIN SUB ECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Date, Price and Data Sauce, for prior sales NIA NIA Sold 8-10-01 for $143,400 NIA wlhin Year of appraisal Artafysis of any current a wremerd of sale, opflon, or Istkg of subject property and analysis of ary prior sales of subject and comparables whin one year of the date of appraisal: The subject is not cumently offered for sale or under contract of sale. Available data indicates that the subjed and comparable sales used sold previously in the last 36 month period as indicated above. INDICATED VALUE BY SALES COMPARISON APPROACH --.--"-....... --.......... ._............... ....... ........... ...-.............. .............. $ 121,000 iN=TED VALUE BY INCOME APPROACH X Appikabiel Estimated Market Rent . x Gross Rerd MurdDler This appraisal is made M as le LJ subject to the repairs, atteralim, inspection or conddiens Fisted below H subject to completion per plans & specifications. Cmams of Appraisal; Per client's request the subject was appraised "as id. Final Recaoilatiom Both the Cast and Market Approaches were utilized. Homes in the area are note tylAcally purchased for their income stream hence the Income Approach was omitted due to lack of sufficient data to pmPerty develop a GRM. Most weight was given the Sales Comparison Analysis, The purpose of this appraisal Is to estimate the market value of the real property that is the subject of 81s report, based m Ute above condbm and the cettlficalioN cordingent and Imiting cordlbn, and market value defutlfon that are stated In the alached Freddie Mac Form 4391FNMA form 10048 (Revised 6-93 ). I(WE)ESTIMATE THE MARKET VALUE, ASDE'FIND, OFTHE "ALPROPEATYTNATISTHESUBJECTOFTHIS REPORT, ASOF July 23 2003 (WHICH isTHE DATE OFIRSPEC'nONANDTHEEFFECTNEDATEOFTHISREPORi)TOBE $ 121,000 APPRAISER: I . . n N 1 --A_ — SUPEROMO TY APPRAISER (ONLY P REQUIRED). re%T&m " Did U Did Not Name ACOI.qurst MRA Name Inspect Property Dale Report�igtred Juty 2 003Date Report State C&-ftabon # TX -1322768-R State TX State Certification # State Or State License # State Or State License # State Ile Mac Form 70 %% PAGE 2 OF 2 Fannie Mae Form 1004 6-93 Form UA2— TOTAL for Windows' appraisal safhvare by a la mode, Inc.—1.80DALAMODE Maid J. Hurst Rai Estah Amalser Pruperly Address 204 S. Dooley Street MY Gra vine our Tarart Sw TX Zp Code 76051 LmxW/CIW Cftv of Gra vine The purpow of the appraisal In to edimete market value of the FEE Simple interest In the property as detied in the attached FNMA form 10048, as of the date set forth in the reconciliation section of the reporL The title is assumed to be nood and marketable. awri. In the preDeration of this appraisal, the appraiser has made ani 'on of the lett site and$plans or dm rovements includingtalo . v sufficient hot re to adequately characterize the propertya iced. The subject neighboftcod was also Inspected to assist in the determination of the rietchboftcid dnracterMcs. Thea information was arra) ed in order to doc meat the various environmental social govemmental,and economic factors that influence value. Data regardho the sales of residential Properties was collected and verified. The valuation of the pMperty include the Cost Appmech, income Appmach, and Market Approach. Thea roadres to value were then reconciled into a trot estimate of value. If any of the three a roedres were omitted ane noWn can be found in the reconciliation section. The mended use of the appraisal is to assist the client as the intended user of this report, in evaluating the subled property for WrWing The use of this appraisal by anyore other than the stated user, or for any other use than the intended use is prohibited. .R t. MOW Cunent lisft bdormatbn: The subject propertyis not currertly offered for sale. Prior sale: Available data indicates the subject did not sell Previously in the last 36 month period unless otherWise indicated in the Market Approach section of te report. , F , The estimated markefino time is the same as indicated in the peiahborhood section of the report, This estimate is based on the appraisers observations of the markefino time for the lisfirm and sales within the immediate area. The clyromics of the neighborhood, and eWte economics were also given consideration. BPero6ited' �ririisfalb . ,,�`:.• ... ";wt�„�'� f �^a w.� N/A The value estimated in this report is based on the assumption that the property is rat negabvely affected by hazardous substances or detrimerdai erMrortmental conditions however, R is Dossible that teat conducted by qmlified Persons could reveal the existence of hazardous materials and/or environmental conditions that could affect the value of the sub' 1. Tfds appraisal assignment was not based on a requested msdmm valuation, a specltk vahratlon, or an approval of a loan. Z My compensation is not cmtrgent upon tie mpodinp of a predetermined value or direction In value Mat tam the cause of the diem the amount of the value atimate, the at*ment of a dpulated result or the occu rence of a subsequerd even. Appraiser(s): Medd J. H RA Supervisory Appalser(s): Etk*e dale I Report July 23, 2003 EBeetive date I Report date; Form RIA —'TOTAL forWindowe appraisal softm by a la mode, Ina. —1-S0s .W MODE Buildinu Sketch (Page - 1) Borrower Ct Cftyof Grapevine Pmperty Address 204 S. DooleyStreet Cb Grapevine PLKO Tarrant State TX ZID Code 76051 Lender Form SKT.BIdSid — TOTAL for WbWW appraisal sdWdm by a la mode, W.—1-BO"UMODE Flood Map City of Grapevine fteft Address 204 S. Dooley Street City Grapevine County Tarrertt Swe TX Zip Code 76051 ender Form MAP.Fbod — "TOTAL for Wmdml appraW soflmm by a to mode, W. —1-800-ALAMODE Comparable Sales Map Borrower Client WA ROWN Address 204 S. Dooley Street C Grapevine P%ft.. Tenant State TX Cade 76051 I rftv of Grapevine pam MAPArM— "TOTAL for Windows appraisal s*wm by a la mode, Inc. —1-800 UMODE Subject Photos Bmwr/awo city of Grapevine Roperty Address 204 S. Dooley Street City Grapevine Tarrmt State TX Code 76051 Lender Subject Front 204 S. Dooley Street Subject Rear Subject Street Form PICPDCTR—'TOTAL for Wh km' app *ai scam by a la mode, kc. —1-B MLAMODE 4«�: .. �; y, : � .; . , .: v,"r5�`� `�* � .. �_ -� _..��., t�i -. %� l�T� y. r � r. t. �:. ,� �, _ r ,e .. �~ x: _ �� 1 . '=t � � �� -iY� ,) �raai s .ti t� i' l :. �.. i ��� S i� .. _ .. ., a � au: �.. _ - ... ._ _ DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requish to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the dxkx is rat affected by undue stimulus. lmplicl In this definition I. the consummation of a sale as of a specified dale and the passing of ft from seller to buyer under conditions whereby: (1) buyer and salter are We* motivated; (2) both parties are well Informed or well advised, and each acting in what he considers its own hest interest (3) a reasonable time is allowed for wposure in the open market (4) payment is made In terms of cash In U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soli unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. `Adjustmerts to the comparables must be made for special or creative financing or sales concessions. No a4ustmerds are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the sekr pays these costs in virbraly alt sales transactors. Special or creative financing adjustments can be made to the comparable property by comparisons to financing tarts offered by a third party institutional lender that is riot already involved In the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should appreodmate the market's reactor to the financing or concessions based on the appraiser's judgment STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND UMITING CONDITIONS: The apprahse's certlicadon that appears in the appraisal report is subject to the following 1. The appraiser will not be responsible for maters of a legal nature that affect either the property being appraised or the title to It The appraiser assumes that the flk Is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of I being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of Is size. ' 3. The appraiser has mamined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has rated in the appraisal report whether the subject site is located In an identified Special Food Hazard Area Because the appraiser is not a surveyor, he or she makes no guarantees, eogxess or Implied, regarding this determination. 4. The appraise will rat give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraise has estimated the vale of the lard in the cost approach at Is highest and beet use and the improvements at their contributory value. These separate valuations of the land and improverhents must not be used In corgunclon with any other appraisal and are invalid I they are so used. 6. The appraise has noted In the appraisal report any adverse conditions (such as, needed repairs, depreciator, the presence of hazardous wastes, toxic substances, etc.) observed during the Inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unhapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, todc substances, etc.) that would make the property more or less valuable, and has assumed that there are no such confitons and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for ary engineering or testing that might be required to discover whether such conditions edst Because the appraiser is riot an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the Information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and beleves them to be true and correct. The appraiser does rpt assume responsibility for the accuracy of such items that were furnished by other partes. 8. The appraiser will net disclose the contents of the appraisal repot except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her arxpralsal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the Improvements wilt be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's Mer* and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser Is assoclated) to anyone other than the borrower:, the mprtgagee or is successors and assigns; the mortgage Insurer; consultants; professional appraisal organizations; any side or federally approved financial insittuton; or any department, agency, or Instrumentality of the United Stades or any state or the District of Columbia; except that the lender/cknt mal dispute the property description section of the report only to data collection or reporting service(s) wtipd having to obtain the appraiser's prior wrtften consent The appraiser's wetter consent and approval must also be obtained before the appraaal can be conveyed by anyone to the public though adveriisirg, public relations, rheas, sales, or other media keddis Mac Form 439 6.93 Page 1 of 2 Fannie Mee Form 1004B 6-93 Yield J. Hurst, Real Estate Appraiser Form ACR —'TOTAL for Windows' appraisal sdtware by a la made, lip.—1-600-ALAMODE APPRAISER'S CERTIFICATION: The Appralser certifies and agrees that 1. 1 have researched the subject market arra and have selected a rrini um of three recent sales of properties most similar and W*naate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those Items of significant vartafbn. It a significant Item In a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the gusted sales price of the comparable amt, t a significant Gem in a comparable property is Interior to, or less favorable than the subject properly, I have made a positive adjustment to Increase the adjusted sales price of the comparable. 2. 1 have tarn Into consideration the factors that have an Impact on value in my development of the estimate of market value it the appraisal report. i have not knowhgy withheld any significant information from the appraisal report and I bdieve, to the best of my lawwledge, that all statements and Intoe, on In the appraisal report are tam and correct 3. 1 stated In the apprasai report only my own personal, unbiased, and p utessio ail aaysl% ophions, and conclusions, which are subject only to the contingent and limiting cordons specified In this form. 4. 1 have no present or prospective Interest In the property that Is the subject to th.s report, and I have no present or prospective personal interest or bias with respect to the participants in the trarsachon I did not base, either partially or completely, my analysis xWor the estimate of mrariat value in the appraisal report on the rare, color, religion, sex, fes, fanf6al status, or rational origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. 1 have no present or contemplated future interest in the subject property, and nelthher my current or future empioyment nor my compensation for performing this appraisal is contingent on the appraised value of the properly. 6. 1 was not required to report a predetermined value or direction In value that favors the cause d the client or any related party, the amount of the value estimate, the attainrnerd of a specific resuk or the occurrence of a subsequent event In order to receNe my compensation arWor employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7, i performed this appraisal in conformity with the Uniform Stadards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Bead of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those " Standards, which does rot appy. i aclaawledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of rtarket value and the estimate I developed is carrsistent with the marWing time mired in the neighborhood section of this report, unless I have otherwise stated In the reconciliation section. 8. 1 have personally Inspected the inferior and exterior areas of the subject property and the exterior of all properties Nsted as comparables In the appraisal repot I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which 1 an aware and have made adjustments for these adverse eo&dons In my analysis of the property value to the extend that I had m a;W evidence to support them. i have also commended about the effect of the adverse conditions on the madcetabtiiy of the subject property. 9. 1 pmsoraly prepared all conclusions and opinions about the real estate that were set forth In the appraisal report 9 1 relied on significant profe ionai assistance from any individual or individuals In the performance of the appraisal or the preparation of the appraisal report, I have named such individuai(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certfy that any individual so wanted is qualified to perform the tasks. I have not authorfzed anyone to rtaim a charge to any tem in the report; therefore, If an unauthorized charge is rade to the appraisal report, I will take no responsibility dor It. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraisers certficallors numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 204 S Dooley Street, Grapevine TX 76051 APPRAISER: Signature: Name: Vi RA Date Signed: July 28, 2003 State CertffrAoh #: TX -1322768-R SUPERVISORY APPRAISER (only it required): Signature: Name: Date Signal, _ State certficallm #: or State License #: _ $I*: Expiration Date of Certification or License: 3131!2004 E)#A m Dale of Certification or License: ❑ Did ❑ Did Not Inspect Property Freddie Mac Form 439 6.93 Page 2 of 2 Fannie Mae Form 10U45 5.93 Font ACR —'TOTAL for Wirdaws' appraisal software by a la mode, Inc.—1-800-ALAMODE VU J. j4mol k9eat 6&b P. , 8212B 1., 7. R.Ji.d-! Y- 1, -'7X 7 6 1 S2 (2)7)595-M55 — (8►7) 593-MX5 APPRAISER QUALMIZATIONS FOR VICKI 3. RUR_ST f'1ND)F'$ 10NAL R}l;l?'t(3 ENCS: AslSM 1995, to ptti'sma - owner and full tim residential real essme appraiser, Vicki !. Hurst ReW Estate AAwalscr, N.. IRichtand M11%, Z mss. Jww,198;2 to Aaput. 1995 - foil time rmwidential real emm apprraiscr, Jams A, Ncedham & Assoeiates, Hurst. T6w& OchAbw, L97A to Aprfl,1979 - memw secretary, Gasrd6 r, T1* Hain, Texas Noveftimr,1977 t4 Ocwbm 197$ - *Wy, John Berfmid Iliaahkim Murat, 3'exns Avd41977 to November, .1917 wad Nav=ber,1974 to imr, 1975 - 9=ctary, Chadic .Davidsva RcaltomGmldtre. Hncs4 Texas January, 1973 to Mireit.1974 - seermaryr, S'tre^wmrt Fuer Realtors, Bed6urd. "Texas EDUCA71ON: Graduate Ricblwnd High Scheid Tew Reel F-stwtc Salrm%ds Licemac,1979 90 Hours - Reel Estate Tri Itasti9tttt, 1977 34 llaprs- Applies Ro"ctental Pmp dy Vm1wxk-% 102,1986 21 Hours - Prim4mis nfReal Tatatr .Appraising 1, 1987 7 Hours - SmallReddantiwi Isromie Vidustian 3embw,1990 i5 Hain- Fatfateka l $tanda,rrin *,f i-w*cthce,,19993 I$ Hoorn - C4ffllr;�h Ad LApl Imam :1992 8 HoM - Texas Rcwl Eswc Commission Coubzd ,1994 7 Hours -I.hrFdbrm StatWor&ofProkadmal Appraisal Pmetkc U'pdlve 15+95, 97, 00 15 Hours - Prlt ciple, arAppmisal ]Revlewk 19% 8 HAurs - CtznlMVnicy lata M in Real Esdarle Appraisal and TaxalknL, 1997 6 Hours - Tia Property Tax Lww - Taxpayer Raredim, 1997 8 Haus - Modiatim sed Property Condition Lune%, 10% 8 Noun -'H(Jp Appraiissl Standards Update. August. 1999 8 Hours. -'�`Suoccs6d Sine Faimly Property Mmmgcmcjv- 20tH? k f Hours - t,la;s} 1 ala oras. Std of))'n► of Appraiil pm, ;m�e. 3x41. 4 Norars - Onsiir Observation Reporting iRequirrnwMa. for F14A Prflpertiea, 2001 4 Hours - Electronic Conmmi adm 200; 8 Hours - ,Apprruisor LkN 14, Z STATE CERTMEM M-13227MR PROFESSIONAL 1►+IEMBERSIUM: Natic+aa] Aaciatim of?v%Aer Apprsktm AAAA. Design mkni Northeast Tar astt CowAvBowrd of Raehom Tcxua Asmpcktion car NfaimW Axm6a6 t of Rtabors REFERENCES: AatWlc Monipgo Win} Linda Nesta 3100 GrMeviue Hwy, 4301 8 i 7MS-9841 Richland tiffs, 7X 76180. FAX 817j595-9$39 Guoanly Pwsidacttinl Lem Kathy GrbTm 9001 Abpon 1Arse%V. SVts 320 917435-9416 Ft. Worth, TX 76180 FAX $17M 1.451 S SMAIM ca;*&I l►sartmt Debbie Frm*-s 840 W. Ai art Fr rmw, Suite 3W 917514-7200 Hurst, TX 160M FAX 917 4-14-7109 Moraian Gortakm 9wo t anis Paan ttvad, Sante 300 713, 46-24M Form SCA—'TOTAL for WibmW appraisal sdtvm by a to mode, kc. —1-900-ALAMODE TEXAS APPRAISER LICENSING AND CERTIFICATION BOARD PE rr KNOWN TMT a HAVING PROVIDED SA71WACTORYEVIDENICE OF THE OVAUFICGII°IONS REQUIRED BY THE TEXAS APPRAZSe-2 L10EN.4ING kVD CERTIF7CAT70N ACT, AR77CLS 65M, 2, YERNON S TUAS CIVIL STATUTES, IS AV771ORIZED TO USE THE =LE STATE CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER L- W. ff mw) Maya. Chan "AnNn E Harnrn Debra S. Rmnr e Number: TX -1322768-R Date of Isscet: March 7, 2002 Date of Expiration: March 31, 2004 In Fitness Thereof Iamin: M. Syntm&e, Vice -chair Done S. Scam„ .^arcmtnry T-1mrick H. Cardem, Ir. Dwxias ©i Smixon Witham A. PaWk, It, Stray r.�,Amml Form SCA —'TOTAL for WkduW appraisal software by a la made, ins. —1-800-ALAMODE RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS DECLARING CERTAIN PROPERTY SURPLUS AND/OR SALVAGE, IN ACCORDANCE WITH EXHIBIT "A"; PROVIDING FOR THE AUTHORIZATION OF THE SALE OF SAID PROPERTY; AND PROVIDING AN EFFECTIVE DATE WHEREAS, it has been determined that the City of Grapevine is in possession of property conveyed by Warranty Deed, attached hereto as Exhibit "A"; and WHEREAS, declaring surplus and disposing of this property, more specifically described as 204 South Dooley Street, also identified as Lot 7R, out of the Mrs. G.E. Hurst Subdivision, an addition to the City of Grapevine, Tarrant County, Texas, is in the best interest of the health and welfare of the general public. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. That all matters stated in the preamble are true and correct as if copied herein in their entirety. Section 2. That the property conveyed to the City by Warranty Deed, Exhibit "A", more specifically described as 204 South Dooley Street, also identified as Lot 7R, Mrs. G.E. Hurst Subdivision, an addition to the City of Grapevine, Texas, attached hereto and made a part hereof is hereby declared surplus. Section 3. That the City Manager of the City of Grapevine, Texas or his designee, is hereby authorized to conduct the sale of said property. The minimum bid for said sale shall be $121,000. Section 4. That this resolution shall take effect from and after the date of its PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 2nd day of September, 2003. 0=00"D ATTEST: �—F 0 6 I 0 GF# GV99--112401 2252 Prepared by the State Bar of Texas for use by lawyers only. Revised 10-85 1985 by the State Bar of Texas Date: SEPTEMBER 22, 1999 Grantor: SUE HURST LIPSCOMB, ADMINISTRATRIX OF THE ESTATE OF GERTIE CORBIN HURST, DECEASED, AMANDA SUE HURST NKA SUE HURST LIPSCOMB, GEROGE A. HURST AND CRAIG E. HURST Grantee: GRAPEVINE TOWNSHIP REVITALIZATION PROJECT, INC. Grantee's Mailing Address: 200 SOUTH MAIN STREET GRAPEVINE, TX 76051 Consideration: TEN AND N01100 ($10.00) DOLLARS and other valuable consideration the receipt of which is hereby acknowledged. Property (including any improvements): LOTS 6R, 7R AND 8R, MRS G. E. HURST SUBDIVISION, AN ADDITION TO THE CITY OF GRAPEVINE, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN CABINET A, SLIDE 5181, PLAT RECORDS, TARRANT COUNTY, TEXAS. Reservations from and Exceptions to Conveyance and Warranty: Any and all restrictions and easements of record. Grantor, for the consideration and subject to the reservations from and exceptions to conveyance and warranty, grants, sells, and conveys to Grantee the property, together with all and singular the rights and appurtenances thereto in any wise belonging, to have and hold it to Grantee, Grantee's heirs, executors, administrators, successors, or assigns forever. Grantor hereby binds Grantor and Grantor's heirs, executors, administrators, and successors to warrant and forever defend all and singular the property to Grantee and Grantee's heirs, executors, administrators, successors, and assigns, against every person whomsoever lawfully claiming or to claim the same or any part thereof, except as to the reservations from and exceptions to warranty. When the context requires, singular nouns and pronouns include the plural. �- SUE HURST LIPSCOMB,/ADMINISTRATRIX AMANDA SUE HURST NKA SUE HURST LIPSCOMB ze-lnw' GEOR�.HURST E. HURST (Acknowledgment) THE STATE OF TEXAS --- C0T)NTY-OF-7A1,GMT­-----'- This instrument was acknowledged before mR!— SEPTEMBER, 1999, by SUE HURST LIPSCOMB AXINISTRAT GERTIR CORBIN HURST, DECEASED; AMANDA SUP- HQRST NKA AND CRAIG E. HURST. -A . 4r» CINDYCRALOPIZA Notary Pul4liqd State\< Notaty Pliblic Notary's Pted Name: Smte ofTexas Notary's Commission Ey My Comm. Exp. 12-15-99 , -3:2 rn Lo -0 the 22ND day of THE ESTATE OF �URST,LIPSCOMB; CINDYCRALOPIZA Notary Pul4liqd State\< Notaty Pliblic Notary's Pted Name: Smte ofTexas Notary's Commission Ey My Comm. Exp. 12-15-99 (Acknowledgement) THE STATE OF TEXAS COUNTY OF jej;tfJMff1 This instrument was acknowledged before me on the .8rd day of September, 1[---by-GEORGE A. -H , URST. KISA A WOOD= t!olcry Public. State 01 Tom ��`�'Notary public, State of Texas T-:,1 commission Boh, Notary's Printed Name: 7-30-2002 Notary's Commission Expires: RETURN TO: GRAPEVINE TOWNSHIP REVITALIZATION PROJECT, INC. 200 SOUTH MAIN STREET GRAPEVINE, TX 76051 . a Lva� A• � D199244086 GRAPEVINE TOWNSHIP REVITAL 200 S MAIN ST GRAPEVINE TX 76051 r —W A R N I N G—THIS IS PART OF THE OFFICIAL RECORD --D 0 N O T D E S T R O Y IN DEXE D-- TARRANT COUNTY TEXAS S U Z A N N E H E N D E R S O N -- COUNTY CLERK O F F I C I A L R E C E I P T T O: SAFECO LAND TITLE RECEIPT NO REGISTER RECD—BY PRINTED DATE TIME 199410492 DR92 D W 09/28/1999 08:30 INSTRUMENT FEECD INDEXED TIME 1 D199244086 WD 19990928 08:30 CG T 0 T A L: DOCUMENTS: 01 F E E S: 11.00 B X: ANY PROVISION WHICH RESTRICTS THE SALE RENTAL OR USE OF THE DESCRIBED REAL PROPER'T'Y BECAUSE OF COLOR OR RACE IS INVALID AND UNENFORCEABLE UNDER FEDERAL LAW.