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HomeMy WebLinkAboutItem 04 - 204 South Dooley StreetITEM 0 MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: ROGER NELSON, CITY MANAGETO/ MEETING DATE: MAY 3, 2005 SUBJECT: AUTHORIZE THE SALE OF 204 SOUTH DOOLEY STREET RECOMMENDATION: City Council consider adopting a resolution to authorize the sale of City property located at 204 South Dooley Street, set a minimum bid of $190,000, and take any necessary action. BACKGROUND: In October 15, 2000, the Grapevine Township Revitalization Program (GTRP) moved the historic 1918 Deacon House and barn from Euless to 204 South Dooley Street for the purposes of revitalizing the City's historic district. In the past few years, the Grapevine Township Revitalization Program (GTRP) has made considerable improvements to the exterior and interior of the house to prepare it for sale. On September 2, 2003 City Council declared 204 South Dooley surplus property (Res. 2003-28). Staff recommends that the Council authorize the sale of the property in accordance with Texas law. Based on an appraisal of the property, staff recommends the minimum bid price be set at the apprised value of $190,000. Staff recommends approval. Attachment /sb RAGENDA\05-03-050eacon House min bid.doc April 27, 2005 (4:16PM) Vicki J. Hurst, Real Estate Appraiser Prn ty11 <Mntlnn UNIFORM RESIDENTIAL APPRAISAL REPORT FnRrJn. 2ndnnn Pro a Address 204 S. Dooley Street City Grapevine State TX ZIP Code 76051 Le al Description Lot 7R G.E. Hurst Subdivision County Tarrant Assessor's Parcel No. 07397445 Tax Year 2004 R.E. Taxes 2,306.87 Special Assessments 0.00 Borrower N/A Current Owner Grapevine Townshi Revitalization Occupant Owner Tenant Vacant Pro a rights appraised Fee Sim lo Leasehold Project T e PUDI Condominium (HUDIVA on HOA N/A NO, Neighborhood or Project Name G.E. Hurst Map Reference 28-J Census Tract 1137.02 Sale Price N/A Date of Sale N/A Description and amount of loan charaes/concessions to be paid by seller Lender Client City of Grapevine Address 200 S. Main Street Grapevine, TX 76051 A raiser Vicki J. Hurst, MRA Address P. O. Box 821281, N. Richland Hills, TX 76182 Location Urban Suburban ❑ Rural Built up ® Over 75% ❑ 25-75% ❑ Under 25% Growth rate ❑ Rapid ® Stable ❑ Slow Property values ❑ Increasing [E Stable ❑ Declining Demand/supply E] Shortage ® In balance [:1 Over supply Marketin time 71 Under 3 mos. M 3-6 mos. F1 Over 6 mos. Predominant oceupancY ® Owner ❑ Tenant ® Vacant (0-5%) Va . over 5% ing_le familytousip AG 111 (Yrs) 55 Low NEW 277 Hi h 100 Present land use % One family 75 2-4 family 3 Multi -family 2 Land use change ® Not likely ❑ Likely ❑ in process To: Predominant Commercial 10 117 50 Vacant 10 Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: The immediate neighborhood is located south of Northwest H Business 114),east of S. Main Street north of Dallas Road and west of Texas Trail Loo 382), Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): _ The subject is located immediately east of Grapevines' central business district. Homes in the immediate area range from several historical homes built in the early 1900's to several new replica homes built on Dassed over lots. The subject is located immediately northeast of the IN actual historical district but is a historical landmark home and like many of these homes was moved from another location to its present site. Access to major employment centers is Dallas/Fort Worth and D/FW International Airport is good and Grapevine Lake is 1.5 miles north. Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time -- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, 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 60-120 days. Typical list to sales price ratio is approximately 95-100%. Financing is readily available at competitive rates with no adverse interest buyclowns or seller concessions noted. Project Informstlon for PVDs (If applicable) - - Is the developer/builder in control of the Horne Owners' Association (HOA)1 7 Yes No Approximate total number of units in the subject project Approximate total number of units for sale in the subject project Describe common elements and recreational facilities: N/A Dimensions Approx. 65 x 140 (Rely on Survey) Topography Level Pad Size Typical Shape Rectangle Drainage Appears Adequate Yew Average Landscaping Average Driveway Surface Gravel Apparent easements Typical FEMA Special Flood Hazard Area ❑ Yes ® No FEMA Zone X Map Date 8-2-95 FEMA Map No. 48439C 0205-H Site area 9 100' (Per Tax Office) Corner lot ❑ Yes ® No Specific zoning classification and description R 7.5 Single Family Residential Zoning compliance ❑ Legal M Legal nonconforming (Grandfathered use) ❑ illegal ❑ No zoning Highest & best use as improved: N Present use R Other use (explain) Utilities Public Other Electricity ® Gas ® Water ® Sanitary sewer ® Storm sewer Off-site Improvements Type Public Private Street Concrete M ❑ Curb/gutter Concrete ® ❑ Sidewalk Concrete ® ❑ Street lights Typical ® ❑ Alley None Comments (apparent adverse easements, encroachments, special assessments, slide 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 EXTERIOR DESCRIPTION No. of Units 1 Foundation Concrete Pier No. of Stories 1 Exterior Wails Wood Siding Type (DetJAtt.) Detached Roof Surface Composition Design (Style) Traditional Gutters & Dwnspts. None Existing/Proposed Existing Window Type Wood Age (Yrs.) 84 Storrri/Screens No/None Effective Aa e rs. 2 Manufactured House No FOUNDATION Slab No BASEMENT Area Sq. Ft. 0 % Finished Ceiling Walls INSULATION Roof ❑ Ceiling Walls Floor ❑ None ❑ Unknown ❑ Crawl Space Yes Basement None Sump Pump None Dampness None Noted Floor Settlement None Noted Outside Entry infestation None Noted ROOMS Foyer Livina Dinina I Kitchen Den I Family Rm. I Rec. Rm. 18edrooms # Baths Laundry Other Area SQ. Ft. Basement 0 Level) 1 Comb. 1 2 2 1 Study 1,265 Level ' Finished area above grade contains: 6 Rooms: 2 Bedrooms • 2 Bath(s); 1,265 Scware Feet of Gross Living Area INTERIOR Materials/Conditlon Floors Hdwd Tile Vin/Good Walls SR Tex/Good Trim/Anish Wood/Good Bath Floor Ceramic/New Bath Wainscot SR Te Cer/New Doors SC-Ext/Good SC-Int/Good HEATING Type FAU KITCHEN EQUIP. Refrigerator ❑ Range/Oven ❑ Disposal ❑ Dishwasher M FantHood ❑ Microwave ❑ Washer/Dryer ATTIC None ❑ Stairs ❑ Drop Stair ® Scuttle ❑ Floor ❑ Heated ❑ Finished AMENITIES CAR Fireplace(s) # None ❑ None Patio None ❑ Garage Deck Rear N Porch Covered M Fence None ❑ Pool None ❑ Carport Driveway STORAGE: ❑ # of cars Attached 0 Detached 1+ Built -In 0 None 1 Fuel Gas Condition New COOLING Central Yes Other None Condition New Additional features (special energy efficient items, etc.): New foundation roof, paint, frontporch/rear deckplumbing, wiring, all new kitchen/baths central heat/air, original hardwood floors interior trim/windows french doors restored door hardware and detached 1 car aro a/sho . le Condition of the improvements, depreciation (physical, functional, and extemal), repairs needed, quality of construction, remodeling/additions, etc.: Subject was moved to it's present site for renovation and is classed as one of the city's historical landmark homes, Renovations are complete with the exception of a few minor cosmetic repairs currently underway, and per city requirements, are consistent with the original construction. Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc,) present in the improvements, on the site, or in the immediate vicinity of the subject property.: No adverse environmental conditions were noted at time of inspection, however, the appraiser is not an ert in this field. Freddie Mac Form 70 6/93 PAGE 1 OF 2 Fannie Mae Form 1004 6/93 Foran UA2 — "TOTAL for Windows' appraisal software by a la mode, Inc. —1-800-ALAMODE UNIFORM RESIDENTIAL APPRAISAL REPORT R.N.. 204DOO ESTIMATED SITE VALUE - _.. _... _. _.... _............ _... _ $ 46,500 ESTIMATED REPRODUCTION COST -NEW -OF IMPROVEMENTS: Dwelling 1,265 Sq. Ft. @$ 90.00 = $ 113,850 0 Sq. Ft. @$ = Covered PorcfVDeck - 4,705 Garage/Carport 477 Sq. Ft. @$ 35.00 = 16,695 Total Estimated Cost New ............................. _ $ 135,250 Less Physical Functional External Depreciation 3,8681 ( =$ 3868 Depreciated Value of Improvements ......... ......... =$ 131,3821 'As -is" Value of Site Improvements ...... ..... ..... .................=$ 2.5001 INDICATED VALUE BY COST APPROACH ........ .......... ._...... = 180,382 Comments on Cost Approach (such as, source of cost estimate, site value, square foot calculation and for HUD, VA and FmHA, the estimated remaining economic life of the property): Site value is based on review of available site sales and/or tax records. The Cost Approach is per the Marshall -Swift Residential Cost Handbook and local builders and contractors. Physical depreciation is based on thea a/life method. Effective age = 2 Years/70 Year Economic Life. Remaining economic life =68 Years ITEM I SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 204 S. Dooley Street 409 E. Worth St. 403 E. Worth St. 327 E. College St. Address Grapevine Grapevine Grapevine Grapevine ProArrilly to Subject 0.13 miles 0.15 miles 0.29 miles Sales Price N/A 219,000 244,500 190,000 Price Gross LivinQ Area 168.9801 172.73 (t) Data arWor Inspection MLS #10263855 MLS #10147155 MLS #10200143 Verification Source Tax office/A ent Tax Office Tax Office/Agent VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION ; + - $ Adjust DESCRIPTION ; + - $ Adjust DESCRIPTION + - $ Adjust Sales or Financing Conv/Seller Conv/Seller Conv/Seller Concessions Paid 0 Paid 0 I Paid 0 Date of Sale/Time 11-04/12-04 7-04/8-04 ; 10-0411-05 Location Average Average Average Historic District -15,000 Leasehold/Fee Simple FEE FEE FEE FEE Site +/-9,100' +!- 11,280' -3,600 +/- 10.340' -2,000 +/-26,6641 -29,000 View Average Average Average Average Desi n and Appeal Trad/1 Story Trad/1 Story Trad/1.5 Story Trad/1 Story Quality of Construction Average Average Average Average Age 85 75 70 75 Est Condition Good Good Good Average +15,000 Above Grade Total Bdrms� Baths Total:Bdrms: Baths . Total!Bdrms: Baths Total:Bdrms: Baths Room Count 6 2 j 2 6 3 2 9 i 5 3 -3,000 4 2 1 +3,000 Gross Livina Area 1.265 Sq. Ft 1,296 Sq. Ft. 2,372 Sq. Ft 1 100 Sq. Ft Basement & Finished 1,265' Main 962' Main +12,000 1,964' Main -28,000 1,100' Main +6,600 Rooms Below Grade None 335' Rear Addn. -6,700 406' Fin. Attic -8,200 None Functional Utility Average Average Averacle Average ' Heatin Cooiin Central Heat/AC Central Heat/AC Central Heat/AC Central Heat/AC Energy Efficient Items Avera a Average Average Average Garage/Carport 1 Car Gar/Shop None +4,000 None +4,000 None +4,000 Porch, Patio, Deck, Average Average Average Average Fire laces etc. None None i VVBFP -1,000 None Fence Pool etc. None Fence -1,000 Fence/Pool -16,000 Fence -1,000 637' Guest Qtrs. -12,700 Net Ad'. total + - 8,000 + M - : 54,200 1 F+M - :s 16,400 Adjusted Sales Price of Com arable 211,000 190.300 173,600 Comments on Sales Comparison (including the subject property's compatibility, to the neighborhood, etc.): A search of the immediate market area over the last 12 month period revealed few sales of similar historic properties. Sale 2 is a larger home and is a slightty older sale than preferred, but closed within the last 12 months and was included due to proximity and lack of more recent sales. Sale 1 has a rear addition that is inferior to the main structure and Sale 2 has a finished attic that lacks full 8' ceilings; both additional living areas were not calculated as main living area. Condition adjustment on Sale 3 is due to subjects new foundationpaint, flooring,and superior kitchen/bath remodeling. The three sales used are believed to be the best indicators of value available for comparison at this time and were given equal wet ht in the final estimate of value. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO,2 COMPARABLE NO. 3 Date, Price and Data Source, for prior sales within ear of aDDraisal N/A Sold 10-30-04 for $140,000 Sold 05-23-03 for $125,000 Sold 2-14-03 for $232,000 N/A Analysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: The subject is not currently offered for sale or under contract of sale. Available data indicates that the subject and comparable sales used sold previously in the last 36 month period as indicated above. INDICATED VALUE BY SALES COMPARISON APPROACH --------- .__............... .............._..._._.................................._._._... $ 190,000 INDICATED VALUE BY INCOME APPROACH if A Ilcable Estimated Market Rent ____N/_A /Mo. x Gross Rent Multiplier NIA - N/A This appraisal is made ® "as is" ❑ subject to the repairs, alterations, inspections or conditions listed below ❑ subject to completion per plans & specifications. Conditions of Appraisal: No warranty of the appraisal is expressed or implied and no liability is assumed for the structural or mechanical elements of the property. Final Reconciliation: Both the Cost and Market Approaches were utilized. Homes in the area are note typically purchased for their income stream hence the Income Approach was omitted due to lack of sufficient data to property 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 this report, based on the above conditions and the certification, contingent and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised 6-93 ). 1(WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, As OF April 25 2005 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 190,000 APPRAI SUPERVISORY APPRAISER (ONLY IF REQUIRED): Si nater Signature ❑ Did ❑ Did Not a .46Date Name V' 1 . urst MRA Name Inspect Property Report Signed April 2 C Date Report Signed State Certification # TX -1322768-R State TX State Certification # State Or State License # State Or State License # State Freddie Mac Form 70 6/93 PAGE 2 OF 2 Fannie Mae Form 1004 6-93 Form UA2 -'TOTAL for Windows" appraisal software by a la mode, Inc. -1-800-ALAMODE Vick) J. Hurst. Real Estate AOnralser FIRREA / USPAP ADDENDUM Borrower Property Address 204 S. Dooley Street City Grapevine County Tarrant State TX Zip Code 76051 Lend ff Ciiem City of Grapevine Purpose The purpose of the appraisal in to estimate market value of the FEE Simple interest in the property as defined in the attached FNMA form 10048 as of the date set forth in the reconciliation section of the report. The title is assumed to be good and marketable. Scope In the preparation of this appraisal, the appraiser has made an inspection of the subject site and plans or improvements including taking sufficient photographs to adequately characterize the property appraised, The subject neighborhood was also inspected to assist in the determination of the neighborhood characteristics. This information was analyzed in order to document the various environmental socialgovernmental, and economic factors that influence value. Data regarding the sales of residential properties was collected and verified. The valuation of the property include the Cost Approach, Income Approach, and Market Approach. The approaches to value were then reconciled into a final estimate of value. If any of the three approaches were omitted an explanation can be found in the reconciliation section. Intended Use/ Intended User The intended use of the appraisal is to assist the client as the intended user of this report, in evaluating the subject property for marketing purposes. The use of this appraisal by anyone other than the stated user, or for any other use than the intended use is prohibited. Ndm of Pnoperty Current lisfing information: The subject property is not currently offered for sale or under contract. 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 the report. Exposure Time / MarkellIng Time The estimated marketing time is the same as indicated in the neighborhood section of the report. This estimate is based on the appraisers observations of the marketing time for the listings and sales within the immediate area. The dynamics of the neighborhood, city, county, and state economics were also given consideration. Personal non-reTransfers N/A Additional Comments The value estimated in this report is based on the assumption that the property is not negatively affected by hazardous substances or detrimental environmental conditions however, it is possible that test conducted by qualified persons could reveal the existence of hazardous materials and/or environmental conditions that could affect the value of the subject. Certlncadon Supplement 1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan. 2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence or a subsequent event. Appraiser(s): Vicki J Hur FtA _ Supervisory Appraiser(s): Effective date / Report date: Apr l 25, 2005 Effective date / Report date: Form FUA —'TOTAL for Windows' appraisal software by a la mode, inc. — I-800•ALAMODE Building Sketch (Page - 1) Borrower Client Cit of Gra evine Property Address 204 S. Dooley Street City Grapevine County Tarrant State TX Zip Code 76051 Lender Gamga/Shop 26.29' ry uuuty Bed- 3.44' Beln 3.44' Cb. Cb, lin. Hutch s U M. Bedroom Mchen Breakfast 8 Bath Cb. 3.48' Study LMq 26 13' Porch 1 I SbrcM1b "IV^' Comments: AREA CALCULATIONS LIVING AREA BREAKDOWN Coda Breakdown Subtotals First Floor 3.46 x 14.08 48.7168 3.44 x 14.13 68.6072 28.13 x 60.02 125.7626 2.95 x 14.20 42.8900 SUMMARY Description Size Not Totals GLA1 First Floor 1264.9766 1264.9766 Y/Y Porch 125.1487 225.1487 GAA Garage/Shop 477.1635 477.1635 TOTAL LIVABLE {rounded} 1265 Form SKT.BIdSkI —'TOTAL for Windows" appraisal software by a la mode, Inc. —1-800-ALAMODE 4 Calculations Total {rounded} 1265 Form SKT.BIdSkI —'TOTAL for Windows" appraisal software by a la mode, Inc. —1-800-ALAMODE Comparable Sales Map Borrower Client N/A Property Address 204 S. Dooley Street City Grapevine County Tarrant State TX Zip Code 76051 Lender City of Grapevine Me{iPolnt t f s�I I Grapevine Lake J ¢ t 4 f r f ti a 'f. , e eid r °i 8 —Pak=Rosd�� R6ad, Oak Grove Park +. a�Y9jCMf=1:R� Silver Lake ParkekewOOd-� 4t 5; �LJFk—inR� I j Irl st' 'g_r �Rrvt �idid i if W=Pea..=5t""-1L Fii9tor : r4p Q . 'Po ny-P9t� a J a 15MO--Ru i v 26 s � -Northwest-Hwy—wt - -- nh�%est_� wy s u -st o� a=Ra c� entage �L T A R R ASN :kes=$t X m � 6he4 IIJ I rey- Lrj s� I'FradcNrra=� I-yYayai�= _ U � �1 T =College=0 �Ca_ nege=5t� erkley=a�I 4 d .. _- ..ter —a atom: a yet 26 Wo®d5-Rve t w N an jy j- �A I� o . ane=.St� ❑ Ytae � as I( L Car`--�_ "'` s � (AOakes fat Akpwt R' f3 VCap 005' ro504D2o04 N4Vke, �a1/oMAi,aw./0" Form MAP.Comp —'TOTAL for Windows" appraisal software by a la mode, inc. — 1 -800-ALAMODE Subject Photos Borrower Client City of Grapevine Property Address 204 S. Dooley Street City Grapevine County Tarrant State TX Zip Code 76051 Lender Subject Front 204 S. Dooley Street Subject Rear Subject Street Form PICHUR — "TOTAL for Windows" appraisal software by a la mode, inc. —1-800-ALAMODE Comparable Photo Page Borrower Client Cit of Gra evine Property Address 204 S. Dooley Street City Grapevine County Tarrant State TX Zip Code 76051 Lender Comparable 1 409 E. Worth St. Comparable 2 403 E. Worth St. Comparable 3 327 E. College St. Form PICPIX.BR — "TOTAL for Windows" appraisal software by a la mode, inc. — 1 -800-ALAMODE DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure 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 sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments 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 seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dolar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the titfe. The property is appraised on the basis of it 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 its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Rood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not 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 appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, 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 unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions 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 any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not 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 believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. B. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will 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 identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6.93 Page 1 of 2 Fannie Mae Form 1004B 6.93 Vicki J. Hurst, Real Estate Appraiser Form ACR —'TOTAL for Windows" appraisal software by a la mode, Inc. —1-800-ALAMODE APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. 1 have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate 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 variation. If 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 adjusted sales price of the comparable and, if a significant item in a comparable property is interior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an Impact on value in my development of the estimate of market value in the appraisal report. i have not knowingly withheld any significant information from the appraisal report and 1 believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national 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 neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal, I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the reed to approve a specific mortgage ban. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board 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 not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted .in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. 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 I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report if i relied on significant professional assistance from any individual or Individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report therefore, if an unauthorized change is made to the appraisal report, i will take no responsibility for 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 appraiser's certifications 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: VicursRA Date Signed: April 26, 200 State Certification #: TX -1322766-R or State License #: State: TX Expiration Date of Certification or License: 3/31/2006 SUPERVISORY APPRAISER (only if required): Signature: Name: Date Signed: State Certification #: or State License #: State - Expiration Date of Certification or ❑ Did ❑ Did Not inspect Property Freddie Mac Form 439 6.93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Form ACR —"TOTAL for Windows" appraisal software by a la mode, Inc. —1.800-ALAMODE DCII . -htrcr.4t, K))1c>*ppl 61ale _A�eraijer A- 8 t;?81, % Kr'c�ina .F/'t�is, .`%,�. 76182 (H17) 5,95-0x155 .7n., rRf 715x15-098.5 APPRAISER QUALIFICA11ONS FOR VICKI d. HURST PROFESSIONAI" E.XPERIENCE: ,August, 1995, to present - o..ner and full time residential real estate. appraiser. Vicki .I. Hurst, Rcal I -slate appraiser, N- Richland Hills. Texas. June, 1982 to August, 1995 - full time residential real estate appraiser, ,lames A. N"-dham & assoeiatas. horst. ! etas. October, 1978 to .April, 1979 - escrow secrclary- Guardian Title. I lust, Texas No.rmher. 1977 to October, 1978 - secretary, John Barfield Realtors, Hurst, Texas April, 1977 to November, 1977 and November, 1974 to June. 1975 - stxretary, Charlie Davidson Realtor03uilders, llurst. Tcxas January. 1973 to Ularch, 1973 - secretary. Stewart F.emster Realtors, Bedford, Texas EDI'CA-1'ION: Graduate Richland I ligh School Texas Real Estate Salesman's License, 1978 8 t lours- iJuifi>mr Stand;tr4s of Prolssimaal Appraisal I'r ucc Update, 1995,97, 2000. w 8 lours - i:nvirmunerual tssucs.'004 8 I ltmrs - IN61A Updated Property & Appraisal 6uidclincs, 3003 8 1lmm - M11t*brle.'Nunutaettned I Ionic Review, 211(13 8 Hrmrs - Appraiser f.ialn lit). 2W2 d 1lairs - Eleanmx Carnmortic:eion, 2001 4 /lours - Onsite 0b ovation h Relxorting Reyuinenrenls for FHA Properties, 2001 t5 I lours- National Uniform Standards r>f Prafcssinnal Appraisal Piactice, 21H)I 8 Hours - Successful Single Faint) Protxrty hlanagcin t. 2000 8 Hour - MID Appraisal Standards update, August, 1994 8 flouts - Mcdiation and Property Condition Issues, 19+)$ 61 soars - Texas Property Ta. Law - Taxpayer Remedies, IQ97 8 Flours - Contumporury Issues in Rcal testate Appraisal and Taxation. 1997 15 hour - Prociplcs of Appraisal Review, 1996 8 t lours - Tcxas iica I Fstate. Cotnnnissi(n Contracts, 199.1 15 hots - Contracts and Lceal tssucs. 199, 1; Hours - Professional Standards of Practice, 194)1 7 1loins - Snaall Residential In.:ornc Valuation Seminar. 1990 2! Hours. - Principals of kcal ls4dc Appraisinc 1, 1987 ?3 tloars Appkd Rc_sideotial Propos} Vaivatton 102, 1986 90 Hollis Rud Fstate 7 raining. InKtitntc. 1977 STATE CERTIFIED- ifrX-1322768-12 PROFESSIONAL MEMBERSHIPS: National Association ofNlasterAppraisers. NIRA Designation .Northeast Tarraril County Board of Realtors I cxas Association of Reactors National Associalion of Realtors REFERENCES: Ameriplex Morigagc Company l.inda Needham 7100 6rapevinc 11..x'.. #301 817595-9841 Richland I lills, TX 76180 FAX 817/595-9839 Guaranty Residential Lending Kathy Griffin 9001 Airlx)rt Frec.vny, Suite 120 817485-9416 Ft. Worth- TX 76180 FAX 8171581-4515 sw,rliing Capital Mortgage Debbie Franks 860 W. Airlx)rt Freeway, Suite 300 817514-7800 Hurst. fX 76054 FAX 817.'514-7808 Bunco Popular Monica Gonzales 9600 Long Point Road. Suite. 300 713(463-2400 Ilousto t. 7:X 77055 FAX 713,1463-2627 Form SCA --'TOTAL for Windows" appraisal software by a la mode, inc. —1-800-ALAMODE TEXAS APPRAISER LICENSING AND CERTIFICATION BOARD 13c ,,, knmt tj hurt VICKI J HURST lla%uj . I,, )f"'cs-, ibf,l` 1)1 i ht; � � ;, i o "" 1S "I c I cl,�N l It i: f, I I -I -.�cd w PI't I cth,c lVa I Pr, qu .v 6ppvav�ot m I cva� ao STATE CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER .,\"IA III lit, r: 'IV- Y 768-i>t� Form SCA —'TOTAL for Windows' appraisal software by a la mode, inc. — 1-800-ALAMODE RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS SETTING A MINIMUM BID FOR SALE, 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, Exhibit "A"; and WHEREAS, 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, and 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 was previously declared surplus by Resolution No. 2003-28 on September 2, 2003. 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 $190,000.00. Section 4. That this resolution shall take effect from and after the date of its passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 3rd day of May, 2005. FTAI N N 091W ATTEST: RES. NO. GF# GV99-,112401 2252 Prepared by the state Bax of Texas for use by lawyers only. Revised 10-85 1985 by the State Bar of Texas ¢ ` .i 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, TIC 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. .4. &",� ego --,—V �- SUE HURST LIPSCOMB,STRATRIX ,- � t4 -RC1 L�G_d 2��_ — ANDA SUE HURST NKA SUE RURST LIPSCOEB GEORG A. HURST W -cQ>NV V �^ £" CRAI E. HURST 1 (Acknowledgment) " THE STATE OF TEXAS CO1UWTY'OF"-TAi2itAN'1` This instrument was acknowledged before m SEPTEMBER, 1999, by SUE BURST LIPSCOMB, ADK=STRhT GERTIE CORBIN HURST, DECEASED; AMANDA S T NKA AND CRAIG E. HURST. CWY CHALOPIZA `' Notary Pu N�PuTow blic Notary's Pz ° p 14 Comm. Exp. 12.15-99 �; Notary's Cc Name: fX J J ?i n� "yM arm 41 the 22ND day of ESTATE OF LIPSCOMB; V 5; Name: (Acknowledgement) THE STATS OF TEXAS COUNTY OF �1 r This instrument' was acknowledged before me on the day of September, 1 GEORGE A. HURST. KISA A WtxlpStpE Q '. IM! cryPubik mob ofhm Notary Public, State of Texas �s 1-7 C=n*slon Dphs 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 I I a. D199244086 GRAPEVINE TOWNSHIP REVITAL 200 S MAIN ST GRAPEVINE TX 76051 -W A R'N I N G -THIS IS PART OF THE OFFICIAL RECORD --D 0 N 6 T D E S T R 0 Y IN DEXED--TAR,RANT COUNTY TEX*AS S U Z A N N E H E N D E R S O'N -- COUNTY CLERK 0 F F I C I A L R E C E I P T T 0: SAFECO LAND TITLE RECEIPT NO REGISTER RECD -BY PRINTED DATE TIME 199410492 DR92 D W 09/28/1999 08:30 INSTRUMENT FEFCD INDEXED TIME I D199244086 WD 19990928 08:30 CG T 0 T A L DOCUMENTS: 01 F E E S: 11.00 B Y ANY PROVISION WHICH RESTRICTS THE SALE RENTAL OR USE OF THE DESCRIBED REAL PROPERTY BECAUSE OF COLOR OR RACE IS INVALID AND UNENFORCEABLE UNDER FEDERAL LAW.