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WESTGATE DRIVE IMPROVEMENT PROJECT PARCEL 53 3327 WESTGATE DRIVE DENTON, TEXAS 76207 CBRE GROUP, INC. FILE NO. CB25US013550-16 HALFF ASSOCIATES, INC. CBRE VALUATION & ADVISORY SERVICES APPRAISAL REPORT © 20 CBRE, Inc. VALUATION & ADVISORY SERVICES 500 West 2nd Street, Suite 1700 Austin, TX 78701 T 512-499-4900 F 512-499-4999 www.cbre.com February 28, 2025 Mr. Mark Janicki HALFF ASSOCIATES, INC. 1201 N Bowser Rd Richardson, Texas 75081 RE: Appraisal of: Westgate Drive Improvement Project: Parcel 53 3327 Westgate Drive Denton, Denton County, Texas CBRE, Inc. File No. CB25US013550-16 Dear Mr. Janicki: At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. The analysis is presented in the following appraisal report. The subject is a 1.0360-acre (45,128 sq. ft.) tract of improved land located at 3327 Westgate Drive in Denton, Texas. The property is improved with a single-family residence and related site improvements. The single-family residence is located over 30 feet from the proposed temporary construction easement and is not considered impacted by the proposed acquisition. As such, the site is valued as effectively vacant land. The purpose of this assignment is to develop an opinion of market value of the fee simple interest in the property and the recommended compensation for a 0.0693-acre (3,018 SF) temporary construction easement. The City of Denton intends to acquire a temporary construction easement for the Westgate Drive Improvement project. The proposed temporary construction easement extends north to south along a portion of the subject's eastern border and overlaps the subject's driveway. Based on the analysis contained in the following report, the appraiser’s opinion of total compensation is concluded as follows: CONCLUDED MARKET VALUE Market Value Compensation Larger Parcel (Land and Affected Improvements)$175,097 Part(s) Being Acquired $0 Remainder Before Consideration of Damages $175,097 Remainder After Consideration of Damages $175,097 Net Damages or (Benefits)$0 Temporary Easement $2,342 Total Compensation $2,342 © 20 CBRE, Inc. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The appraisal problem, as applied to the subject, is to determine the property’s market value. “Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obligated to sell, and is bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is reasonably adaptable and for which it either is or in all reasonable probability will become available within the reasonable future.” City of Austin v. Cannizzo, 267 S.W.2d 808 (Tex. 1954) The intended use and user of our report are specifically identified in our report as agreed upon in my contract for services and/or reliance language retained in the appraiser’s workfile. As a condition to being granted the status of an intended user, any intended user who has not entered into a written agreement with CBRE in connection with its use of our report agrees to be bound by the terms and conditions of the agreement between CBRE and the client who ordered the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to any non-intended users does not extend reliance to any such party, and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereof). The report is not the appraisal but is the reporting of the appraisal to the named client or named intended user. Anyone else who attempts to rely on an appraisal report that is not a named user may be misled by the report. If you are not the client, you have no way of knowing if a later appraisal was done that replaces this report. Any changes will result in a different report date. Accordingly, this document may no longer contain the appraisers’ opinions. Any subsequent reports, with a later report date, voids this document even to the client or intended user. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us. Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC Allison Jackson, SR/WA, R/W-AC Executive Vice President TX 1336636 G Phone: 512-499-4911 Fax: 512-499-4999 Email: cathy.thomas@cbre.com Vice President TX 1380451 G Phone: 817-806-1042 Fax: 817-335-6001 Email: allison.jackson@cbre.com © 20 CBRE, Inc. Subject Aerial 1 Subject Aerial with Acquisition Overlay Aerial View of Subject and Acquisition The temporary construction easement is noted in pink and the subject outline is noted in yellow. The image and outlines above are presented to merely assist the reader in visualizing the subject. They are not a legal representation or considered to represent a survey of the subject. Subject Parcel 553 © 20 CBRE, Inc. Table of Contents 2 Table of Contents Subject Aerial with Acquisition Overlay ................................................................................ 1 Table of Contents ................................................................................................................ 2 Certification ........................................................................................................................ 3 Executive Summary ............................................................................................................. 4 Scope of Work ................................................................................................................... 10 Subject Photographs .......................................................................................................... 13 Zoning .............................................................................................................................. 26 Tax and Assessment Data .................................................................................................. 29 Highest and Best Use ........................................................................................................ 30 Appraisal Methodology ..................................................................................................... 31 Land Value ........................................................................................................................ 33 Temporary Construction Easement .................................................................................... 38 Summary of Compensation ............................................................................................... 40 ADDENDA A Land Sale Data Sheets B Project Information C Qualifications © 20 CBRE, Inc. Certification 3 Certification We certify to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. 4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 5. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 6. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of Texas. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 9. As of the date of this report, Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC has completed the continuing education program for Designated Members of the Appraisal Institute. 10. As of the date of this report Allison Jackson, SR/WA, R/W-AC has completed the Standards and Ethics Education Requirements for Associate Members of the Appraisal Institute. 11. Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC and Allison Jackson, SR/WA, R/W-AC have made a personal inspection of the property that is the subject of this report. 12. Jacob Hebbert (Appraiser Trainee No. TX 1343063) provided significant real property appraisal assistance to the persons signing this report by compiling and analyzing subject property and comparable data, assisting with analysis and report writing, and assisting with the reconciliation of value. 13. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although employees of other CBRE, Inc. divisions may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest. 14. Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC and Allison Jackson, SR/WA, R/W-AC have not provided any services, as appraisers or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC Allison Jackson, SR/WA, R/W-AC TX 1336636 G TX 1380451 G © 20 CBRE, Inc. Executive Summary 4 Executive Summary INTRODUCTION CBRE File No.:CB25US013550-16 Date of the Report February 28, 2025 Effective Date February 17, 2025 Valuation Date Type Current Client City of Denton, its employees, agents, and assigns ROW Provider Name Halff Associates, Inc. Representative Mark Janicki Address 1201 N Bowser Rd Richardson, TX 75081 Parcel Number 53 Subject Location 3327 Westgate Drive Denton, Denton County, TX Owner Richard J. Gibbons and Sarah Lydia Gibbons Legal Description 1.0360 acres of land situated in the Nathan Wade Survey, Abstract No. 1407, City of Denton, Denton County, Texas Assessor IDs (Impacted Only)34439 Property Rights Appraised Fee Simple Estate subject to existing encumbrances Rights Being Acquired Fee Simple Right of Way Current Use of Subject Residential Highest and Best Use As Vacant Residential As Improved The subject is valued as effectively vacant land of Acquisition As part of the Whole Property Estimated Exposure Time 6 - 12 Months Buyer Profile Owner-User or Homebuilder LAND AREAS Whole Property 1.0360 AC 45,128 SF Fee Area 1.0360 AC 45,128 SF Temporary Construction Easement 0.0693 AC 3,018 SF CONCLUDED MARKET VALUE Market Value Compensation Larger Parcel (Land and Affected Improvements)$175,097 Part(s) Being Acquired $0 Remainder Before Consideration of Damages $175,097 Remainder After Consideration of Damages $175,097 Net Damages or (Benefits)$0 Temporary Easement $2,342 Total Compensation $2,342 © 20 CBRE, Inc. Executive Summary 5 SALIENT POINTS x The proposed temporary construction easement is a part of the Westgate Drive Improvement project which is connecting existing rights-of-way- such as Bronco Way to Westgate Drive- and expanding other rights-of-way such as Westgate Drive and West Windsor Drive. EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS An extraordinary assumption is defined as “an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions.” 1 A hypothetical condition is defined as “a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purposes of analysis.” 2 The use of extraordinary assumptions and hypothetical conditions may affect assignment results. 1 The Appraisal Foundation, USPAP 2 The Appraisal Foundation, USPAP © 20 CBRE, Inc. Executive Summary 6 SPECIAL ASSUMPTIONS •We have relied on public records for the whole land area, and client-provided measurements for the temporary construction easement area utilized in this assignment and we assume these sizes to be correct. Absent this assumption, the value opinion could be different. • Based on conversations with the client, any impacted site improvements in the temporary easement area will be repaired or replaced to their as-is condition or better. Absent this assumption, the value conclusion could be different. • A soils analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soils report, it is a specific assumption that the site has adequate soils to support the highest and best use. • It is assumed that any underground improvements or other improvements which are not visible to the appraiser will not be impacted by the project. Any impact to such improvements will require modification of this analysis or separate agreement between the property owner and the client. • The valuation of subsurface mineral rights is outside the scope of this assignment. CBRE is aware that some properties in the area may benefit from the sub-surface mineral development. These potentially contain oil, natural gas and other resources which, if extracted, could contribute to the value of the property. We suggest the client contact an appropriate geological professional to determine the possible benefits, if any, of the subject’s subsurface rights. The value conclusion(s) presented in this report, specifically exclude any subsurface mineral rights. The assumption is made that the comparable sales utilized in this report excluded mineral rights and/or value attributed to mineral rights, unless otherwise stated in the Discussion/Analysis of Sales section(s). • The value of the temporary construction easement considers that the easement has been executed in accordance with the rights that were communicated to the appraiser at the commencement of this appraisal. Additionally, it considers the construction of the proposed project is completed by the construction period provided by the client and any temporary workspace easement and additional temporary workspace easements have reverted back to the owner in the specified time provided by the client. This is common appraisal practice. EXTRAORDINARY ASSUMPTIONS: uncertain information; could alter conclusions HYPOTHETICAL CONDITIONS: contrary to what is known but used for purpose of analysis © 20 CBRE, Inc. Scope of Work 7 MARKET CONDITIONS Inflationary pressures began in 2022 and led to higher interest rates, slower job growth, and stress in banking systems. These factors increased the potential for constrained credit markets, negative capital value movements, and increased volatility in property markets. Nevertheless, recent cuts in the federal funds rate and the expectation of future reduction may help bolster future commercial real estate investment activity. However, the risk of near-term market volatility remains. The impacts on real estate markets will be uneven across property types and vary by location. It is important to note that the conclusions set out in this report are valid only as of the valuation date. MARKET VOLATILITY We draw your attention to a combination of inflationary pressures beginning in 2022, which led to higher interest rates during this period, slowing job growth, stress in banking systems, which have significantly increased the potential for constrained credit markets, negative capital value movements, and enhanced volatility in property markets. Beginning in September of 2024, the Fed lowered the federal funds rate by 100 basis points over the course of three FOMC meetings. Although the extent and timing of any future reductions are uncertain, two additional rate cuts are widely expected in 2025. While this may help bolster future commercial real estate investment activity, the risk of near-term market volatility remains. Experience has shown that consumer and investor behavior can quickly change during periods of such heightened volatility. Lending or investment decisions should reflect this heightened level of volatility and the potential for changing market conditions. It is important to note that the conclusions set out in this report are valid as of the valuation date only. Where appropriate, we recommend that the valuation is closely monitored, as we continue to track how markets respond to evolving events. © 20 CBRE, Inc. Scope of Work 8 IDENTIFICATION OF THE SUBJECT The subject is a 1.0360-acre (45,128 sq. ft.) tract of improved land located at 3327 Westgate Drive in Denton, Texas. The property is improved with a single-family residence and related site improvements. The single-family residence is located over 30 feet from the proposed temporary construction easement and is not considered impacted by the proposed acquisition. As such, the site is valued as effectively vacant land. The purpose of this assignment is to develop an opinion of market value of the fee simple interest in the property and the recommended compensation for a 0.0693-acre (3,018 SF) temporary construction easement. The City of Denton intends to acquire a temporary construction easement for the Westgate Drive Improvement project. The proposed temporary construction easement extends north to south along a portion of the subject's eastern border and overlaps the subject's driveway. IDENTIFICATION OF THE LARGER PARCEL The value of a property cannot be estimated without a determination of the property to be appraised. In some cases, multiple tax parcels are utilized together in one use or a larger tract of land may be legally, economically and physically divisible into smaller economic units. The three tests to determine the “larger parcel” to be valued in an appraisal are: x Unity of Title - control by a single entity, individual, or group. Title is largely a legal question. x Unity of Use - an integrated highest and best use separate from surrounding land. Multiple tracts can have the same use but be separate tracts, such as platted lots. Use is an economic question that is dependent upon supply and demand, availability of substitutes and other economic principles. x Proximity - contiguous tracts or proximate tracts that are used together. Subordinate to Unity of Use. In this case, the subject identified for valuation purposes of this assignment is 1.0360 acres, or 45,128 SF square feet of land that is under the same owner and use. © 20 CBRE, Inc. Scope of Work 9 OWNERSHIP Based on research, the most recent conveyance was in 1998 and is not relevant for this analysis. To the best of my knowledge there have been no ownership transfers of the property during the previous three years. The subject is not known to be listed for sale or under contract. The summary of ownership information is listed in the table below. OWNERSHIP SUMMARY Current Owner:Richard J. Gibbons and Sarah Lydia Gibbons Date Purchased: November 30, 1998 Purchase Price: Unknown Legal Reference Volume 4230 Page 1946 County/Locality Name:Denton Pending Sale:No Change of Ownership - Past 3 Years No Compiled by CBRE OWNER CONTACT The appraisers attempted to contact the property owner, Richard J. Gibbons, prior to the date of inspection and were successful. The property owner gave permission for the appraisers to inspect unaccompanied. As such, Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC conducted an on- site inspection on February 17, 2025, accompanied by Gentry Hubbard, Halff Associates, Inc. Allison Jackson, SR/WA, R/W-AC personally conducted an inspection at a later date from the nearby rights-of-way and surrounding public areas. OWNER AND CONTACTS Owner Name Richard J. Gibbons and Sarah Lydia Gibbons Owner Address 3921 West University Drive Owner City, State, Zip Denton, TX 76207-3220 Owner Phone 214-995-5303 Occupancy Not Disclosed Compiled by CBRE FURNITURE, FIXTURES AND EQUIPMENT (PERSONAL PROPERTY) Permanently-installed fixtures and improvements attached to the real property are included in this appraisal. Trade fixtures may or may not be considered as personal property, depending upon whether those improvements are typically retained by tenants in this market, or lease terms. Such items may include walk-in coolers, vent hoods, paint booths, overhead cranes, and other similar items. Trademarked items such as signage specific to a business are also considered personal property. No items of personal property were noted in the acquisition area. © 20 CBRE, Inc. Scope of Work 10 Scope of Work APPRAISAL ASSIGNMENT Guidance - The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), USPAP reporting Standard 2-2, and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. - Texas Property Code, Title 4, Chapter 21, Subchapter A Project Name - Westgate Drive Improvement Project Intended User - This appraisal is to be used by the City of Denton, its employees, agents and assigns. This project is administered under an agreeement between the City of Denton and Halff Associates, Inc., and no other user may rely on our report unless as specifically indicated in the report. Intended Use This appraisal intended to estimate compensation for the proposed acquisition. Market Value Definition - “Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obligated to sell, and is bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is reasonably adaptable and for which it either is or in all reasonable probability will become available within the reasonable future.” City of Austin v. Cannizzo, 267 S.W.2d 808 (Tex. 1954) CLIENT The client is the City of Denton through a subcontract with Halff Associates, Inc. INTEREST APPRAISED INTERESTS APPRAISED Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. Dictionary of Real Estate Appraisal, Seventh Edition, 2022, page 73. Temporary Easement $QHDVHPHQWJUDQWHGIRUDVSHFLÀFSXUSRVHDQGDSSOLFDEOHIRUDVSHFLÀF time period. A construction easement, for example, is terminated after the construction of the improvement and the unencumbered fee interest in the land reverts to the owner. Dictionary of Real Estate Appraisal, Seventh Edition, 2022, page 189 The interest appraised includes the value of the rights to the fee owner, considering existing easements, encumbrances, and restrictions. The value of any mineral estate is excluded from this valuation, unless otherwise stated. © 20 CBRE, Inc. Scope of Work 11 Extent to Which the Property is Identified The property is identified through the following sources: x postal address x assessor’s records x legal description Extent to Which the Property is Inspected The extent of the inspection included a personal on-site visit and from adjacent rights-of-way with photography. Inspections were conducted as follows: Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC personally conducted an on-site inspection on February 17, 2025. Allison Jackson, SR/WA, R/W-AC personally conducted an inspection at a later date from the nearby rights-of-way and surrounding public areas. Effective Date The effective date is the most recent date of inspection. Type and Extent of the Data Researched CBRE reviewed the following: x deed records x applicable tax data x zoning requirements x flood zone status x demographics x comparable data Type and Extent of Analysis Applied This appraisal was undertaken jointly by Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC, Allison Jackson, SR/WA, R/W-AC, and Jake Hebbert, Trainee. Under the direction and supervision of Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC and Allison Jackson, SR/WA, R/W-AC, Jake Hebbert, Trainee gathered subject property data and comparable data, analysis, and report writing. Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC and Allison Jackson, RWA, R/W-AC provided oversight and supervision with respect to appraisal methodology, data selection, analytical processes and report review. The final report is the result of this collective effort. CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at a probable value indication via each applicable approach to value. The steps required to complete each approach are discussed in the methodology section. © 20 CBRE, Inc. Scope of Work 12 Data Resources Utilized in the Analysis DATA SOURCES Item: Source(s): Site Data Whole Property and Acquisition Size Public Records and Client-Provided Survey Remainder Size N/A Floodplain FEMA Zoning City of Denton Easements Public Records, Title Commitment, and Client-Provided Survey Compiled by CBRE © 20 CBRE, Inc. Subject Photographs 13 Subject Photographs View looking southwest across subject and proposed temporary construction easement from Westgate Drive right-of-way (main improvement not impacted) View looking north across subject and proposed temporary construction easement from Westgate Drive right-of-way View looking northwest across subject from Barrow Drive right-of-way (main improvement not impacted) View looking south along Westgate Drive right-of-way View looking north along Westgate Drive right-of-way View looking west along Barrow Drive right-of-way © 20 CBRE, Inc. Area Analysis 14 Area Analysis POPULATION Compiled by CBRE; Source: Esri The subject is located in Denton County. Key information about the area is provided in the following tables. The area has a population of 1,029,075 and a median age of 36, with the largest population group in the 40-49 age range and the smallest population in the 80+ age range. Population has increased by 367,143 since 2010, reflecting an annual increase of 3.20%. Population is projected to increase by an additional 121,971 by 2029, reflecting 2.27% annual population growth.661,932 1,029,075 1,151,046 0 500,000 1,000,000 1,500,000 2010 2024 2029 POPULATION BY YEAR 0 50,000 100,000 150,000 200,000 -79 80+ AREA POPULATION BY AGE Subject © 20 CBRE, Inc. Area Analysis 15 INCOME EDUCATION EMPLOYMENT Compiled by CBRE; Source: Esri The area includes a total of 568,086 employees and has a 3.1% unemployment rate. The top three industries within the area are Prof/Scientific/Tech Services, Retail Trade and Health Care/Social Assistance, which represent a combined total of 33% of the population. The area features an average household income of $144,023 and a median household income of $108,671. Over the next five years, median household income is expected to increase by 11.4%, or $2,468 per annum. A total of 51.5% of individuals over the age of 24 have a college degree, with 34.3% holding a bachelor's degree and 17.2% holding a graduate degree. $108,671 $121,009 $100,000 $105,000 $110,000 $115,000 $120,000 $125,000 2024 2029 MEDIAN INCOME BY YEAR 34.3% 17.2% 48.5% POPULATION BY DEGREE Bachelor's Degree Graduate Degree Other 0% 2% 4% 6% 8% 10% 12% Other Services (excl Publ Adm) Construction Transportation/Warehousing Accommodation/Food Services Manufacturing Finance/Insurance Educational Services Health Care/Social Assistance Retail Trade Prof/Scientific/Tech Services CONCLUSION Denton County has an average growth rate compared to similar markets in the State of Texas with a population growth average of 3.24% since 2010. The Denton County area is expected to continue its positive performance and continued growth. © 20 CBRE, Inc. Neighborhood Analysis 16 Neighborhood Analysis LOCATION The subject is located in Denton County, Texas, in an area known as the DFW Metroplex. BOUNDARIES The neighborhood boundaries are detailed as follows: North: Denton city limits South: Denton city limits East: Denton city limits West: Denton city limits LAND USE Land uses are predominately commercial and residential in the vicinity of the subject, with industrial and mixed uses nearby. Larger uses in the area include auto dealers, Medical City Denton, and the University of North Texas. Additional demand generators for the City of Denton Subject © 20 CBRE, Inc. Neighborhood Analysis 17 include Texas Woman’s University, Peterbilt Motos, Texas Health Presbyterian Hospital Denton, Josten’s, Inc., and Sally Beauty Supply, Inc., among others. Rayzor Ranch Rayzor Ranch Town Center is a newer area of commercial development located at the southeast quadrant of Interstate Highway 35 and U.S. Highway 380 in the northwestern portion of the neighborhood. This area includes approximately 600,000 square feet of open-air shopping, dining and entertainment. In addition to retail stores such as Alamo Draft House Cinema, Cotton Patch Café, Houlihan’s Restaurant and Bar and Andy B’s Bowl Social, this area includes outdoor gathering spaces and an amphitheater with the design inspired by historic regional urban architecture. The Rayzor Ranch Market Place is located in the northeast quadrant of Interstate 35 and U.S. Highway 380 includes a concentration of retail development. Tenants include Walmart, PetCo, Sam’s Club, Kohl’s, Ross Dress for Less, JoAnn Fabric and Craft, Tuesday Morning, Marshalls, Famous Footwear and others. University of North Texas Noted as one of the nation’s largest universities, University of North Texas (UNT) currently offers 106 bachelor’s, 88 master’s and 36 doctoral programs. The UNT main campus is located in the southwestern portion of the subject neighborhood. However, the 550,000 square foot University of North Texas Discovery Park (formerly Research Park) is located north of the main campus in Denton and in the northwest potion of the subject’s neighborhood. The facility houses leading edge research projects in biomedicine, nanotechnology, materials composition and others. It is also home to the UNT School of Engineering, supports teaching and research of STEM (science- technology-engineering-mathematics) disciplines and partners in regional economic development initiatives that promote technology innovation in North Texas. The most recent certified enrollment as of the Fall of 2020 was 40,653 students, the fifth largest in the State of Texas. In addition, for the December 2019, May 2020 and August 2020 graduations, the university awarded 8,030 bachelor’s degrees, 1,930 master’s degrees, and 311doctoral degrees. The five-year average for degrees awarded at the university is 9,448. Texas Woman’s University Texas Women’s University is also located in the central portion of the subject neighborhood. In the U.S. News and World Report's 2013 Best Colleges issue, TWU was ranked in the top three institutions in the state and ten nationally for universities that have the most diverse student populations. TWU’s graduate program in Physical Therapy is the only physical therapy program in Texas that is consistently ranked as a top Physical Therapy program by U.S. News and World Report. Finally, TWU is among the nation’s leading providers of healthcare professionals and produces more nurses than any Texas program. © 20 CBRE, Inc. Neighborhood Analysis 18 Golden Triangle Mall The Golden Triangle Regional Mall is the largest regional mall in the area and is located at the northeast quadrant of Interstate Highway 35 and Loop 288. This regional mall features approximately 75 stores and is anchored by Macy’s, JCPenney, Barnes & Noble, Dillard’s and H&M. This mall features a food court, WIFI hotspots, and children’s play area. Also, within the Golden Triangle Mall area is the Denton Community Theatre, which presents dozens of productions throughout the year. Finally, Golden Triangle Mall also includes Silver Cinemas, which is a full-service movie theater with five screens. GROWTH PATTERNS Growth patterns have occurred primarily along area arterials such as Interstate Highway 35. Growth patterns have also occurred along primary commercial thoroughfares such as SR North Loop 288, Teasley Lane, Mingo Road, South Woodrow Lane, South Bell Avenue, North Elm Street, East McKinney Street, US Highway 380, North Locust Street, East Sherman Drive, and Carroll Boulevard. Retail development in the subject neighborhood is comprised primarily of community retail centers located at the intersections of major neighborhood thoroughfares. ACCESS Primary access to the subject neighborhood is provided by Interstate Highway 35. Interstate Highway 35 is primarily a four-lane, variable width right-of-way, traversing the neighborhood in a north/south and east/west direction. This arterial splits into Interstate Highway 35 East and Interstate Highway 35 West in the southern Denton area, providing a direct route to both the Dallas and Fort Worth Central Business Districts. Interstate Highway 35 West connects the subject neighborhood with the Fort Worth Central Business District, while Interstate Highway 35 East connects the subject neighborhood with the Dallas Central Business District. The SR North Loop 288 encircles the eastern portion of the neighborhood and intersects with Interstate Highway 35 in the southern portion of the subject neighborhood. Additional major thoroughfares include Teasley Lane, Mingo Road, South Woodrow Lane, South Bell Avenue, North Elm Street, East McKinney Street, U.S. Highway 380, North Locust Street, East Sherman Drive, and Carroll Boulevard. © 20 CBRE, Inc. Neighborhood Analysis 19 DEMOGRAPHICS Selected neighborhood demographics in 1-, 3- and 5-mile radius from the subject are shown in the following table: 3327 Westgate Drive Denton, TX 76207 Population 2029 Total Population 5,117 49,770 108,380 1,151,046 2024 Total Population 4,046 45,643 99,529 1,029,075 2010 Total Population 1,535 33,102 77,989 661,932 2000 Total Population 1,192 29,005 68,181 431,925 Annual Growth 2024 - 2029 4.81% 1.75% 1.72% 2.27% Annual Growth 2010 - 2024 7.17% 2.32% 1.76% 3.20% Annual Growth 2000 - 2010 2.56% 1.33% 1.35% 4.36% Households 2029 Total Households 2,395 20,277 44,143 425,742 2024 Total Households 1,892 18,405 40,050 376,367 2010 Total Households 638 13,016 29,872 240,045 2000 Total Households 492 11,764 26,344 158,452 Annual Growth 2024 - 2029 4.83% 1.96% 1.97% 2.50% Annual Growth 2010 - 2024 8.07% 2.51% 2.12% 3.26% Annual Growth 2000 - 2010 2.63% 1.02% 1.26% 4.24% Income 2024 Median Household Income $85,265 $65,619 $60,360 $108,671 2024 Average Household Income $101,083 $84,336 $82,022 $144,023 2024 Per Capita Income $41,624 $34,047 $33,131 $52,705 2024 Pop 25+ College Graduates 1,361 12,472 24,505 347,838 Age 25+ Percent College Graduates - 2024 46.9% 44.4% 41.2% 51.5% Source: ESRI SELECTED NEIGHBORHOOD DEMOGRAPHICS Denton County1 Mile Radius 3 Mile Radius 5 Mile Radius CONCLUSION The subject is well-positioned within the central portion of Denton County. The population within the subject neighborhood has shown positive growth over the past several years. The outlook for the neighborhood is relatively stable performance with moderate improvement over the next several years. © 20 CBRE, Inc. Site Analysis 20 TAX MAP Source: Denton Central Appraisal District Subject © 20 CBRE, Inc. Site Analysis 21 FLOOD PLAIN MAP Source: FEMA N Subject © 20 CBRE, Inc. Site Analysis 22 SITE ANALYSIS The following chart summarizes the salient characteristics of the subject site. SITE SUMMARY AND ANALYSIS Physical Description Gross Site Area 1.0360 Acres 45,128 Sq. Ft. Primary Road Frontage Westgate Drive 210 Feet Secondary Road Frontage Barrow Drive 215 Feet Shape Topography Zoning District Flood Map Panel No. & Date 48121C0220G 18-Apr-11 Flood Zone Zone X (Unshaded) Ingress/Egress Points Comparative Analysis Access Visibility Functional Utility Traffic Volume Adequacy of Utilities Landscaping Drainage Utilities Availability Water Yes Sewer Yes Natural Gas Yes Electricity Yes Telephone Yes Other Yes No Unknown Detrimental Easements X Encroachments X Deed Restrictions X Source: Various sources compiled by CBRE Rating Average Average Average Rectangular Level, At Street Grade R2 - Residential Westgate Drive and legally permissible via Barrow Drive Average City of Denton Atmos Energy Various Various Average Average Provider City of Denton Appears adequate © 20 CBRE, Inc. Site Analysis 23 SHAPE AND FRONTAGE The subject exhibits a rectangular shape and has frontage along Westgate Drive which comprises the eastern property line and Barrow Drive which comprises the southern property line. INGRESS/EGRESS Ingress and egress are available to the site via Westgate Drive and legally permissible via Barrow Drive. Westgate Drive, at the subject, is a north/south undivided interior thoroughfare with one lane of traffic in each direction. Street improvements include asphalt paving and open ditch drainage. Street parking is not permitted. Barrow Drive is a two lane, undivided neighborhood carrier with asphalt paving, concrete curbs, and curb and gutter drainage. TOPOGRAPHY AND DRAINAGE The subject is level and at street grade. The topography of the subject is not seen as an impediment to the development of the property. During inspection of the subject, no drainage problems were observed and it is assumed that none exist. FLOOD ZONE We are not experts in determining flood zone elevations and we were not provided with a flood zone certificate for the subject. The reader is encouraged to consult with a professional engineer to determine the subject's actual flood zone status. Based on a review of FEMA Flood Panel No. 48121C0220G, the property appears to be in Zone X (Unshaded), which is a low risk area. Zones C and X (unshaded) are flood insurance rate zones used for areas outside the 0.2-percent- annual-chance floodplain. No Base Flood Elevations (BFEs) or depths are shown in this zone, and insurance purchase is not required. EASEMENTS AND ENCROACHMENTS A current title policy was provided. According to the title commitment, public records, and the survey provided by the client, there are public utility easements traversing the site. These are considered typical utility easements; thus, they are not considered to impact the marketability or the highest and best use. There are no known easements or encroachments impacting the subject that are considered to affect the marketability or highest and best use. COVENANTS, CONDITIONS AND RESTRICTIONS A current title policy was provided. There are no known covenants, conditions or restrictions impacting the subject that are considered to affect the marketability or highest and best use. © 20 CBRE, Inc. Site Analysis 24 ENVIRONMENTAL ISSUES - SITE CBRE, Inc. is not qualified to detect the existence of any potentially hazardous materials such as lead paint, asbestos, urea formaldehyde foam insulation, or other potentially hazardous construction materials on or in the improvements. The existence of such substances may affect the value of the property. No hazardous substances which would affect value were noted by the appraiser (see Assumptions and Limiting Conditions). CONCLUSION The subject is suitable for uses commensurate with the surrounding neighborhood. The subject is well-located and has average access and visibility from roadway frontage. The size of the subject is typical for the area and there are no known detrimental uses in the immediate vicinity. There are no known factors which are considered to prevent the subject from development to its highest and best use, as if vacant. © 20 CBRE, Inc. Improvements Analysis 25 IMPROVEMENTS ANALYSIS The subject is a 1.0360-acre (45,128 sq. ft.) tract of improved land located at 3327 Westgate Drive in Denton, Texas. The property is improved with a single-family residence and related site improvements. The single-family residence is located over 30 feet from the proposed temporary construction easement and is not considered impacted by the proposed acquisition. As such, the site is valued as effectively vacant land. © 20 CBRE, Inc. Zoning 26 Zoning The following chart summarizes the subject’s zoning summary. ZONING SUMMARY Current Zoning Legally Conforming Uses Permitted Zoning Change Future Land Use Category Category Zoning Requirement Existing Conditions Minimum Lot Size 16,000 Sq. Ft. 45,128 Sq. Ft. Minimum Lot Width 80 Feet 210 Feet Minimum Depth 100 Feet 185 Feet Maximum Height 40 Feet N/A Minimum Setbacks Front Yard 10 Feet 70 Feet Side Yard 10 Feet 70 Feet (west side) / 75 Feet (east side) Rear Yard 10 Feet 65 Feet Maximum Bldg. Coverage 40% 10% Source: Planning & Zoning Dept. R2 - Residential Yes The R2 district is intended to preserve existing single-family neighborhoods. The R2 district is intended to ensure that nay new development promotes walkability, access to parks, open space, and recreation amenities and is compatible with existin gland uses and development patterns. The R2 district can be used as a transitional district between large lot residential neighborhoods and medium lot residential neighborhoods. Not Likely Low Residential ANALYSIS AND CONCLUSION The above information is based upon publicly-available data and is not a substitute for a site- specific development plan that has been reviewed and approved by the municipality. Additional information may be obtained from the appropriate governmental authority. For purposes of this appraisal, CBRE has assumed the information obtained is correct. © 20 CBRE, Inc. Zoning 27 ZONING MAP Source: The City of Denton Subject © 20 CBRE, Inc. Zoning 28 FUTURE LAND USE MAP Source: The City of Denton Subject © 20 CBRE, Inc. Tax and Assessment Data 29 Tax and Assessment Data The following summarizes the local assessor’s estimate of the subject’s market value, assessed value, and taxes, and does not include any furniture, fixtures or equipment. TAX INFORMATION Assessor Account ID(s) 34439 Tax Year 2024 Assessed Land Acres 1.037 AC Assessed Land SF 45,172 SF Assessor Improvement Value $179,924 Assessor Land Value $140,580 Assessor Total Market Value $320,504 Assessor Land Value/AC $135,564 Assessor Land Value/SF $3.11 Tax Rate 1.930189 Total Taxes $6,186 Tax Exemption None Based on our analysis, the assessed land value appears to be below market value. The local Assessor’s methodology for valuation is fee simple market value. Under the Texas Property Tax Code, assessed value is supposed to represent 100% of market value via the use of all three approaches to value. However, this rarely happens. First, Texas is a non-disclosure state and the sales price is not on any public document and does not have to be divulged. In addition, the owners of the subject property have the ability to protest the subject’s valuation in any given tax year regardless of whether or not there is an increase. Notifications of preliminary assessed value as of January 1st are mailed in March and April and the Appraisal District has to be notified of a value protest by June 1. Tax rates, set by the individual taxing authorities, are determined in September of that year. CONCLUSION The total taxes for the subject have been estimated as $6,186 for the base year of our analysis, based upon an assessed value of $320,504. The land value is $140,580 or $3.11 per square foot. The assessed land value was stable from 2022 to 2023 with an increase of $30,038 from the 2023 assessed land value to the 2024 assessed land value. For purposes of this analysis, CBRE, Inc. assumes that all taxes are current. © 20 CBRE, Inc. Valuation Analysis – Whole Property 30 Highest and Best Use In appraisal practice, the concept of highest and best use represents the premise upon which value is based. The four criteria the highest and best use must meet are: x legally permissible; x physically possible; x financially feasible; and x maximally productive. The highest and best use analysis of the subject is discussed below. AS IF VACANT Legal Permissibility As discussed previously, the subject is located within the City of Denton and is subject to the R2: Residential zoning restrictions. According to the Future Land Uses Map, the subject is located within the Low Residential designations. As noted previously, there are utility easements traversing the site. These easements are considered typical utility easements; thus, they do not impact the marketability or highest and best use. There are no known easements or encroachments impacting the subject that are considered to affect the marketability or highest and best use. There are also no known covenants, conditions, or restrictions impacting the subject that are considered to affect the marketability or highest and best use. Physical Possibility The subject is adequately served by public utilities with water and wastewater available and has an adequate shape and size to be a separately developable site. The subject has average access and visibility. There are no known physical reasons why the subject site would not support any legally probable development (i.e. it appears adequate for development). Existing structures on similar sites within the subject neighborhood is additional evidence for the physical possibility of development. Financial Feasibility The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the legally probable land uses versus the cost to create the uses. Consideration to existing land use trends has been given in determining feasible uses and only those uses that are physically possible and legally permissible are given further consideration. From a financially feasible perspective and given the Whole Property’s location, size, and the surrounding development, the financially feasible use for the Whole Property is for a residential use. Maximum Productivity - Conclusion Based on the information presented above and upon information contained in the market and neighborhood analysis, it is concluded that the highest and best use of the subject as if vacant would be the development of a residential use. Analysis of the subject and its respective market characteristics indicate the most likely buyer, as if vacant, would be an owner-user or homebuilder. © 20 CBRE, Inc. Valuation Analysis – Whole Property 31 Appraisal Methodology In appraisal practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available. Cost Approach The cost approach is based on the proposition that the informed purchaser would pay no more for the subject than the cost to produce a substitute property with equivalent utility. This approach is particularly applicable when the property being appraised involves relatively new improvements that represent the highest and best use of the land, or when it is improved with relatively unique or specialized improvements for which there exist few sales or leases of comparable properties. Sales Comparison Approach The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to indicate a value for the subject. Valuation is typically accomplished using physical units of comparison such as price per square foot, price per unit, price per floor, etc., or economic units of comparison such as gross rent multiplier. Adjustments are applied to the physical units of comparison derived from the comparable sale. The unit of comparison chosen for the subject is then used to yield a total value. Economic units of comparison are not adjusted, but rather analyzed as to relevant differences, with the final estimate derived based on the general comparisons. Income Capitalization Approach The income capitalization approach reflects the subject’s income-producing capabilities. This approach is based on the assumption that value is created by the expectation of benefits to be derived in the future. Specifically estimated is the amount an investor would be willing to pay to receive an income stream plus reversion value from a property over a period of time. The two common valuation techniques associated with the income capitalization approach are direct capitalization and the discounted cash flow (DCF) analysis. Methodology Applicable to the Subject • CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at a probable value indication via each applicable approach to value. The sales comparison approach for land is utilized to develop an opinion of land value because market participants rely on this method. The subject is effectively vacant land and so the cost approach is not applicable. The subject is effectively vacant land and so the sales comparison approach for improved property is not applicable. Being effectively vacant land, the income approach for improved property is not applicable. Furthermore, surface rights in this area are not purchased based on income production. • The 'summation method' for valuation of a partial acquisition is utilized, as is required in the State of Texas. Total compensation is estimated as the value of the partial acquisition, plus © 20 CBRE, Inc. Valuation Analysis – Whole Property 32 damages to the remainder (which may be offset by special benefits), plus any necessary costs to cure and temporary easements if they are part of the scope of the assignment. It is worth noting here that the fee simple interest of the subject property is appraised, and unified fee at that. This means that all interests and title are valued together. In reality, the leased fee valuation of the property may be different from the fee simple value because of the terms of existing leases. This appraisal follows the so-called unit rule which includes the valuation of all rights of any parties who may have an interest (such as tenants, life estate holders, remaindermen, leaseholders, etc.) in the subject as one. The exception is consideration of existing easement encumbrances. © 20 CBRE, Inc. Valuation Analysis – Whole Property 33 Land Value Based on the comparative analysis, the following chart summarizes the adjustments warranted to each comparable. A detailed description of each transaction is included in the addenda. LAND SALES ADJUSTMENT GRID VALUATION GRID Representative Comparable Sales Subject Comp No. 1 Comp No. 2 Comp No. 3 Comp No. 4 Grantor Dalton Custom Homes Company, LLC Jarret Hugghins and Myra Salcedo Luis Reyes Anna Maria Trier Grantee Jennifer Gomez and Roman Gomez Scott Wilson and Myra Salcedo Armando Ruiz and Rocio Alanis Clark Hayden Stearns and Carolyn Elise Caffey Stearns Trustee of the Clark Hayden Stearns et. al. Transaction Type Sale Sale Sale Sale Date of Sale Mar-22 Mar-24 Aug-23 Aug-22 Jun-22 Address 3327 Westgate Drive 5293 Albert Court 3941 Maggies Meadow 4610 Miller Road 2309 Stonegate Circle City, State Denton, TX Krum, TX Denton, TX Denton, TX Denton, TX Gross Acres 1.0360 0.7600 0.8390 1.0000 0.3800 Gross Square Feet 45,128 33,106 36,547 43,560 16,553 Actual Sale Price $128,000 $204,000 $135,000 $175,000 Adjusted Sale Price 1 $128,000 $204,000 $135,000 $175,000 Unit Price Per Sale Price $128,000 $204,000 $135,000 $175,000 Property Rights Conveyed Financing Conditions of Sale Market Conditions (Time) 8% 0% 0% 0% 0% Adjusted $/Sale Price $128,000 $204,000 $135,000 $175,000 Location 10% 10% Size 5% 15% Shape Physical Features Frontage/Access Zoning/Use Utilities Net Adjustment 15% 0% 10% 15% Indicated Unit Value $147,200 $204,000 $148,500 $201,250 Estimated Unit Value (Per Lot) $175,000 Conversion to Value Per SF $175,000 / 45,128 SF Estimated Unit Value (Per SF)$3.88 Compiled by CBRE © 20 CBRE, Inc. Valuation Analysis – Whole Property 34 The following map summarizes the comparable data used in the valuation of the subject site. A detailed description of each transaction is included in the addenda. SUMMARY OF COMPARABLE LAND SALES Actual Sale Adjusted Sale Size Size No. Property Location Type Date Zoning Price Price 1 (Acres) (SF) 1 5293 Albert Court Krum, TX 76249 Sale Mar-24 City of Denton ETJ $128,000 $128,000 0.7600 33,106 2 3941 Maggies Meadow Denton, TX 76210 Sale Aug-23 R2: Residential $204,000 $204,000 0.8390 36,547 3 4610 Miller Road Denton, TX 76249 Sale Aug-22 R4 - Residential $135,000 $135,000 1.0000 43,560 4 2309 Stonegate Circle Denton, TX 76205 Sale Jun-22 R2: Residential $175,000 $175,000 0.3800 16,553 Subject 3327 Westgate Drive, Denton, Texas --- --- R2 - Residential --- --- 1.0360 45,128 1 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE Transaction © 20 CBRE, Inc. Valuation Analysis – Whole Property 35 DISCUSSION OF ADJUSTMENTS Based on the comparative analysis, the following discussion summarizes the adjustments warranted to each comparable. CONDITIONS OF SALE/FINANCING All sales were indicated to be cash-to-seller transactions or financed by a third party at market terms and none appeared to occur under duress. As such, no adjustments for cash equivalency were necessary. In addition, the sales reflected arm’s length transactions; therefore, no adjustments for conditions of sale were warranted. MARKET CONDITIONS The transactions occurred between June 2022 and March 2024. According to area brokers and analysis of land sales in this market, appreciation rates had been trending upward prior to Federal interest rate increases which began in March 2022. An upward adjustment at a rate of 8% per year has been applied until March 2022, with 0% growth thereafter. All comparables had transaction dates after March 2022; thus, no adjustments were necessary. LOCATION Location can have a significant impact on value. The subject is located in area undergoing development from vacant land to commercial and residential uses. Additionally, the subject is located in close proximity to several retail areas providing amenities for residential properties. Comparables 1 and 3 are located in areas that are in slower development and further from amenity proximity. These comparables are considered inferior and have been adjusted upward. All remaining comparables are located in areas with similar development and amenity proximity and are considered similar, warranting no adjustment. SIZE In this scenario, the subject is being valued on a per lot basis utilizing total sale price. Within this market, larger sized lots typically sell for a higher total price compared to the smaller sized lots. Comparables 1 and 4 are smaller than the subject and have been adjusted upward accordingly. All remaining comparables are similar in size to the subject and have not been adjusted. SHAPE The subject exhibits a rectangular shape and is not considered restrictive for development. All comparables are considered similar for shape and have not been adjusted. PHYSICAL FEATURES The subject is level and at street grade and is not encumbered by floodplain. All comparables are considered similar to the subject for physical features and have not been adjusted. © 20 CBRE, Inc. Valuation Analysis – Whole Property 36 FRONTAGE/ACCESS The subject has frontage along two neighborhood throughfares (Westgate Drive and Barrow Drive) with access along Westgate Drive and legally permissible access via Barrow Drive. All comparables are located along neighborhood carriers and are considered similar for frontage and access. Thus, no adjustment for frontage/access is warranted. ZONING/USE The subject is zoned R2: Residential which allows for residential uses. Comparable 1 is located within the City of Denton ETJ and has a residential use. This comparable is considered similar for zoning and use, warranting no adjustment. All remaining comparables have similar residential zoning and have not been adjusted. UTILITIES The subject has access to public water and wastewater. All comparables are considered similar with regard to utility access and are not adjusted. CONCLUSION Based on the preceding analysis, each of the sales comparables is considered representative of the subject site subsequent adjustment. The adjusted sales indicate a range of approximately $147,200 to $204,000, and demonstrate a mean and median of $175,238 and $174,875 respectively. In conclusion, a reconciled value near the central tendency of the overall range was deemed appropriate. The valuation of partial acquisition requires the allocation of a per unit value for the whole property to be applied to the proposed acquisition area. As such, the per lot unit value is converted to a per square-foot unit value as indicated in the Land Sales Adjustment Grid above. Converting the subject’s lot value to a price per square-foot unit value is then applied to the proposed acquisition area to arrive at an estimation of compensation for the temporary construction easement. $175,000 / 45,128 SF = $3.88 PSF The following table presents the valuation conclusion for the whole property. CONCLUDED LAND VALUE $ PSF SF Unrounded Total Fee Area $3.88 x 45,128 $175,096.64 = $175,097 Indicated Value:$175,097 Compiled by CBRE © 20 CBRE, Inc. Valuation Analysis – Whole Property 37 Reconciliation of Value – Whole Property The value indications from the approaches to value are summarized as follows: SUMMARY OF VALUE CONCLUSIONS Land Value $175,097 Cost Approach N/A Sales Comparison Approach N/A Income Capitalization Approach N/A Compiled by CBRE The sales comparison approach for land is utilized to develop an opinion of land value because market participants rely on this method. The subject is valued as vacant land so the cost approach is not applicable. The subject is valued as vacant land and so the sales comparison approach for improved property is not applicable. Being valued as vacant land, the income approach for improved property is not applicable. Furthermore, surface rights in this area are not purchased based on income production. © 20 CBRE, Inc. Temporary Construction Easement 38 Temporary Construction Easement A temporary easement is utilized during the duration of a project for construction purposes. It is a temporary lease of the land and does not represent a permanent acquisition of rights. However, it affects the utility of the affected land during the duration of the easement and as such, a lease payment is due for the lifetime of the temporary easement. The client has provided surveys with the size configuration for the proposed Temporary Construction Easement, as well as information regarding the duration of the easement. Please refer to the following pages and Addenda for specific and additional terms. Temporary Construction Easement The intended use of the temporary construction easement shall be used to facilitate the construction of public infrastructure, which shall include use of the easement property for access, construction staging and storage, and other construction activities. According to the client, the easement area is needed for a construction period of two years. The City of Denton indicated that the easement area will be restored to a condition similar to the whole property condition (prior to the project) upon completion of construction. Therefore, no additional compensation beyond the estimated temporary construction easement ground lease is warranted. The temporary construction easement (Parcel 53) is a flag-shaped area traveling generally north/south along a portion of the subject’s eastern border and containing 3,018 square feet. Temporary Easement Valuation The temporary construction easement does not have the requisite characteristics to function as an independent economic unit due to its small size and shape. The highest and best use of the acquisition area is as an integral part of the whole site. As such, the land value in the temporary construction easement is based on the same unit value as the Whole Property. Considering the intended use of the temporary construction easement, encumbrances of this nature are similar to a land lease, which is typically based on a specified annual rate of return on the value of the land. A range of annual returns for all property types from 3.79% to 17.85% was indicated by RealtyRates.com (4th quarter 2024 data), with an average of 9.38%. A rate higher than the average is applied to the subject due to the nominal value of the temporary easements. Given the scope of the temporary construction easement, a 10% rate of return is considered appropriate. TEMPORARY WORKSPACE EASEMENT Area $ PSF Rental Rate Temp Esmt Value Temporary Construction Easement 3,018 SF $3.88 x 10% @ 2 Yr $2,342 Compiled by CBRE TermSize © 20 CBRE, Inc. Temporary Construction Easement 39 TEMPORARY CONSTRUCTION EASEMENT SURVEY © 20 CBRE, Inc. Summary of Compensation 40 Summary of Compensation In the final accounting, the estimate of total compensation includes the value of the whole property and any temporary construction easements. These opinions are based upon market data available as of the effective date of the appraisal. These estimates are totaled to arrive at the opinion of total compensation as follows. CONCLUDED MARKET VALUE Market Value Compensation Larger Parcel (Land and Affected Improvements)$175,097 Part(s) Being Acquired $0 Remainder Before Consideration of Damages $175,097 Remainder After Consideration of Damages $175,097 Net Damages or (Benefits)$0 Temporary Easement $2,342 Total Compensation $2,342 © 20 CBRE, Inc. Assumptions and Limiting Conditions 41 Assumptions and Limiting Conditions 1. CBRE, Inc. through its appraiser (collectively, “CBRE”) has inspected through reasonable observation the subject property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil and the entire interior and exterior of the improvements on the subject property. Therefore, no representation is made as to such matters. 2. The report, including its conclusions and any portion of such report (the “Report”), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projected levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions which occur subsequent to such date. 3. Unless otherwise expressly noted in the Report, CBRE has assumed that: (i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. CBRE has not examined title records (including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may affect the title or use of the subject property) and makes no representations regarding title or its limitations on the use of the subject property. Insurance against financial loss that may arise out of defects in title should be sought from a qualified title insurance company. (ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes and ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; and the roof and exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE appraisers are not engineers and are not qualified to judge matters of an engineering nature, and furthermore structural problems or building system problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems. (iii) Any proposed improvements, on or off-site, as well as any alterations or repairs considered will be completed in a workmanlike manner according to standard practices. (iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater, mold, or other potentially hazardous materials may affect the value of the property. (v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid, or solid, and no air or development rights of value may be transferred. CBRE has not considered any rights associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report. (vi) There are no contemplated public initiatives, governmental development controls, rent controls, or changes in the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the value of the subject property. (vii) All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be readily obtained or renewed for any use on which the Report is based. (viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently, nor super-efficiently. (ix) The subject property and its use, management, and operation are in full compliance with all applicable federal, state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, and licenses. (x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified to assess the subject property’s compliance with the ADA, notwithstanding any discussion of possible readily achievable barrier removal construction items in the Report. © 20 CBRE, Inc. Assumptions and Limiting Conditions 42 (xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property, nor reviewed or confirmed the accuracy of any legal description of the subject property. Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE’s attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial negative impact on the Report and any conclusions stated therein. Accordingly, if any such information is subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. CBRE assumes no responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover them. Any user of the Report is urged to retain an expert in the applicable field(s) for information regarding such conditions. 4. CBRE has assumed that all documents, data and information furnished by or on behalf of the client, property owner or owner’s representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and information include, without limitation, numerical street addresses, lot and block numbers, Assessor’s Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report and any conclusions stated therein. Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. The client and intended user should carefully review all assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any questions or errors within 30 days after the date of delivery of the Report. 5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or information not provided to CBRE, including, without limitation, any termite inspection, survey or occupancy permit. 6. All furnishings, equipment and business operations have been disregarded with only real property being considered in the Report, except as otherwise expressly stated and typically considered part of real property. 7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the information and assumptions contained within the Report. Any projections of income, expenses and economic conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expectations of future income and expenses as of the date of the Report and not predictions of the future. This Report has been prepared in good faith, based on CBRE's current anecdotal and evidence-based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this Report, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE's control. In addition, many of CBRE's views are opinion and/or projections based on CBRE's subjective analyses of current market circumstances. Actual results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such projections. Further, other firms may have different opinions, projections and analyses, and actual market conditions in the future may cause CBRE's current views to later change or be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change. 8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort, terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole purpose of providing the intended user with CBRE’s independent professional opinion of the value of the subject property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor, or lending institution may undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect recommendation of CBRE to buy, sell, hold, or finance the subject property. 9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge including, but not limited to, environmental, social, and governance principles (“ESG”), beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall outside the scope of the real estate appraisal profession for such matters. © 20 CBRE, Inc. Assumptions and Limiting Conditions 43 10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance. 11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no responsibility for any situation arising out of the user’s failure to become familiar with and understand the same. 12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests. 13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use of the subject property. The allocations of values for each of the land and improvements are not intended to be used with any other property or appraisal and are not valid for any such use. 14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes only and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be removed, reproduced, or used apart from the Report. 15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Exempt from this restriction is duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of any court, governmental authority, or regulatory agency having jurisdiction over the intended user, provided that the Report and its contents shall not be published, in whole or in part, in any public document without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, the Report shall not be made available to the public or otherwise used in any offering of the property or any security, as defined by applicable law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user. © 20 CBRE, Inc. Addenda ADDENDA © 20 CBRE, Inc. Addenda Addendum A LAND SALE DATA SHEETS © 20 CBRE, Inc. Sale Land - Single Unit Residential No. 1 Property Name 0.760 Acres of Vacant Land Address 5293 Albert Court Krum, TX 76249 County Denton Govt./Tax ID 774825 Area Measurement(NRA) Land Area Net 0.760 ac/ 33,106 sf Land Area Gross 0.760 ac/ 33,106 sf Site Development Status Raw Utilities All Available Maximum FAR N/A Max Allow Bldg Units/Density N/A Min Land Bldg Ratio N/A Shape Irregular Primary Frontage 45 ft on Albert Court Secondary Frontage N/A Topography Generally Level Flood Zone Class Zone X (Unshaded) Flood Panel No./ Date 48121C0355G/ Apr 2011 Zoning City of Denton ETJ Entitlement Status N/A Proposed Use or Development Residential Transaction Details Type Sale Primary Verification Marc Moore (817) 692-8010 Interest Transferred Fee Simple Transaction Date 03/15/2024 Condition of Sale Arm's Length Recording Date 03/22/2024 Recorded Buyer Jennifer Gomez and Roman Gomez Sale Price $128,000 Buyer Type N/A Financing Cash to Seller Recorded Seller Dalton Custom Homes Company, LLC Cash Equivalent $128,000 Marketing Time 3 Month(s) Capital Adjustment $0 Listing Broker Griffith Realty Group % Interest Purchased 100% Doc # Adjusted Price $128,000 Adjusted Price / ac and / sf $168,421 / $3.87 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A Comments This is the sale of a cul-de-sac lot containing 0.760 acres at 5293 Albert Court in Krum, Texas. The site is irregular in shape but generally level and is considered within the City of Denton ETJ. It has access to public water and sewer. A natural gas pipeline traverses the northern property line along the rear of the site. In March 2024, it sold for $128,000 or $3.87 per square foot, slightly above the listing price of $125,000. © 20 CBRE, Inc. Sale Land - Single Unit Residential No. 2 Property Name 0.839 Acres of Land Address 3941 Maggies Meadow Denton, TX 76210 County Denton Govt./Tax ID 216630 Area Measurement(NRA) Land Area Net 0.839 ac/ 36,547 sf Land Area Gross 0.839 ac/ 36,547 sf Site Development Status Platted Utilities All Available Maximum FAR N/A Max Allow Bldg Units/Density N/A Min Land Bldg Ratio N/A Shape Rectangular Primary Frontage 50 ft on Maggies Meadow Secondary Frontage N/A Topography Generally Level Flood Zone Class Zone X (Unshaded) Flood Panel No./ Date 48121C0370G/ Apr 2011 Zoning R2: Residential Entitlement Status N/A Proposed Use or Development Residential Transaction Details Type Sale Primary Verification Selling Broker, Mistie Parks Interest Transferred Fee Simple Transaction Date 08/21/2023 Condition of Sale Arms-Length Recording Date 08/21/2023 Recorded Buyer Scott Wilson and Myra Salcedo Sale Price $204,000 Buyer Type End User Financing Cash to Seller Recorded Seller Jarret Hugghins and Myra Salcedo Cash Equivalent $204,000 Marketing Time 3 Month(s) Capital Adjustment $0 Listing Broker Mistie Parks (972) 965-9657 % Interest Purchased 100% Doc # 2023-89620 Adjusted Price $204,000 Adjusted Price / ac and / sf $243,147 / $5.58 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A Comments This sale represents approximately 0.839 acres of land at 3941 Maggies Meadow in Denton, Texas. The site has generally level topography, contains no areas of floodplain, has public water, sewer, and electric available, and is currently zoned R2: Residential. The property sold in August 2023 for a reported sale price of $204,000, or $5.58 per square foot. © 20 CBRE, Inc. Sale Land - Single Unit Residential No. 3 Property Name 1.000 Acres on Land Address 4610 Miller Road Denton, TX 76249 County Denton Govt./Tax ID 73972 Area Measurement(NRA) Land Area Net 1.000 ac/ 43,560 sf Land Area Gross 1.000 ac/ 43,560 sf Site Development Status Raw Utilities All Available Maximum FAR N/A Max Allow Bldg Units/Density N/A Min Land Bldg Ratio N/A Shape Rectangular Primary Frontage 158 ft on Miller Road Secondary Frontage N/A Topography Generally Level Flood Zone Class Zone X (Unshaded) Flood Panel No./ Date 48121C0355G/ Apr 2011 Zoning R4 - Residential Entitlement Status N/A Proposed Use or Development Residential Transaction Details Type Sale Primary Verification Diego Cortes (469) 600-5205 Interest Transferred Fee Simple Transaction Date 08/08/2022 Condition of Sale Arm's Length Recording Date 08/09/2022 Recorded Buyer Armando Ruiz and Rocio Alanis Sale Price $135,000 Buyer Type N/A Financing Cash to Seller Recorded Seller Luis Reyes Cash Equivalent $135,000 Marketing Time 1 Month(s) Capital Adjustment $0 Listing Broker Rogers Healy and Associates % Interest Purchased 100% Doc # Adjusted Price $135,000 Adjusted Price / ac and / sf $135,000 / $3.10 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A Comments This is the sale of a 1.00-acre lot of vacant land located along the south line of Miller Road, east of Masch Branch Road, within the city limits of Denton. The site is rectangular and located outside of the 100-year floodplain. Public water and sewer are available at the site, and it is zoned R4 -Residential by the City of Denton. According to the listing agent, the site sold in August 2022 for $135,000, or $3.10 per square foot. © 20 CBRE, Inc. Sale Land - Single Unit Residential No. 4 Property Name 0.380 Acres of Land Address 2309 Stonegate Circle Denton, TX 76205 County Denton Govt./Tax ID 105170 Area Measurement(NRA) Land Area Net 0.380 ac/ 16,553 sf Land Area Gross 0.380 ac/ 16,553 sf Site Development Status Platted Utilities All Available Maximum FAR N/A Max Allow Bldg Units/Density N/A Min Land Bldg Ratio N/A Shape Rectangular Primary Frontage 125 ft on Stonegate Circle Secondary Frontage N/A Topography Generally Level Flood Zone Class Zone X (Unshaded) Flood Panel No./ Date 48121C0386H/ Jun 2020 Zoning R2: Residential Entitlement Status N/A Proposed Use or Development Residential Transaction Details Type Sale Primary Verification Selling Broker, Madison Dutcher Interest Transferred Fee Simple Transaction Date 06/23/2022 Condition of Sale Arms-Length Recording Date 06/23/2022 Recorded Buyer Clark Hayden Stearns and Carolyn Elise Caffey Stearns Trustee of the Clark Hayden Stearns et. al. Sale Price $175,000 Buyer Type End User Financing Cash to Seller Recorded Seller Anna Maria Trier Cash Equivalent $175,000 Marketing Time 1 Month(s) Capital Adjustment $0 Listing Broker Myra Oliver (940) 484-9411 % Interest Purchased 100% Doc # 2022-97925 Adjusted Price $175,000 Adjusted Price / ac and / sf $460,526 / $10.57 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A Comments This sale represents approximately 0.380 acres of land at 2309 Stonegate Circle in Denton, Texas. The site has generally level topography, contains no areas of floodplain, has public water, sewer, and electric available, and is currently R2: Residential. The property sold in June 2022 for a reported sale price of $175,000, or $10.57 per square foot. © 20 CBRE, Inc. Addenda Addendum B PROJECT INFORMATION © 20 CBRE, Inc. EXHIBIT "A" PARCEL 53 – TEMPORARY CONSTRUCTION EASEMENT 3,018 Square Feet or 0.0693 Acres situated in the Nathan Wade Survey, Abstract Number 1407 City of Denton, Denton County, Texas Halff Associates, Inc.·2601 Meacham Blvd., Suite 600, TX 76137 Tel. (817) 847-1422 ·TBPELS Surveying Firm No. 10029605 File Path: A:\52000s\52421\001\SURV\PropertyDescriptions\ProposedTCE\prop_tce53.docx Page 1 of 2 BEING a tract of land situated in the Nathan Wade Survey, Abstract No. 1407, in the City of Denton, Denton County, Texas, being a portion of a tract of land described to Richard J. Gibbons and Sarah Lydia Gibbons, recorded in Volume 4230, Page 1946, Official Records of Denton County, Texas (O.R.D.C.T.) and being more particularly described by metes and bounds as follows: COMMENCING at a 1/2-inch iron rod found in the west right-of-way line of Westgate Drive (a variable width right-of-way), for the southeast corner of a tract of land described as Tarct 2 to Catdenton 35 Three, Inc., recorded in Document Number 2013-145663 O.R.D.C.T., in the north line of said Gibbons tract; THENCE North 89 degrees 45 minutes 52 seconds East, a distance of 6.86 feet to the northeast corner of the Gibbons tract; THENCE South 00 degrees 03 minutes 17 seconds East, with the west right-of-way line of said Westgate Drive, a distance of 17.35 feet to a point in the east line of the Gibbons tract for the POINT OF BEGINNING and the northeast corner of the herein described tract; THENCE South 00 degrees 03 minutes 17 seconds East, continuing with the west right-of-way line of Westgate Drive, common to the east line of the Gibbons tract, a distance of 197.78 feet to the northwest intersection corner of Westgate Drive and Barrow Drive (a variable width right-of-way), for the southeast corner of the Gibbons tract, common to the southeast corner of the herein described tract, from which a 5/8-inch iron rod found for the northeast corner of a 5-foot right-of-way dedication, recorded in Cabinet C, Page 331, O.R.D.C.T., bears South 00 degrees 03 minutes 17 seconds East, over and across said Barrow Drive, a distance of 50.00 feet; THENCE South 89 degrees 50 minutes 53 seconds West, with north right-of-way line of Barrow Drive, common to the south line of the Gibbons tract, a distance of 10.00 feet to the southwest corner of the herein described tract; THENCE over and across the Gibbons tract the courses as follows: North 00 degrees 03 minutes 17 seconds West, a distance of 171.82 feet to a point for corner of the herein described tract; North 89 degrees 56 minutes 31 seconds West, a distance of 40.00 feet to a point for corner of the herein described tract; North 00 degrees 03 minutes 17 seconds West, a distance of 26.00 feet to the northwest corner of the herein described tract; South 89 degrees 56 minutes 31 seconds East, a distance of 50.00 feet returning to the POINT OF BEGINNING and containing 3,018 square feet or 0.0693 acres of land, more or less. This metes and bounds description is issued in conjunction with a survey of even date. Basis of bearing is the North American Datum of 1983(2011) Epoch 2010.00 based on the Texas Coordinate System of 1983, North Central Zone (TXNC- 4202). Distances shown hereon are U.S. Survey feet displayed in surface values. Field work completed on May 20, 2024; Issued Date: October 11, 2024. Updated October 16, 2024. © 20CBRE, Inc. 5/8" IRF RICHARD J. GIBBONS ANDSARAH LYDIA GIBBONSVOL. 4230, PG. 1946O.R.D.C.T. POINT OF COMMENCEMENT POINT OF BEGINNING 1/2" IRF NATHA N W A D E S U R V E Y ABSTR A C T N O. 1 4 0 7 TEMPORARY CONSTRUCTION EASEMENT 0.0693 ACRES 3,018 SQUARE FEET LINE TABLE LINE # L1 L2 L3 L4 L5 L6 BEARING S 00°03'17" E S 89°50'53" W N 00°03'17" W N 89°56'31" W N 00°03'17" W S 89°56'31" E DISTANCE 197.78' 10.00' 171.82' 40.00' 26.00' 50.00' N GRAPHIC SCALE 20 40 80 1"=40' 0 A:\52000s\52421\001\SURV\CADD\Sheets\V-EX-TCE-53-52421.dwgOctober 16, 2024, 11:34:03 AM, ah2778EXHIBIT "A" PROJECT NO: DATE ISSUED: 10/11/2024 PAGE: OF 2601 Meacham Blvd., Suite 600 FORT WORTH, TX 76137 TEL (817) 847-1422 TBPELS SURVEYING FIRM #10029605 22 52421 DRAWN BY: MAJ CHECKED BY:MDH LEGEND IRF IRON ROD FOUND VOL. VOLUME PG. PAGE DOC. NO. DOCUMENT NUMBER INST. NO. INSTRUMENT NUMBER CAB. CABINET O.R.D.C.T.OFFICIAL RECORDS OF DENTON COUNTY, TEXAS FOUND MONUMENTS POINT FOR CORNER PROPERTY LINE ROAD RIGHT-OF-WAY LINE EXISTING EASEMENT LINE TEMPORARY CONSTRUCTION EASEMENT EXHIBIT A - PARCEL 53 NATHAN WADE SURVEY ABSTRACT NUMBER 1407 CITY OF DENTON, DENTON COUNTY, TEXAS 3,018 SQUARE FEET- 0.0693 ACRES GENERAL NOTES: 1. BASIS OF BEARING IS THE NORTH AMERICAN DATUM OF 1983(2011) EPOCH 2010.00 BASED ON THE TEXAS COORDINATE SYSTEM OF 1983, NORTH CENTRAL ZONE (TXNC-4202). DISTANCES SHOWN HEREON ARE U.S. SURVEY FEET DISPLAYED IN SURFACE VALUES. 2. THIS SURVEY IS ISSUED WITHOUT THE BENEFIT OF A CURRENT COMMITMENT FOR TITLE INSURANCE AND COULD BE SUBJECT TO RESTRICTIONS AND/OR ADDITIONAL EASEMENTS NOT SHOWN HEREON. 3. THIS SURVEY IS ISSUED IN CONJUNCTION WITH A METES AND BOUNDS DESCRIPTION OF EVEN DATE. 4. FIELD WORK WAS COMPLETED ON: MAY 20, 2024 *UPDATED OCTOBER 16, 2024 © 20CBRE, Inc. CityProjectName: CityProjectNumber: ParcelNumber:TCE# NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER. TEMPORARY CONSTRUCTION GRADING & ACCESS EASEMENT STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF DENTON § That __________, whose mailing address is _____ (“Grantor”), for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00), and other good and valuable consideration to Grantor in hand paid by the City of Denton, a Texas home rule municipal corporation (“Grantee”), 215 E. McKinney, Denton, Texas 76201, the receipt and sufficiency of which are hereby acknowledged and confessed, has GRANTED, SOLD, and CONVEYED, and by these presents does GRANT, SELL, and CONVEY, unto Grantee a temporary construction, grading and access easement being a ____ acre tract in, along, upon, under, over and across the following described property, owned by Grantor, and situated in Denton County, Texas, located in the ________ Survey, Abstract Number _____, (the “Property”), to wit: PROPERTY AREA DESCRIBED IN EXHIBIT “A” AND DEPICTED IN EXHIBIT “B” BOTH ATTACHED HERETO AND MADE A PART HEREOF It is agreed that the City of Denton, in consideration of the benefits above set out, will remove from the Property above described, such fences, signage, buildings and other obstructions as may now be found upon said Property, for the purpose of construction activities, grading activities and access in, along, upon, under and across said Property. It is specifically stipulated by Grantor that the scope of the access, construction and grading activities shall include the clearing and removal of vegetation and trees that exist within the Property. The City of Denton, its agents, employees, contractors, workmen, and representatives shall have the right of ingress, egress and regress in, along, upon, under and across said Property for the purpose of construction activities or any part thereof. The term of this grant shall commence on ______, 20__ (the “Effective Date”) and shall expire two years from the Effective Date unless extended by written agreement of the parties, which consent shall not be unreasonably withheld. TO HAVE AND TO HOLD unto the said City of Denton, Texas as aforesaid for the purposes aforesaid the Property above described. © 20 CBRE, Inc. Page 2 of 2 CityProjectName: CityProjectNumber: ParcelNumber:TCE# EXECUTED the day of , 202_. GRANTOR: GRANTOR: By: __________________________ By: __________________________ ACKNOWLEDGMENT STATE OF ________________ § COUNTY OF ______________ § BEFORE ME, the undersigned, a Notary Public in and for the said County and State, on this day personally appeared _________________________, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same in the capacity and for the purpose and consideration therein expressed. GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the ___ day of ____________ 202_. __________________________________________ Notary Public, State of Texas My commission expires: _______________ ACKNOWLEDGMENT STATE OF ________________ § COUNTY OF ______________ § BEFORE ME, the undersigned, a Notary Public in and for the said County and State, on this day personally appeared _________________________, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same in the capacity and for the purpose and consideration therein expressed. GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the ___ day of ____________ 202_. __________________________________________ Notary Public, State of Texas My commission expires: _______________ Upon Filing Return To: City of Denton-Real Estate 401 N. Elm St. Denton, TX 76201 © 20 CBRE, Inc. Addenda Addendum C QUALIFICATIONS © 20 CBRE, Inc. ©2022 CBRE, INC. PROFILES RIGHT OF WAY APPRAISAL TEAM LEAD / TEXAS Catherine A. Thomas, MAI, SRA, AI-GRS, R/W-AC Executive Vice President, Austin, TX T +1 512 499 4911 E cathy.thomas@cbre.com Lic. TX 1336636 G Professional Experience Catherine Thomas is an Executive Vice President with CBRE’s Valuation & Advisory Services group in Austin, Texas and co-manages the Texas Right of Way Appraisal Team. Ms. Thomas has over twenty years of real estate appraisal and consulting experience with the majority of her experience being in right-of-way. Her appraisal background includes analysis and appraisal of properties for litigation, right-of-way and other purposes under eminent domain, as well as lending. She is a MAI, SRA and AI-GRS designated member of the Appraisal Institute and holds the Right-of-Way Appraiser certification (R/W-AC) of the International Right of Way Association (IRWA). Ms. Thomas has served on the board of directors for IRWA Austin Chapter 74 since 2014, being elected Chapter Secretary in 2021, Chapter Treasurer in 2022 and Chapter Vice President in 2023; she currently serves as Chapter President 2024-2025. Ms. Thomas is well versed in providing litigation support for ongoing cases and has provided expert testimony in numerous special commissioners’ hearings across Texas; her eminent domain experience includes appraisal of full and partial fee and easement acquisitions for numerous utility providers, municipalities and governmental entities, as well as property owners, throughout Texas. Awards IRWA Chapter 74 Professional of the Year (2020) Pro Affiliations / Accreditations Certified General Appraiser: State of Texas State of Arkansas State of Louisiana State of Oklahoma Appraisal institute, Designated Member (MAI, SRA, AI-GRS) International Right of Way Association (R/W-AC) Certified Department of Transportation Appraiser, State of Texas American Taekwondo Association, 3rd Degree Black Belt Education St. Edward’s University, Master of Arts in Human Services The University of Texas at Austin, Bachelor of Arts Continuing Education, various Appraisal Courses © 20 CBRE, Inc. Appraiser: Catherine A Thomas License #: TX 1336636 G License Expires: 01/31/2027 Chelsea Buchholtz Executive Director Certified General Real Estate Appraiser Having provided satisfactory evidence of the qualifications required by the Texas Appraiser Licensing and Certification Act, Occupations Code, Chapter 1103, authorization is granted to use this title: Certified General Real Estate Appraiser For additional information or to file a complaint please contact TALCB at www.talcb.texas.gov. CATHERINE A THOMAS 500 W 2ND STREET, SUITE 1700 AUSTIN, TX 78701 © 20CBRE, Inc. 1 ©2022 CBRE, INC. PROFILES RIGHT OF WAY APPRAISAL – FORT WORTH Allison Jackson, SR/WA, R/W-AC Vice President, Fort Worth, TX T +1 817 806 1042 M +1 817 899 6440 E Allison.jackson@cbre.com Lic. TX 1380451-G Professional Experience Allison Jackson, SR/WA, R/W-AC, is a Vice President of the Valuation & Advisory Services Group within the South-Central Region. Located in the Fort Worth office, Ms. Jackson has over a decade of real estate appraisal and consulting experience throughout the State of Texas, with a primary focus on right of way valuations and expert witness testimony support. Prior to joining CBRE in 2018, Ms. Jackson was with JLL after their 2016 acquisition of her previous employer, Integra Realty Resources. Ms. Jackson was with Integra Realty Resources for over eight years serving as an Analyst before being promoted to Senior Analyst. During her tenure, she assisted in valuation and consulting services on various property types, working extensively on eminent domain assignments. Ms. Jackson’s experience in appraisal includes projects for the Texas Department of Transportation (TxDOT), various local municipalities, Trinity River Authority (TRA), ONCOR, Dallas Area Rapid Transit, Tarrant Regional Water District, TEXRail and various other pipeline and electrical transmission line companies. Ms. Jackson is a senior right of way professional within the International Right of Way Association as she holds the SR/WA, nd R/W-AC designations. In addition, Ms. Jackson is a Candidate for Designation within the Appraisal Institute actively pursuing her MAI designation. Pro Affiliations / Accreditations Certified General Appraiser, State of Texas International Right of Way Association, Chapter 36 Member (SR/WA,R/W-AC Designations) Appraisal Institute, Candidate for Designation Education Texas A&M University, College Station, Texas Master of Real Estate (2009) Bachelor of Business Administration, Marketing (2008) Successfully completed numerous real estate related courses and seminars sponsored by the International Right of Way and the Appraisal Institute © 20 CBRE, Inc. Appraiser: Allison Christine Jackson License #: TX 1380451 G License Expires: 06/30/2025 Chelsea Buchholtz Commissioner Certified General Real Estate Appraiser Having provided satisfactory evidence of the qualifications required by the Texas Appraiser Licensing and Certification Act, Occupations Code, Chapter 1103, authorization is granted to use this title: Certified General Real Estate Appraiser For additional information or to file a complaint please contact TALCB at www.talcb.texas.gov. ALLISON CHRISTINE JACKSON 301 COMMERCE STREET SUITE 3131 FORT WORTH, TX 76102 © 20CBRE, Inc.