HomeMy WebLinkAboutSummary of Important Facts & Conclusions - Proposed Acquisition - City of Denton v. Dobson Properties, LLCSUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Name
Location
Intended User
Intended Use
Whole Property Land Area
Acquisition -
PROPOSED ACQUISITION
CITY OF DENTON
V.
DOBSON PROPERTIES, LLC
Temporary Easement
Highest & Best Use As Vacant
Highest & Best Use As Improved
Final Opinions of Value
Whole Property (Market Value, As
Improved)
Remainder - Before Taking
Remainder - After Taking
Indicated Damages
Cost To Cure
Temporary Easement
Total Compensation
Dobson Properties
1701 Malone Street, Denton, Denton County, Texas
NW/c US Highway 380 & Malone Street
Burford & Ryburn, LLP and the City of Denton
Easement Acquisition
0.6778 Acres (29,529 Square Feet)
0.0860 Acres (3,765 Square Feet)
Retail/Restaurant
Restaurant
$880,000
$880,000
$880,000
$ 0
$ 0
$ 5,271
$ 5,271
Effective Date of the Appraisal October 7, 2009
Interest Appraised Fee Simple and Easement Estate
In accordance with Standard Rule 1-2(e), only the land and site improvements, if any, are valued in this appraisal.
The appraisal report on this property, prepared by Pyles Whatley Corporation as of September 22, 2009, is
incorporated by reference. The unaltered data, descriptions, and conclusions in that report shall be taken and
considered as a part of this summary the same as if these were fully set out herein.
Easement Value: The land is valued at $14.00 per square foot in fee simple. The duration of the temporary
easement to be acquired is one year. The temporary easement is valued at 10.0% of fee simple value annually, or
$5,271.
Calculations: 3,765 square feet x $14.00 x 0.100 x 1-year = $5,271
TABLE OF CONTENTS
Page
Subject Identification
3
Scope & Procedure
3
Extraordinary Assumptions/Hypothetical Conditions
4
Subject Photographs
5
Location Map
21
Aerial Photograph
22
Description of the Whole Property
23
Site Analysis
23
Improvement Analysis
24
Tax Map
25
Real Estate Taxes
26
Whole Property Value
27
Highest & Best Use
28
Land Value
29
Valuation of the Temporary Easement
31
Parcel Sketch
32
Remainder After Value
33
Remainder After the Acquisition
34
Highest & Best Use — Remainder After
34
Compensation Summary
35
Field Notes
36
Tax Information
37
Zoning Map
39
Flood Map
40
Land Sales
41
SUBJECT IDENTIFICATION & OWNERSHIP/HISTORY
Identification: The subject is located in the city of Denton, Texas, in Denton County. The property is situated on the
northwest corner of University Drive and Malone Street, and is physically addressed as 1701 Malone Street, Denton,
Texas 76201. The site is improved with a fast food restaurant and associated site improvements. The immediate vicinity
consists of retail properties and tracts of vacant land.
Legal Description: The property is legally described as land located in the Robert Beaumont Survey, Abstract No. 31, and
being Lot 2 in the Dobson Addition, city of Denton, Denton County, Texas.
Ownership/Subject History: According to Denton Appraisal District records, Dobson Properties Partnership is the owner
of record since 1987. A title commitment was provided and reviewed; however, a complete deed history was not
included. The property is not currently under contract or listed for sale. Occupancy or tenancy details and operating
statements are not available.
Currently, the City of Denton seeks to acquire a portion of the subject as a temporary easement for construction of public
utilities and access. Per the enclosed survey, the part to be acquired as a temporary construction easement is stated at
0.086 acres, or 3,765 square feet. Project duration is estimated at one year.
Whole Property 0.6778 AC or 29,529 SF
Permanent Easement 0.0 AC or 0 SF
Temporary Easement 0.0860 AC or 3,765 SF
SCOPE OF THE APPRAISAL/APPRAISAL PROCEDURE
For this report, the area was inspected and the highest and best use analyzed considering the factors of physically possible,
legally permissible, financially feasible, and maximally productive. The subject is a 0.6778-acre tract of land improved
with a fast food restaurant and associated site improvements. The subject is valued by market comparison of similar
properties. The subject market was researched for all pertinent sales data relating to the subject valuation. This data was
analyzed and adjusted using commonly accepted appraisal techniques.
The primary valuation issues are the proposed temporary easement acquisition comprised of land and site improvements. The
acquisition area is a sufficient distance from the existing improvements and no adverse impact is anticipated. For purposes of
the appraisal of the subject, the whole property is identified as and comprised of the subject land and all improvements.
The land is valued by market comparison with similar tracts of land. Site improvements are valued based on replacement
costs less depreciation. The cost approach, sales comparison approach, and income capitalization approach are applied
using standard appraisal practices to arrive at an indication of market value for the subject in the whole property condition
and in the remainder after the acquisition.
Personal property, fixtures, or equipment are not included in the valuation of the subject. The value conclusions in
regards to the part acquired and total compensation to the property owner are comprised of real estate only.
Extraordinary Assumptions/Hypothetical Conditions: The Uniform Standards of Professional Appraisal Practice
require the disclosure of hypothetical conditions and extraordinary assumptions when employed in the development of an
appraisal. As defined in the Uniform Standards of Professional Appraisal Practice, a hypothetical condition is "that which
is contrary to what exists but is supposed for the purpose of analysis." As defined in the Uniform Standards of
Professional Appraisal Practice, an extraordinary assumption is "an assumption, directly related to a specific assignment,
which if found to be false, could alter the appraiser's opinions or conclusions."
The subject is appraised conditioned upon the following:
It is assumed the City of Denton will, where necessary, and without burden to the subject owner,
negotiate the successful movement of any non -landowner items that are situated within the acquisition
area, such as utility lines and appurtenances.
A legal opinion of the deed covering the subject property is not available. It is specifically assumed that
the deed does not contain any right, restrictions, or reservations that would affect the value conclusions of
this report.
The City of Denton will: make accommodations for signs and other improvements located within the
temporary easement so that these improvements will be preserved; paved areas will not be disrupted;
provide alternate ingress and egress for the drive -through lane, if needed; it is assumed the city has
obtained all necessary agreements to provide such alternate access; it is assumed the subject's internal
circulation and access will not be affected.
The subject is appraised under the extraordinary assumption that, in the remainder situation, if any part of
the subject property is caused to be in violation of or contrary to the regulations of any governmental
entity having authority over it, the remainder property or its owner will not be penalized and no part of the
subject improvements will require removal, alteration, or relocation, and the remainder property will be a
legal non -conforming use.
No legal reasoning or analysis is implied in regard to the extraordinary assumptions or hypothetical
conditions. A qualified attorney should be consulted for an opinion of the status of legal title and rights to
the subject if such questions arise.
The above are set forth for appraisal purposes The reader should be aware that in the event that any of the above proves
false inappropriate or improperly applied the conclusions of this report could be substantially changed or voided.
4
PHOTOGRAPHS OF SUBJECT PROPERTY
Parcel No.: TCE 32
Date Taken: November 2, 2007
1. Point from which taken: Malone Street.
Local Address: 1701 Malone Street
Taken By: Fee Appraiser
Looking: West along proposed easement.
2. Point from which taken: Subject property. Looking: West along proposed easement.
3. Point from which taken: Subject property. Looking: East along proposed easement.
4. Point from which taken: Adjacent property. Looking: East along proposed easement.
5. Point from which taken: University Drive. Looking: North towards subject.
6. Point from which taken: Subject property. Looking: North along west side of site.
10
Parcel No.: TCE 32 Local Address: 1701 Malone Street
Date Taken: June 8, 2009 Taken By: Fee Appraiser
7. Point from which taken: Malone Street. Looking: West along proposed easement.
11
8. Point from which taken: Malone Street. Looking: West at subject property.
12
9. Point from which taken: Adjacent property. Looking: East along proposed easement.
13
10. Point from which taken: Subject property. Looking: North at improvements beyond proposed
easement.
14
Parcel No.: TCE 32 Local Address: 1701 Malone Street
Date Taken: September 22, 2009 Taken By: Fee Appraiser
11. Point from which taken: Malone Street. Looking: West along proposed easement.
15
12. Point from which taken: Malone Street. Looking: West at subject property.
16
Parcel No.: TCE 32 Local Address: 1701 Malone Street
Date Taken: June 8, 2009 Taken By: Fee Appraiser
13. Point from which taken: Adjacent property. Looking: East along proposed easement.
17
14. Point from which taken: Subject property. Looking: North at improvements beyond proposed
easement.
18
15. Point from which taken: University Drive. Looking: Westerly along University Drive.
19
16. Point from which taken: University Drive. Looking: Easterly along University Drive.
20
LOCATION MAP
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21
AERIAL PHOTOGRAPH
Orange line represents approximate location of proposed temporary easement.
22
DESCRIPTION OF THE WHOLE PROPERTY
Subject: The whole property land area is comprised of a rectangular tract of 0.6778 acres (29,529 square feet), situated on
the northwest corner of University Drive and Malone Street, in Denton, Texas.
Improvements: The site is improved with a 2,875 square foot fast food restaurant with drive through service, operating as
Whataburger. Site improvements consist of landscaping, concrete and asphalt paving, signage, and lighting.
SITE ANALYSIS
Site: The whole property land area is comprised of a rectangular tract of 0.6778 acres (29,529 square feet). The subject
tract fronts the northerly side of University Drive approximately 190 feet, and fronts the westerly side of Malone Street
approximately 170 feet.
Subject Vicinity and Abutting Uses: The subject is located along University Drive, a commercialized thoroughfare from
Interstate Highway 35 on the west to US Highway 77 on the east. The immediate vicinity is primarily retail, including
fast food restaurants and neighborhood shopping centers. New developments completed within the past few years are
west of the subject, including an Albertson's anchored retail center, Kwik-Kar Lube, and Kwik-Kar Wash. Rayzor Ranch
is a new development under construction along University Drive east of Interstate Highway 35. Rayzor Ranch will
include a Town Square with an urban village theme, including over one million square feet of retail space. Also part of
the Rayzor Ranch development will be medical offices, a 68-acre residential development featuring single-family homes,
town homes, condominiums, an active adult living campus, a continuing care retirement center and an upscale apartment
community. The plan also calls for a 10-story upscale hotel, and a power center anchored by a Wal-Mart Super Center.
The subject abuts an office building to the west, a drainage ditch to the south, and a church to the north. The south side of
University Drive is improved with retail properties. The vicinity includes several competing fast food restaurants. The
east side of Malone Street is a neighborhood shopping center. Residential properties are located north and south of the
commercial corridor along University Drive. Surrounding land uses are not considered to adversely affect the subject.
Linkages: The subject is accessible to arterial linkages and distances to employment centers, shopping centers, and
schools are considered within reason and typical for suburban locales. In terms of travel time and actual distances by
road, the subject property is within community standards. The subject is one mile west of US Highway 77 and 1.4 miles
east of Interstate Highway 35. Traffic counts along University Boulevard are 23,000 vehicles per day from Carroll
Boulevard to Malone Street and 25,770 vehicles per day from Malone Street to Interstate Highway 35, according to the
Texas Department of Transportation.
Access: Access to and from the subject locale is adequate and is primarily served by University Drive and Malone Street.
The subject site is accessible via two curb cuts along the west line of Malone Street, a two-lane residential street, and a
common drive along the western boundary with the adjacent property. The subject is not accessible from University Drive
due to the drainage ditch along the frontage. Overall, access for the neighborhood is rated as good, and for the subject,
average. Visibility of the subject is rated as good.
Topography: The subject site is near level and at road grade with University Drive and Malone Street. According to the
enclosed flood map, Map No. 48121C0360E, dated April 2, 1997, the subject is located in Zone "X". The Zone X flood
zone is defined as areas of 100-year flooding with depths of less than one foot, or areas of 100-year flooding with
drainage areas of less than one square mile. This is not a guaranty or warranty that flooding will not occur. A current
survey is recommended to accurately determine the flood zone status of the subject.
Soils: Soils in this area vary, and have been known to require specific engineering considerations. However this is
considered typical for the area, and no unusually unstable soil -bearing capacities are known.
23
Utility: The tract is of sufficient size to be economically adaptable for development and benefits from adequate frontage
and accessibility. With appropriate design and engineering of the tract, the site imposes no unusual or anticipated
development problems.
Utilities/Community Services: Water and sanitary sewerage are available from the City of Denton. Natural gas service is
available by Atmos Energy. Electricity is available from various providers, AT&T provides telephone service in the area
and cable television is by Time Warner. The Denton Police and Fire Departments, and the Denton Independent School
District serve the property.
Easements and Deed Restrictions: Easements noted on the survey include 16-foot utility easements along the southern and
western sides of the site. These types of easements are typical for development and generally do not adversely affect
properties. This should not be considered as a guaranty or warranty, however, that adverse easements do not exist. Deed
restrictions can limit or restrict the use and physical characteristics of a property and its improvements. A legal opinion of
the deed has not been provided. Easements and deed restrictions are a legal matter, and normally only a title search by a
title attorney discovers with certainty any easements or deed restrictions. Thus, it is recommended that a title search be
made if any questions regarding these matters arise. A drainage ditch is located adjacent to the southern line of the site
along the University Drive frontage.
Zoning: The property is zoned "CM-G" Commercial Mixed Use - General, by the city of Denton. The CM-G districts
provide the necessary shopping, services, recreational, employment, and institutional facilities that are required and
supported by the surrounding community. The buildings within this district range from one to three stories, with a
minimum of 20% landscaping. There is no front yard setback in this zoning district.
IMPROVEMENT ANALYSIS
IMPROVEMENTS: The improvements are situated near the central portion of the site. The site is improved with a 2,875
square foot fast food restaurant constructed in 1974. Site improvements consist of landscaping, concrete and asphalt
paving, lighting, and signage. The restaurant provides drive -through service under a canopy along the southerly side of
the building.
CONSTRUCTION, CONDITION & AGE: The restaurant is on a concrete slab foundation, with concrete block and brick
exterior, and a pitched, metal roof. The improvements have been adequately maintained and are in average condition with no
noticeable deferred maintenance. Actual age is approximately 35 years, and effective age is estimated at ten years with 30
years remaining useful life. The typical life of a similar structure is 40 years according to Marshall Valuation Service, a
national index for replacement costs of buildings and related improvements, published by Marshall & Swift, LP. Incurable
physical depreciation, a result of the aging process, is estimated at 25% (10 - 40 = 0.25). No functional or economic
obsolescence is noted. No items of deferred maintenance are observable.
OCCUPANCY: Either the owner or a tenant occupies the property, operating as Whataburger. Tenancy information is not
available.
PARKING: The site has 37 striped parking spaces. The parking requirement for the subject improvements is one space for
every 100 square feet of leasable floor area, or 29 total spaces. The parking, access and circulation are adequate under the
current requirements.
24
TAX MAP
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Real Estate Taxes
The Texas legislature created a system of centralized appraisal districts for each Texas County so that all real estate within
a given county is valued for tax purposes through a standard appraisal process. Property assessments are based on market
value. Property valuations under the central appraisal district system became effective in 1982.
Based on the ad valorem tax appraisal, various tax districts levy annual taxes on property located within their respective
districts. Typical taxing jurisdictions include assessments from the county, city, and school districts in which the property
is located. The total ad valorem tax burden is the sum of the assessments for the various taxing authorities.
The subject property is situated within the city limits of Denton and falls within the taxing jurisdictions of the city of
Denton, Denton County, and Denton Independent School District. Pertinent tax rates for the subject are detailed below.
City of Denton
$0.666520
Denton County
$0.235770
Denton ISD
$1.490000
otal
$2.392290
The Denton Central Appraisal District account (2009) for the subject is summarized as follows:
Account Number Land Improvements Total
39373 $354,348 $199,417 $553,765
Based on the preliminary assessed value and pertinent tax rates, the subject's annual tax liability is calculated as follows:
Assessed Value Tax Rate Indicated Tax Liability
$553,765 x $2.392290 = $13,248
The assessed value is below the concluded market value in this appraisal. This is typically due to the valuation methods
of the appraisal district. The tax assessment for the land equates to $12.00 per square foot.
26
PROPERTY VALUATION SUMMARY
Whole:
HIGHEST AND BEST USE ANALYSIS
Part to be Acquired: ❑
Remainder After: ❑
The Highest and Best Use analysis should consider the reasonably probable and legal use of vacant land or improved
property considering legally permissible, physically possible, financially feasible, and maximally productive. See
attached Page 3.1.
VALUATION APPROACHES
The subject is a 0.6778-acre tract, improved with a fast food restaurant and associated site improvements. The subject
land is valued by market comparison of similar tracts of land. The cost approach considers replacement costs of existing
improvements and land value. The sales comparison approach considers the comparison of the subject with sales of other
similar properties. The comparable sales are adjusted for differences as contrasted with the subject. This method
represents unit prices that market participants are willing to pay. The income approach examines the subject's income
producing ability in comparison to other similar properties. The result is a value indication of the subject as is. The
resulting value indications are reconciled to one final opinion of value.
Cost Approach.................................................................... $795,000
Sales Comparison Approach .............................................. $865,000
Income Approach............................................................... $890,000
Reconciliation of Approaches to Value: The cost approach is considered the least reliable approach, and is given the least
consideration due to the age of the improvements. The sales comparison approach and the income capitalization approach
are considered equally reliable due to the quality and quantity of available market data. Based on the foregoing, with
emphasis on the sales comparison and income capitalization approaches, our opinion of the market value of the subject
property is reconciled at $880,000.
Contributory Value of Improvements (Itemized)
Fast Food Restaurant Building
# " ' " I
$ 373,994
Paving - Asphalt
$
48,750
Paving - Concrete
$
8,850
Signage
$
18,750
Lighting
$
11,250
Landscaping
$
5,000
Total Contributory Value of Improvements
$
466,594
Land Value ........ 29,529 SF @ $14.00/SF = $413,406
ReconciledFinal Value........................................................................................................ $880,000
27
HIGHEST AND BEST USE ANALYSIS
Four basic criteria are examined in estimating the Highest and Best Use of a property both as vacant and as improved.
These are:
a) Possible Use - the uses to which it is physically possible to put on the site in question.
b) Permissible Use (Legal) - the uses that are permitted by zoning and deed restrictions on the site in
question.
c) Feasible Use - the possible and permissible uses that will produce any net return to the owner of the site.
d) Highest and Best Use - among the feasible uses, the use that will produce the highest net return on the
highest present worth.
HIGHEST & BEST USE AS VACANT
Possible Use: In arriving at an opinion of highest and best use for the subject, it is first necessary to determine if the
physical characteristics of the site - such as soil conditions, topography, shape and frontage were favorable for
development. Soil conditions vary throughout the area and sometimes require particular engineering. The topography of
the tract imposes no problem to development, and the site is of sufficient size, shape, and frontage to be economically
adaptable to many permissible uses.
Permissible Use: The property is zoned "CM-G" Commercial Mixed Use - General, by the city of Denton. The CM-G
districts provide the necessary shopping, services, recreational, employment, and institutional facilities that are required
and supported by the surrounding community. The buildings within this district range from one to three stories, with a
minimum of 20% landscaping.
Feasible Use: The surrounding properties and land uses are considered for compatibility in determination of feasible use.
Based on the land usage pattern of the surrounding area, the layout, location and frontage/visibility of the site, the most
feasible use is considered to be for a retail development.
Highest & Best Use: As if vacant, the location along University Drive is easily accessible with good visibility and
exposure. Topography is typical for the locale, and shape and size are adequate for feasible uses. According to the
enclosed flood map, the property appears to be clear of flood zones. For retail use, the location is considered good for
appeal within the market. Access is rated as average. All urban utilities are available to the tract. Based on the foregoing
and land use patterns, it is concluded that the highest and best use of the subject tract is for retail use.
HIGHEST & BEST USE AS IMPROVED
Possible Use: The improvements were originally completed circa 1974. Overall, the improvements have been adequately
maintained, and have no noted deferred maintenance. The intended use of the improvements is as a fast food restaurant.
The physical characteristics and accompanying amenities support the continued use as such.
Permissible Use: The property is zoned "CM-G" Commercial Mixed Use - General, by the city of Denton. The CM-G
districts provide the necessary shopping, services, recreational, employment, and institutional facilities that are required
and supported by the surrounding community. The buildings within this district range from one to three stories, with a
minimum of 20% landscaping. As such, the property is a conforming use.
Feasible Use: The existing improvements have a significant amount of remaining economic life, and no other use of the
improvements could provide a greater return in the current market.
Highest & Best Use: The improvements are adequately maintained and have a significant amount of remaining economic
life. Its current use indicates this use is feasible and is concluded as the highest and best use as improved.
28
SALES COMPARISON APPROACH Whole: ® Part to be Acquired: ❑ Remainder After: ❑
Land: ® Improved: ❑
VALUATION GRID Representative Comnarable Sales
Subject Comp. No. 1 Comp. No. 2 Comp.
No. 3
Grantor
Denton Towne Crossing
Lefebvre Property,
Inc.
Locust Fort Worth,
LLC
Grantee
Steak N Shake
Operations
Ralph L. Mason,
Revocable Trust
Taco Bell of
America, Inc.
Date of Sale
January 23, 2007
November 1, 2006
July 14, 2009
Unit Price ($/SF)
$15.40
$10.46
$14.56
Relative Location
4.0 miles southeast
0.6 mile east
2.5 miles southeast
Rights Conveyed
Fee Simple
Fee simple
Fee simple
Financing
Cash To Seller
Cash to seller
Cash to seller
Land Size
29,529 SF
43,843 SF
35,850 SF
37,777 SF
Conditions of Sale
Arm's length
Arm's length
Ann's length
Market Conditions
+3%
+5%
-0-
Adjusted Price ($/SF)
$15.86
$10.98
$14.56
Location
Suburban
-0-
-0-
-0-
Physical Characteristics
Access
Average
-0-
-0-
-0-
Exposure
Good
-0-
-0-
-0-
Zoning
CM-G
-0-
-0-
-0-
Size
Adequate
+3%
+2%
+2%
Topography
Level
-0-
-0-
-0-
Utilities
Available
-0-
-0-
-0-
Net Adjustments,
J
+3%
+2%
+2%
F11,1131s,W
Indicated Unit
Value
$16.34
$11.20
$14.85
Estimated Unit Value ($/SF)
$14.00
Estimated Value by Sales Comparison Approach............................................................
Calculations: 29,529 SF x $14.00/SF = $413,406
$413,406
29
PART TO BE ACQUIRED
Highest and Best Use: The part to be acquired is a temporary easement Its highest and best use is as part of the whole
Property. See the following page. No property is taken in fee simple.
Contributory Value of Improvements (Itemized)
Total Contributory Value of Im rovements
$ 0-
Easement
None
Fee
None
Total Land
$ 0
TOTAL VALUE AS A UNIT
$ 0
REMAINDER BEFORE THE ACQUISITION
Contributory Value of Improvements (Itemized)LE
' 2
Fast Food Restaurant Building
$ 373,994
Asphalt Paving
$ 48,750
Concrete Paving
$ 8,850
Signage
$ 18,750
Lighting
$ 11250
Landscaping
$ 5,000
Total Contributory Value of Improvements
$ 466,594
Fee
29,529 SF
@
$ $14.00/SF
$ 413,406
Easement
None
Total Land
$ 813,406
TOTAL AS A UNIT
$ 880,000
VALUATION OF TEMPORARY CONSTRUCTION EASEMENT: The proposed acquisition is a temporary
construction and access easement, comprised of 3,765 square feet, or 0.086 acres, stated, and is located along the
University Drive frontage, adjacent to the northern line of an existing utility easement. The temporary easement area is
approximately 188 feet long and 20 feet wide.
According to the Appraisal of Real Estate, Thirteenth Edition, the safe rate is "The minimum rate of return on invested
capital. Theoretically the difference between the total rate of return and the safe rate is considered a premium to
compensate the investor for risk, the burden of management, and the liquidity of the capital invested; also called riskless
rate or relatively riskless rate. These are often based on the prevailing rates on insured savings accounts or guaranteed
government securities."
Risk rate -"The annual rate of return on capital that is commensurate with the risk assumed by the investor; the rate of
interest or yield necessary to attract capital." Appraisal of Real Estate, Thirteenth Edition
Recent yields (June 2009) have ranged from about 1.91% for money market accounts to 3.03% for a 5-year certificate of
deposit, and 2.55% to 2.71% in U.S. Treasury Bills auction.
Because of the illiquidity of real estate, a significant premium is required to attract investors or account for the
landowner's risk. For a temporary easement an additional 5.0% to 7.0% is considered appropriate.
The temporary construction easement is required for a duration of one year. The value of the temporary easement is based
on a return to land value. The value of the subject land in the whole property condition is established at $14.00 per square
foot, which results in an indicated fee simple value of $52,710 for the temporary easement area (3,765 SF x $14.00).
Based on typical returns for alternate real estate investments, a 10% annualized return is considered appropriate.
Applying the 10% return to the land value within the temporary easement of $52,710 indicates an annual return of $5,271.
Thus, a total value of $5,271 for the duration of the temporary easement is indicated.
Temporary Construction Easements
Size SF
Price/SF
Indicated Value
3,765
x $14.00 =
$52,710
Indicated Value
Annual Return
Annual Rent
$52,710
x 10% _
$5,271
Annual Rent
Duration
Indicated Value
$5,271
x 1 Year =
$5,271
The part to be acquired is a small parcel and could not be developed as a self-sustaining property. Its highest and best use
is as part of the whole property.
Since the area to be acquired is not an economic unit, a value estimate cannot be supported by a direct comparison with
comparable data in the market. As a result, the proposed acquisition is valued as a part of the whole property.
31
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32
PROPERTY VALUATION SUMMARY
Whole: ❑ Part to be Acquired: ❑ Remainder After:
HIGHEST AND BEST USE ANALYSIS
The Highest and Best Use analysis should consider the reasonably probable and legal use of vacant land or improved
property considering legally permissible, physically possible, financially feasible, and maximally productive. See
attached Page 5.2.
VALUATION APPROACHES
In the remainder after, the subject is a 0.6778-acre tract, improved with a fast food restaurant and site improvements. The
subject land is valued by market comparison of similar tracts of land. The cost approach considers replacement costs of
existing improvements and land value. The sales comparison approach considers the comparison of the subject with sales
of other similar properties. The comparable sales are adjusted for differences as contrasted with the subject. This method
represents unit prices that market participants are willing to pay. The income approach examines the subject's income
producing ability in comparison to other similar properties. The result is a value indication of the subject as is. The
resulting value indications are reconciled to one final opinion of value.
Cost Approach.................................................................... $795,000
Sales Comparison Approach .............................................. $865,000
IncomeApproach............................................................... $890,000
Reconciliation of Approaches to Value: The cost approach is considered the least reliable approach, and is given the least
consideration due to the age of the improvements. The sales comparison approach and the income capitalization approach
are considered equally reliable due to the quality and quantity of available market data. Based on the foregoing, with
emphasis on the sales comparison and income capitalization approaches, our opinion of the market value of the subject
property is reconciled at $880,000.
Contributory Value of Improvements (Itemized)
$
q 5 _ 51
r,
373,994
Fast Food Restaurant Building
Paving - Asphalt
$
48,750
Paving - Concrete
$
8,850
Signage
$
18,750
Lighting
$
11,250
Landscaping
$
5,000
Total Contributory Value of Improvements
$
466,594
Land Value ........ 29,529 SF @ $14.00/SF = $413,406
ReconciledFinal Value........................................................................................................ $880,000
33
Remainder After the Acquisition: The remainder is comprised of fee simple land of 0.6778 acres, or 29,529 square feet.
The proposed acquisition is off the south side of the property, adjacent to an existing utility easement. In the remainder
situation, frontage along University Drive is unchanged. Access remains in the same locations as compared to the whole
property.
No building improvements are removed or reduced. Significant land area and dimensions remain for the property's
existing use or for re -development.
The temporary construction easement encompasses a small portion of the drive -through service lane, and the exit lane past
the front of the building. This area is critical to the operation of the restaurant. The easement also encompasses concrete
curbing, landscaping sprinklers, trees, shrubs, and other aesthetic features. Based on discussions with the City of Denton
engineering department, the project is not expected to affect the improvements, or the drive -through lane. This appraisal
does not include compensation for site improvements. However, the City of Denton has stated the city will reimburse the
owner for any items damaged, and will replace any paving that should need to be removed during the project. It is
assumed the subject's internal circulation and access will not be affected. Though 15 parking stalls are located within the
existing permanent easement, adequate parking adjacent to the building is available.
The subject is appraised under the extraordinary assumption that, in the remainder situation, if because of the construction
any part of the subject property is caused to be in violation of or contrary to the regulations of any governmental entity
having authority over it, the remainder property or its owner will not be penalized and no part of the subject improvements
will require removal, alteration, or relocation, and the remainder property will be a legal non -conforming use.
The City of Denton will: make accommodations for signs and other improvements located within the temporary easement
so that these improvements will be preserved; paved areas will not be disrupted; provide alternate ingress and egress for
the drive -through lane, if needed; it is assumed the city has obtained all necessary agreements to provide such alternate
access; it is assumed the subject's internal circulation and access will not be affected.
As if complete and in place, the utility project improvements are a general enhancement in the neighborhood and are not
judged to enhance a specific property. The data do not support any damages to the remainder property.
HIGHEST AND BEST USE — REMAINDER AFTER
HIGHEST & BEST USE AS VACANT
It is concluded that the highest and best use of the subject tract is for retail use.
HIGHEST & BEST USE AS IMPROVED
The improvements are adequately maintained and have a significant amount of remaining economic life. Its current use
indicates this use is feasible and is concluded as the highest and best use as improved.
34
EXPLANATION OF DAMAGES (if any): In the after scenario, the highest and best use of the property as a restaurant
continues. The subject is appraised under the extraordinary assumption that, in the remainder situation, if because of the
right-of-way acquisition any part of the subject property is caused to be in violation of or contrary to the regulations of
any governmental entity having authority over it, the remainder property or its owner will not be penalized and no part of
the subject improvements will require removal, alteration, or relocation, and the remainder property will be considered a
legal non -conforming use and/or improvements. It is further assumed that the city of Denton will ensure access to the
subject property through the duration of the project. The data do not support any damages to the remainder property.
COMPENSATION SUMMARY
WHOLE PROPERTY:
The market value of the whole property is ............................................... $880,000
PART TO BE ACQUIRED:
Considered as severed land, the easement estate title to the part being acquired
for highway purposes (less oil, gas and sulphur and subject to existing easements,
if any, which are not to be extinguished) is................................................................................ $0
REMAINING PROPERTY:
The value of the remainder immediately before the acquisition is ........... $880,000
Considering the uses to which the part acquired is to be subjected
to, the market value of the remainder immediately after
the acquisition is....................................................................................... $880,000
NET DAMAGES OR ENHANCEMENTS, if any.............................................................................. $ 0
COSTSTO CURE, if any.................................................................................................................... $ 0
TEMPORARY CONSTRUCTION EASEMENT............................................................................... $ 5,271
TOTALCOMPENSATION.............................................................................................................. $ 5,271
35
FIELD NOTES
I
W ITS V00 WOOS DESCRIPMN
VA
wvG a aom ocro tract of land savalwd in the P, 80ou',mont Survey, Abstract Number 31, Conlon Countx Texas,
4-w the City of Donlan. being M *�o portion of tot Z Dobson AMM acrorcOng to the plot recorded in V&uf"a 16,
Page 16, Mot Records of lon COtmfy, 'Tex0s, OISO b**117 C Portion Of the tract of kwd doscnbed tit the deed
to D06son ProOorties recorded in Votume 2082% POW 667. Owed Roccirds of Denton County, liur*s sod 0 086 ocre
tract of land being more PartAcuiarly described as foffows
COMMENCONO of the intersection of the northerly fOl-of—ay line of Oest tMioersily Drive (1,Hioway jda a
variable width right-of-way) and the westerly right-cf-IFOY 1,60 Of Malone Drive (a 60* wide rot-of-woy) for the
bevinning of 0 non-fon I f curve to the rot, the radius paint curves t of socurbeing situated South "78 '36*
Cost a d4sto"ce at 1.12.TS3 tiewl has said inforvection point.,
THENCE with the westerfy right-of-way fire of 00;ond Drive uOrtheastortv aforg said rww through a central angle
of 00*48*57' an arc distance of MOO feel with a chord b@Wjnq at Nora, 00*55,"* Cost and a chord distance of
16.00 foot to the northeasterlyCOOr Of 0 16 fool Wide utility easementOicrorcPhg to the plot of said tot 2,
Dobson AddifAon for the PCIN MOr RCGMWC�
INEWCLF with the northerly Aine of sord 16 toot wide utaity easement North 8q78'36' pest a dasfanc* of 188.07
fort 10 a Point in the easterly line of Lot 1, so;d Dobson Adetiom,
INENCE' deporthlig the northerly tint of sod 16 foot wide utrify easement with the oostorty fire of sold" tot 1,
Dobson Addition North 00*40*24' fast a distance of 2D00 feet to a poiqt for comer;'
TH� dwoorfkV the easterly line of void Lot 1. Dobson, Addfrion 20 foot north of and paraw with the ourtherly
line of sold 16 foot W;ds Willy easement South 8978*36' rost a offstance of ta&48 feet to a point i'l the
westerly right-of-way lins of Aiatone Drive in a non -tangent curve to the jsf� the makes point of sold cur,**
being situated` South 8839 *38' fowl a oFstancs of 1. 12J, 53 feet from said Achl 1.
TH&Vcr with the **story right-of-*cy fine of mdone Drive Sauthwtstwdy along said CWW throufh a centraf
0094 of OIVT'13* an = distance of 2aOl feet with a chord bearing of .South 01'50'' West and a chOrd
distance of 2aOf feet to the PCiNT 0.4' WMAWa,
CONUOVINC a Computed area *7( 0,086 acres (3.765 square feet) of land,
NOTE,- The bearings recited hitrein are based Upon the Texas CoordAnote System of 198,North Control Zone.
xj
GREGORY S, IFFLAD
.................... W A
M
ow.
09
^c DUNAWAY
August 20, 2007
1 W• !i M
0 1i
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11MM11"11 U '
PoRnON OF
LOT 2
OCKMON ADDT1014
VOLUME 16. PAGE 16
R,vzmt
K Q-M.
36
TAX INFORMATION
Property Details for account 39373
Tax Information
The Denton Central Appraisal District is not responsible for the
assessment or collection of taxes for this or any other property.
If you have a question regarding your tax bill, or would like to
pay your tax bill online, please contact the Denton County Tax
Assessor / Collector.
ARB Disclaimer
This account's value is still under review by the Appraisal Review
Board.
General Information
Property ID
... ... ... . . . . .. ...... . . . .. ........ . 39373
grahic ID
SDO076A-000005-OOOA-0002-0000
ie�4ai - D� si. -or- ip Lion
Dobson - A-d--d n. -B-1 k -5 -a- 3.). L o t. f es' .6778
... ............ . ..... Situs Addre' ''
1701 Malone/university St Tx
............. I...... ....... .....................
.F�s .. ........ ............. ....
Property ''' Type *'
........ .. ..... ...... ............... ... ......... ................... .. ....... ...
.. ... ........ ... ...R21a�
Abstract/Subdivision
s..
u....b...A o....n...
6....
.......... ...........S.-.D..O-....0. 76'.A
...................................I....................................................................................................................................................
in _60F7_A
.... . ..........i...'.v.'..'i.. ..i..,....... ........ ......
................. ........................................................All ........... ,
.................I...... .� �iat
�t
... ...
A4ent
6 wn' er, ib
3
01NameDobson
Pro Ps
.... ................... .............. ........................................................
Percent Ownership
.................. . .......... I ........... ..............................
. .. ............................................... .. ............ ... ..... ................... 100
. .............. I ....................................
''
f..iAddress
k'
....... C.... /.o.......e...1. r1......I....n....c
................. .............4600
.................
W... ha_...t....a...b....u.. .r.....g......
..... ......
.iiI .ng.....
................I............... ......... .. ..........
..
Whataburger Way
....................... ...................
...... ........ ..... ....... ........ . . .., . . .
-2929
ty........................ .)*'*'"--'"..........:............................
................
taxingJurisdictions
.. ........... ..............................Crp..Christi ..
..........
. .............
iOf Denton
C05.....(C.
.................,...... ............ ... .........................................
G01 (Denton County)
........... ... ................................ ........... ... ............. ... ....................
.................. ........... ........... ............ I . ... ..... .. .. ........... S .. 0 .. 5 '�b*e*n*t'onI's*d)
Exemptions"'*'*'
.. ....... ... ... .................. . ........ ... I ........... ... .......
W.- iiai - - - .. - - - - -
Vie
............... . ............ .. ..... .. ................ I ... .................
Denton -CAD GT 3
........... ..................... ... ........... ... .......... ......................... ... ............. 1
2009 Values (Preliminary)
H.o.me...s..i.t..e Value
-
'$0
.ImP.r.o.ve.m.e.nt
Improvement Non-Homesi te Value...........
.
$199,417
'
'''........
Land siteValue
$0
54'''
",, *,""""-,",,,,", ,
Land siteValue
$J,348
Agricultural Market Value
Timber Market V,al'u, e
'$0
, *
Total Market Value
53, 765
I ..............................I -..................................;..........................................................................................
Agricultural Use Reduction . .. . .. ......... * . ... ...
................
$0
..
Timber Use Reduction->
... ............ ... ..... $0
........... I., ... .......... .... ........ .. 11 ............ I........ ............
A"F.7ised Value .. ........... ..... ............
......... ....... ... ... .............
(=) $553,765
.................. ............ ........... .... ... ........... ... ........ . --
I ....... ... .......... ............ ............
What's this?
HomesteadCan ............. ............. ....................... ..............................
(-) $0
.......... ............. ...............
Assessed Value
- 1 .......................... .......... .............................. ............ ... .......................................
$553,765
..... ...... ............ ... ................. ... .
37
TAX INFORMATION CONTINUED
2009 Improvements
Improvement 1077099
Class What's this? Year Built Sq. Footage Type
360 1974 2,790 sq. feet Main Area
360 1974 196 sq. feet Open Porch
360 1974 196 sq. feet Open Porch
Improvement 1077100
State Code F1
.........................................................................................................................................................................................................................................................................
Improvement Type Commercial - ASPHALT PAVING
.. ....Improvement Value $38 067 (Preliminary)
Condition Average
11 ......... .... ..... ....................................................... ......... ............... .... ..... ......................... ................... ...... ...,.... ,..,... ,....... ,..,..... ................. ... .... ............
,
Class What's this? Year Built Sq. Footage Type
ASP 1974 21,428 sq. feet Paving
Land Segments
Land Type Acres Sq. Ft. Appraised Value
Commercial 0.6778 29,529 sq. feet $354,348 (Preliminary)
Property History
Year
Improvement(s)
Land
Appraised
Assessed
2009
$199,417
$354,348
$553,765
$553,765
(Preliminary)
(Preliminary)
(Preliminary)
(Preliminary)
2008
$129,877
$354,348
$484,225
$484,225
2007
$126,880
$354,348
$481,228
$481,228
2006
$104,420
$265,761
$370,181
$370,181
2005
$109,600
$265,761
$375,361
$375,361
2004
$101,341
$265,761
$367,102
$367,102
2003
$101,589
$236,232
$337,821
$337,821
2002
$107,036
$236,232
$343,268
$343,268
2001
$105,175
$236,232
$341,407
$341,407
2000
$168,450
$236,232
$404,682
$404,682
1Q99
$126,079
$236,232
$362,311
$362,311
1998
$126,079
$236,232
$362,311
$362,311
1997
$115,843
$156,504
$272,347
$272,347
1996
$115,843
$156,504
$272,347
$272,347
1995
$115,843
$156,504
$272,347
$272,347
1994
$113,384
$156,504
$269,888
$269,888
1993
$113,894
$156,504
$270,398
$270,398
1992
$120,589
$156,504
$277,093
$277,093
Deed History
Date Type Seller Buyer Deed Number Sale Price
Dodson
2/11/1987 Conversion Children's Dobson 2085 - Unavailable
Inter Vivors Prop Ps 667
Tr
38
ZONING MAP
MEM
CITY OF DENTON, TEXAS
lowZoning Quick Map
215 E. McKionry Street • Dentom, TX 76201 • (940) 349-9200 • (940) 349-8236 (ha) • (800) 735-2989 (TDD)
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39
FLOOD MAP
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1999.2007 Source Prose and/or Flood Source Corporations. At rights reserved. Patents 0.631.326 and 6,078.615. Other Patents pending. For Info: info fp' floodsouroe,
40
LAND SALE MAP
Land Sale 3
I ON
2S8
Land L'Sale 1 11
41
COMPARABLE DATA SUPPLEMENT
Parcel No: TCE 32 Highway: US Highway 380
Land Sale No. 1
County: Denton
Grantor/Lessor: Denton Towne Crossing, LP Grantee/Lessee: Steak N Shake Operations, Inc.
Date: January 23, 2007 Recording Information: Instrument # 2007-8996 Mapsco: FW-348-K
Address: SE/s of Loop 288, 600 feet SW of Brinker Road Zip Code: 76208
Legal Description: Lot 6, Block A, Denton Towne Crossing Addition, Denton, Denton County, Texas
Confirmed Price: $675,000 Verified with: Blake Shipp, Broker (RM)
Terms and Conditions of Sale: Cash to seller
Rental Data:
Land Size: 1.0065 Acres, 42,843 Square Feet
Type Street: State Highway
Improvement(s) Description: None at sale
Improvement(s) Size: (GBA) (NRA)
Condition and Functional Design:
Current Use: Vacant
Date of Inspection: April 20, 2009
Unit Price as Vacant: $15.40/SF
Utilities: All utilities
Unit Price as Improved:
Highest & Best Use: Retail
Zoning: RCC-D, Regional Center
Commercial -Downtown Flood Plain: None
Additional information: Purchased for construction of a fast food restaurant. The owner decided not to develop the site and resold
the orooertv for an undisclosed amount. According to the broker, the property is currently listed for sale for approximately $20.00
per square foot.
Appraiser: Charles Stearman
Date: September 22, 2009
42
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2008 Denton CAD.
43
COMPARABLE DATA SUPPLEMENT
Parcel No: TCE 32 Highway: US Highway 380 County: Denton
Land Sale No. 2
Grantor/Lessor: Lefebvre Property, Inc. Grantee/Lessee: Ralph L. Mason, Revocable Trust
Date: November 1, 2006 Recording Information: Instrument # 2006-137428 Mapsco: FW-246-V
Address: S/s University Drive 150 feet east of Primrose Lane, Denton, Denton County, Texas Zip Code: 76201
Legal Description: Lot 5R & 6R Block B Westchester Park Addition, Denton County, Texas
Confirmed Price: $375,000 Verified with: Ralph Mason, buyer; Denton CAD
Terms and Conditions of Sale: Cash to seller
Rental Data:
Land Size: 0.823 Acres, or 35,850 SF Unit Price as Vacant: 10.46/SF
Type Street: US Highway Utilities: All utilities
Improvement(s) Description: Former El Zarale restaurant, built in 1982
Improvement(s) Size: 4,132 (GBA) (NRA) Unit Price as Improved: 90.76/SF
Condition and Functional Design:
Current Use: Fast Food Restaurant (Sonic) Highest & Best Use: Restaurant
Date of Inspection: April 20, 2009 Zoning: CM-G, Commercial Flood Plain: None
Additional information: Purchased for construction of a Sonic Drive -In restaurant The site was improved with a 4,132 square
foot restaurant at the time of sale The contributory value of the improvements at the time of sale offsets the demolition costs.
Appraiser: Charles Stearman
Date: September 22, 2009
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COMPARABLE DATA SUPPLEMENT
Parcel No: TCE 32 Highway: US Highway_380
Land Sale No. 3
County: Denton
Grantor/Lessor: Locust Fort Worth, LLC Grantee/Lessee: Taco Bell of America, Inc.
Date: July_14, 2009 Recording Information: Instrument # 09-086887 Mapsco: FW-347-F
Address: SE/s Fort Worth Drive approximately 2 00 feet N of Interstate 35 E Zip Code: 76201
Legal Description: Portion of Lot 1R Block 1 Eagle Pont Shopping Center Addition Denton County, Texas
Confirmed Price: $550,000
Terms and Conditions of Sale: Cash to seller
Rental Data:
Land Size: 0.821 AC, or 37,777 SF
Type Street: US Highway
Improvement(s) Description: None at sale
Improvement(s) Size: (GBA) (NRA)
Condition and Functional Design:
Current Use: Vacant
Date of Inspection: September 22, 2009
Verified with: Shannon Green, Grantor (RM)
Unit Price as Vacant: 14.56/SF
Utilities: All utilities
Unit Price as Improved:
Highest & Best Use: Retail
Zoning: DC-G, Commercial Flood Plain: None
Additional information: Purchased for construction of a Taco Bell fast food restaurant The site benefits from good exposure on
Fort Worth Drive The property is located adiacent to a vacant Home Depot building and a Compass Bank. Frontage is 140 feet
on Fort Worth Drive.
Appraiser: Charles Stearman
Date: September 22, 2009
46
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