HomeMy WebLinkAbout2312.002-05B Appraisal APPRAISAL REPORT
of a fee simple acquisition to be situated on ±1.619 acres located at the SEC of Riney Rd and Hardaway Rd (2103 Riney Rd), Denton, Denton County, Texas
Parcel: 2312.002-05B
Project Name: City of Denton Project
Property Owner: Curtis R. Stogsdill and Christine Stogsdill and Curtis Stogsdill, Jr. CAD Parcel Number: 73547, 73548
Legal Description: Land in the N.H. Meisenheimer Survey,
Abstract No. 810, City of Denton, Denton
County, TX
Submitted To:
Christopher McCarthy, SR/WA
McCarthy Partners, LLC
2435 N. Central Expy #890 Richardson, TX 75080
Prepared By:
ATRIUM REAL ESTATE SERVICES 14425 Falcon Head Blvd, D-100 Austin, TX 78738
Effective Date of Appraisal:
July 15, 2024
DRAFT
Christopher McCarthy, SR/WA
McCarthy Partners, LLC 2435 N. Central Expy #890 Richardson, TX 75080
RE: Appraisal report of the fee simple acquisition to be situated on ±1.619 acres located at the SEC of Riney Rd and Hardaway Rd (2103 Riney Rd), Denton, Denton County,
Texas.
Parcel #: 2312.002-05B
Project Name: City of Denton Project Property Owner: Curtis R. Stogsdill and Christine Stogsdill and Curtis Stogsdill, Jr. CAD Parcel Number: 73547, 73548
Legal Description: Land in the N.H. Meisenheimer Survey, Abstract No.
810, City of Denton, Denton County, TX
Dear Christopher McCarthy, SR/WA: As requested, an appraisal has been completed on the above referenced property. The
purpose of the appraisal is to estimate the market value of the fee simple interest of the subject whole property and the recommended compensation for the fee simple acquisition. The following appraisal and final estimate of value have been based upon the inspection of
the property and upon research into various factors which influence value. The effective date
of this appraisal was July 15, 2024.
The analysis and results of the investigation are submitted in the accompanying report which
has been prepared in conformity with the requirements of the Code of Professional Ethics and
the Standards of Professional Appraisal Practice of the APPRAISAL INSTITUTE, the Uniform
Standards of Professional Appraisal Practice as promulgated by the APPRAISAL FOUNDATION, as well as the requirements of the STATE OF TEXAS for State-Certified General Real Estate Appraisers. MARKET VALUE/RECOMMENDED COMPENSATION ESTIMATES - The market value of fee simple interest in the subject property, as well as the recommended compensation
estimate for the proposed acquisition, as of July 15, 2024, was as follows:
RECOMMENDED COMPENSATION SUMMARY
Whole Property Value
(Land and impacted site improvements - if any)
$157,175
Fee Simple Acquisition (±2,646 SF) $11,837
Remainder Before the Acquisition $145,338
Remainder After the Acquisition $145,338
Damages/(Enhancements) $0
Special Compensation/Cost to Cure $0
Total Recommended Compensation $11,837
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Page 2 DRAFT
ATRIUM REAL ESTATE SERVICES appreciates the opportunity to be of service to you. Should you have any questions, or if we can be of further assistance, please contact our office.
Respectfully submitted,
ATRIUM REAL ESTATE SERVICES DRAFT DRAFT
Lory R. Johnson, MAI, SR/WA Kylie Pruett
President Staff Appraiser
Texas Certified Appraiser #TX-1321640-G Texas Certified Appraiser #TX-1381256-G
CERTIFICATION OF THE APPRAISER
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The undersigned do hereby certify that, to the best of my knowledge and belief:
• the statements of fact contained in this report are true and correct. • the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in the property that is the subject of this report, and I
have no personal interest with respect to the parties involved. I have not performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment.
• I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • My 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, the occurrence of a subsequent event directly related to the intended use of this appraisal. • 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 the Standards of Professional Appraisal Practice of the APPRAISAL INSTITUTE. The report also conforms to the Uniform Standards of Professional Appraisal Practice as promulgated by the APPRAISAL FOUNDATION, as well as the requirements of the STATE OF TEXAS for State-Certified General Real Estate Appraisers. • Lory R. Johnson, MAI, SR/WA and Kylie Pruett have made a personal inspection of the property that is the subject of this report.
• No additional personnel provided significant real property appraisal assistance to the person
signing this certification.
• the use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives. As of the date of this report, Lory R. Johnson, MAI,
SR/WA has completed the continuing education program for Designated Members of the
Appraisal Institute.
• this appraisal report sets forth all limiting conditions (imposed by the terms of the assignment
or by the undersigned) affecting the analyses, opinions, and conclusions expressed herein.
• the appraisal assignment was not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
• the market data contained within this report, has been accumulated from various sources and, where possible, personally examined and verified as to details, motivation, and validity.
ATRIUM REAL ESTATE SERVICES
DRAFT DRAFT
Lory R. Johnson, MAI, SR/WA Kylie Pruett
President Staff Appraiser
Texas Certified Appraiser #TX-1321640-G Texas Certified Appraiser #TX-1381256-G Date Signed: DRAFT Date Signed: DRAFT
TABLE OF CONTENTS
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TITLE PAGE ...................................................................................................... COVER LETTER OF TRANSMITTAL ..................................................................................................................................... I
CERTIFICATION OF THE APPRAISERS ........................................................................................................... III
TABLE OF CONTENTS ........................................................................................................................................... IV
INTRODUCTION
SUBJECT PROPERTY PHOTOGRAPHS ............................................................................................................... 2 EXECUTIVE SUMMARY ........................................................................................................................................... 7
DATE OF VALUE ........................................................................................................................................................ 9
PURPOSE/INTENDED USE OF THE APPRAISAL ............................................................................................. 9
PERSONAL PROPERTY ............................................................................................................................................ 9 SCOPE OF WORK ..................................................................................................................................................... 9 PROPERTY RIGHTS APPRAISED ....................................................................................................................... 11
DEFINITION OF MARKET VALUE ...................................................................................................................... 11
DEFINITION OF RECOMMENDED COMPENSATION ................................................................................... 11
LEGAL DESCRIPTION ........................................................................................................................................... 11
DESCRIPTIONS
NEIGHBORHOOD DESCRIPTION ...................................................................................................................... 13
SITE DESCRIPTION .............................................................................................................................................. 14
IMPROVEMENT DESCRIPTION .......................................................................................................................... 23
HIGHEST AND BEST USE ANALYSIS ............................................................................................................... 25 APPRAISAL PROCESS ........................................................................................................................................... 27
THE SALES COMPARISON APPROACH ........................................................................................................... 29
RECOMMENDED COMPENSATION ESTIMATE
PART TO BE ACQUIRED ....................................................................................................................................... 49
REMAINDER BEFORE THE ACQUISITION ...................................................................................................... 50 REMAINDER AFTER THE ACQUISITION ......................................................................................................... 52
DAMAGES OR ENHANCEMENTS TO THE REMAINDER .............................................................................. 54
TEMPORARY EASEMENTS AND SPECIAL COMPENSATION/COST TO CURE
TEMPORARY EASEMENTS ................................................................................................................................... 56
SPECIAL COMPENSATION/COST TO CURE................................................................................................... 56
RECONCILIATION & QUALIFICATIONS
RECONCILIATION OF VALUE INDICATIONS ................................................................................................ 58
ASSUMPTIONS AND LIMITING CONDITIONS .............................................................................................. 59
QUALIFICATIONS OF LORY R. JOHNSON, MAI, SR/WA ........................................................................... 61 QUALIFICATIONS OF KYLIE PRUETT .............................................................................................................. 62
ADDENDA
FIELD NOTES
OWNER LETTER
INTRODUCTION
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
AERIAL PHOTOGRAPH
Source: Google Maps Blue: Subject property boundary (estimated by appraiser) Green: Proposed fee simple acquisition (estimated by appraiser)
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
AERIAL PHOTOGRAPH
Source: Google Maps Blue: Subject property boundary (estimated by appraiser) Green: Proposed fee simple acquisition (estimated by appraiser)
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
Front of subject property
(main improvements not
impacted)
Date photo taken:
07/15/2024
Side of subject property and
detached living quarters
(main improvements not impacted)
Date photo taken:
07/15/2024
Proposed acquisition (gravel
drive in acquisition)
Date photo taken:
07/15/2024
P2312.002-05B
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
Proposed acquisition
(landscaping trees in
acquisition)
Date photo taken:
07/15/2024
Proposed acquisition
(landscaping trees in
acquisition)
Date photo taken:
07/15/2024
Proposed acquisition
(landscaping trees in
acquisition)
Date photo taken:
07/15/2024
P2312.002-05B
P2312.002-05B
P2312.002-05B
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
Proposed acquisition
(concrete walkway in
acquisition)
Date photo taken:
07/15/2024
Riney Rd (subject to left)
Date photo taken:
07/15/2024
Hardaway Rd (subject to
left)
Date photo taken:
07/15/2024
INTRODUCTION
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EXECUTIVE SUMMARY
Parcel #: 2312.002-05B
Property Owner: Curtis R. Stogsdill and Christine Stogsdill and Curtis Stogsdill, Jr.
Property Location: SEC of Riney Rd and Hardaway Rd (2103 Riney Rd), Denton, Denton
County, Texas
PROPERTY COMPONENT SUMMARY
Component Acres SF
Whole Property ±1.619 acres ±70,524 SF
Fee Simple Acquisition ±0.061 acres ±2,646 SF
Remainder ±1.558 acres ±67,878 SF
Whole Property Remainder After
Highest & Best Use- As if Vacant: Residential. Residential.
Highest & Best Use
As Improved:
Residential. Residential.
Shape: Rectangular. Rectangular.
Topography: Generally level. Generally level.
Floodplain %: ±0% ±0%
Utilities: Electricity and water available, septic required.
Additional Public Services: Fire, emergency medical services, and police protection are provided by the City of Denton and Denton County.
Zoning: R7 - Residential
Easements/Encumbrances: According to the title commitment, no easements or restrictions
negatively impact the developability of the property. No adverse
easements or encumbrances noted.
Improvements (Whole): Improved with a single family residence (±1,764 SF per CAD, 1932
YOC per CAD), a detached living quarters (±1,100 SF per CAD, 1932
YOC per CAD), various outbuildings and attendant site
improvements.
Appraisal Issues: The whole property size utilized herein is ±1.619 acres.
The main improvements are not impacted and have not been
included. The single family residence is located ±38 LF from the
proposed acquisition and the detached living quarters is located
±109 LF from the proposed acquistion. Minimal site improvements are located within the acquisition and are valued herein. Per Jesus Perez, Construction Project Manager at the City of Denton
(07/2024), any water lines, meters and existing fencing and gates
will be relocated as part of the construction process. As such, these
items have not been included within the appraisal report.
INTRODUCTION
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The subject remainder land will be of adequate size and shape for
development to its highest and best use after the acquisition. This size and shape is considered to be within acceptable comparisons to the development in the area.
A cost to cure is not necessary.
Effective Date of the Appraisal: July 15, 2024
Date of the Report: DRAFT
Appraiser: Lory R. Johnson, MAI, SR/WA
RECOMMENDED COMPENSATION SUMMARY
Whole Property (Land only and impacted site improvements, if any) $157,175
Fee Simple Acquisition (±2,646 SF) $11,837
Remainder Before the Acquisition $145,338
Remainder After the Acquisition $145,338
Damages/(Enhancements) $0
Special Compensation/Cost to Cure $0
Total Recommended Compensation $11,837
INTRODUCTION
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DATE OF VALUE
The property was inspected on July 15, 2024, with this date serving as the effective date of
the appraisal.
OWNER CONTACT
PURPOSE/INTENDED USE OF THE APPRAISAL The purpose of this appraisal is to estimate the market value of the fee simple interest of the subject whole property and the recommended compensation for the fee simple acquisition. The definitions of these value estimates are included herein. The client is McCarthy Partners, LLC. The intended user of this report is McCarthy Partners, LLC. Use of this report by others
is not intended by the appraisers. This report is intended only for use in estimation of
recommended compensation and it is understood that the opinions expressed in this report
may be utilized for litigation purposes. PERSONAL PROPERTY
The value conclusions contained within this report do not include any items considered to be
personal property. Please refer to the following chart for any items noted as personal
property, which have not been valued herein.
SCOPE OF WORK
As outlined, the purpose of this appraisal is to estimate the market value of the fee simple interest of the subject whole property and the recommended compensation for the fee simple
acquisition. A title commitment, ownership information and a survey were provided. Using
this information as well as additional information secured from the County Deed Records and
the Central Appraisal District, the size of the property and its legal description were
established. All information provided is assumed to be correct and has been considered in the
following valuation analysis. The whole property size utilized herein is ±1.619 acres.
INSPECTION SUMMARY
Date of inspection: July 15, 2024
Letter sent to: Curtis & Christine Stogsdill and Curtis Stogsdill, Jr. 2103 Riney Rd
Denton, TX 76207
Date of Atrium intro
letter:
June 25, 2024
Owner rep at inspection: Christine Stogsdill
Comments: A letter was sent to the owner. The owner, Christine Stogsdill, accompanied the appraisers on the inspection.
Atrium appraisers: Lory R. Johnson, MAI, SR/WA
Kylie Pruett
PERSONAL PROPERTY
Type: Description:
None N/A
INTRODUCTION
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The property is improved with a single family residence (±1,764 SF per CAD, 1932 YOC per CAD), a detached living quarters (±1,100 SF per CAD, 1932 YOC per CAD), various
outbuildings and attendant site improvements. The main improvements are not impacted and
have not been included. The single family residence is located ±38 LF from the proposed
acquisition and the detached living quarters is located ±109 LF from the proposed acquistion.
Minimal site improvements are located within the acquisition and are valued herein. Per Jesus Perez, Construction Project Manager at the City of Denton (07/2024), any water
lines, meters and existing fencing and gates will be relocated as part of the construction
process. As such, these items have not been included within the appraisal report.
The subject remainder land will be of adequate size and shape for development to its highest
and best use after the acquisition. This size and shape is considered to be within acceptable comparisons to the development in the area.
A cost to cure is not necessary.
In analyzing the area economy, data from the various sources was obtained. In addition, we
inspected the subject property and surrounding properties, analyzed the area and subject neighborhood, formulated an opinion regarding the highest and best use, made a search for comparable sales and listings, and all other available pertinent information used in developing
an opinion of value. This data is based upon research into the area market. In all cases, the
data is verified with buyer, seller, landlord, tenant, agent, and/or broker, and cross-checked
through public records.
The valuation of the subject property will be completed in two phases. First, the overall market value of the property will be estimated. The final step will be to estimate the appropriate recommended compensation for the fee simple acquisition.
In the valuation analysis of the subject property, the Cost, Sales Comparison and Income
Capitalization Approaches to value were considered. The property is effectively vacant land
with minimal site improvements (main improvements not impacted). As such, the Sales Comparison Approach (land only) has been developed to estimate the land value and the Cost Approach has been developed to value the site improvements impacted by the acquisition.
The Sales Comparison Approach- As Improved and the Income Approach were not considered
applicable and have not been developed.
In the valuation of the remainder property, the Cost, Sales Comparison and Income
Capitalization Approaches to value were considered. The property is effectively vacant land
with minimal site improvements. The remainder is improved with a single family residence,
detached living quarters, various outbuildings and attendant site improvements. The main improvements are not impacted and have not been included. As such, the Sales Comparison Approach (land only) has been developed to estimate the land value. The Cost Approach,
Sales Comparison Approach- As Improved and the Income Approach were not considered
applicable and have not been developed.
This Appraisal Report is intended to comply with the reporting requirements set forth under
Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice. As such, it presents only summary discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation
concerning the data, reasoning and analyses is retained in the appraiser's file. The depth of
INTRODUCTION
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discussion contained in this report is specific to the needs of the client and for the intended use stated herein. The appraiser is not responsible for unauthorized use of this report.
PROPERTY RIGHTS APPRAISED
The property rights appraised are the fee simple interest in the whole subject property and the fee simple acquisition. Fee simple estate is an 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.1
DEFINITION OF MARKET VALUE
Market value, as used in this appraisal report, is defined as being: "The price which the property would bring when it is offered for sale by one who desires, but is not obliged 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."2
DEFINITION OF RECOMMENDED COMPENSATION Just compensation or Recommended compensation, as used in this appraisal report, is defined as being: “...the amount of loss for which a property owner is compensated when his or her
property is taken…should put the owner in as good a position as he or she would be if the
property had not been taken...” 3
LEGAL DESCRIPTION The following legal description was obtained from the County Deed Records and is assumed
to be correct. It has not been verified by legal counsel nor has an independent survey of the
parcel been commissioned. Therefore, it is suggested that the legal description be verified
before being used in a legal document or conveyance.
Land in the N.H. Meisenheimer Survey, Abstract No. 810, City of Denton, Denton County, TX.
1 The Appraisal of Real Estate, 15th Edition, (Chicago: Appraisal Institute, 2020) pg. 60. 2 City of Austin vs. Cannizzo, et a,. 267 S. W.2d 808,815 (1954) 3 The Dictionary of Real Estate Appraisal, 5th ed., 106.
DESCRIPTIONS
NEIGHBORHOOD DESCRIPTION
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NEIGHBORHOOD MAP
The subject property is located at the SEC of Riney Rd and Hardaway Rd (2103 Riney Rd),
Denton, Denton County, Texas. The subject neighborhood can best be defined as the northwestern portion of the City of Denton and surrounding area.
IH 35 and US 77 provide the main north-south route and N Loop 288 and US 380 provide the main east-west route to and throughout the neighborhood. Various other secondary roadways
provide access to the neighborhood area and surrounding areas.
Overall, land uses in the neighborhood are predominately commercial along major
thoroughfares with residential uses located on secondary roads in the immediate area of the
subject property. There are a number of vacant tracts available for development.
SITE DESCRIPTION
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Source: Denton County Appraisal District
*Blue: Whole subject property (estimated by appraiser)
SUBJECT PLAT
SITE DESCRIPTION
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15
Source: FEMA
*Blue: Whole subject property (estimated by appraiser)
FLOODPLAIN MAP
SITE DESCRIPTION
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16
Source: Denton County Appraisal District *Blue: Whole subject property (estimated by appraiser)
TOPOGRAPHY MAP
SITE DESCRIPTION
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17
Source: US Fish and Wildlife Service – National Wetlands Inventory
*Blue: Whole subject property (estimated by appraiser)
WETLANDS MAP
SITE DESCRIPTION
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ZONING MAP
Source: City of Denton GIS *Blue: Whole subject property (estimated by appraiser)
SITE DESCRIPTION
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FUTURE LAND USE MAP
Source: City of Denton GIS *Blue: Whole subject property (estimated by appraiser)
SITE DESCRIPTION
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Location: SEC of Riney Rd and Hardaway Rd (2103 Riney Rd), Denton, Denton
County, Texas
Legal Description: Land in the N.H. Meisenheimer Survey, Abstract No. 810, City of
Denton, Denton County, TX
PROPERTY COMPONENT SUMMARY
Component Acres SF
Whole Property ±1.619 acres ±70,524 SF
Fee Simple Acquisition ±0.061 acres ±2,646 SF
Remainder After ±1.558 acres ±67,878 SF
Whole Property Size (Per Field Notes): ±1.619 acres. The whole property size utilized herein is ±1.619 acres.
Whole Property Size (Per CAD): ±1.619 acres.
Shape: Rectangular.
Frontage: Riney Rd: Hardaway Rd: ±141 feet ±500 feet
Current Roadway Design: Riney Rd is a secondary roadway.
Hardaway Rd is a private gravel roadway.
Access/Visibility: Accessible via Riney Rd and Hardaway Rd.
Adequate visibility from roadway(s).
Topography: Generally level.
Subsoil Conditions and
Drainage:
An engineering study to determine the soil and subsoil conditions
has not been furnished. Upon inspection of the subject and
surrounding improvements, soil conditions appear adequate to
support development of the subject property with adequate engineering.
Floodplain: Federal Emergency Management Agency (FEMA) Flood Insurance Rate Map
Panel # and date:
FEMA Map Panel #48121C0360G, dated April 18, 2011 for Denton County, Texas and Incorporated
Areas
FEMA Zone: Zone A, an area determined to be
outside of the 100-year floodplain
Floodplain %: ±0%
Wetlands: According to the National Wetlands Inventory compiled by the US
Fish and Wildlife Service, the site does not contain wetlands.
Jurisdiction: City of Denton and Denton County
SITE DESCRIPTION
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Utilities:
Electricity and water available, septic required.
Water: City of Denton
Electricity: Multiple Providers
Sewer: N/A
Septic: On-site septic
Gas: N/A
Comments: Per the Texas Commission on Environmental Quality
Chapter 285-1 – 285-8, a single family residence that is served by a public water system and using individual OSSFs for sewage disposal, shall have lots of at least ½ acre. However, existing small
lots or tracts that do not meet minimum lot size requirements under
subsection (a)(1)(A) or (B), and were subdivided before January 1,
1988, or has a site-specific sewage disposal plan approved between
January 1, 1988 and December 27, 2012, are allowed to use OSSFs, but the OSSFs must comply with requirements put forth in Chapter 285 (1) (b). Per Chapter 285.91 (10), an OSSF must be 10’ from a
public water supply line and 5’ from foundations, buildings, surface
improvements, property lines, swimming pools and other structures.
Additional Public Services: Fire, emergency medical services, and police protection are provided
by the City of Denton and Denton County.
Zoning: R7 - Residential.
Development Setbacks: Front: 10’ per zoning
Side: 5’ per zoning
Rear: 10’ per zoning
Minimum size: The minimum lot size is ±4,000 SF per the City of
Denton zoning ordinance.
Future Land Use: Per the City of Denton 2040 Comprehensive Plan, the subject is
located in the Moderate Residential and Neighborhood Mixed Use.
The Moderate Residential accommodates single-family detached
housing on small lots, established single-family neighborhoods and
low-rise multi-family dwellings and townhomes. The Neighborhood Mixed Use applies to neighborhoods or districts where the predominant use is residential, but with compatible housing types
and densities along with local-serving, non-residential retail and
service uses.
Land Use Restrictions: There are no known deed restrictions, either public or private, that would limit the utilization of the subject property. Deed and title examination by a competent attorney is recommended should any
questions arise regarding restrictions.
Easements/ Encumbrances: According to the title commitment, no easements or restrictions negatively impact the developability of the property. No adverse easements or encumbrances noted.
SITE DESCRIPTION
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Environmental/Toxic Waste: Any environmental issues, including endangered species and endangered species natural habitats, which would pertain to the
subject property are unknown. Typically, real estate appraisers are
not qualified nor are they experts in detecting hazardous materials,
radiological materials, archeological resources, etc.; therefore, an
expert in these fields should be consulted for opinions on these matters. This report assumes no environmental hazards or special resources exist within or on the subject property.
History/Current Listing:
Grantor: NA
Grantee: Curtis R. Stogsdill and Christine
Stogsdill and Curtis Stogsdill, Jr.
Date of Transaction: NA
Recording Info: NA
Comments: The property does not appear to be listed for sale and
no offers or contracts are known to exist. No transactions have
occurred in the past 5 years.
Surrounding Properties: North: Riney Rd with residential beyond
South: Vacant land
East: Vacant/residential
West: Hardaway Rd with residential beyond
Real Estate Taxes:
Taxing jurisdictions per CAD: (73547, 73548) City of Denton Denton Central Appraisal District
Denton County
Denton ISD
2024 CAD land value: $128,558 ($1.82/SF)
2024 CAD improvement
value:
$119,026
2024 Total assessed value: $190,592 (Homestead exemption)
IMPROVEMENT DESCRIPTION
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Improvement: As of the effective date, the property is improved with a single family
residence (±1,764 SF per CAD, 1932 YOC per CAD), a detached living
quarters (±1,100 SF per CAD, 1932 YOC per CAD), various outbuildings
and attendant site improvements. The main improvements are not impacted and have not been included. The single family residence is located ±38 LF from the proposed acquisition and the detached living
quarters is located ±109 LF from the proposed acquistion. Minimal site
improvements are located within the acquisition and are valued herein.
Per Jesus Perez, Construction Project Manager at the City of Denton (07/2024), any water lines, meters and existing fencing and gates will be relocated as part of the construction process. As such, these items have not been included within the appraisal report.
Improvement Description Size
Gravel driveway Typical ±175 SF
Concrete driveway Typical ±98 SF
Concrete walkway Typical ±45 SF
Landscaping
Standard residential
landscaping with trees, shrubs
and hedges
±1 ea.
Proximity to ROW: Single family residence (not impacted):
±69 LF to Riney Rd
±43 LF to Hardaway Rd
Detached living quarters (not impacted): ±140 LF to Riney Rd ±43 LF to Hardaway Rd
ANALYSIS OF DATA
HIGHEST & BEST USE
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Highest and Best Use can be defined as: "The reasonably probable and legal use of vacant land or an improved property, that is physically possible, appropriately supported, financially
feasible, and that results in the highest value."4
The highest and best use involves consideration of land use as though vacant, and as
improved. The potential uses of the subject are affected by the real estate economic forces of the area and neighborhood. The available uses are restricted by four criteria including physically possible, legally permissible, financially feasible and maximally productive. Highest and Best Use, As If Vacant
Physically Possible
The first constraint is dictated by the physical attributes of the property itself. The subject property is located at the SEC of Riney Rd and Hardaway Rd (2103 Riney Rd), Denton, Denton
County, Texas. The subject whole property contains ±1.619 acres. It is generally level. The
shape is rectangular. According to available maps, the site is ±0% within the floodplain.
According to the National Wetlands Inventory compiled by the US Fish and Wildlife Service,
the site does not contain wetlands. The subject property has electricity and water available, septic required. Therefore, based on the physical characteristics of the site, there does not appear to be detriments to the site.
Legally Permissible
Legal restrictions, as they apply to the subject are private restrictions such as easements, and public restrictions such as zoning. There are no known deed restrictions, either public or private, that would limit the utilization of the subject property. With respect to easements and encumbrances, according to the title commitment, no easements or restrictions
negatively impact the developability of the property. No adverse easements or encumbrances
noted.
In consideration of zoning, the subject property is zoned R7 - Residential. Per the City of Denton 2040 Comprehensive Plan, the subject is located in the Moderate Residential and Neighborhood Mixed Use. The Moderate Residential accommodates single-family detached
housing on small lots, established single-family neighborhoods and low-rise multi-family
dwellings and townhomes. The Neighborhood Mixed Use applies to neighborhoods or districts
where the predominant use is residential, but with compatible housing types and densities
along with local-serving, non-residential retail and service uses. Also considered within the context of Legally Permissible is conformity with surrounding properties. “Conformity is the appraisal principle that holds that real property value is created
and sustained when the characteristics of a property conform to the demands of its market.”4
As discussed in the Neighborhood Description section, residential and commercial properties
are predominant throughout the neighborhood. The subject is improved with a single family
residence (±1,764 SF per CAD, 1932 YOC per CAD), a detached living quarters (±1,100 SF per CAD, 1932 YOC per CAD), various outbuildings and attendant site improvements. Surrounding development is predominately residential uses.
4 The Appraisal of Real Estate, 15th Edition, (Chicago: Appraisal Institute, 2020), p.333.
4 The Appraisal of Real Estate, 15th Edition, (Chicago: Appraisal Institute, 2020), p.33.
HIGHEST & BEST USE
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26
In summary, due to its location, zoning, lack of deed restrictions, compatibility and surrounding uses, the legally permissible component of the highest and best use analysis is
considered to point toward residential.
Financially Feasible and Maximally Productive
This section requires that the forces of supply and demand be in balance, and that the property developed will provide sufficient income to return profit to the land. The most
reasonable use of the site that generates the highest return to the land is residential.
Highest and Best Use Conclusion, As If Vacant
Considering all of the factors which influence highest and best use, it is our opinion that the highest and best use of the subject site, if vacant, is residential. Highest and Best Use Conclusion, As Improved
As previously noted, the property is improved with a single family residence (±1,764 SF per
CAD, 1932 YOC per CAD), a detached living quarters (±1,100 SF per CAD, 1932 YOC per CAD), various outbuildings and attendant site improvements. As such, the highest and best use, as improved is residential.
APPRAISAL PROCESS
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27
In estimating the value of real property, there are three recognized approaches or techniques
that, when applicable, can be used to process the data considered significant to each into
separate value indications. In all instances the experience of the appraisers, coupled with
objective judgment, plays a major role in arriving at the conclusions of indicated value from which the final estimate of value is made.
The three approaches are commonly known as:
The Cost Approach - An estimate of the present reproduction cost of the improvements,
less accrued depreciation, plus land value. Depreciation includes all loss in value of the improvements due to physical deterioration, functional obsolescence, and economic obsolescence. The Sales Comparison Approach - Comparison with similar properties that have sold in
the market. This Approach can be applied to land alone or to improved properties.
Income Capitalization Approach - Capitalization of the net income that the property can produce. This Approach is applicable only to income producing properties. Whole Property
In the valuation analysis of the subject property, the Cost, Sales Comparison and Income
Capitalization Approaches to value were considered. The subject is effectively vacant land
with minimal site improvements (main improvements not impacted). As such, the Sales
Comparison Approach (land only) has been developed to estimate the land value and the Cost
Approach has been developed to value the site improvements impacted by the acquisition. The Sales Comparison Approach- As Improved and the Income Approach were not considered applicable and have not been developed. Part to be Acquired
The Part to Be Acquired is considered to be a pro-rata share of the whole.
Remainder Before
The Remainder Before is a mathematical calculation of the Whole Property less the Part to Be Acquired.
Remainder After
In the valuation analysis of the remainder after property, the Cost, Sales Comparison and
Income Capitalization Approaches to value were considered. The subject is effectively vacant
land with minimal site improvements. The remainder is improved with a single family residence, detached living quarters, various outbuildings and attendant site improvements. The main improvements are not impacted and have not been included. As such, the Sales Comparison Approach (land only) has been developed to estimate the land value. The Cost
Approach, Sales Comparison Approach- As Improved and the Income Approach were not
considered applicable and have not been developed.
First, the overall market value of the property will be estimated. The final step will be to estimate the appropriate recommended compensation for fee simple acquisition.
THE SALES COMPARISON APPROACH
THE SALES COMPARISON APPROACH
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29
The Sales Comparison Approach will be utilized to estimate the fee simple value of the subject
site. This approach is considered the most valid indicator in estimating the market value of
unimproved land not typically leased in the marketplace. In valuing property via this
approach, as many land sales as possible are gathered and the most comparable are used for
comparison. Since properties are seldom identical, the comparable sales must be adjusted to the subject for differences in time, location, and physical characteristics to indicate a value for the subject tract.
When valuing real estate via the Sales Comparison Approach, the subject and comparables
must be broken down into units of comparison. Units of comparison for vacant land include
price per front foot, price per lot, price per acre (buildable or total), price per square foot (buildable or total) and price per buildable unit. The method of comparison is based on the method typically used to purchase vacant tracts in a given area. The price per lot appears prevalent in the area. However, for valuation purposes the $/Lot will be considered to value
the whole property, and the $/SF will be considered to apply to the SF due to the acquisition.
In undertaking our research efforts, a diligent search was made of the subject's neighborhood
for properties that had sold or that were under contract. Our research included searching for vacant land tracts that exhibited similar characteristics. Included on the following page is a summary of the documented land sales that have been used in estimating the value of the
subject. A location map has also been included.
THE SALES COMPARISON APPROACH
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30
LAND SALES MAP
LAND SALES SUMMARY
# LOCATION DATE
OF SALE $/Lot LAND SIZE (ACRES)
1 WL of N Bonnie Brae St, N of W Windsor Dr (3021 N Bonnie Brae St), Denton, Denton County, TX 06/14/24 $185,000 ±0.5060 acres
2 SWC of IH 35 and Avenue C (1200 Avenue C),
Denton, Denton County, TX 02/16/24 $170,000 ±0.5600
acres
3 EL of Mitchell Rd, N of Jackson Rd (2092 Mitchell Rd),
Denton County, TX 04/12/24 $140,000 ±1.0050 acres
4 SL of Miller Rd, E of Masch Branch Rd (4610 Miller Rd), Denton, Denton County, TX 08/08/22 $135,000 ±1.0000
acres
5 SL of Thunderbird Dr, E of US 380 (2921 Thunderbird
Dr), Denton, Denton County, TX 02/09/24 $135,000 ±0.2890 acres
Subject SEC of Riney Rd and Hardaway Rd (2103 Riney Rd), Denton, Denton County, Texas ±1.619 acres
Source: Atrium Real Estate Services 07/2024
THE SALES COMPARISON APPROACH
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31
LAND SALE NO. 1 Property Identification Record ID 3599 Property Type Residential/Commercial Address WL of N Bonnie Brae St, N of W Windsor Dr (3021 N Bonnie Brae St), Denton, Denton County, TX Tax ID 34453
Sale Data
Grantor Adam J. Kunzman
Grantee Beatriz Adriana Garcia Barrera
Sale Date June 14, 2024
Deed Book/Page 2024-63999 Financing Cash to seller Deed Reviewed 7/11/2024 KP/LRJ; Inspected 7/15/2024 KP/LRJ Verification Ginger Pickett, listing agent, 214-629-6878, July 3, 2024; Confirmed by: KP Sale Price $185,000 Land Data Zoning MN – Mixed-Use Neighborhood Topography Generally level Utilities Electricity and water available, septic required
Shape Rectangular
Flood Info None
Easements No adverse easements noted
Improvements Vacant at time of sale Intended/Current Use Unknown/Vacant Land Size Information Gross Land Size 0.506 acres or 22,041 SF Front Footage N Bonnie Brae St: Primary road Indicators Sale Price/Gross SF $8.39 Legal Description Land in the Nathan Wade Survey, Abstract Number 1407, City of Denton, Denton County, Texas
Remarks
The property was vacant at the time of sale. The property has electricity and water available,
septic required. According to the National Wetlands Inventory, as compiled by the US Fish and
Wildlife Service, none of the property is within the wetlands. The property is not located in the
100-year floodplain and the topography is generally level. As of July 2024, the property is
vacant.
THE SALES COMPARISON APPROACH
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32
LAND SALE NO. 1 (cont.)
THE SALES COMPARISON APPROACH
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33
LAND SALE NO. 2
Property Identification
Record ID 3606
Property Type Residential Address SWC of IH 35 and Avenue C (1200 Avenue C), Denton, Denton
County, TX Tax ID 744874 Sale Data Grantor Omar Sadiyeh and Hollie Sadiyeh Grantee VL Vapor Lab Frisco, LLC Sale Date February 16,2024 Deed Book/Page 2024-16789 Financing Cash to seller Deed Reviewed 7/11/2024 KP/LRJ; Inspected 7/15/2024 KP/LRJ
Verification Cami Hobbs, listing agent, 940-243-5478,
July 3, 2024; Confirmed by: KP
Sale Price $170,000
Land Data Zoning R3 - Residential Topography Generally level Utilities All utilities available Shape Irregular Flood Info None Easements No adverse easements noted Improvements Vacant at the time of sale Intended/Current Use Unknown/Vacant Land Size Information
Gross Land Size 0.56 acres or 24,394 SF
Front Footage IH 35: Primary road
Avenue C: Secondary road Indicators Sale Price/Gross SF $6.97 Legal Description Lot 8-A, Block 2, Chapman Addition, City of Denton, Denton County, Texas Remarks The property was vacant at the time of sale. The property has all utilities available. According to the National Wetlands Inventory, as compiled by the US Fish and Wildlife Service, none of the property is within the wetlands. The property is not located in the 100-year floodplain and the topography is generally level. As of July 2024, the property is vacant.
THE SALES COMPARISON APPROACH
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34
LAND SALE NO. 2 (cont.)
THE SALES COMPARISON APPROACH
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35
LAND SALE NO. 3 Property Identification Record ID 3612 Property Type Residential Address EL of Mitchell Rd, N of Jackson Rd (2092 Mitchell Rd), Denton
County, TX
Tax ID 1027650
Sale Data
Grantor J. Tyler Jones and Thera Dietz Jones Grantee Mark Wilbur Harding and Erma Isabell Harding Sale Date April 12, 2024 Deed Book/Page 2024-40203 Financing Cash to seller Deed Reviewed 7/11/2024 KP/LRJ; Inspected 7/15/2024 KP/LRJ Verification Heather Appleton, listing agent’s office, 940-565-8326, August 2, 2024; Confirmed by: KP Sale Price $140,000 Land Data
Zoning None – Not zoned
Topography Generally level
Utilities Electricity and water available, septic required
Shape Irregular Flood Info None Easements No adverse easements noted Improvements Vacant at time of sale Intended/Current Use Unknown/Vacant Land Size Information Gross Land Size 1.005 acres or 43,778 SF Front Footage Mitchell Rd: Secondary road Indicators Sale Price/Gross SF $3.20
Legal Description
Lot 1, Block 1, Mitchell Homesteads, Addition to Denton County, Texas
Remarks
The property was vacant at the time of sale. The property electricity and water available, septic
required. According to the National Wetlands Inventory, as compiled by the US Fish and Wildlife
Service, none of the property is within the wetlands. The property is not located in the 100-year floodplain and the topography is generally level. Per the subdivision plat and restrictions (2023-297), the property is restricted to single family residential uses. As of July 2024, the property is vacant.
THE SALES COMPARISON APPROACH
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36
LAND SALE NO. 3 (cont.)
THE SALES COMPARISON APPROACH
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37
LAND SALE NO. 4 Property Identification Record ID 3613 Property Type Residential Address SL of Miller Rd, E of Masch Branch Rd (4610 Miller Rd), Denton, Denton County, TX Tax ID 73972
Sale Data
Grantor Luis Reyes
Grantee Armando Ruiz and Rocio Alamis
Sale Date August 8, 2022
Deed Book/Page 2022-115907 Financing Cash to seller Deed Reviewed 7/11/2024 KP/LRJ; Inspected 7/15/2024 KP/LRJ Verification Diego Cortes, listing agent, 469-600-5205, August 2, 2024; Confirmed by: KP Sale Price $135,000 Land Data Zoning RR – Residential Rural Topography Generally level Utilities Electricity and water available, septic required
Shape Rectangular
Flood Info None
Easements No adverse easements noted
Improvements Vacant at the time of sale Intended/Current Use Unknown/Vacant Land Size Information Gross Land Size 1.00 acres or 43,560 SF Front Footage Miller Rd: Secondary road Indicators Sale Price/Gross SF $3.10 Legal Description Land out James Haney Survey, Abstract Number 515, Denton County, Texas
Remarks
The property was vacant at the time of sale. The property has electricity and water available,
septic required. According to the National Wetlands Inventory, as compiled by the US Fish and
Wildlife Service, the property is located ±12% (estimated by appraiser) within riverine wetlands.
The property is not located in the 100-year floodplain and the topography is generally level. As
of July 2024, the property is vacant.
THE SALES COMPARISON APPROACH
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38
LAND SALE NO. 4 (cont.)
THE SALES COMPARISON APPROACH
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39
LAND SALE NO. 5 Property Identification Record ID 3614 Property Type Residential Address SL of Thunderbird Dr, E of US 380 (2921 Thunderbird Dr), Denton, Denton County, TX Tax ID 22020
Sale Data
Grantor Tom Carson AKA Charles Thomas Carson and Shelley Carson
and Cecile Carson
Grantee Richard and Roxanne Mezurkiewicz Living Trust
Sale Date February 9, 2024 Deed Book/Page 2024-13758 Financing Cash to seller Deed Reviewed 7/11/2024 KP/LRJ; Inspected 7/15/2024 KP/LRJ Verification Lisa Uselton, listing agent, 940-736-0023, August 2, 2024; Confirmed by: KP Sale Price $135,000 Land Data Zoning R3 – Residential Topography Generally level
Utilities All utilities available
Shape Generally rectangular
Flood Info None
Easements No adverse easements noted Improvements Vacant at the time of sale Intended/Current Use Unknown/Vacant Land Size Information Gross Land Size 0.289 acres or 12,589 SF Front Footage Thunderbird Dr: Secondary road Indicators Sale Price/Gross SF $10.72 Legal Description Lot 5, Block 13, Replat of Greenway Club Estates, addition to the City of Denton, Denton County,
Texas
Remarks
The property was vacant at the time of sale. The property has all utilities available. According
to the National Wetlands Inventory, as compiled by the US Fish and Wildlife Service, none of
the property is located within the wetlands. The property is not located in the 100-year floodplain
and the topography is generally level. As of July 2024, the property is vacant.
THE SALES COMPARISON APPROACH
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40
LAND SALE NO. 5 (cont.)
SALES COMPARISON APPROACH – LAND VALUE
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41
THE ADJUSTMENT PROCESS
In order to narrow the range of sale prices indicated by the comparable sales, adjustments
will be made to the sales for differing characteristics. The adjustment process will begin with a discussion of the property rights.
Property Rights Conveyed - The transaction price of a sale is always based on the real property interest conveyed. In this instance, an adjustment for this attribute is not considered necessary.
Terms of Sale/Financing - The sales gathered for this report reflected cash to seller transactions or those where the financing terms were reported to be at market. Therefore,
an adjustment for cash equivalency is not necessary.
Conditions of Sale - The sales reflected properties that are concluded to be arm’s length
transactions. An adjustment for conditions of sale does not appear to be warranted.
Market Conditions/Time - The sale comparables utilized in the present analysis ranged in date of sale from 08/08/22 to 06/14/24. Considering general market conditions, it appears that an adjustment for this characteristic is warranted. Sales have been adjusted 3% per year (0.25% per month).
Location - The following table summarizes the location ratings:
LOCATION RATINGS
Sale Location Rating
1 WL of N Bonnie Brae St, N of W Windsor Dr (3021 N Bonnie
Brae St), Denton, Denton County, TX
Superior/1.5
2 SWC of IH 35 and Avenue C (1200 Avenue C), Denton, Denton County, TX Superior/1.0
3 EL of Mitchell Rd, N of Jackson Rd (2092 Mitchell Rd), Denton County, TX Inferior/1.0
4 SL of Miller Rd, E of Masch Branch Rd (4610 Miller Rd),
Denton, Denton County, TX
Similar/0
5 SL of Thunderbird Dr, E of US 380 (2921 Thunderbird Dr),
Denton, Denton County, TX
Inferior/1.0
Subject SEC of Riney Rd and Hardaway Rd (2103 Riney Rd), Denton,
Denton County, Texas
Based on the general location characteristics of the properties, an adjustment for location appears necessary. Considering the general location differences of the comparables and the subject, an adjustment of 10% per rating category has been utilized.
Physical Characteristics:
Included in the physical characteristic adjustments are various categories including size of property, improvements on the property, frontage, entitlements, easements, topography, utilities, flood plain, zoning, etc. The following summarizes those characteristics which require
adjustment.
SALES COMPARISON APPROACH – LAND VALUE
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42
Size: The size of the property is ±1.619
acres while the sales range in size from
±0.2890 acres to ±1.0050 acres.
Considering the variations in the properties, an adjustment for size is not considered necessary.
Flood Plain /Topography: The subject tract is generally level. The site is ±0% in the floodplain. According to the National Wetlands Inventory compiled by the US Fish and Wildlife
Service, the site does not contain wetlands. Sales 1, 2, 3 and 5 contain no floodplain, wetlands
and all have generally level topography. An adjustment for Sales 1, 2, 3 and 5 is not
warranted. Sale 4 contains ±12% wetlands, no floodplain and has generally level topography.
Sale 4 has been adjusted +5%. Zoning: The subject property is zoned R7 - Residential. Sale 1 is zoned MN – Mixed -Use Neighborhood. Sales 2 and 5 are zoned R3 – Residential. Sale 4 is zoned RR – Residential
Rural. Considering the similar highest and best use, an adjustment for zoning is not
warranted.
Utilities: The subject property has electricity and water available, septic required. Sales 1, 3 and 4 have electricity and water available, septic required. An adjustment for Sales 1, 3 and 4 is not necessary. Sales 2 and 5 have all utilities available and have been adjusted -5%. Corner/Frontage: The subject property is located at the SEC of Riney Rd and Hardaway Rd
(2103 Riney Rd), Denton, Denton County, Texas. Considering the residential use of the
property and adjustment for corner is not necessary.
Other Characteristics: Additional adjustments for other characteristics are not necessary.
The following adjustment grid illustrates the adjustments applied to the sales.
SIZE RATINGS
Sale Size Rating
1 ±0.5060 acres Similar/0
2 ±0.5600 acres Similar/0
3 ±1.0050 acres Similar/0
4 ±1.0000 acres Similar/0
5 ±0.2890 acres Similar/0
Subject ±1.619 acres ------
SALES COMPARISON APPROACH – LAND VALUE
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43
VALUATION GRID Representative Comparable Sales
Subject Comp No 1 Comp No 2 Comp No 3 Comp No 4 Comp No 5
Grantor Kunzman Sadiyeh Jones Reyes Carson
Grantee Barrera VL Vapor Lab Frisco, LLC Hardin Ruiz and Alamis
Richard and Roxanne Mezurkiewicz Living Trust
Date of Sale 7/15/2024 Effective date 6/14/2024 2/16/2024 4/12/2024 8/8/2022 2/9/2024
Relative Location
SEC of Riney Rd and Hardaway Rd (2103 Riney Rd), Denton, Denton County, TX
WL of N Bonnie Brae St, N of W Windsor Dr (3021 N Bonnie Brae St), Denton, Denton County, TX
SWC of IH 35 and Avenue C (1200 Avenue C), Denton, Denton County, TX
EL of Mitchell Rd, N of Jackson Rd (2092 Mitchell Rd), Denton County, TX
SL of Miller Rd, E of Masch Branch Rd (4610 Miller Rd), Denton, Denton County, TX
SL of Thunderbird Dr, E of US 380 (2921 Thunderbird Dr), Denton, Denton County, TX
Size (acres) 1.6190 0.5060 0.5600 1.0050 1.0000 0.2890
Unit Price $/SF $185,000 $170,000 $140,000 $135,000 $135,000
Property Rights 0% 0% 0% 0% 0%
Adjusted $Lot $185,000 $170,000 $140,000 $135,000 $135,000
Financing 0% 0% 0% 0% 0%
Adjusted $Lot $185,000 $170,000 $140,000 $135,000 $135,000
Conditions of Sale 0% 0% 0% 0% 0%
Adjusted $Lot $185,000 $170,000 $140,000 $135,000 $135,000
Market Conditions/Time 0% +1% +1% +6% +1%
Adjusted $Lot $185,000 $171,700 $141,400 $143,100 $136,350
Location Adjustment -15% -10% +10% 0% +10%
Physical Adjustment
Size adjustment 70,524 SF 0% 0% 0% 0% 0%
Flood/Topo adjustment 0% 0% 0% +5% 0%
Zoning adjustment 0% 0% 0% 0% 0%
Utilities Adjustment 0% -5% 0% 0% -5%
Corner Adjustment 0% 0% 0% 0% 0%
Other Adjustment 0% 0% 0% 0% 0%
Net Location & Physical Characteristics Adjustment -15% -15% +10% +5% +5%
Indicated Unit Value $157,250 $145,945 $155,540 $150,255 $143,168
Estimated Unit Value $151,000
Estimated Total Value $151,000
SALES COMPARISON APPROACH – LAND VALUE
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44
Reconciliation and Value Estimate
In estimating the fee simple value of the subject via this approach, data was analyzed and adjusted, suggesting a value estimate for the subject property between $143,168/Lot and
$157,250/Lot. For purposes of this analysis, a reconciled indicated unit estimate of
$151,000/Lot has been utilized. Therefore, the following is the estimate of the market value
of the fee simple interest in the subject property, as if vacant:
$151,000
The estimated per lot value of $151,000 equates to ±2.14/SF. This $/SF will be utilized in the
valuation of the proposed acquisition.
THE COST APPROACH
THE COST APPROACH
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46
IMPROVEMENT VALUE
As previously discussed, the subject property is improved with a single family residence (±1,764 SF per CAD, 1932 YOC per CAD), a detached living quarters (±1,100 SF per CAD,
1932 YOC per CAD), various outbuildings and attendant site improvements. Compensation
will be included to cure items requiring reconstruction on the remainder. Site improvements
impacted by the proposed acquisition are listed below.
In order to arrive at a reasonable estimate of the replacement cost new, cost estimates from Marshall Valuation Service and/or local contractors were utilized. In developing a property an
additional 10% for soft costs has been included and 15% is included for an entrepreneurial
incentive, which is the incentive for a developer or investor to undertake the project. The
costs data used to estimate the cost of the site improvements and the life expectancy and
depreciation for the site improvements located within the acquisition are illustrated in the following tables.
Type of Improvement
MSV
Section/Page
Base
Range
Current
Cost Multiplier
Local Cost Soft Costs Entrepreneurial
Incentive
Adjusted
range Estimate
Gravel driveway (SF) Section 66 $1.60 0.97 0.94 1.10 1.15 $1.85 $2.25/SF Page 2 $2.22 $2.56
Concrete driveway/walkway (SF)
Section 66 $6.42 0.97 0.94 1.10 1.15 $7.41 $9.50/SF Page 2 $9.58 $11.05 Landscaping, standard residential landscaping with trees, shrubs and
hedges (ea.)
Section 66 $3,762
0.97 0.94 1.10 1.15 $4,339.19 $5,000/ea. $5,005 Page 8
$5,772.90
Depreciation Summary
Improvement Effective
Age
Life
Expectancy
% Depreciation (MVS)
Gravel driveway 4 10 33%
Concrete driveway 4 10 33%
Concrete walkway 4 10 33%
Landscaping N/A N/A N/A
Whole Property Land Value and Site Improvements Impacted by Part to be Acquired
The current whole property land value and site improvement value impacted by the part to
be acquired is illustrated in the following table.
WHOLE PROPERTY (LAND AND SITE IMPROVEMENTS IMPACTED BY PART TO BE ACQUIRED (NOT INCLUDING COST TO CURE ITEMS))
Improvement Size $ per unit Cost New (Depreciation) Current Value
Gravel driveway (SF) 175 $2.25 $394 ($130) $264
Concrete driveway (SF) 98 $9.50 $931 ($307) $624
Concrete walkway (SF) 45 $9.50 $428 ($141) $287
Landscaping (ea.) 1 $5,000 $5,000 ($0) $5,000 Contributory Value of Site Improvements impacted by the acquisition $6,175
Value of Whole Property Land (±70,524 SF x $151,000/Lot) $151,000
Value of Whole Property (Land and Site Improvements impacted by the acquisition) $157,175
PART TO BE ACQUIRED, REMAINDER BEFORE AND
REMAINDER AFTER
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
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48
PART TO BE ACQUIRED
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
49
Description of the Fee Simple Acquisition The proposed fee simple acquisition contains a total of ±0.061 acres (±2,646 SF) and is
located along the north line of the property along Riney Rd. The proposed fee simple
acquisition is rectangular in shape. It has a length of ±141 LF along Riney Rd and a depth of
±18 LF to ±19 LF. The shapes and sizes are based on the provided description of the
acquisition obtained from the field notes. This size will be utilized in the calculations herein and is considered to be accurate.
The main improvements are not impacted and have not been included. The single family
residence is located ±38 LF from the proposed acquisition and the detached living quarters is
located ±109 LF from the proposed acquistion. Minimal site improvements are located within
the acquisition and are valued herein. Per Jesus Perez, Construction Project Manager at the City of Denton (07/2024), any water lines, meters and existing fencing and gates will be relocated as part of the construction
process. As such, these items have not been included within the appraisal report.
According to available information, the fee simple acquisition will be used in association with the City of Denton Project. Highest & Best Use Analysis of the Fee Simple Acquisition
In arriving at an opinion of highest and best use, factors that affect the property are generally
considered as to their effect on the highest and best use of the site, as vacant.
The physical characteristics of the fee simple acquisition impose limitations on its development
potential. It is our opinion that the ultimate highest and best use of the fee simple acquisition,
as vacant, would be for assemblage as a part of the whole property. Valuation of the Fee Simple Acquisition The land value in the part to be acquired is based on same unit value as the whole property. The value of the whole property ±1.619 acres (±70,524 SF) has been estimated at $151,000/Lot, which equates to ±2.14/SF. The acquisition area includes ±0.061 acres
(±2,646 SF). The site improvements located in the acquisition (if any) are listed below. The
value of the components impacted by the acquisition are listed in the following chart.
PROPERTY COMPONENT SUMMARY
Component Acres SF
Whole Property ±1.619 acres ±70,524 SF
Fee Simple Acquisition ±0.061 acres ±2,646 SF
Remainder ±1.558 acres ±67,878 SF
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
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50
PART TO BE ACQUIRED (LAND AND SITE IMPROVEMENTS IN PART TO BE ACQUIRED (NOT INCLUDED IN THE COST TO CURE ITEMS))
Improvement Size $ per unit Cost New (Depreciation)
Value
Gravel driveway (SF) 175 $2.25 $394 ($130) $264
Concrete driveway (SF) 98 $9.50 $931 ($307) $624
Concrete walkway (SF) 45 $9.50 $428 ($141) $287
Landscaping (ea.) 1 $5,000 $5,000 ($0) $5,000
Contributory Value of Site Improvements in Part to be Acquired $6,175
Total Value of Land Acquisition (±2,646 SF x $2.14/SF) $5,662
Value of Whole Property (Land and Site Improvements impacted by the acquisition) $11,837
Valuation of the Remainder Before the Acquisition The value of the remainder before the acquisition is a mathematical calculation whereby the
value of the part to be acquired is subtracted from the value of the whole property. The
difference between these figures is the indication of the value of the remainder immediately
before the acquisition, and this number forms the foundation upon which the determination
of damages or enhancements to the remainder can be determined. The value of the subject prior to the acquisition was estimated to be $157,175. The value of the remainder before the acquisition is therefore calculated to be $145,338 ($157,175 -$11,837).
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
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51
Description of the Remainder After the Acquisition
The main improvements are not impacted and have not been included. The single family residence is located ±38 LF from the proposed acquisition and the detached living quarters is
located ±109 LF from the proposed acquistion. Minimal site improvements are located within
the acquisition and are valued herein.
Per Jesus Perez, Construction Project Manager at the City of Denton (07/2024), any water lines, meters and existing fencing and gates will be relocated as part of the construction process. As such, these items have not been included within the appraisal report.
The subject remainder land will be of adequate size and shape for development to its highest and best use after the acquisition. This size and shape is considered to be within acceptable
comparisons to the development in the area.
A cost to cure is not necessary.
Comparisons Before and After the Acquisition
Whole Property Remainder
Site
Size: ±1.619 acres
±70,524 SF
±1.558 acres
±67,878 SF
Acquisition: ±0.061 acres
±2,646 SF (±4%)
Highest and Best Use
As if Vacant:
Residential. Residential.
Highest and Best Use As Improved: Residential. Residential.
Utilities: Electricity and water available, septic required. Electricity and water available, septic required.
Shape: Rectangular. Rectangular.
Floodplain: ±0% ±0%
Frontage: Riney Rd: Hardaway Rd:
±141 feet ±500 feet
±141 feet ±481 feet
Access: Riney Rd & Hardaway Rd Riney Rd & Hardaway Rd
Access Denial: NA
Improvements
Distance from ROW: Single family residence (not impacted):
±69 LF to Riney Rd
±43 LF to Hardaway Rd
Detached living quarters (not
impacted): ±140 LF to Riney Rd ±43 LF to Hardaway Rd
Single family residence (not impacted):
±38 LF to Riney Rd
±43 LF to Hardaway Rd
Detached living quarters (not
impacted): ±109 LF to Riney Rd ±43 LF to Hardaway Rd
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
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52
Highest & Best Use of the Remainder After the Acquisition
In arriving at an opinion of highest and best use, factors that affect the property are generally considered as to their effect on the highest and best use of the site, as vacant.
The physical characteristics of the Remainder After impose no significant limitations on its
development potential than as before. Considering all of the factors which influence highest
and best use, it is our opinion that the highest & best use of the subject site, as vacant, is
residential. Highest and Best Use Conclusion of Remainder After, As Improved
As previously noted, the subject property is effectively vacant land with minimal site improvements. The remainder is improved with a single family residence, detached living
quarters, various outbuildings and attendant site improvements. The main improvements are
not impacted and have not been included. As such, the highest and best use, as improved is
residential.
Valuation of the Remainder After the Acquisition
The same sales utilized to value the Whole Property have been utilized to value the Remainder After. Please refer to the Sales Comparison Approach for the whole property for additional information regarding each comparable and the adjustments applied. Similar adjustments
were utilized. The following charts illustrate the estimated value of the remainder after.
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
53
Please refer to the Sales Comparison Approach (Whole Property Land Value) section for
discussion of adjustments. Similar adjustments have been utilized.
VALUATION GRID Representative Comparable Sales
Subject Comp No 1 Comp No 2 Comp No 3 Comp No 4 Comp No 5
Grantor Kunzman Sadiyeh Jones Reyes Carson
Grantee Barrera VL Vapor Lab Frisco, LLC Hardin Ruiz and Alamis
Richard and Roxanne Mezurkiewicz Living Trust
Date of Sale 7/15/2024 Effective date 6/14/2024 2/16/2024 4/12/2024 8/8/2022 2/9/2024
Relative Location
SEC of Riney Rd and Hardaway Rd (2103 Riney Rd), Denton, Denton County, TX
WL of N Bonnie Brae St, N of W Windsor Dr (3021 N Bonnie Brae St), Denton, Denton County, TX
SWC of IH 35 and Avenue C (1200 Avenue C), Denton, Denton County, TX
EL of Mitchell Rd, N of Jackson Rd (2092 Mitchell Rd), Denton County, TX
SL of Miller Rd, E of Masch Branch Rd (4610 Miller Rd), Denton, Denton County, TX
SL of Thunderbird Dr, E of US 380 (2921 Thunderbird Dr), Denton, Denton County, TX
Size (acres) 1.5580 0.5060 0.5600 1.0050 1.0000 0.2890
Unit Price $/SF $185,000 $170,000 $140,000 $135,000 $135,000
Property Rights 0% 0% 0% 0% 0%
Adjusted $Lot $185,000 $170,000 $140,000 $135,000 $135,000
Financing 0% 0% 0% 0% 0%
Adjusted $Lot $185,000 $170,000 $140,000 $135,000 $135,000
Conditions of Sale 0% 0% 0% 0% 0%
Adjusted $Lot $185,000 $170,000 $140,000 $135,000 $135,000
Market Conditions/Time 0% +1% +1% +6% +1%
Adjusted $Lot $185,000 $171,700 $141,400 $143,100 $136,350
Location Adjustment -15% -10% +10% 0% +10%
Physical Adjustment
Size adjustment 67,878 SF 0% 0% 0% 0% 0%
Flood/Topo adjustment 0% 0% 0% +5% 0%
Zoning adjustment 0% 0% 0% 0% 0%
Utilities Adjustment 0% -5% 0% 0% -5%
Corner Adjustment 0% 0% 0% 0% 0%
Other Adjustment 0% 0% 0% 0% 0%
Net Location & Physical Characteristics Adjustment -15% -15% +10% +5% +5%
Indicated Unit Value $157,250 $145,945 $155,540 $150,255 $143,168
Estimated Unit Value $151,000
Less Area in PTBA ±2,646 SF x $2.14/SF $5,662
Estimated Total Value $145,338
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
54
Damages or Enhancements to the Remainder
The final step in the process is to measure if the property has been damaged or enhanced
due to the proposed acquisition. The measure of these items is also mathematical, whereby
the value estimate of the remainder after the acquisition is subtracted from the value of the remainder before the acquisition, with the net result being either damages or enhancements. In Texas, any damages are added to the recommended compensation estimate as an
additional compensable amount. Enhancements can only be netted against damages and not
against the part to be acquired. The following calculations indicate that the property has not
been damaged or enhanced by the proposed acquisition.
DAMAGES/ENHANCEMENTS
Value of the Remainder Before the Acquisition $145,338
Value of the Remainder After the Acquisition $145,338
Net Damages/Enhancements $0
TEMPORARY EASEMENTS AND
SPECIAL COMPENSATION/COST TO CURE
TEMPORARY EASEMENTS AND SPECIAL COMPENSATION/COST TO CURE
_____________________________________________________________________________________________
56
Temporary Easements
Temporary easements are not included.
Special Compensation/Cost to Cure
A cost to cure is not necessary.
RECONCILIATIONS & QUALIFICATIONS
RECONCILIATION & QUALIFICATIONS
_____________________________________________________________________________________________
58
In the valuation analysis of the subject property, the Cost, Sales Comparison and Income Capitalization Approaches to value were considered. Please refer to the Scope of Work and
the Appraisal Process for discussions regarding the valuation approaches.
In addition, an estimate of the recommended compensation for a fee simple acquisition has
been provided. The following Table summarizes the values estimated in this appraisal as well as the total
recommended compensation estimate:
RECOMMENDED COMPENSATION SUMMARY
Whole Property Value (Land only and impacted site improvements, if any) $157,175
Fee Simple Acquisition (±2,646 SF) $11,837
Remainder Before the Acquisition $145,338
Remainder After the Acquisition $145,338
Damages/(Enhancements) $0
Special Compensation/Cost to Cure $0
Total Recommended Compensation $11,837
Please note: These value conclusions are specifically limited by the Assumptions and Limiting Conditions, with emphasis on the Extraordinary Assumptions.
ASSUMPTIONS & LIMITING CONDITIONS
_____________________________________________________________________________________________
59
This appraisal report is subject to underlying assumptions and limiting conditions qualifying the information contained in the report as follows:
The valuation estimate applies only to the property specifically identified and described in the
ensuing report.
Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked, is accepted as satisfactory evidence
upon which rests the final expression of property value.
No legal survey has been commissioned by the appraisers; therefore, reference to a sketch,
plat, diagram, or survey appearing in the report is only for the purpose of assisting the reader
to visualize the property. It is assumed that all information known to the client and relative to the valuation has been
accurately furnished and that there are no undisclosed leases, agreements, liens, or other
encumbrances affecting the use of the property.
Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reason is assumed for matters of a legal nature, whether existing or
pending.
Information identified as being furnished or prepared by others is believed to be reliable, but
no responsibility for its accuracy is assumed. Any appraiser, by reason of this appraisal, shall not be required to give testimony as an Expert Witness in any legal hearing or before any court of law unless justly and fairly compensated
for such services.
By reason of the purpose of this appraisal and function of the report herein set forth, the
value reported is only applicable to the property rights appraised and the appraisal report should not be used for any other purpose.
Information regarding toxic wastes or hazardous materials which might affect the subject
property, has not been proved; thus, the existence of toxic waste which may or may not be
present in the property, has not been considered. Soil or drainage tests have not been
performed, nor have soil or drainage test results been provided. Therefore, it is assumed that there are no subsoil or drainage conditions which would adversely affect the subject or their final valuation. This report assumes no soil contamination exists within or on the subject site. The valuation is subject to modification if any such potentially hazardous materials were
detected by a qualified expert in these areas. The appraisers reserve the right to modify this
valuation if so warranted.
One (or more) of the signatories of this appraisal report is a member (or candidate) of the Appraisal Institute. The Bylaws and Regulations of the Institute require each member and candidate to control the use and distribution of each appraisal report signed by such member
or candidate. Neither all nor any part of this appraisal report shall be disseminated to the
general public by the use of advertising media, public relations media, news media, sales
media or other media for public communication without the prior written consent of the
signatories of this appraisal report.
ASSUMPTIONS & LIMITING CONDITIONS
_____________________________________________________________________________________________
60
No endangered species and endangered species natural habitats were evident upon site inspection. This report assumes that the subject is not encumbered by any environmental
factors which would affect value. Typically, real estate appraisers are not qualified nor are
they experts in detecting hazardous materials, radiological materials, archeological resources,
etc., therefore, an expert in these fields should be consulted for opinions on these matters.
This appraisal report is based on the condition of local and national economies, purchasing power of money, and finance rates prevailing at the effective date of value.
EXTRAORDINARY ASSUMPTIONS
There are no Extraordinary Assumptions
QUALIFICATIONS OF LORY R. JOHNSON, MAI, SR/WA
ASSOCIATIONS/STATE CERTIFICATIONS
Texas Certified General Real Estate Appraiser #TX-1321640-G MAI Designation- Appraisal Institute, #81057
Appraisal Institute – Austin - President 2002, Director/Officer 1999-2006 Appraisal Institute – Austin - Chair of the Education Committee
Appraisal Institute - Reg VIII Rep/Nom Committee, Reg Ethics & Counseling Panel Appraisal Institute – Candidate Advisor for Designation 2019-2021
International Right of Way Association (IRWA) SR/WA Member IRWA – Austin – President 2010, Director/Officer 2006-2011
IRWA – Austin – Newsletter Chair/Valuation Chair
IRWA – Austin – Professional of the Year 2006, Atrium– Employer of the Year 2010 Austin Board of Realtors Designated Member
TREC - Texas Real Estate Broker's License #354928 TREC - Easement or Right of Way Agent License #33726
Texas Department of Transportation Pre-Certified Appraiser Texas Department of Transportation PREAS Appraiser
Atrium/TREC – Texas Real Estate Broker Business License #9008922 Atrium/TREC – Texas Easement Business License #6274
EDUCATION
Texas A&M University, 1986 - Bachelor of Science Degree Agricultural Economics with an emphasis in Finance and Real Estate
Appraisal Institute professional courses as well as a variety of real estate appraisal related and
project management continuing education courses and seminars. Graduate courses in Masters of Business Administration, St. Edwards University.
PROFESSIONAL BACKGROUND
October 1991 to present: President/CEO of Atrium Real Estate Services, a full service commercial
and residential real estate appraisal and consulting company.
Nov 1986 to August 1991: Appraiser w/commercial appraisal firms in Austin area.
Atrium Real Estate Services (a woman owned company) was founded in 1991 by Lory R. Johnson, MAI, SR/WA. Our 30th year was 2021! Atrium features a team of 15 appraisers/trainees,
condemnation support, and administrative staff to deliver complex transportation and utility infrastructure appraisals, reviews, and project management on multi-parcel projects.
Appraisal background includes consulting, analysis/valuation and expert testimony of various
properties for eminent domain purposes including single and multi-parcel right of way transportation expansion and multi-parcel easement acquisition projects (conservation, temporary
construction, ingress/egress, utility, subsurface, drainage, inundation, etc.). Background also
includes valuing special purpose and properties associated with federal flood buy-out programs on multi-parcel projects.
Lory R. Johnson, MAI, SR/WA testifies in condemnation proceedings and is qualified as a real
estate expert in the State of Texas.
In 2020, Atrium diversified into a complete right of way acquisition company including project management of large scale transportation projects.
QUALIFICATIONS OF KYLIE PRUETT
ASSOCIATIONS/STATE CERTIFICATIONS
Texas Certified General Real Estate Appraiser #TX-1381256 G Texas Department of Transportation Pre-Certified Appraiser EDUCATION
Bachelor of Science Degree, Ag Economics- Finance & Real Estate, Texas A&M University, 2019 Various real estate appraisal related courses including Uniform Standards of Professional
Appraisal Practice (USPAP)
PROFESSIONAL BACKGROUND
October 2020 to Present: Appraiser with Atrium Real Estate Services, a full-service real estate appraisal and consulting company.
June 2019 to October 2020: Business Development Representative with Oracle.
Appraisal background consists of extensive research, market analysis, and valuation of
commercial properties including vacant land, single and multi-tenant commercial/retail buildings, industrial facilities, and single-family residences. Also assisted with organizing projects, creating exhibits of properties and setting up inspections.
ADDENDA
PAGE 1 OF 2
JOB NUMBER DRAWN BY DATE
2312.002-05B CMW 04/23/2024
LEGAL DESCRIPTION
Being a 0.061 acre tract of land out of the N. Meisenhamer Survey, Abstract No. 810, situated in the
City of Denton, Denton County, Texas, being a portion of a called 1.022 acre tract of land conveyed to
Curtis Stogsdill, Jr. by deed of record in Document Number 2010-35543 of the Official Records of
Denton County, Texas, and being more particularly described by metes and bounds as follows:
BEGINNING at a 1/2 inch iron rod with orange plastic cap stamped "KAZ” found in the south
right-of-way line of Riney Road, being the northwest corner of that certain right-of-way dedication for
Riney Road of record in Vista Del Arroyo, a subdivision of record in Document Number 2016-149 of
the Plat Records of Denton County, Texas;
THENCE, S00°43'53"W, along the east line of said 1.022 acre tract and the common west lines of
said right-of-way dedication of record and C.A.2, Block B, of said Vista Del Arroyo, a distance of 18.34
feet to a 1/2 inch iron rod with green plastic cap stamped "EAGLE SURVEYING" set, from which a 1/2
inch iron rod found at the southeast corner of a called 0.597 acre tract of land conveyed to Curtis
Stogsdill, Jr. by deed of record in Document Number 2010-35544 of said Official Records, bears
S00°43'53"W, a distance of 481.02 feet;
THENCE, N88°36'09"W, over and across said 1.022 acre tract, a distance of 140.69 feet to a 1/2 inch
iron rod with green plastic cap stamped "EAGLE SURVEYING" set in the east right-of-way line of
Hardaway Road and the common west line of said 1.022 acre tract;
THENCE, N00°48'23"E, along the east right-of-way line of Hardaway Road and the common west line
of said 1.022 acre tract, a distance of 19.28 feet to a 1/2 inch iron rod with green plastic cap stamped
"EAGLE SURVEYING" set at the intersection of the east right-of-way line of Hardaway Road and the
south right-of-way line of Riney Road, being the northwest corner of said 1.022 acre tract;
THENCE, S88°13'11"E, along the south right-of-way line of Riney Road and the common north line of
said 1.022 acre tract, a distance of 140.68 feet to the POINT OF BEGINNING, containing an area of
0.061 acres (2,646 square feet) of land.
Bearings are based on GPS observations utilizing the AllTerra RTK Network, North American Datum
of 1983 (Adjustment Realization 2011).
EAGLE SURVEYING, LLC
222 S. ELM STREETSUITE: 200DENTON, TX 76201
(940) 222-3009
TX FIRM # 10194177
RIGHT-OF-WAY DEDICATION
N. Meisenhamer Survey, Abstract No. 810
City of Denton, Denton County, Texas
I hereby certify that this survey, plan or report was prepared byme or under my direct supervision and that I am a Registered
Professional Land Surveyor under the laws of the State of Texas.
___________________________Caleb McCanlies Date
R.P.L.S. # 7036
5-1-2024
7036
CALEB H. MCCANLIES
P
ROFES S I O N ALRE G I STEREDSTATEOFTEX
A
SLA
NDSUR V E YOR
SL SL SL SL SL SL SL SL SL SL SL SL
RIGHT-OF-WAY DEDICATIONDOC. NO. 2016-149 - P.R.D.C.T.
1/2" CIRF"KAZ"
C.A. 2BLOCK BVISTA DEL ARROYODOC. NO. 2016-149
P.R.D.C.T.
N 88°36'09" W 140.69'
S 88°13'11" E 140.68'L1L2CIRSCIRS
CIRS
HARDAWAY ROAD (POSTED)NO DEDICATION FOUNDRINEY ROAD
RIGHT-OF-WAY WIDTH VARIES
APPROXIMATE LOCATIONOF SURVEY LINE
RIGHT-OF-WAY DEDICATION
0.061 ACRES (2,646 SQ. FT.)
N. MEISENHAME
R
S
U
R
V
E
Y
,
ABSTRACT NO.
8
1
0
J. COLLARD SU
R
V
E
Y
,
ABSTRACT NO.
2
9
7
1/2" IRF
LINE TABLE
LINE BEARING DISTANCE
L1 S 00°43'53" W 18.34'
L2 N 00°48'23" E 19.28'
CALLED 0.597 ACRES
CURTIS STOGSDILL, JR.DOC. NO. 2010-35544O.R.D.C.T.S 00°43'53" W 481.02'POB
CALLED 1.022 ACRESCURTIS STOGSDILL, JR.DOC. NO. 2010-35543O.R.D.C.T.
1" = 30'
0 3015
PAGE 2 OF 2 N
NOTE: Bearings are based on GPSobservations utilizing the AllTerra RTK
Network, North American Datum of1983 (Adjustment Realization 2011).
EAGLE SURVEYING, LLC
222 S. ELM STREETSUITE: 200DENTON, TX 76201
(940) 222-3009
TX FIRM # 10194177
JOB NUMBER DRAWN BY DATE
2312.002-05B CMW 04/23/2024
RIGHT-OF-WAY DEDICATION
N. Meisenhamer Survey, Abstract No. 810
City of Denton, Denton County, Texas
LEGEND
BOUNDARY MONUMENTSQ. FT. SQUARE FEETIRF IRON ROD FOUNDCIRF CAPPED IRON ROD FOUNDCIRS 1/2" CAPPED IRON ROD SETSTAMPED "EAGLE SURVEYING"POB POINT OF BEGINNINGDOC. NO. DOCUMENT NUMBERVOL. VOLUMEPG. PAGEO.R.D.C.T. OFFICIAL RECORDS,DENTON COUNTY, TEXASP.R.D.C.T. PLAT RECORDS,DENTON COUNTY, TEXAS
June 25, 2024 Curtis & Christine StogsDill, and Curtis Stogsdill, Jr. 2103 Riney Rd Denton, TX 76207 RE: City of Denton Project Name: City of Denton Project Parcel: 2312.002-05B Type of Acquisition: Fee Simple
Property Address: 2103 Riney Rd, Denton County Dear Property Owner: The City of Denton has contracted McCarthy Partners, LLC to assist in the acquisition of the real property needed for this project. McCarthy Partners, LLC has retained ATRIUM REAL ESTATE SERVICES as an independent appraiser for the above referenced project. It is our policy to provide the owner or designated representative an opportunity to accompany the appraiser
at the time of the inspection. We would like to extend to you or your designated representative the
opportunity to accompany us on the inspection and to disclose any information about the property you find pertinent. If applicable to your property, the following items would be helpful: -Information regarding previous sale of the subject and/or current listing, contracts pending. -Surveys and/or site plans of the property. -Information regarding the general use of the property. -Information on any improvements on the property and improvements, if any, located in the proposed acquisition. -Any unique or special features about the property that should be considered. Should you have any questions, require further clarification, or wish to provide information and/or
accompany us on the property inspection, please feel free to contact Lory R. Johnson, MAI, SR/WA by
telephone (512) 453-7407 or by e-mail: ljohnson@atriumrealestate.com at your earliest convenience. Please consider responding to the following page regarding contact information as well as Request for Right of Entry for Appraisal Inspection and Owner Contact Information. Respectfully submitted, Atrium Real Estate Services
Lory R. Johnson, MAI, SR/WA
President
Texas Certified Appraiser #TX-1321640-G Atrium Reference #: GOV-24-37-02.MP