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Home My WebLink About7 Spring Creek Electric Substation/, ... . , !",:-~ ,,... ~ ,-. r,. .-. (·· igure 9 -Proposed Land U sc Plan RETAll.IOOMM . ZONEDC-1 62.1113 AC 2DMl!D ~-J Mol.tJIAC THIS DOCOllW!lfT 18 RB EASED FOR TH! PURPOSE OF REV1EW AND COMllENr OHL Y UNDER lliE AUTHORITY OF ntE FOLLOWING : Name: J. DALE BROWNE, JR., P.E. P.E. No.: 11llO Dat.: 12.IOll02 SCALE: 1" = 800 ' 1051002 -004-01 RITCHEY DEVELOPMENT AS/f ~ BRO~~llYC. Eqi=n a.a.:\ c...-.- P.0 . Box I 0838 , Collep Scadoo, Tc:qs 77842 979-84U9l ' s n -2,S-41139 Pm: ~14 NEGOTIATOR'S REPORT Owner(s) Parcel N o .: Willi s S. Ritchey, Peggy J. Ritchey, Thomas Caruthers League, Abstract No. 9 , Thomas Glenn Ritchey, John David and the Robert Stev enson League, Abstract Ritchey and Willi s S. Ritchey, as Trustees No. 54 , College Station , Brazos County of the W.G . Ritchey & Sibyl D . Ritchey Trust for the Benefit of John David Ritchey 140.44 acre s of greenway from a 341 :06 and Thomas Glenn Ritche y acre tract Address: Project Name : Greenway Property Acquisition 4200 Rock Prairie Road Priority 1 College Station , TX 77845 Suburban Home Phone : Project No.: 690-7000 SD 9903 Work Phone: Account No.: 912-911-975.10-00 Fax Number: Email Address : Offer: Counteroffer: $596 ,330 for 140.44 acres 55.44 acres @ $7 ,000 per acre non-flood area ($388 ,080) 85 acres @ $2 ,450 per acre flood area ($208 ,250) (Person(s) Contacted; Date; Where Contacted; Time): 8/2/01 -Wrote to Mr. Ritchey telling him the City was interested in purchasing the greenway portion of his property 10/3/01 -Left telephone message at Mr. Ritchey 's house 2/18/02 -Property owners meeting for the triangle study , spoke to Mr. Ritche y regarding our interest. 2/28 /02 -Met with Mr. Ritchey, Mark McAuliffe , Peggy Ritche y and Dave Keeling at the Ritchey house . Mr. Ritchey wants to see 139-acre block & 40 ' easement adjacent to the landfill for $822 ,500 (95 acres at $3100/ac and 44 acres at $12 ,000/ac). He wants to retain the mineral rights , pay for the title policy and split the survey costs. I told him that I would acquire a current appraisal and take it from there. 413102 -Recei ve d survey from David Mayo. Survey prepared as directed by the Ritchey 's to include some upland areas at the corner of the property 419102 -Ordered title commitment 4/22 /02 -Spoke to Mike Fleming. They are going to appraise as part of the whole. 4/24/02 -Received Title Commitment 5/10/02 -Recei ve d appraisal 617102 -Wrote an offer letter to Willis Ritchey 6/18 /02 -Dave Keeling called for Willis Ritchey to discuss offer 7111 /02 -Willis Ritchey called to say the y are looking at a development plan for the property and would get back to us in the next few months . 11 /25 /02 -Received a phone call from Kim Foutz saying that a developer (John Fedora) had brought in a preliminary plan that showed the greenway being filled. 11127 /02 -Staff met to discuss options before the scheduled PD meeting. Remarks: There were a few other on site visits to the property. Once with Mr. Ritchey and Mr. Keeling to look at the property and another with HDR Engineering Inc. to look for mitigation sites for the Grimes county landfill . Willis S. Ritchey 4200 Rock Prarie Road College Station, Texas 77845 979-690-7000 Farms, Ranches, Investments DI D O PA Dave Keeling, Broker (979) 279-3390 (Office) (979) 279-3038 (Fax) July 11 , 2002 The City of College Station Judith Downs Greenway Program Manager P .O. Box 9960 College Station, Texas 77842 (979) 255-6590 (Mobile) v 108 West 4th St. Hearne, Tx . 77859 RE: Letter of June 7, 2002 regarding proposed greenway, Thomas Caruthers League , Abstract 9, Brazos County, Texas Dear Judith, Our family appreciates the interest the City of College Station has expressed in the "greenway " area of our property. We are presently considering a development plan for this property and look forward to discussing with you how the City of College Station can participate in this process. We should be able to begin these discussions within the next few months once our family decides on a development plan. Either myself, or our representative will be in contact with you . Again, thanks for your time and consideration on this matter. Sincerely, Willis S. Ritchey Res. Phone (979) 279-3094 --I -, ... 7 ~ ... _· ( >·:'1 ~ -'·~ '·' ' ; ' -- ·--··--·---····----------10 .... -----------!.!'.!------- ·-· -----·-··------------------------------'-~.....l.. j i ~¥~ • .. . -'-___ ~ __ _:___;.....:., _'.::-:.:~ -~,,, ,·· t \ ' ~' ;( t r"r-• ! ' .i. . ., \... ·'-·\ ' .. 1. ~· ·,. .... ' ~ '; -~~ ~~ .,.. - (; . ' f, I. ' ~ , . ' ·~--~--~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~.!.!.!.~~~~~~ June 7, 2002 Willis S. Ritchey 4200 Rock Prairie Road College Station, TX 77845-5952 RE : 140.44 acre proposed greenway Thomas Carruthers League, Abstract 9, College Station, Brazos County Dear Mr . Ritchey , The City of College Station is interested in purchasing 140.44 acres of flood plain and upland, out of the 341.06-acre tract of land owned by Wyllis S. Ritchey and the heirs of W. G. and Sybil Ritchey . Our interest in acquisition of the property is to preserve it as a future Greenway and open space area. The City's economic development department bas indicated some interest in future use of the upland as part of the proposed Business Park. We believe at this stage of the acquisition process, it is mutually beneficial to confirm that based on an appraisal made by a qualified appraiser, we are authorized to offer you $596 ,330 .00 (Five Hundred Ninety Six Thousand Three Hundred Thirty & 00/100 Dollars) as fair market value and just compensation for the property . For your reference , attached please find a copy of the appraisal report prepared by John M . Hamilton, MAI . Please execute the attached acknowledgement form and return it to the address listed above . This offer is contingent upon a successful Phase I Environmental Site Assessment and Ecological/Cultural Resources Evaluation, and the final professional survey work of the site. The offer is also contingent on the approval of the College Station City Council, and the City shall have the right to withdraw this offer at any time . We would like an opportunity to discuss this offer and to answer any questions you may have regarding the acquisition process . If you have any questions or need further assistance in this matter, please call met at (979) 764-3844 . Sincerely, Judith A. Downs Greenways Program Manager Attachments Cc : Mark Smith Mark McAuliffe Kim Foutz I NAME rrtikt Rlfrn rn" u . '~"'"]&lh · ~iroiiPbi.r&ic . ---· ·---·--·-·~-----. ; AllllllESS · O ffi a - ' -----------·--·--;; -·----------··-----------~Fax -------·---------------·---· -· -· Mobile --------. ·- l ~~-·---·· -·· ·-----------·-------· ---- REFERRED BY ACCOUNT NUMBER DAT E I ~ ~Tiii )~ DISC USSED TIME/COST I II I I --fl. I\ 7 HfX>!Ttl1f1S-ft6 DA~+ ri<-+¥\~ I 1~0Yt L . l l -' \ ..... \' ~ - ( L.1 ~ " l'lll N c t I llJ\1 1 -· --------------·-----------------.. - ·-·--------1----------- DATE [_ DIS CUSSE D TIM E/COS T -- ------- 1\C:TI O N l ll'l l> . .\H >------ DATE [ ___ _J DISCUSSED TIME/COST - ACT I O N IWJ. PAH ·-------· ----- --· ---·· ------·-· ------------· -----·-------- The City of College Station, Texas Embracing the Past, Exploring the Future. P.O . Box 9960 • 1101 Texas Avenue • Co llege Station, TX 77842 • (979) 764-3500 www.ci .college-station.tx.us August 2, 2001 Willis S . Ritchey 4200 Rock Prairie Road College Station, Texas 778~5-5952 RE: College Station Greenways Dear Mr. Ritchey , The City of College Station is interested in P.l},f&uing the acquisition of greenway properties for the preservation of open space . Our reoords indicate th'J.t you own property in the floodplain along Lick Creek shown as a potential greenway in the City's Greenways Master Plan. I I I/' I have attached a packet of information that defines the greenwa~ concept, and includes several fact sheets prepared as an educational tool on this subject. l1Jp1~,e take some time to review the information . Selling or donating this portion of your trr'~perty to the community for greenway conservation can provide benefits ranging from reduced taxes to higher dollar values per acre should you sell for development in the future . I will follow up in the next few weeks with a phone call to discuss the options available for protection of greenway property. Please feel free to call in the meantime if you have any questions regarding this program. I look forward to meeting with you in the near future . Sincerely, Attachment Home of Texas A&M Un iversity • :.;j History '1%1 Oatasheet Prope rty Detail Sheet (R10584 ) Bills 'f%} Stmt Of Acct Owner Information Owner ID : 1 0583 Owner Name: RITCHEY, WILLIS S Owner Address : 4200 ROCK PRAIRIE RD COLLEGE STATION , TX 77845-5952 Property Address : ROCK PRAIRIE RD Parcel Information Legal Description : Acreage : A000901 THOMAS CARRUTHERS (ICL), TRACT 4 .2, ACRES 330.06, UNDIVIDED INTEREST 64A8% 330 .06 Cross Reference: 000901-0004-0020 Map ID: 276-354,276-356,279-352,279-354,279-356 Undivided Interest: 64.48% (applies to e xemptions) UDI Children: R10584 (64.48%), R72841 (8.84%), R72842 (13 .34%), R72843 (13.34%) Exemption Codes: Entity Codes: Deed Type: Deed Book : Deed Page : Value Breakdown Land HS: Land NHS: Improvement HS: Improvement NHS : Ag Market: Ag Use: Timber Market: Timber Use : Assessed : ID Type G1 (BRAZOS COUNTY) S2 (COLLEGE STATION ISO) C2 (CITY OF COLL.STAT.) $1 ,440 + $0 + $13 ,120 + $970 + $475,000 $19,100 + $0 $0 + $34,630 = SPTB Improvements Imp 1 R (RESIDENTIAL) Imp 2 R (RESIDENTIAL) Imp 3 R (RESIDENTIAL) Imp 4 R (RESIDENTIAL) E 1 (RESIDENTIAL SINGLE FAMILY-FARM & RANCH RELATED) E1 (RESIDENTIAL SINGLE FAMILY-FARM & RANCH RELATED) E1 (RESIDENTIAL SINGLE FAMILY-FARM & RANCH RELATED) E2 (FARM & RANCH MISC IMPS-NON RESIDENTIAL) ID Typo Land 1 A2 (#1 OPEN-NATNE PASTURE) Land 2 1 (HOMESITE) CoWigllt <;> 1999 The Software Group . In<. Nr r1gtt.'S re setVed . Land SPTB 01 (RANCH LAND (ACREAGE QUALIFIED FOR AG)) E 1 (RESIDENTIAL SINGLE FAMILY-FARM & RANCH RELA TEO) http://www.brazoscad.org/property.asp?propertyld= RI 0584 Seg s 2 0 0 Acre s Valu e $13 ,820 $1 ,500 $5,030 $1,500 Market 329 .06 $736,660 1.0 $2 ,240 08/01/2001 Venessa Garza From: Sent: To: Cc: Henry Mayo, RPLS <hmayo@baselinesurveyors .net > Friday, March 15 , 2019 12 :09 PM Venessa Garza James Batenhorst Subject: Land Acquisition for Greenway Property Attachments: Ritchey to CoCS 100.64ac survey exhibit plats .pdf; Ritchey to CoCS 100 .64ac survey description .pdf; Spring Creek Substation staked boundary 2004 .pdf; Spring Creek Substation staked boundary and road .pdf; CoCS-Greenway-Easement15a _signed .pdf; JOl-CoCS _CC _basemap2007 .pdf; 13216_014.pdf *****This is an email from an EXTERNAL source . D O NOT click links or open attachments without positive sender verification of purpose. Never enter USERNAME , PASSWO RD or sensitive information on li nked pages from this emai l. * * * * * Venessa, I scanned the attached survey exhibit maps and signed M&B description ofthe 100.64 acres, from our Ritchey project folder. I am copying James Batenhorst on this too, since we discussed some of this the other day in regards to the Midtown Business Park platting that we are working on. I did not find any written correspondence in the folder as I hoped, mentioning how much and where the limits of the greenway area would be, but I do recall the following from memory: In 2000, we surveyed the Creager, Windham and a few other properties for the City to purchase for a new Business Park (Corporate Campus). This adjoined, but did not include any of the Ritchey property. By early 2002, we worked with the City staff (you?) to define a greenway reserve boundary, generally along the floodplain boundary . We staked the boundary of this within the CoCS tracts . Around 2004, CSU instigated the idea of purchasing an electrical substation site in the south corner of the Ritchey 300+ acre tract. We were hired to survey the 6.50 acre tract, with a stem for access from the City's recently-purchased adjoining tracts . We also surveyed an access easement along the existing driveway in ? Barron Park (now Christ UMC), so they would only need to build a short road to the substation . Negotl;tions with Mr. Ritchey (by Mark McAuliffe or someone else from the City) soon evolved into the agreement to purchase the entire floodplain area too, not just the 6.5 acre substation site . I guess this is when "greenway" started being used on some of our maps (see image pasted below). We then surveyed about 141 acres , using existing fences through the Ritchey tract. Soon, it was decided to cut back the area to 100 acres, and we determined that we could simply cut across the property between some existing property corners and have 100.64 acres . On the March 2005 survey, we show that approximately 74 acres of the 101 acres was in the lOOyr floodplain . \ - When the Spring Creek Substation pad and road was designed (by us), we had to put the access gate at its east corner due to topography, so the access road could not all be contained within the previously surveyed 6.5 acre tract originally designated. In 2007 , the Cjty had us extend the greenway boundary along the floodplain through the 100.64 acre tract, stopping where the floodplain intersected the old 6.5 acre boundary. We also prepared exhibit maps for the City , to show how much land they had designated at Greenway and how much was available for the Business Park {278 .7ac). I can't recall exactly how it was decided, but we did not include a few acres of the land SE of the substation ·in the land designated for BP . (see attached 2007 exhibit map). 1 ' \ In 2015, CSU started constructing another aerial power transmission line from the substation to the BVSWMA tract. Tony Michalsky called me and said that he was told they had to get a survey to designate a corridor through the Greenway area of the CoCS property . He designed the width of 70' and I honored the 2002/2007 greenway boundary lines, but did not have a recorded document/description to cite . A "notice of utility .. on City property" for this area was filed in vol. 13216, pg . 14 (attached). City Vol. ~ Sta tio n ·es 'g. 321 >f ~lle9.e Sto Uon 4 6 .6 0 acr e s 3310, Pg • .32 1 l l'j I: 11 ur ~, ~-"·---1 r ,,~, -'fat •:is. "" ai» I 40' ~ i-...1 ~ai.) \161, 3~7. Pt. rt . ,., Lot 3 Lot 1 Ba rron 11 Park Subd ivision Plat -f Vol. 939, Pg. 209 IL ·11 Lot 2 Ea Let me know if I did not provide what you needed . Also , if you have an official greenway designation document (i.e. ordinance) for the BP, please share it with us for r ef~rence in ou ~egal descript ions .]f there is not anything more official 2 than the working drawings of the business park for the past 18 years, then I assume the City can move the greenway boundary as needed . Henry Henry Mayo, RPLS I Regional Vice President Joe Orr I Baseline Corporation I TBPLS 10054400 I 979.693 .2777 p I 9 7 9. 777 .1426 c From: Venessa Garza <vgarza@cstx.gov> Sent: Friday, March 15, 2019 9 :55 AM To: Henry Mayo, RPLS <hmayo@baselinesurveyors.net> Subject: Land Acquisition for Greenway Property CAUTION: Th is email originated from outside of the organ ization . Do not click links or open attachments unless you recognize the sender and know the content is safe . Hey Henry, Hope you're doing well. I'm doing some research on past purchases of greenway property. The City purchased property from the Ritchey family and the final acreage purchased was 100.64. I have an exhib it/boundary survey for 140.44 acres but as mentioned we only purchased 100.64. In the real estate contract, there is a legal description with metes and bounds dated April 27 ,2005 for the amount we actually purchased but not an exhibit. Could you check to see if an exhibit was ever created with the new boundary that we purchased? No need to create something just would like a copy of it if it exists. I've attached the document for reference . Thanks so much ! Venessa Garza, AICP Sen io r Program Manager Bicycl e, Pedestr ian & Greenways Program Plann i ng and Development Services Department Mailing Address : P.O. BOX 9960, College Station, Texas 77842 Physical Address: 1101 Texas Avenue Office 979-764 -3674 I Fax 979 -764 -3496 m otr<."ow..Ct:. ... ""'''"' "'" n.-'fi;w.M.f,U Ci ty of Colle ge Station Home of Texas A &M Uni ve rsity ® 3 .. ., ->i ~ -!! ~ ~ 0 -.:91 . c3 ~ °' ~~~ ~~~ u a. 0 U Q. o" 0.: 0 en o t-0 '° ~:~ 41 en (llJ. _.,., C<O°' 4,i .-N G ·- ~ ~.-~ g'~· I g w g _________ ._... / / W.G . Ritchey a nd -~..:=:.=1 y / wife, Sybil D. Ritchey / <r. remainder of 3'41.60 acres / " ~ Vol. 237, Pg . 29 / / t.-<-:.-.;,.>~o _ / l -owrnM by Mlrll of W.G. • 5)'flJI Rltdlq) .. '\'\~ / "~ ... _ ,/ ..... -..., \ '.:'1,.,:: "" ... :.:-----· '. \ ::;. r::n:.t ·~P.1Grvd•:;u ·~S-~"Oa pMtic C1Mlt1 Al'l4 •at., IWKandcariH war1 !Gilafl f(l)ln th. I i94 Colltg1 Stolio" lopogr09hlc mop•. ~o P;::t1,J!.OO!! :·>~ ~J:feonoi;Z.1 Tn. 40' ocuu •-ment ocrou Lot J ol Borra.n P•R Subd;..i.1on i. for prtr,olc occ: ... to U'lls trod, bul i. llOI c...,r..,,t11 'v.t!ld e reod1'. [OMtnanlNotff: All Hilllnt --.ii• ona burioid lllilll.i..o mQy not be 1h6olo11 on Oil. plot. TN £nwg)o Trolllll'« p piprinn ••,.. IMl.oa.d b)' Procluccr"1 Co1 Ca. oiid/or fcrt<lSOn Burlnon Col.Inly Ga1 Gathering Sy.um. Tha 1o11-;,,,-1ment1ar1 not described aslflclmUr lo local• llfl ll'l1 ground: ~odf,J.\'llC:.'s~71J-..:·Eo .. 1'nlnt. "°'· 534, ,,.. 11' ~~.~'':: :0·20~r!::!:~ s,..11m ~.D. Whee ler LTD 70.39 ocres Vo l. 3007, Pg . 341 ........ ._~."I! ~-:/ .J> c--~·.:·~....,,....-;.. .... -:-~ i:;;:....-.:; ... City of College Stct{n •. ... 6 .60 acres ·. Vol. 331 0, Pg . ,;µ.t. \ City of College Station 66.32 a cres Vol. 4443, Pg . 20 Brazos Volley Solid Waste Man~i~~7en:c~9e n cy Vol. 1235, Pg . 59 City of College Station 45. l acres Vo l. 3900 , Pg . 230 City of College Station 78.36 acres Vol . 3900, Pg. 223 >.::_~~'""''7"'1:Jl:[~:.~ --~ ~~~roJt.1N~fs ~ ~ CCIU£G[ STATIOH, nc na.s ® Lot 1 l.,B...,O..:U:..ND_A_R_Y_S_U..JfN:wlEY...112-:.JilZ100L.6-4-AC-R::E::,S-l Ol!T OF W.G. RITCHEY 341.60 ACRES THOMAS CARUTHERS LEAGUE A-9 COLLEGE STATION, TEXAS Dos Logos 2934/331 Brlll Rk• 3.00 QC , 2958/339 Bfltlon Rlc:e 45.23 oc. 3355/200 College Stotlon lndepe:ndent School District 30.00 ocrH Vol. 1033, Pg. 534 Britt Rke 45.00 QC, 3636/85 This map was prepared from easemen t s on file in the Brazos County Clerk's Office and from information provided by pipeli ne c ompanies and is intended to show the approximate location of easements. It is not intended to be used for conveyance of properly . Ocil• W. Col-orod ood wif•, Rebo J. Con rod 28.25 oc:. 460/505 flyiocJ Ail:• ROllCh Ltd. 28.25 QC. 3767/237 Ci1r ol Coa.91 Stotlcu> 1.99 QC(M Vol.3310,Pg.321 Clt1 ol Cok~ Stotlon 4G .&0 CK:rH Vol. 3310, P9. 321 ""' O~l~ ~.C~lle8.:115b\,~ Vol. 4443. Pg . 17 CHr of Coll•9• Stotlon U .l2oc:rn Vol . 4443, Pg. 20 ··.':I ···~· ... {~). Barron Park Subdivision Plat -ol. 939, P9. 209 "''' Brazos Volley Solid Waste Management Agency 75 .17 oc . 12 35/59 Cll.r ol coa..;,. StoUon 45,I OC:rll Vol . 3900, Pg. 230 Cit1olCol•Stotlon 711.JllOC:rH Vol. 3900, PQ . 223 __ .,.._ (o .. mtnt Nole•: A11 .. llllngn1-11ondb\.llffldutllitM1ll'IO)' not boo lhown on 11111 plot. Tu. Mltc:hell 901 plpellneti •ere IMtohd b)' Producer'• Co1 Co. ONJ/0< fergulOfl Bur1n«o Co<.intr Gc11 Gclthtrrhg Sy1tam. Th1lolowlt\Q..0H""1!llot1notd11cribed 1ulric:ilnUy lo klcot.onthegmuncl: ~5i1,'"C:.' 5~f'M,3-0 ~' £011menl1 "°"534,pg, 119 flf'guton eun .. on Co . Go• Coth•ring S11t•m 'IOI. 2085, "· 114 -20' £oument Easement Location Map Rit c hey T roct Thomas Caruthers League Brazos County, Texas June 2005 May 26 , 2005 "'! To: ' From: August 8, 2005 Consent Agenda Item #12.8 Real Estate Contract for the Purchase of Property to be used for the Spring Creek Electric Substation, Greenways and Spring Creek Corporate Campus Glenn Brown, Acting City Manager Mark McAuliffe, Land Agent Page l ot l Agenda Caption: Presentation, discussion, and possible action approving a real estate contract that will authorize the purchase of 100.6 acres of land needed for the Spring Creek Electric Substation, Greenways and the Spring Creek Corporate Campus. The property is owned by Willis Ritchey, Peggy Ritchey and their two sons, John David Ritchey and Thomas Glenn Ritchey. The land is located adjacent to the existing Spring Creek Corporate Campus site on the east side of the SH 6 Bypass, north of Greens Prairie Road in southern College Station. The purchase price is $521,250. Recommendation(s): Staff is recommending that the contract be approved, which will authorize the purchase of 100.6 acres of land needed for the Projects . Summary: The primary purpose of purchasing this property is to provide land for an electric substation. We need this to continue the reliability and growth demands in the southern part of College Station and to continue to provide high quality service. The remainder of the land as part of the purchase will be used for the greenways and additional property for the Spring Creek Corporate Campus. The property is owned by Willis Ritchey, Peggy Ritchey and their two sons, John Dav id Ri tch ey an d Thomas Glenn Ritchey. The land is located adjacent to the existing Spring Creek Corporate Campus on the east side of the SH 6 Bypa ss , north of Greens Prairie Road in southern College Station . Budget & Financial Summary: The purchase price for the property is $521,250 (Five Hundred Twen ty One Thou sand T w o Hundred Fifty Dollars). In addition, closing costs and assoc ia ted expen ses (s urveying, etc) hav e been estimated to be $20,000 (Twenty Thousand Dollars). Additional expenses associated with the acquisit ion are estimated to be $10,000 (Ten Thousand Dollars). Funds are available and budgeted as follows: Spring Creek Electric Substation: 10 acres $112,500 + closing costs (22%) Electric Capital Projects Fund Spring Creek Corporate Campus: 13.6 acres $153,000 + closing costs (29%) Business Park Capital Project Fund Greenways: 77 acres $255,750 +closing costs (49%) Drainage Utility Fund Attachments: 1. Project Map 2. Real Estate Contract http :// agenda . cstx. gov /2 005 /0 5 0808 / core%2 Oservices/12 %2 08 %2 Osprink%2 Ocreek %2 0el e... 5/20 /20 08 May 26, 2 00 5 To: From: August 8, 2005 Consent Agenda Item #12.8 Real Estate Contract for the Purchase of Property to be used for the Spring Creek Electric Substation, Greenways and Spring Creek Corporate Campus Glenn Brown, Acting City Manager Mark McAuliffe, Land Agent Page 1of 1 Agenda Caption: Presentation, discussion, and possible action approving a real estate contract that will authorize the purchase of 100.6 acres of land needed for the Spring Creek Electric Substation, Greenways and the Spring Creek Corporate Campus. The property is owned by Willis Ritchey, Peggy Ritchey and their two sons, John David Ritchey and Thomas Glenn Ritchey. The land is located adjacent to the existing Spring Creek Corporate Campus site on the east side of the SH 6 Bypass, north of Greens Prairie Road in southern College Station. The purchase price is $521,250. Recommendation(s): Staff is recommending that the contract be approved, which will authorize the purchase of 100.6 acres of land needed for the Projects. Summary: The primary purpose of purchasing this property is to provide land for an electric substation . We need this to continue the reliability and growth demands in the southern part of College Station and to continue to provide high quality service. The remainder of the land as part of the purchase will be used for the greenways and additional property for the Spring Creek Corporate Campus. The property is owned by Willis Ritchey, Peggy Ritchey and their two sons, John David Ritchey and Thomas Glenn Ritchey. The land is located adjacent to the existing Spring Creek Corporate Campus on the east s ide of the SH 6 Bypass, north of Greens Prairie Road in southern College Station. Budget & Financial Summary: The purchase price for the property is $521,250 (Five Hundred Twenty One Thousand Two Hundred Fifty Dollars). In addition, closing costs and associated expenses (surveying, etc) have been estimated to be $20,000 (Twenty Thousand Dollars). Additional expenses associated with the acquisition are estimated to be $10,000 (Ten Thousand Dollars). Funds are available and budgeted as follows: Spring Creek Electric Substation: 10 acres $112,500 +closi ng costs (22%) Electric Capital Projects Fund Spring Creek Corporate Campus: 13.6 acres $153,000 +closing costs (29%) Business Park Capital Project Fund Greenways: 77 acres $255,750 +closing costs (49%) Drainage Utility Fund Attachments: I. Project Map 2. Real Estate Contract httn ://a1Zenda .cstx.gov/20 0 5/050 808 /Core%20Services/12%208%20Sprink.%20Creek%20... 3/15/2019 CITY OF COLLEGE S TA~l~O:N~~~~~---_.,~..----pS~~ the heart of the Research V alky ___ , _______ ·---- Proposed Real Estate Transaction Summary This document has been prepared in an effort to memorialize verbal discussions and negotiations. It is information for the attorney(s), who will be asked to prepare a formal Real Estate Contract. Nothing in this document is binding upon any party or signatory. This is not a binding real estate contract or agreement. Parties to the Agreement Seller: Buyer: Willis S. Ritchey Peggy Ritchey Thomas G. Ritchey John D. Ritchey City of College Station, Texas Mark McAuliffe, Land Agent Sign and Date General Information Tract Name: Ritchey Property Owner: Willis Ritchey, Peggy Ritchey, Thomas G. Ritchey and John D. Ritchey 4200 E. Rock Prairie Road College Station, Texas 77845 979/690-7000 Attorney for Seller: Jay Don Watson COCS Department/ Representative: Director of Public Utilities Director of Public Works Director of Economic Development Property: 100.6 acres (approximate size) 74 acres Flood / 26.6 acres usable Title to Convey: Fee Simple Estate Conveyance Doc: Special Warranty Deed Title Company: Lawyers Title Company of Brazos County. Tract No.: N/A Project Name: Spring Creek Electric Substation, Greenways and Spring Creek Corporate Campus Department Approval Purchase Price: $521,250 (Five Hundred Twenty One Thousand Two Hundred Fifty Dollars) Minerals: Seller will retain mineral estate Sold As-Is? See Next Page GF#~~~~~~~~~ P.O. BOX 9960 110 1 T EXAS AVENUE COLLEGE STAT ION • T EXA S • 77 842 979.7 64.35 00 www.cstx.gov Property Descri ption: Approximately 100.6 acres of land lying in the south corner of ' the W.G. Ritchey tract in the Thomas Caruthers League, College Station, Texas, more particularly described by Exhibit "A" and Exhibit "B", wh ich are attached hereto. The exact description (survey and field notes) to be prepared by a surveyor and approved by Buyer and Seller. Purpose and Potential Uses of the Property : Electric substation, electric transm ission and d istribution, sewer fac i lities, all other utilities, greenways, open space, economic development, any other uses -including resale. Property use will be restricted against manufactured housing and landfill purposes . General Terms and Conditions of the Transaction Purchase Price: $521,250 (Five Hundred Twenty One Thousand Two Hundred Fifty Dollars) • The price listed above has been calculated as follows: Flood plain 74 acres @ $3,000 I acre = Non Flood Pla i n 26.6 acres @ $11,250 / acre = Total 100.6 acres $222,000 $299.250 $521,250 Price Adjustment: If the on-the-g r ound survey determines the size of the property to vary from the estimated size of 100.6 acres, the purchase price shall be adjusted accord i ng to the actual amount of land purchased. The property determined to be within the 100 year flood plain boundaries will be priced at $3 ,000 per acre. The property located outs ide the 100 year flood plain boundaries w ill be priced at $11 ,250 per acre . Closing: Closing shall occur within 60 days of the effective date of the contract. Survey: Buyer, at Buyer's expense, will survey the property . Approval: City Manager and City Council approval is required Title Policy: Paid by Sellers and delivered to Buyer at closing Escrow Fee : Fee to be shared equally by both Buyer and Seller Title Encumbrance: Seller, at Sellers expense, will clear all title objections and encumbrances. Mineral Surface Waiver: Seller, at Sellers expense, will provide mineral surface waivers from all mineral owners. If Seller fails to provide mineral surface waivers, then Buyer, at Buyer's sole discretion, shall have the option to cancel and void the contract . Buyer shall assist Seller in discussions with Anadarko Petroleum Corporation, but such assistance by Buyer shall not relieve Seller from it's obligation to provide mineral wa iver. Deed: Deed shall be prepared by Buyer at buyers expense. Seller shall have the opportunity for review and approval of Deed prior to approving the contract . Page 2 of 3 Real Estate Commission: Seller and Buyer agree that there is no real estate commission to be paid as a result of this transaction. Should Seller choose to pay a brokerage fee or commission, then three percent (3%) of the gross sale price shall be paid to Buyer. Property Condition: Upon review and approval of both the Buyer's and Sellers' Legal counsel, property to be sold with an "as-is" provision included in the deed. Environmental Report: Buyer, at Buyers expense, may perform an environmental study and any other investigations to assess the physical condition of the property . If transaction does not close, Buyer shall repair any and all damage caused to the property as a result of the environmental study. Fence: Within 90 days after closing, Buyer to install a along the northern property line (dividing the 100.6 acre tract from the balance of the Ritchey Property). Fence shall have the following specifications: • 5 Strand/ 12.5 gauge American Barb Wire • Cemented corner posts and brace posts will be treated wood with 8" tops • Posts to be spaced at 10' intervals. • In-line posts shall be metal t-posts. • Every fifth in-line post shall be treated wood. • 10' wide tubular metal gate at location agreed upon by Seller and Buyer. Trash Dump: Seller has advised Buyer of an existing trash dump on a portion of the property in which trash from the home, farm and ranch has been deposited. Possession and Use of Property: Upon full execution of the contract by all parties, the Seller will convey possession and use of the property to Buyer for site preparation work for the electric substation and the electric transmission lines. The rest of this page has been left blank intentionally. Page 3 of 3 Exhibit A -Property Description Proposed Electric Sub-Station Site W.G . Ritchey Tract Thomas Caruthers League College Station , Texas IEXHIBIT•Aj All that certain tract or parcel of land lying and being situated in the Thomas Caruthers League, Abstract No. 9, in College Station, Brazos County, Texas, being a part of that 341.60 acres described in deed to W.G. Ritchey and wife, Sybil D . Ritchey recorded in Volume 237, Page 29 of the Deed Records of Brazos County, Texas, being approximately 100 .6 acres of land lying in the south corner of the said Ritchey tract, bounded on the southeast by that City of College Station 45 .1 acre tract described by deed recorded in Volume 3900, Page 230 of the Official Public Records of Brazos County, Texas, and that City of College Station 78.36 acre tract described in Volume 3900, Page 223 of the Official Public Records of Brazos County, Texas, on the southwest by the Barron Park Subdivision described by plat recorded in Volume 939, Page 209 of the Official Records of Brazos County , Texas, and that 1.99 acre tract descri bed by Qu it Claim Deed to the City of College Station recorded in Volume 3310, Page 321 of the Official Public Records of Brazos County, Texas, and on the north by a line drawn from the southwest corner of the City of College Station 66.32 acre tract described by deed recorded in Volume 4443, Page 20 of the Official Public Records of Brazos County, Texas, to a fence corner in the northeast line of the said 1.99 acre tract in Volume 3310, Page 321, located Southeast -185 feet from the common corner of the City of College Station 46.60 acre tract described in Volume 3310, Page 321 of the Official Publ ic Records of Brazos County, Texas, and the M.D. Wheeler LTD 70.39 acre tract described i n Volume 3007, Page 341 of the Official Public Records of Brazos County, Texas . • m -- <;,-Y }r'l':N'J l S"}"ll'llt<'?S""°'11 i l1:.• 09 t •C •l1<J t1<1 :>Iii JO i l'IO 1 •t-S .. 0°101<;;-""S "•1>.-.J puo-•tt ou .. ~:,.-~t 'o" .. o-to1s M ••o:i10 •1>) o•z .~ ... °?t,~·- ...,....,1~ -~ ... ),..Al') \./ , .. 6 .t '='~' "'" A • ..,:::::..::;.j';,,.,..., '"""'"',.s '•""""'':o •& €0.! "6-:i '6\6 ·10 vO·S '"•PQnS 'IJ0d G.: b., t n•,.,... U•>O ~t ·;g .. ~10:1; •I> ..... .) •" ·~:i ••C .!~ .. ·,.~~( "'" 011 .......... 0 .. _ ... -::::;-~--.;:.:..::..·~ --.:;:.'·~ti : . .r..t.:: ---..!.':::..::=.~ -:-:..-=-~-;;.z_-: .. =?,?_:'~~:~ ::_"".;::::-:. :-,:;.:....:::::.·..: -..-:.-~..::::.: ::-:--~~ --·!~':...""_."7:~ ::-:::.. -= ~~=-.::?..~:F::== ' . ___ ,, ..... -... -·-! r.z e.d ·a~ ·,o,., u .,o 09 "••t ... '"" .......... .... ~~.1111 o ro's .• , .• -A .... "!"11 , .. ' / / January 2, 2003 John Fedora Fedora Development Services, Ltd. 1726 Harvey Mitchell Parkway, Suite C College Station, Texas 77845 RE : Ritchey Dear Mr. Fedora, I have reviewed your December 22 proposal for the purchase of greenway and upland acreage from the Ritchey family. The City's appraiser valued the greenway property at $2,450 per acre and the non -flood area at $7 ,000 per acre. Your proposed acquisition price is eleven times greater than the appraised value for the greenway property and four times greater for the upland areas . You have offered no explanation for the escalation in the appraised value therefore we are declining your counter offer. As I had explained in previous correspondence, the City staff do not have the authority to agree to your additional demands regard i ng the proposed Master Development Plan. The issues you have presented will need to go before the Planning and Zoning Commission as well as the Parks Board before anything is presented to City Council. Sincerely, Judith A. Downs Greenways Program Manager Cc : Mark Smith Mark McAuliff e Jan Kee Steve Beachy Kim Foutz Roxanne Nemcik December 22, 2002 Judith Downs City of College Station 2613 Texas Avenue FEDORA DEVEWPMENT SERVICES, LTD. 1726 Harvey Mi~hell Parkway Suite C College Station, Texas 77845 979-587-2552 979-680-8642 (fax) College Station, Texas 77842 RE : Land Purchase Proposal -commonly referred to as "Ritchey Land" Dear Judith Downs : The City of College Station has presented certain offers to the Ritchey family for the purchase of portions of their land . These offers have included your offer to buy the southern most portion of the property, and more recently, an offer from Mark McAuliffe to use a thirty acre tract along Rock Prairie Road as a city cemetery . All offers for any portion of the Ritchey land are respectfully declined by the Ritchey family . The Ritchey family has entered into a partnership with Fedora Development Services, Ltd. ("Fedora") for the development of the subject tract . Fedora is named as managing partner and thus, Fedora or his representative will be directing any discussion regarding the development of this tract of land and/or potential sale thereof to the City of College Station. Pursuant to Fedora's meeting with the City of College Station on December 7, 2002 whereby Ash & Browne Engineering, Inc . presented a Master Development Concept for the city's comments and our further conversation of Friday, December 20, 2002, please allow this letter to serve as Fedora's proposal to the City of College Station, subject to prior sale, for portions of the subject tract. Description of land : Being 14 7. 00 acres of land, more or less, located within the Thomas Caruthers Abstract 9, Brazos County, Texas . Said land being a portion of that certain 341.6 acre tract of land, more or less, conveyed to Willis G. Ritchey, and wife Sibyl D . Ritchey, by deed from J.W. Outlaw Jr. dated May 21, 1964, recorded in Volume 237 Page 29, Deed Records of Brazos County, Texas . For descriptive purposes, the subject tract is depicted as Tract A on the attached Exhibit "A", actual acreage amount shall be determined by later survey. Final acreage shall be determined by mutually agreed survey . Curative Period: City of College Station shall have thirty (30) days for purposes of curative and review period from the date of the signed Real Estate Contract. This shall be followed by a five (5) day curative period . Such period shall be utilized for the city to obtain, at their sole expense: 1. Commitment of Title Insurance 2. Land Title Survey 3. Level I Environmental Site Assessment 4 . Other matters deemed by the city necessary for closing City Proposal 1 In the event title matters are not cured and the city agrees to purchase the land pending further curative work, no more than twenty percent (20 .00/o) of the total purchase price shall be escrowed in an interest bearing account pending resolution of such curative matter. Purchase Price: Total purchase price of $4 , 187 ,750 .00 for 147 acres of land , more or less . Final acreage shall be determined by mutually agreed survey . The City of College Station has surveyed the property for past purchase offers . This survey has not been independently verified by the Ritchey family or Fedora, and thus, we hold judgment as to its accuracy . There is considerable acreage depicted as floodplain on the city 's survey that is actually developable acreage as much of this acreage exhibits a less than one percent ( 1. 00/o) grade elevation . For purposes of this proposal only, the city survey contains approximately 85 acres of flood plain land, thus leaving approximately 62 acres of developable land . The total price is based upon the value of flood plain land at $27 ,750 .00 per acre and developable land at $29,500 .00 per acre . Other Considerations: Additional items to be placed within the proposed Real Estate Contract : 1. Seller shall be Fedora Development Services, Ltd. 2 . General real estate taxes on the property for current year shall be prorated. 3 . City shall be responsible for all , if any , roll back taxes. 4 . Warranty Deed shall convey surface estate only, reserving any and all mineral rights to the property. 5. City shall pay all escrow fees associated with sale. 6 . City shall supply Title Policy at their expense. 7 . City shall be responsible in obtaining mineral surface waivers, if needed, at their expense. 8 . The conveyance shall be made subject to a surface usage reservation by the Ritcheys describing that the sold property shall not be utilized for city landfill, cemetery, or sewage plant. 9 . Land conveyed subject to all exi sting documents of record at Brazos County courthouse. 10 . No broker fees are applicable to this purchase. 11 . City shall waive all future park fees for future development on the parent 331 acre tract of land, more or less . Elements of Master Development Plan on remainder of acreage : The attached Exhibit "A" depicts the Mater Development concept for the remainder of the property. The city agreement to purchase this land is contingent upon the approval the Master Development Plan as depicted on the attached Exhibit "A". The key elements of this plan are as follow s: 1. The southern most entrance of Barron Road shall be located at the common boundary line between City of College Station, Bert Wheeler and Ritchey land. 2 . The north eastern right of way for Barron Road shall include the existing gas lines that are currently located along the ri g road exiting to the north east of the property . City Proposal 2 3 . Lakeway Drive shall proceed from the College Station Business Park in a north westerly direction through the property and on the north side of the existing salt water disposal well . 4 . Areas "B" and "C" shall be zoned R -1 single family usage. 5 . Commercial tracts depicted as Area "D" along the intersection of Rock Prairie Road and Barron Road. Additional commercial tracts depicted as Areas "E", "F ", "G " and "H'' along the intersection of Lakeway Drive and Barron Road . These shall be zoned C-2, C -3 or C4. 6 . City will work with Fedora's engineering firm to design a drainage system sufficient for future development. This may require a retention pond/soccer/baseball field to be constructed on the subject property to be constructed at Fedora's expense. 7 . No additional acreage in Areas "B" and "C" as depicted on the attached Exhibit "A ", shall be required for park usage for further development. This proposal is respectfully submitted to the City of College Station and is effective for a period of thirty (30) days from the date of this letter, unless further extended in writing by Fedora. Sincerely, Willis S. Ritchey Fedora Development Services, Ltd . Jl-'::f-~ John Fedora City Proposal 3 ·-· .1 .• , Exllibit "A " Purcllase Proposal-"Ritclley Property" Area MN ~ ZDNEDC-1 62.ltllAC THSS DOCtMllTIB RA£ASE0 FOR ~~OF REV1EW AAO COMllEMf OHL y UNDER THE AUT1fOR!lY OE TI4E FOLLOWING : Hlll'M : J. DALE BROWNE, JR., P .E . P.E. t4o-: 11el0 Data:~ SCALE : 1-= 800' ·: 05 100 2 -C1C1-~ -0 1 Area~£" RflMJCOMM.. -~C-t at#I N;\ RETNUCOMM. Z014EOC-f *'~AC Area ~G" RITCHEY DEVELOPMENT ) The City of College Station, Texas Embracing the Past, Exploring th e Future. P .O. Box 9960 • 1101 Texas Avenu e • Coll ege Station, TX 77842 • December 18 , 2002 John Fedora, Operating Manager Fedora Development Services , Ltd . 1726 Harvey Mitchell Parkway, Suite C College Station, Texas 77845 RE : Wyllis Ritchey Greenway Dear Mr. Fedora, www .c i .co ll ege-stati on. tx. u s (979) 764 -3500 City staff met yesterday to discuss the purchase of greenway property owned by the Ritchey family . We discussed our original offer to purchase and the terms of sale you delivered to my office on December 9th . Department staff do not have the authority to agree to the terms set forth , specifically : Land Usage : 1. The City has no intentions of placing a cemetery, sewage plant or landfill on acquired greenway properties . We are unaware of any City department pursuing plans such as this on any of the Ritchey property. 2 . Any discussions of City Park matters will need to go before the Parks Board . 3. Any land usage determinations will need to go before the Planning and Zoning Commission as well as City Council. Park Fees : I . Discussions of Park fees will be required to go before the Parks Board . The requirements for parkland dedication are set forth in Section 10 of the City 's subdivision regulations . Sewage : 1. Staff from College Station Utilities were not present at the meeting . You will have to discuss these needs with them. H o m e of Texas A&M Universit y ) Thoroughfare Plan : 1. The City 's thoroughfare plan and the recent Small Area Plan (Triangle Study) have been approved by both the Planning & Zoning Commission and Cit y Council. Minor adjustments may occur once development plans for the Business Park and/or other private developments are presented for consideration to these Boards. 2 . The City real estate agent is pursuing right of way acquisition for approximately 300 feet of right of way east of Highway 6 . We have no intention of obtaining further right of way easements at this time . Drainage : It is the responsibility of the developer to assure proper drainage . Truces : According to the City attorney 's office, the roll back tax issue would not be applicable in the purchase of greenway property by the City. We are still interested in acquiring the 140.44 acres of property as originally discussed and proposed to the Ritchey 's. We would appreciate a response or counter offer within 30 days . If no response is received , we will consider the offer rejected . Sincerely, Greenways Program Manager Cc: Mark Smith, Director of Public Works Kim Foutz, Director of Economic Development Steve Beachy, Director of Parks and Recreation Jane Kee, City Planner Roxanne Nemcik, Senior Assistant City Attorney an~ Af(r'i~ otn&:' 1f 1 IO~ 11~10~ Public Works ~dmin istra tion o Engineering o Facility Maint enance o Fleet o Sanitation o Streets/ Drainage o Traffic Signal s (company pame) This FAX is being sent to you from:. ____________ _ -This fax contains _b___ pages including the cover sheet, please call if you didn't receive all the inf onnation. City of College Station Public Works Department P.O. Box 9960 2613 S . Texas Avenue College Station, TX 77840 (979) 764-3690 FAX: (979) 764-~489 FEDORA DEVELOPMENT SERVICES, LTD. 1726 Harvey Mitchell Parkway South, Ste. C College Station, Texas 77845 January 8, 2003 Judith A. Downs · Greenways Program Manager City of College Station 1101 Texas Avenue College Station, Texas 77842 RE : Ritchey Dear Ms. Downs : (979) 587-2552 By way of explanation for an asking price that exceeds your appraiser 's opinion of value, enclosed please find evidence of land prices paid by the City of College Station in the immediate Ritchey area . The appraised amount referenced in your letter dated January 2nd was discussed in the meeting of December 22, 2002 and it was the consensus of all parties present, including Mark Smith, that the appraised values were greatly underestimated . Within the last six (6) weeks, several contracts have been placed on adjacent properties . If you or your appraiser will research these contracts, you will find that the values given in our proposal are justified . Specifically, the tracts are Thomas Barker, Jim Easterling, M . D .Wheeler, Ltd., and Edward Uvacek . Regarding the conditions related to the Master Development Plan and future development, we understand that they must be handled in accordance with proper procedural requirements . Our position is that they are conditions which must be satisfied before closing the sale . s(~c0rely, ~edora Operating Manager JDF/dc Cc : Mark Smith Kim Foutz r <lg~ 1 U l L. Agenda Item Cover Sheet Agenda Item #14. 7 x Regular Item Consent Item Workshop Item Item Submitted By: K. Foutz , Director of Economic Dev . Council Meeting Date: July 13 , 2000 Director Approval: ·· City Manager Approval: . Item: Discussion and possible action on a real estate contract between the City of College Station and Jerry Windham and Frank Thurmond. Item Summary: The real estate contract provides for purchase of approximately 123 acres generally located at the corner of Greens Prairie Road and State Highway 6. This site acquisition is for future development of a 339 acre Class "A" type bus i ness park. The parties of the real estate contract agree that the purchase price for the Thurmond/Windham property is $1,635,220 in cash plus a land exchange (total purchase price of $2,045,220). The land exchange includes approximately 41 acres to be transferred from Thurmond/Windham to the City of College Station and approximately 36 acres (adjacent to and east of Pebble Hill s subdivision) to be transferred from the City to Thurmond/Windham. The a11praised value of the Thurmond/Windham tract is $2,0~0,000. f /b,P 7 /¥-- Item Background: In its Strategic Planning process, City Council identified the need to develop plans for future business parks in College Station to increase the d iversity of the College Station economy. These plans include acquisition, master planning, development, recruitment and retention for a new Class "A" and Class "B " business park (Vision Statement 7, Strategy lb). Staff is currently negotiating on land for a Class "B" Park. Budgetary and Financial Summary: The total proposed purchase is $1,635,220 and wou ld be funded from Electric and Water Utility Working Capital. A budget amendment authorizing appropriation of funds for this project will be presented at a future City Council meeting. Staff Recommendations: Staff recommends that City Council approve the real estate contract contingent http ://www2 .ei .coll ege-station .tx..us/counci1Agendas/2000/000713/14 .7 .htm 12/8/2002 Pagel of 2 Agenda Item Cover Sheet Agenda Item #11.13 Regular Item x Consent Item Workshop Item Item Submitted By: K. Foutz, Director of Economic Development Council Meeting Date: August 23 , 2001 Director Approval:· City Manager Approval: 1··· .... ~1 . ~~-~J..~----~~ .. Item: Presentation, discussion and possible action on a Real Estate Contract between the City of College Station and Louise Marsh Reeves, individually and as Trustee of the Marsh-Reeves Trust, John Emory Marsh, Jr., Robert Emory Reeves, and Marsha Reeves Duemke for property generally located near the corner of Greens Prairie Road and Highway 6. Item Summary: This Real Estate Contract exercises the City's option to purchase approximately 36. 9 acres generally located at the corner of Greens Prairie Road and State Highway 6. This site acquisition is for future development of a Class "A" type business park and greenway. This 36-;9 acre tract is needed to provide g 1 sufficient acreage for larger economic development prospects. J.7)oO/Act:E The parties of the Real Estate Contract agree that the purchase price for the Marsh-Reeves property is $1,000,000.00; $500,000 will be paid upon closing and the remaining $500,000 will be placed in escrow to be paid at the time the seller resolves encumbrances (easements) currently on the property. Item Background: In its FY 2000-2001 Strategic Planning process, City Council identified the need to develop plans for future business parks in College Station to Increase the diversity of the College Station economy. These plans include acquisition, master planning, development, recruitment and retention for a new Class "A" business park (Vision Statement 7, Strategy lb). This Real Estate Contract was originally attached to the Option Contract which was approved by City Council on June 28, 2001. The only change that has been made to the Real Estate Contract originally presented to Council is language addressing the escrow and related encumbrances. http://www2 .ei .college-station .tx.us/councilAgendas/2001/010823!W%20Reeves/real ... 11128/2002 rage 1 OIL Agenda Item Cover Sheet Agenda Item #11.11 Regular Item x Consent Item Workshop Item Item Submitted By: Mark Smith , Director of Public Works Council Meeting Date: November 21 , 2002 : I ! f;-Signed by ~..t Smrth (2) I Director Approval: I ~l'.·,.""r-.,.. ........ )Uu~/~!5Cj -& ____ _E;,Si9t1ed ~ Jl>o!n'as,VBrymer~ City Manager Approval: yeyif;:"~CJtv ~.~Vli ~ . . p ·.· Item: Presentation, discussion and possible action on a Real Estate Contract between the City of College Station and Louise Marsh Reeves, individually and as Trustee of the Marsh Reeves Trust, John Emory Marsh, Jr., Robert Emory Reeves, and Marsha Reeves Duemke for greenway property generally located near the intersection of Greens Prairie Road and Highway 6. Ite ummary: This Real Estate Contract is for the purchase of Sa6 acres of .iority 1 reenway property on the.;,South Fork of Lick. .. Creek. The southern . 71 po on o the greenway property was previously purchased by the City in JL2S, :tt/1. conjunction with property acquisition for the Class "A" type business park. 'Vtf~ AC?!.~ The parties of the Real Estate Contract agree that the purchase price for the Marsh-Reeves property is . $211,213.00. The sale will not be closed until all of the necessary surface waivers have been obtained. This acquisition is consistent with Strategic Plan Vision #2 Strategy #3. "We will integrate the community with a system of greenways and bikeways." Item Background: The acquisition of this parcel of greenway property is specified and prioritized in the City's 1999 Greenways Master Plan. The South Fork of Lick Creek east of Wellborn to the confluence with the Main Channel is the identified #2 priority acquisition. Budgetary and Financial Summary: The total proposed purchase price is http ://www2 . ci . college-station . b e us/ council Agendas/2002/0 21 121 /Marsh%20Reeves%20 ... 11/28/2002 01/31/2003 14:14 .JOHN M. H~MILTON , MAI MICHAEL. J, l"l,li:MING 9797318809 JOHN HAMILTON -····· •••••• JOHN M. HAMILTON INCORPORATED RE:AL ESTATE' APPRAISDl5 AND CONSULTANTS TO: FROM: SUeJEi.CT: DATE: MEMORANDUM JUDY DOWNS GREENWAY$ PROGRAM MANAGER CITY OF COLLEGE STATION JOHN M. HAMILTON, MAI JOHN M. HAMILTON INCORPORATED RICHEY JANUARY 30, 2003 PAGE 02 . _,__.__ ----- --· ----·-. --·· Judy, As we discussed , the appraisal of the subject property was of a 341.06 acre parcel with 85 acres or :t25% In the nood plain. The proposed greenway tract is 140.44 acres with 85 acres or 61% of It batng d•stgnated nood plain. Th@ tract fronts on Rock Prairie Road. Utilities Include community water and no sanitary sewer. I have Included copies of the sales the Fedora letter references, plus a newer one. The following table summ~rizes theee eales. One 10/02 4 $1.85 psf Fronts Hwy. e, has •II public utilities on site. (By•paH Land Partners to G.A. Ricks) Two 7102 2.498 $2.57 psf Fronts Hwy. 6, has all public utllHies on site. (Thomas Barker • Ronald Smith) Three 7101 5 $19,500.00 City water, eanltary sewer to be extended from adjoining traet (Cornerstone Fre.wlll Baptist to M.D. Wheeler Ltd.) Four 6/01 19.61 $7,841.00 Rock Prairie near Hwy. 6, utllltles available (Ed Uvacek to e.e. Savage, Ill) Five Under 17.33 $30,000.00 Vlslblllty from Hwy. 8 on Rock Prairie; Contr;l!Ct water and sewer across Rock Prairie Ed Uvacek • Seller 3111-.UCMaT-W.•UnE1tt (97912 .. ·0200 •FAX (979)7'.lt ·ao9 l!l~YAN , TX 7780Z 01 /31/2003 14:14 9797318809 JOH N HAM ILTO N -····· •••••• PAGE 0 3 In each instance, thesie sales were not remotely comparable to the subject The major differences being the ~ize of 2 .5 acres, 4 acres, 5 acres. 17 and 19 acres as compared to 341 acres. Each had supelrior location, visibility and the availability of city water and sanitary sewer is a major adjustment; To even consider these as comparables Is ludicrous. As to the comments r~arding the city's purchases; they have a tar superior location as it relates 'o existing de~lopment and vis ibility and once again the availability of city utilities . If you need anything alse please do not hesitate to call. MARKET DATA NUEER ONE -VACAJtf LAND CONSIDERATION: CASH EQUIVALENT: FINANCING : DATE OF SALE: RECORDING DATA : GRANT OR : GRANTEE: LEGAL DESCRIPTION : Size : Lot: Block: Addition : City: County : State : PROPERTY 1.0 . #: MAP 1.0 . #: LOCATION : SHAPE : ZONING : CURRENT USE : UTILITIES : REMARKS : JOH N HAMILTON $322,344.00; $1 .85 per square foot NIA C••h to Seller October 3, 2002 PA GE 04 Volume 4883 , Paga 222 , Brazos County Deed Records By Paas Land Partners, LP Gregory A. Ricks 4.0 acres (174 ,240 sq .ft.) 2 1 Hartey College Station Brazos Texas R108126 276-352 Wester1y line of Hwy . 6, just north of Barron Rd . Rectangular C-1 General Commercial V•e.nt -has storage shed on property All utilities available at the site PAVED ANO UNPAVED ROADWAYS, BUILDING FOOTPRINTS, VEGETATION ANO OTHER BASEMAP INFORHlllTION ~AE OEAIVEO FROM AERIAL PHOTOCRAPHS TAK'N IN 1qq~. ™' AOORESSES SHOWN l<l:RE ASS!ONEO ev THE CITY OF COLLEGE STATION. -tb' '911 '· THIS MAP HAS 9€EN PAEPAAEO FOR THE USE OF THE BRAZOS COUNTY APPRAISAL DISTRICT ANO HAS NO OFFICIAL STATUS. THE PROPERTY LINES SHOwN ARE MEANT FOR GENERAL LOCATION PURPOSES ONLY ANO ONLY AT THE PAINTED SCALE. . . ' .. \ -.. ' ... "; ( ' . \ 90 39tld THIS MAP OOES NOT 1-EET NATIONAL MAr ACCU~ACY STANOAAOS AT JTS PUeLISHEO SCALE. I ' / ,;~. ~ . ~~ ~.. ·¢> .... , ~~ ~1~Q,(ti';t-~ "' <.,°"''..{? ¢)1,¢>(ti:~~~"' Gj -0 NOllIWtlH NHDr -.. I '• ,.J;" , ,. I o t '•' ~ ' ..... i 1-;-i : I I , ... ~ ,, ·,·: .... ,_ ... I 1•i•1 '"" ·I I I -i-"!.t.. ....... . '!.,_. __ I I' I o t .. _, ~' 1--... I I ......... ,' ~:-:: 6~88 Ti=:/ F./ F. ~ 3: <..n .:. -...J t:J IS ISl -;~~ !SI ..o rn ISl l> fT1 """'(j r-w..,., fT1 I ...v :0 ISl fTl <SI()') r---I IS;) a ~r=~r ~~~7.IT~IT~ i ... 01/31/2003 14:14 9797318809 JOHN HAMI LTO N PAGE 06 MARKEIT DATA ~UtillJ;R TWO ~VACANT LAND CONSIDERATION: CASH EQUIVALENT : FINANCING : DATE OF SALE : RECORDING DATA : GRANT OR: GRANTEE: LEGAL DESCRIPTION : Size: Lot: Addition : City: County: State : PROPERTY 1.0. #: MAP 1.0. #: LOCATION : SHAPE: ZONING : CURRENT USE : UTILITIES: REMARKS : $280,000.00; $2 .57 per square foot NIA Cash to Seller July 17, 2002 Volume 4735, Page 112, Brazos County Deed Records Thomas Barker Ronald Smith 2.498 acres 1 Cooper's College Station Brazos Texas R112829 276-352 Westerly line of Hwy. 6, just north of Barron Rd . Basically square C-B Commercial Business Vacant All utlllties available at the site • MD WHEELER LTD COLLEGE lD -...J lD -...J w ...... CD CD ~ lD c:.... 0 I z ~ 3: H r -I 0 z 01 /31/2003 14:14 9797318809 JOH N HA MILTON PAGE 08 MARKeJ DATA NUMBER THREE ·VACANT LAND CONSIDERATION : CASH EQUIVALENT : FINANCING: DATE OF SALE : RECORDING DATA : GRANT OR: GRANTEE: LEGAL DESCRIPTION Size: Survey: Abstract: City: County: State : PROPERTY ID#: MAP ID#: LOCATION: FRONTAGE : SHAPE: ZONING: CURRENT USE : UTILITIES : FLOOD PLAIN : $97,500 .00; $19,500 .00 per acre N/A Cash to seller June 27, 2001 Volume 4210, Page 287 Brazos County Deed Records Cornerstone Freewill Baptist Church M.0 . Wheeler , Ltd . 5.0 acres (217 ,800 square feet) R. Stevenson 54 College Station Brazos Texas R13882 273-354, 273-356 Near southeasterly comer of Rock Prairie Rd . and Ear1 Rudder Freeway None Rectangular A-0, Agricultural Open District Vacant City water is available. Sanitary sewer will need to be extended from north of Rock Prairie Rd . along Earl Rudder Freeway serv ice road . None MARKET DATA NUr.eER TWO •VACANT LAND \ / / ~l'ERIC~N SANK ETAL• 7518'4!1 SOH •!500-0102-0010 - ' '-I 14: 14 LSO N, A 8 l HYATLE L l 20. & ACRES 00~•01•003\-0000 9797318809 JICI< CA~!K LTD .t . 7dl& ACRES 0 !1'401-0033•0000 ,·-··1 \ .. ' . .,.., . . \ ' . f' ''" , .. 1 ' r·· ~ I •·• :.· r.-1' •• , 1 , •• v· .• 1• • •• ;1 t 1\ '•-' , L... '--· 1 ._, ~ • I .::. ·--~. , ... { , .. ~ . ._) . JOHN HAMIL TON ~ ~l ~UL~~' TO ttS4Bl·ee•3·8941 -- UVACEK, EDWARD JR 1 7. 31 ACRES 0001'.:l01 -0020-0000 ·- M 0 WHEEL.ER LTD '70. 3'1 ACRES 005"'01·0043·0010 I I ' ··-··-.. .... · ,._ r · r·--) .. , r " I \ I '" I \ 11 r··· ! °' I '•·· 11 ·~, I •'I ' " ) ' I 'd I.. ••• ; ~ '-·· ..... • • "' --........ 01 /31/2003 14:14 9797318809 JOHN HAMILTON MARKET DAT A NUMBER FOUR •VACANT LANO CONSIDERATION : FINANCING : DATE oi; SALE: GRANT OR: GRANTEE: LEGAL DESCRIPTION Size: Survey Name: Abstract No: City: County: State: PROPERTY l.D.#: MAP l.D.#: LOCATION: FRONTAGE: SHAPE: ZONING : CURRENT USE: UTILITIES: FLOOD PLAIN : REMARKS: $150,000 .00; $7,641 .00 per acre Cash to Seller June 27, 2001 Edward Uvacek. Jr. Eugene B. Savage Ill 19.61 acres (854,212square feet) Thomas Carruthers 9 College Station Brazos Texas R10695 and R10696 282-356, 279-354, 282-354 and 279-352 Southerly line of Rock Prairie Road, east of State Highway 6. On Rock Prairie Road Irregular +/-2 acres are inside the City of College Station and are zoned A-0, Agricultural Open, remainder-of tract located outside the City of College Station and such is not zoned . Vacant Land All public utilities are available at the site. None This sale was confirmed by the Brazos County Appraisal District and MLS . --- ·- \ CLARK, ARCHI £ 17. 37 ACRES Q180qQ1 -9"'51 -0091 ·- ' \ SAVAIG£, EUGENE 9 17. 45 ACR£S ~1 -eesa-1111 ·- CLARK, ARCHIE l 7. 37 ACRES erae..i1 -8051 -eee1 ' I I ' I .:...; . / F~. JAtE:S 0 & RUBY S 6Z.•3 ACRES ~l -8923-lill'llle -/ /. \ I f ' (SI ..... "' w ..... "' IV (SI -(SI w ..... ~ ..... ~ -lD ...... lD ...... w ..... CD CD (SI lD c... 0 I z BRAZOS VALLI 68 I ~-~ H r -i 0 z "'{ ·r f:?~F~tJ ·r r·iE·~F~~ ~ /""..--·Ci ..... ..... 01/31 /2 00 3 14:1 4 97973188 09 MARKET DATA NUMBER FIVE· VACNf[ LAND CONSIDERATION : CASH EQUIVALENT : FINANCING : DATE OF SALE : RECORDING DATA: GRANTOR: GRANTEE : LEGAL DESCRIPTION : Size : League : Abstract: City : CQunty : State: PROPERTY l .D . #: MAP 1.0 . #: LOCATION : SHAPE : ZONING : CURRENT USE : UTILITIES: JOH N HAMI LTON $519 ,900 .00; $30 ,000 .00 per acre (see remarks on next page) NIA Cash to Seller Current Listing (as of 1/28/03) NIA Edward Uvacek, Jr. N/A 17.33 acres Thomas Caruthers 9 College Station Brazos Texas R10636 273-356 Southeasterly line of the "old" Rock Prairie Road , just east of Hwy . 6 Irregular R-5 Apartments , Medium Density Vacant The subject property has public utilities available . City sewer will have to be extended along Stonebrook Dr ., located to the north of the subject, ±1 ,600 feet and bored under the existing Rock Prairie Road. Also , the 6" sewer line from which it will connect with would have to be upgraded to at least a 12" line . City water access would available by boring under Rock Pr1irie Road at the north line of th• prop•rty. 01/31/2003 14:14 9797318809 JUHN HAMlLIUN MMKET DATA NU.ER FIVE -VACANT LAND (cont'd) REMARKS : According to the Information provided to our office from the listing agent, Phil Callahan of Re/MAX Realty, the property is under contract for mor. than the Hat price mentioned above . I 01/31/2003 14:14 9797318809 \ \ ......... ,, I ( I •, I ___ , __ ' r I I . r·-·-·-· I { ; JOH N HAM ILTO N ·------·-·------ et00-0Z00 .. l0b000 S3ijJ~ 0C OSI NOI1~1S 3~31lOJ ----··z-•' •' •' ,,..,, ...... ---,,-···-,, '-.......... '' ______ .., ,•' ,. •' ------·· ' I ' I I ' ' I ' ' I '···'·--' I . I ' PAGE 14 l' 1 1 U~\ Un The City of College Station, Texas Embracing the Past, Exploring the Future. P.O . Box 9960 • 1101 Texas Avenue • College Station, TX 77842 • (979) 764-3500 www.ci.college-s tation .tx .us February 3, 2003 John Fedora Fedora Development Services, Ltd. 1726 Harvey Mitchell Parkway , Suite C College Station , Texas 77845 RE : Ritchey Dear Mr. Fedora, I apologize for the length of time it has taken to respond to your January 8 t h letter. I was waiting for feedback from our appraiser , John Hamilton. Mr. Hamilton's response is attached for your review and consideration. The city acquisitions you forwarded with your letter are not comparable to the Ritchey property in terms of size and/ or access to infrastructure. Please let me know if you are interested in discussing the appraised offer any further . Sincerely , Judith A. Downs Greenways Program Manager Cc: Mark Smith Mark McAuliffe Jane Kee Steve Beachy Kim Foutz Roxanne Nemcik H ome of Texas A &M University Tenns of Sale Land usage: 1. No cemetary, sewage plant or landfill located on purchased property 2 . City to build commun ity park on north side of flood plain within City purchased land 3. City agrees with proposed land usage for remainder of property including : a . 3 corners of C-? Commercial at Lakeway Drive and Barron Road b. One comer of commercial at RockPrarie Road and Barron Road c. No other park land needed in remaining Ritchey owned development Park Fees 1. City will waive park fees for all residential/duplex/multi family lots on remaining Ritchey property Sewage: 1. City agrees to temporary usage from Hwy 6 sewage line until Lick Creek Sewage is available Thoroughfare Plan: 1. City agrees with thoroughfare plan for Lakeway Drive and Barron Road as proposed by Ash & Brown 2 . City will help obtain right-of-way and easements for Barron Road in 2004 from Hwy 6 . i.e begin now Drainage issues: City to ensure proper drainage Taxes Buyer shall pay all roll back taxes _._ ""O -... -....... Judy Downs -Ritchey tract From : Jane Kee To: Jennifer Flanery ; Judy Downs; Kim Foutz ; Mark Smith; Natalie D ate: 11/27/2002 1:01 PM S ubj ect: Ritchey tract CC: Kelly Templin Here are my notes form today. We all seem in agreement that this development is not the greatest. It does not follow the Small Area Plan , ignores the greenway and is generally uncreative . Specific concerns are : l . Do we have to zone property after we have made an offer to purchase and it has not been responded to . Can we recommend denial of rezoning the greenways . Whether we can condition the zoning on things like (1) using the floodplain for detention rather than digging and creating a huge pond, (2)possible clustering to maintain the greenway and (3) CONNECTIVITY. 2. Staff and the Corps of Eng . will have concern regarding wetlands and the detention/ fill proposal. Can we get some indication regarding the success of the draingage proposal from the Corps? 3. The alignment of Lakeway needs to match that in the Bss. Park. 4. How will the property be served with sewer -impact fee line, developer using OP or what? The City may be a long time in constructing any sewer line that would ultimately serve this property . 5. Has Parks Board seen this proposal and discussed possible parkland sites in compliance with the Small Area Plan recently adopted? 6. Land uses -particularly the commercial ones are not in compliance with the Small Area Plan. The timing of any multi- family land uses should be after the Busines park begins to develop , thus hopefully precluding the multi-family housing from becoming student oriented. C-1 strip along Rock. Pr. is not desirable nor are the C-1 piecces at the intersection of Lakeway and Barron . If any commercial goes here it should be C-3 and there should be none south and adjacent to the oil well site . 7. Adjacency issues with the closed landfill site. Single fmaily uses are shown adjacent and there should be some condition for buffering or protection. But other than these comments, it's a pretty good plan!! Jane Kee, AICP City Planner City of College Station College Station, Tx. 77845 (979)764-3570 FAX (979)764 -3496 College Station. Embracing the Past, Exploring the Future. 11127/2002 ~( bkJJ~ I t\sl ~ fffi~ B'J( ~n1*;~ . r-11~([,4-1 F~~tH cUv -~Yi rw - Cf7f 5i1 -d55d- ~ ttD-gfp4} Willis S. and Peggy J. Ritchey 4200 Rock Prairie Road College Station, Texas 77845 979-690-7000 November 15, 2002 City Of College Station 1101 Texas Avenue College Station, Texas 77840 RE : Letter Authorizing Representation 341.6 acres ofland, more or less Thomas Caruthers League, Abstract 9, Brazos County, Texas Gentlemen: The Ritchey family has entered into a development agreement with Fedora Development Services, Ltd. regarding our land located on Rock Prairie Road . This letter shall serve~ the Ritchey family 's notice that all issues related to the above referenced land, regarding the purchase or development of the same, shall be conducted by our representative, John Fedora Mr. Fedora can be contacted as follows : John Fedora Fedora Development Services, Ltd. 1726 Harvey Mitchell Parkway Suite C College Station, Texas 77845 979-587-2552 979-680-8642 (fax) We appreciate your cooperation and look forward to working with you in our joint effort to develop this property. Sincerely, Willis S. Ritchey Ritchey 140.44 Acre Tract Thomas Caruthers League College Station, Texas 7 April 2002 Joe Orr, Inc. Surveyors & Engineers 2167 Post Oak Circle College Station, TX 77845 (979) 690-3378 All that certain tract or parcel of land lying and being situated in the Thomas Caruthers League, Abstract No. 9, and the Robert Stevenson League, Abstract No. 54 , in College Station, Brazos County, Texas, being a part of that 341.60 acre tract conveyed to W.G. Ritchey and wife, Sybil D . Ritchey by deed -recorded in Volume 237, page 29 of the Deed Records of Brazos County, Texas, and being more particularly described as follows: Beginning at a 4" square concrete monument found at the common comer of that 45.1 acre tract and that 78.36 acre tract conveyed to the City of College Station, Texas, by deeds recorded in Volume 3900 , Page 230 and Page 223 of the Official Public Records of Brazos County, Texas, in the southeast line of the said Ritchey 341.60 acre tract, from which the City of College Station 1994 GPS control monument no. 138 bears S 20 ° 09' 16" E -4679 .97 feet. Thence S 41 ° 48' 05" W -1086 .09 feet along the line between the said City of College Station 78.36 acre tract and the said Ritchey 341.60 acre tract to a 5/8" iron rod found at a cross-tie fence comer in the northeast line of the Barron Park Subdivision described by plat recorded in Volume 939, Page 209 of the Official Public Records of Brazos County, Texas. Thence along the line between the said Ritchey tract and the said Barron Park Subdivision as follows: N 54 ° 07' 24" W -291 .11 feet to a dead tree in a fence line; N 64 ° 27' 21" W -117.03 feet to a 12" Post Oak tree in a fence line; N 54 ° 53' 54" W -24 .95 feet to a 12" Post Oak tree in a fence line; N 53 ° 19' 32" W -113 .87 feet to a dead tree in a fence line; N 49 ° 26' 59" W -190 .11 feet to a Y2" iron rod found at the common comer of Lots 1 and 3 in the said Barron Park Subdivision from which a Yi" iron rod was found S 41 ° 10' 58" W -690 .66 feet at the common comer of Lots 1 and 2 of said Barron Park and a Yi'' iron rod was found S 41° 09 ' 19' W -1285.96 feet in the northeast right-of-way line of State Highway No . 6 at the common comer of Lots 2 and 3 of said Barron Park. N 49 ° 39' 21" W -36 .61 feet to a 10" Post Oak tree in a fence line; N 47 ° 31' 59" W -30.51 feet to a dead tree stump in a fence line; Ritchey 140.44 Acres Page 1 of3 N 46 ° 41' 31" W -463 .60 feet to a Yi " iron rod found at the common comer of the said Barron Park Subdivision and that 46.60 acre tract conveyed to the City of College Station, Texas , by deed recorded in Volume 3310, Page 321 of the Official Public Records of Brazos County, Texas, from which a Y2 " iron rod was found S 41° 28' 52" W -1293.41 feet at the common comer of the said Barron Park Subdivision and the said City of College Station 46.60 acre tract in the northeast right-of-way line of State Highway No . 6; Thence alon g the line between the said Ritchey tract and the 46 .60 acre and the 1.99 acre tracts conveyed to the City of College Station, Texas , by deed recorded in Volume 3310 , Page 321 of the Official Public Records o f Brazos County, Texas , as follow: N 34 ° 42' 14" W -163.60 feet to an 8" Ash tree in a fence line; N 17 ° 05' 02" W -49 .63 feet to an 18" Oak tree in a fence line ; N 29 ° 03' 53" W -181.86 feet to a 12" Elm tree in a fence line ; N 43 ° 00' 21 " W -425.13 feet to a fence post ; N 53 ° 14' 15" W -492 .99 feet to a fence post; N 59 ° 32' 06" W -119 .84 feet to a fence post ; N 68 ° 14' 21" W -3 .32 feet to a Yi " iron rod with an orange plastic cap stamped "H.P . Mayo RPLS 5045" set for the most westerly comer of this tract ; Thence through the said Ritchey tract as follows: N 41 ° 33' 00" E -735 .24 feet to a Yi " iron rod with an orange plastic cap stamped "H.P . Mayo RPLS 5045" set for comer, from which a 10 " fence comer post bears N 42 ° E -0.8 feet ; S 81 ° 3 3' 09" E -261.18 feet to a Yi " iron rod with an orange plastic cap stamped "H.P. Mayo RPLS 5045" set at an angle point, from which a 9" fence post bears N 9° W -0.6 feet; N 88 ° 12' 07" E -195 .17 feet to a 9" fence post for comer; N 13 ° 52' 26" E -476 .51 feet to a 9" fence post at an angle point; N 32 ° 41 ' 30" E -523 .90 feet to a Yi " iron rod with an orange plastic cap stamped "H.P . Mayo RPLS 5045" set for corner, from which a 7" fence comer post bears N 21" E -1.2 feet ; S 82 ° 00 ' 00" E -815 .78 feet to a 7" fence corner post for comer at a common corner of the said Ritchey tract and that 14 acre tract conveyed to Hoyett Taylor, Jr. by deed recorded in Volume 235, Page 194 of the Deed Records of Brazos County, Texas; Thence S 48 ° 05' 26" E -341 .98 feet along the line between the said Ritchey tract and the said Taylor tract to a Yi" iron rod found at the common corner of the said Taylor tract and that 19.61 acre tract conveyed to Archie P . Clark by deed recorded in Volume 561 , Page 28 of the Deed Records of Brazos County, Tex as ; Ritchey 140.44 Ac res Page 2 of 3 Thence S 48 ° 21' 21" E -250.43 feet along the line between the said Ritchey tract and the said Clark tract to a Y2" iron rod found at the common comer of the said Clark tract and that 19 .69 acre tract conveyed to Eugene Savage by deed recorded in Volume 4198, Page 108 of the Official Public Records of Brazos County, Texas; Thence S 48 ° 32' 07" E -437 .74 feet along the line between the said Ritchey tract and the said Savage tract to a Yi'' iron rod found at the common comer of the said Savage tract and that 66 .32 acre tract conveyed to the City of College Station, Texas, by deed recorded in Volume 4443, Page 20 of the Official Public Records of Brazos County, Texas; Thence S 48 ° 05' 22" E -909 .61 feet along the line between the said Ritchey tract and the said City of College Station 66 .32 acre tract and continuing along the line between the said Ritchey tract and that 0.36 acre tract described in Quit Claim deed to the City of College Station, Texas, recorded in Volume 4443, Page 17 of the Official Public Records of Brazos County, Texas, to a Y2" iron rod set at the most easterly comer of the said Ritchey tract in the northwest line of that 75.17 acre tract conveyed to Brazos Valley Solid Waste Management Agency by deed recorded in Volume 1235, Page 59 of the Official Public Records of Brazos County, Texas, from which a sandstone rock was found N 48° W -10.4 feet at the most southerly comer of the said City of College Station 66.32 acre tract; Thence S 41 ° 45' 21" W -137.87 feet along the line between the said Ritchey tract and the said Brazos Valley Solid Waste Management Agency 75.17 acre tract to a Yi " iron rod found at the common comer of the said Brazos Valley Solid Waste Management Agency tract and the said City of College Station 45 .1 acre tract; Bearing are Texas State Plane, Central Zone NAD-83 datum, based on City of College Station 1994 GPS control monument nos. 138 and 149. Ritchey 140.44 Acre s Page 3 of3 R3026 6 5 Page 1 of 1 Current Owner Legal Description Exemptions Appraised COLLEGE STATION , CITY OF (010359) A000901 THOMAS CARRUTHERS (ICL ), TRACT 4.4 , ACRES EX 754 ,800 ATTN : ACCOUNTING DEPARTMENT PO BO X 9973 100.64 COLLEGE STATION .TX 77842 -7973 Entities Homestead Cap C2 , G1 , S2 0 Situs Address History Information SH -6 s 2007 2006 2005 2004 Imp HS $0 $0 $0 - Imp NHS $0 $0 $0 - Sales $0 $0 $0 Land HS - Date Volume Page Seller Name Land NHS $754 ,800 $377,400 $0 - ... 09 /14 /2005 6927 226 RITCHEY , WILLIS S & PEGGY J Ag Mkt $0 $0 $377,400 - Ag Use $0 $0 $9 ,060 - Tim Mkt $0 $0 $0 - Tim Use $0 $0 $0 - HS Cap ---- Assessed $754 ,800 $377,400 $9 ,060 - Building Attributes Improvement Sketch Construction Foundation Exterior Interior Roof Flooring Heat/AC Baths Fireplace Year Built Rooms Bedrooms Improvements Type Description Area Year Built Eff Year Value Land Segments ' SPTB Description Area Market Ag Value EX P Exempt Property 100 .64000 754 ,800 0 GF# 13(Q'-l~3 Time/date left for delivery -----+-/.:.._: ~/ 5o..,.L.-----=-- DELIVERY INSTRUCTIONS: ASAP-~~---------Anytime on __________ _ By o'clock on ____ _ Other AM on @ Brazos County Abstract Company Received By: __:_:;--='-''-'--'--~,.o....::...-'-----'---------------------- Date{fime: ____,~-----------------------------~ Brazo ounty Abstract C mpany "More than 125 Years of Title Service" 418 Tarrow P.O. Box 4704 Bryan, TX 77805-4704 Phone: (979) 260 -9728 Facsimile : (979) 779-7979 E-mail: bcac@bcactg .c om College Station, TX 77840-1822 April24,2002 City of College Station Attn: Judith A. Downs P. 0. Box 9960 College Station, Texas 77842 Re: Our File No. 136483 File Name: W. G. Ritchey Dear Ms. Downs: In regards to the above referenced, please find enclosed the following: 1. Original Commitment for Title Insurance 2. Privacy Policy Notice If you have any questions or need anything further, please feel free to contact our office. Sincerely, 1.~tem~ /lak enclosures ISSUED B Y COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURAN CE 0 Commonwealth A LANDAMERI CA COMPANY THE FO LLOWING COMMIT MENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR NAME AND THE POLICY AMOUNT ARE SHOWN IN SCHEDULE A, AND OUR AUTHORIZED REPRESENTATIVE HAS CO UNTERSIGNED BELO W . We Commonwealth Land Title Insurance Company will issue our t itle insurance policy or policies (the Policy) to You (the proposed insured) upon payment of the premium and other charges due , and compliance with the requirements in Schedule Band Schedule C. Our Policy will be in the form approved by the Texas Department of Insurance at the date of issuance, and will insure your interest in the land described in Schedule A. The estimated premium for our Policy and applicable endorsements is shown on Schedule D. There may be additional charges such as recording fees, and expedited delivery expenses . This Commitment ends ninety (90) days from the effective date, unless the Policy is issued sooner, or failure to issue the Policy is our fault. Our liability and obligations to you are under the express terms of this Commitment and end w hen t his Commit ment expires. IN WITNESS WHEREOF, COMMONWEALTH LAND TITLE INSURANCE COMPANY has caused its co rporate name and seal to be hereunto affixed by its duly authorized officers , the Commitment to bec om e valid w hen countersigned by an authorized officer or agent of the Company. Dated: Countersi gned : BRAZOS COUNTY ABSTRACT COMPANY Com mitme nt for Title Insurance -T-7 Page On e -Texas (Rev . 10/1/97) Form 1177-1 COMMONWEALTH LAND TITLE INSURANC E COMPANY By: A ttest: ORIGINAL ?ra,u_t-(J . ~ t!L.{!4~,J<.~ President Secretary CONDITIONS AND STIPULATIONS 1. If you have actual knowledge of any matter which may affect the title or mortgage covered by this Commitment, that is not shown in Schedule B, you must notify us in writ ing. If you do not notify us in writing, our liability to you is ended or reduced to the extent that your failure to notify us affects our liability. If you do notify us, or we learn of such matter, we may amend Schedule B, but we will not be relieved of liability already incurred. 2. Our liability is only to you, and others who are included in the definition of Insured in the Policy to be issued. Our liability is only for actual loss incurred in your reliance on this Commitment to comply with its requirements, or to acquire the interest in the land. Our liability is limited to the amount shown in Schedule A of this Commitment and will be subject to the following terms of the Policy: Insuring Provisions, Conditions and Stipulations, and Exclusions . IMPORT ANT NOTICE FOR INFORMATION, OR TO MAKE A COMPLAINT CALL OUR TOLL-FREE TELEPHONE NUMBER 1-800-925-0965 ALSO YOU MAY CONTACT THE TEXAS DEPARTMENT OF INSURANCE AT 1-800-252-3439 to obtain information on: 1. filing a complaint against an insurance company or agent, 2. whether an insurance company or agent is licensed, 3. complaints received against an insurance company or agent , 4. policyholder rights, and 5. a list of consumer publications and services available through the Department. YOU MAY ALSO WRITE TO THE TEXAS DEPARTMENT OF INSURANCE P.O. BOX 149104 AUSTIN, TEXAS 78714-9104 FAX NO. (512) 475-1771 AVISO IMPORTANTE PARA INFORMACION, 0 PARA SOMETER UNA QUEJA LLAME AL NUMERO GRATIS 1-800-925-0965 TAMBIEN PUEDE COMUNICARSE CON EL DEPART AMENTO DE SEGUROS DE TEXAS AL 1-800-252-3439 para obtener informaci6n sobre : 1. como someter una queja en contra de una compaiifa de seguros o agente de seguros, 2. si una compaiifa de seguros o agente de seguros tiene licencia, 3. quejas recibidas en contra de una compaiifa de seguros o agente de seguros, 4. los derechos del asegurado, y 5. una lista de publicaciones y servicios para consumidores disponibles a traves del Departamento . B 1177-1 TAMBIEN PUEDE ESCRIBIR AL DEPART AMENTO DE SEGUROS DE TEXAS P.O . BOX 149104 AUSTIN, TEXAS 78714-9104 FAX NO. (512) 475-1771 COMMONWEAL TH LAND TITLE INSURANCE COMPANY SCHEDULE A Effective Date: April 8, 2002 at 8:00 AM Commitment issued April 23, 2002 1. POLICY OR POLICIES TO BE ISSUED ARE: (a) OWNER POLICY OF TITLE INSURANCE (Form T-1) (Not applicable for improved one-to-four family residential real estate) POLICY AMOUNT: $TO BE DETERMINED PROPOSED INSURED: CITY OF COLLEGE STATION (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE --ONE-TO-FOUR FAMILY RESIDENCES (Form T-1 R) POLICY AMOUNT: PROPOSED INSURED: (c) MORTGAGEE POLICY OF TITLE INSURANCE (Form T-2) POLICY AMOUNT: PROPOSED INSURED: PROPOSED BORROWER: File No.: 136483 (d) TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE (Form T-2R) POLICY AMOUNT: PROPOSED INSURED: PROPOSED BORROWER: (e) MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T-13) POLICY AMOUNT: PROPOSED INSURED: PROPOSED BORROWER: (f) OTHER POLICY AMOUNT: PROPOSED INSURED: 2. THE INTEREST IN THE LAND COVERED BY THIS COMMITMENT IS: FEE SIMPLE 3 RECORD TITLE TO THE LAND ON THE EFFECTIVE DATE APPEARS TO BE VESTED IN: WILLIS S. RITCHEY, PEGGY J. RITCHEY, THOMAS GLENN RITCHEY, JOHN DAVID RITCHEY and WILLIS S. RITCHEY, as TRUSTEES OF THEW. G. RITCHEY & SIBYL D. RITCHEY TRUST for THE BENEFIT OF JOHN DAVID RITCHEY and THOMAS GLENN RITCHEY, dated December 29, 1983 BRAZOS COUNTY ABSTRACT COMPANY COMMONWEALTH LAND TITLE INSURANCE COMPANY SCHEDULE A (Continued) 4. LEGAL DESCRIPTION OF THE LAND: File No . 136483 All that certain tract or parcel of land lying and being situated in the THOMAS CARUTHERS LEAGUE, Abstract No. 9, and the ROBERT STEVENSON LEAGUE , Abstract No. 54 , in College Station, Brazos County, Texas, being a part of that 341.60 acre tract conveyed to W.G. Ritchey and wife, Sybil D. Ritchey by deed recorded in Volume 237, page 29 of the Deed Records of Brazos County, Texas , and being more particularly described as follows: Beginning at a 4" square concrete monument found at the common corner of that 45.1 acre tract and that 78.36 acre tract conveyed to the City of College Station, Texas, by deeds recorded in Volume 3900 , Page 230 and Page 223 of the Official Public Records of Brazos County, Texas, in the southeast line of the said Ritchey 341.60 acre tract, from which the City of College Station 1994 GPS control monument no. 138 bears S 20 ° 09' 16" E -4679.97 feet. Thence S 41° 48' 05" W -1086.09 feet along the line between the said City of College Station 78.36 acre tract and the said Ritchey 341.60 acre tract to a 5/8" iron rod found at a cross-tie fence corner in the northeast line of the Barron Park Subdivision described by plat recorded in Volume 939 , Page 209 of the Official Public Records of Brazos County, Texas. Thence along the line between the sa id Ritchey tract and the said Barron Park Subdivision as follows: N 54 ° 07' 24" W -291.11 feet to a dead tree in a fence line ; N 64 ° 27' 21" W -117.03 feet to a 12" Post Oak tree in a fence line ; N 54 ° 53 ' 54" W -24.95 feet to a 12" Post Oak tree in a fence line; N 53 ° 19 ' 32" W -113.87 feet to a dead tree in a fence line; N 49 ° 26' 59" W -190.11 feet to a W' iron rod found at the common corner of Lots 1 and 3 in the said Barron Park Subdivision from which a W' iron rod was found S 41 ° 1 O' 58" W -690.66 feet at the common corner of Lots 1 and 2 of said Barron Park and a W' iron rod was found S 41 ° 09' 19' W - 1285.96 feet in the northeast right-of-way line of State Highway No. 6 at the common corner of Lots 2 and 3 of said Barron Park. N 49 ° 39 ' 21" W -36.61 feet to a 1 O" Post Oak tree in a fence line ; N 47° 31' 59" W -30.51 feet to a dead tree stump in a fence line; N 46 ° 41 ' 31" W -463.60 feet to a W' iron rod found at the common corner of the said Barron Park Subdivision and that 46.60 acre tract conveyed to the City of College Station, Texas , by deed recorded in Volume 3310, Page 321 of the Official Public Records of Brazos County, Texas, from which a W' iron rod was found S 41° 28' 52" W -1293.41 feet at the common corner of the said Barron Park Subdivision and the said City of College Station 46.60 acre tract in the northeast right-of-way line of State Highway No. 6; Thence along the line between the said Ritchey tract and the 46.60 acre and the 1.99 acre tracts conveyed to the City of College Station , Texas , by deed recorded in Volume 3310 , Page 321 of the Official Public Records of Brazos County, Texas , as follow : N 34 ° 42 ' 14" W -163.60 feet to an 8 " Ash tree in a fence line; N 17 ° 05' 02" W -49.63 feet to an 18" Oak tree in a fence line; N 29 ° 03' 53" W -181.86 feet to a 12 " Elm tree in a fence line; N 43 ° 00 ' 21" W -425.13 feet to a fence post; N 53 ° 14' 15" W -492.99 feet to a fence post ; N 59 ° 32' 06" W -119.84 feet to a fence post; COMMONWEAL TH LAND TITLE INSURANCE COMPANY SCHEDULE A (Continued) File No. 136483 N 68° 14' 21" W -3.32 feet to a W' iron rod with an orange plastic cap stamped "H.P. Mayo RPLS 5045" set for the most westerly corner of this tract; Thence through the said Ritchey tract as follows: N 41° 33' 00" E -735.24 feet to a W' iron rod with an orange plastic cap stamped "H.P. Mayo RPLS 5045" set for corner, from which a 1 O" fence corner post bears N 42 ° E -0.8 feet; S 81° 33' 09" E -261.18 feet to a W' iron rod with an orange plastic cap stamped "H.P. Mayo RPLS 5045" set at an angle point, from which a 9" fence post bears N 9° W -0.6 feet ; N 88° 12' 07'' E -195.17 feet to a 9" fence post for corner; N 13° 52' 26" E -476.51 feet to a 9" fence post at an angle point; N 32° 41' 30" E -523.90 feet to a W' iron rod with an orange plastic cap stamped "H.P. Mayo RPLS 5045" set for corner, from which a 7" fence corner post bears N 21" E -1.2 feet; S 82° 00' 00" E -815.78 feet to a 7" fence corner post for corner at a common corner of the said Ritchey tract and that 14 acre tract conveyed to Hoyett Taylor, Jr. by deed recorded in Volume 235, Page 194 of the Deed Records of Brazos County, Texas; Thence S 48° 05' 26" E -341.98 feet along the line between the said Ritchey tract and the said Taylor tract to a W' iron rod found at the common corner of the said Taylor tract and that 19.61 acre tract conveyed to Archie P. Clark by deed recorded in Volume 561, Page 28 of the Deed Records of Brazos County, Texas; Thence S 48° 21' 21" E -250.43 feet along the line between the said Ritchey tract and the said Clark tract to a W' iron rod found at the common corner of the said Clark tract and that 19.69 acre tract conveyed to Eugene Savage by deed recorded in Volume 4198 , Page 108 of the Official Public Records of Brazos County, Texas; Thence S 48° 32' 07'' E -437.74 feet along the line between the said Ritchey tract and the said Savage tract to a W' iron rod found at the common corner of the said Savage tract and that 66.32 acre tract conveyed to the City of College Station, Texas, by deed recorded in Volume 4443, Page 20 of the Official Public Records of Brazos County, Texas; Thence S 48° 05' 22" E -909.61 feet along the line between the said Ritchey tract and the said City of College Station 66.32 acre tract and continuing along the line between the said Ritchey tract and that 0.36 acre tract described in Quit Claim deed to the City of College Station, Texas, recorded in Volume 4443, Page 17 of the Official Public Records of Brazos County, Texas, to a W' iron rod set at the most easterly corner of the said Ritchey tract in the northwest line of that 75.17 acre tract conveyed to Brazos Valley Solid Waste Management Agency by deed recorded in Volume 1235, Page 59 of the Official Public Records of Brazos County, Texas, from which a sandstone rock was found N 48 ° W - 10.4 feet at the most southerly corner of the said City of College Station 66.32 acre tract; Thence S 41° 45' 21" W -137.87 feet along the line between the said Ritchey tract and the said Brazos Valley Solid Waste Management Agency 75.17 acre tract to a W' iron rod found at the common corner of the said Brazos Valley Solid Waste Management Agency tract and the said City of College Station 45.1 acre tract; Thence S 41° 44' 29" W -1207.97 feet along the line between the said Ritchey tract and the said City of College Station 45.1 acre tract to the Point of Beginning and containing 140.44 acres of land more or less. COMMONWEAL TH LAND TITLE INSURANCE COMPANY SCHEDULE B EXCEPTIONS FROM COVERAGE File No. 136483 IN ADDITION TO THE EXCLUSIONS AND CONDITIONS AND STIPULATIONS, YOUR POLICY WILL NOT COVER LOSS, COSTS, ATTORNEY'S FEES, AND EXPENSES RESULTING FROM: 1. THE FOLLOWING RESTRICTIVE COVENANTS OF RECORD ITEMIZED BELOW (WE MUST EITHER INSERT SPECIFIC RECORDING DATA OR DELETE THIS EXCEPTION): Item No. 1 is hereby deleted in its entirety. 2 . ANY DISCREPANCIES, CONFLICTS, OR SHORTAGES IN AREA OR BOUNDARY LINES, OR ANY ENCROACHMENTS OR PROTRUSIONS, OR ANY OVERLAPPING OF IMPROVEMENTS. 3. HOMESTEAD OR COMMUNITY PROPERTY OR SURVIVORSHIP RIGHTS, IF ANY, OF ANY SPOUSE OF ANY INSURED. (APPLIES TO THE OWNER POLICY ONLY.) 4. ANY TITLES OR RIGHTS ASSERTED BY ANYONE, INCLUDING, BUT NOT LIMITED TO, PERSONS, THE PUBLIC, CORPORATIONS, GOVERNMENTS OR OTHER ENTITIES. A. TO TIDELANDS, OR LANDS COMPRISING THE SHORES OR BEDS OF NAVIGABLE OR PERENNIAL RIVERS AND STREAMS, LAKES, BAYS, GULFS OR OCEANS, OR B. TO LANDS BEYOND THE LINE OF THE HARBOR OR BULKHEAD LINES AS ESTABLISHED OR CHANGED BY ANY GOVERNMENT, OR C. TO FILLED-IN LANDS, OR ARTIFICIAL ISLANDS, OR D. TO STATUTORY WATER RIGHTS, INCLUDING RIPARIAN RIGHTS, OR E. TO THE AREA EXTENDING FROM THE LINE OF MEAN LOW TIDE TO THE LINE OF VEGETATION, OR THE RIGHTS OF ACCESS TO THAT AREA OR EASEMENT ALONG AND ACROSS THAT AREA. (APPLIES TO THE OWNER POLICY ONLY.) 5. STANDBY FEES, TAXES AND ASSESSMENTS BY ANY TAXING AUTHORITY FOR THE YEAR 2002, AND SUBSEQUENT YEARS; AND SUBSEQUENT TAXES AND ASSESSMENTS BY ANY TAXING AUTHORITY FOR PRIOR YEARS DUE TO CHANGE IN LAND USAGE OR OWNERSHIP, BUT NOT THOSE TAXES OR ASSESSMENTS FOR PRIOR YEARS BECAUSE OF AN EXEMPTION GRANTED TO A PREVIOUS OWNER OF THE PROPERTY UNDER SECTION 11.13, TEXAS TAX CODE, OR BECAUSE OF IMPROVEMENTS NOT ASSESSED FOR A PREVIOUS TAX YEAR. (IF TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE (T-2R) IS ISSUED, THAT POLICY WILL SUBSTITUTE 'WHICH BECOME DUE AND PAYABLE SUBSEQUENT TO DATE OF POLICY" IN LIEU OF "FOR THE YEAR 2002 AND SUBSEQUENT YEARS.") 6. THE TERMS AND CONDITIONS OF THE DOCUMENTS CREATING YOUR INTEREST IN THE LAND. 7. MATERIALS FURNISHED OR LABOR PERFORMED IN CONNECTION WITH PLANNED CONSTRUCTION BEFORE SIGNING AND DELIVERING THE LIEN DOCUMENT DESCRIBED IN SCHEDULE A, IF THE LAND IS PART OF THE HOMESTEAD OF THE OWNER. (APPLIES TO THE MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN ONLY, AND MAY BE DELETED IF SATISFACTORY EVIDENCE IS PROVIDED TO US BEFORE A BINDER IS ISSUED.) 8. LIENS AND LEASES THAT AFFECT THE TITLE TO THE LAND, BUT THAT ARE SUBORDINATE TO THE LIEN OF THE INSURED MORTGAGE. (APPLIES TO MORTGAGEE POLICY (T-2) ONLY.) COMMONWEAL TH LAND TITLE INSURANCE COMPANY SCHEDULE B (Continued) File No. 136483 9. THE EXCEPTIONS FROM COVERAGE AND EXPRESS INSURANCE IN SCHEDULE B OF THE TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE (T-2R). (APPLIES TO TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE {T-2R) ONLY. SEPARATE EXCEPTIONS 1 THROUGH 8 OF THIS SCHEDULE B DO NOT APPLY TO THE TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE (T-2R). 10. THE FOLLOWING MATTERS AND ALL TERMS OF THE DOCUMENT CREATING OR OFFERING EVIDENCE OF THE MATTERS (WE MUST INSERT MATTERS OR DELETE THIS EXCEPTION.): a. Rights of Parties in Possession. (Owner Policy Only) b. Easements, or claims of easements, which are not recorded in the public records. (Owner Policy Only) c. Right-of-Way Easement from Clyde Goen to City of Bryan, dated April 30, 1937, recorded in Volume 98, page 325, Deed Records of Brazos County, Texas. d. Right-of-Way Agreement from W. G. Ritchey et ux to Producer's Gas Company, dated November 24, 1981, recorded in Volume 517, page 511, Deed Records of Brazos County, Texas. e. Right-of-Way Agreement from G. W. Ritchey et ux to Producer's Gas Company, dated October 28, 1981, recorded in Volume 517, page 513, Deed Records of Brazos County, Texas. f. Right-of-Way Agreement from W. G. Ritchey et ux to Producer's Gas Company, dated August 3 , 1981, recorded in Volume 534, page 119, Deed Records of Brazos County, Texas. g. Easement from Willis S. Ritchey et al to Aquila Southwest Pipeline Corporation, dated October 28, 1983, recorded in Volume 1977, page 30, Official Records of Brazos County, Texas. h. Right-of-Way Easement from Willis S. Ritchey et ux to Ferguson Burleson County Gas Gathering System, dated November 16, 1991, recorded in Volume 2065, page 94, Official Records of Brazos County, Texas. i. Right-of-Way Easement from Willis S. Ritchey et al to City of Bryan, dated September 26, 1995, recorded in Volume 2449, page 21, Official Records of Brazos County, Texas. j. Right-of-Way Easements from Willis S. Ritchey et al to Wellborn Special Utility District, dated November 1999, recorded in Volume 3768, pages 32 and 34, Official Records of Brazos County, Texas. k. Royalty reservation in Deed from Adolph Sebesta to C. F. Goen, dated January 5, 1937, recorded in Volume 92, page 463, Deed Records of Brazos County, Texas. Title to this reservation has not been traced subsequent to the date of the above-cited instrument. I. Royalty Deed from W. T. Franklin to Irene Franklin et al, dated April 8, 1963, recorded in Volume 228, page 357, Deed Records of Brazos County, Texas; corrected and re-recorded in Volume 2168, page 6, Official Records of Brazos County, Texas. Title to this royalty interest has not been investigated subsequent to the date of the above-cited instrument. m. Royalty Deeds from Dorothy Nell Carnes et al to Alton V. Erickson, dated September, 1992, recorded in Volume 1621, pages 34 and 41, Official Records of Brazos County, Texas. Title to this COMMONWEAL TH LAND TITLE INSURANCE COMPANY SCHEDULE B (Continued) File No. 136483 royalty interest has not been investigated subsequent to the date of the above-cited instrument. n. Estate created by Oil and Gas Lease from Willis S. Ritchey et ux to Central Plains Oil & Gas Corp., dated June 25, 1992, recorded in Volume 1536, page 33, Official Records of Brazos County, Texas. Amendments and/or Ratifications of said lease recorded in Volume 1540, page 96, Volume 1578, page 243, Volume 1849, pages 261, 262, 263, 264 and 265, Volume 1880, page 193 and Volume 1907, pages 100, 102, 104 and 105, Official Records of Brazos County, Texas. Title to this lease has not been traced subsequent to the date of the above-cited instrument. o . All oil , gas and other minerals in and under the herein described property, together with any rights of ingress and egress, mining or drilling privileges heretofore reserved or conveyed by predecessors in title. There is expressly excluded from coverage hereunder, and this Company does not insure, title to oil, gas and other minerals of every kind and character, in, on and under the property herein described. p. The Tax Certificate furnished by the taxing authorities is issued on real estate only. It does not include minerals and/or personal property, therefore, no liability is assumed herein for the payment of said mineral and/or personal property tax. COMMONWEAL TH LAND TITLE INSURANCE COMPANY SCHEDULE C File No. 136483 YOUR POLICY WILL NOT COVER LOSS, COSTS, ATTORNEY'S FEES, AND EXPENSES RESULTING FROM THE FOLLOWING REQUIREMENTS THAT WILL APPEAR AS EXCEPTIONS IN SCHEDULE B OF THE POLICY, UNLESS YOU DISPOSE OF THESE MATTERS TO OUR SATISFACTION, BEFORE THE DATE THE POLICY IS ISSUED: 1. DOCUMENTS CREATING YOUR TITLE OR INTEREST MUST BE APPROVED BY US AND MUST BE SIGNED, NOTARIZED AND FILED FOR RECORD. 2. SATISFACTORY EVIDENCE MUST BE PROVIDED THAT: -NO PERSON OCCUPYING THE LAND CLAIMS ANY INTEREST IN THAT LAND AGAINST THE PERSONS NAMED IN PARAGRAPH 3 OF SCHEDULE A, -ALL STANDBY FEES, TAXES, ASSESSMENTS AND CHARGES AGAINST THE PROPERTY HAVE BEEN PAID, -ALL IMPROVEMENTS OR REPAIRS TO THE PROPERTY ARE COMPLETED AND ACCEPTED BY THE OWNER, AND THAT ALL CONTRACTORS, SUB-CONTRACTORS, LABORERS AND SUPPLIERS HAVE BEEN FULLY PAID, AND THAT NO MECHANIC'S, LABORER'S LIENS OR MATERIALMAN'S LIENS HAVE ATTACHED TO THE PROPERTY, -(ON A MORTGAGEE'S POLICY ONLY) RESTRICTIONS HAVE NOT BEEN AND WILL NOT BE VIOLATED THAT AFFECT THE VALIDITY AND PRIORITY OF THE INSURED MORTGAGE. 3. THERE IS LEGAL RIGHT OF ACCESS TO AND FROM THE LAND, 4. YOU MUST PAY THE SELLER OR BORROWER THE AGREED AMOUNT FOR YOUR PROPERTY OR INTEREST. 5. ANY DEFECT, LIEN OR OTHER MATTER THAT MAY AFFECT TITLE TO THE LAND OR INTEREST INSURED, THAT ARISES OR IS FILED AFTER THE EFFECTIVE DATE OF THIS COMMITMENT. 6. Lien Affidavit dated October 31, 1995, executed by Swiki Anderson and Associates, Inc. against Mr. & Mrs. Willis S. Ritchey, Mr. Thomas Glenn Ritchey and Mr. John David Ritchey, in the principal amount of $6,736.00, recorded in Volume 2474, page 327, Official Records of Brazos County, Texas. 7. Lien Affidavit dated October 31, 1995, executed by Swiki Anderson & Associates, Inc. against Mr. & Mrs. Willis S. Ritchey, Mr. Thomas Glenn Ritchey and Mr. John David Ritchey in the principal amount of $6,736.00, recorded in Volume 2484, page 278, Official Records of Brazos County, Texas. 8. Company requires a copy of an acceptable portion of the Trust Agreement of W. G. Ritchey & Sibyl D. Ritchey Trust for the benefit of John David Ritchey and Thomas Glenn Ritchey to determine the authority of the Trustee(s). 9. Company will require tax certificates on the subject property showing all taxes paid up to and including the year 2001. 10. Company will require a properly executed Waiver of Inspection. 11. Company will require a properly executed Affidavit as to debts and liens. COMMONWEALTH LAND TITLE INSURANCE COMPANY SCHEDULE C (Continued) File No. 136483 12. "The title insurance policy being issued to you contains an Arbitration Provision. It allows you or the Company to require arbitration if the amount of Insurance is $1,000,000 or less. If you want to retain your right to sue the Company in case of a dispute over a claim, you must request deletion of the Arbitration Provision before the policy is issued. If you are the purchaser in the transaction and elect deletion of the Arbitration Provision, a form will be presented to you at closing for execution. If you are the lender in the transaction and desire deletion of the Arbitration Provision, please inform us through your Closing Instructions." SCHEDULED 1. Commonwealth Land Title Insurance Company is a wholly owned subsidiary of LandAmerica Financial Group , Inc., a Virginia Corporation whose securities are publicly traded on the New York Stock Exchange . Commonwe alth Land Title Insurance Company's officers and direc tors are as follows : OFFICERS Charles H. Foster, Jr., Chairman & Chief Executive Officer Janet A. Alpert, President Ronald B. Ramos , Treasurer Wm. Chadwick Perrine, Secretary Kenneth Astheimer, Executive Vice President John M. Carter, Executive Vice President Theodore L. Chandler, Jr., Sr. Executive Vice President G . William Evans, Executive Vice President Russell W. Jordan , ill, Executive Vice President David W. Koshork , E xecutive Vice President John M. Obzud, Executive Vice President Karen L. Schmidt, E xecutive Vice President Jeffrey C. Selby, Executive Vice President Donald C. Weigel , Executive Vice President Stephen P . Veltri, Executive Vice President Jeffrey D . Vaughan , Executive Vice President DIRECTORS Janet A. Alpert Theodore L. Chandle r, Jr. G. William Evans Charles H . Foster, Jr. Russell W. Jordan , ill John P . Rapp Jeffrey C. Selby 2. The following disclosures are made by the Title Insurance Agent issuing this commitment pursuant to Rule P-21: BRAZOSCOUNTYABSTRACTCOMPANY SHAREHOLDERS Tom Giesenschlag Diane C. Ganzer DIRECTORS Tom Giesenschlag Diane Ganzer June Van Etten Linda Morgan OFFICERS Tom Giesenschlag, President Diane Ganzer, S ecretary June Van Etten , Vice Pre sident Linda Morgan , Vice President 3. You are entitled to receive advance disclosure of settlement charges in connection with the proposed transaction to which this commitment relates. Upon your request, such disclosure will be made to you. Additionally, the name of any person , firm or corporation receiving any sum from the settlement of this transaction will be disclosed on the closing or settlement statement. $/% You are further advised that the estimated title premium * is : Owners Policy Mortgagee Policy Endorsement Charges Total $ ___ _ $ __ _ $'------ $'------ Of this amount: 15 .00 % will be paid to the policy issuing Title Insurance Company; 85.00 % will be retained by the issuing Title Insurance Agent; and the remainder of the estimated premium will be paid to other parties as follows: Amount To Whom For Services ~~~~~~~~~~ $/%~-------- * The estimated premium is based upon information furnished to us as of the date of this Commitment for Title Insurance. Final determination of the amount of the premium will be made at closing in accordance with the Rules and Regulations adopted by the State Board of Insurance. TEXAS TITLE INSURANCE INFORMATION Title insurance insures you against loss resulting from certa in risks to your title . The Commitment for Title Insurance is the title insurance company's promise to issue the title insurance policy . The Commitment is a legal document. You should review it carefully to comp letely understand it before your closing date . El seguro de tftulo le asegura en relaci6n a perdidas resultantes de ciertos riesgos que pueden afectar el tituto de su propiedad . El Compromiso para Seguro de Titulo es la promesa de la compaiifa aseguradora de titulos de emitir la p61iza de seguro de titulo . El Compromiso es un documento legal. Listed debe leerlo cuidadosamente y entenderlo completamente antes de la fecha para finalizar su transacci6n. Your Comm itment for Title Insurance is a legal contract between you and us . The Commitment is not an opinion or report of your title. It is a contract to issue you a policy subject to the Commitments terms and requirements . Before issuing a Commitment for Title Insurance (the Comm itment) or a Title Insurance Policy (the Policy), the Title Insurance Company (the Company) determines whether the title is insurable . Th is determination has already been made. Part of that determination involves the Company's decision to insure the title except for certain risks that will not be covered by the Policy . Some of these risks are listed in Schedule B of the attached Commitment as Exceptions. Other risks are stated in the Policy as Exclusions . These risks will not be covered by the Policy . Another part of the determination involves whether the promise to insure is conditioned upon certain requirements being met. Schedule C of the Commitment lists these requirements that must be satisfied or the Company will refuse to cover them . You may want to discuss any matters shown in Schedules B and C of the Comm it ment with an attorney. These matters will affect your title and your use of the land. When your Policy is issued , the coverage will be limited by the Policy's Exceptions, Exclusions and Conditions, defined below . -EXCEPTIONS are title risks that a Policy generally covers but does not cover in a particular instance. Exceptions are shown on Schedule B or discussed in Schedule C of the Commitment. They can also be added if you do not comply with the Conditions section of the Commitment. When the Policy is issued, all Exceptions will be on Schedule B of the Policy . -EXCLUSIONS are title risks that a Policy generally does not cover. Exclusions are contained in the Policy but not shown or discussed in the Commitment. -CONDITIONS are additional provisions that qualify or limit your coverage . Conditions include your responsibilities and those of the Company . They are contained in the Policy but not shown or discussed in the Commitment. The Policy Conditions are not the same as the Commitment Conditions . You can get a copy of the policy form approved by the State Board of Insurance by calling the Title Insurance Company at 1-800-925-0965 or by calling the title insurance agent that issued the Commitment. The State Board of Insurance may revise the policy form from time to time. You can also get a brochure that explains the policy from the Texas Department of Insurance by calling 1-800-252-3439 . Before the Policy is issued , you may request changes in the policy. Some of the changes to consider are : -Request amendment of the "area and boundary" exception (Schedule B, paragraph 2). To get this amendment , you must furnish a survey or comply with other requirements of the Company. On the Owner Policy, you must pay an additional premium for the amendment. If the survey is acceptable to the Company and if the Company's other requirements are met , your Policy will insure you against loss because of discrepancies or conflicts in boundary lines , encroachments or protrusions , or overlapping of improvements . The Company may then decide not to insure against specific boundary or survey problems by making special exceptions in the Policy. Whether or not you request amendment of the "area and boundary " exception, you should determine whether you want to purchase and review a survey if a survey is not being provided to you . -Allow the Company to add an exception to "rights of parties in possession." If you refuse this exception , the Company or the title insurance agent may inspect the property . The Company may except to and not insure you against the rights of specific persons, such as renters, adverse owners or easement holders who occupy the land. The Company may charge you for the inspection . If you want to make your own inspection, you must sign a Waiver of Inspection form and allow the Company to add this exception to your Policy. The entire premium for a Policy must be paid when the Policy is issued. You will not owe any additional premiums unless you want to increase your coverage at a later date and the Company agrees to add an Increased Value Endorsement. Texas Title Insurance Information Form 1177-8 (04/04/02) ORIGINAL 0 0 TEXAS COMMITMENT FOR TITLE INSURANCE (REv . 04/04/02 ) I SS UED BY C OMMONWEAil'H LAND 'frn.E I NSURANCE COMPANY Title Insurance Since 1876 HOME OFFI CE: 101 Gateway Centre Parkway, Gateway One Richmond, Virginia 23235-5153 1-800-446-7086 B 1177-8 April 9, 2002 · Ms. June Van Etten Brazos County Abstract Company 418 Tarrow Street College Station, Texas 77840 RE : Request for Title Commitment Ritchey 140 . 44 Acre Tract Thomas Caruthers League College Station, Texas Dear Ms. Van Etten, Please provide to this office a title commitment for the property listed below. I have attached the survey and metes and bounds description : Owner: W .G. Ritchey Vol. 237, Pg. 29 College Station, Brazos County, Texas My department is interested in purchasing the surveyed 140 .44 acres of property, from the 341 .60-acre tract. Thank you in advance for your attention to this request. If you should have any questions , please contact me at 764-3844. Sincerely, Judith A Downs Greenways Program Manager Attachments Cc : Mark McAuliffe Mark Smith ·~ -•........C , I f I I \ I I -····· •••••• COMPLETE APPRAISAL IN A SUMMARY REPORT 341.06 ACRES OUT OF THE THOMAS CARRUTHERS LEAGUE ABSTRACT 9 COLLEGE STATION BRAzOS COUNrY TEXAS, CURRENT OWNER BEING MR ' WILLIS S. RITCHEY . ... '. - ' - L . ' ) 5 .._' ' . -····· •••••• COMPLETE APPRAISAL IN A SUMMARY REPORT OF 341.06 ACRES OUT OF THE THOMAS CARRUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION, BRAZOS COUNTY, TEXAS, CURRENT OWNER BEING MR. WILLIS S. RITCHEY FOR MS. KIM FOUTZ, DIRECTOR ECONOMIC AND COMMUNITY DEVELOPMENT CITY OF COLLEGE STATION P.O. BOX 9960 COLLEGE STATION, TEXAS 77842 BY JOHN M. HAMIL TON INCORPORATED 3131 BRIARCREST DRIVE, SUITE 111 BRYAN, TEXAS 77802 AS OF AUGUST 30, 2000 -····· •••••• JOHN M. H AMILTON . MAI MIC HAEL J . FLEMING JOHN M. HAMILTON INCORPORATED REAL ESTATE APPRAISERS AND CONSULTANTS September 13, 2000 Ms. Kim Foutz, Director Economic and Community Development City of College Station P.O. Box 9960 College Station, Texas 77842 Reference: 341.061 acres out of the Thomas Carruthers League, Abstract 9, College Station, Brazos County, Texas, current owner being Mr. Willis S Ritchey. Dear Ms. Foutz : As requested, we have inspected and appraised the above referenced property as of August 30 , 2000. As you have requested, this report has been prepared in a summary format. It is our opinion that as of August 30, 2000, the indicated market value for the subject property is as follows: TWO MILLION TWO HUNDRED FORTY THOUSAND DOLLARS ($2,240,000.00) MARKET VALUE DEFINED "Market value," as used herein , is defined by the Appraisal Institute as , "The most probable price, as of a specified date, in cash, or in terms equivalent to cash , or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress." Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 3 13 1 BRIARC RES T DRIVE . SUITE 111 4979)268 -0200 •FAX 19791731 -8809 BRYAN , TX 77802 ' . ' ! '. -: ~· -····· •••••• City of College Station September 13, 2000 Page 2 a) b) c) d) e) f) buyer and seller are typically motivated ; both parties are well informed or well advised, and each acting in what they consider their own best interest; a reasonable time is allowed for exposure in the open market; payment is made in cash or its equivalent; financing, if any, is on terms generally available in the commun ity at the specified date and typical for the property type in its locale ; and the price represents a normal considerat ion for the property sold unaffected by spec ial f inancing amounts and/or terms , services , fees , costs , or credits incurred in the transaction . SCOPE OF THE APPRAISAL To arrive at an estimate of market value for a property, the appraiser must determine the typical purchaser who would be interested in that particular type of property. Market value is loosely defined as the most probable price in terms of money which a property should bring in a competiti ve and open market for a reasonable time, and th is price depends upon the typical purchaser's reaction to the various supply and demand factors which affect the property being appraised. Of significant importance are properties which are in competition with the subj ect. All of th is information must be derived from the market. The scope of the evaluation and valuation of the subject in cludes: a personal inspection of the subject property and its environs; review of surveys as available; research into market activity ; review of market operating standards; research into investor motivations and activities ; and analysis of the above. At the request of the client, this report has been prepared in a summary format. This report is prepared in accordance with the Uniform Standards of Professional Appraisal Practice under the Departure provision and Standard 2 as revised and accepted on March 22, 1994. Based on the revised standards, this report falls into the category of a complete appraisal in a summary report. This report as defined in Standard Rule 2-2 of the USPAP is a summary appraisal report . Reliance on this report is limited to the client. As a summary report , vital information for form ing a valid and accurate opinion of value has been presented herein in a summarized format , but, the deta iled information has been reta ined in the files of John M . Hamilton Inc. As such, this report may not be fully understood by third parties without a review of the file materia l. ,- City of College Station September 13, 2000 PURPOSE OF THE APPRAISAL -····· •••••• Page 3 The purpose of th is appraisal is to estimate the market value of the fee simple interest of the property legally described as 341.061 acres out of the Thomas Carruthers League , Abstract 9 , College Station , Brazos County , Texas . INTENDED USE OF THE REPORT This appraisal report was requested by Ms . Kim Foutz to assist the City of College Stat ion in the evaluation of the subject property for possible acquis ition purposes. DATE OF THE VALUE ESTIMATE The effective date of this appraisal is August 30 , 2000 , and the date of the report is September 13, 2000 . SALES HIST ORY Accord ing to the information available to our off ice, the subject property has not sold with in th e past three years . DISCUSSION OF THE APPRA ISAL PROCESS The appra isal process is a systematic analysis of a property to determine its value in the specif ied time period . The value of a property reflects and is influenced by the interaction of forces that motivate human activity. These forces are commonly divided into four major categories: economic circumstances , social trends , governmental controls and regulat ions , and environmental conditions. Thus, in order to estimate the value of a property, the appraiser interprets how the market views a property and the relating magnitude of the different forces acting upon the property . The process beg ins by defining the appraisal problem. Th is includes identification of the real estate and the property rights to be appraised , specification of the use of the appraisal , definit ion of the value sought, specification of the date of the value estimate , descript ion of the scope of the appraisal, and identification of lim iting cond itions. The second step consists of gathering data on value influences and trends. This cons ists of gathering data re lated to the region , area , city , and neighborhood in which the subject is located . Specific data related to the property and its specific market segment , such as incom e and expense information, locational and physical characteristics, etc ., are collected . Information relat ing to the supply and demand levels for the market as a whole and for the property type in particular is collected . This data forms the basis for the Highest and Best use analys is , as well as the valuat ion . r- City of College Station September 13 , 2000 -····· •••••• Page 4 The th ird step is to estimate the Highest and Best use of the property . The Highest and Best use analysis interprets the market forces that influence the subject and estimates from among all possible uses , the use to which the subject property will most likely be put. This is key to the appraisal process since the value of a property is dependent on its current and potential future uses . The Highest and Best use of the property as if it were vacant is assessed first; this is done to identify comparable properties and estimate the value of the land . Then , the Highest and Best use of the property as improved is assessed; this is done to identify comparable properties and determine whether the existing improvements should be retained , renovated or demolished . Typica ll y, the next step is to est imate the value of the land . There are six procedures for estimat ing land va lues : sales compar ison , allocation , extraction, subdivision development , land residual technique , and ground rent capitalization. The most commonly used of these is the sales comparison approach . After the land value is estimated , the value of the property as improved is estimated using the three approaches to value . These approaches are the Sales Comparison Approach , Cost Approach , and the Income Approach . Regardless of the approach utilized, the data under consideration is taken from the market in one form or another. One or more of these approaches may not be applicable in all assignments or may have reduced significance because of the nature of the property , the decis ion, or the available data. In the event that more than one approach is utilized , the value estimates arrived at from the different approaches are correlated into a single value estimate considered most appropriate for the subject property . The following is a brief discussion of each approach and its application. The Sales Comparison Approach is a method of estimating market value in which a subject property is compared with comparable properties that have recently sold . This process relies heav ily upon the principle of substitution . Preferably , all properties utilized as comparable are in the same geographic area . One premise of the Sales Comparison Approach is that the market will determine a price for th e subject property in the same manner that it determ i nes the prices of comparable, competitive propert ies . The sales are compared to the subject and adjustments for differences in location , time , terms of sale , or physical characteristics can be made use the subject as the standard of comparison . Most types of properties wh ich are bought and sold can be analyzed using "common denom inators" such as sales price per unit of s ize . -·.· City of College Station September 13, 2000 -····· •••••• Page 5 Estimating the degree of comparability between two properties involves judgment about their similarity . Elements of comparison utilized in this judgment are (1) financing terms, (2) conditions of sale, (3) market conditions or time, (4) location , (5) physical characteristics, and (6) income characteristics, if any. Adjustments are made to the price of each comparable, as appropriate. The major strengths of this approach include the reflection of actual market transactions and the fact that the normal "common denominators" tend to be fairly easily determined. The potential weaknesses of this approach arise from the fact that the data is historical and "ideal" comparables are usually very difficult to find. The Cost Approach yields a value indication for a property by adding the land value to an estimate of the depreciated reproduction cost of the improvements. This approach recognizes that physical, functional, and external disadvantages will be recognized by the market and which may result in lower selling prices . The Cost Approach provides specific measures for these disadvantages, and anything that diminishes value is termed accrued depreciation. The land value is based upon a vacant site being utilized to its highest and best use . Generally speaking, the site value is estimated via the Sales Comparison Approach. Replacement cost , or reproduction cost new, is derived from reliable cost manuals and/or from interviews with reputable local contractors . Depreciation can be observed from rent loss or based upon an estimated cost-to-cure . In all cases, information concerning depreciation is developed from the market by observing comparable properties. The Income Approach to value is applicable to income producing property and is practical in the appraisal of properties for which a rental market or a rental value can be identified . The Income Approach is an appraisal technique in which an appraiser derives a value indication for income producing property by converting anticipated benefits into property value. This process is accomplished by either capitalizing a single year's income expectancy or an annual average of several years' income expectancies at a market-derived capitalization rate or by discounting the annual cash flows for the holding period and the reversion at a specified yield rate. Capitalization is the conversion of earnings into an indication of value and involves multiplying the annual net income by a factor or dividing it by some rates which weighs such considerations as risk, time, returns on investment, and returns of investment. The appropriateness of this rate or factor is critical, and there are a number of techniques by which it may be developed. The net income attributable to the subject property is estimated by subtracting vacancy and collection loss, and expenses from the property's annual potential gross income. These figures are derived from the market comparison of properties similar to the subject. City of College Station September 13, 2000 -····· •••••• Page 6 The reliability of the Income Approach is based upon a number of considerations which include the reliability of the estimate of income and expenses, the duration of the net annual income, the capitalization rate or factor used, and the method of capitalization used. The weaknesses of this approach lies in the estimation of income and expenses and the fact that not all properties are suitable for this approach. The strength of this approach is that it reflects typical investor considerations in purchasing and analyzing income producing properties . As the subject property is a larger tract of land, the Sale Comparable Approach to value has been utilized in this analysis to estimate the current market value of the site , as if vacant. The Cost Approach to value has been utilized to estimate the contributor value of the subject's improvements. Since the subject is not a typical income type producing property, the Income Approach to value was not considered to provide a reliable indication of value for a property of the subject's type, and therefore, it was not utilized in this analysis. ESTIMATED REASONABLE EXPOSURE TIME The subject whole property's location within a developing portion of the City of College Station, with frontage on Rock Prairie Road is considered to provide it with good overall locational attributes. As such , it appears that a tract of this type could be expected to receive adequate market acceptance. Our analysis of current market trends and absorption rates for properties similar to the subject were considered to indicate a most probable marketing time of approximately 12 months. CONTINGENT AND LIMITING CONDITIONS This appraisal is subject to the following limiting conditions. The legal description furnished is assumed to be correct. We assume no responsibility for matters legal in character, nor do we render any opinion as to the title, which is assumed to be good. Any existing liens and encumbrances have been disregarded and the property appraised as though free and clear under responsible ownership and competent management. We have made no survey and assume no responsibility in connection with such matters. We believe to be reliable the information identified in this report as furnished by others, but we assume no responsibility for its accuracy . The construction and condition of the improvements mentioned in the body of this report are based on observation, and no engineering study has been made which would discover any latent defects. No certification as to any of the physical aspects could be given unless a proper engineering study was made. City of College Station September 13, 2000 -····· •••••• Page 7 Unless otherwise stated in this report , the existence of hazardous substances, including without limitation asbestos , polychlorinated biphenyls , petroleum leakage, or agricultural chemicals , which may or may not be present on the property, or other environmental conditions , was not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection . The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated . The appraiser, however, is not qualified to test such substances or conditions . If the presence of such substances, such as asbestos, urea formaldehyde foam insulation , or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value . No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them . The distribution of the total valuation between land and improvements in this report applies only under the existing program of utilization . The separate valuations for land and improvements must not be used in conjunction with any other appraisal, and are invalid if so used. We are not required to give testimony or attendance in court by reason of this appraisal with reference to the property in question unless arrangements have been made previous ly therefore . Possession of this report or a copy thereof does not carry with it the right of publication. It may not be used for any purpose by anyone other than the addressee without the previous written consent of the appraiser. Neither alt nor any part of the contents of this report will be conveyed to the public through advertising, public relations , news, sales, or other media without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or firm with which he is connected , or any reference to the Appraisal Institute or the MAI designation. NEIGHBORHOOD DATA BOUNDARIES North : South : East: West: Rock Prairie Road Southerly boundary for the City of College Station Easterly boundary for the City of College Station Wellborn Road (F .M. 2154) ,-. City of College Station September 13 , 2000 LOCATION : MAJOR THOROUGHFARES : ACCESSIBILITY : DISTANCE FROM CENTRAL BUSINESS DISTRICT : PREDOMINANT TYPES OF DEVELOPMENT : SCHOOLS: -····· •••••• Page 8 The southern portion of the City of College Station . Texas Avenue/State Highway 6, Rock Prairie Road, Wellborn Road, Baron Road , and Greens Prairie Road The subject neighborhood is provided with good accessibility via the various roadways which either traverse or form the boundaries of the area. The City of College Station does not have a centralized business district, however, the majority of the commercial developments within the city are situated along the major thoroughfares . As a developing portion of the City of College Station, the subject neighborhood includes a combination of vacant effectively rural type areas and developed portions . The developed portions are primarily residentially oriented , with the supportive commercial uses scattered throughout the neighborhood on the area's primary thoroughfares. Additionally, the College Station Medical Center is locatec;i_ on the southerly line of Rock Prairie Road, west of its intersection with State Highway 6. Furthermore, the City of College Station's Business Center is located within the southern portion of the subject neighborhood on State Highway 6, south of Greens Prairie Road. It should also be noted that the Brazos Valley Solid Waste Management Agency's Land Fill is situated on a tract which wraps the northwesterly corner of the intersection of Rock Prairie Road and Greens Prairie Road . The subject neighborhood is situated within the College Station Independent School District which provides educational facilities for kindergarten through twelfth grade . _.,. '. City of College Station September 13, 2000 ZONING : RELATIONSHIP TO GROWTH PATTERN OF CITY: CONCLUSIONS : SITE DATA -····· •••••• Page 9 The subject neighborhood is situated within the C ity of College Station , which enforces zoning regulations upon properties with in its boundar ies . The City of College Station is currently growing in a south to southeasterly direction . The subject neighborhood is considered to be located within the current growth pattern for the area . This area is considered to be enhanced by its location within the current pattern of the City of College Station. Therefore, based on this consideration, as well as the past favorable market acceptance for properties in this area, the subject neighborhood is expected to continue to receive favorable market acceptance into the foreseeable future . It should be noted at this point that we were not provided with a detailed survey of the subject property. The size of the tract was obtained from the Brazos County Appraisal District. As such, this information is assumed to be accurate, but any differences ·.revealed by a detailed survey would have to be considered at that time. The Brazos County Appraisal District also showed that a 11.00 acre portion of the tract (improved with the primary residence) is owned by Mr. Willis S. Ritchey, while the remainder of the property is owned by Mr. Willis S. Ritchey -64.48%, Ms. Peggy J. Ritchey -8.84%, Mr. Thomas G. Ritchey-13.34%, and Mr. John D. Ritchey-13.34% collectively in an undivided interest manner. As requested the subject is being appraised as one parcel, with no consideration for any undivided interest factors. LEGAL DESCRIPTION : 341 .06 acres out of the Thomas Carruthers League, Abstract 9, College Station, Brazos County, Texas . .. City of College Stat ion September 13, 2000 LOCAT ION : LAND AREA : FRONTAGE: SHAPE: TOPOGRAPHY: DRAINAGE: STREET TYPE: EASEMENTS: UTILITIES: ZONING: CURRENT USE: -····· •••••• Page 10 The subject property is located on the westerly lin e of Rock Pra i rie Road at its intersection with Bird Pond Road . Additionally , it is provided w ith access to State Highway 6 via a deeded 40 foot wide access easement that extends from the westerly line of the subject property to State Highway 6 along the northerly boundary of the adjoin ing property. 341.06 acres ±3 ,000 feet on Greens Prairie Road Irregular Level to Gently rolling Based upon a physical i nspection of the subject property's general area , drainage appears to be adequate . Greens Pra i rie Road is a two -lane , aspha lt paved roadway with open ditch drainage. In addition to the typical utility easements for the area , the subject is encumbered by an active o il well pad site , a saltwater disposal well s ite , and a Ferguson /Burleson County Gas Gathering Company Pipeline Easement. Encumprances of these types are typical for a property of the subject's size and are not considered to be a particular detriment to marketability. Nevertheless, their indicated affect of the marketability of the tract has been considered in this analysis. The subject property has public electricity, telephone , and community water ava i lable at the site . Sewer service is currently provided by privat e onsite septic systems . A-0 , Agricultural Open District The subject is currently being utilized as a cattle operation with single family residences and recreational amenities . City of College Station September 13, 2000 IMPROVEMENTS : RESTRICTIONS : TAXES: FLOOD HAZARD : -····· •••••• Page 11 The subject property's major improvements include a 2,336 square foot single family residence with a 1, 140 square foot two-plus-car-detached garage with a room finished storage area, a 1, 105 square foot rented residence, a 759 square foot rented residence, a 2,366 square barn, a 1,993 square foot barn, a 600 square foot barn, and a ±1,055 square foot-covered shop/storage building. Other improvements include a wire fence around the perimeter of the property, wire cross fencing, water well, one smaller stock tank, one large stock tank or small lake. No adverse restrictions noted. The subject property is within the taxing jurisdiction of the City of College Station, the College Station Independent School District and Brazos County . These entities had a 1999 total tax rate of $2 .5967 per $100 .00 of valuation . The Brazos County Appraisal District currently caries the subject property as two parcels with a total of 341 .06 acres, which has a total assessed market value of $810,620.00 that is broken out into $694, 120.00 ($2,035.18 per acre) for the land and $116,500 .00 for the improvements. However, 339 .56 acres of the subject property has an agricultural exemption , and as such, the Brazos County Appraisal District presently has an agricultural use value on the 339.56 acres of $30,570.00. Therefore, the current taxable value for the subject property is reported to be $150, 130.00, which indicates annual taxes of $3,898.43. According to the information provided to our office ±-80 acres out of the subject property is situated within an identified flood hazard area. This factor is not considered to be a particular detriment to marketability for an agricultural/recreational tract , however, it could limit the development potential for this portion of the subject. As per your request we are providing you with our opinion of the indicated contributory value of this portion of the subject property . - ... . L City of College Station September 13 , 2000 SOIL & SUBSOIL CONDITIONS: ADJACENT LOTS/IMPROVEMENTS North: South : East: West: ANALYSIS/CONCLUSIONS: -····· •••••• Page 12 Appear to be typical of the area and provide an adequate foundation for construction. However , we have not been furnished with any soil or subsoil maps/studies, nor is the responsibility for such accepted . Vacant land and rural residences Vacant land and rural residences Vacant land , rural residences, and a rural type residential duplex development Vacant land and a Methodist Church facility The subject property's location with frontage on Rock Prairie Road within a developing portion of the City of College Station is considered to provide it with good accessibility and visibility . However, the fact ±80 acres out of the tract is located with in a flood hazard area, is considered to, at least somewhat reduce its overall marketability . Additionally , the subject's relatively close proximity to the Brazos Valley Solid Waste Management Agency's Land Fill is considered to negatively affect its overall marketability. Nevertheless, with the current market conditions the subject site could be expected to receive adequate overall market acceptance into the foreseeable future. City of College Station September 13, 2000 HIGHEST AND BEST USE -····· •••••• Page 13 According to the Appraisal Institute in The Appraisal of Real Estate (11th Edition), highest and best use may be defined as, "The use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and that results in the highest present land value." The crucial elements of this definition suggest that the highest and best use must be, "{1) physically possible, (2) legally permissible, (3) financially feasible, and (4) maximally productive." In conclusion, to be a highest and best use it must meet all four criteria . If the proposed highest and best use cannot meet all the criteria, i.e., it is financially feasible but not physically possible, then it must be disregarded. After considering the various physical attributes of the subject tract, as well as the current economic conditions within the subject area, it is our opinion that the highest and best use of the subject tract, as if vacant, is for an agricultural/recreational type use as it is currently being utilized, with the potential for future development as the demand in the area dictates. As previously been noted, the subject property is currently being utilized primarily as pasture land, however, it is improved with a three-family residences and various outbuildings. According to the information available to our office, the subject's primary residence is owned occupied and the other two residences have been tenant-occupied for several years. The improvements appear to be in effectively good to fair overall condition on the date of inspection . Nevertheless, they are considered to have, at least, an interim use in conjunction with the subject whole property's utilized as some cattle operation until the market in the subject area reaches a point when the tract could be more intensively developed. City of College Station September 13, 2000 IMPROVEMENT DATA PROPERTY : PRIMARY RESIDENCE 4200 ROCK PRAIRIE ROAD: RENTED RESIDENCE #1 1000 RITCHEY ROAD : -····· •••••• Ritchey property Page 14 The subject's primary residence is a 2 ,336 square foot centrally heated/cooled home with a 1 , 140 square foot two-plus-car-detached garage with a 200 square foot room finished storage area . These structures are of a wood frame construction type with brick veneer exterior walls and metal panel roofs . This residence includes a master suite with bedroom, sitting and study areas, two smaller bedrooms, two baths , living/dining room with a built-in buffet, den with fireplace , kitchen, and utility room. Additional improvements include a covered front porch area, covered and open porch/patio areas at the rear of the residence, pipe fence around the immediate yard area , and a portable type storage building . This residence has good finish features and was in good overall condition on the date of inspection . This is a 1 , 105 square foot centrally cooled/gas space heater heated residence was reported to have been originally constructed for and utilized as a milking parlor, but was converted to its current residential use at sometime in the past. This structure is primarily of a concrete block construction type with painted concrete block and wood siding exterior walls and galvanized/ corrugated metal panel roof. It appeared to be in good to average overall condition on the date of inspection . This residence includes two bedrooms , one bath , living/dining room, kitchen and a 522 square foot carport. Additional improvements include a 288 square foot portable type building with a covered front porch area that is be ing utilized as a utility room (with washer/dryer hookups) and storage. > • City of College Station September 13, 2000 RENTED RESIDENCE #2 1010 RITCHEY ROAD : BARNS : -····· •••••• Page 15 This is a 759 square foot window unit cooled/gas space heater heated residence which was in fair overall condition on the date of inspection. This structure is of a wood frame construction type with wood siding exterior walls and a composition shingle roof . This residence includes one bedroom, one bath, living room with fireplace , and kitchen/dining area . Additional improvements include a 181 square foot attached, unfinished utility room (with washer/dryer hookups) and storage . The subject's primary barn (A) contains 2,366 square feet. It is of a wood frame with corrugated metal panel exterior walls and roof. A portion of the barn has a concrete floor, while the majority of the structure has a dirt floor. This structure appeared to be in fair to average overall condition on the date of inspection. One of the subject's working pens/corrals adjoins this barn. The subject property also includes a 1,993 square foot barn (B). The structure is of a wood frame construction with corrugated metal exterior walls and roof. This building appeared to be in average to fair overall condition on the date inspection. This barn has a d irt floor. Additionally, the subject property includes a 600 square foot animal barn (C). This structure has a wood frame with metal panel exterior walls and roof . This improvement has a dirt floor and appeared to be in average to fair overall condition at the time of inspection. The subject property's other working pen/corral is situated at and connects these last two barns. City of College Station September 13, 2000 SHOP/STORAGE BUILDING : MISCELLANEOUS IMPROVEMENTS: REMARKS : -····· •••••• Page 16 The subject property's shop/storage building contains 1,055 square feet of covered area and 181 square feet of inclosed storage space. It is of a wood construction with two metal panel exterior walls and roof . The inclosed space has a concrete floor, while the reminder of the covered area has a dirt floor . Th is structure was in fa ir to poor overa ll condition at the time of inspection. The perimeter of the subject property is fenced with wire fences . The property also includes substant ial wire cross fencing . Other improvements include a water well , one smaller stock tank , one large stock tank/lake , and pipe cattle guards at the majority of the road/fence crossings The subject property's improvements are considered to enhance its overall marketability, particularly for its current use as a commercial cattle opera ti on with recreational amen it ies and rented residences . Properties of the subject's type with in this area have historically received adequate market acceptance, with this trend anticipated to continue for the foreseeable future. According to the information provided hy the owner of the subject property the primary residence is owner-occup ied. The residence know as 1000 Ritchey Road is leased for $450 .00 per month plus utilities and the res idence know as 1010 Ritchey Road , along with the shop/storage building are being leased for $300.00 per month plus utilities . City of College Station September 13, 2000 -····· •••••• SUMMARY OF ANALYSIS AND VALUATION SALES COMPARISON APPROACH TO VALUE -VACANT LAND Page 17 To estimate the current market value of the subject tract , as if vacant , the Sales Comparison Approach to value was utilized. In this approach, the deed records were searched for sales involving properties considered comparable to the subject site and indicative of market trends for such properties . Our research revealed limited data for properties with similar physical and locational attributes , as compared to the subject. Therefore, it was necessary to utilize sales with diverse physical and locational character istics that have occurred since 1996. Nevertheless, the data utilized in this analysis is considered to be the best available and indicative of current market trends . Also, real estate brokers active in the area were consulted as to their knowledge of properties currently offered on the market for sale which would be in competition with the subject property if it were offered for sale on the open market. The ava il able market data was investigated, analyzed and compared to the similar and dissimilar characteristics . Then adjustments were made accordingly in reaching the value estimate by the Sales Comparison Approach . The follow ing is a brief synopsis of the sales utilized in our analysis . (The detailed information for these sales is located in the Addenda of this report.) -····· •••••• City of College Station September 13, 2000 MARKE'T":: ·' ··. · ,fJA ,TE ..... ' '.u. . . . • ' LOCATJ(!)N· >l > DATE;'.OF . . .SIZE/ s:Atl:' '.' Aciiiis Subject One Two Three Four Five Six Seven Eight Westerly line of Rock Prairie Road at its intersection with Bird Pond Road, College Station, Texas Northeast corner of Earl Rudder Freeway and University Dr., Bryan & College Station, Texas N/A July 1996 341.06 145.0 South line of University Dr. & north line Aug. 1998 153.10 of Harvey Rd., east of Earl Rudder Freeway, College Station, Texas Northwest corner of University Dr. and Aug. 1998 351.933 F.M. 158, Bryan, Texas North line of Gandy Rd., east of Robin April 2000 224.26 Dr., Brazos County, Texas Wraps the southeast corner of F.M . 158 May 2000 432.09 and F.M. 1179, Bryan, Texas East line of F.M. 158, south of July 2000 321.04 Copperfield Dr., Bryan, Texas North line of Greens Prairie Rd., east of Aug. 2000 234.81 SH-6, College Station, Texas North line of Greens Prairie Rd., west of Aug. 2000 316.022 SH-6 Colleae Station. Texas Page 18 SALES PRICE PER ACRE N/A $5,000.00 $10,000.00 $10,000.00 $5,000.00 $11,000.00 $11,000.00 $7,271.00 $12,500.00 As is noted above, the sales price per acre ranges from $5,000.00 to $12,500.00 . This relatively large range is considered to exemplify the diversity of the available market data . Market Data Number One sold at the lower end of the range due to the fact that the majority of the tract is impacted by the flood plain/floodway. The limited sales within the subject property 's immediate area made it necessary to expand our market research area to include sales of as similar as possible properties that are located within competing portions of the Bryan/College Station area . Even after expanding our research area, the limited sales of similar properties which have occurred in the past± four years made it necessary to utilize sales with diverse physical and locational characteristics. Nevertheless, the data utilized within this analysis is considered to be the best available and to be indicative of current trends for tracts of the subject 's type . City of College Station September 13, 2000 -····· •••••• Page 19 In add itio n to the sales which were utilized in our analysis , our data research revealed several recent sales of smaller properties within the subject neighborhood . Even though too small so as to make a direct comparison with the sub ject property , they were considered to provide good information with regard to the current market trends with in the area and as such , have been prov ided for your review . The following is a brief synops is of the smaller sales . MARKET LOCATION DATE OF SIZE/ SALES PRICE DATE SALE ACRES PER ACRE One Northerly line of Barron Rd., west of SH-June 1998 93.543 $8,500.00 6, College Station, Texas Two Easterly line of Wellborn Rd., south of Oct. 1998 68 $11,000.00 F.M. 2818, College Station, Texas Three North line of Rock Prairie Rd., west of Dec.1998 45.23 $8,500.00 Bird Pond Rd., College Station, Texas Four Northwest corner of Rock Prairie Rd. and Oct. 1999 45 $7,500.00 to Bird Pond Rd., Brazos County, Texas $8,500.00 Five Easterly line of Rock Prairie Rd., south of March 26.25 $7,500.00 Bird Pond Rd., College Station, Texas 2000 Six Northwesterly corner of Greens Prairie Aug.2000 45.546 $7 ,070.00 Trail and Royder Rd., Brazos County, Texas Since no two properties are ever exactly alike, dissimilarities do exist, and the extent to which they affect sale price must be analyzed and allowances for these differences made . Components that affect the sale price of vacant land are numerous, but the most prominent are highest and best use, property rights conveyed , financing , date of sale, market conditions, size , location, and physical characteristics . :.· .. ~ City of College Station September 13 , 2000 -····· •••••• Page 20 As per your request we are providing you with our opinion of the indicated contributory value of the ±80 acres out of the subject's tract which is situated within an identified flood hazard area and the indicated contributory value of the remainder of the tract which is not situated within a flood hazard area. The data available to our office is considered to indicate a distinction between flood hazard land and non-flood hazard land that ranges from approximately 25 % to an excess of 75 % reduction in value for flood hazard land . This w ide range is indicative of the individual differences in the parcel with respect to the percentage of the whole tracts that are situated within the flood hazard area as well as the severity of the flood plain. After giving consideration to the portion of the subject property which is situated within the flood area as a part of the whole tract and the available data, it is our opinion that the flood hazard port ion of the subject property would have a contributory value of approximately 35% of the indicated value for the non-flood hazard sector. Each of the comparables was carefully analyzed and adjusted appropriately as required . After analyzing the available market data , giving consideration to the subject property's physical and locational characteristics , as well as the current market trends in the area, it is our opinion that the indicated market value for the portion of the subject tract which is situated outside of the flood hazard area is $7 ,000 .00 per acre while the indic market value for the portion of the property that is situated within the flood hazard area i ""2,600.00 er acre which are calculated as follows : 341.06 Total Acres 261 .06 acres (out of flood area) @ $7,000.00 per acre= 8.? a~~es (in f1~1od area) ~er acre = Total Indicated Value ., 2.~ 0 o SAY: $1,827,420.00 $196,000.00 ;<.OS> ow $2 ,023,420 .00 $2,025,000.00 .. City of College Station September 13, 2000 COST APPROACH TO VALUE -····· •••••• Page 21 The estimated reproduction cost of the improvements m inus accrued depreciation added to the land value obtained from the Sales Comparison Approach produces an estimate of value for the subject property by the Cost Approach . REPRODUCTION COST The reproduction cost is defined as the cost of produc ing a new replica property on the basis of current prices with same or closely similar material. This amount has been estimated by utilizing cost figures derived from Marshall and Swift Valuation Services . DEPRECIATION All types of accrued depreciation of the subject improvements were considered . Accrued depreciation is defined as the difference between the reproduction cost new, as of the date of the appraisal, and the present contributory value of the i mprovements . There are three types of accrued depreciation: physical deterioration , functional obsolescence, and economic obsolescence. PHYSICAL DETERIORATION. CURABLE Physical deterioration, curable is defined as that loss in value from the cost new which can be recovered or offset through correction , repair, or replacement of the defective item causing its loss, providing the resultant value increase approximates the cost of the work. PHYSICAL DETERIORATION, INCURABLE This type of depreciation is defined as that loss from cost new which is impossible to offset or which would involve an expenditure substantially in excess of the value increment resulting therefrom . FUNCTIONAL OBSOLESCENCE. CURABLE Functional obsolescence, curable is defined as that "which may be corrected or cured when the cost of replace the outmoded or unacceptable component is at lease offset by the anticipated increase in utility , and hence ultimately in value, resulting from the replacement." FUNCTIONAL OBSOLESCENCE. INCURABLE This type of depreciation is defined as that wh ich "results from structural deficiencies or superadequacies that the prudent purchaser or owner would not be justified in replacing , adding, or removing, because the cost of effecting a cure would be greater than the anticipated increase in utility resulting from the replacement, addition , or removal." -City of College Station September 13, 2000 EXTERNAL OBSOLESCENCE -····· •••••• Page 22 This type of depreciation is defined as, "A loss from cost new of a structure because of negative influences, both economic and locational, outside the bounds of the property." LOCATIONAL OBSOLESCENCE This type of depreciation is defined as "A loss from cost new of a structure brought about by negative environmental forces outside the boundaries of the property." ECONOMIC OBSOLESCENCE This type of depreciation is defined as "A loss from cost new of a structure because of negative market economic , financial, or industrial forces outside the property." LAND VALUE The land value was obtained by the Sales Comparison Approach from comparisons of recent comparable sales to the subject site, taking into consideration the various similar and dissimilar characteristics and adjusting them accordingly. - City of College Station September 13, 2000 -····· •••••• Page 23 Your attention is directed to the following schedule which shows the computations utilized in reaching the value estimate for the subject property as improved. COST SCHEDULE -RITCHEY PROPERTY 1) Primary Residence: Residence 2,336 sq.ft. At $60.00 per sq.ft. = Garage 1, 140 sq.ft. At $12.00 per sq. ft. = Porches, Patios, Etc. Replacement cost new Less physical depreciation (20/70 = 29%) Indicated value 2) Rented Houses: 1000 Ritchey Road Residence 1, 105 sq.ft. At $40.00 per sq.ft. = Storage Building 228 sq. ft. At $15.00 per sq. ft.= Carport 522 sq. ft. At $7.00 per sq. ft.= Replacement cost new Less physical depreciation (25/50= 50%) Indicated value 101 O Ritchey Road Residence 759 sq.ft. At $35.00 per sq.ft. = Storage area 181 sq. ft. At $10.00 per sq. ft. = Replacement cost new Less physical depreciation (35/50= 70%) Indicated value $140,160.00 $13,680.00 $5,000.00 $158,840.00 $46,064.00 $112, 776.00 $44,200.00 $3,420.00 $3,654.00 $51,274.00 $25,637.00 $25,637.00 $26,565.00 $1,810.00 $28,375.00 $19,863.00 $8,513.00 - .· City of College Station September 13, 2000 3) Barns: -····· •••••• Barn A: 2,366 sq.ft. At $12.00 per sq.ft. = Less physical depreciation (25/50= 50%) Indicated value Barn B: 1,993 sq.ft. At $10.00 per sq.ft. = Less physical depreciation (25/50= 50%) Indicated value Barn C: 600 sq.ft. At $10.00 per sq.ft. = Less physical depreciation (25/50= 50%) Indicated value 4) Shop/Storage Building: 1,055 sq.ft. At $17.00 per sq.ft. Less physical depreciation (40/50= 80%) Indicated value 5) Net indicated contributory value of miscellaneous improvements (i.e.-fencing, roadways, water well, septic systems, etc.) Total indicated value of improvements Plus indicated land value Indicated value of subject as improved SAY Page 24 $28,392.00 $14,196.00 $14,196.00 $19,930.00 $9,965.00 $9,965.00 $6,000.00 $3,000.00 $3,000.00 = $17,935.00 $14,348.00 $3,587.00 $35,000.00 $212,674.00 $2,025,000.00 $2,237,674.00 $2,240,000.00 City of College Station September 13, 2000 -····· •••••• RECONCILIATION AND FINAL VALUE ESTIMATE Page 25 In determ ining the value of the subject property , the Sale Compar ison Approach to value of the site , as if vacant was utilized . Furthermore , due to the subject having substantial improvements , the Cost Approach to value was utilized to estimate the contributory value of the improvements. No other approaches were util ized , due to the un ique nature of the subject property and its improvements . The Sales Comparison Approach to value was used to estimate the value of the site as if vacant. The weakness of this approach is that no two properties are ever exactly alike , amen it ies in purchase considerations are intangible qualities and difficult to compare, and the exact conditions of each sale are sometimes unknown . The strength of this approach is that it measures the actions of buyers and sellers in the marketplace. For the land value , vacant land sales were adjusted to the site for date of sale , size, shape , location , frontage , phys ical characteristics , highest and best use and improvements . The Sales Comparison Approach is considered to be the best indicator of value for the subject as if vacant, and the following is the indicat ion provided by this analysis : $2 ,025 ,000.00 The Cost Approach to value was utilized to estimate the contributory value of the improvements located on the property minus any form of depreciation . This value was then added to the current market value of the land to arrive at the total market value of the subject via the Cost Approach to value . The weakness of this approach is that unit cost figures and depreciation are sometimes difficult to estimate. The strength of this approach in this appraisal is that unit cost f igures were substantiated , not only by the comparative method , but by conversations with knowledgeable bu ilding contractors . The Cost Approach indicated a value for the subject property of: $2 ,240,000 .00 After ut ilizing both the Sales Comparison Approach to value as if vacant and the Cost Approach to value to determine the contributory value of the improvements. These approaches were reconc iled to ind icate an overall market value for the subject property inclus ive of its improvements. Therefore , it is our opinion that , as of the effective date of the appra isal , a correlati on of the data utilized indicates a current market value of : $2,240,000.00 '·· City of College Station September 13, 2000 CERTIFICATION -····· •••••• Page 26 The undersigned does hereby certify that , except as otherwise noted in this appraisal report : We have no present or contemplated future interest in the real estate that is the subject of th is appraisal report . We have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved . To the best of our knowledge and belief, the statements of fact contained in this appraisal report upon which the analysis , opin ions, and conclusions expressed herein are based, are true and correct. The reported analyses , opin ions , and conclus ions are lim ited only by the reported assumptions and lim it ing cond it ions, and are our personal , unbiased p rofessional analyses , op inions , and conclus ions. Our compensat ion is not contingent on an act ion or event resulting from the analyses , opin ion s , or conc lus ions in , or the use of , this report. The appraisal assignment was not based on a requested minimum valuation , a specific valuation , or the approval of a loan . Our ana lyses, opinions, and conclusions were developed, and th is report has been prepared , in conformity with the Uniform Standards of Professional Appraisal Practice. The reported ana lyses, opinions, and conclusions were developed , and this report has been prepared, in conformity with the requirements of the Code of Professional Eth ics and the Standards of Professional Practice of the Appraisal Institute . We cert ify that the use of this report is subject to the requirements of the Appraisal Institute relat ing to review by its duly authorized representatives. No one other than the undersigned prepared the analyses , conclusions , and opinions concerning real estate that are set forth in this appraisal report. As of the date of this report, John M. Hamilton has completed the requirements of the continu ing educat ion program of the Appra isa l Institute . It is the intent of this appraisal report to be in compl iance with the gu idelines as spec ified by th e client. City of College Stat ion September 13 , 2000 -····· •••••• Page 27 Michael J. Flem ing made a personal inspection of the general area of the property which is the subject of this appraisal report on August 30, 2000 . The value estimate contained herein is effective as of August 30, 2000. $2,240,000.00 JOHN M. HAMILTON INCORPORATED ·- -····· •••••• PRINCIPALS OF JOHN M. HAMILTON INCORPORATED John M. Hamilton is an independent real estate appraiser and consultant with offices located at 3131 Briarcrest Drive, Suite 111, Bryan, Texas 77802 . He has been actively engaged in the real estate profession since 197 4, and a partial resume of his qualifications is outlined as follows : 1 . MAI -The Appraisal Institute 2 . State Certified -General Real Estate Appraiser (TX-132267 4-G) 3. Real Estate Broker -State of Texas 4 . S.S. degree -Texas A&M University 5. Qualified in Federal District Court, Federal Bankruptcy Court -Southern (Houston), Northern (Ft. Worth), and Western (Austin/San Antonio) Districts, County and District Court as an expert witness in valuation of real property. 6. Past Board Director -Appraisal Institute Chapter -Houston, Texas 7 . Current member of the Review and Counseling Panel -Appraisal Institute The Appraisal Institute conducts a voluntary program of continuing education for its designated members. M.Al.'s who meet the minimum standards of this program are awarded periodic educational cert ifi cation. He is currently certified under this program . Michael J. Fleming is an independent real estate appraiser and consultant with offices located at 3131 Briarcrest Drive, Suite 111, Bryan, Texas 77802 . He has been actively engaged in the real estate profession since 1977 , and a part ial resume of his qualifications is outlined as follows: 1. State Certified -General Real Estate Appraiser (TX-1321752-G) 2 . Real Estate Broker -State of Texas 3. S.S. degree -Texas Tech University 4 . Qualified in Federal Bankruptcy Court (Southern District), County and District Civil Court of Law as an expert witness in valuation of real property. -' -····· •••••• PARTIAL LIST OF CLIENTS The Adam Corporation Young Brothers CSL of Texas, Inc. Allright Parking Centeq Financial Group Exxon Company USA Pool Company Westinghouse Waco Financial Corporation Rossco Holdings Dial Re it Omaha, Nebraska Womack and McClish, Attorneys Barron , Adler, Anderson & Poteet, Attorneys Austin, Texas Rodgers, Miller, McClain, Attorneys Bryan, Texas Davis and Davis , Attorneys Youngkin, Catl in , Bryan , Stacy and D illard , Attorneys Payne , Watson , Kling, Miller & Malechek, Attorneys Bruchez, Goss, Thornton , Meronoff , & Hawthorne, Attorneys Crowley and Douglas, LLP , Attorneys Houston , Texas Larry Holt , Attorney CORPORATE ATTORNEYS Bryan , Texas Bryan , Texas Bryan , Texas Houston , Texas Houston , Texas Houston , Texas Houston , Texas Houston , Texas Waco , Texas Los Angeles , Cal ifornia Austin, Texas Bryan , Texas Bryan , Texas Bryan, Texas Bryan , Texas Bryan , Texas :< - - -····· •••••• PARTIAL LIST OF CLIENTS First National Bank Liberty National Bank Bank One, Texas , NA First American Bank First Federal Savings Bank First National Bank Cleburne State Bank Compass Bank First Bank of Snook First Federal Mortgage Lending NationsBank College Station, Texas Bank One, Texas, NA Centex Home Equity First Federal Savings Hibernia National Bank Pacific Southwest Bank, F .S .B. First National Bank First State Bank Countrywide Home Loans First Republic Mortgage Fort Worth Mortgage NationsBank Houston, Texas Texas Capital Bank Texas Commerce Bank BankAmerican Housing Services Citizens State Bank First Bank of Navasota First Bank of Snook First State Bank of Temple Realty Services of Magna Mortgage Merchants National Bank Carteret Savings Bank Metropolitan Federal Bank Old Stone Bank Home Loan and Investment Bank First Tennessee Bank Farmers State Bank Lubbock National Bank FINANCIAL Anderson, Texas Austin, Texas Brenham, Texas Bryan, Texas Bryan, Texas Bryan, Texas Cleburne, Texas College Station, Texas College Station, Texas College Station, Texas Dallas, Texas Dallas, Texas Dallas, Texas Dallas, Texas Dallas, Texas Franklin, Texas Granger, Texas Houston, Texas Houston , Texas Houston , Texas Houston, Texas Houston, Texas Irving, Texas Marlin, Texas Navasota, Texas Snook, Texas Temple, Texas Hattiesburg, MS Cedar Rapids, Iowa Morristown, New Jersey Fargo, North Dakota Providence, Rhode Island Warwick, Rhode Island Memphis, Tennessee Franklin, Texas College Station, Texas ~ .. -·· -····· •••••• PARTIAL LIST OF CLIENTS City of Austin Austin , Texas Texas Democratic Party Texas Housing Authority Brazos County Appraisal District GOVERNMENTAL Brazos Valley Community Action Agency Brazos County Road & Bridge Department Bryan Independent School District City of Bryan Bryan Texas Utilities Texas Department of Transportation City of College Station College Station Independent School District Texas A&M University System City of Houston Federal National Mortgage Association Federal Deposit Insurance Corporation Washington County Appraisal District Austin , Texas Austin, Texas Bryan, Texas Bryan , Texas Bryan , Texas Bryan, Texas Bryan , Texas Bryan, Texas College Station , Texas College Station, Texas College Station, Texas Houston, Texas Houston , Texas San Antonio, Houston , Dallas Brenham, Texas ADDENDA """,,.. .............. """' ...... ""'--" .. d .... c..,-•t~-... ,"°o111eie1 tll ll1tt "-•toe:-K'ylJl"••ll,.llrPlll:.O l•"• .. _.,.,. .. ecG.lf •C'f'al •v-dll•.,,d"••IC,. -0ty-IH"O f •• M .. ll-Of •• .. ,...,10 IOl'>llC<:.,rM:\'of lM .,MI ""'"""'""""' ...... -·-•'Mlol ..... °"'"~t l T ... t ... 1 11 o<O<M.,,°"" ... 1 "'1 o"'el •o n ~WllC!t"'-A.c1 I' "-t-~-=~---1. -----,J ,_ t { I ;ir,,, / ,' ~~ ', ··11 ·. '· ·' ·~· ' 1,-v ,'· 700 1400 2800 3500 ! LE G EN D ·- r.... (]) ~ c (]) 0 N c1tee ic:s N T ~OVGHF A ltE P\. .. N 1' CONTOUR Ll'"ES Q CSC•TY Lti.!IT S =::csP .. RCEl S =COJNTY "•RCELS ·-/ 100 ,..EM Ft OOO '/4 500 "E..UI Ft CXX> -i@f 700 4200 4900 5600 Feet ~~ .. \ ..................... iiili,. ........................... ~ .......... lllljiiiiiiiiiiiiiiiiiiiliiiiiiiiiiiiiii~ ...... ~ ...... iiiiiiiiiiiiiiiiiiiiiiiiil .... ~ ...................... ~~ 0 2100 ,,,,..-.. ----/ -··· .. ,,,,....,,,. _._...... -----~ ---~-...... .) ·~ '. ~ fh•~ rn:t 'n ptcp3r " lhV•'' / 4-ppta•)•u 111•11•d "'"d ha.• 111• ,u ,,t ... 1 -.uu ...... ~ I feature<; ,hown art: mc:&nl lur ~cnc:tal h>C•t1•1n /'urpo~i 1ml~ •nd only 11 the p11n1cJ ":ale / I B raLl ·-Count y U n\n1...·( )7,cn1 ~e~~\ .. rca~ 4 8i \ \ 9 , 2 0Nf A.· · -·:'~· . ; - ... 4200 Rock Prairie Road r-----..-------------. - - - - -BC desk BC -1 --'---------- BC CL BC CL 0 55.5' SH 0 0 c::J t c::J 0 0 u b CL Bedroom Study/ Sitting Bedroom I 24 I I Bedroom '---- Open I Patio 20' 2 I t----'"--~ I 7 I FP :;!'-- Den Covered Patio 15.5' c L IBI i t c h e n Living Dining ef E3 B u f f e t 5.5 I -t'--------....-----~ 1. 5 I 23 ' ______ _J 35.5' arage 4200 Rock Prairie Road 38' I I 10' Cabinets 30' Garage 30' Storage 20' ---- Storage cabinets 38' 1000 Ritchey Road 12.5' Study oo 52' Living r----- - - --1 4 I 5.5 I 14 I 21 I ---_J Dining ,_...__....._.1.5' 5.5' R 5.5' e f 12.5' Kitchen []] RO 12.5' 12 I I 18 I I 1000 Ritchey Road 24' Utility/Storage 112 I 24' Covered Porch 1010 Ritchey Road 4' __ _l_Q. 5' _._2' 2' m -E.P - -20.5' R Kitchen , . ,--- ---' Living Wood c Deck I ---- Dining L 37' 31.5' /\ 12.5' Storage 14.5' 33.5 14.5' 12.5' Covered area :·i_ 31. 5' 16.5' c:::J Tub 0 0 c edroom L --- 33 .5' ---- 7. 5' wood deck 6' Utilit 6' 7' Shop/ Storage Building < • =-· Barn A ::::::. / 57' - ----------1 11 I 11 I 35' 21. 5 I I I I I Storage I I I I Covered I 41.5 I Pens I Open I Pens I I I I _, I [ I C> I I ~-)torage I I -----I -- - - ----_, 57' 20' Barn 30 c I 20' I I I 31. 5 I I - - - - - - - - - ----1 I I 130' I I I I I 33.5' Open Pens I I I 121 I I I I I I Barn 159.5' I B I I 59.5 I I I I I I I l I .. -- - - - -_19.'.._ _ ___ I 33.5' ,-UILDING AREA-SQUARE FOOTAGE CALCULATIONS -WILLIS S. RITCHEY PROPERTY 4200 ROCK PRAIRIE ROAD 24 x 55 .5 = 1 ,332 .00 20 x 24 = 480 .00 5 .5 x 34 = 187 .00 34 x 52 .5 = 1 ,785 .00 23 x 35 .5 = 816 .50 1 .5 x 24 = 36 .00 1 .5 x 23 = 34 .50 ------------------·-------- .• TOTAL 2,335 .50 TOTAL 2 ,335 .50 -SAY : 2,336 .00 > - /::;ARA GE : 30 x 38 = 1 ,140 .00 ' ;OVERED PORCH /PATIO AREAS : 4X 32 = 128 .00 1 .5 x 5 .5 = 8 .25 20 x 14 .5 = 290.00 5 x 9 = 45 .00 TOTAL 471 .25 SAY: 471 .00 000 RITCHEY ROAD 12 .5 x 52 = 650.00 12 x 12 .5 = 150 .00 5 .5 x 27 .5 = 151 .25 10 x 33 = 330 .00 5 .5 x 26 = 143 .00 12 x 29 = 348.00 5 .5 x 22 = 121 .00 4 x 23 .5 = 94 .00 4X 10 = 40.00 1 .5 x 18 = 27 .00 12 .5 x 12 .5 = 156 .25 ----·---------------------- TOTAL 1 ,105 .25 TOTAL 1,105.25 SAY : 1 ,105 .00 ~ARPORT : 20 x 22 = 440 .00 4 x 12 = 48 .00 ~ -4 x 8 .5 = 34 .00 TOTAL 522 .00 STORAGE/UTILITY BUILDING : 12 x 24 = 288 .00 COVERED AREA: BX 24 = 192 .00 )10 RITCHEY ROAD 37 x 20 .5 = 758 .50 20 .5 x 37 = 758 .50 SAY: 759 .00 I ITILITY AREA: 6 x 6 = 36 .00 HOP/STORAGE BUILDING : .OVERED AREA: 33 .5 x 31 .5 = 1 ,055 .25 SAY : 1,055 .00 INCLUDED ENCLOSED AREA: 12.5 x 14.5 = 181 .25 SAY : 181 BARNS: ~ARN #1 : 41 .5 x 57 = 2,365.50 SAY: 2,366 .00 ciARN #2 : 33 .5 x 59 .5 = 1,993 .25 SAY: 1 ,993 .00 BARN #3 : 20 x 30 = 600 .00 ' • .i .. • ·, T STY LE -..... ..... ... .... .... ; ' ·.:..; .. '· !,_: ·'.' ': l · ... -. ~ I ::..: ;_ \, !~~ i.._ LJ !:~ c: ~-~ L· : .!. 1'.~ / .::-_ ::.i / ·-~] . } PR ·)PERTY SITUS ADDRE S S .,• ' . . : --! FOUNDATIO N . ~' I " ,1 •. . 1 ... • ~·; ; ·. ;. ·I~··, .: ·· ?1~.?t 1 ,~·\ ROOF STYLE FLOORING .,, ',;, ~ .1.1..;, .,r •~ . :1 ~ '" .. . . , ALES HIS ORY · PRICE DEED BOOK 1.0 " .. UTILITIES AC CESS TYPE DESC RIPT ION __ ;: ... >: 1_::~::_~~·: ;·:.<~ l 1)1': r.-.~c~~~i -~ n i'l(~:?1lf'·.!'.: .. ·-.··. ·I DEED BOOK PAGE ZONE SPTB ?rEe METHOD ! E:: 1 '(I TYPE SPTB 1 I ~ . :. , ·-1 '·. ' OTH ER CLASS ., • 1· ~· .' ··; :7 I ,-t 1,_•' ·I t ,.-; ... "i'lli . "N ER 1 •· ... <: AN P'". '')RE S .,. ':' ·" ··1 TAX L ~ .... 'J PP R>-""~ l ! ... '; . :. : '·· I.: .. ! .... ·--l: J . .I>;) J "· ·.·· EXEMPTIO NS APPRAI SED VALU E IMPROVEMENT ETCH THIS VALUE MAY NOT REPRESENT CURRENT YEAR CERTIFIED VALUE ~ AREA UNIT PRICE ;· . ' \I~~! _, -..... -· YEAR CO ND · % BUil T ITIO N GOOD tl ' '-):.I I n--9 '+I '· ·1 ......... PHY % 1. '/11 I AOJUSJ MARKET VALUE . -· .::· ECO N . FUN C . O/o o;o •O •:SE !. 1 .• .:.;. ·,, .:.-. ·. i · .. AG Vf,L UE ---· '-· ...... "'I ... ,., ___ ..,.~~..--~ .... .----~'---------------------------------------------------- •_• :: .. ID.~l(;•io •·' ·!.-.... ~•.!"~:'-t)'"lh°'O:JQC.'l?..,_,"-'"J ~'lM!llP'9--IBl-llfl----------------------------... -----------.------U>F. ~:;·,·· ~ .-: ; -JE~C'l i PT l'-:r-,: OWNER NAME AND ADDRES S c 1·.• '. Rl Y :::,; 'US ADDPES S ~;':~:;;:;~21..~~~.r~ ·::."11 1: fil:t..-Y.:.l.lli.i ES . .. ·- C 1 -·.1:1('.t ~ :·1.· FI NI Sr-1r.J1. f 1NI SH ROOF ql'l.E FLOOR IN G . ·~ { ... , --' . ·., ... ,-··,· ;_• . ' . 't: .. /it DEED BOOK PAGE . ;_ :_ [· ~ ~; 70NE OTHER 1'-,i"'it· 'l,. CL ASS TAXING ENTITIES 1 LAST AP PRAI S/ EXE MPTIONS APPRAISED VA Ll " THIS VALUE MAY NOT REPRESENT CURRENT YEAR CERTIFIED VALUE AREA .. -.. ( .. .. .... , I i:. (1 I . :· \..·'. ·-·~ I ·:·· /, !:~ I j --_y /. 1''• i I I PHY % ECON FUN C VA . .I.':-· ' l • I J\181-!'.t 1 C~i I ·~ 1:.? I· ~t?:tmi tt'f~Zjf~\!~~~-1 ;?,:°H~'%;,';%t:~~~Jfi},·"-~~!I'&!: li)ll!\ll'-j;'!ir!P!.,ll'lll~ .j cil;Plll!Bl;l .. I, ·;·,·······A ·RE·A··[!:ffi~lJ]m~I!lJ~·. u1::1.-. ••,1,;;1,,•••,•,.•111 ::-•.,•••·M·A·R·K·ET.VA·L·U·E···u·~c·, ••,•"·;~·L11••,'"•.,.1A::1~.r·.,• ... ••A·G·V·A·L·U·F l'J ' I .J ~·-•••. , .. -··· .:..· 1_·. ·.J .. -·"· -~· :.::;.· { .· •:. (:• • .,,', , ,r· ...... ! . .;., ··-' \ ... 1.. l(_/\tit_• . ' (Comparable Land Sales) / f. ·- MARKET DATA NUMBER ONE -VACANT LAND CONSIDERATION : CASH EQUIVALENT: FINANCING : DATE OF SALE: RECORDING DATA : GRANTOR : GRANTEE : LEGAL DESCRIPTION Size : Survey Name : Abstract No.: C ity : County: State : PROPERTY l.D .#: MAP l.D .#: LOCATION : FRONTAGE: SHAPE : ZONING : CURRENT USE : UTILITIES : $725 ,000 .00 ; $5 ,000 .00 per acre N/A $575 ,000 .00 note to granter, reported to be at market terms July 29 , 1996 Volume 2653 , Page 316 , Brazos County Deed Records Bert Wheeler's, Inc . Jim Sowell Construction Co ., Inc . 145 acre Richard Carte r 8 Bryan and College Station Brazos Texas R39008, R10547, R99891 ,and R99892 264-380 , 264-378, 267-378 Northeasterly corner of Un iversity Drive and the Earl Rudder Freeway On University Drive and on the Earl Rudder Freeway Irregular R-1 , Single Family Res idential in College Station and A-0, Agr icultural Open in Bryan area Vacant All public util ities available at the site. I , ... MARKET DATA NUMBER ONE· VACANT LAND· CONT'D FLOOD PLAIN: REMARKS: A large portion of this tract appears to be located with in a flood plain area , which includes some floodway. The grantee is proposing to construct a mixed use development on the tract. The reported cost to remove part of the tract from the flood hazard area is ±$500,000 .00 . MARKET DATA NUMBER TWO -VACANT LAND CONSIDERATION : CASH EQUIVALENT: FINANCING: DATE OF SALE: RECORDING DATA : GRANTOR : GRANTEE : LEGAL DESCRIPTION Size: Survey Name : Abstract No .: City: County: State: PROPERTY l.D.#: MAP l.D.#: LOCATION : FRONTAGE : SHAPE : ZONING: CURRENT USE: UTILITIES: $1 ,535 ,000 .00 ; $10,000.00 per acre N/A Cash to Seller August 27, 1998 Volume 3237 , Page 229 , Brazos County Deed Records Bert Wheeler's, Inc. City of College Station 153 .10 acres Richard Carter 8 College Station Brazos Texas R103316 267-376, 267-378, and 270-376 Southerly line of University Drive and northerly line of Harvey Road, east of the Earl Rudder Freeway (State Highway 6 East Bypass) ±2 ,000 feet on Harvey Road ±2, 100 feet n University Drive Rectangular M-1, Planned Industrial Vacant All public utilities available at the site . y - MARKET DATA NUMBER TWO -VACANT LAND-(CONT'D) FLOOD PLAIN: REMARKS : Small portion along west line The C ity of College Station plans to constr uct baseball fields on the site . MARKET DATA NUMBER THREE -VACANT LAND CONSIDERATION : CASH EQUIVALENT : FINANCING : DA TE OF SALE : RECORDING DATA : GRANTOR : GRANTEE : LEGAL DESCRIPTION Size : Survey Name : Abstract No .: City : County: State : PROPERTY 1.0 .#: MAP l.D.#: LOCATION: FRONTAGE: SHAPE : ZONING : CURRENT USE : UTILIT IES : $3 ,519 ,330 .00 ; $10,000 .00 per acre N/A 20 % cash down ($750 ,000.00), owner carr ies balance ; terms not disclosed August 27 , 1998 Volume 3237 , Page 233 , Brazos County Deed Records M.D. Wheeler Ltd . of Texas Copperfield Ten , Ltd . 351.933 acres Richard Carter and J. W . Scott 8 & 49 Bryan Brazos Texas R104003 and R103319 267 -378 , 267-380, and 270-382 Northwest corner of Un iversity Dr ive (FM . 60) and F.M. 158 ±6,000 feet on Univers ity Drive ±3 ,900 feet on F.M. 158 Irregular A-0 , Agricultural Open Park Hudson multi -use development All public utilities available at the s ite . ' '- MARKET DATA NUMBER THREE -VACANT LAND -(CONT'D) FLOOD PLAIN : REMARKS : A small portion of the tract appears to be situated within a flood hazard area . Copperfield Drive currently terminates at the north line of the tract adjacent to Bowen School. The F .M. 158 frontage wraps a City of Bryan electrical substation . '. L MARKET DATA NUMBER FOUR -VACANT LAND CONSIDERATION : CASH EQUIVALENT : FINANCING : DATE OF SALE : RECORDING DATA : GRANTOR : GRANTEE : LEGAL DESCRIPTION Size: Survey Name : Abstract No .: C ity : County: State : PROPERTY l.D .#: MAP l.D.#: LOCATION : FRONTAGE : SHAPE : ZONING : CURRENT USE : UTILITIES : $1 , 121,035.00 ; $5 ,000 .00 per acr e N/A Cash to Seller Apr il 13 and 14 , 2000 Volumes 3783 and 3784 , Pages 194 and 259 , Brazos County Deed Records Lillian J . Kurz and Grace Stallone Abbate , etal Co- Trustees Bandura Corp . (AKA lndivisa Corp .) 224 .26 acres James Erwin 119 None Brazos Texas R15081 and part of R15087 252-344 Northerly line of Gandy Road, east of Robin Drive and the northeasterly line of Walnut Road , east of Quail Run ±400 feet on Gandy Road and ±40 feet on Walnut Road Irregular None Grant Oak Subdivision , a 150 lot acreage type development Public electricity , telephone and community water ava ilable at the site . MARKET DATA NUMBER FOUR -VACANT LAND -(CONT'D) FLOOD PLAIN : REMARKS : A portion of the tract appears to lie within a flood hazard area . This sale involves the combined purchase of 208.25 acre and 16.011 acre adjoining parcels from two co-trustees of an estate . r ,_ :. 'L MARKET DATA NUMBER FIVE -VACANT LAND CONSIDERATION : CASH EQUIVALENT: FINANCING : DATE OF SALE : RECORDING DATA : GRANTOR : GRANTEE :· LEGAL DESCRIPTION Size: Survey Name : Abstract No .: C ity: County: State : PROPERTY ID#: MAP ID #: LOCATION : FRONTAGE : SHAPE : ZONING : CURRENT USE : UTILITIES : FLOOD PLAIN : ±$4,752,990 .00 ; $11,000 .00 per acre N/A N/A May 8 , 2000 Volume 3802 , Page 240 , Brazos County Deed Records The Bardan Group , Inc . TAC Realty 432 .09 acres J .W . Scott & John Austin 49 & 2 Bryan Brazos Texas R13455 264-386 , 264 ~388, 264-390 , and 264 -392 Wraps the southeasterly corner of F.M. 158 and F.M.1179 On F.M. 158 and on F.M. 1179 Irregular A-0 , Agricu ltural Open Vacant All public utilit ies available at the site . None MARKET DATA NUMBER FIVE -VACANT LAND -(CONT'D) REMARKS : The grantee is propos ing to util ize this tract as a portion of the Miramont residential golf course commun ity , wh ich he is planning to develop . '. MARKET DATA NUMBER SIX -VACANT LAND CONSIDERATION : CASH EQUIVALENT: FINANCING : DATE OF SALE : RECORDING DATA: GRANTOR: GRANTEE : LEGAL DESCRIPTION Size: Survey Name: Abstract No .: City: County : State: PROPERTY 1.D.#: MAP 1.0.#: LOCATION: FRONTAGE: SHAPE : ZONING : CURRENT USE: UTILITIES: FLOOD PLAIN: $3,531,440.00 ; $11,000 .00 per acre N/A Cash to Seller July 28, 2000 Volume 3883, Page 097 , Brazos County Deed Records Mae Dean Wheeler Trustee, eta! TAC Realty , Inc. 321 .04 acres J.W. Scott 49 Bryan Brazos Texas R13527, R13534 267-384, 267-389. 270-386 , 270-388 Easterly line of F.M. 158 , south of Copperfield Drive On F.M. 158 Irregular PD , Planned Development Vacant land -proposed Phase II of Miramont Country Club All public utilities available at the site , some extension necessary . None MARKET DATA NUMBER SEVEN -VACANT LAND CONSIDERATION : CASH EQUIVALENT: FINANCING : DATE OF SALE : RECORDING DATA : GRANTOR : GRANTEE : LEGAL DESCRIPTION Size : Survey Name : Abstract No .: C ity : County : State : PROPERTY l.D .#: MAP l.D.#: LOCATION : FRONTAGE : SHAPE : ZONING : CURRENT USE : UTILITIES : FLOOD PLAIN: $1 ,707 ,200 .00 ; $7 ,271 .00 per acr e N/A Cash to Seller August14 ,2000 Volume 3900 , Page 188, Brazos County Deed Records Creagor Family Trust, etal City of College Station 234 .81 acres Thomas Carruthers League 9 College Station Brazos Texas R92368 , R10714 , R107 18 , R10710 282 -352 , 282-350 , 285-350 , 285 -352 Northerly line of Greens Prairie Road , ea st of State Highway 6 2 ,591.79 ft. on Greens Prairie Road Irregular A-0 , Agricultural Open District Vacant All public ut ilities ava ilable at the s ite . ±89 acres (38 %) is situated with in an id enti fied flood hazard area . MARKET DATA NUMBER SEVEN -VACANT LAND-CONT'D REMARKS : The eastern sector of the tract adjo ins a portion of the Brazos Valley Solid Waste Management Agency Landfill which could reduce its marketability. However , its location just north across Greens Prairie Road from the Pebble Creek development is considered to enhance its' overall marketability . According to the information provided to our office by the City of College Station, the sales price was based on an allocation of $2,800 .00 per acre for the 89 acres which are located within the flood hazard area and $10 ,000.00 per acre for the 145 .8 acres which are located outside of the flood hazard area . MARKET DATA NUMBER EIGHT-VACANT LAND CONSIDERATION : CASH EQUIVALENT : FINANCING : DATE OF SALE : RECORDING DATA : GRANTOR : GRANTEE : LEGAL DESCRIPTION Size : Survey Name : Abstract No .: City : County: State : PROPERTY l.D .#: MAP 1.0.#: LOCATION : FRONTAGE : SHAPE : ZONING : CURRENT USE : $3,937,500 .00 ; $12,500 .00 per acre NI A Cash to Seller August 15 , 2000 Volume 3905 , Page 62 , Brazos County Deed Records Timothy J . Crowley Greens Prairie Road Investors, a Texas Limited Partnership 316 .022 acres Robert Stevenson 54 College Station Brazos Texas Part of R13810 273 -344 , 273-342, 273-340, 276-344 , & 276 -342 Northerly line of Greens Prairie Road, west of State Highway 6 at the proposed northwesterly corner of Greens Prairie Road and the proposed State Highway 40 . Currently has frontage on Greens Prairie Road and will have frontage on State Highway 40 when the roadway is constructed . Basically rectangular A-0 , Agricultural Open District Vacant land MARKET DATA NUMBER SIX -VACANT LAND -CONT'D UTILITIES: FLOOD PLAIN: REMARKS : All public utilities available in the area, however, public water and sewer service lines will have to be extended to the tract. The City of College Station is reportedly going to participate in the extension of the lines . A small portion of the tract appears to be located within a flood hazard area. The grantee is proposing to develop this tract with an upper end residential development. The grantee is one of the members of the purchasing partnership. However , the purchase price was reported to have been negotiated between all of the parties in an "arms-length " fashion . 341.06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION, BRAZOS COUNTY, TEXAS VIEW OF SUBJECT PROPERTY LOOKING WEST OFF ROCK PRAIRIE ROAD VIEW OF SUBJECT PROPERTY LOOKING WEST OFF ROCK PRAIRIE ROAD 341.06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION, BRAZOS COUNTY, TEXAS VIEW OF SUBJECT PROPERTY LOOKING WEST OFF ROCK PRAIRIE ROAD FRONT VIEW OF SUBJECT'S PRIMARY RESIDENCE 341.06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE , ABSTRACT 9, COLLEGE STATION , BRAZOS COUNTY , TEXAS REAR VIEW OF SUBJECT'S PRIMARY RESIDENCE VIEW OF GARAGE AT PR IMARY RESIDENCE 341.06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION, BRAZOS COUNTY, TEXAS FRONT VIEW OF RENTAL RESIDENCE (1000 RITCHEY ROAD) REAR VIEW OF RENTAL RESIDENCE (1000 RITCHEY ROAD) 341 .06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE , ABSTRACT 9, COLLEGE STATION , BRAZOS COUNTY , TEXAS FRONT VIEW OF RENTAL RESIDENCE (1010 RITCHEY ROAD) REAR VIEW OF RENTAL RESIDENCE (1010 RITCHEY ROAD) 341.06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION, BRAZOS COUNTY, TEXAS VIEW OF SHOP/STORAGE BUILDING VIEW OF BARN "A" 341 .06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION, BRAZOS COUNTY, TEXAS :..~ r_;:f~~ ii . . . l " . . :: ·- VIEW OF BARN "B " VIEW OF BARNS "B " & "C " AND PENS 341.06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION , BRAZOS COUNTY, TEXAS VIEW OF STORAGE SHED INTERIOR VIEW OF THE SUBJECT PROPERTY 341.06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION, BRAZOS COUNTY , TEXAS . -:· ...... • ~;...!"--,. .... , ._ F • ,_,. • I~ .. :. • . . ·" .. ..; ..... .. · ....... . 1.;~ . ..... ... ···1 ,. ·-s. ... ,& INTERIOR V IEW OF THE SUBJECT PROPERTY . -... -· ,•, - INTERIOR VIEW OF THE SUBJECT PROPERTY 341.06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION, BRAZOS COUNTY, TEXAS ...,., : .. INTERIOR VIEW OF THE SUBJECT PROPERTY (LARGEST LAKE ) INTERIOR VIEW OF THE SUBJECT PROPERTY 341.06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE , ABSTRACT 9, COLLEGE STATION , BRAZOS COUNTY, TEXAS INTERIOR VIEW OF THE SUBJECT PROPERTY VIEW OF OIL WELL SITE 341 .06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE, ABSTRACT 9, COLLEGE STATION, BRAZOS COUNTY, TEXAS VIEW OF SALTWATER DISPOSAL SITE VIEW OF TRASH DUMPING SITE 341 .06 ACRES OUT OF THE THOMAS CARUTHERS LEAGUE , ABSTRACT 9, COLLEGE STATION , BRAZOS COUNTY, TEXAS VIEW LOOKING NORTH ON ROCK PRAIRIE ROAD '- ' _ .......... ....... . ~, .: VIEW LOOKING SOUTH ON ROCK PRAIRIE ROAD