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HomeMy WebLinkAboutPR 24308: PORTION OF LAND FOR TRAFFIC SIGNAL INSTALLATION iem City of urt rthur Texas www.PortArthurTx.gov INTEROFFICE MEMORANDUM Date: April 28, 2025 To: The Honorable Mayor and City Council Through: Ron Burton, City Manager From: Pamela D. Langford, CPM,Assistant City Manager-Operations/Director of Development Services RE: PR No. 24308: Authorizing the City Manager and City Attorney to purchase a 0.0057 Acre (248 SF ROW) portion of land located at the intersection of Procter Street and Woodworth Boulevard (part of Tract 9A, Replat of Block 511, Model Addition No. 2, City of Port Arthur,Jefferson County,Texas)for traffic signal installation for the amount of$900.00. Project No. CE0008. Introduction: The intent of this Agenda Item is to authorize the City Manager and City Attorney to purchase a 0.0057 Acre (248 SF ROW) portion of land located at the intersection of Procter Street and Woodworth Boulevard(part of Tract 9A,Replat of Block 511,Model Addition No. 2, City of Port Arthur,Jefferson County,Texas) for traffic signal installation for the amount of$900.00. Project No. CE0008. Background: The City of Port Arthur applied for and met the criteria necessary to receive grant funding from the Texas Department of Transportation(TxDOT) for the installation of traffic signals at various locations under TxDOTs Highway Safety Improvement Program (HSIP) —Various Intersection Improvements. Three intersections were selected for traffic signal upgrades,one of which was the intersection of Procter Street at Woodworth Boulevard. On September 24, 2024, the City Council made a motion authorizing the City Manager and City Attorney to proceed with the acquisition of a 0.0057 acre portion of land at the intersection of Procter Street and Woodworth Boulevard to be utilized as part of a proposed traffic signal installation project funded by TxDOT. "Remember,we are here to serve the Citizens of Port Arthur" 444 4th Street X Port Arthur,Texas 77641-1089 X 409.983.8182 X FAX 409.983.8294 C:\Users\gthibodeaux\AppData\Local\Microsoft\Olk\Attachments\ooa-3801dec8-fce3-4543-abf2-77a47eda0a2b\25d4542cd31a38f444ad42e5538eaa2d35439b1d5a21243e8dac2ab974e72c10\Agenda Memo HSIP Land Acquisition CE0008.docx An appraisal was conducted by Cook & Associates, Inc., of Beaumont, Texas, for the purpose of evaluating the subject property for Right Of Way (ROW) acquisition. Identification of the subject property was provided by the City of Port Arthur(City) in the form of a survey, legal description and plat map. Additionally, the appraisal aided in the establishing of fair market value which a property would bring in a competitive and open market under all conditions required in a fair sale. The subject parent tract is currently owned by Ayman, LLC of Sugarland, Texas and has agreed to sell the 0.0057 Acre (248 SF ROW)tract to the City for the fair market value amount of$900.00. Budget Impact: Funds are available in the Capital Project Account No. 307-21-049-8511-00-10-000. Project No. CE0008. Recommendation: It is recommended that the City of Port Arthur's City Council approve PR No. 24308 authorizing the City Manager and City Attorney to purchase a 0.0057 Acre (248 SF ROW) portion of land located at the intersection of Procter Street and Woodworth Boulevard (part of Tract 9A, Replat of Block 511, Model Addition No. 2, City of Port Arthur, Jefferson County, Texas) for traffic signal installation for the amount of$900.00. Project No. CE0008. "Remember,we are here to serve the Citizens of Port Arthur" P.O.Box 1089 X Port Arthur,Texas 77641-1089 X 409.983.8101 X FAX 409.982.6743 PR No. 24308 4/28/2025 mje Page 1 of 4 RESOLUTION NO. A RESOLUTION AUTHORIZING THE CITY MANAGER AND CITY ATTORNEY TO PURCHASE A 0.0057 ACRE (248 SF ROW) PORTION OF LAND LOCATED AT THE INTERSECTION OF PROCTER STREET AND WOODWORTH BOULEVARD (PART OF TRACT 9A, REPLAT OF BLOCK 511, MODEL ADDITION NO. 2, JEFFERSON COUNTY, TEXAS) FOR TRAFFIC SIGNAL INSTALLATION FOR THE AMOUNT OF $900.00. FUNDS ARE AVAILABLE IN THE CAPITAL PROJECT ACCOUNT NO. 307-21-049- 8511-00-10-000. PROJECT NO. CE0008. WHEREAS, the City of Port Arthur applied for and met the criteria necessary to receive grant funding from the Texas Department of Transportation (TxDOT) for the installation of traffic signals at various locations under TxDOTs Highway Safety Improvement Program (HSIP) — Various Intersection Improvements; and, WHEREAS, three intersections were selected for traffic signal upgrades, one of which was the intersection of Procter Street at Woodworth Boulevard; and, WHEREAS, on September 24, 2024, the Port Arthur City Council made a motion authorizing the City Manager and City Attorney to proceed with the acquisition of a 0.0057 (248 SF ROW) portion of land at the intersection of Procter Street and Woodworth Boulevard; and, WHEREAS, the subject parent tract of land is described as part of Tract 9A, Replat of Block 511, Model Addition No. 2, Jefferson County, Texas, for which the 248 SF of Right of Way (ROW) portion is needed for traffic signal installation; and, WHEREAS, the traffic signal installation project is funded by the Texas Department of Transportation (TxDOT) under their Highway Safety Improvement PR No. 24308 4/28/2025 mje Page 2 of 4 Program (HSIP) — Various Intersection Improvements, for which the City of Port Arthur (City) met the criteria for grant funding; and, WHEREAS, an appraisal was conducted by Cook & Associates, Inc., of Beaumont, Texas, for the purpose of evaluating the subject property for Right Of Way (ROW) acquisition and establishing fair market value, see Exhibit A; and, WHEREAS, the subject parent tract is owned by Ayman, LLC, of Sugarland, Texas, (Grantor) which has agreed to sell the property to the City (Grantee) for the fair market value amount of $900.00, (Nine hundred dollars); and, WHEREAS, the Grantor has agreed to affix their signature to a General Warranty Deed that grants, sells, and conveys to Grantee the property with all rights and appurtenances; and, WHEREAS, approval of PR No. 24308 is hereby deemed an appropriate action for the Port Arthur City Council to authorize the City Manager and City Attorney to proceed with the land acquisition and finalize the purchase; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR, TEXAS: THAT, the facts and opinions in the preamble are true and correct; and, THAT, on September 24, 2024, the City Council made a motion authorizing the City Manager and City Attorney to proceed with the acquisition of a 0.0057 (248 SF ROW) portion of land at the intersection of Procter Street and Woodworth Boulevard; and, PR No. 24308 4/28/2025 mje Page 3 of 4 THAT, the subject parent tract is owned by Ayman, LLC, of Sugarland, Texas, (Grantor) which has agreed to sell the property to the City (Grantee) for the fair market value amount of $900.00, (Nine hundred dollars); and, THAT, the traffic signal installation project will be funded by the Texas Department of Transportation (TxDOT) under its Highway Safety Improvement Program (HSIP) — Various Intersection Improvements grant; and, THAT, the City Manager and the City Attorney shall be authorized to execute the necessary closing documents as it relates to the purchase; and, THAT, a copy of the caption of this Resolution be spread upon the Minutes of the City Council. READ, ADOPTED AND APPROVED this the day of A.D., 2025, at a meeting of the City of Port Arthur, Texas by the following vote: Ayes: Mayor: Councilmembers: Noes: Thurman Bill Bartle ATTEST: Mayor Sherri Bellard City Secretary PR No. 24308 4/28/2025 mje Page 4 of 4 APPROVED AS TO FORM: APPROVED FOR ADMINISTRATION: .‘t9-0/ Roxann Pais Cotroneo, Esquire Ronal Bu on, CPM City Attorney City Manager APPROVED AS FOR AVAILABILITY OF FUNDS: Lyn a "Lyn" Boswell, M.A., ICMA-CM Director of Finance (11 4/4 dge4. Clifto Williams, CPPB Purchasing Manager EXHIBIT A APPRAISAL OF: Proposed .0057 Acre (248 Square Feet) ROW Acquisition Procter Street @ Woodworth Boulevard Port Arthur, Texas . �- . ;-. r s i" t � E Prepared For: CITY OF ARTHUR Legal DepaPORTrtment ATTN: Huy Tran, Compliance Officer 444 4`h street Port Arthur, TX 77641-1089 As of: November 11, 2024 By: COOK ASSOCIATES, INC. Mr. W. Burnell Cook, MAI, SRA 2640 McFaddin Beaumont, Texas 77702 il COOK & ASSOCIATES, INC. I COOK & ASSOCIATES, INC. Real Estate Appraisers 2640 McFaddin • Beaumont, Texas 77702 • (409)835-1430 • Fax (409)835-7314 • Tax ID#76 0325476 W. Burnell Cook, MAI, SRA, CPA cookappr©gmail.com Stephen F. Peyton appraisals©cookandassociatesinc.com November 22, 2024 City of Port Arthur Legal Department ATTN: Huy Tran, Compliance Officer 444 4th Street Port Arthur, TX 77641-1089 RE: Appraisal of a proposed .0057 Acre (248 square feet) ROW acquisition out of a 2.754 Acre parent tract on Procter Street @ Woodworth Boulevard, Port Arthur, Jefferson County, Texas Dear Mr. Tran: In compliance with your request, I have personally inspected and analyzed the above cap- tioned property for the purpose of developing an opinion of the Market Value in Fee Sim- ple Interest. Market Value of the parent tract will then be used as the basis of my estimate of"Just Compensation" for the proposed acquisition in Fee Simple Interest. As a result of my investigation and analysis, my opinion of the Just Compensation for the proposed acquisition, as of November 11 , 2024, is: NINE HUNDRED ($900.00) DOLLARS This transmittal letter is followed by the certification of the appraisal and the APPRAISAL REPORT containing pages further describing the subject property and containing the rea- soning and pertinent data leading to the developed value opinion. Your attention is di- rected to the Extraordinary Assumptions and Hypothetical Conditions on Page Two and the "General Underlying Assumptions" and "Limiting Conditions" which are considered usual for this type of assignment and have been included in the Addenda of the report. Respectfully submitted, COOK & ASSOCIATES W. Burnell Cook, MAI, SRA Texas State Certified TX 1320838 — G CERTIFICATION I certify that, to the best of my knowledge and belief: -- the statements of fact contained in this report are true and correct. -- the reported analyses, opinions and conclusions are limited only by the reported assump- tions and limiting conditions, and are my personal, impartial and unbiased professional analyses, opinions and conclusions. -- I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. -- I have not performed an appraisal regarding the property that is the subject of this report within the three year period immediately preceding the agreement. -- I have no bias with respect to the property that is the subject of this report or to the par- ties involved with this assignment. -- my engagement on this assignment was not contingent upon developing or reporting predetermined results. -- my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occur- rence of a subsequent event directly related to the intended use of this appraisal. -- I, W. Burnell Cook have made a personal inspection of the property that is the subject of this report. -- no one provided significant real property appraisal assistance to the person or persons signing this certification. -- the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. -- the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. -- as of the date of this report, I have completed the requirements under the continuing ed- ucation program of the Appraisal Institute. -- the appraisal assignment was not based on a requested minimum valuation, a specific valuation or the approval of a loan. November 22, 2024 W. Burnell Cook, MAI, SRA Date Texas State Certified General TX 1320838-G TABLE OF CONTENTS .0057 Acre (248 Square Feet) ROW Acquisition Procter Street @ Woodworth Boulevard Port Arthur, Texas Introduction Letter of Transmittal Certification Summary of Salient Facts and Conclusions 1 General Information Intended Use/User 2 Client/Scope of Work 2 Extraordinary Assumptions 2 Subject Identification 2 Value Definitions 4 Exposure Time 5 Effective Date 5 Legal Description 5 Area/Property Analyses Area Analysis 5 Neighborhood Analysis 8 Property Description 10 Highest and Best Use 11 Valuation Analysis Sales Comparison Analysis 12 Reconciliation and Concluded Value 21 Estimate of Just Compensation 22 Addenda Subject Photos 23 Maps and Plats 32 Survey JCAD Detail General Limiting Conditions Qualifications and License Engagement Letter Purchase Order#22501071-001 COOK & ASSOCIATES, INC. 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 1. Appraisal Type/Scope: Sales Comparison Approach 2. Report Format: Narrative 3. Property Type: Vacant Land/ (Improvements not considered *) 4. Location: Procter Street @ Woodworth Boulevard (NEC), Port Arthur, Texas 5. Owner: Ayman, LLC 6. Site: ROW/access acquisition containing .0057 Acres (248 SF) out of a 2.754 Acre (119,964 SF) parent tract 7. Improvements: None considered * 8. Zoning: LC— Light Commercial (per zoning ordinance#21-47, 7/3/2021) 9. Highest and Best Use As Vacant: Commercial As Improved: N/A 10. Value Indication: Sales Comparison Approach: $419,874 or $3.50/SF (Parent Tract) 11. Date of Inspection: November 11, 2024 12. Date of Value Estimate: November 11, 2024 13. Date of Report: November 22, 2024 14. Property Rights Appraised: Fee Simple 15. Final Opinion of Market Value: $419,874 (Parent Tract— 119,964 SF @ $3.50/SF) 16. Just Compensation $900.00 (ROW acquisition — 248 SF @ $3.50/SF = $868.00 Rounded to: $900.00) * The subject parent tract is evaluated "as if' vacant land. Improvements are not affected by the proposed acquisition and are not considered. See Extraordinary Assumptions on Page 2 COOK & ASSOCIATES, INC. 2 APPRAISAL REPORT CLIENT: City of Port Arthur Legal Department ATTN: Huy Tran, Compliance Officer 444 4th Street Port Arthur, TX 77641-1089 APPRAISER: W. Burnell Cook, MAI, SRA Cook & Associates, Inc. 2640 McFaddin Beaumont, Texas 77702 SUBJECT: .0057 Acre ROW acquisition out of a 2.754 Acre parent tract on Procter Street @ Woodworth Boulevard, Port Arthur, Jefferson County, Texas INTENDED USE OF REPORT: For the sole purpose of assisting the client in evaluating the subject property for ROW acquisition. This report is intended for use by the City of Port Arthur. Other uses or users are not intended by the appraiser. EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS: The subject parent tract is improved as a convenience store (under construction). However, it is evalu- ated herein "as if" vacant, as improvements do not appear to be affected by the proposed acquisition. (Note: Any sidewalks, utility connections or underground structure affecting subject use is assumed to be repaired or replaced.) The use of these assumptions and conditions might have affected the assignment results. SCOPE OF WORK AND REPORTING PROCESS: This is an Appraisal Report which is intended to comply with the reporting requirements set forth under Rule 2 of the Uniform Standards of Professional Appraisal Practice for an Appraisal Report. As such, it presents relevant discussions of the data reasoning and analysis that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning and analysis is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated above. The appraiser is not responsible for unauthorized use of this report. As the subject is evaluated as vacant land, the appraiser did not use the Cost and Income Approaches to value which are not considered necessary to develop a credible opinion of value. The appraiser believes the only applicable approach to value is the Sales Compari- son Approach. Subject property identification: Identification of the subject property was provided by the client in the form of a survey, location and aerial photo. COOK & ASSOCIATES, INC. 3 Subject property observation and physical data collection: The appraiser visited the subject property on November 11, 2024. All photographs of the subject site were taken on this date. Data collection and research: The subject property data such as size, physical features, location, quality and zoning are considered and presented in this report. Market data, in- cluding comparable vacant land sales and supply and demand are among the items re- searched and analyzed. The data is used to estimate the highest and best use of the sub- ject property and its market value. Extent of analysis: The documentation necessary to arrive at the opinion of value is considered in this appraisal report. The market data has been collected, confirmed and analyzed. Comparable sales were chosen for their similar highest and best uses as out- lined within the report. All sales were analyzed and compared to the subject property based on their similarities and dissimilarities. The applicable approaches were considered and reconciled in developing a final opinion of market value. Disclosures: Texas is a non-disclosure state in regards to details of sales transactions. Thus, our knowledge of sales data is not all-inclusive. Our data sources include Beau- mont, Mid-County and Orange County Multiple Listing Service, Commercial Gateway (HAR), local real estate brokers, as well as grantees, grantors, lessees and lessors. Ter- minology and definitions utilized are in accordance with banking regulations and the Dic- tionary of Real Estate Appraisal, Seventh Edition, (copyright 2022), by the Appraisal Insti- tute, or most recent revision. This appraisal is intended to comply with the requirements of the Appraisal Institute as well as the current Uniform Standards of Professional Appraisal Practice. COMPETENCY STATEMENT: Both USPAP and FIRREA minimum appraisal standards require that an appraiser have the knowledge and experience to complete an assignment competently. Additionally, FIRREA requires a competency statement. W. Burnell Cook, MAI, SRA has 40 years of commercial property appraisal experience. The appraiser has appraised properties similar to the subject in the Southeast Texas marketing area. This practical experience coupled with classroom training through the Appraisal Institute and other organizations complies with the Competency requirements of USPAP. The appraiser is a state certified general real estate appraiser. A complete qualifications statement and a copy of the certification for the appraiser is included in the Addenda. ENVIRONMENTAL DISCLAIMER: The appraiser is not an expert in determining the presence or absence of hazardous substances, defined as all hazardous or toxic materi- als, waste, pollutants or contaminants, including but not limited to asbestos, PCB, UFFI, or other raw materials or chemicals used in construction or otherwise present on the proper- ty. The appraiser assumes no responsibility for studies or analyses which would be re- quired to conclude the presence or absences of such substances or loss as a result of the presence of such substances. The client is urged to retain an expert in this field, if desired. The personal surface site inspection by the appraiser did not indicate the presence of hazardous materials or contaminants. COOK & ASSOCIATES, INC. 4 Therefore, the value opinion herein is based on the assumption that the subject conforms to applicable environmental regulations and is subject to that condition. PURPOSE OF THE APPRAISAL: To estimate market value as referenced in Section 12, C.F.R. Part 34. Market Value as reported herein, is defined as: the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the pass- ing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they con- sider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial ar- rangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffect- ed by special or creative financing or sales concessions granted by anyone associated with the sale. JUST COMPENSATION: In condemnation, the amount of loss for which a property owner is compensated when property is taken. Just Compensation should put the owner in as good a position, pecuniarily, as he or she would have been if the property had not been taken. Source: "The Dictionary of Real Estate Appraisal, 7th Edition", Page 101, published by the Appraisal Institute. The Appraiser has considered access damages in accordance with Section 21.042(d) of the Texas Property Code, as amended by SB 18 of the Texas 82nd Regular Legislative Session and finds as follows: 1. Is there a denial of direct access on this parcel? No 2. If so, is the denial of direct access material? No 3. The lack of access denial or the material impairment of direct access on or off the remaining property affects the market value of the remaining property in the sum of"$0.00." If applicable, this sum is included in the above esti mate of Just Compensation. INTEREST VALUED: Fee Simple Interest, as defined in Real Estate Terminology, is: An absolute fee; a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power, and taxation. An in- heritable estate. (Note: Value estimates herein are for surface interests only.) COOK & ASSOCIATES, INC. 5 SALES HISTORY: The subject parent tract is currently owned by Ayman, LLC and has not changed ownership in an open market transaction within the past three years. ESTIMATED EXPOSURE TIME: The exposure time estimate provided precedes the ef- fective date of this report. In estimating an exposure time for the subject property the ap- praiser has considered some or all of the following: • Current supply and demand factors • Current cost information • Analysis of historical sales information • Analysis of future income expectancy In the case of the subject property, an exposure time of 12 to 24 months is thought rea- sonable. EFFECTIVE DATE OF VALUE: November 11, 2024 DATE OF INSPECTION: November 11, 2024 PROPERTY TAXES: The subject parent tract (convenience store under construction) is assessed at $28,000, not including improvements. Assessed value for the proposed ac- quisition has not been determined. (See appraisal district and tax account information in the Addenda.) DESCRIPTION OF REAL ESTATE APPRAISED: LEGAL DESCRIPTION: The subject parent tract is legally described as shown in the JCAD account descriptions in the Addenda. A survey and legal description for the pro- posed acquisition is also included in the Addenda. AREA ANALYSIS: The subject area is known as the "Sabine-Neches Industrial area" or the "Golden Triangle" and is comprised of Hardin, Jefferson, Orange and Newton Coun- ties in Southeast Texas. The three major cities are Beaumont, Port Arthur and Orange. The cities are virtually contiguous as result of continuous development along their con- necting highways. Beaumont, the largest city and the county seat of Jefferson County, has a population of 115,282 per the 2020 census, down 2.6% from 118,296 in 2010. The pop- ulation of the four county area is 412,870 per the 2020 census, up 9,676 or 2.4% since 2010. Area city services, public utilities, schools and health facilities are considered to be good. The area climate is favorable with warm summers and mild winters. Area transportation resources include railroads, some deep water ports located in Port Ar- thur, Beaumont and Orange, four airports as well as good highway access. Jefferson County Airport, located adjacent to and west of Nederland, provides daily connector flights to Dallas. Medical facilities, located in Beaumont, Port Arthur, Groves, Nederland and Or- ange include eight major hospitals as well as a variety of facilities providing specialized and emergency care services. COOK & ASSOCIATES, INC. 6 Major industries include shipping, petroleum and agriculture. In the early 1990's major federal, state and local prison complexes between Beaumont and Port Arthur in Mid- County were established. The area economy is primarily based on petrochemical refining and production related industries and has been since the Spindletop Oil discovery in 1901. A number of major petrochemical plants are located in this portion of the upper Texas Gulf Coast, typically along the Neches River and Sabine River in south Jefferson County and south Orange County. Many individuals from the three county area find employment in these area petrochemical complexes. Major plants located in the area include Motiva, Valero, DuPont, Total, Huntsman, Chevron, Mobil-Exxon and Goodyear. Economic conditions have been favorable in recent years, as area industrial plants have continued to expand. However, unemployment for the Beaumont/Port Arthur MSA is at 6.0% (September, 2024), up from 5.6% one year ago. Unemployment for the State of Texas is 4.1% for September, 2024, up from 3.9% in September, 2023, and unchanged from a month ago. Local MSA employment is 164,100, up 2.7% since September, 2023, and up 0.7% since last month. The economic forecast for the Golden Triangle area, including Beaumont, Port Arthur and Orange, remains relatively positive as renovations, additions and upgrades to existing oil, gas and petroleum facilities, primarily in mid and south Jefferson County continue. The na- tional economic downturn in late 2008 and 2009 and decline in oil prices caused some concern, with some projects being delayed, cancelled or put on hold. However, the Total, Motiva and the Valero expansions remained on track and are now complete. The five year, 10 billion dollar Motiva expansion was the largest single expansion in the United States in four decades. Cheniere Energy is building a 10 billion dollar LNG export facility adjacent to their new Sabine Pass gas import terminal in Cameron Parish, LA (just east of Sabine Pass, TX), now in operation. The expansion is projected to be substantially complete in 2022. Gold- en Pass Products has also announced authorization from the U.S. Department of Energy to export LNG, and began construction (March, 2019) of a 10 billion expansion for such purpose, projected to be complete in 2024. Final approval for investment in a $13 billion LNG facility in Sabine Pass was announced by Sempra on March 20, 2023. The Jefferson Energy Terminal, owned by JCP Energy Partners in Orange County on the Neches River across from the Port of Beaumont, was recently completed at a cost of± $50 million. The state of the art facility is now operating and shipping its first shipments of ethanol internationally. The Gulf Coast Project section of the controversial Keystone Pipeline project has recently been completed extending 487 miles from Cushing, OK to Nederland Texas. The pipeline project is planned to ultimately extend from Canada transporting crude oil to Texas Gulf Coast refineries. However, the project has recently encountered political/environmental obstacles. The ultimate outcome is unknown. COOK & ASSOCIATES, INC. 7 In November, 2013, Natgasoline LLC, a subsidiary of Orascom Construction Industries (OCI) announced a 1.9 billion dollar methanol plant project to be located on 514 acres on SH 347 just south of Beaumont, which broke ground in March, 2014. The plant, completed in 2018, is one of the nation's largest methanol plants. Ground breaking for a $1 billion expansion to build a "blue" ammonia plant was December 7, 2022. Completion is antici- pated for 2025 with 1000 construction jobs and 100 permanent jobs anticipated. Additional expansion for a renewable fuels facility and a fertilizer plant is planned. Exxon-Mobil is nearing completion of a $1.2 billion expansion of their plant on US 90, just west of Beaumont. Construction of a 1.7 billion dollar ethylene production unit at the Total plant site in Port Arthur is also nearly complete. A 748 million dollar project to deepen and widen the Neches River portion of the Sabine Neches Ship Channel, as part of the Water Resources Reform and Development Act of 2013, was signed into law by President Obama. Initial funding of$18 million for fiscal year 2019 was reported in the Beaumont Enterprise on November 26, 2018. Initial phases of construction began in late 2019. $169.2 million in capital improvement is planned by the Port of Beaumont, to be funded in part by $85 million in bonds, with voter approval ob- tained November 7, 2017. The U. S. Army Corps of Engineers, in their recently announced 2021 Work Plan, allocated $68.5 million for the Sabine-Neches project underway. This project, in conjunction with completion of the Panama Canal expansion, completed in 2016, is expected to have a significant positive economic impact on Texas Gulf Coast ports and the Beaumont-Port Arthur MSA in general. In March, 2023, the 1,215 megawatt Orange County Advanced Power Station near Bridge City was approved by the Public Utility Commission. Entergy Texas, Inc. estimates the plant construction, now underway to be competed in 2026, potentially powering 230,000 homes. The Power Station is projected to cost $1.2 billion and create 7,000 construction jobs along with 27 permanent jobs. Currently, land has been acquired and construction begun for a new Chevron- Phillips/Qatar Energy facility near Texas 87 and FM 1006 in Orange; announced on No- vember 16, 2022, to be an $8.58 billion dollar project with 4,500 construction jobs and 500 full time jobs. A plant expansion currently underway at the Exxon-Mobil Beaumont refinery will employ 1,850 in construction jobs, with 40 to 60 permanent jobs, and increase crude refining capacity by two thirds, making it one of the nation's largest refineries. The Golden Triangle area, as does the Gulf Coast in general, experiences occasional hur- ricanes and tropical storms. Tropical Storm Harvey struck the area on August 30, 2017, with record rainfall and widespread flooding. Tropical Storm Imelda struck the area on September 19, 2019, also with widespread flooding and road closures, but to a lesser de- gree than experienced during Tropical Storm Harvey. Most flooding occurred in the west- erly portion of Jefferson County and easterly portion of Chambers County. A fairly rapid recovery was completed with minimal long term adverse effect. Most recently, the area in COOK & ASSOCIATES, INC. 8 general suffered relatively minor damage from Hurricane Laura which struck the Camer- on/Lake Charles, Louisiana area, just to the east, on August 27, 2020. Damage in the Or- ange area was more extensive, being closer in proximity to landfall. Damage in the Lake Charles area was severe. Tropical Storm Beta, which struck the area on September 22, 2020, caused minimal damage. Hurricane Delta, which struck Lake Charles on October 9, 2020, caused moderate damage in the Beaumont, Port Arthur and Orange area. In response to the threat of hurricane damage, the US Corps of Engineers is constructing a coastal storm barrier system known as the Sabine to Galveston or Texas Coastal Spine Project. The project will extend 27 miles through Orange County coastal area, as well as coastal area of Jefferson County and the Bolivar Peninsula to Galveston. The project ini- tially began in Orange County in 2020 and is expected to be complete in 2031. The entire project is projected to take 20 years or more to complete with design and environmental studies for some areas not yet complete. Prices paid for existing real estate in general are increasing. Brokers are optimistic with increases in market activity related to continued petrochemical expansion anticipated over the next twelve months. Currently smaller office/shop/warehouse space is in short supply with new construction anticipated. An area map is included in the Addenda. NEIGHBORHOOD ANALYSIS: The objective of a Neighborhood Analysis is to de- scribe and analyze observable and/or quantifiable data that indicates discernible patterns of urban growth, structure and changes that detract from or enhance property values. A neighborhood is a portion of a larger community in which there is a homogeneous grouping of inhabitants, buildings or business enterprises. Neighborhood boundaries may consist of well-defined natural or man-made barriers, or they may be, more or less, well- defined by a distinct change in land values or in the character of the inhabitants. The subject property is located on Woodworth Boulevard at Procter Street (NEC) in Port Arthur. The subject neighborhood is generally considered to be the area south of Highway 73, west of Duff Drive, east of Memorial Drive and Woodworth Boulevard and north of the Intracoastal Canal within the City of Port Arthur. The northeastern most portion of the neighborhood adjoins the City of Groves. The neighborhood is delineated on the Neigh- borhood Map presented in the Addenda. This is an older well-established residential area with ample residential support facilities located along major traffic arteries. The properties located within this area are thought to have the greatest economic impact on the subject property. Highway 69/96/287 (known as Memorial Drive and Woodworth Boulevard within the City of Port Arthur) is a major commercial traffic artery connecting the cities in south and mid- Jefferson County with Beaumont, the County Seat. It intersects with IH-10 in southwest Beaumont. Memorial Drive (Highway 69/96/287)from Highway 73 to Gulfway Drive is a four lane asphalt paved thoroughfare with a center turning lane. Woodworth Boulevard COOK & ASSOCIATES, INC. 9 (Highway 69/96/287) from Gulfway Drive south to Lakeshore Drive is a divided four lane asphalt paved thoroughfare concrete curbs and gutters and a center grass median. Twin City Highway (State Highway 347) is a major four lane artery running north/south parallel and east of U.S. 69/96/287, connecting with it just south of Beaumont. 9th Avenue is a supplemental north/south thoroughfare through the area, extending north across Highway 73 to the Central Mall area and south to Gulfway Drive. Highway 73 is also a primary traf- fic artery connecting Port Arthur to Orange on the east and to Interstate 10 on the west at Winnie. From that point, IH-10 provides direct access to Houston. Highway 73 is four-lane asphalt paved divided highway from the Neches River to IH-10. These arteries provide the neighborhood with excellent access to all areas of the four county area and the Houston metroplex. The subject neighborhood is predominantly residential in nature. However, as previously noted, the neighborhood has extensive commercial development along the major traffic arteries including Memorial Highway, Twin City Highway, Gulfway Drive and portions of Highway 73. This development consists of apartment complexes, professional offices, convenience stores, motels, restaurants, automotive dealerships, service garages, service stations, retail stores, shopping centers and hospitals. 9th Avenue includes mixed, sec- ondary commercial development, as well as residential uses. Schools and churches are conveniently located within the neighborhood. Saint Mary's Hospital, located on 9th Avenue just north of Gulfway Drive, closed in 2019. Park Place Hospital, located on Memorial Drive at 39th Street, closed in 2005 and was subsequently torn down. Only a few medical professional office buildings remain. Many doctors have relocated to the new hospital and medical center complex located off High- way 69/96/287 on Jimmy Johnson Boulevard near Central Mall. The terrain within the neighborhood is generally level with elevations ranging from approx- imately 5 to 10 feet above mean sea level. For the most part, the neighborhood falls within the Federal Emergency Management Agency designated Flood Zone B, a flood hazard area between the limits of the 100 year and 500 year flood plains. However, it is located within a hurricane flood plain area, protected partially by a hurricane levee which was complete in 1981 by the U.S. Corps of Engineers. The city enacted an ordinance requiring new construction is to be at four feet or above maximum ponding level. This action, along with the construction of numerous drainage canals and other precautions has made the area eligible for flood insurance at government subsidized rates. Since completion of the Flood Protection Project, the area has generally had a reputation for adequate drainage. However, there was widespread flooding associated with Tropical Storm Harvey on or about August 30, 2017. Electricity, gas and telephone services are provided by privately owned corporations and serve the entire neighborhood. The city provides sewer and water utilities throughout the neighborhood. All of these services have a reputation of providing adequate service. Zoning classifications throughout the area are primarily LDR (Low Density Residential) or MDR (Medium Density Residential) with some areas along major thoroughfares being CR (Commercial Retail). Thus, land uses conform to the zoning classification and property compatibility is considered to be good. COOK & ASSOCIATES, INC. 10 During the mid-1980's, the neighborhood experienced an economic decline. This was due, in part, to the depressed oil related economy of the entire area. Significantly compounding the problem was a trend begun in the early 1980's toward the relocation of retail business- es to the New Town In Town area and Central Mall located 6.5 miles northwest of the sub- ject at the intersection of Highway 69 and FM 365. This area quickly became the major retail center in the city of Port Arthur. Thus, the Central Business District has suffered de- cline. However, in recent years there has been renewed interest in commercial develop- ment along Gulfway Drive as is evidenced by a number of new small strip centers, free standing retail buildings and renovation of existing commercial buildings. Also, extensive renovation of two older, vacant office buildings (now underway), with subsequent occu- pancy by Motiva, is expected to have a positive impact. In recent years, the local economy in general has remained relatively stable. Several area refineries have completed major expansions to their facilities with substantial petrochemi- cal expansion continuing. Manufacturing and light industrial uses continue to be viable. In conclusion, the subject neighborhood is expected to retain its present characteristics and development/redevelopment is expected to continue along prevailing lines at a slow pace. A Neighborhood Map is presented in the Addenda. PROPERTY DESCRIPTION — Parent Tract: Location/ Access: The subject parent tract is located at the northeast corner of Procter Street and Woodworth Boulevard. Each is a major commercial thor- oughfare through the area. The subject also fronts 5th Street on the north, a secondary two lane street. Tract Size: 2.754 Acres or 119,964 SF of which 248 SF (.0057 AC) is a proposed ROW acquisition. (See plat in the Addenda) Configuration: The subject parent tract is rectangular with ± 300 feet frontage on Woodworth Boulevard and ± 400 feet frontage on Procter Street and 5th Street. Topography/ Elevation: The parent tract is generally level and cleared. Elevation is approxi- mately 5 feet above mean sea level. Flood Zone: The tract falls in FEMA designated Flood Zone B, within the 500 year flood plain, but outside the 100 year flood plain. Zoning: The parent tract is zoned LC (Light Commercial) (rezoned to LC by ordinance 21-47, effective 7/3/2021). COOK & ASSOCIATES, INC. 11 Utilities: All available Existing Improvements: None considered (See Extraordinary Assumptions on Page 2) Surrounding Uses: Across Procter Street to the southeast is a park. Across Woodworth to the southwest is a convenience store. Surrounding uses along Procter Street and Woodworth include mixed commercial and residual resi- dential uses. Easements/ Encumbrances: Standard utility easements were noted. The characteristics of the subject parent tract generally conform to those of surrounding properties and those discussed in the Neighborhood Analysis are considered applicable. The subject is of sufficient size and utility for a variety of Commercial uses, such as are typical of the immediate area. The subject is presently improved with a convenience store with fuel sales (under con- struction), not considered in the analysis herein. (See Extraordinary Assumptions on Page 2) Presented in the Addenda are a Topographical Map, Flood Plain Map, Plat Maps, Aerial View, Survey and proposed ROW acquisition information. HIGHEST AND BEST USE: Highest and Best Use "As Vacant" — Parent Tract: The subject parent tract contains a total of 2.754 Acres fronting Procter Street and Woodworth Boulevard, with convenient access and exposure. The site is thought adequate in size and utility for commercial de- velopment, which is consistent with its current use. Financial feasibility is suggested by ex- isting and limited new commercial development in the area. Thus, the Highest and Best Use "As Vacant," is considered to be Commercial. COOK & ASSOCIATES, INC. 12 SUMMARY OF THE SALES COMPARISON ANALYSIS: This is an appraisal technique in which the Market Value estimate is based on prices paid in actual market transactions. The approach involves gathering data of sales of comparable properties and analyzing the nature and condition of each sale, comparing with the subject property, making logical ad- justments for characteristics dissimilar to the subject property. The direct sales compari- son approach is based upon the principle of substitution and is a good indicator of value when sales of highly similar properties are available. The principle of substitution is de- fined in The Dictionary of Real Estate Appraisal, p. 296 as "The appraisal principle that states that when several similar or commensurate commodities, goods or services are available, the one with the lowest price will attract the greatest demand and widest distri- bution." The reliability of this approach is dependent upon the following factors: • The degree of similarity of the comparable property to the property being appraised as to location, size, and utility. • The time of the sale. • The verification of the market data. • The absence of unusual conditions affecting the sales price. The appraiser has made a diligent search of available sources in an attempt to obtain data on the sales of similar vacant properties. Also contacted were several area real estate brokers. The Sales Comparison Approach is applied in the study of prices paid for compa- rable tract to indicate the price at which the subject tract should sell after adjustments are applied for the factors that tend to affect price, i.e., sale date, tract size, locational quality, etc. The "market" for similar properties has been active in recent years, thereby providing sales data from which a comparative analysis can be made for a value indication. Presented on the following pages is the data on the sales which were deemed most com- parable and provided the most reliable indicators of value as well as a map showing the location of each sale in relation to the subject, followed by a Sales Summary. The square foot unit has been used in the analysis as the market tends to quote vacant commercial land prices in this unit. The Market Adjustment Chart, showing the pertinent data on each sale and the adjustments follows the Sales Summary. After the adjustment chart is a brief explanation of the adjustments and the concluded value estimate for the subject parent tract. The estimate of Just Compensation, based on the concluded unit value estimate for the subject parent tract, is presented subsequently. COOK & ASSOCIATES, INC. 13 Land Sale No. 1 Property Identification Record ID 1171 Property Type Vacant Land Address Main Avenue, Groves, Jefferson County, Texas 77619 Location SEC Main Avenue and Washington Boulevard Tax ID PID #416847 Latitude, Longitude N29.946264, W-93.921604 Legal Desc. Pat of Lot 1, Uno Family Partnership, Ltd, No. 1, Jef- ferson County Texas Sale Data Grantor Uno Family Partnership, Ltd Grantee Texas 5 Star Group, LLC Sale Date December 17, 2020 Deed Book/Page FC #2020038722 Property Rights Fee Financing Cash to Seller Verification Grantee; Other sources: Jefferson CAD records Sale Price $127,000 Cash Equivalent $127,000 Land Data Zoning C-2, General Light Commercial Topography Level, Cleared Utilities All public utilities available Shape L-shaped Flood Info Zone - C Land Size Information Gross Land Size 0.740 Acres or 32,243 SF Front Footage 125 ft Main Avenue; 189 ft Washington Street Indicators Sale Price/Gross Acre $171,575 Sale Price/Gross SF $3.94 Remarks Corner tract purchased by adjoining land owner for shopping center develop- ment. COOK & ASSOCIATES, INC. 14 Land Sale No. 2 Property Identification Record ID 892 Property Type Vacant Land Address U.S. Highway 69, Nederland, Jefferson County, Tex- as 77627 Location NWC Highway 69 and Beauxart Gardens Road Tax ID PID #102270 Legal Desc. Part of Lots 1 and 2, Block 1, Smith-Hodgson and Bigelow Truck Farm Subd. Sale Data Grantor Beauxart Holdings, LLC Grantee Beauxart Property, LLC Sale Date January 15, 2021 Deed Book/Page FC 2021002144 Property Rights Fee Financing Cash to Seller Verification Agent: Coldwell-Banker RE; closing statement Sale Price $1,300,000 Cash Equivalent $1,300,000 Land Data Zoning Light Industrial Topography Level, Cleared Utilities All public utilities available Shape Irregular Flood Info Zone - C Land Size Information Gross Land Size 4.203 Acres or 183,091 SF Indicators Sale Price/Gross Acre $309,288 Sale Price/Gross SF $7.10 Remarks The property was purchased by the grantors for $5.00/SF on 12/28/2018. The current purchase is for C-store site. COOK & ASSOCIATES, INC. 15 Land Sale No. 3 Property Identification Record ID 1388 Property Type Vacant Land Address 2000 9th Avenue, Port Arthur, Jefferson County, Texas Location East side, 2 blocks north of Gulfway Drive Tax ID PDIN: 73349 Legal Desc. Part of Lot 4 Block 4 H PALCO 5.034 AC Sale Data Grantor Christus Health Southeast Texas Grantee SM Investment Firm, LLC Sale Date August 10, 2022 Deed Book/Page 2022029549 Property Rights Fee Verification Broker/JM Prewitt Sale Price $235,000 Cash Equivalent $235,000 Land Data Zoning PD, Planned Development Topography Level and cleared Shape Rectangular Flood Info Zone B, within 500 year floodplain Land Size Information Gross Land Size 4.990 Acres or 217,364 SF Front Footage 725 ft 9th Avenue Indicators Sale Price/Gross Acre $47,094 Sale Price/Gross SF $1.08 COOK & ASSOCIATES, INC. 16 Land Sale No. 4 Property Identification Record ID 1575 Property Type Vacant Land Address 19216 FM 365, Fannett, Jefferson County, Texas Location NEC FM 365 @ SH 124 Tax ID PIDN 137320 Legal Desc. J Gallier Survey, A-130 MSA Beaumont-Port Arthur Sale Data Grantor Nora Lee Grammier Estate, et al Grantee Sultan, LLC Sale Date January 18, 2023 Deed Book/Page 2023001443 Financing Cash Verification Autumn Morell, Agent, Remax One; Other sources: MLS 235137 Sale Price $800,000 Cash Equivalent $800,000 Land Data Zoning None Topography Level, cleared Utilities Electricity, telephone Shape Slightly irregular Flood Info Zone X Land Size Information Gross Land Size 5.020 Acres or 218,671 SF Front Footage 370 ft FM 365; 339 ft SH 124 Indicators Sale Price/Gross Acre $159,363 Sale Price/Gross SF $3.66 Remarks The tract was purchased for C Store site. Sale price was originally based on 3.511 acres but later in negotiations ended up including an additional 1.509 acres for drainage requirements of proposed C-store. Total price was not adjust- ed for the additional 1.509 acres per agent. COOK & ASSOCIATES, INC. 17 Land Sale No. 5 Property Identification Record ID 1571 Property Type Vacant Land Address 2417 Port Neches Avenue, Port Neches, Jefferson County, Texas 77651 Location East corner Magnolia Ave @ Port Neches Ave Tax ID PIDN: 59939 Legal Desc. Lot 1 & 2 Block 17, Magnolia, Jefferson County, Tex- as Sale Data Grantor Tuyen Minh and Hue Thi Hoang Grantee LAWCO Rentals LLC Sale Date July 05, 2023 Deed Book/Page 2023018571 Property Rights Fee Financing Cash to seller Verification RE/MAX ONE - Heather Lange; MLS # 233270 Sale Price $99,000 Cash Equivalent $99,000 Land Data Zoning B-M (Business-Medium) Utilities All available Shape Triangular Flood Info Flood Zone C Land Size Information Gross Land Size 0.190 Acres or 8,276 SF Front Footage 121 ft Port Neches Ave; 179 ft Magnolia Ave Indicators Sale Price/Gross Acre $521,053 Sale Price/Gross SF $11.96 Remarks Site contains residual concrete slab. Per JCAD Mapping dept. 0.190 is the prop- er size, tract was not updated when road was most recently expanded. COOK & ASSOCIATES, INC. 18 Land Sale No. 6 Property Identification Record ID 1664 Property Type Vacant Land Address 3635 39th St., Port Arthur, Jefferson County, Texas Location 39th @ 9th Ave (NWC) Tax ID PIDN 98226, 98227 Legal Desc. Lots 18-20, part of Lots 21-24, Block 24, Rosemont MSA Beaumont-Port Arthur Sale Data Grantor Janet Lynn Nunez Grantee Texas PSK Enterprises, LLC Sale Date October 11, 2024 Deed Book/Page 202427970 Financing Cash Verification Agent M. Stafford, Advantage RE; Other sources: MLS #251441 Sale Price $100,500 Cash Equivalent $100,500 Land Data Topography Level, cleared Utilities All available Shape nearly rectangular Flood Info Flood Zone B Land Size Information Gross Land Size 0.485 Acres or 21,144 SF Front Footage 125 ft on 9th Street; 160 ft on 39th Street Indicators Sale Price/Gross Acre $207,046 Sale Price/Gross SF $4.75 Remarks The tract is zoned PD (Planned Development) except for most westerly 25 x 140 foot lot, zoned MDR (Medium Density Residential). COOK & ASSOCIATES, INC. 19 "ICE LORME DeLorme Street Atlas USA®2013 l \ Y ' i a �1. ■ <<j ; aumont + --1 i '"r1.,7`� tinge+,eia ni. wmnt` :4,,,----__ C)�l� ® j k y i Higgins Midge Cn, e ecnes.- 1 nand' SALE 1 40/SALE 4 fil�\' '`i'`. ® roves ,/ `',\ ® , CD�/' �``. - SALE 3 2nnett �. ,ottAtth ___... `../ SUBJECT ,-,_- i f SALE 6 /% { '3 __ -_.-Gs_ ®' i, Ta7m Nt` B4Pm, 1 t. ' ,�� T4+fo. fi /' —..- f t t t 1 Shall Lax* Ponn mal Keith Lake Ron*, It Sabine Pa,, a SaltBm oa ✓ Sabine Saltlake J , • LAND SALES MAP `` -' Data use subject to licenserm .: mi NM ®DeLoe.DeLorme Street Atlas USA®2013 EM OM 0 1 2 3 4 5 6 www delorme com MN(0 7-E i Data Zoom 9-7 COOK & ASSOCIATES, INC. 20 SUMMARY OF SALES COMPARISON ANALYSIS: Summary of Subject— Parent Tract Subject Location Size/AC Procter @ Woodworth 2.754 Acres* *119,964 SF Land Sales Summary Sale Date Location Size/ Unit AC Price/SF 1 12/2020 Main © Washington (SEC .740 $3.94 2 1/2021 US 69 @ Beauxart Garden 4.203 $7.10 3 8/2022 2000 9th 4.990 $1 .08 4 1/2023 19216 FM 365 @ SH 124 5.02 $3.66 5 7/2023 2417 Port Neches Ave © Magnolia .190 $11.96 6 10/2024 3635 39th @ 9th Avenue .4854 $4.75 Market Adjustment Grid - Land Sales Sale SP/SF Fin. Time Size Loca- Phys. Net Adj. Unit # tion Char. Adj. Value/SF 1 $3.94 0 0 -20% 0 0 -20% $3.15 2 $7.10 0 0 +5% -50% 0 -45% $3.91 3 $1.08 0 0 +15% +25% +15% +55% $1.67 4 $3.66 0 0 +15% -10% +15% +20% $4.39 5 $11 .96 0 0 -50% -20% 0 -70% $3.59 6 $4.75 0 0 -25% 0 0 -25% $3.56 Limited Explanation of Adjustments: Financing: All sales were for cash to seller or financing equivalent to cash, therefore, no financing adjustments were necessary. Time: All sales are fairly current transactions; therefore, no market condition ad- justments were necessary. COOK & ASSOCIATES, INC. 21 Size: Typically smaller tracts generate relatively higher unit sales prices. Sales #1, #5 and #6 were smaller than the subject and therefore warrant various nega- tive adjustments for this factor. Sales#2, #3 and #4, somewhat larger than the subject, are positively adjusted. Adjustments applied range from -50% to +15%. Location: Sales #2, #4 and #5 are thought somewhat superior to the subject with re- gard to access/exposure and/or proximity to development and are negatively adjusted 10% to 50%. Sale #3, somewhat inferior, is positively adjusted 15%. Utility: The subject is a rectangular corner tract, with three street frontage. Sales #3 and #4, inferior in configuration and/or corner access, are positively adjusted 15%. All sales are located in the subject's general market area and are considered to provide reasonable indicators of value for the subject parent tract. After adjustments the sales in- dicated a value range from $1.67/SF to $4.39/SF. The mean value indicated for the sub- ject tract is $3.38/SF. The median value is $3.58/SF. Sale #6, the most recent sale, indi- cates a unit value of $3.56/SF. Based on this analysis, a unit value of$3.50/SF is considered reasonable and when ap- plied to the subject parent tract indicates the following: 119,964 SF @ $3.50/SF = $419,874 RECONCILIATION OF FINAL VALUE ESTIMATE: The sales selected for analysis are in the subject marketing area and have a reliable degree of comparability to the subject property. The adjustments for variances between the comparable properties and the sub- ject property are thought consistent with the opinions and attitudes of prudent purchasers. As previously discussed, there were no improvements considered which precludes the use of the Cost Approach and there was no income stream to be evaluated which precludes the use of the Income Approach. In view of these facts, primary consideration is given to the Sales Comparison Approach in developing an opinion of the Market Value of the sub- ject property. CONCLUDED PROPERTY VALUE: Considering all of the data presented in the forego- ing analyses, it is the appraiser's opinion that, as of the date of inspection, the Market Val- ue of the subject parent tract is: $419,874 or $3.50/SF COOK & ASSOCIATES, INC. 22 ESTIMATE OF JUST COMPENSATION: Estimated Market Value of whole property before acquisition: (119,964 SF @ $3.50/SF) $419,874 Estimated Market Value of proposed ROW acquisition, as severed land: .0057 Acres or 248 SF ROW @ $3.50/SF $ 868 Damage to the remainder - 0 - Total Compensation $ 868 Rounded to: $ 900 The proposed ROW acquisition is not considered to adversely affect the use or value of the remainder tract. COOK & ASSOCIATES, INC. ADDENDA COOK & ASSOCIATES, INC. 23 apmemis SOUTHWEST ELEVATION OF PARENT TRACT IMPROVEMENTS -21 mot. VIEW ALONG PROCTER STREET LOOKING NORTHEAST COOK & ASSOCIATES, INC. 24 Ill 1116, • xy. 4 SOUTH ELEVATION OF THE SUBJECT ,« k: 4 :.. 3 g.s'L3`A $ z 's-T-=- x ;# tea VIEW ALONG WOODWORTH LOOKING SOUTHEAST FROM PROCTER STREET COOK & ASSOCIATES, INC. 25 • mow', 4 } $' • 1, VIEW ALONG WOODWORTH LOOKING NORTHWEST FROM PROCTER STREET 4111 amiim u r _ e VIEW ALONG PROCTER STREET LOOKING SOUTHWEST FROM WOODWORTH COOK & ASSOCIATES, INC. C it' 3 4 . A i � C Y;Er. p . .y,.t V d s 4 a t ,` •. '41 " `. f '.r�V ° `� ii.Ali . 5 4 r a kdM 4 e lit WEST ELEVATION OF PROPOSED ACQISITION . . .. . . F i*.01114 etiti INTERIOR OF PROPOSED ACQUISITION COOK & ASSOCIATES, INC. I 27 y i SOUTHEAST ELEVATION OF PARENT TRACT w'p s NORTHEAST ELEVATION OF PARENT TRACT COOK & ASSOCIATES, INC. 28 f .; a t' 'a,. * � +�' a fit, i i h; � NORTHWEST ELEVATION OF PARENT TRACT ' a ar` r. ' 4� w,` 4. VIEW ALONG 5TH ST LOOKING EAST FROM PROCTER ST. 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(3 Er;'ar P.r,., 9 C ti, x P to *gip, ) ./ } �' y t�cnt�rry yPe•: l �. y Tom_ LS Pa,A f k� tam. . . NEIGHBORHOOD MAP Data use subject to license 31. •: mi ®DeLorme DeLorme Street Atlas USA®2013 0 ya '/2 % 1 11/2 www delorme corn tiri;0 6'E, Data Zoom 12-1 COOK & ASSOCIATES, INC. 31 ‘,.. 6.0,, , eit. : , 0.4 st , �90) 64 SOS., p9 b. 6 6OO o O6+ s 6302 .Nti90.s.1.1.C,.p\o*t,p ,,,,,: 4.g44*1*t1N.," 66 01 O sue, 6 000 wueir ea 8 41441114 R4SE!H i.-,,,, - , .,... 4,. __ ,,--,,4': 65998 9� '`21 /:6.9# .. \''''''''''''".--: **4 - 0 � �, 1 Otp ki 4 4t,(9,9, 6' . - e9,9 1#0 90., r.°.,...' t!f, 49,9,? • %17 - '' :de 144k'i r;1 ' PLAT MAP / PARENT TRACT COOK & ASSOCIATES, INC. N.,,,,,,,,),„ „I; /' :/:::: � 32 0 , , , ,,.. , , : ,it,,,. --.„ki l '44..!1 / Ne".. 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I 3 3 PottArthurParcels May2023 PA Zoning2023 Official CR-Commercial Retail Danct MDR,Medium Dens ty Restdental Dstna %JCR HDR.High Density Reedenral Deena LDR Low Densty Reedental Derma NS,Neighborhood Seta ices D str ct HI.Heavy Irdustral Dar ct fetirCG Commercial General Dstoct U,Lght Industrial Diatrict MH Manufactured Home D str ct A Agr cultural Dmrct -r•er I Aar ZONING MAP ( REVISION NOT SHOWN) COOK & ASSOCIATES, INC. 34 Prepared for Cook&Associates Ime r F I d t>y a la made WOODWORTH .-- z °st ,George 0 Gieek'Orth y' . 8fhq> , •,.�- j. a �t `o cti,cF .,`O �,- ' 5`. ehy a��� « rch'of Chr t ,..,. . f • P ,� •, `"ram P u' ` x " ray •" c @Z � . ` '`"A.:,,..,, •,zs, '. °04„ 7!,- -..-- - , , - ' ' - Altio. e,' -.Fe,>*-1 ' :, -***...„ Vi. &Nye • 'a, ." _ w �`' 'QS- ' ' ' ... 4#. ..,- - . c;s•-- -. / Po ,:- ;''1,-,\., . G • �c, y' ¢ C),I,..>f,,.:,> ?ti5,o t. (r6 ','- '.,, „''- .4-„D.'.--,,-.i'.° I 4,, � - °- ..,,. SY . i 40 tiS 41 tll�,.., 66 ar. Q :,,.,il.ry • '-'ef'oiirf f Abr 4y0.II , sr, 0,4L 3f .. N 3ry r . 100 yards GoogIe , P^..ereo ar cR,-o9xa MAP DATA MAP LEGEND FEMA Special Flood Hazard Area No I Areas inundated by 500-,year flooding `•'3 Protected Areas Map Number 4854990035E —1 Areas inundated by 1t30-year flooding i+!/j Floodway Zone B Map Date,April 17,1984 Velocity Hazard Subject Area FIPS 48245 COOK Si ASSOCIATES, INC. 11/11/24,11:54AM about:blank A Property Details Account Property ID: 65998 Geographic ID: 044650-100-000100- 00000 Type: R Zoning: 2F Property Use: Condo: Location Situs Address: PORT ARTHUR, TX 77642 Map ID: 0 Mapsco: Legal Description: TR 9-A REPLAT LTS 9-9A 17A& LT 17 BLK 511 MODEL 2 ALL OF BLK 511 LESS E 60 Abstract/Subdivision: 044650-100 Neighborhood: Owner Owner ID: 704899 Name: AYMAN LLC Agent: Mailing Address: 5503 LOCKWOOD BEND LN SUGARLAND, TX 77479-4661 Ownership: 100.0% Exemptions: For privacy reasons not all exemptions are shown online. IN Property Values Improvement Homesite Value: N/A(+) Improvement Non-Homesite Value: N/A (+) Land Homesite Value: N/A(+) Land Non-Homesite Value: N/A(+) Agricultural Market Valuation: N/A(+) about:blank 1/4 11/11/24, 11:54AM about:blank Market Value: N/A(=) Agricultural Value Loss:9 N/A (-) Appraised Value: N/A(=) HS Cap Loss: 0 N/A (-) Circuit Breaker: 0 N/A (-) Assessed Value: N/A Ag Use Value: N/A Information provided for research purposes only. Legal descriptions and acreage amounts are for Appraisal District use only and should be verified prior to using for legal purpose and or documents. Please contact the Appraisal District to verify all information for accuracy. 11 Property Taxing Jurisdiction Owner: AYMAN LLC %Ownership: 100.0% Entity Description Market Taxable Estimated Freeze Value Value Tax Ceiling A59 FARM AND LATERAL ROAD $18,000 $16,128 $0.00 109 PORTARTHUR ISD $18,000 $16,128 $212.51 235 CITY OF PORTARTHUR $18,000 $16,128 $101.01 343 PORT OF PORTARTHUR $18,000 $16,128 $28.69 755 SABINE NECHES NAV DIST $18,000 $16,128 $14.19 851 DRAINAGE DISTRICT#7 $18,000 $16,128 $48.00 901 JEFFERSON COUNTY $18,000 $16,128 $57.58 CAD JEFFERSON CO APPRAISAL $18,000 $16,128 $0.00 DISTRICT Total Tax Rate: 2.864412 Estimated Taxes With Exemptions: $461.98 Estimated Taxes Without Exemptions: $515.60 about:blank 2/4 11/11/24, 11:54AM about:blank Property Land Type Description Acreage Sqft Eff Front Eff Depth Market Value Prod. Value RES50 RES50 2.07 90,000.00 300.00 300.00 N/A N/A about:blank 3/4 11/11/24, 11:54 AM about:blank 11 Property Roll Value History Year Improvements Land Market Ag Valuation Appraised HS Cap Loss Assessed 2025 N/A N/A N/A N/A N/A N/A 2024 $0 $28,000 $0 $28,000 $0 $13,440 2023 $0 $11,200 $0 $11,200 $0 $11,200 2022 $0 $11,200 $0 $11,200 $0 $11,200 2021 $0 $11,200 $0 $11,200 $0 $11,200 2020 $0 $11,200 $0 $11,200 $0 $11,200 2019 $0 $11,200 $0 $11,200 $0 $11,200 2018 $0 $11,200 $0 $11,200 $0 $11,200 2017 $0 $11,200 $0 $11,200 $0 $11,200 2016 $0 $11,200 $0 $11,200 $0 $11,200 PI Property Deed History Deed Date Type Description Grantor Grantee Volume Page Number 4/22/2010 WD WARRANTY ALLIANCE & LVS 2010039831 DEED ASSOC INVESTMENT GROUP INC 10/22/2003 WD WARRANTY CHIU YU LIEN ALLIANCE & 2004016068 DEED ASSOCIATE LLC 7/8/2015 WD WARRANTY LVS TRAN QUI QUAN 2015025563 DEED INVESTMENT GROUP INC 7/8/2015 WD WARRANTY LVS 2015025562 DEED INVESTMENT GROUP INC 12/10/2019 WD WARRANTY TRAN QUI QUAN AYMAN LLC 2019041252 DEED about:blank 4/4 11/18/24, 11:05AM Jefferson County y Shopping Cart Y ' Property Tax Balance Begin a New Search Make your check or money order payable to: Jefferson County Tax Office PO BOX 2112 BEAUMONT, TX 77704-2112 Shopping Cart: For your convenience you may pay several accounts at once. Click the 'Click Here to Pay Now' button to add this account to the shopping cart. Additional accounts can be added by doing a search again, then clicking the 'Click Here to Pay Now'button for each account. Up to 50 accounts may be paid at one time. Accounts are not saved in the shopping cart after you go to the Certified Payment web site. Unless otherwise noted, all data refers to tax information for 2024.All amounts due include penalty, interest, and attorney fees when applicable. Account Number: 04465010000010000000 Pending Credit Card or eCheck Payments: No Payment Pending Address: AYMAN LLC Market Value: $28,000 5503 LOCKWOOD BEND LN SUGARLAND, TX 77479-4661 Land Value: $28,000 Property Site Address:77642 Improvement Value: $0 Legal Description: Capped Value: $0 TR 9-A REPLAT LTS 9-9A 17A&LT 17 BLK 511 MODEL 2 ALL OF BLK 511 LESS E 60 Agricultural Value: $0 Current Tax Levy: $384.98 Exemptions: NCAP Current Amount Due: $0.00 Taxes Due Detail by Year and Jurisdiction Prior Year Amount Due: $0.00 Payment Information Total Amount Due: $0.00 Print Payment Record Last Payment Amount for Current Year Taxes: Current Tax Statement $384.98 Register to Receive Electronic Tax Statements Last Payer for Current Year Taxes: AYMAN LLC https://actweb.acttax.com/act_webdev/jefferson/showdetail2.jsp?can=04465010000010000000 1/2 11/18/24, 11:05 AM Jefferson County Last Payment Date for Current Year Taxes: 10/28/2024 Active Lawsuits: None Active Judgments: None Click Here to see your estimated amount due for a different date. 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C�Appraisaloro &Collecinthetion Technologies.All rights reserved. r 144 https:l/actweb.acttax.com/act_webdev/jefferson/showdetail2.jsp?can=04465010000010000000 2/2 ,, " .�` � r ' f / / iiii‘ --..,, -„ `i " em .. . 1 -„,„,„:,---., ),--- '''... t - .. c +tom - _c #* . ,. .... .........,._ .,... \ ----- - _ _., . „,::„.,....„ ., e _ ' ' . ... °:ter } s �� rr ` - a ! ..- LEGEND ,„..- . LINE TABLE i .. ---C • UNE NO. DEMING DISTANCE! • - SET I/2- STEEL ROD \k"*. 11131MICCE1613 ..... CAPPED "SOU TEX' mum.86716'74'E 32.01' E 0.P.R.J.0 -OFFICIAL PUBLIC RECORDS 111111E111111:E= "°V JEFFERSON COUNTY .1 1 0 30 __./ FOUND 1/2'STEEL I LOT 3 ROO CAPPED".UST' j.... N:13906770.97 I SCALE: 1- = 30' E:3578880.8S I 1 •-• . i . w , -2 ci o z ,18 Ias, W I-ce w ri: 0.0057 (2443 SO.FT.) ACRE OF U1ND Ft 1 w g 1M 2 w L...1 X PART OF TRACT 9A CO 4 BLOCK 511, MODEL ADDITION NO. 2 I z 1,a - ,0 R F.# 2022001880, 0.P.R.J.C. ' I I I 8.11 ..... In 6.% AYMAN LLC I- I F.#2019041252, D.P.R.J.C. \ '' • , FOUND MAG NM_ (0 LOT 1 \I Nt 13908403.19 E3573685.65 A el ' ....! N 531916-W 274.97 •. _. ._ N 5318'37"w 2 ) - 75.55' ....„.. 1._._ A.(CALM' „IF•—• _ _____ _ .. 1 1 T NORTHEAST R.O.W.UNE Li • - CONCIIkTE 911C066.4 -• • • lir FOUND 1/2' CAPPED-FAUST- -POINT OF BEGINNING ...... CURB k CUTTER N1390S829 21 FOUND 1/2'STEEL ROD E 3578381.48 CAPPED'smite WOODWORTH BLVD. N:13908450.02 (120'WIDE PUBLIC FL O.W.) E 3578822.02 EOCE OF ASPHALT f` i GUR8 R Gu..r." ks----•..,,,,,,................... • .. •.• . . - • •. • • . ( . ....ma.mama• • -..7-:r-----------T-:-: . .. , . - --. _ FOUND I. " • T I •-.` STEEL PIPE 3 I J.13908294.26 a z'- IA.1 c,....1 .. 1 1 1 I' E 3578830.97 r". 0 le'M S cr.,.< , - r . - . . , .',. '. 8 2 1...-.,(1- I g 8 tv '. .'. :'. !.•.r. i I-.....1.,e SI . I W 1 - a a < ... . I... : : 1.- : :X I '1 ,. i 1 1 .........L crii-4 * 4`e-4P' SURVEYORS NOTES: --- ANTHONY M.LEGER 4 1. COORDINATES ARE BASED OR THE TEXAS CEXRDINATE SYSTEM OF \11,,,, 5481 // 1983,SOUTH CENTRAL ZONE,U.S.SURVEY FEET AND ARE .4:9?4'4.W.%.:i0,y,' REFERENCED TO SMARTFET,NORTH AMERICA. -- •'' •-.•;5 ' .-.•,-..,9...,_'Ine-s..(;,_,..-_. - - .9 2. TEXAS BIT-CALL SHOULD BE DONE PRIOR TO ANY DIGGING OR - , - -L..`7.-::•••:•• CONSTRUCTION IN CASE OF UNDERGROUND PIPELINES OR UTTUTES. ANTI i ON Y M. LEG 3. METES AND BOUNDS DESCRIPTION OF EVEN DATE TO ACCOMPANY THIS SURVEY. REGIFTERED FILIGE'RSSIONAL LAND SURVEYOR NO. 5481 ,,,...,, ...,.... 0.0057 (248 SQ.FT.) ACRE OF LAND 24-0142-I 3737 Doctors thive PART OF LOT 1, TRACT 9A, BLOCK 511 a.cc A ' Port Arthtu,Texas 77642 MODEL ADDITION NO. 2, F.#2022001680, OFFICIAL 1" = 30' Calt PUBLIC RECORDS, JEFFERSON COUNTY. TEXAS 7 31,24 Tel.409.g83.2004 , ey , .,. SURVEYORS&ENGNEERS F...40G.953.2005 ...yr ETSI GROUP LLC TC i 1 SOO MtUtIrVVI)033.00133 WOODWORTH BLVD. & PROCTOR STREET P.,-,.r•or ANL T BP_E RIO//5755 PORT ARTHUR, TEXAS AWE, ILLS.FIRM mum() 011122 MOHO 1 Cf 1 •192.168(1750",SoutewSorme Dc hi,SouteoPro*N 2,24 .:.4-21 42 E38 Sp--COPA Urals OM'24-0142-1 on .41 31.2014-7..(41mat IRMA PC 1BPE Firm No.F-5755 • ,c 1BPLS Firm tOR9800 •? j C UTE :rr.: SURVEYORS&EPTGINEERS -• Port (409)9912oas o „Fcrs(409)9912005 0.0057(248 SQUARE FEET)ACRE OF LAND OUT OF TRACT 9A,REPLAT OF BLOCK 511 MODEL ADDITION NO.2,CITY OF PORT ARTHUR JEFFERSON COUNTY,TEXAS BEING 0.0057(248 square feet)acre of land out of and part of Lot 1,9A,Replat of Block 511 Model Addition No.2,recorded in File No.2022001680,Official Public Records,Jefferson County,Texas;being part of two tracts of land described in a deed to Ayman LLC,recorded in File No.2019041252,Official Public Records,Jefferson County,Texas;said 0.0057 acre tract being more fully described by metes and bounds as follows,to wit Note:Bearings,coordinates,distances and acreage are based on the Texas Coordinate System of 1983, South Central Zone,US Survey Feet,and are referenced to SmarrNet,North America. BEGINNING at a 'A"steel rod, capped and marked"SOUTEX", found on the intersection of the Northeast right-of-way line of a dedicated road named Woodworth Boulevard and the Northwest right- of-way line of a dedicated street named Proctor Street;said steel rod being the most Southerly corner of said Lot 1,and the most Southerly corner of the herein described tract having a Texas Coordinate of N: 13906450.02 E:3578622.02; THENCE,North 53 deg.,19 min,16 sec.,West(Called North 53 deg.,16 min.,37 sec.,West)on the Northeast right-of-way line of said Woodworth Boulevard,same being the Southwest line of said Lot 1, a distance of 25.00',to a h"steel rod,capped and marked"SOUTEX",set for the most Westerly corner of the herein described tract from which a''A"steel rod,capped and marked"FAUST',found on the intersection of the Northeast right-of-way line of said Woodworth Boulevard and the Southeast right-of- way line of a dedicated road named 5°i Street,bears North 53 deg.,19 min.,16 sec.,West(Called North 53 deg.,16 min.,37 sec.,West)a dist,nrr of 274.97'(Called 275.55'); THENCE,North 88 deg.,00 nun.,34 sec.,East,a distance of 32.01'to a'fi"steel rod,capped and marked "SOUTEX",set on the Northwest right-of-way line of said Proctor Street;said'/i'steel rod being the most Easterly corner of the herein described tract from which a'/"steel rod,capped and marked"FAUST', found for the most Easterly corner of Lot 3 of said Tract 9A,bears North 36 deg.,39 rain.,16 sec.,East (Called North 36 deg.,38 min,01 sec.,East)a distance of 380.05'(Called 379.77'); THENCE,South 36 deg.,39 min.,16 sec.,West(Called South 36 deg.,38 min.,01 sec.,West)on the Northwest right-of-way line of said Proctor Street,a distaste of 20.00'to the POINT OF BEGINNING and containing 0.0057 acre of land,more or less. This description is based on the Land Survey made under the direct supervision of Anthony Nyi,ege.r, Registered Professional Land Surveyor No.5481 on July 30,2024. - ETSI GROUP LLC/CITY OF PORT ARTHUR �s 24-0142-1 • ,` /��T su sue'' GENERAL UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report and the letter of transmittal are made expressly subject to the follow- ing assumptions and limiting conditions: General Underlying Assumptions Legal Matters: The legal description used in this report is assumed to be correct, but it may not necessari- ly have been confirmed by survey. No responsibility is assumed in connection with a sur- vey or for encroachments or overlapping or other discrepancies that might be revealed thereby. Any sketches included in the report are only for the purpose of aiding the reader in visualizing the property and are not necessarily a result of a survey. No responsibility is assumed for an opinion of legal nature, such as to ownership of the property or condition of title. Unless otherwise stated, the subject property appraised is the surface estate only, with no consideration of mineral interests. The appraiser assumes the title to the property to be marketable and unrestricted; that, un- less stated to the contrary, the property is appraised as an unencumbered fee which is not used in violation of acceptable ordinances, statutes or other governmental regulations. Unapparent Conditions: The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable than otherwise compara- ble property. The appraiser is not an expert in determining the presence or absence of hazardous substance, defined as all hazardous or toxic materials,waste, pollutants or con- taminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction or otherwise present on the property. The appraiser assumes no responsibility for the studies or analysis which would be re- quired to conclude the presence or absence of such substances or for loss as a result of the presence of such substances. The client is urged to retain an expert in this field, if de- sired. The value estimate is based on the assumption that the subject property is not so affected. The site being appraised appears firm unless otherwise noted, however, soils common to the area have a high shrink-swell potential and may exert unusual pressure on foundations. The appraiser does not warrant against this condition or the occurrence of problems arising therefrom. Information and Data: Information, estimates and opinions furnished to the appraiser and contained in the report, were obtained from sources considered reliable and believed to be true and correct. How- ever, no responsibility for accuracy of such items furnished the appraiser can be assumed by the appraiser. All mortgages, liens, encumbrances and servitudes have been disregarded unless so specified within the appraisal report. The subject property is appraised as though under responsible owner- ship and competent management. Zoning and Licenses: It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconforming use has been stated, defined and considered in the valuation. It is assumed that the subject property complies with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and consid- ered in the valuation. It is assumed that the information relating to the location of or existence of public utilities that has been obtained through a verbal inquiry from the appropriate utility authority,or has been ascertained from visual evidence is correct. No warranty has been made regarding the exact location or capacities of public utility systems. It is assumed that all licenses, consents or other legislative or administrative authority from local, state or national governmental or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate contained in the valuation re- port is based. The appraiser will not be required to give testimony or appear in court due to preparing the appraisal with reference to the subject property in question, unless prior arrangements have been made. Possession of the report does not carry with it the right of publication. Out-of-context quot- ing from or partial reprinting of this appraisal report is not authorized. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication, nor used for any purpose by any but the intended user, without the prior written consent of the appraiser signing this appraisal report. This appraisal is to be used only in its entirety and no part is to be used without the whole report. All conclusions and opinions concerning the analysis are set forth in the report were prepared by the appraiser(s)whose signature(s)appear on the appraisal report. No change of any item in the report shall be made by anyone other than the appraiser and/or owner of the firm. The appraiser and firm shall have no responsibility if any such unauthor- ized change is made. Disclosure of the contents of this report is governed by the By-Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers or the firm with which they are con- nected, or any reference to the Appraisal Institute or to the appraisal designations)shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without the prior written consent and approval of the author. The distribution of the total valuation in this report, between land and improvements, is ap- plicable only as a part of the whole property. The land value, or the separate value of the improvements, must not be used in conjunction with any other appraisal or estimate and is invalid if so used. An appraisal related to an estate in land that is less than the whole fee simple estate ap- plies only to the fractional interest involved. The value of this fractional interest plus the value of all other fractional interests may or may not equal the value of the entire fee sim- ple estate considered as a whole. The appraisal is subject to any proposed improvements or additions being completed as set forth in the plans, specifications, and representations referred to in the report, and all work being performed in a good and workmanlike manner. The appraisal is further subject to the proposed improvements or additions being constructed in accordance with the regu- lations of the local, county and state authorities. The plans, specifications and representa- tions referred to are an integral part of the appraisal report when new construction or new additions, renovations, refurbishing or remodeling applies. If this appraisal is used for mortgage loan purposes, the appraiser invites attention to the fact that (1)the equity cash requirements of the sponsor have not been analyzed, (2) the loan ratio has not been suggested, and (3) the amortization method and term have not been suggested. The function of this report is not for use in conjunction with a syndication of real property. This report cannot be used for said purposes and, therefore, any use of this report relating to syndication activities is strictly prohibited and unauthorized. If such an unauthorized use of this report takes place, it is understood and agreed that the appraiser has no liability to the client and/or third parties. The appraiser reserves the right to alter the opinion of value on the basis of any infor- mation withheld or not discovered in the normal course of a diligent investigation. There is no accountability, obligation or liability to any third party. The appraiser assumes no responsibility for any costs incurred to discover or correct any deficiencies present in the property The Americans with Disabilities Act("ADA") became effective January 26, 1992. The ap- praiser has not made a specific compliance survey and analysis of this property to deter- mine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the ap- praiser has no direct evidence relating to this issue, the appraiser did not consider possible noncompliance with the requirements of ADA in estimating the value of the property. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing General Underlying Assumptions and General Limiting Conditions. The appraiser's duties, pursuant to the employment to make the appraisal, are complete upon delivery and ac- ceptance of the appraisal report. However, any corrections or errors should be called to the attention of the appraisers within 60 days of the delivery of the report. QUALIFICATIONS OF W. BURNELL COOK, MAI, SRA President, Cook & Associates Professional Affiliations and Activities MAI and SRA Member of Appraisal Institute, Houston Chapter Southeast Texas Chapter of CPA's Texas Society of CPA's National Association of Realtors Texas Association of Realtors Beaumont Board of Realtors Educational Background Graduated from Forest Park High School, Beaumont, in 1972 Graduated from Lamar State University, Beaumont, in 1976 (BBA in Accounting) Recent Continuing Education Financial Analysis 9/2014 Analyzing Operating Expenses 1/2015 Forecasting Revenue 2/2015 Comparative Analysis 3/2017 Sales Comparison Approach Workshop 3/2017 Appraisal of Owner Occupied Commercial Prop. 1/2019 Appraisal of Self-Storage Facilities 1/2019 Land and Site Valuation 1/2019 National USPAP Update 9/2020 Appraisal of Industrial and Flex Buildings 11/2020 Introduction to Commercial Appraisal Review 1/2021 The Basics of Expert Witness for Commercial App 1/2021 Business Practices and Ethics 11/2021 Realtor Code of Ethics Training 12/2021 Supervisor— Trainee Course for Texas 4/2022 National USPAP Update 2/2023 Commercial Land Valuation 3/2023 Appraisal of Fast Food Facilities 3/2023 Experience Work experience includes various accounting and financial management posi- tions from 1976-1984 with emphasis on real estate investments, and business acquisi- tions and divestitures as chief financial officer. In February 1984, I joined Cook & Associates and have been active in consulta- tion, expert witness testimony and appraisal of various real estate interests in the East Texas and Southwest Louisiana areas. Such interests include single family residential, agricultural and timberland, industrial properties, offices, retail centers, apartments, mo- tels, restaurants, R.O.W. acquisitions and various other commercial and special pur- pose properties. Licenses/Certification Licensed Certified Public Accountant (#22347) Texas State Certified General Appraiser- TX 1320838-G WILLIAM BURNELL COOK 2640 MCFADDEN BEAUMONT,TX 77702 Ar.,/°<•*.N.N...N6‘ Certified General TAL,CB Real Estate Appraiser 4 i"k57 iiOARs Appraiser: William Burnell Cook License #: TX 1320838 G License Expires: 05/31/2025 Having provided satisfactory evidence of the qualifications required by the Texas Appraiser Licensing and Certification Act, Occupations Code, Chapter 1103, authorization is granted to use this title: Certified General Real Estate Appraiser Chelsea Buchholtz For additional information or to file a complaint please contact TALCB Commissioner at www.talcb.texas.gov.