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«OFFICIAL STATEMENT DATED JUNE 20, 2013 NEW ISSUE NOT RATED In the opinion of Bond Counsel, interest on the Bonds will be excludable from gross income ...»

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Sale 3 is located about a mile west of the SH-130 toll road and a little over a mile north of the new Circuit of the Americas Formula-1 race track. The site benefits from both, but current development in the area is sparse, and this site was purchased as an investment. Its location and access are currently inferior, and an upward adjustment is applied, offset by the downward access adjustment for Tract 2’s entrance corridor.

Sale 4 is located about three miles southwest of the subject behind the Cabela’s store and retail center in Buda, Hays County. It is accessible via Old San Antonio Road and the ingress and egress that service the shopping center. Although slightly farther from Austin and inferior to the subject, the location near the shopping center, its restaurants, and other facilities is offsetting. This is the same as Sale 1 in the multifamily analysis, and the characteristics that make the location similar to the subject for multifamily development also apply to general commercial development. Overall, it is similar and no adjustment is applied for location, only for the subject’s access corridor.

Sale 5 is located in outlying Lakeway, but is next to a recently built hospital. For office or other commercial development, the location is currently superior based on nearby projects that will support improvements to this site. A downward adjustment is applied for location and for the subject’s access corridor.

Size/Density Typically, there is an inverse relationship between price and size as larger properties generally sell for less per developable unit than smaller tracts. The sales are adjusted for differences at a rate of 10% per size doubling.

Flood, Topography, Parkland Neither the subject nor the sales have significant flood plain, and none were adjusted for flood considerations.

The subject is located in an area of slightly rolling terrain, but not to the extent that commercial construction would be limited. The sales are similar and no adjustment for topography is necessary.

The subject is part of a master-planned community and will have parks within the development available to all occupants. For commercial buyers, this will satisfy some of the drainage and detention requirements. The surrounding parks and green space add an amenity also, and an adjustment is applied for both the drainage and parkland features.

Utilities/Infrastructure The subject’s utilities, spine road, and basic infrastructure are presumed to be in place according to a hypothetical condition. Consequently, in the adjustment grid, the subject is viewed as having access and all utilities available to the site. The sales are typical of sites ready for development with all infrastructure immediately available. Sale 3 is located in an area where upsizing of utilities is necessary, and an upward adjustment is applied.

Zoning/Entitlements The subject is presumed to be through the zoning and entitlement process on the date of valuation. The sales are located in developments with zoning and entitlements in place. No adjustments are applied.

–  –  –

Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $3.52 per square foot to $4.92 per square foot with a mean and median of $4.35 per square foot and $4.64 per square foot, respectively. With reliance on the central tendency, a unit value of $4.50 per square foot is reconciled.

–  –  –

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 12 to 18 months.

–  –  –

COMPARABLE SALES FOR TRACTS 3, 4, 5, 6, 7, 8, AND 10 Two of the comparable sales for the remaining commercial tracts differ from those used in the Tract 2 analysis because of size. Sales 1 and 2 in the Tract 2 analysis are larger sites that were included to measure the impact of Tract 2’s larger size. Two new sales, designated as Sales 1A and 2A, are included in the remaining comparison grids that are smaller and more similar to the smaller remaining tracts.

Sales 1A and 2A both have IH-35 frontage. Access attributes for this site are the same as Tracts 7, 8, and 10, all located directly on IH-35. The site is slightly superior to Tracts 5 and 6 because they are off the IH-35 frontage but directly on the Estancia spine road, and superior to Tracts 3, and 4, the two flag lots located off the frontage and spine roads. Sale 2A is located in suburban Round Rock in a more developed area but with inferior access due to the configuration of the nearby ramps. The Location/Access adjustment for this sale reflects its overall inferiority compared to Sale 1A. Sale 2A also required extension of sewer lines to the site, and an upward adjustment is applied to the Utilities/Infrastructure category accordingly.

The locations of all five sales employed in the analysis of Tracts 3, 4, 5, 6, 7, 8, and 10 are shown in the map below. Details of the two replacement sales used in this section follow.

–  –  –

Legal Description Lot 1, Barnett Subdivision, according to the plat recorded in Document No. 201200162 of the Official Records of Travis County, Texas.

Remarks The tract is part of the Riddell family land. It was purchased by a Houston car dealer for the construction of Onion Creek Volkswagen. Shortly after closing in the fall of 2012, the facility was under construction. At the time of the sale, water and sewer were available at the site and a development permit was in place. The buyer had a subdivision plat approved after the sale. The site has good access with an IH-35 southbound exit ramp and a turn-around overpass located just north providing good access from either direction.





–  –  –

Legal Description

6.611 acres, out of the David Curry Survey, Abstract No. 130, Williamson County, Texas.

Remarks The site is being developed as an auto dealership. The sale was based on a price $6.75/SF.

See the previous section for detail sheets for Sales 3, 4, and 5 as they are the same as Tract 2 in the remaining adjustment grids.

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VALUATION OF COMMERCIAL TRACT 3

This and all remaining tract have the same commercial highest and best use. This tract will contain 8.2 acres according to the preliminary plan. We present a separate adjustment grid with adjustments specific to this site, but the comparable sales are the same for Tracts 3, 4, 5, 6, 7, 8, and 10 because they are in the same size category. The size adjustments are applied independently to each to capture minor differences, and other adjustment factors are outlined on page 93.

Market Value Conclusion – Commercial Tract 3

–  –  –

Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $4.27 per square foot to $9.39 per square foot with a mean and median of $6.55 per square foot and $6.15 per square foot, respectively. With reliance on the central tendency, a unit value of $6.30 per square foot is reconciled.

–  –  –

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 12 to 18 months.

–  –  –

VALUATION OF COMMERCIAL TRACT 4

This tract will contain 8.1 acres according to the preliminary plan. The comparable sales are the same for Tracts 3, 4, 5, 6, 7, 8, and 10 because they are in the same size category. The size adjustments are applied independently to each to capture minor differences, and other adjustment factors are outlined on page 93.

Market Value Conclusion – Commercial Tract 4

–  –  –

Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $4.27 per square foot to $9.88 per square foot with a mean and median of $6.65 per square foot and $6.15 per square foot, respectively. With reliance on the central tendency, a unit value of $6.40 per square foot is reconciled.

–  –  –

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 12 to 18 months.

–  –  –

VALUATION OF COMMERCIAL TRACT 5

This tract will contain 7.7 acres according to the preliminary plan. The comparable sales are the same for Tracts 3, 4, 5, 6, 7, 8, and 10 because they are in the same size category. The size adjustments are applied independently to each to capture minor differences, and other adjustment factors are outlined on page 93.

Market Value Conclusion – Commercial Tract 5

–  –  –

Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $4.45 per square foot to $10.37 per square foot with a mean and median of $7.02 per square foot and $6.46 per square foot, respectively. With reliance on the central tendency, a unit value of $6.70 per square foot is reconciled.

–  –  –

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 12 to 18 months.

–  –  –

VALUATION OF COMMERCIAL TRACT 6

This tract will contain 7.3 acres according to the preliminary plan. The comparable sales are the same for Tracts 3, 4, 5, 6, 7, 8, and 10 because they are in the same size category. The size adjustments are applied independently to each to capture minor differences, and other adjustment factors are outlined on page 93.

Market Value Conclusion – Commercial Tract 6

–  –  –

Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $4.64 per square foot to $10.37 per square foot with a mean and median of $7.12 per square foot and $6.77 per square foot, respectively. With reliance on the central tendency, a unit value of $6.90 per square foot is reconciled.

–  –  –

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 12 to 18 months.

–  –  –

VALUATION OF COMMERCIAL TRACT 7

This tract will contain 8.7 acres according to the preliminary plan. The comparable sales are the same for Tracts 3, 4, 5, 6, 7, 8, and 10 because they are in the same size category. The size adjustments are applied independently to each to capture minor differences, and other adjustment factors are outlined on page 93.

Market Value Conclusion – Commercial Tract 7

–  –  –

Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $4.64 per square foot to $10.37 per square foot with a mean and median of $7.12 per square foot and $6.77 per square foot, respectively. With reliance on the central tendency, a unit value of $6.90 per square foot is reconciled.

–  –  –

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 12 to 18 months.

–  –  –

VALUATION OF COMMERCIAL TRACT 8

This tract will contain 11.8 acres according to the preliminary plan. The comparable sales are the same for Tracts 3, 4, 5, 6, 7, 8, and 10 because they are in the same size category. The size adjustments are applied independently to each to capture minor differences, and other adjustment factors are outlined on page 93.

Market Value Conclusion – Commercial Tract 8

–  –  –

Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $4.45 per square foot to $9.88 per square foot with a mean and median of $6.86 per square foot and $6.46 per square foot, respectively. With reliance on the central tendency, a unit value of $6.70 per square foot is reconciled.

–  –  –

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 12 to 18 months.

–  –  –

VALUATION OF COMMERCIAL TRACT 10

This tract will contain 7.8 acres according to the preliminary plan. The comparable sales are the same for Tracts 3, 4, 5, 6, 7, 8, and 10 because they are in the same size category. The size adjustments are applied independently to each to capture minor differences, and other adjustment factors are outlined on page 93.

Market Value Conclusion – Commercial Tract 10

–  –  –

Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $4.64 per square foot to $10.87 per square foot with a mean and median of $7.34 per square foot and $6.77 per square foot, respectively. With reliance on the central tendency, a unit value of $7.10 per square foot is reconciled.

–  –  –

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 12 to 18 months.

–  –  –

Experience: Since 1980, Mr. Hornsby has been a practicing real estate appraiser with an office in Austin, Texas, specializing in the valuation of complex commercial properties and in support of litigation proceedings.



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