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Airport & Aviation Appraisals, Inc

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Airport & Aviation Appraisals, Inc Airport & Aviation Appraisals, Inc. THE CITY OF HONDO VALUATION REPORT AS OF JULY 28, 2016 OF VACANT AIRSIDE LAND AT SOUTH TEXAS REGIONAL AIRPORT AT HONDO HONDO, TEXAS Airport & Aviation Appraisals, Inc. THE CITY OF HONDO VALUATION REPORT AS OF JULY 28, 2016 OF VACANT AIRSIDE LAND AT SOUTH TEXAS REGIONAL AIRPORT AT HONDO HONDO, TEXAS Airport & Aviation Appraisals, Inc. Austin, Texas Office 702 Chestnut Street, Suite 101 Bastrop, Texas 78602 Tel: 512-308-1420 Fax: 512-308-9217 Web Site: www.airportappraisals.com [email protected] August 15, 2016 Robert Lee, MBA Director of Aviation South Texas Regional Airport 700 Vandenberg Hondo, TX 78861 Dear Mr. Lee: In accordance with your request, we submit herewith our Appraisal Report concerning the Market Rental Value of approximately 200 acres of vacant airside land at South Texas Regional Airport at Hondo, Hondo, Texas. This report contains information considered relevant to both the value of the property and the method by which we have analyzed collected data to arrive at the value conclusion. Based on the data set forth herein, it is our considered opinion that, as of July 28, 2016, the Market Rental Value in fee simple estate, and conveyed as leased with a long term ground lease for the property was estimated to be: $0.04 PSF x 43,560 Sq. Ft. = $1,742 Per Acre 200 Acres x $1,742 = $348,480 We hereby certify to no present or contemplated financial interest in the property and that our employment and compensation are in no way contingent upon the value estimate. Respectfully submitted, Winthrop D. Perkins Winthrop D. Perkins, CRE President Airport & Aviation Appraisals, Inc. TABLE OF CONTENTS Page Letter of Transmittal INTRODUCTION Salient Facts and Conclusions 1 Identification of The Subject Property 2 Scope of the Appraisal 2 Function of The Report 3 Purpose of the Appraisal 3 Property Rights Appraised 4 Sales History 4 Marketing Period/Exposure Time 4 Appraisal Procedures Used 5 Assumptions and Limiting Conditions 7 DESCRIPTIONS, ANALYSES, AND CONCLUSIONS Area and Neighborhood Description 10 Site Description 14 Airport and Facility Description 27 Zoning 28 Assessment and Real Estate Taxes 29 Highest and Best Use 29 The Market Data Approach 36 Certification of The Appraiser 53 Airport & Aviation Appraisals, Inc. Addenda Area Map Airport Location Maps Appraiser Qualifications Glossary of Airport & Aviation Terminology Airport & Aviation Appraisals, Inc. SALIENT FACTS AND CONCLUSIONS Locations: South and Southwest Airside South Texas Regional Airport at Hondo Hondo, Texas Owner of Site: City of Hondo Assessment: N/A Land Area: Approximately 200 Acres Zoning: AOZ – Airport Overlay Zone Estimated Marketing Period: 7 to 10 Months Highest and Best Use: As Vacant: Aviation Related- Depot Level Maintenance and Repair, or Other Industrial Level Aerospace Operations Land Area. All Other Aviation Applications as Appropriate. Value Estimate: Market Data Approach: $0.04 PSF x 43,560 Sq. Ft. = $1,742 Per Acre 200 Acres x $1,742 = $348,480 Date of Value: July 28, 2016 Date of Inspection: July 28, 2016 1 Airport & Aviation Appraisals, Inc. IDENTIFICATION OF THE SUBJECT PROPERTY The subject of this appraisal is for an area of airside property on South Texas Regional Airport, Hondo, TX. The subject will consist of a large, contiguous parcel of airside land on the west and south side of the airport. The property consists of a contiguous parcel of underlying land which will be potentially developed with aeronautically related improvements. The property is adjacent to the taxiway which allows aircraft ingress and egress to the operational surfaces at Hondo Airport. The property is accessible via landside vehicles and connecting taxiways which allow airplanes to reach the subject property from all of the airport's operational surfaces. The subject property is currently owned by the City of Hondo, in its entirety. SCOPE OF THE APPRAISAL In undertaking and developing this appraisal report we have engaged in the following activities which are by no means all inclusive. * We reviewed various technical data, site plans and any other pertinent information available at this time with regard to land on the subject property. * We examined various documents pertaining to the subject property and reviewed general data relating to the airport and the general aviation environment which surrounds the subject property’s immediate area. * Researched and analyzed the market for airport real estate comparable to the subject property, and interviewed various real estate, airport and aviation personnel regarding current market conditions, current pricing practices relating to the subject property and its position within the market place. In addition, we have evaluated the competitive position of the subject within the specific market for related properties. * We have uncovered pertinent market data with relation to the lease of relevant comparable property which we believe are similar to and are useful in estimating a rental value for the subject. * Engaged in a methodical and systematic analysis of all the data collected and placed it within proper context for related property in order to develop an estimate of market rental value for the subject property. 2 Airport & Aviation Appraisals, Inc. FUNCTION OF THE REPORT The function of the report contained herein will be to serve as an analytical tool to determine the subject property’s value in connection with leasing the subject. The City of Hondo is the client for this assignment and will use this appraisal for internal decision- making. The City of Hondo is also the intended user of this appraisal, and the only intended user. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility, and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. PURPOSE OF THE APPRAISAL The purpose of this appraisal contained herein is to estimate the Market Rental Value of the vacant land as of July 28, 2016. The definition and principals of Market Value which are applicable to a property sale are also applicable to Market Rental. For purposes of this appraisal, Market Value can be stated as follows: The most probable price which a property brings 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 are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • buyer and seller are typically motivated; • both parties are well informed or well advised, and each acting in what he considers his own best interest; • a reasonable time is allowed for exposure in open market; • Payment is made in terms of cash in U.S. dollars for in terms of financial arrangements comparable thereto; and • the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 3 Airport & Aviation Appraisals, Inc. Source: Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation, published by the Appraisal Foundation, 2016. PROPERTY RIGHTS APPRAISED The property rights which this appraisal seeks to value are those held by the City of Hondo in fee simple, potentially to be conveyed in leasehold estate. The Dictionary of Real Estate Appraisal published by the Appraisal Institute defines leasehold estate as the right to use and occupy real estate for a stated term and under certain conditions conveyed by a lease. A lease interest is one of the real property interests that result from the separation of the bundle of rights by a lease, i.e. the leased fee estate or the leasehold estate. SALES HISTORY The vacant land which is the subject of this appraisal has not leased to any third party users within the last three years. MARKETING PERIOD/EXPOSURE TIME The subject properties are an example of larger amount of contiguous vacant airside land. It is currently in a portion of the airport that is largely unimproved with any complementary aeronautical uses. The market for this type of property is user-oriented and is limited due to the specialized nature of potential tenants of the size and scope able to utilize the land in its entirety. Based on the marketing period of the comparable data presented in this report, as well as discussions with informed sources in the marketplace, is our opinion that 12 to 36 months is a reasonable marketing period (by qualified personnel), for the subject property. Exposure time reflects a retrospective estimate of the estimated length of time a property would have been offered on the market prior to the hypothetical consummation of a sale as of the effective appraisal date. Exposure time and marketing period are not 4 Airport & Aviation Appraisals, Inc. synonymous terms. Exposure time is the time required to obtain the sale of the subject property on its date of value estimate. It precedes the date of value estimate. Marketing time corresponds to the time required to secure the sale of the properties at their estimated market value subsequent to the date of value estimate. Exposure time for the subject property is forecast to be 10 months, assuming the same conditions. APPRAISAL PROCEDURES USED The appraised value as set forth in this report is supported with consideration and the use of standard accepted appraisal practices and valuation procedures.
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