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.