SPECIFIC EXPLANATION It is recommended that City Council approve a motion to appoint two independent appraisers, as listed below, to determine the fair market value of Parcel SY16-076, which is expected to exceed $1 million.
· Edward B. Schulz – Edward B. Schulz & Co
· Jack W. Bass – Integra Realty Resources
The appraisers are on GSD’s pre-approved Appraisal Assignment List and were selected because of their previous experience and expertise with this specific tract.
BACKGROUND: The property in question was originally planned as home to the Nau Center. With the cancellation of that project, the City is now determining the best use for that property and cannot do so without a valuation of the land. Costs associated with the appraisal will be reimbursed by Houston First Corporation.