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Land Sale Date Land Size (Sq. Ft.) Price Per Sq. Ft.
BL1 12/85 9,249 $4.87
BL2 12/87 18,900 2.65
BL3 2/88 6,758 3.26
BL4 5/92 8,793 5.69
BL5 10/92 21,000 3.81
Dr. Friedman compared the Bates Center land to two of these same
five comparables (BL1 and BL4).
Dr. Friedman also compared the Bates Center land to four tax
comparables. These tax comparables, however, were not for sale,
and the price per square foot was based on the assessed value of
the land.13
Although the tax comparables may provide some insight into
the value of the Bates Center land, we instead choose to rely on
the completed sales listed above (BL1 through BL5). The
completed sales were located near the Bates Center, and some took
place close to the time of its donation. We believe that, in
this case, they are better indicators of the value of the Bates
Center land at the time of its donation.
BL1, BL2, BL4, and BL5 were located on a six-lane, heavily
traveled road (Avenue Q). Dr. Friedman made a negative
adjustment of 50 percent for this factor; Mr. Cantrell, however,
made negative adjustments of 5 percent to BL2 and BL5 and
negative adjustments of 10 percent to BL1 and BL4 based on their
location. BL3 was located on 44th Street; however, it was
located closer to Avenue Q than the Bates Center property. We
13 The Texas Property Tax Code and the Texas Constitution
require the LCAD to appraise property at fair market value. See
Tex. Const. art. VIII, sec. 20; Tex. Tax Code Ann. secs. 1.04(7),
23.01 (West 1992).
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