On October 5, the City of Columbia condemned unimproved property owned by Karl for the construction of a new police station. The land consisted of 2 vacant lots at 3400 and 3402 Cardinal Lane and had been acquired by Karl as an investment on 5/25/04 for $14,000. In exchange for the lots, on 2/15/11, the City gave Karl a large parcel of land at 440 Pine Street with a fair market value of $20,000. Karl was satisfied with the exchange because Pine Street is in a better neighborhood and has greater potential for appreciation.