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4-26-2024 Explanations of Damages - Txdot1
4-26-2024 Explanations of Damages - Txdot1
08/11)
EXHIBIT "A"
$11,784,773 $20,094,220
WHOLE PROPERTY:
$372,186 $634,614
PART TO BE ACQUIRED:
$11,412,587 $19,459,606
REMAINING PROPERTY:
ACCESS: $0 $0
NOTE: Please see Exhibit "B" and Exhibit "C" for answers to TxDOT Statements, notes to the TxDot inputs and
Ennis I-45 11 Acre, LLC's adjusted TxDOT pricing schedules.
Form ROW-A-5 (rev. 08/11)
EXHIBIT "B"
EXPLANATION OF DAMAGES
ENNIS I-45 11 ACRE, LLC RESPONSES AND REPORTING IN "RED" LETTERING
TxDOT APPRAISER STATEMENT #1:
The property is a 11.1158 acre, or 484, 203 square feet tract of land with a Luxury RV Park and related site improvements under construction
(Approximately 85% complete). The size of the property has been slightly reduced by the acquistion, however, the frontage, and overall
utility of the site remains the same as before the acquisition, thus the highest and best use as if vacant is unchanged.
ELUX
TxDot
Cost Approach
Appaiser Report
WHOLE PROPERTY: Current BalSht +/-
The market value of the whole property is: $11,784,773 $20,094,220
3.16% 3.16%
TxDOT's Appraiser's previouly "COST TO CURE" items to be deducted
372,186 634,614
PART TO BE ACQUIRED:
Consider as severed land, the fee simple title to the part being acquired for highway purposes (less oil, gas TxDot ELUX
and sulphur and subject to existing easement, if an, whIch are not to be extinguished. Appaiser Report Cost Approach
Part to be Acquired: 372,186 $634,614
TxDot ELUX
REMAINING PROPERTY: Appaiser Report Cost Approach
Part to be Acquired: $11,412,587 $19,459,606
Note-1
3rd Party Appraisal was given to the TxDot Appraiser. The 2023 Valuation reports a CapRate 5.25% for the income approach value. ELUX has adjusted the
project values down for the negative national imarket conditions and financing uncertainties to 7.00%.
Jones Lang
LaSalle, Inc.
(JLL)
Appraisal
TxDot ELUX
NET DAMAGES OR ENHANCEMENTS, if any:
Appaiser Report Cost Approach
No Net Damages or Enhancements: $0 $0
COST TO CURE: (See TxDOT Rounding Error COST TO CURE EXH C) $421,173 $741,710
ACCESS:
The lack of any access denial or the material impairment of the direct access on or off the TxDot ELUX
remaining property affect the market value of the remaing property in the sum of…. Appaiser Report Cost Approach
Note-2: ELUX agree's there is no longterm cutoff to the Property's Access due to TxDOT's
construction period. There will be delays in building the new Decelleration Lane that will take 6
weeks of downtime and no direct access for the park while in construction.
ACCESS COST: $0 $0
#DIV/0! #DIV/0!
TxDot ELUX
TOTAL COMPENSATION:
Appaiser Report Cost Approach
Without TxDOT Rounding Error $755,890.09 $1,338,855.37
With TxDOT Rounding Error $793,359.00 $1,376,324.28
TxDOT Rounding Difference X-CHK $37,468.91 $37,468.91
ENNIS I-45 11 ACRE, LLC (ELUX) ADDITIONAL REMARKS
COBB FENDLEY's general estimates for TxDOT's construction timeframe to begin the service road widening project would begin
approximately 2-3 years from 2024. The TxDOT project construction timeframe will significantly impact ELUX's operations. ELUX's traffic is
not normal automobiles, our customers are in 30-65 feet Motorhomes and Fifth Wheel RV's. Assuming 12 months of construction impact...
ELUX assume the TxDOT project will impact from 20% to 50% of the "Daily Transitory Market" ELUX's market enjoys that will cost ELUX
nearly 1/3 of its gross revenue of $2,700,000+/-. Cobb Fendley represented to ELUX that this condition is not billable and considered a
sacrifice by all business owners impacted by this issue for the public good. ELUX accepts this answer. With much time and consideration to
the road widening plan by TxDOT, and given the immense challenges ELUX has endured (ie; covid, price increase, more that double interest
increase, and daily and weekly governmental challenges), ELUX appreciates the current well prepared and thoughtful offer from TxDOT.
COST TO CURE
Estimated Improvement Costs:
IMPROVEMENT DESCRIPTION # OF SQ.FT. $ PER SQ.FT. COST NEW ENNIS
ACCESSORY IMPROVEMENTS TxDOT REPORT I-45 11 ACRE, LLC
SITE IMPROVEMENTS
4 Demolish/Remove Paving 7,186 SF $2.04 SF $14,659.44 # $14,659.44
5 Site Earthwork and Grading 7,186 SF $0.61 SF $4,383.46 $4,383.46
6 Landscape Sod & Irrigation 1,686 SF $0.80 SF $1,348.80 $1,348.80
7 Drill / Epoxy / Dowel 510 LF $33.88 LF $17,278.80 $17,278.80
8 Concrete Curb 255 LF $11.01 LF $2,807.55 $2,807.55
9 Concrete Paved Drives 5,500 LF $8.81 LF $48,455.00 $48,455.00
10 West Maintenance Bldg Wall 60 EA. $890.88 EA. $53,452.80 $53,452.80
11 North Retaining Wall/Deco Fence 24 LF $374.45 LF $8,986.80 $8,986.80
12 I-45 Grouted Rip Rap 2,006 LF $2.18 LF $4,373.08 $4,373.08
13 I-45 Storm Sewer Line & Fittings 60 SF $381.57 SF $22,894.20 $22,894.20
14 I-45 Storm Sewer Endwall 2 LF $1,774.45 LF $3,548.90 $3,548.90
15 Site Earthwork and Grading 3,277 EA. $0.61 EA. $1,998.97 $1,998.97
16 Sanitary Sewer Line & Fittings 20 SF $94.20 SF $1,884.00 $1,884.00
17 Sanitary Sewer Manhole Assy 1 LF $1,259.47 LF $1,259.47 $1,259.47
18 -Domestic Water Svc Conn w/met 1 EA. $1,170.24 EA. $1,170.24 $1,170.24
19 Domestic Water Backflow Prev. 1 EA. $21,489.36 EA. $21,489.36 $21,489.36
20 Dometic Water Line & Fittings 20 LF $70.95 LF $1,419.00 $1,419.00
21 Landscape Trees 7 EA. $447.56 EA. $3,132.92 $3,132.92
22 Landscape Bushes 44 EA. $80.52 EA. $3,542.88 $3,542.88
23 Landscape Sod & Irrigation 565 SF $0.80 SF $452.00 $452.00
24 Concret Curb 47 LF $11.01 LF $517.47 $517.47
25 Concrete Paved Drives 706 SF $8.81 SF $6,219.86 $6,219.86
26 I-45 Signage Allowance 1 EA. $35,181.25 EA. $35,181.25 $35,181.25
PAGE SUMMARY
CONTRIBUTORY COST OF THE ACCESSORY IMPROVEMENTS - SUB-TOTAL $457,964.84 $457,964.84
CONTRIBUTORY COST OF THE SITE IMPROVEMENTS - SUB-TOTAL $260,456.25 $618,461.98
PAGE CROSS-CHK
ADJ. CONTRIBUTORY COST OF PRIMARY, ACCESSORY AND SITE IMPROVEMENTS $755,890.00 $1,076,426.82
ADD BACKS - PREVIOUSLY ACCOUNTED FOR IN COST TO CURE ACQUISITION COMPENSATION PER APPRAISER
$334,717.00 $334,717.00
REPORT PG 60, 2ND PARAGRAPH.
NET CONTRIBUTORY COST OF PRIMARY, ACCESSORY AND SITE IMPROVEMENTS $421,173.00 $741,709.82
CONTRIBUTORY COST OF PRIMARY, ACCESSORY AND SITE IMPROVEMENTS X-CHK $755,890.00 $1,076,426.82