Download as pdf or txt
Download as pdf or txt
You are on page 1of 3

Form ROW-A-5 (rev.

08/11)

EXHIBIT "A"

SUMMARY OF THE OFFER


ENNIS I-45 11 ACRE, LLC RESPONSES AND REPORTING IN "RED" LETTERING

TxDOT ENNIS I-45


REPORTING 11 ACRE, LLC
COMPENSATION SUMMARY
OFFER COUNTER
Appaiser Report Cost Approach

$11,784,773 $20,094,220
WHOLE PROPERTY:

$372,186 $634,614
PART TO BE ACQUIRED:

$11,412,587 $19,459,606
REMAINING PROPERTY:

NET DAMAGES OR ENHANCEMENTS, if any: $0 $0

COST TO CURE: (With Decelleration Lane) $421,173 $741,710

ACCESS: $0 $0

TOTAL COMPENSATION: 793,359 1,376,324

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.

ENNIS I-45 11 ACRE, LLC (ELUX)RESPONSE TO TxDOT STATEMENT #1:


The statement by TxDot is true except for percentage of completion and valuation of the total property. The project completion is now 100%
and operations are ongoing as of March 15, 2024. Per the Valuation below under COMPENSATION SUMMARY - WHOLE PROPERTY, our
Valuation is $27,000,000+/- reported as Income Approach and $21,483,000 at Cost Approach as of April 24, 2024. This does not include Bank
Fees and Interest Costs that will accrue through the end of 2024.

TxDOT APPRAISER STATEMENT #2:


The proposed acquistions bisected the maintenance storage building and the west portion of the maintenance building wall. The cost to cure
these impacted items totaled $718, 421 as reported MCE and detailed on the following page. However, $334,717 of these items in the Cost to
Cure were previously accounted for in the acquistion compensation and must be subtracted for net cost to cure of $383,70. Assuming the
curative measures are implemented, the highest and best use as improved will be unchanged, therefore market data does not suport
damages to the remainder.

ENNIS I-45 11 ACRE, LLC (ELUX)RESPONSE TO TxDOT STATEMENT #2:


As partially defined in TxDot Answer to TxDot Statement #1, the mathematics are not in question, but the "Part to be Acquired" valuation
and "Cost to Cure" assumptions leading to the total "Cost to Cure" is in question. Below, ELUX has provided in "Red" next to TxDot's
assumptions the detailed 3rd Party Valuation Reports and actual ELUX Balance Sheet Costs following the same mathematics that TxDot
uses.

ENNIS I-45 11 ACRE,


COMPENSATION SUMMARY TxDOT REPORTING
LLC REPORTING

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.

FOR INFORMATIONAL PURPOSES ONLY

ELUX Business Impact Percent and loss of


ELUX MANAGEMENT Effective Gross Revenue to the Business from
FINANCIAL E11 Market Updated
TxDOT's ELUX's ELUX Effective Valuation due to Negative CapRate
loss of project Access during the
STATEMENT AND
REPORTING Construction Begin Stabilized Gross Sales at and Fed Rate increase in Interest Decelleration Build period of 6 weeks. (6wks /
Date: Revenue Date TxDot Impact Rates +/- 52wks = 11.54%)
1-May-26 1-Mar-25 $2,735,717 7.00% $27,090,000 11.54% $315,702
EXHIBIT "C"
COST ESTIMATE SUMMARY

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

1 Maintenance Storage Building 656 SF $269.01 SF $176,470.56 $176,470.56


2 West Dumpster Pad/Walls/Gate 247 SF $162.91 SF $40,238.77 $40,238.77
3 -W. Transformer/Load Center 1 EA. $241,255.51 EA. $241,255.51 $241,255.51

CONTRIBUTORY COST OF THE ACCESSORY IMPROVEMENTS - SUB-TOTAL $457,964.84 $457,964.84

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

CONTRIBUTORY COST OF THE SITE IMPROVEMENTS - SUB-TOTAL $260,456.25 $260,456.25

DECELLERATON LANE CONSTRUCTION - ELUX IN "RED"


27 Re-Engineering for City/State Permit & blueprints 1 EA. $8,500.00 EA. $0.00 $8,500.00
28 City / State Permitting Application/Oversight 1 EA. $2,500.00 EA. $0.00 $2,500.00
29 Surveying / Staking (Gas, Elec. etc.) Line Marking 1 EA. $1,750.00 EA. $0.00 $1,750.00
30 Excavation and Grading for Decell Lane 8 DAYS $2,000.00 DAYS $0.00 $16,000.00
31 Water/Electrical/Storm/Replacement Labor 5 DAYS $1,500.00 DAYS $0.00 $7,500.00
32 All parts, Fittings, outside services. 1 EA. $6,500.00 EA. $0.00 $6,500.00
33 Flagging / Safety Cones (6 Weeks) 42 DAYS $350.00 DAYS $0.00 $14,700.00
33 Concrete 8" Decell Entrance 597 SF $10.50 SF $0.00 $6,268.50
DIRECT ACCESS SHUT-DOWN DURING CONSTRUCTION OF DECELLERATION LANE
Access Complete Cut-off : 42 Days X $6030.00 Daily Park
34 42 DAYS $3,747.56 DAYS $0.00 $157,397.42
Revene X Reroute Impact 50%
DECELLERATION LANE CONSTRUCTION - SUB-TOTAL $0.00 $221,115.92

OTHER PROJECT COSTS BUDGETED


35 Project GC oversight and management (8%) 1 EA. $76,162.96 EA. $0.00 $76,162.96
36 Park ReMarketing Costs (ie: websites, signs, etc.) 1 EA. $12,500.00 EA. $0.00 $12,500.00
37 Total Project Contingency Budget (5%) 1 EA. $48,226.85 EA. $0.00 $48,226.85
OTHER PROJECT COSTS BUDGETED - SUB-TOTAL $0.00 $136,889.81

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

GRAND TOTAL $718,421.09 $1,076,426.82

PAGE CROSS-CHK

NET DIFFERENCE (ASSUMES TxDOT ROUNDING) $755,890.00 $37,468.91 $0.00

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

You might also like