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Hermes SMTP Server) with ESMTPA ID b421e8ce815a40ee95882c7ee60d1214; Sun, 18 Aug 2024 15:49:50 +0000 (UTC) Content-Type: multipart/alternative; boundary="------------xtuzvDJefDQ0wvUhkZIB0Lu6" Message-ID: <824c7ba3-9b32-4456-8aaa-4b8ca7491605@aol.com> Date: Sun, 18 Aug 2024 08:49:48 -0700 MIME-Version: 1.0 User-Agent: Mozilla Thunderbird Subject: price on rail corridor To: DAP AERO References: <3e6e7747-931e-4601-8880-44fc8bd7f2ba@aol.com> Content-Language: en-US From: Curtis Andrews In-Reply-To: X-Mailer: WebService/1.1.22544 mail.backend.jedi.jws.acl:role.jedi.acl.token.atz.jws.hermes.aol Content-Length: 20271 X-Spam-Status: No, score=-2.9 X-Spam-Score: -28 X-Spam-Bar: -- X-Spam-Flag: NO This is a multi-part message in MIME format. --------------xtuzvDJefDQ0wvUhkZIB0Lu6 Content-Type: text/plain; charset=UTF-8; format=flowed Content-Transfer-Encoding: 8bit DO we agree; we do not put the rail corridor in dad's trust? then, should we just wait for the port to respond after their meeting at the end of the month to see their interest and then set the price? If we 1031 it, do we really want to have it reappraised and if the port does not buy, we have an artificially high value on a rail corridor that only we see has extra value? I am not arguing a high or low price here, just documenting what went into our thinking, please add your thoughts to this. The crux of the issue on price is who takes the risk of getting an industry that will pay the premium for the rail. five years ago the port saw no value in rail, so they did not accept our offer of a free corridor if they built the tracks. Not much has changed, except now they are being told there is value in having rail ready property;  but no potential business has ever asked them for any. they have tried hard, but sold none of FU 68 to anyone except for Avista for $33,000 an acre.   So with inflation, but less desirable land, lets just say $400K would be a fair land value for the 11.5 acres. So the question is; what is   the added value of having a 'rail corridor' worth to the port? The half mile of track from mainline to their property will cost them a half million dollars plus switches that we are requiring, on a bet that industry will come. Is it better to get more cash and not require them to build track now? It would be nice to get rid of the maintenance on the corridor and get a good price on the back land that has no access or utilities. We are at risk of not having enough water for our 20 acres, a new agreement could make the port insure we have sufficient irrigation water. The port knows that their rail would benefit our property, so will be discounting their offer on that benefit.  But our benefit is just for fun, as our lots are two small for rail business. If we really needed the rail, we could retain the right to build the track. ($300k to our property) and sell it to them later if they want it.  But is that even a good investment risk on our part if they never need it? Only one port commissioner has changed over the five years since our 'free offer'. They are not visionaries, their engineers are not progressive and both are slow to grasp ideas and move on them. The only thing that has changed is they regret not making a counter offer for the Garza salt storage business and property. This all started when the port asked if the rail corridor to the mainline was available so they could advertise as such. If they buy the corridor and build track, they have to charge $2 million more for a relatively small parcel of land. Ifno one is willing to pay that premium,  then they loose. If a company is willing to pay three million for land with rail, they should purchase the 160 acres just north of the storage on the west side of Booker, a much nicer piece, right on the mainline If the port had vision, they would purchase that farm from Michel for 2 million, build no track now,  and and have  larger rail ready sites that can be farmed for the next fifty years while waiting. If we ask too much and they don't purchase, then we loose .. unless an industry wants to locate here later  and then the price doubles and we win. But if we double the price, they go elsewhere. The problem is, with Grant county cheap power, and the new rail line north of Moses, there will be plenty of land ready for rail development and no reason to build in Bruce. So the port has to gamble that they will get several smaller companies that need rail, and that has eluded the both of us for 50 years. If i were the port, i would have gone with the free corridor and build the tracks, but not much more. If i were the port with a potential industry in hand,  I would pay  $500k and agree to build the rail and our switches if the industry buys or they get a grant to build the track, but no commitment. but here they are putting no value on the 'rail corridor' so back to the question, what is the potential of the rail corridor  it worth to them today, with no immediate need and no potential? On 8/16/24 6:24 pm, DAP AERO wrote: > I would still start at at least $1.1M for the 11 acres > >> On Aug 16, 2024, at 4:14 PM, Curtis Andrews wrote: >> >>  >> >> upon further investigation, the sale included an office, scale salt >> business and upgraded spur. >> >> On 8/15/24 9:10 pm, DAP AERO wrote: >>> I thought garcias was $1.1M which is $140k per acre >>> >>> >>> Begin forwarded message: >>> >>>> *From:* Curtis Andrews >>>> *Date:* August 15, 2024 at 7:19:22 PM PDT >>>> *To:* "Parrish, Cody M." >>>> *Cc:* DAP AERO >>>> *Subject:* *recent change on farm property* >>>> >>>>  >>>> >>>> Hello Cody; >>>> >>>> Two things recently happened that we need your advice on how we >>>> handle. >>>> >>>> 1) the adjacent property owner (Othello port district) is asking to >>>> purchase about 11 acres  out of the 31 acre farm which was >>>> appraised for the estate at $830,000 >>>> >>>> 2) an 8 acre parcel across the road very similar to our land sold >>>> for $100,000 an acre on 6/3/2024 (after our appraisal). >>>> >>>> We would ask $1,000,000 for the 11 acres, so we have a substantial >>>> capital gain problem. >>>> >>>> >>>> Two questions: >>>> >>>> Should Mom retain the property that may be sold and not put it in >>>> Dad's testamentary trust? >>>> >>>> Can/should we have the land re-appraised based on the current >>>> market value?  (there were no comparable sales in the area for the >>>> appraiser to use and now there is) >>>> >>>> If the answers are generally yes or no, please answer this email >>>> Friday so we can discuss as a family this weekend.   If more >>>> complex, how soon can we meet or have a conference call? >>>> >>>> I will be away from my email all Friday, so please call if you have >>>> questions or advice.  (If i am out of cell service, you can call >>>> Craig at 360 607 9559) >>>> >>>> Thanks >>>> >>>> Curtis Andrews >>>> 1336 E Oak St. >>>> Othello WA 99344 >>>> andrewscc@aol.com >>>> 509 346 8108 >> -- >> Thank You >> >> Curtis Andrews >> 1336 E Oak St. >> Othello WA 99344 >> andrewscc@aol.com >> 509 346 8108 -- Thank You Curtis Andrews 1336 E Oak St. Othello WA 99344 andrewscc@aol.com 509 346 8108 --------------xtuzvDJefDQ0wvUhkZIB0Lu6 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: 8bit


DO we agree; we do not put the rail corridor in dad's trust?  

then, should we just wait for the port to respond after their meeting at the end of the month to see their interest and then set the price? 

If we 1031 it, do we really want to have it reappraised and if the port does not buy, we have an artificially high value on a rail corridor that only we see has extra value?

 


I am not arguing a high or low price here, just documenting what went into our thinking, please add your thoughts to this. 

The crux of the issue on price is who takes the risk of getting an industry that will pay the premium for the rail. 

five years ago the port saw no value in rail, so they did not accept our offer of a free corridor if they built the tracks.

Not much has changed, except now they are being told there is value in having rail ready property;  but no potential business has ever asked them for any.

they have tried hard, but sold none of FU 68 to anyone except for Avista for $33,000 an acre.   So with inflation, but less desirable land, lets just say $400K would be a fair land value for the 11.5 acres. 

So the question is; what is   the added value of having a 'rail corridor' worth to the port?   

The half mile of track from mainline to their property will cost them a half million dollars plus switches that we are requiring, on a bet that industry will come.  

Is it better to get more cash and not require them to build track now?  

It would be nice to get rid of the maintenance on the corridor and get a good price on the back land that has no access or utilities.

We are at risk of not having enough water for our 20 acres, a new agreement could make the port insure we have sufficient irrigation water. 

The port knows that their rail would benefit our property, so will be discounting their offer on that benefit.  But our benefit is just for fun, as our lots are two small for rail business.  

If we really needed the rail, we could retain the right to build the track. ($300k to our property) and sell it to them later if they want it.  But is that even a good investment risk on our part if they never need it?

Only one port commissioner has changed over the five years since our 'free offer'. They are not visionaries, their engineers are not progressive and both are slow to grasp ideas and move on them. 

The only thing that has changed is they regret not making a counter offer for the Garza salt storage business and property.  

This all started when the port asked if the rail corridor to the mainline was available so they could advertise as such.    

If they buy the corridor and build track, they have to charge $2 million more for a relatively small parcel of land. If no one is willing to pay that premium,  then they loose.  

If a company is willing to pay three million for land with rail, they should purchase the 160 acres just north of the storage on the west side of Booker, a much nicer piece, right on the mainline 

If the port had vision, they would purchase that farm from Michel for 2 million, build no track now,  and and have  larger rail ready sites that can be farmed for the next fifty years while waiting.   

If we ask too much and they don't purchase, then we loose .. unless an industry wants to locate here later  and then the price doubles and we win.  But if we double the price, they go elsewhere.

The problem is, with Grant county cheap power, and the new rail line north of Moses, there will be plenty of land ready for rail development and no reason to build in Bruce. 

So the port has to gamble that they will get several smaller companies that need rail, and that has eluded the both of us for 50 years.

If i were the port, i would have gone with the free corridor and build the tracks, but not much more.

If i were the port with a potential industry in hand,  I would pay  $500k and agree to build the rail and our switches if the industry buys or they get a grant to build the track, but no commitment.

but here they are putting no value on the 'rail corridor' so back to the question, what is the potential of the rail corridor  it worth to them today, with no immediate need and no potential? 

   



On 8/16/24 6:24 pm, DAP AERO wrote:
I would still start at at least $1.1M for the 11 acres

On Aug 16, 2024, at 4:14 PM, Curtis Andrews <andrewscc@aol.com> wrote:



upon further investigation, the sale included an office, scale salt business and upgraded spur. 

On 8/15/24 9:10 pm, DAP AERO wrote:
I thought garcias was $1.1M which is $140k per acre


Begin forwarded message:

From: Curtis Andrews <andrewscc@aol.com>
Date: August 15, 2024 at 7:19:22 PM PDT
To: "Parrish, Cody M." <Cody.Parrish@claconnect.com>
Cc: DAP AERO <craig@dapaero.com>
Subject: recent change on farm property



Hello Cody;

Two things recently happened that we need your advice on how we handle.  

1) the adjacent property owner (Othello port district) is asking to purchase about 11 acres  out of the 31 acre farm which was appraised for the estate at $830,000  

2) an 8 acre parcel across the road very similar to our land sold for $100,000 an acre on 6/3/2024 (after our appraisal).

We would ask $1,000,000 for the 11 acres, so we have a substantial capital gain problem.  


Two questions: 

Should Mom retain the property that may be sold and not put it in Dad's testamentary trust? 

Can/should  we have the land re-appraised based on the current market value?  (there were no comparable sales in the area for the appraiser to use and now there is)

If the answers are generally yes or no, please answer this email Friday so we can discuss as a family this weekend.   If more complex, how soon can we meet or have a conference call?

I will be away from my email all Friday, so please call if you have questions or advice.  (If i am out of cell service, you can call Craig at 360 607 9559)

Thanks 

Curtis Andrews
1336 E Oak St. 
Othello WA 99344
andrewscc@aol.com
509 346 8108
-- 
Thank You

Curtis Andrews
1336 E Oak St. 
Othello WA 99344
andrewscc@aol.com
509 346 8108
-- 
Thank You

Curtis Andrews
1336 E Oak St. 
Othello WA 99344
andrewscc@aol.com
509 346 8108
--------------xtuzvDJefDQ0wvUhkZIB0Lu6--