HomeMy WebLinkAboutPO 7422: AUTHORIZING THE SALE OF APPROXIMATELY 32.87 ACRES OF LAND OUT OF A PLAT OF PLEASURE ISLAND TRACT I, ON PLEASURE ISLAND, FOR THE DEVELOPMENT OF A WATERPARK P.O. No. 7422
05/11/26 HT-RPC
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE SALE OF APPROXIMATELY 32.87
ACRES OF LAND OUT OF A PLAT OF PLEASURE ISLAND TRACT I,
CITY OF PORT ARTHUR, JEFFERSON COUNTY, TEXAS, LOCATED
WITHIN THE CORPORATE LIMITS OF THE CITY OF PORT ARTHUR,
TEXAS, ON PLEASURE ISLAND, FOR THE DEVELOPMENT OF A
WATERPARK AND RELATED PUBLIC IMPROVEMENTS; AND
AUTHORIZING THE CITY MANAGER TO EXECUTE A SPECIAL
WARRANTY DEED FOR THE CONVEYANCE.
WHEREAS,pursuant to Resolution No. 23-013,the City accepted a proposal from Selim
Kiralp,LLC Investments for the purchase and development of approximately 32.87 acres of land out
of a Plat of Pleasure Island Tract I recorded in File No. 2022037727, Official Public Records,
Jefferson County, Texas, located within the corporate limits of the City of Port Arthur, Texas, on
Pleasure Island(the"Property")for the development of a waterpark and related public improvements
and further authorized the negotiation of all necessary documents to facilitate the sale of said land;
and
WHEREAS, the City and PleasurEyeland, LLC, formerly known as Selim Kiralp, LLC
Investments have since undertaken efforts to advance the proposed purchase and development of the
Property, including the negotiation and preparation of all necessary terms, conditions and related
documents to effectuate the transaction; and
WHEREAS, the City Council finds that the sale and development of the Property will
promote economic development,enhance public use of Pleasure Island and otherwise serve a public
purpose and benefit the citizens of the City; and
WHEREAS,the City now desires to approve and authorize the sale of the Property for the
fair market value in the amount of Three Hundred Ninety-Four Thousand Dollars and 00/100
($394,000.00) and the execution of all documents necessary to carry out such transaction.
NOW THEREFORE,BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR,TEXAS:
Section 1. That the facts and recitals set forth in the preamble are true and correct.
Section 2. That the City Council hereby approves the sale of 32.87 acres of land out of a
Plat of Pleasure Island Tract I,recorded in File No. 2022037727,Official Public Records,Jefferson
County, Texas, located within the corporate limits of the City of Port Arthur, Texas, on Pleasure
Island for the development of a waterpark and related public improvements to PleasurEyeland,LLC,
formerly known as Selim Kiralp,LLC Investments under the terms and conditions as negotiated and
set forth, in substantially the same form attached as Exhibit"A".
Section 3. That the City Manager is hereby authorized to execute all necessary
documents and take all actions necessary to effectuate the sale and development of the Property.
Section 4. That the final conveyance will be contingent upon closing and execution of a
Special Warranty Deed.
READ,ADOPTED AND APPROVED on this 19th day of May,A.D.,2026,at a Council
Meeting of the City Council of the City of Port Arthur,Texas,by the following vote: AYES:
Mayor:
Councilmembers:
NOES:
CITY OF PORT ARTHUR:
Charlotte M. Moses
Mayor
ATTEST:
Sherri Bellard, TMRC
City Secretary
APPROVED AS TO FORM:
Roxann Pais Cotroneo, JD
City Attorney
APPROVED FOR ADMINISTRATION:
Ronald Burton, CPM
City Manager
EXHIBIT "A"
(Sale and Purchase Agreement)
SALE AND PURCHASE AGREEMENT
City of Port Arthur,Texas and PleasurEyeland,LLC
32.87 Acres of Land on Pleasure Island,Port Arthur,Jefferson County,Texas
This SALE AND PURCHASE AGREEMENT ("Agreement") is entered into effective as of
the Effective Date (herein defined) by and between CITY OF PORT ARTHUR, TEXAS ("Seller"),
and PLEASUREYELAND, LLC, a Texas limited liability company ("Purchaser"). For purposes
herein, the terms "Effective Date," "date hereof' and similar terms shall be the date that Escrow
Agent (herein defined) acknowledges receipt of an original counterpart of this Agreement
executed by Seller and Purchaser.
WITNESSETH:
In consideration of the mutual covenants set forth herein, the parties hereto hereby agree as
follows:
Section 1. Sale and Purchase. Seller, for itself and its executors, heirs, legal
representatives, successors and assigns, hereby agrees to sell and convey to Purchaser, and
Purchaser hereby agrees to purchase and accept from Seller, for the Purchase Price (herein
defined) and on and subject to the terms and conditions set forth herein, the following (herein
collectively called the "Property"):
(a) Good and indefeasible title in fee simple to the tracts or parcels of land situated in
Jefferson County, Texas, as more particularly described as "32.87 Acres of Land Out Of A Plat
of Pleasure Island Tract I, Port Arthur, Texas, recorded in File No. 2022037727, Official
Public Records, Jefferson County, Texas" attached hereto and as generally depicted on Exhibit
1, together with all improvements thereon and all rights, privileges and appurtenances pertaining
thereto, including, without limitation, Seller's right, title and interest in any minerals, utilities,
adjacent streets, alleys, strips, gores and rights-of-way (collectively called the"Land"); and
(b) Any and all (i)contracts or agreements, such as maintenance, service or utility
contracts ("Property Agreements"), (ii) warranties, guaranties, indemnities and claims,
(iii) licenses, permits or similar documents, and (iv)plans, drawings, architect's drawings, blue
prints, specifications, surveys, soil studies, engineering reports and other technical descriptions
which relate to the design, ownership, use, leasing, maintenance, service or operation of the Land
or Property Agreements.
Section 2. Purchase Price; Appraisal. The purchase price ("Purchase Price") to be paid
by Purchaser to Seller for the 32.87 Acres of Land (to the extent such Tract is purchased by
Purchaser at Closing) shall be Three Hundred Ninety-Four Thousand Dollars ($394,000.00) as
set forth in Exhibit 2 attached hereto(and payable as provided in Section 5(b)(ii)hereof).
Section 3. Title Commitment and Survey.
(a) Within thirty (30) days after the Effective Date, Purchaser, at its sole cost and
expense, shall obtain the following:
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(i) Commitment for Title Insurance ("Title Commitment") from Texas
Regional Title, LLC ("Title Company"), 7675 Folsom Dr., Bldg. 100, Beaumont, Texas 77706,
Attn: Ken Whitlow, (409-861-7300) Email: ken.whitlow@texasregional.com, setting forth the
status of title of the Land and showing all liens, claims, encumbrances, rights-of-way,
reservations, restrictions, outstanding mineral interests, and other matters, if any, relating to the
Land.
(ii) A true, correct and legible copy of all documents referred to in the Title
Commitment, including, without limitation,plats, deeds, restrictions and easements.
(b) Within forty-five (45) days after the Effective Date, Purchaser, at its sole cost and
expense, shall obtain a current ALTA/NSPS Land Title Survey (or, at Purchaser's election, a
current survey meeting the Texas Society of Professional Surveyors' standards for a Category
1A, Condition II survey) with respect to each Tract (in each case, a "Survey") dated after the
Effective Date and prepared by a licensed surveyor reasonably acceptable to Purchaser and Title
Company (the "Surveyor") consisting of a plat and field notes describing such Tract and the
improvements located thereon. Each Survey shall (i)be prepared pursuant to a current on-the-
ground staked survey with all corners being permanently monumented and reflecting the actual
dimensions of the Land, the total area of the Land to the nearest 1/100th of an acre, the location
of any easements, rights-of-way, setback lines, encroachments or overlaps thereon or thereover
and the outside boundary lines of any improvements located thereon, (ii) identify any easements,
setback lines or other matters referred to in the Title Commitment by recording reference,
(iii) include the Surveyor's registered number and seal, the date of the Survey and a certificate
reasonably satisfactory to Purchaser and Title Company, and (iv) reflect any area within the
applicable Tract which lies within the 100-year flood plain or any special flood hazard area or
general hazard area based on the Federal Emergency Management Agency Flood Insurance Rate
Maps. For purposes of the property description to be included in the Deed (herein defined), the
field notes prepared by the Surveyor shall control any conflicts or inconsistencies with the legal
description of the Land set forth in this Agreement, and such field notes shall be incorporated
herein by this reference upon their completion and shall constitute the property description
attached to the Deed.
(c) If the Title Commitment or any Survey, or any update of the Title Commitment or
any Survey, shows that the Property is subject to any lien, claim, encumbrance, reservation,
restriction or other matter of whatsoever nature other than the Permitted Encumbrances (herein
defined) (all liens, claims, encumbrances, reservations, restrictions and other matters that affect
the Property herein being called the "Encumbrances"), then Seller shall, subject to the terms
hereof, use its commercially reasonable efforts to cure or remove the Encumbrances. Purchaser
shall have forty-five (45) days from the receipt of the last of (i) the Title Commitment, (ii)
legible copies of all matters reflected on the Title Commitment and (iii) each Survey in which to
examine same and notify Seller of those Encumbrances subject to which Purchaser will accept
title to the Property (the "Permitted Encumbrances") and those Encumbrances which Purchaser
finds objectionable. If such notice is not given, it shall be deemed that all Encumbrances
reflected by the Title Commitment and each Survey are objectionable. Seller, at its sole cost and
expense, shall use commercially reasonable efforts to cure or remove all Encumbrances other
than the Permitted Encumbrances, and deliver within fifteen (15) days after the date of
Purchaser's notice an amended Title Commitment and applicable Survey reflecting the cure of
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such Encumbrances. Seller shall not be obligated to incur any costs to cure or remove any such
Encumbrance (other than any monetary lien constituting an Encumbrance, which Seller shall
remove, regardless of cost). Seller shall not place, or allow to be placed, any Encumbrance of
any nature against or relating to the Property between the date hereof and the Closing without
Purchaser's prior written consent, which consent shall not be unreasonably withheld, conditioned
or delayed.
(d) If Seller refuses or fails to cause any Encumbrance (other than a Permitted
Encumbrance) to be removed or cured, or Seller gives notice to Purchaser that Seller will not
cause such Encumbrance to be removed or cured, then Purchaser shall have the right to either:
(i) unilaterally extend the date for Closing to afford Seller additional time
within which to cure such Encumbrance (without prejudice to the later exercise of Purchaser's
rights set forth in subparts [ii] and [iii] of this subsection);
(ii) acquire the Property subject to such Encumbrance not so removed or
cured without reduction in the Purchase Price;
(iii) elect to acquire only those Tracts that are not subject to such
Encumbrance, and terminate this Agreement with respect to any Tract affected by such
Encumbrance, in which event neither party hereto shall have any further rights, duties, liabilities
or obligations hereunder with respect to those Tracts to which such termination applies; or
(iv) terminate in their entirety the rights and obligations of the parties under
this Agreement by giving Seller written notice thereof at or before Closing, in which event
neither party hereto shall have any further rights, duties, liabilities or obligations hereunder and
Escrow Agent shall deliver the Earnest Money to Purchaser free of any claims by Seller.
Section 4. Conditions Precedent. Purchaser's obligation to proceed to Closing shall be
conditioned upon the satisfaction (or Purchaser's written waiver thereof) of each of the
conditions precedent set forth herein as to the Property. The conditions precedent are as follows:
(a) Obligations. Seller shall have satisfied the covenants and performed its
obligations set forth in this Agreement.
(b) Representations. Each of Seller's representations and warranties as set forth in
this Agreement shall be true and correct in all material respects as of the date of the Closing, and
Seller shall so certify at the Closing.
(c) Removal of Tenancies. Seller shall have caused any and all tenants or other
parties occupying all or any portion of the Property (whether pursuant to leases, parking
agreements or otherwise) to vacate the Property, as may be evidenced by lease termination
agreements or other documents reasonably satisfactory to Purchaser. Notwithstanding anything
to the contrary contained herein, Purchaser shall have the right to unilaterally extend the date of
closing until the date that is ten (10) business days following the date on which all such parties
have vacated the Property and Purchaser has received such documents.
Sales&Purchase Agreement for 32.87 Acres on Pleasure Island-5/13/2026 9:27 AM 3
(d) Moratorium. There shall be no general moratorium imposed or announced by
any governmental or quasi-governmental authority or utility supplier that would result in any
governmental or quasi-governmental authority restricting, reducing, delaying or denying permits
necessary for the development, construction, use or occupancy of the Property or any utility
supplier delaying or denying sanitary sewer, water, natural gas, electricity or telephone
connections with respect to the Property.
(e) Owner Policy. Title Company shall have unconditionally agreed, upon payment
of the applicable premiums therefor,to issue the Owner Policy (herein defined)to Purchaser.
(f) Chapter 380 Economic Development Agreement and Reverter Clause. The
Chapter 380 Economic Development Agreement, City of Port Arthur, Texas, Resolution No.
has been finalized and agreed to by the Parties thereto and has received all required
approvals. Purchaser acknowledges that in the event Purchaser fails to comply with the agreed to
Chapter 380 Economic Development Agreement between the Parties and the Chapter 380
Economic Development Agreement is terminated, then this Property and all rights, interests,
ownership, and improvements on the Property shall revert to the City and become City's
property for the benefit of the City immediately upon termination of the Chapter 380 Economic
Development Agreement.
In the event that all conditions precedent to Closing have not occurred on or prior to Closing
(other than those which must occur at Closing), Purchaser, in addition to any other rights and
remedies available to it pursuant to this Agreement, may (i) unilaterally extend the Closing for
up to ten (10) business days (or, if longer, until the expiration of the period described in Section
4(c) above), (ii) terminate this Agreement and thereafter this Agreement shall be null and void
and the parties shall have no further obligation or liability hereunder(except for those provisions
hereof which by their terms expressly survive termination of this Agreement), and/or (iii)
partially terminate this Agreement with respect to any Tract for which the conditions precedent
have not occurred, in which event the parties shall have no further obligation or liability
hereunder with respect to those Tracts to which the partial termination applies (except for those
provisions hereof which by their terms expressly survive such partial termination).
Section 5. Clog .
(a) The closing ("Closing") of the conveyance of the Property (or such portion
thereof being purchased by Purchaser hereunder) from Seller to Purchaser shall occur on or
before seven (7) calendar days after all of Purchaser's objections have been cured or waived
pursuant to Section 3 hereof; provided, however, the Closing may occur on an earlier date
mutually agreeable to the parties. The Closing shall occur in the offices of Escrow Agent or at
such other location mutually agreeable to the parties, or the parties may close remotely. The date
on which the Closing actually occurs is herein called the "Closing Date".
(b) At Closing, the following shall occur:
(i) Seller, at its sole cost and expense, shall deliver or cause to be delivered to
Escrow Agent the following:
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(1) A special warranty deed (the "Deed") in a form satisfactory to
Purchaser, fully executed and acknowledged by Seller, conveying to Purchaser the Land and any
improvements located thereon, subject only to the Permitted Encumbrances and the Use
Restrictions (herein defined).
(2) The Chapter 380 Economic Development Agreement, City of Port
Arthur, Texas, Resolution No. , fully executed by Seller and all other parties (other than
Purchaser) whose consent or joinder thereto is required.
(3) Certification contemplated by Section 1445 of the Internal
Revenue Code ("Certification"), whereby an authorized officer of Seller certifies to Purchaser
that Seller is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as
those terms are defined in the Internal Revenue Code and Income Tax Regulations).
(4) Evidence acceptable to Escrow Agent and Title Company
authorizing the consummation by Seller of the purchase and sale transaction contemplated
hereby and the execution and delivery of the closing documents on behalf of Seller.
(ii) Purchaser, at its sole cost and expense, shall deliver "or cause to be
delivered to Escrow Agent the following:
(1) A wire transfer or other evidence of funds acceptable to Escrow
Agent in the amount of the Purchase Price, adjusted as herein provided, and payable to Seller.
(2) The Chapter 380 Economic Development Agreement, City of Port
Arthur,Texas,Resolution No. , fully executed by Purchaser.
(3) Evidence acceptable to Escrow Agent and Title Company
authorizing the consummation by Purchaser of the purchase and sale transaction contemplated
hereby and the execution and delivery of the closing documents on behalf of Purchaser.
(iii) Seller and Purchaser shall execute any other closing documents and any
notices required by applicable law which are otherwise usual and customary in transactions
similar to the transaction contemplated by this Agreement.
(c) Upon completion of the deliveries specified in Section 5(b) hereof and further
written authorization from Seller and Purchaser, Escrow Agent and/or Title Company shall be
authorized to cause the Deed and the other appropriate closing documents to be immediately
recorded in the Official Public Records of Jefferson County, Texas, and shall deliver the
proceeds from the sale to Seller.
(d) All normal and customarily proratable items, including, without limitation, ad
valorem taxes and assessments relating to the Property for the year of the Closing, shall be
prorated as of the Closing Date. In the event that the assessed valuation of the Property or the
tax rates for the year of the Closing are not known at the time of the Closing, the proration of
taxes shall be made on the basis of the most recent valuation and tax rates with an appropriate
adjustment made between the parties when the actual valuation and tax rates are known. To the
extent that Seller is exempt from liability for ad valorem taxes and assessments on the Property,
Sales&Purchase Agreement for 32.87 Acres on Pleasure Island-5/13/2026 9:27 AM 5
Seller shall have no such liability for such taxes or assessments under this Agreement.
Notwithstanding the foregoing, Purchaser shall pay all taxes and other assessments against the
Property by any taxing authority attributable to the period of time prior to the Closing Date and
either (i) imposed or assessed against Seller or any prior owner of the Property or (ii) based on
change in use or ownership, including, without limitation, any rollback taxes.
(e) At Closing, Seller shall pay (i) the cost of releasing liens and recording releases;
(ii) the cost of tax certificates and paying off all taxes or assessments (if any) imposed or
assessed against Seller or any prior owner of the Property; (iii) all transfer taxes (including,
without limitation, any documentary stamps and intangible taxes, if any); (iv) charges for legal
and other professional services provided to Seller; and (v) any other expenses stipulated to be
paid by Seller under the provisions of this Agreement or otherwise customarily paid by sellers in
similar transactions in Jefferson County,Texas.
(f) At Closing, Purchaser shall pay (i) the cost of recording the Deed; (ii) all of any
escrow fee; (iii) costs incurred in connection with any financing obtained by Purchaser; (iv) all
costs associated with the Owner Policy (including, without limitation, abstract fees, any title
insurance premiums and the costs of endorsements thereto); (v) charges for legal and other
professional services provided to Purchaser; and (vi) any expenses stipulated to be paid by
Purchaser under the provisions of this Agreement or otherwise customarily paid by purchasers in
similar transactions in Jefferson County,Texas.
(g) Promptly after the Closing Date, Title Company shall deliver to Purchaser, at
Purchaser's sole cost and expense, an Owner Policy of Title Insurance ("Owner Policy") in the
amount of the Purchase Price, issued by Title Company through a title insurance underwriter
reasonable acceptable to Purchaser and insuring that Purchaser is the owner of fee simple title to
the Land, together with any and all endorsements thereto deemed necessary by Purchaser in its
reasonable discretion, subject only to the Permitted Encumbrances, printed exceptions, use
restrictions, and the Chapter 380 Economic Development Agreement terms and conditions
known as City of Port Arthur, Texas,Resolution No.
(h) Upon completion of the Closing, Seller shall deliver to Purchaser legal possession
of the Property free and clear of all tenancies of every kind and parties in possession, with all
parts of the Property in a condition which in no event shall be worse than the condition of the
Property that exists on the date hereof.
Section 6. Use Restrictions. At Closing, Seller shall impose restrictions on the use of the
Property (collectively, the "Use Restrictions"), by which none of the Property may be used: (i)
for manufactured housing (as such term is defined in Sec. 58-31 of the City Code [herein
defined]); (ii) as a recreational vehicle park(RV park) (as such term is defined in Sec. 58-121 of
the City Code); (iii) as a game room (as such term is defined in Sec. 22-601 of the City Code)
that is open to the public on a for-profit basis; (iv) for any sexually oriented business (as such
term is defined in Sec. 22-321 of the City Code); or (v) as a multiple-family dwelling (within the
context such term is used in the City Code). As used herein, the term"City Code" shall mean the
Code of Ordinances, City of Port Arthur, Texas, as in effect as of May 5, 2025. The Use
Restrictions shall be set forth in the Deed and shall be enforceable (and terminable)by Seller.
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Section 7. Seller's Representations,Warranties and Covenants.
(a) Except as otherwise provided in this Agreement, Seller hereby represents and
warrants to, and covenants with, Purchaser and acknowledges that Purchaser has entered into this
Agreement in reliance on the following:
(i) Organization; Authority. Seller is a municipality lawfully organized,
validly existing and in good standing under the laws of the State of Texas and is qualified to do
business in the State of Texas; and (A) Seller has been duly authorized and empowered to enter
into this Agreement and to perform fully its obligations hereunder, (B) such obligations
constitute the valid and binding obligations of Seller, enforceable in accordance with their terms,
and (C) that no further consents of any other person, entity, public body or court are required in
connection with this Agreement and the performance of all obligations hereunder.
(ii) Not a Foreign Person. Seller is not a foreign person, corporation,
partnership, trust or estate (as those terms are defined in the Internal Revenue Code of 1986, as
amended, and the regulations promulgated and in force with respect thereto); and Seller will, at
Closing, deliver to Purchaser a Certification.
(iii) Condemnation, Etc. There is not pending, or to Seller's knowledge,
threatened, any (A) condemnation proceeding or other litigation relating to or otherwise affecting
Seller and/or any or all of the Property, or (B) except as may be contemplated by this Agreement,
reclassification of any or all of the Property for local zoning purposes, if any.
(iv) Violations. There is not pending, or to Seller's knowledge, threatened,
from any federal, state, city or local authority any notice, suit or judgment relating to any
violation with respect to the Property.
(v) Environmental Conditions. Except as set forth in and subject to the
environmental reports and site assessments provided by Seller to Purchaser, to Seller's
knowledge, the Property, including the land, surface water, ground water, and any
improvements, is free of contamination from (A) any "hazardous waste," any "hazardous
substance," and any "oil, petroleum products, and their by-products," as such terms are defined
by any federal, state, county or local law, ordinance, regulation or requirement applicable to any
portion of the Property, as the same may be amended from time to time, and including any
regulations promulgated thereunder, and (B) any substance the presence of which on the
Property is regulated or prohibited by any law (collectively, "Hazardous Substances").
"Contamination" means the uncontained presence of Hazardous Substances at the Property or
arising from the Property that may require remediation or cleanup under any applicable law.
Seller has not used any Hazardous Substances on, from or affecting the Property in any manner
that violates any applicable law, and to Seller's knowledge, no prior owner or user of the
Property has used such substances on, from, or affecting the Property in any manner which
violates any applicable law. There are not now, nor to Seller's knowledge have there ever been
on or in the Property underground storage tanks or surface impoundments, asbestos-containing
materials, or any material spills of polychlorinated biphenyls, including those used in hydraulic
oils, electric transformers or other equipment. The copies of any environmental report that may
have been delivered by Seller to Purchaser are complete and accurate copies of the same in all
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material respects; Seller has no other environmental reports, tests or audits in its possession or
under its control; and Seller has no knowledge of any other environmental reports, tests or audits
regarding any portion of the Property existing elsewhere.
(vi) Litigation. There is no litigation, arbitration or proceeding pending, or to
Seller's knowledge, threatened, before any court or administrative agency or any other condition
that relates to or affects the Property, Seller's interest therein, Seller's performance hereunder,
Purchaser's intended use of the Property, or which will result in a lien, charge, encumbrance or
judgment against any part of or any interest in the Property.
(vii) Title. Title to the Property is subject to no tenancy or other right of use or
occupancy which will remain in effect at or after Closing. Seller is the fee simple owner of, and
is lawfully seized and possessed of, the Property.
(viii) No New Encumbrances. After the Effective Date, Seller shall not enter
into any lease, Property Agreement, agreement or instrument which would constitute an
encumbrance on the Property.
(ix) Restrictions. Except as otherwise set forth in this Agreement, to Seller's
knowledge, there are no recorded or unrecorded restrictions existing or alleged relating to the
development of the Property.
(x) No Contracts. Seller has not entered into any other contracts, agreements
or understandings, oral or written, for the sale or transfer of any portion of the Property.
Between the Effective Date and Closing, no part of the Property will be alienated, encumbered or
transferred except as contemplated by this Agreement.
(b) Seller's representations, warranties and covenants set forth in this Agreement
shall be true as of the Effective Date and the date of Closing and shall survive Closing. Seller
shall notify Purchaser in writing immediately if any representation becomes untrue or misleading
in light of information obtained by Seller after the Effective Date.
(c) With respect to any notice given by Seller to Purchaser pursuant to subsection (b)
above, if Purchaser objects to such change and Seller is unable or unwilling to cure all such
changes prior to Closing, then, notwithstanding anything contained herein to the contrary,
Purchaser may either (i) proceed to complete the Closing, notwithstanding any notice given, and
specifically waiving the effect of such change; (ii) terminate this Agreement, whereupon (A) the
terms and conditions hereof shall be null and void, and (B) neither the Purchaser nor the Seller
shall have any further liability or obligation pursuant to the terms and conditions hereof except
for those matters which expressly survive the termination of this Agreement; or (iii) partially
terminate this Agreement with respect to any Tract for which such representation may be untrue
or misleading, whereupon neither party shall have any further liability or obligation with respect
to those Tracts to which the partial termination applies, except for those matters which expressly
° survive such partial termination.
(d) EXCEPT FOR THOSE REPRESENTATIONS AND WARRANTIES
EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE SPECIAL WARRANTY OF
TITLE AS SET FORTH IN THE DEED (COLLECTIVELY, THE "LIMITED MATTERS"),
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SELLER EXPRESSLY DISCLAIMS, AND PURCHASER ACKNOWLEDGES AND
ACCEPTS THAT SELLER HAS DISCLAIMED MAKING, ANY REPRESENTATIONS,
WARRANTIES OR ASSURANCES WITH RESPECT TO THE PROPERTY, WHETHER
EXPRESS OR IMPLIED, ORAL OR WRTI'1'EN, ARISING BY OPERATION OF LAW OR
OTHERWISE, INCLUDING, BUT NOT LIMITED TO, REPRESENTATIONS OR
WARRANTIES AS TO MATTERS OF TITLE, ZONING, TAX CONSEQUENCES,
PHYSICAL CONDITION, OPERATING HISTORY OR PROJECTIONS, VALUATIONS,
GOVERNMENTAL APPROVALS OR GOVERNMENTAL REGULATIONS,
HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
PURCHASER AGREES THAT, WITH RESPECT TO THE PROPERTY, IT WILL RELY
UPON ITS INSPECTION THEREOF OR ITS DETERMINATION NOT TO INSPECT THE
SAME, AND UPON CLOSING IT SHALL ACCEPT THE PROPERTY IN ITS "AS IS,"
"WHERE IS" CONDITION, WITH ALL FAULTS, AND WITHOUT REFERENCE TO
MERCHANTABILITY OR FITNESS FOR ANY SPECIFIC PURPOSE. WITHOUT
LIMITATION OF THE FOREGOING, PURCHASER AGREES THAT IT IS ACQUIRING
THE PROPERTY ON THE EXPRESS UNDERSTANDING THAT, EXCEPT FOR THE
LIMITED MATTERS, THERE ARE NO EXPRESS OR IMPLIED WARRANTIES
WHATSOEVER (INCLUDING WITHOUT LIMITATION, THE IMPLIED WARRANTIES
OF HABITABILITY, MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR USE
OR PURPOSE). IN THAT CONNECTION, PURCHASER ACKNOWLEDGES THAT THE
PURCHASE CONTEMPLATED BY THIS AGREEMENT IS MADE BY PURCHASER
WITHOUT RELIANCE ON ANY REPRESENTATION, WARRANTY OR AGREEMENT OF
SELLER, EITHER WRITTEN OR ORAL, EXPRESS OR IMPLIED, OTHER THAN THE
LIMITED MATTERS. PURCHASER'S DECISION TO PURCHASE HEREUNDER WILL
BE BASED SOLELY ON THE LIMITED MATTERS, ITS OWN INSPECTION OF THE
PROPERTY AND ITS INDEPENDENT INVESTIGATION AND EVALUATION OF THE
MERITS OF ENTERING INTO THIS AGREEMENT. THE PROVISIONS OF THIS
SUBSECTION SHALL SURVIVE THE CLOSING.
Section 8. Notices. Any notice provided or permitted to be given under this Agreement
must be in writing and shall be served (a) by depositing same in the United States mail,
addressed to the party to be notified, postage prepaid and registered or certified with return
receipt requested; (b) by delivering the same in person to such party; (c) by any recognized
expedited courier service (such as Federal Express) which requires the receiver of such notice to
acknowledge receipt in writing; or (d) by email (provided that any notice of default hereunder
must also be sent by another method of notice provided for in this Section). Notice shall be
effective only upon receipt at the address of the addressee or refusal by the addressee to accept
delivery thereof. For purposes of notice, the addresses of the parties shall be as follows:
If to Purchaser, to: PleasurEyeland, LLC
Attn: Selim Kiralp
13601 Preston Road, Suite W104
Dallas, Texas 75240
Telephone: 469-847-0514
Email: selimkiralp@selimkiralp.com
with a copy to: Jared M. King, Esq.
Sales&Purchase Agreement for 32.87 Acres on Pleasure Island-5/132026 9:27 AM 9
6300 Ridglea Place, Suite 1100
Ft. Worth, Texas 76116
Telephone: 817-739-0053
Email:jking@jmkinglaw.com
If to Seller,to: City of Port Arthur,Texas
Attn: Ron Burton, City Manager
P.O. Box 1089
/ill 4th Street
Port Arthur,Texas 77640
Telephone: 409-983-8101
Email: ron.burton@portarthurtx.gov
with a copy to: City of Port Arthur, Texas
Attn: Roxann Pais Cotroneo, City Attorney
P.O. Box 1089
444 4th Street
Port Arthur, Texas 77640
Telephone: 409-983-8129
Email: roxann.cotroneo@portarthurtx.gov
Either Seller or Purchaser may change its address(es) for the purpose of giving notice hereunder
by giving the other party notice thereof in accordance with the provisions of this Section.
Section 9. Commissions and Consulting Fees. Purchaser and Seller acknowledge that
there are no broker commissions or fees payable in connection with the transactions
contemplated by this Agreement. In no event shall any broker, agent, finder, consultant or
similar party be deemed to be a third-party beneficiary of this Agreement. The provisions of this
Section shall survive the Closing.
Section 10. Remedies.
(a) If Purchaser fails to perform any of its obligations hereunder either prior to or at
Closing for any reason other than Seller's default or Seller's failure to tender performance of its
obligations hereunder, then Seller, as its sole and exclusive right and remedy, shall have the right
to terminate this Agreement and the rights and the obligations of the parties under this
Agreement by giving Purchaser written notice thereof at any time at or prior to Closing. If Seller
terminates this Agreement pursuant to this subsection, then neither party shall have any further
rights, duties, liabilities or obligations hereunder except as otherwise expressly provided in this
Agreement. Seller and Purchaser agree that such damages due to a default in this Agreement by
Purchaser would be difficult and inconvenient to ascertain and that such amount is fair and
reasonable in light of all relevant circumstances.
(b) If Seller fails to perform any of its obligations and covenants hereunder either
prior to or at Closing for any reason other than Purchaser's failure to tender performance of its
obligations hereunder and a specific remedy for such failure of Seller is not provided in another
provision of this Agreement, or if any of the representations or warranties made by Seller
Sales&Purchase Agreement for 32.87 Acres on Pleasure Island-5/1 3/2 02 6 9:27 AM 10
hereunder are false or misleading in any material respect, then Purchaser, as Purchaser's sole
remedies, shall have the right to:
(i) acquire the Property in accordance with the terms of this Agreement, in
which event Seller's failure shall be deemed waived; or
(ii) terminate this Agreement (in its entirety or with respect to any Tract) by
giving written notice thereof to Seller at or prior to Closing; or
(iii) seek specific performance of the obligations of Seller under this
Agreement.
If Purchaser terminates this Agreement pursuant to a right to do so granted to Purchaser in this
Agreement, then except as otherwise provided in this Agreement, neither party hereto shall have
any further rights, duties, liabilities or obligations hereunder (with respect to any Tract to which
such termination applies).
(c) Prior to either party being able to exercise any of the rights and remedies set forth
in this Section 10, the non-defaulting party shall give the defaulting party written notice of such
default, and the defaulting party shall have five (5) business days to cure a monetary default and
thirty (30) days to cure a non-monetary default; PROVIDED, HOWEVER, NO PARTY
SHALL BE ENTITLED TO MORE THAN TWO (2) BUSINESS DAYS' NOTICE AND
OPPORTUNITY TO CURE ANY FAILURE TO TIMELY PERFORM ITS
OBLIGATIONS AT THE CLOSING.
(d) With regard to matters occurring after the Closing, the parties shall have all rights
and remedies available to them at law or in equity.
(e) NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED
IN THIS AGREEMENT, NO PARTY MAY SEEK INCIDENTAL, CONSEQUENTIAL,
INDIRECT OR PUNITIVE DAMAGES FROM THE OTHER PARTY, AND NEITHER
PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SUCH DAMAGES,
REGARDLESS OF CAUSE.
(f) The provisions of this Section 10 shall survive the Closing or termination of this
Agreement.
Section 11. Destruction, Damage or Condemnation Prior to Closing.
(a) If, prior to Closing, the Property is destroyed or damaged to any material extent,
then Purchaser shall have the option, which must be exercised by it within twenty (20) days after
its receipt of written notice from Seller advising Purchaser of such destruction or damage (which
notice Seller hereby agrees to give to Purchaser within three [3] business days of notice thereof
to Seller), to terminate this Agreement (in whole or in part) by giving written notice thereof to
Seller within such twenty (20) day period, or to proceed with the Closing. If Purchaser elects to
proceed with the Closing as to any Tract so damaged, then the Closing shall proceed without any
reduction in the Purchase Price applicable to such Tract and subject to the other provisions
hereof, but Purchaser shall be entitled to any and all insurance proceeds previously paid or
Sales&Purchase Agreement for 32.87 Acres on Pleasure Island-5/13/2026 9:27 AM 11
III"
payable to Seller as a result of such damage (plus the amount of any deductible maintained by
Seller with respect to such policy) (which Purchaser may elect to receive as a credit against the
Purchase Price) and, to the extent the same may be necessary or appropriate, Seller shall assign
to Purchaser at Closing all of Seller's rights to such proceeds.
(b) If, prior to Closing, the Property is destroyed or damaged, but not to a material
extent, then Seller shall notify Purchaser of such damage within three (3) business days thereof,
and (if so requested by Purchaser) shall promptly repair and replace the Property so destroyed or
damaged to the same condition that existed prior to such casualty (and shall receive and keep all
insurance proceeds payable to Seller as a result of such damages). If Purchaser notifies Seller
not to repair and replace any immaterial damage or destruction pursuant to the right granted in
the immediately preceding sentence, then the Closing shall proceed without any reduction in the
Purchase Price and subject to the other provisions hereof, but Purchaser shall be entitled to any
and all insurance proceeds payable to Seller as a result of such damages and destruction(plus the
amount of any deductible maintained by Seller with respect to such policy) as set forth in
subsection (a) above (which Purchaser may elect to receive as a credit against the Purchase
Price). Damage to or destruction of the Property shall be deemed immaterial if the Property can
be repaired or replaced within twenty (20) days after such destruction or damage occurs for a
cost not to exceed$25,000.00.
(c) If, prior to Closing, all or any portion of the Property is taken for any public or
quasi-public use under any governmental law, ordinance or regulation, or by right of eminent
domain or by private purchase in lieu thereof (in each case, a "Taking"), and the Taking, in
Purchaser's sole judgment would prevent or interfere with Purchaser's proposed use of the
Property, then Purchaser shall have the option, which must be exercised by it within twenty (20)
days after its receipt of written notice from Seller advising Purchaser of such Taking (which
notice Seller hereby agrees to give to Purchaser within three [3] business days of notice thereof
to Seller), to terminate this Agreement (in whole or in part) by giving written notice thereof to
Seller within such twenty (20) day period, or to proceed with the Closing. If Purchaser elects to
proceed with the Closing as to any Tract affected by such Taking, there shall be no reduction in
the Purchase Price applicable to such Tract, but Purchaser shall be entitled to any and all
amounts payable as a result of such Taking, including any condemnation award or amounts paid
in lieu of such award (which Purchaser may elect to receive as a credit against the Purchase
Price), and, to the extent the same may be necessary or appropriate, Seller shall assign to
Purchaser at Closing all of Seller's rights to such proceeds.
(d) The provisions of this Section shall control over, and be effective
notwithstanding, the provisions of the Uniform Vendor and Purchaser Risk Act as set forth in
Section 5.007 of the Texas Property Code.
Section 12. Binding Agreement. This Agreement shall inure to the benefit of and be binding
on the parties hereto and their respective successors and permitted assigns.
Section 13. Assignment. Purchaser may freely assign its rights hereunder to any entity
controlling, controlled by, or under common control with Purchaser without the necessity of
obtaining the prior consent of Seller, provided that the assignee assumes, in writing, all of
Sales&Purchase Agreement for 32.87 Acres on Pleasure Island-5/13/2026 9:27 AM 12
Purchaser's obligations under this Agreement. Notwithstanding the foregoing, in no event may
Purchaser assign its rights hereunder to a non-profit or tax-exempt entity.
Section 14. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas, without reference to its conflicts of laws
provisions. Venue for any dispute arising from this agreement shall be in Jefferson County,
Texas.
Section 15. Invalid Provisions. If any provision of this Agreement is held to be illegal,
invalid or unenforceable under present or future laws, such provision shall be fully severable,
and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part of the Agreement, and the remaining provisions of the
Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or
unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such
illegal, invalid or unenforceable provision, there shall be deemed added automatically, as a part
of this Agreement, a provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible and be legal, valid and enforceable.
Section 16. Modification. No modification hereof or subsequent agreement relative to the
subject matter hereof shall be binding on either party unless reduced to writing and signed by the
party to be bound.
Section 17. Attorneys' Fees. Each party shall pay its own attorneys' fees in connection with
the preparation, review and negotiation of this Agreement, the preparation, review and
negotiation of all closing documents and the administration of the Closing.
Section 18. Time of Essence. Time is of the essence under this Agreement.
Section 19. Waiver. No waiver of any default of or noncompliance with any provision,
covenant, condition, obligation or requirement imposed hereby which may be given or suffered
by one party to the other shall operate as, or be construed to constitute, a waiver of any
subsequent default of or noncompliance with any such provision, covenant, condition, obligation
or requirement or of any default of or any noncompliance with any provision, covenant,
condition, obligation or requirement hereof.
Section 20. Calculation of Time Periods. If any date herein set forth for the performance of
any obligation by Seller or Purchaser or for the delivery of any instrument or notice herein
provided should be on a Saturday, Sunday, or legal holiday, the compliance with such
obligations or delivery shall be deemed acceptable on the next business day following such
Saturday, Sunday or legal holiday. As used herein, the term "legal holiday" means any state or
federal holiday for which financial institutions or post offices are generally closed in Jefferson
County,Texas for observance thereof.
Section 21. Entire Agreement. This Agreement sets forth the entire agreement between
Seller and Purchaser relating to the Property and the transactions contemplated herein and
supersedes all prior negotiations, letters of intent or agreements with respect to the matters
contained herein, except for the Chapter 380 Economic Development Agreement, City of Port
Arthur, Texas, Resolution No. . The parties shall not be bound by any terms,
Sales&Purchase Agreement for 32.87 Acres on Pleasure Island-5/13/2026 9:27 AM 13
statements, conditions or representations, oral or written, express or implied, not contained in
this Agreement, except for the Chapter 380 Economic Development Agreement, City of Port
Arthur,Texas, Resolution No.
Section 22. No Third-Party Beneficiaries. Nothing in this Agreement, whether express or
implied, is intended to confer any rights or remedies under or by reason of this Agreement on
any persons other than the parties to it and their respective successors and assigns, nor is
anything in this Agreement intended to relieve or discharge the obligation or liability of any third
person to any party to this Agreement, nor shall any provision give any third persons any right of
subrogation or action over or against any party to this Agreement.
Section 23. Joint Drafting. This Agreement and the exhibits have been jointly drafted,
negotiated and agreed upon by Seller and Purchaser. Any rule of contract interpretation that
provides that ambiguity will be construed against the drafting party is inapplicable to this
Agreement and the exhibits and shall not be used in connection with the interpretation of this
Agreement or the exhibits.
Section 24. Further Assurances. Seller and Purchaser shall execute and deliver such further
instruments and take such other actions as may be reasonably necessary to carry out the purposes
and intentions of this Agreement.
Section 25. Exhibits. Any exhibit not available at the time this Agreement is executed shall
be agreed upon, initialed and attached by the parties as soon after execution as is practicable, but
failure to attach any exhibit shall not affect the validity of this Agreement unless the parties are
in material disagreement as to the contents of such exhibit.
Section 26. Miscellaneous. The captions, headings and arrangements used in this Agreement
are for convenience only and do not in any way affect, limit, amplify, or modify the terms and
provisions hereof. Whenever the singular number is used herein, the same shall include the
plural where appropriate, and words of any gender shall include each other gender where
appropriate.
Section 27. Counterparts; Electronic Means. This Agreement may be executed in multiple
counterparts, each of which is deemed an original, but such counterparts, when taken together,
constitute one agreement. This Agreement may be executed by a party's signature transmitted
by electronic means, including by facsimile or e-mail ("Electronic Means"), and copies of this
Agreement executed and delivered by Electronic Means have the same force and effect as copies
executed and delivered with original signatures. All parties may rely upon signatures transmitted
by Electronic Means as if such signatures were originals. Any party executing and delivering
this Agreement by Electronic Means, at the request of any other party, shall promptly deliver a
counterpart signature page of this Agreement containing said party's original signature. A
signature page transmitted by Electronic Means may be introduced into evidence in any
proceeding arising out of or related to this Agreement as if it were an original signature page.
[Signature Pages Follow]
Sales&Purchase Agreement for 32.87 Acres on Pleasure Island-5/13/2026 9:27 AM 14
EXECUTED by Seller this day of , 2026, to be EFFECTIVE as of the
Effective Date.
SELLER:
CITY OF PORT ARTHUR,TEXAS
By:
Charlotte M. Moses, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED AS TO ADMINISTRATION
Ronald Burton. CPM, City Manager
APPROVED AS TO FORM
Roxann Pais Cotroneo, City Attorney
[Seller Signature Page to Sale and Purchase Agreement]
EXECUTED by Purchaser this day of , 2026, to be EFFECTIVE as of the
Effective Date.
PURCHASER:
PLEASUREYELAND,LLC
a Texas limited liability company
By:
Selim Kirlap, President
[Purchaser Signature Page to Sale and Purchase Agreement]
Receipt of a fully executed copy of this Agreement is hereby acknowledged as of the date
hereinafter set forth which date shall be the Effective Date of this Agreement.
Dated: , 2026
TEXAS REGIONAL TITLE COMPANY
By:
Name:
Title:
Schedule of Exhibits
Exhibit 1—Survey and Land Description (Meets and Bounds)
Exhibit 2—Purchase Price (Appraisal)
[Escrow Agent Receipt of Sale and Purchase Agreement]
EXHIBIT 1
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CITY OF PORT ARTHUR
VOL..381,PO.555,O.R.J.C. BOARD'MACH AREA
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5. MIAS III-CALL SRO=6E DONE POOR TO ANY L ONG OR NNSTRUCIIEN N CASE CF URDEACRPRD - OR _
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7 - ® PNtA.Aa,,T...77642
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`r B 04*. i , SLRVEYORS&ENGINEERS P.400 ..2O05
ANTHONY N. 'GIm / EARL Ie.OM•T.r.!.r p.m
REGISTERED PROFESSIONAL LAND SVRYEYOR Na 540] 1 • __
TBPE Firm No.F-5755
_,: + TBPLS Firm No.10123800
LA EF.0005711
IF
T ouTEx „ ,...,„
3737 Doctors Drive
Port Arthur,Texas 77642
`s
SURVEYORS&ENGINEERS Office(409)983.2004
Fax(409)983.2005
32.87 ACRES OF LAND
OUT OF A PLAT OF PLEASURE ISLAND TRACT I,
CITY OF PORT ARTHUR JEFFERSON COUNTY,TEXAS
BEING 32.87 acres of land out of and a part of a Plat of Pleasure Island Tract I recorded in File
No. 2022037727, Official Public Records,Jefferson County, Texas; said 32.87 acre tract being
more fully described by metes and bounds as follows to wit:
Note: Bearings, coordinates, distances and acreage are based on the Texas Coordinate System
of 1983, South Central Zone, US Survey Feet, and are referenced to SmartNet,North America.
BEGINNING at an aluminum disc found in concrete on the intersection of the Southeast Right-
of-Way line of a dedicated road named T.B. Ellison Parkway and the Southwest Right-of-Way
line of a dedicated road named Pleasure Pier Boulevard, having a Texas Coordinate of
N:13897841.01 E:3575339.01;
THENCE, South 53 deg., 11 min., 03 sec., East, on the Southwest Right-of-Way line of said
Pleasure Pier Boulevard, a distance of 1043.39' to an aluminum disc found in concrete for
corner;
THENCE, North 36 deg., 48 min., 02 sec., East, a distance of 20.01' to a 'A" steel rod, capped
and marked"SOUTEX", found for corner;
THENCE, South 53 deg., 11 min., 19 sec., East, a distance of 407.37' to a Y2" steel rod, found
for corner;
THENCE, North 36 deg., 47 min., 02 sec., East, a distance of 160.85' to a 'h" steel rod, found
for corner;
THENCE, South 53 deg., 11 min., 19 sec., East, a distance of 3l 1.22' to a 'A" steel rod, capped
and marked"SOUTEX", found for the most Easterly corner of the herein described tract;
THENCE, South 36 deg., 27 min., 52 sec., West, a distance of 375.23' to a '/2" steel rod, capped
and marked"SOUTEX", found for corner;
II THENCE, South 52 deg., 27 min., 20 sec., West, a distance of 50.53' to a '/2" steel rod, capped
and marked"SOUTEX", found for corner;
THENCE, South 36 deg., 34 min., 50 sec., West(Called South 36 deg., 34 min., 51 sec., West),
a distance of 1243.29' to a `/2" steel rod, capped and marked "SOUTEX", set on the Northeast
line of Tract III, of three tracts of land described in a Memorandum of Ground Lease between the
City of Port Arthur and Diligent Offshore Services, LLC, recorded in File No. 2025-16414,
Official Public Records, Jefferson County, Texas; said %" steel rod being the most Southerly
corner of the herein described tract; from which a 'A" steel rod capped and marked "SOUTEX",
found on the Southwest line of said Memorandum of Ground Lease bears South 36 deg.,34 min.,
50 sec.,West(Called South 36 deg.,34 min., 51 sec., West),a distance of 92.34';
THENCE, North 52 deg., 59 min., 35 sec., West on the Northeast line of said Tract III, a
distance of 752.67' to a 'A" steel rod capped and marked "SOUTEX", set for the most Westerly
corner of the herein described tract;
THENCE,North 36 deg., 34 min., 08 sec.,Fast(Called North 36 deg., 33 min., 55 sec.,East), a
distance of 1128,81' passing a%" steel rod,found for reference, continuing for a total distance of
1232.44' to a 'A" steel rod, capped and marked "SOUTEX", set for an interior corner of the
herein described tract; from which an aluminum disc found in concrete bears South 52 deg., 42
min.,29 sec.,East, a distance of 45,79';
THENCE, North 52 deg., 42 min., 29 sec., West, a distance of 996,10' to a'A" steel rod, found
on the Easterly Right-of-Way line of said T.B. Ellison Parkway; said 'A"steel rod being the most
Northerly Northwest corner of the herein described tract;
THENCE,North 36 deg., 26 min., 04 sec,, East, on the Easterly Right-of-Way line of said T,B.
Ellison Parkway, a distance of 243.04' to the POINT OF BEGINNING and containing 32.87
acres of land more or less.
This description is based on the Land Survey made under the direct supervision of Anthony M.
Leger,Registered Professional Land Surveyor No, 5481 on May 4,2026,
CITY OF PORT ARTHUR
22-0050-2 (/�,,�A ?F`' '
� ,Q.'.
"
EXHIBIT 2
Purchase Price (Appraisal)
REVISED APPRAISAL OF:
32.87 Acres on Pleasure Island
(T. B. Ellison Parkway a,„ Pleasure Pier Boulevard)
Port Arthur, Jefferson County, Texas
air ..., is
s .M
Prepared For:
CITY OF PORT ARTHUR
Mr. George Davis, MA, CPM
Director of Pleasure Island
520 Pleasure Pier Boulevard
Port Arthur, TX 77641
As of:
February 23, 2026
By:
COOK & ASSOCIATES, INC.
Mr. W. Burnell Cook, MAI, SRA
2640 McFaddin
Beaumont, Texas 77702
COOK & ASSOCIATES, INC.
COOK & ASSOCIATES, INC.
Real Estate Appraisers
2640 McFaddin • Beaumont, Texas 77702 • (409)835-1430 • Fax (409)835-7314 • Tax ID #76 0325476
W. Burnell Cook, MAI, SRA, CPA cookappr@gmail.com
Stephen F. Peyton
Lucas G. Cook
May 7, 2026
Mr. George Davis, MA, CPM
Director of Pleasure Island
City of Port Arthur
520 Pleasure Pier Boulevard
Port Arthur, TX 77641
RE: REVISED Appraisal of 32.87 Acres on Pleasure Island (T. B. Ellison Parkway @
Pleasure Pier Boulevard), Port Arthur, Jefferson County, Texas
Dear Mr. Davis:
In compliance with your request, I have personally inspected and analyzed the above
captioned property for the purpose of developing an opinion of the Market Value in Fee
Simple Interest.
As a result of my investigation and analysis, my opinion of the Market Value of the sub-
ject property, as of February 23, 2026, is:
THREE HUNDRED NINETY-FOUR THOUSAND ($394,000) DOLLARS
This transmittal letter is followed by the certification of the appraisal and the
APPRAISAL REPORT containing pages further describing the subject property and
containing the reasoning and pertinent data leading to the developed value opinion.
Your attention is directed to the Extraordinary Assumptions and Hypothetical Con-
ditions on Page Two and the "General Underlying Assumptions" and "Limiting Condi-
tions" which are considered usual for this type of assignment and have been included in
the Addenda of the report.
Respectfully submitted,
COOK & ASSOCIATES
W. Burnell Cook, MAI, SRA
Texas State Certified
TX 1320838 — G
I
CERTIFICATION
I certify that, to the best of my knowledge and belief:
-- the statements of fact contained in this report are true and correct.
-- the reported analyses, opinions and conclusions are limited only by the reported assump-
tions and limiting conditions, and are my personal, impartial and unbiased professional
analyses, opinions and conclusions.
-- I have no present or prospective interest in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
-- I have performed an appraisal of the subject property within the three years prior to this
assignment.
-- I have no bias with respect to the property that is the subject of this report or to the par-
ties involved with this assignment.
-- my engagement on this assignment was not contingent upon developing or reporting
predetermined results.
-- my compensation for completing this assignment is not contingent upon the development
or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or the occur-
rence of a subsequent event directly related to the intended use of this appraisal.
- I, W. Burnell Cook have made a personal inspection of the property that is the subject of
this report.
-- no one provided significant real property appraisal assistance to the person or persons
signing this certification.
- the reported analyses, opinions and conclusions were developed, and this report has
been prepared, in conformity with the requirements of the Code of Professional Ethics
and Standards of Professional Appraisal Practice of the Appraisal Institute, which include
the Uniform Standards of Professional Appraisal Practice.
-- the use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
-- as of the date of this report, I have completed the requirements under the continuing ed-
ucation program of the Appraisal Institute.
-- the appraisal assignment was not based on a requested minimum valuation, a specific
valuation or the approval of a loan.
AAA •
May 7, 2026
W. Burnell Cook, MAI, SRA Date
Texas State Certified General
TX 1320838-G
COOK & ASSOCIATES, INC.
TABLE OF CONTENTS
32.87 Acres on Pleasure Island
T. B. Ellison Parkway @ Pleasure Pier Boulevard
Port Arthur, Texas
Introduction
Letter of Transmittal
Certification
Summary of Salient Facts and Conclusions 1
General Information
Intended Use/User 2
Client/Scope of Work 2
Subject Identification 2
Value Definition and Interest Valued 4
Exposure Time 4
Effective Date 4
Legal Description 5
Area/Property Analyses
Area Analysis 5
Neighborhood Analysis 8
Property Description 9
Highest and Best Use 10
Valuation Analysis
Sales Comparison Analysis 11
Reconciliation and Concluded Value 26
Addenda
Subject Photos 27
Maps and Plats 38
Survey
JCAD Detail
General Limiting Conditions
Qualifications and License
COOK & ASSOCIATES, INC.
1
SUMMARY OF SALIENT FACTS
AND CONCLUSIONS
1. Appraisal Type/Scope: Sales Comparison Approach
2. Report Format: Narrative
3. Property Type: Vacant Land
4. Location: T. B. Ellison Parkway @ Pleasure Pier
Boulevard, Pleasure Island, Port Arthur,
Jefferson County, Texas
5. Owner: City of Port Arthur
6. Site: 32.87 Acres *, per Survey provided
7. Improvements: None
8. Zoning: MU, Mixed Use
9. Highest and Best Use
As Vacant: Speculation/Hold for future development
As Improved: N/A
10. Value Indication:
Sales Comparison Approach: $394,000
11. Date of Inspection: February 23, 2026
12. Date of Value Estimate: February 23, 2026
13. Date of Report: May 7, 2026
14. Property Rights Appraised: Fee Simple
15. Final Opinion of Market Value: $394,000
* This appraisal is the result of a revision to the tract area originally utilized. Original
tract size was 35.24 Acres, revised to 32.87 Acres.
COOK & ASSOCIATES, INC.
APPRAISAL REPORT
CLIENT: Mr. George Davis, MA, CPM
Director of Pleasure Island
City of Port Arthur
520 Pleasure Pier Boulevard
Port Arthur, TX 77641
APPRAISER: Mr. W. Burnell Cook, MAI, SRA
Cook & Associates, Inc.
2640 McFaddin
Beaumont, Texas 77702
SUBJECT: 32.87 Acres on Pleasure Island (T. B. Ellison Parkway @ Pleasure
Pier Boulevard), Port Arthur, Jefferson County, Texas
INTENDED USE OF REPORT: For the sole purpose of assisting the client in evaluating
the subject property for potential sale. This report is intended for use by Mr. George Davis
and the City of Port Arthur. Other uses or users are not intended by the appraiser.
EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS: Per client
information, approximately 22 Acres of the subject area is classified as wetlands that
would require mitigation to develop. Per study for client, cost to mitigate is estimated to
approximate $150,000 to $185,000 per impact acre, or $3.44/SF to $4.25/SF. This infor-
4 mation is assumed accurate and relied upon herein.
The use of these assumptions and conditions might have affected the assignment
results.
SCOPE OF WORK AND REPORTING PROCESS: This is an Appraisal Report which is
intended to comply with the reporting requirements set forth under Rule 2 of the Uniform
Standards of Professional Appraisal Practice for an Appraisal Report. As such, it presents
relevant discussions of the data reasoning and analysis that were used in the appraisal
process to develop the appraiser's opinion of value. Supporting documentation concerning
the data, reasoning and analysis is retained in the appraiser's file. The depth of discussion
contained in this report is specific to the needs of the client and for the intended use stated
above. The appraiser is not responsible for unauthorized use of this report.
As the subject is vacant land, the appraiser did not use the Cost and Income Approaches
to value which are not considered necessary to develop a credible opinion of value. The
appraiser believes the only applicable approach to value is the Sales Comparison Ap-
proach.
Subject property identification: Identification of the subject property was provided by
the client in the form of a survey and legal description. This appraisal is a revision of the
original appraisal to reflect a change in the subject area included, as per revised Survey.
The original subject tract size of 35.24 Acres has been revised to 32.87 Acres, net of utility
easement along the southwest line, to be retained.
COOK & ASSOCIATES, INC.
3
Subject property observation and physical data collection: The appraiser visited the
subject property on February 23, 2026. All photographs of the subject site were taken on
this date.
Data collection and research: The subject property data such as size, physical features,
location, quality and zoning are considered and presented in this report. Market data, in-
cluding comparable vacant land sales and supply and demand are among the items re-
searched and analyzed. The data is used to estimate the highest and best use of the sub-
ject property and its market value.
A map provided by the client identifying the wetlands area is included in the addenda.
Extent of analysis: The documentation necessary to arrive at the opinion of value is
considered in this appraisal report. The market data has been collected, confirmed and
analyzed. Comparable sales were chosen for their similar highest and best uses as out-
lined within the report. All sales were analyzed and compared to the subject property
based on their similarities and dissimilarities. The applicable approaches were considered
and reconciled in developing a final opinion of market value.
Disclosures: Texas is a non-disclosure state in regards to details of sales transactions.
Thus, our knowledge of sales data is not all-inclusive. Our data sources include Beau-
mont, Mid-County and Orange County Multiple Listing Service, LoopNet, local real estate
brokers, as well as grantees, grantors, lessees and lessors. Terminology and definitions
utilized are in accordance with banking regulations and the Dictionary of Real Estate Ap-
praisal, Seventh Edition, (copyright 2022) by the Appraisal Institute, or most recent revi-
sion. This appraisal is intended to comply with the requirements of the Appraisal Institute
as well as the current Uniform Standards of Professional Appraisal Practice.
COMPETENCY STATEMENT: Both USPAP and FIRREA minimum appraisal standards
require that an appraiser have the knowledge and experience to complete an assignment
competently. Additionally, FIRREA requires a competency statement. W. Burnell Cook,
MAI, SRA has 42 years of commercial property appraisal experience. The appraiser has
appraised properties similar to the subject in the Southeast Texas marketing area. This
practical experience coupled with classroom training through the Appraisal Institute and
other organizations complies with the Competency requirements of USPAP. The appraiser
is a state certified general real estate appraiser. A complete qualifications statement and a
copy of the certification for the appraiser is included in the Addenda.
ENVIRONMENTAL DISCLAIMER: The appraiser is not an expert in determining the
presence or absence of hazardous substances, defined as all hazardous or toxic materi-
als, waste, pollutants or contaminants, including but not limited to asbestos, PCB, UFFI, or
other raw materials or chemicals used in construction or otherwise present on the proper-
ty. The appraiser assumes no responsibility for studies or analyses which would be re-
quired to conclude the presence or absences of such substances or loss as a result of the
presence of such substances. The client is urged to retain an expert in this field, if desired.
The personal surface site inspection by the appraiser did not indicate the presence of
hazardous materials or contaminants.
COOK & ASSOCIATES, INC.
4
Therefore, the value opinion herein is based on the assumption that the subject conforms
to applicable environmental regulations and is subject to that condition. (See Extraordi-
nary Assumptions and Hypothetical Conditions on page 2.)
PURPOSE OF THE APPRAISAL: To estimate market value as referenced in Section 12,
C.F.R. Part 34.
Market Value as reported herein, is defined as: the most probable price which a property
should bring in a competitive and open market under all conditions requisite to a fair sale,
the buyer and seller each acting prudently and knowledgeably, and assuming the price is
not affected by undue stimulus.
Implicit in this definition is the consummation of a sale as of a specified date and the pass-
ing of title from seller to buyer under conditions whereby:
1. buyer and seller are typically motivated;
2. both parties are well informed or well advised, and acting in what they con-
sider their own best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in U.S. dollars or in terms of financial ar-
rangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffect-
ed by special or creative financing or sales concessions granted by anyone
associated with the sale.
INTEREST VALUED: Fee Simple Interest, as defined in Real Estate Terminology, is:
An absolute fee; a fee without limitations to any particular class of heirs or restrictions, but
subject to the limitations of eminent domain, escheat, police power, and taxation. An in-
heritable estate.
SALES HISTORY: The subject property is currently owned by the City of Port Arthur. An
investor has expressed an interest to purchase the property, however no price or terms
have been finalized. Thus, it has not changed ownership in an open market transaction
within the past three years.
ESTIMATED EXPOSURE TIME: The exposure time estimate provided precedes the ef-
fective date of this report. In estimating an exposure time for the subject property the ap-
praiser has considered some or all of the following:
• Current supply and demand factors
• Current cost information
• Analysis of historical sales information
• Analysis of future income expectancy
In the case of the subject property, an exposure time of 12 to 24 months is thought rea-
sonable.
EFFECTIVE DATE OF VALUE: February 23, 2026
DATE OF INSPECTION: February 23, 2026
COOK & ASSOCIATES, INC.
5
PROPERTY TAXES: Assessed value is $767,527 for the subject parent tract. It is cur-
rently tax exempt. (See property account in the Addenda) Assessed value for the subject
as a separate tract is not available.
DESCRIPTION OF REAL ESTATE APPRAISED:
LEGAL DESCRIPTION: The subject property is located on T. B. Ellison Parkway at
Pleasure Pier Boulevard (SWC) on Pleasure Island. It is legally described as part of the
City of Port Arthur Survey, Abstract 930, 931 and 932, Jefferson County, Texas. (See Sur-
vey in the Addenda)
AREA ANALYSIS: The subject area is known as the "Sabine-Neches Industrial area" or
the "Golden Triangle" and is comprised of Hardin, Jefferson, Orange and Newton Coun-
ties in Southeast Texas. The three major cities are Beaumont, Port Arthur and Orange.
The cities are virtually contiguous as result of continuous development along their con-
necting highways. Beaumont, the largest city and the county seat of Jefferson County, has
a population of 115,282 per the 2020 census, down 2.6% from 118,296 in 2010. The pop-
ulation of the four county area is 412,870 per the 2020 census, up 9,676 or 2.4% since
2010.
Area city services, public utilities, schools and health facilities are considered to be good.
The area climate is favorable with warm summers and mild winters.
Area transportation resources include railroads, some deep water ports located in Port Ar-
thur, Beaumont and Orange, four airports as well as good highway access. Jefferson
County Airport, located adjacent to and west of Nederland, provides daily connector flights
to Dallas. Medical facilities, located in Beaumont, Port Arthur, Groves, Nederland and Or-
ange include eight major hospitals as well as a variety of facilities providing specialized
and emergency care services.
Major industries include shipping, petroleum and agriculture. In the early 1990's major
federal, state and local prison complexes between Beaumont and Port Arthur in Mid-
County were established. The area economy is primarily based on petrochemical refining
and production related industries and has been since the Spindletop Oil discovery in 1901 .
A number of major petrochemical plants are located in this portion of the upper Texas Gulf
Coast, typically along the Neches River and Sabine River in south Jefferson County and
south Orange County. Many individuals from the three county area find employment in
these area petrochemical complexes. Major plants located in the area include Motiva,
Valero, DuPont, Total, Huntsman, Chevron, Mobil-Exxon and Goodyear.
Economic conditions have been favorable in recent years, as area industrial plants have
continued to expand. However, unemployment for the Beaumont/Port Arthur MSA is at
5.2% (December, 2025), up from 5.1% one year ago. Unemployment for the State of Tex-
as is 4.3% for December, 2025, up from 4.2% in December 2024, and up from 4.2% a
month ago. Local MSA employment is 177,400, up .8% since December, 2024 and down
.4% from last month.
COOK & ASSOCIATES, INC.
0
The economic forecast for the Golden Triangle area, including Beaumont, Port Arthur and
Orange, remains relatively positive as renovations, additions and upgrades to existing oil,
gas and petroleum facilities, primarily in mid and south Jefferson County continue. The na-
tional economic downturn in late 2008 and 2009 and decline in oil prices caused some
concern, with some projects being delayed, cancelled or put on hold. However, the Total,
Motiva and the Valero expansions remained on track and are now complete. The five
year, 10 billion dollar Motiva expansion was the largest single expansion in the United
States in four decades.
Cheniere Energy is building a 13-15.5 billion dollar LNG export facility adjacent to their
new Sabine Pass gas import terminal in Cameron Parish, LA (just east of Sabine Pass,
TX), now in operation. The expansion is projected to be partially operational in 2026 and
complete in 2031 .
Golden Pass Products has also announced authorization from the U.S. Department of
Energy to export LNG, and began construction (March, 2019) of a 10 billion expansion for
such purpose, originally projected to be complete in 2024, but recently delayed. Final ap-
proval for investment in a $13 billion LNG facility in Sabine Pass was announced by Sem-
pra on March 20, 2023, with construction beginning shortly thereafter. Completion by 2027
is projected for Train 1 .
The Jefferson Energy Terminal, owned by JCP Energy Partners in Orange County on the
Neches River across from the Port of Beaumont, was recently completed at a cost of±
$50 million. The state of the art facility is now operating and shipping its first shipments of
ethanol internationally.
The Gulf Coast Project section of the controversial Keystone Pipeline project has recently
been completed extending 487 miles from Cushing, OK to Nederland Texas. The pipeline
project is planned to ultimately extend from Canada transporting crude oil to Texas Gulf
Coast refineries. However, the project has recently encountered political/environmental
obstacles. The ultimate outcome is unknown.
In November, 2013, Natgasoline LLC, a subsidiary of Orascom Construction Industries
(OCI) announced a 1 .9 billion dollar methanol plant project to be located on 514 acres on
SH 347 just south of Beaumont, which broke ground in March, 2014. The plant, completed
in 2018, is one of the nation's largest methanol plants. Ground breaking for a $1 billion
expansion to build a "blue" ammonia plant was December 7, 2022. Completion is antici-
pated for 2025 with 1000 construction jobs and 100 permanent jobs anticipated. Additional
expansion for a renewable fuels facility and a fertilizer plant is planned.
Exxon-Mobil is nearing completion of a $1 .2 billion expansion of their plant on US 90, just
west of Beaumont. Construction of a 1 .7 billion dollar ethylene production unit at the Total
plant site in Port Arthur is also nearly complete.
A 1.4 billion dollar project to deepen and widen the Neches River portion of the Sabine
Neches Ship Channel, as part of the Water Resources Reform and Development Act of
2013, was signed into law by President Obama. Initial funding of$18 million for fiscal year
2019 was reported in the Beaumont Enterprise on November 26, 2018. Initial phases of
construction began in late 2019 with completion projected to be in seven years (2026).
COOK & ASSOCIATES, INC.
I
$169.2 million in capital improvement is planned by the Port of Beaumont, to be funded in
part by $85 million in bonds, with voter approval obtained November 7, 2017. The U. S.
Army Corps of Engineers, in their 2021 Work Plan, allocated $68.5 million for the Sabine-
Neches project underway. This project, in conjunction with completion of the Panama Ca-
nal expansion, completed in 2016, is expected to have a significant positive economic im-
pact on Texas Gulf Coast ports and the Beaumont-Port Arthur MSA in general.
In March, 2023, the 1 ,215 megawatt Orange County Advanced Power Station near Bridge
City was approved by the Public Utility Commission. Entergy Texas, Inc. estimates the
plant construction, now underway to be competed in 2026, potentially powering 230,000
homes. The Power Station is projected to cost $1 .2 billion and create 7,000 construction
jobs along with 27 permanent jobs.
Currently, land has been acquired and construction begun for a new Chevron-
Phillips/Qatar Energy facility (Golden Triangle Polymers) near Texas 87 and FM 1006 in
Orange; announced on November 16, 2022, to be an $8.58 billion dollar project with 4,500
construction jobs and 500 full time jobs. A plant expansion currently underway at the Exx-
on-Mobil Beaumont refinery will employ 1,850 in construction jobs, with 40 to 60 perma-
nent jobs, and increase crude refining capacity by two thirds, making it one of the nation's
largest refineries. In September, 2025, Governor Abbott announced a $1.7 billion bio re-
finery to be built by USA BioEnergy in Bon Wier, Newton County.
The Golden Triangle area, as does the Gulf Coast in general, experiences occasional hur-
ricanes and tropical storms. Tropical Storm Harvey struck the area on August 30, 2017,
with record rainfall and widespread flooding. Tropical Storm Imelda struck the area on
September 19, 2019, also with widespread flooding and road closures, but to a lesser de-
gree than experienced during Tropical Storm Harvey. Most flooding occurred in the west-
erly portion of Jefferson County and easterly portion of Chambers County. A fairly rapid
recovery was completed with minimal long term adverse effect. Most recently, the area in
general suffered relatively minor damage from Hurricane Laura which struck the Camer-
on/Lake Charles, Louisiana area, just to the east, on August 27, 2020. Damage in the Or-
ange area was more extensive, being closer in proximity to landfall. Damage in the Lake
Charles area was severe. Tropical Storm Beta, which struck the area on September 22,
2020, caused minimal damage. Hurricane Delta, which struck Lake Charles on October 9,
2020, caused moderate damage in the Beaumont, Port Arthur and Orange area.
In response to the threat of hurricane damage, the US Corps of Engineers is constructing
a coastal storm barrier system known as the Sabine to Galveston or Texas Coastal Spine
Project. The project will extend 27 miles through Orange County coastal area, as well as
coastal area of Jefferson County and the Bolivar Peninsula to Galveston. The project ini-
tially began in Orange County in 2020 and is expected to be complete in 2031 . The entire
project is projected to take 20 years or more to complete with design and environmental
studies for some areas not yet complete.
Prices paid for existing real estate in general are increasing. Brokers are optimistic with
increases in market activity related to continued petrochemical expansion anticipated over
the next twelve months. Currently smaller office/shop/warehouse space is in short supply
with continued new construction anticipated.
COOK & ASSOCIATES, INC.
8
An area map is included in the Addenda.
NEIGHBORHOOD ANALYSIS: The objective of a Neighborhood Analysis is to describe
and analyze observable and/or quantifiable data that indicates discernible patterns of ur-
ban growth, structure and changes that detract from or enhance property values.
A neighborhood is a portion of a larger community in which there is a homogeneous
grouping of inhabitants, buildings or business enterprises. Neighborhood boundaries may
consist of well-defined natural or man-made barriers, or they may be, more or less, well-
defined by a distinct change in land values or in the character of the inhabitants.
The subject is located on Pleasure Island, a man made body of land on the east side of
the Neches River/Sabine Neches Ship Channel and the west side of Sabine Lake, across
the ship channel from downtown Port Arthur. The US Corps of Engineers created Pleas-
ure Island from deposits dredged while constructing the Port Arthur Canal in 1899 and the
Sabine Neches Intracoastal Waterway, completed in 1908.
The island is accessible from Port Arthur via SH 82 and the Martin Luther King Memorial
Bridge over the ship channel. SH 82 extends south the length of the island to Sabine Lake
and the Sabine Causeway crossing to Louisiana.
The subject neighborhood is considered to be that mostly developed area north of the
MLK Memorial Bridge, generally along or just off the T. B. Ellison Parkway, a two-lane as-
phalt roadway which serves as the primary access artery through the area. A map showing
the neighborhood location is included in the Addenda. Development in the neighborhood
is mixed including the Pleasure Island Marina, RV Parks, Pleasure Island Commission of-
fices, a residential condo development and a single family subdivision, several industrial
facilities, secondary commercial uses and various parks. Much of the area remains unde-
veloped. Some areas are protected by levee.
Zoning is typically MU, Mixed Use. All public utilities are available. Elevation is typically 5
to 15 feet above mean sea level. Much of the area falls in FEMA designated flood Zones
B or C, outside the 100 year flood plains. However, a substantial portion falls in Zone A,
within the 100 year flood plain.
In recent years new development has been somewhat limited. However some new single
family homes, typically elevated beach house design, have been built on the southerly
portion of the island fronting Sabine Lake. The neighborhood location is conveniently ac-
cessible to and from pending new development in downtown Port Arthur, as well as ex-
panding industrial development in proximity to the Port of Port Arthur and petrochemical
plant expansions just south of Port Arthur. Increased new development is anticipated.
A Neighborhood Map is included in the Addenda.
COOK & ASSOCIATES, INC.
9
PROPERTY DESCRIPTION:
Location/
Access: The subject is located on the south side of T. B. Ellison Parkway, and
the west side of Pleasure Pier Boulevard. The subject enjoys substan-
tial frontage along the 8' wide boardwalk separating the subject from
Sabine Lake frontage.
Tract Size: 32.87 Acres (see on Survey in the Addenda)
Configuration: Irregular 243.04 feet on T. B. Ellison Parkway, and 1,450.76 feet on
Pleasure Pier Boulevard.
Topography/
Elevation: The subject tract is fairly level, generally overgrown with scattered
small ponds / submerged areas. Elevation is approximately 0 to 5 feet
above mean sea level.
Flood Zone: Approximately 34% of the subject tract, being the most northeasterly
portion, falls in FEMA designated Flood Zone B, outside the 100 year
flood plain. The remaining southwesterly portion falls in Flood Zone A,
within the 100 year flood plain, with a small area (± 15%) along the
Sabine Lake frontage within a velocity hazard area. As previously dis-
cussed, ± 22 Acres in the south portion of the tract is considered to be
jurisdictional wetlands. (See wetlands delineation map in the Ad-
denda.)
Zoning: MU, Mixed Use
Utilities: Electricity, water, telephone
Existing
Improvements: The tract abuts an 8 foot wooden boardwalk along the Sabine Lake
frontage. Also, a residual masonry wall runs along the southerly east
line.
Surrounding
Uses: Just to the northeast, across Pleasure Pier Boulevard, is a marina and
single family residential development. Adjacent to the northwest is a
vacant tract. Adjacent to the southwest is a utility ROW, owned in
common with the subject, to be retained by the City of Port Arthur. An
RV park is located just to the southwest.
Easements/
Encumbrances: Standard utility easements were noted.
COOK & ASSOCIATES, INC.
10
The characteristics of the subject tract generally conform to those of surrounding proper-
ties and those discussed in the Neighborhood Analysis are considered applicable. The
subject is of sufficient size and utility for multi-use commercial or residential water view re-
lated uses, such as are typical of the immediate area.
The subject is currently vacant.
Presented in the Addenda are an Aerial Photo, Survey, Plat Map, Topographical Map,
Zoning Map and Flood Plain Map. Also in the Addenda is a wetlands location map.
HIGHEST AND BEST USE:
Highest and Best Use "As Vacant": The subject is somewhat peripheral to significant
development, but enjoys adequate access and a water view location. It is thought suffi-
cient in size and utility for multi-use commercial, residential or mixed use development,
however utility and development potential is significantly diminished by the wetlands clas-
sification of± 22 Acres. Various commercial and residential uses are allowed in MU
(Mixed Use) zoning, but typically require city approval for development. However, current
demand for such uses is limited and thought insufficient to justify development costs.
Thus, the Highest and Best use of the subject, "As Vacant," is speculation or to hold for
future development.
Also, mitigation at an estimated cost of$3.44/SF to $4.25/SF, as previously discussed
(See Extraordinary Assumptions on Page 2), is not thought economically feasible, as the
cost to mitigate exceeds the estimated value range after mitigation (See Sales Compari-
son Approach). Comparable sales prior to physical feature adjustments range from
$21,998/AC to $63,075/AC or $.51/SF to $1.45/SF.
COOK & ASSOCIATES, INC.
11
SUMMARY OF THE SALES COMPARISON ANALYSIS: This is an appraisal technique
in which the Market Value estimate is based on prices paid in actual market transactions.
The approach involves gathering data of sales of comparable properties and analyzing the
nature and condition of each sale, comparing with the subject property, making logical ad-
justments for characteristics dissimilar to the subject property. The direct sales compari-
son approach is based upon the principle of substitution and is a good indicator of value
when sales of highly similar properties are available. The principle of substitution is de-
fined in The Dictionary of Real Estate Appraisal, p. 296 as "The appraisal principle that
states that when several similar or commensurate commodities, goods or services are
available, the one with the lowest price will attract the greatest demand and widest distri-
bution." The reliability of this approach is dependent upon the following factors:
• The degree of similarity of the comparable property to the property being appraised
as to location, size, and utility.
• The time of the sale.
• The verification of the market data.
• The absence of unusual conditions affecting the sales price.
The appraiser has made a diligent search of available sources in an attempt to obtain data
on the sales of similar vacant properties. Also contacted were several area real estate
brokers. The Sales Comparison Approach is applied in the study of prices paid for com-
parable tract to indicate the price at which the subject tract should sell after adjustments
are applied for the factors that tend to affect price, i.e., sale date, tract size, locational
quality, etc. The "market" for similar properties has been active in recent years, thereby
providing sales data from which a comparative analysis can be made for a value indica-
tion.
Presented on the following pages is the data on the sales which were deemed most com-
parable and provided the most reliable indicators of value as well as a map showing the
location of each sale in relation to the subject, followed by a Sales Summary.
The acre unit has been used in the analysis as the market tends to quote vacant land
prices in this unit. The Market Adjustment Chart, showing the pertinent data on each sale
and the adjustments follows the Sales Summary. After the adjustment chart is a brief ex-
planation of the adjustments and the concluded value estimate for the subject tract.
COOK & ASSOCIATES, INC.
12
Land Listing No. 1
Property Identification
Record ID 1798
Property Type Vacant Land
Address 5850 Memorial Freeway, Port Arthur, Jefferson
County, Texas
Location East side of US 69/96/287
Tax ID PIDN 73793, 73789 & 73542
Legal Desc. Block 9, Range J, parts of Block 9, Range I, PALCO,
Jefferson County
Sale Data
Grantor Willow Lake, LP
Survey Date February 25, 2026
Property Rights Fee
Financing Cash to seller
Verification Wheeler Commercial-Lee Wheeler; Other sources:
HAR.Com
Listing Price $3,125,000
Cash Equivalent $3,125,000
COOK & ASSOCIATES, INC.
13
Land Listing No. 1 (Cont.)
Land Data
Zoning Planned Development
Topography See remarks
Utilities See remarks
Shape Irregular
Flood Info Zone AH, within 100-year
Land Size Information
Gross Land Size 62.120 Acres or 2,705,947 SF
Front Footage 1 ,690 ft Memorial Freeway; 560 ft 60th Street;
Indicators
Sale Price/Gross Acre $50,306
Sale Price/Gross SF $1.15
Remarks
The tract is mostly level with a ±17-acre lake in the northwest corner and a ± 3-
acre pond that curves along the east boundary. Electricity is on site and city wa-
ter and sewer are nearby and readily extendable. The subject is improved with a
967 SF "fish camp" equipped with covered deck and rooftop deck area, electricity
and septic system. The structure has concrete foundation in some areas but is
primarily made from shipping containers. The structure utilizes a rainwater reten-
tion system for water. The subject has a rock road from the frontage to the camp
area and a concrete pad near the middle of the tract. The subject also has an
income producing billboard. However, per owner representative, income is nomi-
nal. Listed since 2/2024.
COOK & ASSOCIATES, INC.
14
Land Sale No. 2
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Property Identification
Record ID 1774
Property Type Vacant Land
Address Interstate 10, Orange County, Texas 77630
Location North side, just west of TX 62
Tax ID PIDN: 15645, 16657, 16659, 16314 & 36410
Latitude, Longitude N30.118801, W-93.825455
Legal Desc. Lot 23, Block 1, Garden Oaks, Tracts 69, 70 & 72
and west part of parcel #2
Con't. of Tract 71 , C. West, Abstract 27, Orange County,
Texas
Sale Data
Grantor Kathleen Swope & Charles McQuhae III
Grantee Henry Labrie or assigns
Sale Date October 31, 2025
Deed Book/Page 560649
Property Rights Fee
Financing Cash to seller
COOK & ASSOCIATES, INC.
15
Land Sale No. 2 (Cont.)
Verification Contract/appraiser file
Sale Price $1 ,850,000
Cash Equivalent $1,850,000
Land Data
Zoning See Remarks, None
Topography Mostly wooded
Utilities All available
Shape Irregular
Flood Info Zone X
Land Size Information
Gross Land Size 56.010 Acres or 2,439,796 SF
Front Footage 1 ,346 ft IH-10; Nan Drive;
Indicators
Sale Price/Gross Acre $33,030
Sale Price/Gross SF $0.76
Remarks
The subject frontage falls inside the City of Orange city limits and is zoned IDC,
Interstate Development Corridor.
I
COOK & ASSOCIATES, INC.
Land Sale No. 3
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Property Identification
Record ID 1636
Property Type Vacant Land
Address IH-10, Orange, Orange County, Texas 77630
Location South side, just west of Highway 62
Tax ID PIDN: R16509
Latitude, Longitude N30.113112, W-93.824106
Legal Desc. Tract 311, C. West, Abstract 27, Orange County
Sale Data
Grantor Bleiberville Ventures LLP, Iva Carole Morrison, Judith
Ebarb, Joe Chadd
Grantee Texla Design and Development
Sale Date February 24, 2025
Recorded Plat 552950
Property Rights Fee
Financing Cash to seller
Verification REMAX/ONE R. Harrington; MLS # 241109
Sale Price $1 ,045,800
Cash Equivalent $1,045,800
COOK & ASSOCIATES, INC.
I
Land Sale No. 3 (Cont.)
Land Data
Zoning IDC (front +/-4.6 acres), IDC
Topography Mostly cleared, level
Utilities Electricity, telephone
Shape Irregular
Flood Info Mostly X500
Land Size Information
Gross Land Size 47.540 Acres or 2,070,842 SF
Indicators
Sale Price/Gross Acre $21 ,998
Sale Price/Gross SF $0.51
Remarks
Tract perimeter is fenced. The majority of the tract is within the 500 year. The
east boundary appears to be within 100 year and the northwest corner and most
of the frontage is outside all floodplains. The frontage (4.65 acres) is within the
4 city limits and zoned IDC, the remainder is not zoned.
COOK & ASSOCIATES, INC.
18
Land Sale No. 4
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Property Identification
Record ID 1702
Property Type Vacant Land
Address 5501 Procter Street Extension, Port Arthur, Jefferson
County, Texas 77640
Location Northwest side just east of Duff Street and west of
Sabine Neches Channel
Tax ID PID #72866
Legal Desc. Tr.1 322.5' x 470' out of Lot 4, Block 2, Range E
Con't. PALCO ,Port Arthur, Jefferson County, Texas
Sale Data
Grantor Joe E. Penland, Sr., Gina Marie Fidge, Fonda An-
nette Light--Kerslake
Grantee Ecolutia Services, Inc.
Sale Date January 19, 2024
Deed Book/Page 2024001615
Property Rights Fee
Financing Cash to Seller
Verification Grantor; Other sources: Jefferson CAD records
COOK & ASSOCIATES, INC.
19
Land Sale No. 4 (Cont.)
Sale Price $150,000
Cash Equivalent $150,000
Land Data
Zoning Heavy Industrial
Topography Level, cleared, overgrown with brush
Utilities All public utilities available
Dimensions 322.5' x 470'
Shape Rectangular
Flood Info Zone - B
Land Size Information
Gross Land Size 3.480 Acres or 151 ,589 SF
Front Footage 470 ft Procter Street Extension;
Indicators
Sale Price/Gross Acre $43,103
Sale Price/Gross SF $0.99
Remarks
Vacant tract on the northwest side of Procter Street Extension just west of the
Intracoastal Waterway (Sabine Neches Channel). Tract purchased as future site
of an office/warehouse - water treatment plant facility. A DD #7 drainage canal
and ditch adjoins its southwesterly and northwesterly side.
COOK & ASSOCIATES, INC.
20
Land Sale No. 5
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7.145./.41.
Property Identification
Record ID 1400
Property Type Vacant Land
Address 000 Heatherbrook Trail, Port Arthur, Jefferson Coun-
ty, Texas 77642
Location West side, north of Jimmy Johnson Blvd
Tax ID PIDN: 73452, 104294
Latitude, Longitude N29.951038, W-93.974375
Legal Desc. Lots 2, 3, 6 &7, Block 12 Range H PALCO
Sale Data
Grantor BHP Family Partnership, Ltd.
Grantee Kemp and Son, Inc.
Sale Date April 26, 2023
Deed Book/Page 2023011168
Property Rights Fee
Verification Broker-McFarland
Sale Price $770,000
Cash Equivalent $770,000
COOK & ASSOCIATES, INC.
Land Sale No. 5 (Cont.)
Land Data
Zoning HDR, High Density Residential
Topography Wooded
Utilities All available
Shape +/- Rectangular
Flood Info Zone AH, within 100-year floodplain
Land Size Information
Gross Land Size 12.940 Acres or 563,666 SF
Indicators
Sale Price/Gross Acre $59,505
Sale Price/Gross SF $1 .37
Remarks
Average depth +/-450'
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COOK & ASSOCIATES, INC.
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Land Sale No. 6
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Property Identification
Record ID 1290
Property Type Vacant Land
Address Twin City Highway (SH 347), Jefferson County, Tex-
as
Location West side, just south of Beaumont city limits
Tax ID PIDN 130639, 386012
Latitude, Longitude N30.008856, W-94.036958
Legal Desc. Tract out of the P. Humphries Survey, A-32
MSA Beaumont-Port Arthur
Sale Data
Grantor LSP Highway 347 LLC
Grantee Parigi Property Management Ltd., et al
Sale Date January 03, 2022
Deed Book/Page 2022000093
COOK & ASSOCIATES, INC.
23
Land Sale No. 6 (Cont.)
Financing Cash to seller
Verification Broker, Milt Prewitt, J.M. Prewitt Co.
Sale Price $2,036,143 (quoted as $1.10/SF)
Cash Equivalent $2,036,143
Land Data
Zoning None
, Topography Level, wooded
Utilities Electricity, telephone
Shape Slightly irregular
Flood Info Zone C
Land Size Information
Gross Land Size 42.494 Acres or 1,851,039 SF
Front Footage 607 ft +;
Indicators
Sale Price/Gross Acre $47,916
Sale Price/Gross SF $1.10
COOK & ASSOCIATES, INC.
24
44 DELORME DeLonn•Street Atlas USA*2013
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SUMMARY OF SALES COMPARISON ANALYSIS:
Summary of Subject
Subject Location Size/Acre
T.B. Ellison @ Pleasure Pier Blvd. * 32.87 Acres
Pleasure Island, Port Arthur
Land Sales Summary
Sale Date Location Size/AC Unit Price
L1 Current 5850 Memorial, Port Arthur 62.12 $50,306
Listing
2 10/2025 IH-10, Orange (north side) 56.010 $33,030
3 2/2025 IH-10, Orange (south side) 47.540 $21,998
4
4 1/2024 5501 Procter, Port Arthur 3.480 $43,103
5 4/2023 Heatherbrook Trail, Port Arthur 12.940 $59,505
6 1/2022 SH 347, S of Beaumont city 42.494 $47,916
limits
Market Adjustment Grid - Land Sales
Sale SP/AC Time. Sub- Size Loca- Phys. Net Adj. Unit
# Total tion Char. Adj. Value/
Acre
L1 $50,306 0 $50,306 0 -20% -35% -55% $22,638
2 $33,030 0 $33,030 0 0 -60% -60% $13,212
3 $21 ,998 0 $21 ,998 0 0 -60% -60% $8,799
4 $43,103 +4% $44,827 -40% +25% -60% -75% $11 ,207
5 $59,505 +6% $63,075 -15% 0 -60% -75% $15,769
6 $47,916 +8% $51 ,749 0 -20% -60% -80% $10,350
Limited Explanation of Adjustments:
Financing: All sales were for cash to seller or financing equivalent to cash, therefore, no
financing adjustments were necessary.
COOK & ASSOCIATES, INC.
26,
Time: Sales #4, #5, and #6 are somewhat dated are positively adjusted for time at
a rate of 2% per year, generally consistent with CPI changes.
Size: Typically smaller tracts generate relatively higher unit sales prices. Sale #4
and #5 are smaller than the subject and therefore warrant a reflective nega-
tive adjustment for this factor. Adjustments applied range from -15% to -
40%, generally based on 10% to 15% per double in size.
Location: Listing #1 and Sale #6 are thought somewhat superior to the subject with re-
gard to access/exposure and/or proximity to development and are negatively
adjusted 20%. Sale #4 is thought inferior and positively adjusted 25%.
Utility: The subject enjoys substantial water view frontage along the Sabine Lake
boardwalk, as well as considerable road frontage. However, it falls partially
within the 100 year flood plain and floodway, with ± 22 Acres or 67% of the
tract delineated as jurisdictional wetlands requiring mitigation to develop.
Considered overall, all sales are superior and negatively adjusted 35% to
60%.
All sales are located in the subject's general market area and are considered to provide
reliable indicators of value for the subject tract. After adjustments, the closed sales indi-
cated a value range from $8,799/AC to $15,769/AC. The mean value indicated for the
subject tract is $11 ,867/AC. The median value is $11,207/AC. Sale #2, the most recent
sale, indicates a unit value of $13,212/AC.
Based on this analysis, a unit value of $12,000/AC is considered reasonable and when
applied to the subject tract indicates the following:
32.87 Acres @ $12,000/AC = $394,440
Rounded to: $394,000
RECONCILIATION OF FINAL VALUE ESTIMATE: The sales selected for analysis are
in the subject marketing area and have a reliable degree of comparability to the subject
property. The adjustments for variances between the comparable properties and the sub-
ject property are thought consistent with the opinions and attitudes of prudent purchasers.
As previously discussed, there were no improvements which precludes the use of the Cost
Approach and there was no income stream to be evaluated which precludes the use of the
Income Approach. In view of these facts, primary consideration is given to the Sales Com-
parison Approach in developing an opinion of the Market Value of the subject property.
CONCLUDED PROPERTY VALUE: Considering all of the data presented in the forego-
ing analyses, it is the appraiser's opinion that, as of the date of inspection, the Market Val-
ue of the subject property is:
THREE HUNDRED NINETY - FOUR THOUSAND ($394,000) DOLLARS
COOK & ASSOCIATES, INC.
ADDENDA
COOK & ASSOCIATES, INC.
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VIEW ALONG SUBJECT NORTHERLY WEST LINE
LOOKING SOUTHEAST FROM TB ELLISON
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VIEW FROM SUBJECT NORTHERLY NWC LOOKING EAST
COOK & ASSOCIATES, INC.
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VIEW ALONG PLEASURE PIER BLVD.
LOOKING SOUTHEAST FRO TB ELLISON
COOK & ASSOCIATES, INC.
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Prepared for Cook&Associates
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Map Number 4854990050E !/ Floodwa
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Map Date April 17.1984 n :Velocity Hazard C") Subject Area
FIPS 48245
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CITY 4 PORT ARTHUR
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RESIDUE
CITY OF PORT ARTHUR
VOL.381,PC.555,O.R.J.C. BOARD WALK AREA
L4- ZONE'N 1(ELI Or
I S ALLED 9'W 1'Sl'5)
_ . (CALLED 9 3e34'S1'Ih LS
• --- _ TRACT R(10.10I ACRES OF LAND
•
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L` O;V= I JEEFERS0 COUNTY. --_ _ _Ter
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rows Ace.,, -+5Y'422Y E 46.76' O.P.R.J.C.
row N CDIAD .. 5
Y (CALLED S 52'42'42'E 45.77)
\ „m..
I. 4LNE ABSTRACT 'lvwM 1/y\ N 3634'06'E 123244' r Le
SICLL RM \ (CALLED N 3613•55'E
55 /� �'�' \ WAVE BARRIER LEVEE
RE 1 / .0 \ APPRQA.AIE IEIG11012 I
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Q� �JE''O. E N --, 4 I ,.....-4
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PeS,�APC S w: 44 I �v� PROPOSED TRANSFER SITE Y__L1 4N seo o2'E I 20.01
P. a! RI I �O' TRACT ID . Lz n 36YY02'E -_ .._.. 160.65''_ I a
?�' VG c 18.40 ACRES OF LAND ~u S.....F'E• 31112.'
'a ti PART OF THE H.L. MCKEE SURVEY _ s
n g�'E
a e fit$- ABSTRACT NO.930 L4 3 uRY20'W�5 5231'3e'W 50.SW 50.30' .
JEFFERSON COUNTY.TEXAS • LS s 363L'SC I S J634'S1'W 02M' `. .
•N 3634'OV E N 3633'55'E 113.70' .'
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At 1 1 •0 MProlATE ILDCATION
IT - �6 ROm ZpE CNNNF
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F oO°1°1ae N COP. 4\ I TB.ELUSON PARKWAY
e 1574159.01 ' (Teo PI1IUC R.O. )
r
N*''_` 3287 ACRES OF LAND i/'•1 _ P
ems.. PART OF PLEASURE ISLAND TRACT I ..../ ," '
1.PBEANWCS,COMPANIES DISTANCES ANO ACREAGE ARE BASED W TEXAS 000R0NA1E STSID/OF ISM. F./2022037727,OFFICIAL PUBUC RECORDS 1 200 :.SCUM-CENTRALSM-CFNIRAL OWE U.S.SAIRYEY STET.REFERENCED TO SMMTNE/.NA O -FOUND I/2'STEEL . vW E,
2. 1N5 SURVEY 00E5 NOT WARRANT O'AERSOP.'WEE MAT BE EASEMENTS W OTHER NATTERS NOT SHOWN. ROO CAPPED EL 5400X- JEFFERSON COUNTY, TEXAS
4. N A�NIQ 3410 1 E rLcooPREPARED M.435.INCNA SURANCE RAA Er YIP OF TE FEDERAL E ERCENCY MANAGEMENT AGENCY,YAP • -SET 1/z'STEEL ROD CITY OF PORT ARTHUR �y_ -
IS
REEERENCE WOW TIE Sue.ECT TRACT O2s N 111E ROOD NNE NOTED LOGRON DI.NAP RAS 0noeu0ED BY CAPPED'SW/EJ(' T.B.EWSON PARKWAY �.aDN f
SORE.AONAL Eno ELENA-RCN NOl.ETERNIHNL w4 E55 REPIESRD.sir.SURVEYOR%ND.DOES NOT 0 -POINT FCR CORNER - .A�
5. 1E�WARRANT
SUBSCRIBE
BE DONE ME AT0 µT D45W6 W CCNSIOUCO N N CASE Cr UNSERGRONO 1E OF TF PORT ARTHUR,TEXAS 77640 -
RFS3INES OR UTEJTES. 414 i ei�RfJ. I 6
EN160n RL98l.`IUrDC 3737 De.Ial Do.. 5
eelA.a..,t.4 nr>,st a
:s.. , �j.� 10.9Ns e-4, TeL 40B 953.2004 a
ARMORY Y.4F ___ 'OOS SURVEYORS Er ENC.P.'EERS F1..409 9A.3.2003
0ER _
REGISTERED PROFESSIONAL LAND SURY[YOR NO.5451 TYL ERN P1>•Ts.RN RONAN T 1
TBPE Firm No.F-5755
TBPLS Firm No.10123800
LA EF.000571i
i . 'a' OUT
..
_ .4,....,_ ,...
��� �-- Y 3737 Doctors Drive
Port Arthur,Texas 77642
ifSURVEYORS&ENGINEERS Office(409)983.2004
Fax(409)983.2005
32.87 ACRES OF LAND
OUT OF A PLAT OF PLEASURE ISLAND TRACT I,
CITY OF PORT ARTHUR JEFFERSON COUNTY,TEXAS
BEING 32.87 acres of land out of and a part of a Plat of Pleasure Island Tract I recorded in File
No. 2022037727, Official Public Records,Jefferson County, Texas; said 32.87 acre tract being
more fully described by metes and bounds as follows to wit:
Note: Bearings, coordinates, distances and acreage are based on the Texas Coordinate System
of 1983, South Central Zone, US Survey Feet, and are referenced to SmartNet,North America.
BEGINNING at an aluminum disc found in concrete on the intersection of the Southeast Right-
of-Way line of a dedicated road named T.B. Ellison Parkway and the Southwest Right-of-Way
line of a dedicated road named Pleasure Pier Boulevard, having a Texas Coordinate of
N:13897841.01 E:3575339.01;
9
THENCE, South 53 deg., 11 min., 03 sec., East, on the Southwest Right-of-Way line of said
Pleasure Pier Boulevard, a distance of 1043.39' to an aluminum disc found in concrete for
corner;
THENCE, North 36 deg., 48 min., 02 sec., East, a distance of 20.01' to a %2" steel rod, capped
and marked"SOUTEX", found for corner;
THENCE, South 53 deg., 11 min., 19 sec., East, a distance of 407.37' to a Y2" steel rod, found
for corner;
THENCE, North 36 deg., 47 min., 02 sec., East, a distance of 160.85' to a ''Y2" steel rod, found
for corner;
THENCE, South 53 deg., 11 min., 19 sec., East, a distance of 311.22' to a %2"steel rod, capped
and marked"SOUTEX", found for the most Easterly corner of the herein described tract;
THENCE, South 36 deg., 27 min., 52 sec., West, a distance of 375.23' to a Y2"steel rod, capped
and marked"SOUTEX",found for corner;
THENCE, South 52 deg., 27 min., 20 sec., West, a distance of 50.53' to a 1LA" steel rod, capped
and marked"SOUTEX", found for corner;
I THENCE, South 36 deg., 34 min., 50 sec., West (Called South 36 deg., 34 min., 51 sec., West),
a distance of 1243.29' to a ''A" steel rod, capped and marked "SOUTEX", set on the Northeast
line of Tract III, of three tracts of land described in a Memorandum of Ground Lease between the
City of Port Arthur and Diligent Offshore Services, LLC, recorded in File No. 2025-16414,
Official Public Records, Jefferson County, Texas; said %" steel rod being the most Southerly
corner of the herein described tract; from which a'/2" steel rod capped and marked "SOUTEX",
found on the Southwest line of said Memorandum of Ground Lease bears South 36 deg., 34 min.,
50 sec., West(Called South 36 deg., 34 min., 51 sec., West), a distance of 92.34';
THENCE, North 52 deg., 59 min., 35 sec., West on the Northeast line of said Tract III, a
distance of 752.67' to a ''/2" steel rod capped and marked"SOUTEX", set for the most Westerly
corner of the herein described tract;
THENCE,North 36 deg., 34 min., 08 sec., East(Called North 36 deg., 33 min., 55 sec.,East),a
distance of 1128.81' passing a''/2" steel rod, found for reference, continuing for a total distance of
1232.44' to a '/2" steel rod, capped and marked "SOUTEX", set for an interior corner of the
herein described tract; from which an aluminum disc found in concrete bears South 52 deg., 42
min.,29 sec.,East, a distance of 45.79';
THENCE, North 52 deg., 42 min., 29 sec., West, a distance of 996.10' to a ''/2" steel rod, found
on the Easterly Right-of-Way line of said T.B. Ellison Parkway; said %"steel rod being the most
Northerly Northwest corner of the herein described tract;
THENCE,North 36 deg., 26 min., 04 sec., East, on the Easterly Right-of-Way line of said T.B.
Ellison Parkway, a distance of 243.04' to the POINT OF BEGINNING and containing 32.87
acres of land more or less.
This description is based on the Land Survey made under the direct supervision of Anthony M.
Leger,Registered Professional Land Surveyor No. 5481 on May 4,2026.
CITY OF PORT ARTHUR
22-0050-2 k
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Jefferson CAD Property Search
A Property Details
Account
Property ID: 423428 Geographic ID: 053115-000-000100-00000
Type: R Zoning:
Property Use: Condo:
Location
Situs Address: T B ELLISON PKWY PORT ARTHUR, TX 77640
Map ID: Mapsco:
Legal Description: LT 1 PLEASURE ISLAND TRACT I 35.240AC ke,vR,-1 Wux,j)
Abstract/Subdivision: 053115-000
Neighborhood:
Owner
Owner ID: 450415
Name: CITY OF PORT ARTHUR
Agent:
Mailing Address: PO BOX 1089
PORT ARTHUR,TX 77641-1089
% Ownership: 100.0%
Exemptions: EX-XV -
For privacy reasons not all exemptions are shown online.
If Property Values
Improvement Homesite Value: $0 (+)
Improvement Non-Homesite Value: $0 (+)
Land Homesite Value: $0 (+)
Land Non-Homesite Value: $767,527 (+)
Agricultural Market Valuation: $0 (+)
Market Value: $767,527 (=)
Agricultural Value Loss:0 $0 (-)
Appraised Value:0 $767,527 (=)
HS Cap Loss: A $0 (-)
I
Circuit Breaker: 0 $344,647 (-)
Assessed Value: $422,880
Ag Use Value: $0
Information provided for research purposes only. Legal descriptions and acreage amounts are for Appraisal District
use only and should be verified prior to using for legal purpose and or documents. Please contact the Appraisal
District to verify all information for accuracy.
A Property Taxing Jurisdiction
Owner: CITY OF PORT ARTHUR %Ownership: 100.0%
Entity Description Tax Rate Market Taxable Estimated Freeze
Value Value Tax Ceiling
A59 FARM AND LATERAL ROAD 0.000000 $767,527 $0 $0.00
109 PORT ARTHUR ISD 1.270416 $767,527 $0 $0.00
235 CITY OF PORT ARTHUR 0.615724 $767,527 $0 $0.00
343 PORT OF PORT ARTHUR 0.186445 $767,527 $0 $0.00
755 SABINE NECHES NAV DIST 0.088000 $767,527 $0 $0.00
901 JEFFERSON COUNTY 0.357000 $767,527 $0 $0.00
CAD JEFFERSON CO APPRAISAL 0.000000 $767,527 $0 $0.00
DISTRICT
Total Tax Rate: 2.517585
Estimated Taxes With Exemptions: $0.00
Estimated Taxes Without Exemptions: $19,323.15
mouggionsuommow
1I Property Land
Type Description Acreage Sqft Eff Eff Market Prod.
Front Depth Value Value
PAComMtx Port Arthur Commercial 35.24 1,535,054.40 0.00 0.00 $767,527 $0
Matrix
11 Property Roll Value History
Year Improvements Land Market Ag Valuation Appraised HS Cap Loss Assessed
2025 $0 $767,527 $0 $767,527 $0 $422,880
2024 $0 $352,400 $0 $352,400 $0 $352,400
2023 $0 $352,400 $0 $352,400 $0 $352,400
GENERAL UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal report and the letter of transmittal are made expressly subject to the follow-
ing assumptions and limiting conditions:
General Underlying Assumptions
Legal Matters:
The legal description used in this report is assumed to be correct, but it may not necessari-
ly have been confirmed by survey. No responsibility is assumed in connection with a sur-
vey or for encroachments or overlapping or other discrepancies that might be revealed
thereby. Any sketches included in the report are only for the purpose of aiding the reader
in visualizing the property and are not necessarily a result of a survey.
No responsibility is assumed for an opinion of legal nature, such as to ownership of the
property or condition of title. Unless otherwise stated,the subject property appraised is the
surface estate only, with no consideration of mineral interests.
The appraiser assumes the title to the property to be marketable and unrestricted;that, un-
less stated to the contrary, the property is appraised as an unencumbered fee which is not
used in violation of acceptable ordinances, statutes or other governmental regulations.
Unapparent Conditions:
The appraiser assumes that there are no hidden or unapparent conditions of the property,
subsoil or structures which would render it more or less valuable than otherwise compara-
ble property. The appraiser is not an expert in determining the presence or absence of
hazardous substance, defined as all hazardous or toxic materials,waste, pollutants or con-
taminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or
chemicals) used in construction or otherwise present on the property.
The appraiser assumes no responsibility for the studies or analysis which would be re-
quired to conclude the presence or absence of such substances or for loss as a result of
the presence of such substances. The client is urged to retain an expert in this field, if de-
sired. The value estimate is based on the assumption that the subject property is not so
affected.
The site being appraised appears firm unless otherwise noted, however, soils common to
the area have a high shrink-swell potential and may exert unusual pressure on foundations.
The appraiser does not warrant against this condition or the occurrence of problems arising
therefrom.
i
Information and Data:
Information, estimates and opinions furnished to the appraiser and contained in the report,
were obtained from sources considered reliable and believed to be true and correct. How-
ever, no responsibility for accuracy of such items furnished the appraiser can be assumed
by the appraiser.
All mortgages, liens, encumbrances and servitudes have been disregarded unless so
specified within the appraisal report. The subject property is appraised as though under
responsible owner- ship and competent management.
Zoning and Licenses:
It is assumed that all applicable zoning and use regulations and restrictions have been
complied with, unless a nonconforming use has been stated,defined and considered in the
valuation.
It is assumed that the subject property complies with all applicable federal, state and local
environmental regulations and laws unless noncompliance is stated, defined and consid-
ered in the valuation.
It is assumed that the information relating to the location of or existence of public utilities
that has been obtained through a verbal inquiry from the appropriate utility authority,or has
been ascertained from visual evidence is correct. No warranty has been made regarding
the exact location or capacities of public utility systems.
It is assumed that all licenses, consents or other legislative or administrative authority from
local, state or national governmental or private entity or organization have been, or can be,
obtained or renewed for any use on which the value estimate contained in the valuation re-
port is based.
The appraiser will not be required to give testimony or appear in court due to preparing the
appraisal with reference to the subject property in question, unless prior arrangements
have been made.
Possession of the report does not carry with it the right of publication. Out-of-context quot-
ing from or partial reprinting of this appraisal report is not authorized. Further, neither all
nor any part of this appraisal report shall be disseminated to the general public by the use
of media for public communication, nor used for any purpose by any but the intended user,
without the prior written consent of the appraiser signing this appraisal report.
This appraisal is to be used only in its entirety and no part is to be used without the whole
report. All conclusions and opinions concerning the analysis are set forth in the report
were prepared by the appraiser(s)whose signature(s)appear on the appraisal report. No
change of any item in the report shall be made by anyone other than the appraiser and/or
owner of the firm. The appraiser and firm shall have no responsibility if any such unauthor-
ized change is made.
Disclosure of the contents of this report is governed by the By-Laws and Regulations of the
Appraisal Institute. Neither all nor any part of the contents of this report (especially any
conclusions as to value, the identity of the appraisers or the firm with which they are con-
nected, or any reference to the Appraisal Institute or to the appraisal designations)shall be
disseminated to the public through advertising media, public relations media, news media,
sales media or any other public means of communication without the prior written consent
and approval of the author.
The distribution of the total valuation in this report, between land and improvements, is ap-
plicable only as a part of the whole property. The land value, or the separate value of the
improvements, must not be used in conjunction with any other appraisal or estimate and is
invalid if so used.
An appraisal related to an estate in land that is less than the whole fee simple estate ap-
plies only to the fractional interest involved. The value of this fractional interest plus the
value of all other fractional interests may or may not equal the value of the entire fee sim-
ple estate considered as a whole.
The appraisal is subject to any proposed improvements or additions being completed as
set forth in the plans, specifications, and representations referred to in the report, and all
work being performed in a good and workmanlike manner. The appraisal is further subject
to the proposed improvements or additions being constructed in accordance with the regu-
lations of the local, county and state authorities. The plans, specifications and representa-
tions referred to are an integral part of the appraisal report when new construction or new
additions, renovations, refurbishing or remodeling applies.
If this appraisal is used for mortgage loan purposes, the appraiser invites attention to the
fact that (1) the equity cash requirements of the sponsor have not been analyzed, (2)the
loan ratio has not been suggested, and (3) the amortization method and term have not
been suggested.
The function of this report is not for use in conjunction with a syndication of real property.
This report cannot be used for said purposes and, therefore, any use of this report relating
to syndication activities is strictly prohibited and unauthorized. If such an unauthorized use
of this report takes place, it is understood and agreed that the appraiser has no liability to
the client and/or third parties.
The appraiser reserves the right to alter the opinion of value on the basis of any infor-
mation withheld or not discovered in the normal course of a diligent investigation.
There is no accountability, obligation or liability to any third party. The appraiser assumes
no responsibility for any costs incurred to discover or correct any deficiencies present in the
property.
I
The Americans with Disabilities Act("ADA") became effective January 26, 1992. The ap-
praiser has not made a specific compliance survey and analysis of this property to deter-
mine whether or not it is in conformity with the various detailed requirements of the ADA. It
is possible that a compliance survey of the property,together with a detailed analysis of the
requirements of the ADA, could reveal that the property is not in compliance with one or
more of the requirements of the Act.
If so, this fact could have a negative effect upon the value of the property. Since the ap-
praiser has no direct evidence relating to this issue,the appraiser did not consider possible
noncompliance with the requirements of ADA in estimating the value of the property.
Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing
General Underlying Assumptions and General Limiting Conditions. The appraiser's duties,
pursuant to the employment to make the appraisal, are complete upon delivery and ac-
ceptance of the appraisal report. However, any corrections or errors should be called to
the attention of the appraisers within 60 days of the delivery of the report.
QUALIFICATIONS OF W. BURNELL COOK, MAI, SRA
President, Cook & Associates
Professional Affiliations and Activities
MAI and SRA Member of Appraisal Institute, Houston Chapter
Southeast Texas Chapter of CPA's
Texas Society of CPA's
National Association of Realtors
Texas Association of Realtors
Beaumont Board of Realtors
Educational Background
Graduated from Forest Park High School, Beaumont, in 1972
Graduated from Lamar State University, Beaumont, in 1976
(BBA in Accounting)
Recent Continuing Education
Comparative Analysis 3/2017
Sales Comparison Approach Workshop 3/2017
Appraisal of Owner Occupied Commercial Prop. 1/2019
Appraisal of Self-Storage Facilities 1/2019
Land and Site Valuation 1/2019
National USPAP Update 9/2020
Appraisal of Industrial and Flex Buildings 11/2020
Introduction to Commercial Appraisal Review 1/2021
The Basics of Expert Witness for Commercial App. 1/2021
Business Practices and Ethics 11/2021
Realtor Code of Ethics Training 12/2021
Supervisor—Trainee Course for Texas 4/2022
National USPAP Update 2/2023
Commercial Land Valuation 3/2023
Appraisal of Fast Food Facilities 3/2023
National USPAP Update 1/2025
Appraisal of Self-Storage Facilities 2/2025
Into to Appr Owner Occupied Corn. Properties 2/2025
Land and Site Valuation 3/2025
Texas State Certified General Appraiser- TX 1320838-G
Experience
Work experience includes various accounting and financial management posi-
tions from 1976-1984 with emphasis on real estate investments, and business acquisi-
tions and divestitures as chief financial officer.
In February 1984, I joined Cook & Associates and have been active in consulta-
tion, expert witness testimony and appraisal of various real estate interests in the East
Texas and Southwest Louisiana areas. Such interests include single family residential,
agricultural and timberland, industrial properties, offices, retail centers, apartments, mo-
tels, restaurants, R.O.W. acquisitions and various other commercial and special pur-
pose properties.
Licenses/Certification
Texas State Certified General Appraiser- TX 1320838-G
Licensed Certified Public Accountant (#22347-Ret.)
WILLIAM BURNELL COOK
2640 MCFADDEN
BEAUMONT,TX 77702
4.0°..VANNN. Certified General
TALCB Real Estate Appraiser
TEXAS APPRAISER LICENSING S
CERTIFICATION BOARD
Appraiser: William Burnell Cook
License #: TX 1320838 G License Expires: 05/31/2027
Having provided satisfactory evidence of the qualifications required
by the Texas Appraiser Licensing and Certification Act, Occupations
Code, Chapter 1103, authorization is granted to use this title:
Certified General Real Estate Appraiser
Chelsea Buchholtz
For additional information or to file a complaint please contact TALCB Executive Director
at www.talcb.texas.gov.