Bar owner Vince Cantu accuses the Alamo Trust of coercing an appraisal company to skew numbers so it could undervalue his business. SanAntonio SATX SanAntonioTX AlamoTrust Alamo Texas PropertyRights
Downtown drinking spot Moses Rose's Hideout has been at the center of an eminent domain dispute.
Cantu also is accusing the Alamo Trust of coercing RSI to skew data on Moses Rose's projected lost profit from a possible relocation so it would result in a lower sale offer for his business.appear to back up his claim that the Alamo Trust promised to include projected lost revenue in the valuation totals.
"[Alamo Trust Executive Director] Kate Rogers repeatedly asked me to come to the table, and to open my books, saying they would be happy to pay me more if I did, but after I did, it appears that the Alamo Trust directed RSI & Associates to change the rules, and lower the amount of their valuation," Cantu told the"Mr. Cantu's claims of a 'bait and switch' are categorically false," Rogers said."Mr. Cantu has been offered $5.
"In the discussions with the Alamo Trust, they pulled that off the table and said, 'Just do fair market valuation,'" explained Gerald Brown, a senior analyst at RSI. "The informant told my attorney that the Alamo Trust instructed him to not use that number because it was too high, and we're just going to eminent domain him anyway," Cantu told theThe RSI valuation document for Moses Roses' business operations included forecasted earnings over the next 10 years. However, that sum was disounted by 33.3%.
However, RSI only valued Cantu's business at $1.27 million because of a 33.3% risk assessment discount included in the overall discounted future earnings report.
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