expo retail center - expo... · 2014. 6. 4. · expo retail center rowlett, texas current operating...

BYRNE COMPANY

RECEIVER ORDERED SALE

EXPO RETAIL CENTER 28,511 SF

FRONTING ALONG THE NORTH SIDE OF LAKEVIEW PARKWAY (U.S. 66)

BETWEEN ROWLETT ROAD & LIBERTY GROVE ROAD

ROWLETT, TEXAS (DALLAS-FORT WORTH SUBURB)

AREA RETAILERS INCLUDE:

EXCLUSIVELY LISTED BY SEAN M. BYRNE AND JASON M. BYRNE

8525 Ferndale Road Suite 100 Dallas, Texas 75238 Telephone: 214/343-6996 Facsimile: 214/343-6998 www.byrnecompany.com

EXPO RETAIL CENTER ROWLETT, TEXAS

TABLE OF CONTENTS

I. INVESTMENT HIGHLIGHTS

II. AERIAL PHOTOGRAPH

SUBJECT PROPERTY PHOTOGRAPHS PROPERTY INFORMATION

III. SALES DATA IV. OPERATING STATEMENT PRO FORMA OPERATING STATEMENT RENT ROLL V. SITE PLAN

VI. MAPS GEORGE BUSH TURNPIKE EASTERN EXTENSION LOCATION MAPS THOROUGHFARE MAP SUBDIVISION MAP

VII. ROWLETT, TEXAS DEMOGRAPHICS 2009 COMMUNITY PROFILE ROWLETT AT A GLANCE NEWS ARTICLES

VIII. BYRNE COMPANY DISCLAIMER TREC AGENCY DISCLOSURE


INVESTMENT HIGHLIGHTS

LOCATION: Expo Retail Center fronts along Lakeview Parkway (U.S. 66) between Rowlett Road and Liberty Grove Road. Lakeview Parkway is the major east/west thoroughfare for residents connecting Garland and Rockwall. The property is centrally located in the heart of Rowlett, with 69.8% of the population within a 3-mile radius having a household income between $50,000 - $149,999 and the average household income at $97,859.

MAJOR AREA RETAILERS: Major retailers in the immediate area

include Wal-Mart, LA Fitness, Home Depot, Ross, Super Target and Petsmart.

SUPERIOR CONSTRUCTION The Shopping Center was recently built & DESIGN: and is very well maintained. The Center

has a contemporary concept and feel, with stone and stucco accents.

PRICE: Low price per square foot ($116.00 psf). TRAFFIC: Lakeview Parkway carries 49,647 cars per

day in front of the subject property. Additionally, the property is just west of future President George Bush Turnpike with estimated traffic counts of 70,000 cars per day.

HIGH VISIBILITY: Shopping Center is highly visible to

eastbound and westbound traffic. ECONOMIC UPSIDE: The Shopping Center is currently 61%

occupied allowing an investor substantial economic upside as the property is leased up.

EXPO RETAIL CENTER ROWLETT, TEXAS PROPERTY PHOTOGRAPHS


PROPERTY INFORMATION LOCATION Expo Retail Center is located along Lakeview

Parkway (U.S. 66), just east of Rowlett Road. The Property benefits from its proximity to Wal-Mart and Home Depot to the west and Super Target to the east. The Property is located in Rowlett, Texas, a northeastern suburb of Dallas situated on the shores of Lake Ray Hubbard, approximately 20 miles from downtown Dallas. The City is home to approximately 56,000 residents, and is convenient to much of the shopping and entertainment venues within the Dallas/Fort Worth Metroplex. The DFW Metroplex has over 6,500,000 residents.

LEGAL DESCRIPTION Lot 1, Block 1, Expo Center, City of Rowlett,

Dallas County, Texas LAND AREA Approximately 3.35 acres BUILDING AREA 28,511 leasable square feet FRONTAGE Approximately 278 feet along Lakeview Parkway YEAR BUILT 2005 ZONING C2 – General Commercial/Retail BUILDING CONSTRUCTION Brick and concrete stucco exterior with metal-

hipped tower and overhangs. The property is surrounded by well-maintained landscaping.

PARKING LOT Concrete parking lot. Approximately 242 parking

spaces.

Property Information – continued

TRAFFIC COUNTS STREET 24-HR CPD

Lakeview Parkway East of Rowlett Rd Eastbound 24,460

Westbound 25,187 Rowlett Road North of Lakeview Northbound 14,255

Southbound 13,694

Traffic counts were taken 2007 - 2009 and were provided by the Texas Department of Transportation. Lakeview Parkway and Rowlett Road are both designated as Major Thoroughfares and are six-lane divided streets.

STATE HIGHWAY 190 / The Subject Property is situated approximately one-half PRESIDENT GEORGE BUSH mile west of the future Eastern Extension of State TURNPIKE Highway 190. (Please refer to map.) Anticipated

opening date is late 2011.


SALES DATA PURCHASE PRICE ($116.00 PSF) $3,300,000.00 TERMS ALL CASH CURRENT NET OPERATING INCOME $ 233,487.00 (61% OCCUPIED) CURRENT FREE & CLEAR RETURN 7.10%

PRO-FORMA NET OPERATING INCOME $ 448,811.00 (95% OCCUPIED) PRO-FORMA FREE & CLEAR RETURN 13.60%

Expo Retail Center Rowlett, Texas

CURRENT OPERATING STATEMENT (61.04% Occupancy)

EFFECTIVE MARCH 2011

GROSS ANNUAL INCOME (1) BASE ANNUAL RENT $340,228.00 (2) TENANT REIMBURSEMENTS

• REAL ESTATE TAXES $ 36,471.00

• INSURANCE $ 3,976.00

• COMMON AREA MAINTENANCE $ 40,089.00

TOTAL GROSS ANNUAL INCOME $420,764.00

ANNUAL OPERATING EXPENSES (3) REAL ESTATE TAXES (2010) $ 78,714.00 (4) INSURANCE $ 10,450.00 (5) COMMON AREA MAINTENANCE $ 75,931.00 LEGAL/ACCOUNTING/MISC. $ 2,500.00 (6) STRUCTURAL/ RESERVES (.10¢ per sqft) $ 2,851.00 (7) MANAGEMENT (4%) $ 16,831.00 TOTAL OPERATING EXPENSES $187,277.00 CURRENT NET OPERATING INCOME $233,487.00


NOTES TO CURRENT OPERATING STATEMENT

1. Base Annual Rent is the current monthly rent collected from tenants on an annualized basis. Base Annual Rent shown includes Fuzzy’s Taco Shop passed their free rent period.

2. Tenants’ Tax, Insurance and Common Area Maintenance

Reimbursements are the annual reimbursements that are collected from tenants on a monthly basis for their pro rata share of these items on the Property. Common Area Maintenance includes a portion of the management fee.

3. Expense for Real Estate Taxes shown are actual for 2010.

4. Insurance shown is an estimate for 2011 based on the owner’s

cost of insurance for 2010. The amount shown includes fire & casualty, general liability and umbrella coverage. A prospective purchaser should get his own insurance estimate for the property.

5. Common Area Maintenance (CAM) expenses include common

area electricity, water, sewer, cleaning, trash removal, repairs, maintenance, landscaping and parking. CAM expenses also include maintenance on the sign. The CAM expense shown is an estimate for 2011, based on historical expenses.

6. The Structural/ Reserves allowance is estimated at .10¢ per

square foot for the entire shopping center.

7. The Management/ Administrative Fee shown is an estimate for the costs necessary to manage the shopping center for most independent or non-institutional property owners. This figure is not a quote from the current management company. Management costs may vary depending on the degree of services required by the property owner. The Management Fee shown is four percent (4%) of the gross annual income.

Expo Retail Center Rowlett, Texas

PRO FORMA OPERATING STATEMENT YEAR 2012

(95% Occupancy)

GROSS ANNUAL INCOME BASE ANNUAL RENT CURRENT TENANTS $340,228.00 VACANCY 11,109 X $15 PSF $166,635.00 TENANT REIMBURSEMENTS

CURRENT TENANTS $ 80,536.00 VACANCY 11,109 X $6.38 PSF $ 70,875.00 *AMELIA’S 3,250 X $6.38 PSF $ 20,735.00 TOTAL GROSS ANNUAL INCOME $679,009.00 LESS: 5% VACANCY/ CREDIT LOSS $ 33,950.00 ADJUSTED GROSS ANNUAL INCOME $645,059.00 ANNUAL OPERATING EXPENSES REAL ESTATE TAXES $ 78,714.00 INSURANCE $ 10,450.00 COMMON AREA MAINTENANCE $ 75,931.00 LEGAL/ACCOUNTING/MISC. $ 2,500.00 STRUCTURAL/ RESERVES (.20¢ per sqft) $ 2,851.00 MANAGEMENT (4%) $ 25,802.00 TOTAL OPERATING EXPENSES $196,248.00 PRO FORMA NET OPERATING INCOME $448,811.00 * Amelia’s will go back to paying their pro-rata share of taxes, insurance and CAM July 2011.

Expo Center TENANT RENT ROLLRowlett, TX

Square Lease Monthly Rent Per Monthly Monthly Monthly Rent Increase Rent Renewal Unit # Tenant Name Feet Dates Rent Square Foot Prop Tax Insurance CAM Date Increase Options Comments

100 Bio-Medical Application of TX 6,750 Start 04/07/2007 10,120.83$ 17.99$ 1,460.00$ 211.00$ 1,719.98$ (3) 5 yr. options at market

End 04/06/2017

200 Martin Contreas 3,250 Start 08/15/2008 6,000.00$ 22.15$ $ 0.00 $ 0.00 $ 0.00 7/1/2011 $ 5,416.67 (3) 5 yr. options at the Effective 07/11/2011 tenant will go back to

d/b/a Amelia's End 12/31/2013 higher of current rent paying their pro rata share of taxes, plus 3% or current rent insurance and common area maintenance.plus CPI

300 VIP Nails 1,500 Start 01/01/2006 2,595.00$ 20.76$ 320.05$ 46.25$ 378.25$ 1/1/11-12/31/11 $ 2,375.00 No renewal options After 2010, CAM may not increase by moreEnd 12/31/2015 1/1/12-12/31/12 $ 2,446.25 than 4% over prior year. Exclusive use: Nail Salon

1/1/13-12/31/13 $ 2,519.641/1/14-12/31/14 $ 2,595.231/1/15-12/31/15 $ 2,673.08

400 Vacant 1,633

500 Vacant 9,476

600 Van Tran 2,402 Start 06/01/2007 3,803.17$ 19.00$ 512.51$ 74.07$ 306.29$ (3) 5 yr. options at

market d/b/a Chan's Chinese End 05/31/2012

700 Fuzzy's Taco Shop 3,500 Start 12/10/2010 5,833.33$ 20.00$ 746.67$ $ 0.00 936.25$ (2) 5 yr. optoins at market but 90 Days of free base rent. Lease dates are

End 12/09/2015 not to exceed 10% of approximate. Lease was signed 8/18/2010year's base rent CAM may not increase by more than 5%

per year. Exclusive for Tex-Mex restaurant(except for Amelia's.) 18 month Guaranty18 month Guaranty from Clint Bixler & Eddie White.

Totals 28,511 28,352.33$ 11.93$ 3,039.23$ 331.32$ 3,340.77$

Occupied Square Feet 17,402 $28,352.33Avg. rent psf

$19.55 $3,039.23 $331.32 $3,340.77Percentage Occupied 61% x 12 months x 12 months x 12 months x 12 months

Vacant Square Feet 11,109 $340,227.96 $36,470.76 $3,975.84 $40,089.24Percentage Vacant 39%

EXPO CENTERROWLETT, TEXAS

Web site: www.ntta.org

President George Bush Turnpike Eastern ExtensionProgress Report

September 2009

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LakeRay Hubbard

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south of Main St. toLake Ray Hubbard

north shore

Section 32(TxDOT)

Lake Ray Hubbard north shore to IH 30

Section 30(NTTA)

north of future Merritt Rd. to south

of Main St.

Section 29(NTTA)

west of Miles Roadto north of future

Merritt Rd.

Section 28(NTTA)

SH 78 to west of Miles Rd.

NLEGEND

Under Construction

NTTA System (Open to Traffi c)

Non-NTTA System

Existing Ramp Gantry

Proposed Main Lane Gantry

Proposed Ramp Gantry

Interstate Highway

U.S. and State Highway

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County Line Toll project detailsnot to scale

SubjectProperty

EASTERNEXTENSIONProgress Report

PRESIDENT GEORGE BUSH TURNPIKEEASTERN EXTENSION

Web site: www.ntta.org

Corridor Updates

Milestones

Next Steps

Corridor Details

September 2009

• Continue construction on all sections

• Project limits: Extends the PGBT from SH 78 to IH 30

• Project length: Approximately 9.9 miles

• Anticipated project cost: Approximately $1 billion

• Anticipated NTTA cost: Approximately $623 million

• Anticipated opening date (all sections): Fourth quarter 2011

• A $160 million toll equity grant from the Texas Department of Transportation (TxDOT) to the NTTA was approved for right of way (ROW) and other costs on August 23, 2007.

• A three-party agreement among the NTTA, TxDOT and the Federal Highway Administration (FHWA) was executed in November 2007. In addition, a TxDOT/NTTA two-party agreement was executed, allowing eminent domain proceedings for critical ROW acquisition to begin; property acquisitions are ongoing.

• TxDOT approved a revised schematic on March 7, 2008.

• The U.S. Army Corps of Engineers (USACE) Section 404 permit was approved April 25, 2008.

• The City of Dallas (Dallas Water Utilities, or DWU) agreement for the Lake Ray Hubbard bridge was approved by the Dallas City Council and NTTA Board of Directors in May 2008.

• A rail-crossing agreement with Dallas Area Rapid Transit (DART) was approved by the DART Board and NTTA Board, also in May 2008.

• FHWA approved the Final Environmental Impact Statement Re-evaluation on July 1, 2008.

• A groundbreaking for the fi rst construction contract, Section 30, from north of the future Merritt Road to south of Main Street in Rowlett, took place August 21, 2008. Construction began on October 13, 2008.

• All fi ve sections of the extension were offi cially under construction by mid-March 2009.

The Eastern Extension is a portion of the outer loop around Dallas and its suburbs that connects Interstate Highway (IH) 30 to the existing President George Bush Turnpike (PGBT). It is part of the Loop 9/State Highway 190 corridor fi rst envisioned in the 1960s. Construction on the approximately 9.9-mile corridor began in October 2008. The project is expected to open to traffi c in fourth quarter 2011.

• TxDOT

• Dallas County

• Dallas

North Texas Tollway Authority (NTTA)

Project Partners

Corridor ManagerPat Ellis, P.E.5900 W. Plano Parkway, Suite 800, Plano, TX 75093E-mail: [email protected] Phone: (972) 628-3188

• The Texas Historical Commission has given the go-ahead for construction to begin in the Rowlett Creek area of Section 28, where an archeological dig was completed last spring. The Sec-tion 28 contractor continued excavating, hauling material off site, installing the storm drain system, and drilling shafts for the retaining walls and the Rowlett Creek bridges. The contractor also installed the storm drain across Old Miles Road.

• NTTA received approval of the USACE Section 404 Individual Permit Amendment that was required because of design improvements. This approval will allow work to proceed in Section 28 on the main-tenance access road within the Rowlett Creek fl oodplain as well as construction of a new channel for a portion of Rowlett Creek.

• In Section 29, crews began drilling shafts for columns to support the Miles Road bridge and retaining walls. Crews completed res-toration of the mass grading area east of Merritt Road with topsoil and temporary seeding. Earthwork continued southeast of Merritt Road. In addition, workers began installing moisture-treated subgrade on the service road between Miles and Merritt roads.

• In Section 30, the contractor continued work on the future Mer-ritt/Liberty Grove connector, a new culvert and the placement of various retaining walls and water lines throughout the job.

• The Section 31 contractor worked to install underground utilities and began earthwork from the southern project limit proceeding north. Crews also began the moisture-treated subgrade work near the southern project limit and installation of the retaining walls at the south end of the project near Miller Road to Lake Ray Hubbard.

• Section 32 is being constructed by TxDOT.

• Garland

• Rowlett

• Sachse

Anticipated opening date (all sections): Fourth quarter 2011

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SubjectProperty

Copyright © 1988-2004 Microsoft Corp. and/or its suppliers. All rights reserved. http://www.microsoft.com/streets/© Copyright 2003 by Geographic Data Technology, Inc. All rights reserved. © 2004 NAVTEQ. All rights reserved. This data includes information taken with permission from Canadian authorities © Her Majesty the Queen in Right of Canada.

City of ROWLETT relative to the greater Dallas metro area

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LOCATION MAP

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THOROUGHFARE MAP

SubjectProperty

61

L A K E V I E W P K W Y

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SUBDIVISION MAP

subjectproperty

Area Map

Site: 01Prepared For: Order #: 969213796

3801 LAKEVIEW PKWYROWLETT,TX 75088-4079

Coord: 32.907822, -96.566371Radius - See Appendix for Details

2of1PageOctober 5, 2010Prepared on:

Nielsen Solution Center 1 800 866 6511© 2010 The Nielsen Company. All rights reserve

www.claritas.com

www.sitereports.com

2010 ESTIMATE 8,028 61,259 183,831

$87,812 $93,165 $76,293

Pop-Facts: Demographic Snapshot 2010 Report

Radius 1: 3801 LAKEVIEW PKWY, ROWLETT, TX 75088-4079, aggregateRadius 2: 3801 LAKEVIEW PKWY, ROWLETT, TX 75088-4079, aggregateRadius 3: 3801 LAKEVIEW PKWY, ROWLETT, TX 75088-4079, aggregate

Radius 3Radius 2

0.00 - 5.00 miles0.00 - 3.00 miles0.00 - 1.00 miles% % %Radius 1

Description

2010 Median HH Inc by Single Race Class. or Ethn

67,95480,59876,321 White Alone55,16278,06181,686 Black or African American Alone62,39077,13489,583 American Indian and Alaska Native Alone69,49985,816102,778 Asian Alone60,57778,1250 Native Hawaiian and Other Pacific Islander Alone50,55968,86966,231 Some Other Race Alone52,97061,89972,619 Two or More Races

50,98165,29867,555 Hispanic or Latino68,51882,27778,579 Not Hispanic or Latino

2010 Est. Family HH Type, Presence Own Children 16,156 47,1282,174

20,572 43.6550.248,1171,116 Married-Couple Family, own children 51.3315,441 32.7632.285,215694 Married-Couple Family, no own children 31.92

1,729 3.672.8746473 Male Householder, own children 3.361,249 2.651.8329646 Male Householder, no own children 2.125,239 11.128.281,337153 Female Householder, own children 7.042,898 6.154.5072793 Female Householder, no own children 4.28

2010 Est. Households by Household Size 18,881 59,2402,559

9,411 15.8910.982,074301 1-person household 11.7616,255 27.4426.224,951681 2-person household 26.6111,949 20.1721.794,114569 3-person household 22.2411,554 19.5022.594,265599 4-person household 23.41

5,868 9.9111.642,198285 5-person household 11.142,402 4.054.2780684 6-person household 3.281,802 3.042.5147339 7 or more person household 1.52

2010 Est. Average Household Size 3.23 3.083.13

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Rowlett , Texas 2009 Community Profilewww.rowlett.com

Dallas and Rockwall counties.

City of Rowlett, Counties of Dallas & Rockwall, State ofTexas, located 19 miles East of Dallas

POPULATION

Year 2009 (est.) 2000 Census 1990City 56,103 44,503 23,260

County

DallasRockwall

2,377,47773,787

2,218,89943,080

1,852,81025,604

CITY GOVERNMENT

Type Home Rule

Number on Council 7

Municipal Police 89

Paid Firefighters 75

Volunteer Firefighters

City Zoning Body Yes

Master Plan Yes

TRANSPORTATION

Air ServiceDallas Love Field

Runway Length 8,800'

Runway Surface Concrete/Asphalt

Lighted Yes

Fuel Yes

Instrument Landing System Yes

Dallas/Fort Worth International

Runway Length 29,000'

Runway Surface Concrete

Lighted Yes

Fuel Yes

Instrument Landing System Yes

Airports Within 1 Hr.

International Dallas/Fort WorthInternational

Regional Dallas Love Field

Municipal

Rail Service ProvidersAmtrak

Freight CarriersServed by the same carriers in the Dallas Metro area.

Oncor Economic Development Department

(214) 486-5456 (Fax) Last Modified

www.locationtexas.com | [email protected] 01/25/2009

Oncor Economic Development Department uses reasonable efforts to include accurate and up-to-date information in this profile; we make no warranties as to the accuracy ofthe material. We assume no liability or responsibility for any errors or omissions in the content of this profile.


WAGE DATA

Occupation Title Entry-Level Wage ($/hr)

Low HighProduction Classifications

Aircraft Assembler 5.15 15.28

Aircraft Mechanic 5.15 20.84

Assembler, General 5.15 7.50

Assembler, Mobile Homes 6.00 12.00

Electrician 5.15 27.50

Electronics Assembler 6.00 6.67

Forklift Operator 7.00 10.00

Janitor, any industry 5.15 10.00

Laborer, General 5.15 12.15

Machinist/Related Occup. 6.00 15.00

Maintenance, General 5.15 15.00

Mechanic (Maintenance) 5.15 17.72

Molding Machine Operator 5.15 13.47

Semiconductor Processor 6.00 12.16

Sewing Machine (Garment) 5.15 10.58

Sheet Metal Worker 5.15 8.74

Truck Driver, Lt., any ind. 5.50 14.42

Warehouse Worker 5.15 15.00

Welder, Production 6.00 12.00

Office, Clerical, and Technical Classifications

Accountant/Auditor 10.58 21.63

Computer Operator 6.00 23.50

Computer Programmer 10.38 24.04

Customer Service Rep. 5.15 13.46

Electronic Technician 6.50 11.00

General Office Clerk 5.15 9.75

Key Data Entry Oper. 5.50 7.53

Secretarial 5.15 14.42

Shipping & Rec. Clerk 5.15 11.04

Telemarketing 5.15 13.46

TAXATION

Tax Rate (per $100 Assessed Value) - 2008Dallas County $0.228100

Rowlett City $0.747173

Garland ISD $1.253300

Dallas Co Hospital $0.254000

Dallas Co Comm College $0.089400

Total $2.571973

Rockwall County $0.375000

Rowlett City $0.747173

Rockwall ISD $1.470000

Total $2.592173

Municipal Sales Tax 1.000%

State Sales Tax Rate 6.250%

EconomicDevelopment Tax

0.000%

Other Sales Taxes DART 1.000%

Total 8.250%

INCENTIVES

Tax Abatement Yes

Enterprise Zone No

IndustrialFoundation

No

Foreign Trade Zone No

Reinvestment Zone No

Freeport Exemption Yes Triple

Other Incentives Yes

380 Grants;TIF; Abatements; Sales Tax Rebate; FeeAssistance;






UTILITIES

Electric Energy Delivery Oncor Electric DeliveryReliability 99.935829

Transmission Voltage 69 KV, 138 KV, 345 KV

Service Voltage 120/208, 120/240, 240/480,277/480

Natural Gas Atmos EnergyBTU Content Per Cubic Foot 1,050

Water Supplier North Texas MunicipalWater District

Source Lake Lavon

Max. Daily Sys. Capacity 30,816,000 gallons

Max. Daily Use to Date 20,170,000 gallons

Pressure on Mains 35-65 psi

Storage Capacity 8,750,000 gallons

Size of Mains 6-24"

System Looped Yes

Projects Under Construction

Sewer SystemTreatment Plan Types City of Garland Trickling

Filter/Activated Sludge

Maximum Capacity 54,000,000 gallons

Max. Daily Use to Date 21,000,000 gallons

Projects Under Construction Sewer lines, sewer outfall lines,lift stations

Telephone Service

VerizonDigital Available Yes

Analog Available No

Electromechanical No

Make and Model GTE #5

Software Level 1632

Fiber Optics Yes

Switched 56 Kbps Yes

High Capacity Digital (T-1) Yes

Digital Data Service Yes

911 Available Yes

Other Network Services






COMMUNITY INFORMATION

ClimateAnnual Average Temperature 66.0 F

Annual Average High Temperature 88.0 F

Annual Average Low Temperature 44.0 F

Annual Average Precipitation 32.0"

Annual Average Snowfall 1.2"

Elevation 511.0'

HealthTotal Hospital Beds in City 92

Total Doctors (Medical) in City 250

MediaDaily Papers 0

Weekly Papers 1

Local TV Yes

Cable TV Available Yes

RecreationParks 11

Area Lakes 1

Country Clubs 0

Health Centers 1

Public Golf Courses 1

Theaters 0

Tennis Courts 10

Bed & Breakfast Facilities 0

Hotel & Motel Rooms 65

Libraries 1

Other

Waterview Golf Club (upper level municipal course-21 holes);Fields: Baseball; Softball; Soccer; Football; Wiffleball;Horsehoe Pits; Sand Volleyball Courts; Disc Golf Course;Kids Kingdom Playground; Skateboard Park; Hockey Rink;Bowling

Houses of WorshipAssembly of God; Baptist; Bible Church; Calvary Apostolic;Catholic; Christian; Church of Christ; Church of God; Churchof Jesus Christ of Latter Day Saints; Church of Nazarene;Gospel Church; Lutheran; Methodist; Pentecostal;Presbyterian; Non-Denominational

FinanceAmerican National Bank; Bank of America; Capital OneBank; Chase Bank; Community Bank; Inwood NationalBank; Texas Credit Union; Wachovia Bank; WashingtonMutual Bank; Woodforest National Bank

AttractionsLake Ray Hubbard; Lake Lavon (15); Waterveiw Golf Club;Wet Zone Family Waterpark; The Wet Zone Family WaterPark

EDUCATION

Garland (2004)Budget $309,202,203.00

Number of Schools Total Enrollment

Elementary 42 25,455

Middle School 13 12,330

High School 7 14,715

Rockwall (2004)Budget $57,210,284.00

Number of Schools Total Enrollment

Elementary 7 4,567

Middle School 2 1,304

High School 1 2,486

Private SchoolsNumber of Schools 4

Enrollment 300

Area Colleges and UniversitiesAmber University-Garland; Dallas County CommunictyCollege-Dallas (7 Locations); Southern MethodistUniversity-Dallas; University of Texas at Dallas-Richardson; University of Texas Southwestern MedicalCenter-Dallas

Vocational Program Available Yes

State Industrial Job Training Available Yes






MAJOR AREA EMPLOYERS

Employer Industry Number ofEmployees

Union Affiliation

Garland ISD Education 4,119

Lake Pointe Medical Center Hospital 700

Wal-Mart Retail Supercenter 500

City of Rowlett Government 350

Albertsons Food 240

Tom Thumb Food 200

H&S Mfg. Precision Sheet Metal 130

K & M Cabinet Manufacturing 128

Gleco Plating Sheet metal plating 125

Rowlett Nursing Home Nursing Home 125

Senior Care at Lake Pointe Nursing Home 120

Store Decor Store decorations 110

Chili's Restaurant 100

Appliance Controls of Texas AC Motor Controls 77

Universal Display & Fixture Commercial Wire Racks 71

Link America Communications Equipment 63

Mercer House Assisted Living Center 50

Jack-in-the-Box Fast Food 45

McDonalds Fast Food 45

Bodin Concrete Concrete 42

Blockbuster Video Store 35

Taco Bell Fast Food 35

Marking Systems, Inc. Decals/Labels/Name Plates 32

CVS Pharmacy 30

Coldwell Banker-Apex Real Estate 30

J. Miguel's Restaurant Restaurant 26

Covington Nursery Landscaping 25

Century 21, Judge Fite Real Estate 22

Braums Food/Ice Cream 22

Auto Zone Auto Supply 20

Nick's Sports Grill Restaurant 20

Walgreens Pharmacy/Retail 20

Bank One Bank 18

Datatronic Control, Icn. Time & Temperature Signs 18

Inwood National bank Bank 15





The Chamber | Membership Directory | Monthly Events

Rowlett-At-A-Glance

Rowlett is a city of over 54,000 residents situated on beautiful Lake Ray Hubbard in northeast Dallas County, approximately 20 miles from downtown Dallas. Located just north of Interstate Highway 30, the city is convenient to much of the shopping and entertainment in the Dallas / Ft. Worth Metroplex. Rowlett offers an escape to the quiet, relaxed atmosphere of lakeside living. As one of the top ten metropolitan cities showing the largest population and housing growth rates from 1990 - 2000, the City of Rowlett is still able to offer affordable housing, thriving business opportunities and a friendly hometown atmosphere. The City of Rowlett contains over 385 acres of parkland, a golf course, sports fields, a skateboard park, a community center, a nature trail, a 15,600 sq. ft. library and a medical center with over 350 physicians on staff, 112 beds and 600 employees. The history of Rowlett began over 150 years ago; and was named for Rowlett Creek, a major tributary of the east fork of the Trinity River. The creek received its name from Daniel Rowlett a leading citizen of Fannin County. In the late 1800’s the city became a railroad town when the Greenville & Dallas Railroad established a depot here. By 1918, Rowlett had a bank, post office, barber shop, telephone exchange, blacksmith shop, corn mill, two cotton gins, four stores and a two-story schoolhouse. The completion of Lake Ray Hubbard in 1971 made Rowlett a lakefront community and growth became inevitable. From a population of 5,100 in 1978, Rowlett has grown to over 50,800 in 2004. The projected growth is 75,000 by the year 2020. Lake Ray Hubbard is owned and maintained by the City of Dallas and Dallas Water Utilities. The lake’s main purpose is not recreational, but as supply of fresh water for the Dallas area. The lake extends 14 miles in length and covers an area of 22,745 acres. The shoreline measures 78.4 miles, with over 4,217 acres used as park and open space. Two peninsulas within the lake lie within the borders of Rowlett. Over 385 acres of land have been set aside for parks and recreation activities for Rowlett residents. Facilities include picnic areas, playgrounds, sport fields, a skateboard park, tennis courts, the Community Centre, and a new WetZone Family Water Park. Rowlett has an excellent transportation system. Interstate Highway 30 provides convenient and timely transportation to downtown Dallas. The President George Bush Tollway (190) connects Rowlett to the Telecom Corridor to the north. Lakeview Pkwy. (S.H. 66) links the city to Rockwall on the east and Garland on the west. Rowlett is also served by the Dallas Area Rapid Transit (DART) System with an express bus route that provides non-stop service to downtown Dallas each weekday and several local routes that travel to the nearby Garland Central Transit Center, offering transfers to other routes in the DART System. Rail travel is available to & from Garland and is estimated to reach Rowlett by 2012. The City of Rowlett is located in two counties and is served by two school districts —Garland I.S.D. and Rockwall I.S.D. The majority of the city is located in Dallas County. From Dalrock Road east, the city is in Rockwall County.

CNBC's Top States For Business 2010—And The Winner Is Texas CNBC'S TOP STATES FOR BUSINESS, AMERICA'S TOP STATES FOR BUSINESS, COLORADO, COST OF DOING BUSINESS, COMPETITIVENESS, ECONOMY, TAXES Posted By: Scott Cohn | Senior Correspondent, CNBC

| 13 Jul 2010 | 04:30 PM ET

They say everything in Texas is big, and that sure goes for its stature in business.

With the biggest point total in the history of our study, Texas posts a big victory as America’s Top State for Business 2010.

Top Five

Texas reclaims the top spot from last year’s winner, Virginia, which slips to No. 2. Texas was last on top in 2008, and Virginia took the crown in the inaugural year of our study, 2007. That leaves Texas and Virginia dead even in the battle for bragging rights at two wins apiece. Rounding out the top five are No. 3 Colorado, No. 4 North Carolina, and No. 5 Massachusetts, which makes its first appearance among America’s Top States for Business.

Scoring & Categories

Our fourth annual study of America's Top States for Business puts all 50 states to the test, measuring them on 40 different metrics in ten key categories of competitiveness. We developed these categories back in 2007 with the help of business groups including the National Association of Manufacturers. And we weight the categories based on how frequently states use them as selling points to attract business. That way, we hold the states to their own standards, and tell you how they measure up.

The categories and weightings, for a total of 2,500 points, are:

Cost of Doing Business (450 points) Workforce (350 points) Quality of Life (350 points) Economy (314 points) Transportation & Infrastructure (300 points) Technology & Innovation (250 points) Education (175 points) Business Friendliness (175 points) Access to Capital (50 points) Cost of Living (25 points)

We use publicly available data on the metrics in each category to score the states, and then add up those scores to rank America’s Top States for Business.

2010 Dynamic

Coming out on top is always an accomplishment, and never more so than this year. The national economy is anemic, and state budget pressures are growing across the country. In fact, even top-ranked Texas is struggling to make ends meet. The state faces a Texas-sized, $4.6 billion budget shortfall for fiscal 2011, according to the non-partisan Center on Budget and Policy Priorities. That is more than 12 percent of the state budget.

Add to that a sluggish job market across the country, and even the top states cannot afford to rest easy.

In No. 3 Colorado for example, unemployment in May was a relatively low 8 percent. But KUSA-TV reporter Greg Moss in Denver says the unemployment rate does not tell the full story.

“Although ours is way below the national average, it's remained pretty flat. So we're seeing a lot of long-term unemployed," Moss says. In runner-up Virginia, which has a built-in cushion of technology and government jobs, particularly in the northern part of the state, the employment picture statewide is somewhat shaky.

“The recession of the past two years has hit manufacturing rather hard,” says reporter Tom Schaad of WAVY-TV. “Here in Hampton Roads, International Paper in Franklin closed a major mill, putting 1,100 people out of work. That’s one example.”

What separates the top states from the rest is their ability to cope with those types of economic stress, offering environments that allow businesses to thrive even in a slowdown. Texas By The Numbers

Texas powers past the tough times on the strength of its economy—top-ranked in our Economy category four years in a row. The Texas economy is the 15th largest in the world, according to government figures; larger, for example, than all the Scandinavian nations combined.

The Lone Star State is home to 64 Fortune 500 companies, more than any other state, in a wide variety of industries. So while the state’s last win in 2008 came with oil at a record $145 a barrel—a natural tailwind for the largest industry in Texas—the state managed to do even better this year despite the fact that oil is trading at roughly half that price.

Texas has also managed to avoid the worst of the real estate crisis, according to reporter Ashanti Blaize of KXAS-TV. “While in other major cities we’ve seen condo high-rise projects either slowed or come to a screeching halt, in Dallas we've seen an influx of some of those projects,” says Blake.

However, that economic strength has a side effect. Rising commercial rents and high wages hurt the state in the all-important Cost-of-Doing-Business category, where it comes in at number 30.

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Virginia Still Impresses Virginia comes in second overall this year, but the Old Dominion State still has plenty for which to be proud. In the Business Friendliness category, which measures the states’ legal and regulatory climates, Virginia is second only to neighboring Delaware. And Virginia offers a diverse economy, making it chock-full of business opportunities, from imports and exports to government contracts in the state that is home to the Pentagon.

“Hampton Roads has the third largest port in the country. That, along with heavy military presence usually provides for a stable economy,” says WAVY-TV’s Schaad, who also notes that federal stimulus money, particularly in the area outside Washington, D.C., is keeping overall unemployment well below the national average.

Test Your Knowledge of The Top States

But with pockets of severe joblessness hampering growth—including in tourism-dependent Williamsburg—Virginia dropped four places to number 11 in the “Economy” category. Virginia also lost critical points in the “Education” category, dropping six places to number 13 as class sizes rose and school spending fell.

While Texas and Virginia duke it out for the top spot year after year and Colorado stays consistent at No. 3, the rest of the rankings are less predictable.

Carolina Comeback

North Carolina, which finished a disappointing ninth in 2009, jumped to No. 4 in 2010. The corporate home of a number of giant financial institutions, including Bank of America and BB&T, North Carolina’s business climate benefited from the easing of the financial crisis, according to WCNC-TV’s Jeff Campbell in Charlotte.

“There are also lessons the state has learned from the recent crisis, and that’s really helping the state diversify towards some other industries like clean energy and tourism,” says Campbell.

As a result, North Carolina has seen a surge of investment, pushing the state to number 10 in our Access to Capital category, up from number 36 last year. That was enough to propel the Tar Heel State back into the top five overall for the first time since 2007.

Massachusetts Moves Up

Massachusetts never ranked among America’s Top States for Business before 2010. Its ranking this year also marks the first time a northeastern state has finished among the top five.

But the Bay State has always been a contender—it finished No. 8 overall last year. Massachusetts’ greatest strength is its schools. The state boasts the best performing K-12 schools in the country, as well as some of the top universities in the world, placing it at the top in the Education category. The strong education system helps Massachusetts capture near top rankings in Technology & Innovation (number three, up from number five last year) and Access to Capital (number two for the second year in a row). Even in Business Friendliness—not generally considered a hallmark of New England states—Massachusetts finishes a respectable 14th.

Notable Mention

This year’s most improved state is Pennsylvania, which jumped a whopping 13 places to No. 20 overall, from number 33 last year. However, it is unclear whether the Keystone State truly bettered itself, or if others simply got that much worse. Pennsylvania’s best category was Economy, where the state improved to number 15 compared to a 37th place ranking in 2009. Yet the state still faces persistent unemployment and a $4.1 billion state budget shortfall.

The biggest drop came in Vermont, which fell seven places overall to No. 37. While economic conditions have improved in the Green Mountain State, business costs have gone up and the quality of the workforce has declined according to our study.

Two states drop out of the top five in 2010.

Iowa falls to No. 6 from No. 4 last year, and Utah, a consistent player in previous years, moves into a tie for eighth place with Minnesota.

Our study scores all 50 states, so if there are going to be Top States, it stands to reason that there will also be bottom states. Alaska is America’s bottom state for business again this year, hampered by its high cost of living, relatively high cost of doing business, and a weak infrastructure.

After Alaska, there is a big change among the also-rans. Rhode Island drops to No. 49 overall, following its 48th place finish in 2009. The Ocean State is among the least friendly to business, and ties with Nevada for the worst overall economy.

Rhode Island’s drop is good news for those other islands—Hawaii, which climbs to 48th place overall. No great surprise, the Aloha State is number one for Quality of Life. Unfortunately, you get what you pay for. Hawaii ties with California as the most expensive state in which to live, and is second only to New York in the cost of doing business.

How does your state stack up? Vote in our poll, take our quiz and watch CNBC all week for our in-depth coverage of America’s Top States for Business.

Complete Rankings: 2010 2009 2008 2007

© 2010 CNBC.com

URL: http://www.cnbc.com/id/37642856/

. © 2010 CNBC.com

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Meredith Whitney's new target: The states Posted by Shawn Tully, senior editor-at-large September 28, 2010 12:00 pm

BLOGS:Street Sweep Term Sheet |

TOPICS:Economics Private Equity Wall Street Washington

The housing crash not yet realized its full impact on budgets in the most vulnerable states. It's the banking crisis all over again – and it's time to stop ignoring it.

Meredith Whitney, the superstar analyst who famously forecast disaster for America's big banks before the credit crisis struck, is now warning about another looming threat: The wreckage from over-stretched state budgets.

Today, Whitney is releasing a 600-page report, colorfully entitled "The Tragedy of the Commons," that rates the financial condition of America's 15 largest states, measured by their GDP. Whitney claims that the study is the most comprehensive, in-depth analysis of the states' murky patterns of spending, revenues and benefits programs ever assembled by the government, foundations, or another research firm.

What Whitney found reminds her of the poor disclosure and arcane accounting rules that hid the fragile condition of the banks and monoline insurers that she unmasked. "The states represent the new systemic risk to financial markets," says Whitney. "I see a lack of transparency and an abundance of complacency on the part of investors and politicians, just as we saw before the banks imploded."

The study represents a departure for Whitney, whose boutique research firm specializes in providing its clients, including hedge funds, big institutions and banks, with proprietary research on the financial condition of consumers, ranging from projections on credit card defaults to regional employment trends. So why the mega-work on the states? "It's not that my clients requested it," says Whitney. "I was just so shocked by what I was seeing that I couldn't stop. Any long-term strategic plan needs to take account of the dangerous, mostly overlooked problems in the state

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finances." Whitney describes the reports as "her favorite child."

The title, "The Tragedy of the Commons," comes from a parable about greedy farmers who let their sheep gobble up all the grass in a pasture, leaving the land barren and unfarmable––reflecting the spending frenzy that promises to decimate the prospects for many of America's largest, and formerly most prosperous, states.

Bigger economies, lower ratings

In the report, Whitney rates the fifteen states on four criteria, their economy, fiscal health, housing, and taxes. For each category, she assigns a rating of one, two or three for best, neutral or negative. Only two states get positive overall ratings: Texas and Virginia. Eight are either negative, or rated neutral, with a negative bias. The rub is that those are typically the states with the biggest economies: California, Ohio, New Jersey, Michigan, and Illinois (all negative) and Florida, Georgia, and New York (neutral, negative bias).

The full rankings:

Worst states

1. California

2. New Jersey, Illinois, Ohio (tie)

3. Michigan

4. Georgia

5. New York

6. Florida

Best states

1. Texas

2. Virginia

3. Washington

4. North Carolina

Neutral states: Pennsylvania, Maryland, Massachusetts

Put simply, the study warns that the giant gap between states' spending and their tax revenues, estimated at $192 billion or 27% of their total budgets for the 2010 fiscal year, presents two dangers that investors are seriously underestimating. First, municipalities could start defaulting on their bonds guaranteed by the cities and towns themselves, an exceedingly rare event over the past three, mostly prosperous, decades.

"People keep saying it can't happen, just as they said national housing prices could never go down," says Whitney. "Now, it's a real danger."

The reason: the municipalities receive one-third of their revenue from the states. If the states hold back that money for their own stricken budgets, towns and cities won't have the funds to make their interest payments. "It has to happen," says Whitney. "The states will secure their own shortfalls, and leave the cities to fend for themselves." It's all about inter-dependency, she says, with the federal government aiding the states, and the states funding the last and most vulnerable link, the municipalities.

Housing fallout continues



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Second, Whitney sees the budget shortfalls as a far stronger leash on both employment growth and overall expansion than investors realize. The common thread between the banking and looming state financial crises, she says, is housing. "The entire financial system was over-leveraged to real estate," says Whitney. "So were the states."

During the boom years from 2000 to 2008, the states that grew the fastest were the ones where housing prices grew fastest, and where construction flourished, including California, Florida, New York, and New Jersey. In Florida, almost 30% of income growth came from real estate, an astoundingly high figure. Tax revenues soared during the real estate frenzy, and spending soared along with them. Now, revenues have collapsed with housing prices, and spending is proving far stickier. The legacy: Today's gigantic deficits.

Then, as housing prices fell, the states that grew the fastest and outperformed in the strong years, are now posting the worst economic performance––for the obvious reasons that they face the biggest mortgage delinquency and foreclosure rates, as well as high unemployment due to the collapse in construction and mortgage lending. The "haves," says Whitney, have suddenly evolved into the "have-nots."

The problem is that the states that benefited disproportionately from housing are generally the biggest economies, so their woes have become a deadweight on overall economic growth. "Other states such as Nebraska, even with larger ones like Texas, aren't large enough in total to offset the weak growth in the states that depended on real estate," says Whitney.

What investors are missing, says Whitney, is that growth in those states is destined to remain feeble because of the drastic measures needed to redeem their finances. By law, almost all states are required to balance their budgets. Right now, the Obama stimulus package is making up over $60 billion of the $192 billion shortfall for fiscal 2010. But that money is slated to disappear next year. States are already raising taxes, or planning to -- voters in Washington will soon vote on a referendum to levy an income tax.

The biggest source of funds to fill the still-giant gaps is especially worrisome: Raiding pension and healthcare funds. States from California to New York are shifting contributions needed to pay workers' benefits in the future toward funding current expenses.

The housing collapse will leave a different legacy by forcing big tax increases, and cutbacks in benefits including a rise in retirement ages. Millionaires who provide a huge share of the revenues will leave the high tax states, leaving the poor who need most of the services.

"The scary thing," says Whitney, "is that no one wants to talk about it. When you get the data and mechanics together the situation is as basic as it was for banks or consumers." "The Tragedy of the Commons" should get people talking, and the daunting scale of the numbers should get them outraged.



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Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords

Information About Brokerage Services

Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner's agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer's agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner's agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of sub agency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner's agent anything the buyer would not want the owner to know because an owner's agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement A buyer's agent can assist the owner but does not represent the owner and must place the interests of the buyer first The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater tha1\ the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties' consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under the Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker' 5 obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. DISCLOSURE OF AGENCY, IF ANY: The Broker named below represents: [ X ] Owner [ ] Buyer [ ] Owner &Buyer BYRNE COMPANY Sean M. Byrne Brokerage Company Name (Name) ACKNOWLEDGMENT OF RECEIPT OF AGENCY DISCLOSURE FORM: I acknowledge I have received a copy of this form. I understand that agreements I may sign may affect or change agency relationships and that the broker may only represent both the Landlord and the Tenant with their full knowledge and consent. ________________________________________________________ ____________________ Landlord (Owner) or Tenant (Buyer) or Authorized Representative Date ________________________________________________________ ____________________ Landlord (Owner) or Tenant (Buyer) or Authorized Representative Date

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