APT MotoVox Group Inc. (MTVX)

[Kool Aid Man]

"2.2 million an acre"??? Where do you get that price?

This article (July 15th) states

the amended [Cerner] plan seeks an additional $110 million in public support to cover recent improvements to the plan, including 50 additional acres (for a total of 290) >>and 200,000 additional square feet of construction<<< (for a total of 4.7 million) [I think that's supposed to read $4.7 Billion in total costs for the entire project]. http://www.bizjournals.com/kansascity/news/2014/07/15/tif-commission-cerner-campus-approval.html?page=all

$110 million divided by 50 [acres] does come to $2.2 per. However, that $110 million also includes 200,000 square feet of new construction, infrastructure and other related costs. This article does not clearly state that >>ALL<< of this $110 million will be earmarked solely for this 50 acres ..or if it includes other costs located elsewhere.

Imo an extremely generous estimate would be 1/2 (or $55 million) to buy the 50 acres which include the "rundown properties"* owned by APT and those "No Tell Motel's" nearby. If I'm right that would mean APT would realize $1.1 million for each of it's 18 acres ($19.8 million total)... OUT OF WHICH they would have to pay off the remainder of what they owe on the property (which I believe is the bulk of it).

Regardless, the article says that "Construction of the first office building is expected to begin late this year, allowing occupancy before the end of 2016" (2 years from now) and that the campus will take "10 years to complete." So I doubt APT will realize a giant cash windfall anytime soon.

Also... is anyone sure that shareholders actually "own" this property? Imo all they've owned so far is APT's old debt!

City Councilman John Sharp said that besides adding new structures and a better layout, the amended campus plan will allow removal of two *run-down hotel properties, A-1 Motel and Capital Center Inn at 6101 E. 87th St., in addition to the former Montgomery Wards store at 8844 Hillcrest Road.

http://www.bizjournals.com/kansascity/news/2014/06/02/cerner-adds-acreage-to-three-trails-campus-for.html?page=all