Eminent Domain- Oncor Electric

An Oncor rep has been trying to get me to sign off on putting a 69kv steel mono pole near the road in the middle of my vacant lot. Im in Central Texas. I have plans to put 3 rental houses on that lot over the next 5 years. This completely drops the value of my lot and the landscape of being able to use my property. They are trying to give me $500 to basically make the lot useless for any structures to go in. No one ones a giant metal pole in their front yard.

Am I screwed in this situation? I know they can pretty much do whatever tf they want. $500 also seems like an insult. They sent me a map of where the pole will go, horrible location, and a contract stating something about the Easment they have from February 1931. 100 years ago.