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Home My WebLink AboutSWP272757(7) ^�\ L/ � ., - _ ��=i��.w _ _ �_ \ �•--c� .fir...�� -+ �\ �.-n�u a �\_ �� ,-. �.—.._.�.�.....mac �-c+�a.i �v� tea..u u.�u�s' -�1f/ ._ .�Y u APPRAISAL GROUP OF THE NORTHWEST LLP 1 Summary Appraisal . of Street Right-of-Way, City of Renton Property Oakesdale Avenue SW Extension Phase II Renton, Washington for Tom Boyns Property Services Supervisor City of Renton 200 Mill Avenue South Renton, WA 98055 by Gerald B. Skutt, Appraiser ' James B. Price, MAI, SRIWA Appraisal Group of the Northwest 1980 - 112th Avenue NE, Suite 270 Bellevue, Washington 98004 C-1611 APPRAISAL GROUP OF THE NORTHWEST LLP Central Park Building 1980 112th Ave.N.E.,Suite 270 Bellevue,WA 98004-2940 (425)453-9292 ' (800)453-4408 FAX:(425)455-9740 ' April 3, 2000 Tom Boyns, Property Services Supervisor City of Renton 200 Mill Avenue South ' Renton, WA 98055 Re: Appraisal of Oakesdale Avenue SW Extension Project, City of Renton Property, Renton, King County, Washington Dear Mr. Boyns: ' In accordance with your request, the undersigned have prepared a complete summary appraisal of the fee simple interest in the subject right-of-way referenced above. The most pertinent data gathered and the techniques of valuation are set forth in this report. This appraisal is intended to ' comply with the Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Foundation. In our opinion, the value of the subject right-of-way as of March 9, 2000 was: "BEFORE" LAND VALUE = $ 595,900 "AFTER LAND VALUE = 571,850 ACQUISITION VALUE= $ 24,050 ' As has been discussed, we believe that you should review the acquisition's legal definition and area calculations and adjust the acquisition value accordingly. Thank you for the opportunity to be of service. If you have any questions regarding this appraisal, please feel free to contact us. Sincerely, Gerald B. Skutt, Appraiser J es B. Price, MAI, SR/WA ' Certified General Real Estate Appraiser, WA Certified General Real Estate Appraiser, WA 27011 SK-UT-TG-B6380S 270-11 PR-IC-EJ-B561LL ' C-1611 Tom Boyns April 3, 2000 Page ii CERTIFICATION I certify that, to the best of my knowledge and belief- 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, unbiased professional analyses, opinions, and conclusions. ' 3. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. 4. 1 have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting ' predetermined results. 6. 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 occurrence of a subsequent event directly related to the intended use of this appraisal. ' 7. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. ' 8. 1, James B. Price, MAI, and I, Gerald B. Skutt, have made a personal inspection of the property that is the subject of this report. ' 9. No one has provided significant professional assistance to the persons signing this report. 10. The use of this report is subject to the requirements of the Appraisal Institute regarding review by its duly authorized representatives. ' 11. As of the date of this report, James B. Price, MAI, has completed the requirements under the continuing education program of the Appraisal Institute. C-1611 APPRAISAL GROUP OF THE NORTHWEST ' Tom Boyns April 3, 2000 Page iii TABLE OF CONTENTS LETTEROF TRANSMITTAL.................................................................................................................................i CERTIFICATION.................................................................................................................................................... TABLEOF CONTENTS........................................................................................................................................ ' PREFACE LOCATION MAPS PLAT MAP ' SUBJECT PHOTOGRAPHS PROPERTY IDENTIFICATION-DESCRIPTIVE DATA 1 ' IDENTIFICATION.................................................................................................................................................. 1 PropertyIdentification.........................................................................................................................................1 OstensibleOwner.................................................................................................................................................1 LegalDescription.................................................................................................................................................1 TaxAccount Number...........................................................................................................................................2 ' MARKET OVERVIEW..............................--........................................................................................................2 MarketingTime....................................................................................................................................................2 PriorSales............................................................................................................................................................2 ' REPORT CRITERIA...............................................................................................................................................3 Datesof the Inspections.......................................................................................................................................3 Dateof the Appraisal...........................................................................................................................................3 Functionof the Appraisal Report.........................................................................................................................3 Purposeof the Appraisal......................................................................................................................................3 Scopeof the Appraisal.........................................................................................................................................4 ' Disclosure of Competency...................................................................................................................................4 Assumptions.........................................................................................................................................................5 LimitingConditions.............................................................................................................................................6 DESCRIPTION OF THE NEIGHBORHOOD........................................................................................................7 SITEDESCRIPTION...............................................................................................................................................7 Locationand Access............................................................................................................................................7 ' Immediate Surroundings......................................................................................................................................7 Shapeand Size.....................................................................................................................................................8 Topography..........................................................................................................................................................8 Soilsand Drainage...............................................................................................................................................8 Easementsand Encroachments............................................................................................................................8 Identification of Possible Flood Hazard...............................................................................................................8 Utilities.................................................................................................................................................................8 Assessmentand Taxes..........................................................................................................................................8 ' Zoning..................................................................................................................................................................8 DESCRIPTION OF THE IMPROVEMENTS.........................................................................................................9 Continued Next Page . . . . . . . C-1611 APPRAISAL GROUP OF THE NORTHWEST ' Tim Fleischer April 4, 2000 Page iv HIGHEST AND BEST USE ANALYSIS 9 ' APPRAISAL TECHNIQUES 10 "BEFORE" LAND VALUATION 10 SUMMARYOF COMPARABLE LAND SALES.................................................................................................10 COMPARATIVEANALYSIS...............................................................................................................................20 MarketConditions..............................................................................................................................................20 ' Location.............................................................................................................................................................20 Accessand Exposure.........................................................................................................................................20 SiteSize and Shape............................................................................................................................................20 ' Topography........................................................................................................................................................20 Zoning................................................................................................................................................................21 "BEFORE"LAND VALUE CONCLUSION.........................................................................................................21 ' PROPERTY RIGHTS TO BE ACQUIRED 22 "AFTER" LAND VALUATION 24 ACQUISITION VALUE 24 ' ADDENDA QUALIFICATIONS OF APPRAISERS ' C-1611 APPRAISAL GROUP OF THE NORTHWEST LLP S i21rY- ,c ,: aant^•o' nvan rant 'may' -i\''e T Woodwlay' e Moun—Tt ake \ zzern sr SE :- ` s m�. +ign Bridge Teria68'^' Bothell Grace �4^ rS . +2 Beach 'r. a - $'� ! -1�'S—.. —r-- a p $ < ke N HEer•T'Y i, .1.. 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S CONGA`1A s cafEc ` ;q 4^ BUCK �' _SUITES, f r I j I �f'!.Lv05 fr ST��< � __ L 1} 2 I 3 \ t "' �' v�l I `� SW 23R0 ST 5 i BA_ KER _I r x - - �� RMALL InuurorrlI I �t W .1f5f"6Kf � i L._____-_--_ J CE STRANDER a BLUO errr irn ST c '� " �' 3 °� NTO�I z7rH /1n ,S.tn ■ I I `\ —Y 51 .i�56TN1 ST; ■11at.^Yf SOr/THCEVTI R!`�" � \�\ ` II � ' rs PUL+ € I> TRECK !INO ��1�+T T RENTON ',WETLANDS T S DR s� I f`I_l r I 1 0 N 5W 29TH ST 168 H I � Ci 25 COURTYARDI■ RE'VTON 25 =, 30 BY IARRIO-TrI1 ISW_30TH Q; m I FS : I Gwwr ,r, i WETLANDS n� ST j fRfwflr' r su Para } 33RD SWI33RI ST tom„, CORPORATE ST OR w 7' CORPORATE 3arH ST } I � I`x „3, _ MINKLER OR I f- I 8Ly0lljpuw al, ��—� - <. z RENTON 'r p `�' I Rwl Ea,an Gra°nCa.IM.®COnvRiGhT 19)6 Location Map - M • : fit, � �� ,�•, I � -....- I j is Tf Ike t y t SUBJECT PHOTOGRAPHS 1 ti r 1 1 1 ' 1. Looking South Along Oakesdale Avenue SW Roadway currently ends at SW 27th Street where arrow indicates arterial turn. 1 e- - 1 _ 1 ' 2. Looking West Along SW 27`h Street Public roadway ends at Oakesdale Avenue SW. Subject property is to the left. C-1611 APPRAISAL GROUP OF THE NORTHWEST SUBJECT PHOTOGRAPHS w 4 1 3. Looking South Along Existing Private Roadway On Boeing Property Oakesdale Avenue SW will be extended on and to the left of this roadway. ' Subject property is to the left. 4. Looking g North Along Oakesdale Avenue SW Subject property is straight ahead. C-161 1 APPRAISAL GROUP OF THE NORTHWEST SUBJECT PHOTOGRAPHS 1 t 5. Looking North At Subject Property From Oakesdale Avenue SW Cul-de-sac Roadway will be extended across the property in the foreground. Existing private roadway on Boeing property is to the left. 1' Y 6. Looking North Along Existing Private Roadway On Boeing Property Subject property is to the right. 1 ' C-1611 APPRAISAL GROUP OF THE NORTHWEST Page 1 PROPERTY IDENTIFICATION - DESCRIPTIVE DATA ' IDENTIFICATION ' Property Identification The subject property is part of a publicly-owned wetlands area lying south and east of the Boeing Corporate Headquarters on the former Longacres Race Track property in southwest Renton. Ostensible Owner The subject property is owned by the city of Renton's Surface Water Utility Department. Legal Description A portion of the NE, NW and SW 1/4s of Section 25, Township 23N, Range 04E, Willamette Meridian, King County, Washington. A more complete legal description follows: BEGINNING on the easterly line of Government Lot 10 in said Section, 255.38 feet southerly, as measured along the easterly line from the southerly line of Henry A. ' Meader's Donation Land Claim No. 46; thence westerly in a straight line to a point on the easterly line of the easterly line of the Northern Pacific Railroad Company right-of- way at a point 289.12 feet southerly, as measured along said easterly line, from said ' southerly line of Donation Land Claim and the True Point of Beginning; thence Southeasterly to a point on a line parallel with and 60 feet east of said easterly line of the Northern Pacific Railroad Company right-of-way at a point 1100 feet north of the ' east-west centerline of said Section; thence southerly along said parallel line to a point on the southerly line of a tract conveyed to Broadacres Inc. by deed under King County Recording No. 7504010373, said point being 545.60 feet north of said east-west centerline; thence east along said southerly line to the easterly line of the Southwest Quarter of the Northeast Quarter of said Section to a point 545.60 feet north of said east- west centerline; thence southerly along said easterly line to the northwest corner of ' Longacres Parkway; thence South 87°57'39" West 1624 feet, more or less, to the intersection of northerly extension of the easterly line of the proposed P-1 Channel, said line being 20 feet, more or less, west of the northwest corner of Lot 5, Block 9 of said ' Burlington Northern Industrial Park Renton No. II; thence southerly along said extension to a point bearing South 88°29'29" East, from a point being measured along the easterly line of said Railroad right-of-way and 2028.44 feet north of the south line of ' said Section; thence North 88°29'29" West to the easterly line of said Railroad right-of- way; thence along said easterly line of said Railroad right-of-way to the True Point of ' Beginning; TOGETHER WITH the Southeast Quarter of the Northeast Quarter of said Section; ' LESS the East 20 feet for drainage canal; C-161 1 APPRAISAL GROUP OF THE NORTHWEST ' Page 2 AND LESS that portion platted as Burlington Northern Industrial Park Renton No. II, ' according to the plat thereof recorded in Volume III of Plats, pages 42 through 44, records of King County, Washington. 1 Tax Account Number 252304-9004 MARKET OVERVIEW t Marketing Time The subject property is owned by the City of Renton's Surface Water Utility Department, and would not generally be offered for sale on the open market due to its ' requisite public use. Prior Sales ' According to county records, the property has not sold or changed hands within the last three years. C-161 1 APPRAISAL GROUP OF THE NORTHWEST ' Page 3 ' REPORT CRITERIA Date of the Inspection ' March 9, 2000 Date of the Appraisal tMarch 9, 2000 Function of the Appraisal Report ' The City of Renton is connecting two sections of Oakesdale Avenue SW, this connection extending southward from SW 27th Street to a connection with the former ' Longacres Parkway that now extends northward as a cul-de-sac from SW 34th Street. This report will be used to establish the price for the requisite right-of-way transfer from the City of Renton's Surface Water Utility Department to the Transportation Department. Purpose of the Appraisal The purpose of this appraisal is to estimate the market value of the fee simple interest in the right-of-way take from the subject property. Market value is defined as follows: Market value is 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 passing of title from seller to buyer under conditions whereby: 1. The buyer and seller are typically motivated; 2. Both parties are well-informed or well-advised, and acting in what they consider 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 arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.l ' �12 CFR 323,Federal Register,Volume 55,No. 161,August 20,1990 C-161 1 APPRAISAL GROUP OF THE NORTHWEST Page 4 Scope of the Appraisal ' This report is intended to comply with the Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Foundation. It is intended to be a complete summary appraisal report. The description of the area is therefore confined to ' a brief description of the neighborhood. The description of the site and improvements is thorough, but not in elaborate detail. The highest and best use analysis is complete, but brief. Property valuation is restricted to the sales comparison approach, which is used in ' valuing the site. Similar sale properties are described and analyzed to estimate value. While the description of the sale properties may be somewhat cursory, the investigation ' and analysis are considered to be exhaustive. Reported sale information is generally confirmed through interviews with parties involved in the transactions. Although much of the data, reasoning, and analyses used in the appraisal process are presented within ' the report, some supporting documentation is retained in the appraiser's file. The depth of description and explanation contained in this report is specific to the needs of the client and for the intended use stated in the Function of the Appraisal Report section. Disclosure of Competency ' The appraisers' qualifications found in the Addenda provide evidence that they are well qualified for this assignment. They have performed appraisals of a variety of properties in and around the Puget Sound region, and have recent experience in the valuation of ' various right-of-ways. C-1611 APPRAISAL GROUP OF THE NORTHWEST ' Page 5 Assumptions ' This appraisal is contingent upon the following assumptions: 1. The legal description is correct, and title to the property is good and marketable. ' 2. The title to the property is free and clear of liens or encumbrances. 3. The property has responsible owner(s) and competent property manager(s). 4. The information furnished by others is reliable, but no warranty is given for its ' accuracy. 5. All engineering is correct. (The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property.) ' 6. There are no hidden, unapparent conditions of the property, subsoil, or structures that render it more or less valuable. This includes any toxic waste or asbestos ' insulation that may be present. We take no responsibility for such conditions or for arranging for engineering studies that may be required to discover them. 7. There is full compliance with all applicable federal, state, and local environmental regulations and laws. ' 8. The property conforms to all applicable zoning and use regulations and restrictions. 9. All required licenses, certificates of occupancy, consents, and other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. ' 10. The use of the land and improvements is within the boundaries or property lines of the property described and there is no encroachment or trespass. 11. We did not observe any hazardous materials, which may or may not be present, on the property. We have no knowledge of the existence of such materials on or in the property, but we are not qualified to detect such substances. The presence of such substances as asbestos, urea-formaldehyde foam insulation, and other potentially hazardous materials may affect the value of the property. The value is estimated under the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. ' C-1611 APPRAISAL GROUP OF THE NORTHWEST ' Page 6 ' Limiting Conditions ' This appraisal report is subject to the following conditions: 1. Any allocation of the total value estimated in this report between the land and the ' improvements applies only under the stated program of utilization. The separate values allocated to the land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. Any value estimates provided in the report apply to the entire property, and any proration or division of the total into fractional interests will invalidate the value estimate, unless the proration or division of interests has been set forth in the report. ' 2. Possession of this report, or a copy thereof, does not carry with it the right of publication. ' 3. No appraiser, by reason of this appraisal, is required to give further consultation or testimony or to be in attendance in court with reference to the property in question ' unless prior arrangements have been made. 4. Neither all nor any part of the contents of this report (especially any conclusions as ' to value, the identity of any appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. 5. Appraisal Group of the Northwest and its associate appraisers and employees assume liability only to the client and only up to the amount of the fee actually received for this assignment. ' 6. Appraisal Group of the Northwest and its associate appraisers and employees are not responsible for any costs incurred to discover or correct any deficiency in the property. If a lawsuit is instigated by a lender, partner, part owner in any form of ' ownership, tenant, or any other party wherein this report is used in evidence; in the disposition of any and all awards, settlements, or cost, regardless of outcome, Appraisal Group of the Northwest and its associate appraisers and employees will ' be held completely harmless. 7. No legal description or survey was furnished, so the county tax records were used ' to ascertain the physical dimensions and area of the property. Should a survey prove this information to be inaccurate, it may be necessary for this appraisal to be adj usted. 8. The forecasts, projections, or operating estimates contained herein are based on current market conditions, anticipated short-term supply-and-demand factors, and a continued stable economy. These forecasts are, therefore, subject to changes with future conditions. ' C-1"I APPRAISAL GROUP OF THE NORTHWEST ' Page 7 ' DESCRIPTION OF THE NEIGHBORHOOD ' The subject property is located in the City of Renton at the south end of Lake Washington. The Cedar River, which historically flowed into the Green River, was rerouted through downtown Renton into Lake Washington. Renton is abutted by Bellevue, Newcastle and ' Issaquah to the northeast, by Kent and Tukwila to the south and west, and by the Skyway/Bryn Mawr area of unincorporated King County to the northwest. ' Renton is the historic location of PACCAR, a major truck manufacturer, and of Boeing's commercial aviation division. Boeing began relocating its corporate headquarters and many administrative functions to the former Longacres Race Track site in the early 90's. Renton ' Airport on Lake Washington serves both Boeing and private aviation needs. The city has good railway service from main lines along its western border. It also has direct connections ' to I-5 and 1-90 via I-405 which borders the downtown business district. Another major highway corridor serving Renton is State Highway 167 (Valley Freeway) that extends south to Kent and Auburn, and extends northward to Seattle as Rainier Avenue South. ' The subject area in southwest Renton, immediately east of Tukwila has expanded rapidly in the last 20 years, primarily with office and warehousing facilities. This historic farmland ' area along the Green River does, however, retain some of its natural characteristics through the preservation of wetland areas. The subject property is part of a City of Renton wetlands area lying south and east of the Boeing complex, and consists almost entirely of such ' designated wetlands. SITE DESCRIPTION Location and Access ' The subject property lies south of SW 27th Street between the major BNSF rail lines to the west and Raymond Avenue SW (if extended). It is accessed from the east by SW 27th Street and from the north by Oakesdale Avenue SW. Oakesdale (the former ' Longacres Parkway) also approaches the property from the south, but ends in a cul-de- sac just south of the property that is now blocked off from use. The proposed project will connect the two portions of Oakesdale. ' Immediate Surroundings The subject property is the southernmost of the parcels included in Boeing's Longacres ' property purchase. Much of the Boeing and other properties to the near north have been, or are being, developed with office facilities. The Metro Renton Wastewater Treatment Plant and the Washington Tech Center lie further north beyond I-405 and SW ' Grady Way. The subject property is bordered to the immediate east and south by wetlands owned by the City of Renton. Properties further east and south have been developed primarily with industrial facilities. The BNSF railroad tracks lie to the immediate west, with the Green River and City of Tukwila immediately beyond. The entire area has and is expected to continue experiencing considerable growth. ' C-1611 APPRAISAL GROUP OF THE NORTHWEST ' Page 8 Shape and Size ' The subject property totals 45.6 acres (1,986,336 square feet) according to King County. The site is irregular in shape with a large rectangular shape to the east, and an "L" shape to the southwest. It has over 1,300 feet of frontage on SW 27`h Street. ' Topography The subject property is generally irregular and lies below street grade. ' Soils and Drainage Most of the site is wetlands and will not support development without extensive filling and drainage systems. Easements and Encroachments We are not aware of any easements or encroachments that would adversely affect the subject property's value. Identification of Possible Flood Hazard According to the Federal Emergency Management Agency (FEMA) Map No. 530088000413, last revised on May 5, 1981, most of the subject property is within the t100-year floodplain. Utilities All requisite public utilities are available along Oakesdale Avenue SW and SW 271h Street. ' Assessment and Taxes According to the King County Assessor's records, the 1999 assessed value of the ' subject property is as follows: Land $319,000 Improvements 0 ' Total 319 000 ' The total real estate taxes for 2000 are S1,476.65 Zoning The subject property is zoned Resource Conservation Zone (RC) by the City of Renton. According to the City's Land Use Code, the purpose of this zone is "to provide a semi- rural residential zone which conserves open space, lands of local or historical importance for agricultural uses and critical or resource areas." Further, "this Resource Conservation Zone is intended to be a low density residential zone which provides separation between areas of more intense urban uses; encourages or preserves semi-rural ' residential uses; allows limited commercial farming uses appropriate to semi-rural areas; and protects environmentally sensitive areas such as flood plains, wetlands, streams and aquifers, wildlife habitat, and geologically hazardous areas." ' C-1611 APPRAISAL GROUP OF THE NORTHWEST Page 9 Development standards for this area include a maximum development density of one dwelling unit per 10 acres, with no more than one unit per lot; a minimum lot depth of 200 feet and minimum lot width of 150 feet (175 feet for a corner lot); setbacks of 50 feet, 35 feet, and 25 feet respectively for the front, rear and side yards; and maximum lot coverages of 2-35% depending on the lot size. No natural vegetation may be removed from such zoned properties without authorization, and special studies may be required for development of other than single-family housing. ' The subject property is mostly within the 100-year floodplain, and has extensive wetlands area. Its designation as part of Renton's extensive wetlands area is consistent ' with this zoning. DESCRIPTION OF THE IMPROVEMENTS tThere are no known or observable improvements on the property. HIGHEST AND BEST USE ANALYSIS Highest and best use analysis is a method of inquiry in which the appraiser attempts to determine the optimum use of a property in light of market conditions. It is based on the assumption that the price a typical purchaser will pay for a property is based on his determination of the most ' profitable use of the site or improved property. This concept helps an appraiser to determine what improvements should be constructed on a site if it were vacant, and how the present improvements can best be utilized. The highest and best use of a property is formally defined in The Appraisal of Real Estate (11th Edition; Chicago: Appraisal Institute, 1996; p. 50) as: "The reasonably probable and legal use of vacant land or an improved property which is physically possible, appropriately supported, financially feasible, and ' that results in the highest value." Because the price that potential purchasers consider feasible to pay for a property tends to be t based on the use they plan for it, the highest and best use of the property is a major factor affecting its market value. This use may be as if the property were vacant or as it is improved. To determine the highest and best use of the property, four significant factors were analyzed. These are the possible uses that are (1) legally permitted, (2) physically possible, (3) economically feasible, and (4) most profitable. ' Development of this property is not only restricted somewhat by the Resource Conservation zoning, but more extensively by its physical characteristics (wetlands) and various regulations pertaining to development of such sensitive areas. Further, this property has been designated as ' part of Renton's wetlands area. Accordingly, the highest and best use of this vacant property is its retention in as natural a state as possible to achieve the objectives prescribed under the current zoning and applicable regulations. ' C-161 1 APPRAISAL GROUP OF THE NORTHWEST Page 10 APPRAISAL TECHNIQUES There are three distinct approaches to valuing property: the cost approach, the sales comparison approach, and the income capitalization approach. Depending on the type of property and the data available, one or more of these approaches are used in any valuation assignment. This is a valuation of land only. As a result, the cost and income approaches are not applicable and are not included in this report. Consequently, only the sales comparison approach will be used in ' valuing the subject property. The land value in the "Before" condition is first estimated, followed by the land value in the "After"condition. ' "BEFORE" LAND VALUATION ' The most common method for valuing land, and the preferred method when adequate sales data are available, is the sales comparison approach. In this approach, the value of the site is estimated by comparing it with sales of similar land parcels. For market value purposes, the site ' is always valued as if vacant and available for development to its highest and best use. The subject property is part of a designated wetlands area (Renton Wetlands) owned by the City ' of Renton. Even if not so designated, development of this property would require extensive filling and drainage systems. The market for such properties is generally limited to public agencies that acquire the land to serve one or more policy objectives, or to private developers ' who acquire it for "mitigation" purposes relating to projects on other sites. A search was conducted throughout the general area for recent sales of similar properties. Of the four such properties summarized in the following table, two were public agency acquisitions and two were ' purchased by private parties. Further detail regarding these sales follows below. SUMMARY OF COMPARABLE LAND SALES Sale Sale Sale Size/ Price/ No. Property Location Date Zoning Price Acres Sq.Ft. ' L-1 24955 Frager Road South, 4/19/99 A10 $195,000 16.00 $0.28 Kent, WA 98032 L 2 21061 Frager Road South 5/26/98 A-1 $650,000 50.03 $0.30 Kent, WA 98032 L-3 South Side South 2121h Street 5/28/99 A-1 $157,000 15.32 $0.24 @ 42 Ave S., Kent, WA 98032 L-4 8000 South 2161h Street, 11/20/98 M3 $250,000 9.66 $0.59 Kent, WA 98032 South of SW 27th Street between Subject RR lines &Raymond Ave. SW RC 45.60 ' (if extended), Renton, WA 98055. C-161 1 APPRAISAL GROUP OF THE NORTHWEST -' {: '"�... i.- F i~ ..'..',. � .. -! is ar xlNNl r .i. ! �. „• a ,. � — -•i --b }1 iV"".. i.t,z —�`i'>f"G._-L L __ Il '"lam U M M _I— _..,i z+^�—t .. r. < �� rt i _��. M1l T ! 1 • d t 1 ! , •- ten is 77 •r i 3 3 '' it o wr _ �. !- .Y'•p w. ;. pIt �7'w �wars 308_.•r-•.�.:'��,A...- '�" --�:n�,. i 3�� #) .�.I � �. - -i i 1! �it d x _ r / • _ E i 71 l Ai r I+ ^ r - �% B v _ _.. ='j4')y i h- •'1i tf (l'i� 'll,=-.� ___ _e_. /�� e ! Ic ! • -wr.r i r� - �_ t A iA, 1 ! '- �: f'Y �a _ •-• •� 6._. sn 99,. i IY 11111 Inl aY 7q ) N NW,'NINSYN .� ' �'!•__ 1 '• fa '•• _ ... I J, ,. IIYI • IiltvA ,ISJn als lrN ',1 - '>)N .Nw i LT o`er §'_, i ♦€_ i• ° A°-�jt- -� ��. a, /� 1 i! . n� f _ ca I .rh ,f7.1 t.. :r s i Will iyr .. ww n €".1 !•� — •) .+.. `n�' 1i� /2> y; ~q 1� �i y- •wy �7,I,'� ►' -s 4. �^ i - 1 [ENt- •Et■ s !- , ` - 13 RS ' ' y € r /. •' i.Y 1. � _= �. 'd ---T 't i. ! - sr. �.l_ [.a _, ilP �* 3 i , '- L a:: y(�[ 1(„I � " t2 1 !• �1. e� - _ I F.r. I ..- .,r} �� i' 1 � :!'b) s ` i�!•■ !_.� ♦.. J-1• .�� _i4 -Y?-.€L- n _._. Q =- - � y- I vl.. a-3 ,�-- U—#. +y. 1- •• ^, Y' f � i• s I!! I � -j'4�- v 1 -•• rjr F ..� i I �.'�' ,,,� r ..a r ✓'•P,• I� ! •. I -1 )+Na 5, ..r !. AM8' 'r�} !I'. - -�Y.��rv_ - oSw. • '.an IN♦: ... -,• , ! Y !. _ - .. - - fa li ��. s. i . r hwo trxnll y t .1, 1 l..S A a Y�: n.s'}i� a �3i ' ^w i s • -e t Tt u' t -•1.• _ - •ilp ce '-77 4 L /_f'• .j. i ! I. .L'�' }; I NP., I .rl i •! l� P 1 - f [.....t + �1�:.R'Sk•ell I- ai ::.'gym �� lla S` i, ! `! �. ! v.EMy� ![ - - ' •rx.•' s� , r .i` r { €IIII 1 �i. 1r I i. [ jt ' Page 12 ' Comparable Land Sale No. 1 ryi _ a Hl' A ' Location: 24955 Frager Road South, Kent, Washington, 98032 Legal Description: Tax Lot 29, situated in the Southwest quarter of Section 23, Township 22 North, Range 4 East, Willamette Meridian, ' King County, WA. Tax Account Number: A portion of 232204-9029 ' Sale Information: Price: $195,000 Terms: All cash transaction Date: April 19", 1999 Instrument: Warranty Deed ' Reference No.: 990419-1212 Grantor: Marco and Colleen Desimone, (253) 850-7224 Grantee: Green River Flood Control Zone District Confirmed by: Marco Desimone on 9-23-99, by MGL Property Details: ' Area: 16.00 acres (696,960 square feet) Use: Nursery and vacant wetlands Zoning: Agricultural (A10), King County Access: Limited access over adjacent parking lot and under State Route 516, via an undeveloped dirt road. C-161 1 APPRAISAL GROUP OF THE NORTHWEST ' Page 13 ' Comparable Land Sale No. 1 (Continued) ' Property Description: This comparable consists of an undeveloped tract of land that lies to the south of ' the Green River, on the south side of State Route 516. This low-lying tract of land has been purchased for use as a flood control area for times when the Green River is experiencing high water. Prior to this sale this property was part of a 19-acre ' parcel operated as the Prentice Nursery. The sixteen acres involved in this sale were partially used for the storage of nursery stock, though most of this land area is considered wetlands and is unable to be developed. Using FEMA funds, the Green ' River Flood Control Zone District purchased sixteen acres of the Prentice Nursery land, leaving three acres to the new owner. The three acres have a retail store and warehouse, from which Mario's Landscape Supply and Nursery is now being operated. The current owner previously purchased all 19 acres and the existing improvements in July of 1998 for a total price of$350,000. He had little use for the excess wetland area, and made an original offer to the Flood Control District of ' $200,000. Access to the thirteen-acre (wetland) parcel is only available through an underpass beneath State Route 516, which is reached by crossing an easement across the western end of the three-acre site that fronts along Frager Road South. Analysis: ' $195,000- 696,690 sq. ft. _ $0.28 per sq. ft. ($12,188 per acre) i a a kI C-161 1 APPRAISAL GROUP OF THE NORTHWEST Page 14 tComparable Land Sale No. 2 Location: 21061 Frager Road South, Kent, WA 98188 Legal Description: Portions of NE 1/4 NE 1/4 Section 10, Township 22 North, Range 04 East and NW 1/4 Section 11, Township 22 North, Range 04E being recorded as Taxlot 8 of Section 11, Township 22 North, Range 04E and Lots 6-13, Block 1 of Frankford Tracts, less portions conveyed to King County and City of Kent for Road purposes, Willamette Meridian, WA. Tax Account Number: 112204 9008 Sale Information: Price: $650,000 ' Terms: All cash transaction Date: May 26th, 1998 Instrument: Special Warranty Deed ' Reference No.: 980526-1687 Grantor: LDS Church Tax Division Grantee: City of Kent ' Confirmed by: Laurie Flemm, City of Kent (253-856-5454), GBS 3/20/2000 Property Details. Area: 50.03 Acres (2,179,306 square feet) ' Use: Agriculture Zoning: Agricultural one DU/acre (A-1), City of Kent 1 Access: Off Frager Road IC-1611 APPRAISAL GROUP OF THE NORTHWEST 1 Page 15 1 Comparable Land Sale No. 2 (Continued) 1 Property Description: This property lies north of South 212`" Street and west of Frager Road which runs 1 along the west side of the Green River in northwest Kent. The property is mostly cleared and has historically been a farm. It is a little below roadway level, with over forty percent designated as wetlands. The purchase was negotiated following 1 appraisals prepared for both parties. The City of Kent purchased it for future use as a park. In the meantime it is leased out to a tenant farmer. 1 Analysis: $650,000-2,179,306 square feet= $0.30 per sq. ft. ($12,992 per acre) ka Land Sale 2 •mil.�f ':� '`A 1 f 1 1 C-161 1 APPRAISAL GROUP OF THE NORTHWEST ' Page 16 ' Comparable Land Sale No. 3 t . ' Location: South Side of South 2121h Street @ 42nd Avenue South, Kent, Washington, 98032 ' Legal Description: Tax Lot 139 North % of North %2 of SW t/4 of NE '/4 less Drainage Ditch Right-of-Way & less County Roads & less East 195.52 feet, Section 10, Township 22 North, Range 4 ' East, WM, King County, WA. Tax Account Number: 102204-9004 & 9139 ' Sale Information: Price: $157,000 ' Terms: All cash sale Date: May 28th, 1999 Instrument: Warranty Deed ' Reference No.: 990528-2196 Grantor: Oliver M. Muth Grantee: KV Land J LLC ' Confirmed by: Gary Young, KV Land(425-586-7708), 3/23/2000 by GBS Property Details: ' Area: 15.32 acres (667,339 square feet). Use: Vacant land Zoning: Agricultural one DU/acre (A-1), City of Kent Access: 42"d Avenue South 1 C-161 1 APPRAISAL GROUP OF THE NORTHWEST Page 17 ' Comparable Land Sale No. 3 (Continued) ' Property Description: This property lies south of South 212th Street and east of 42°d Avenue South with frontage on both streets. This parcel consists primarily of cleared undeveloped wetlands. The property is restricted to agricultural use under King County's Farmland Preservation Program. The purchasers are developing some 680 home ' sites on acreage south of this property. They purchased this property primarily to control the area past which access is gained to their development. It could also satisfy any future mitigation requirements. ' Analysis: $157,000 - 667,339 sq. ft. _ $0.24/sq. ft. ($10,248 per acre) ui i r 0 ZL '•\ o W Q• -R.� O qv' N -- I327.07- S. 212THJST. lovttA [°Jn) N Ju.J.i.a' , S.IlY1N ST.i.T£Mw.Gt N.ff.T nrr urirz w-.1.sz..-n l.fv Nv) :3 $ .+e„ aJcra a/v..ro .tri.Jf<.oi ntJ/w Z /S.JL eor' I I 60 F V l ' S. •� I � 3.CM.pa N%L 0/___ _ /13 St I u c f 2 i t v a o A � 4 ' C-161 1 APPRAISAL GROUP OF THE NORTHWEST Page 18 ' Comparable Land Sale No. 4 .tee ' Location: 8000 South 2161h Street, Kent, WA 98032 Legal Description: Parcel 3 Lot 11 Kent Five-Acre Tracts, City of Kent Short Plat No. SP-77-37, NE I/4 Section 12, Township 22 North, ' Range 4 East, Willamette Meridian, King County, WA. Tax Account Number: 383000-0055 ' Sale Information: Price: $250,000 ' Terms: All Cash Date: November 20, 1998 Instrument: Warranty Deed ' Reference No.: 981120-1092 Grantor: Trillium Corporation ' Grantee: Hytek Finishes Company Confirmed by: Cliff Johnson, Hytek (253-872-7160), 3/21/2000 by GBS Property Details: Area: 9.66 acres (421,147 square feet) Use: Vacant ' Zoning: General Industrial (M3), City of Kent Access: Limited from South 2161h Street ' C-161 1 APPRAISAL GROUP OF THE NORTHWEST ' Page 19 ' Comparable Land Sale No. 4 (Continued) Property Description: This property lies at the western end of South 216th Street in north-central Kent. ' This vacant parcel consists primarily of wetlands within an industrial area. It has limited access potential from South 216th Street. The purchaser, Hytek Finishes Company, occupies the adjacent site to the east. They purchased this property for ' possible expansion and to protect the amenity value of their existing property. Analysis: $250,000_421,147 sq. ft. _ $0.59 per sq. ft. ($25,858 per acre) ir � I d r 3 •✓ r v 1LandSale 4,1 - 1.-. ♦, Y� aJ yf ' C-1611 APPRAISAL GROUP OF THE NORTHWEST Page 20 COMPARATIVE ANALYSIS ' The comparable properties have unadjusted prices ranging from $0.24 to $0.59 per square foot. Each property is compared with the subject property by making adjustments for variations in such property and transaction features as changes in market conditions, location, access and exposure, site size and shape, topography and zoning. These adjustments are applied to a standard unit of comparison, which in this case is the sale price per square foot. A discussion follows on each of the factors considered in deriving the ' subject property's value. Market Conditions ' The prices of comparable sale properties need to be adjusted for the date of sale if there are identifiable changes in market conditions. Land prices in this area have been increasing somewhat over the last several years. Accordingly, upward adjustments are required to each comparable's sale price. ' Location The influence of location on land values is well recognized. Although none of the comparables are close to the subject property, all are in the adjacent City of Kent. No ' locational adjustments are considered necessary for Comparable Sales Nos. 1, 2 or 3. A downward adjustment is made for Comparable Sale No. 4's superior location just off ' the East Valley Highway within an active industrial area. Access and Exposure While the exposure offered by a given site, and the access to it, can be critical considerations in the valuation of commercial properties, these characteristics are of little consequence for wetland properties. Thus no adjustments are made. ' Site Size and Shape Other factors equal, larger sites typically sell for less per square foot than do equivalent ' smaller sites. Each comparable sale price, other than Comparable No. 2, is accordingly adjusted downward slightly to reflect the subject property's greater size. Properties that ' are less regular in shape generally provide less utility and typically sell at a lower price than otherwise comparable rectangular-shaped properties. Given the characteristics of these properties, however, no such adjustment appears warranted. ' Topography The more irregular a site's topography, the more costly is its development. Since these properties are in effect precluded from development, no adjustments are made for variations in topography. ' C-161 1 APPRAISAL GROUP OF THE NORTHWEST ' Page 21 Zoning ' The subject property is zoned RC (Resource Conservation), while Comparable Sales Nos. 1-3 have generally comparable agricultural zoning. Comparable Sale No. L-4, however, is zoned general industrial (M3). Although none of the properties is considered to have much developable area due to wetland characteristics, L-4's higher use zoning likely contributed to the higher price paid for this property. Accordingly, a downward adjustment is made for this sale. "BEFORE" LAND VALUE CONCLUSION The indicated value range for the subject property is from $0.24 to $0.33 per square foot. Placing our greatest reliance on agriculturally zoned Comparable Sales Nos. 1, 2 and 3, we ' conclude that this data best support a value for the subject property of$0.30 per square foot. Accordingly, we conclude that the value of the wetlands portion of the subject property in the "Before" condition as of March 9, 2000 was: 1,986,336 square feet @ $0.30 per sq. ft. _ $595,901, or 595 900 Rounded ' C-1611 APPRAISAL GROUP OF THE NORTHWEST ' Page 22 PROPERTY RIGHTS TO BE ACQUIRED ' The City of Renton proposes that the city's Transportation Department acquire fee title to a strip of land from a parcel now owned by the city's Surface Water Utility Department for construction ' of the Oakesdale Avenue SW Extension, Phase H. The Remainder property will be only slightly reduced in size, with no change in basic site characteristics or the property's highest and best use. The roadway extension will divide the subject property into two distinct parcels. This involves ' little change, however, as an existing private roadway extends through the property. The entire area is classified as wetlands. ' The area to be transferred has been estimated at 80,167 square feet. This estimate needs to be reviewed, however, as the corresponding legal description appears to intrude into the existing "Longacres Parkway" already under control of the City of Renton's Transportation Department. ' A portion of the "above described parcel" (subject property) on page 1 of this report, that portion described as follows: ' BEGINNING at the intersection of the east line of the Southwest Quarter of the Northeast Quarter of said Section 25 and the south line of that certain tract ' conveyed to Broadacres, Inc. by deed under King County Recording No. 7504010373; thence North 01' 03' 03" East, along said west line, a distance of 765.03 feet to the southerly margin of SW 27" Street; thence South 88' 24' 10" ' East, along said southerly margin, a distance of 88.44 feet to the point of cusp of a 28.00 foot radius non-tangent curve to the left, the center of which bears South 01° 35' 50" West 28.00 feet distant; thence southwesterly along the arc of said 28.00 foot radius curve, through a central angle of 90' 20' 36", an arc length of 44.15 feet; thence South 01° 15' 14" a distance of 400.08 feet to the beginning of a 5955.00 foot radius tangent curve to the left; thence southerly along the arc of ' said 5955.00 foot radius curve, through a central angle of 00' 30' 24", an arc length of 52.66 feet; thence North 89' 15' 10" West a distance of 5.00 feet to the beginning of a 5960.00 foot radius non-tangent curve to the left, the center of ' which bears South 890 15' 10" East 5960.00 feet distant; thence southerly along the arc of said 5960.00 foot radius curve, through a central angle of 030 43' 20", an arc length of 387.18 feet; thence South 02' 58' 30" East a distance of 8.03 ' feet to the beginning of a 6040.00 foot radius tangent curve to the right; thence southerly along the arc of said 6040.00 foot radius curve through a central angle of 03' 07' 16", an arc distance of 329.01 feet; thence North 89' 51' 14" West a ' distance of 80.00 feet to the beginning of a 5960.00 foot radius non-tangent curve to the left, the center of which bears North 89' 51' 14' West 5960.00 feet distant; thence northerly along the arc of said 5960.00 foot radius curve, through ' a central angle of 03'07' 16", an arc length of 324.65 feet; thence North 02' 58' 30" West a distance of 8.03 feet to the beginning of a 6040.00 foot radius tangent curve to the right; thence along the arc of said 6040.00 foot radius curve through a central angle of 01° 02' 18", an arc length of 109.46 feet to the south line of said tract conveyed to Broadacres, Inc. by deed under King County Recording No. 7504010373; thence South 870 57' 35" East, along said south line, a distance of 18.08 feet to the POINT OF BEGLNNING. ' C-1611 APPRAISAL GROUP OF THE NORTHWEST n .'r rn r �L F '(#706) (#700) STA. 8+28.187 STA. 11+05.92 (#63402) „36.60 LT. 28.48 LT. $TA. 14+98.26 ?1.16 LT. 4 C tD: (#801) ;I STA. 14+75.15 K 'l 36.56 LT. I� Oa s��:a rawM cu:aa r,,r T••.•. r'_ 1 `' .�." Tx aim W11" +skew +�::sn WAWM L (p oo s+ao :•o� Oakesdale Ave.SW— Former I.ongacres Parkway T [J � !at �TSiI co1aR {iaLBf Y�ntW ►1S.�yf 9 W .y. L;�:fil C•^,: i.].r-a Ciil^ I"'mil 1'.1�:'x x^.:::a. CYS_�y �:'> .� t ►. `Fx (#221) STA. 14+60.22 84.24 RT. <.:r.:: . �:::»:� k:�.:.L'.La?1i':1di3.c".:t�fY::'K•�y..s�.l �Faa:31R.:dKLtiiiwWaiciSff:AY."�G's?:T.::fY::dCi .. � • �? ` vim, �i. SS 1 //) 1 CD Z C il m D Page 24 "AFTER" LAND VALUATION The Remainder property will be reduced in size only slightly from 1,986,336 to 1,906,169 square feet. There will be no change in basic site characteristics or in the property's highest and best use. The entire property is classified as wetlands. Therefore, the "Before" wetlands land value of$0.30 per square foot provides an accurate representation of the Remainder area. We conclude that the value of the subject property in the "After" condition as of March 9, 2000 would be: 1,906,169 square feet @ $0.30 per sq. ft. = $571,851, or ' 185 Rounded ACQUISITION VALUE ' We conclude that the indicated value of the proposed right-of-way acquisition from the subject property as of March 9, 2000 is as follows: "BEFORE" LAND VALUE = $ 595,900 ' "AFTER LAND VALUE = 571,850 ACQUISITION VALUE= $ 24,050 C-1611 APPRAISAL GROUP OF THE NORTHWEST ADDENDA 1 ' C-161 1 APPRAISAL GROUP OF THE NORTHWEST ' QUALIFICATIONS OF APPRAISERS ' C-161 1 APPRAISAL GROUP OF THE NORTHNVFST EDUCATION NAMES B. PRICE, MAI, SR/WA Bachelor of Science in Finance, Real Estate Emphasis: Northern Illinois University, University of Illinois; 1966. Appraisal Institute courses include Capitalization Theory, Residential Valuation, Easement ' Valuation, and Standards of Professional Practice. Seminars and Classes include Real Estate Feasibility, Business Valuation, Valuation of Easements and Litigation Skills, Appraising for Pension Funds, and Appraisal of Partial Acquisitions. ' PROFESSIONAL MEMBERSHIPS Appraisal Institute Designation: MAI (Member of the Appraisal Institute since 1979) ' Position: Secretary, Seattle Chapter Formerly: President, Director, and Vice President; Appraisal Institute, Alaska Chapter ' International Right of Way Association Designation: SR/WA (Senior Right of Way Agent) ' Position: International Valuation Committee, Puget Sound Chapter Formerly: International Director, President, and Vice President; Seattle, Washington and Fairbanks, Alaska Chapters ' EXPERIENCE ' Currently: General Partner, APPRAISAL GROUP OF THE NORTHWEST LLP Developer of subdivisions, office building, and residences Owner of apartments and office buildings Formerly: Proprietor, APPRAISAL GROUP OF THE NORTHWEST Appraiser; Schueler, McKown & Keenan Partner; Price & Associates, Alaska Senior Appraiser: First State Bank of Oregon Appraiser; Pacific First Federal Savings Bank Appraiser; U.S. Small Business Administration ' Appraiser; Washington State Dept. of Transportation Qualified as an expert witness in Superior Court, Federal Court Master's Hearings, and Federal ' Bankruptcy Court. Served as an arbitrator in property valuation and lease renewals. Fee reviewer for major banks. ' Qualified as a Master; held Master's Hearings in Alaska. Currently certified under the continuing education program of the Appraisal Institute. Currently certified in Washington State as a General Appraiser(#270-11-PR-IC-EJ-B561LL). ' C-1611 APPRAISAL GROUP OF THE NORTHWEST Qualifications of JAMEs B. PRICE, MA1, SR/WA Page 2 CLIENTS SERVED Alderwood Water District O. R. Colan Associates, Inc. (Acquisition Benson & McLaughlin, Accountants Specialists) Bogle and Gates O'Rourke, John, Attorney Bullivant, Houser, Bailey, Pendergrass & Port of Friday Harbor ' Hoffman; Donald Murphy and Port of Orcas Robert Riede, Attorneys Port of Seattle Bureau of Indian Affairs Puget Sound Energy t Bureau of Land Management Reed, McClure; David Call, Attorney, Fairbanks Michael Monroe, Attorney Charter Bank Reid Middleton, Engineers Chevron Products Company Seattle City Light Church of God, Western Washington Seattle School District City of SeaTac Snohomish County City of Seattle Sound Transit Coldwell Banker Relocation Tacoma Utilities Columbia Bank Union Bank of California Enumclaw Public Schools; United Savings & Loan Bank Will Samuelson U.S. Bank ' First Mutual Bank U.S. Fidelity& Guarantee Huling Brothers; Steve Huling U.S. Postal Service Interwest Bank, U.S. West Communications Oak Harbor, Washington Universal Field Services Key Bank of Washington Washington Dept. of Transportation Keating Bucklin &McCormack, Washington State, Dept. of Natural Attorneys; Joseph Kopta Resources Lee Kraft, Attorney, Bellevue Washington State Parks &Recreation Korea Exchange Bank Commission ' John Lynch, CPA, Bellevue Waste Management Loyal Order of Moose Ogden Murphy Wallace, Attorneys ' C-161 1 APPRAISAL GROUP OF THE NORTHWEST ' EDUCATION GERALD B. SKUTT Bachelor of Arts in Economics, University of Washington, Seattle ' Graduate study in Economics, University of California, Berkeley MA in Economics (all but dissertation for Ph.D.), Washington University, St. Louis ' Appraisal Courses Appraiser as an Expert Witness, Advanced Income Capitalization, General Applications, Standards of Professional Practice, Parts A & B, Principles of Capitalization, Real Estate Appraisal Methods, Residential Appraisal, Principles of Real Estate Appraisal, Real Estate Principles ' PROFESSIONAL MEMBERSHIPS International Right of Way Association EXPERIENCE Commercial Appraiser, Appraisal Group of the Northwest, Bellevue, Washington. Commercial, industrial, land and residential appraisals within the State of Washington. Special focus on analysis involving complex legal and policy issues, including the valuation of partial-takes and condemnations. Certified General Real Estate Appraiser, Washington State (SK-UT-TG-B6380S) ' Washington State DOT Approved Appraiser List CLIENTS SERVED ' Alderwood Water District Linda Lane & Associates Kenneth Bloch, Attorney David Mickelson, Attorney Central Washington Bank National Mortgage Chevron USA Inc. Mulvanny Architects C112M-Hill, Engineers David Olwell, Attorney City of Auburn John J. O'Rourke, Attorney City of Newcastle Pacific First Bank City of Puyallup Parametrix Inc., Engineers ' City of SeaTac Pharos Corporation Columbia Bank Puget Sound Energy Costco Corporation Reid Middleton, Engineers 1 Philip Cutler, Attorney Reliance Mortgage David Evans & Associates Safeco Corporation Evergreen Bank Seattle School District ' First Mutual Bank Snohomish County Robert Gould, Attorney Union Bank ' Hersman Serles, P.S. U.S. Bank Key Bank of Washington Universal Field Services Korea Exchange Bank Washington State DOT ' C-1611 APPRAISAL GROUP OF THE NORTHWEST