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Home My WebLink AboutTransportation (Aviation) Committee - 03 Aug 2026 - Agenda (2) CITY OF RENTON ` '� � AGENDA - Transportation Committee . 5:00 PM - Monday, August 03, 2026 Council Conference Room, 7th Floor, City Hall — 1055 S. Grady Way/Videoconference FINAL APPROVAL AND SET COMPENSATION FOR RENTON SCHOOL DISTRICT NO. 1. 403 STREET VACATION: S TILLICUM ST AND ALLEY, FROM SHATTUCK AVE S TO LOGAN AVE S; AND S TOBIN ST FROM SHATTUCK AVE S TO LOGAN AVE S Community & Ecomonic Development Department— Economic Development Division requests final approval of the Renton School District No. 403 Street Vacation: S Tillicum St and Alley, from Shattuck Ave S to Logan Ave S; and S Tobin St from Shattuck Ave S to Logan Ave (VAC-26-002); and requests acceptance of the appraisal, setting additional cash compensation at zero dollars ($0), and adoption of an ordinance vacating the requested street and alley. Refer to Transporation (Aviation) Committee 2. I-405 RENTON TO BELLEVUE: CLOSURE OF HOUSER WAY NORTH FOR ONE FULL WEEK Public Works Department — Transportation Systems Division recommends adoption of a resolution authorizing the following local road closure: Closure of Houser Way N between Lake Washington Blvd N and Lowe's business delivery access for one full week to occur between August 7 and October 12, 2026, for the purpose of removing an obstruction beneath the BNSF railroad tracks needed to construct storm drainage facilities supporting the I-405, Renton to Bellevue, Widening and Express Toll Lanes project. Refer to Transporation (Aviation) Committee 3 EMERGING ISSUES IN TRANSPORTATION Fi nal A roval and Se pp fo r Street Vacati o VAC-26-001 S Tillicum St and Alle from Shattuck Ave S to Lo a , Y J and S Tobin St from Shattuck Ave S to Logan Ave Petitioner: Renton School District No. 403 Transportation/Aviation Committee August 3, 2026 Amanda Free, MPA, PLS Economic Development Director G�T Y o,� � Stephanie Rary + � + Property Services Specialist '�FNTo� Street Vacati o n • PROJECT Approved Renton High School campus reconstruction and expansion . • PROPOSED STREET VACATION The street vacation petition is to vacate approximately 15 ,210 square feet of right-of-way along S Tillicum St/Alley, and 48 ,427 square feet along S Tobin St, totaling 63 ,637 square feet. • PROJECT DEDICATION TO CITY The project will require 68 , 787 square feet of property dedicated to the City at no cost for Right-of- Way. • UTILITIES There are private and public utilities in the right-of-way, including Comcast fiber, PSE underground gas and electric, City water main , and City wastewater mains . Staff recommends a temporary utilities easement be reserved by the street vacation ��jY °� =F� ordinance until construction is completed and new utilities + � + . ■ . . 'PFNToe� easements are g ranted as req u � red by civ� I construct�on closeout. Public Hearin - Review Comments g • PUBLIC HEARING Held May 4 , 2026 . Council accepted the petition to move forward in the process to include reviewing the appraisal and returning to Council to set compensation . • REVIEW COMMENTS The petition was circulated for review to internal departments and external utility companies . No objections were raised against the street vacation petition . Easements will be required as part of construction closeout and a temporary easement will be retained through the Ordinance during construction . • PUBLIC COMMENTS AT HEARING Traffic flow, public safety, driver behavior, pedestrian accessibility, emergency access , 2-way street conversion timing , small business support, historic significance , necessity and consistent project requirements were raised by various speakers . G,jYo� + � + �FNTOe� Staff S u o rt of Street Vacati o n pp • PLANNING AND SAFETY A public street should not bisect a primary or secondary school campus . When on the school's campus, children should not be made to cross streets to get from one class or activity to another. Additionally, contemporary security measures for schools now require fencing around the campus and having a street bisect the grounds hampers those measures and impacts the aesthetics of the redeveloped campus . • ECONOMIC DEVELOPMENT The redevelopment of Renton High School , in its historic location — downtown , is a valued anchor to the City Center, driving up family-oriented foot traffic, boosting the i m med iate economy, encou rag i ng civic activation , and strengthen i ng property values city wide . Centrally positioned campuses , similar to Renton School District's proposal , help foster a stronger sense of belon in and im rove socio-beneficial outcomes b actin as a `�Y �� g g , p Y g + � + -F� shared neighborhood resource . �FNT�� AIRPORT WAY AIRPORT WAY Street Vacation Areas and �.�wp.� �x��ry� `��.��N�� 5�o-c�.� wom :��»:aiKw-�i�rJ.v ror� o[av�r.»� (n Req u i red Rig ht-of-Way ` , �,� w�� Y �K�r��ri��. � Ded ication Areas � ""�� J y -- CE_��'w1H�,N�' _f_ i��Rih� J(Oxalitri"_ ,TO�5. HIUIN �C�EOfAI._�..i�Si Vacation area� � STOBINST (63 637 sq ft): � � ��--- .,�,. - , :,�'�K.r�:« - ��..-,',. � wm.�. wo�r —�iw:A4��rE 5 — ocar�'.-w-._ ,.qr N Rig ht-o -Way .;.A.,, oE��,.,�_.. > Nt(i'N � Dedication areas � (68,787 sq ft): � J -�,<<�.,:�,�,�� .. ,., � � y � < � � p� �.� '� ,_.. g i ___ .., •�qpM - �CE71CATqN won� 1 1 ROW DEDICATIONS � ,� .. ROAD AREA (SF) �/'"�� '� � LOGAN AVE S 23,177 �� "" ' �:,�„Kri Q w�:« AIRPORT WAY 11,472 f� � ` � � > SHATTUCK AVE S 1,469 ` � l��'4JW S TOBIN ST 1,820 ^�E„;��T�' ��Y o� LAKE AVE S 2 274 2ND AVE S � � + 2ND AVE S 2ND AVE S N T � 2N0 STREET S 28,575 L oF��.,��,�Es TOTAL 68,757 �F N T�� ,> ,. . , S Navaarw�r ' r . �. � �y__- �.� � (� � � ° r 'C3� I �, _. — '_� I ■ ■ y 1,��• I � � i = Land Use A I �cat�on : -1t _ - , . -�� pp � �( ,.�_. _ . J 90F1HALLfIELD gA,qEBAILFELD 4 A roved Pro'ect � - � � � � � pp J � S' - � � � -_--� ��}"� ;- � �te Plan - ____.T�WS�ET � ��. - __� ,L � .� _ :_� _� :� �� _ � �� c��:;�°��-�_��-�°,----- �"��r: � .+._ _ � . � � � �:� � � :1 � ; �,. E�asnNc hriws T"-H---� ,j. . CIX1RT3 NE�VTfNhS MUITIPUAP03Ei1ELD �"' (:(x1H 1;; � A�VElINO15W89 �.. � � FIRD ' �. Y _ . _ , 1 __ . ._ ' �• o � -�- � ', � ; f ,o o r- i �, � � ,�K � _ - � . �', STAFi PARKIlq - \ ,o v��x� � ,o . � —� --- _ ( (J��I'1 . MIOH 9CIlOOI BULDINO I � 0 — - � � L.I � 7 0 � � p . �.�....�..� L W Q-----v------ _ L__ �_. � 00 0� �� 0� 0� 00 - ' s `l�_ — ��.T;� !� _ O $TUpENT PAQKING n E%1371NG BUILDWG RENOVATior� u O 00 00 00 00 00 00 �I+ �� c.�j Y O.c � T�l �� l-�'_ _NAiN�,:�.,i . A _ ,� �.��---�'�--�--t�---�'?, t °� � J � + � + �s�� ..�` � 3 --,-.-- _ � � `— ` � � � "�-�� .__l� � � � � - �N T� , 9 � ._____, � — �,_ � S 2N0 9TREET • EXI5ING CO/AhERCUI �� Renton M u n ici al Code Vacation p Com ensation p • RMC-9-14-5. E • When a street or alley is vacated for a governmental agency, and compensation is required, compensation shall be based upon the administrative costs of the vacation and may, at the discretion of the City Council, be based upon original cost to the City of acquisition. No governmental agency is exempt from compensating the City for the vacation of a street or alley right-of-way. • No evidence of S Tobin Street had original cost to the City for acquisition. Historic road located within a Donation Land Claim from the US Government dating back to 1853. • S Tillicum St was dedicated by 1914 Plat of Renton Real Estate Co's 1St Addition to Renton with subsequent deeds to the City for additional portions of ROW; both with no compensation to the city. • Administrative fees are paid by petitioner at time of filing and a fee based on the appraisal amount prior to Ordinance recording. These fees are intended to cover staff time and all associated recording fees. The final fee for the petitioner will be $2,390 based on the submitted appraisal amount. G�j Y 0,�` + � + �FNTOe� Staff Recommendation Staff recommends that Council : (1 ) accept the appraisal of the vacation area; (2) find, pursuant to RMC 9-14-5.E, that compensation for the vacation of right-of-way to a governmental agency is measured by the administrative costs of the vacation, and decline to base compensation on the original cost to the City of acquisition ; (3) find that the administrative costs of this vacation are recovered through the fees and costs paid by the District under RMC 9-14-2.B, RMC 9- 14-5.A, and RMC 9-14-9, such that the District is not exempt from compensating the City within the meaning of RMC 9-14- 5.E; and (4) set additional cash compensation at zero dollars ($0). G�j Y 0,�` + � + �FNTOe� • SUBJECT/TITLE: Final Approval and Set Compensation for Renton School District No. 403 Street Vacation: S Tillicum St and Alley, from Shattuck Ave S to Logan Ave S; and S Tobin St from Shattuck Ave S to Logan Ave 5 RECOMMENDED ACTION: Refer to Transportation (Aviation) Committee DEPARTMENT: Community & Economic Development STAFF CONTACT: Amanda Free EXT.: 7369 . • . . • N/A � ' � � � As part of the Renton High School campus reconstruction and expansion project, Renton School District No. 403 petitioned to vacate S Tillicum St and alley and S Tobin St, from Shattuck Ave S to Logan Ave S, totaling 63,637 square feet. Council set a public hearing by Resolution No. 4575 and, following the May 4, 2026 hearing, authorized the petition to move forward subject to an appraisal. Council is now asked to accept the appraisal and set compensation. Because the District is a governmental agency, RMC 9-14-5.E controls and measures compensation by the administrative costs of the vacation, with the City's original cost of acquisition as a discretionary addition, rather than by appraised value. The District has paid the filing fee, processing fee, and appraisal costs required by RMC 9-14-2.B, 9-14-5.A, and 9-14-9, which recover the City's administrative costs, and the rights-of-way were acquired by dedication at no cost to the City.The District will also dedicate approximately 68,787 square feet of right-of- way to the City at no cost along Logan Ave S, Airport Way, Shattuck Ave S, S Tobin St, Lake Ave S, and S 2nd St, and grant related easements. See the attached issue paper for the full analysis. � � • � � • Staff recommends that Council accept the appraisal and set additional cash compensation for the Renton School District No.403 Street Vacation at$0. 1 . C ,� '� . Community & Economic Development Department DATE: August 3, 2026 TO: Carmen Rivera, Committee Chair Members of Transportation/Aviation Committee VIA: Armondo Pavone, Mayor FROM: Gina Estep, CED Administrator STAFF CONTACT: Amanda Free, Economic Development Director SUBJECT: Final Approval and Set Compensation for Renton School District No. 403 Right-of-Way Vacation (VAC-26-001) ISSUE: What compensation, if any, should Council require from Renton School District No. 403 for the vacation of S Tillicum St and alley, from Shattuck Ave S to Logan Ave S; and S Tobin St from Shattuck Ave S to Logan Ave S (VAC-26-001)? RECOMMENDATION: Staff recommends that Council: (1) accept the appraisal of the vacation area; (2) find, pursuant to RMC 9-14-5.E, that compensation for the vacation of right-of-way to a governmental agency is measured by the administrative costs of the vacation, and decline to base compensation on the original cost to the City of acquisition; (3)find that the administrative costs of this vacation are recovered through the fees and costs paid by the District under RMC 9-14-2.B, RMC 9-14-5.A, and RMC 9-14-9, such that the District is not exempt from compensating the City within the meaning of RMC 9-14-5.E; and (4) set additional cash compensation at zero dollars ($0). BACKGROUND SUMMARY: As part of the approved Renton School District No. 403 ("District") Renton High School campus reconstruction and expansion project, the District petitioned to vacate S Tillicum St and alley, from Shattuck Ave S to Logan Ave S (15,210 square feet); and S Tobin St from Shattuck Ave S to Logan Ave S (48,427 square feet), totaling 63,637 square feet, so that the identified streets and alley may be included in the expanded campus. By Resolution No. 4575, passed April 6, 2026, Council set a public hearing for May 4, 2026, and the City Clerk gave notice as provided by law. During the review period, the petition was sent to internal and external reviewers, and there were no objections overall; however, easements will be required for utilities. Several members of the public objected to the vacation at the Public Hearing, and the City received written objections. Council accepted the petition with the condition that the District provide an appraisal of the Page 2 of 4 August 3, 2026 vacation area. Council now determines the compensation to be paid, if any, under RMC 9-14-3.D and RMC 9-14-5. RMC 9-14-1 provides that chapter 35.79 RCW governs the street vacation procedure and that RMC 9-14 is supplemental to it. RCW 35.79.030 authorizes, but does not require, the City to charge compensation for a vacation, and caps any compensation the City may charge at the appraised value of the area vacated. RMC 9-14-5.B is the general compensation provision. It requires the City to receive compensation in accordance with RCW 35.79.030, in an amount determined by appraisal, and authorizes Council, upon recommendation of the administration, to accept real property or a property right in lieu of part or all of the cash compensation that would otherwise be paid. RMC 9-14-5.E governs vacations to governmental agencies. It provides that where a street or alley is vacated for a governmental agency and compensation is required, compensation shall be based upon the administrative costs of the vacation and may, at the discretion of the City Council, be based upon the original cost to the City of acquisition. It further provides that no governmental agency is exempt from compensating the City for the vacation of a street or alley right-of-way. The District is a governmental agency. RMC 9-14-5.E addresses that circumstance specifically, while RMC 9-14-5.B states the general rule applicable to all petitioners, and the specific provision governs. For the District, the measure of compensation is the administrative cost of the vacation, subject to Council's discretion to base compensation on the City's original cost of acquisition. Appraised value is not the measure of compensation under RMC 9-14-5.E. The appraisal remains relevant because RCW 35.79.030 caps compensation at appraised value, but that cap constrains the determination only where the compensation the City would otherwise charge exceeds appraised value, which is not the case here. The final sentence of RMC 9-14-5.E forecloses any exemption from compensation for a governmental agency. It does not require that compensation take the form of a separate cash payment. The City recovers the administrative costs of a vacation through fees paid by the petitioner. RMC 9-14-2.B requires a filing fee to compensate the City for administrative cost and expense in the processing, checking, and handling of the petition, and that fee also includes the publication and posting expense of any notice pertaining to the vacation. RMC 9-14-5.A requires a processing fee to defray the remaining administrative costs of processing and completing the vacation. RMC 9-14-9 requires the petitioner to pay the actual cost of preparation of the appraisal report, in addition to both fees. The District has paid the filing fee required by RMC 9-14-2.B and the cost of the appraisal required by RMC 9-14-9, and will be charged a processing and completion fee of$2,390 under RMC 9-14-5.A to offset staff time and the recording fees associated with the Ordinance and finalizing the street vacation. Compensation measured by the administrative costs of the vacation is therefore satisfied. The District is not exempt from compensating the City within the meaning of RMC 9-14-5.E, and no additional cash compensation is required under the Code. Page 3 of 4 August 3, 2026 RMC 9-14-5.E also gives Council discretion to base compensation on the City's original cost of acquisition. That basis is discretionary, and staff recommends that Council decline it. The legal description of S Tillicum St and the alley shows that the right-of-way was created by plat, as Tillicum Avenue in the Plat of Renton Real Estate Co's 1st Addition to Renton, recorded in Volume 21 of Plats, Page 50, records of the King County Auditor, together with those portions dedicated as right-of-way under Recording Nos. 9703200564, 199910207000655, 20033112001640, and 20230616000442. Each source of title recited is a dedication, and the City incurred no acquisition cost for that right-of- way. S Tobin St lies within Tobin Donation Land Claim No. 37, and staff is not aware of any record of the City or King County having paid to acquire that right-of-way. Confirming its origin would require a search of the historic King County road records, which staff can perform if Council wishes to consider compensation on that basis. RMC 9-14-4 provides that streets and alleys are subject to RMC 9-14 regardless of whether they were acquired by plat, grant, dedication, gift, acquisition, or condemnation. Consistent with RMC 9-14-5.C, the District caused an appraisal of the vacation area to be prepared by McKee Appraisal, Inc. The appraisal concludes a market value of $3,550,000 as of August 1, 2025, using across-the-fence methodology and reflecting the area's mixed CD, CA, and R-8 zoning. Under RMC 9-14-5.E, that figure is not the measure of compensation owed by a governmental agency. It is presented for Council's acceptance and confirms that the recommended compensation is within the cap imposed by RCW 35.79.030. As part of the project, the District will dedicate right-of-way to the City at no cost totaling approximately 68,787 square feet, along Logan Ave S (23,177 square feet), Airport Way (11,472 square feet), Shattuck Ave S (1,469 square feet), S Tobin St (1,820 square feet), Lake Ave S (2,274 square feet), and S 2nd St (28,575 square feet), and will grant the utility easements required in connection with the project. These dedications are a public benefit of the project, relevant to Council's determination under RMC 9-14-3.0 that the vacation is in the public interest and that the property is not required for the overall circulation of traffic within the City. They are not offered or accepted in lieu of cash compensation under RMC 9-14-5.B, and no in-lieu appraisal under RMC 9-14-5.0 is required. The draft Ordinance provides for a temporary utilities easement over the entire vacation area, because the street vacation is moving forward before construction has been completed. The temporary utilities easement will be in place until construction is completed and new permanent utilities easements are granted to the City. CONCLUSION: RMC 9-14-5.E measures compensation for the vacation of right-of-way to a governmental agency by the administrative costs of the vacation, with the City's original cost of acquisition as a discretionary addition. The administrative costs of this vacation are recovered through the fees and costs paid by the District, and the right-of-way was dedicated to the City at no acquisition cost. The District is compensating the City and is not exempt from doing so. Staff recommends that Council accept the appraisal, set additional cash compensation for the street vacation at $0, and pass the Ordinance vacating S Tillicum St and alley, from Shattuck Ave S to Logan Ave S; and S Tobin St Page 4 of 4 August 3, 2026 from Shattuck Ave S to Logan Ave S, reserving a temporary utilities easement over the entire vacation area. Appraisal of S. Tobin and S. Tillicum Street Vacations Rea( Property: Commercia( Land .. �-, � �"'��',��ms�� _�..�..' �� _ � ' � T T I . �:�. �r � � � � �! �iJ ��' .��' �/� f ." i �-1 F��' , � _�;�. �c �S r 'e � �. •� '�;' .r � : {if�I _ �� d `' �+ �� ! � . ,�" � r�'�' {'!�: , `i ! ' A �� "`� � ��' ��a� '��.�� f� ' �•� - �� \ � �"�'�„ � I'� .1 � �,. �. 1+ X" ►. � °; �-.�'�, � . �T� �— T . " � r "P'^ se.� F , I � r � _ �..�R��e+ t , ' � `" k,_i+"`�_ �'`. Date ofAppraisal August 1, 2025 -Market Value Prepared for Matt Feldmeyer Renton School District 403 �araised bX Bates McKee, MAI Austin Kinzer OMcKee Appraisal Real Estate I Consulting Fi(e 45001.8 OMcKee Appraisal Real Estate � Consulting August 19, 2025 Matt Feldmeyer Renton School District 403 Director of Capital Planning& Construction 300 SW 7th St Renton, WA 98057 Property Name S.Tobin and S.Tillicum Street Vacations Location 100-200 Blocks of S Tobin St and S Tillicum St Renton,WA 98057 McKee Fi(e 45001.8 Dear Mr. Feldmeyer: At the request of Renton School District 403, we have prepared an appraisal of the market value of the real property referenced above. The subject vacation areas include portions of 2 parallel streets (S Tobin St and S Tillicum St). Together, these areas comprise approximately 63,700 sf of land. This Appraisal Report communicates our findings. The subject property is public right of way bounded by Shattuck Ave S to the west and Logan Ave S to the east, located in Renton, Washington. This is an appraisal of the fee simple estate, representing the value of the property rights to an owner of the land and improvements, without any leases or other property interest encumbrances. This is an appraisal of the Fair Market Value of the fee simple interest in the subject property. This appraisal has been prepared in conformity with the Uniform Standards of Professional Appraisa(Practice(USPAP). It has been prepared in conformity with the requirements of the Code of Professiona( Ethics and the Standards of Professional Appraisa( Practice of the Appraisa( Institute, and is subject to the attached Certification, Assumptions & Limiting Conditions, as well as specific assumptions contained herein. This appraisal has also been prepared in conformity with the appraisal standards and scope of work required by the client. Value Conclusion As a result of our investigation and analysis, our conclusions are: Description Date of Value Value Market Value August 1,2025 $3,550,000 600 1st Avenue, Suite 102-2074, Seattle, Washington 98104 (206) 343-8909 � www.msreal.com Appraisal of �3 S.Tobin and S.Tillicum Street Vacations Renton,WA Certification Certification 1 certify ihai, to the best of my knowledge and belief.• . The statements of fact contained in this report are true and correct. . The reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions,and are my personal,impartial,and unbiased professional analyses,opinions,and conclusions. • I have no present or prospective interest in the propertythat is the subject of this report and no personal interest with respect to the parties involved. . I have performed no services,as an appraiser or in any other capacity, regarding the propertythat is the subject of this report within the three-year period immediately preceding agreement to perform this assignment. • I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. . My engagement in this assignment was not contingent upon developing or reporting predetermined results. . 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. • My analyses,opinions,and conclusions were developed,and this report has been prepared,in conformity with the Uniform Standards of Professional Appraisal Practice. . I have made a personal inspection of the property that is the subject of this report. • No one provided significant real property appraisal assistance to the person signing this certification. • The reported analyses,opinions,and conclusions were developed,and this report has been prepared,in conformitywith the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. . The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report, Bates McKee has completed the continuing education program for Designated Members of the Appraisal Institute. Ciot�..n..I l L4JCR.ti �� (�ah+l � l�u.� Bates McKee,MAI Austin Kinzer WA Certified General Appraiser(1100228) WA Certified GeneralAppraiser(25000564) McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page �4 S.Tobin and S.Tillicum Street Vacations Renton,WA Table of Contents,Maps and Exhibits Table of Contents, Maps and Exhibits Transmittal..................................................................................................... 2 Certification ................................................................................................... 3 Table of Contents, Maps and Exhibits............................................................... 4 Summary of Important Conclusions................................................................. 5 PhotographMap ............................................................................................. 7 SubjectPhotographs....................................................................................... 8 AppraisalDescription...................................................................................... 11 NeighborhoodDescription............................................................................... 14 NeighborhoodMap............................................................................... 14 MarketAnalysis .............................................................................................. 19 PropertyDescription ....................................................................................... 21 SiteMap............................................................................................... 21 KingCounty GIS Map ............................................................................ 21 ZoningMap .......................................................................................... 23 Federal Aviation Regulation Map............................................................ 27 Highestand Best Use ...................................................................................... 30 Sale Comparison Approach—Commercial Land ............................................... 32 Sale Comparison Photographs—Commercial Land................................. 32 Sale Comparison Map—Commercial Land ............................................. 34 Sale Comparison Summary—Commercial Land ..................................... 35 Sale Comparison Adjustments—Commercial Land................................. 39 Sale Comparison Approach—Residential Land ................................................. 41 Sale Comparison Photographs—Residential Land .................................. 41 Sale Comparison Map—Residential Land............................................... 43 Sale Comparison Summary—Residential Land ....................................... 44 Sale Comparison Adjustments—Commercial Land................................. 47 PropertyValuation .......................................................................................... 49 Appendix........................................................................................................ 50 OrdinaryAssumptions and LimitingConditions Economic Conditions and Real Estate Markets CoStar Submarket Analysis Appraisers' Experience &Qualifications McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page �5 S.Tobin and S.Tillicum Street Vacations Renton,WA Summary of Important Conclusions Summary of Important Conclusions Name of Subject Property S.Tobin and S.Tillicum Street Vacations Address Portions of ROW between S Tobin St and S Tillicum St Renton, WA 98057 Property Description Commercial Land Detailed Description Land area: Tillicum St 15,300 sf Tobin St 48,400 sf Total area 63,700 sf • Vacant Land • Mixed Zoning(45% CD, 44% R8, 11% CA) • One rectangular and one irregular shaped right of way areas running east-west between Logan Ave S and Shattuck Ave S Valuation Premise This appraisal estimates the "Fair Market Value" or the "means the amount in cash that a we((-informed buyer, willing but not obligated to buy the property, would pay, and that a we((-informed seller, willing but not obligated to se((it, wou(d accept, taking into consideration a((uses to which the propertyis adapted ormaybe reasonab(y adaptab(e." Property Interest Appraised Fee Simple Estate Valuation Methodology The appraisal uses "across the fence" (ATF) methodology, assuming zoning consistent with the adjacent property zoning, and using the unit value of similar land as the valuation basis, without regard to size or shape.This is the methodology historically applied in determining compensation for vacated rights of way, and is balancedforthis purpose, neitherdiminishingthe value for the specific characteristics (such as limited size and accessibility), nor escalating the value for the potential enhancement to the petitioner's surrounding property. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page �6 S.Tobin and S.Tillicum Street Vacations Renton,WA Summary of Important Conclusions Valuation Approaches The market value is estimated by using the single relevant approach to value: • the "Sale Comparison Approach", using an analysis of the sale prices of other land properties with similar location and zoning; the "Income Approach" and "Cost Approach" are not relevant for a street property and are not applied. Value Conclusion Description Date of Value Value Market Value August 1,2025 $3,550,000 McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of �7 S.Tobin and S.Tillicum Street Vacations Renton,WA Photograph Map Photograph Map �� "� \ . I at � .--�`� . �' ,� `�,. ,`` v� � - I � y�� '� � - - . � "�''' ��j .;. � -�✓� * i �" I '. � ! .� �� ,_ . �.; ._�r,•� , . a �'` .!� I r� ��.. �'� �,�, : ' ,��y y�4_T1 f�h a .r� `� � 1 � F� T 1�_ - - T-- �' :�' � s��iNa`.;. ' , � � . - - . 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I � �� -_ �� ,t_._, t �� j �• " f�` -� � ' � r �. s ��-� � ' n � �.._...., / ��_ r,� � ,. ..�, ' �..�� _ ��.. . �., , 3 , , ` � �• �.... - � � '..- ..... , - - _ ; .,� . r.i- ~ �I �' •` -N►'� � k _� �. ,�� ..� � �� . ;I� ��:_ .. -• '�• _ ; McKee Appraisal Real Estate Services&Consulting,Inc. (File 45001.8-August 19.2025) Appraisal of �8 S.Tobin and S.Tillicum Street Vacations Renton,WA Subject Photographs Subject Photographs .i��!y��k� S}'��f�� l / � -.R '� Photo 1: East edge of the area to be : � : �A;� �.��'� ' ' ` , ��`, vacated area on S Tobin St S from a,t� `— . �=��`�� ?,�� LoganAvefacingwest. � _` , � � !' ` a .T.s '�- ._ -�s' ��Y . 1�., . ' � _ . �.� .�'^ � ..��,�. —..._ � � , , � �: , 1 �,,. Photo 2:West edge of the area to be > � - �� ` '�_. '� vacated area on S Tobin St S from ��` ':�' `�� °��t� �>� '�' Shattuck Ave S facing east. ,� � i�`�� '�� "`:� j'' - � _�, � r f z, ,._ � '�, _' a �� -- , .�- � , � �:� y.` r �! �t,`f- . '{�^?-Jf"•� _.'��:;��°��;A�T:�?'¢� .�' ��= Y h� .'}ir �• 't 6 �•��d�� =: kF�i; Photo 3: Facingwestfrom roughlythe ' ` 'A' +�'� +�� y�� middle of the area on S Tobin St to be ' � �r ,�yo.Y �,�i '� °� �1 �. �S-(an. �- '�.,, n --�z {r: .��,'� � �ti �� ;�;; = vacated ` `�'',''�.r.:' i .��F.",� , � r ' _ McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of �9 S.Tobin and S.Tillicum Street Vacations Renton,WA Subject Photographs "\-_ \\, ��\ .� ��;, � 41'�.- .�' , �: � f �`:` � ' ` - ,: � `�` -.'�� Photo 4:West edge of the area to be i � � *�`�`� ' ''�.-=r� vacated area on STillicum Stfrom '' � '�--� __ Shattuck Ave S facing east. � ay _:�� .# .� �-- �.� �- - �, . . . _ � � - � � � � � ��-�� „ -. � . Photo 5: Facing east from ; � , �� „�. `.'�tr ' `r� approximately 130'east of the West � � � �' �"�'� � • �•�� e dge o f t he area to be vacate d area on _ � � - � ,.��-�� _� . � � I . S Tillicum St. The"Do Not Enter" sign li `�n:;, �` �`` �F'! � landmarksapproximatelywherethe ' � � �� subject area narrows heading east. � � �� t"�f- ` � �"�' � ��..,,�;, �-� ;,,�,��,- �,.;..,,fy.: ;��_ r, �eE,�. :S�ty� ` ; r�l. �..y�:. u �9''. Y _ � `v:cY��t��,"-. �/,.�,",� � `` ,rr_.r.t�` � •,.;ai_ � ��w.} � L4. � :� �- � � —_ �--I�I � �, � < , ia�,�.;', � Photo 6: Facingwestfrom roughlythe L .E '��' ��i`�`-�-' middle of the area on S Tobin St to be � �_ �-- -. :�= i''r'�� a � .� �. � ,� � vacated. �:�: �� , �� `��.� � :�� _ .�,�J .. �` t�l �+ �s.;.;�;� � ;; __ � I, �� . -,�-� ,�.� `. _ - ,_ McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of � 10 S.Tobin and S.Tillicum Street Vacations Renton,WA Subject Photographs � / F�., -�_ _— r�` .j�� Photo 7: East edge of the area to be ' I �.* �1� vacated area on S Tobin St S from �� , . . � , r_- - � �� _ Logan Ave facing west. - � _ �� . _ - _ . _r , ; McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of Pag � 11 S.Tobin and S.Tillicum Street Vacations Renton,WA Appraisal Description Appraisal Description Identity of Property • The subject property is portions of ROW between S Tobin St and S Tillicum St, Renton, WA 98057. • The subject Area is described as all public ROW areas on S Tobin St and S Tillicum St West of Logan Ave S and East of Shattuck Ave S. A survey or full legal description for this area has not been provided. We have used the assessor map in estimating the subject area. Please see the extraordinary assumptions and hypothetical conditions sections for details. Title Report: Easements and Encumbrances We have not been provided with a title report for the subject property, so we have no verified specific title understanding.We assume the subject is clear of any financial encumbrances such as mortgages and liens. Non-financial encumbrances may include easements, encroachments, restrictive covenants or leases. Other than as identified in this report, we assume that there are no easements or other title issues which would impact the value or other important conclusions of this appraisal. Purpose of Appraisal The purpose of this appraisal is to estimate the Fair Market Value of the fee simple estate of the subject property, before and after acquisition of some of fee simple and temporary easement rights for use in conjunction with the I-405, SR-522 to SR-527 Express Toll Lanes Improvement Project. The following definition of Fair Market Value is from the Washington Pattern Jury Instruction 150.08: Fair market value means the amount in cash that a well-informed buyer, willing but not obligated to buy the property, wou(d pay, and that a we((- informed se((er, willing but not obligated to se(l it, would accept, taking into consideration all uses to which the property is adapted or may be reasonably adaptab(e. Ownership of Property The current owner of the property is the City of Renton. The owner has continuously owned and operated the property for many years. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of Pag � 12 S.Tobin and S.Tillicum Street Vacations Renton,WA Appraisal Description Client, Intended Users, and Intended Use The client is Renton High School. The intended user is Renton High School and the City of Renton. The intended use is solely for the proposed fee take acquisition of the right of way areas. No other use or user is authorized. Unavailability of Information We have not necessarily been provided with various expert information which may be relevant to the valuation such as surveys or environmental reports specific to the subject area. Fee Simple Property Rights Appraised The property rights appraised are a fee simple (absolute) interest in the property, subject only to the existing appurtenant easements of record and to the four powers of government in the United States (taxation, eminent domain, police power and escheat). This appraisal is of the real property only within the legal boundaries defined by the legal description of the larger parcel. Any equipment or other personal property is not appraised. Five-Year Sales History The subject properties have not transferred ownership within the five years prior to the effective date of this appraisal. We are not aware of any agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal. Extraordinary Assumptions and Hypothetical Conditions This appraisal is subject to the General Assumptions and Limiting Conditions found at the beginning of this report. In addition, the following extraordinary assumptions and hypothetical conditions may have affected the assignment results. A survey or full legal description for this area has not been provided. We have used the King County Assessor map in estimating the subject area. We are not surveyors, and recognize that to obtain an exact square footage of the land area to be vacated, a survey would be required. We therefore assume as an extraordinary assumption that any difference in land area between the estimated area within this report and the acquired area does not differ to a degree where the total value would be significantly impacted. Considering the potential unavailability of information, we assume as an extraordinary assumption that there are no unapparent conditions which affect the value or utility of the property. As an extraordinary assumption or hypothetical condition, we appraise the property as fee simple land and as if unencumbered by agreements, restrictions or easements. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of Pag � 13 S.Tobin and S.Tillicum Street Vacations Renton,WA Appraisal Description Scope of Work The scope of work associated with the appraisal assignment is consistent with the intention to produce appropriate and credible results, consideringthe requirements and intended use for the client and intended users. The scope of work included: Research of public records, articles, zoning, neighborhood description and trends, and information provided by the client such as title and environmental, and street vacation plans. Sales were researched using CoStar, Commercial MLS, King County Assessor Records, City of Renton public records, and public news articles available to research and analyze the market. The Sale Comparison Approach was used, as there was adequate, relevant sale data in this market for similar sites. As vacant land, the Cost and Income Approaches are not relevant and were not used. Recent transactions of residential and commercial land sales in Renton and adjacent areas with the same or similar zoning as considered for the vacation area were investigated. The comparisons were adjusted for a variety of factors, and a final value was reconciled for the subject property. Date of Appraisal Report August 19, 2025 Effective Date of Value August 1, 2025 Market Value McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of � 14 S.Tobin and S.Tillicum Street Vacations Renton,WA Neighborhood Description Neighborhood Description KCr�NrDa�E r � R�INIFR PEACH r-�-� �ti��'�� IAKERIC�(;F � �f2r�y.�r�t RAINIER VIEW � . � �f HE LaNU�N�. �, ALLENTOWN � i, �' � ._�t,s� - ��lawr-Skywdy i� , _ l�.A� �6 _, ..I� , y � _, '1_.._ . . . � :•-c -_ � ... � _ TU� = u � S' A V�r v�i � _ r� .. �_� a _ V _ LA ROSA h�EAGQ1h'S ►�1�;Mi(_hLN HFIc;H'ti •- ;CI.TH"ENTEF — -, r. .. � . ORILLIA � '' '' '� I ' �- � � � � . - N McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of � 15 S.Tobin and S.Tillicum Street Vacations Renton,WA Neighborhood Description Neighborhood Description Regional Overview Washington state's total population grew by 1.0% on April 1, 2025, according to annual estimates prepared bythe Office of Financial Management.The Seattle Metropolitan area is located in the middle of a 5-county area often referred to as the Central Puget Sound Region. Seattle is the central focus of economic activity. Seattle and the Region have experienced significant population and business growth over the last several decades. Trends in the Seattle area over the last decade in particular included significant population, economic and employment growth.The metro area had a population of 4.145 million in 2024,with real gross domestic product(GDP) of$566.7 billion in 2023, the 10t" largest regional economy in the US with a 10-year CAGR of 4.9%, ranking#1 among large US metro areas in short term and top-tier growth over multi-year benchmarks. Led by growth in technology, as a world center of software development (including Amazon and Microsoft as headquartered companies employing about 115,000 total), both population and economic growth have been diverse. As of May 2024, the mean hourly wage in the Seattle-Tacoma-Bellevue MSA was $43.16, well above the national average of $32.66 and in the top 3-4 metro areas for mean wages, although the cost of living was 9t" highest out of 269 urban areas in the 3�d quarter of 2023 accordingto a study bythe Councilfor Community and Economic Research. The area is well known for its overall quality of life, with a reputation for both culture and recreation, and is one of the most attractive areas for both relocation and tourism, especiallyforyounger people. Recent impacts from the work-from-home trend are apparent in the dense but livable urban office core of downtown Seattle, diminishing the presence of office workers even as the CBD matures and retains new residents with a high quality environment.While the short term is clouded by uncertainty in the economy related to tariffs and interest rates the general consensus view on the region's economy is one of optimism, with most reports projecting upward trends in the longer term. Seattle MSA Population Change z,soo,000 z,000,000 i,soo,000 i,000,000 soo,000 0 I(ing Picrce Snohomish ■2020 ■2021 ■2022 ■2023 ■2024 McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of � 16 S.Tobin and S.Tillicum Street Vacations Renton,WA Neighborhood Description City of Renton The subject is specifically located in Renton, a Seattle suburb located just south of the city. Renton runs along the southern edge of Lake Washington and includes a variety of commercial, industrial, retail, single family, and multi-family developments. Renton was incorporated as a city in 1901 and is considered to be a part of the greater Seattle area. It is surrounded by other relatively small municipalities including SeaTac, Tukwila, Kent, and Newcastle. Renton is located near a convergence of I-5 and I-405, Highway 99, and SR-167, giving it good local and regional access. As of July 2024, the City of Renton is estimated to have a population of approximately 109,000. Overall, Renton is the 8t" largest city in the State of Washington based on population and fourth largest in the Seattle area. Renton has a strong economic base and is home to significant facilities such as Boeing and Paccar, retail areas such as The Landing retail center located in Downtown Renton, and the Seattle Seahawks headquarters located on the south end of Lake Washington. Additionally, Renton is home to the region's first and only IKEA store, and other corporations such as Sam's Club. Recent Development Recent developments downtown include the Top Golf Driving Range, a 13+ acre development near The Landing. A 125-room hotel is planned adjacent to Topgolf. Other large development projects are ongoing on the Longacres site.The site was previously used for horse racing, before being converted to office park use by Boeing in 1995. The Seattle Sounders FC opened a newtrainingfacility on the site and Alaska Airlines in February 2024. The Sounders partnered with Unico Properties and the City of Renton for the project, which included 4 full-size training fields, 50,000 sf of office space, and additional training facility improvements.Alaska Airlines purchased the adjacent north building on the campus in June 2024 and invest in renovating the training hub, then fully occupy in 2025. � . __ - �`Sf . j4 i.. _I�. �r. � - - � '�� ' ` - ,�,,,.� _ - � - ��=�� `�"y�� .:.. . �. � _-- ___ - _ _- - , --� �-�� . �_ � �� ;,� McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of � 17 S.Tobin and S.Tillicum Street Vacations Renton,WA Neighborhood Description The subject's close in neighborhood is characterized as an area of limited development over the last 25 years, in part due to zoning and the proximity to Renton Airport. The majority of redevelopment seen since 2000 is primarily retail along Rainier avenue and some apartment buildings to the southwest closer to Cedar River. Access &Surrounding Uses The subject property is located �1 mile west of the I-5 and �1.3 miles from the I-5/Sr-167 interchange. The primary access to and within the neighborhood is SW Sunset Blvd running east to west and Rainier Ave S running north to south.The subject's closest arterial is Airport way which provides good access to downtown and the surrounding arterials. The blocks immediately surrounding the subject consists of a mix of light industrial uses, retail uses, single family residences, and public facilities such as Renton High School to the south and Renton Airport to the north. The subject does have frontage on Airport Way or Rainier and therefore has some retail exposure. The subject property has good access provided by its proximity to both Interstate 5 and 405 as well as SR-167. Both interstates provide for direct and easy access from the subject to the rest of the region, with I-5 connecting to the northern and southern extensions of the region, and I-405 connecting with the Eastside and beyond. SR-167 provides southern regional access to Kent and Auburn. Overall, access to and from the subject neighborhood is considered to be good. Recent Washington State Housing Law(HB1110) In Apri12023,Washington State passed House Bill 1110, known as the"middle housing" bill, and it officially took effect in July 2025. Under HB 1110, cities are classified by population into tiers. Larger cities with populations over 75,000 (like Renton, which sits at roughly 100,000) must now permit four units per lot in all residential zones, and six units per lot either within '/a-mile of a major transit stop or when two units are set aside as affordable housing. Cities are also required to allow at least six of nine defined "middle housing" types—including duplexes,fourplexes,townhouses, cottage housing, and more—and must streamline development standards and reduce parking requirements for these housing forms. The City of Renton formally adopted amendments to its municipal code on June 24, 2025 to bring local rules into compliance and is now allowing up to four units per lot by right (and six in transit-adjacent or affordable-inclusive cases) in all residential zones. This change applies directly to the city of Renton which has amended its code to comply with the bill. This has likely shifted the highest and best use of many residential-zoned parcels from single-family homes toward multi-unit development.Though this increases the density potential of such sites, it also drastically increases the supply of developable multi- family lots within a short time period.This will also likely increase the supply of multi-family units over the next 5- 10 years. These represent opposing forces to residential land values. Overall, the net effect on residential land values from these changes is still unknown. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of � 18 S.Tobin and S.Tillicum Street Vacations Renton,WA Neighborhood Description Renton Airport The subject is located just south of the Renton Municipal Airport, a public use airport owned by the City of Renton. The most northwestern part of the subject parcel is over 1,100' southeast of the centerline of the airport. The subject block and surrounding blocks are located within the Airport Influence Area regulated by Federal Aviation Regulation Part 77 which restricts development and usage due to its proximity to navigable airspace. This can hinder development and affect land values in the surrounding blocks. Conclusion In summary, the subject is part of an established residential, light commercial, and industrial neighborhood located in Renton. The subject is situated along a central arterial, and near the Renton Airport. The subject's neighborhood benefits from its proximity to SR- 167,the freeway system, and regional commercial centers.Though Renton has seen various multi-family development projects over the past 5-10 years, the subject's immediate surrounding area has seen little new development in the past several decades. Overall, the Renton location of the subject provides good access to the surrounding region and is functional for various residential and commercial uses. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of Page� 19 S.Tobin and S.Tillicum Street Vacations Renton,WA Market Analysis Market Analysis Subject Market Analysis The highest and best use for the subject area is for eventual multi-family residential development. Recent data from CoStar on the Renton/Tukwila Multifamily Submarket has been considered.The Multi-Family Market Report is included in the addenda. The Renton/Tukwila Multifamily market encompasses a sizable portion of the South end metro-housing with over 15,295 units of inventory, 201 existing buildings. The market is towards the end of a period of supply increase with 611 units delivered in the last 12 months. This has caused an uptick in vacancy, though absorption rates suggest vacancy should stabilize in the coming years. The majority of this development was occurring east of I-405 in the Renton Highlands neighborhood.There has been limited new apartment development in downtown Renton within the past 10 years. While recent deliveries have temporarily placed downward pressure on occupancy and rent growth, asking rents have remained relatively stable. The current average is approximately $2,030/month, reflecting a year-over-year decline of 0.6%, compared to 1.6%growth across the broader metro. Rent trends by quality tier indicate modest declines for 4&5 Star(-1.1%) and 3 Star(-0.4%) properties, while 1 &2 Star assets experienced slight growth (+0.4%).The submarket's rent premium between mid- and upper-tier units is relatively narrow at 8.5%, compared to over 20% metro-wide. In terms of rent growth, the Renton market has generally followed the national and regional trends. The region had seen positive annual rent growth every year since 2009, with rent growth flattening momentarily as a result of the Covid-19 pandemic, only to shortly after reach all-time highs around 10%-14% year-over-year (YoY) asking rent growth upon recovery in 2021 and early 2022. Following this asking rents momentarily remained flat or declined, and have since begun to pick up again. Annual rent growth now sits at 2.2%. In the subject's close proximity, few multi-developments have been constructed over the last 5 years. Many were proposed in the years prior to 2022 when development was more feasible, howeverfewended up breakingground. One example ofthis isthe DreamlinerSite, which is adjacent to the north of Tillicum St.This development saw significant planning and permitting investment since the land purchase in 2018. This development proposed a �35,000 sf 30-unit mixed-use apartment/office building. The property ended up being acquired by the client in accordance with the High School expansion. Prior to the announcement of this however, significant investment was made into the planning and permitting of the site. Watershed apartments, a 145 unit partially affordable development closer to I-405 was completed in March of 2024. Construction started May of 2022 just after lending rate rises. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of Page�20 S.Tobin and S.Tillicum Street Vacations Renton,WA Market Analysis One 6-unit stacked-flat development broke ground in 2025 after the vacant site was sold with existing permitting from 2022. Given the subject's height restrictions from airport proximity and adjacency to residential lands, this represents an example of a likely development type for the subject's land. This project is the first of it's kind to break ground in the subject's close in market over the last 5 years. Plenty of home conversions from single-family to duplex/ADU have occurred in the close-in market. Rents for these units typically range from $1,200-$1,800/mo. Considering the new state housing bill, residential land can now legally support multifamily construction of 4 to 6 units.The subject is located within a half-mile of both the RapidRide F Line Bus Stop (King County Metro), and Renton Transit Center. These are both frequent transit stops, meaning the subject's residential land is able to develop up to 6 units. The effects of the new bill are still unknown and have the potential to both add value to residential land through increased development rights and over saturate the market for multi-family development. The CPPI commercial property price index has also been considered as an indication of land value for the subject. This data Change in RCA CPPI June 2025 reflects the previously described 1-mth 3-mth 1-yr 3-yr 5-yr 10-yr valuerisesformulti-familyoverthe Office -0.2% -0.1% -1.9% -24.9% -12.1% 3.7% last 10 years followed by a period Office-CBD -0.1 0 -o.sr -4.2 0 -so.�% -49.5% -38.2% Office-Sub -0.6% -1.0% -2.1% -19.5% -4.8% 11.5% of stabilization. Apartment prices Induslrial o.a� 0.5� ,.s� s.4� 44.,� ,02.�o were flat on the month but posted Retail o.o� o.,� 3.5% -6.0% ,5.s� ,�.5 o a slight annual increase of 0.1%. comme«�a� o.o� -0.2� -o.s� -�.a� ,a.o� ao.s� Apartment 0.0% -0.2% 0.1% -18.5% 10.4% 68.1% While not a substantial gain, �t �S AIITypes 0.0% -0.3% -0.7% -12.2% 12.0% 42.9% the first year-over-year growth the sMa;o�Me«oSa��TyPes -0.3� -,.o� -5.a� -,s.6� -a.5� Zo.4� sector has experienced since the "°�-Ma;°`"'e``°5°'°TYPes o.,� 0.2� 1.1� -9B o ,s.o� 5a.s� end of 2022. Overall, the subject market remains a demanded multi-family market in a period of stabilization.With increased interest rates and construction costs,development is currently less feasible than in years past,with lower development land sales volume and construction starts. Land prices generally increase in times of heightened development feasibility and flatten in times of infeasibility. The subject has generally followed this trend, with nominal raw land value appreciation over the last 2-3 years. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of ��21 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Description Property Description Site Map r a�� ' � . , _ , , , : __ , , , �., ' ' . ' ; ' ! -_ , ,:�.. - 4 _. - , _. _ ; : N , : : r � , ; . �• . , . :....... :.....�:.. � :, • _� . . 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F ''' r,.� .� r-- � �, f �; , ��`• : t �� r � ��'�• ;i ;•.�► � r.h, {"!�` � ,� � 1—=-•� ,�i, �' ^ F ��4:; ,�fk _�� `�r 'r� �I � ' - � � ,.�i�,t_ .. ,� � ��1f � L I�y� _' � .f9 �� .7 '� �` . r�l� r �. �' �_ I' !�'' �' '.�!:�*� � / '\�.' � ' -_ .T.�. � T J � ♦� �t. � r T�- �_ - �� ?� �-?� sws . :�' ^ 1 - � s �_ � �`�� . �:''�R�'�' f � . : �,�;�' �`�'�` �4 w� � � '"� �, � :�� +-�; ._.� '�-�` "1 �i � ♦� -�"� !,' —� � y�.�• � McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of �22 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Description Property Description Land Area A current survey of the subject area has not been provided. The following areas were estimated based on the current King County Assessor Map,which shows street width and street length via adjacent parcel perimeter measurements. Land area: Tillicum St 15,300 sf Tobin St 48,400 sf Total area 63,700 sf Shape and S Tobin St: Rectangular Dimensions STillicum St: Irregular Access and Frontage The subject is bound by Logan Ave S to the east and Shattuck Ave S to the west. Access is currently available via those streets. Topography Level Hydrology and Flood We have not been provided with a hydrologic report for the Hazard subject property. We note that the subject property is outside the 500-year flood plain, according to FEMA FIRM # 53033C0630G with effective date 8/19/2020. Environmental We have not been provided with an environmental site Conditions assessment for the subject property. We specifically assume that there are no environmental conditions that significantly impact the utility of the subject. Utilities All public utilities are available including electricity, gas, water, sewer, and telephone. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of �23 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Description Zoning Map ; C� -- , „ �I ' ', � � ��" �, , o " � . � ' 1.. �'. �.. �'' ' i.` �• . ^ / s i. �� .� �, " � � ' r} . � �� s3�' `• �.- �� 't�r+ �j� f( �� n _ _ :�.��+� �,. I�, �'',�/♦�1 � �� • � � �� .�,•�'�, � �`� . .t'♦�- � .��1� W � - t .. .i r'V�J� - ' � W.</ � � ':.��. � .� �� _�. . � - � ;� ._ � .- u. !� t � .�, - � { "� � � . � �, r .�._ �,�� ' = �, � y.: � �-�' >:� s • �..'. ., � �� _ ��. �,�, ��'� �l �� ' � r � ' : � �:� �`-. . •R .� - ' � ,�� "`�Zr.Y�. ,, �:� �. ,�_��. �' ; �� , +;�s.�,,� � �, � ;� . ;� �,�. I ' , ` "� . r - R-8 _ � '•,�• f � ! �� „ a .; � r _ �, . s. � � . � , . �: � � . ,,��' �.,# -� . � - . �I �� . , . - , . : �� M `I ' � � � � �I �\ � 1 r � '�� '� G � � ' '4 *�� .. � �ty r l , (' ' -/ - �� ', � 1� i �7 y � ' � �,' , ,� i l.l .�� F� J . '�F�� .� . _ � � . ' -i ' . , , , , _ _ _,..__� , ' TT R ,_ _ �� r... _ �0► r- � � 1,�� ,— �_ �f� `.-�r.: J �,- , � �1?,,�; ' �, � �t . � _ � � � • ��s ' 'Ifi�u�. r� � _ �iF, �►►.'.�� ,� ' *_� . �: - -,. � � .�� t` � ' � `-�'r . � McKee Appraisal Real Estate Services&Consulting,Inc. (File 45001.8-June 30,2025) Appraisal of �24 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Description Zoning The subject has split zoning between CD, CA, and R8 zoning. These are all City of Renton Zones and are described in detail within this section. To determine the amount of each zoning which exists at the subject, the zoning of the fronting parcels is considered in determining that portions zoning. For street areas which have 2 different zonings on either fronting street, each zoning is considered to command half of each area. This is a common methodology utilized in analyzing zoning for street vacations. Considering this, the subject is estimated to consist of the following: Zoning Land Area %of Total Area CD 28,512 sf 45% CA 7,208 sf 11% R8 27,991 sf 44% Total(Rounded) 63,700 sf 100% Roughly 45% of the site is zoned Center powntown (CD), a city of Renton commercial zoning. The purpose of the Center powntown Zone (CD) is to provide a mixed-use urban commercial center serving a regional market as well as high-density residential development. Uses include a wide variety of retail sales, services, multi-family residential dwellings, and recreation and entertainment uses. A wide variety of uses are allowed including retail sales and services, professional offices, multi-family residential dwellings, and recreation and entertainment uses. Development standards allow a max 150' height, which was recently raised from 95' by ordinances 5965 and 5981 around 2022. Minimum density requirements for multi-family development is 75 units/acre, and max density is 150 dwelling units/acre, with the opportunity to increase to 200 units per acre subject to conditional use permit approval. There is no minimum lot size,front yard setback(except 15'front for buildings under 25'), or max impervious surface coverage.All parking shall be provided in the rear portion of the site, with access taken from an alley, where available. Surface parking shall not be located between a building and a street. Parking may be located off-site subject to a joint parking requirement. Developments are also subject to Urban Design Regulations. Another key development standard is that CD zoned land that abuts a residential parcel is limited to the maximum development height of that parcels zoning plus 20 feet. All of the subject's CD land abuts R8 zoning, effectively (imiting all of the subject's CD land to a maximum development height of 50'. Roughly 11% of the subject is zoned CA, Commercial Arterial, per the City of Renton. The purpose of the CA zone is to evolve from "strip commercial" linear business districts to business areas characterized by enhanced site planning and pedestrian orientation, McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of ��25 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Description incorporating efficient parking lot design, coordinated access, amenities and boulevard treatment with greater densities. The CA zone provides for a wide variety of retail sales, services, and other commercial activities along high-volume traffic corridors. Residential uses may be integrated into the zone through mixed-use buildings. Permitted uses include higher education facilities, schools, parks, medical/dental offices, general office,vet clinic, restaurants, fast food restaurants, indoor and outdoor retail sales, recreational facilities, car washes, vehicle fueling stations, laboratories, recycling stations and small utilities, among other uses. Drive-throughs are an accessory use. Detached dwelling units are not permitted. Regarding density & design standards in the CA zone, the minimum lot size is 5,000 sf, maximum lot coverage is 65% unless parking is provided within the building or a parking garage, in which case 75% coverage is permitted. A minimum 10' front yard setback is required, but this could be reduced via application. A minimum side yard along a street is 10', but this could also be reduced through application. The maximum height allowed for the zoning is 50' unless the building is mixed use, in which case the building can be 70' high. Parking requirements vary by use. Residential uses are allowed in some parts of CAzoning if mixed use buildings are developed with 1St floor retail. This includes parcels within the CA zone that, "are abutting a City of Renton residential zone if at least one vertically mixed-use building is constructed alongthe street frontage(s) with a minimum of two (2) residential stories above commercial, the standalone residential building(s) are sited closest to the abutting residential zone and, if townhouses, limited to three (3) stories."(RMC: 4-2-080) These specified residential uses are not allowed within one thousand feet (1,000') of the centerline of Renton Municipal Airport runway, which the entirety of the subject is outside of. Roughly 44%of the subject is designated R-8, Residential 8 Dwelling Units perAcre bythe City of Renton.The R-8 zoning designation is intended to accommodate moderate-density single-family residential development at densities ranging from 4 to 8 dwelling units per net acre, providing a transitional land use between lower-density suburban neighborhoods and more urbanized zones. Prior to the recent changes from state housing bill 1110, permitted uses within the R-8 zone included detached single-family residences,with opportunities for accessory dwelling units (ADUs), subjectto development standards. Conditional uses included townhouses, cottage housing, and other low-intensity multifamily formats depending on parcel size and context. Since state housing bill 1110 went into effect on July 1St, 2025, this zone now must comply with state lawwhich requires each parcel be allowed to have 4 units, or 6 units if the project includes designated affordable units or is nearbyto a frequenttransit station. The subject is nearby to frequent transit stations, and therefor its residential land has a maximum McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of �26 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Description development potential of 6 units. Units may be in the forms laid out by the bill including rowhouses, townhouses, stacked flats, apartment, or cottages. Typical parcel size in the area is around 5,000 sf. This increase in allowable density is still held to the development standards of the previous R-8 zoning. Minimum lot sizes in the R-8 zone are 5,000 square feet for parcels one acre or less and 4,500 square feet for parcels greater than one acre. The required minimum lot width is 50 feet for interior lots and 60 feet for corner lots,with a minimum lot depth of 65 feet. Maximum building coverage is limited to 35% of the lot area or 2,500 square feet,whichever is greater, and maximum impervious surface coverage is 75%. Building heights are capped at 30 feet for principal structures and 15 feet for accessory buildings. Standard setback requirements include 15 feet from the front property line for the primary structure (20 feet if an attached garage is present), 20 feet at the rear yard, and 5 feet from interior side lot lines. Corner lots require 15-foot side setbacks (20 feet if the side abuts a garage). New development is subject to Renton's Residential Design Standards, which address fa�ade variation, entryway orientation, garage placement, and landscaping. A minimum of 10 feet of landscaped area is required along street frontages, and developers must retain at least 30%of significant trees onsite or provide replanting at a prescribed ratio when removal is necessary. Accessory dwelling units (ADUs) were previously permitted in the R-8 zoning, but limited to 1 per parcel. ADUs were limited to between 600 and 1,000 square feet depending on lot size and were capped at 75% of the existing structure size. Owner-occupancy was required unless otherwise waived through a Conditional Use Permit. Parking requirements varied depending on proximity to frequent transit service. Since the recently passed House Bill 1337,these restrictions have been relaxed. Each parcel must be allowed at least 2 ADUs per parcel. Parking requirements laid out in this bill were similar to the existing parking requirements in the existing code for ADUs. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-June 30,2025) Appraisal of e�27 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Description Federal Aviation Regulation Map � � � � , i � � y � � � � � I � � � � � I I � � I I t ��va; 4 i . , � a� Lake WasMngton Treil I � � I, � �ake Washl�rgton Trelll �irp0�t� � �I 1 � I ' �, S 7uhcum Si � � � u --_--- —--�-- �I . � r i � �� lS'f ��i y NiCS U'�lf7i�...15 `�'� �� S�'� � I ��y��'�y� O lwrcr'�rniL 1�C5 .,W r..I� ` � I i y � � � � � � � �. �I � �, il I McKee Appraisal Real Estate Services&Consulting,Inc. (File 45001.8-June 30,2025) Appraisal of �28 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Description Air Rights & Regulation The subject is located in close proximity to the south of the Renton Municipal �� ' � Airport, a public use airport owned by , � '� r � ,�� ,: .. ,�. `. the City of Renton. The main �l �i ,� ,� == development restriction within the �J �-.; ,�,. _ � ,��' i `j'� •�.� Airport InfluenceZone is a height limitfor ° i �� ','`� � ;IL� �� buildings in the landing path of the . � y'�� '"""`""�- _-_',�'� ; �'�#f,,+ airstrip. Except as otherwise provided in 'i ' - �' '�- - `� ,, - i i � �E�;�,r«A -v ,sz,m umvar- ' �-'�_�'.�.i• � . r —, this Code, no structure or tree shall � `?r �,�fi�� aPz i penetrate the Federa( Aviation �. ` � -� ' � Regulation Part 77 Objects Affecting �!'-� ��-� �' ' �� ,�� NavigableAirspace, which is based on a �,� t' - ' !��W� � '�i;.. �^ '' 40:1 landing ratio within zones 1 and 2, � � �`�____ �� --"`y._�� - and a 7:1 ratio to the right or left of these !�� _ '� ,�; , ��,.��n ' zones. Please also refer to the Federal ;�„ ; ;.'� � � _ Aviation Regulation Map which shows - - - -- the allowed development heights for the �� . .� . area. Airport Influence Area and Safety Compatibility Zones —�-�� ' �.�».... The east portion of the subject is toward ��a�� '"""""�""' � 1 Nurv.ar�t�m. �a�s kwawDe�s�.�e[ara � the edge of the restricted area, while the �------�---- ��":�'�;z�°'"'"�""„�.�"°°"'""""`"'""° � ��, west potion is much closer to the centerline of the flight landing path. Based on the aviation map, development along the eastern boundary of the subject is capped at about 152', while the western boundary is capped at 32'. Given that the subject's R8 land is already held to a max development height of 30', the height limits of these areas are not affected bythe FAA regulations.The subject's CA and CD zoned areas allow for 50' of development height prior to any Federal Aviation Regulation. Some of these areas towards the western portion of the subject would be limited by Federal Aviation Regulation height restrictions. Considering the aforementioned zoning and airport influence restrictions, our understanding of the subject's height limits are as follows: Allowed Development Height Land Area 30'and below 32'-49' S0'(70'for CA mixed) CD 28,512 Sf 040 5°0 95'i CA 7,208 sf Qoo 6?� 94?� R8 27,991 sf lOC'� C'� C'S Total/%of Total sf Effected: 63,712 sf 4496 396 53% Overall, the presence of the Airport Influence Zone is considered to effect the development rights of 5% of CD land and 6% of CA land. These areas make up 3% of the total site. This is McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of ��29 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Description a minor impact that is considered in the valuation of the subject. Other limitations include restrictions limiting the use of electrical that may cause radio interference, cause glare, or in any way endanger aircraft. Places of public assembly, bird attractants, and noise-sensitive uses may also be restricted. All land use permit master applications must include either a certificate from an engineer or land surveyor that clearly states that the proposed use will not penetrate the Federal Aviation Navigable Airspace, or the maximum elevation of proposed buildings or structures based on the established airport elevation reference datum will not penetrate the Federal Aviation Navigable Airspace. Functionality The subject site is zoned to allow for numerous uses allowed within the zoning code. The site is well placed within the Renton market with good access characteristics. Allowed building height for the subject is somewhat hindered by zoning and airport influence restrictions, reducing the achievable density at the subject. Overall, the subject site could support single-family or multi-family development along with other commercial/industrial development types. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page�30 S.Tobin and S.Tillicum Street Vacations Renton,WA Highest and Best Use Highest and Best Use "Highest& Best Use" is defined by the Appraisal Institute as: The reasonab(y probab(e and lega( use of vacant land or improved property that is physically possible, appropriate(y supported, and financially feasib(e and that results in the highest value. The concept of Highest and Best Use is based on the most profitable and valuable use that is both probable and appropriately supported. The Highest and Best Use must meet four criteria: it must be legally permissible, physically possible, financially feasible, and maximally productive. Highest and Best Use As If Vacant and Unimproved Lega((�Permissib(e The subject is zoned, CA, CD, and R8.The subject also has additional restrictions related to airport influence and its adjacency to residential zoning. The situation would allow for a number of different residential or commercial developments; most held to under 50 feet. Ph�sicall�Possible The subject property is mostly flat. Its shape is rectangular with frontage and access on two streets. The subject's physical characteristics do not pose obstacles to development and could support many development projects permitted under the zoning code. All utilities are available. Financiall�Feasible & Maximall�Productive Maximal productivity requires full and efficient use of each site, and the strongest economic viability of any of the potential uses that have met the other tests. The use that meets these other criteria and results in the maximally productive use is the use that results in the highest value and is considered the highest and best use. The subject is in an area with many different building usages, including residential, retail, and industrial. Residential and Light industrial usage are the most common current usage in the subject's immediate vicinity, with some retail uses and the special use of the adjacent high school. Industrial vacancy in the subject market has risen as of late, though it remains relatively low. Industrial rents have flattened after performing better well over the past years compared to many other commercial sectors. There is demand for industrial use space in this market. Retail locations are also in demand in the subject's market, which currently lacks a supply of retail locations. The office market has suffered significantly in the wake of Covid, and office development is not considered feasible today. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page�31 S.Tobin and S.Tillicum Street Vacations Renton,WA Highest and Best Use Multi-familyvacancy and absorption project good demand in the subject market.This is the most obvious highly productive use and was driving the redevelopment market in terms of purchasing and future planning until recently. There is little new multifamily construction occurring today due to high construction costs and high interest and capital rates. Currently, transaction volumes of land are low and new multi-family construction starts have slowed significantly due to higher interest rates and construction costs. This suggests that development of any new improvements may not be feasible at the current time (though some limited activity continues, and the perceived current feasibility of projects are assessed on a case-by-case basis by individual owners and developers). The highest and best use of the site as if vacant and unimproved would be to hold for more favorable market conditions, and eventually develop a multi-family structure(s) to the density considered maximally productive. Highest and Best Use as Currently Improved The subject is currently vacant and unimproved. The highest and best use of the site as currently improved would be to hold for more favorable market conditions, and eventually develop a multi-family structure(s)to the density considered maximally productive. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of �32 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Commercial Land Sale Comparison Approach - Commercial Land �r ` � �� ,,x#} � � �,` �� _�`'�,�`` ,R1 �` ��' ,� �: �� . ` r ��- � Sale 1 +�. � �, '�ry' - Bassano Apartment Site � � � ��, � 117WellsAveS . , -�.,�_. 'i �— - �----� Renton,WA � �"; � � `��: ,..:_- �i� - ,��-��` .ti. 4 �,�.., �� -;..t� �� ir�..t�— � r �—�•� u. r. � ,�P '"�^`�f: l- .•� � '' F _ ;. �� , �, - � , �, , ��,"-•�- � , - ��' `� � � � �'� Sale 2 � '�� ' ��' '� ��`.� �� s ^t' � `��"«'�� :.�,1 �. �� Watershed Apartments ' � , �.1 _ �� • `� , � � � ' `. 625 Williams Ave S �r �- � r � _ Y.�'�' Renton,WA ,� "� �f"^ _ �. . � , '` � . � r r—.:�:�_'.'� rs xnwF� fl•� 'f{� �.. � .��', !ti' ��5. t ) _��,' ewe .... � ` ' _ ::e�.� y '/ 1�, � �y��` `� �M�` � � 4 � � , � �" .-�t � E ' ' . , .� i .. F, . � � I�� ,k �� .,1 '1 �'-�� »�-.-:-,�"'•- Sale 3 o F � � =�, ��:', _ .. �� .r� . � � � ' � .,. � " � Camellia Court Apt Site �- ,� {, � � :.� , r�� 99-107 Williams Ave S '.'� � R. - •� � ��:�. Renton,WA � :�.�Ij h:wf � r .. :�. � ;��' � - ,; ��'.� . i� *'�- ^� �` �s , _, � ��.. ��,� �'��jB• �''�' . ��',,� McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of �33 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Commercial Land t� �..—F� � �':t �;� ((( .. } � �� '�y� . .�V'k'!i �'l�r �'�1l��"R.;�, �:*��,r '� �� ` °. ��\ � , ts �. E,- �� . yT; r - � , � �( �� . Sale 4 �� ' �- nni ass ,. . _ _ .. — � r �� 43 -��I �' ;5�, Dreamliner Site � ��= '°°" 511 Airport Way r4� r ,''"�J'�' .,� i .;� � �'�`'�"' Re nto n,WA . �° � � • � - — _ � I� c , '1 I ,;, 50� _ �'.` ; ;y�.s�� U ��,_ � �;� �� ,418 -i��: �.� �..�'"'� � ;� �1, •�lU a � �� y �55j� � �l � �2z`�� . 'GI C � S� .,�s-�- � - —_— -_;�—�^�s°�'.:...��;r.��7 �, '.r_ �. �i;< < _,� �. r rt+^ -� ,. ,.�, `�r` .� ... _�-� . � �-" Sale 5 �� ` ` �'�:. 1= � Renton Vacant Lot �. : �,,-. Ji- � . �':``' { ` l�, 115-125 S 3rd St �• ,, � ` Renton,WA I � I�_ _ �s,.--� r- � � � � � r��r. F� ��- �--�� _ ...._ . . �.�� , � , ; , � �� ,-'1 � �.�: .,;{ r � � - r ��; i V - � �'f �i, �� f.._ ��e ��1 � I` �y �' ,.,;:: _ I � � � � � ��I F �,,- I,;�::71If � Sale 6 ��.`� �� = " '� �. t ,�' ' ! ;;e i � „ � � �`�- Burnett Site �_ . �� r �' �� `� � ��r 106-113 Logan Ave �' �, � � :�►�$ � Ecr� �� ' � Renton,WA �€ � � � �- � .., .� :�:r 4 � �, � ' "�l �' � .a �, 1� .} x- + F 1 ,,� , � ,�_� ��.� �,� McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page�34 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Commercial Land Sale Comparison Map—Commercial Land �S� z z z z �� Rcl C� `rr ��e��me ,` aa�,� E Penrneter Rd /h� Airport Wy Airport Wy � � N 2n� � a a > S Tillicum St � y a ,i� D �� J � -;� � � N N C 'p �9 p� � � y� D �'QiL sr,sr �`o PrS Z 'a�, � �� ; � ' � O "• � � � D � � � � 'a N = cn — N D S 2nd St S 2nd St � � W � � � y c � Q � 0/ N i � D y n � fD Oi � � < N � P.\ J � S 3rd St y �S 3�dS� �e�� Q N � ; 0 3 �2 Q . `5 Q1 j D y e��aYs y •, y �g 3�a .- „ D OJ`' ,°' ;�, t tn `m +, N Q P � .� N S 4th St y �ea� �` N n � � a �o m N D �a�C' i s,5 r`o o�se� `� S a��P, �S Sth St S 5th St w � � � � o �' � o � - .Z y � � D � � � ti m v� D y � $bth$t y � � � i N � � r � Q 1�� r ,�a`� ;n � � Gt S 7th St N `' McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) S Tobin and S Tillicum Street Vacation Commercial Land Sale Comparison Summary Existing Building Area Development Size Comments Name/Address Zoning Land Area (FAR) (FAR/Units) Sale Date Price $/sf $/FAR 1 Bassano Apartment Site CD 6,000 sf 0 sf 8,200 sf Dec-23 $500,000 $83 $61 Sale of a vacant rectangular mid-block lot.Originally sold in 2020 for$46/sf 117 Wells Ave 5 1.37 Jul-20 $275,000 $46 $34 without planning/permitting.Subsequently received full permit and land use Renton,WA 6 Units approval for a 3-story 6-unit development.3-story units are vertical with a garage. City did not allow sell out housing,though buyer would have preferred to do that. Gross area of about 8,200 sf.Property was then listed in June 2023 as fully permitted and ready to build with asking of$121/sf.Seller was motivated to have a buyer pickup the permit which was set to expire in late 2023.Ultimately transacted in December 2023 fully permitted.Broke ground late 2024 early 2025.Set to be finished in late 2025. 2 Watershed Apartments CD/R14 58,236 sf 0 sf 126,486 sf Sep-20 $3,200,000 $55 $25 Split zoning at sale with�21,000 sf(36%)R-14 land at sale.R-14 land contains some 625 Williams Ave S CD 37,236 sf 2.17 of the building footprint. Development completed in early 2023 with 145 Renton,WA R14 21,000 sf 145 Units affordable units.101 units held to 50%of AMI,44 at 60%of AMI.80 1-bed,30 2- bed,and 35 3-bed units. CD land was inside the Urban Design overlay,District A. Land use and lot combination permits accepted in April of 2022. Roughly 70' structure. 3 Camellia Court Apt Site CD 17,250 sf 8,365 sf 55,498 sf Oct-21 $1,470,000 $85 $26 Assemblage of 3 parcels near the subject.Purchased in separate sales in the same 99-107 Williams Ave S 3.22 month.Plan and land use permit application submitted after sale in April of 2023 Renton,WA 74 for a 6 story 74 unit apartment complex with 2 levels of parking(1 below grade). This comes after pre-planning similar to this with 5 floors and 95 units submitted before sale.The 2 northernmost parcels include existing SFRs and the southern most parcel has an existing brick retail/commercial building.In 2024,this plan was approved and granted a density conditional use permit allowing for over the 150 units/acre limit.Construction has not begun as of June 2025.Permit expires 2026. 4 Dreamliner Site CA/CD 16,010 sf 0 sf 35,325 sf Dec-18 $775,000 $48 $22 Mid-block site, located across the street from Renton Airport. Since purchase, 511 Airport Way 2.21 buyer has worked on planning and permitting for a proposed multi-family Renton,WA 30 redevelopment.About 25%of site zoned CD,75%is zoned CA. 5 Renton Vacant Lot CA 15,000 sf 0 sf - Jan-22 $1,100,000 573 - Sale of two parcels improved with a paved vacant lot and a 732 sf retail building. 115-125 5 3rd St Located in downtown Renton across the street from the Safeway anchored Renton,WA shopping center. 6 Burnett Site CD 16,275 sf - Sep-22 $1,500,000 $92 - Openly marketed. Site includes 3 adjacent parcels, each improved with a single 106-113 Logan Ave family residence at time of sale, each totaling ^2,400 sf. The houses were Renton,WA reportedly rented for$1,500/mo,$1,695/mo and$1,700/mo.Subsequently two of the houses were demolished after purchase.Frontage and access from 2 streets. McKee Appraisal Appraisal of Page�36 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Commercial Land Sale Comparison Approach - Commercial Land The Sale Comparison Approach uses sales of comparable improved properties to derive units of comparison that are then used to indicate value for the subject. Please refer to the map and to the Sale Comparison Summary exhibit which outlines the details of the sale comparisons. Photographs and further details of each comparison are included in the beginning of this section. Data Search The search for comparable sales included recent transactions of similarly commercially zoned properties. Extensive data was found that captures the essential characteristics of the subject. The comparisons selected are described in the Sale Comparison Summary exhibit included in this section. Additionally, photographs of each of the sales are included at the beginning of this section. The sales are primarily analyzed based on $/sf of land area, recognizing the typical motivation for eventual redevelopment with new multifamily improvements for similar properties as manifested in the market.The sales are adjusted for attributes which include location/access, size, existing improvements, zoning, physical characteristics, improvement value, and planning/permitting. Sale Comparisons After an extensive search, the following sales have been selected for analysis. These sales generally bracket the subject's location, size, zoning and development potential. Please see the Sale Comparison Summary for information regarding details of each comparison. Sale 1 is the sale of a vacant mid-block lot zoned CD. The property was originally sold in 2020 for$46/sf without planning/permitting. The property was then planned and permitted for a townhome development (with full permit and land use approval) with 6 units. The property was then listed in June of 2023 for $725k or $121 / land sf, with comments that required the permit to be pulled by December of 2023. The property was eventually sold in December of 2023 for$500,000 after several listed price reductions due to a lack of interest. The property was purchased as fully permitted and ready to build property. Seller was motivated to have a buyer pickup/extend the permit which was set to expire in late 2023.The site broke ground in early 2025 and is set to be finished in late 2025. Sale 2 is the Watershed Apartments site which sold in September 2020 for $3,200,000, or approximately$55 per square foot of land area. The site totaled 58,236 square feet and had roughly 64% zoned Center powntown (CD) and the remaining 36% zoned R-14. The buyer developed a 145-unit affordable housing project, completed in early 2023, with a total building area of 126,486 square feet. The unit mix includes 80 one-bedroom, 30 two- bedroom, and 35 three-bedroom units, with 101 units restricted to households earning up to 50% of AMI and 44 units at 60% of AMI. The structure reaches approximately 70 feet in McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page�37 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Commercial Land height and spans both zoning designations, with the R-14 portion supporting part of the buildingfootprint. The CD-zoned land lies within the Urban Design Overlay District A, requiring enhanced design compliance. Land use and lot combination permits were accepted in April 2022.At a price of $25 per FAR square foot, this transaction reflects a large-scale, subsidized multifamily development, supported by public funding and executed within a complex regulatory framework. The sale price is indicative of affordable housing land valuations in Renton's downtown core, particularly for sites requiring zoning coordination and entitlement approvals. Sale 3 is the Camellia Court Apartment Site, located at 99-107 Williams Ave S in Renton, WA.The property sold in October 2021 for$1,470,000, or approximately$85 per square foot of land area. The site was assembled from three separate parcels acquired in the same month. At the time of sale, the northern two parcels were improved with single-family homes, while the southernmost parcel included an older brick retail/commercial building. Following acquisition, the buyer submitted a land use application in April 2023 for a six- story, 74-unit apartment project totaling 55,498 square feet, with two levels of parking, including one level below grade. The project had gone through earlier pre-planning for a larger 95-unit, five-story concept, indicating prior design interest and feasibility. In 2024, the current plan received land use approval, along with a density conditional use permit allowing the project to exceed Renton's standard 150 units per acre limit. As of June 2025, construction had not yet commenced, though permits remain valid through 2026. Sale 4 is the sale of the Dreamliner site, which was eventually planned and permitted for mixed use/multi-family development.The site is located adjacent to the north of the eastern portion of Tillicum St. The site is zoned both CD (�25%) and CA (�75%), and sold for $48/sf in December 2018. Since purchase, the buyer has spent time and money on permitting and planning for a proposed multi-family development. Sale 5 is the January 2022 sale of 2 adjacent parcels in the middle of downtown Renton located across the street from a retail shopping center. The site is partially paved with ingress and egress via 3rd St.This site included a roughly 730 sf masonry retail store building with heavy deferred maintenance used prior to sale as a warehouse. The prior ownership worked on some pre-planning in 2018 for a mixed-use apartment structure with above ground parking. No known significant planning and permitting has occurred since. Sale 6 is the September 2022 sale of 3 adjacent CD zoned parcels, each improved with a single family residence. It sold for $1,500,000, or $92/sf. The site was openly marketed for slightly more than 2 months for $1,500,000. The houses were reportedly rented for $1,500/mo, $1,695/mo and $1,700/mo prior to sale. Subsequently, two of the houses were McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page�38 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Commercial Land demolished. Other than the demolition, there is no evidence of planning or permitting according to public record. Upon confirmation with the listing broker, it was reported that the ownership wanted to demolish the buildings to avoid demolition permit expiration, and reduce management burden. Adjustments Adjustments have been made to each comparable to account for market conditions, locational characteristics, zoning, planning/permitting, and existing improvements. Size, shape, and site access are not considered. Market Conditions Changing market conditions since the date of each sale comparison have been considered, and appropriate market conditions adjustments have been made. Sources referenced in the prior Market Analysis section of this report were considered when making this adjustment. The market analysis shows rising rents, strong sales volume, and value appreciation from 2018 to mid-2022,with especially high appreciation seen between 2018 and 2019 due to an increased demand for multi-family development land. Around mid-2022, capital markets adversity and economic pressure caused rents to flatten and new development construction to pause. In summary, the property values were appreciating until mid-2022, with slight value change observed since that time. Appropriate market conditions adjustments are made with relation to these changes. Location/Access The next adjustment considered is for locational characteristics. All of the sites are located in close proximityto the subject and are mid-block sites with similar access characteristics. Sale 2 and 5 are located in a more established neighborhood with neighboring retail and better walkability. These are adjusted downward. Zoning/Development Potentia( The subject's commercial land is zoned both CD and CA. The adjacency to residential land gives it a lower average developable height. The CD zoning allows for higher density, higher maximum height, and is more conducive to multi-family development as detailed in the zoning section of this report. Sites zoned purely CD have superior development standards in general. Sites have inferior development standards in general. Considering these factors and the subject's zoning make up, the comparisons are adjusted accordingly. Improvement Va(ue Sale 3 included a small retail store building that was used as storage space prior to purchase. Sale 6 contained 3 single family homes.These improvements provide interim rent potential which can offset holding costs. These sales are adjusted downwards accordingly. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) S Tobin and S Tillicum Street Vacation Commercial Land Sale Comparison Adjustment Grid Sale Number 1 2 3 4 5 6 Bassano Watershed Camellia Dreamliner Renton Name Subject Apartment Burnett Site Apartments Court Apt Site Site Vacant Lot Site Analysis Price $500,000 $3,200,000 $1,470,000 $775,000 $1,100,000 $1,500,000 Property Rights 0% 0% 0% 0% 0% 0% Financing Terms 0% 0% 0% 0% 0% 0% Conditions of Sale 0% 0% 0% 0% 0% 0% Expenditures after Sale $0 $0 $0 $0 $0 $0 Adjusted Price $500,000 $3,200,000 $1,470,000 $775,000 $1,100,000 $1,500,000 Unit of Comparison (Land sf) 35,721 sf 6,000 sf 58,236 sf 17,250 sf 16,010 sf 16,275 sf 16,275 sf Price Per Land SF (Commercial Land) $83 $55 $85 $48 $68 $92 Date of Sale Dec-23 Sep-20 Oct-21 Dec-18 Jan-22 Sep-22 Market Conditions Adjustment 0% 15%a 5% 25% 5% 0% Subtotal Unit Price $83 $63 $89 $61 $71 $92 Location 0% (5%) 0% 0% (5%) 0% Zoning/Development Potential 0% 10% (10%) 0% 0% (5%) Existing Improvement Value 0% 0% (15%) 0% 0% (15%) Planning & Permitting (35%) 0% 0% 0% 0% 0% Total Other Adjustments (35%J 5% (25%) 0% (5%J (20%J Indicated Unit Value for Subject $54 $66 $67 $61 $67 $74 McKee Appraisal Appraisal of Page�40 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Commercial Land Planning& Permitting Sale 1 had undergone significant planning& permitting that contributed to the overall value of the site. Significant completed planning includes site plans, architectural drawings, road traffic studies, environmental reports, road dedication planning, fire planning, and other planning/due diligence. The site was fully shovel ready at sale. This constitutes significant downward adjustment. Sale Comparison Approach Conclusion-Commercial Land Prior to adjustments, the comparable land sales exhibit a range from $48 to $92 per sf. Sale 1 is the most recent and represents a small, infill site that was fully permitted at sale, while Sale 2 is a larger, split-zoned site that was ultimately developed with a 145-unit affordable project. Sale 3 involved a three-parcel assemblage and included existing improvements. Sale 4 is the oldest transaction in the set but is in close proximityto the subject. Sales 5 and 6 offer relevant downtown Renton context and are more recent. After adjustments for market conditions, location, zoning, existing improvements, and permitting status,the indicated unit values narrow significantly, ranging from $54 to$74 per sf. The lowest indicator, Sale 1, reflects a downward adjustment for full permitting at sale. The highest indicator, Sale 6, is a more recent sale with strong development potential and no deductions for improvements. Sales 3, and 5 cluster around$67 per sf and provide strong support due to similarities in zoning and development potential. Together, the adjusted sales form a reliable value range and bracket the subject's physical, locational, and regulatory characteristics. Based on this analysis, a likely value range is between $60-$65 /sf. Given the adjacency to residential zoning, the CD portion of the subject is limited to a max development height of 50', with no maximum lot coverage and no commercial space requirement. The CA portion is limited to the same height for residential development. However, the CA zoning has a maximum lot coverage of 65% (75% with a parking garage) and has additional commercial space requirements (40% of ground floor). Given the superior zoning characteristics of CD zoned land and the higher indications seen within the market of such zoning, the subjects CD zoned land is concluded at $65 /sf, while the subject's CA land is concluded at$60/sf. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of �41 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Residential Land Sale Comparison Approach - Residential Land �� , , �,�r !,�,� ,,F�r- r�� ' � �� FF� F z.�i �� e I�.I .L _ :� E� e� ��. �r�ra� .�:Sc�.a�a__r ,_ .; k E �T � � �,. � '�°�� Sale 1 F � r ._ _ � . ,rr -- � � � �i i� � �� Eight Park Investments � — � � j 240-250 Park Ave N �� „„ . - � i'� �-� Renton,WA � -'--�-�,---.� , � I - y �1.-'+�i I � ��' �.n�` ��. ..� �,rr?.+ �'�}� '�� Lr� f�� '�."`�i �r..�.�Er' �T�� , ,;� ' ;J ��''; � 1 4 ,� ,�,�. �`��+�� -�-�� ,�� t ;�'k. ��•� .,� i � � �'�rsr . � . •, _� -_,� 1 ,� `�'�'" -� '�,""i4 `�� - <�'. � ��.� � ,� 4� Sale 2 :� ' � �� l eF- � �-. .. �--`y.� t �" :�� '�� i �� ' �-�_ � Chau Triplex Development � �� . ��T I �( =� '.�r � �i �� 530 Shattuck Ave S ` ''�" �■l� �, � Renton,WA , j v�v^'� � � . 'T.��Y .�'+':��r�"_ ^^�''�y'. ,� f �i '►E� i t� b �i,�� ' �� y� �. � � - � � � r �� ,� �:-:�..�,. ,. , -� -+� ;� �i � ; � � � 1 •__ r��..� _..�,_ .::+� . -^- -,�•-:� _ -,� - ,,. , ��-�- �� ..� ;�ar-s��:.� ��,,��,,,- ..�— , �� '� -t I '"`�'� ,��IJ'� �_ - � M�-� �—�`�`,:� � '�� ,� �'� +�. � '�' r- �x;? Sale 3 r - ��_� � �'�� .`�'�' .� �F. ,� �� \ F . � �~ Hardie Duplex ._� � .�. . , . .� ��- . �^. �` .� - — 317 Hardie Ave NW � ,�� - � r . , �a�� , Renton,WA � ' �e , '� J '�'�' �; �`—I ...., �.�-- ,� � � � � t �� ;j ' �c� �� '� • -. ,. �� 0�r��' � McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of �42 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Residential Land - e ,.- - �, - - . f —.� � � ,��, � _ �'•` �.a . �-� _. - � �� :�...�-, � �:. . ;�- r- � ��,� � �.,., ■.�; ��;� j'�"`.� '",`"'��-�� ,-"� { , ,�``' � '-+� e�*:�, �r; � t .� I� i��r ��r r� Sa le 4 �.� -� - � .. —�' 1'�.=, �' , �� -, ��'. — - — --� r r-- , � Garden Ave Sale � , _ �-�, . �� ,;, , c � .-�` 227 Garden Ave N � ` �• >�`�`�� F Renton,WA � T �'�y � � �,�,i ��`[j �- _i1 � 4�'� �'�� .�• �r � �' .. u. � rJ�' � �l� _ �� _ � � � � �r �' � _.. 'i�r _ . ']'. ��':� :„ .�' : �...�� 4. .�w I f c-_..� ,� � II ��1 �` ��VS' I '4"'� � � � . .- - ._..1 in`dK/ �p. p ! .. . . . - �---�L-� �! 1 � � e�. �J..� � _ -� 1J � . � � _ � Sale 5 - :,� �R � f � PellyAve Sale �_�.� ��- °�, :" v� � � � •�� 528 Pelly Ave N >. .� � - � ��:� _ � ,,,. Renton,WA �-� F . �... . ; .�-- ,. : �;, F�--�}�, _ -- ;: s ' � ',�";" ` � ';� r J — . � �- ry _� .k - � .� ��.� .�- � � McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Pag �43 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Residential Land Sale Comparison Map- Residential Land ��'�� THE LANDING �� r1 m N MAWR � ~ N c _ �/JJ z � � d. , > �. � � iY4 Q �i � � Q �p J Z N 4th St � �� ti T Airport Wy > f 3rd � < _ � _ � - :� Z ��°�to� Ave S u, � ��hr S 2nd St �' ��,a Renton S�N S��e�� " 1�.. Q a� � a� ,� ��a �,�P s c � � � � S v�ady ay ,,. . _ � C,cadV�'Ny So uth��'`~` _� _, `;I McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) S Tobin and S Tillicum Street Vacation Residential Land Sale Comparison Summary Existing Development Building Area Size Sale No. Name&Location Zoning Site Area(sf) (FAR) (FAR/Units) Date Analysis Price $/sf Land Comments 1 Eight Park Investments CN 13,300 sf 0 sf 21,450 sf Jan-24 $750,000 $56 Located northeast of the subject near The Landing. 240-250 Park Ave N 0.00 1.61 Comprises three contiguous,cleared parcels along Park Renton,WA 4 Units+Office Avenue N. Previously sold in 2018 for$825,000 when improved with single-family homes. Pre-application for 3 story 35'structure with 1st floor parking/commercial,2nd floor Office,and 3rd Floor residential(4 units).2023 pre application done by completely the buyer. 2 Chau Triplex Development R14 9,600 sf 0 sf 5,460 sf Aug-21 $435,000 $45 Located south of the subject in downtown Renton.Two 530 Shattuck Ave S 0.00 0.57 previously cleared lots that were ready for redevelopment Renton,WA 3 Units into three attached townhomes. Planning/permitting all done by the buyer.Townhomes had separate garage structures. Has 2 fronting streets. 3 Hardie Duplex RMF 5,100 sf 0 sf 3,888 sf Jan-21 $250,000 $49 Unimproved parcel located in the Bryn Mar area.5,100 SF 317 Hardie Ave NW 0.00 0.76 site,per broker data.Zoned RMF and since sale has been Renton,WA 2 Units permitted for a two-unit townhouse project.The site sits directly adjacent to the Renton Municipal Airport and is significantly impacted by aircraft noise,a condition also affecting the subject. 4 Garden Ave Sale R8 14,000 sf 1,470 sf - Jun-23 $630,000 $45 Older single-family residence on a large 14,000 SF R8-zoned 227 Garden Ave N 0.11 lot with access from 2 fronting streets. Possibility of a BLA Renton,WA on this site could result in multiple parcels.Surplus land could potentially accommodate additional residential development. 5 Pelly Ave Sale R8 5,375 sf 1,060 sf - Jun-25 $549,950 $302 Older home on a typically sized residential lot in the City 528 Pelly Ave N 0.20 Aug-23 $451,000 $84 Center area.The home was marketed as part of an estate. Renton,WA McKee Appraisal Appraisal of Page�45 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Residential Land Sale Comparison Approach - Residential Land A sales comparison approach has also been conducted for the subject's residential land. Refer to the map and the Sale Comparison Summary exhibit for details of the sale comparisons. Photographs and further details of each comparison are included in the beginning of this section. Data Search The search for comparable sales included recent transactions of similarly commercially zoned properties. Extensive data was found that captures the essential characteristics of the subject. The comparisons selected are described in the Sale Comparison Summary exhibit included in this section. Additionally, photographs of each of the sales are included at the beginning of this section. The sales are primarily analyzed based on $/sf of land area, recognizing the typical motivation for eventual redevelopment with new multifamily improvements for similar properties as manifested in the market.The sales are adjusted for attributes which include location/access, size, existing improvements, zoning, physical characteristics, improvement value, and planning/permitting. Sale Comparisons After an extensive search, the following sales have been selected for analysis. These sales generally bracket the subject's location, size, zoning and development potential. Please see the Sale Comparison Summary for information regarding details of each comparison. Sale 1 is the sale of three contiguous, cleared parcels located northeast of the subject near The Landing. The site totals 13,300 square feet and is zoned CN (Commercial Neighborhood), which permits a range of residential and limited commercial uses. The buyer submitted a pre-application in 2023 for a three-story mixed-use structure consisting of ground-floor parking and commercial space, second-floor office, and four residential units on the third floor. The site previously sold in 2018 for $825,000 when improved with single-family homes, but was fully cleared at the time of resale. Sale 2 is the sale of 2 previously cleared parcels south of the subject property in the same neighborhood.This sale totaled 9,600 sf.The buyer redeveloped the site with three attached townhomes following the purchase. Although zoned R-14, which supports higher density than the subject's R8 zoning,the resulting development reflected onlythree units, indicating a modest buildout for the zoning. Sale 3 is the 2021 sale of a small, unimproved infill parcel located northwest of the subject within the Bryn Mawr neighborhood.The 5,100 square foot site is zoned RMF and is currently under permit for a two-unit townhouse development. According to broker data, the site was vacant at the time of sale.The property sits directly adjacent to the Renton Municipal Airport McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Pag �46 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Residential Land and is significantly affected by aircraft noise, a locational influence also shared by the subject property. Sale 4 was the sale of a 14,000 square foot parcel improved with an older single-family residence, located within the Renton City Center. Zoned R8, the property offers moderate- density residential potential consistent with the subject's zoning.Although the site includes an existing structure, a large portion of the lot consists of excess land that could be redeveloped, making the sale relevant as a land comparability indicator. The property benefits from a central location and similar land use designation. Sale 5 is the sale of a standard-sized R8-zoned lot with an older single-family residence, located in the Renton City Center area. The property was initially sold in August 2023 for $451,000 and later resold in June 2025 for$549,950, representing a notable increase over a two-year period. The zoning is consistent with the subject's designation. Adjustments Adjustments have been made to each comparable to account for market conditions, locational characteristics, zoning, planning/permitting, and existing improvements. Size, shape, and site access are not considered. Market Conditions Changing market conditions since the date of each sale comparison have been considered, and appropriate market conditions adjustments have been made. Changes implemented by recent state house bills allowing for increased density in residential zones were considered when making this adjustment. The effects of this or not yet known, and evidence of value increases as a result have not yet been observed. It is possible the supplyforces will cancel out increased density allowances. Overall,the subject's market for residential land reflects that of the subject's commercial land. Location/Access All of the sales besides sale 3 are located in more established and superior residential neighborhoods without airport noise. The sales are adjusted downwards for location. Zoning/Development Potentia( Sale1 hassuperiorcommercialzoning, allowingforresidentialorcommercialdevelopment. This broadens the potential buyer pool and constitutes downward adjustment. Sale two was zoned R-14, which typically gets higher density residential entitlements. However,the sales eventual development reflected densitytypically seen within the subject zoning. Sale 3 has RMF zoningwhich allows for similaryields to the subject's zoning. These 2 sales receive no adjustment for zoning. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) S Tobin and S Tillicum Street Vacation Residential Land Sale Comparison Adjustment Grid Sale Number 1 2 3 4 5 Name/Address Subject Eight Park Chau Triplex Hardie Duplex Garden Ave pelly Ave Sale Investments Development Sale Transaction Price $750,000 $435,000 $250,000 $630,000 $549,950 Property Rights 0% 0% 0% 0% 0% Financing Terms 0% 0% 0% 0% 0% Conditions of Sale 0% 0% 0%a 0% 0% Expenditures After Sale $0 $0 $0 $0 $0 Adjusted Price $750,000 $435,000 $250,000 $630,000 $549,950 Land Area 27,991 sf 13,300 sf 9,600 sf 5,100 sf 14,000 sf 5,375 sf Adjusted Unit Price($/sf) (Residential Land) $56 $45 $49 $45 $102 Date of Sale Jan-24 Aug-21 Jan-21 Jun-23 Jun-25 Market Conditions Adjustment 0% 5% 10% 0% 0% Subtotal Unit Price $56 $48 $54 $45 $102 Location (5%) (5%a) 0% (5%) (5%) Zoning/Development Potential (10%) 0% 0% 0% 0% Improvement Value 0% 0% 0% (10%) (35%) TotalOtherAdjustments (15%) (5%) 0% (15%) (40%) Indicated Unit Value for Subject $48 $45 $54 $38 $61 McKee Appraisal Appraisal of Pag �48 S.Tobin and S.Tillicum Street Vacations Renton,WA Sale Comparison Approach-Residential Land Improvement Va(ue Sale 4 contained an existing home at sale in good condition. The structure covered a small portion of the overall land site, resulting in a less significant downward adjustment. Sale five contained a home in good to fair condition which was previously purchased for occupancy. The contribution of this home is more significant due to the small overall site area, resulting in significant downward adjustment. Sale Comparison Approach Conclusion-Commercial Land Prior to adjustments, the comparable sales reflect a wide range in unit prices, from $45 to $102 /sf. Sale 1 is the most recent transaction and involved a cleared, multi-parcel site zoned CN, which permits residential development. Sale 2 is located closest in downtown Renton and consists of two previously scraped R14-zoned lots. Sale 3 is older but was unimproved at sale and eventually permitted for townhomes, a likely use of the subject's R8 land. Sale 4 involved an older single-family home on a large R8 lot with surplus land, while Sale 5 was a resale of a smaller infill lot improved with an older home. After adjustment, the range of indicated unit values narrows considerably to $38 to $61 per sf. Together, these sales bracket the subject's physical and locational characteristics, with value indications clustering in the $40 to $50 /sf range. Given the subject's essential characteristics, the subject's R8 land value is concluded at$45/sf. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page�49 S.Tobin and S.Tillicum Street Vacations Renton,WA Property Valuation Property Valuation As the basis for the valuation of the subject, the concluded unit values for each zoning are considered with the subject's overall composition of each zoning. Each of the subject's 3 zoning designations have been carefully analyzed in the context of the market. Considering the concluded unit values for each zoning, the total value estimate for the subject is as follows: Estimated Zoning Land Area $/sf Value Indicated Value CD 28,512 sf x $65 = $1,853,306 CA 7,208 sf x $60 = $432,506 R8 27,991 sf x $45 = $1,259,587 Total (Rounded) 63,700 sf $56 $3.550.000 Considering this, the subject fair market value is concluded at$3,550,000 rounded. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Appraisal of Page�50 S.Tobin and S.Tillicum Street Vacations Renton,WA Appendix OrdinaryAssumptions and Limiting Conditions Economic Conditions and Real Estate Markets CoStar Submarket Analysis Appraisers' Experience & Qualifications McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) ORDINARY ASSUMPTIONS AND LIMITING CONDITIONS McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Ordinary Assumptions and Limiting Conditions The attached report may only be used or reviewed in its entirety. No individual pages, portions, analyses or conclusions may be separated from the complete report or verbally disseminated without transmittal of the entire report.This appraisal is intended for use only by the client and intended users specifically identified in the report,and may not be transferred to any other party without the specific written permission of McKee Appraisal,Inc.Certain aspects of the report(including analysis methodology,spreadsheets, textual formatting and content)are considered the exclusive intellectual property of McKee Appraisal,Inc.All rights are reserved. The following Ordinary Assumptions and Limiting Conditions are supplemented by additional extraordinary assumptions and limiting conditions identified in the report. It is assumed that there have been no substantial changes to the property between the date of our inspection or most recent investigation and the date of the report. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, structures, or environment (including asbestos,formaldehyde, radon, soil contamination, structural conditions, legal compliance including zoning and Americans With Disabilities Act compliance,title or legal conditions,mineral or othervaluable conditions or rights,or unknown soils,hydrological,or environmental factors)that render it more or less valuable.We have no expertise in any of these areas,and we specifically counsel the client to perform additional investigation by qualified experts. No responsibility is assumed for such conditions or for arranging studies to discover them. The liability of McKee Appraisal,Inc.and its employees is limited to the client only. The value conclusions are the result of integration of the entire appraisal process,including multiple methodologies,approaches and analyses.Any specific errors or omissions may or may not change the value conclusions. The appraiser is not required to provide further appraisal services, give further consultation,testimony or attendance in court by reason of this appraisal unless specific arrangements have been previously made. The information furnished by others is believed to be reliable,but no warranty is given for its accuracy. The forecasts, projections and estimates contained in this report are based on current market conditions, anticipated short-term supply and demand factors,and a stable economy.These forecasts are,therefore,subject to changes with future conditions which are unknown at the date of appraisal.We assume that future conditions are as anticipated by the markets and as discussed in the report,and any future projections or values are predicated on this assumption.The analyses and conclusions are valid only as of the date of transmittal of the report. The appraiser has made no survey of the property and assumes no responsibility in connection with such matters. Any sketch or identified survey of the property included in this report is onlyfor the purpose of assisting the reader to visualize the property. No responsibility is assumed for the legal description or for matters including legal or title considerations.The property is appraised free and clear of any or all liens or encumbrances, unless otherwise stated. Title to the property is assumed to be good and marketable. Responsible ownership and competent management are assumed. The allocation of totalvalue to land,buildings,or anyfractional part or interest as shown in this report,is invalidated if used separately or in conjunction with any other appraisal. RESTRICTION UPON DISCLOSURE&USE: This appraisal is intended for use only bythe client and intended users specifically identified in the report,and may not be transmitted or communicated to any other party without the specific written permission of McKee Appraisal,Inc.Disclosure of the contents of this appraisal report is governed bythe By-Laws&Regulations of the Appraisal Institute.Neither all nor any part of the contents of this report(especially any conclusions as to value,the identity of the appraiser or the firm with which(s)he is connected,or any reference to the Appraisal Institute or to the MAI designation)shall be disseminated to the public through advertising media,public relations media,news media,sales media or any other public means of communication without the prior written consent and approval of the signatories.No part of this report or any of the conclusions may be included in any offering statement,memorandum,prospectus or registration without the prior written consent of the appraiser. McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) ECONOMIC CONDITIONS AND REAL ESTATE MARKETS McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) Page � 1 Economic Conditions and Real Estate Markets US and Seattle Economic Conditions and Real Estate Markets National Economic Conditions As of July 2025,the U.S. economy has experienced some slowdown, with ongoing concerns regarding the somewhat unknown effects of higher tariffs.A Reuters poll of 105 economists in July forecasts full-year GDP growth at 1.5% for 2025 (down from �2.8% in 2024), with a milder 1.6% anticipated in 2026. concerns about a potential recession. The Conference Board now project real GDP growth at about1.6% for 2025, citing tariff effects and slowing consumer spending, and predicts a shift to later tariff impacts for the end of 2025 and early 2026. They also expect some delay on anticipated Fed rate cuts until December 2025 . Interestingly fears about a recession this year have diminished with prospects now in the 30%-35% range, although there is renewed talk of stagflation. In terms of inflation and interest rates, year over year inflation in June 2025 was 2.7%, up from 2.4% in May. Hopes for further rate cuts are clouded by inflation concerns.The expectation is for lower near term interest oryield rates as the Fed will lower rates in 2025-2026, but generally higher longterm rates reflecting some future concern, although the return to a normal (non-inverted) yield curve suggests a fairly normal overall situation and future prospect for now. The most prevalent economic attitude today is uncertainty. Near term economic attitudes are fairly pessimistic, and it is difficult to see a longer term horizon as the many issues clouding the immediate future predominate as we navigate the many disruptive issues at hand. Markets are quite uncertain about the future of the In the longer term the fundamentals of the US economy remain relatively string. Despite the apparent alienation of trade partners and a decline in stature and perception of economic leadership, the US economy has proven to be particularly resilient in the last couple of economic shocks, including after the Great Recession, and post-Covid. The national demographic continues a trend of predictable aging, but the US benefits from a younger and more diverse population relative to most economic peers. Advances in technology and a large capital base may stimulate productivity and job creation. National Real Estate Market-Value Trends and Sectors For a broad understanding of the current conditions in the commercial real estate markets, we have examined several nationally published price indices. These indices shed light on recent and historical value trends in commercial real estate markets, including differentiation by property type sector OMcKee Appraisal Real Estate I Consulting Page �2 Economic Conditions and Real Estate Markets US and Seattle First, the Commercial Property Price NationalAll-Propertylndex Index(CPPI) produced by Real Capital ,-� Analytics (RCA), reflecting results through May 2025: This equally weighted index reflects repeat sales of �� the same property in which the initial transaction price was $2.5 million or more. Overall, year over year changes '�J have stabilized. After a fairly steep decline starting in mid-2022 (caused ,� essentially by high interest rates) most property sectors saw relative stabilization of values starting in mid- 'J 2023. During the last 12 months values have varied by asset class. � �06-�-- Overall, in the 6 major metropolitan YOYCnange areas are down slightly over 1-year Z�% and 5-year periods, while down about 'o" IIIIIIIJ,'IIIIII 16% over 3 years. Without the o% UI�� ,�ai�IVIIItl�II��V�U�IVI��IIYI�I�IIII��VYWIIVIIV�I��,��IVI�I��l� significant downturn in values for CBD _,o,� office, other sectors look more neutral _20� to slightly positive. -3076 ,07 .09 ..� �.3 _ R lb t� " « Please note that these fairly recent ChangeinRCACPPIMay2025 statistics do not incorporate changes ,.,,,„, 3-mth ,-y� 3-yr 5-,� w-n since the announcements of tarriffs o„,�e o.4� ,.2� o.o% -z3.,% -,0.9% e.�,� on April2. In general REITs fared about Otlice CBD -0.4X �7.4'Y. -8.2% �51.8'K -50.3% -38.3'0 Ottite Sub 0.5% 1.5% 1.1% �18.27G •2.1Y 15.5"�6 th2 same aS securities market i,w�5v�ai •ozx �o.�� o.ix �.o% a2.ax ioo.z�:. indexes, although industrial ReWil o.2X o.s� 4.0� �5.0% ,5.ry ,�.6a: Commerclal O.OX 0.0% -0.5% -BJ% 13.49; 32.0��: (particularly sensitive to reduced qpartment -0.4% •7.0°A •1.196 IE.4X 9.zx sa��:. trade volumes) declined sharply and �ITypes -0.2% �O.BY> •1.OX •fl.9X ,,.z� �.3�� 6 Major Metros All Types �02% �0.9� -4.6% �16.3% 3.8Y, 22.3r� have not yet recovered to pre-tarriff NonMajaMetrosNllypes 0.7% 0.4% 02% 9.6% 17.9% 53.3": pricing levels. OMcKee Appraisal Real Estate I Consulting Page �3 Economic Conditions and Real Estate Markets US and Seattle Another national index, the Green Street CPPI, has REIT data (institutional properties), is value weighted, and is appraisal-based.The Price Index is "a time series ofun(everaged U.S. commercial property values that captures the prices at which commercia( rea( estate transactions are currently being negotiated and contracted". The overall index has increased 3.4% over the past 12 months. Green Street Commercial Property Price Index� 30°'0 1 FO 20% 140 I:iil il��i i II6 I I I � u � i o°ro I I--- i 20 , ��,I o�io i o0 -i o°r so 12-month change(left axis) -20% 60 �Index vaiue -30% 40 12/98 12100 12/02 12/04 12J06 12/OS 12/10 12/12 12/14 12/16 12/18 12/20 12/22 12/24 The following graphs indicate the sector-specific changes for the last seven years. Over the last 12 months almost all sectors have marked increases except the office asset class which has remained unchanged over the last 12 months. The overall"Core Sector" Index is up 4% over the last 12 months. Cumulative Change in CPPIO: Past Seven Years �oo�� 80% Man Home 60q'o —Indust �✓ 40% — —Self-Storage `� —Apartment 2040 Strip Retail o'�o — � � Net Lease —Lodging -20°/ /'--"� —Health Care .,,/'.�— -40°0 —Mall Office 60'�� 6'i8 6I19 6�20 6�21 6�22 6i23 6�24 6125 OMcKee Appraisal Real Estate I Consulting Page �4 Economic Conditions and Real Estate Markets US and Seattle Finally, the CoStar Commercial Repeat-Sale Indices (CCRSI) is based on repeat sale pairs. This bifurcated index shows the equal-weighted composite index holding fairly steady and slightly increasing since 2022, while the value-weighted composite index declined significantly from the 2022 peak before stabilizing and beginning to increase in 2024. Since mid-2024 both indexes have had a marked increase in the fall and dip in December. This differentiation of the recent stability of smaller commercial property values, relative to the significant decline from 2022 peakvalues for larger institutional properties is consistentwith and further explains much of the data and trends presented by the other indices. Focusing on the West market segments (including Seattle), based on the stronger Equal- Weighted data through May, the indices show a strong peak and large decline for multifamily, with the other major sectors holding fairly stead over the last three years. U.S. West Property Type Quarterly Indices- Equal Weighted, Data through May of 2025 West Office �West Industrial �West Retail �West Multifamily 600 � 500 0 0 � � 400 a� 0 0 0 N 300 a� � > 200 x a� � c — 100 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Once again, this index does notyet indicate post-tariff pricing, which is likelyweak, at least for now. In summary near-term prospects for commercial real estate value are now fairly neutral in most sectors, after some significant decline in office and multifamily. With many assets collateralized with term debt arrangements, lenders and investors remain cautious and the near-term availability of capital is low. When capital is available it is at higher interest rates than typical over the last 10 years, and leveraged returns in particular are under pressure. Industrial is a current concern due to the impact of tariffs, and there has been significantly reduced ship traffic in the last two months. Otherwise, increased cap rates have negatively impacted values, while in most sectors stable or slightly rising rental rates have mitigated or alleviated the downward pricing pressure. OMcKee Appraisal Real Estate I Consulting Pagi �5 Economic Conditions and Real Estate Markets US and Seattle Seattle Area Economy The Seattle and Western Washington economies have mostly paralleled the nationaltrends. The Seattle area has remained a relatively bright spot nationally, due to the relative stability and good employment outlook because of its establishment as a world center for software development, as the foundation and headquarter location for two of the five most valuable US corporations (Microsoft and Amazon). These companies directly employ about 100,000 workers in the metropolitan area, at high average wages of about $150,000. Furthermore, the employment talent that has flooded the area in the last 10 years creates demand from other market 5eattfe-Tacoma-Bellewc,WA competitors, creating a center of innovation and a nexus of employment growth.These employers notably include Meta and Google, in addition to a wide range of local, national, and international companies ranging from startup to industry leaders. The corporate growth and high wages create some problems including occupant and tenant displacement, homelessness, and high housing prices. Overall, the region provides a positive economic and real estate situation compared to most markets, and the Seattle area remains at the relative forefront of investment demand and value maintenance. In August 2024 ADP released a ranking of the 55 US metro markets with populations of at least 1 million. Using the metrics of pay rate, pay growth, and level of hiring over the last 12 months (ending June 2024) Seattle ranked 4t" overall, essentially at the very top of the scale for wage level and wage growth, but somewhat lagging on hiring rate relative mostly to a number of smaller markets. According to a 2022 Brooking Institution report Seattle is one of 8 superstar metropolitan technology hubs in the US, with 159,000 tech workers in 2019, and a cumulative average growth rate of+7.6%/year over the period 2015-2019. These superstar hubs are responsible for the majority of the US tech industry employment growth. According to the Axios- Generation Lab Next Cities Index, which tracks U.S. work and culture trends through geographic preferences, Seattle is America's most desired post-graduation destination for college students. On the other hand, the Brookings report also identifies the recent trend of decentralization as lowering the net growth rate significantly during 2021, concluding; "the pandemic years have raised the promise of tech decentra(ization through remote work and new siting decisions. However, the continued dominance of tech's long-standing hubs ensures that the "rise of the rest" won't happen easi(y". The prospects for the Seattle area for continued tech focus and employment growth (accompanied by high wages and prices) appearto be moderate today. OMcKee Appraisal Real Estate I Consulting is Economic Conditions and Real Estate Markets US and Seattle A snapshot of office occupancy by the largest employers was compiled by the Puget Sound BusinessJournalasofJuly2024. Fourofthesixorso internationaltechnologygiantsoccupy over 33 million sf of office, representing 30% of the entire office market of about 110 million sf in the region. Net hiring has largely paused for the time being, and overall, the net absorption of space by these companies has been neutral (largely because Microsoft vacated Bellevue properties as it moved employees to the new campus expansion space in Redmond). Largest Office Occupiers in Seattle Area As of July, 2024(Source:PSBJ and CoStarJ Square Feet of Office Change 1 Year Net Company Company Name Space Rank from Occupied, 2023 Absorption Classification 2024 Amazon.com Inc. 17,920,000 sf 1 5.0% 896,000 sf Giant Tech Microsoft Corp. 10,910,000 sf 2 -13.9% -1,516,490 sf Giant Tech Meta Platforms 2,560,000 sf 3 13.2% 337,920 sf Giant Tech Google Inc. 1,990,000 sf 4 10.0% 199,000 sf Giant Tech Expedia Group Inc. 1,380,000 sf 5 0.1% 1,380 sf Travel T-Mobile US Inc. 1,280,000 sf 6 -9.7% -124,160 sf Telecom Costco Wholesale Corp. 1,200,000 sf 7 0.0% 0 sf Consumer The Boeing Co. 860,999 sf 8 -51.8% -445,997 sf Aerospace WeWork 804,814 sf 9 -19.3% -155,329 sf Real Estate Starbucks Coffee Co. 784,640 sf 10 1.1% 8,631 sf Consumer Total 39,690,453 sf -2.0% -799,046 sf In general Seattle and King County have recently continued to witness moderate net population and job growth,with Seattle last year accountingfor 18,500(+2.3%)or more than half of the 30,300 population increase in King County from 2023-2024 (+1.3%). Estimates for Seattle area average daily foot traffic, relative to pre-pandemic levels almost five years ago are at about 63% in July 2024, continuing a moderate recovery trend. The figures define "workers" as coming in 3 days per week or more, and Amazon's mandate for that level of in-office attendance a year ago is presumably influential, as other employers have gradually adopted similar requirements or goals. With technology employment particularly prone to work-from-home trends and considering the weighting of employment in Seattle these figures are low by national standards, yet the local feeling of optimism and noticeable increases in day and night activity, combined with fairly robust tourism sector (one of the top destinations domestically and increasingly internationally), with hotel occupancy in Seattle actually exceeding 2019 pre-pandemic OMcKee Appraisal Real Estate I Consulting Page �7 Economic Conditions and Real Estate Markets US and Seattle levels in summer 2024. Unlike many cities Seattle has a significant residential population downtown, at about 106,000 residents (mostly in fairly newly constructed apartments and condos, with strong income demographics), and the core area is one of the most walkable and bikeable in the US. tc 125,000 In March, downtown averaged nearly �oo,000 101,000 daily workers —the highest daily 75,000 average since March 2024 2p25 2020. This figure represents 60% so,000 of March 2019's average daily worker 25,00o foot traffic, and is a 12% increase from March 2024. 0 March June Sept. Dec. March Sourc�: Placer.�;. Note: The November �vera;;es in 20?' r _, _�_�i _ . . � , , _ _ � _.. � F� ,. Seattle Real Estate Investment Conditions Seattle has generally outperformed the National averages in terms of the desirability of commercial real estate, as demonstrated by relatively lower going-in cap rates, and lower required yields or returns than National or Regional averages (leading to higher values for otherwise similar income properties). The following table provides a snapshot comparison by sector as of 2"d Quarter 2025, provided by the RERC Survey of Investment Criteria: OMcKee Appraisal Real Estate I Consulting Page �8 Economic Conditions and Real Estate Markets US and Seattle Seattle � First-Tier'Investment Properties RERC Wesc RERC West REf2C West Natronal Wes[ National West Estimate Region �S Esumate Region �5 Esumate Region �S Value Value Rent Rent CBD 87 9.3 9.4 7.0 7.3 Z6 7J 8.0 8.2 -1.9 -0.2 -0.5 -0./ Subu�ban 9.0 9.3 9.4 7.6 7.4 7.7 8.0 7.9 8.2 -1.0 -0.1 -0.1 0.5 Warehouse 7.6 8.2 8.0 5.6 6.4 6.5 6.0 7.0 7.0 2.3 2.1 2.2 2.4 R&D 8.7 8.7 8.6 6.8 6.8 7.1 7.4 7.4 7.6 1.6 1.5 1.6 1.9 Flex 8.2 8.4 8.5 6.7 6.8 7.1 7.2 7.4 7.6 1.9 1.8 1.8 2.0 Regional Mall 8.5 9.9 10.0 6.6 8.3 8.5 7.5 8.8 9.1 -1.5 -0.7 -0.5 0.1 PowerCenter 9.0 9.1 9.2 7.3 7.5 7.8 7.5 8.1 8.3 0.5 OJ 0.7 1.3 Neigh/Comm 7.4 8.7 8.8 5.9 7.0 7.3 6.8 7.7 Z9 2.1 1.4 1.5 1.6 Apartment 7.9 7.5 7.5 5J 5_6 5.9 6.4 6.2 6.5 1.3 Q5 1.6 1.3 Hotel 10.5 10.1 10.1 8.0 8.1 8.4 8.5 8.8 9.0 1.7 2.7 1.9 2.4 Average 8.5 8.9 9.0 6 7 7.1 7.4 Z3 7J Z9 0 7 1.0 1.0 13 n-rc,t�t. ,., tc•- rt -1a^�r. j ,. -c,,.�.- .,�_ _ .._ _� _._ _-,_ 4�_ . ..,.._ .,_ ,._ ,. ..__ _�r�� ,___ � ,r ._.�- . �. .�.._ .,,..,. _ ._ .. .. . ....,. . ....,. . SourceFFF.-�."_r_� �,�5. In general investment conditions improved slightly over last quarter on the average. Seattle slipped on average IRR required for investment, a proxy for overall risk perception, now standing as the 11th lowest out of 47 cities,the lowest ranking in some time.As a west coast city, only LA is lower. Seattle remains high for potential reward and income increase though, with the 5th lowest average cap rate, essential a prediction of stronger than average future potential for economic growth. The strong economic prospects for employment and population growth due to the establishment of modern growth industries, and an attractive and desirable residential environment are positive, but the exposure the employment- vulnerable tech industry darkens the picture. Summary and Conclusions In summary,while Covid impacts and concerns have finallyfaded, structural changes to the commercial real estate markets have increased the uncertainty and volatility of this investment class. Retail is generally back, travel and visitation are back, housing is in short supply with home values and apartment rents faring pretty well. Tariff concerns may have changed the landscape to some extent, with concern particularly evident for industrial logistics properties and for the retail sector. A weak office market and high cost of living are significant current concerns, and pricing of most real estate is somewhat volatile and uncertain at this time. Seattle, King County and the surrounding region nevertheless continue as prime locations for residence and employment. OMcKee Appraisal Real Estate I Consulting 19 Economic Conditions and Real Estate Markets US and Seattle Top 60 Employers in Washington Companywide Companywide WAState Primary Revenue Employment Previous Rank* Business Name Employment WA City ($Billion,2023) (1,OOOs,2023) Yr's Rank 1 Amazon.com 87,000 Seattle $574.79 1,500.0 i 2 The Boeing Co. 66,797 Everett $77.79 170.7 2 3 MicrosoftCorp. 55,119 Redmond $211.92 228.2 s 4 Joint Base Lewis-McChord 54,025 McChord N/A 54.0 a 5 University of Washington Seattle 53,305 Seattle $7.71 55.7 5 6 Providence 46,000 various $0.03 120.0 9 7 Navy Region Northwest 37,000 Silverdale N/A 37.0 s 8 Walmartlnc. 22,655 various $648.13 2,100.0 s 9 CostcoWholesaleCorp. 21,500 Issaquah $242.29 316.0 ii 10 KrogerCo. 21,000 various $150.04 414.0 io 11 MultiCare Health Systems 20,660 Tacoma $4.30 21.5 i2 12 Albertsons Cos.dba Safeway,Haggen,Albertsons 20,000 various $79.24 300.0 7 13 Virginia Mason Franciscan Health 18,000 Seattle $4.10 �8.0 i3 14 Alaska Air Group Inc. 11,443 SeaTac $10.43 23.5 i4 15 SeattleChildren's 10,170 Seattle $3.86 �0.3 is 16 StarbucksCoffeeCo. 10,000 Seattle $35.98 381.0 is 17 Meta Platforms 8,000 Seattle $134.90 67.3 is 18 KaiserPermanente 7,500 various $70.80 223.7 i7 19 Washington State University 7,250 Pullman $1.37 7.3 20 Google Inc. 7,000 Seattle $307.39 182.5 20 21 T-MobileUSlnc. 6,552 Bellevue $63.20 66.8 is 22 Nordstrom Inc. 6,500 Seattle $14.69 54.0 22 23 SeattlePublicSchools 6,324 Seattle $1.00 6.3 2t 24 Fred Hutchinson Cancer Center 6,158 Seattle $2.35 6.4 23 25 PacificNorthwestNationalLaboratory 6,089 Richland N/A 6.5 z� 26 Tacoma Public Schools 4,500 Tacoma $0.55 4.5 33 27 Blue Origin LLC 4,286 Kent N/A 9.3 zs 28 Catholic Community Services and Catholic Housing 4,180 Seattle $0.29 4.2 29 Oracle Corp. 4,043 Seattle $49.95 164.0 30 30 ValleyMedicalCenter 3,800 Renton $2.75 3.8 zs 31 OverlakeMedicalCenter&Clinics 3,740 Bellevue $OJ3 3J ss 32 Salesforce 3,654 Bellevue $34.86 73.3 3a 33 Spokane Public Schools 3,629 Spokane $0.63 3.6 zi 34 Vancouver Public Schools 3,300 Vancouver $0.39 3.3 3s 35 Expedia Group Inc. 3,290 Seattle $12.84 17.1 zs 36 PACCAR Inc. 3,200 Kirkland $35.13 32.4 s� 37 Lake Washington School District 3,�87 Redmond $0.68 3.2 40 38 Western Washington University 2,738 Bellingham $0.20 2.7 ss 39 Columbia Hospitality 2,602 various $0.41 3.2 4t 40 Premera Blue Cross 2,589 Mountlake Terrace N/A 3.2 3& 41 PuyallupSchoolDistrict 2,580 Puyallup $0.38 2.6 si 42 URM Stores Inc. 2,250 Spokane $1.80 3.2 47 43 1PMorgan Chase&Co. 2,213 various $158.10 311.7 ss 44 Port of Seattle 2,200 Seattle $0.95 2.2 4s 45 Pfizerinc. 2,140 Everett $58.50 88.0 50 46 Umpqua Bank 2,027 various $2.00 5.2 45 47 Accenture 1,950 Seattle $64.10 733.0 4s 48 Comcast 1,829 Lynnwood $121.00 186.0 4& 49 BankofAmerica 1,800 various $98.58 213.0 42 50 PCC Community Markets 1,794 Seattle $0.44 1.8 51 Aegis Living 1,697 various $0.26 2.9 s2 52 Seattle University 1,587 Seattle $0.24 1.7 ss 53 NintendoofAmericalnc. 1,540 Redmond $4.80 7.7 5t 54 ZillowGroupinc. 1,500 Seattle $1.95 6.3 ss 55 Avista Corp. 1,499 Spokane $1.75 1.9 5a 56 Expeditors Internationalof Washington Inc. 1,423 Seattle $9.30 18.1 57 57 Gonzaga University 1,407 Spokane $0.42 1.4 58 F51nc. 1,400 Seattle $2.81 6.5 53 59 TikTok 1,318 Bellevue $16.00 7.0 60 KeyBank 1,160 various $6.40 17.0 *ranked by emp(oymentin Washington State,based on data compifed bythe PugetSound Businesslouma(,September2024 OMcKee Appraisal Real Estate I Consulting COSTAR SUBMARKET ANALYSIS McKee Appraisal Real Estate Services&Consulting,Inc. 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MULTIFAMILY SUBMARKET REPORT Submarket Key Statistics � Vacancy 2 Rent 4 Construction 6 Sales 9 Sales Past 12 Months 11 Supply&Demand Trends 13 Vacancy&Rent 15 Sale Trends �� Deliveries&Under Construction �9 8/4/2025 McKee Appraisa I O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 �, RealEstatelConsWtiny 1�� CoStar� Overview - . . . 12 Mo Delivered Units 12 Mo Absorption Units Vacancy Rate 12 Mo Asking Rent Growth 611 136 8.4% -0 . 6% The Renton/Tukwila Multifamily Submarket has metro. Without additional supply pressure, the submarket experienced an increase in vacancy, but should see should start to see rent growth acceleration after these steady recovery. new communities begin to lease up. While the vacancy rate for market-rate communities Asking rents are about$2,030/month, with an annual ticked up over the past few months, this was entirely due growth rate of-0.6%. That compares to 1.6% growth to the large number of new units completed this year. As metrowide. Rents have shifted by-1.1%for the of the third quarter of 2025, the vacancy rate stands at submarkeYs 4 & 5 Star communities over the past year, 8.4%. That compares to vacancy rates in the upper 5% and -0.4% for 3 Star. The more affordable 1 &2 Star range for most of last year. segment saw its average asking rent change by 0.4%. The difference in asking rents between mid and upper Over the past 12 months, developers delivered 610 tier apartments is 8.5%, compared to a more than 20% market-rate units the the submarket, expanding the premium metrowide. inventory by more than 4% in just one year. Completed projects this year include the 285-unit Prose Normally not a concession-heavy submarket, modest Southcenter and the 315-unit Solera in Renton. A large concessions will likely be in play over the coming affordable community, The Astra, also opened in months. For example, Prose was offering up to 8 weeks conjunction with the Solera. free for the first 40 leases signed as that community opened its doors. Rents in the area have been stable, and recent new construction competing for renters could keep rent With no new supply on the immediate horizon, the growth in check for at least the next couple of quarters. submarket is poised to see recovery, with vacancy falling However, rent growth has been accelerating across the and rents stable or growing over the next few quarters. KEY INDICATORS Current Quarter Units Vacancy Rate Asking Rent Effective Rent Absorption Delivered Units Under Constr Units Units 4&5 Star 5,134 9.7% $2,269 $2,238 11 0 0 3 Star 6,778 9.5% $2,104 $2,091 23 315 0 1 &2 Star 3,383 4.3% $1,496 $1,483 1 0 0 Submarket 15,295 8.4% $2,051 $2,032 35 315 0 Annual Trends 12 Month Historical Forecast peak When Trough When Average Average Vacancy 2.9%(YOY) 6.1% 6.3°/o 10.6% 2009 Q2 3.2% 2021 Q3 Absorption Units 136 144 145 898 2008 Q2 (314) 2009 Q2 Delivered Units 611 166 158 1,319 2008 Q2 0 2023 Q2 Demolished Units 0 0 6 0 2025 Q2 0 2025 Q2 Asking Rent Growth -0.6% 2.9% 2.8% 12.5% 2022 Q1 -5.9% 2009 Q4 Effective Rent Growth -0.5% 2.8% 2.8% 14.2% 2022 Q1 -5.8% 2009 Q4 Sales Volume $121M $133.8M N/A $453.3M 2018 Q4 $5.9M 2010 Q3 McKee A raisal � 8/4/2025 PP �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 , aeaiEscate co�swa�� 1�� CoStar Page2 Vacanc - . . . ABSORPTION, NET DELIVERIES&VACANCY �oo g��o ; Fore�ast 4�4 �., 8% � � ''� � � 0 � 30� --....--....-- - - - ..._............:.:.::_ ...._...... � 7/o � � ' � � ......._.......�....... ...... ..............�.. _,.. .. _ a � Q 200 � _.... .. . 6/o c �� v � ; y �` � � 104 F i 5% � c � � i � F f o ' 1 a�io � C � -1 D� + 3% , � � -200 � 2% 2D20 2021 2022 2023 2024 2025 2026 2027 2028 2029 P! Ahsorpfion ■ Net�eliveries I�.f Vacancy 5eattle Vacancy OVERALL&STABILIZED VACANCY 9°/0 ; Forecast � � $°/fl � .. 7°/0 � _ _ _ i i 6°/0 � i i 5°/o i � � 4°/o i i i i 3°/0 � � � 2°/0 � 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 ' Q�erall Vacancy � 5tabilized Vacancy McKee A raisal � 8/4/2025 PP �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 , Reai esca�e co�sw;�� 1�� CoStar Page 3 Vacanc - . . . VACANCY RATE 1 Q°/o ' Forecast � 9°/0 � � $°/o ' 7°/0 � 6°/0 ,� i i � i �J°/o i 1 1 1 4��0 � � � 3°/0 � i i 2°/0 � 1°/o � 2020 2021 2022 2023 2024 2025 2026 2027 2028 2Q29 � RentonlTukwila 3 5tar ■ RentonlTukwila 4-5 5tar � Renton/Tukwila 5eattle VACANCY BY BEDROOM 11°Io 14°/0 .... 9°/0 �`� $°/o 7°/0 � � I 6°/o v 5°/o /� 4°/0 � 3°/0 2°/0 2020 2021 2022 2023 2024 2025 ■ 5tudio � 1 Bed ■ 2 Bed 3 Bed McKee A raisal � 8/4/2025 PP �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 , aeaiEscate,co�swa�� 1�� CoStar Page4 Rent - . . . DAILY ASKING RENT PER SF $2.5Q $2.4� � $2.3� � ________ _ _ __ __ --__- $2.24 _ $2.14 $Z.O� _ _._ $�.9D 2a2D 2021 2022 2Q23 2�24 2025 � Ren#onlTukwila MARKET RENT PER UNIT&RENT GROWTH ��,�o0 14°/0 ; Forecast F $2,404 ; 12% � � $2,30D ; 10% � � $2,2�� .�� 8% � - � � � $2,1�0 � ' 6% °—' � 4 m � � � .^� m y $2,Q�Q - i 4°/a � � ; - - ., o $1,9�0 II� � 2% � ��i�� _._ ._..�I� ■��1■ ' �� l o ��,soa �' ��— o ra ��,7oa � -2�io � � $�,soo � -a��o �02Q 2�21 2022 2023 �024 2025 2026 2027 2028 2029 � Marke#f�ent Growth YIY � Market Rent Per Unit ■ Effecti�e Rent Per Unit Seattle Market Rent Per Unit McKee A raisal � 8/4/2025 PP �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 , Reaiesca�e,co�sw;�� 1�� CoStar Page5 Rent - . . . MARKET RENT PER UNIT BY BEDROOM $2,8Q0 $2,640 ��y� �� --�� -------------------------� -� -� -� -� $2,4�� $2,240 $2,040 $1,8�0 $1,6�0 $1,4�0 $1,2D0 2020 2D21 2022 2Q23 2024 2025 ■ 5tudio � 1 Bed ■ 2 Bed 3 Bed McKee A raisal � 8/4/2025 PP �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 , Reai esca�e co�sw;�� 1�� CoStar Page 6 Construction - . . . DELIVERIES&DEMOLITIONS 40Q ; Forecast 35Q ; 3�Q �— 250 i _.. . ..._...._ _..... ........__. . ..__._.._ ._________ - � = 200 i _ _._ _ � i �; 15 Q � � i 10d � i _ _._ _._ _ _ _ __ _ _ _ � , �o ' � ____-- � — i ��— Q ��.�—————� ' ��-�— — — - i -�J� I �020 202� 2022 2023 2024 202� 2a2s 2a27 2o2s 2029 � ❑eli�eries � aemolished � Net Qeli�eries McKee A raisal � 8/4/2025 PP �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 , Reai esca�e co�sw;�� 1�� CoStar Page 7 Construction - . . . All-Time Annual Avg. Units Delivered Units Past 8 Qtrs Delivered Units Next 8 Qtrs Proposed Units Next 8 Qtrs 176 0 �� PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION,&PROPOSED , � �y/- � . � WEST LAKE Cq ��SJ , SAMMAMISH � � EASTGATE . --- �"li Mercer Island FACTORIA � -.� KLAHANIE Fall C WEST SEATTLE ��I COLUMBIA CITY � � �� BEACON HILL LAKEMONT ,. Q. . ISSAQUAH . '--. HIGHLANDS DELRIDGE�iII;. RAINIER VALLEY N2WC8StI2 � �.. _ S� �� Cougar The Museum of Fligh Reuional Issaquah 0 preston 9 Wildland Park ;' White Center `� 9ao/ Upper Pre§to'r sole IMawrg-Sk .ay East Ren n Tiger �$ � � i iigi,iands Mountain Renton 169 State Forest '��: — �� sis i-� Burie�n� —� GREGORY MlffOff71011t � HEIGHTS � �� . hon SeaTac so � ` '-' Fairwood Normandy � Park 99 i69 '/ soe East � 18 - I �� Hill-Meridian � � ��i , � Shadow Lake Hobart Des Moines '', ,',��i� /� �" � �� ensr Hi�� Maple Valley Maury Island Kent �-, �SBURG Proposed Next 8 Quarters Completed Past 8 Quarters Map data 02025 Google PAST&FUTURE DELIVERIES IN UNITS aoa....................................................................................................................................................................................................:.,............................................................................................................................................................... : Future 200........_.._._ : _.._.._.._.._.._.._.._.._.._.._.._.._.._.._.._.._.._......_......_......_......_......_......_......_......_......_................... :. _......_......_......_......................_......_......_......_......_......_......_......_......_......_......_.... 0 2023 2024 2025 2U2fi 2027 Completed Past 8 Quarters ■ Proposed - Al!-Time Average McKee A raisal � 8/4/2025 PP �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 , Reai esca�e co�sw;�� 1�� CoStar Page 8 Construction - . . . RECENT DELIVERIES Property Name/Address Rating Units Stories Start Complete Developer/Owner � Solera * * ,* 315 6 Mar 2022 Jul 2025 Heartland Construction, LLC 2800 NE Sunset Blvd Heartland Construction, LLC 2 Prose Southcenter * * * * 2g5 5 Jul 2023 Jun 2025 500 Baker Blvd The Carlyle Group 3 The Southard * * * 18 2 Nov 2023 Jul 2024 Homestead Community Land Trust 13839 32nd Ln S Homestead Community Land Trust 4 Sunset Terrace * * * 108 6 Sep 2020 Jul 2023 Colpitts Development Company 2715 Sunset Ln NE A-One Enterprises Inc PROPOSED Property Name/Address Rating Units Stories Start Complete Developer/Owner � 1409 Monroe Ave NE * * * 35 1 Sep 2025 May 2027 McKee A raisal � 8/4/2025 PP �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 , Reai esca�e co�sw;�� 1�� CoStar Page 9 Sales - . . . Sales activity has picked up over the past couple of Creek Apartments in Tukwila to the Spokane Indian years. As of the third quarter of 2025, the area's 12- Housing Authority for$28.31 million, or about month trailing sales volume sits at$186 million. Last year $158,000/unit. The deal closed with a 5.8% cap rate was the most active since 2018, with about$250 million based on the NOI at the time of the sale. During its in deals. That was up significantly from the markeYs low ownership, IMG spent$3.7 million upgrading and point in 2022, when sales only reached about$68 modernizing the property, including the addition of a new million. It was also about 7% higher than the inflation- fitness center and remodeling of the leasing office. adjusted average over the past decade. Presumably, the housing authority, which specializes in affordable housing, will eventually shift these units to Cumulative sales volume in the first half of the year rent-restricted housing. came in around $68 million, tying the volume for the same period in 2022 and besting any other first half Acquisitions of the garden-style communities that since 2018, even before accounting for inflation. dominate the landscape in this Seattle suburb illustrate an appetite for a subtype that outperformed in a post- Private buyers typically dominate the landscape here, pandemic world. However, this trend could shift in the representing about 60% of sales volume and 72% of coming year as rent growth softens. Over the past five deals over the past decade. That trend continued over years, garden-style communities have seen the most the past year, with private investors accounting for 67% robust rent growth of any apartment building style. Rent of deals and over half the volume. growth for this segment has weakened over the past two years, however, and has been eclipsed by rent growth One large trade drove volume in the first half of the year. for high-rise communities that had previously fallen out Investors Management Group sold the 179-unit Foster of favor in the wake of the COVID-19 pandemic. SALES VOLUME&MARKET SALE PRICE PER UNIT �3so,aoo �300 ; Forecast � � � $36D,D�0 ; $25� � � � � � - $340,OD� ' $2�0 � i �, y � o d � c a $320,404 ' $150 � � u� � ; � Y � —�� " $3�D,00a ' � , � $100 � � N � , $280,404 : --_ _._.._. .. ...... � $50 ,� ■� � � �� , . �. . „ .. �;�i $260,400 , ` ' ., � $0 2Q20 2021 2022 2023 2024 2025 2Q25 2027 2028 2429 _= Sales Volume � RentonlTukwila PricelUnit 8/4/2025 OMcKee Appraisal �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 j� CoStar Page 10 Real Estate�Consulting - Sales - . . . MARKET CAP RATE ��2��° � Forecast , 5.0°/o i 4.$°/0 �r� �r ----- -- --- � - � ---- --- 4.6°/o � -- - ---`,_--� � ---- i 4.4°/o i � � � � 4.2°Ia � � � 4.0°/v � � i i 3.$°/o � ` i � � 3.6°/o i � 3.4% � 2aza 2�21 2�22 2�23 2�24 2025 2026 2027 2a28 2029 � f2en#onlTukwila 3 Star � Ren#onlTukwila 4-5 Star ■ RentonlTukwila Seattfe 8/4/2025 OMcKee Appraisal O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 j� CoStar Page 11 Real Estate�Consulting - Sales Past 12 Months - . . . Sale Comparables Avg. Price/Unit(thous.) Average Price(mil.) Average Vacancy at Sale 9 $ 184 $ 15.2 9 .4% SALE COMPARABLE LOCATIONS , � V7 � WEST LAKE � �3f - SAMMAMISH ---�-��li Mercer Island FA�CTORIA ASTGATE � KLAHANIE � Fall C WEST SEATTLE COLUMBIA CITY .� BEACON HILL y// LAKEMONT v ,, rI � ... ISSAQUAH - � HIGHLANDS DELRIDGE'�I�. RAINIER VALLEY � N2WC8StI2 � - S� �f Cougar � _- _ The Museum of Fligh Reuional �ssaquah m _ g� Preston " Wildland Park White Center `� �;,, _ 90o Upper Prestor soe �Mawrg-Sk�r East Ren n�� TIg2f �$ �� i iigl,iancis Mountain � un ,69 State Forest Burien s,s � O _� � � Mirrormont � GREGORY HEIGHTS hOn � , SeaTaC SO THCENTER Fall"WOOCI Normandy �; Park 99 �69 soe � East ; I �� Hill-Meridian 1e � �4`i li Shadow Lake Hobart Des Moines ' �� i"I I � ' lr' �N '`- Maple Valley Maury Island � � �Kent EAST Hi�� s�e. Sale Comparables SALE COMPARABLES SUMMARY STATISTICS Sales Attributes Low Average Median High Sale Price $1,110,000 $15,161,240 $4,567,500 $70,700,000 Price/Unit $116,000 $184,051 $161,786 $222,000 Cap Rate 5.0% 7.0% 7.3% 8.3% Vacancy Rate At Sale 0% 9.4% 6.7% 12.3% Time Since Sale in Months 1.7 4.7 4.0 11.7 Property Attributes Low Average Median High Property Size in Units 5 82 27 325 Number of Floors 1 2 2 3 Average Unit SF 463 730 771 820 Year Built 1932 1964 1965 1983 Star Rating * * * * 2.1 * * * * * 8/4/2025 OMcKee Appraisal �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 j� CoStar Page 12 Real Estate�Consulting - Sales Past 12 Months - . . . RECENT SIGNIFICANT SALES Property Information Sale Information Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF Copper Ridge �E 4600 Davis Ave S * * * 1983 325 12.3% 12/13/2024 $70,700,000 $217,538 $279 � Foster Creek 15110 Macadam Rd S * * � 1968 179 8.7% 5/30/2025 $28,309,922 $158,155 $182 � Crestview Apartments o 305 Lind Ave SW ** * 7 1957 75 5.3/0 1/29/2025 $8,700,000 $116,000 $173 � Burnett on the Park 607-609 Williams Ave S * * * 7 1979 30 6.7% 8/12/2024 $5,795,000 $193,166 $118 3455 S 144th St * * * 7 1963 24 4.2% 3/11/2025 $3,340,000 $139,166 $197 � � Jet Vista Apartments o 201 TaylorAve NW * * * � 1968 12 8.3/0 6/13/2025 $1,985,000 $165,416 $220 � 212 S Tobin St * * * 7 1932 9 0% 4/3/2025 $1,350,000 $150,000 $223 � Cedar River 5 74-78 Williams Ave S * * * 7 1962 5 0% 6/9/2025 $1,110,000 $222,000 $285 � Foster Creek 15110 Macadam Rd S * * � 1968 179 8.7% 5/30/2025 - - - 8/4/2025 OMcKee Appraisal O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 j� CoStar Page 13 Real Estate�Consulting - A endix - . . . OVERALL SUPPLY&DEMAND Inventory Absorption Year Units Growth %Growth Units %of Inv Construction Ratio 2029 15,515 110 0.7% 114 0.7% 1.0 2028 15,405 84 0.5% 69 0.4% 1.2 2027 15,321 34 0.2% 82 0.5% 0.4 2026 15,287 (6) 0% 204 1.3% 0 2025 15,293 598 4.1% 313 2.0% 1.9 YTD 15,295 600 4.1% 191 1.2% 3.1 2024 14,695 18 0.1% (4) 0% - 2023 14,677 108 0.7% 1 0% 108.0 2022 14,569 0 0% (140) -1.0% 0 2021 14,569 78 0.5% 168 1.2% 0.5 2020 14,491 0 0% 98 0.7% 0 2019 14,491 82 0.6% 247 1.7% 0.3 2018 14,409 371 2.6% 134 0.9% 2.8 2017 14,038 104 0.7% 33 0.2% 3.2 2016 13,934 162 1.2% 19 0.1% 8.5 2015 13,772 129 0.9% 203 1.5% 0.6 2014 13,643 0 0% (2) 0% 0 2013 13,643 0 0% 230 1.7% 0 4&5 STAR SUPPLY&DEMAND Inventory Absorption Year Units Growth %Growth Units %of Inv Construction Ratio 2029 5,382 117 2.2% 109 2.0°/a 1.1 2028 5,265 90 1.7% 73 1.4°/a 1.2 2027 5,175 41 0.8% 57 1.1°/a 0.7 2026 5,134 0 0% 109 2.1°/a 0 2025 5,134 285 5.9% 169 3.3°/a 1.7 YTD 5,134 285 5.9% 109 2.1°/a 2.6 2024 4,849 0 0% (72) -1.5% 0 2023 4,849 0 0% 59 1.2% 0 2022 4,849 0 0% (43) -0.9% 0 2021 4,849 78 1.6% 117 2.4% 0.7 2020 4,771 0 0% (11) -0.2% 0 2019 4,771 8 0.2% 233 4.9°/a 0 2018 4,763 371 8.4% 153 3.2°/a 2.4 2017 4,392 104 2.4% 56 1.3°/a 1.9 2016 4,288 162 3.9% 100 2.3°/a 1.6 2015 4,126 120 3.0% 119 2.9°/a 1.0 2014 4,006 0 0% (9) -0.2% 0 2013 4,006 0 0% 89 2.2% 0 8/4/2025 OMcKee Appraisal O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 j� CoStar Page 14 Real Estate�Consulting - A endix - . . . 3 STAR SUPPLY&DEMAND Inventory Absorption Year Units Growth %Growth Units %of Inv Construction Ratio 2029 6,778 0 0% 5 0.1% 0 2028 6,778 0 0% (1) 0% 0 2027 6,778 0 0% 40 0.6% 0 2026 6,778 0 0% 111 1.6% 0 2025 6,778 315 4.9% 138 2.0°/a 2.3 YTD 6,778 315 4.9% 73 1.1% 4.3 2024 6,463 18 0.3% 42 0.6°/a 0.4 2023 6,445 108 1.7% 6 0.1°/a 18.0 2022 6,337 0 0% (96) -1.5% 0 2021 6,337 0 0% 59 0.9% 0 2020 6,337 0 0% 102 1.6% 0 2019 6,337 74 1.2% 0 0% - 2018 6,263 0 0% (1) 0% 0 2017 6,263 0 0% (16) -0.3% 0 2016 6,263 0 0% (73) -1.2% 0 2015 6,263 9 0.1% 61 1.0% 0.1 2014 6,254 0 0% 6 0.1% 0 2013 6,254 0 0% 100 1.6% 0 1 &2 STAR SUPPLY&DEMAND Inventory Absorption Year Units Growth %Growth Units %of Inv Construction Ratio 2029 3,355 (7) -0.2% 0 0% - 2028 3,362 (6) -0.2% (3) -0.1% 2.0 2027 3,368 (7) -0.2% (15) -0.4% 0.5 2026 3,375 (6) -0.2% (16) -0.5% 0.4 2025 3,381 (2) -0.1% 6 0.2% - YTD 3,383 0 0% 9 0.3% 0 2024 3,383 0 0% 26 0.8% 0 2023 3,383 0 0% (64) -1.9% 0 2022 3,383 0 0% (1) 0% 0 2021 3,383 0 0% (8) -0.2% 0 2020 3,383 0 0% 7 0.2% 0 2019 3,383 0 0% 14 0.4% 0 2018 3,383 0 0% (18) -0.5% 0 2017 3,383 0 0% (7) -0.2% 0 2016 3,383 0 0% (8) -0.2% 0 2015 3,383 0 0% 23 0.7% 0 2014 3,383 0 0% 1 0% 0 2013 3,383 0 0% 41 1.2% 0 8/4/2025 OMcKee Appraisal O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 j� CoStar Page 15 Real Estate�Consulting - A endix - . . . OVERALL VACANCY 8�RENT Vacancy Market Rent Effective Rents Year Units Percent Ppts Chg Per Unit Per SF %Growth Ppts Chg Units Per SF 2029 919 5.9% (0.1) $2,313 $2.68 3.1% (0.4) $2,289 $2.65 2028 924 6.0% 0.1 $2,244 $2.60 3.5% 0 $2,220 $2.57 2027 908 5.9% (0.3) $2,168 $2.51 3.5% 0.1 $2,145 $2.49 2026 954 6.2% (1.4) $2,094 $2.43 3.4% 4.1 $2,072 $2.40 2025 1,163 7.6% 1.6 $2,026 $2.35 -0.7% (2.1) $2,005 $2.32 YTD 1,286 8.4% 2.4 $2,051 $2.37 -0.6% (2.0) $2,032 $2.35 2024 877 6.0% 0.1 $2,041 $2.36 1.4% 0.7 $2,018 $2.34 2023 855 5.8% 0.7 $2,012 $2.33 0.7% (4.9) $1,998 $2.31 2022 750 5.1% 1.0 $1,998 $2.31 5.6% (5.3) $1,973 $2.28 2021 609 4.2% (0.6) $1,893 $2.19 10.9% 9.9 $1,885 $2.18 2020 699 4.8% (0.7) $1,707 $1.97 1.0% (3.3) $1,683 $1.95 2019 798 5.5% (1.2) $1,691 $1.96 4.2% (0.7) $1,653 $1.91 2018 961 6.7% 1.5 $1,623 $1.88 4.9% 0.6 $1,593 $1.84 2017 726 5.2% 0.5 $1,546 $1.79 4.3% (1.9) $1,517 $1.76 2016 656 4.7% 1.0 $1,482 $1.71 6.2% (2.1) $1,460 $1.69 2015 510 3.7% (0.6) $1,395 $1.61 8.3% 3.2 $1,385 $1.60 2014 584 4.3% 0 $1,288 $1.49 5.1% 1.0 $1,273 $1.47 2013 582 4.3% (1.7) $1,226 $1.42 4.1% - $1,218 $1.41 4&5 STAR VACANCY&RENT Vacancy Market Rent Effective Rents Year Units Percent Ppts Chg Per Unit Per SF %Growth Ppts Chg Units Per SF 2029 342 6.4% 0 $2,551 $2.90 3.0% (0.4) $2,512 $2.86 2028 336 6.4% 0.2 $2,476 $2.82 3.4% (0.1) $2,439 $2.77 2027 317 6.1% (0.3) $2,394 $2.72 3.5% 0.2 $2,358 $2.68 2026 332 6.5% (2.1) $2,313 $2.63 3.4% 4.3 $2,278 $2.59 2025 440 8.6% 1.9 $2,237 $2.55 -0.9% (1.5) $2,204 $2.51 YTD 498 9.7% 3.1 $2,269 $2.58 -1.1% (1.7) $2,238 $2.55 2024 322 6.6% 1.5 $2,258 $2.57 0.6% (1.2) $2,212 $2.52 2023 251 5.2% (1.2) $2,244 $2.55 1.8% (3.1) $2,233 $2.54 2022 311 6.4% 0.9 $2,205 $2.51 4.9% (5.6) $2,159 $2.46 2021 267 5.5% (0.9) $2,102 $2.39 10.5% 10.1 $2,093 $2.38 2020 305 6.4% 0.2 $1,902 $2.16 0.5% (5.1) $1,855 $2.11 2019 295 6.2% (4.7) $1,894 $2.15 5.6% 1.6 $1,827 $2.08 2018 519 10.9% 4.0 $1,794 $2.04 4.0% 0 $1,741 $1.98 2017 301 6.8% 1.0 $1,725 $1.96 4.0% (1.2) $1,697 $1.93 2016 253 5.9% 1.3 $1,658 $1.89 5.2% (2.7) $1,630 $1.85 2015 190 4.6% (0.1) $1,576 $1.79 7.9% 3.4 $1,563 $1.78 2014 189 4.7% 0.2 $1,461 $1.66 4.5% 0.1 $1,443 $1.64 2013 181 4.5% (2.2) $1,398 $1.59 4.3% - $1,386 $1.58 8/4/2025 OMcKee Appraisal �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 j� CoStar Page 16 Real Estate�Consulting - A endix - . . . 3 STAR VACANCY&RENT Vacancy Market Rent Effective Rents Year Units Percent Ppts Chg Per Unit Per SF %Growth Ppts Chg Units Per SF 2029 420 6.2% (0.1) $2,373 $2.65 3.1% (0.4) $2,356 $2.64 2028 426 6.3% 0 $2,301 $2.57 3.5% 0 $2,284 $2.56 2027 426 6.3% (0.6) $2,223 $2.49 3.5% 0.2 $2,207 $2.47 2026 467 6.9% (1.6) $2,147 $2.40 3.4% 3.6 $2,132 $2.39 2025 578 8.5% 2.3 $2,078 $2.32 -0.3% (1.5) $2,063 $2.31 YTD 643 9.5% 3.3 $2,104 $2.35 -0.4% (1.7) $2,091 $2.34 2024 401 6.2% (0.4) $2,084 $2.33 1.2% 1.7 $2,074 $2.32 2023 425 6.6% 1.5 $2,058 $2.30 -0.4% (6.7) $2,038 $2.28 2022 323 5.1% 1.5 $2,067 $2.31 6.3% (6.3) $2,050 $2.29 2021 227 3.6% (0.9) $1,944 $2.18 12.6% 11.6 $1,938 $2.17 2020 287 4.5% (1.6) $1,727 $1.93 1.0% (2.6) $1,715 $1.92 2019 388 6.1% 1.1 $1,710 $1.91 3.6% (2.6) $1,682 $1.88 2018 313 5.0% 0 $1,651 $1.85 6.1% 2.5 $1,631 $1.82 2017 312 5.0% 0.3 $1,556 $1.74 3.7% (3.3) $1,517 $1.70 2016 297 4.7% 1.2 $1,501 $1.68 7.0% (1.5) $1,479 $1.65 2015 223 3.6% (0.8) $1,403 $1.57 8.5% 2.0 $1,392 $1.56 2014 275 4.4% (0.1) $1,293 $1.45 6.5% 2.7 $1,274 $1.43 2013 279 4.5% (1.6) $1,215 $1.36 3.8% - $1,207 $1.35 1 &2 STAR VACANCY&RENT Vacancy Market Rent Effective Rents Year Units Percent Ppts Chg Per Unit Per SF %Growth Ppts Chg Units Per SF 2029 157 4.7% (0.1) $1,703 $2.25 3.2% (0.4) $1,688 $2.23 2028 162 4.8% (0.1) $1,650 $2.18 3.6% 0 $1,636 $2.16 2027 165 4.9% 0.3 $1,593 $2.11 3.6% 0.1 $1,580 $2.09 2026 156 4.6% 0.3 $1,538 $2.04 3.5% 5.3 $1,525 $2.02 2025 146 4.3% (0.2) $1,486 $1.97 -1.8% (6.3) $1,473 $1.95 YTD 145 4.3% (0.3) $1,496 $1.96 0.4% (4.1) $1,483 $1.94 2024 153 4.5% (0.8) $1,512 $1.98 4.5% 3.0 $1,504 $1.97 2023 179 5.3% 1.9 $1,447 $1.90 1.5% (3.7) $1,440 $1.89 2022 116 3.4% 0 $1,426 $1.87 5.2% (1.0) $1,421 $1.86 2021 115 3.4% 0.2 $1,356 $1.78 6.1% 3.9 $1,350 $1.77 2020 108 3.2% (0.2) $1,278 $1.67 2.3% (0.3) $1,272 $1.66 2019 115 3.4% (0.4) $1,249 $1.63 2.5% (1.1) $1,245 $1.63 2018 129 3.8% 0.5 $1,218 $1.59 3.6% (3.8) $1,212 $1.58 2017 112 3.3% 0.2 $1,176 $1.54 7.5% 0.7 $1,171 $1.53 2016 106 3.1% 0.3 $1,095 $1.43 6.7% (2.2) $1,085 $1.42 2015 97 2.9% (0.7) $1,026 $1.34 8.9% 6.6 $1,021 $1.33 2014 120 3.6% 0 $942 $1.23 2.3% (2.0) $937 $1.22 2013 121 3.6% (1.2) $920 $1.20 4.4% - $916 $1.20 8/4/2025 OMcKee Appraisal �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 j� CoStar Page 17 Real Estate�Consulting - A endix - . . . OVERALL SALES Completed Transactions(1) Market Pricing Trends(2) Year Deals Volume Turnover Avg Price Avg PricelUnit Avg Cap Rate Price/Unit Price Index Cap Rate 2029 - - 0% - - - $375,459 359 4.7% 2028 - - 0% - - - $357,025 341 4.8% 2027 - - 0/o - - - $336,242 321 4.9/o 2026 - - 0% - - - $318,034 304 4.9% 2025 - - - - - - $303,831 290 5.0% YTD 7 $44.8M 3.2% $7,465,820 $147,352 7.4% $299,151 286 5.0% 2024 5 $252.1M 6.5% $50,414,000 $264,779 5.3% $294,100 281 5.0% 2023 4 $198.1M 4.5% $49,515,000 $299,637 - $298,262 285 4.9% 2022 5 $68.1M 1.7% $22,691,400 $295,975 3.7% $337,069 322 4.2% 2021 7 $249.5M 3.9% $35,649,764 $440,121 4.5°/a $353,771 338 3.9% 2020 16 $180.3M 7.2% $15,025,000 $249,723 4.4°/a $290,435 278 4.3% 2019 5 $17.5M 0.9% $4,386,750 $160,982 5.1% $268,586 257 4.6% 2018 15 $453.3M 12.4% $30,221,073 $253,249 5.0% $242,859 232 4.8% 2017 8 $172.9M 5.6% $21,614,900 $218,608 4.9% $223,545 214 4.9% 2016 11 $213.6M 7.5% $19,418,550 $203,239 5.3% $207,045 198 5.0% 2015 14 $175.4M 9.2% $12,528,539 $138,546 6.1% $194,452 186 5.1% 2014 17 $261.8M 15.3% $16,362,463 $137,717 5.9% $170,333 163 5.3% (1)Completed transaction data is based on actual arms-lenpth sales transactions and levels are dependent on the mix of what happened to sell in the period. (2)Market price trends data is based on the estimated price movement of all properties in the market,informed by actual transactions that have occurred. The price index is not smoothed. 4&5 STAR SALES Completed Transactions(1) Market Pricing Trends(2) Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2029 - - 0% - - - $454,824 340 4.6°/a 2028 - - 0% - - - $432,764 324 4.7°/a 2027 - - 0% - - - $407,749 305 4.8°/a 2026 - - 0% - - - $385,681 289 4.9°/a 2025 - - - - - - $368,508 276 4.9°/a YTD - - 0% - - - $363,627 272 4.9°/a 2024 - - 0% - - - $358,059 268 4.9°/a 2023 - - 0% - - - $364,631 273 4.8°/a 2022 - - 0% - - - $409,855 307 4.2°/a 2021 2 $231 M 10.1% $115,500,000 $472,393 - $432,449 324 3.8% 2020 2 $59.5M 4.4% $29,730,000 $283,143 5.2% $355,841 266 4.3% 2019 - - 0% - - - $331,232 248 4.5°/a 2018 3 $225.1M 16.9% $75,016,667 $279,218 - $301,486 226 4.7% 2017 1 $43M 3.7% $43,000,000 $265,432 5.0% $279,610 209 4.8% 2016 1 $30.3M 2.7% $30,300,000 $261,207 4.8% $260,270 195 4.9% 2015 2 $77.1M 11.2% $38,543,125 $166,853 5.3% $246,212 184 4.9% 2014 3 $67.4M 13.8% $33,700,000 $181,671 5.5% $215,719 161 5.2% (1)Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2)Market price trends data is based on the estimated price movement of all properties in the market,informed by actual transactions that have occurred. The price index is not smoothed. OMcKee A raisal � 8/4/2025 PP O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 � � CoStar Page 18 Real Estate�Consulting - A endix - . . . 3 STAR SALES Completed Transactions(1) Market Pricing Trends(2) Year Deals Volume Turnover Avg Price Avg PricelUnit Avg Cap Rate Price/Unit Price Index Cap Rate 2029 - - 0% - - - $369,765 367 4.6% 2028 - - 0% - - - $351,394 349 4.6% 2027 - - 0% - - - $330,746 328 4.7% 2026 - - 0% - - - $312,782 310 4.8% 2025 - - - - - - $298,833 297 4.9% YTD - - 0% - - - $293,813 292 4.9% 2024 3 $232.4M 13.4% $77,466,667 $267,742 - $288,556 286 4.9% 2023 3 $192.5M 9.7°/a $64,166,667 $306,529 - $293,008 291 4.7% 2022 1 $61 M 3.1°/a $61,000,000 $312,821 - $335,689 333 4.1% 2021 1 $13M 0.8% $13,000,000 $250,000 4.8% $351,186 349 3.7% 2020 6 $96.3M 10.9% $19,250,000 $244,911 4.5°/a $287,387 285 4.2% 2019 - - 0% - - - $265,097 263 4.4% 2018 5 $204M 13.3% $40,798,000 $244,299 4.6% $238,858 237 4.7% 2017 4 $125.3M 9.5°/a $31,331,250 $210,985 5.1% $218,873 217 4.7% 2016 5 $178.7M 14.4% $35,734,000 $198,082 5.1% $201,090 200 4.9% 2015 3 $64.2M 6.7% $21,410,082 $153,661 5.3% $188,089 187 4.9% 2014 6 $181M 22.0% $30,165,833 $131,633 5.3% $164,437 163 5.2% (1)Completed transaction data is based on actual arms-lenpth sales transactions and levels are dependent on the mix of what happened to sell in the period. (2)Market price trends data is based on the estimated price movement of all properties in the market,informed by actual transactions that have occurred. The price index is not smoothed. 1 &2 STAR SALES Completed Transactions(1) Market Pricing Trends(2) Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2029 - - 0% - - - $266,425 389 5.0°/a 2028 - - 0% - - - $253,367 370 5.1% 2027 - - 0% - - - $238,736 348 5.2% 2026 - - 0% - - - $225,897 329 5.3°/a 2025 - - - - - - $215,690 315 5.3°/a YTD 7 $44.8M 14.3% $7,465,820 $147,352 7.4% $212,001 309 5.4% 2024 2 $19.7M 2.5% $9,835,000 $234,167 5.3% $208,144 304 5.3% 2023 1 $5.6M 1.0% $5,560,000 $168,485 - $208,067 303 5.2% 2022 4 $7.1M 1.4% $3,537,100 $202,120 3.7% $229,373 335 4.6% 2021 4 $5.5M 0.8% $1,387,088 $213,398 4.4% $239,551 349 4.2% 2020 8 $24.6M 4.3% $4,918,000 $206,639 4.0% $197,283 288 4.7% 2019 5 $17.5M 3.8% $4,386,750 $160,982 5.1% $180,505 263 5.0% 2018 7 $24.3M 4.4% $3,468,014 $162,927 5.2% $161,907 236 5.2% 2017 3 $4.6M 1.0% $1,531,400 $131,263 4.4% $147,820 216 5.4% 2016 5 $4.6M 1.0% $926,810 $140,426 5.8% $138,201 202 5.5% 2015 9 $34.1M 11.4% $3,787,006 $88,298 6.8% $128,653 188 5.6% 2014 8 $13.4M 4.6% $1,675,550 $86,480 6.5% $113,270 165 5.7% (1)Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2)Market price trends data is based on the estimated price movement of all properties in the market,informed by actual transactions that have occurred. The price index is not smoothed. OMcKee A raisal � 8/4/2025 PP O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 � � CoStar Page 19 Real Estate�Consulting - A endix - . . . DELIVERIES&UNDER CONSTRUCTION Inventory Deliveries Net Deliveries Under Construction Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs Units 2029 - 15,516 5.9% - 116 - 109 - - 2028 - 15,407 6.0% - 91 - 85 - - 2027 � - 15,322 5.9% - � 41 - 35 fi - - _ 2026 - 15,287 6.2% - 0 - (6) - - 2025 - 15,293 7.6% - 600 - 588 - - YTD 202 15,305 8.4% 2 600 2 600 0 0 2024 200 14,705 6.0% 1 18 1 18 2 600 2023 199 14,687 5.8% 1 108 1 108 3 618 2022 198 14,579 5.1% 0 0 0 0 2 423 2021 198 14,579 4.2% 1 � 78 1 78 1 108 2020 197 14,501 4.8% 0 0 0 0 1 108 2019 197 14,501 5.5% 2 82 2 82 0 0 2018 195 14,419 6.7% 1 371 1 371 2 82 2017 194 14,048 5.2% 1 104 1 104 2 445 2016 193 13,944 4.7% 1 162 1 162 2 475 2015 192 13,782 3.7% 2 129 2 129 2 533 2014 190 13,653 4.3% 0 0 0 0 2 129 2013 190 13,653 4.3% 0 � 0 0 0 1 0 0 8/4/2025 OMcKee Appraisal �O 2025 CoStar Group-Licensed to McKee Appraisal-1253166 j� CoStar Page 20 Real Estate�Consulting - APPRAISERS' EXPERIENCE & QUALIFICATIONS McKee Appraisal Real Estate Services&Consulting,Inc. (Fi(e 45001.8-August 19,2025) McKEE APPRAISAL REAL ESTATE SERVICES&CONSULTING,INC. 6001st Avenue,Suite 102-2074,Seattle,Washington 98104 Telephone (206)343-8909 EXPERIENCE &QUALIFICATIONS BATES MCKEE,MAI, CRE, AI-GRS Mr. McKee co-founded the firm McKee Appraisal in 1990. McKee Appraisal specializes in the economic analysis of real estate, employing valuation professionals and providing critical analysis and information to corporate, government and private clients nationwide. Mr. McKee graduated from the Massachusetts Institute of Technology (MIT) where he received a Bachelor of Science Degree in Earth & Planetary Sciences, with a Minor in Writing. He also completed the O-Degree program in Geology at Edinburgh University,Scotland,in 1978. Mr. McKee received the MAI (Member of Appraisal Institute) designation in 1988, after employment with the Seattle firm of Shorett & Riely in 1984. Mr. McKee is a Certified General Real Estate Appraiser, and adheres to the standards and ethics of the Appraisal Institute. Mr. McKee is past Chair of the Seattle Chapter Education Committee, and was elected as Regional Director for the Appraisal Institute in 2005. Mr. McKee was awarded the Counselors of Real Estate (CRE) designation in 2008 and the Appraisal Institute - General Review Specialist (AI- GRS) designation in 2016. He served as the Chair of the Pacific Northwest Chapter of the Counselors of Real Estate from 2011 to 2013. In his appraisal experience, Mr. McKee has appraised and analyzed a wide variety of commercial property types, and provided critical consultation and litigation services to a diversified range of clients. In addition to managing operations and education at McKee Appraisal, he frequently represents both property owners and governmental agencies in appraisal and litigation. Project appraisal work includes acquisition for all segments of Sound Transit Link light rail, the Alaskan Way Viaduct replacement project, the Yellowstone retail stores, Interstate 90, Interstate 5 and the Seattle Waterfront project. He has particular expertise in institutional portfolio valuation, leased fee and leasehold financial valuation, consulting, mediation and dispute resolution, and the valuation of tunnels and easements. He is a frequent educational speaker and lecturer for attorneys, appraisers and real estate consultants. Mr. McKee was previously employed as a geologist with Roger Lowe Associates, Bellevue, Washington. His work included site evaluation of geologic and hydrologic conditions and hazards, economic feasibility analysis, and construction inspection. Mr. McKee was employed as a physical oceanographer with the research company SAIC. Mr. McKee was an independent investment manager and analyst. He authored Optival, a computer program for analyzing and valuing stock options, and was also employed as an investment software developer with Expert Systems, Inc.,Redmond,Washington. McKEE APPRAISAL REAL ESTATE SERVICES&CONSULTING,INC. 600 1 st Avenue,Suite 102-2074,Seattle,Washington 98104 Telepbone (206)343-8909 EXPERIENCE &QUALIFICATIONS AUSTIN KINZER Austin Kinzer graduated with a BA in Business with a minor in Music from Chapman University, and a graduate degree in Finance & Accounting from The University of Melbourne. Prior to joining McKee Appraisal, Austin worked in various sectors of the Seattle Real Estate market, including commercial brokerage, property management, land entitlement, and development. A lifelong resident of the area, Austin has experience as a broker/analyst from his time at Kinzer Partners (acquired by CBRE). Mr. Kinzer joined McKee Appraisal in 2021 and received State Certification in January 2025. He has significant experience appraising office, industrial, retail, mixed-use, and special purpose properties throughout the Puget Sound Region. Situations analyzed include complex income producing properties, life-science towers, high-rise office towers, industrial assets, commercial land, marinas, and proposed developments. Mr. Kinzer also has experience in eminent domain appraisal involving partial and full acquisitions and valuation of both temporary and permanent easement rights. Mr. Kinzer is a Certified General Real Estate Appraiser in Washington State (Washington State Certificate No. 25000564) and is currently working toward MAI designation. �� e nto n CAPITAL PLANNING SCHOOL DISTRICT AND CONSTRUCTION SERVICE � EXCELLENCE � E�UITY DATE: 30 June 2026 TO: Amanda Free, MPA, PLS, Economic Development Directar City of Renton//Economic Development RE: Renton School District Street Vacation VAG26-001 Valuation Dear Amanda: With regards to Street Vacation Petition VAC-26-001 submitted by the Renton School District in January 2026, the applicable site areas of the project are as follows: Property area of Tillicum St and Alley requested as part of street vacation: 15,210 s.f. Property area of South Tobin Street from Shattuck Ave S to Logan Ave S requested as part of street vacation: 48,427 s.f. Total street vacation area: 63,637 s.f. Frontage/Right of Way area to be dedicated by Renton School District to City of Renton at conclusion of construction: 68,787 s.f. We are providing this information to support the appraisal step of the Street Vacation Petition Process. Please let us know if you have any questions, Sincerely, Matt Feldmeyer Executive Director of Capital Planning & Construction Renton School District 7812 South 124th Street Seattle, WA 98178-4830 matthew.feldmeyer(a�rentonschools.us SERVICE � EXCELLENCE � EQUITY 7812 S 124�" St., Seatt/e, Washington 98178-4830 � p.425.204.4403 � f.425.204.4476 AIRPORT WAY AIRPORT WAY 12.5'ROW DEDICATION AIRPORT WAY 5.0'ROW WIDTH WIDTH DEDICATION DEDICATION=N,472 SF 19.5'ROW DEDICATION � � WIDTH W W Q Q Z Y s.o�Row � U DEDICATION O � WIDTH J H I Q _ � SHATTUCK AVE S DEDICATION=1,469 SF 19.5'ROW DEDICATION S TOBIN ST WIDTH DEDICATION=1,820 SF S TOBIN ST 6.0'ROW 6.0'ROW i_ --�— --«�«�. DEDICATION DEDICATION W IDTH W IDTH LOGAN AVE S DEDICATION=23,177 SF �...��. � 19.5'ROW W �� DEDICATION � � ! WIDTH Q m. Z Q � 0 J Y LAKE AVE S DEDICATION=2,274 SF � W Q � W Y Qzo�Row ""' DEDICATION W'°T" ROW DEDICATIONS ROAD AREA(SF) � LOGAN AVE S 23,177 AIRPORT WAY 11,472 SHATTUCKAVE S 1,469 �''�,,�� S TOBIN ST 1,820 c� LAKE AVE S 2,274 � ,s.s�rzo j 2ND STREET S 28,575 DEDICATION w � wiorH z TOTAL 68,787 � a u,,,,u,,. �,. c7 ' o J 24.5'ROW DEDICATION I W IDTH 2ND AVE S � 2ND AVE S 2ND AVE S DEDICATION WIDTH VARIES S 2ND ST DEDICATION=28,575SF ,�� 22,5"°"h3°`"S"ee` RENTON HIGH SCHOOL REPLACEMENT �OBNO. s�'��e aoo, 2230388.10 Tacoma,WA 98a03 DATE: O�O O 253.3832422 TEL RIGHT-OF-WAY DEDICATIONS JULY2026 � 253.3832572FAX A1 CITY OF RENTON, WASHINGTON ORDINANCE NO. AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, VACATING A PORTION OF S TILLICUM ST AND ALLEY AND A PORTION OF S TOBIN ST, PROVIDING FOR SEVERABILITY, AND ESTABLISHING AN EFFECTIVE DATE (RENTON SCHOOL DISTRICT NO. 403 STREET VACATION PETITION; VAC- 26-001). WHEREAS, a proper petition for vacating right-of-way was filed with the City Clerk pursuant to the requirements of chapter 35.79 RCW and Renton Municipal Code ("RMC") 9- 14-2, and that petition was signed bythe owners of more than two-thirds(2/3)of the property abutting upon the portion of right-of-way sought to be vacated; and WHEREAS, the petitioner sought vacation of a portion of S Tillicum St and Alley and a portion of S Tobin St, as hereinafter more particularly described; and WHEREAS, the Administrator of the Community and Economic Development Department, in coordination with the Public Works Department, has considered this petition forvacation, and recommended that the requested vacation is advisable,that utility easements are required, and that the streets and alley to be vacated are not classified as a PrincipalArterial, a MinorArterial, ora CollectorStreet; and WHEREAS, the City Council, by Resolution No. 4575, passed on April 6, 2026, set May 4, 2026, at 7:00 p.m., as the time and place for a public hearing on this matter; and the City Clerk gave proper notice of this public hearing as provided by law, and pursuant to RMC 9-14-3.C, all persons were heard who appeared to testify in favor or in opposition on this matter, and the City Council considered all information and arguments presented to it to determine whether the vacation is in the public interest,whether the property is not required 1 ORDINANCE NO. for overall circulation of traffic within the City, and that the requested vacation is not detrimental to the public health, safety and general welfare; and WHEREAS, City departments and franchisees reviewed the right-of-way and determined that utility easements need to be retained and/or obtained in the subject right- of-way; and WHEREAS, in connection with the Renton High School campus reconstruction and expansion project, Renton School District No. 403 will dedicate to the City at no cost approximately 68,787 square feet of right-of-way along Logan Ave S, Airport Way, Shattuck Ave S, S Tobin St, Lake Ave S, and S 2nd St, and will grant the permanent utility easements required by the City in the right-of-way to be vacated; and WHEREAS, Renton School District No. 403 is a governmental agency, and pursuant to RMC 9-14-5.E, compensation for the vacation of a street or alley right-of-way to a governmental agency, where compensation is required, is based upon the administrative costs of the vacation and may, at the discretion of the City Council, be based upon the original cost to the City of acquisition, and no governmental agency is exempt from compensating the City for the vacation of a street or alley right-of-way; and WHEREAS, the administrative costs of this vacation are recovered by the filing fee required by RMC 9-14-2.B, the processing and completion fee required by RMC 9-14-5.A, and the appraisal costs required by RMC 9-14-9, each paid or to be paid by Renton School District No. 403; and 2 ORDINANCE NO. WHEREAS, the City Council has considered the appraisal of the vacation area and adopts the recommendation of the Community and Economic Development Department that no additional cash compensation be required for this right-of-way vacation; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN AS FOLLOWS: SECTION I. Upon recommendation of the Community and Economic Development Department, City Council determines that the streets and alley to be vacated are not classified as a Principal Arterial, a Minor Arterial, or a Collector Street. SECTION II. Renton School District No. 403 is a governmental agency. Pursuant to RMC 9-14-5.E, compensation forthis right-of-wayvacation is based upon the administrative costs of the vacation, and the City Council declines to base compensation upon the original cost to the City of acquisition.The administrative costs of this vacation are recovered by the filing fee required by RMC 9-14-2.B, the processing and completion fee of $2,390 required by RMC 9-14-5.A, and the appraisal costs required by RMC 9-14-9, each paid or to be paid by Renton School District No. 403, and Renton School District No. 403 is therefore not exempt from compensating the City within the meaning of RMC 9-14-5.E. Upon recommendation of the Community and Economic Development Department, additional cash compensation is hereby set at zero dollars ($0)for this right-of-way vacation. SECTION III.The following right-of-way, to wit: STillicum St and alley,from ShattuckAve Sto Logan Ave S; and STobin St from Shattuck Ave S to Logan Ave S. 3 ORDINANCE NO. See full description in Exhibits A and C and depictions in Exhibits B1, B2, D1, and D2, each of which are attached hereto and made a part hereof as if fully set forth herein, is vacated, subject to Sections II and IV, herein. SECTION IV.The right-of-way vacated by Section III herein is subject to a temporary easement, over, across, under, and upon all the entire right-of-way described in Exhibits A and C and depicted in Exhibits B1, B2, D1, and D2 herein in favor of the City of Renton. This temporary easement is for the purpose of constructing, reconstructing, installing, repairing, replacing, enlarging, operating, and maintaining utilities and utility pipelines, including, but not limited to, water, sewer and storm drainage lines, together with the right of ingress and egress thereto without prior institution of any suit or proceedings of law and without incurring any legal obligation or liability therefor. The City may from time to time construct such additional facilities as it may require. This temporary easement herein reserved in favor of the City of Renton shall run with the land described in Exhibits A and C and depicted in Exhibits B1, B2, D1, and D2 hereto, and shall be binding upon the parties, their heirs, successors in interest, and assigns. This temporary easement herein reserved in favor of the City of Renton shall automatically terminate and be null and void upon the later of (a) completion of Renton School District No. 403's Renton High School campus expansion project, and (b) the City's receipt and recording of the permanent utility easements required by the City in the right-of- way vacated by Section III herein. "Completion" is defined as the date in which all City of Renton permits related to said project are determined by the Community and Economic Development Department to be finalized and complete. City Council hereby authorizes the 4 ORDINANCE NO. Administrator of the Community and Economic Development Department or designee to make such determination, to confirm that the permanent utility easements required by the City have been received and recorded, and notify Renton School District No. 403 and/or record a release of this temporary easement with King County Records without further Council action. SECTION V. If any section, subsection, sentence, clause, phrase or word of this ordinance should be held to be invalid or unconstitutional by a court or competent jurisdiction, such invalidity or unconstitutionality thereof shall not affect the constitutionality of any other section, subsection, sentence, clause, phrase or word of this ordinance. SECTION VI. This ordinance shall be in full force and effect five (5) days after publication of a summary of this ordinance in the City's official newspaper. The summary shall consist of this ordinance's title. SECTION VII. Upon timely receipt of full payment of the required administrative fee(s), a certified copy of this ordinance shall be filed with the King County Recorder's Office and as otherwise provided by law. 5 ORDINANCE NO. PASSED BYTHE CITY COUNCIL this day of , 2026. Jason A. Seth, City Clerk APPROVED BY THE MAYOR this day of , 2026. Armondo Pavone, Mayor Approved as to form: Shane Moloney, CityAttorney Date Approved: ORD-CED:260RD022:07.16.2026 6 EXHIBITA ALL THAT PORTION OF THE 50.00 FOOT WIDE SOUTH TILLICUM STREET (PLATTED AS TILLICUM AVENUE) AND THE 10.00 AND 16.00 FOOT WIDE ALLEY LYING DIRECTLY SOUTH OF AND ADJACENT TO BLOCK 5 AND LYING BETWEEN THE WESTERLY LINE OF LOGAN AVENUE SOUTH AND THE EASTERLY LINE OF SHATTUCKAVENUE SOUTH IN THE PLAT OF RENTON REAL ESTATE CO'S 1STADDITION TO RENTON AS RECORDED VOLUME 21 OF PLATS, PAGE 50, RECORDS OF KING COUNTYAUDITOR. TOGETHER WITH THOSE PORTIONS DEDICATED AS RIGHT OF WAY UNDER RECORDING NO.S 9703200564, 199910207000655, 20033112001640, AND 20230616000442. SITUATE WITHIN TOBIN DLC NO. 37 IN THE SOUTH HALF OF THE NORTHEAST QUARTER OF SECTION 18, TOWNSHIP 23 NORTH, RANGE 05 EAST, W.M., CITY OF RENTON, KING COUNTY, WASHINGTON. CONTAINING 15,210 SQUARE FEET +/- ��oHwR.s.d xI�� ,��w ��.0 ,�.�,�' '�o,� �� '�•.Q U� :' .�o ��'• 22028788 ��,y'w� sS.?P�'GISTERF'9'�4`' j��'AL LAN�S 02/03/2026 EXHIBIT " B1" — - � LOGANqVES 0 � WEST R-O-W LINE � � LOGAN AVE S I' 7229300595 � I I _ _ — . M I f-- — O O i i p � I I 1 p' •- rn I N N i � � I i � I O — '� _ - - - - O M � i i � I r � O Q O N Z O p o I ��i� a � ' �0�� O �- > o �- - - - i �yy� v o� o � d- �20� I � ��y�m c� o � �.�>�p �. 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EXHIBIT " B2" MATCHLINE SEE EXHIBIT "B1" Z — — — r-- - - �� I o �� o^°� I � � o �Qo,� oo � N ILI—Z� � �W�m - - - �- - - QQo ��Q 0007200037 � — N a �o - - -�— �i- - � a � �,- - - T 0 0 ��' � I o � M U � I rn N � O N I � O ----� M �`LOO,L.�rx 16' ��0 o '1 rn � o w o ti z cn �"� (/) —J - N � � �� I I� V '� c� O Y I � � I U I � I� � �� F-Q I � wN o I ---�-- � ---�-- N 25' 25' � — — �2/�3/2�2� r------- p�PHER.S ,t~-��,. �F WAS�f..� � �� • � ��o�d Z ,7,7�� ;la. ��:O �i ;� 2215 North 30th Street, .'•. �� .:'�p � �� Suite 200, 1�=80� � �'• 22028788 :� '�V ��' �'��GISTER�9'� '4`'� Tacoma,WA98403 JOB N0. 2230388.50 SIo�rAL LAN9�'� 253.383.2422 TEL 11/13/2025 � VACATION EXHIBIT � � 253.383.2572 FAX LEGAL BY: CD EXHIBIT BY: GD SW 1�4, S18, T23N, R5E THIS EXHIBIT HAS BEEN PREPARED TO ASSIST IN THE INTERPRETATION w:\sdskproj�2023\2230388\r—w dedicotion.dwg OF THE ACCOMPANYING LEGAL DESCRIPTION. IF THERE IS A CONFUCT BETWEEN THE WRITTEN LEGAL DESCRIPTION AND THIS SKETCH, THE LEGAL DESCRIPTION SHALL PREVAIL. EXHIBIT C ALL THAT PORTION OF THE 60.00 FOOT WIDE SOUTH TOBIN STREET LYING BETWEEN THE WESTERLY LINE OF LOGAN AVENUE SOUTH AND THE EASTERLY LINE OF SHATTUCKAVENUE BEING 30.00 FEETTO EACH SIDE OF THE MONUMENTED CENTERLINE FOR SOUTH TOBIN STREET. SITUATE WITHIN TOBIN DLC NO. 37 IN THE SOUTH HALF OF THE NORTHEAST QUARTER OF SECTION 18, TOWNSHIP 23 NORTH, RANGE 05 EAST, W.M., CITY OF RENTON, KING COUNTY, WASHINGTON. CONTAINING 48,427 SQUARE FEET +/- oYHER.S ��°F �'As�'I��o '�ti��`� c�..,d '�`� o,�..o ��: U: :' .'o �'�.�'• 22028788 .:�'w� sS.!P�GI S T ER,�r.'.9�.�'4`, I��'AL LAN�� 02/03/2026 EXHIBIT " D1" LOGAN AVE S I 0 WEST R-O-W LINE `� LOGAN AVE S --T---T -r------ / � I � � � � � � 0007200041 60� o � I � ' " I I I --� 30' o 30' I---- � I I -�- - - - - i - -I- - � . NI 0007200040 0� 0007200127 �I - �-- - - - - - - - - - - � ► a I 0007200114 W � � I a � Z J W � O �— — — — — z F �� a �o � N 000�2000�2 0 ' �0 02/03/2026 � =o 0 � �Z p KER.S - - - - - I ~ z a �`�.Y F wAs�I�;jj� i � � ~�`� ��o:d Z � ��.o 0007200039 � m . �'a .� r, : o O �'r��'•� 22028788 `�'w� — — — — — I ~ �'ss.�?EGISTEg��'.�4`'4 i � j��'AL LAT1�� 0007200179 I � � _: - - - . � . — MATCHLINE SEE EXHIBIT "D2" Z 2215 North 30th Street, � �� Suite 200, ��_80� Tacoma,WA 98403 JOB N0. 2230388.50 253.383.2422 TEL 11/13/2025 ■ � VACATION EXHIBIT � 253.383.2572 FAX LEGAL BY: CD EXHIBIT BY: GD SW 1�4, S18, T23N, R5E THIS EXHIBIT HAS BEEN PREPARED TO ASSIST IN THE INTERPRETATION OF THE ACCOMPANYING LEGAL DESCRIPTION. IF THERE IS A CONFUCT w:\sdakproj�2023\2230388\r—w dedication.dwg BETWEEN THE WRITTEN LEGAL DESCRIPTION AND THIS SKETCH, THE LEGAL DESCRIPTION SHALL PREVAIL. EXH I BIT "D2" MATCHLINE SEE EXHIBIT "D1" — = - - - = — � . 60' 0007200037 � 30' 30' I�--- -�- - - - - - - � I �' I � ~ 0007200036 � � I Z � Z L z � -r------ o m � � O � I� o � 0007200035 ^I � =o � �� No _ 1_ — � - - - � �o =o � o � Ioz� zQ I o IW w I N � Q � � I O Z I � � O _ EAST R-0-W LINE 1' � v SHATUCIt AVE S ;n > N � SHATTUCK AVE S I -__-_--- I � � I 02/03/2026 pYxER.S ��F WAS�f��O� '�'.•` � ': o�:� Z "d��. -` ;.'0 2215 North 30th Street, � ' V�� :� " , �'� 22028788 �� w ,��., � 9 ,.� ,� � �� Suite 200, sS��•ECISTER�..�Q� � =80 IONAi��LAN�s Tacoma,WA98403 JOB N0. 2230388.r'J� 253.383.2422TEL 11/13/2025 ■ � VACATION EXHIBIT � 253.383.2572 FAX LEGAL BY: CD EXHIBIT BY: GD SW 1�4, S18, T23N, R5E THIS EXHIBIT HAS BEEN PREPARED TO ASSIST IN THE INTERPRETATION w:\sdskproj�2023\2230388\r—w dedication.dwg � TME ACCOMPANYING LEGAL DESCRIPTION. IF THERE IS A CONFUCT BETWEEN THE WRITTEN LEGAL DESCRIPTION AND THIS SKETCH, THE LEGAL DESCRIPTION SHALL PREVAIL. Fi nal A roval and Se pp fo r Street Vacati o VAC-26-001 S Tillicum St and Alle from Shattuck Ave S to Lo , Y J and S Tobin St from Shattuck Ave S to Logan Ave Petitioner: Renton School District No. 403 Transportation/Aviation Committee August 3, 2026 Amanda Free, MPA, PLS Economic Development Director G�T Y o,� � Stephanie Rary + � + Property Services Specialist '�FNTo� Street Vacati o n • PROJECT Approved Renton High School campus reconstruction and expansion . • PROPOSED STREET VACATION The street vacation petition is to vacate approximately 15 ,210 square feet of right-of-way along S Tillicum St/Alley, and 48 ,427 square feet along S Tobin St, totaling 63 ,637 square feet. • PROJECT DEDICATION TO CITY The project will require 68 , 787 square feet of property dedicated to the City at no cost for Right-of- Way. • UTILITIES There are private and public utilities in the right-of-way, including Comcast fiber, PSE underground gas and electric, City water main , and City wastewater mains . Staff recommends a temporary utilities easement be reserved by the street vacation ��jY °� =F� ordinance until construction is completed and new utilities + � + . ■ . . 'PFNToe� easements are g ranted as req u � red by civ� I construct�on closeout. Public Hearin - Review Comments g • PUBLIC HEARING Held May 4 , 2026 . Council accepted the petition to move forward in the process to include reviewing the appraisal and returning to Council to set compensation . • REVIEW COMMENTS The petition was circulated for review to internal departments and external utility companies . No objections were raised against the street vacation petition . Easements will be required as part of construction closeout and a temporary easement will be retained through the Ordinance during construction . • PUBLIC COMMENTS AT HEARING Traffic flow, public safety, driver behavior, pedestrian accessibility, emergency access , 2-way street conversion timing , small business support, historic significance , necessity and consistent project requirements were raised by various speakers . G,jYo� + � + �FNTOe� Staff S u o rt of Street Vacati o n pp • PLANNING AND SAFETY A public street should not bisect a primary or secondary school campus . When on the school's campus, children should not be made to cross streets to get from one class or activity to another. Additionally, contemporary security measures for schools now require fencing around the campus and having a street bisect the grounds hampers those measures and impacts the aesthetics of the redeveloped campus . • ECONOMIC DEVELOPMENT The redevelopment of Renton High School , in its historic location — downtown , is a valued anchor to the City Center, driving up family-oriented foot traffic, boosting the i m med iate economy, encou rag i ng civic activation , and strengthen i ng property values city wide . Centrally positioned campuses , similar to Renton School District's proposal , help foster a stronger sense of belon in and im rove socio-beneficial outcomes b actin as a `�Y �� g g , p Y g + � + -F� shared neighborhood resource . �FNT�� AIRPORT WAY AIRPORT WAY Street Vacation Areas and ,ZSH°w pEpCATION AIRPORt WAY 5 J ROW WIDTX WIDTM OEDICATION=t 1 412$F 19.5'ROW UEDICATION � pEpf{�TpN Req u i red Rig ht�f-Way ; --_..-�- . _. ._ ; ��„ � w Q Q Z Y sa'Now � U DEDICATION O Dedication Areas Q WiD*H J � SIIAi1UCKAVES OEDIC�TION=�4ti9 SF I9 i ROW DEDICATiON S TOBIh 5T WIDTH �EDICATiON-t 91L SF Vacation area� STOBINST (63 637 sq ft): � 6oH�W , ��Ro�.: __ — -- � oco�canoN� nFn�cn•�oN� �1'IDTH W'IJiN LOGAN AVE S DFOICATIpN-Il t)]5� Right-of-Way � 145'ROW w OF��CAIinN � WIU'H Q Dedication areas � 0 J (68,787 sq ft): �LANE AVE S � UEDiGqI iOh-111d SF . N W ..5�`�"u'"""""f.,,.,. a �.� } WV'� ,..__._.__„ Q ��A� J 10'ROW � OEOIGTION � WIDTH ; ...................... ROW DEDICATIONS � ,--��.... ROAD AREA (SF) � �� ,i"� � LOGAN AVE S 23,177 '� 1B5 R � DEDICATION Q �, .�......�� WIOTN Q AIRPORT WAY 11,472 � . o SHATTUCK AVE S 1,469 2..5 ROY, S TOBIN ST 1,820 �E�%`pTM� G�S Y °� LAKE AVE S 2�274 ZND AVE S 2ND AVE S + � + 2ND STREET S 28,S7rJ 2ND AVE S N T � TOTAL 68,787 oEa`"T��„�„�TM�,��S �F N T�� 5 YND ST C DEDICATqH•28.575 SF v NRPORT WAY _ _�__- -_...__oal,,-,� � ^:`�.'��,�;�_r- - - J � l ' � � � T I� �✓ i I � � I �� , -__-_'Lt� � .. ' � � �� ,� ' ,� I . QI' �� I ( p Land Use A I �cat�on � _>! ;.- f - , w pp � 7 . � �( -. J =�� SOFTBALL FIELD I a . ■ _ - BASEBALL FIELD .• Q A roved Pro ect N` � � � ° pp J c = + �- � � � � � .f _l _'_=_.T ___ - I x� 1 S TOBIN STREET � ...'� � J I ----"- �` '�� .._ I � S�te Plan - .�_ �� - � _--_. �� .. -. � � � Qo � � � � .�� _� �:-�- °-�� --°��=�°� A1� - � � � � � ..�. -; �� ,_�r-,� , i � �= � � � I � � ��- EXISTING TENNIS 'r�� 1'li�� 0 y I I COURTS NEW TENNIS �� MULTIPURPOSE FIELD J . COURTS � _ i li � i �-. � � JAVELWIDISCUSS �� I - - ��.�: ,�I . . • ' FIELD ��_� � �,�' ��' I .. ��,-�' `,-l _- . _ i` � _ ° � c�-.��-�� .��- � �; � ; t �� - -'� ,o ,� r- �'� F � o� r� �` rw,oK �I � -�'� , 4 ( I� STAFF PARKING 4 ' �� I �Q �-� '� � �C�Y��-r-'� . - � � ;� ( • � I U ,�� r�� .-__ I � (;�`'�`�� HIGH SCHOOL BUILDING I I o .� ._ _.-__-. .. -.- - � Z . .__�_ _ _ _ _ _ �O Q �""'-'"+� �i I , , � � �-------U-----�----D--------U----� Q — _L__ � � i I g � 00 ^vG 00 00 ��C 00 QO c . ._._� � � I "' ,_�_ �. ,� � o � i - ;` � _ STUOENT PARKING � r O �� EXISTING BUILDING RENOVATION ��' _> G j Y � �� 0 �l7 l�� Q� �V �l� Ql� I _ � I z � O Q�-I I ' ? �� ___'_�_--��__ �� ___�-�' .- .-��S dLl � —��.J ' � �__ MAIN�A�.F I � � _� � � �----- --� y _ c � + � + S 2ND STRE� Q �"� � �_�__ . - � �� LC 0� `�-- �-,C� +� � � _ F? (_`s ,� �_ _ �� N T EXISTING . S 2N0 STREET � ` COMMEftCIAL � ' �_� � Renton M u n ici al Code Vacation p Com ensation p • RMC-9-14-5. E • When a street or alley is vacated for a governmental agency, and compensation is required, compensation shall be based upon the administrative costs of the vacation and may, at the discretion of the City Council, be based upon original cost to the City of acquisition. No governmental agency is exempt from compensating the City for the vacation of a street or alley right-of-way. • No evidence of S Tobin Street had original cost to the City for acquisition. Historic road located within a Donation Land Claim from the US Government dating back to 1853. • S Tillicum St was dedicated by 1914 Plat of Renton Real Estate Co's 1St Addition to Renton with subsequent deeds to the City for additional portions of ROW; both with no compensation to the city. • Administrative fees are paid by petitioner at time of filing and a fee based on the appraisal amount prior to Ordinance recording. These fees are intended to cover staff time and all associated recording fees. The final fee for the petitioner will be $2,390 based on the submitted appraisal amount. G�j Y 0,�` + � + �FNTOe� Staff Recommendation Staff recommends that Council : (1 ) accept the appraisal of the vacation area; (2) find, pursuant to RMC 9-14-5.E, that compensation for the vacation of right-of-way to a governmental agency is measured by the administrative costs of the vacation, and decline to base compensation on the original cost to the City of acquisition ; (3) find that the administrative costs of this vacation are recovered through the fees and costs paid by the District under RMC 9-14-2.B, RMC 9- 14-5.A, and RMC 9-14-9, such that the District is not exempt from compensating the City within the meaning of RMC 9-14- 5.E; and (4) set additional cash compensation at zero dollars ($0). G�j Y 0,�` + � + �FNTOe� • SUBJECT/TITLE: I-405 Renton to Bellevue: Closure of Houser Way North for One Full Week RECOMMENDED ACTION: Refer to Transportation (Aviation) Committee DEPARTMENT: Public Works STAFF CONTACT: Jim Seitz, Transportation Systems Director EXT.: 7245 . . . . • There is no fiscal impact to the City by adopting the resolution. � • • � � The I-405, Renton to Bellevue Widening and Express Toll Lanes (ETL) Project is intended to increase the capacity of the I-405 freeway.The project also builds infrastructure for Sound Transit's Stride Bus Rapid Transit system including a new inline transit station at Northeast 44th Street in Renton. Bus rapid transit, paired with the ETL system, will provide more reliable transportation options for people. Contractor crews have installed two of three 42" diameter storm drainage pipes below the BNSF railroad tracks located on the east side of Lake Washington Blvd N using jack and bore methods. During the jack and bore of the third 42" storm drainage pipe, an obstruction was encountered directly beneath the BNSF railroad track. Attempts to remove the obstruction through traditional methods have failed.The contractor is working with BNSF to remove a portion of the railroad track, so crews can excavate, remove the obstruction, and advance the construction of the storm drainage.This excavation extends into a portion of Houser Way near the railroad track, requiring one full week of continuous closure of Houser Way North until the pavement is restored. The following activities will be completed during the closure: 1. Installation of traffic control devices, 2. BNSF track crews will remove a portion of the track, 3. Excavation to expose the obstruction, 4. Obstruction removal, 5. Advancement of storm draina�e outside of the BNSF no excavation zone (min 15' from track centerline), 6. Excavation backfill, 7. Pavement restoration, and 8. Removal of traffic control devices. BNSF approved the contractor's obstruction removal plan, which will require a minimum of two continuous days to complete the work.The schedule to complete this operation is dependent on BNSF's track crew schedule. The contractor has requested August 7 and August 8, 2026 to complete this work. Due to the unpredictability of BNSF's schedule and the anticipated large size of the obstruction,the contractor is requesting a one full week closure of Houser Way North between Lake Washington Boulevard N and the Lowe's business delivery access to occur between August 7, 2026 and October 12, 2026. If the work is finished before the one full week is complete, 1 the contractor will remove the closure early. Notifications will be provided to the public in accordance with the Public Outreach Plan in Exhibit A. Pedestrian, cyclist, and business access will be maintained throughout the duration of the closure. WSDOT's public outreach plans for each requested closure are attached in Exhibit B and include one flier for businesses and residences within proximity to the street closures along with the localized detour plans. � • � � • Adopt the resolution authorizing the following local road closure: Closure of Houser Way North between Lake Washington Boulevard North and the Lowe's business delivery access for one full week to occur between August 7, 2026 and October 12, 2026, for the purpose of removing an obstruction beneath the BNSF railroad tracks needed to construct storm drainage facilities supporting the I-405, Renton to Bellevue, Widening and Express Toll Lanes Project. 2 � � � Washington State `�� A E � Department of Transportation N � I-405 Renton to BellevueWidening and ExpressToll Lanes Project Closure of Houser Way North between Lake Washington Boulevard North and the Lowe's Business Delivery Access Road for One Full Week Houser Way North: One Full Week Closure —occurring between August 7, 2026, and October 12, 2026 Scope of work: Closure of Houser Way North between Lake Washington Boulevard North and Lowes Business Delivery Access for one full week to remove an obstruction beneath the BNSF railroad tracks and advance construction of storm drainage improvements. Completing this work supports the construction of WSDOT Express Toll Lanes and Sound Transit Bus Rapid Transit systems. Outreach methods: • 10-dayadvancednotificationto businesses and residents • Fliers to businesses and residents outlined in the Figure 1 map to the right `m � Lake • Flier provided to City of Renton "'�Sh'"g,°" ? � for internal distribution ; o Notifications also to be �Z � provided to PACCAR • Social media and WSDOT Blog posts notifying the public of the � -, N�,,��'d` closure � o Coordination with the `� Leaend: �,�g of City of Renton to share «��8 social media postsfrom - � ��y� � distnbulion the project $ e`Ba • Hotline and project inbox � � � ` 4 information provided on fliers, N c� y 2 Z g blogposts, and project .�, ,,.��5` website \ • Message boards will be placed � 14 days before the closure to notify the traveling public NBthSt N�,hs� • Emergency services briefing ahead of Closure Figure 1: Business flier area • WSDOT availability for media Page � 1 � Washington State �� Department of Transportation Houser Way North in Renton closed, XX,XX-XX,XX Detours will be posted along Garden Avenue North, and North Eighth Street Description of work Houser Way North between Lake Washington Boulevard North and the Lowes business delivery access will be N `�� r �� r � � closed for one full week, beginning as early as 5:OOam 1— L_�_ on Friday, August 7. Pedestrian and bike access through the Houser Way bypass trail will remain open. �"�� 6 LEGEND _ �o" So J�rQo Crews will be excavating to remove an obstruction '�/ " c�os��e beneath the railroad tracks to advance storm drainage '� oeto�rro�te � improvements as part of the I-405/Renton to Bellevue v " Widening and Express Toll Lanes Project. Nearby residents should expect significant construction � impacts including but not limited to noise typical of m @ � excavators, haul trucks,jacking and boring equipment, , y Z crew pickups, and other construction equipment. � � m Z Crews will use strategies to minimize noise and mitigate �, disruption to nearby properties, including avoiding NBthStreet banging truck tailgates, directing lights away from � � homes, and using ambient sensitive backup warning devices. Ear plugs and white noise machines will be Stay informed provided upon request to further mitigate anticipated Visit the project webpage to learn more about upcoming noise impacts. construction work and to sign up for email updates: bit.ly/Renton-to-Bel levue Detour route information Access for bicyclists and pedestrians within the work Stay informed with the latest travel information by area will remain open. Motorists and material deliveries downloading the WSDOT mobile will be routed to Garden Avenue North and North Eighth ,_ ■ ; �'� ■ a�p or by visiting the real-time Street. Access to all businesses is maintained �• �'��J{ travel map. throughout the duration of the closure. ";: ��'�� :��• Pro'ect descri tion � ��-''i J p ��.;. .�'� Flatiron-Lane Joint Venture is the contractor selected by �. 'r�+ Email: WSDOT to build this project. The project will reduce ��• �'h"`� congestion and improve safety along I-405 by adding highway capacity and making other safety and mobility 1405SR167Proqram(c�wsdot.wa.qov improvements between Renton and Bellevue. 24/7 construction hotline: 425-818-0161 This work is being performed under a project noise variance (LUA-24-000001) issued by the City of Renton. CITY OF RENTON,WASHINGTON RESOLUTION NO. A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, AUTHORIZING TEMPORARY FULL STREET CLOSURE OF HOUSER WAY NORTH BETWEEN LAKE WASHINGTON BOULEVARD NORTH AND LOWE'S BUSINESS ACCESS ROAD. WHEREAS, the Washington State Department of Transportation (WSDOT) is constructing the I-405, Renton to Bellevue Widening and Express Toll Lanes (ETL) project; and WHEREAS, this construction activity will require a temporary street closure of Houser Way North between Lake Washington Boulevard and Lowe's business access road; and WHEREAS, pursuant to Section 9-9-3 Renton Municipal Code (RMC), such street closures require City Council authorization by means of a resolution; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO RESOLVE AS FOLLOWS: SECTION I. The City Council does hereby authorize the temporary closure of Houser Way North between Lake Washington Boulevard North and Lowe's business access road for a one-week period to occur between the dates of August 7, 2026, and October 12, 2026, for the purpose removing an obstruction beneath BNSF railroad tracks needed to construct storm drainage facilities supporting the I-405, Renton to Bellevue Widening and Express Toll Lanes (ETL) project. SECTION II. Notice of the closure shall be posted and published as required by RMC 9-9-2 and RMC 9-9-3. 1 RESOLUTION NO. PASSED BY THE CITY COUNCIL this day of , 2026. Jason A. Seth, City Clerk APPROVED BY THE MAYOR this day of , 2026. Armondo Pavone, Mayor Approved as to form: Shane Moloney, CityAttorney RES- PW:26RES028:07.09.2026 2 � � WSDOT I -405 Renton to Bellevue Widenin � g a n d Ex ress To I I La n es P ro ' ect p J One Full Week Closure - Houser Way North August 2026 '�� LANE � Agenda • Project overview • Planned work overview • Closure overview • Intended detour routes • Outreach plans • Questions `��' LANE � � . . One Full Week Closure of Houser Way North to occur between August 7, 2026 and October 12, 2026 An obstruction is prohibiting the advancement of the jack and bore operation to install the final storm drainage pipe beneath BNSF property. The contractor is coordinating with BNSF to remove a portion of track and excavate to remove the obstruction and advance the storm drainage installation. Extent: Full closure of Houser Way North between Lake Washington Boulevard North and the Lowe's business access material delivery road for one full week. *Access to all businesses is maintained throughout the closure period **FLJV previously completed this closure with confirmation from business owners that the closure will not impact their delivery operations. FLJv will provide advanced notification per the Outreach Strategy identified on the following slides. Work during this closure period will include: • Removal of a portion of railroad track • Excavation within Houser Way N • Obstruction removal • Backfill of the excavated area • Roadway restoration . . Detour route d � F � Lake 1D � Washington m ?. 7 ° Southbound Detour Route: � - a � y • Traffic headed southbound on Lake Washington Blvd N will be rerouted � Nso�,�p�°` _ southward onto Garden Ave N, turning left - onto N 8th St., and left onto Houser Way N. . / y �eqend• IG � limits oi closure �� detourroute Northbound Detour Route: � � �P�es«�a�a�db�°y°�e • Traffic headed northbound on Logan Avenue -o o Z routes remain open) N � 9� _ �� '� fl N will turn right onto Garden Ave N, taking a oA�P,O �� y „S� � z � � " left onto N 8t" St. and then left onto Houser � �—' N,o� � � � y Way N. - � �, �' �� y � N 8lh St � N St St ` I �` i � � Outreach Strate gY Outreach methods: : f I.,,.• s • Send mailer to residents and businesses as outlined in L�1i � �� , the figure to the right � � o � o Notifications also provided to PACCAR Z • Flier provided to City of Renton for internal distribution • Social media and WSDOT Blog posts notifying the `'� N��°" �� public of the closure Leoend: • Coordination with the City of Renton to share social ,� � media posts from the project . � O �,� • Hotline and project inbox information provided on � fliers, blogposts, and project website v ; �: _ �4 • Message boards will be placed 14 days prior to the � y = � � � '� M��g� � closure to notify the traveling public � • Emergency services briefing ahead of the closure • WSDOT availability for media i N Bth St N 6th St � • Staff Recommends One full week closure of Houser Way North between Lake Washington Boulevard North and the Lowe's business delivery access to occur between August 7, 2026, and October 12, 2026, for the purpose of excavating and removing an obstruction prohibiting the advancement of storm drainage construction supporting the I-405, Renton to Bellevue, Widening and Express Toll Lanes Project. . . • . � ues � ons . `��' LANE � � . .