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HomeMy WebLinkAbout333 Main Av S Road Improvements Appraisal of 333-Main Avenue South o p , ,�� r. 1540 3 � 2o Ip : b 6 1 1 '� o f r • 131 • a � 8 8 . /Z8 112,03 /8� /Z O /b T34SlBOSZZ, o eve. P,611,145. 7o 'eo a December 2000 Lori Safer Appraisal., Inc. im Lori Safer Appraisal, Inc. December 11, 2000 - Thomas G. Boyns Property Services Supervisor City of Renton Planning/Building/Public Works Department 1055 South Grady Way Renton, Washington 98055 Re: Surplus Property: 333 Main Avenue South, Renton Dear Mr. Boyns: At your request, I have made the required investigation, collected the necessary data, and made certain analyses to form an opinion of the market value of the fee simple interest in „ the property located at 333 Main Avenue South, in Renton, Washington. Based on my inspection of the subject property and the investigation and analyses undertaken, I have formed an opinion that the market value of the subject property street, .� raea4eff, as of November 15, 2000, is: .�r Ten Thousand Dollars ($10,000) Additionally, I have analyzed the market rent if the City decides to lease the site to the adjoining property owner. Based on my analysis, the land rental is $800 per year. Please note that the King County Assessor has an assessed value for improvements of$151,500, • resulting in real estate taxes of$2,299.08 This appraisal is intended to conform with the Code of Ethics of the Appraisal Institute and the Appraisal Foundation and the Uniform Standards of Professional Appraisal Practices adopted by the Appraisal Foundation. The narrative report that follows identifies the property and sets forth the assumptions .r and limiting conditions, data and analyses upon which the opinion of market value is based. Sincerely, Lori Safer Appraisal,Ina f i ori E. Safer, MAI 2000-1101LS 1424 Fourth Avenue,Suite 310,Seattle, WA 98101 (206)622-0983 [TDD 587-55001 rr rr Appraisal of dO 333 Main Avenue South Prepared for City of Renton Planning/Building/Public Works Department '" 1055 South Grady Way Renton, Washington 98055 do Prepared by Lori Safer Appraisal, Inc. 1424 Fourth Avenue, Suite 310 Seattle, Washington 98101 December 2000 Reference: 2000-1101LS M im rr TABLE OF CONTENTS Page SubjectProperty Photographs...............................................................................................1 Introduction..........................................................................................................................3 Executive Summary Underlying Assumptions and Limiting Conditions.............................................................4 Certification.........................................................................................................................5 PreliminaryInformation.......................................................................................................6 RegionalDescription...........................................................................................................9 NeighborhoodDescription.................................................................................................17 PropertyDescription..........................................................................................................19 Valuation............................................................................................................................24 Addenda Land Sale Write-ups Legal Description Easement Easement Map Appraisers' Qualifications r REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE I arr MN as LIST OF TABLES wo Page Populations of Puget Sound Metro Areas..........................................................................11 LargestCities, 1999...........................................................................................................12 Disposable Income for Seattle, Washington, and the U.S. ................................................13 Utilities and Municipal Services........................................................................................20 Abutting Properties Assessed Value and Real Estate Taxes..............................................................................21 Surrounding Properties' 2000 Assessed Land Values.......................................................21 ComparableLand Sales .....................................................................................................24 �. Conclusion of Value..........................................................................................................26 LandRental Conclusion.....................................................................................................27 LIST OF FIGURES Page The Puget Sound Region(facing page) ...............................................................................9 Employment Change vs. Population Change.......................................................................9 Urban Growth Area(facing page)......................................................................................14 NeighborhoodMap............................................................................................................17 SitePlan.............................................................................................................................19 Abutting Properties(facing page)......................................................................................20 LandSales Map (facing page)............................................................................................24 dr REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE II mw SUBJECT PROPERTY PHOTOGRAPHS Looking north along Main Avenue South (November 15, 2000) Looking south along Main Avenue South (November 15, 2000) REFERENCE:2000-1101 LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 1 SUBJECT PROPERTY PHOTOGRAPHS r 111111.. Looking east at subject property(November 15, 2000) r REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 2 INTRODUCTION EXECUTIVE SUMMARY GENERAL INFORMATION .r LOCATION: 333 Main Avenue South, Renton,Washington. PROPERTY TYPE: Commercial lot. No FEE SIMPLE OWNER: City of Renton. PROPERTY RIGHTS VALUED: Fee simple estate. VALUE ESTIMATED: Market value. DATE OF VALUATION: November 15, 2000 DATE OF REPORT: December 11, 2000 +rr PROPERTY DESCRIPTION: LAND AREA: 2,482 square feet. ACCESS: Direct access via Main Avenue South. INFRASTRUCTURE: All utilities are available. ZONING: Commercial Downtown(CD)by the City of Renton. ENVIRONMENTAL CONCERN: None known. HIGHEST AND BEST USE: Assemblage with adjoining property. VALUATION: MARKET VALUE: $10,000 ANNUAL LAND RENTAL: $800 �r rw REFERENCE: 2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 3 +rr UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS The estimate of value contained herein is based upon and is subject to the following assumptions and qualifying conditions,to which the addressee shall be deemed to consent by acceptance hereof: �. 1. That legal description,survey,and area data furnished the analyst are correct. 2. That the title to the property is good and marketable, free and clear of liens, easements, or other encumbrances except as noted in the body of this report.The appraiser was not provided with a current title search. 3. That the site is presently owned in fee simple title.The analysis is based on the assumption that the site and improvements are not encumbered with an existing real estate lien. 4. That responsible ownership and competent management exist for the property. 5. That the analyst is not responsible for the accuracy of opinions furnished by others and contained in this report,nor is he responsible for the reliability of government data utilized herein. 6. That the values assigned to improvements, shown in this report, are in proportion to the contribution said improvements make to the value of the property as a whole. 7. That compensation for research services is dependent only upon delivery of this report, and is not contingent upon estimates provided. 8. That this report considers nothing of legal character, and the analyst assumes no responsibility for matters of legal nature. 9. Testimony or attendance in court is not required by reason of this analysis unless arrangements are previously made. " 10. That information furnished by property owner, agent, and management is correct as received by the analyst. 11. That this report, or any of its contents, may not be used for the sale of shares or similar units of ownership in the nature of securities without specific prior approval of the analyst. No part of this study may be reproduced without prior written permission of Lori Safer Appraisal,Inc. 12. The analyst makes this report based upon the assumption that the property is not, nor will it be, in violation of the National Environmental Policy Act, State Environmental Policy Act, Shorelines Management Act,or any and all similar government regulations or laws. 13. This report is the confidential and private property of the client and Lori Safer Appraisal, Inc. Any person other than Lori Safer Appraisal, Inc. or the client who obtains and/or uses this report or its contents for any purpose not authorized by Lori Safer Appraisal, Inc. or the client, is hereby forewarned that all legal means of redress may be employed against him or her. 14. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect r. such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value.No responsibility is assumed for any such conditions,or for any expertise or engineering rr knowledge required to discover them.The client is urged to retain an expert in this field,if desired. a. REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 4 rr .�r CERTIFICATION I certify that, 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 do assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. .�. • I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal r Practice. I have made a personal inspection of the property that is the subject of this report. • No one provided significant professional assistance to the person signing this report. The report analyses, opinion, and conclusions were developed, and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and the 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 representative. As of the date of this report, Lori E. Safer, MAI, has completed the requirements of the continuing education program of the Appraisal Institute. rr� err ori E. Safer, MAI REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 5 rr rrr PRELIMINARY INFORMATION IDENTIFICATION OF THE PROPERTY The property to be appraised consists of a single commercial lot located at 333 Main Avenue South, in Renton, King County, Washington. do OBJECTIVE The objective of this appraisal is to estimate the market value of the fee simple interest in the subject property. FUNCTION It is my understanding that this appraisal will be used as a supporting document for the surplus sale of the property from the City of Renton to an adjoining property owner. PROPERTY RIGHTS APPRAISED The fee simple title is appraised, except for those exceptions noted in the Encumbrances if any. Fee simple title is defined as an absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat, police power and taxation. rr DATE OF INSPECTION The subject property was inspected on November 15, 2000 by Lori E. Safer,MAI. DATE OF VALUE r The property is valued as of November 15, 2000. SCOPE OF APPRAISAL The scope of an appraisal refers to the process of collecting, confirming, analyzing and reporting data. The intent in this appraisal assignment is to conduct an investigation approximating the thoroughness of that of a typical purchaser for the subject property. The more important steps taken in conducting the appraisal are noted below: 1. Inspect the property. 2. Investigate and describe the physical characteristics of the site. 3. Investigate and describe the economic, legal, and political factors that affect the property. 4. Determine the highest and best use of the site. REFERENCE:2000-1101 LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 6 rtr 5. Research sales of similar properties and/or properties that might reasonably be considered substitutes. Confirm the transactions with the buyer and/or seller and,to the extent considered appropriate, inspect the properties. 6. Reconcile the available information into a defensible opinion of market value. DISCLOSURE OF COMPETENCY The author of this report has obtained the appropriate knowledge and experience required to complete this appraisal competently, as disclosed in the Professional Qualifications summary included in the addenda to this report. DEFINITION OF VALUE Market value is defined as: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale price, the buyer and seller, each acting prudently, knowledgeable and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby; a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and each acting in what he considers his own best interest; C. a reasonable time is allowed for exposure in the open market; d. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements thereto; and e. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. LEGAL DESCRIPTION A title report was not provided. The subject property can be legally described as follows: The South 40 feet of Lot 9, Block 15, Town of Renton, according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County,Washington: EXCEPT the West 5 feet thereof conveyed to the City of Renton for alley under Recording Number 4571646;and EXCEPT the West 45 feet of the balance conveyed by deed recorded under Recording Number 19991008000919;and EXCEPT that portion lying easterly of a line beginning at a point on the North line 6.63 feet westerly of the Northeast comer and ending at a point on the South line 9.28 feet westerly of the Southeast corner thereof; SUBJECT TO an easement to Puget Sound Energy,Inc.; Situate in the Southwest Quarter of Section 17,Township 23 North,Range 5 East,W.M. in King County,Washington. dW REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 7 go rri UNAVAILABILITY OF INFORMATION The following information was not available for analysis and may potentially impact the concluded value: An environmental audit of the subject site was not provided. I have assumed that the site is free of hazardous materials and toxic waste. If questions arise, further research is advised. RESTRICTIONS ON DISCLOSURE AND USE This report is the confidential and private property of the client and the appraiser. Any person other than the client and the appraiser who obtains and/or uses this report or its contents for any purpose not authorized by the client or the appraiser is hereby forewarned that all legal means of redress may be employed against him or her. No part of this report, any of the conclusions reached, or a reference to the fact that an appraisal has been made, may be included in any offering statement, memorandum, prospectus or registrations without the prior consent of the appraiser. Disclosure of the contents of this appraisal report is further governed by the By-Laws and Regulations of the Appraisal Institute. The contents of the report (especially any conclusions as to value, the identity of the appraiser, or the firm with which she is connected, or any reference to the Appraisal Institute or the MAI designation) shall not be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without prior written consent and approval. REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE H +�r Puget Sound Region N-N A 9 Marysville Whidbey. Island d EVERETT Mukilt 2 Mill Creek r. • Lynnwood Monroe SNOHMILSH COUNTY Poulsbo, Bothell• KING COUNTY 0 0 Duvall Kirkland err Silverdale 0 o Redmond 2 rELJ0TTD4Y a Bellevue. LAKE SAuuAmiSH Brern 7 SEATTLE Snoqualmle 0 90 0 Issaquah Sea-Tac Renton 0 Vashon • Island o Kent Maple Valley Gig Harbor S 0 Federal Way OA burn % 0 5 10 KWG CCUtiTy SCALE IN MILES TACOMA PIEACE -ti o Enumclaw 0 Puyallup Lakewood Lori Safer Appraisal,Inc. rr REGIONAL DESCRIPTION do The viability of any real estate development is directly affected by the overall economic vitality of the city or region in which the project is located. A region's economic health, in turn, is strongly tied to the underlying economic base. This section presents a general overview of the Seattle metropolitan area. INTRODUCTION Seattle, Washington is the economic and cultural capital of the northwestern United States. The Seattle metropolitan area/Puget Sound region is the largest concentration of population north of San Francisco and west of Chicago. Seattle is the leading financial center of the Pacific Northwest and several major corporations base their headquarters in or near the city. Seattle possesses a modern port located on an excellent deep—water harbor and has good transportation connections to the outside world. The growth of the Pacific Northwest helped propel Seattle to its current stature, and the economic expansion of the Pacific Rim is likely to sustain Seattle's growth well into the future. This section describes the Seattle metropolitan area, its historical development and its future growth prospects. The section focuses upon general economic and population trends and emphasizes the relationship between these forces and real estate development in the Seattle market. GEOGRAPHY The Seattle metropolitan area lies in the northwest corner of the continental U.S., on Puget Sound in western Washington state. Puget Sound directly connects Seattle and the Pacific Ocean, 110 miles to the west(refer to the Puget Sound Region map). Because the Puget Sound basin was glaciated during the last Ice Age, the region's topography has a pronounced north—south orientation which has greatly affected the manner in which the Seattle area has developed. Hills, valleys, lakes, rivers, and Puget Sound generally trend in a north—south direction. As a result, the Seattle—Tacoma urban .�. area is long and slender: it is 100 miles long from north to south but little more than 15 miles wide. The city of Seattle lies near the center of this ribbon of urban development. ECONOMY The Puget Sound region is the economic heartland of Washington State and the Pacific Northwest. Seattle dominates this region, which contains approximately two—thirds of the state's total employment. Economic and employment growth drives the expansion of population, incomes, and the demand for real estate. This relationship applies to the Seattle metropolitan area, as shown in the following graph. REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 9 rr +�r Employment Change vs. Population Change 80 60 0 o. 40 0 20 r I � 'F -20 + + -40 Population Change Employment Change -60 co �2 F! F, !i-" 0 Note: Projected 2000 population growth estimate is based on historical population and employment growth Sources: Washington Office of Financial Management;Washington Employment Security;Lori Safer Appraisal,Inc. The Seattle area's population has grown in periodic surges associated with economic cycles. This pattern has repeated itself during each of the last four decades. Each decade began with a recession and comparatively slow population growth, followed by economic booms and rapid expansion of employment and population in the closing years of each decade. As the graph shows, population changes tend to lag one to two years behind changes in employment. The region's economy has several notable characteristics: Above—average growth • Dominance of Boeing • Strongly cyclical • Shift to Services • Growth of Advanced Technology Links to the Pacific Rim Within the Seattle PMSA, employment growth is occurring in several locations. Downtown Seattle remains the chief center of financial, administrative, and office activities in the state. An important secondary office center has developed on the Eastside, which also is the leading concentration of advanced technology activities in the region. Light industrial and distribution activities continue to congregate in the Green River valley south of Seattle and in the Fife/Sumner/Puyallup area east of Tacoma. New employment centers are developing along interstate highways, notably the Technology Corridor along Interstate 405 north of Bothell and the Interstate 90 Corridor extending east from Bellevue. Emerging concentrations of office, industrial, and high technology development also can be found in Federal Way, the South Everett/Mukilteo area, the corridor north of Marysville,Puyallup/South Hill,DuPont, and east Thurston County. Wetland regulations have removed a sizable share of the region's commercial and industrial land from the inventory of developable sites. Rising land prices and a REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 10 Irr Metropolitan Areas of Washington State 0 Z � o •W u0i , E WW t Z CC < < W < p<p • YQ IL 0Oy O U M i CL m O = m a < Ap < � c ul J i y<j A 10 O H O E u i c0• c • r m c • c o zo O < i W • i a A A " C •wi i • ¢ Z o < ; m Q , E N ¢ J < J JO r v O " • �L Cc $• g b c� 8 .� u v • ZV0 z HI Z. J v E o N Ia N E UB Y O �6 O O O O • • O 2 Z< z :p E� •u u 'u < o e C• • • • N C �LU n CL �! U 1x S s S S f 8 mm •v < c • O • h 2 c Z Z j O ¢ Y tu m F O Z O ± c ! < Fi Fi Y O z t Q f • W -aMW k oa < Ic WC.)L > rrti CA FQ-m J Y N � Y W L6 A� = U O h�—tj W 8 (7 F i F¢--J D: f7 U Z < t O til_'LL z J3 Y y cnm� " as E W H m f m O < e H C U • J O W Y < o , H ¢ O GJ N f c Pp p Q � ; o 0 G� •aai� O e ° Qy W N mc) C o o �i 0 g Y z =o C N D W m � Z a < ¢ ` >'' J O U Y ¢ (n o 0 ¢ v zd U O = IL g N N y i-- z Q << o Q LL CIO N ' f + r U.S.DEPARTWW OF COAwASICE Economics and Staftdm Administration Burow of.w Census Lori Safer Appraisal,Ina "�' rr dwindling supply of sites is pushing industrial development out to successively more peripheral locations, notably the Interstate 5 corridor north of Marysville, the Interstate 90 corridor near Preston and North Bend, and the Frederickson area southeast of Tacoma. it In 1996, the U.S. Navy completed its new home port for an aircraft carrier battle group in Everett; this base has brought 18,000 new jobs to Snohomish County. Most of the other i military installations in the region are expanding as they receive personnel transferred from bases being shut down elsewhere. POPULATION TRENDS The Seattle area's population has grown in periodic surges associated with economic cycles. This pattern has repeated itself during each of the last four decades. Each decade began with a recession and comparatively slow population growth, followed by economic booms and rapid expansion of employment and population in the closing years of each decade. The boom of the late 1990s differs from previous expansions in one notable respect. In the previous booms, population growth was of comparable magnitude to employment growth (subject to the one- to two-year lag). In the most recent boom, however, population growth has fallen well short of employment growth. The pool of new in- migrants has shrunk because of an aging population and relatively strong regional economies elsewhere in the U.S. (notably California). According to the Washington Office of Financial Management, the city of Seattle contained 540,500 people in 1999, making it the largest member of the constellation of settlements that line Puget Sound. The region's total population numbers nearly 3.5 million, which is divided among the four Census-defined metropolitan areas described above. Current population data are summarized in the following table. Populations of Metro Areas Metropolitan Area 1970 1980 1990 1999 Seattle PMSA 1,424,611 1,607,618 2,033,128 2,333,600 King County 1,159,375 1,269,898 1,507,305 1,677,000 Snohomish County 265,236 337,720 465,628 583,300 Island County 27,011 44,048 60,195 73,300 Tacoma PMSA(Pierce) 412,344 485,667 586,203 700,000 Bremerton PMSA(Kitsap) 101,732 147,152 189,731 229,700 Olympia PMSA(Thurston) 76,894 124,264 161,238 202,700 rr Seattle CMSA 2,042,592 2,408,749 2,970,300 3,466,000 PMSA=Primary Metropolitan Statistical Area;CMSA=Consolidated Metropolitan Statistical Area Sources:U.S.Census;Office of Financial Management;Lori Safer Appraisal,Inc. Approximately 69 percent of the Seattle PMSA's population lives within its 59 incorporated cities and towns. The following table lists the largest cities in the DMSA. d go REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 11 me Subregions within the Seattle Metropolitan Area SEATTLE AND THE PUGET SOUND AREA 1"" LAKE MAJOR HIGHWAYS Is iNE COMPLETE EVERETT URBAN AREA rr UNDER CONSTRUCTION RURAL OR PROPOSED "99m*' V ETT o s io Maes � �—!NONOMI>1H 41 Pa in �o Fie 4 � s ONROE a LY O .,: Skykomish R NORTH SUBURBS ..�,r...� DMO N S SNOHONI OUNTY nrL KING CO TY _ D U V A LL = EAST SUBURBS ,KIR AND Dq REDMOND RURAL C^ _.........,.....� •• _ Ce zzz . ... w B LEVUE MMIRTO�' -^^_-rte 8A 096 91/ "^..r., .._....^-,...-...,........ -AMERCE iP rrr PORT — bRCHAR Boeing `4x: I OUAH Field x111 ,, .. ••• R ON ORTH u L INS c KITSAP C NTY • '�" S-E- SUBURBS ��mm� PIERCE C NTY KENT RURAL f! =S.W. SUBURBS �• �_ s�L, AREA C01 FkD • / e�R �BYNAP N COUNTY i L. Pi 1 i p(fJ'd 1/0 1 p 1 A•�iNEVApAy �717TAN PUY LUP 1 i Lori Safer Appraisal,Inc- rr Largest Cities, 1999 Rank City County Population Rank City County Population 1 Seattle King 540,500 7 Renton King 47,620 2 Bellevue King 106,200 8 Kirkland King 44,860 3 Everett Snohomish 86,730 9 Redmond King 43,610 4 Federal Way King 76,910 10 Auburn King 38,980 5 Kent King 73,060 11 Edmonds Snohomish 38,610 6 Shoreline King 52,030 12 Lynnwood Snohomish 33,140 Sources:Washington Office of Financial Management;Lori Safer Appraisal,Inc. The combined population of all cities and towns in the Seattle PMSA stood at 1,606,477 in 1999, while unincorporated areas contained 727,123 inhabitants. Alm Most of the region's growth is taking place in the suburbs. Like other large U.S. urban areas, the central cities (Seattle and Everett) had populations that were stable or declining .. prior to 1990. In the late 1980s, Seattle reversed a 30—year decline, and its population has since rebounded from 493,846 in 1980 to 540,500 by 1999. This growth came despite no significant annexation of territory by Seattle. Everett has grown considerably due to infill development of suburban territory annexed during the 1970s. By 2000, the PMSA'S population is expected to approach 2.43 million (refer to the ■ Population Trends graph). Population Trends Puget Sound Region/Seattle Metro Area 5 Puget Sound Region: H istodcal u' 4 0 0 Seade Metro Area:H istxical ------- Puget Sound Region:Projected r �E 3 _ _ _Seale Metro Area: Projected c 2 tir � Q 0 1 a 0 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 Sources:US Census,Office of Financial Managernent,Puget Sound Regional Council,Property Courselors The Seattle PMSA is projected to contain nearly 2.8 million people by the year 2010 and should approach 3.1 million by 2020. The population of the entire Puget Sound region is expected to surpass 3.6 million by 2000 and should approach 4.7 million by 2020. REFERENCE:2000-11 OILS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 12 +rr INCOMES AND PURCHASING POWER Household incomes are higher in the Seattle area than elsewhere in Washington State and Y. the U.S. The distributions of disposable household income for the Seattle PMSA, Washington State, and the U.S. appear in the Disposable Income table. Disposable Income for Seattle, Washington, and the U.S. 1998 Household Disposable City of Seattle King Seattle Sea-Tac State of United Income Seattle Suburbs County PMSA SCSA Wash. States Less than$20,000 22.9% 14.1% 16.5% 16.4% 18.2% 22.4% 27.3% $20,000 to$34,999 20.8% 17.0% 17.5% 18.0% 19.3% 20.9% 22.2% $35,000 to$49,999 16.6% 18.1% 17.0% 17.7% 18.4% 18.2% 17.9% $50,000 and over 39.7% 50.9% 49.0% 47.9% 44.1% 38.5% 32.6% Median household EBI $45,076 $49,411 $49,107 $48,262 $45,295 $40,334 $35,377 Average household EBI $54,151 $42,177 $61,393 $59,461 $55,642 $50,436 $45,504 Per capita EBI $24,860 $25,310 $25,166 $23,695 $21,672 $19,421 $16,895 Aggregate EBI($million) $13,429 $29,005 $42,435 $55,638 $75,562 $112,588 $4,621,492 PMSA=Primary Metropolitan Statistical Area(King,Snohomish,and Island counties) r CMSA=Consolidated Metropolitan Statistical Area(PMSA plus Pierce,Kitsap,and Thurston counties) EBI=Effective buying income(disposable after-tax income) Sources:Sales&Marketing Management, 1999 Survey of Buying Power,•Lori Safer Appraisal,Inc. The table indicates that the Seattle PMSA has proportionately more households in the over-$35,000 income groups than either the state or the nation, with the discrepancy being most pronounced for households earning$50,000 or more per year. Conversely, the Seattle area has proportionately fewer households earning less than $35,000 per year than either Washington or the U.S. These discrepancies result from the high concentration of professional and technical workers in the Seattle area, and the fact that a greater wo proportion of the Seattle PMSA's population is in the economically active age groups (20 to 64 years). As Seattle's income advantage over Washington is somewhat less pronounced than for the U.S., but it must be remembered that the Seattle PMSA contains nearly half of the state's population and economic activity and thus the statewide figures are strongly influenced A" by Seattle's contribution. The median disposable income of Seattle metro area households is 19.7 percent higher g" than the statewide median, and 36.4 percent above the national median. The distribution of incomes within the PMSA conforms to those of metro areas throughout ON the U.S.: suburban areas tend to be more affluent than the central city. Among suburban areas, the Eastside has a larger concentration of upper-income and upper-middle-income households than any other part of the metro area. However, the region's complex topography, with its patchwork of waterfront and view neighborhoods, means that high- income districts are scattered throughout the urban area, often in close proximity to low- income neighborhoods. REFERENCE:2000-1101 LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 13 •11t lk • 1 • 1i • 1 • i - WA .,wi 00 /%/ / : / /' :,-�//moi . _ �.. . / Y / / ate / -M - rr REGULATORY CLIMATE The strong economy and rapid growth of the late 1980s and 1990s touched off a series of land use conflicts that continue to reverberate throughout the region. The Washington State Growth Management Act (GMA) was passed by the Legislature in 1990. The GMA obliged cities and counties to overhaul their comprehensive plans and zoning codes, and mandated the delineation of urban growth boundaries (the urban growth area for King County is shown in the Urban Growth Boundary map). It also mandates concurrent funding of infrastructure and allows local governments to assess new impact fees on new development. Counties and municipalities adopted final comprehensive plans consistent with GMA in 1994 and updated their development regulations to make them consistent with the comprehensive plans in 1995. These comprehensive plans attempt to integrate land use .. and transportation planning by concentrating future growth in existing urban areas and restricting low—density "sprawl" on the fringes of the built—up area. In King County, a number of high—density urban centers were designated as part of the new Comprehensive Plan; these centers are to receive as much as 40 percent of future employment growth. The City of Seattle adopted a similar plan, in which the bulk of new growth will be directed into a hierarchy of"urban centers" and "urban villages." In the past two years, King County has begun implementing transferable development credits which allow higher density in urban centers in exchange for lower rural densities. Land use issues played a large role in the incorporation of several new cities throughout the region: Federal Way and SeaTac (in 1990), Burien and Woodinville (1993), Newcastle (1994), Shoreline (1995), Covington and Maple Valley (1996), Kenmore (1998), and Sammamish(1999). Land use issues generally become highly politicized during economic boom periods, when pressure is placed on local housing and transportation resources; the political controversies usually die down during recessions, when economic development and jobs become the priority. A $3.9 billion proposal to build a region—wide network of transportation improvements was approved by voters in November 1996. When fully built out by 2006, this system will include a 24—mile light rail transit system between the Northgate, downtown Seattle, and Seattle—Tacoma International Airport, a 1.6—mile light rail line in downtown Tacoma, 81 miles of commuter rail service linking Everett, Seattle, Tacoma, and Lakewood, and bus/carpool ramps serving 100+miles of HOV (high—occupancy vehicle) lanes on the region's freeway network. Several major public/private highway expansion projects are also being contemplated, including a second Tacoma Narrows Bridge, widening of state highways 18 and 522, and expansion of heavily used park—and—ride lots throughout the region. The FAST Corridor plan calls for construction of overpasses or underpasses at 11 major railroad grade crossings between Seattle and Tacoma, as well as truck access improvements at the ports of Seattle, Tacoma, and Everett. In 1999, however, state voters approved an initiative that REFERENCE:2000-1101 LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 14 rr reduced vehicle license fees, removing billions of dollars needed for badly—needed highway construction projects. A plan to build a third runway at Sea—Tac International Airport continued to move forward in the face of vigorous opposition from nearby residents. The runway is one part of a massive airport expansion that will include new and expanded terminals and parking .. facilities, improved access and circulation roads, a new hotel next to the main terminal, a people—mover system, and connections to the regional light rail network. In 1997, the cities of Seattle and Tacoma agreed to connect their water—supply systems, forestalling water shortages in King County. In recent years, water shortages in a number of suburban areas forced local water suppliers to implement moratoria on new development. Other major infrastructure projects include new branch campuses of the University of Washington in Bothell and Tacoma, the reopening of the Stampede Pass rail line to provide additional freight capacity over the Cascade Mountains, a new baseball park (Safeco Field) for the Seattle Mariners, a new football stadium for the Seattle Seahawks, ++� a new exhibition center for large "flat shows," and a major expansion to the Washington State Convention and Trade Center in downtown Seattle. r. In March 1999, the federal government listed the Puget Sound chinook salmon as a threatened species under the Endangered Species Act(ESA). In November 1999, the bull trout was added to the "threatened" list. The salmon/bull trout issue could have far— reaching effects on the development climate in the Puget Sound region because the urban and suburban areas are crisscrossed by a vast network of salmon—bearing waterways. Chastened by the spotted owl fiasco, state and local governments, environmental groups, and representatives of the timber, agricultural, and development industries have been putting together a salmon recovery plan for the region in hope of forestalling a solution imposed from above by the federal government or courts. The resulting Tri-County Plan includes wider buffer zones along rivers, streams, lakes, and wetlands, and stricter limits on the amount of impermeable surface area allowed in new developments. The Tri-County Plan is currently in review, with final action planned for January 2001. It is probable that this plan will be challenged in court; it also is possible that federal oversight agencies, such as the National Marine Fisheries Service and the Environmental Protection Agency,will reject the plan and impose a solution from above. .. OUTLOOK As was discussed in the Economy section above, the Seattle economy increasingly parallels the national economy in terms of employment and unemployment trends. wr REFERENCE:2000-1101 LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 15 rrr rr The expectation of continued, but slower regional growth is supported by a survey of Puget Sound business executives and financial officers conducted by the Puget Sound Business Journal, as shown in the graph below. PSBJ Business Confidence Index 100% 90% s0%o 70% 60% 50% 40% 30% 20% 10% E�± 0% rn rn rn rn rn rn CPrn CP An index value over 50 indicates an expanding economy,below 50 indicates a worsening economy Sources:Puget Sound Business Journal,•Hebert Research,Inc.;Lori Safer Appraisal,Inc. Regardless of the national economic and political/legal climate, the region's software, biotechnology, and telecommunications industries should continue to expand, and improving economies in Asia point to a rebound in exports. Over the long term, the economic outlook is generally good. The region's economy and population have expanded unevenly,but the overall trend has been upward at a rate faster �. than the national average. An increasingly diverse regional economy should promote a more stable growth pattern in the future. Historical development trends should continue, with somewhat greater concentration of new growth within the cities than would have occurred if the state Growth Management Act had not been enacted. The large—scale comprehensive planning process which began several years ago is still underway, and many specific local issues remain to be resolved. The growth of the region continues to place demands on its infrastructure, and continued expansion and improvement of roads, utilities, airports, and other public facilities will play a prominent role in the region's development over the next 20 years. The salmon issue will likely have a large impact on future development, depending on the types of regulations ultimately adopted at the federal, state, and local levels. .o Am Wo g. REFERENCE:2000-1101 LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 16 Neighborhood Map 124TH s l(zanf 5T1 �< AIR Pz N =1 6TH ST 11 �. PARK 6TN 5T MAR RIVER SS 's, oTRIIL a = Z Z Z BRO S�SPL N T 126TH ST � r a N+ ST 0� Cc. -� WE S 126TH P p I x5 STADf6Y 1=}Q c 1N�OR s 128TH ST "s ° !D NN TH srI r ¢Na 4TH S = ST •11 W S S 8200 z p h� H ' S 130TH �' y? 3 zNNWC; r' o s 3RD a ST m 1 9G I r 2N PLo AIR QRT S 132ND ST ] S TILLIc ST In sr 2N sr LL y NE o I S S TOBIN CLW1ST o1100 C\ W JI NT EREf pJ�1F S < I S< VICTORI ;300 Q Ax ski o W � I W ST s 18 RENTON z $ �n S 2ND o S :°` N J _~ r1r TNsrav 1 a - • J R ��. CEMETERY ever a g v Ht H e a' 11 `s S3RD " ST a RISE .• , RE •11 y UNS � a s S h8 11111 s ,r ". = BWI TN CT P WPL P�f� P ^lP S P N 5TH EA 4 S k 3 6TH ST SW 7TH S TH STP pgeo Z N S 7TH Ci s rH -� WEMTON VILLAGE 5 x w w/. 0 L 1 H ST " GRpDy W 1 N CENTER 10 o SN ST = ` S cF SVI S R BAR TON VILLAGE PL S 11TH ST �` a 1ZiW ST HOLIDAY OR i ISW 'n ST INN 2 FR m c 1 z 20 SW a� Z 16TH I ST SW 2 1ARK5'<- 15TH N <I _ 400 16TH ST $F $ $16Th$T �� S s W G G pR SE'` SE 16TH p W m1 2 S i 17TH PO -_a S 18TH PL � o ST 1 SW 19TH ST ST G S 19TH I LONWRES B I W y 20m J RACE C�:1 C SW 21ST ST so TRACK 1 r a SW 23RD ST S _23RD ST J s t 3 J p KID g 62ND < 2RTH' ti ti S I --- h SE 1 SW 277H ST S~din s� S 27TH ST Nw E 10900 11100 T SE ? M1 o�J S ix PL MTH its S ZgtN CT 2 < a W SE 165TH �s\ T PL�� qT+ 166TH T < v1 w ST {` W 29TH $TQ S spM 3'S os SPL w w ST 147TH n ` sEIl 30 q PL �, 0111 CT H w y 5W 30TH s G s H� ' E GJ ST < SW 33RD ST I6 �87SE y - M ,.lS 169TH g6qh PL a 16S 8TH N $ SE 169TH L SE 169TH ` W v z N x E 170TH ST 170TH a'i ST �` 4THST ---- S_172ND ST " �n SE A �___$7_ 1 SE 72ND$T� 10800 Lori Safer Appraisal,Inc. No Am air NEIGHBORHOOD DESCRIPTION The subject is located on the west side of Main Avenue South, south of South Third Street, in downtown Renton. Land uses in the area include a variety of commercial, office •• and residential uses. ADJACENT LAND USES To the north of the subject property are several one story commercial buildings housing a restaurant, a cleaners, and a sewing machine repair shop. Immediately south and west of the subject are several parking lots. To the southwest of the subject is a mixed use project with retail, office and residential uses. Across Main Avenue South is an auto body shop. The property abuts Main Avenue South which is a four-lane roadway in the immediate vicinity. A detailed list of adjacent uses is included in the Subject Property Description o section of this report. NEIGHBORHOOD TRENDS Downtown Renton primarily contains a mix of older commercial, office and residential uses. It is located south of the Renton Airport and to the north and west of Interstate 405. Major land uses in the area include an industrial district around Renton Airport, north of the subject. This district is dominated by the Boeing 737 manufacturing facility and the Kenworth (Paccar) manufacturing plant. Lake Washington is located north of the industrial area, and the Cedar River flows through the manufacturing district and downtown Renton. Renton High School is also located within the downtown area. .rr Downtown Renton is experiencing a resurgence, with redevelopment occurring throughout the area. Several examples of this redevelopment include a redeveloped Safeway store, a new Walgreen's store, and several multi-family and mixed use projects throughout the downtown area. Additionally a new Fred Meyer center was constructed at the southwest corner of downtown Renton in 1993. An office district is located southeast of the subject and south of downtown Renton. This area contains a number of mid-rise office buildings, as well as some retail, entertainment, and hotel development. Most of this area was built up during the 1960s and 1970s. The Southcenter regional shopping center is located southwest of the subject, at the intersection of Interstate 405 and Interstate 5. Southcenter is surrounded by a large amount of satellite retail development, and warehouses are currently being converted into retail uses in this area. In 1994, Boeing completed a 650,000 square foot Customer "' retail and Training Center on the site of the former Longacres horse racing track, south of the subject. REFERENCE:2000-1101 LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 17 sr .rr Residential development is located in the area south of downtown and on the surrounding hills: Skyway Hill (to the north) Renton Hill (to the northeast), and Benson Hill (to the southeast). Most of the nearby neighborhoods were built up prior to 1960, and most new r residential development consists of in-fill construction of apartments and condominiums. TRANSPORTATION AND ACCESSIBILITY Freeways are a major land use in the subject's neighborhood. The area's freeway network was built during the late 1960s and has recently been upgraded. A full cloverleaf interchange connects Interstate 405 with the Valley Freeway and Rainier Avenue South. This interchange was expanded in 1994-1995 as part of the highway expansion project. WA The Renton "S-Curves" on I-405 were straightened and high-occupancy vehicle (HOV) lanes added to the Valley Freeway. Interstate 405 has been widened with new HOV lanes and several reconstructed interchanges (notably at I-5, West Valley Highway, and Maple Valley Road). CONCLUSION Because of its location and excellent transportation network, the subject's neighborhood is a desirable location for mixed-use, office, industrial and retail uses. Accordingly, development and redevelopment activity continues at a steady pace throughout the neighborhood. ■o ■. REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 18 Assessor's Map IN 3. 2110 sT. <:I 6— 1325.07 1188'48'17 K� 4. 4 L { N Q I u/' 20 1 "� 71 20 �'. I l�° op 19 G'° I I I s 13 t 4'�0 m w { Nw 18• . 2 tt�es a 19019, 2 {,� 18 P *06 : Is = P 12 Is 0 a . 3 ed l,et IB' 3 pIP ��P 17' of!` 3 II 17' ♦, a 41A° ,°°°epe°n• °J;' 4 17, a 4r''4 -0°16; Ig, a 2 p • °• 0 (AM I6= 0. Ole, W = bAd° ♦ 8• tl a IS, > " i•t° 0•I 5 < ` 13 k 4 10 t'1P P• G 41 6' J70e' 15: g t d aid P• e' s' �fTA eel en Ig' c 8 b�A111 14 Ize A �•'O 7 9• fi 11010 ; N 14= i 14• a = 7 �° moo°° �' 13-- A b= J J� Ilf/l : 6'-IS 14' � 7 Ib• J d J •. �� a� ` 8 Az/°t° K•Iflo Ib= 3 a 8 K 12 Py fi As, •, * '� a " °eoA 3, dl°b SO i �• �H 12= '=9 612= �BRg !✓e° 412. 8 Y°u °° N MKe IIS g10 �I�i l.o 11 w1n' ,e� 4y� w ld ....... I ° S. 3RD 3T. a�. �,Oa p NO.eFieA✓ JRm 1- 17 0 •1 1lO ° Ite o a \ yr I M.. 4 (�. lY♦ II h•° I L,S*o 14 yP4 ' 18�,Y erbt4 I � ...20.. Is, .2 r°'°oy dYe lot ," ItH� .y 19 �•�.pp\ .. e °—�'� tt �'� '?b. qtU!... �`+rY \ ' ....�49` ..•� N 0, ',� al I ret e';i° 14, t 4 t4� 8 '/ 'AAA'613 t µ �. •.* ..: ,fid , ei 13• °15 �o /N' salve t •� h...�,..... 2e� • ; ,Npl � I I "w:K, 12R �• He'd � \' S � ..� ,jt��'is 2= a s A 4s t•� \`` a lie 19 �2 I llaj 4`i a 1 9 14�- 8 •\ 1(5 I°l I 1 �•�g n 10 7 3 Kfs° I5 eLtm°10 :Z a♦ .. ... \.........\\. ... `. RNSP LWga.134 i{ 10 Y I ,6e f'i O .� S ,r LOT 1 pato 1 i .. ..r �,�/ `Ai C 4 \a4 'ra ' 8 13 k ,forvc � a ... �° .. . q.. .�. .. - 11,Yfed i 2 4" ... I' • /3M - R sostp } A k 3 11go R° ee0ne'4$ 9 /3w 3 r•* {,DSII ...� 1r16 MN•e]-JO°/ ]IeJ°leXL •••••••.... $ S. 4TH ST $ Iee liveue.F cR� de t.vm (4n•Ae{. FY4 4,q i 20, I 4ttt4 20 t 1 E0� `°,`J 1 20 ;,� [Aj 18. :2 Ise t .+".`l�"n°11!`; ... `�y. 1 s!!f �°° 20 19: •2 R AVl'W/♦�* 24 ... ;..: 3 ' r 4 s s�o'18 ♦ o 1� =4 �' e° 17= H.1.4T08 1# LL 000 12e 4f• v 4 M:r �p , W 2715, *1 qfi Is;O 051 18 18 •6 /��a�.j.. 16 ' a tY/ 00 18• i� We =6 lees 6Id 1511 w - O"'Wal 1,15 15 3 14. �i 7 67y5s .1C fTjeei 14= ; • 7 14 $10 7 14 Will 13= B 67° 0 p 13 t • 6 13 !R $v , g 0 e _ .ve A ,00 I E•t a = 9 4ffp°�,° :Z st•7,y 12=, J • 8 IE t' 81-0 12 17wa ° .r IU ele:e 11 ; N) 15 ecs 1110 if R 10 4 < S N 5THTR 8.{r�,efiZ N gY /ie / m $ p �i TR 3 , 8 ' a ✓e,t{ Y.d`Io 19 O P a+`I�► ry°PO I ..1 'dl. l....•, p ...'.. �° All ks.20 19 P . I a ed dtPo8 °° 1 19. IS' 3 SIAjOpt'P ,�°19=� 43 It�°JI"�! °y'°Iti is •: ....�.... . . ... , •dO� df° ?o . 171 4 �e♦ `dPs I7 n o 4 .ep •. 4 28 le Mae i tl .14 Jt° C!♦ 17 ...°` 11116 Lori Safer Appraisal,Ina No PROPERTY DESCRIPTION SITE DESCRIPTION The subject property consists of a 2,481.8 (rounded to 2,482) square foot site located on the west side of Main Avenue South, in downtown Renton, Washington. The property's .. address is 333 Main Avenue South. LEGAL DESCRIPTION A legal description of the property has been provided by the City of Renton. The full legal description is included on page 7, and in the Addenda to this report. The property can be briefly described as: A portion of the South 40 feet of Lot 9,Block 15,Town of Renton,according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County,Washington: SHAPE AND LAND AREA The subject property is rectangularly shaped. Based on dimensions on the King County Assessor's map, the site has about 40 feet of frontage on Main Avenue South and a depth of about 75 feet. TOPOGRAPHY AND SOILS r. The subject property is fairly level, with an elevation of about 10 feet above sea level. Geotechnical engineering studies were not provided for the property, nor was a soils .�. study conducted as part of this appraisal. According to the King County Soil Survey, soils on the site are classified as Urban Land. The site inspection revealed no evidence of abnormal settling within the property. It is probable that the underlying soils are capable of supporting the type and size of improvements that are found on surrounding parcels. ACCESS In its present configuration, the site has about 40 feet of frontage on Main Avenue South. Main Avenue South is a 60-foot-wide right-of-way with two traffic lanes in each direction. However, due to the location of the above ground utility easement on the east side of the subject,the property does not have direct access to Main Avenue South. UTILITIES AND MUNICIPAL SERVICES All municipal services are available to the subject property. The following agencies provide utilities and other municipal services. REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 19 +rte Abutting Properties D190512' '�8�1rSI �000 �p412 1 _ 9 6goo Ilh D0 4�IQ185! d80 ILII h 10 I°i1Z yv di11 `3 �$e S. 3RD ST. a 0 •. 3 . y44 �sfee Sen a re. a'ti sim- y�� ti4 J1(Is Ito Ih IZo o \ I °+ h II h N 1 11,4140 �� 41 °.� � '�° �194 k%,��" I��le 20 JU 14 1820 10 : M � ' b3 4y I bw'IQg ory�q5 �i 8 :y1�'� +� A �c4lzo . . 9 b `8� 3i'�`''�s i ''� : � � 2 �°p9 �`��,� f.s1 .3 •� \ �\ 1 0 13 17— �� &M w" � ' 73L spy t! IIzo r; 12 : \; \5' ` 4 . . 5 02 © �� 11 �� 5 9 14 : \ 6 '\ V5 ft ti� 7 y3 ,g yrofl ZA \ 1` O 10 6 � 1215 ;8 © : 7N, 4 4 0 9 t'° S 9 7 \�0 .eo�� h1f°��A°5 Ld `r. 0000,10 4� � h 6 us� ©,y� R� .�a� �aj10 34kp 10 •L �`o �1 I zo s. , ,* of o .e ° 73°5/BOSs2 TqCkC/AA6.To G1k� ......•...• ... 'y,• 1'r°° 4TH ST s 24.2s x• zoo ° Opp t,93620 (4y+/Ay6• 3 w �! IZo 'so . .. .: ...... . ... : N b 9 60 -'J o 46e r• s 20 h i 204 (06 1 etu1,0 37ysI0►o . . .20 v .1 , oa�s r p0°d 20 a 1zo 19 ; e 2 Z19 s>sj�437 31 14 ^ 24 `e5 9 1 rri 11i� 18 ' 3 b�14° of ss18 v ; ''R„qv!° o' 4, fop 618 = I7 �4 H. = 4TOB1 0. C. N0. 717 000 20 � + " 4!°o3w 616#°�I7 a �+ 5���516 ; O 5 16 5 3 �+ 16 ios 5 3 g bi 16 = O o N 16 �� vs 9 5 y 5150 15 h 6 $go 10 3 15 :� h v 5 g = 6 rod' o 51 15 % S!Ibjh 14 {aj ' 714 7 � Ly �b 14 :„ y �13 a 8 13 w '.� 8 X30 0 _ e rill g'Ih° 12 , 9 12 � �Y g : g rP' �' I2 to o�FIs IQ h W >n 10 I���•�eB 11 ? 10 ' I 1 10 IIS� d 11 Will I If�l Lori Safer Appraisal, Ina rr Utilities and Municipal Services Water City of Renton Sewer: City of Renton Storm Drains City of Renton Natural Gas: Puget Sound Energy Telephone: Quest Communications Fire Protection: City of Renton Fire Department Police Protection: City of Renton Police Department Public Schools: Renton School District No.403 ENVIRONMENTAL CONCERNS A Level 1 environmental assessment was not provided. The on-site inspection did not reveal any hazardous materials. FLOOD HAZARD The subject site is located in Flood Zone C, which is an area of minimal flooding, as do shown on the Federal Flood Insurance Rate Map (Map Number 530088-000213), for Renton Washington(Federal Emergency Management Agency, May 5, 1981). ABUTTING PROPERTIES in The Abutting Properties map and table show the tax parcels and some of the uses surrounding the subject site. Abutting Properties No. Tax Account No. Owner Street Address Lot Size Use Zoning 1 723150-0720 Hsushi 304 Main South 13,409 Office CD 2 723150-0775 Bell 330 Main South 11,537 Auto Body CD 3 723150-1275 City of Renton Wells South 18,210 Parking CD 40 4 723150-1290 Spencer Court LP 334 Wells South 17,250 Multi-family CD 5 723150-1305 Price 323 Main South 5,042 Parking CD 6 723150-1310 Price 327 Main South 5,220 Parking CD 7 723150-1316 Price Main South 1,600 Parking CD d" 8 723150-1320 Riffle 329 Main South 6,622 Parking CD 9 723150-1330 Barei 321 Main South 5,520 Retail CD 10 723150-1335 McGowan 317 Main South 6,598 Restaurant CD 11 723150-1345 Waffle 303 Main South 7,928 Commercial CD ZONING The subject site is zoned Center Downtown (CD) by the City of Renton. The purpose of the CD zone is to provide a mixed use commercial center serving a regional market as well as adjacent residences. Uses include a wide variety of retail sales, personal and professional services, multi-family residential dwellings, recreation and entertainment and some light industrial uses. Surrounding parcels listed in the Abutting Properties table " are also zoned CD. REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 20 rr SALE HISTORY The subject property is owned by the City of Renton. The property was purchased by the City in May 1998 as part of the widening of Main Avenue South. According to public records, the property was purchased for $258,750. At the time of the purchase, the site was improved with a building which was demolished for the road widening project. EASEMENTS AND OTHER RESTRICTIONS As part of the Main Avenue South road widening project, an easement was granted to Puget Sound Energy to accommodate power vaults over an irregular portion of the north and east portions of the site. A copy of the easement is included in the Addenda. ASSESSED VALUE AND REAL ESTATE TAXES The 2000 Assessed Value is summarized in the following table. Assessed Value and Real Estate Taxes Tax Account No. Assessed Value Assessed Value Total Assessed Land Improvements Value 723150-1315 $25,500 $151,500 $177,000 rr Since the property is owned by the City of Renton, real estate taxes are not paid, except for a conservation fee of $5.00. However, if the property were privately owned, taxes would be calculated at the current levy rate of$12.98914 per$1,000 of assessed value, or $2,299.08. According to the King County Assessor, there had been a building on the site, which was demolished without a permit. The Assessor will not remove the assessment without a do permit. This issue should be resolved before selling the property to a private individual. The following table summarizes the 2000 assessed land values for the surrounding parcels. Surrounding Properties' 2000 Assessed Land Values �. Tax Assessed Assessed No. Account No. Zoning Lot Size Land Value Value Per SF 1 723150-0720 CD 13,409 $209,900 $15.65 2 723150-0775 CD 11,537 $280,900 $24.35 3 723150-1275 CD 18,210 $154,700 $8.50 4 723150-1290 CD 17,250 $146,600 $8.50 5 723150-1305 CD 5,042 $42,800 $8.49 6 723150-1310 CD 5,220 $44,300 $8.49 7 723150-1316 CD 1,600 $13,700 $8.56 8 723150-1320 CD 6,622 $56,200 $8.49 9 723150-1330 CD 5,520 $46,900 $8.50 10 723150-1335 CD 6,598 $56,000 $8.49 11 723150-1345 CD 7,928 $67,300 $8.49 REFERENCE: 2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 21 rr do .■ The surrounding parcels are all zoned CD. Assessed values range from $8.49 per square foot to $24.35 per square foot. The parcels which are adjacent to the subject property are assessed at$8.50 square foot. HIGHEST AND BEST USE Highest and best use of a property is that use, among all alternate uses, that provides the greatest return to the land. In this appraisal,highest and best use is defined as: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriate supported, financially feasible, and that results in the highest value (The Appraisal of Real Estate, 11th Edition, 1996,page 50). In appraisal analysis, the highest and best use of a property is evaluated in two ways: as if the site was vacant and as improved. Since the subject property is unimproved, the highest and best use will be analyzed as vacant only. To be designated"highest and best use,"a potential use must meet four tests: • it must be physically possible; • it must be legally permissible; • it must be financially feasible; and • it must yield the highest return of all uses meeting the preceding three tests. HIGHEST AND BEST USE AS IF VACANT d PHYSICALLY POSSIBLE Ift The subject property consists of a rectangularly shaped parcel containing 2,482 square feet with a width of 40 feet and a depth of about 75 feet. Although a soils report was not provided, the relative lack of settling in adjacent buildings suggests that the soils are A. suitable for commercial development. Physical limits of the site include size and lack of access to Main Avenue South due to the presence of the utility easement. d. LEGALLY PERMISSIBLE The underlying zoning designation allows for a wide variety of downtown commercial W. and high density residential uses. FINANCIALLY FEASIBLE The uses that are both physically possible and legally permissible are evaluated to determine which are likely to produce an income (return) equal to or greater than the ,., amount needed to satisfy operating expenses, financial obligations, and capital amortization. All uses that are expected to produce a positive net return are regarded as financially feasible. REFERENCE:2000-1101 LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 22 ar M Im The primary factor hindering development of the subject property is size and lack of direct access to Main Avenue South. If the property is combined with adjacent parcels, then it could be developed in conjunction with surrounding property. as MAXIMALLY PRODUCTIVE a„ Given the subject's relatively small size and the location of the utility vaults along the eastern and northern portions of the property, it is my opinion that the highest and best use is for assemblage with adjoining property which would allow for redevelopment of •+. the site to a use consistent with the underlying zoning. +r Wo Am no d REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 23 Land Sales Map �247H N '" $124TH $ 12 RD I`BfCEaTEN4'IAL N S7 N ua vARv m z 1 , 6TH $T y \� ><NtND s m,TZ y 5 m'< L< H ST Sj ti CE�LVER a tz z z _ ,L BRO SOt PLN P l tNLL l 126TH ST 5I A I N H ST S 12NS STABILS + t> S � 6TH P ,• <� s o a'o z I a ¢ < y1tMOS� a �s 128TH ST .s xN rH STN 4TH 100 8 ST •11 z A� S 8200 z y L w Q Qy a }N t Y 1 z x �S 2 poz O N R W xN 3RD L � N � MART Sr Z C tig O S Q'130TH ST NW � 9 zN PL j S 132ND I ST TIA dF% V 00 0 IcuN o 1I ST1 S TOBIN ...1 � V S Q VIC70RI .300 Q IAx XNU I ST18 RENTON= " vvdr O 17 S 2ND NS e N N V L ._ J S ■ J � B �.�' CEMETERY <' �i IRBRW � �� > •11 '' PAR ��rY �3�0 � � � BE■ S 3RD 11 ST RI�S7 ,. SM UJ PLe 'rP 1 4,x r Aa s a ,off ani��9� J ti Bey I CT Q n ori ;, P 5 P� S 5TH a ST S �Fy 0 pQ- Fy s 6TH ST N • 3,sy N sQ Qy £ 'f' S TH ST v ohm `p- Z 6THN S 7TH C7 SW 7TH a I s 7TH T PA -�-g 1 0 8 N RKS a qa a^ l y I w a D 6 RIDEO� 'I WENTON VILLAGE S = W I N 5T G�p� Wy N CENTER 1- 57 = ' `S gSN O FO . 4 C y SM € 1 S R NTON VILLAGE PL S 11TH ST AR r >, 2TN ST HOLIDAY J `.SF DR f�t� `n ISM y o 13THN 51 INN FRW� ,1 i� W a � a 2 �A rn ,1 _ a LAW 20 SW I 116TH I ST SW 2 < 15THN iy �OiP� ■f1 o aoo 16TH ST $ s N S 16TH ST �L, 5 = o�SE S a' SE-167 P Si 2 W iE II' I mS 18TH R ST ff <se �� �h '¢ 4yF ■III SW 19TH ST v u $ ST �o P� p s" s c�1e 1 WI G S 19TH ST a9 $lex L~ n w C7 Ig LONG4CRES d.I W y 2oTH ~ S RACE C'i SW 21ST ST <L < pUG ET "�rr d ��Av SE TRACT( G 224'0 � SE 21ST � Tc "l Pl d HE i 2ND PL dJ SE 21ST ST SW 23RD ST S _23RD 3i G SST 2 3 r ,`1 } ❑ s b -1 MID ,{ I L.`I N G " S 62ND< a ST Q SW 27TH ' ^xn�i �a s 5 a y I S 27TH ST SE ATH STN SE ST y S T7P Q H 10900 W 11100 <Jre I s IN P 28TH Pts 2g(H CT a ear > N SE 165TH 1 'il P1 166TH W 29TH ST7v o c S got r S t Pc N W S7 0 167TH y Q SE 3 30 P� iH c7 e Q > U 30TH N F G S Q ay�29 5E ~ ¢ 1 ST SW 33RD ST 1 S 160TH PL CT ti SE N SSE 169TH L y I w �5 1 PeTH a^�y5E 16ST 9TH n 168TH " x SE$ 170TH ST 170TH SQy�169TH Sw TH ST S_172ND ST ^ SE ST_ i SE 72ND ST.�-- a 1Aw.0 SE 1721 ZS HST Q al; Q 173 51_ _O ST II'P77 CD Lori Safer Appraisal,Ina No VALUATION METHODS OF VALUATION Vacant land is most appropriately valued by comparison with sales of similar property. This method is known as the Sales Comparison or Market Approach. The two other traditional valuation methods, the Income Capitalization and Cost Approaches, generally are not used in valuing unimproved land. Hence, these approaches are deemed to have little applicability to this appraisal, and have not been included in the analysis. SALES COMPARISON APPROACH The Sales Comparison Approach is based on the theory of substitution, which assumes that a prudent purchaser will pay no more for a property than that required to obtain an alternative site with similar utility. The underlying zoning of the subject property is Commercial Downtown (CD). I was unable to find a large number of CD zoned sales for this analysis and therefore expanded my search to include other commercial sales within the Renton area. Due to the scarcity of small land sales, I expanded my search to include larger parcels. The following sales are considered to be the most relevant to compare to the subject property. COMPARABLE LAND SALES The comparable land sales used in this analysis were obtained by a search of public records, from electronic media published by MetroScan, Inc., from Comps, Inc and from do my files. Where possible, each sale was confirmed through conversations with parties involved in the transactions. The sales are summarized in the Comparable Land Sales table, followed by a narrative description. Detailed descriptions are included in the Addenda to this report. Comparable Land Sales Sale Price No. Location Zoning Sale Date Sale Price Size(SF) Per SF 1 200 Burnett S CD Jul-00 $1,007,500 42,000 $23.99 2 1201 Seneca SW CA Apr-00 $972,566 69,469 $14.00 3 700 S Grady Way CA Dec-99 $1,375,000 92,354 $14.89 �r 4 265 Rainier S CA Jan-99 $1,610,000 57,344 $28.08 Subject 333 Main Avenue S CD 2,482 Sale I is located northwest of the subject property at 200 Burnett Avenue South. This 42,000 square foot site has frontage on both Second Street and Burnett Avenue South. The site is fairly level. Traffic volumes on Second Street are 8,800 vehicles. This sale REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 24 wr ..r occurred in July 2000 for $1,007,500, or $23.99 per square foot. A 90-unit multi-family project called Metropolitan Place which will include 4,000 square feet of commercial and 240 parking stalls is currently under construction on the site. AW Sale 2 is located southwest of the subject property at 1201 Seneca Avenue SW. This 69,462e foot site was assembled from six different sellers. The site has access to Grady Way SW, but does not front directly on this major arterial. Traffic volumes on Grady Way SW west of Lind are 24,400 vehicles, however, the sale parcels do not have direct frontage on this major arterial. This sale occurred in April, May and 2000, for a total of $1,272,863, however, according to the broker, the buyer paid $14.00 per square foot of site area, indicating a total price of $972,566. The purchaser plans on constructing an .r auto service/repair facility on the site. Sale 3 is located southwest of the subject property at 700 South Grady Way. This 92,354 square foot site was leased to the purchaser who decided to exercise an option to purchase the property. Details of the ground lease will be described in the Ground Lease section of this report. Traffic volumes on Grady Way South east of Shattuck are 31,200 vehicles. The property has frontage on both Grady Way South and Shattuck Avenue. This property was purchased in December 1999 for$1,375,000, or$14.89 per square foot. Sale 4 is located northwest of the subject property at 265 Rainier Avenue South. This 57,344 square foot site has frontage on both Rainier Avenue South and Sunset Boulevard. A Walgreen drug store has been constructed on the property. Traffic volumes on Rainier Avenue South are 54,500, while traffic volumes on Sunset Boulevard were 26,600 vehicles. This property was an assemblage, which occurred in January 1999 for $1,610,000, or$28.08 per square foot. rr COMPARATIVE ANALYSIS Unit Analysis: Typically, price per square foot is used to analyze commercially zoned land. This will be the unit of comparison used in this analysis. Cash Equivalency: All of the sales sold for cash. No adjustment for cash equivalency is needed. Time Adjustment. The sales occurred between January 1999 and July 2000. Although a direct time adjustment could not be extracted from the data, land values have been increasing over the past few years. More weight will be placed on the most recent sales. Location: All of the sales are located within the city of Renton, and all are located on arterials, except for Sale 2. Traffic volumes on Main Avenue South are 28,500 vehicles. Adjustments are made to the sales for location based on traffic volumes. Size Adjustment. All of the sales are larger than the subject site, however, I was unable to find any recent sales of comparably sized parcels. Typically, larger parcels sell for a lower price per square foot than smaller parcels. Adjustments are made to all of the sales for size. REFERENCE:2000-1101 LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 25 d ANALYSIS OF LAND SALES AND ABUTTING PARCELS The sales range from $12.58 to $28.08 per square foot. The most recent sale is Sale 1, which sold for $23.99 per square foot. This sale is located at a corner site with one-way traffic in each direction. An upward adjustment for size is needed, as well as an upward adjustment for location. According to the purchaser, land values have been steadily increasing in downtown Renton since he acquired this site. Sale 2 is located near Grady Way South,but does not have direct frontage on this arterial. Upward adjustments for location and size are needed. Sale 3 is located on Grady Way South. An upward adjustment for size is needed, with a "` downward adjustment for location. This property was not exposed on the open market, but was a sale from the owner to the lessee. An additional upward adjustment for conditions of sale is needed for this transaction. Sale 4 is located at the northwest corner of Rainier Avenue South and Sunset Boulevard. An upward adjustment is needed for size,with a downward adjustment for location. CONCLUSION OF VALUE The subject property is a small parcel of which half is impacted by an easement to Puget Power. The easement precludes any development on this portion of the property and limits access to Main Avenue South. The highest and best use of the subject property is assemblage with an adjoining property owner, however, even after assemblage, the site has limited utility due to its size, lack of access, and the impact of the easement. Given the limited utility of the subject property, it is my opinion that an adjoining property owner would pay no more than the assessed value of the abutting parcels, or $8.50 per square foot. Additionally, although the adjoining property owner is purchasing the entire site, only 1,241 square feet of the property is actually usable. Therefore, it is my opinion that the value of the site be based on the usable area only as shown in the following table. Conclusion of Value 77 .' Site Area 2,482 square feet Less Easement Area: 1,241 square feet Usable Area: 1,241 square feet Value of Abutting Parcels $8.50 per square foot Indicated Value of Subject Property $10,000 (rounded) GROUND LEASE ANALYSIS Sale 3 had been leased on a 30-year lease for $9,000 per month, or about 7.9 percent of the market value of the underlying land value. Please refer to the land sale write up in the Addenda. Another ground lease analyzed is a 14,490 square foot parcel in Seattle, which REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 26 orr rr •• leased for $3,660 per month, with an option to purchase at $550,000, indicating an 8 percent land lease rate. • Public authorities such as the Port of Seattle and the Washington State Department of Natural Resources are currently negotiating land leases based on a range of returns between 8 and 10 percent, whereas Burling Northern Santa Fe (BN/SF) railroad has a much higher threshold of 12 percent. Recently, the Port of Seattle has increased its rate of return to 12 percent. However, while nominal rates of returns to the railroad and more recently to the Port appear to be high, I have observed that the agreed upon "market value" of the land is often lower than might be achievable if an actual sale of the land were actually being contemplated. Hence, the effective rates of return on many of these BN/SF land leases are less than the 12 percent stated in the leases. Given the two land leases discussed above, it is my opinion that an 8 percent land rental rate would be appropriate for the subject property. An annual rental rate for the subject property land would therefore be: Land Rental Conclusion Land Value $10,000 Annual Rental Rate 8% Annual Rent to be paid $800 rr +rr err ,rr REFERENCE:2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. PAGE 27 .r ADDENDA dw up a* w. as REFERENCE:2000-11 OILS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. ADDENDA ro LAND SALE 1 PROPERTY DESCRIPTION: Name: Metropolitan Place Address: 200 Burnett Avenue South City: Renton County: King Neighborhood: Downtown Renton Map Page: 656-C3 .r. Legal: Lots 3 through 8,excluding the East 5 feet,and the West 75 feet of Lots 1 and 2,Block 25,Town of Renton,Volume 1 of Plats,page 135. ar Assessor No. 723150-2140;-2155;-2160;-2170 Parcel Area: 42,000 sq ft 0.96 acres Utilities: All available. Zoning: Commercial Downtown(CD),City of Renton " Land Use: COMML Description: This is an irregularly shaped parcel with about 75 feet of frontage on Second Street South and about 400 feet of frontage on Burnett Avenue South,in downtown Renton.A 90-unit multi-family project called Metropolitan Place,with 4,000 square feet of commercial and 240 parking stalls is being constructed on the site.King County will lease 150 parking stalls for a park and ride. a SALE INFORMATION: Date of Sale: 07-10-2000 Sale Price: $1,007,500 Analysis Price: $1,007,500 Marketing Time: Not exposed on the open market. Instrument: Statutory Warranty Deed err Excise Tax No. 1763853 Recording No. 2000-0710-0846 Terms: Cash to seller Grantor: Sheridan Properties LLC Grantee: Metropolitan Place,LLC Remarks: Half of the site needs pilings,adding to the construction costs of the project. Confirmed by: Don Dally,purchaser(206-328-3770) Analysis: Price per square foot of site area: $1,007,500 divided by 42,000 sq ft=$23.99 per sq ft r. w� �r 00-07-10-0846 LORI SAFER APPRAISAL,INC. ADDENDUM w r�r 7 l 1 11 " t s atm tl November 15, 2000 to�� /oo go 30 /oo71 /oo b N 9 /0 h 206P 4 h c l s o 2 tq Ot- a '5 ' 6, 70 00 ,O� iza ,� 13 0SSy �8 ' y{ Z�ti lLI �qQF 4130,)Z 39 0 It a 2 � °.. Q'3 00' 4 y°o .°°ti Folz I ; 60 n s 4 r 7 y til�4 >, ��I ti I e ; /7 ° Q o u „ , 8 �^4 rir L O ,e y9ao5ga k q 12 w Pey w ° l y y h� o '^ ua'►`$ �vs +►1 ..... o Q• /3 Arrow indicates photo angle 00-07-10-0846 LORI SAFER APPRAISAL,INC. ADDENDA rr• ar LAND SALE 2 PROPERTY DESCRIPTION: Name: 500 Block of SW 13th Street Address: Northeast and southeast comers of SW 13th Street and Seneca Avenue,one block south of Grady Way City: Renton County: King do Neighborhood: Grady Way Map Page: 656-134 Legal: Portions of Hillman's Earlington Garden# 1,Block 26. as Assessor No. 3340404015,4020,4225,-4030,4255,and 4150. Parcel Area: 69,469 sq ft 1.59 acres go Utilities: All available. Zoning: Commercial Arterial(CA),City of Renton as Land Use: COMML Description: This sale represents the assemblage of numberous parcels on the north and south sides of SW 13th Street.The land is level and some of the parcels were improved with older do single-family residences that were subsequently demolished.The south side of the assemblage has exposure to I405. rrr SALE INFORMATION: Date of Sale: 04-06-2000 Sale Price: $1,272,863 Analysis Price: $972,566 Marketing Time: Various ' Instrument: Statutory Warranty Deed Excise Tax No. 1475773; 1751215 rr, Recording No. 000406-0581;000503-2254 Terris: Cash to sellers Grantor: Clements,et al Grantee: D/C Investments Remarks: The analysis price is based on the broker's statement that the assemblage price for the six +� parcels equaled a blended rate of about$14 per square foot of land area.The discrepancy with the document price was not clarified.The buyer,Dale Walker,owner of Renton Subaru,intends to construct an auto service/repair facility on the property. Confirmed by: Mike Catt,broker,425-244-0770 Analysis: Price per square foot of site area: do $972,566 divided by 69,469 sq ft=$14.00 per sq ft No 00-04-06-0581 LORI SAFER APPRAISAL,INC. ADDENDUM �r r rrr�i • 74, r _ x +rr .r� rir = November 15, 2000 1.•��J v eer ue V . .� •,, al" 9 w<° '0 • °� SOVN a �� .1+�'' ":' M1 " j0s e PAGE g w P, 16 j 4s u 6 R D Y .s nt » �r ,r �� 5' oe M � .a se Lo a'/ st r• 49P°f10�ti° r'T, �-' e�S Rsr/� �UAK u 9 EI � �• bCh • 0 1,1�9 �Y � 16 49 • 13 K r,. O 70 ay h „ rs A � ss� p N 6 1 „ob W S" �Y+. '' f` se ° ,� 1-f•�-r� Isf,�rls;ls n ,d p1� rf y°� 12 '[M• M,�a a2•�I �� �411� �I � ,r $• �6eew 6 B b 3 zip .9yo i (, vel *' 64 �� I SY /.�• ^ � !, ,O 9 � 6ti ,�1' Vli'� u� 5 0i � � ,�43 �p •• •vK•°Rs'1�'Ko ' IL 1.3 a '°c .W 41 90 a1R W d� e' 3 9• e 6 M • � ti � $� 7 � f •y` �1 t sol.rl v� Zy?A•LS q" _ S �� i0 9 I° �! ' ' ' t ✓e.- pMr �7. ot S.W' ~�.ff '� /S 1�- �S 12 r � I�I1 n±l d 4 /fOSN 43 4 . ,4101t v W --- .. .-..J N ki AS 17 4tw+ .P R I MA R 1t+ 4! S TFC i•�,p! j,•'.ocs wiw .+a:r asry�•�r;a 44 Arrow indicates photo angle 00-04-06-0581 LORI SAFER APPRAISAL,INC. ADDENDA LAND SALE 3 PROPERTY DESCRIPTION: Name: Jerry Solomon Used Car Lot err Address: 700 South Grady Way City: Renton County: King Neighborhood: Grady Way Map Page: 656-C4 r Legal: Lots 2 through 4,City of Renton Short Plat#LUA-046-SHPL. Assessor No. 192305-9096 Parcel Area: 92,354 sq ft 2.12 acres rr Utilities: All available. Zoning: Commercial Arterial(CA),City of Renton Land Use: COMML rr Description: This is an irregularly shaped parcel with about 670 feet of frontage on South Grady Way and about 140 feet of frontage on Shattuck Avenue South.The property was leased by the purchaser,who constructed a 4,640 square foot building on the site,which is being used as a used car lot. SALE INFORMATION: Date of Sale: 12-28-1999 Sale Price: $1,375,000 Analysis Price: $1,375,000 Marketing Time: Not exposed on the open market. Instrument: Statutory Warranty Deed Excise Tax No. 1729261 Recording No. 991228-0943 Terms: Cash to seller Grantor: Puget Western,Inc. do Grantee: Solomon Family Remarks: The property was leased to the purchaser for$9,000 per month,with a$1,000 escalator every five years.The lease was signed in 1997.The lessee decided to exercise their o option to purchase. Confirmed by: Jerry Solomon(425-226-9899) as Analysis: Price per square foot of site area: $1,375,000 divided by 92,354 sq ft=$14.89 per sq ft rr an ■. 99-12-28-0943 LORI SAFER APPRAISAL,INC. ADDENDUM 40 err rrr i r�r w do rrl November 15, 2000 • ('1'" I 1330.94 7TH I— i.✓ 999 2-a9E +`"�' _.( __ vr.�w.i 14+' lRkvnr/uw .tW e.+r. til.n.ss.T-iss ar sr.J 8.q.ae 7TH ST. '� zz4 io 1 � , p.n <.sc.•> e yaw .0 so usia aoo ! �- u 1 I � �I � �_�•.Z� S ��°4 Ig, rr i ; ��`` I�'f •etc d r..S- 1 \4 n 0 Ti1� 1 ,�,,F r•G ♦ '�1 ,yy l� TI , 7 NIt p ^ i 2 �p� .rlr u♦a i m • ..� acr.a,a M�To c �.: �°. „—�e�•�r-asa �: �� - LOT i •I I ? m� 1 s q 0+ i 4 O , L¢ `° ° of a 009't 9, LOT 2 GgP�� '6 �.sHP` Y� t li F(� Y° as �O�' <_ �S d� I M qY U 8P 51�. LOT 3 4�`O PEN• �� / br.+~ ,'"�,'a��..a"..' 0 � its • i a ❑ yM k.�rw) I LOT 4 — sY P S•P B f n+�ar 6 9� % urM ro R. �w,.sr•s fN r,,.) LOT 2 zr NN I�D yy Arrow indicates photo angle r 99-12-28-0943 LORI SAFER APPRAISAL,INC. ADDENDA LAND SALE 4 ++ PROPERTY DESCRIPTION: Name: Walgreen Drug Store Site err Address: 265 Rainier Avenue South City: Renton County: King Neighborhood: Sunset Way Map Page: 656-B2 .r Legal: A portion of the North half of the South half of Section 18,Township 23 North,Range 5 East,W.M.,in King County,Washington. Assessor No. 182305-9083;-9178;-9079 Parcel Area: 57,344 sq ft 1.32 acres Utilities: All available. Zoning: Commercial Arterial(CA),City of Renton Land Use: COMML Description: This is an irregularly shaped parcel with frontage on both Rainier Avenue South and Sunset Boulevard,in the downtown area of Renton,Washington.The site was assembled wo in January 1999,and the existing improvements were demolished.Additionally,a portion of SW Harris Place was vacated by the City of Renton for this project.A Walgreens drug store has since been constructed on the site. SALE INFORMATION: Date of Sale: 01-20-1999 Sale Price: $1,610,000 Analysis Price: $1,610,000 Marketing Time: Not available. Instrument: Statutory Warranty Deed Excise Tax No. 1664647 rr Recording No. 990120-2443 Terms: Cash to sellers Grantor: Regis,et al. Grantee: Evergreen Sunset,Ltd. +■+ Remarks: The cost of the street vacation is not included in the price.According to the purchaser, they negotiated with the City regarding the price of the vacation. Confirmed by: Meg Tarradesh and Andy Skipper with Evergreen(818-240-8727) Analysis: Price per square foot of site area: $1,610,000 divided by 57,344 sq ft=$28.08 per sq ft 99-01-20-2443 LORI SAFER APPRAISAL,INC. ADDENDUM r�r rr MAIN rr November 15, 2000 I�Pe�.3 M. w is SS r-Ares-Arl-Im A. 'REW.SPW209-78 ',.'17810049 11 o 2 Za0�3g �$ Tft I f5,2 x a L > fzs os T 61 C. ti� •� •i s -�-� H o vip lot- � �i� v ti"' w .q I�y� f �1• s�a Ac.e� p 37 13 ')O is FAG- 1 oRa � �� � w s e J N ff 5 417. 1 til `:t•� l I r'i qu �,y •IDO dIL y AAr � � f• i r r •alas. �•�:- MAN Arrow indicates photo angle 99-01-20-2443 LORI SAFER APPRAISAL,INC. ADDENDA rr r■ Legal Description: Property at 333 Main Avenue South, Renton The South 40 feet of Lot 9, Block 15, Town of Renton, according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County, Washington: EXCEPT the West 5 feet thereof conveyed to the City of Renton for alley under Recording Number 4571646; and EXCEPT the West 45 feet of the balance conveyed by deed recorded under Recording Number 19991008000919; and EXCEPT that portion lying easterly of a line beginning at a point on the North line 6.63 feet westerly of the Northeast corner and ending at a point on the South line 9.28 feet westerly of d• the Southeast corner thereof, SUBJECT TO an easement to Puget Sound Energy, Inc. recorded under Recording Number Situate in the Southwest Quarter of Section 17, Township 23 North, Range 5 East, W.M. in King County, Washington. C Aword\legal\Surplus\tgb 12/98 rr sY1r NOU-27-2080 16:03 CITY OF RENTON PBPW 425 430 7241 P.03iO4 .rr ENERGY EASEMENT FOR UNDERGROUND ELECTRIC SYSTEM RECEIVE () REFERENCE#: JUL 0 6 1998 GRANTOR: The City of Renton GRANTEE: PUGET SOUND ENERGY,INC. REAL ESTATE a PACILITr6S SHORT LEGAL: N10'Lot Sand all of Lot 10,Btk 15 TOWN OF R N,(.;, j f�I � OEPA STMENT ASSESSOR'S PROPERTY TAX PARCEL: 7231501315 (!� . 1i.. Q) ���,,, For and in\ consideration of One Dollar($1.00) and other valuable consideration, the receipt of which is hereby reby r, acknowledged,THE CITY OF RENTON, a Municipal Corporation('Grantor herein), hereby grants,conveys and warrants to PUGET SOUND ENERGY,INC.,a Washington Corporation("Grantee"herein),for the purposes \ hereinafter set forth; a perpetual easement under, across and over the following described real property (the .a (_ "Property*herein)to KING COUNTY,Washington: wr• The South 40 feet of Lot 9, Block 15, TOWN OF RENTON, according to the plat thereof recorded in Volume 1 of plats, page 135, records of King County; "'r` EXCEPT the West Five (5)feet thereof conveyed to the City of Ifenton for alley under Recording Number 4571646; AND EXCEPT that portion of said parcel lying easterly of a line beginning at a point on the North line 6.63 feet westerly of the Northeast comer and ending at a point on the South line 9.28 feet westerly of the Southeast corner thereof; r' Being a portion of the'SW quarter of Section 17,Township 23 North, Range 5 East,W.M. e. Except as may be otherwise set forth herein Grantee's rights shalt be exercised upon that portion of the Property (the"Easement Area"herein)described as follows: rr 11 Easement No.1:The North Five(5)feet of the above described Property; SX (v�• 3 EXCEPT the East 44 feet thereof. Easement No. 2:The East 22 feet of the above described Property AND the 2 2 X t(b 15" North 12 feet of the West 22 feet of the East 44 feet of the 2 IP 24 above described Property. 1. Purpose. Grantee shall have the right to construct,operate,maintain,repair,replace,improve, remove,enlarge !� and use an underground electric transmission and/or distribution system upon and under the Easement Area together with all necessary or convenient appurtenances therefore, which may include but are not limited to the following: underground conduits,cables,communication lines;vaults,manholes, switches,and transformers,seml- buried or ground mounted facilities and street lights. Following the initial construction of its facllitles, Grantee may from time to time construct such additional facilities as it may require. 12-96 KJ-A0001 9756850-9850740 mgc 2%-67 air r YID NOV-27-2000 16:03 CITY OF RENTON PBPW 425 430 7241 P.04iO4 2. Access. Grantee shall have the right of access to the Easement Area over and across the Property to enable Grantee to exercise Its rights hereunder, provided, that Grantee shall compensate Grantor for any damage to the Propeo caused by the exercise of said right of access, 3. Obstructions;landscaping, Grantee may from time to time remove trees,bushes,or other obstructions within the Easement Area and may level and grade the Easement Area to the extent reasonably necessary to cavy out the purposes set forth in paragraph 1 hereof, provided, that following any such work, Grantee shall, to the extent reasonably practicable,restore the Easement Area to the condition it was Immediately prior to such work. Following the installation of Grantee's underground facilities, Grantor may undertake any ordinary improvements to the landscaping of the Easement Area, provided that no trees or other plants shall be placed thereon,which would be e� unreasonably expensive or impractical for Grantee to remove and restore. 4. Grantor's use of Easement Area. Grantor reserves the right to use the Easement Area for any purpose not Inconsistent with the rights herein granted, provided: that Grantor shall not'construct'or maintain any building or err other structure on the Easement Area,which would interfere with the exercise of the rights herein granted; that no digging, tunneling or other form of construction activity shall be done on the Prop", which would disturb the compaction or unearth Grantee's facilities on the Easement Area, or endanger the lateral support to said facilities; and that no blasting shall be done within 15 feet of the Easement Area. " err S. Indemnity. By accepting and recording this easement,Grantee agrees to indemnlfy and hold harmless Grantor from any and all claims for Injuries and/or damages suffered by any person,which may be caused by the Grantee's exercise of the rights herein granted; provided that Grantee shall not be responsible to Grantor for any Injuries err and/or damages to any person caused by acts or omissions of Grantor. 6. Abandonment The rights herein granted shall continue until such time as Grantee ceases to use the Easement Area for a period of five(5)successive years, In which event this easement shall terminate and all rights hereunder ,rr shall revert to Grantor, provided that no abandonment shall be deemed to have occurred by reason of Grantee's failure to Initially install Its facilities on the Easement Area within any period of time from the date hereof. 7. Successors and Assigns.Grantee shall have the right to assign,apportion or otherwise transfer any or all of its .r rights,benefits,privileges and Interests arising in and under this easement. Without limiting the generality of the foregoing,the rights and obligations of the parties shall Inure to the benefit of and be binding upon their respective successors and assigns. r. DATED this_day of '1998. GRANTOR: THE CITY OF RENTON,a Municipal Corporation BY. wry BY: rr STATE OF WASHINGTON ) SS COUNTY OF KING } On this day of ,1898,before me the undersigned,a notary er, public In and for the State of Washington,duly commissioned and sworn,personally appeared err to me known to be the of THE CITY OF RENTON,the Municipal Corporation that executed the foregoing Instrument and acknowledged the same to be the free and voluntary act and dead of said municipal corporation,for the uses and purposes therein mantlonod,and on oath stated that Is authorized to execute the said Instrument. TOTAL P.04 o . o /Z.O ,�Kll IZ o o Izo �-� Ito 14 0 oaNs ks 3 V/001 . . . Zai �92� 13 • �2 � � 5 pis 3 ;; �1�- w �o �3� o 10598 ti '• I °� • h i 335 12 h � k� /Zo ij : 5 9 h / 00 10 f �c 7 b P 13 o a o 8k � /3/4 o /090 h 68-57 m /ZO /ZO - /O � �3osieo522 ,� e- T el-r o ON LoRi E. SAFER, MAI Lori Safer has been a real estate appraiser since 1983. Her clients include developers, mortgage lenders, local municipalities and various public agencies. Past professional affiliations include: • Lori Safer Appraisal,Inc. • Bruce C.Allen&Associates,Inc. r,�„ • City of Bellevue Planning Department Ms. Safer has a variety of experience in the following areas: • Residential Subdivision Appraisal Studies • Highest and Best Use Studies • Right-of-way and Condemnation Appraisal Studies • Investment Analysis • Mortgage Loan Appraisal Studies • LID Special Benefits Studies • Data Base Compilation and Analysis In addition to appraisal and related real estate experience, Ms. Safer has developed extensive computer skills which include spreadsheet modeling and data base compilation. She has received extensive training in statistics, research methods, location analysis, and computer-based analysis of social and economic data. PROFESSIONAL AFFILIATIONS AND CREDENTIALS • Certified as an MAI Member of the Appraisal Institute. • Washington State Certified General Real Estate Appraiser, license number 270-11 SA-FE-RL-E435MG, expires 7/7/01. • Certified as a Woman Owned Business (WBE) and Disadvantaged Business Enterprise (DBE)by the State of Washington. • Member of the Estate Planning Board for the University of Washington(1996-1999). • Region 1 Education Liaison to the Appraisal Institute(1999-). • Chair of the Regional Education Liaison Subcommittee of the Appraisal Institute(2000) • Vice Chair Regional Education Liaison Subcommittee of the Appraisal Institute(1999). • Region 1 Education Coordinator(1998). • Region 1 Representative to the Appraisal Institute(1996-1997). • Member of the Education Committee of the Appraisal Institute(1996-1998). • Member of the Curriculum Division of the Appraisal Institute(1993-1996). • Chair of the Narrative Exam Grading Subcommittee of the Appraisal Institute(1993-1995). ,,,, • Member of the Narrative Exam Grading Subcommittee of the Appraisal Institute(1988-1996). • Member of the Regional Professional Standards Panel of the Appraisal Institute. • Member of the International Right of Way Association. COURT EXPERIENCE • Qualified as an expert witness in King County Superior Court. EDUCATION • Master of Arts,Urban Geography,University of Washington, 1982 • Bachelor of Science, Geography, Pennsylvania State University, graduated magna cum laude, 1979 AN REFERENCE: 2000-1101LS 333 MAIN AVENUE SOUTH LORI SAFER APPRAISAL,INC. ADDENDA AN ~ September 14, 1998 *mll Renton City Council Minutes *ftd Page x'90 Streets: Main Ave S Technical Services Division recommended approval of a property exchange Property Exchange at 333 Main Ave. S. with Earl and Ellen Price by which the City will acquire (City/Earl & Ellen Price) necessary property for the Main Ave. S. improvement project, and the Prices will be compensated with nearby property for parking purposes. Council • concur. Streets: Aberdeen Ave Utility Systems Division requested authorization to temporarily close NE Temporary Closure Aberdeen Ave. NE between NE 24th and 27th Streets for seven days from (NE 24th to 27th) September 17 to 24 for construction of the East Kennydale sewer interceptor project. Council concur. (See page 292 for resolution.) MOVED BY EDWARDS, SECONDED BY PARKER, COUNCIL APPROVE THE CONSENT AGENDA AS PRESENTED. CARRIED. CORRESPONDENCE Correspondence was read from Richard H. Galusha, 14013 SE 135th St., Citizen Comment: Renton, 98059, stating that the moratorium on residential development in Galusha - Moratorium on commercial areas negatively affects property he owns at 325 Duvall Ave. Residential Development NE. MOVED BY KEOLKER-WHEELER, SECONDED BY EDWARDS, in Commercial Areas COUNCIL REFER THIS LETTER TO THE PLANNING & DEVELOPMENT COMMITTEE. CARRIED. Citizen Comment: Correspondence was read from Robert and Wendy Baker, 763 Vashon Pl. Highlands Residents - NE, Renton, 98056, and numerous residents on Vashon Pl. NE and NE 8th Safety Concerns at St., requesting more signage and police patrols in the area to help address Vashon/NE 8th safety concerns related to parking problems and speeding traffic. MOVED BY EDWARDS, SECONDED BY KEOLKER-WHEELER, COUNCIL REFER THIS LETTER TO THE ADMINISTRATION AND THE PUBLIC SAFETY COMMITTEE. CARRIED. Citizen Comment: Correspondence was read from Lila Campen, 4908 Talbot Rd. S., Renton, Campen - Talbot Hill describing zoning changes made on her property earlier this year and Zoning Changes & requesting that the residential development project planned for this site be Proposed Development allowed to proceed as proposed, despite the changes. The primary difference is that the line between areas zoned R-1 and R-14 is now irregular rather than straight. MOVED BY KEOLKER-WHEELER, SECONDED BY NELSON, COUNCIL REFER THIS LETTER TO THE PLANNING & DEVELOPMENT COMMITTEE. CARRIED. OLD BUSINESS Council President Edwards presented a report recommending that Council Committee of the Whole pass a resolution approving Renton's participation, with Seattle and King EDNSP: Port Quendall County, in an application to become a federal Empowerment Zone. The Empowerment Zone federal government has authorized the designation of 15 new urban Application empowerment zones. Empowerment zones focus on a people-based economic development strategy that supports employment expansion in existing commercial/industrial districts with an emphasis on linking employment opportunities to low income people. The Committee further recommended that Port Quendall be designated as a developable site. MOVED BY EDWARDS, SECONDED BY PARKER, COUNCIL CONCUR IN THE COMMITTEE REPORT. CARRIED. Planning & Planning & Development Committee Chair Keolker-Wheeler presented a Development Committee report recommending that Council concur in the Administration's Comprehensive Plan: recommendation to adopt the proposed amendments to Renton's Emergency Amendments Comprehensive Plan. The amendments remove portions of West Hill from (West Hill Potential Renton's potential annexation area (PAA) and revise policy and definition Annexation Area references to the PAA. MOVED BY KEOLKER-WHEELER, SECONDED Removal) BY SCHLITZER, COUNCIL CONCUR IN THE COMMITTEE REPORT. CARRIED. (See page 292 for ordinance.) NWY OF RENTON COUNCIL AGENDA*tL AI#: Submitting Data: Planning/Building/Public Works For Agenda of: DepvDiv✓Board.. Technical Services September 14, 1998 Staff Contact...... Tom Boyns, X 7209 Agenda Status Consent.............. X Subject: Public Hearing... Main Avenue S Road Project Correspondence.. Approve Property Exchange Ordinance............. Resolution............ Old Business........ Exhibits: New Business....... Issue Paper Study Sessions....... Deed Information......... Resolution Recommended Action: Approvals: Council Concur Legal Dept......... X Finance Dept...... Other............... Fiscal Impact: Expenditure Required... Transfer/Amendment....... Amount Budgeted.......... Revenue Generated......... Total Project Budget City Share Total Project.. Summary of Action: Right-of-way for the Main Avenue S Road Project has been acquired with the exception of one parcel. The property owner of this parcel has agreed to exchange the property needed for the project in return for a portion of the adjacent parcel owned by the City. The City acquired the adjacent property for the project with the understanding that upon completion of the project any portion of the parcel not needed for the project would be sold as surplus property. Staff and the City Attorney have recommended the suggested exchange of property. If this action is approved by the City Council, the Mayor will execute the deed which will be placed in escrow for delivery and recording upon completion of the demolition of the building on the site, installation of underground facilities by Puget Sound Energy, restoration of the surface and completion of the Lot Line Adjustment process. STAFF RECOMMENDATION: Approve the property exchange and authorize the Mayor to execute the deed document. `lrrr✓ �' CITY OF RENTON PLANNING/BUILDING/PUBLIC WORKS MEMORANDUM DATE: August 25, 1998 TO: Bob Edwards, President City Council Members VIA: Mayor Jesse Tanner FROM: Gregg Zimmerman, Administrator &2 Planning/Building/Public Works Department STAFF CONTACT: Tom Boyns X 7209 Richard Evans X 7372 SUBJECT: Main Avenue S Road Improvement Project S 3rd to SW Grady Way Exchange of Property to Complete Project Acquisitions ISSUE: Right-of-way for the Main Avenue S Road Project has been acquired with the exception of one parcel. The property owner of this parcel has agreed to exchange the property needed for the project in return for a portion of the adjacent parcel owned by the City. RECOMMENDATION: • The Planning/Building/Public Works Department recommends that the City Council approve the exchange of property and authorize the Mayor to execute the deed BACKGROUND SUMMARY: The City has acquired all of the parcels it needs to construct this project with the exception of one parcel at the northwest corner of the intersection of S 4th Street and Main Avenue S. The owner of the remaining parcel has been concerned about losing valuable parking area and has agreed to exchange the property needed by the City for an adjoining portion of land owned by the City in preference to being paid. The City acquired the adjoining parcel at 333 Main Avenue S to demolish the existing building, use the portion of the property needed for the project and then surplus the remaining unused portion. Other portions of this property have been determined to be useful for underground utilities, above ground transformers and switches. August 24, 1998 Page 2 The area needed by the City is 1156 square feet of the corner property being approximately 10 feet along the entire Main Avenue S frontage plus rounding the corner of the intersection. The area requested by the property owner is 1600 square feet being 40 feet by 40 feet the northerly 10 feet of which will be subject to an underground utility easement with frontage only on the west side alley. The value of these areas is considered to be equal. The City proposes to initiate a lot line adjustment to record the reconfiguration of the corner lot as well as to avoid the creation of a new lot. The deed to the property needed by the City will be placed in escrow with the deed from the City and both will be recorded concurrently with the lot line adjustment. Just Compensation for the parcel needed for the City project was determined to be $15,950:00. The exchange will cause a corresponding loss of value when any remaining portion of the City owned property is sold as surplus to the City's needs. The northerly adjoining property owner has expressed interest in acquiring the remainder. CITY ATTORNEY COMMENTS: The City Attorney has reviewed this issue and recommends that the City Council pass the accompanying resolution approving this matter. CONCLUSION: The proposed exchange of property completes the acquisition needed for the project at no net cost to the City. By providing replacement parking for the property owner their interests are served as well. H:propsery/main isu/tgb8/98 Return Address: City Clerk's Office City of Renton 200 Mill Avenue South Renton, WA 98055-2189 DEED Property Tax Parcel Number: 723150-1315 Project File#:PRM04-0016 Street Intersection: Main Ave S&S 4th Street Grantor(s): Grantee(s): 1. City of Renton,a Municipal 1. Earl W.Price Corporation 2. Ellen Price LEGAL DESCRIPTION: The west 45 feet of the south 40 feet of Lot 9,Block 15,Town of Renton,according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County,Washington; EXCEPT the westerly 5 feet thereof conveyed to the City of Renton for alley purposes; SUBJECT TO an easement over the northerly 10 feet for underground utilities. The Grantor,for and in consideration of mutual benefits conveys and grants to the Grantee(s)as named above, the above described real estate situated in the County of King,State of Washington IN WITNESS WHEREOF,I have hereunto set my hand and seal the day and year as written below. Grantor(s): City of Renton Mayor City Clerk Notary Seal must be within box STATE OF WASHINGTON )SS COUNTY OF KING ) I certify that I know or have satisfactory evidence that signed this instrument and acknowledged it to be his/her/their free and voluntary act for the uses and purposes mentioned in the instrument. Notary Public in and for the State of Washington Notary(Print) My appointment expires: Dated: PRICE D.DOC Page 1 Return Address: City Clerk's Office City of Renton 200 Mill Avenue South Renton,WA 98055-2189 DEED OF DEDICATION Property Tax Parcel Number: 723150-1375 Project File#: PRM 04-0016 Street Intersection: Main Ave S @ S 5th St Grantor(s): Grantee(s): 1. Earl W.Price 1. City of Renton,a Municipal Corporation 2. Ellen Price LEGAL DESCRIPTION: That portion of Lots 7 and 8,Block 15,Town of Renton,according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County,Washington EXCEPT that portion of said Lot 7 conveyed to the City of Renton for alley purposes by deed recorded under Recording Number 4571646; AND EXCEPT that portion of said Lot 7 conveyed to the City of Renton for street purposes by deed recorded under Recording Number 7305180522; lying east of a line beginning at a point on the south line of said Lot 7,55.59 feet west of the centerline of Main Avenue S,thence northeasterly to a point 10.22 feet west of the east line of said Lot 7 and 17.35 feet north of said south property line; thence northerly to a point 31.01 feet south of the north line and 11.33 feet west of the east line of said Lot 8; thence northerly to a point on the north line of said Lot 8,9.28 feet west of the northeast corner of said Lot 8. Contains an area of 1156 square feet,or 0.0265 acre,more or less. The Grantor,for and in consideration of mutual benefits conveys,quit claims,dedicates and donates to the Grantee(s)as named above,the above described real estate situated in the County of King,State of Washington under threat of eminent domain. IN WITNESS WHEREOF,I have hereunto set my hand and seal the day and year as written below. Approved and Accepted By: Grantor(s): Grantee(s): City of Renton Earl W.Price Mayor Ellen Price City Clerk INDIVIDUAL FORM OF A CKNO WLED GMENT Notary Seal must be within box STATE OF WASHINGTON )SS COUNTY OF KING ) I certify that I know or have satisfactory evidence that Earl W.Price and Ellen Price_signed this instrument and acknowledged it to be his/her/their free and voluntary act for the uses and purposes mentioned in the instrument Notary Public in and for the State of Washington Notary(Print) My appointment expires: Dated: 8 �17/ 13 a = 8 �' ,,5 12 //5 I , : IL ° i 1 h h 1q,85 , 100 �Z0011 '� I,d ,� tip�° /Z4D 3RD ST. 2 LO �� e� -617( tiAp 4 2014 ,k . • z o8� 5 0 R 10 o �� I ��. � 1 t ,w N604 /1011 66 111 1 ,tio. . . 9 h S \ 33h9.6� 01 jgoy -1 13 S > �}✓ m 3 ;? �Q. /Zo , w 0 7 3 /8215 15 132° 10 ; o 6 a� '�� I• yOesg � F� • a 9 7 � 1 . 1m 5 h lrZ 1310 IrSbr 8 0� 1 6 i � 7 m o 9 �``ho`': �4 /;:gl c /0 3 9./Z /ZO /Z O �g �� 7345/80522 �,e ,(�ecivb_ T city 1 ST fiXnPr�bt lleoo s rr Z,q 3 oo ! o . �, a3 ) /2o 9 V20 Oh .r2c 3o � 3 I'd/ � <-.I i Return Address: City Clerk's Office City of Renton 200 Mill Avenue South Renton,WA 98055-2189 DEED Property Tax Parcel Number: 723150-1315 Project File#:PRM04-0016 Street Intersection: Main Ave S&S 4th Street Grantor(s): Grantee(s): 1. City of Renton,a Municipal 1. Earl W.Price Corporation 2. Ellen Price LEGAL DESCRIPTION: The west 45 feet of the south 40 feet of Lot 9,Block 15,Town of Renton,according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County,Washington; EXCEPT the westerly 5 feet thereof conveyed to the City of Renton for alley purposes; SUBJECT TO an easement over the northerly 10 feet for underground utilities. The Grantor,for and in consideration of mutual benefits conveys and grants to the Grantee(s)as named above, the above described real estate situated in the County of King, State of Washington IN WITNESS WHEREOF,I have hereunto set my hand and seal the day and year as written below. tor(s): City of Renton ayor ID PUTT,.City Clerk Notary Seal must be within box STATE OF WASHINGTON )SS COUNTY OF KING ) I certify that I know or have satisfactory evidence that_JesSe Vi Ytf r QNA Benda Ff i t6 f 0 signed this instrument and acknowledged it to be his/her/their free and voluntary act for the uses and purposes mentioned in the instrument. Notary Public in a d for the State of Washington Notary(Print) i U?e it Altarr!a n o My appointment expires: 912777iW Dated: XC4A4nLi6t S PRICE-13.130C Page 1 CITY OF RENTON NOV 0 41998 CITY OF RENTON RECEIVED PLANNING/BUILDING/PUBLIC WORKS CIN CLERK'S OFFICE MEMORANDUM DATE: November 3, 1998 TO: Marilyn Petersen, City Clerk FROM: Tom Boyns, Property Services Supervisor, 430-7209 /1? SUBJECT: Resolution No. 3348 Main Avenue South Project Please have the Mayor sign the accompanying deed and return to me for processing through escrow. Thank you. September 14. 1998 `*✓ Renton City Council Minutes Page 290 Streets: Main Ave S Technical Services Division recommended approval of a property exchange Property Exchange at 333 Main Ave. S. with Earl and Ellen Price by which the City will acquire (City/Earl & Ellen Price) necessary property for the Main Ave. S. improvement project, and the Prices will be compensated with nearby property for parking purposes. Council concur. Streets: Aberdeen Ave Utility Systems Division requested authorization to temporarily close NE Temporary Closure Aberdeen Ave. NE between NE 24th and 27th Streets for seven days from (NE 24th to 27th) September 17 to 24 for construction of the East Kennydale sewer interceptor project. Council concur. (See page 292 for resolution.) MOVED BY EDWARDS, SECONDED BY PARKER, COUNCIL APPROVE THE CONSENT AGENDA AS PRESENTED. CARRIED. CORRESPONDENCE Correspondence was read from Richard H. Galusha, 14013 SE 135th St., Citizen Comment: Renton, 98059, stating that the moratorium on residential development in Galusha - Moratorium on commercial areas negatively affects property he owns at 325 Duvall Ave. Residential Development NE. MOVED BY KEOLKER-WHEELER, SECONDED BY, EDWARDS, in Commercial Areas COUNCIL REFER THIS LETTER TO THE PLANNING & DEVELOPMENT COMMITTEE. CARRIED. Citizen Comment: Correspondence was read from Robert and Wendy Baker, 763 Vashon Pl. Highlands Residents - NE, Renton, 98056, and numerous residents on Vashon Pl. NE and NE 8th Safety Concerns at St., requesting more signage and police patrols in the area to help address Vashon/NE 8th safety concerns related to parking problems and speeding traffic. MOVED BY EDWARDS, SECONDED BY KEOLKER-WHEELER, COUNCIL REFER THIS LETTER TO THE ADMINISTRATION AND THE PUBLIC SAFETY COMMITTEE. CARRIED. Citizen Comment: Correspondence was read from Lila Campen, 4908 Talbot Rd. S., Renton, Campen - Talbot Hill describing zoning changes made on her property earlier this year and Zoning Changes & requesting that the residential development project planned for this site be Proposed Development allowed to proceed as proposed, despite the changes. The primary difference is that the line between areas zoned R-1 and R-14 is now irregular rather than straight. MOVED BY KEOLKER-WHEELER, SECONDED BY NELSON, COUNCIL REFER THIS LETTER TO THE PLANNING & DEVELOPMENT COMMITTEE. CARRIED. OLD BUSINESS Council President Edwards presented a report recommending that Council Committee of the Whole pass a resolution approving Renton's participation, with Seattle and King EDNSP: Port Quendall County, in an application to become a federal Empowerment Zone. The Empowerment Zone federal government has authorized the designation of 15 new urban Application empowerment zones. Empowerment zones focus on a people-based economic development strategy that supports employment expansion in existing commercial/industrial districts with an emphasis on linking employment opportunities to low income people. The Committee further recommended that Port Quendall be designated as a developable site. MOVED BY EDWARDS, SECONDED BY PARKER, COUNCIL CONCUR IN THE COMMITTEE REPORT. CARRIED. Planning & Planning & Development Committee Chair Keolker-Wheeler presented a Development Committee report recommending that Council concur in the Administration's Comprehensive Plan: recommendation to adopt the proposed amendments to Renton's Emergency Amendments Comprehensive Plan. The amendments remove portions of West Hill from (West Hill Potential Renton's potential annexation area (PAA) and revise policy and definition Annexation Area references to the PAA. MOVED BY KEOLKER-WHEELER, SECONDED Removal) BY SCHLITZER, COUNCIL CONCUR IN THE COMMITTEE REPORT. CARRIED. (See page 292 for ordinance.) CITY OF RENTON, WASHINGTON RESOLUTION NO. A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE NECESSARY DOCUMENTS TO TRADE A PORTION OF CITY OWNED PROPERTY LOCATED AT 333 MAIN AVENUE SOUTH FOR REQUIRED RIGHT-OF-WAY LOCATED AT THE NORTHWEST CORNER OF S. 4TH STREET AND MAIN AVENUE SOUTH. WHEREAS, the City of Renton is engaged in that certain project known as the Main Avenue South Road Project; and WHEREAS, it is necessary to effectuate the Main Avenue South Road Project to acquire certain parcels of property; and WHEREAS, the City of Renton has acquired all necessary property, with the exception of one parcel; and WHEREAS, the parcel owner has agreed with the City to exchange a portion of nearby City property for the right-of-way required; and WHEREAS, City staff has investigated the exchange of property and determined that the fair market value of the parcels to be exchanged is roughly equivalent; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO RESOLVE AS FOLLOWS: SECTION I. The above recitals are found to be true and correct in all respects. SECTION H. The Mayor and City Clerk are hereby authorized to execute the necessary documents and receive in return the appropriate documents to effectuate an exchange of property between the City of Renton and Earl W. Price and Ellen Price. 1 RESOLUTION NO. 3348 low PASSED BY THE CITY COUNCIL thisl4th day of September , 1998. Marilyn J. et r en, City Clerk APPROVED BY THE MAYOR thisl4th day of September , 1998. Jess anner, Mayor Ap ved as to form: Lawrence J. Warren, City Attorney RES.674:8/26/98 2 EXHIBIT A Legal Description Trade of City-Owned Property for Main Avenue S Property being Acquired by the City of Renton: That portion of the following Tract X lying east of a line beginning at a point on the south line of said Lot 7, 55.59 feet west of the centerline of Main Avenue S, thence northeasterly to a point 10.22 feet west of the east line of said Lot 7 and 17.35 feet north of said south property line; thence northerly to a point 31.01 feet south of the north line and 11.33 feet west of the east line of said Lot 8; thence northerly to a point on the north line of said Lot 8, 9.28 feet west of the northeast comer of said Lot 8. Tract X: Lots 7 and 8,Block 15,Town of Renton, according to the plat thereof recorded in Volume 1 of Plats, page 135, records of King County,Washington EXCEPT that portion of said Lot 7 conveyed to the City of Renton foralleypurposes by deed recorded under Recording Number 4571646; AND EXCEPT that portion of said Lot 7 conveyed to the City of Renton for street purposes by deed recorded under Recording Number 7305180522; Property being Traded by the City of Renton: The west 45 feet of the south 40 feet of Lot 9,Block 15,Town of Renton, according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County, Washington; EXCEPT the westerly 5 feet thereof conveyed to the City of Renton for alley purposes; SUBJECT TO an easement over the northerly 10 feet for underground utilities. �13wN 1 8 6160? a � � �' . I. d 60 60 _ �g• 121- = 9 1211C N,�, . 2 • Ib �Z00I I °�o o I p/ 101-V e o h ----------- 3RD ST. ti LO Sol ro b 3/ 3(0 h N 4 20 14 0 10 4- 2. 8 0 . fgo5l � 121�� �✓ � 5, l � M 3 c�'�1, � c,3•� 3� its12 /zo n * i .5 9 h �o fl �9 • Z ., 12 � -�� � 3 i$Z15 - 15 X320 10 -- o 6 o 7NJ 5 5 �rsoJ(3 To CITY 8 ^h / 2 L7 1310l�Sb r 0 6 /G m a 9 ��ui 0( � 1�9� PC-61A/b. T G/Ty ST �•x�nn�bt /foo s r� Z/O � o0 190 I�o l�" v � b %20L 0 h oa o i o 3g°I . 2 0�) (o d N 137 rSR CITY OF RENTON CITY CLERK'S DIVISION MEMORANDUM DATE: November 5, 1998 TO: Tom Boyns, Property Services FROM: Bonnie Walton, x 6510 SUBJECT: Deed -- Price/Main Ave, S. Project The attached original document has been fully executed and is being returned to you as requested. Please see that the original deed, or at least a copy of it, is submitted to this office after it has been recorded. Also, I am attaching a few of our updated Property Acquisition/Sale forms. Please be aware of documents as indicated that must come to this office. Thank you. Enclosures: (2) CITY OF RENTON PLANNING/BUILDING/PUBLIC WORKS MEMORANDUM DATE: November 3, 1998 TO: Marilyn Petersen, City Clerk FROM: Tom Boyns, Property Services Supervisor, 430-7209 SUBJECT: Resolution No. 3348 Main Avenue South Project Please have the Mayor sign the accompanying deed and return to me for processing through escrow. Thank you. *4W 141W Return Address: City Clerk's Office City of Renton 200 Mill Avenue South Renton,WA 98055-2189 DEED Property Tax Parcel Number: 723150-1315 Project File#:PRM04-0016 Street Intersection: Main Ave S&S 4th Street Grantor(s): Grantee(s): 1. City of Renton,a Municipal 1. Earl W.Price Corporation 2. Ellen Price LEGAL DESCRIPTION: The west 45 feet of the south 40 feet of Lot 9,Block 15,Town of Renton,according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County,Washington; EXCEPT the westerly 5 feet thereof conveyed to the City of Renton for alley purposes; SUBJECT TO an easement over the northerly 10 feet for underground utilities. The Grantor,for and in consideration of mutual benefits conveys and grants to the Grantee(s)as named above, the above described real estate situated in the County of King,State of Washington IN WITNESS WHEREOF,I have hereunto set my hand and seal the day and year as written below. Ltor(s): City of Renton ayor DEPUTY,,City Clerk Notary Seal must be within box STATE OF WASHINGTON )SS COUNTY OF KING ) I certify pthat I know or have satisfactory evidence that J esse Ta h Y7,e r 6MOL OL Cf I tsYO)d signed this instrument and acknowledged it to be his/her/their free and voluntary act for the uses and purposes mentioned in the instrument. Y., Notary Public in 911 foy the State of Washington Notary(Print) Michele Alet r u n ✓1 My appointment expires: 91IY9t701 Dated: a,,,g� 5-, '10f PRICE D.DOC Page 1 September 14, 1998 *,wtenton City Council Minutes ..r Page 290 construct a$4 million family pool facility at Cedar River Park. Council concur. (See page 292 for ordinance.) Development Services Development Services Division recommended approval of Title IV and Supplement amendments to City Code to change fees for the purchase Fee Changes of Title IV (and supplement)to reflect actual costs of producing the documents. Refer to Finance Committee. Plat Demps Development, Hearing Examiner recommended approval,with conditions, 2302 NE 12th St(PP-97- of the Demps Development preliminary plat; two lots on a 086) 13,251 square foot parcel located at 2302 NE 12th St. (PP- 97-086). Council concur. Public Works Water Utility Public Works Department requested authorization to raise Maintenance Supervisor the beginning salary for the Water Utility Maintenance Step Change Supervisor from Step C to Step E of the salary range. Council concur. CAG 97-166, SW 43rd St Surface Water Utility Division submitted CAG-97-166, Drainage Improvement, SW 43rd St. Drainage Improvement project; and RJC Inc recommended approval of the project, authorization for final pay estimate in the amount of$6,365.05, commencement of 60-day lien period, and release of retained amount of$11,623.30 to RJC, Inc., contractor, if all required releases are obtained. Council concur. Streets Main Ave S Technical Services Division recommended approval of a Property Exchange property exchange at 333 Main Ave. S. with Earl and Ellen (City/Earl & Ellen Price) Price by which the City will acquire necessary property for the Main Ave. S. improvement project, and the Prices will be compensated with nearby property for parking purposes. Council concur. Streets Aberdeen Ave NE Utility Systems Division requested authorization to Temporary Closure (NE temporarily close Aberdeen Ave.NE between NE 24th and 24th to 27th) 27th Streets for seven days from September 17 to 24 for construction of the East Kennydale sewer interceptor project. Council concur. (See page 292 for resolution.) MOVED BY EDWARDS, SECONDED BY PARKER, COUNCIL APPROVE THE CONSENT AGENDA AS PRESENTED. CARRIED. CORRESPONDENCE Correspondence was read from Richard H. Galusha, 14013 Citizen Comment Galusha SE 135th St., Renton, 98059, stating that the moratorium -Moratorium on on residential development in commercial areas negatively Residential Development affects property he owns at 325 Duvall Ave. NE. MOVED in Commercial Areas BY KEOLKER-WHEELER, SECONDED BY EDWARDS, COUNCIL REFER THIS LETTER TO THE PLANNING& DEVELOPMENT COMMITTEE. CARRIED. Citizen Comment Correspondence was read from Robert and Wendy Baker, Highlands Residents - 763 Vashon Pl.NE, Renton, 98056, and numerous Safety Concerns at residents on Vashon Pl.NE and NE 8th St., requesting Vashon/NE 8th more signage and police patrols in the area to help address safety concerns related to parking problems and speeding September 14, 1998 `'menton City Council Minutes *ftw► Page 293 RESOLUTION AS PRESENTED. CARRIED. Resolution#3348 A resolution was read authorizing the Mayor and City Streets Main Ave S Clerk to execute the necessary documents to trade a portion Property Exchange of City-owned property located at 333 Main Ave. S. for (City/Earl& Ellen Price) required right-of-way located at the northwest corner of S. 4th St. and Main Ave. S. MOVED BY EDWARDS, SECONDED BY PARKER, COUNCIL ADOPT THE RESOLUTION AS PRESENTED. CARRIED. Resolution#3349 A resolution was read authorizing the temporary closure of Streets Aberdeen Ave NE Aberdeen Ave.NE between NE 27th St. and NE 24th St. Temorary Closure (NE for storm and sewer construction. MOVED BY 24th to 27th) EDWARDS, SECONDED BY NELSON, COUNCIL ADOPT THE RESOLUTION AS PRESENTED. CARRIED. Resolution#3350 A resolution was read designating historic signs located at Development Services 230 Main Ave. S., and waiving City Center sign Uptown Glassworks Sign requirements for the Uptown Glassworks signage adjacent Code Exemption to the historic signs. MOVED BY KEOLKER- WHEELER, SECONDED BY PARKER, COUNCIL ADOPT THE RESOLUTION AS PRESENTED. CARRIED. The following ordinances were presented for first reading and immediately advanced for second and final reading: Parks Family Pool Bond An ordinance was read providing for the submission to the Issue(11/98) registered voters of the City at a special election to be held in conjunction with the general election on November 3, 1998,the proposition of whether, in order to pay part of the costs of constructing and equipping a family pool in Renton,the City should incur indebtedness and issue not more than$4,000,000 of unlimited tax general obligation bonds therefor,payable from annual property tax levies upon all taxable property within the City in excess of all regular property tax levies, maturing within 20 years; and declaring an emergency. MOVED BY EDWARDS, SECONDED BY PARKER, COUNCIL ADVANCE THE ORDINANCE FOR SECOND AND FINAL READING. CARRIED. Ordinance#4737 Following second and final reading of the above-referenced Parks Family Pool Bond ordinance, it was MOVED BY EDWARDS, SECONDED Issue (11/98) BY SCHLITZER, COUNCIL ADOPT THE ORDINANCE AS PRESENTED. ROLL CALL: ALL AYES. MOTION CARRIED. Comprehensive Plan An ordinance was read adopting the 1998 Emergency Emergency Amendments Amendments to the City's Comprehensive Plan, maps and (West Hill Potential data in conjunction therewith, including amendments to the Annexation Area Removal) Land Use Element policies pertaining to potential annexation areas (PAAs), and the land use and PAA designations for the West Hill area. MOVED BY EDWARDS, SECONDED BY SCHLITZER, COUNCIL ADVANCE THE ORDINANCE FOR SECOND AND DOCUMENT TRANSMITTAL CITY OF RENTON WARREN, BARBER, DEAN & FONTES, P.S. Attorneys at Law JAN 1 41999 P.O. Box 626, 100 South Second Street RECEIVED Renton, Washington 98057-0626 CITY CLERK'S OFFICE (425) 255-8678 (425) 255-5474 FAX This fax contains confidential,privileged information intended only for the addressee. Do not read,copy or disseminate it unless you are the addressee. If you have received this fax in error,please call Stephanie Rary(collect)immediately at(425) 255-8678,and mail the original fax to P.O.Box 626,Renton,Washington 98057-0626. FAX NO.: FROM: \.1 DATE: �a I am enclosing the following document(s): ( )FOR YOUR INFORMATION ( )PER YOUR REQUEST ( )PER OUR CONVERSATION ( )HARD COPY TO FOLLOW ( )FOR REVIEW AND COMMENT ( PER OUR AGREEMENT ( )FOR NECESSARY ACTION 'FOR YOUR FILES Remarks: PACIFIC NORTHWEST TITLE Company of Washington, Inc. ,r Warren, Kellogg, Barber P.O. Box 626 Renton, Washington 98057-0626 Order No. : 314505 Your Ref . : Mills Enclosed is your Policy for Title Insurance on the above-referenced transaction. Thank you for the opportunity of serving you. We look forward to working with you again. Mike Sharkey Senior Title Officer Unit 12 1201 Third Avenue f Suite 3800 A Seattle,WA 98101-3055 f (206) 622-1040 i Fax: (206) 343-1358 http://pnwt.com `w , POLICY OF TITLE INSURANCE ISSUED BY SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, PACIFIC NORTHWEST TITLE INSURANCE COMPANY, INC., a Washington corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF, Pacific Northwest Title Insurance Company, Inc. has caused this policy to be signed and sealed by its duly authorized officers as of the Date of Policy shown in Schedule A. President PACIFIC NOR'I'I IWFST TITLE Countersigned by: Insurance Company, Inc. ��E INS Authorized Signatory 01 ¢' °°aPow,TE PACIFIC NORTHWEST TITLE vi SEAL °i Company 1201 1 Mird Avenua vt4, 1926 ,� Seattle,WA 98101-3055 b ��ASNINGtGv'O City,State EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage,costs, attorneys'fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i)the occupancy, use, or enjoyment of the land; (ii)the character, dimensions or location of any improvement now or hereafter erected on the land;(iii)a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part;or(iv)environmental protection,or the effect of any violation of these laws,ordinances or governmental regulations,except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by(a)above,except to the extent that a notice of the exercise thereof or a notice of a defect,lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy,but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects,liens,encumbrances,adverse claims or other matters: (a) created,suffered,assumed or agreed to by the insured claimant; (b) not known to the Company,not recorded in the public records at Date of Policy,but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy;or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 0.1093. 53209 ALTA OWNER'S POLICY—10-17-92 *400 �4. 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'1461] ay; sanjasaj (lssajdxa pue uo!lo!psunf jualedwoo jo jjnoo e Aq uo!;eu!wjalap 1eu!l of uo!le6!1!l Aue ensjnd sjossaoons (je!onp!1 jo alejodjoo jo VM 10;xau 'san!jeluasajdaj leuosjad Aew Auedwo0 ayj'Ropod s!4;10 suo!s!nojd ayj Aq pa;l!wjad jo pannbaj se asualap 'sjon!njns'sa0!n9p'saalnq!jjs!p'sj!a4'ol pal!wil you jnq'bu!pnloui aseyojnd wojj e pasodjalu! jo uo!joe ue lgbnojq ane4 IIe4s (uedwo0 ayj jeneua4M (0) pags!n6u!;s!p se mel jo uopejado Aq pajnsu! paweu a14l jo lsajaju!941 of p9aoons 0yM 9so14; `pajnsu! paweu 9yl jsu!e6e pay ane4 pinom Auedwo0 a41 sasualep 'f,Ilua6!1!p os op pegs 1! jo sl46!j Aue of loafgns'pue'V alnpayoS u1 paweu pajnsul ayj:,,pajnsu!„ (e) 'ydeibejed sly;japun sj46!j sl!as!ojaxe pegs Auedwo0 a4;11'Aoilod s!yj 10 uo!s!nojd (ue GAMAA jo Al!l!ge!l apaouoo /gajay; jou Heys pue 'japunajay alge!1 aq lle14s :ueaw Ao!lod s!4;ui pasn uegm swjal bu!mopoj 941 1! lou jo j9gj9gm 'Ao!lod sly;to swja;ayj japun uo!loe alepcojdde Aue a�ej Aew 'SW831=10 NOIIINIA30 '4 SN011dlfldllS dNV SN0111aN00 'jonpajo ua!l jo juawa6pnf e jo anlen jot j9se4ojnd e of ao!jou;jedwi of uo!jepjooaj yons to (!) jo:jalsuejl jo juawnj;su!ayj pmoaj Alawq of () :ajnl!ej ayj wojj sllnsaj jalsuejl le!luaAelajd aql ajagm ldeoxe jalsuejl le!juajalajd e pawaap bu!aq/o!1od sly; (q pajnsu!lsajaju!jo alelsa ayj bu!jean uo!joesuejj ayj (q) jo'jalsuejl lualnpnejl jo aoueAanuoo jualnpnejl a pawaap bu!aq (o!1od s!yl/q pajnsu!lsajalu!jo alelsa ayj bu!lean uopoesuejj aql (e) :uo paseq s!je4j'smel s;46!j,sj0;!paj0 je1!w!s j0'/`0u9n1osu! a;els 'lo;dnANueq lejapal jo uo!jejado ay;jo uoseaj (q '(o!1od s!4j (q pajnsu!lsajalu!jo alelsa aql pajnsul ayj u! 6uI;SaA uo!joesuej;ayj jo;no saspe 4o!ym'w!elo AuV q (eoej Ao!10d ;o apis juoj;woij papnjouoo pue penufluoo) penin1u03 3 DVd3A0O WOa3 SNoisni=3 fir✓ `OW#, Standard Coverage PACIFIC NORTHWEST TITLE INSURANCE COMPANY, INC. A.L.T.A. OWNER'S POLICY SCHEDULE A Order No. : 314505 Policy No. : 1093-53209 Policy Date : May 1, 1998 Policy Amount : $258, 750 . 00 at 3 : 27 p.m. 1 . Name of Insured: CITY OF RENTON, a municipal corporation 2 . The estate or interest in the land described herein and which is covered by this Policy is : FEE SIMPLE 3 . The estate or interest referred to herein is at date of Policy vested in: CITY OF RENTON, a municipal corporation 4 . The land referred to in this Policy is described as follows : The south 40 feet of Lot 9, Block 15, Town of Renton, according to the plat thereof recorded in volume 1 of Plats, page 135, in King County, Washington; EXCEPT the westerly 5 feet thereof deeded to the City of Renton for alley purposes by deed recorded under Recording Number 4571646 . ``rrrr Standard Coverage PACIFIC NORTHWEST TITLE INSURANCE COMPANY, INC. A.L.T.A. OWNER'S POLICY SCHEDULE B Policy No. : 1093-53209 This policy does not insure against loss or damage by reason of the following: GENERAL EXCEPTIONS : 1 . Rights or claims of parties in possession not shown by the public records . 2 . Easements, or claims of easements, not shown by the public record. 3 . Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the premises . 4 . Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records, or liens under the Workmen ' s Compensation Act not shown by the public records . 5 . Any title or rights asserted by anyone including but not limited to persons corporations, governments or other entities, to tide lands, or lands comprising the shores or bottoms of navigable rivers, lakes, bays, ocean or sound, or lands beyond the line of the harbor lines as established or changed by the United States Government . 6 . (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 7 . Taxes or special assessments which are not shown as existing liens by the public records . 8 . Any service, installation, connection, maintenance, capacity, or construction charges for sewer, water, electricity or garbage removal . 9 . Indian tribal codes or regulations, Indian treaty or aboriginal rights, including, but not limited to, easements or equitable servitudes . SPECIAL EXCEPTIONS : As on Schedule B, attached. (continued) *ASO, Policy No. : 1093-53209 A.L.T.A. OWNER'S POLICY SCHEDULE B Page 2 SPECIAL EXCEPTIONS : 1 . GENERAL AND SPECIAL TAXES AND CHARGES : FIRST HALF DELINQUENT MAY 1, IF UNPAID: SECOND HALF DELINQUENT NOVEMBER 1, IF UNPAID: YEAR.: 1998 TAX ACCOUNT NUMBER: 723150-1315-03 LEVY CODE : 2110 CURRENT ASSESSED VALUE: Land: $ 34 , 500 . 00 Improvements : $122, 300 . 00 SPECIAL DISTRICT: AMOUNT BILLED: $5 . 00 AMOUNT PAID: $2 . 50 AMOUNT DUE : $2 . 50 2 . Unrecorded leaseholds, if any; rights of vendors and holders of security interests on personal property installed upon said property and rights of tenants to remove trade fixtures at the expiration of the term. END OF SCHEDULE B XX/tas/8987O t I,VNDITIONS AND STIPULATIONS Continued (continued and concluded from reverse side of Policy Face) attorneys' fees and expenses incurred by the insured claimant which were 12. PAYMENT OF LOSS. / authorized by the Company up to the time of payment and which the Company is (a)No payment shall be made without producing this policy for endorsement obligated to pay;or of the payment unless the policy has been lost or destroyed,in which case proof of (ii) to pay or otherwise settle with the insured claimant the loss or damage loss or destruction shall be furnished to the satisfaction of the Company. provided for under this policy,together with any costs,attorneys'fees and expenses (b)When liability and the extent of loss or damage has been definitely fixed in incurred by the insured claimant which were authorized by the Company up to the accordance with these Conditions and Stipulations, the loss or damage shall be time of payment and which the Company is obligated to pay. payable within 30 days thereafter. Upon the exercise by the Company of either of the options provided for in paragraphs b(i) or(ii), the Company's obligations to the insured under this policy 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. for the claimed loss or damage,other than the payments required to be made,shall (a) The Company's Right of Subrogation. terminate,including any liability or obligation to defend,prosecute or continue any Whenever the Company shall have settled and paid a claim under this policy, ligation. all right of subrogation shall vest in the Company unaffected by any act of the 7. DETERMINATION,EXTENT OF LIABILITY AND COINSURANCE. insured claimant. This policy is a contract of indemnity against actual monetary loss or damage The Company shall be subrogated to and be entitled to all rights and remedies sustained or incurred by the insured claimant who has suffered loss or damage by which the insured claimant would have had against any person or property in respect reason of matters insured against by this policy and only to the extent herein to the claim had this policy not been issued. If requested by the Company, the described. insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation.The insured (a) The liability of the Company under this policy shall not exceed the least of: claimant shall permit the Company to sue,compromise or settle in the name of the (i) the Amount of Insurance stated in Schedule A;or, insured claimant and to use the name of the insured claimant in any transaction or (ii) the difference between the value of the insured estate or interest as litigation involving these rights or remedies. insured and the value of the insured estate or interest subject to the defect lien or If a payment on account of a claim does not fully cover the loss of the insured encumbrance insured against by this policy. claimant, the Company shall be subrogated to these rights and remedies of the (b) In the event the Amount of Insurance stated in Schedule A at the Date of proportion which the Company's payment bears to the whole amount of the loss. Policy is less than 80 percent of the value of the insured estate or interest or if If loss should result from any act of the insured claimant, as stated above, subsequent to the Date of Policy an improvement is erected on the land which that act shall not void this policy,but the Company,in that event,shall be required increases the value of the insured estate or interest by at least 20 percent over the to pay only that part of any losses insured against by this policy which shall exceed Amount of Insurance stated Schedule A,then this Policy is subject to the following: the amount,if any,lost to the Company by reason of the impairment by the insured () where no subsequentan has been made, as to improvement im claimant of the Company's right of subrogation. p y partial loss,the Company shall only pay the loss pro rata in the proportion that the amount (b) The Company's Rights Against Non-insured Obligors. of insurance at Date of Policy bears to the total value of the insured estate or interest The Company's right of subrogation against non-insured obligors shall exist at Date of Policy;or and shall include, without limitation, the rights of the insured to indemnities, (ii) where a subsequent improvement has been made, as to any partial guaranties, other policies of insurance or bonds, notwithstanding any terms or loss,the Company shall only pay the loss pro rata in the proportion that 120 percent conditions contained in those instruments which provide for subrogation rights by of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of reason of this policy. Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs,attorneys'fees and 14. ARBITRATION. expenses for which the Company is liable under this policy,and shall only apply to Unless prohibited by applicable law, either the Company or the insured may that portion of any loss which exceeds,in the aggregate,10 percent of the Amount demand arbitration pursuant to the Title Insurance Arbitration Rules of the American of Insurance stated in Schedule A. Arbitration Association.Arbitrable matters may include, but are not limited to,any (c) The Company will pay only those costs, attorneys' fees and expenses controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the incurred in accordance with Section 4 of these Conditions and Stipulations. breach of a policy provision or other obligation. All arbitrable matters when the 8. APPORTIONMENT. Amount of Insurance is$1,000,000 or less shall be arbitrated at the option of either the Company or the insured.All arbitrable matters when the Amount of Insurance is If the land described in Schedule A consists of two or more parcels which are in excess of$1,000,000 shall be arbitrated only when agreed to by both the Company not used as a single site, and a loss is established affecting one or more of the and the insured.Arbitration pursuant to this policy and under the Rules in effect on parcels but not all,the loss shall be computed and settled on a pro rata basis as if the date the demand for arbitration is made or, at the option of the insured, the the amount of insurance under this policy was divided pro rata as to the value on Rules in effect at Date of Policy shall be binding upon the parties.The award may Date of Policy of each separate parcel to the whole,exclusive of any improvements include attorneys' fees only if the laws of the state in which the land is located made subsequent to Date of Policy, unless a liability or value has otherwise been permit a court to award attorneys'fees to a prevailing party. Judgment upon the agreed upon as to each parcel by the Company and the insured at the time of the award rendered by the Arbitrator(s)may be entered in any court having jurisdiction issuance of this policy and shown by an express statement or by an endorsement thereof. attached to this policy. The law of the situs of the land shall apply to an arbitration under the Title 9. LIMITATION OF LIABILITY. Insurance Arbitration Rules. (a) If the Company establishes the title,or removes the alleged defect,lien or A copy of the Rules may be obtained from the Company upon request. encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title,all as insured, in a reasonably diligent manner 15. LIABILITY LIMITED TO THIS POLICY:POLICY ENTIRE CONTRACT. by any method,including litigation and the completion of any appeals therefrom,it (a) This policy together with all endorsements, if any,attached hereto by the shall have fully performed its obligations with respect to that matter and shall not Company is the entire policy and contract between the insured and the Company. be liable for any loss or damage caused thereby. In interpreting any provision of this policy,this policy shall be construed as a whole. (b) In the event of any litigation, including litigation by the Company or with (b) Any claim of loss or damage, whether or not based on negligence, and the Company's consent, the Company shall have no liability for loss or damage which arises out of the status of the title to the estate or interest covered hereby or until there has been a final determination by a court of competent jurisdiction,and by any action asserting such claim,shall be restricted to this policy. disposition of all appeals therefrom,adverse to the title as insured. (c) No amendment of or endorsement to this policy can be made except by a (c) The Company shall not be liable for loss or damage to any insured for writing endorsed hereon or attached hereto signed by either the President,a Vice liability voluntarily assumed by the insured in settling any claim or suit without the President,the Secretary,an Assistant Secretary, or validating officer or authorized prior written consent of the Company. signatory of the Company. 10. REDUCTION OF INSURANCE: REDUCTION OR TERMINATION OF 16. SEVERABILITY. LIABILITY. In the event any provision of this policy is held invalid or unenforceable under All payments under this policy, except payments made for costs, attorneys' applicable law, the policy shall be deemed not to include that provision and all fees and expenses,shall reduce the amount of the insurance pro tanto. other provisions shall remain in full force and effect. 11. LIABILITY NONCUMULATIVE. 17. NOTICES,WHERE SENT. It is expressly understood that the amount of insurance under this policy shall All notices required to be given the Company and any statement in writing be reduced by any amount the Company may pay under any policy insuring a required to be furnished the Company shall include the number of this policy and mortgage to which exception is taken in Schedule B or to which the insured has shall be addressed to the Company at 1201 Third Avenue,Suite 3800,Seattle,WA agreed, assumed, or taken subject, or which is hereafter executed by an insured 98101. and which is a charge or lien on the estate or interest described or referred to in Schedule A,and the amount so paid shall be deemed a payment under this policy to the insured owner. ALTA OWNER'S POLICY—10-17-92 b C� � a D CD Q ► s CD 0 c y (D 0? m n o 00 00 1 0 C) • b c � c 1 Q .%W CIT OF RENTON Office of the City Attorney Lawrence J.Warren Kathy Keolker-Wheeler, Mayor Assistant City Attorneys Mark Barber Zanetta L. Fontes Ann S. Nielsen Sasha P. Alessi Whitney A. Faulkner MEMORANDUM TO: Victoria Runkle, City of Renton F&IS Administrator FROM: Stephanie Rary, City of Renton Attorney's Office DATE: November 18, 2004 RE: McGowan Enclosed is check number 8886 in the amount of$1,250.00 from Mr. McGowan for payment of the funds he owes the City from the purchase of a portion of property at 333 Main Ave. I have also enclosed a copy of the letter accompanied by the check, for your information. Could you please have someone contact me once this check has cleared? Thank you. Please contact me if you have any questions. My office hours are Monday through Friday 8 am to 2 pm. Post Office Box 626-Renton,Washington 98057-(425)255-8678/FAX(425)255-5474 RE N T O N ® AHEAD OF THE CURVE This paper contains 50%recycled material,30%post consumer CITX4a,00F RENTON gR Office of the City Attorney Jesse Tanner,Mayor Lawrence J.Warren MEMORANDUM To: Gina Jarvis, Finance Analyst Supervisor From: Lawrence J. Warren, City Attorney Dater March 20,2003 Subject: Ronald McGowan/Sale of Surplus Property Enclosed is a check in the amount of $6,778.70 for the above matter. With these funds, Mr. McGowan has brought his debt current and,has reimbursed the City for costs incurred during the foreclosure process,through February 28, 2003. The following is a breakdown of the.amounts being reimbursed to the City: • 10 payments at$500.00 each(6/02-3/03): 5,000.00 • 10 late fees at$25.00 each(6/02-3/03): 250.00 • Attorneys fees(for foreclosure proceedings).. : paid by the City,through 2/03 1,138.00 • Costs advanced(photocopies,m6s erigerfees and " recording fees)paid by the City through 2/03: 64.60 • Personal Service~of Notices(pald'drectly by City): 90.00 • Trustee's Sale Guarantee(paid directly by City) 236.10 TOTAL: .$6,778.70 According to the terms of the Promissory.Note,the balance of the debt is due by April 30,2003. Enclosed is a spreadsheet showing interest calculations and balance due:by month,.through February 2003,then by day through April 30,2003. Mr. McGowan should make a$500.00 payment on April 1. His balance at the end of April(and the term of the Promissory Note)will be $3,049.27. Please"feel free to contact my legal assistant,7Lawrence if you have any questions. J.Warren Enc. LJW: scr cc: Jay Covington Victoria Runkle Karen McFarland Post Office Box 626-Renton,Washington 98057-(425)255-8678/FAX(425)255-5474 R E N T O N ®This paper contains 50%recycled material,30°x,post consumer AHEAD OF THE CURVE. A� *40, CITY OF RENTON PROPERTY ACQUISITION OR SALE CHECKLIST MAR 2 U 2003 PERMANENT FILE DOCUMENTATION RECEIVED CITY CLERK'S OFFICE FOR: CITY CLERK DIVISION DATE: STAFF NAME & EXTENSION NUMBER: Stq�N u y a �g City is buyer or seller? S (LQA Number of acres or S.F. If City is seller, list approx. date of original acquisition by City:Lf/ °ISS Property address �OYt?t 3--�;3 nun n Ave S Nearest cross streets: Date of Council/Executive approval: al a_b 0 Purpose of acquisition or sale: SUIVVIUS Other file numbers, document names or key words for cross- referencing: w c&okGfl K.C. Parcel I.D#(s) Documents to forward to jQty Clerk Divn. check off items-, or mark N/A Document Original Copy Purchase and Sale Agreement Addendum to Purchase & Sale Agreement Owner's Title Policy Correspondence for Permanent File/Minutes Closing Statement Recorded Deed. (orig. only) X Other w1ir1byleV& ©`F S cu%oy- TM;l _—Other N0 bu O-f Tn6fu 1 S SCt,(D _ DOCUMENTS MAY BE SUBMITTED TO CC OFFICE IN PHASES, AS NECESSARY. CHECKLIST ORIGINAL MUST BE COMPLETED AND SUBMITTED TO CC OFFICE BY COMPLETION OF TRANSACTION. ------------------------------------------------------------------------------------------------------------- For City Clerk Division Use: Add to file: Copy of Minutes, Ordinances, & Resolutions applicable Index cross references as necessary FILE NO. AC- After recording return to: WARREN, BARBER&FONTES, P.S. P.O. BOX 626 RENTON, WASHINGTON 98057-0626 20021205000958 WARREN AST 30.00 PAGE 001 OF 002 12/05/2002 11:09 KING COUNTY, WA DOCUMENT TITLE: Appointment of Successor Trustee REFERENCE NUMBER OF RELATED DOCUMENT: 20020501003821 GRANTOR(S): Ronald E. McGowan, a single person ADDITIONAL GRANTOR(S) ON PAGE: N/A BENEFICIARY(IES): City of Renton, a municipal corporation ADDITIONAL BENEFICIARY(IES) ON PAGE: N/A TRUSTEE(S): Commonwealth Land Title Insurance Company ADDITIONAL TRUSTEE(S) ON:PAGE: N/A SUCCESSOR TRUSTEE: Lawrence J. Warren ABBREVIATED LEGAL DESCRIPTION: PTN LOT 9 TOWN OF RENTON ADDITIONAL LEGAL DESCRIPTION ON PAGE(S): N/A ASSESSOR'S TAX PARCEL NUMBER(S): 7231501315 APPOINTMENT OF STICESSOR TRUSTFF KNOW ALL MEN BY THESE PRESENT'S. Ronald E. McGowan is the Grantor, and Commonwealth Land Title Insurance Company is the Trustee and City of Renton is the Beneficiary under that certain trust deed dated April 25, 2002, and recorded on May 1, 2002, under King County Recording No. 20020501003821. The Trustee has ceased to act as Trustee by election of the Beneficiary; the undersigned, who is the present Beneficiary under the trust deed, desires to appoint a new Trustee in the place and stead of the Trustee named above; NOW, THEREFORE, in view of the premises,the undersigned hereby appoints Lawrence J. Warren, whose address is 100 S. 2nd Street., Renton, Washington, as successor Trustee under said trust deed, he to have all the powers of said original Trustee, effective forthwith. APPOINTMENT OF SUCCESSOR TRUSTEE—Page 1 *ale After recording return to: WARREN, BARBER& FONTES, P.S. P.O. BOX 626 20030113002095 RENTON, WASHINGTON 98057-0626 WARREN TS 22.00 PAGE 001 OF 004 01/13/2003 13:45 KING COUNTY, WA DOCUMENT TITLE: Notice of Trustee's Sale REFERENCE NUMBER OF RELATED DOCUMENT: 20020501003821 GRANTOR(S): Ronald E. McGowan, a single person ADDITIONAL GRANTOR(S) ON PAGE: N/A BENEFICIARY(IES): City of Renton, a municipal corporation ADDITIONAL BENEFICIARY(IES) ON PAGE: N/A SUCCESSOR TRUSTEE:- Lawrence J. Warren ABBREVIATED LEGAL DESCRIPTION: PTN LOT 9 TOWN OF RENTON ADDITIONAL LEGAL DESCRIPTION ON PAGE(S): 1-2 ASSESSOR'S TAX PARCEL NUMBER(S): 7231501315 NOTICE OF TRUSTEE'S SALE I. NOTICE IS HEREBY GIVEN that the undersigned Successor Trustee will on the 18th day of April,2003, at the hour of 10:00 a.m.,at the front steps of Renton City Hall, 1055 South Grady Way,Renton, Washington 98055, sell at public auction to the highest and best bidder,payable at the time of sale,the following described real property, situated in the County of King, State of Washington,to-wit: THE SOUTH 40.00 FEET OF LOT 9 IN BLOCK 15 OF TOWN OF RENTON, AS PER PLAT THEREOF RECORDED IN VOLUME 1 OF PLATS, PAGE 135, RECORDS OF KING COUNTY; EXCEPT THE WESTERLY 5.00 FEET THEREOF DEEDED TO THE CITY OF RENTON FOR ALLEY PURPOSES BY DEED RECORDED UNDER RECORDING NUMBER 4571646; EXCEPT THE BALANCE CONVEYED BY DEED RECORDED UNDER RECORDING NUMBER 9901051925; EXCEPT THAT PORTION LYING EASTERLY OF A LINE BEGINNING AT A POINT ON THE NORTH LINE 6.63 FEET WESTERLY OF THE NORTHEAST CORNER AND ENDING AT A POINT ON THE SOUTH LINE 9.28 FEET WESTERLY OF THE SOUTHEAST CORNER THEREOF; NOTICE OF TRUSTEE'S SALE - 1 L CIT, ; OF MENTON Office of the City Attorney TM Jesse Tanner,Mayor Lawrence J.Warren tA August 21, 2002 Mr. Ronald McGowan 317 Main Avenue S Renton, WA 98055 Re: Purchase of Surplus Property at 333 Main Ave From City of Renton Dear Mr. McGowan: Enclosed is the original recorded Statutory Warranty Deed. Please keep this document in a safe location. If you have any questions, please feel free to call me. My office hours are Monday through Thursday, 8:00 a.m. to 2:00 p.m. 4Veryly yours, Stephanie Rary Legal Assistant Enc. Cc: Jay Covington Gregg Zimmerman Bonnie Walton Karen McFarland Post Office Box 626-Renton,Washington 98057-(425)255-8678/FAX(425)255-5474 R E N T O N ®This paper contains 50%recycled material,30%post consumer AHEAD OF THE CURVE CITY OF RENTON AUG 2 1 2002 PROPERTY ACQUISITION OR SALE CHECKLIST RECEIVED PERMANENT FILE DOCUMENTATION CITY CLERK'S OFFICE FOR: CITY CLERK DIVISION DATE: ) STAFF NAME & EXTENSION NUMBER: S�f tI "U P?� City is buyer or seller? '�e U,"7 Number of acres or S.F. If City is seller, list approx. date of original acquisition by City: Property address kYt-� (jam 0/Y Nearest cross streets: Date of Council/Executive approval: v2( a(p ( 0 Purpose of acquisition or sale: S1l,A IDl V V1 ' Other file numbers, document names or key words for cross- referencing: -_ `J,1, (z2- (plc cl_)O uJ"l K.C. Parcel I.D#(s) 2 al 3 150 1315 Documents to forward to City Clerk Divn. check off items-, or mark N/Ah. Document Original Copy Purchase and Sale Agreement Addendum to Purchase & Sale Agreement Owner's Title Policy Correspondence for Permanent File/Minutes Closing Statement Recorded Deed (orig. only) _Other Other Co ( o�� (0y toy• ek, Jz �3 DOCUMENTS MAY BE SUBMITTED TO CC OFFICE IN PHASES, AS NECESSARY. CHECKLIST ORIGINAL MUST BE COMPLETED AND SUBMITTED TO CC OFFICE BY COMPLETION OF TRANSACTION. ---------------------------------------------------------------------------------------------------=--------- For City Clerk Division Use: Add to file: Copy of Minutes, Ordinances, &Resolutions applicable Index cross references as necessary FILE NO. AC- After recording return to: WARREN, BARBER&FONTES, P.S. P.O. BOX 626 2020501003821 RENTON, WASHINGTON 98057-0626 T NATION TI OT 13.00 FACE 001 OF 005 05/01/2002 15:34 KING COUNTY, WA DOCUMENT TITLE: Deed of Trust REFERENCE NUMBER OF RELATED DOCUMENT: N/A GRANTOR: McGowan, Ronald E., a single person TRUSTEE: Commonwealth Land Title Insurance Company BENEFICIARY: City of Renton, a municipal corporation ABBREVIATED LEGAL DESCRIPTION: PTN LOT 9 TOWN OF RENTON ADDITIONAL LEGAL DESCRIPTION ON PAGE(S): 1 ASSESSOR'S TAX PARCEL NUMBER(S): 7231501315 DEED OF TRUST �r i THIS DEED OF TRUST is made between RONALD E. McGOWAN, a single person, "�° Grantor, whose address is 317 Main Avenue South, Renton, WA 98055, COMMONWEALTH LAND TITLE INSURANCE COMPANY, a corporation, Trustee, and CITY OF RENTON, a municipal corporation, Beneficiary, whose address is 1055 S Grady Way, Renton, WA 98055. WITNESSETH: Grantor hereby bargains, sells and conveys to Trustee in Trust, with power of sale, the following described real property in King County, Washington: THE SOUTH 40.00 FEET OF LOT 9 IN BLOCK 15 OF TOWN OF RENTON, AS PER PLAT THEREOF RECORDED IN VOLUME 1 OF PLATS, PAGE 135, RECORDS OF KING COUNTY; EXCEPT THE WESTERLY 5.00 FEET THEREOF DEEDED TO THE CITY OF RENTON FOR ALLEY PURPOSES BY DEED RECORDED UNDER RECORDING NUMBER 4571646; EXCEPT 7414; WEST "6 FEE` )F THE BALANCE CONVEYED BY DEED RECORDED UNDER RECORDING NUMBER ;g401oS i qa5 EXCEPT THAT PORTION LYING EASTERLY OF A LINE BEGINNING AT A POINT ON THE NORTH LINE 6.63 FEET WESTERLY OF THE NORTHEAST CORNER AND ENDING AT A POINT ON THE SOUTH LINE 9.28 FEET WESTERLY OF THE SOUTHEAST CORNER THEREOF; SUBJECT TO AN EASEMENT TO PUGET SOUND ENERGY, INC. RECORDED UNDER RECORDING NUMBER 20000306000989. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. FILED FOR RECORD AT THE REQUEST OF DEED OF TRUST—Page 1 TRANSiVTION TITLE NSURk,'CE CO. which real property is not used principally for agricultural or farming purposes,together with all tenements, hereditaments, and appurtenances now or hereafter thereunto belonging or in any wise appertaining, and the rents, issues and profits thereof. This deed is for the purpose of securing performance of each agreement of Grantor herein contained, and payment of the sum of Eight Thousand Dollars and No Cents ($8,000.00) with interest, in accordance with the terms of a promissory note ("Note") of even date herewith payable to Beneficiary or order, and made by Grantor, and all renewals, modifications and extensions thereof, and also such further sums as may be advanced or loaned by Beneficiary to Grantor, or any of their successors or assigns,together with interest thereon at such rate as shall be agreed upon. To protect the security of this Deed of Trust, Grantor covenants and agrees: 1. To keep the property in good condition and repair;to permit no waste thereof; to complete any building, structure or improvement being built or about to be built thereon; and to comply with all laws, ordinances,regulations, covenants, conditions and restrictions affecting the property. 2. To pay before delinquent all lawful taxes and assessments upon the property; to keep the property free and clear of all other charges, liens or encumbrances impairing the security of this Deed of Trust. cn 3. To keep all buildings now or hereafter erected on the property described herein T continuously insured against loss by fire or other hazards in an amount not less than the total debt Ln secured by this Deed of Trust. All policies shall be held by the Beneficiary, and be in such ca companies as the Beneficiary may approve and have loss payable first to the Beneficiary as its x., interest-may appear and then to the Grantor. The amount collected under any insurance policy may be applied upon any indebtedness hereby secured in such order as the Beneficiary shall determine. Such application by the Beneficiary shall not cause discontinuance of any proceedings to foreclose this Deed of Trust. In the event of foreclosure, all rights of the Grantor in insurance policies then in force shall pass to the purchaser at the foreclosure sale. 4. To defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and to pay all costs and expenses, including cost of title search and attorney's fees in a reasonable amount, in any such action or proceeding, and in any suit brought by Beneficiary to foreclose this Deed of Trust. 5. To pay all costs, fees and expenses in connection with this Deed of Trust, including the expenses of the Trustee incurred in enforcing the obligation secured hereby and Trustee's and attorney's fees actually incurred, as provided by statute. 6. Should Grantor fail to pay when due any taxes, assessments, insurance premiums, liens, encumbrances or other charges against the property hereinabove described, Beneficiary DEED OF TRUST—Page 2 `✓ V may pay the same, and the amount so paid, with interest at the rate set forth in the note secured hereby, shall be added to and become a part of the debt secured in this Deed of Trust. IT IS MUTUALLY AGREED THAT: 1. In the event any portion of the property is taken or damaged in an eminent domain proceeding, the entire amount of the award or such portion thereof as may be necessary to fully satisfy the obligation secured hereby, shall be paid to Beneficiary to be applied to said obligation. 2. By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive its right to require prompt payment when due of all other sums so secured or to declare default for failure to so pay. 3. The Trustees shall reconvey all or any part of the property covered by this Deed of Trust to the person entitled thereto on written request of the Grantor and the Beneficiary, or upon satisfaction of the obligation secured and written request for reconveyance made by the Beneficiary or the person entitled thereto. 4. Upon default by the Grantor in the payment of any indebtedness secured hereby or in the performance of any agreement contained herein, all sums secured hereby shall immediately become due and payable at the option of the Beneficiary. In such event, and upon the written request of the Beneficiary,the Trustee shall sell the trust property, in accordance with the Deed Crj of Trust Act of the State of Washington, at public auction to the highest bidder. Any person except Trustee may bid at trustee's sale. Trustee shall apply the proceeds of the sale as follows: (1)to the expense of sale, including a reasonable Trustee's fee and Attorney's fee; (2) to the obligation secured by this Deed of Trust; (3)the surplus, if any, shall be distributed to the persons entitled thereto. 5. The Trustee shall deliver to the Purchaser at the sale its deed, without warranty, which shall convey to the Purchaser the interest in the property which Grantor had or had the power to convey at the time of his execution of this Deed of Trust, and such as he may have acquired thereafter. The Trustee's Deed shall recite the facts showing that the sale was conducted in compliance with all the requirements of law and of this Deed of Trust, which recital shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrances for value. 6. The power of sale conferred by this Deed of Trust and by the Deed of Trust Act of the State of Washington is not an exclusive remedy; Beneficiary may cause this Deed of Trust to be foreclosed as a mortgage. 7. In the event, of the death, incapacity or disability or resignation of Trustee, Beneficiary may appoint in writing a successor trustee, and upon the recording of such appointment in the mortgage records of the county in which this Deed of Trust is recorded, the successor trustee shall be vested with all powers of the original trustee. The trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any DEED OF TRUST—Page 3 action or proceeding in which Grantor, Trustee or Beneficiary shall be a parry unless such action or proceeding is brought by the Trustee. 8. This Deed of Trust applies to, inures to the benefit of, and is binding not only on the parties hereto, but on their heirs, devisees, legatees, administrators, executors, successors and assigns. The term Beneficiary shall mean the holder and owner of the note secured hereby, whether or not named as Beneficiary herein. 9. If the Property-, or any partthereof;is sold,conveyed,transferred, encumbered, or full possessory rights therein transferred, or if a controlling interest in Grantor(if a corporation) or a general partnership interest in Grantor(if a partnership) is sold, conveyed, transferred or encumbered, without the prior written consent of the Beneficiary, then Beneficiary may declare all sums secured by the Deed of Trust immediately due and payable, or at its sole option it may so consent and may increase the interest rate of said loan to such rate as Beneficiary shall request. Such increase in interest shall entitle Beneficiary to increase monthly payments on the loan so as to retire the obligation within the original stipulated time. This provision shall apply to each and every sale, transfer, conveyance or encumbrance regardless of whether or not Beneficiary has consented or waived its rights,whether by action or non-action, in connection with any previous .r— sale, transfer, conveyance or encumbrance, whether one or more. DATED: AQ `, 2 12002. Af Ronald E. McGowan STATE OF WASHINGTON ) _ ) ss COUNTY OF KING ) I certify that I know or have satisfactory evidence that Ronald E. McGowan is the person who appeared before me, and who signed this instrument and acknowledged it to be his free and voluntary act for the uses and purposes mentioned in the instrument. DATED: 2002. . �•� 0 IE sisa 7A ;, Notary Public in and fort ate �• r r M "� of Washington, resling at /l�. ,' '��►..�� d Stephanie C. ,,�'�'�"'� .-44'• t� My appointment expires: 5 DEED OF TRUST—Page 4 REQUEST FOR FULL RECONVEYANCE TO: TRUSTEE. The undersigned is the legal owner and holder of the note and all other indebtedness secured by the within Deed of Trust. Said note, together with all other indebtedness secured by r— said Deed of Trust, has been fully paid and satisfied; and you are hereby requested and directed, on payment to you of any suras owing to you under the-terms�ofsaid-Deed of Trust,to cancel ' said note above mentioned, and all other evidences of indebtedness secured by said Deed of Trust delivered to you herewith,together with the said Deed of Trust, and to convey,without warranty, to the parties designated by the terms of said Deed of Trust, all the estate now held by you thereunder. DATED: n: M C=11 DEED OF TRUST—Page 5 V PROPERTY ACQUISITION OR SALE CHECKLIST CITY OF KENYAN PERMANENT FILE DOCUMENTATION JUN 12 2002 FOR: CITY CLERK DIVISION DATE: !ri ICRECEIVED G! CLERKS OFFICE STAFF NAME & EXTENSION NUMBER: WIC 2 � City is buyer or seller? �c(U,"7 Number of acres or S.F. If City is seller, list approx. date of original acquisition by City: 4 � '3 Property address yoQ/r Or Ave S Nearest cross streets: Date of Council/Executive approval: 0 Purpose of acquisition or sale: (�o Other file numbers, document names or key words for cross- referencing: K.C. Parcel I.D#(s) Documents to forward to City Clerk Divn. check off items-, or mark N/Ah. Document Original Copy Purchase and Sale Agreement Addendum to Purchase & Sale Agreement Owner's Title Policy Correspondence for Per ngnen File/Minutes .Closing Statement ( /_ , 1�CJN/� VtAACke4Uj Recorded Deed (orig. only) Other Other DOCUMENTS MAY BE SUBMITTED TO CC OFFICE IN PHASES, AS NECESSARY. CHECKLIST ORIGINAL MUST BE COMPLETED AND SUBMITTED TO CC OFFICE BY COMPLETION OF TRANSACTION. ------------------------------------------------------------------------------------------------------------- For City Clerk Division Use: Add to file: Copy of Minutes, Ordinances, &Resolutions applicable Index cross references as necessary FILE NO. AC- REVISED PURCHASER'S REAL ESTATE TRANSACTION CLOSING STATEMENT City of Renton to McGowan `7k- Property 7, ly�1� 7 Property Address: Portion of 333 Main Avenue S. _-- Renton, WA 98055 MAV 2 Closing Date: April 30,2002 _ DESCRIPTIONCHARGES CREDITS Sales Price 9,000.00 Deed of Trust/Real Estate Contract 8,000.00 Surface Water Management Charges 1.74 Pro-rated as of April 30,2002. Recording/Reconveyance Fees (est.) 13.65 Escrow Fee (one-half) 250.00 Check from Purchaser to Close: $1,266.05 1,266.05 Check to Purchaser$0.66 .66 Extended Totals 9266.05 9,266.05 REVISED CLOSING STATEMENTS—Page 2 REVISED SELLER'S REAL ESTATE TRANSACTION CLOSING STATEMENT City of Renton to McGowan Property Address: Portion of 333 Main Avenue S. Renton, WA 98055 Closing Date: April 30, 2002 DESCRIPTION CHARGES CREDITS Sales Price 9,000.00 Deed of Trust/Real Estate Contract 8,000.00 Surface Water Management Charges 1.74 Pro-rated as of April 30,2002 Title Insurance Premium inc. Sales Tax 261.12 Recording/Reconveyance Fees (est.) 10.65 Escrow Fee (one-half) 250.00 Check to Seller: $478.83 478.83 Check to Seller: $1.14 1.14 Extended Totals 9001.74 9,001.74 REVISED CLOSING STATEMENTS—Page 1 CITY OF RENTON PROPERTY ACQUISITION OR SALE CHECKLIST MAY 2 012002 PERMANENT FILE DOCUMENTATION RECEIVED CITY CLERK'S OFFICE FOR: CITY CLERK DIVISION DATE:---#7(jJj 10, O STAFF NAME &EXTENSION NUMBER: q)-5-- - X79 City is buyer or seller? SW( Number of acres or S.F. If City is seller, list approx. date of original acquisition by City: `7 S Property address Nearest cross streets: Date of Council/Executive approval:—c9- Purpose pproval: c9-Purpose of acquisition or sale: 6L)aW" L"9 �MJ2 US Other file numbers, document names or key words for cross- referencing: K.C. Parcel I.D#(s) � Documents to forward to City Clerk Divn. check off items; or mark N/A Document Original Copy Purchase and Sale Agreement Addendum to Purchase & Sale Agreement Owner's Title Policy Correspondence for Permanent File/Minutes Closing Statement Recorded Deed (orig. only) Other Other DOCUMENTS MAY BE SUBMITTED TO CC OFFICE IN PHASES, AS NECESSARY. CHECKLIST ORIGINAL MUST BE COMPLETED AND SUBMITTED TO CC OFFICE BY COMPLETION OF TRANSACTION. ------------------------------------------------------------------------------------------------------------- For City Clerk Division Use: Add to file: Copy of Minutes, Ordinances, & Resolutions applicable Index cross references as necessary FILE NO. AC- IssueriOrder No.: 10031304 �by � "�'' Commonwealth Land Tide Insurance Company OWNER'S POLICY OF TITLE INSURANCE COMMONWEALTH H SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE 8 AND THE CONDITIONS AND STIPULATIONS, Commonwealth Land Title Insurance Company, a Pennsylvania corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. Commonwealth Land Title Insurance Company Attest: By: Secretary President i EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the affect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws,that is based on: (i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (il) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (a) to timely record the instrument of transfer; or (b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. ALTA Owner's Policy 1992 (Revised 10/17/92) Page 1 of 4 WF.17.07.00;SC No.: 11727 Valid Only If Schedules A and B are Attached • Order No..: 10031304 w:ONDITIONS AND STIPULATION`,.,► 1. DEFINITION OF TERMS will not pay the fees of any other counsel. The Company will The following terms when used in this policy mean: not pay any fees, costs or expenses incurred by the insured in (a) "Insured": the insured named in Schedule A, and, subject to the defense of those causes of action which allege matters not any rights or defenses the Company would have had against insured by this policy. the named insured, those who succeed to the interest of the (b) The Company shall have the right, at its own cost, to institute named insured by operation of law as distinguished from and prosecute any action or proceeding or to do any other act purchase including, but not limited to, heirs, distributees, which in its opinion may be necessary or desirable to establish devisees, survivors, personal representatives, next of kin, or the title to the estate or interest,as insured, or to prevent or corporate or fiduciary successors. reduce loss or damage to the insured. The Company may take (b) "insured claimant": an insured claiming loss or damage. any appropriate action under the terms of this policy,whether (c) "knowledge' or"known": actual knowledge, not constructive or not it shall be liable hereunder, and shall not thereby knowledge or notice which may be imputed to an insured by concede liability or waive any provision of this policy. If the reason of the public records as defined in this polity or any Company shall exercise its rights under this paragraph,it shall other records which impart constructive notice of matters do so diligently. affecting the land. (c) Whenever the Company shall have brought an action or (d) "land": the land described or referred to in Schedule(A), and interposed a defense as required or permitted by the improvements affixed thereto which by law constitute real provisions of this policy, the Company may pursue any property. The term "land" does not include any property litigation to final determination by a court of competent beyond the lines of the area described or referred to in jurisdiction and expressly reserves the right, in its sole Schedule (A), nor any right, title, interest, estate or easement discretion, to appeal from any adverse judgment or order. in abutting streets, roads, avenues, alleys, lanes, ways or (d) In all cases where this policy permits or requires the Company waterways, but nothing herein shall modify or limit the extent to prosecute or provide for the defense of any action or to which a right of access to and from the land is insured by proceeding, the insured shall secure to the Company the right this policy, to so prosecute or provide defense in the action or proceeding, (e) "mortgage": mortgage, deed of trust, trust deed, or other and all appeals therein, and permit the Company to use, at its security instrument. option, the name of the insured for this purpose. Whenever (f) "public records": records established under state statutes at requested by the Company, the insured, at the Company's Date of Policy for the purpose of imparting constructive notice expense, shall give the Company all reasonable aid (i) in any of matters relating to real property to purchasers for value and action or proceeding, securing evidence, obtaining witnesses, without knowledge. With respect to Section I(a) (iv) of the prosecuting or defending the action or proceeding, or effecting Exclusions From Coverage, "public records" shall also include settlement, and (ii) in any other lawful act which in the opinion environmental protection liens filed in the records of the clerk of the Company may be necessary or desirable to establish the of the United States district court for the district in which the title to the estate or interest as insured. If the Company is land is located. prejudiced by the failure of the insured to furnish the required (g) "unmarketability of the title": an alleged or apparent matter cooperation, the Company's obligations to the insured under affecting the title to the land, not excluded or excepted from the policy shall terminate, including any liability or obligation coverage, which would entitle a purchaser of the estate or to defend, prosecute, or continue any litigation, with regard to interest described in Schedule A to be released from the the matter or matters requiring such cooperation. obligation to purchase by virtue of a contractual condition S. PROOF OF LOSS OR DAMAGE requiring the delivery of marketable title. In addition to and after the notices required under Section 3 of 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF these Conditions and Stipulations have been provided the Company, a TITLE proof of loss or damage signed and sworn to by the insured claimant The coverage of this policy shall continue in force as of Date of shall be furnished to the Company within 90 days after the insured Policy in favor of an insured only so long as the insured retains an estate claimant shall ascertain the facts giving rise to the loss or damage. The or interest in the land, or holds an indebtedness secured by a purchase proof of loss or damage shall describe the defect in, or lien or money mortgage given by a purchaser from the insured, or only so long encumbrance on the title, or other matter insured against by this policy as the insured shall have liability by reason of covenants of warranty which constitutes the basis of loss or damage and shall state, to the made by the insured in any transfer or conveyance of the estate or extent possible, the basis of calculating the amount of the loss or interest. This policy shall not continue in force in favor of any purchaser damage. If the Company is prejudiced by the failure of the insured from the insured of either (i) an estate or interest in the land, or (ii) an claimant to provide the required proof of loss or damage, the Company's indebtedness secured by a purchase money mortgage given to the obligations to the insured under the policy shall terminate, including any insured. liability or obligation to defend, prosecute, or continue any litigation, 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT with regard to the matter or matters requiring such proof of loss or The insured shall notify the Company promptly in writing (i) in case damage. of any litigation as set forth in Section 4(a) below, (ii) in case knowledge In addition, the insured claimant may reasonably be required to shall come to an insured hereunder of any claim of title or interest which submit to examination under oath by any authorized representative of is adverse to the title to the estate or interest, as insured, and which the Company and shall produce for examination, inspection and copying, might cause loss or damage for which the Company may be liable by at such reasonable times and places as may be designated by any virtue of this policy, or(iii) if title to the estate or interest, as insured, is authorized representative of the Company, all records, books, ledgers, rejected as unmarketable. If prompt notice shall not be given to the checks, correspondence and memoranda, whether bearing a date before Company, then as to the insured all liability of the Company shall or after Date of Policy, which reasonably pertain to the loss or damage. terminate with regard to the matter or matters for which prompt notice Further, if requested by any authorized representative of the Company, is required; provided, however, that failure to notify the Company shall the insured claimant shall grant its permission, in writing, for any in no case prejudice the rights of any insured under this policy unless the authorized representative of the Company to examine, inspect and copy Company shall be prejudiced by the failure and then only to the extent all records, books, ledgers, checks, correspondence and memoranda in of the prejudice. the custody or control of a third party, which reasonably pertain to the 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF loss or damage. All information designated as confidential by the INSURED CLAIMANT TO COOPERATE insured claimant provided to the Company pursuant to this Section shall (a) Upon written request by the insured and subject to the options not be disclosed to others unless, in the reasonable judgment of the contained in Section 6 of these Conditions and Stipulations, Company, it is necessary in the administration of the claim. Failure of the Company, at its own cost and without unreasonable delay, the insured claimant to submit for examination under oath, produce shall provide for the defense of an insured in litigation in which other reasonably requested information or grant permission to secure any third party asserts a claim adverse to the title or interest reasonably necessary information from third parties as required in this as insured, but only as to those stated causes of action paragraph shall terminate any liability of the Company under this policy alleging a defect, lien or encumbrance or other matter insured as to that claim. against by this policy. The Company shall have the right to B. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; select counsel of its choice(subject to the right of the insured TERMINATION OF LIABILITY to object for reasonable cause) to represent the insured as to In case of a claim under this policy, the Company shall have the those stated causes of action and shall not be liable for and following additional options: ALTA Owner's Policy 1992 (Revised 10/17/92) Page 2 of 4 Order No.: 10031304 CON", ONS AND STIPULATIONS (comwoued) (a) To Pay or Tender Payment of the Amount of Insurance under (a) If the Company establishes the title, or removes the alleged this. policy together with any costs, attorneys' fees and defect, lien or encumbrance, or cures the lack of a right of expenses incurred by the insured claimant, which were access to or from the land, or cures the claim of authorized by the Company, up to the time of payment or unmarketability of title, all as insured, in a reasonably diligent tender of payment and which the Company is obligated to pay• manner by any method, including litigation and the completion Upon the exercise by the Company of this option, all liability of any appeals therefrom, it shall have fully performed its and obligations to the insured under this policy, other than to obligations with respect to that matter and shall not be liable make the payment required, shall terminate, including any for any loss or damage caused thereby. liability or obligation to defend, prosecute, or continue any (b) In the event of any litigation, including litigation by the litigation, and the policy shall be surrendered to the Company Company or with the Company's consent, the Company shall for cancellation. have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and (b) To Pay or Otherwise Settle With Parties Other than the Insured disposition of all appeals therefrom, adverse to the title as or With the Insured Claimant. insured. (i) to pay or otherwise settle with other parties for or in the (c) The Company shall not be liable for loss or damage to any name of an insured claimant any claim insured against insured for liability voluntarily assumed by the insured in under this policy, together with any costs, attorneys' fees settling any claim or suit without the prior written consent of and expenses incurred by the insured claimant which the Company. were authorized by the Company tip to the time of 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION payment and which the Company is obligated to pay; or OF LIABILITY (ii) to pay or otherwise settle with the insured claimant the All payments under this policy, except payments made for costs, loss or damage provided for under this policy, together attorneys' fees and expenses, shall reduce the amount of the insurance with any costs, attorneys' fees and expenses incurred by pro tanto. the insured claimant which were authorized by the 11. LIABILITY NONCUMULATIVE Company up to the time of payment and which the It is expressly understood that the amount of insurance under this Company is obligated to pay, policy shall be reduced by any amount the Company may pay under any Upon the exercise by the Company of either of the options provided policy insuring a mortgage to which exception is taken in Schedule B or for in paragraphs(b), (i) or(ii), the Company's obligations to the insured to which the insured has agreed, assumed, or taken subject, or which is under this policy for the claimed loss or damage, other than the hereafter executed by an insured and which is a charge or lien on the payments required to be made, shall terminate, including any liability or estate or interest described or referred to in Schedule A, and the amount obligation to defend, prosecute or continue any litigation. so paid shall be deemed a payment under this policy to the insured 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE owner. This policy is a contract of indemnity against actual monetary loss 12. PAYMENT OF LOSS or damage sustained or incurred by the insured claimant who has (a) No payment shall be made without producing this policy for suffered loss or damage by reason of matters insured against by this endorsement of the payment unless the policy has been lost or policy and only to the extent herein described. destroyed, in which case proof of loss or destruction shall be (a) The liability of the Company under this policy shall not exceed furnished to the satisfaction of the Company. the least of: (b) When liability and the extent of loss or damage has been (i) the Amount of Insurance stated in Schedule A; or, definitely fixed in accordance with these Conditions and (ii) the difference between the value of the insured estate or Stipulations, the loss or damage shall be payable within 30 interest as insured and the value of the insured estate or days thereafter. interest subject to the defect, lien or encumbrance 13. SUBROGATION UPON PAYMENT OR SETTLEMENT insured against by this policy. (a) The Company's Right of Subrogation. (b) In the event the Amount of Insurance stated in Schedule A at Whenever the Company shall have settled and paid a claim under the Date of Policy is less than 80 percent of the value of the this policy, all right of subrogation shall vest in the Company unaffected insured estate or interest or the full consideration paid for the by any act of the insured claimant. land, whichever is less, or if subsequent to the Date of Policy The Company shall be subrogated to and be entitled to all rights an improvement is erected on the land which increases the and remedies which the insured claimant would have had against any value of the insured estate or interest by at least 20 percent person or property in respect to the claim had this policy not been over the Amount of Insurance stated in Schedule A, then this issued. If requested by the Company,the insured claimant shall transfer Policy is subject to the following: to the Company all rights and remedies against any person or property (i) where no subsequent improvement has been made as to necessary in order to perfect this right of subrogation. The insured any partial loss, the Company shall only pay the loss pro claimant shall permit the Company to sue, compromise or settle in the rata in the proportion that the amount of insurance at name of the insured claimant and to use the name of the insured Date of Policy bears to the total value of the insured claimant in any transaction or litigation involving these rights or estate or interest at Date of Policy: or remedies. (ii) where a subsequent improvement has been made, as to If a payment on account of a claim does not fully cover the loss of any partial loss, the Company shall only pay the loss pro the insured claimant, the Company shall be subrogated to these rights rata in the proportion that 120 percent of the Amount of and remedies in the proportion which the Company's payment bears to Insurance stated in Schedule A bears to the sum of the the whole amount of the loss. Amount of Insurance stated in Schedule A and the If loss should result from any act of the insured claimant, as stated amount expended for the improvement. above, that act shall not void this policy, but the Company, in that The provisions of this paragraph shall not apply to costs, attorneys' event, shall be required to pay only that part of any losses insured fees and expenses for which the Company is liable under this policy, and against by this policy which shall exceed the amount, if any, lost to the shall only apply to that portion of any loss which exceeds, in the Company by reason of the impairment by the insured claimant of the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. Company's right of subrogation. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these The The Company's Rights Against Non-insured Obligors. Conditions and Stipulations. e Company's right of subrogation against non-insured d obligors S. APPORTIONMENT shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, If the land described in Schedule A consists of two or more parcels notwithstanding any terms or conditions contained in those instruments which are not used as a single site, and a loss is established affecting which provide for subrogation rights by reason of this policy. one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY ALTA Owner's Policy 1992 (Revised 10/17/92) Page 3 of 4 • Order No.: 10031304 CON.�TIONS AND STIPULATIONS (coliviued) 14. ARBITRATION 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE Unless prohibited by applicable law, either the Company or the CONTRACT insured may demand arbitration pursuant to the Title Insurance (a) This policy together with all endorsements, if any, attached Arbitration Rules of the American Arbitration Association. Arbitrable hereto by the Company is the entire policy and contract matters may include, but are not limited to any controversy or claim between the insured and the Company. In interpreting any between the Company and the insured arising out of or relating to this provision of this policy, this policy shall be construed as a policy,any service of the Company in connection with its issuance or the whole. breach of a policy provision or other obligation. All arbitrable matters (b) Any claim of loss or damage, whether or not based on when the Amount of Insurance is $1,000,000 or less shall be arbitrated negligence, and which arises out of the status of the title to at the option of either the Company or the insured. All arbitrable the estate or interest covered hereby or by any action matters when the Amount of Insurance is in excess of$1,000,000 shall asserting such claim, shall be restricted to this policy. be arbitrated only when agreed to by both the Company and the insured. (c) No amendment of or endorsement to this policy can be made Arbitration pursuant to this policy and under the Rules in effect on the except by a writing endorsed hereon or attached hereto signed date the demand for arbitration is made or, at the option of the insured, by either the President, a Vice President, the Secretary, an the Rules in effect at Date of Policy shall be binding upon the parties. Assistant Secretary, or validating officer or authorized The award may include attorneys' fees only if the laws of the state in signatory of the Company. which the land is located permit a court to award attorneys' fees to a 16. SEVERABILITY prevailing party. Judgment upon the award rendered by the In the event any provision of the policy is held invalid or Arbitrator(s) may be entered in any court having jurisdiction thereof. unenforceable under applicable law, the policy shall be deemed not to The law of the situs of the land shall apply to an arbitration under include that provision and all other provisions shall remain in full force the Title Insurance Arbitration Rules, and effect. A copy of the Rules may be obtained from the Company upon 17. NOTICES,WHERE SENT request. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to Consumer Affairs Department, 101 Gateway Centre Gateway One Richmond, VA 23235-5153. ALTA Owners Policy 1992 (Revised 10/17/92) Page 4 of 4 Order No.: 10031304 COMMONWEALMi OWNER'S POLICY OF TITLE INSURANCE SCHEDULE A Amount of Insurance: $9,000.00 Policy Number: 10031304 Premium: $ 240.00 Date of Policy: May 01, 2002 at 3:34 AM 1. Name of Insured: Ronald E. McGowan, a single person 2. The estate or interest in the land which is covered by this Policy is: A FEE SIMPLE ESTATE 3. Title to the estate or interest in the land is vested in: Ronald E. McGowan, a single person 4. The land referred to on this Policy is described as follows: See Exhibit A attached hereto. By Authorized Signature ALTA Owner's Policy (10/17/92) Page 1 of 4 NF.15.18.03;sc No.: 11727 Order No.: 10031304 SCHEDULE B EXCEPTIONS FROM COVERAGE This Policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1. Taxes or assessments which are not now payable or which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records; proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or which may be asserted by persons in possession, or claiming to be in possession, thereof. 3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey of the land would disclose, and which are not shown by the public records. 5. Any lien, or right to a lien, for labor, material, services or equipment, or for contributions to employee benefit plans, or liens under Workmans' Compensation Acts, not disclosed by the public records. 6. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) Indian treaty or aboriginal rights, including, but not limited to, easements or equitable servitudes; or, (d) water rights, claims or title to water, whether or not the matters excepted under (a), (b), (c) or (d) are shown by the public records. 7. Right of use, control or regulation by the United States of America in the exercise of powers over navigation; any prohibition or limitation on the use, occupancy or improvement of the land resulting from the rights of the public or riparian owners to use any waters which may cover the land or to use any portion of the land which is now or may formerly have been covered by water. S. Any service, installation, connection, maintenance or construction charges for sewer, water, electricity, or garbage collection or disposal, or other utilities unless disclosed as an existing lien by the public records. SPECIAL EXCEPTIONS: 1. The land herein described is carried on the tax rolls as exempt, however, it will become taxable from the date of execution of a conveyance to a taxable entity and subject to the lien of real property taxes for the balance of the year. Tax Account No. 7231501315. ALTA Owner's Policy (10/17/92) Page 2 of 4 Order No.: 10031304 SCHEDULE B (continued) 2. SURFACE WATER MANAGEMENT CHARGES: (1st half delinquent on May 1; 2nd half delinquent on November 1) Tax Account No.: 7231501315 Year Amount Billed Amount Paid Amount Due 2002 $ 10.00 $5.00 $5.00 The current levy code is 2110. 3. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: PUGET SOUND ENERGY, INC. PURPOSE: UNDERGROUND ELECTRIC TRANSMISSION AND/OR DISTRIBUTION AREA AFFECTED: AS THEREIN DESCRIBED RECORDED: MARCH 6, 2000 RECORDING NO.: 20000306000989 4. DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF: GRANTOR: RONALD E. MCGOWAN, A SINGLE PERSON TRUSTEE: COMMONWEALTH LAND TITLE INSURANCE COMPANY BENEFICIARY: CITY OF RENTON ORIGINAL AMOUNT: $8,000.00 DATED: APRIL 25, 2002 RECORDED: MAY 1, 2002 RECORDING NO.: 20020501003821 END .OF EXCEPTIONS Commonwealth Land Title Insurance Company is a Pennsylvania corporation, a wholly owned subsidiary of LandAmerica Financial Group, Inc., and is in no way afi91iated or connected with Commonwealth Title Company of Pierce County, Washington. RBM/rm ALTA Owner's Policy (10/17/92) Page 3 of 4 • s Order No.: 10031304 EXHIBIT A THE SOUTH 40.00 FEET OF LOT 9 IN BLOCK 15 OF TOWN OF RENTON, AS PER PLAT THEREOF RECORDED IN VOLUME 1 OF PLATS, PAGE 135, RECORDS OF KING COUNTY; EXCEPT THE WESTERLY 5.00 FEET THEREOF DEEDED TO THE CITY OF RENTON FOR ALLEY PURPOSES BY DEED RECORDED UNDER RECORDING NUMBER 4571646; AND EXCEPT THAT PORTION AS CONVEYED BY DEED RECORDED UNDER RECORDING NO. 9901051925; SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. ' a CIT -"Wf OF RENTON Office ofthe City.Attorney Jesse Tanner,Mayor ",Lawrence J.Warren May 14, 2002 Mr. Ronald McGowan 317 Main Avenue S Renton,WA 98055 Re: Purchase of Surplus Property at 333 Main.Ave From City of Renton % Dear Mr. McGowan: Enclosed are the following documents: • Copy of Escrow Instructions; • Copy of Recorded Statutory Warranty Deed; • Copy of Recorded Excise Tax Affidavit; • Copy of Promissory Note; • Copy of Recorded Deed of Trust; • Original Owner's Policy of Title Insurance; and • Payment Schedule. The original Statutory Warranty Deed will be sent by the King County Recorder to my office within the next few months. Once it is received, we will forward it to you. Please note that the original Owner's Policy of Title Insurance is included with these. documents. Please keep the policy in a safe location. Payments should be directed to the City of Renton Finance Department and should reference your name and"Purchase of Portion of 333 Main Avenue South". If you have any questions,please feel free to call me. My office hours are Monday through Thursday, 8:00 a.m. to 2:00 p.m. Thank you. Very truly yours, Steph e Legal.Assistant Enc.:. - Cc: lay Covington Gregg Zimmerman Karen McFarland Post Office Box 626-Renton,Washington 98057 (425)255-8678/FAX(425)255-5474 - R E N.T O'N ® AHEAD O F THE:CURVE' This paper contains 50%recycled material,30%post consumer �'; �.• CITOF R E NTON OIL Office of the City Attorney Jesse Tanner,Mayor Lawrence J.Warren MEMORANDUM TO: Karen McFarland FROM: Stephanie Rary DATE: May 8, 2002 RE: Sale to McGowan Enclosed are copies of-the recorded Deed of Trust and;recorded Statutory Warranty Deed, for your files. Please let me know if you have anyquestions: Post Office Box 626-Renton,Washington 98057-(425)255-8678/FAX(425)255-5474 R E N T O N This paper contains 50%recycled material,30%post consumer AHEAD OF THE CURVE ,�y CITX`�OF RENTON II� - Office of the City Attorney Jesse Tanner,Mayor Lawrence J.Warren MEMORANDUM TO: Natalie Beardsley FROM: Stephanie Rary Legal Assistant DII DATE: May 8, 2002 RE: Checks to City of Renton I am forwarding the following'two checks to you for routing: • Check number 8225 in the.amount of$478.83 for proceeds from City of Renton's sale of surplus property to Ronald McGowan(Portion of 333 Main Avenue South). • Check number 3155 from Erma Sidebotham in the amount of$195.23, which amount represents a refund of real estate taxes paid by the City of Renton for the purchase of property from George and Erma Sidebotham(Fire Station 15). King County erroneously sent the-refund to.Mr. and Mrs. Sidebotham,who then sent it to our office. Please feel free to contact me if you have any questions or if you need any more information. Post Office Pox 626-Renton,Washington 98057-(425)255-8678/FAX(425)255-5474 RE E lr 1 0 lv This paper contains 50%recycled material,30%post consumer AHEAD OF THE C U R V E NOTICE OF DEFAULT NON-J[TDICiAT,DEED OF TRUST FORECLOSURE Pursuant to R.C.W. Chapter 61.24 TO: Ronald E. McGowan 317 Main Ave S Renton, WA 98055 1. DF.FAI TT,T; You are hereby notified that the Beneficiary has declared you in default on the obligation secured by a Deed of Trust recorded under King County Recording No. 20020501003 82 1, records of King County, Washington,which Deed of Trust encumbers the following described real property in said county: THE SOUTH 40.00 FEET OF LOT 9 IN BLOCK 15 OF TOWN OF RENTON, AS PER PLAT THEREOF RECORDED IN VOLUME 1 OF PLATS, PAGE 135, RECORDS OF KING COUNTY; EXCEPT THE WESTERLY 5.00 FEET THEREOF DEEDED TO THE CITY OF RENTON FOR ALLEY PURPOSES BY DEED RECORDED UNDER RECORDING NUMBER 4571646; EXCEPT THE BALANCE CONVEYED BY DEED RECORDED UNDER RECORDING NUMBER 9901051925; EXCEPT THAT PORTION LYING EASTERLY OF A LINE BEGINNING AT A POINT ON THE NORTH LINE 6.63 FEET WESTERLY OF THE NORTHEAST CORNER AND ENDING AT A POINT ON THE SOUTH LINE 9.28 FEET WESTERLY OF THE SOUTHEAST CORNER THEREOF; SUBJECT TO AN EASEMENT TO PUGET SOUND ENERGY, INC. RECORDED UNDER RECORDING NUMBER 20000306000989. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. the postal address of which is more commonly known as: Portion of 333 Main Avenue South,Renton, WA 98055. 2. STATEMENT OF DEFAULT AND ITEMIZED ACCOI TNT OF AMOUNTS IN ARREARS: The Beneficiary alleges that you are in default for the following reasons: NOTICE OF DEFAULT- 1 CLIENT INFORMATION WARREN BARBER&FONTES,P.S. Failure to pay the following past due amounts, which are in arrears: Monthly Payment: 7 monthly payments at$500.00 each; (June 2002 through December 2002). 3,500.00 Late Payment Penalty: 7 late payment penalties at$25.00 each; (June 2002 through December 2002). 175-0,0 TOTAL: $3,675.00 3. OT14F.R CHARGES,COSTS AND FFFS: In addition to the amounts in arrears specified above, you are or may be obliged to pay the following charges, costs and fees to reinstate the Deed of Trust if reinstatement is made before recording of the Notice of Trustee's Sale: a. Cost of Title Report for foreclosure(estimated) 236.10 b. Service of Notice of Default(estimated) 45.00 C. Posting of Notice of Default(estimated) 45.00 d. Copying(estimated) 10.00 e. Postage(estimated) 5.25 f. Trustee's fee 300.00 g. Attorney's fee 500.00 TOTAL CHARGES, COSTS AND FEES: $1,141.35 4. REINSTATEMENT: IMPORTANT! PLEASE READ! a. The total amount necessary to reinstate your Note and Deed of Trust before the recording of the Notice of Trustee's Sale is the sum of Paragraphs 2 and 3 above in the amount of Four Thousand Eight Hundred Sixteen Dollars and Thirty-five Cents ($4,816.35)PLUS the amount NOTICE OF DEFAULT-2 of any monthly payments and late charges which may fall due after the date of this Notice of Default. In the event you tender reinstatement before the recording of the Notice of Trustee's Sale, you must be sure to add to the amount shown above any monthly payments and/or late charges which fall due after the date of this Notice of Default. No additional fees or costs will be incurred prior to the time Notice of Trustee's Sale is recorded; the Notice of Trustee's Sale may be recorded after thirty (30) days from the date this notice is mailed, served upon you or posted upon the premises,whichever occurs latest. Reinstatement monies may be tendered to: City of Renton C/O Warren, Barber, Dean&Fontes,P.S. Trust Account 100 S. 2nd Street Renton, WA 98055 b. If your default includes a default other than failure to pay monthly payments and/or late charges when due, then in order to reinstate the Note and Deed of Trust before the Notice of Trustee's Sale is recorded,you must cure such other default(s). 5. CONSEQ-11FNCFS OF DF.FAT 1T T: a. Failure to cure said alleged default within thirty days of the mailing of this notice, or if personally served, within thirty days of the date of personal service thereof, may lead to recordation, transmittal and publication of a Notice of Trustee's Sale, and the property described in Paragraph 1 above may be sold at public auction at a date no less than 120 days in the future. b. The effect of the recordation, transmittal and publication of a Notice of Trustee's Sale will be to (i) increase the costs and fees and (ii)publicize the default and advertise the property described herein for sale. C. If the default(s) described above are not cured on or before the eleventh (11 th) day prior to a Trustee's Sale, which may hereafter be set,the entire principal balance owing on that note secured by the Deed of Trust described in Paragraph 1 above, and all accrued and unpaid interest as well as costs of foreclosure, shall be immediately due and payable. d. The effect of a trustee's sale of the above described property by the Trustee will be to deprive you, or your successor in interest, and all of those who hold by, through or under you of all of your or their interest in the property described in Paragraph 1 above and satisfy the obligation secured by the above Deed of Trust. 6. RFCOT JR SE TO COT JR TS: You or your successor(s)in interest have recourse to the courts to contest the alleged default on any proper ground. NOTICE OF DEFAULT-3 7. FAIR DEBT COLLECTION EC'TION PRAC'TTCF4 ACT NOTICE: You are hereby notified that the principal amount of the debt owing by you to City of Renton (the current creditor and beneficiary of the Deed of Trust, whose address is 1055 South Grady Way, Renton, WA 98055, is $8,471.11. Unless a statement is received from you addressed to Lawrence J. Warren of Warren Barber & Fontes, P.S. at 100 S tad ST, Renton, WA 98055, within 30 days after you receive this Notice of Default disputing the validity of the debt or any portion thereof, as described in this paragraph and as further described in the Notice of Default above,the debt will be assumed to be valid. If you notice Lawrence J. Warren as described above in writing within such 30-day period from the receipt by you of the Notice of Default, stating that the debt described above and as further described in the Notice of Default herein is disputed, Lawrence J. Warren shall obtain verification of such debt and a copy of such verification shall be mailed to you. DATED: December A2 2002. SUCCESSOR TRUSTEE: awrence J. Warr TO. -Y NOTICE OF DEFAULT-4 �.rr. p��y CIT� OE „ F RNTON ROffice of the City Attorney Jesse Tanner,Mayor Lawrence I Warren 1 November 18, 2002 Mayor Jesse Tanner City of Renton 1055 S Grady Way Renton, WA 98055 Re: Foreclosure on McGowan Deed of Trust Dear Mayor Tanner: I am enclosing for your signature an Appointment of Successor Trustee regarding the Deed of Trust between Ronald McGowan and the City of Renton for the property sold to Mr. McGowan by the City in April of this year. Mr. McGowan has not made any payments under the Deed of Trust and is currently past due for 6 payments, for a total of$3,000.00. Under the terms of the Promissory Note, each past due payment is subject to a 5% late payment penalty. Mr. McGowan owes penalties in the total amount of$150.00. Mr. McGowan has been contacted by letter regarding his failure to timely pay the City for this property. He has not responded. I spoke with Jay recently and he authorized me to begin the foreclosure process. . Please sign the enclosed Appointment of Successor Trustee so we can begin foreclosure. Very ly yours, Lawrence J. arren LJW: scr Cc: Jay Covington Bonnie Walton Karen McFarland Gina Jarvis Post Office Box 626-Renton,Washington 98057-(425)255-8678/FAX(425)255-5474 R E N�TO�N ®This paper contains 50%recycled material,30%post consumer AHEAD OF THE CURVE After recording return to: WARREN, BARBER & FONTES, P.S. P.O. BOX 626 RENTON, WASHINGTON 98057-0626 DOCUMENT TITLE: Appointment of Successor Trustee REFERENCE NUMBER OF RELATED DOCUMENT: 20020501003821 GRANTOR(S): Ronald E. McGowan, a single person ADDITIONAL GRANTOR(S) ON PAGE: N/A BENEFICIARY(IES): City of Renton, a municipal corporation ADDITIONAL BENEFICIARY(IES) ON PAGE: N/A TRUSTEE(S): Commonwealth Land Title Insurance Company ADDITIONAL TRUSTEE(S) ON PAGE: N/A SUCCESSOR TRUSTEE: Lawrence J. Warren ABBREVIATED LEGAL DESCRIPTION: PTN LOT 9 TOWN OF RENTON ADDITIONAL LEGAL DESCRIPTION ON PAGE(S): N/A ASSESSOR'S TAX PARCEL NUMBER(S): 7231501315 APPOINTMENT OF SUCESSOR TRUSTEE KNOW ALL MEN BY THESE PRESENTS: Ronald E. McGowan is the Grantor, and Commonwealth Land Title Insurance Company is the Trustee and City of Renton is the Beneficiary under that certain trust deed dated April 25, 2002, and recorded on May 1, 2002, under King County Recording No. 20020501003821. The Trustee has ceased to act as Trustee by election of the Beneficiary; the undersigned, who is the present Beneficiary under the trust deed, desires to appoint a new Trustee in the place and stead of the Trustee named above; NOW, THEREFORE, in view of the premises, the undersigned hereby appoints Lawrence J. Warren, whose address is 100 S. 2nd Street., Renton, Washington, as successor Trustee under said trust deed, he to have all the powers of said original Trustee, effective forthwith. APPOINTMENT OF SUCCESSOR TRUSTEE—Page 1 f DATED: %£ X6 dC—All-9 C i— , 2002. CITY OF RENTON . Aa yor Jesse Tanner ATTEST: By: Bonnie I. Walton, City Clerk STATE OF WASHINGTON ) ) ss COUNTY OF KING ) I certify that I know or have satisfactory evidence that Jesse Tanner is the person who appeared before me, and who signed this instrument, on oath stated that he was authorized to execute the instrument and acknowledged it as the Mayor of the City of Renton to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. DATED: 5 , 2002. GXX g10N F .�p�II Notary Public in and for the State of i :o NOTARY ,; �l Washington, residing at�. PUBI �� My appointment expires: q`l`l�� U e ot 9 19 0 APPOINTMENT OF SUCCESSOR TRUSTEE—Page 2 CITOF RENTON UAL Office of the City Attorney "MOOR Jesse Tanner,Mayor Lawrence J.Warren RECEIVED November 18, 2002 f; NOV 19 2002 r Mayor Jesse Tanner MAYORSOFRCE�� City of Renton J' 1055 S Grady Way / Renton, WA 98055 CITY OF RENTON i ' Re: Foreclosure on McGowan Deed of Trust NOV 2 52002 CITY RECEIVED CLERK'S OFFICE Dear Mayor Tanner: I am enclosing for your signature an Appointment of Successor Trustee regarding the Deed of Trust between Ronald McGowan and the City of Renton for the property sold to Mr. McGowan by the City in April of this year. Mr. McGowan has not made any payments under the Deed of Trust and is currently past due for 6 payments, for a total of$3,000.00. Under the terms of the Promissory Note, each past due payment is subject to a 5% late payment penalty. Mr. McGowan owes penalties in the total amount of$150.00. Mr. McGowan has been contacted by letter regarding his failure to timely pay the City for this property. He has not responded. I spoke with Jay recently and he authorized me to begin the foreclosure process. Please sign the enclosed Appointment of Successor Trustee so we can begin foreclosure. Very ly yours, Lawrence J. Warren 11i LJW: scr v Cc: Jay Covington Bonnie Walton Karen McFarland Gina Jarvis Post Office Box 626-Renton,Washington 98057-(425)255-8678/FAX(425)255-5474 R E N T O N ®This paper contains 50%recycled material,30%post consumer AHEAD OF THE CURVE '! Y From: David Christensen To: McFarland, Karen; Walton, Bonnie Date: 5/2/02 11:07AM Subject: Re: Pending Resolution/Surplusing 333 Main Ave. S. property Bonnie, As we discussed on the phone, after my conversation with Larry, since the Council did formerly approve of the sale of the property at the end of the hearing and since we have already executed the closing document for the sale, we will go ahead and pull the resolution at this time. Karen and I will work on our process to assure that we do not miss this item in the future. Let me know if you have any further questions, thanks, Dave C. >>> Bonnie Walton 05/02/02 10:20AM >>> Dave, did you reach any decisions on this? If you want this Resolution on the 5/6 agenda I need to know within the next half hour. --bw >>> David Christensen 04/29/02 01:58PM >>> Bonnie, I have a voice mail into Larry to ask his advice on proceeding since we have already executed the documents. I will let you know when I get direction from him. Dave C. >>> Bonnie Walton 04/26/02 03:05PM >>> A Resolution as referenced was prepared by the City Attorney 3/12/2001 and is still being held in my pending file. At the public hearing that was held 2/26/2001 on this matter, Council declared the property surplus, accepted the appraised value, set compensation and authorized entering into sale negotiations. They did not approve the Resolution at that time. If this sale is about to go through, I would assume you'll want to do an agenda bill as "Council concur"to both describe Council approved sale negotiations and to adopt the pending or a revised resolution. Until I hear otherwise, however, I'll leave the Resolution in my pending file. Sincerely, Bonnie Walton City Clerk CC: Warren, Larry r.o` Nw e From: Thomas Boyns To: Marilyn Petersen Date: 10/2/01 9:57AM Subject: Re: Resolution Surplussing Main Ave. S. Property Thank you for your diligence. Yes, please continue to hold this pending the outcome of negotiations with Ron McGowan. Mr. McGowan owns the parking lot adjacent to this property. As an adjacent property owner who has expressed interest in purchasing this property, we are obligated to negotiate with him before offering this property on a bid basis to the public. Also, you might want to add to your file that the City of Renton has joined several other municipalities in a lawsuit against PUGET for their unfair property acquisition practices. As it is possible that they may settle and acquire this parcel in the process, it is important to hold this property surplus file open. 40 J,, g Y Jesse Tanner,Mayor n MEMO RANDU To: Marilyn Petersen, City Ch From: Lawrence J. Warren, City Attorney Date: March 12, 2001 %k'h-R,ck, GZG�.c . S. Subject: Resolution surplussing property—Pally-b I have enclosed a copy of the above-mentioned resolution. The original has been sent to the City Clerk. Lawrence J. Warren LJW:ma. Enc. cc: Jay Covington Marilyn Petersen Post Office Box 626 - 100 S. 2nd Street - Renton, Washington 98057 - (425)255-8678 ®This paper contains 50%recycled material,20%post consumer CITY OF RENTON, WASHINGTON RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RENTON, ASHINGTON, DECLARING PROPERTY SURPLUS AND A THORIZING THE MAYOR AND CITY CLERK TO SIGN SUCH DO UMENTS AS NECESSARY TO TRANSFER TITLE THERETO. WHE S, the City of Renton, after a news release and publication of a public notice for public hearing, ' hold on the 26th day of February, 2001, a public hearing to consider the issue of declaring certa' eal property surplus, such property being legally described in Exhibit A attached hereto and incorpo ted by reference as if fully set forth, and graphically depicted in Exhibit B, attached hereto and ' orporated herein by reference as if fully set forth; and WHEREAS, those membe of the public who wished to testify were duly allowed to testify and their testimony was consider by the City Council; and WHEREAS, the City Administratio has previously obtained an appraisal of the value of this real property; and WHEREAS, the City Council has determine that the sale of this property is in the public interest and would be of benefit to the citizenry of the Cit of Renton; and NOW, THEREFORE, THE CITY COUNCIL F THE CITY OF RENTON, WASHINGTON, DO RESOLVE AS FOLLOWS: SECTION I. The above recitals are found to be true correct in all respects. SECTION II. The property in question is hereby declared s lus. SECTION III. The Mayor and City Clerk are hereby autho ' ed to sign the necessary documents to consummate the real estate transaction to transfer ' le when an acceptable sale has been negotiated. RESOLUTION NO. �✓ PASSED BY THE CITY COUNCIL this day of 92001. Marilyn J. Petersen, City Clerk \APPROVEDMAYOR this day of , 2001. L vv S Jesse Tanner, Mayor Approved as to form: Lawrence J. Warren, City Attorney RES.837:3/13/01:ma 2 i EXHIBIT Legal Description Surplus Property 333 Main Ave S The South 40 feet of Lot 9, Block 15, Town of Renton, according to the plat thereof recorded in Volume 1 of Plats,page 135, records of King County, Washington: EXCEPT the West 5 feet thereof conveyed to the City of Renton for alley under Recording Number 4571646; and EXCEPT the West 45 feet of the balance conveyed by deed recorded under Recording Number 19991008000919; and EXCEPT that portion lying easterly of a line beginning at a point on the North line 6.63 feet westerly of the Northeast corner and ending at a point on the South line 9.28 feet westerly of the Southeast corner thereof, SUBJECT TO an easement to Puget Sound Energy, Inc. Situate in the Southwest Quarter of Section 17, Township 23 North, Range 5 East, W.M. in King County, Washington. X00 . / C00 /Z-O .• . 14 Mho o 6a was �3 _ •9aa &0 I , pis h 3 c '� - N 10 � ° • r X3312. /Zo //� .�.- _ 'r m 02 � 11 � �' h 13 0 ' 1 % 3 /8 21 1*20 101% 6 ,Z7� 15 7 � • 13r 11 a q,2$ 77777/-7 a 5 suxpw s g g 1r25d aA �� P(A 31b 0 ' 9p6� . . _ /090 ����o Ev�fsj h 6 U-5 /Z 0 - �O �'3ds/8O522 o f�e PC-e-iAAf)_ T Cly' Cly,OF neAfroN PROPERTY ACQUISITION OR SALE CHECKLIST MAY 0 8 200? PERMANENT FILE DOCUMENTATION C/ryC ECEIV CE�K,s FOR: CITY CLERK DIVISION DATE: STAFF NAME & EXTENSION NUMBER: hg-i'' a a2S�—S7a City is buyer or seller? Number of acres or S.F. If City is seller, list approx. date of original acquisition by City: Property address P(f 7 1222y( ��'j '�j r]'�D!G�_ S Nearest cross streets: Date of Council/Executive approval: Purpose of acquisition or sale: Other file numbers, document names or key words for cross- referencing: 61 K.C. Parcel I.D#(s) Documents to forward to City Clerk Div#. check off items-, or mark N/Ah. Document Original Copy Purchase and Sale Agreement Addendum to Purchase & Sale Agreement Owner's Title Policy Correspondence for Permanent File/Minutes Closing Statements CpOY--o 7 15 6�5'��'`} �— Recorded Deed (orig. only) _Other SC"X) 1�aX _Other DOCUMENTS MAY BE SUBMITTED TO CC OFFICE IN PHASES, AS NECESSARY. CHECKLIST ORIGINAL MUST BE COMPLETED AND SUBMITTED TO CC OFFICE BY COMPLETION OF TRANSACTION. ------------------------------------------------------------------------------------------------------------- For City Clerk Division Use: Add to file: Copy of Minutes, Ordinances, &Resolutions applicable Index cross references as necessary FILE NO. AC- z� �— low 'Ve PROMISSORY NOTE $8,000.00 April 30, 2002 For value received, RONALD E. McGOWAN, a single person,promises to pay to the CITY OF RENTON, a municipal corporation, or order, at 1055 S Grady Way, Renton, WA 98055, the sum of Eight Thousand Dollars and No Cents ($8,000.00), with interest on the declining principal balance at the rate of seven percent (7%)per annum from date hereof,payable as follows: The sum of Five Hundred Dollars and No Cents ($500.00), or more at Maker's option, on or before June 1, 2002, and the same sum, or more at Maker's option, on or before the same day of each then succeeding calendar month until April 30, 2003, when the unpaid principal balance and interest unpaid thereon shall be paid in full. The interest shall be deducted from each installment and the balance applied in reduction of principal. This Note is secured by Deed of Trust of even date. The unpaid principal balance, and interest unpaid thereon, of this note shall be paid in full upon the conveyance by the Maker of any interest in the real property commonly known as a portion of 333 Main Avenue S, Renton, King County, Washington 98055, and more particularly described in the Deed of Trust of even date executed by the Maker. If any of said installments are not so paid, the whole sum of principal and interest shall become due and payable at once without further notice, at the option of the holder hereof. This note shall bear interest at the highest legal rate of interest allowed in the State of Washington after maturity or after failure to pay any installment as above specified. If this note shall be placed in the hands of an attorney for collection, or if suit shall be brought to collect any of the principal or interest of this Note, I promise to pay a reasonable attorney's fee. Maker agrees to pay a late payment penalty of five percent (5%) of the delinquent payment if payment is received more than five(5) days after its due date. Ronald E. McGowan PROMISSORY NOTE—Page 1 �.i► Silo ESCROW INSTRUCTIONS City of Renton to McGowan Property Address: Portion of 333 Main Avenue South Renton, WA 98055 TO: Warren, Barber, Dean&Fontes, P.S., Attorneys at Law: 1. PURCHASE ACTRFFMFNTS: The undersigned appoint you as escrow agent for the closing of the above-mentioned real estate transaction in accordance with the terms and conditions of a Purchase Agreement ("Agreement") dated February 20, 2002, between the undersigned Seller and Purchaser, and agreement supplemental thereto dated February 20, 2002. The Agreement, and legal description therein(including future corrections thereto) are incorporated herein by reference. To the extent that any terms of that Agreement are inconsistent herewith, they are amended to conform to the terms of these Escrow Instructions. 2. INSTRT 1MF.NTS: The undersigned deposits with you the amounts necessary to close as set forth in the attached Real Estate Transaction Closing Statements ("Closing Statement"), together with necessary conveyancing and security instruments, which funds and instruments you are authorized to use when all parties have approved these instructions, and you hold for the account of the Purchaser the appropriate conveyancing instrument, and for the account of the Seller the appropriate promissory notes and/or security instruments and funds, all as set forth in the Agreement. From the sums deposited by the parties,you are authorized to deduct the charges as set forth in the attached Closing Statements. 3. TTTT,F INST JR ANCF,: 1 General Information: The undersigned acknowledge that they understand that there are several different types of policies of title insurance, all of which can be issued with various endorsements which expand, explain or modify the policy coverage or insure against special risks. The two major types of coverage are Standard Coverage Policy and Extended Coverage Policy. A Standard Coverage Policy has general exceptions which are contained in Schedule "B". For the most part these relate to off-record matters, such as encroachments or questions of location, boundary and area which an accurate survey would disclose, public or private easements not ESCROW INSTRUCTIONS—Page 1 disclosed of record, rights of persons in possession of the property, material or labor liens, water rights, utility charges, etc. An Extended Coverage Policy will generally not include some or all of the Schedule "B" exceptions noted above. However, the Extended Coverage Policy will cost approximately 30% more than the Standard Coverage Policy. In addition the title insurer may require a survey of the boundaries of the property and the improvements located thereon if the title insurer's inspection of the property leaves any doubt with regard to encroachments or boundary disputes. Thus, there would be additional expense and delay caused by the survey. The undersigned have heretofore agreed that the Seller will provide a Standard Coverage Policy at the expense of the Seller. The undersigned confirm that agreement. If the undersigned desire to modify their prior agreement with respect to the type of title insurance policy, we will notify you in writing of the change so that the proper title insurance coverage can be secured. .2 Owner's Policy. You are instructed to, on behalf of the Seller, order from Commonwealth Land Title Insurance Company, a preliminary commitment for an Owner's standard form policy of title insurance in the face amount of Nine Thousand Dollars and No Cents ($9,000.00). .3 Reliance. You are entitled to rely upon the preliminary commitment, and have no obligation to make any independent search of public records, or inquiry of any persons, including the Seller and Purchaser. 4. ESCROW FEE: Your escrow fee in the total sum of Five Hundred Dollars and No Cents ($500.00) is intended as compensation for the ordinary services as contemplated by these instructions. In the event that the conditions of this escrow are not promptly fulfilled or that you render any service not provided for in these instructions, or in the event there shall be an assignment of the interest of any party to these instructions or any modification in these instructions, you shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses occasioned by such action. 5. RF.PRFSF.NTATT0N: Purchaser is aware that Warren Barber & Fontes, P.S., Attorneys at Law, are acting as the attorneys for the Seller. Purchaser waives any potential conflict of interest that may arise by reason of that relationship. Purchaser is aware of his right to be represented by independent counsel of his own choice. 6. LTMTTATIONS: YOU ARE TO HAVE NO LIABILITY OR RESPONSIBILITY WITH RESPECT TO ANY MATTERS CONNECTED WITH THE FOLLOWING: (a) Heating oil in tank, water, Metro and other utility charges which will be adjusted between the Seller and Purchaser outside of this escrow. ESCROW INSTRUCTIONS—Page 2 (b) Requirements of the Consumer Protection Act, Truth In Lending Act, the Real Estate Settlement Procedures Act, Inter-State Land Sales Act, and any similar laws and regulations. (c) Personal property, or encumbrances thereon, including personal property taxes, matters relating to the Bulk Sales Act, sales taxes and instruments filed under the Uniform Commercial Code, which matters will be adjusted between the Seller and Purchaser outside of this escrow. (d) Forgeries or false personations of any person or party in connection with these instructions or this escrow generally. (e) Assessments, utility connection and any other charges which are not of record and disclosed in the preliminary commitment for title insurance, including omit taxes which may appear on future tax statements. Seller warrants to you and to the Purchaser that there are no recently completed, pending, or announced local improvements for streets, underground wiring, water, sewer, etc., chargeable or to become chargeable to the property. All such matters shall be adjusted between Seller and Purchaser outside of this escrow. (f) The accuracy or correctness of any representations or provisions in the Agreement, or otherwise made by the parties or Broker. (g) Insurance on the property. (1) Purchaser understands and acknowledges that it is Purchaser's responsibility to provide for fire and casualty insurance upon the premises commencing as of or prior to the closing date in order to protect Purchaser's interest in the property. (2) In the event that Seller is financing any portion of the purchase price, Purchaser agrees, on or before the closing date, to acquire and pay at least the first year's premium on a new fire and casualty insurance policy with extended coverage in an amount not less than the value of the improvements on the property, or as set forth in the Agreement. The policy shall, to the extent that there is any balance owed them, name the Seller and any other holders of security against the property as loss payees. Purchaser agrees to immediately deliver to Seller a copy of the policy. (3) Seller will maintain any present insurance on the property until closing, and will be free to thereupon cancel the same and retain any refund of unearned premium. (h) Rental or lease arrangements concerning the property, including accounting or pro- ration of rentals or transfer or accounting of tenant deposits. ESCROW INSTRUCTIONS—Page 3 (i) The parties understand that you have not inspected the subject property and have no knowledge regarding; (1) The condition of the real property; (2) Whether or not any items of personal property referred to in the Agreement, if any, remain on the property or will remain on the property on delivery of possession to Purchaser; or (3) The presence on the real property, or in any improvements located thereon, of any asbestos-containing materials, polychlorinated biphenyls ("PCBs"), fuel and/or chemical storage tanks, drums and/or pipelines, liquid or solid wastes, pesticides, herbicides and/or other agricultural chemicals, or other substances or materials defined or designated as hazardous or toxic wastes, hazardous or toxic materials, a hazardous, toxic or radioactive substance, or other similar term, by any federal, state or local environmental statute, regulation, or ordinance, presently in effect, which materials are collectively referred to herein as "hazardous substances". The parties have specifically declined to secure a pre-acquisition assessment of the property to ascertain whether any hazardous substances are present on the property, or on any adjacent or nearby property. The Purchaser acknowledges that they understand that they may be held liable for the cost of cleanup or other remediation of any hazardous substances which may be hereafter discovered to be present on the property, together with costs of response by environmental agencies, and other damages to the environment, in the event that the Purchaser fails to make due and diligent inquiry into the environmental condition of the property prior to acquisition thereof. (j) You shall not be responsible for the transfer of possession of the real and personal property from Seller to Purchaser. All arrangements concerning such transfer shall be made directly between such parties. (k) You shall have no obligation or responsibility to check on, verify or obtain any information with respect to determining (or if any information is so obtained, you shall have no liability with respect to determining): (1) Whether or not any Note and/or Mortgage, Deed of Trust, or Real Estate Contract against the property permits the holder to raise the interest rate and/or declare the entire balance due in the event of sale, or requires consent to sale of the property. (2) Any balance owed by Seller on Lienable Condominium or Homeowner's Association dues or charges. ESCROW INSTRUCTIONS—Page 4 Seller warrants to Buyer that all Condominium or Homeowner's Association dues or charges are paid current. You have advised us to have this information reviewed by our own attorney. (1) Encroachments or questions of location, boundary and area, which an accurate survey may disclose. Each party specifically declines to obtain a survey of the premises which would disclose any such matters. (m) Public or private easements, streets, roads, alleys or highways, unless disclosed of record by recorded plat or conveyance, or decree of a court of record. (n) Exceptions and reservations in United States Patents. (o) Rights or claims of persons in possession, or claiming to be in possession, not disclosed by the public records. (p) Material or labor liens, or liens under the Workmen's Compensation Act not disclosed by the public records. (q) Water rights or matters relating thereto. (r) Any service, installation or construction charges for sewer, water, electricity, or garbage removal. (s) General taxes not now payable; matters relating to special assessments and special levies, if any,preceding the same becoming a lien. (t) Right of use, control or regulation by the United States of America, in the exercise of powers over navigation. (u) Any prohibition or limitation on the use, occupancy or improvement of the land resulting from the rights of the public or riparian owners to use any waters which may cover the land. (v) Zoning (present or potential) of the property, and the legality or propriety of the Purchaser's proposed use of the property under existing land use codes. 7. MTSCFLLANF.01 JS; 1 A copy of the Closing Statement and other instruments may be delivered to any broker involved in the transaction, as well as to mortgagees or holders of other liens, and to attorneys representing any of the parties. You are authorized, but not required, to notify prior lien holders of the existence of any contract or other instrument securing all unpaid balances owed Seller by Purchaser. ESCROW INSTRUCTIONS—Page 5 .2 These instruments are complete, and there are no oral or other agreements which modify or affect the same. Any future amendments or supplements to these instructions must be in writing, and delivered to you, before they shall be effective. .3 All notices and correspondence may be mailed or delivered to the parties at the addresses shown below. You shall have no liability for any loss or delay involved in mailing any instruments or monies. .4 The term "closing" is susceptible to several meanings. Generally, it means the time at which the Seller delivers title to the Purchaser in exchange for the purchase price. Normally, closing does not occur when the parties execute the legal documents at the closing agent's office or when the Purchaser delivers all or part of the purchase price to the closing agent but may be delayed several days until the documents and funds have been processed. 8. TFRMINATTO : If you are unable to comply with these instructions, or are, in your sole opinion, unable or unwilling to close this sale in the manner provided in the Agreement, then you will so notify the Seller and Purchaser in writing. If neither party has filed any objection within ten (10)days after receipt of such notice, then you are instructed to return all instruments and monies to the party who signed the same or paid the money to you. Thereupon, you are, without the necessity of further concurrence or instruments from either of the parties, released from all liability in respect to this escrow. If within said ten (10) days, either of the parties objects to the return of the instruments or monies, or transfer to another closing agent, you are authorized, in your discretion, to either hold the same until agreement is reached, or to interplead the same with the Superior Court, at the expense of the parties. Any monies returned to the parties shall be less any expenditures which you have made on their behalf prior thereto, including, but not limited to, any title insurance cancellation fee and your full escrow fee. 9. C LOSTNG STATF.MFNT: The attached closing statement has been reviewed and is approved by the parties. Dated: a aQQ 2 Seller: Purchaser: CITY OF NTON C9 May Jesse Tanner Ronald E. McGowan Soc. Sec. No.: If4t -,34_g S 9 9 ATTEST: & v ( e By: Bonnie I. Walton, City Clerk ESCROW INSTRUCTIONS-Page 6 NOW ESTIMATED SELLER'S REAL ESTATE TRA TSAC'TION C'T 0STNC'T STATFMFNT City of Renton to McGowan Property Address: Portion of 333 Main Avenue S. Renton, WA 98055 Closing Date: April 30, 2002 DESCRIPTION CHARGES CREDITS Sales Price 9,000.00 Deed of Trust/Real Estate Contract 8,000.00 Surface Water Management Charges 2.50 Pro-rated as of April 30, 2002. Title Insurance Premium inc. Sales Tax 261.12 Recording/Reconveyance Fees (est.) 12.55 Escrow Fee(one-half) 250.00 Check to Seller: $478.83 478.83 Extended Totals 9,002.50 9,002.50 ESCROW INSTRUCTIONS—Page 7 Now r■rw F';TTMATFD PTTRCHASER'S RFAT ESTATE TRA TSAC'TTC)N CT OSING STATEMENT City of Renton to McGowan Property Address: Portion of 333 Main Avenue S. Renton, WA 98055 Closing Date: April 30,2002 DESCRIPTION CHARGES CREDITS Sales Price 9,000.00 Deed of Trust/Real Estate Contract 8,000.00 Surface Water Management Charges 2.50 Pro-rated as of April 30, 2002. Recording/Reconveyance Fees (est.) 13.55 Escrow Fee(one-half) 250.00 Check from Purchaser to Close: $1,266.05 1,266.05 Extended Totals 9,266.05 9,266.05 4 I,�l ESCROW INSTRUCTIONS—Page 8 PAYOR'S REQUEST FOR TAXPAYER IDENTIFICATION NUMBER ESCROW NO. 175-101 DATE OF CLOSING: April 30, 2002 PROPERTY ADDRESS: Portion of 333 Main Avenue S Renton, WA 98055 Are you selling or refinancing the above property? Selling_X_ Refinancing Is this property your primary residence? Yes No X Are you a United States Citizen? Yes X No SELLER/REFINANCING INFORMATION: City of Renton, a municipal corporation 1055 S Grady Way Renton, WA 98055 91-6001271 (Taxpayer ID) CERTIFICATION: Under the penalties of perjury, I certify that the information provided above is true, correct and complete. Date: -/,-4�/- 01 x CITY OF RENTON By: or Jesse Tanner ATTEST: &x4ta;4. Z4)a&0V-'- By: Bonnie I. Walton, City Clerk CITY OF RENTON APR AV*4402 CITY OF RENTON RECEIVED PLANNING/BUILDING/PUBLIC WORKS GTYCLERKS OFFICE MEMORANDUM DATE: April 24,2002 TO: Jesse Tanner,Mayor VIA: Bonnie Walton,City Clerk t FROM: Dave Christensen,Technical Services Superviso SUBJECT: Sale of City Owned Property at 333 Main Avenue South Please find attached for execution the closing documents for the sale of the surplus property at 333 Main Avenu South. This property was deemed surplus at the City Council Meeting of February 26, 2001. We have received and accepted Ron McGowan's offer of$9,000, which is within 10%of the appraised value of$10,000. Once you have signed the documents, I will get them back to the City Attorney for execution by Mr.McGowan. WAdavec\333 Main_Memo.doc\dmc ctrl RENTON CITY COUNCIL Regular Meeting Council Chambers February 26,2001 Municipal Building Monday,7:30 p.m. M I N U_T E S CALL TO ORDER Mayor Jesse Tanner led the Pledge of Allegiance to the flag and called the meeting of the Renton City Council to order. ROLL CALL OF ' DAN CLAWSON,Council President;TONI NELSON;RANDY CORMAN; COUNCILMEMBERS DON PERSSON;KING PARKER;TERRI BRIERE;KATHY KEOLKER- WHEELER. CITY STAFF IN JESSE TANNER,Mayor;JAY COVINGTON,Chief Administrative Officer; ATTENDANCE ZANETTA FOLATES,Assistant City Attorney;MARILYN PETERSEN,City Clerk;GREGG ZIMMERMAN,Planning/Building/Public Works Administrator; JIM SHEPHERD,Community Services Administrator; SYLVIA ALLEN,Recreation Director;KAREN MARSHALL,Human Services Manager;TOM BOYNS,Property Services Supervisor; ABDOUL GAFOUR,Water Utility Supervisor;DEREK TODD,Assistant to the CAO; AUDREY SLOAN,Community Program Coordinator; COMMANDER CURTIS SMALLING,Police Department;CHIEF GARRY ANDERSON, Police Department. APPROVAL OF MOVED BY CLAWSON, SECONDED BY CORMAN,COUNCIL COUNCIL MINUTES APPROVE THE MINUTES OF FEBRUARY 12,2001,AS PRESENTED. .. CARRIED. SPECIAL PRESENTATION Chief of Police Garry Anderson recognized the following Police Department Police:Volunteer&Employee Volunteers and Employees of the Quarter for the year 2000: Recognition Volunteer: Dorothy Slater(achieved 500 hours as of January 2001) Volunteer: Jean Delaurenti(achieved 500 hours as of January 2001) Volunteer of the Fourth Quarter: Marie Larson(achieved 3033 hours as of January 2001) Employee of the First Quarter: Detective Brett Shavers Employee of the Second Quarter: Corporal Dave Skelton Employee of the Third Quarter: Officer Alan Ezekiel Employee of the Fourth Quarter: Officer Ralph Hyett Chief Anderson also announced that Officer Ralph Hyett was chosen as the Police Department Employee of the Year for 2000. PUBLIC HEARING This being the date set and proper notices having been posted and published in Public Works: Surplus of City- accordance with local and State laws,Mayor Tanner opened the public hearing owned Property,333 Main to consider the request to surplus City-owned property located at 333 Main Ave S Ave. S. Tom Boyns,Property Services Supervisor,explained that the property was purchased for the Main Ave. S.widening project. Portions of the property were used for roadway, sidewalk,and utility vaults,and to replace parking taken from an adjoining parcel. He described the property layout,pointing out that ;. no vehicle access except from adjoining properties. the property has Continuing,Mr.Boyns said that the property was purchased with Transportation Improvement Board(TIB) funds. Upon selling the property,the City must reimburse TIB 80%of the sales price. Despite the fact that the property has no vehicle access,it may be usable by abutting property owners, February 26,2001 Renton City Council Minutes Page 54 and Mr.Boyns reported that the owners of the property to the north have expressed interest in purchasing the parcel. Mr.Boyns stated that the appraised value of the property is$10,000 if sold,or $800 per year if leased. A survey he conducted of City departments indicated that the property is not needed by the City and all departments supported selling the property except for the Economic Development Department who recommended leasing the property. In conclusion,Mr.Boyns said that staff recommends declaring the property surplus,accepting the appraised value of $10,000,and setting the compensation at the appraised value. Responding to Councilman Parker's inquiry regarding reimbursing the TIB funds,Mr.Boyns explained that the reimbursement is based on 80%of the net proceeds from the sale of the property. Responding to Council inquiry,Mr.Boyns said that the property was purchased by the City for approximately$258,000 and the square footage of the subject parcel,is 2481 square feet. Public comment was invited. There being none,it was MOVED BY PARKER, SECONDED BY NELSON,COUNCIL CLOSE THE PUBLIC HEARING. CARRIED. MOVED BY PARKER,SECONDED BY PERSSON,COUNCIL DECLARE THE PROPERTY SURPLUS,ACCEPT THE APPRAISED VALUE OF $10,000, SET COMPENSATION AT THE APPRAISED VALUE,AND ENTER INTO NEGOTIATIONS FOR THE SALE. CARRIED. ADMINISTRATIVE Chief Administrative Officer Jay Covington reviewed a written administrative REPORT report summarizing the City's recent progress towards goals and work programs adopted as part of its business plan for 2001 and beyond. Items noted included: * Renton Centennial banners are being installed on street poles at major intersections throughout the City. More than 250 Renton area senior citizens attended the second annual Travel Seminar and Dinner presented by the Senior Activity Center on February 21 st. * The Skyhawks Sports Academy,in cooperation with the Recreation Division,conducted two sports camps for children during the mid-winter school break. AUDIENCE COMMENT Jeff Dineen,320 Smithers Ave. S.,Renton, 98055,expressed his concerns Citizen Comment:Dineen— regarding the installation of a large exhaust fan at the northwest corner of an Burnett Ave S/S 4th St apartment complex located at S.4th St. and Burnett Ave. S. The fan removes Apartment Complex Exhaust car exhaust from the apartment's parking garage. Mr.Dineen pointed out that Fan Installation the fan is.located 20 feet from his property line and requested that the City investigate whether exposure to the car exhaust is harmful since it is known to contain numerous toxins and carcinogens. Mr.Dineen also expressed his concern that neighboring property owners were not informed of changes to the building plan with regards to the exhaust fan installation. Mayor Tanner stated that he is aware of the problem. The matter is being investigated and the City will make sure that the fan complies with all noise ordinances and air quality regulations before and after it is installed. In regards to changes in the building plan,Mayor Tanner assured that there were no changes and the fan is shown on the electrical permit. Mayor Tanner stressed 61 CITYsmOF RENTON TOffice of the City Attorney Jesse Tanner,Mayor Lawrence J.Warren April 23, 2002 Dave Christensen By City Mail City of Renton 1055 S Grady Way Renton, WA 98055 Re: Sale of Surplus Property at 333 Main Ave S to McGowan Dear Mr. Christensen: Enclosed are the following original documents requiring Mayor Tanner's signature: • Escrow Instructions; • ✓Statutory Warranty Deed; and • /Excise Tax Affidavit. I have indicated where Mayor Tanner needs to sign with a flag on each document. Also enclosed are the following copies of documents for your information and files: • Copy of Escrow Instructions; • Copy of Statutory Warranty Deed; • Copy of Excise Tax Affidavit; • Copy of Deed of Trust; • Copy of Promissory Note; and • Copy of Preliminary Commitment for Title Insurance with documents. Mr. McGowan picked up copies of the documents today for review. He will sign the original documents after Mayor Tanner signs them. We need to have the documents completely executed no later than Monday, April 29, 2002, in order to close the transaction by April 30, so please forward the signed documents to my office as soon as possible. Please feel free to call me if you have any questions. My office hours are Monday through Thursday, 8:00 a.m. to 2:00 p.m. Thank you for your assistance. Very truly yours, 1��p Stephanie Rary Legal Assistant Cc: Jay Covington Gregg Zimmerman Post Office Box 626-Renton,Washington 98057-(425)255-8678/FAX(425)255-5474 R E N T O N ®This paper contains 50%recycled material,30%post consumer AHEAD OF THE CURVE "sir✓' After recording return to: WARREN, BARBER&FONTES, P.S. P.O. BOX 626 RENTON, WASHINGTON 98057-0626 DOCUMENT TITLE: Statutory Warranty Deed REFERENCE NUMBER OF RELATED DOCUMENT: N/A GRANTOR(S): City of Renton, a municipal corporation GRANTEE(S): McGowan,Ronald E., a single person ABBREVIATED LEGAL DESCRIPTION: PTN LOT 9 TOWN OF RENTON ADDITIONAL LEGAL DESCRIPTION ON PAGE(S): 1 ASSESSOR'S TAX PARCEL NUMBER(S): 7231501315 STATUTORY WARRANTY DEED CITY OF RENTON, a municipal corporation, for and in consideration of Ten Dollars ($10) and other good and valuable consideration in hand paid, conveys and warrants to RONALD E. McGOWAN, a single person, the following described real estate, situated in King County, State of Washington: THE SOUTH 40.00 FEET OF LOT 9 IN BLOCK 15 OF TOWN OF RENTON, AS PER PLAT THEREOF RECORDED IN VOLUME 1 OF PLATS, PAGE 135, RECORDS OF KING COUNTY; EXCEPT THE WESTERLY 5.00 FEET THEREOF DEEDED TO THE CITY OF RENTON FOR ALLEY PURPOSES BY DEED RECORDED UNDER RECORDING NUMBER 4571646; EXCEPT THE WEST 45 FEET OF THE BALANCE CONVEYED BY DEED RECORDED UNDER RECORDING NUMBER 19991008000919; EXCEPT THAT PORTION LYING EASTERLY OF A LINE BEGINNING AT A POINT ON THE NORTH LINE 6.63 FEET WESTERLY OF THE NORTHEAST CORNER AND ENDING AT A POINT ON THE SOUTH LINE 9.28 FEET WESTERLY OF THE SOUTHEAST CORNER THEREOF; SUBJECT TO AN EASEMENT TO PUGET SOUND ENERGY, INC. RECORDED UNDER RECORDING NUMBER 20000306000989. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. STATUTORY WARRANTY DEED - 1 *.r►` DATED: 02 52002. CITY OF RENTON , v,�um�lu \ y pF R���,,��i ��v 2 d * SEAL * Me Jesse Tanner ATTEST: gyp\\ By: Bonnie I. Walton, City Clerk STATE OF WASHINGTON ) ) ss COUNTY OF KING ) I certify that I know or have satisfactory evidence that Jesse Tanner is the person who appeared before me, and who signed this instrument, on oath stated that he was authorized to execute the instrument and acknowledged it as the Mayor of the City of Renton to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. DATED: -` ��{ , 2002. D.OOT ARy 'e o Public in and for the State of Washington, residing at •• My appointment expires: �a STATUTORY WARRANTY DEED - 2 wrI ESCROW INSTRIJC'.TIONS City of Renton to McGowan Property Address: Portion of 333 Main Avenue South Renton, WA 98055 TO: Warren, Barber, Dean&Fontes, P.S.,Attorneys at Law: 1. PURCHASE, AGREEMENTS: The undersigned appoint you as escrow agent for the closing of the above-mentioned real estate transaction in accordance with the terms and conditions of a Purchase Agreement ("Agreement") dated February 20, 2002, between the undersigned Seller and Purchaser, and agreement supplemental thereto dated February 20, 2002. The Agreement, and legal description therein(including future corrections thereto)are incorporated herein by reference. To the extent that any terms of that Agreement are inconsistent herewith, they are amended to conform to the terms of these Escrow Instructions. 2. INSTRTTME.NTS: The undersigned deposits with you the amounts necessary to close as set forth in the attached Real Estate Transaction Closing Statements ("Closing Statement"), together with necessary conveyancing and security instruments, which funds and instruments you are authorized to use when all parties have approved these instructions, and you hold for the account of the Purchaser the appropriate conveyancing instrument, and for the account of the Seller the appropriate promissory notes and/or security instruments and funds, all as set forth in the Agreement. From the sums deposited by the parties,you are authorized to deduct the charges as set forth in the attached Closing Statements. 3. TTTLE,INST JR ANC'E.: .1 General Information: The undersigned acknowledge that they understand that there are several different types of policies of title insurance, all of which can be issued with various endorsements which expand, explain or modify the policy coverage or insure against special risks. The two major types of coverage are Standard Coverage Policy and Extended Coverage Policy. A Standard Coverage Policy has general exceptions which are contained in Schedule "B". For the most part these relate to off-record matters, such as encroachments or questions of location, boundary and area which an accurate survey would disclose, public or private easements not ESCROW INSTRUCTIONS—Page 1 disclosed of record, rights of persons in possession of the property, material or labor liens, water rights,utility charges,etc. An Extended Coverage Policy will generally not include some or all of the Schedule "B" exceptions noted above. However, the Extended Coverage Policy will cost approximately 30% more than the Standard Coverage Policy. In addition the title insurer may require a survey of the boundaries of the property and the improvements located thereon if the title insurer's inspection of the property leaves any doubt with regard to encroachments or boundary disputes. Thus, there would be additional expense and delay caused by the survey. The undersigned have heretofore agreed that the Seller will provide a Standard Coverage Policy at the expense of the Seller. The undersigned confirm that agreement. If the undersigned desire to modify their prior agreement with respect to the type of title insurance policy, we will notify you in writing of the change so that the proper title insurance coverage can be secured. .2 Owner's Polir . You are instructed to, on behalf of the Seller, order from Commonwealth Land Title Insurance Company, a preliminary commitment for an Owner's standard form policy of title insurance in the face amount of Nine Thousand Dollars and No Cents ($9,000.00). .3 Reliance, You are entitled to rely upon the preliminary commitment, and have no obligation to make any independent search of public records, or inquiry of any persons, including the Seller and Purchaser. 4. ESCROW FF.F.: Your escrow fee in the total sum of Five Hundred Dollars and No Cents ($500.00) is intended as compensation for the ordinary services as contemplated by these instructions. In the event that the conditions of this escrow are not promptly fulfilled or that you render any service not provided for in these instructions, or in the event there shall be an assignment of the interest of any party to these instructions or any modification in these instructions, you shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses occasioned by such action. 5. RF,PRF,SF.NTATION: Purchaser is aware that Warren Barber & Fontes, P.S., Attorneys at Law, are acting as the attorneys for the Seller. Purchaser waives any potential conflict of interest that may arise by reason of that relationship. Purchaser is aware of his right to be represented by independent counsel of his own choice. 6. LIMITATIONS: YOU ARE TO HAVE NO LIABILITY OR RESPONSIBILITY WITH RESPECT TO ANY MATTERS CONNECTED WITH THE FOLLOWING: (a) Heating oil in tank, water, Metro and other utility charges which will be adjusted between the Seller and Purchaser outside of this escrow. ESCROW INSTRUCTIONS—Page 2 `MW (b) Requirements of the Consumer Protection Act, Truth In Lending Act, the Real Estate Settlement Procedures Act, Inter-State Land Sales Act, and any similar laws and regulations. (c) Personal property, or encumbrances thereon, including personal property taxes, matters relating to the Bulk Sales Act, sales taxes and instruments filed under the Uniform Commercial Code, which matters will be adjusted between the Seller and Purchaser outside of this escrow. (d) Forgeries or false personations of any person or party in connection with these instructions or this escrow generally. (e) Assessments, utility connection and any other charges which are not of record and disclosed in the preliminary commitment for title insurance, including omit taxes which may appear on future tax statements. Seller warrants to you and to the Purchaser that there are no recently completed, pending, or announced local improvements for streets, underground wiring, water, sewer, etc., chargeable or to become chargeable to the property. All such matters shall be adjusted between Seller and Purchaser outside of this escrow. (f) The accuracy or correctness of any representations or provisions in the Agreement, or otherwise made by the parties or Broker. (g) Insurance on the property. (1) Purchaser understands and acknowledges that it is Purchaser's responsibility to provide for fire and casualty insurance upon the premises commencing as of or prior to the closing date in order to protect Purchaser's interest in the property. (2) In the event that Seller is financing any portion of the purchase price, Purchaser agrees, on or before the closing date, to acquire and pay at least the first year's premium on a new fire and casualty insurance policy with extended coverage in an amount not less than the value of the improvements on the property, or as set forth in the Agreement. The policy shall, to the extent that there is any balance owed them, name the Seller and any other holders of security against the property as loss payees. Purchaser agrees to immediately deliver to Seller a copy of the policy. (3) Seller will maintain any present insurance on the property until closing, and will be free to thereupon cancel the same and retain any refund of unearned premium. (h) Rental or lease arrangements concerning the property, including accounting or pro- ration of rentals or transfer or accounting of tenant deposits. ESCROW INSTRUCTIONS—Page 3 (i) The parties understand that you have not inspected the subject property and have no knowledge regarding; (1) The condition of the real property; (2) Whether or not any items of personal property referred to in the Agreement, if any, remain on the property or will remain on the property on delivery of possession to Purchaser; or (3) The presence on the real property, or in any improvements located thereon, of any asbestos-containing materials, polychlorinated biphenyls ("PCBs"), fuel and/or chemical storage tanks, drums and/or pipelines, liquid or solid wastes, pesticides, herbicides and/or other agricultural chemicals, or other substances or materials defined or designated as hazardous or toxic wastes, hazardous or toxic materials, a hazardous, toxic or radioactive substance, or other similar term, by any federal, state or local environmental statute, regulation, or ordinance, presently in effect, which materials are collectively referred to herein as "hazardous substances". The parties have specifically declined to secure a pre-acquisition assessment of the property to ascertain whether any hazardous substances are present on the property, or on any adjacent or nearby property. The Purchaser acknowledges that they understand that they may be held liable for the cost of cleanup or other remediation of any hazardous substances which may be hereafter discovered to be present on the property, together with costs of response by environmental agencies, and other damages to the environment, in the event that the Purchaser fails to make due and diligent inquiry into the environmental condition of the property prior to acquisition thereof. (j) You shall not be responsible for the transfer of possession of the real and personal property from Seller to Purchaser. All arrangements concerning such transfer shall be made directly between such parties. (k) You shall have no obligation or responsibility to check on, verify or obtain any information with respect to determining (or if any information is so obtained, you shall have no liability with respect to determining): (1) Whether or not any Note and/or Mortgage, Deed of Trust, or Real Estate Contract against the property permits the holder to raise the interest rate and/or declare the entire balance due in the event of sale, or requires consent to sale of the property. (2) Any balance owed by Seller on Lienable Condominium or Homeowner's Association dues or charges. ESCROW INSTRUCTIONS—Page 4 rrw Seller warrants to Buyer that all Condominium or Homeowner's Association dues or charges are paid current. You have advised us to have this information reviewed by our own attorney. (1) Encroachments or questions of location, boundary and area, which an accurate survey may disclose. Each party specifically declines to obtain a survey of the premises which would disclose any such matters. (m) Public or private easements, streets, roads, alleys or highways, unless disclosed of record by recorded plat or conveyance, or decree of a court of record. (n) Exceptions and reservations in United States Patents. (o) Rights or claims of persons in possession, or claiming to be in possession, not disclosed by the public records. (p) Material or labor liens, or liens under the Workmen's Compensation Act not disclosed by the public records. (q) Water rights or matters relating thereto. (r) Any service, installation or construction charges for sewer, water, electricity, or garbage removal. (s) General taxes not now payable; matters relating to special assessments and special levies, if any,preceding the same becoming a lien. (t) Right of use, control or regulation by the United States of America, in the exercise of powers over navigation. (u) Any prohibition or limitation on the use, occupancy or improvement of the land resulting from the rights of the public or riparian owners to use any waters which may cover the land. (v) Zoning (present or potential) of the property, and the legality or propriety of the Purchaser's proposed use of the property under existing land use codes. 7. MIS(''ELLANEOUS: 1 A copy of the Closing Statement and other instruments may be delivered to any broker involved in the transaction, as well as to mortgagees or holders of other liens, and to attorneys representing any of the parties. You are authorized, but not required, to notify prior lien holders of the existence of any contract or other instrument securing all unpaid balances owed Seller by Purchaser. ESCROW INSTRUCTIONS—Page 5 *awl +err .2 These instruments are complete, and there are no oral or other agreements which modify or affect the same. Any future amendments or supplements to these instructions must be in writing,and delivered to you,before they shall be effective. .3 All notices and correspondence may be mailed or delivered to the parties at the addresses shown below. You shall have no liability for any loss or delay involved in mailing any instruments or monies. .4 The term "closing" is susceptible to several meanings. Generally, it means the time at which the Seller delivers title to the Purchaser in exchange for the purchase price. Normally, closing does not occur when the parties execute the legal documents at the closing agent's office or when the Purchaser delivers all or part of the purchase price to the closing agent but may be delayed several days until the documents and funds have been processed. 8. TERMINATInN: If you are unable to comply with these instructions, or are, in your sole opinion, unable or unwilling to close this sale in the manner provided in the Agreement, then you will so notify the Seller and Purchaser in writing. If neither party has filed any objection within ten(10) days after receipt of such notice,then you are instructed to return all instruments and monies to the party who signed the same or paid the money to you. Thereupon, you are, without the necessity of further concurrence or instruments from either of the parties, released from all liability in respect to this escrow. If within said ten (10) days, either of the parties objects to the return of the instruments or monies, or transfer to another closing agent,you are authorized, in your discretion, to either hold the same until agreement is reached, or to interplead the same with the Superior Court, at the expense of the parties. Any monies returned to the parties shall be less any expenditures which you have made on their behalf prior thereto, including, but not limited to, any title insurance cancellation fee and your full escrow fee. 9. CLOSING STATEMENT: The attached closing statement has been reviewed and is approved by the parties. Dated: a a ooa Seller: Purchaser: CITY OF NTON B Y• Mai Jesse Tanner Ronald E. McGowan Soc. Sec.No.: ATTEST: By: Bonnie I. Walton, City Clerk ESCROW INSTRUCTIONS-Page 6 err' ESTIMAIRD SFI,I,F,R'S REAL ESTATE TRANSACTION CLOSING STATF.MFNT City of Renton to McGowan Property Address: Portion of 333 Main Avenue S. Renton, WA 98055 Closing Date: April 30,2002 Sales Price 9,000.00 Deed of Trust/Real Estate Contract 8,000.00 Surface Water Management Charges 2.50 Pro-rated as of April 30,2002. Title Insurance Premium inc. Sales Tax 261.12 Recording/Reconveyance Fees(est.) 12.55 Escrow Fee(one-half) 250.00 Check to Seller: $478.83 478.83 Extended Totals 9,002.50 9,002.50 ESCROW INSTRUCTIONS—Page 7 *4w ESTIMATED PI IRC:HASF.R'S REAL ESTATE TRANSACTION C'i OSING STATEMENT City of Renton to McGowan Properly Address: Portion of 333 Main Avenue S. Renton,WA 98055 Closing Date: April 30,2002 Sales Price 9,000.00 Deed of Trust/Real Estate Contract 8,000.00 Surface Water Management Charges 2.50 Pro-rated as of April 30,2002. Recording/Reconveyance Fees(est.) 13.55 Escrow Fee(one-half) 250.00 Check from Purchaser to Close: $1,266.05 1,266.05 Extended Totals 9,266.05 9,266.05 ESCROW INSTRUCTIONS—Page 8 *4w *o► PAYOR'S REQUEST FOR TAXPAYER IDENTIFICATION NUMBER ESCROW NO. 175-101 DATE OF CLOSING: April 30, 2002 PROPERTY ADDRESS: Portion of 333 Main Avenue S Renton, WA 98055 Are you selling or refinancing the above property? Selling_X Refinancing Is this property your primary residence? Yes No_X Are you a United States Citizen? Yes_X_ No SELLER/REFINANCING INFORMATION: City of Renton, a municipal corporation 1055 S Grady Way Renton, WA 98055 91-6001271 (Taxpayer ID) CERTIFICATION: Under the penalties of perjury, I certify that the information provided above is true, correct and complete. Date: -/,-.4,�- Ole, a CITY OF RENTON 9By: or Jesse Tanner ATTEST: &egal. .4. By: Bonnie I. Walton, City Clerk PLEASE TYPE OR PRINT REAL, ESTATE EXCISE TAX AFFIDAVIT This form is your receipt P LASE SEE REVERSE CHAPTER 82.45 RCW—CHAPTER 458-61 WAC when stamped by cashier. FOR USE AT COUNTY TREASURER'S OFFICE (Use Form No.84-0001 B for Reporting Transfers of Controlling Interest of Entity Ownership to the Department of Revenue) THIS AFFIDAVIT WILL NOT BE ACCEPTED UNLESS ALL AREAS 1-7 ARE FULLY COMPLETED i Name City .of Renton, a municipal Name Ronald E. McGowan, a single person corporation 7i; 470w-51i Street 1055 S Grady Way Street 317 Main Ave S City/State/Zip Renton, WA 98055 0 City/State/Zip Renton, WA 98055 ADDRESS TO SEND ALL PROPERTY TAX RELATED CORRESPONDENCE ALL TAX PARCEL NUMBERS COUNTY TREASURER PLACE ASSESSED VALUE IF TAX EXEMPT Ime Grantee 7231501315 et City/State/Zip © LEGAL DESCRIPTION OF PROPERTY SITUATED IN ❑UNINCORPORATED COUNTY ®OR IN CITY OF Renton Street Address(if property is improved): Portion of 333 Main Ave S, Renton, WA 98055 Please See Attached Is this property currently: YES NO Description of personal property included in gross selling price, both tangible(eg; furniture, equipment, etc.)or intangible(eg;goodwill, Classified or designated as forest land? ❑ agreement not to compete,etc.) Chapter 84.33 RCW Classified as current use land(open space,farm ❑ and agricultural,or timber)?Chapter 84.34 RCW Exempt from property tax as a nonprofit ❑ ® If exemption claimed, list WAC number and explanation. organization?Chapter 84.36 RCW WAC 458-61-420(l) Seller's Exempt Reg.No. _ WAC No. (Sec/Sub) Receiving special valuation as historic ❑ Explanation Sale by Government property?Chapter 84.26 RCW Property Type: ®land only ❑land with new building land with previously used building ❑land with mobile home Type of Document Statutory Warranty Deed ❑timber only ❑building only Date of Document Principal Use: ❑Apt.(4+unit) ❑residential ❑timber ❑agricultural ®commercial/industrial Gross Selling Price $ 9,000-00 ❑other Personal Property(deduct) $ 0 (1)NOTICE OF CONTINUANCE(RCW 84.33 OR RCW 84.34) Taxable Selling Price $ 0 if the new owner(s)of land that is classified or designated as current use Excise Tax: State $ 0 or forest land wish to continue the classification or designation of such Local $ 0 land,the new owner(s)must sign below.If the new owner(s)do not desire Delinquent Interest: State $ 0 to continue such classification or designation,all compensating or Local $ 0 additional tax calculated pursuant to RCW 84.33.120 and 140 or RCW 84.34.108 shall be due and payable by the seller or transferor at the time Delinquent Penalty $ Q of sale.The county assessor must determine if the land transferred Total Due $ 2.00 qualifies to continue classification or designation and must so indicate below.Signatures do not necessarily mean the land will remain in A MINIMUM OF$2.00 IS DUE AS A PROCESSING FEE AND TAX. classification or designation.If it no longer qualifies,it will be removed AFFIDAVIT and the compensating taxes will be applied.All new owners must sign. 1 Certify Under Penalty of Perjury Under The Laws of The State of This land ❑does ❑does not qualify for continuance. Washington That The Foregoing Is True And Correct.(See back of this form). Date DEPUTY ASSESSOR Signature of Grantor/Agent (2) NOTICE OF COMPLIANCE(Chapter 84.26 RCW) If the new owner(s)of property with special valuation as historic property Name(print) m4or Jesse Tanner wish to continue this special valuation the new owner(s)must sign below. Date and Place of Signing: o-7 aooa , ReAion , (,gyp If the new owner(s)do not desire to continue such special valuation,all additional tax calculated pursuant to Chapter 84.26 RCW,shall be due Signature of and payable by the seller or transferor at the time of sale. Grantee/Agent (3) OWNER(S)SIGNATURE Name(print) Ronald E. McGowan Date&Place of Signing: Perjury: Perjury is a class C felony which is punishable by imprisonment in the state correctional institution for a maximum term of not more than five years,or by a fine in an amount fixed by the court of not more than five thousand dollars($5,000.00),or by both imprisonment and fine(RCW 9A.20.020(I C)). REV 84 0001a(3-18-99)(PD 08-01-01) FOR TREASURER'S USE ONLY COUNTY TREASURER Leizal Description THE SOUTH 40.00 FEET OF LOT 9 IN BLOCK 15 OF TOWN OF RENTON, AS PER PLAT THEREOF RECORDED IN VOLUME 1 OF PLATS,PAGE 135, RECORDS OF KING COUNTY; EXCEPT THE WESTERLY 5.00 FEET THEREOF DEEDED TO THE CITY OF RENTON FOR ALLEY PURPOSES BY DEED RECORDED UNDER RECORDING NUMBER 4571646; EXCEPT THE WEST 45 FEET OF THE BALANCE CONVEYED BY DEED RECORDED UNDER RECORDING NUMBER 19991008000919; EXCEPT THAT PORTION LYING EASTERLY OF A LINE BEGINNING AT A POINT ON THE NORTH LINE 6.63 FEET WESTERLY OF THE NORTHEAST CORNER AND ENDING AT A POINT ON THE SOUTH LINE 9.28 FEET WESTERLY OF THE SOUTHEAST CORNER THEREOF; SUBJECT TO AN EASEMENT TO PUGET SOUND ENERGY, INC. RECORDED UNDER RECORDING NUMBER 20000306000989. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. a RENTON CITY COUNCIL Regular Meeting February 26, 2001 Council Chambers Monday, 7:30 p.m. MINUTES Municipal Building CALL TO ORDER Mayor Jesse Tanner led the Pledge of Allegiance to the flag and called the meeting of the Renton City Council to order. ROLL CALL OF DAN CLAWSON,Council President; TONI NELSON; RANDY CORMAN; COUNCILMEMBERS DON PERSSON; KING PARKER; TERRI BRIERE; KATHY KEOLKER- WHEELER. CITY STAFF IN JESSE TANNER,Mayor; JAY COVINGTON, Chief Administrative Officer; ATTENDANCE ZANETTA FONTES,Assistant City Attorney; MARILYN PETERSEN,City Clerk; GREGG ZIMMERMAN,Planning/Building/Public Works Administrator; JIM SHEPHERD, Community Services Administrator; SYLVIA ALLEN,Recreation Director; KAREN MARSHALL,Human Services Manager; TOM BOYNS,Property Services Supervisor; ABDOUL GAFOUR,Water Utility Supervisor;DEREK TODD,Assistant to the CAO; AUDREY SLOAN,Community Program Coordinator; COMMANDER CURTIS SMALLING,Police Department; CHIEF GARRY ANDERSON, Police Department. APPROVAL OF MOVED BY CLAWSON, SECONDED BY CORMAN, COUNCIL COUNCIL MINUTES APPROVE THE MINUTES OF FEBRUARY 12,2001,AS PRESENTED. CARRIED. SPECIAL PRESENTATION Chief of Police Garry Anderson recognized the following Police Department Police: Volunteer&Employee Volunteers and Employees of the Quarter for the year 2000: Recognition Volunteer: Dorothy Slater(achieved 500 hours as of January 2001) Volunteer: Jean Delaurenti(achieved 500 hours as of January 2001) Volunteer of the Fourth Quarter: Marie Larson(achieved 3033 hours as of January 2001) Employee of the First Quarter: Detective Brett Shavers Employee of the Second Quarter: Corporal Dave Skelton Employee of the Third Quarter: Officer Alan Ezekiel Employee of the Fourth Quarter: Officer Ralph Hyett Chief Anderson also announced that Officer Ralph Hyett was chosen as the Police Department Employee of the Year for 2000. PUBLIC HEARING This being the date set and proper notices having been posted and published in Public Works: Surplus of City- accordance with local and State laws,Mayor Tanner opened the public hearing owned Property, 333 Main to consider the request to surplus City-owned property located at 333 Main Ave S Ave. S. Tom Boyns,Property Services Supervisor,explained that the property was purchased for the Main Ave. S. widening project. Portions of the property were used for roadway, sidewalk, and utility vaults, and to replace parking taken from an adjoining parcel. He described the property layout,pointing out that the property has no vehicle access except from adjoining properties. Continuing,Mr.Boyns said that the property was purchased with Transportation Improvement Board(TIB) funds. Upon selling the property, the City must reimburse TIB 80%of the sales price. Despite the fact that the property has no vehicle access,it may be usable by abutting property owners, February 26,2001 1+ Renton City Council Minutes %600 Page 54 and Mr.Boyns reported that the owners of the property to the north have expressed interest in purchasing the parcel. Mr. Boyns stated that the appraised value of the property is $10,000 if sold,or $800 per year if leased. A survey he conducted of City departments indicated that the property is not needed by the City and all departments supported selling the property except for the Economic Development Department who recommended leasing the property. In conclusion,Mr.Boyns said that staff recommends declaring the property surplus,accepting the appraised value of $10,000,and setting the compensation at the appraised value. Responding to Councilman Parker's inquiry regarding reimbursing the TIB funds, Mr.Boyns explained that the reimbursement is based on 80%of the net proceeds from the sale of the property. Responding to Council inquiry,Mr.Boyns said that the property was purchased by the City for approximately$258,000 and the square footage of the subject parcel is 2481 square feet. Public comment was invited. There being none, it was MOVED BY PARKER, SECONDED BY NELSON,COUNCIL CLOSE THE PUBLIC HEARING. CARRIED. MOVED BY PARKER, SECONDED BY PERSSON, COUNCIL DECLARE THE PROPERTY SURPLUS,ACCEPT THE APPRAISED VALUE OF $10,000, SET COMPENSATION AT THE APPRAISED VALUE,AND ENTER INTO NEGOTIATIONS FOR THE SALE. CARRIED. ADMINISTRATIVE Chief Administrative Officer Jay Covington reviewed a written administrative REPORT report summarizing the City's recent progress towards goals and work programs adopted as part of its business plan for 2001 and beyond. Items noted included: • Renton Centennial banners are being installed on street poles at major intersections throughout the City. • More than 250 Renton area senior citizens attended the second annual Travel Seminar and Dinner presented by the Senior Activity Center on February 21 st. • The Skyhawks Sports Academy,in cooperation with the Recreation Division,conducted two sports camps for children during the mid-winter school break. AUDIENCE COMMENT Jeff Dineen,320 Smithers Ave. S.,Renton,98055,expressed his concerns Citizen Comment: Dineen— regarding the installation of a large exhaust fan at the northwest corner of an Burnett Ave S/S 4th St apartment complex located at S.4th St. and Burnett Ave. S. The fan removes Apartment Complex Exhaust car exhaust from the apartment's parking garage. Mr.Dineen pointed out that Fan Installation the fan is located 20 feet from his property line and requested that the City investigate whether exposure to the car exhaust is harmful since it is known to contain numerous toxins and carcinogens. Mr. Dineen also expressed his concern that neighboring property owners were not informed of changes to the building plan with regards to the exhaust fan installation. Mayor Tanner stated that he is aware of the problem. The matter is being investigated and the City will make sure that the fan complies with all noise ordinances and air quality regulations before and after it is installed. In regards to changes in the building plan,Mayor Tanner assured that there were no changes and the fan is shown on the electrical permit. Mayor Tanner stressed SURPLUS PROPERTY REMAINDER OF 333 MAIN AVENUE S PUBLIC HEARING FEBRUARY 26, 2001 �,.,► *049*11 CITY OF PENTON SURPLUS PROPERTY SUBJECT: REMAINDER OF 333 MAIN AVENUE S ISSUE: The property at 333 Main Avenue S was purchased for widening Main Avenue S. Portions of the property were used for the project as roadway, sidewalk, utility vaults and in exchange to replace parking taken from an adjoining parcel. The remainder of the property is not needed by the Planning/Building/Public Works Department. Sale of the remainder will recover funds expended for the project. The surplus procedure is used to sell City-owned property. RECOMMENDATION: The Planning/Building/Public Works Department and the Board of Public Works recommend the City Council declare the property surplus, set compensation as appraised at $10,000.00. BACKGROUND: In the final design of the Main Avenue S Road Project, it was determined that the building at 333 Main Avenue S would be so severely impacted by partial demolition that the cost was lower to purchase the property, demolish the building, make use of the property for the project and sell the residual property on completion of the project. The property was purchased on May 1, 1998 using Washington State Transportation Improvement Board(TIB)funds at 80%reimbursement rate. The building was demolished. The West 45 feet of the parcel was exchanged to Earl and Ellen Price to replace parking taken from their property immediately to the south of this property by the project in lieu of financial compensation and an easement was granted to Puget Sound Energy to accommodate power vaults over an irregular portion of the north and east portions of this property. The project has been completed. The owners of the property immediately to the north of this parcel, Linda and Gary Riffle,have expressed interest in purchasing the remainder of this parcel to add parking to their existing parking lot for McGowan's Restaurant employees. They requested that the City of Renton declare the property surplus and determine the value of the remainder of the property. Upon sale of the property the funds recovered must be reimbursed to the TIB in proportion with their contribution rate. The balance of recovered funds will be available for other transportation projects. Lori Safer Appraisal, Inc. appraised the property on December 11. 2000. The value determined by the appraisal was $10,000.00 if sold, $800.00 per year if leased. Staff has reviewed the appraisal and notes Page 2 that the analysis used in the appraisal meets industry standards and the determinations were based upon current market data and are reasonable. RESEARCH/SURVEY: The proposal was circulated to all City departments for identification of any need for or identified public use of the property. The following is a summary of responses received: No objection to declaring this property surplus and no public need for the property: • Surface Water Utility • Water Utility • Waste Water Utility • Transportation • Development Services • Fire Prevention The Economic Development Neighborhoods and Strategic Planning Department recommends that the City hold the property for the current time and suggests that until another use is identified that the property be leased to the private sector for at-grade parking. Maintenance Division of PBPW reports that the property has no vehicular access to clean or maintain the site without trespassing on private property. Therefore they strongly recommend the property be declared surplus and sold to an abutting owner as soon as possible or transferred to another viable public use. Facilities Division of Renton Community Services Department identifies the lack of vehicular access for maintenance and improvement as sufficient reason to dispose of this parcel. They further report that the appraised rental rate would not reimburse the staff time required to administer the suggested lease option. CONCLUSION: The property is surplus to the PBPW Department. A valid public use has been identified by the EDNSP Department. City of Renton Policy and Procedure No. 100-12 provides for transfer of the property between departments with compensation as established by appraisal to be accomplished by interfund transfer. The administration has reviewed the access concern in light of the interest in this property expressed by McGowan's Restaurant and Mr. and Mrs. Riffle. The position of the Administration is to surplus and sell this property. 1 a 86 ) Ig &o . �o IZ-o S 3rd ST41 14 ` � . . - h . 3 . � � 1ZO , w f 00 ' % 3 /S, Zoo *2 10 JOIN o 6 X215 15 . . . l3q $ . . � 1� a .z 8 � 5CLca pukes 1316 /G 9d o Cv�+5i 6 X30 7 15 0 /R. IzD �O 734 /80522 o � _ T .o RECEIVED JAN 2 9 0001 CITY OF RENTON BOARD OF PUBLIC WORKS REWONCIlYCOML MEMORANDUM DATE: January 25,2001 TO: Dan Clawson,Council Pres dent Members of the Renton Ci Council VIA: Jesse Tanner,Mayor FROM: Neil Watts,Chairman Board of Public Works l�(� STAFF CONTACT: Tom Boyns,X-7209 Lin Wilson,X-7223 SUBJECT: SURPLUS SALE OF REMAINDER OF 333 MAIN AVENUE S SCHEDULED FOR PUBLIC HEARING FEBRUARY 26,2001 ISSUE: The property at 333 Main Avenue S was purchased for widening Main Avenue S. Portions of the property were used for the project as roadway, sidewalk,utility vaults and in exchange to replace parking taken from an adjoining parcel. The remainder of the property is not needed by the Planning/Building/Public Works Department. Sale of the remainder will recover funds expended for the project. The surplus procedure is used to sell City-owned property. RECOMMENDATION: • The Board of Public Works recommends the City Council declare the property surplus and set compensation as appraised at$10,000.00. BACKGROUND: In the final design of the Main Avenue S Road Project, it was determined that the building at 333 Main Avenue S would be so severely impacted by partial demolition that the cost was lower to purchase the property,demolish the building,make use of the property for the project and sell the residual property on completion of the project. The property was purchased on May 1, 1998 using Washington State Transportation Improvement Board(TIB)funds at 80%reimbursement rate. The building was demolished. The West 45 feet of the parcel was exchanged to Earl and Ellen Price to replace parking taken from their property immediately to the south of this property by the project in lieu of financial compensation and an easement was granted to Puget Sound Energy to accommodate power vaults over an irregular portion of the north and east portions of this property. The project has been completed. i January 25, 2001 Page 2 The owners of the property immediately to the north of this parcel, Linda and Gary Riffle, have expressed interest in purchasing the remainder of this parcel to add parking to their existing parking lot for McGowan's Restaurant employees. They requested that the City of Renton declare the property surplus and determine the value of the remainder of the property. Upon sale of the property the funds recovered must be reimbursed to the TIB in proportion with their contribution rate. The balance of recovered funds will be available for other transportation projects. Lori Safer Appraisal, Inc. appraised the property on December 11. 2000. The value determined by the appraisal was $10,000.00 if sold, $800.00 per year if leased. Staff has reviewed the appraisal and notes that the analysis used in the appraisal meets industry standards and the determinations were based upon current market data and are reasonable. RESEARCIVSURVEY: The proposal was circulated to all City departments for identification of any need for or identified public use of the property. The following is a summary of responses received: No objection to declaring this property surplus and no public need for the property: • Surface Water Utility • Water Utility • Waste Water Utility • Transportation • Development Services • Fire Prevention The Economic Development Neighborhoods and Strategic Planning Department recommends that the City hold the property for the current time and suggests that until another use is identified that the property be leased to the private sector for at-grade parking. Please refer to the attached memo for the full comments of EDNSP. Maintenance Division of PBPW reports that the property has no vehicular access to clean or maintain the site without trespassing on private property. Therefore,they strongly recommend the property be declared surplus and sold to an abutting owner as soon as possible or transferred to another viable public use. Facilities Division of Renton Community Services Department identifies the lack of vehicular access for maintenance and improvement as sufficient reason to dispose of this parcel. They further report that the appraised rental rate would not reimburse the staff time required to administer the suggested lease option. CONCLUSION: The property is surplus to the PBPW Department. A valid public use has been identified by the EDNSP Department. City of Renton Policy and Procedure No. 100-12 provides for transfer of the property between departments with compensation as established by appraisal to be accomplished by interfund transfer. H:D1V/UT1L/DOCS/2001-016/TGB:1f *40W �✓ January 25, 2001 Page 3 The administration has reviewed the access concern in light of the interest in this property expressed by McGowan's Restaurant and Mr. and Mrs. Riffle. The position of the Administration is to surplus and sell this property. Cc: Jesse Tanner,Mayor Jay Covington H:DIV/UTIL/DOCS/2001-016/TGB:lf T y O�Yk• , Or Af T . . Wells ,Avg„IC 5 8 .ate v . r Maiw.Ave S F x s CITY OF RENTON ECONOMIC DEVELOPMENT NEIGHBORHOODS, AND STRATEGIC PLANNING MEMORANDUM DATE: October 5, 2000 TO: Tom Boyns File FROM: Sue Carlson STAFF CONTACT: Owen Dennison (#6576) SUBJECT: Surplus Property Proposal -PID No. 7231501315 Economic Development has reviewed the proposed surplus and has the following comments. The portion of the parcel outside of the Puget Power easement is small and has limited utility at the level of development and property values that currently characterize the downtown. However, it may have some potential to facilitate redevelopment of the downtown in the future. It is not clear that the City would be best served by returning the lot to the private sector at this time. While the use of the property at-grade is limited, future use of the air rights may be valuable. The value is not in a speculative sense, but from the perspective that it could be added to adjacent properties to the west and perhaps to the north or south in a privately financed structured parking development, alone or in concert with other uses. Since no development is currently proposed for adjacent parcels, the best future use or ownership of the property is not apparent. The City has seen success in directing surplus City properties to support redevelopment efforts elsewhere in the downtown. The subject property is a small but potentially valuable asset for the future. Therefore, it is the recommendation of the EDNSP Department that the City hold the property for the current time. It is understood that potential funding sources to reimburse the TIP fund must be identified. In the short term, if no other City use is identified, it would make sense to lease the property to the private sector for at-grade parking. Att. cc: Gregg Zimmerman H:\ECON_DEV\EconomicDevelopment\STRATPLN\PLANNING\DOWNTOWN\surplus.doc\od BOARD OF PUBLIC WORKS 8.30 a.m. Renton Municipal Building Wednesday,January 24,2001 Conference Room No. 620 IN ATTENDANCE: Neil Watts,Chairman Dave Christensen,Utilities Systems Corey Thomas,Fire Larry Meckling,Building Official Kevin Milosevich,Police Paul Lumbert,Board Coordinator Mickie Flanagan,Recording Secretary VISITORS: Thomas Boyns,Property Services Supervisor,City of Renton M I N U T E S 1. CALL TO ORDER: Chairman Neil Watts called the meeting to order at 8:30 a.m. 2. APPROVAL OF MINUTES: Moved by Meckling, seconded by Melosevich, to approve meeting minutes dated January 17,2001. MOTION CARRIED. 3. REQUESTED ACTION: • Surplus Sale of 333 Main Ave. S. The Planning/Building/Public Works Department requests granting the sale of surplus property,which is needed by the department to recover funds expended on the Main Ave. S. widening project. Discussion: Tom Boyns,Property Services Supervisor, gave a brief presentation of the application. The property was purchased to construct the Main Avenue city project using WSDOT Transportation Improvement Board (TIB)funds at an 80%reimbursement rate. Action: Moved by Christensen,seconded by Meckling,to recommend the City Council declare the property surplus and set compensation as appraised at $10,000.00. MOTION CARRIED. • On-site Deferral,Parikh Short Plat,LUA 00-106,2821 and 2823 N.E. 7m St. - Applicant requests a deferral for off-site street improvements of curb, gutters, sidewalks,and street paving on Index Pl.N.E. (adjacent to the property)to complete recording of the plat. `fir Board of Public Works January 24,2001 Page 2 Discussion: The board members felt there was not sufficient justification to warrant a deferral/waiver. Action: Moved by Christensen,seconded by Meckling,to deny the deferral/waiver of off-site frontage improvements on Index Pl.N.E. This neighborhood is in need of improved pedestrian access,particularly for young children walking to and from the nearby elementary school. MOTION CARRIED. 4. ADJOURNMENT: The meeting adjourned at 8:40 a.m. • (C o S 'err✓ � cti (� fUR icpro �oc o mwm= � o0 via -' 3LL or 11C mm mc¢m�mNca` c.grnoaUoom �� ��� mc � arlz C N m fn m y 7 M.0 Rf C N C In 3UXWZ U at � o cm'o o'o Af y�2gcoinomoc W V �LLL N�Nm�O�N �_C�Nc)F-U 0�cE1• IT cio ��rc�L�mmv>>�t Z�vLl �LE wUm�� ao 3Q 2-' m a coo $wm.ac U a) L O .- co .. w O 2 x w C O 'Lcc in c Y E O o C -(OD T O h O U Lccm � ov co aD o CD io M fl."' o c CO v w o c 0 o m _ io - ai J O�0 dO j U � t ` U N N r 0 _ E j ON N E d p� � O � LL c N C O C O r... f'. C w O Y N cc w V oC cIIa) p *- �n _jN :� ma cY `t 3 c a o m c ,� 3 AdCUa0 aa) c s >, � � L a) L o 0 cm ALL o co occ � O .r 3 � ocooaia> 33~ o' !v oC a N o as a3 m a-D •v L co o a� a� o flew LL x 0o03ccao Low v occ ® a� ENmc � � comma y U N aO) o o Q > � o v mc v_ o o oES vo p-, . o4) z2 cUw c c �' � ' 0 Eo E o cc no as w NVovo a?+ ox -0 oN ° Z c a> ` N Qa) Cts � 0 O` o Q 3 or- oo aco 4. a ago E 0 coo O c c -p 'Z � Q O vi QcM a» vM c o - co a) L L O ca cm o W~ 0 C co o o a o L c Q ca 3 08 c t c w ami CL a a F- N U N coo L as N L C co cc vi y a LN>' QL w Z o vCi 0• O co 0 O a>cc � M � v � J 4.t-i m cc c E W c U U to cc H c4 J to -_ :� H Q• January 8,2001 *411� Renton City Council Minutes Page 4 Technical Services: Latecomer Technical Services Division submitted proposed amendments to City Code Agreements, City Code changing the service fees and conditions required of private developers for Changes latecomer agreements. Refer to Utilities Committee. Technical Services: Surplus of Technical Services Division requested approval to declare surplus City-owned City-owned Property, 333 property located at 333 Main Ave. S.,originally purchased for the Main Ave. S. Main Ave S ^ widening project. Portions of the property were used for the project and the �/ 4 remainder is not needed by the City. Refer to Board of Public Works; set ` public hearing for February 26, 2001,to take testimony on the proposal. Lease: Boeing Employee Transportation Division recommended approval of Addendum 05-00 to LAG- Flying Association Lease at 87-001,airport lease with Boeing Employee Flying Association,to establish a Airport,LAG-87-001 new rental rate of$.3220 per square foot per year, an increase of$.042 from the previous rate of$.28 per square foot per year. Council concur. Transportation: Civil Engineer Transportation Systems Division requested authorization to fill vacant Civil III Hire at Step D Engineer III Position at Step D. Council concur. Plat: Windwood Division 3, Responding to Council President Clawson's inquiry regarding the use of rolled NE 4th PI&Pasco Ave NE curbs in the Windwood Division 3 subdivision(consent item 9.c.), (FP-00-086) Planning/Building/Public Works Administrator Gregg Zimmerman affirmed that Renton requires the installation of vertical curbs. He explained that there are several instances in the annexation areas where the original platting was inherited from King County and he speculated that may have happened in this case since King County allows the use of rolled curbs. Mr. Zimmerman said that he will investigate the matter and report back to Council prior to recording the final plat. MOVED BY CLAWSON, SECONDED BY CORMAN, COUNCIL APPROVE THE CONSENT AGENDA AS PRESENTED. CARRIED. CORRESPONDENCE Correspondence was read from Mike Davis, Davis Consulting, Inc.,27013 Citizen Comment: Davis— Pacific Hwy. S.,PMB#353,Des Moines, 98198, withdrawing the Anderson Anderson Annexation Annexation application due to lack of neighborhood support to complete the (Withdraw Application) 60%petition for annexation. OLD BUSINESS Council President Clawson presented a report regarding the contract for Committee of the Whole professional real estate services for the Pavilion Building. The Committee EDNSP: Pavilion Building recommended Council authorize the administration to sign the contract with Retail Brokerage Services, CB CB Ellis Commercial Real Estate as brokers to provide exclusive representation Richard Ellis for the leasing of the Pavilion Building for retail space until May 1, 2001. All proposed leases will be brought back to the Council for approval. MOVED BY CLAWSON, SECONDED BY BRIERS, COUNCIL CONCUR IN THE COMMITTEE REPORT. CARRIED. Planning& Development Planning&Development Committee Chair Keolker-Wheeler presented a report Committee regarding the request to modify height restrictions for the Conrad Short Plat. Plat: Conrad,Request to Upon consideration of input from staff and the potential developer of the Modify Restrictive Covenants, property,the Planning and Development Committee has agreed to consider SHP-99-093 modifying the Restrictive Covenant established as part of the approvals for the Taco Time Comprehensive Plan Amendment/Rezone and the Conrad Short Plat. The modification would be pursuant to Policy and Procedure No.400-13, Removal and/or Modification of Restrictive Covenants. The Covenant currently limits construction to "one story in height, with future remodels governed by the R-10 zoning in effect at the time of remodel." In CITOF RENTON COUNCIL AGENDA BIL`Lts'* AI #: q Submitting Data: Planning/Building/Public Works For Agenda of: Dept/Div/Board.. Technical Services January 8, 2001 Staff Contact...... Tom Boyns, X 7209 Agenda Status Consent.............. X Subject: Public Hearing... Request to Surplus a City Owned Property Correspondence.. 333 Main Avenue S. Ordinance............. Resolution............ Old Business........ Exhibits: New Business....... Issue Paper Study Sessions....... Map Exhibit Information......... Appraisal Appraisal Review Recommended Action: Approvals: Grant preliminary approval of the request to Surplus property Legal Dept......... X Set a Public Hearing for February 26, 2001 Finance Dept...... Refer to Board of Public Works Ocher............... Fiscal Impact: Revenue generated will be determined by appraisal. Expenditure Required... Transfer/Amendment....... Amount Budgeted.......... Revenue Generated......... Total Project Budget City Share Total Project.. Summary of Action: The property at 333 Main Avenue S. was purchased for widening Main Avenue S. Portions of the property were used for the project as roadway, sidewalk,utility vaults, and in exchange to replace parking taken from an adjoining parcel. The remainder of the property is not needed by the City of Renton. Sale of the remainder will recover funds expended for the project. The surplus procedure is used to sell City-owned property. The owners of the property immediately to the north of this parcel, Linda and Gary Riffle, have expressed interest in purchasing the remainder of this parcel. They requested that the City of Renton declare the property surplus and determine the value of the remainder of the property. STAFF RECOMMENDATION: The Planning/Building/Public Works Department requests the City Council grant preliminary approval of the request to surplus the property requested, set a public hearing on this matter for February 26, 2001 and refer it to the Board of Public Works for recommendation. H:\DIVISION.S\UTILITIE.S\DOCS\2000-622.doc\TGB\tb CITY OF RENTON PLANNING/BUILDING/PUBLIC WORKS MEMORANDUM DATE: December 21, 2000 TO: Randy Corman, President City Council Members VIA: Mayor Jesse Tanner FROM: Gregg Zimmerman( inistrator Planning/Building/Public Works Department STAFF CONTACT: Tom Boyns, X-7209 SUBJECT: SURPLUS SALE OF REMAINDER OF 333 MAIN AVENUE S. ISSUE: The property at 333 Main Avenue S. was purchased for widening Main Avenue S. Portions of the property were used for the project as roadway, sidewalk, utility vaults, and in exchange to replace parking taken from an adjoining parcel. The remainder of the property is not needed by the City of Renton. Sale of the remainder will recover funds expended for the project. The surplus procedure is used to sell City-owned property. RECOMMENDATION: The Planning/Building/Public Works Department requests the City Council grant preliminary approval of the request to surplus the property requested, set a public hearing on this matter for February 26, 2001, and refer it to the Board of Public Works for recommendation. BACKGROUND: In the final design of the Main Avenue S. Road Project, it was determined that the building at 333 Main Avenue S. would be so severely impacted by partial demolition that the project cost was lower to purchase the property, demolish the building and make use of the property for the project. The property was purchased on May 1, 1998. The purchase of the property was funded in part by the State Transportation Improvement Board (TIB). When we have completed the surplus sale transaction, we are required to return their share of the net proceeds to the T.I.B. rrr/ December 21, 2000 Page 2 The building was demolished. The West 45 feet of the parcel was exchanged to Earl and Ellen Price to replace parking taken from their property immediately to the south of this property by the project. An easement was granted to Puget Sound Energy to accommodate power vaults over an irregular portion of the north and east portions of this property. The location of the power vaults blocks any vehicular access except from adjacent private property with the result that maintenance of the property is problematic. The project has been completed. The owners of the property immediately to the north of this parcel, Linda and Gary Riffle, have expressed interest in purchasing the remainder of this parcel. They requested that the City of Renton declare the property surplus and determine the value of the remainder of the property. H:\DIVISIO N.S\UTILITIE.S\DOCS\2000-623.doc\TGB`,tb 029M ► t ' .. INA {• as s Il t � ►, #Mop, F Wells_Ave NOR v� t b �N F y • , Y! 4�r� F .,�► _ --Main-Ave S- 7W * y z t c� l► � 40 Noe CITY OF RENTON Office of the City Attorney Jesse Tanner,Mayor Lawrence J.Warren MEMORANDUM RECEIVED OCT - 2 2000 To: Tom Boyns, Property Services Supervisor CITY OF RENTON UTILITY SYSTEMS From: Lawrence J. Warren, City Attorney Date: September 28, 2000 Subject: Surplus Sale of Remainder of 333 Main Avenue South The issue paper is complete and self-explanatory. I have no further comments. C��awZrence J. arren LJW:tmj cc: Jay Covington Post Oft-ice Box 626 - 100 S. 211d Street - Renton, u'ashinaton 98057 - ("425)255-8678 REVIEW COMMENTS Independent Appraisal by Lori Safer,MAI Lori Safer Appraisal, Inc. SURPLUS 333 Main Avenue S Review by: Thomas G. Boyns,Property Services Supervisor GENERAL The report contained the necessary analysis for the appraiser to form an opinion of the fair market value of the property. The report indicated that the access to the property from a public street is so severely limited by the easement to Puget Sound Energy that the only reasonable economic use of the property is combining it with an adjacent parcel. What was appraised was the unencumbered portion of the property, both for its fair market value if sold and if leased. QUALIFIED APPRAISER The appraiser is experienced and a well qualified state certified appraiser. PROPERTY VALUATION The subject property being owned by the City of Renton is not taxed by the King County Assessor,however it is assessed at$25,500. Comparably zoned property in the immediate vicinity is assessed from $8.49 to $24.35 per square foot,with the adjacent parcels assessed at$8.50 per square foot. The market data approach was used as the only reliable method for use with vacant land sales. The fair market value was based upon direct comparison with recent sales of properties in Renton and adjusted for location, access limitations and parcel size. ACCURACY OF AREA The square footage figures for the subject property area were calculated. These figures have been checked and determined by staff to be accurate. LEGAL DESCRIPTION The description has been reviewed and approved by the Property Services Section of Technical Services. FIELD INSPECTION An inspection of the subject property and all comparables was made by the appraiser. COMPARABLE SALES The fair market value was determined based upon direct comparison with recent sales of similar properties within a reasonable distance of the subject site. The adjustments to the comparable sales were found to be reasonable. CONCLUSION It is the recommendation of the Property Services Section of the Department of Planning/Building-Public Works that the City accept the appraised value of the subject land of$10.000.00. r4e-oda LOCATIONS OF POSTINGS DONE ON )- 206! t,,.,., $ (y�_�� ' }. 1.J: 2.5 '0-cVC S 4.f��`�� ��� S. 6. i( 5 t9 CERTIFICATION STATE OF WASHINGTON) ss COUNTY OF KING ) I bov9�rtS e. HEREBY CERTIFY THAT COPIES OF THE ATTACHED NOTICEAW S POSTED BY ME ON THE PROPERTY D ]BED ABOVE ON DATE OF /-/y-0/ SIGNED .......................^....... ..... ............................................................................................ do Dy© let ��� SIGNE N O RY SUBSCRIB5D ANDS `_ 1�15ORE ME this 1� day of 20NO �C Notary Public in and i;o In0t, ofWashington, residing at 1 � (COPIES OF THE ATTACHED NOTICE WERE FORWARDED TO THE MAIN AND HIGHLANDS LIBRARY AND POSTED AT THE RENTON MUNICIPAL BUILDING, 1055 SOUTH GRADY WAY, RENTON, WA, BY CITY CLERK STAFF.) �Y vis; 1N,V NOTICE RENTON CITY COUNCIL PUBLIC HEARING ON FEBRUARY 26, 2001 AT 7:30 P.M. RENTON C1TY HALL COUNCIL CHAMBERS 1055 SOUTH GRADY WAY TO CONSIDER THE FOLLOWING: Request to surplus City-owned property at 333 Main Avenue S., purchased for the Main Avenue S. widening. Surplus 333 Main Ave S. All interested parties are invited to attend and present written and/or oral comments. Complete legal description &further information available in the City Clerk's Office—425-430-6510 The removal,mutilation,destruction,or concealment of a r n in ' this notice is a misdemeanor punishable by fine and Wimprisonment. P � CITY OF RENTON NOTICE OF PUBLIC HEARING RENTON CITY COUNCIL NOTICE IS HEREBY GIVEN that the Renton City Council has fixed the 26th day of February, 2001, at 7:30 p.m. as the date and time for a public hearing to be held in the seventh floor Council Chambers of the Renton Municipal Building, 1055 S. Grady Way, Renton, WA 98055,to consider the following: Request to surplus City-owned property at 333 Main Avenue S.,purchased for the Main Avenue W.widening project. All interested parties are invited to attend the hearing and present written or oral comments regarding the proposal. The Municipal Building is fully accessible,and interpretive services for the hearing impaired will be provided upon prior notice. For information, call 425-430-6510. )M� rsen 11) City Clerk Published South County Journal January 12, 200 1/10/2001 — Copy mailed to two parties per attached. . w fAt Wells Ave S s t ^— Z . . _ Maim. Ave S- _ k X' g. f e .. w ti 1, �� y CITY OF RENTON Office of the City Clerk 1055 South Grady Way - Renton Washington 98055 ADDRESS SERVICE REQUESTED Ellen Price 8746 S 113TH ST SEATTLE WA 98178 ® This paper contains 50%recycled paper,20%postconsumer CITY OF RENTON '. Office of the City Clerk 1055 South Grady Way - Renton Washington 98055 ADDRESS SERVICE REQUESTED Gary and Linda Riffle PO BOX 1508 RENTON WA 98055 ® This paper contains 50%recycled paper,20%postconsumer Bonnie Walton - Re: Public Hearing/333 Main Surplus property Page 1 From: Thomas Boyns To: Bonnie Walton Date: 1/9/01 4:08PM Subject: Re: Public Hearing/333 Main Surplus property The only interested parties we know of at this time are the abutting property owners: Ellen Price 8746 S 113TH ST SEATTLE WA 98178 Gary and Linda Riffle PO BOX 1508 RENTON WA 98055 "4✓ 1400, CITY OF RENTON NOTICE OF PUBLIC HEARING RENTON CITY COUNCIL NOTICE IS HEREBY GIVEN that the Renton City Council has fixed the 26th day of February, 2001, at 7:30 p.m. as the date and time for a public hearing to be held in the seventh floor Council Chambers of the Renton Municipal Building, 1055 S. Grady Way, Renton, WA 98055, to consider the following: Request to surplus City-owned property at 333 Main Avenue S., purchased for the Main Avenue W. widening project. All interested parties are invited to attend the hearing and present written or oral comments regarding the proposal. The Municipal Building is fully accessible, and interpretive services for the hearing impaired will be provided upon prior notice. For information, call 425-430-6510. 1. NM rsen City Clerk Published South County Journal January 12, 2000 Account No. 50640 CITOF RENTON COUNCIL AGENDA BIL AI #: - q Submitting Data: Planning/Building/Public Works For Agenda of: Dept/Div/Board.. Technical Services January 8, 2001 Staff Contact...... Tom Boyns, X 7209 Agenda Status Consent.............. X Subject: Public Hearing... Request to Surplus a City Owned Property Correspondence.. 333 Main Avenue S. Ordinance............. Resolution............ Old Business........ Exhibits: New Business....... Issue Paper Study Sessions....... Map Exhibit Information......... Appraisal Appraisal Review Recommended Action: Approvals: Grant preliminary approval of the request to Surplus property Legal Dept......... X Set a Public Hearing for February 26, 2001 Finance Dept...... Refer to Board of Public Works Other............... Fiscal Impact: Revenue generated will be determined by appraisal. Expenditure Required... Transfer/Amendment....... Amount Budgeted.......... Revenue Generated......... Total Project Budget City Share Total Project.. Summary of Action: The property at 333 Main Avenue S. was purchased for widening Main Avenue S. Portions of the property were used for the project as roadway, sidewalk, utility vaults, and in exchange to replace parking taken from an adjoining parcel. The remainder of the property is not needed by the City of Renton. Sale of the remainder will recover funds expended for the project. The surplus procedure is used to sell City-owned property. The owners of the property immediately to the north of this parcel, Linda and Gary Riffle, have expressed interest in purchasing the remainder of this parcel. They requested that the City of Renton declare the property surplus and determine the value of the remainder of the property. STAFF RECOMMENDATION: The Planning/Building/Public Works Department requests the City Council grant preliminary approval of the request to surplus the property requested, set a public hearing on this matter for February 26, 2001 and refer it to the Board of Public Works for recommendation. H:\DIVISION.S\UTILITIE.S\DOCS\2000-622.doc\TGB\tb 1 r.re CITY OF RENTON PLANNING/BUILDING/PUBLIC WORKS MEMORANDUM DATE: December 21, 2000 TO: Randy Corman, President City Council Members L VIA: , Mayor Jesse Tanner FROM: Gregg Zimmermak, gministrator Planning/Building/Public Works Department STAFF CONTACT: Tom Boyns, X-7209 SUBJECT: SURPLUS SALE OF REMAINDER OF 333 MAIN AVENUE S. ISSUE: The property at 333 Main Avenue S. was purchased for widening Main Avenue S. Portions of the property were used for the project as roadway, sidewalk, utility vaults, and in exchange to replace parking taken from an adjoining parcel. The remainder of the property is not needed by the City of Renton. Sale of the remainder will recover funds expended for the project. The surplus procedure is used to sell City-owned property. RECOMMENDATION: The Planning/Building/Public Works Department requests the City Council grant preliminary approval of the request to surplus the property requested, set a public hearing on this matter for February 26, 2001, and refer it to the Board of Public Works for recommendation. BACKGROUND: In the final design of the Main Avenue S. Road Project, it was determined that the building at 333 Main Avenue S. would be so severely impacted by partial demolition that the project cost was lower to purchase the property, demolish the building and make use of the property for the project. The property was purchased on May 1, 1998. The purchase of the property was funded in part by the State Transportation Improvement Board (TIB). When we have completed the surplus sale transaction, we are required to return their share of the net proceeds to the T.I.B. `, ,w December 21, 2000 Page 2 The building was demolished. The West 45 feet of the parcel was exchanged to Earl and Ellen Price to replace parking taken from their property immediately to the south of this property by the project. An easement was granted to Puget Sound Energy to accommodate power vaults over an irregular portion of the north and east portions of this property. The location of the power vaults blocks any vehicular access except from adjacent private property with the result that maintenance of the property is problematic. The project has been completed. The owners of the property immediately to the north of this parcel, Linda and Gary Riffle, have expressed interest in purchasing the remainder of this parcel. They requested that the City of Renton declare the property surplus and determine the value of the remainder of the property. H:\DIVISION.S\UTILITIE.S\DOCS\2000-623.doc\TGB\tb a O ' n _ V Wells Av ,� � M. cr a ► �» -, Mtiaia.Ave a CITY ,,,�F RENTON Office of the City Attorney Jesse Tanner,Mayor Lawrence J.Warren MEMORANDUM RECEIVED OCT - 2 2000 To: Tom Boyns, Property Services Supervisor CITY OF RENTON UTILITY SYSTEMS From: Lawrence J. Warren, City Attorney Date: September 28, 2000 Subject: Surplus Sale of Remainder of 333 Main Avenue South The issue paper is complete and self-explanatory. I have no further comments. C7awrence J. arren LJW:tmj cc: Jay Covington Post Office Box 626 - 100 S. 2nd Street - Renton, Washington 98057 - (425)255-8678 MThis naner rontains W0 rervrlpd material 7096 nnst ronsumer *sit, err' REVIEW COMMENTS Independent Appraisal by Lori Safer,MAI Lori Safer Appraisal, Inc. SURPLUS 333 Main Avenue S Review by: Thomas G. Boyns,Property Services Supervisor GENERAL The report contained the necessary analysis for the appraiser to form an opinion of the fair market value of the property. The report indicated that the access to the property from a public street is so severely limited by the easement to Puget Sound Energy that the only reasonable economic use of the property is combining it with an adjacent parcel. What was appraised was the unencumbered portion of the property, both for its fair market value if sold and if leased. QUALIFIED APPRAISER The appraiser is experienced and a well qualified state certified appraiser. PROPERTY VALUATION The subject property being owned by the City of Renton is not taxed by the King County Assessor,however it is assessed at$25,500. Comparably zoned property in the immediate vicinity is assessed from $8.49 to $24.35 per square foot,with the adjacent parcels assessed at$8.50 per square foot. The market data approach was used as the only reliable method for use with vacant land sales. The fair market value was based upon direct comparison with recent sales of properties in Renton and adjusted for location, access limitations and parcel size. ACCURACY OF AREA The square footage figures for the subject property area were calculated. These figures have been checked and determined by staff to be accurate. LEGAL DESCRIPTION The description has been reviewed and approved by the Property Services Section of Technical Services. FIELD INSPECTION An inspection of the subject property and all comparables was made by the appraiser. COMPARABLE SALES The fair market value was determined based upon direct comparison with recent sales of similar properties within a reasonable distance of the subject site. The adjustments to the comparable sales were found to be reasonable. CONCLUSION It is the recommendation of the Property Services Section of the Department of Planning/Building/Public Works that the City accept the appraised value of the subject land of$10,000.00. ♦ NOTICE RENTON CITY COUNCIL PUBLIC HEARING ON FEBRUARY 26, 2001 AT 7:30 P.M. RENTON CITY HALL COUNCIL CHAMBERS 1055 SOUTH GRADY WAY TO CONSIDER THE FOLLOWING: Request to surplus City-owned property at 333 Main Avenue S., purchased for the Main Avenue S. widening. ® f Surplus 333 Main Ave S. All interested parties are invited to attend and present written and/or oral comments. Complete legal description &further information available in the City Clerk's Office— 425-430-6510 The removal, mutilation, destruction, or concealment of ' this notice is a misdemeanor punishable by fine and Warni* nimprisonment. s: NOTICE RENTON CITY COUNCIL PUBLIC HEARING ON FEBRUARY 26, 2001 AT 7:30 P.M. RENTON CITY HALL COUNCIL CHAMBERS 1055 SOUTH GRAD Y WAY TO CONSIDER THE FOLLOWING: Request to surplus City-owned property at 333 Main Avenue S., purchased for the Main Avenue S. widening. r' k . 15' T.A • �; 0Y w � d i { i 'art e ;g Surplus 333 Main Ave S. All interested parties are invited to attend and present written and/or oral comments. Complete legal description &further information available in the City Clerk's Office— 425-430-6510 The removal, mutilation, destruction, or concealment of ' this notice is a misdemeanor punishable by line and arnin imprisonment. ©t 2 IIIIIIIII I �IfII VIII 19991008000919 III PAGE 001 OF 002 II 10/08/ I 1 ` KING COUNTY11�A7 CITY OF RENTON D 9.00 tX c r C Return Address: City Clerk's Office City of Renton 200 Mill Avenue South Renton, WA 98055-2189 z x c: r c C= z T �' rr z q`i c x DEED OF DEDICATION Property Tax Parcel Number: 723150-1375 v Project File#: PRM 04-0016 Street Intersection: Main Ave S Caa,S 5th St R �h Grantor(s): Grantee(s): — 1. Earl W. Price I. City of Renton,a municipal corporation p 2. Ellen Price © LEGAL DESCRIPTION:That portion of the following Tract X lying east of a line beginning at a point on the south line of said Lot 7,55.59 feet west of the centerline of Main Avenue S,thence northeasterly p to a point 10.22 feet west of the east line of said Lot 7 and 17.35 feet north of said south property line; e thence northerly to a point 31.01 feet south of the north line and 11.33 feet west of the east line of said Lot 8; thence northerly to a point on the north line of said Lot 8, 9.28 feet west of the northeast corner of said Lot 8. y Tract X: Lots 7 and 8,Block 15,Town of Renton,according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County,Washington EXCEPT that portion of said Lot 7 conveyed to the City of Renton for alley purposes by dee:? recorded under Recording Number 4571646; AND EXCEPT that portion of said Lot 7 conveyed to the City of Renton for street purposes by deed recorded under Recording Number 7305180522; Contains an area of 1156 square feet,or 0.0265 acre,more or less. I�IS /s /ISG, 6—2 C=-00R0s0- S u-) G The Grantor,for and in consideration of ten dollars($10.00)and other valuable consideration conveys,quit claims, dedicates and donates to the Grantee(s)as named above,the above described real estate situated in the County of King, State of Washington under threat of eminent domain. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year as written below. Approved and Accepted By: �'���`���U► Illppj��/ Grantor(s): �``a�l of RENT / ntee(s): City of Renton -2 Ear rice = ayf Jesse T r en Price ////lllllllllllll111111t���� City Clerk MaUlyn Petersen Ei660307 01 /05/_9_ -0fl 0.0 INDIVIDUAL FORM OFACKNOWLEDGMENT .Notary Seal must be Vithin box, STATE OF WASHINGTON )SS �.;k~'j �` COUNTY OF KING ) K *" I certify that I know or have satisfactory evidence that Earl W.Price and `Ellen Price_signed this instrument and acknowledged it to be his/her/their free and voluntary act for the an .purpose mentioned in the in ment a , Notary Public in and for the to of Wa ington h 10'A I K� ••+ Notary(Print) V KARPIAK My appointment expires: 6/5/01 Dated: 12/27/98 19991008000919 PAGE 002 OF 002 10/08/1999 11:27 CITY OF RENTON D 9.00 KING COUNTY, WA C_ C Return Address: ti City Clerk's Office u City of Renton 4 200 Mill Avenue South Renton,WA 98055-2189 z z c r c c z x z DEED Property Tax Parcel Number: 723150-1315 Project File#:PRM04-0016 Street Intersection: Main Ave S&S 4th Street Grantor(s): Grantee(s): _ 1. City of Renton,a Municipal 1. Earl W.Price Corporation 2. Ellen Price L1 LEGAL DESCRIPTION: C�1 The west 45 feet of the south 40 feet of Lot 9,Block 15,Town of Renton,according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County,Washington; t EXCEPT the westerly 5 feet thereof conveyed to the City of Renton for alley purposes; SUBJECT TO an easement over the northerly 10 feet for underground utilities. The Grantor,for and in consideration of mutual benefits conveys and grants to the Grantee(s)as named above, d% the above described real estate situated in the County of King, State of Washington `m IN WITNESS WHEREOF,I have hereunto set my hand and seal the day and year as written below. tor(s): City of Renton ayor 12_ :DEPUTY; ttyClerk Notary Seal must be within box STATE OF WASHINGTON )SS COUNTY OF KING ) I certify that I know or have satisfactory evidence that j es5e _/a h 17 f r GIYI Li Bf(ttAIL Ff l tsYD ll/ signed this instrument and acknowledged it to be his/her/their free and voluntary act for the uses and purposes mentioned in the instrument. Notary Public in d for the State of Washington Notary(Print) i GI?e I e A)taM a h ✓t My appointment expires: /y 2-00/ Dated: 2 PRICE_D.DOC Page 1 .©0 E1( ,;in OJ /05/99 CITY OF RENTON, WASHINGTON RESOLUTION NO. 3 3 4 8 A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE NECESSARY DOCUMENTS TO TRADE A PORTION OF CITY OWNED PROPERTY LOCATED AT 333 MAIN AVENUE SOUTH FOR REQUIRED RIGHT-OF-WAY LOCATED AT THE NORTHWEST CORNER OF S. 4TH STREET AND MAIN AVENUE SOUTH. WHEREAS, the City of Renton is engaged in that certain project known as the Main Avenue South Road Project; and WHEREAS, it is necessary to effectuate the Main Avenue South Road Project to acquire certain parcels of property; and WHEREAS, the City of Renton has acquired all necessary property, with the exception of one parcel; and WHEREAS, the parcel owner has agreed with the City to exchange a portion of nearby City property for the right-of-way required; and WHEREAS, City staff has investigated the exchange of property and determined that the fair market value of the parcels to be exchanged is roughly equivalent; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO RESOLVE AS FOLLOWS: SECTION I. The above recitals are found to be true and correct in all respects. SECTION H. The Mayor and City Clerk are hereby authorized to execute the necessary documents and receive in return the appropriate documents to effectuate an exchange of property between the City of Renton and Earl W. Price and Ellen Price. 1 EXHIBIT A Legal Description Trade of City-Owned Property for Main Avenue S Property being Acquired by the City of Renton: That portion of the following Tract X lying east of a line beginning at a point on the south line of said Lot 7, 55.59 feet west of the centerline of Main Avenue S, thence northeasterly to a point 10.22 feet west of the east line of said Lot 7 and 17.35 feet north of said south property line; thence northerly to a point 31.01 feet south of the north line and 11.33 feet west of the east line of said Lot 8; thence northerly to a point on the north line of said Lot 8, 9.28 feet west of the northeast corner of said Lot 8. Tract X: Lots 7 and 8,Block 15,Town of Renton, according to the plat thereof recorded in Volume 1 of Plats, page 135, records of King County,Washington EXCEPT that portion of said Lot 7 conveyed to the City of Renton for alley purposes by deed recorded under Recording Number 4571646; AND EXCEPT that portion of said Lot 7 conveyed to the City of Renton for street purposes by deed recorded under Recording Number 7305180522; Property being Traded by the City of Renton: The west 45 feet of the south 40 feet of Lot 9,Block 15, Town of Renton, according to the plat thereof recorded in Volume 1 of Plats,page 135,records of King County, Washington; EXCEPT the westerly 5 feet thereof conveyed to the City of Renton for alley purposes; SUBJECT TO an easement over the northerly 10 feet for underground utilities. err' •rr Bonnie Walton From: Thomas G. Boyns To: Bonnie Walton Cc: Richard L. Evans Subject: RE: Main Av S Improvements Date: Monday, January 25, 1999 4:58PM In this project we acquired property from the following property owners. Please let me know what you need. We included cross reference data with each deed sent. Parcel #1 Renton School District #403 Deed Recorded 9807211996 ✓ Parcel #2 Service Laundry & Dry Cleaners Inc 9807211963V/ Parcel #3 Earl and Ellen Price Property Exchange We do not yet have the recording back > Parcel #4 DGR Associates AAtbF DaO_&19805011762 ZLIdI R l Parcel #5 Gary and Linda Riffle 9805010308 V1 Parcel #6 Redesigned out of the project Parcel #7 Redesigned out of the project Parcel #8 Kenneth and Cheri Taylor 9804080530V From: Bonnie Walton To: Richard L. Evans Cc: Thomas G. Boyns Subject: Main Av S Improvements Date: Monday, January 25, 1999 1 1:10AM Rich, I'm updating our acquisition file regarding the Main Ave. S. road widening project. From documentation I have here, it appears that the 333 Main Ave. S. parcel was the last one acquired. What parcels were acquired before that? Do you have owner names & addresses, documentation, etc.? I need the info. for cross-referencing. Thanks for any information you or Tom can give me. --Bonnie x6510 Page 1 } `0e After recording return to: \VARUN. I:FI I O(iO. BAR11FIt. I FAN & I t r;v I I .ti. IZFN I ON. \\ASI IIN(i I ON 98057-0636 DOCI fi%f[:N I I I I IT: Statutory Warranty Deed RITFRENCE Nl!\1BFR OF RFLATFD DOCI IMFNT` N:':\ (IRAN l'OR(S): \fills. Roy \I., \fills. Lois.l.. Dahley, Rodney O., D;rhley. (igen G. �l ADDITIONAL GRANTOR(S)ON PAGE: 1 (iRANTFIi(S): ('it%ol'Rcnton.a municipal corporation ADDH IONAL (;RAN I IT(S)ON PACE: N A ABBRFVIA fFD lT(iAL DESCRIPTION: Ptn.off.ot 9. Block 15.Town of'Renton. Vol. I. pg. 135 `n ADDITIONAL LFOAL DESCRII'TION ON PAGE(Sy 1 ASSE'SSOR'S I'AX PARC FI.N(IhInFR(S): 733150-1315-03 X11 r*r..) u.v i t\sv4I �ICISf)i IZ STATUTORY WARRANTY DEED Roy M. Millsand his only wife between February 1. 1984.and March 26. 1090. Lois). Mills,hushand and wile. Rodney O. Dahley and his only wife hctwcen February 1. 103-1,and March 36, 1990. G%%en(i. Dahley, husband and wife.Cordon J. Florence and his onh•wife between February I. 1981,and March 36. 1990, Kathleen \1. Florence.husband and \cite.Cary L. Lindstrom and his only wife between February 1. 1984.and March 26, 1990. Linda F. Lindstrom,hushand and wife,and David.l. Kappenman,as his separate estate pursuant to the divorce decree entered in December 1990,and Frances L. Kappenman(his present wife), e). and wife. firr and in consideration ofTen Dollars(SIU)and other good and valuable consideration in hand paid,convey and warrant to City of Renton,a municipal corporation,under threat of eminent domain the following described real estate,situated in City of Renton. King 3 County,Stale of 1,Vashington: The south 40 feet of Lot 9, Block 15,Town of Renton,according to the plat 5� them -free MIC(I in VUlunll' I of flats,page 135, in King Cmmiy \Vasliingtun; MOTT the westerly 5 fret thereof'deeded to the Cite of Renton for alley N purposes by deed recorded under Recording Number 4571646. a - STATI IT(WY WARRANTY DFIA) - 1 Eir.r»724 f) /Oi/9R .o0 2.�R7f]_nn Filed by: PNwr MAY 0 1,. Ualed this '/( day t of I ' 1908. — �I — - I--- krc 10 ' WIS i Rodncv O. IXIIIC\ Gwen G. Dahlrc Gordon J. ( orence Kathleen N9. Florence Gary I.. .indstrotlt Undn E.. Lind.4Cr6in ---- David.1. Kar-nman - - - Frances 1_. Kal+rcn n .7 S I A IT OF WAS[ZING fON 1 SS COt IN-1 ti'UI'KING 1 I certilc that I know or have smisfactory evidence that Roy M.Mills is the person who appeared before me.and uho signed this instrument and acknowledged it to he his free and voluntary act I'or the uses and purposes mentioned in the instrument. . DA ED this�d of 11.1'n 1998. Qrivi,� - ? Notary Public ~ :OTA4 -�: -lel I F .leFl L) in and Im the Slue of Nashn gI . 6oG"i s= Nh appointment expires: CF lvAN�+ s STA-111.1'ORY %VARRAN FY DEED- Filed by: .PNW'r MAY 01 f 11'OF WASI IIN6 I ON 1 1 ss ( 111'N11 t11 hlr:c. t I cel I. that I kIImk 1r hate sal isfaelorC%it Ihal 1 ,is I. \till,is the :11111e:oell hefine nn•,and%%Im si.vilelf this ill,1111111e11f:VIII:H'kllo\\hYILe1l it In he her lice and :lit fir lhr list.-;:old purposes nu•nlioned in the instrinnent. t41— I A I 1 1)Ihis �if:t\ it A.L{ 111.1X t�t1ANlF a �J1, I A� ,X11• i.R'�? C� o it,OTAR),' A: Nolnry Public_j��(�ftMFQJ�— -- }N in and for life State of\\'ashil eton ahhllintment expires: L �� MASn COIN rY l)F KING 1 I;emit that I know or have satisficlory evidence IIIat Rodnev O.1)ahlcy is the person Mio appeared 11c6ore me.and who signed thio instnunent and acklit%%lcdged it it,he his lire and volunlar) ;tet lir the oxs Mid purposes mentioneddi\n the instrument. hA I EU this ;5 d of — 1998. • � �I.MM__ r, O d� � e•#_ '4; .'�9TAl�r 0; Notary Public T ANiC _=• ISA :s in and for the State of\Yashingtot. r 0�' a S �VA�� j:' NI} :ygloinlntent expires: �t S,rnrr c��b�aF�1ir1i COUNTY OF KING 1 I cerlify that 1 know or have satisfactory evidence that(;an rG. 1)ahley is the person t%ho appeared bcti)rc bre.and%%ho signed this instrument and acknowledged it to he her free and volunfan act for the uses and purpost:s mentioned in file insn'uutcnl. DA FED this_:gd of 1998. NAAlt Fc U Nolary Public n OT44 • io and for the Stale or WashinfJ�ton. if « :"s"•.. My appointment expires: &BLIC ^Po!`I���� too wI$11 STM I I'l R WARRAN I Y 1)1:1:1)-1 -- Piled by: PN" MAY 01 S 1':\11•:O1'\\':\SI IING'FON 1 ('O1'N 11'OI KIN(; 1 I rctlif� that I Lin, or ha�r.ati.filcl,n') r�iJrncc Thal Uordnn.I.I Innnre i.the I•rr:,.n,�hn al,pcand hcbar nu.;uul„ho•.i¢ncd illk in.Ltuntrnl:uul arl.nnnledgell it I„be Itis 1we and ,ulnntan art I,.t Ihr o••r, anJ purl•oacc mentioned in II e insurmncnt. I),\I I'O Ihi. Joda% of 1. 1 C-1' 19�,t• ,.JP,t ? NotPublic STf-1?N --- ---- L� -- } ..,•,�r in and liar the State of Wachl igto 1. .n q dv8 LtC s My appointment expires: ' W.tSt)t ss ('()I'Nl l•OF KING ' ) I certify that I know or have satisfactory evidence that Kathleen M.Florence is the person who appeared before me,and who signed this instnunent and acknowledged it to be her free and voluntary act lir the uses and purposes mentioned in the instrument. t"2 S OA I'lil)This clay of — - -' 1998. /l/�,""""' , `nCoaURr 0. " Nolan Public 5TEPfl/\N I C- W-A R { O 9 -- rA 5 q�••'• t _ in and lir the Slow 11f Waslli 1L'tol. Oi ` �• (Iaot'v = Nlc appointment expires:�fj 1��Uf '% - Sl A IT.OTFA%..%l ON ) .....,.,••• )55 COI IN FY OF KING ) I certilj that I know or have satisfactory evidence that Gary L.Lindstrom is the person«ho appeared before me,will oho signed this instrument and acknowledged it to be his free and voluntary no ti•r the uses and pnrpoas metuioned in lllc inslrumcnt.t.�., Q DA I[:I)Ihis36 day of t��Vlc R Notary Public STe-PIANIG rIA • .,�,• jj in and for the Slate of WasIv 'toll M tYAvaL�C�/t c Nl appohilmentexpires: r� f.�F•MAS��r+� S rn IV Y(4Y WARRANTY Uf•.En-d Filed by. PNW'r MAY 01 : 1 A — NW SPATE OF 1t ASI IING f(IN 1 1 55 C(II IN1 Y OF KINE 1 certik flat I km,%% r,r h:,,c�;lfk actors c%idence Ih:ll I inila 1 .I in:tnan i.the person,rho ajy,calvd hefi,re nie.:u,d ah„•:it nod tI,i.in.lrnment and ackno„Irdeed it h,he her fico and%olnntnn ncI li,r the nsc� and purpose.mentioned ill tile iminn/n�ent_ IM I 1 1)this V� Polls. HANK or ' � �• �'• N„I;in I'uhlie 7�P11/INIE- F%"/�7' M ' A•,�?~ in anfor r life State of Washington VaIIC �: %I\ appointment expire%: 0"' STA rE OF VrW IV A qs COUNTY OF KING ) 1 cerlik-that I know or ha,,e satisfactory evidence that David J.Kappenntan is the person who N appeared before me,and who signed this instrument and acknowledged it to he his free and voluntary act for the uses and purposes mentioned in the instrument. ODATED this ✓Vt y of VL 1998. 'VMIM M••. OTA 4 Notary f uhlic �—t in and for the State of Washingto t. Niv appointment expires:�/I /�O) STATE,OP.�'� I�f�til A�. ) WASH )ss COUNTY 0 V KING ) I certify that I know or have satisfactory evidence that Frances L.Kappenman is the person who appeared before me.and who signed this instrum;nt and acknowledged it to be her free and volunmry act 6 the uses and purposes mentioned in the instrument. LK DATED this day of 1993. f a ,kOL{fr T .c Notary Public ., A-*— m: c in and for the State of Washin,lot} - ? A�8L1C t\ly appoinlinent expires: O�•frASN�� STATUTORY WARRANTY DIT-D-; Filed by: PNW'T AY 0 x PLEASE TYPE OR PRINTREAL ESTATE EXCISE TAX AFFIDAV This form is your receipt when stamped PLEASE SEE REVERSE by cashier. CHAPTER 82.45 RCW - CHAPTER 458-61 WAC For Use at County Treasurer's Office - ; (Use Form No. 84-OOOIB for Reporting Transfers of Controlling Interest of Entity Ownership to the Department of Revenue) THIS AFFIDAVIT WILL NOT BE ACCEP'T'ED UNLESS ALL AREAS 1-7 ARE FULLY COMPLETED j © Name © Namc—f TTy-QF p?EI=lfes a M;RiCi;pa1 -- x x corporation Na Street a,t Strcct 200 Mill Ave s j City/State/Zip City/State/Zip Renton, WA 98055 I ADDRESS TO SEND ALL PROPERTY TAX RELATED CORRESPONDENCE ALL TAX PARCEL NUMBERS CODNTY.TREASi)RER PLAC#3 i! A SESSED.VPJ UE 3P..'!I .EXE3ytPT. City of 'Renton Name 77-1150-1319-03 Street 200 Mill Ave 5 City/State/Zip Renton, WA 98055 LEGAL DESCRIPTION OF PROPERTY SITUATED IN ❑ UNINCORPORATED COUNTY OR IN CITY OF Renton Street Address (if property is improved): 333 Main Ave s, Renton, WA 98055 The south 40 feet of Lot 9, Block 15, Town of Renton, according to the plat thereof recorded in Volume 1 of Plats, page 135, in King County, Washington; EXCEPT the westerly 5 feet thereof deeded to the City of Renton for alley purposes by deed .recorded under Recording Number 4571646. ® Is this property currently: YES NO Description of tangible personal property if included in sale (furniture, appliances, etc.) Classified or designated as forest land'? ❑ Chapter 84.33 RCW N/A Classified as current use land (open space, farm ❑ and agricultural, or timber)? Chapter 84.34 RCW Exempt from property tax as a nonprofit ❑ If exemption claimed, list WAC number and explanation. organization? Chapter 84.36 RCW Seller's Exempt Reg. No. ____._- ___ WAC No. (Sec/Sub) WAC 458-61-420 (1)(c)�-. Receiving special valuation as historic ❑ :K1 Explanation 11nd +r t-hL-,jar of erpi rant do ne;gi n property'? Chapter 84.26 RCW i Property Type: ❑ land only ❑ land with new building � land with previously used building. ❑ land with mobile home Type of Document Statutory Wal=, tnty npggi ❑ timber only ❑ building only Date of Document Principal Use: ❑ Apt. (4 + unit) ❑ residential r ❑ timber ❑ agricultural fU conuncrcial/industrial Gross Sale Price $ 258,750-00 ❑ other Personal Property (deduct) $ (1) NOTICE OF CONTINUANCE (RCW 84.33 or RCW 84.34) Taxable Sale Price $ _ If the new owner(s)of land that is classified or designated as current use Excise ':ax: State $ or forest land wish to continue the classification or designation of such Local $ land, the new owner(s)must sign below. If the new owner(s)do not desire Delinquent Interest: State $ _ to continue such classification or designation, all compensating or addi- Local $ tional tax calculated pursuant to RCW 84.33.120 and 140 or RCW Delinquent Penalty: State $ j 84.34.108 shall be due and payable by the seller or transferor at the time --- j of sale.The county assessor must determine if the land transferred qualifies Total Due $ --2-On I to continue classification or designation and must so indicate below. TiiERE IS A $2.00 F13E FOR PROCESSING THIS FORM IF NO TAX IS DUF Signatures do not necessarily mean the land will remain in classification or designation. If it no longer qualifies, it will be removed and the Com- A F F I DAV I'I' pcnsating taxes will be applied. All new owners must sign. I certify under penalty of perjury under the laws of the state of This land ❑ does ❑ does not qualify for continuance. Washington that the foregoing is true and correct (See back of this form). Date Signature of DEPUTY ASSESSOR Grantor/Agent (2) NOTICE OF COMPLIANCE (Chapter 84.26 RCW) ! If the new owner(s)of property with special valuation as historic property Name (print) ef-'` �`" wish to continue this special valuation the new owner(s)must sign below. Date & Place of Signing _- 71�- If the new owner(s)do not desire to continue such special valuation, all -5-4 - additional tax calculated pursuant to Chapter 84.26 RCW, shall be due Signature of / j and payable by the seller or transferor at the time of sale, GI'anteelAgent _)h.1L (3) OWNER(S) SIGNXI'URf Name (print) Date & Place of Signing —L,// �� ," i ,•1 j, , , t Perjury: Perjury is a class C felony which is punishable by imprisonment in a state correctional institution for a maximum term of not more than five years,or by a fine in an amount fixed by the court of not more than five thousand dollars($5,000.00),or by both imprisonment and fine (RCW 9A.20.020 (1C)). REV 84 OOOIa (6-16-95) PD(6-30-97) FOR TREASURER'S USE ONLY TAXPAYER. 1,609724 M001 ; a[77 50 . 37yk w✓ NAMES AND ADDRESSES OF GRANTORS Tax Parcel Number 723150-1315-03 Roy M. Mills and Lois J. Mills 11821 79"' Avenue South Seattle, WA 98178 Rodney O. Dahley and Gwen G. Dahley 4002 4811 Avenue SW Seattle, WA 98116 Gordon J. Florence and Kathleen M. Florence 17852 1181"Avenue SE Renton, WA 98058 Gary L. Lindstrom and Linda E. Lindstrom 17632 118`" SE Renton, WA 98058 David J. Kappenman and Frances L. Kappenman 28521 47" PL S Auburn, WA 98001 CITY OF RENTON JAN 2 61999 PROPERTY ACQUISITION OR SALE CHECKLIST RECEIVED PERMANENT FILE DOCUMENTATION CITY CLERK'S OFFICE FOR: CITY CLERK DIVISION DATE: th / STAFF NAME&EXTENSION NUMBER: (,Q N 6 City is buyer or seller? p a7� '� 1 Number of acres or S.F. If City is seller, list approx. date of original acquisition by City: Property address r� Nearest cross streets: �f Date of Council/Executive approval: Purpose of acquisition or sale: q/-:�0/ C Other file numbers, document names or key words for cross- referencing: K.C. Parcel I.D#(s) Documents to forward to City Clerk Divn. check off items,• or mark N/A Document Original Copy Purchase and Sale Agreement --~-- kAddendum to Purchase & Sale Agreement Owner's Title Policy lot orrespondence for Permanent File/Minutes- Closing Statement/e5�tnS4-�-uCIA-vt 3 _ Recorded Deed Aa + (orig. only) Other Ov+Q'1 KAJ U #D� N Other DOCUMENTS MAY BE SUBMITTED TO CC OFFICE IN PHASES,AS NECESSARY. CHECKLIST ORIGINAL MUST BE COMPLETED AND SUBMITTED TO CC OFFICE BY COMPLETION OF TRANSACTION. ------------------------------------------------------------------------------------------------------------- For City Clerk Division Use: Add to file: Copy of Minutes, Ordinances, &Resolutions applicable Index cross references as necessary FILE NO. AC- ♦ r ADDENDUM TO LETTER OF AGREEMENT 1. This agreement is entered into under threat by the City of Renton to use its eminent domain powers to acquire the premises located at 333 Main Avenue South, Renton, Washington. 2. Conveyance will be by Statutory Warranty Deed and subject only to those exceptions approved by the Purchaser. 3. Seller is entitled to all rental payments up until the date of closing. Purchaser is entitled to possession on closing. 4. All other terms of the Letter of Agreement remain the same. DATED this day of , 1998. Seller: Purchaser: y,_......__ F RENTON 1-511 Roy M. ills By ayor Jesse Tanner Lois J. Mills TEST: Rodney O ahley C17 ari yn ttharsen, City Clerk r Gwen G. Dahley Gordon J. Florence ADDENDUM TO LETTER OF AGREEMENT - 1 • .000, Kathleen M. Florence Gary L. Lindstrom inda E. Lindstrom J David)--Kapenm Frances L. Kappenl n ADDENDUM TO LETTER OF AGREEMENT - 2 Age ESCROW INSTRUCTIONS MILLS, DAHLEY, FLORENCE, LINSTROM AND KAPPENMAN TO CITY OF RENTON Property Address: 333 Main Avenue South Renton,Washington 98055 TO: Warren, Kellogg,Barber, Dean &Fontes, P.S., Attorneys at Law: 1. PURCHASE AGREEMENTS: The undersigned appoint you as escrow agent for the closing of the above-mentioned real estate transaction in accordance with the terms and conditions of a Letter of Agreement ("Agreement") dated March 12, 1998, between the undersigned Seller and Purchaser. The Agreement is incorporated herein by reference. To the extent that any terms of that Agreement are inconsistent herewith, they are amended to conform to the terms of these Escrow Instructions. 2. INSTRUMENTS: The undersigned deposits with you the amounts necessary to close as set forth in the attached Real Estate Transaction Closing Statements ("Closing Statement"), together with necessary conveyancing and security instruments, which funds and instruments you are authorized to use when all parties have approved these instructions, and you hold for the account of the Purchaser the appropriate conveyancing instrument, and for the account of the Seller the appropriate promissory notes and/or security instruments and funds, all as set forth in the Agreement. From the sums deposited by the parties, you are authorized to deduct the charges as set forth in the attached Closing Statements. 3. TITLE INSURANCE: (a) General Information: The undersigned acknowledge that they understand that there are several different types of policies of title insurance, all of which can be issued with various indorsements which expand, explain or modify the policy coverage or insure against special risks. The two major types of coverage are Standard Coverage Policy and Extended Coverage Policy. A Standard Coverage Policy has general exceptions which are contained in Schedule "B". For the most part these relate to off-record matters, such as encroachments or questions of location, boundary and area which an accurate survey would disclose, public or private easements not disclosed of record, rights of persons in possession of the property, material or labor liens, water rights, utility charges, etc. ESCROW INSTRUCTIONS - I sow An Extended Coverage Policy will generally not include some or all of the Schedule "B" exceptions noted above. However, the Extended Coverage Policy will cost approximately 30% more than the Standard Coverage Policy. In addition the title insurer may require a survey of the boundaries of the property and the improvements located thereon if the title insurer's inspection of the property leaves any doubt with regard to encroachments or boundary disputes. Thus, there would be additional expense and delay caused by the survey. The undersigned have heretofore agreed that the Seller will provide a Standard Coverage Policy at the expense of the Purchaser. The undersigned confirm that agreement. If the undersigned desire to modify their prior agreement with respect to the type of title insurance policy, we will notify you in writing of the change so that the proper title insurance coverage can be secured. (b) Owner's Policy. You are instructed to, on behalf of the Purchaser, order from Pacific Northwest Title Insurance Company, a preliminary commitment for an Owner's standard form policy of title insurance in the face amount of Two Hundred Fifty-eight Thousand Seven Hundred Fifty Dollars and no cents ($258,750.00). (c) Reliance. You are entitled to rely upon the preliminary commitment, and have no obligation to make any independent search of public records, or inquiry of any persons, including the Seller, Purchaser and Broker. 4. ESCROW FEE: Your escrow fee in the total sum of Eight Hundred Fifty Dollars and no cents ($850.00) is intended as compensation for the ordinary services as contemplated by these instructions. In the event that the conditions of this escrow are not promptly fulfilled or that you render any service not provided for in these instructions, or in the event there shall be an assignment of the interest of any party to these instructions or any modification in these instructions, you shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses occasioned by such action. 5. REPRESENTATION: Seller is aware that Warren, Kellogg, Barber, Dean & Fontes, P.S., Attorneys at Law, are acting as the attorneys for the Purchaser. Seller waives any potential conflict of interest that may arise by reason of that relationship. Seller is aware of their right to be represented by independent counsel of their own choice. 6. LIMITATIONS: YOU ARE TO HAVE NO LIABILITY OR RESPONSIBILITY WITH RESPECT TO ANY MATTERS CONNECTED WITH THE FOLLOWING: (a) Heating oil in tank, water, Metro and other utility charges which will be adjusted between the Seller and Purchaser outside of this escrow. (b) Requirements of the Consumer Protection Act, Truth In Lending Act, the Real Estate Settlement Procedures Act, Inter-State Land Sales Act, and any similar laws and regulations. ESCROW INSTRUCTIONS - 2 (c) Personal property, or encumbrances thereon, including personal property taxes, matters relating to the Bulk Sales Act, sales taxes and instruments filed under the Uniform Commercial Code, which matters will be adjusted between the Seller and Purchaser outside of this escrow. (d) Forgeries or false personations of any person or party in connection with these instructions or this escrow generally. (e) Assessments, utility connection and any other charges which are not of record and disclosed in the preliminary commitment for title insurance, including omit taxes which may appear on future tax statements. Seller warrants to you and to the Purchaser that there are no recently completed, pending, or announced local improvements for streets, underground wiring, water, sewer, etc., chargeable or to become chargeable to the property. All such matters shall be adjusted between Seller and Purchaser outside of this escrow. (f) The accuracy or correctness of any representations or provisions in the Agreement, or otherwise made by the parties or Broker. (g) Insurance on the property. (1) Purchaser understands and acknowledges that it is Purchaser's responsibility to provide for fire and casualty insurance upon the premises commencing as of or prior to the closing date in order to protect Purchaser's interest in the property. (2) In the event that Seller is financing any portion of the purchase price, Purchaser agrees, on or before the closing date, to acquire and pay at least the first year's premium on a new fire and casualty insurance policy with extended coverage in an amount not less than the value of the improvements on the property, or as set forth in the Agreement. The policy shall, to the extent that there is any balance owed them, name the Seller and any other holders of security against the property as loss payees. Purchaser agrees to immediately deliver to Seller a copy of the policy. (3) Seller will maintain any present insurance on the property until closing, and will be free to thereupon cancel the same and retain any refund of unearned premium. (h) Rental or lease arrangements concerning the property, including accounting or pro- ration of rentals or transfer or accounting of tenant deposits. (i) The parties understand that you have not inspected the subject property and have no knowledge regarding; ESCROW INSTRUCTIONS - 3 (1) The condition of the real property; (2) Whether or not any items of personal property referred to in the Agreement, if any, remain on the property or will remain on the property on delivery of possession to Purchaser; or (3) The presence on the real property, or in any improvements located thereon, of any asbestos-containing materials, polychlorinated biphenyls ("PCBs"), fuel and/or chemical storage tanks, drums and/or pipelines, liquid or solid wastes, pesticides, herbicides and/or other agricultural chemicals, or other substances or materials defined or designated as hazardous or toxic wastes, hazardous or toxic materials, a hazardous, toxic or radioactive substance, or other similar term, by any federal, state or local environmental statute, regulation, or ordinance, presently in effect, which materials are collectively referred to herein as "hazardous substances". The parties have specifically declined to secure a pre-acquisition assessment of the property to ascertain whether any hazardous substances are present on the property, or on any adjacent or nearby property. The Purchaser acknowledges that they understand that they may be held liable for the cost of cleanup or other remediation of any hazardous substances which may be hereafter discovered to be present on the property, together with costs of response by environmental agencies, and other damages to the environment, in the event that the Purchaser fails to make due and diligent inquiry into the environmental condition of the property prior to acquisition thereof. (j) You shall not be responsible for the transfer of possession of the real and personal property from Seller to Purchaser. All arrangements concerning such transfer shall be made directly between such parties. (k) Encroachments or questions of location, boundary and area, which an accurate survey may disclose. Each party specifically declines to obtain a survey of the premises which would disclose any such matters. (1) Public or private easements, streets, roads, alleys or highways, unless disclosed of record by recorded plat or conveyance, or decree of a court of record. (m) Exceptions and reservations in United States Patents. (n) Rights or claims of persons in possession, or claiming to be in possession, not disclosed by the public records. (o) Material or labor liens, or liens under the Workmen's Compensation Act not disclosed by the public records. (p) Water rights or matters relating thereto. ESCROW INSTRUCTIONS - 4 '� .✓4 (q) Any service, installation or construction charges for sewer, water, electricity, or garbage removal. (r) General taxes not now payable; matters relating to special assessments and special levies, if any, preceding the same becoming a lien. (s) Zoning (present or potential) of the property, and the legality or propriety of the Purchaser's proposed use of the property under existing land use codes. 7. MISCELLANEOUS: (a) A copy of the Closing Statement and other instruments may be delivered to any broker involved in the transaction, as well as to mortgagees or holders of other liens, and to attorneys representing any of the parties. You are authorized, but not required, to notify prior lien holders of the existence of any contract or other instrument securing all unpaid balances owed Seller by Purchaser. (b) These instruments are complete, and there are no oral or other agreements which modify or affect the same. Any future amendments or supplements to these instructions must be in writing, and delivered to you,before they shall be effective. (c) All notices and correspondence may be mailed or delivered to the parties at the addresses shown below. You shall have no liability for any loss or delay involved in mailing any instruments or monies. (d) The term "closing" is susceptible to several meanings. Generally, it means the time at which the Seller delivers title to the Purchaser in exchange for the purchase price. Normally, closing does not occur when the parties execute the legal documents at the closing agent's office or when the Purchaser delivers all or part of the purchase price to the closing agent but may be delayed several days until the documents and funds have been processed. 8. TERMINATION: If you are unable to comply with these instructions, or are, in your sole opinion, unable or unwilling to close this sale in the manner provided in the Agreement, then you will so notify the Seller and Purchaser in writing. If neither party has filed any objection within ten (10) days after receipt of such notice,then you are instructed to return all instruments and monies to the party who signed the same or paid the money to you. Thereupon, you are, without the necessity of further concurrence or instruments from either of the parties, released from all liability in respect to this escrow. If within said ten (10) days, either of the parties objects to the return of the instruments or monies, or transfer to another closing agent, you are authorized, in your discretion, to either hold the same until agreement is reached, or to interplead the same with the Superior Court, at the expense of the parties. Any monies returned to the parties shall be less any expenditures which you have made on their behalf prior thereto, including, but not limited to, any title insurance cancellation fee and your full escrow fee. ESCROW INSTRUCTIONS - 5 9. CLOSING STATEMENT: The attached closing statement has been reviewed and is approved by the parties. Dated: _ Seller: Purchaser: Cl Y F RENTON ills ' Soc. Sec. No.: /� -�� 'C`� ayor Jesse Tanner ATTEST: Lois J. Mil Soc. Sec. No.: Marilyn J. Pe er en, City Clerk Rodney (V6Ley Soc. Sec. No.: 3- -h� - `►l3(Q Gwen G. Dahley Soc. Sec. No.: 6- - Gordon J. Florence Soc. Sec. No.:,. 3 K thleen M. Florence Soc. Sec. Gary L. Li dstrom Soc. Sec. No.: inda E. Lindstrom Soc. Sec. No.:, ESCROW INSTRUCTIONS - 6 David J. enman Soc. Sec. Frances L. Kappen a Soc. Sec. No.: ^ ESCROW INSTRUCTIONS - 7 ESTIMATED SELLER'S REAL ESTATE TRANSACTION CLOSING STATEMENT MILLS, DAHLEY, FLORENCE, LINSTROM AND KAPPENMAN TO CITY OF RENTON Property Address: 333 Main Avenue South Renton, Washington 98055 Closing Date: April 30, 1998 DESCRIPTION CHARGES CREDITS Sales Price 258,750.00 Current Real Estate Taxes 347.70 Pro-rated as of April 30, 1998. Rental Deposits 800.00 Payoff to Seattle-First National Bank 94,567.17 Interest to May 1, 1998 Check to Seller: $163,730.53 163,730.53 Extended Totals 259,097.70 259,097.70 r r v ESCROW INSTRUCTIONS - 8 ''r►' v,.rr"r ESTIMATED PURCHASER'S REAL ESTATE TRANSACTION CLOSING STATEMENT MILLS, DAHLEY, FLORENCE,LINSTROM AND KAPPENMAN TO CITY OF RENTON Property Address: 333 Main Avenue South Renton,Washington 98055 Closing Date: April 30, 1998 DESCRIPTION CHARGES CREDITS Sales Price 258,750.00 Current Real Estate Taxes 347.70 Pro-rated as of April 30, 1998. Rental Deposits 800.00 Title Insurance Premium inc. Sales Tax Less Work Charges 675.03 Recording/Reconveyance Fees (est.) 14.45 Escrow Fee 850.00 Check from Purchaser to Close: $ 259,837.17 259,837.18 Extended Totals 260,637.18 260,637.18 ESCROW INSTRUCTIONS - 9 doe PAYOR'S REQUEST FOR TAXPAYER IDENTIFICATION NUMBER ESCROW NO. 175-081 DATE OF CLOSING: April 30, 1998 PROPERTY ADDRESS: 333 Main Avenue South Renton, Washington 98055 Are you selling or refinancing the above property? Selling_X_ Refinancing Is this property your primary residence? Yes No X Are you a United States Citizen? Yes_X_ No SELLER/REFINANCING INFORMATION (please print): Mills, Roy M., and Lois J. PStreet Address) (City, State,Zip) (Phone Number) --"4,e1_(Soc. Sec. No.) (Soc. Sec. No.) Dahley, Rodney O., and Gwen G. � jStreet Address) (City, State,Zip) (Phone Number) (Soc. Sec. No.) 532- -��il'3 6 30 (Soc. Sec. No.) ESCROW INSTRUCTIONS - 10 �+ Florence, Gordon J., and Kathleen M. /745:-z-e/�22'c(`Street Address) �AP4 City, State, Zip) (Phone Number) (Soc. Sec. No.) �'-n —3�-6'4ASoc. Sec. No.) Lindstrom, Gary L., and Linda E. 1 76 J--� 11Y 7�.rE(Street Address) 7-o iY /,L 1 N06'0-"(City, State, Zip) (Phone Number) (Soc. Sec. No.) (Soc. Sec. No.) Kappenman, David J., and Frances L. 17hi' (Street Address) " {�- w L L q `/�t�, / (City, State,Zip) (Phone Number) (Soc. Sec. No.) -mow 3C� ' (Soc. Sec. No.) CERTIFICATION: Under the penalties of perjury, I certify that the information provided above is true, correct and complete. Roy-St. Mills Lois J. Mills Date: q, Date: ESCROW INSTRUCTIONS - I I Rodney Oahley ,1Gwen G. Dahley Date: 9S Date: Gordon J. Florence Kathleen M. Florence Date: -/-,o-i Date: �1 Gary L. Lindstrom inda E. Linds from DDate::/ David J. Kappenman Frances L. Kappenman� 3 Date: 0 r Date: ESCROW INSTRUCTIONS - 12 R � CIT" OF RENTON tett Office of the City Attorney Jesse Tanner,Mayor Lawrence J.Warren MEMORANDUM TO: Tom Boyns City of Renton Property Services Supervisor FROM: Stephanie Rary(!,91^ Legal Assistant to David M. Dean DATE: May 8, 1998 RE: Acquisition of Parcel 4; 333 Main Ave S;DGR Associates Enclosed is a copy of the recorded Statutory Warranty Deed and excise tax affidavit for your files. I have also included the leases and the keys to the building for your use. Please call me if you have any questions. Post Office Box 626 - IX S. 2nd Street - Renton, Washington 98057 - (425)255-8678 This paper contains 501/6 recycled material,20%post consumer tier Aller recording return to: WARREN. FTI I ( (;(;. Its\RBI R. I WAN,\ I ((,"t I I PJ). M)X 6 I(, RI;N I M. kk AS IIN(i ION 98057-0026 DOC'(IMI:N I I I Illi: Statartory Warranty Deed RI•:FHUNC E NUMUR OF RELATED DOC'l1iMF.NT: N;A (;RAN fOIZ(S): \tills. IZoy 1%1.. \tills. Lois.l.. Dahley. Rodney U.. Dahlcc.(Men G. �l ADDITIONAL ORANTOR(S)ON PAGE: 1 W GRANTi?1:(S): City(,f•Renton. ) municipal corporation WA Vol A1113RUVIA IID Lii(iAl. DESCRIPTION: I'ttt.of Lot 9,Block I 5•'1'own of Renton. Vol. 1. 0 pg. 13 5 L0 O ADDITIONAL LEGAL DESCRI1.910N ON PAGEi(Sy 1 old go ASSI:SSOR'S TAX PARCFI.NI rhIRFR(S): 731150-111;-01 STATUTORY WARRANTY DEED Roc M. Mills,111d his only wife between February 1. 1984.and March 36. 1990. Lois.l. \lilts,husband and wili:. Rodney O. Dahley Intl his only,wife hoween February, 1. 1984-111d \L•(rch 36. 1990.(;%%en(i. Dahley. husband and wile.Gordon J. Florence and his only,wife between February I. 1981.and March 20. 1990. Kathleen M. Florence.husband and wile.Gare L. Lindstrom and his only wife between February I. 1984.and March 26. 1990. Linda F. Lindstrom.husband and wife.and David.I. Kappenman.as his separate estate pursuant to the divorce decree entered in December 1990,and Frances L. Knppenntan(his present wire). husband and wife. liar and in consideration of Ten Dollars(SIO)and other good and valuable consideration in hand paid,convey,and warrant to City of Renton,a municipal corporation.under threat of eminent donmin the Following described real estate,situated in C'ily of Renton. King F' COMM'.State ofWashington: '['he south 40 IM of Lot 9. Block 15.Town of*Renton.according to the plat there, l ire„rdrd in Vulun(c I of I'lats.page 115,in Ding Coumv W:(aiington: r. FXCFPT the westerly i fret thercofdeeded to the City,of Renton for alley N purposes by deed recorded under Recording Number 4571616. r, STAl l ITORY WARR/\N"I"\' Ulilil)- I E t E.rn4 724 05/01/951 .on ?Sg75n_Cts 9- 1 M / f(fir Dated this �l I Jai of t ( 1998. Rodnec(1. IhShlr) (i,tett G. Uahle, 4e. Gordon J. I h,rence tit. Florence 7 `, Gary I.. .indstrom - j.ntda Fit Lind4tn+m 1)at'Id J. KaF nnta„ Frances L.. KapFcn n O S I A fli OF WAS!IIN(i•I.ON COI INTI'(tF KING 1 I certifl•that I kjio%v or lune satisfactory evidence that Roy M.Mills is the person%%ho appeared before nte.and«ho signed this instrument and acknowledged it to he his free and voluntary act for the uses and purposes mentioned in the instrument. DA ITD this 2i� of 1998. A, ,ties 7 ~ :OTA •' �A= Notary Puhlic ---- i in and for the State of Washi,glrn. - AV9L�E~:+s Nix appointment expires:�II� OI Gp MAS��� S1 FIITOItY WA It ItANTY I)F:FiI)-2 Filed by : PNW]r M Cow Sl-'%I I'OI:%VASI IIN(i'l ON ) )cc < ,tt'N I Yl I[ KINI; ) I celfifthat I kn.m or hake satislacforp erid0we That 1 ois I. \Till,i.If,r I+crson.,h,+:gy+e:nrJ helinc me.and+,hr,signed this insunnu•nl and aeknn„IC,ILed it In he her lire ant[v.hnd:,rr :,rf li,r fh.•usr•::n,d port+osrs menli,med in Thr iustrnment. l� n 1)this dp . of , �QNANlF q o ,%OTARr 7.0 i Nolarr Public_S1 C71 N1 7_-- ,n��A�+•+ in and(r the St:tc of\1'ash et,ui . ; 4 VB LIC �_ �Ic a11.niutlncnt cxl+ires: WAS^ I.� ..a......... ('01.IN I y OF K ING I 1 certify that I know or have satisfactory evidence that Rodney O.Dahlev is the Person aho appeared helore me.and,rho signed Ibis instrument and ackno,rledged it Io Ik his free and ynluntar art Cor file uses and purposes mentioned in the instrument. DATED this ay of M a �0TA4r* Notary Public T ANIC to +�� _ in and fir the Slate of 1\'ashingtat. tTi a% .t: bly appuinuncnl expires: �1 STA•rE o w**. 1- lf'o' }t( ) COUNTY OF KING ) I ccrtifb that I know or have satisfactory evidence that Gwen G.Uahlcy is the person%tho appeared before me,and Mho signed this instrument and acknowledged if to be her free and volonlary act lir the uses and purposes menlioned in the iuslrumcnl. DATED this d of 1998. AN/F _ Lam_ _ Oj� .rs'�a �-/ Notary Pllhllc �� ��t Y21U� l „0TAT . {', in and fir the Slate of\Vash;n+Ion.// e.. ;v A�•.. M11} appointment expires: fV�5t1\M. STATI ITORY WARRANTY DITI)-3 Filed by: PNWr MAY 01 10 til:%11:()l'11'ASIIINGTON ) ( (II'NIYOI KING I 1 ce161% Thal I kiim%or h:t,r.:tliaaclnn c%idcnce thmd(;onlm I.1 Imetwe k the I•crcnn ,%I),,appealed Lcl..rr mc.:utd Mtn•.iPnct)talk in.lnnncnl:uxl acl.nrn.ic-lued it it,be hi.1we:111J%"111111:11.k :10 I..I IIw u••r. and purpnscs mentioncti in 11)`inslrumenl. ,`` /J 1).\I I'O Ih's Mda> of t1A V/C • �• h� .•J�1'SY� ?"[ nand Inr he State�f1�,•t�.Chi�t.------- L l -- v. q .. �Iv arpnintment expires: W.(SO Ci COI W1 Y OF KINt ) I certir% that I know or hive satisfactory tividence that Kathleen M.Florence is the percnn%chn appeared hefore me.and who signed this instrument and acknowledged it to her free and voluntary art Ii.r _ the(rces and purposes mentioned in the instrument. Z DA IT'D this�0 tiny of ? _ _ `n 4 .STA 'R Notan Public 5TEPiIAN I E !zft O O. --�— – r,� `. A'-••• f in anti for the SBue or Wash'tLtot. f U91f4 •r 1\Fc aplxtiniment expires: O S IWIT IT.t.1F\tA..�1ON ) ........•.• )ss C'OUN'rY OF KING ) I certify that I know or have satisfactory evidence that Gary L.Lindstrom is the person«ho appeared before file.anti rho signed this instrument and acknowledged it to be his free and volumary ael tOr the uses and pnrpnscs mentionedJ��in il)c instrument. D/VI lit)IhisJ6 day or 1003. h� .� r� _ _ •` pc: Notary f'uhlic S7�PibtNIG Y2-R • •,�,� �•i in and for the Slate of n Wasl]jl��to .}q r�:�p1r9��C � : hh•app..inuncnl expires: �� 9 �i F w S� '/ %"..I... ...��_ - S rn I'l I'R Y WARRANTY t)rr•.i)-d -- P d by: wr 1 : 3 STA'17i OF WAS1[IN(;r()N t • I« COI INJ Y 01'KING t I cerlill that I km.%% .,r have-a.ilk iirtnn c%iJcncr that I it 1:.1 in<n„m i.lite per,.m,c11+,:%1ipcarct Ile li,re me.and ah„•:il•ne,l thio in,Irnna•nt and:Ick I—%IV,IceJ it t„be her li.e and c„hnnan act li+r the n.c. mut porpoecv menti,mcd in ttte imttnntcnt. `''s" I)A I1'I)Ilii: i6.la) .+f C�.��•� I„uX. . i o '0TAit ' �,C'f Nnlan=I'i`ihlic_�1F(�!I/1/VIE=-_ j,-'4 7'� .. .,� ~ ; in and for the State of Wachingkn, it A •: / • i VSLIf•. ' AI} :q+pointntent expire.;:Cs��k pi • � r`MG-1- STA rr•.oF.%%'.,W Cl + 1 IV A S%% J C\ C OUN I'Y OF KING'­.”' I I ccrtilj•that 1 know a+r hate catisl'aclnry evidence that David J.Knppenntan is the person who IN appeared berore Inc.and echo signed this instrument and acknowledged it to be his free and voluntary act fix the uses and purposes mentioned in the instrument. 94 �l rl DATED this✓lJ day of-apV-L I 1998. • := AoTA,r } -c Nolary Public !tMpfANIE It in and for the State of Washingto),. i~+ 1119 LIC appointmentespirec: % C> r STATE Or.. WAOk cc COUNTY 01'KING; I I certify that I know or have satisGlctory evidence that Frances L.Kappenn,v)is the person who appeared before lite.and who signed this instrument and acknowledged it to he her free and voluntary act tier the uses and purposes mentioned in the instrument. DATED this day of 1993. toIC - -- it jt OT1/� .G? Notary Public�T£�}0 M M•: z in and for[Ile State of Washit'�!M r A . AV6L{C �� (\le appninhnent expires: $ � U �`IttlA S`�v o STAT 11TORY WARRANTY DITD- Filed by: PNW]r MAY 01 LEASETYPE OR PRINTREAL ESTA'I�: EXCISE 1'AX AFFIDAVIT This form is yy�yo2cipt when stan,pul PLEASE SEE 14EVERSE by cashier. CHAPTER 82.45 RCW-CHAPTER 458-61 WAC For Usc at County Treasurer's Office (Use Fonn No. 84-0(x)In for Reporting T7anxfers of Controlling Interest or Iimity Ownership to the Dupannu,nt of Rcvenuc) THIS,V'FIDAVIT WILL NOT I11?ACCF:1'I'ICD UNLESS At.[.AREAS 1-7 ARE,FULLY CONIVIA-A 1-3) ® Name PLEASE SLE A77AMEa) © Name rTfV QF Rr, m= a A-4jAiGipa3 ----- i. x x W corporation :4 Street r Street 200 Mill Ave S City/State/Zip U City/State/Zip Renton, WA 98055 ADDRESS TO SEND ALL PROPERTY TAX RELATED CORRESPONDENCE AL1.TAX PARCEL NUMBERS ASS .SSLU VALOL IUNTY ?3TAY.f XFRER ntl'ra City of-Renton Nainc-----------------_.__ - -- _723150-1315 1)3 Street 200 Mill Ave S City/State/Zip Renton, WA 98055 LEGAL DESCRIPTION OF PROPERTY srfuATED IN ❑UNINCORPORATED COUNTY OR IN CITY OF Renton Street Address(if property is improved): 333 Main Ave S, Renton, WA 98055 The south 40 feet of Lot 9, Block 15, Town of Renton, according to the plat thereof recorded in Volume 1. of Plats, page 135, in King County, Washington; EXCEPT the westerly 5 feet thereof deeded to the City of Renton for alley purposes by deed recorded under Recording Number 4571646. ® Is this property currently: YES NO Description of tangible personal property if included in sale(1'w-niture, Classified or designated as forest land'? ❑ appliances,etc.) Chapter 84.33 RCW NSA Classified as current use land (open space, farm ❑ r] and agricultural,or limber)?Chapter 84.34 RCW X Exempt from property tax as a nonprofit ❑ If exemption claimed, list WAC number and explanation. II organization?Chapter 84.36 RCW Seller's Exempt Reg. No.—____—___ WAC No. (Sec/Sub) WAC 458-61-4 2U (1)(e) Receiving special valuation as historic ❑ Explanation TMPr threat Of eMinant c3 gin property?Chapter 84.26 RCW Property Type: ❑ land only ❑ land with new building )o land with previously used building ❑ land with mobile home 'Type of Document-qf-A tory—Warring Peed timber only U building only . Date of Document A2.,.. � 1fl92 — Principal Use: ❑ Apt. (4 + unit) ❑ residential I ' ❑ timber ❑ agricultural 11 commercial/industrial Gross Sale Price $?SA 75O nn ❑ other Personal Property(deduct) $ (1)NO-ricr OF CONTINUANCE(RCW 84.33 or RCW 84.34) Taxable Sale Price $ Excise'Tax: State $ — If the new owncr(s)of land that is classified or designated as current use Local $ or f9rest land wish to continue the classification or designation of such land,the new owner(s)must sign below.If the new owner(s)do not desire Delinquent Interest: State $ to continue such classification or designation,all compensating or addi- local tional tax calculated pursuant to RCW 84.33.120 and 140 or RCW Delinquent Penalty: State $ 84.34.108 shall be due and payable by the seller or transferor at the time of sack.The county assessor must determine if the land transferred qualifies 1°Ltd Doc $ —QO to continue classification or designation and must so indicate below. -THERE IS A$2.00 FEE FOR 1'ROCI:SSING THIS FORM IF NOTAX IS DUE Signatures do not necessarily mean the land will remain in classification or designation.If it no longer qualifies,it will be removed and the com- A FF I DAV IT pensating taxes will be applied. All new owners must sign. I certify under penalty of perjury under the laws of-the state of This land ❑does ❑does not qualify f'or continuance. Washington that the foregoing is true and correct(See back of this form). i Date DEPUTY ASSESSOR Signature of Grantor/Agent�- — (2)NOTICE OF COMPLIANCE(Chapter 84.26 RCW) , Name (print) If the new owner(s)of properly with special valuation as historic property 7 wish to continue this special valuation the new owner(s)must sign below. Date & Place of Signing 4- - 9jy - �• �/l If the new owner(s)do not desire to continue such special valuation,all i additional tax calculated pursuant to Chapter 84.26 RCW, shall be due Signature of and payable by the seller or transferor at the time of sale. Grantee/Agent / �/1� Lf (3)OWNER(S) SIGNATURE Name (print) t Date & Place of Signing Perjury: Perjury is a class C felony which is punishable by imprisonment in a state correctional institution for a maxinuun term of not more than five years,or by a fine in an amount fixed by the court of not more than five thousand dollars($5,000.00),or by both imprisonment and fine(RCW 9A.20.020 (1C)). REV 84 0001a(6-16-95) PD(6-30-97) FOR TREASURER'S USE ONLY TAXPAYL'R. sp0 5 — /� -- '�rrw NAMES AND ADDRESSES OF GRANTORS Tax Parcel Number 723150-1315-03 Roy M. Mills and Lois J. Mills 11821 79"' Avenue South Seattle, WA 98178 Rodney O. Dahley and Gwen G. Dahley 4002 48`' Avenue SW Seattle, WA 98116 Gordon J. Florence and Kathleen M. Florence 17852 118`h Avenue SE Renton, WA 98058 Gary L. Lindstrom and Linda E. Lindstrom 17632 118`" SE Renton, WA 98058 David J. Kappenman and Frances L. Kappenman 28521 47`h PL S Auburn, WA 98001 err CITY OF RENTON .0 CITY CLERK'S DIVISION MEMORANDUM DATE: May 19, 1998 TO: Stephanie Rary, Legal Assistant to David M. Dean FROM: Bonnie Walton, ext. 2501 SUBJECT: Executed acquisition documents/333 Main Ave. S Per your letter of 5/8/98, we are returning Escrow Instructions and Addendum to Letter of Agreement which have been fully executed. Please forward the original Deed to this office so we may index it and keep it with the other City deeds. Thank you. bw Enc. „ CIT SOF RENTON Office of the City Attorney Jesse Tanner,Mayor Lawrence J.Warren May 8, 1998 Ms. Marilyn Petersen City Clerk City of Renton 200 Mill Avenue South Renton, Washington 98055 Re: Acquisition of Parcel 4; 333 Main Ave S; DGR Associates Dear Ms. Petersen: I am enclosing the following documents regarding the above transactions for Mayor Tanner's review and signature: 1. Escrow Instructions for Mills, Dahley,Florence, Lindstrom and Kappenman Sale to City of Renton; 2. Addendum to Letter of Agreement; I have included copies of the Letter of Agreement and recorded Statutory Warranty Deed and excise tax affidavit for your information. Thank you. Please contact me if you have any questions. Very truly yours, Stephanie Rary Legal Assistant to David M. Dean Enc. Post Office Box 626 - 100 S. 2nd Street - Renton, Washington 98057 - (425)255-8678 ®This paper contains 50%recycled material,20%post consumer ADDENDUM TO LETTER OF AGREEMENT 1. This agreement is entered into under threat by the City of Renton to use its eminent domain powers to acquire the premises located at 333 Main Avenue South, Renton, Washington. 2. Conveyance will be by Statutory Warranty Deed and subject only to those exceptions approved by the Purchaser. 3. Seller is entitled to all rental payments up until the date of closing. Purchaser is entitled to possession on closing. 4. All other terms of the Letter of Agreement remain the same. DATED this day of , 1998. Seller: Purchaser: - F RENTON Roy M. ills By ayor Jesse Tanner Lois J. Mills TEST: �•-��a (/, s ` Rodney O ahley --Mari, yn e rsen, City Clerk i Gwen G. Dahley i �-Q Gordon J. Florence i ADDENDUM TO LETTER OF AGREEMENT- 1 f C C 6. tri Kathleen M. Florence Gary L. Lindstrom inda E. Lindstrom David 7'Kappenm Ix Frances L. KappenA mn ADDENDUM TO LETTER OF AGREEMENT- 2 i K , +err+ .,mr ESCROW INSTRUCTIONS MILLS, DAHLEY,FLORENCE, LINSTROM AND KAPPENMAN TO CITY OF RENTON Property Address: 333 Main Avenue South Renton, Washington 98055 TO: Warren, Kellogg,Barber, Dean &Fontes, P.S., Attorneys at Law: 1. PURCHASE AGREEMENTS: The undersigned appoint you as escrow agent for the closing of the above-mentioned real estate transaction in accordance with the terms and conditions of a Letter of Agreement ("Agreement") dated March 12, 1998, between the undersigned Seller and Purchaser. The Agreement is incorporated herein by reference. To the extent that any terms of that Agreement are inconsistent herewith, they are amended to conform to the terms of these Escrow Instructions. 2. INSTRUMENTS: The undersigned deposits with you the amounts necessary to close as set forth in the attached Real Estate Transaction Closing Statements ("Closing Statement"), together with necessary conveyancing and security instruments,which funds and instruments you are authorized to use when all parties have approved these instructions, and you hold for the account of the Purchaser the appropriate conveyancing instrument, and for the account of the Seller the appropriate promissory notes and/or security instruments and funds, all as set forth in the Agreement. From the sums deposited by the parties, you are authorized to deduct the charges as set forth in the attached Closing Statements. 3. TITLE INSURANCE: (a) General Information: The undersigned acknowledge that they understand that there are several different types of policies of title insurance, all of which can be issued with various indorsements which expand, explain or modify the policy coverage or insure against special risks. The two major types of coverage are Standard Coverage Policy and Extended Coverage Policy. A Standard Coverage Policy has general exceptions which are contained in Schedule "B". For the most part these-relate to off-record matters, such as encroachments or questions of location, boundary and area which an accurate survey would disclose, public or private easements not disclosed of record, rights of persons in possession of the property, material or labor liens, water rights, utility charges,etc. ESCROW INSTRUCTIONS - 1 An Extended Coverage Policy will generally not include some or all of the Schedule "B" exceptions noted above. However, the Extended Coverage Policy will cost approximately 30% more than the Standard Coverage Policy. In addition the title insurer may require a survey of the boundaries of the property and the improvements located thereon if the title insurer's inspection of the property leaves any doubt with regard to encroachments or boundary disputes. Thus, there would be additional expense and delay caused by the survey. The undersigned have heretofore agreed that the Seller will provide a Standard Coverage Policy at the expense of the Purchaser. The undersigned confirm that agreement. If the undersigned desire to modify their prior agreement with respect to the type of title insurance policy, we will notify you in writing of the change so that the proper title insurance coverage can be secured. (b) Owner's Policy. You are instructed to, on behalf of the Purchaser, order from Pacific Northwest Title Insurance Company, a preliminary commitment for an Owner's standard form policy of title insurance in the face amount of Two Hundred Fifty-eight Thousand Seven Hundred Fifty Dollars and no cents ($258,750.00). (c) Reliance. You are entitled to rely upon the preliminary commitment, and have no obligation to make any independent search of public records, or inquiry of any persons, including the Seller, Purchaser and Broker. 4. ESCROW FEE: Your escrow fee in the total sum of Eight Hundred Fifty Dollars and no cents ($850.00) is intended as compensation for the ordinary services as contemplated by these instructions. In the event that the conditions of this escrow are not promptly fulfilled or that you render any service not provided for in these instructions, or in the event there shall be an assignment of the interest of any party to these instructions or any modification in these instructions, you shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses occasioned by such action. 5. REPRESENTATION: Seller is aware that Warren, Kellogg, Barber, Dean & Fontes, P.S., Attorneys at Law, are acting as the attorneys for the Purchaser. Seller waives any potential conflict of interest that may arise by reason of that relationship. Seller is aware of their right to be represented by independent counsel of their own choice. 6. LIMITATIONS: YOU ARE TO HAVE NO LIABILITY OR RESPONSIBILITY WITH RESPECT TO ANY MATTERS CONNECTED WITH THE FOLLOWING: (a) Heating oil in tank, water, Metro and other utility charges which will be adjusted between the Seller and Purchaser outside of this escrow. (b) Requirements of the Consumer Protection Act, Truth In Lending Act, the Real Estate Settlement Procedures Act, Inter-State Land Sales Act, and any similar laws i and regulations. ESCROW INSTRUCTIONS - 2 i i i 1 'err Mr (c) Personal property, or encumbrances thereon, including personal property taxes, matters relating to the Bulk Sales Act, sales taxes and instruments filed under the Uniform Commercial Code, which matters will be adjusted between the Seller and Purchaser outside of this escrow. (d) Forgeries or false personations of any person or party in connection with these instructions or this escrow generally. (e) Assessments, utility connection and any other charges which are not of record and disclosed in the preliminary commitment for title insurance, including omit taxes which may appear on future tax statements. Seller warrants to you and to the Purchaser that there are no recently completed, pending, or announced local improvements for streets, underground wiring, water, sewer, etc., chargeable or to become chargeable to the property. All such matters shall be adjusted between Seller and Purchaser outside of this escrow. (f) The accuracy or correctness of any representations or provisions in the Agreement, or otherwise made by the parties or Broker. (g) Insurance on the property. (1) Purchaser understands and acknowledges that it is Purchaser's responsibility to provide for fire and casualty insurance upon the premises commencing as of or prior to the closing date in order to protect Purchaser's interest in the property. (2) In the event that Seller is financing any portion of the purchase price, Purchaser agrees, on or before the closing date, to acquire and pay at least the first year's premium on a new fire and casualty insurance policy with extended coverage in an amount not less than the value of the improvements on the property, or as set forth in the Agreement. The policy shall, to the extent that there is any balance owed them, name the Seller and any other holders of security against the property as loss payees. Purchaser agrees to immediately deliver to Seller a copy of the policy. (3) Seller will maintain any present insurance on the property until closing, and will be free to thereupon cancel the same and retain any refund of unearned premium. (h) Rental or lease arrangements concerning the property, including accounting or pro- ration of rentals or transfer or accounting of tenant deposits. (i) The parties understand that you have not inspected the subject property and have no knowledge regarding; ESCROW INSTRUCTIONS - 3 (1) The condition of the real property; (2) Whether or not any items of personal property referred to in the Agreement, if any, remain on the property or will remain on the property on delivery of possession to Purchaser; or (3) The presence on the real property, or in any improvements located thereon, of any asbestos-containing materials, polychlorinated biphenyls ("PCBs"), fuel and/or chemical storage tanks, drums and/or pipelines, liquid or solid wastes, pesticides, herbicides and/or other agricultural chemicals, or other substances or materials defined or designated as hazardous or toxic wastes, hazardous or toxic materials, a hazardous, toxic or radioactive substance, or other similar term, by any federal, state or local environmental statute, regulation, or ordinance, presently in effect, which materials are collectively referred to herein as "hazardous substances". The parties have specifically declined to secure a pre-acquisition assessment of the property to ascertain whether any hazardous substances are present on the property, or on any adjacent or nearby property. The Purchaser acknowledges that they understand that they may be held liable for the cost of cleanup or other remediation of any hazardous substances which may be hereafter discovered to be present on the property, together with costs of response by environmental agencies, and other damages to the environment, in the event that the Purchaser fails to make due and diligent inquiry into the environmental condition of the property prior to acquisition thereof. (j) You shall not be responsible for the transfer of possession of the real and personal property from Seller to Purchaser. All arrangements concerning such transfer shall be made directly between such parties. (k) Encroachments or questions of location, boundary and area, which an accurate survey may disclose. Each party specifically declines to obtain a survey of the premises which would disclose any such matters. (1) Public or private easements, streets, roads, alleys or highways, unless disclosed of record by recorded plat or conveyance,or decree of a court of record. (m) Exceptions and reservations in United States Patents. (n) Rights or claims of persons in possession, or claiming to be in possession, not i disclosed by the public records. (o). Material or labor liens, or liens under the Workmen's Compensation Act not disclosed by the public records. (p) Water rights or matters relating thereto. ESCROW INSTRUCTIONS - 4 (q) Any service, installation or construction charges for sewer, water, electricity, or garbage removal. (r) General taxes not now payable; matters relating to special assessments and special levies, if any,preceding the same becoming a lien. (s) Zoning (present or potential) of the property, and the legality or propriety of the Purchaser's proposed use of the property under existing land use codes. 7. MISCELLANEOUS: (a) A copy of the Closing Statement and other instruments may be delivered to any broker involved in the transaction, as well as to mortgagees or holders of other liens, and to attorneys representing any of the parties. You are authorized, but not required, to notify prior lien holders of the existence of any contract or other instrument securing all unpaid balances owed Seller by Purchaser. (b) These instruments are complete, and there are no oral or other agreements which modify or affect the same. Any future amendments or supplements to these instructions must be in writing, and delivered to you,before they shall be effective. (c) All notices and correspondence may be mailed or delivered to the parties at the addresses shown below. You shall have no liability for any loss or delay involved in mailing any instruments or monies. (d) The term "closing" is susceptible to several meanings. Generally, it means the time at which the Seller delivers title to the Purchaser in exchange for the purchase price. Normally, closing does not occur when the parties execute the legal documents at the closing agent's office or when the Purchaser delivers all or part of the purchase price to the closing agent but may be delayed several days until the documents and funds have been processed. 8. TERMINATION: If you are unable to comply with these instructions, or are, in your sole opinion, unable or unwilling to close this sale in the manner provided in the Agreement, then you will so notify the Seller and Purchaser in writing. If neither party has filed any objection within ten (10) days after receipt of such notice, then you are instructed to return all instruments and monies to the party who signed the same or paid the money to you. Thereupon, you are, without the necessity of further concurrence or instruments from either of the parties, released from all liability in respect to this escrow. If within said ten (10) days, either of the parties objects to the return of the instruments or monies, or transfer to another closing agent, you are authorized, in your discretion, to either hold the same until agreement is reached, or to interplead the same with the Superior Court, at the expense of the parties. Any monies returned to the parties shall be less any expenditures which you have made on their behalf prior thereto, including, but not limited to, any title insurance cancellation fee and your full escrow fee. ESCROW INSTRUCTIONS - 5 9. CLOSING STATEMENT: The attached closing statement has been reviewed and is approved by the parties. Dated: Seller: Purchaser: CI Y F RENTON ills y' Soc. Sec. No.: �%-3� '�� ayor Jesse Tanner � k ATTEST: Lois J. Mil Soc. Sec. No.:,�/,S-K- e,-�—�57V Cy. � Maz J. Pe er en, City Clerk Rodney ()Y/6ahley Soc. Sec. No.: Gwen G. Dahley Soc. Sec. No.: sem" 3� � Gordon J. Florence Soc. Sec. No.:S37 0.?-6716? K thleen M. Florence Soc. Sec. Gary L. Li dstrom Soc. Sec. No.:_ inda E. Linds rom Soc. Sec. No.: N�y- �"l`� ESCROW INSTRUCTIONS - 6 i a i i �r r,r► David J. kaprenman Soc. Sec. No.:— Frances L. Kappem a i Soc. Sec. No.: J—.�� ESCROW INSTRUCTIONS - 7 ESTIMATED SELLER'S REAL ESTATE TRANSACTION CLOSING STATEMENT MILLS, DAHLEY,FLORENCE,LINSTROM AND KAPPENMAN TO CITY OF RENTON Property Address: 333 Main Avenue South Renton, Washington 98055 Closing Date: April 30, 1998 DESCRIPTION CHARGES CREDITS Sales Price 258,750.00 Current Real Estate Taxes 347.70 Pro-rated as of April 30, 1998. Rental Deposits 800.00 Payoff to Seattle-First National Bank 94,567.17 Interest to May 1, 1998 Check to Seller: $163,730.53 163,730.53 Extended Totals 259,097.70 259,097.70 p I V 1 I ESCROW INSTRUCTIONS - 8 i ESTIMATED PURCHASER'S REAL ESTATE TRANSACTION CLOSING STATEMENT MILLS, DAHLEY,FLORENCE, LINSTROM AND KAPPENMAN TO CITY OF RENTON Property Address: 333 Main Avenue South Renton,Washington 98055 Closing Date: April 30, 1998 DESCRIPTION CHARGES CREDITS Sales Price 258,750.00 Current Real Estate Taxes 347.70 Pro-rated as of April 30, 1998. Rental Deposits 800.00 Title Insurance Premium inc. Sales Tax Less Work Charges 675.03 Recording/Reconveyance Fees (est.) 14.45 Escrow Fee 850.00 Check from Purchaser to Close: $ 259,837.17 259,837.18 Extended Totals 260,637.18 260,637.18 0� _ ESCROW INSTRUCTIONS - 9 low PAYOR'S REQUEST FOR TAXPAYER IDENTIFICATION NUMBER ESCROW NO. 175-081 DATE OF CLOSING: April 30, 1998 PROPERTY ADDRESS: 333 Main Avenue South Renton,Washington 98055 Are you selling or refinancing the above property? Selling_X_ Refinancing Is this property your primary residence? Yes No_X_ Are you a United States Citizen? Yes_X_ No SELLER/REFINANCING INFORMATION (please print): Mills,Roy M., and Lois J. RStreet Address) 7P 7-' wA (City, State,Zip) (Phone Number) (Soc. Sec. No.) ``/-2 74/5 (Soc. Sec. No.) Dahley, Rodney O., and Gwen G. yPt4K,,,Street Address) (City, State,Zip) -7 (Phone Number) (Soc. Sec. No.) X31 '/Y-3 G 30 (Soc. Sec. No.) ESCROW INSTRUCTIONS - 10 i i i Florence, Gordon J., and Kathleen M. 1,'145:2-e/tea .AAStreet Address) ea(City, State,Zip) ,i7s-z.) (Phone Number) .x'37-30? (Soc. Sec. No.) 39-6 2gLo(Soc. Sec. No.) Lindstrom, Gary L., and Linda E. 6 76'.3 R, //,? 7 -ST (Street Address) / lnv7 n u,yi 9b'('�*0 City, State, Zip) (Phone Number) ,_3F 3 q-zl �`� (Soc. Sec. No.) �- _7/ ,l (Soc. Sec. No.) Kappenman, David J., and Frances L. o/ 117 (Street Address) /-(City, State, Zip) 3 (Phone Number) (Soc. Sec. No.) 7 _Z 4�- 3Cz.�3' (Soc. Sec. No.) r { CERTIFICATION: Under the penalties of perjury, I certify that the information provided above i is true, correct and complete. *-RV lls `-� Lois J. Mills Date: &-�O 9d Date: ESCROW INSTRUCTIONS - 11 Rodneyahley Gwen G. Dahley Date: — U— `� Date: Gordon J. Florence Kathleen M. Florence Date: Date: _ ad.� Gary L. Lindstrom inda E. Lindsfr6in Date y 30 1 Dater David J. Kappenman Frances L. Kappenman Date: J L,) Date: ESCROW INSTRUCTIONS - 12 i `�. CIT ;OF 'RENTON • Iwo Planning/Building/Public Works Department Jesse Tanner,Mayor. Gregg Zimmerman P.E.,Administrator March 12, 1998 CITY OF RENTON DGR Associates MAY 18 1998 c/o Francis Kappenman RECEIVED 28521 47th Pl. S CITY CLERK'S OFFICE Auburn WA 98001 Subject: Acquisition of Street Right-of-Way For Main Avenue South Tax Parcel#723150-1315' Dear DGR Associates: This will document our agreement to pay, and your agreement to accept,the price of $258,750.00 for the property. In addition to this sum, the City.will pay all costs to close the transaction. Closing is to be as soon as possible,no later than April 30, 1998. You agree to provide copies of all current rental/lease agreements prior to closing, proof that all utilities are currently paid, and deliver keys to the building upon signing the deed in escrow. Ap oved DGR Associates: 0 J-Je n'2e,,:� P7,Zg-) . L F Sincerely, _ Thomas . Boyns Property Services Supervisor DGR.DW 200 Mill Avenue South - Renton, Washington 98055 ®This paper contains 50%recycled material,20%post consumer CITY OF RENTON PLANNINGBUILDING/PUBLIC WORKS MEMORANDUM DATE: March 25, 1998 TO: Lin Wilson Tom Boyns Richard Evans FROM: Gregg Zimmerman SUBJECT: Administrative Settlement, Main Ave. South Road Project Based upon the information provided in Tom Boyns' March 25, 1998 memo (attached), and upon my understanding that the Main Ave. project budget is sufficient to fund this acquisition, the proposed purchase price of Parcel #4, DGR Associates, 333 S. Main Ave. of $258,750.00 seems reasonable, and in my opinion we should agree to this. cc: \\TS SERVER\SYS2:\COMMON\-DocumenMgaz i low CITY OF RENTON PLANNINGBUILDING/PUBLIC WORKS MEMORANDUM DATE: March 25, 1998 TO: Gregg Zimmerman FROM: Lin Wilson X 6223 Tom Boyns, X 6209 '1 5 Richard Evans, X 5572 SUBJECT: ADMINSITRATIVE SETTLEMENT MAIN AVENUE S ROAD PROJECT PARCEL#4; DGR ASSOCIATES; 333 S.MAIN STREET This parcel was appraised by Bruce D. Allen &Associates, Inc. at$225,000.00. The appraisal used three approaches to value which indicated a range of value from $215,000 to $225,000. In each approach a measure of approximation and number rounding occurred. We accept the accuracy of the appraisal report within a range of value of seven percent. This range means that we would expect the owners to receive offers with prices between $210,000 to $240,000 if the property were offered for sale in the current market. It is reasonable to consider the value of the property to be $240,000.00. The owners have not re-leased the main floor of the building for the past seven months, knowing that this project was imminent. They have stated that they did not feel it was fair to a commercial tenant to sign a long term lease for space which would change and be disrupted within months of opening for business. This has cost them seven month's rent so far and by the time this transaction is concluded, this will be nine months. This rent is $1500 per month. Nine months of rent is $13,000.00. They could and would argue that this inability to rent constitutes an inverse condemnation and has damaged them. We believe that such a claim would be approved if presented in a court action. The owners have offered to settle for the sum of $258,750.00. They report their intention to require condemnation action if the City does not accept this figure. They further request consideration for their further expenses of buying replacement property which costs will be between $10,000 to $15,000. We investigated available properties to replace the existing building, looking for similar size and income in the same vicinity. We found several of similar size ranging from $228,000 to $249,500 asking price. However in no case did the income of the replacement properties meet the current income of this property. This is a further indication that the price indicated by the owners should be considered. I- March 25, 1998 w r.rr Page 2 In summary, consideration is made that the fair market value of the property is up to $240,000.00, and that we should pay $13,000.00 for interim lost rent as damages. The difference between this total of $253,000.00 and the owner's request of $258,750.00 is 2.27 %. In the event the City instituted a Condemnation Action, the City would offer more than this as its highest and best offer, and incur legal fees in the process. In conclusion we recommend settling at the figure last offered by the owners, $258,750.00. r. 17-MAR-1998 23 : 13 : 46 =_________________________________ #5 'fir' `Aw f/ MULTI FAMILY PROPERTIES <<< L- S- ACTV # UNITS 5 >>> OMD: FIN: 1 STI MLS# 98 003054 AD :411 WILLIAMS AVE S COU:KIN CIT:REN OWN:DAVIS OAD:SAME KEY:B,WC LD:01/08/98 SOC: 3000 OFF# 3284 425-432-4414 OPH: 227-5148 AR: 350 M: 656 G:C3 POS:CLOSING + 3* REP:JEANETTE W. 425-392-5300 NUMBER OF UNITS: CUR FINANCE FINAN DATA EXPENSES UNIT BR BATH APXSF FP RENT LNDR:PRIVATE GSI: TAX:1410 BASE 1 1 850 550 TYPE:D.O.T. VAC% 0 INS:60/MT MAIN 1 1 850 1 650 BAL: 180,000 =GRI: WSG:57/MT A S 1 200 400 MPI : -EXP: ELC: 30/MT B S 1 200 400 INT% 8.5 =NOI : HT: 75/MT C S 1 150 300 EQU: 50000 PAI: 1700/MT MGM:NA A/V YR:97 =CF: 700 MNT:NA ADD INC: TOTA M LND: CAP(NOI/LP) OTH: TERMS:C/O,CNV,FHAMP: GRM(LP/GSI) TOT: STRGE:Y ELV: R/O:Y AGE: 92 ROOF:COM* TAX# 723150246608 LS FX: A/C: REF:Y :Y HEAT:GAS* CNST:2X6 SEWER:C DRP:Y D/W:Y FPL:1 EXT:WOOD APX LT SZ:9000 PRKG C: U:Y ZON:MUL* FLR CVR:W/W,* LAND(SQF/ACRES) 9000 FABULOUS HERITAGE HOUSE! ! OWNER OCCUPIED 10%DOWN=$1600 TOTAL PAYMENTS! ! 3 STUDIO'S AVAILABLE. 2 ONE BEDROOMS THAT ARE SELF-CONTAINED! ! UNBEATABLE INCOME AND LOCATION! ! ZONED COMMERCIAL! ! HURRY CAN'T LAST! ! SELLER WILL SELL 1/2 INTEREST/PARTNERSHIP $114K CASH FLOW. $700 A MONTH POSITIVE CASH FLOW! DON'T PASS THIS ONE UP. TAX INFORMATION OWNER SITE ADDR: 0 TAX ID# SITE CITY: 98055 Q-SC-TN-RN: TELEPHONE: MAP: 656 GRID: C3 STRUCTURE $ MAIL ADDR: LAND $ MAIL CITY: TOT ASSMT $ RCDG DATE: EXCISE #: % IMPROVED: SALEPRICE$ DEED TYP: LEVY CODE : ZONING TAXES$ LAND USE PARCEL TYP: LEGAL VOL: PAGE: SUB/PLAT NBRHD CODE: CENSUS TR: BLOCK BLDG ID# LOT ACRES: 0.00 LOT SF YEAR BLT STORY/STY: 18 DEV TYPE: EFFYR BLT : - - - - - - - - - - - - - - - - BEDROOMS : ABV GRD SF: BLD CND: VIEW BATH-F3H : 0 0 0 TOT FIN SF: BLD QTY: VW-MTN: FIREPLACE: BSM FIN SF: BLD MAT: VW-CTY: SEWER BSM TOT SF: BSM TYP: VW-SND: HEAT MTHD: TOT BLD SF: GAR TYP: VW-LK : WTRFR TYP: WTRFRT FT: TOT UNT: VW-LRV: r- 17-MAR-1998 23 :13 :46 =___ __________________________- -_ #6 .' �wr rrr MULTI FAMILY PROPERTIES <<< L- ''` Ot ;. S- ACTV # UNITS 4 »> OMD: FIN: MLS# 98 017198 AD :421 BURNETT AV S COU:KIN CIT:REN OWN:TUCKER OAD: 13041 175 AVSE KEY:AP LD:02/19/98 SOC:3 OFF# 3626 425-271-8800 OPH:425 235 0578 AR:350 M: 656 G:C3 POS:SUBJECT TO * REP:M RYAN 800-928-1146 NUMBER OF UNITS: CUR FINANCE FINAN DATA EXPENSES UNIT BR BATH APXSF FP RENT LNDR: GSI : 24,960 TAX:2118 D 2 1 760 550 TYPE: VAC% 5% INS:275 C 2 1 760 550 BAL: =GRI :23712 WSG:3528 B 2 1 755 515 MPI: -EXP: 6,221 ELC: 300 A 1 1 460 465 INT% =NOI : 17,491 HT: UTIL 160 EQU: PAI: MGM: A/V YR:97 =CF: MNT: ADD INC: TOTAL:2080 LND:42000 CAP(NOI/LP)7.60 OTH: TERMS:C/O,CNV,FHA,VA IMP:110000 GRM(LP/GSI) 9. 21TOT:6221 STRGE:Y ELV: R/O:Y AGE: 18 ROOF:COM* TAX# 7839300125 LS FX: A/C: REF:Y BSM: HEAT:ELE* CNST:WOOD SEWER:C DRP:Y D/W:Y FPL: EXT:WOOD APX LT SZ:50 X 120 PRKG C: U:6 ZON:MUL* FLR CVR:W/W,* LAND(SQF/ACRES) . 13 100' SOUTH OF SPIRIT OF WA DINNER TRAIN. EASY TO FIND, EASY TO GIVE DIRECTIONS TO PROSPECTIVE TENANTS. GOOD ON SITE AND VERY GOOD OFF SITE PARKING. LARGE UTIL ROOM WHICH IS COVERTABLE TO A 2ND BEDR FOR THE ONE BEDR UNIT. NEW ROOF, NO LAWN TO MOW SO SMALL LANDSCAPING EXPENSES TAX INFORMATION OWNER TUCKER MITCHELL F;VALERIE J SITE ADDR: 421 BURNETT AVE S TAX ID# 7839300125 SITE CITY: RENTON 98055 Q-SC-TN-RN: SE 18 23N 05E TELEPHONE: 206-235-0578 MAP: 656 GRID: C3 STRUCTURE $ 110000 MAIL ADDR: 13041 175TH AVE SE LAND $ 42000 MAIL CITY: RENTON WA 98059-8701 TOT ASSMT $ 152,000 RCDG DATE: 02/08/96 EXCISE #: 148897 % IMPROVED: SALEPRICE$ 200,000 DEED TYP: WARRANTY LEVY CODE : 2110 ZONING : MFU 1997 TAXES$ 2,117 LAND USE : 104 RES,FOURPLEX PARCEL TYP: PLATTED LEGAL : BLK 32 LOT 1-2-3 SMITHERS 1ST ADD VOL: 9 PAGE: 76 SUB/PLAT : SMITHERS 1ST ADD TO RENTON NBRHD CODE: 530000 CENSUS TR: 253 .00 BLOCK : 4 BLDG ID# . LOT ACRES: 0.13 LOT SF 6,000 YEAR BLT : 1980 STORY/STY: 54 DEV TYPE: EFFYR BLT : i - - - - - - - - - - - - - - - - BEDROOMS : 2 ABV GRD SF: BLD CND: VIEW NONE BATH-F3H : 1 0 0 TOT FIN SF: BLD QTY: AVG VW-MTN: FIREPLACE: BSM FIN SF: BLD MAT: FRAME VW-CTY: SEWER BSM TOT SF: BSM TYP: VW-SND: HEAT MTHD: BASEBOARD TOT BLD SF: -*Qw„Q,WAGAR TYP: OPEN VW-LK : WTRFR TYP: WTRFRT FT: TOT UNT: 4 VW-LRV: 1.7-MAR-1998 23: 13 :46 =___ _____________________________ #4 MULTI FAMILY PROPERTIES <<< L- 9 950 S- ACTV # UNITS 4 >>> OMD: FIN: MLS# 97 090776 AD :13953 SE 173RD PL COU:KIN CIT:REN OWN:PANG OAD:MT KEY:SR LD:11/14/97 SOC: 3% OFF# 5301 425-453-9100 OPH:406-752-3525 AR: 340 M: 656 G:F7 POS:CLOSING REP:JOSEPH HO 206-575-7533 NUMBER OF UNITS: CUR FINANCE FINAN DATA EXPENSES UNIT BR BATH APXSF FP RENT LNDR: GSI : TAX: 3059 1 2 1 910 1 495 TYPE: VAC% INS: 2 2 1 910 1 495 BAL: =GRI: WSG: 155 3 2 1 919 1 495 MPI : -EXP: ELC: 35 4 2 1 924 1 475 INT% =NOI : HT: EQU: PAI: MGM: A/V YR:97 =CF: MNT: ADD INC: TOTAL: t460 LND:78700 CAP(NOI/LP) OTH:80 TERMS:C/O,CNV IMP:126800 GRM(LP/GSI) TOT: STRGE: ELV: R/O:Y AGE: 26, ROOF:COM* TAX# 2473300110 LS FX: A/C: REF:Y HEAT:ELE* CNST:WOOD SEWER:C DRP: D/W:Y FPL:4 EXT:WOOD APX LT SZ:8.742 PRKG C:Y U: ZON:GEN* FLR CVR:W/W,* LAND(SQF/ACRES) PERFECT FOR OWNER-OCCUPIED!2 TWHNHMS & 2 RAMBLER STYLE UNITS W/ GAR*CONVENIENT FAIRWOOD LOCATION ALONG BUS LINE & WITHIN WALKING DISTANCE TO STORES*COMMERCIAL ZONING W/HIGH VISIBILITY FOR SMALL BUSINESS*CALL JOSEPH HO 206-575-7533 FOR MORE INFO*OUT OF TOWN OWNERS WAIVE FORM #17. DO NOT DISTURB TENANTS. INSPECTION WITH EARNEST MONEY TAX INFORMATION OWNER PANG TONY;DORIS FCS SITE ADDR: 13953 SE 173RD PL TAX ID# 2473300110 SITE CITY: RENTON 98058 Q-SC-TN-RN: SW 27 23N 05E TELEPHONE: - - MAP: 656 GRID: F7 STRUCTURE $ 126800 MAIL ADDR: 13953 SE 173RD PL LAND $ 78700 MAIL CITY: RENTON WA 98058-7051 TOT ASSMT $ 205,500 RCDG DATE: 08/30/93 EXCISE #: 137770 % IMPROVED: SALEPRICE$ DEED TYP: QUIT CLAIM LEVY CODE : 4398 ZONING : RM900P 1997 TAXES$ 3 ,042 LAND USE : 104 RES,FOURPLEX PARCEL TYP: PLATTED LEGAL : LOT 11 FAIRWOOD PARK DIV # 5 VOL: 81 PAGE: 94 SUB/PLAT : FAIRWOOD PARK DIV NO. 05 NBRHD CODE: 530000 CENSUS TR: 258.02 BLOCK : 9 BLDG ID# LOT ACRES: 0. 20 LOT SF 8 ,742 YEAR BLT �19 STORY/STY: 54 DEV TYPE: EFFYR BLT BEDROOMS : 2 ABV GRD SF: BLD CND: VIEW NONE BATH-F3H : 1 0 0 TOT FIN SF: BLD QTY: AVG VW-MTN: FIREPLACE: 1 BSM FIN SF: BLD MAT: FRAME VW-CTY: SEWER BSM TOT SF: BSM TYP: VW-SND: HEAT MTHD: BASEBOARD TOT BLD SF: 4:x;528 ,GAR TYP: COVERED VW-LK WTRFR TYP: WTRFRT FT: TOT UNT: 4 VW-LRV: 1-7—MAR-1998 23 : 13:46 =___ =_________________________ __ #9 `.�► *Moe MULTI FAMILY PROPERTIES <<< L— `x'24 t00 S— ACTV # UNITS 4 >>> OMD: FIN: MLS# 97 098096 AD :609 MOSES LANE S COU:KIN CIT:REN OWN:ARNOLD OAD:4448 CALIF SW KEY:AP LD: 12/15/97 SOC: 3 .5/1.75 OFF# 1870 206-935-3442 OPH:425-255-9104 AR: 360 M: 656 G:C3 POS:SUBJECT TO * REP:JOHN F THOMPSON 972-3031 NUMBER OF UNITS: CUR FINANCE FINAN DATA EXPENSES UNIT BR BATH APXSF FP RENT LNDR:40000 GSI : TAX: 2336 #1 2 1 750 425 TYPE: VAC% INS: #2 2 1 750 370 BAL: =GRI : WSG: #3 2 1 750 395 MPI: —EXP: ELC: #4 2 1 750 195 INT% =NOI : HT: EQU: PAI: MGM: A/V YR:97 =CF: MNT: ADD INC: TOTAL:1385 LND:167700 CAP(NOI/LP) OTH: TERMS:C/O,CNV,FHA,VA,DOT IMP:127700 GRM(LP/GSI) TOT: STRGE: ELV: R/O: AGE: 18 ROOF:BUI* TAX# 7841300537 LS FX: A/C: REF: BSM: HEAT:ELE* CNST:FRAME SEWER:C DRP: D/W: FPL: EXT:WOOD APX LT SZ:5037 SF PRKG C: U:5 ZON: FLR CVR:W/W,* LAND(SQF/ACRES) 5037 SF RENTS VERY LOW, 18 YR OLD BLDG ON QUIET STREET. CONTRACT TERMS: $30K DP, 7% INT, 5 YR C/O OR PRICE NEGOTIABLE FOR CASHOUT. PLEAS DON'T DISTURB TENANTS (ONE UNIT CAN BE VIEWED BY APPT WITH LAG) OWNER WILL PAINT EXTERIOR PRIOR TO CLOSING. ENTER MOSES LANE OFF 7TH SOUTH. ERA 1 YR WARRANTY INCLUDED & WASHINGTON TITLE PLEASE TAX INFORMATION OWNER ARNOLD JACK G SITE ADDR: 609 MOSES LN S TAX ID# : 7841300537 SITE CITY: RENTON 98055 Q—SC—TN—RN: SE 18 23N 05E TELEPHONE: — — MAP: 656 GRID: C3 STRUCTURE $ 127700 MAIL ADDR: 4448 CALIFORNIA AVE SW LAND $ 40000 MAIL CITY: SEATTLE WA 98116-4109 TOT ASSMT $ 167,700 RCDG DATE: 04/25/89 EXCISE # : % IMPROVED: SALEPRICE$ 132 ,000 DEED TYP: WARRANTY LEVY CODE : 2110 ZONING : MFU 1997 TAXES$ 2 , 336 LAND USE : 104 RES,FOURPLEX PARCEL TYP: PLATTED LEGAL : LOT A SMITHERS 5TH ADD TO RENTON S VOL: 16 PAGE: 33 SUB/PLAT : SMITHERS 5TH ADD TO RENTON NBRHD CODE: 530000 CENSUS TR: 253 .00 BLOCK : 4 BLDG ID# . LOT ACRES: 0.11 LOT SF . 5,037 YEAR BLT : 1979 STORY/STY: 42 DEV TYPE: EFFYR BLT : BEDROOMS : 2 ABV GRD SF: BLD CND: VIEW : NONE BATH—F3H : 1 0 0 TOT FIN SF: BLD QTY: AVG VW—MTN: FIREPLACE: BSM FIN SF: BLD MAT: FRAME VW—CTY: SEWER BSM TOT SF: BSM TYP: VW—SND: HEAT MTHD: BASEBOARD TOT BLD SF: 3,072 GAR TYP: OPEN VW—LK : WTRFR TYP: WTRFRT FT: TOT UNT: 4 VW—LRV: err Self-Contained Appraisal Report - Complete Appraisal of DGR Associates Retail/Apartment Building Location 333 Main Avenue S. Renton, Washington Date of Valuation December 18, 1997 RECEIVED JAN 2 9 1998 CITY OF RENTON PUBLIC WORKS ADMIN. Appraised by Bruce C. Allen, MAI, CRE Darin A. Shedd, Associate Bruce C.Allen &Associates, Inc. 17.700.4.DOC- January 37,1998 Canplete/Self-Contained BRUCE C. ALLEN & ASSOCIATES, INC. Real Estate Appraisers and Consultants Bruce C.Allen,MAI, CRE,President Denise M.Lane,MAI Murray Brackett,MAI January 27, 1998 Mr. Tom Boyns City of Renton Property and Services Supervisor 200 Mill Avenue S. Municipal Building 4th Floor Renton, Washington 98055 RE: APPRAISAL OF DGR ASSOCIATES RETAIL/APARTMENT BUILDING LOCATED AT 333 MAIN AVENUE S. IN RENTON, WASHINGTON (File #17300-4) Dear Mr. Boyns: In response to your request, we have completed an appraisal of the DGR Associates retail/apartment building located at 333 Main Avenue S. in Renton, Washington. The purpose of the appraisal is to estimate the before and after market value of the fee simple interest in the subject property for a potential acquisition pursuant to the Main Avenue S. Road project. The subject is currently a 5,600-square-foot, 2-story, mixed retail/apartment building constructed in 1948 with ground floor retail and four 1-bedroom apartment units on the second floor. The City proposes to purchase the westernmost 10 feet of the site, which will reduce the building size by 800 square feet to 4,800 square feet. Ground floor retail space will be reduced to 2,400 square feet, and two of the upper floor apartments will be reduced to efficiency units. This appraisal was made in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP) and is intended to conform with the appraisal standards of the entity requesting this appraisal. Complete descriptions of properties used for comparison are included in this report, as well as all of our analyses and conclusions. The value estimates herein are given subject to the specific assumptions and limiting conditions stated immediately following this transmittal letter. 10655 N.E. 4th Street, Suite 221 Bellevue, Washington 98004-5022 (425)450-4040 Fax(425) 688-1819 TDD For Speech-and Hearing-Impaired: 1-800-833-6388 17300--1.DCX'- January 27,1998 Complete/Self-Contained ,*me v+u✓ Based on our investigation and analysis of all relevant data, it is our opinion the before and after market value of the fee simple interest in the subject property, as of December 18, 1997, is: BEFORE MARKET VALUE $225,000 AFTER MARKET VALUE 195,000 DAMAGE $30,000 Total just compensation is: DAMAGE $30,000 COST TO CURE 145,000 TOTAL JUST COMPENSATION $175,000 The total just compensation estimate assumes construction costs to cure of$145,000 based on a construction bid provided by Seattle Construction Services, Inc., included in the Addenda. If you have further questions not answered in the accompanying appraisal report, please do not hesitate to call. Sincerely, BRUCE C. ALLEN & CIATES, INC. Bruce C. Allen, MAI, CRE 1 i 4V Darin A. Shedd, Associate JP Enclosures Bruce C. Allen&Associates, Inc. 17300 4.DOC• Jaruuary Y7, 1998 2 Connplete/Self-Canatained ASSUN,wTIONS AND LIMITING CONbvO�HONS This appraisal report was made after personal inspection of the property identified in this report. The conclusions in the report have been arrived at and are predicated upon the following conditions: (a) No responsibility is assumed for matters which are legal in nature, nor is any opinion rendered on title of land appraised. Title to the property is assumed to be good and marketable unless otherwise stated in this report. (b) Unless otherwise noted, the property has been appraised as though free and clear of all liens, encumbrances, encroachments, and trespasses. (c) All maps, areas, and other data furnished your appraiser have been assumed to be correct; however, no warranty is given for its accuracy. If any error or omissions are found to exist, the appraiser reserves the right to modify the conclusions. Any plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. (d) It is assumed there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in this report. (e) It is assumed all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in this appraisal report. (f) The appraiser has no interest, present or contemplated, in the subject properties or parties involved. (g) Neither the employment to make the appraisal nor the compensation is contingent upon the amount of the valuation report. (h) To the best of the appraiser's knowledge and belief, all statements and information in this report are true and correct, and no important facts have been withheld or overlooked. (i) Possession of this report, a copy, or any part thereof, does not carry with it the right of publication, nor shall the report or any part thereof be conveyed to the public through advertising, public relations, news, sales, or other media valuation conclusions, identity of the appraiser, or firm, and any reference made to the Appraisal Institute or any professional designation. (j) There shall be no obligation required to give testimony or attendance in court by reason of this appraisal, with reference to the property in question, unless satisfactory arrangements are made in advance. (k) This appraisal has been made in accordance with rules of professional ethics of the Appraisal Institute. (1) No one other than the appraiser prepared the analysis, conclusions, and opinions concerning real estate that are set forth in the appraisal report. (m) Statements or conclusion offered by the appraiser are based solely upon visual examination of exposed areas of the property. Areas of the structure and/or property which are not exposed to the naked eye cannot be inspected; and no conclusions, representations, or statements offered by the appraiser are intended to relate to areas not exposed to view. No obligation is assumed to discover hidden defects. Bruce C.Allen &Associates, Inc. 17300-4.DOC 1 Complete/Self-Contained ASSUTVmWTIONS AND LIMITING CONbK"riONS (n) Unless otherwise stated in this report, the existence of hazardous waste material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. (o) Statements, representations, or conclusions offered by the appraiser do not constitute an express or implied warranty of any kind. (p) Neither appraiser nor Bruce C. Allen & Associates, Inc. shall be liable for any direct, special, incidental, or consequential damages whatever, whether arising in tort, negligence, or contract, nor for any loss, claim, expense, or damage caused by or arising out of its inspection of a property and/or structure. (q) The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since we have no direct evidence relating to this issue, we did not consider possible non-compliance with the requirements of ADA in estimating the value of the property. Bruce C.Allen&Associates, Inc. 17.300-4.DOC ll Cornplele/Se1J-Contained ,aw TABLE OF CONTENTS Pa e Letter of Transmittal Assumptions and Limiting Conditions Executive Summary Subject Property Photographs PART I -INTRODUCTION BeforeTaking........................................................................................................ 1 Identification of the Subject Property................................................................... 1 LegalDescription .................................................................................................. 1 Historyand Ownership......................................................................................... 1 Date of Inspection/Valuation ................................................................................ 1 Purposeof the Appraisal....................................................................................... 2 PropertyRights Appraised.................................................................................... 2 Scopeof the Appraisal........................................................................................... 2 Special Assumptions/Hazardous Waste ............................................................... 3 PersonalProperty.................................................................................................. 3 MarketingPeriod................................................................................................... 3 Neighborhood Description..................................................................................... 3 PART II - FACTUAL DATA General Description of Property........................................................................... 4 Assessed Value and Real Estate Taxes............................................................. 5 Building Improvements..................................................................................... 5 SiteImprovements............................................................................................. 5 PART III - HIGHEST AND BEST USE AsIf Vacant........................................................................................................... 6 AsImproved........................................................................................................... 6 PART IV -ANALYSES AND CONCLUSIONS TO VALUE Valuation ............................................................................................................... 7 CostApproach to Value......................................................................................... 8 SiteEvaluation .................................................................................................. 8 ImprovementsValuation................................................................................... 9 Developer's Incentive/Profit..............................................................................10 AccruedDepreciation........................................................................................10 Conclusion of Value by Cost Approach.............................................................10 IncomeApproach to Value ...................................................................................12 EconomicRent Estimate...................................................................................12 Estimate of Potential Gross Income.................................................................13 Vacancy and Collection Loss ............................................................................13 Estimate of Effective Gross Income .................................................................13 Expenses............................................................................................................14 Estimate of Net Operating Income...................................................................15 Overall Capitalization Rate..............................................................................15 Sales Comparison Approach to Value..................................................................17 Correlation of Sales and Conclusion of Value..................................................17 Correlation and Conclusion of Value...................................................................18 Bruce C.Allen &Associates, Inc. 17.300-4.DOC-January 27, 1998 Cornplete/Sel(-Contained TABLE OF CONTENTS Page PART V -ANALYSES AND CONCLUSIONS TO VALUE AFTER TAKE Description of the Subject Property.....................................................................20 Site ....................................................................................................................20 Topography............................. ............................................................................. Access .................................................................................................................. Soils...................................................................................................................20 Utilities .............................................................................................................20 Zoning................................................................................................................20 Improvements ...................................................................................................20 PART VI - HIGHEST AND BEST USE AFTER TAKE Highestand Best Use...........................................................................................22 ValuationAfter Taking........................................................................................22 CostApproach ......................................................................................................22 Site Value 2 ImprovementValue ..........................................................................................22 IncomeApproach..................................................................................................23 Vacancy/Expenses.............................................................................................23 CapitalizationRate...........................................................................................23 Estimate of Net Operating Income...................................................................24 Sales Comparison Approach to Value..................................................................24 Correlation and Conclusion of Value...................................................................25 Determination of Just Compensation..................................................................25 Recommendation..................................................................................................25 Certificationof Value ...........................................................................................27 PART VII -ADDENDA Construction Bid Title Report (Legal Description) Neighborhood Description Comparable Sales Analysis Sheets Qualifications of Appraisers Bruce C. Allen &Associates, Inc. 17300.4.DOC-January s7.1998 Complete/Self-Contained EXECUTIVE SUMMARY Project: DGR Associates retail/apartment building Location: 333 Main Avenue S. in Renton, Washington. Building Improvements: 5,600-square-foot, 2-story retail/apartment building. 2,800 square feet of ground floor retail; four 1-bedroom apartments. Site Size: 4,800 square feet Utilities: All available Zoning: CD (Center Downtown), aka CM (Mixed Commercial) Highest and Best Use: Continued retail/residential use Land Value: Before: $60,000 ($12.50 per square foot) After: $55,000 ($12.50 per square foot) Economic Rental: Before After Retail Space $18,000 $15,600 Apartment Units 18,000 16,200 Total $36,000 $31,800 Net Operating Income: Before $23,310 After $20,979 Value Estimates: Before After Cost Approach $215,000 $200,000 Income Approach $225,000 $195,000 Sales Comparison Approach $225,000 $195,000 Cost to Cure: $145,000 Final Value Estimate: Before $225,000 After 195,000 Damage $30,000 Just Compensation: Damage $ 30,000 Cost to Cure 145,000 Total $175,000 Date of Valuation: December 18, 1997 Appraisers: Bruce C. Allen, MAI, CRE Darin A. Shedd, Associate File: 17300-4 Bruce C. Allele &Associates, Inc. 17300-4.DOC-Jarruar7.37,1998 Complete/Self-Contained S%,,wJECT PROPERTY PHOTOGRWPHS d` r1 li- Subject facing west from Main Avenue S. k i i k I � i. Subject interior apartment unit Bruce C. Allen &Associates, I1cc. 17300-d.DOC-Jan.uarN'°7, 1998 1 Coln Plele/Self-Contain ed Sb"eJECT PROPERTY PHOTOG HS ALr- >p V` li aF. t Subject interior apartment unit r Subject interior retail unit Bruce C.Allen &Associates, Inc. 17300-4.DOC-January 27, 1998 11 Complete/Self-Contained SLJECT PROPERTY PHOTOGR HS ria =rt Subject interior retail unit Bruce C.Allem &Associates, Inc. 17300-4.DOC-January 27,1998 lll Complete/Self-CorUamed rrr l PART I - INTRODUCTION Before Taking Identification of the Subiect Property The subject property is identified as a 2-story, 5,600-square-foot masonry building located in downtown Renton at 333 Main Avenue S. The building was constructed in 1948 and occupies a 4,800-square-foot site. The ground floor consists of 2,800 square feet of retail/office space. The second story is also 2,800 square feet in size and consists of four 1-bedroom apartment units. Legal Description The subject property is legally defined in the title report contained in the Addenda to this report. The subject property is also identified as Tax Account 723150-131503. History and Ownership The subject property is owned by DGR Associates. No transfers of record/ have occurred within the past five years. Discussions with the owners indicate that the four top-level apartment units have been consistently occupied for the past five years. Current rent is $375 per unit per month. The ground floor tenant space is currently vacant. Asking rent is $750 per unit per month, or $1,500 per month for the entire floor. The retail space was last occupied by two tenants. Studio C, a hair and nail salon, occupied half of the space from 1990 until November 1997 at a final rental rate of $650 per month. Tile of America ended a 2- year lease in mid-1997. According to the owners, negotiations for new tenants have now been stalled due to the inability to guarantee greater than a month-to-month lease due to the subject road project. Date of Inspection/Valuation The subject property was inspected on December 18, 1997, and subsequent dates. The effective date of this appraisal is December 18, 1997. Bruce C.Allen&Associates, Inc. /7300-4.DOC-January 37.1998 1 Complete/Self-Contained r..r Purpose of the Appraisal The purpose of this appraisal is to estimate the market value of the fee simple interest in the subject property as of December 18, 1997. Market value is defined as:l The most probable price which a property should bring in a competitive and opera market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assunting the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well-informed or well-advised and acting in what they consider their best interests; 3. a reasonable time is allowed for exposure in the opera market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto;and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Property Rights Appraised This appraisal sets forth the estimated value of the fee simple interest. Fee simple interest is defined as:2 The inaxiinuln possible estate one can possess in real property. A fee simple estate is the least limited interest and the most complete and absolute ownership in land; it is of indefinite duration, freely transferable, and inheritable. Fee sample title is sometimes referred to as "the fee." All other estates may be created from it, which means that all other estates must be something less than fee simple (such as life estates, leaseholds, etc.). Any limitations that exist on the control and use of the land held in fee do not result from the mature of the estate itself but are the result of the limitations of Eminent Domain, escheat,police power, and taxation. Scope of the Appraisal The scope of this appraisal is all three approaches to value, including the Cost Approach, the Income Approach, and the Sales Comparison Approach. Data was collected on comparable rentals, comparable sales of land, and comparable sales of improved properties. 1Source: Office of the Comptroller of the Currency under 12 CFR, Part 34, Subpart C-Appraisals, 34.42 Definitions [fl. LFrom The Appraisal of Real Estate, Tenth Edition, 1992,Appraisal Institute, page 122. Bruce C.Allen &Associates, Inc. 17300-4.DOC-January 27, 1998 2 Complete/Self-Contained AM* r..r In appraising the subject property, the appraisers did the following: • Researched TRW-REDI and COMPS, Inc. databases. • Researched Bruce C. Allen & Associate's existing database. • Confirmed all land and building sales with buyers, selling agents, and/or public records. • Confirmed all rentals with leasing brokers, tenants, or lease documents. • Inspected all comparable sales. • Reviewed all documents as cited throughout this report. Special Assumptions/Hazardous Waste We have been provided no information regarding the presence or absence of hazardous waste on the subject property. This appraisal assumes the absence of any and all hazardous waste on the subject property. If hazardous waste is found to be present on the subject property, we reserve the right to change the valuation contained in this report. Personal Property Removable fixtures such as kitchen appliances, drapes, blinds, etc. are essential for the operation of the subject property. They are considered to be real estate fixtures and their contributory value has been included within our final value estimate. There is no personal property included within the appraised value. Marketing Period Absent the subject road project, the subject would be a marketable retail-residential building. The ability to generate apartment rental income is a significant benefit easing the temporary loss of retail income due to vacancies and turnovers. We anticipate this building would be desirable and able to be marketed and sold within a 6-month period. Neighborhood Description A brief neighborhood description is contained in the Addenda to this report. Bruce C. Allen &Associates, Inc. 17300-4.DOC-January 37,1998 3 Cornplete/Sel(-Contained Now %MW PART II - FACTUAL DATA General Description of Property Size: 4,800 square feet Dimensions: Approximately 120' x 40' Topography: Level and at road grade Access: Abutting roadways: Main Avenue S., and a 10-foot rear alleyway Zoning: CD (Center Downtown), aka CM (Mixed Commercial). Within this zone the subject is in the "Downtown Core' subarea. This zone is described as follows: The purpose of the Mixed Commercial Zone (CM) is to provide a mixed-use commercial center serving a regional market as well as adjacent residences. Uses include a wide variety of retail sales,personal and professional services, multifamily residential dwellings, recreation and entertainment uses and sone light industrial uses. Primary uses include: a) Retail sales b) Offices c) Services d) Multifamily residential: residential uses at densities between 25 and 100 dwelling units per net acre. Density may be increased to 150 dwelling units per acre subject to admilListrative conditional approval. e) Group holnes II D Existing public and private elementary and secondary schools g) Adult family homes h) Retirement residence i) Theaters j) Utilities(small) k) Single-family residences Setbacks Setbacks in the "downtown core area"are as follows: no setbacks are required until the building exceeds 40 feet, whereby portions over 40 feet must be set back 10 feet for each story. No rear and side yard setbacks are required except in the landscaping section. Heiaht Limit There is a general maxiinuln height of 95 feet. Lot coverage for buildings shall not exceed 65 percent of the total lot area. Lot coverage may be increased up to 75 percent of the total lot area if parking is provided within the buildilg or within a parking garage. Landscaping Landscaping along areas abutting public streets shall have a lninilnuln landscapilLg of 10 feet except for the "downtown core area. Bruce C.Allen &Associates, Inc. 17300-4.DOC-January 27,1998 4 Complete/Self-Contained ..r sow Assessed Value and Real Estate Taxes The subject property is assessed and taxed as follows: 1997 Assessed Values Tax Account Land Improvements Total Taxes 723150-131503 $34,500 $122,300 $156,800 $2,185 Building Improvements The subject building is a 2-story masonry structure constructed in 1948 with 2,800 square feet on each level. The top floor contains four 1-bedroom/1-bath apartment units. The units are carpeted and have fluorescent lighting and electric baseboard heating. Kitchens and bathrooms have a finish of linoleum and ceramic fixtures with wood cabinets. Quality is typical for units of that era and age. No major upgrades were apparent. The four units are accessed via an internal stairway and hall running the length of the building east and west. The ground floor retail space is divided into two units of equal size. The space is comprised of open shell area with concrete floors and painted wallboard walls, and a hung acoustical tile ceiling. Lighting is florescent. Each unit contains a single bathroom. Heating is via wall-mounted electric fans. The overall condition of the building is considered fair and reflective of its older age. It appears adequate for the downtown Renton market and no major deficiencies were noticed. Roof top is flat with an asphalt cover which appears to be in adequate condition. We assume from the age of the structure, that it contains areas with asbestos containing material ACM's which will require special removal costs at demolition. Site Improvements Site improvements consist of a paved, 4-stall parking lot in the rear of the building. Bruce C.Allen &Associates, Inc. 17300-4.DOC-January 37,1998 5 Caaplete/Self Contained v..► PART III - HIGHEST AND BEST USE Highest and best use is defined3 as: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. As If Vacant The subject has a level, at-grade topography and is not physically constrained beyond its small size, which may require assemblage for redevelopment. Commercial and/or multifamily development are both legal and feasible alternative uses for the subject similar to the senior apartment project located immediately west of the subject. In our opinion, the highest and best use of the site is for a commercial and/or multifamily development. As Improved As improved, the subject conforms to the highest and best use as vacant. While the existing improvements are in an older condition, they continue to contribute value well in excess of the site value. Continued use of the improvement is considered the highest and best use. - 3From The Appraisal of Real Estate, Tenth Edition, 1992, Appraisal Institute, page 275. Bruce C.Allen &Associates, Inc. 17300-4.DOC-JaMiary?7,1998 6 Cornplete/Self-Contained ..ri NOW PART IV -ANALYSES AND CONCLUSIONS TO VALUE Valuation Approaches Used in the Valuation Process - The valuation is obtained by the proper use of three different approaches to the value estimate: the Cost Approach, the Income Approach, and the Sales Comparison Approach. These three approaches are different in character but related somewhat in the known facts they require to arrive at an estimate of value from each. The final estimate of value is derived through a correlation process in which the appraiser weighs one approach against the other to determine the relative merits of each before coming to a conclusion. The Cost Approach to Value is the process of first estimating the value of the subject land, to which is added the replacement cost new of the structure, less depreciation and the cost of land improvements. The sum of the costs is the indication of value by the Cost Approach. The Income Approach to Value, as applied to the subject property, involves the estimation of a gross economic rental, which is then processed by subtracting an estimated vacancy and credit loss and operating expenses to obtain an estimated net operating income. The net operating income is then capitalized into a value estimate by the appropriate capitalization rate derived from the market. The Sales Comparison Approach to Value is utilized in several different methods. Sales of comparable buildings are analyzed to determine a sale price per square foot of building area to apply to the subject. Similarly, the subject site is valued via a Sales Comparison Approach by analyzing recent land sales within the Renton area. Final Correlation and Estimate of Value -The various indications of value from the approaches are analyzed as to how they relate to one another, as well as to the market. The approach or approaches which are the most appropriate are given the most consideration in arriving at a final estimate of value. Bruce C.Allele &Associates, Inc. 17300-4.DOC-January 27,1998 7 Complete/Self-Contained 1%W 140W Cost Approach to Value Site Evaluation The subject property is located in the "downtown core" of Renton. The area is generally fully developed, and most comparable sales are typically in-fill sites or redevelopment sites. Following is a summary of sales that are considered most comparable to the subject. Further details and descriptions of these sales are contained in the Addenda. Commercial Land Sales Sale Sale Size Price/ No.of Price/ Sale Identification/Location Date Price (SO sf Zoning Units unit 1 723150-0965,0970 07/15/94 $470,000 36,850 $12.75 CM 1020 Bronson Way 05/13/94 78,900 7,200 $10.96 $548,900 44,050 $12.46 99 $5,544 2 723150-0885 01/14/94 $75,469 7,188 $10.50 CM 723150-0895 01/14/94 $60,375 5,750 $10.50 CM 218 Main Avenue S. 3 192305-9092,0710; 915460-0005,0170 12/31/96 $838,442 65,295 $12.84 CA 501 SW 7th Street 4 192305-9070 10/26/93 $565,000 41,000 $13.78 CO 710 S. Grady Way 5 723150-2265 02/20/96 $300,000 * 22,675 $13.23 CM 201 Williams Avenue 6 783930-0230,0240 03/24/97 $260,000 * 20,160 $12.90 CM 617 3rd Street 7 723150-1255, 1260, 1750 01/23/97 $240,000 * 23,861 $10.06 CM 901 S. 3rd Street * Prices adjusted for existing improvements. Based on these sales, our estimate of value for the subject is $12.50 per square foot. Accordingly, the total site value for the subject can be estimated as follows: 4,800 sf @ $12.50/sf= $60,000 Bruce C.Allen &Associates, Inc. 17300-4.DOC-January 27, 1998 8 Complete/Self-Conlain d Improvements Valuation The second step in the Cost Approach is to estimate the cost of constructing the subject improvements. In order to value the improvements, we have consulted the Marshall Valuation Manual, a nationally recognized cost publication which breaks down nearly all types of construction into various categories. The subject property is built out with a mix of residential apartments and retail shell space. These areas are best described in the manual as "Class C, Average Quality Multiple Residence," and a "Class C, Average Cost" retail store. These classifications are described as: Multiple Residences - Class C, Average Exterior walls: Brick or block, some trim, asphalt shingle or built-up roof Interior finish: Plaster/drywall, paint, hardwood, carpet vinyl composition Lighting/Plumbing: Adequate lighting/plumbing, phone and TV jacks Heat: Forced Air Retail Stores - Class C, Average Exterior walls: Brick, block, tilt-up, plain front, some ornamentation Interior finish: Drywall/plaster, exposed masonry, acoustic tile, vinyl composition Lighting/Plumbing: Adequate lighting and outlets, small employees' restrooms Heat: Package A.C. The base cost is $40.90 per square foot and $43.12 per square foot, respectively. Average base cost is thus $42.01. Adjustments to this base cost are required for perimeter, current cost, and local area multipliers of 1.025, 1.00, and 1.20, respectively. After adjustment, the adjusted cost is $51.67 per square foot. Applied to the gross building area of 5,600 square feet indicates a new replacement cost of: 5,600 sf @ $51.67/sf= $289,365 Bruce C.Allen &Associates, Inc. 17300-9.DOC-January 27, 1998 9 Complete/Self-Contained 1%► rr.✓ Developer's Incentive/Profit The developer's profit is a major cost category not included in the Manual. It is defined as the difference between market value of the property and the total of indirect and direct costs including land. It is also defined as the return on entrepreneurial skill, which is generally thought of as the profit the developer of the project realizes for his time, effort, risk, and skill in bringing the project to successful conclusion. Generally speaking, developers attempt to attain a profit of 10 to 20 percent. In this case, a profit of 15 percent is considered proper. Accrued Depreciation Accrued depreciation is the loss in value caused by physical depreciation (wear and tear) and functional or economic obsolescence. The subject property was built in 1948. The building appears to have received average upkeep and limited periodic remodeling. The building remains fully functional but retains a somewhat dated appeal and condition. An age/life method of estimating depreciation is appropriate as it recognizes effective age and remaining economic life. The Marshall Swift Valuation Manual estimated that life for the subject type building is 50 years. The subject retail space is largely vacant shell space with slowly depreciating components such as the walls, floors, etc. In contrast, the apartment units consist of more quickly depreciating short-lived items, such as carpeting, fixtures, cabinets, etc. Overall, we have estimated an effective age for the property of 27 years and a remaining economic life of 23 years. Accrued depreciation is, thus estimated at 54 percent (27 _ 50 = 0.54). Conclusion of Value by Cost Approach Appropriate estimates for developer's profit and site improvements are added to the depreciated replacement cost, together with the land value concluded in the previous section, to arrive at the final concluded value by the Cost Approach, summarized below. Bruce C.Allen &Associates, Inc. 173004DOC•January?7, 1998 10 Complete/Self-COIUGi71ed NOW rrr+ Cost Approach Summary Total New Replacement Cost $289,364 Add Developer's Profit @ 15% 43,405 Subtotal $332,769 Less Accrued Depreciation @ 54% (179,695) Subtotal $153,074 Add Site Improvements(Parking) $2,500 Add Land Value 60,000 Cost Approach Conclusion $215,574 ROUNDED $215,000 Bruce C.Allem &Associates, bic. 17300-4.DOC-January 37,1998 11 Complete/Self-Cortlairted ,`r. Income Approach to Value The Income Approach is a method of valuation where projected net income from the subject property is capitalized into value by a market-derived overall rate. The first step in this approach is to estimate potential gross income by comparing the subject to similar rental properties. An allowance for vacancy and credit loss is then deducted, generating an effective gross income estimate. All expenses, including operating and fixed, are then deducted from effective gross income, resulting in net income to the owner. Finally, the net income is capitalized or divided by an overall rate that is obtained from the analysis of sales comparable to the subject. Economic Rent Estimate The following summary chart presents those complexes selected for comparison to the subject. In particular, we have focused on buildings of similar vintage and amenities. Photos of the comparables are included for reference at the end of this report. Comparable Apartment Rentals Apt. Year Unit No.of Rent/ Rental Location Built Type Units Month 1 212 S. Tobin 1932 1/1 6 $300 2/1 1 $350 2 Ventura Apartments 1960 1/1 6 $415 820, 826 Harrington Avenue 2/1 2 $480 3 1825 NE 3rd 1959 1/1 8 $400-$440 Sbj. 333 Main Avenue S. 1948 1/1 4 $375 Comparable Retail Rentals Retail Year Rent Rental Location Built Month Tenant Expenses 1 321 Main Avenue S. 1955 $0.50 All Utilities 2 901 S. 3rd Street 1946-1956 $0.50 All Utilities Sbj. 333 Main Avenue S. 1948 $0.54 Utilities Except Sewer/Garbage Bruce C.Allen &Associates, Inc. 17300-4.DOC-January.7, 1998 12 Complete/Self-Contained Estimate of Potential Gross Income The subject rents are in line with the comparable rentals and are considered to be at a market rate. Total Potential Gross Income for the subject is thus estimated as follows: 4 Apartments @ $375/month $1,500 2 Retail Units @ $750/month $1,500 Total Monthly $3,000 ROUNDED $36,000 Vacancy and Collection Loss Vacancy is a deduction for periodic turnover, vacant space, or non-payment of rent. There is currently zero percent vacancy for the subject apartment units and 100 percent vacancy for the retail space. The existing vacancy is the retail space, however, is largely attributable to the pending road project and the inability of the owners to guarantee greater than a month-to-month lease. Market surveys indicate the current vacancy and collection loss rates for Renton apartment units of the subject's age are currently approximately five percent. Vacancy and collection loss rates for retail space is substantially higher at an estimated ten percent. The subject building is split equally between its retail and apartment space and an overall annual vacancy and collection loss of 7.5 percent is estimated. Estimate of Effective Gross Income Based on an potential gross income of $36,000 and a vacancy and collection loss estimate of 7.5 percent, the projected effective gross income for the subject property is: Potential Gross Income $36,000 Less Vacancy @ 7.5% ($2'7.00) Effective Gross Income $33,300 Bruce C.Allen &Associates, Inc. 17300-4.DOC-Januar•37, 1998 13 Complete/Self Contained Expenses The subject's income and expense history for 1995 through 1997 is presented in the following chart. Income and Expenses History 1995 Gross Collections $26,822 Expenses: Advertising $263 Utilities 2,301 Puget Power 447 Waste Management 148 Real Estate Taxes 2,440 Property Insurance 1,069 Legal and Professional 279 Repairs 1,207 Office 62 1995 Total Expenses $8,216 % of Gross Collections 31% 1996 Gross Collections $31,275 Expenses: Advertising $279 Utilities 3,030 Puget Power 447 Waste Management 138 Real Estate.Taxes 2,415 Property Insurance 1,098 Legal and Professional 626 Repairs 1,174 Office 92 1996 Total Expenses $9,299 % of Gross Collections 30% 1997 Gross Collections $26,556 Expenses: Advertising $294 Utilities 3,385 Puget Power 575 Waste Management 133 Real Estate Taxes 2,185 Property Insurance 1,190 Legal and Professional 275 Repairs 200 Office 42 1997 Total Expenses $8,279 % of Gross Collections 31% Bruce C.Allen &Associates, Lac. 17.3004DOC•JaWtary 27,1998 14 Complete/Self-Contairwd *taw •.00' The above expense estimates indicate yearly expenses at 30 percent of gross receipts or effective gross income. The 3-year operating history is also in line with our estimate of effective gross income for the subject considering 1996 gross receipts of$31,275, the last year of full occupancy of the retail units. Estimate of Net Operating Income Based on our above estimates, yearly total net operating income of the subject is calculated as follows: Potential Gross Income $36,000 Less Vacancy (2,700) Effective Gross Income 33,300 Less Operating Expenses @ 30% (9,990) Net Operating Income $23,310 Overall Capitalization Rate A capitalization rate is derived from the marketplace by analyzing recent sales of similar properties for their respective relationships between price and net income. Capitalization rates are highly affected by the buyer's perceived risk in obtaining the estimated net income. Where the buyer perceives a significant likelihood that future rents will increase, a lower cap rate may result. The sales discussed later in the Sales Comparison Approach indicate capitalization rates ranging from of 9 to 12 percent, although most buildings were not purchased based on capitalization rate, but rather were purchased based on building price per square foot. Similarly, the subject property is of a size and price range which is affordable to a wide range of buyers, including many relatively small, unsophisticated investors who typically do not rely on a cap rate analysis as the primary tool in analyzing their purchase. Rather, such purchases often are driven by individual circumstances, such as the need to reinvest for tax purposes. It is common for reported cap rates in such purchases to vary widely, as exhibited by the comparable sales analyzed. Bruce C.Allen &Associates, Inc. 17300-4.DOC-Jarw.ary:7, 1998 15 complete/Self-Cori tained \v' 1%01 In our opinion, a cap rate at the high range of the comparables is considered appropriate. We have therefore correlated a capitalization rate of 10.5 percent. This results in a total value indication for the subject property by the Income Approach calculated as follows: Net Operating Income $23,310 Capitalized @ 10.5% $224,000 ROUNDED $225,000 Bruce C.Allen &Associates, Inc. 17300-4.DOC-January 27, 1998 16 Cornplete/Self-Contained Sales Comparison Approach to Value The following chart summarizes the most pertinent of recent building sales felt to be most comparable to the subject. Sale Sale Bldg. Price/ Site Site Bldg. Bldg. Price/ Sale Location Date Price Size(sf) sf Bldg. Size(sf) Value Value S/sf Unit Age Constr. Office/Retail 1 723150-1330 11/07/97 $135,000 3,500 $38.57 5,520 $69,000 $66,000 $18.86 1955 Masonry 321 Main Avenue S. 2 723150-1720 07/02/93 $400,000 12,470 $32.08 18,037 $189,389 $210,611 $16.89 1953 Concrete bloc 801 Houser Way S. 3 723150-1850 06/10/97 $573,000 11,200 $51.16 22.400 $280,000 $293,000 $26.16 1954 Brick 222 Williams Avenue S. 4 723150-1185 06/11/95 $230,000 8,350 $27.54 3,480 $43,500 $186,500 $22.34 1909/ Brick 900 S.3rd Street 1925 5 723150-1335 10/30/95 $207,500 7,060 $29.39 6,598 $82,475 $125,025 $17.71 1946 Concrete bloc 317 Main Street 6 783930-0230,0240 03/24/97 $360,000 15,066 $23.89 20,160 $250,000 5110,000 $7.30 1942 Brick 617 S.3rd Street 7 723150-1255,1260, 1750 01/23/97 $480,000 29,518 $16.26 23,861 $300,000 $180,000 $6.10 1946 Brick/wood 901 S.3rd Street 8 784180-0085 10/05/93 $460,000 13,046 $35.26 14,616 $153,468 $306,532 $2350 1957 Frame 305 S.2nd Street Apartments 9 000720-0155 04/04/96 $205,000 6,048 $33.90 11,325 $115,250 $91,750 $15.17 $22,777 1932/ Wood frame 212 S.Tobin Street 1948 9 Units 10 245720-0191;0192 1 12/30/96 $297,000 4,946 $60.50 13,500 ($54,000) $49.13 $37,125 1960 Wood frame 820,826 Harrington Avenue 8 Units II 172305-9083 06/03/97 $320,000 5,800 $55.17 24,403 ($97,612) $38.34 $40,000 1959 Brick 1825 NE 3rd 8 Units 12 722500-0195 02/04/97 $363,250 6,000 $59.94 9,500 ($38,000) $53.67 $45,406 1964 Wood frame 345 Pelly Avenue 9 Units 13 722400-0310 09/08/95 $205,000 3,850 $53.25 4,838 ($25,000) $45.45 $41,000 1967 Wood frame 221 N.Park Avenue Sbj. 723150-1315 02/01/89 $145,000 5,600 $25.89 4,600 $45,000 $100,000 $17.86 1945 Concrete bloc 333 Main Avenue S. Correlation of Sales and Conclusion of Value The above sales indicate a value range of older retail buildings in Renton of $16.20 to $51.16 per square foot. Most sales, however, are bracketing the $25.00 to $40.00 per square foot range. Most reliance is given to the Sale 1 neighboring retail building due to its recent sale date and immediate location. This sale indicates a value of $38.57 per square foot for a larger retail building of comparable quality as the subject. Considering the smaller size of the subject and the other comparable sales, we estimate a value of$40.00 per square foot for the subject's retail space. The multifamily sales indicate a value range of $22,777 to $45,406 per unit, or $33.90 to $60.50 per square foot. Most of the comparables are, however, newer than Bruce C.Allen &Associates, Inc. 17.700.4.DOC•January 27,1998 17 Complete/Self-Contained lk%W 14 r the subject and are in superior conditions as indicated by the higher rents they command. In our opinion, the subject is most similar to Sales 1 and 2 in terms of age and quality. Overall, we estimate the value of the subject apartments at $40.00 per square foot, or approximately $28,000 per unit. The total value of the subject property by the Sales Comparison Approach is: 5,600/sf @ $40.00/sf = $224,000 ROUNDED = $225,000 Correlation and Conclusion of Value The three approaches used in this appraisal resulted in the following values: Cost Approach: $215,000 Income Approach: $225,000 Sales Comparison Approach: $225,000 The Cost Approach is relied on most heavily when a property is new and has little or no accrued depreciation. In this case, the building is nearly 50 years old with an estimated effective age estimated at 28 years, requiring a depreciation adjustment estimated at 54 percent. The Cost Approach is given least weight in the final correlation because it is not heavily relied upon by investors, especially with older buildings with an uncertain depreciation rate. In general, the Income Approach measures the value of a property as an investment, and it is typically a reliable approach for investors and users in the marketplace and it can accurately measure performance as well as risk. We have noted, however, that capitalization rates may be less heavily relied upon in the purchase of properties of the subject's size and price range by small, relatively unsophisticated buyers than, say, larger institutional projects. Indeed, very few of the comparable sales were actually purchased based on a capitalization rate. Most buyers appear to be relying on instinct and comparable sales in the subject market. Bruce C.Allen &Associates, Inc. 17300-4.DOC-January 87.1998 18 Coruplete/Sel(-Contained +`r The Sales Comparison Approach compared sales of similar apartment and retail buildings in the subject's market area. While these sales indicated a fairly wide range of prices, we relied most heavily upon properties considered very comparable in terms of location and quality. The Sales Comparison Approach is given considerable weight in the final correlation as if most accurately tracks buyer behavior in the subject market and it corresponds well with the Income Approach. Giving most weight to the Sales Comparison Approach, but considering higher values from the Income Approach, it is our opinion the market value of the fee simple interest in the subject property, as of December 18, 1997 is best estimated at: TWO HUNDRED TWENTY FIVE THOUSAND DOLLARS ($225,000) Bruce C.Allen&Associates, Inc. 17300-4.DOC-January:7.1998 19 Complete/Self-Contained PART V -ANALYSES AND CONCLUSIONS TO VALUE AFTER TAKE Description of the Subiect Property Site After the take, the subject site will be reduced in size by ten feet along its Main Avenue S. Frontage. Total site size after taking is thus 4,400 square feet. Topography The topography of the site remains unchanged from the before take situation. Access Access to the site remains unchanged. Soils The soils condition remains unchanged from the before situation and are adequate for development. Utilities Utility access remains unchanged from the before take situation. Zoning The subject's zoning is RM and remains unchanged from the before take situation. Improvements After taking, the subject building will lose its easternmost ten feet and will be reconfigured and partially rebuilt. As part of this appraisal assignment, we have had Contractor, Robert Powers, prepare a bid for demolition and reconstruction of the improvements with a new east wall. The retail space will be reduced in size by 400 square feet (10' x 40) to 2,400 square feet. The two upper floor eastern Bruce C.Allen &Associates, Inc. 17300.4.DOC-January 27, 1998 20 Complele/Selj-Contained apartments will be reduced by ten feet also and will be reconfigured as efficiency units with a kitchen, bathroom, and bedroom. The existing family room or television rooms will be eliminated. The back units will remain unchanged. Access will be from the rear stairway with the easternmost front accessway eliminated. Total square footage of the apartments top level will be reduced to 2,400 square feet. The reconfiguration assumes the rear stairway will become the sole entrance, and that the Main Street stairway can be eliminated. Discussions with the City indicate a variance would be required for this configuration, but that it would likely be granted (see Seattle Construction report). This appraisal assumes the reconfiguration and variance would be allowed. Absent this variance, the reconfiguration costs could be substantially increased. Costs to reconfigure the subject building pursuant to the Seattle Construction plan are estimated at $145,000, including a 15 percent contingency. The construction period is estimated at 60 days. Bruce C.Allen &Associates, Inc. 17300.4.DOC-January 27. 1998 21 Complete/Self Contained NOW �.tr PART VI - HIGHEST AND BEST USE AFTER TAKE Highest and Best Use After taking, the highest . and best use of the subject remains for continued multifamily/retail mixed use. Valuation After Taking The subject is valued utilizing the same three approaches to value as were utilized in the before situation. Cost Approach Site Value After taking, the subject site is valued utilizing the same sales as in the before take situation. Based on these sales, we estimate a value of $12.50 per square foot for the 4,400-square-foot subject site ,or $55,000 total. Improvement Value The replacement cost new of the subject improvement was previously estimated at $51.67 per square foot. Based on the subject building's smaller 4,800-square-foot size, the replacement cost new is $248,016. Upgrades from the renovation, however, will reduce the building's depreciation which we estimate at only 50 percent after completion. Profit remains estimated at 15 percent. The following Cost Approach Summary can be performed: Bruce C.Allen &Associates, Inc. 17.300.4.DOC-January 27,1998 22 Complete/Self-Contained 1"r Cost Approach Summary Total New Replacement Cost $248,016 Add Developer's Profit @ 15% 37,202 Subtotal $285,218 Less Accrued Depreciation @ 50% (142,609) Subtotal $142,609 Add Site Improvements(Parking) $2,500 Add Land Value 55,000 Cost Approach Conclusion $200,109 ROUNDED $200,000 Income Approach After taking, the subject's rent per square foot on the retail space is considered to remain unchanged at $0.54 per square foot per month, or $6.00 per square foot per year. Total monthly rent, based on the smaller 2,400-square-foot size, is thus $1,300 per month. The two upper floor units, which currently rent for $375 per month, will be reduced to efficiency units, and in our opinion, would rent for $75 per month less, or $300. The two westerly units remain unchanged and will continue to rent for $375 per month. The estimated potential gross income, after taking, is thus: 2 Units @ $375/month $750 2 Units @ $300/month 600 2 Retail Units @ $.54/month 1,300 Total Monthly $2,650 Annualized (Per Year) $31,800 Vacancy/Expenses Vacancy rates and expenses are estimated to remain unchanged at 7.5 percent and 30 percent of effective gross income. Capitalization Rate A similar capitalization rate of 10.5 percent is considered appropriate. Bruce C. Allele &Associates, Lac. 17300-4.DOC-January 37,1998 23 Complete/Self-Contained ;,ftw , Estimate of Net Operating Income Based on the above estimates, yearly total net operating income of the subject after the take is calculated as follows: Potential Gross Income $31,800 Less Vacancy @ 7.5% (2,385) Effective Gross Income 29,415 Less Operating Expenses @ 30% (8,824) Net Operating Income $20,590 This results in a total value indication for the subject property by the Income Approach calculated as follows: Net Operating Income $20,590 Capitalized @ 10.5% $196,100 ROUNDED $195,000 Sales Comparison Approach to Value The after take valuation of the subject utilizes same sales as in the before take situation. A similar value of$40.00 per square foot is estimated for the retail space. The westerly apartment units remain valued at $28,000 each. The easterly economy units are smaller in size, less desirable, and command a lower rent per month. Accordingly, a lower value is estimated at the low end of the comparable sales at $22,500 per unit. Total value pursuant to the Sales Comparison Approach is thus: Retail Space @ $40.00/sf $96,000 2 Apartment Units @ $28,000 56,000 2 Apartment Units @ $22,500 45.000 Total $197,000 ROUNDED $195,000 Bruce C.Allen &Associates, Inc. I7300-d.DOC-January 37,1998 24 Complete/Self-Contained 1%W VOW Correlation and Conclusion of Value The three approaches used in this appraisal resulted in the following values: Cost Approach: $200,000 Income Approach: $195,000 Sales Comparison Approach: $195,000 Similar to the before take situation, we place most emphasis on the Sales and Income Approach. Total after take value is thus estimated at: ONE HUNDRED NINETY FIVE THOUSAND DOLLARS ($195,000) Determination of Just Compensation In this case the determination of just compensation is based on the value difference between the subject property, before and after taking, as well as, the cost to cure the subject building to create the after take situation. The components are estimated as follows: BEFORE MARKET VALUE $225,000 AFTER MARKET VALUE 195,000 DAMAGE $30,000 Cost to cure is based on Seattle Construction's estimate of $145,000, which is included in the Addenda. Total estimate of just compensation is thus: DAMAGE $30,000 COST TO CURE 145,000 TOTAL JUST COMPENSATION $175,000 Recommendation The cost to remodel the building is $145,000 and results in a property worth $30,000 less than the "as is" property. The total just compensation of $175,000 is equivalent to either a purchase of the property at $225,000 less a surplus of the Bruce C. Allen &Associates, Inc. 17300-4.DOC-January 27, 1998 25 Complete/Self-Contained wr+ .✓ remainder site for $55,000, or a $175,000 just compensation purchase with the City demolishing the building and the owners retaining the remainder site worth $55,000. Due to the complexity of a remodel and potential delays or unforeseen additional costs due to the age of the building and variance requirements for a sole accessway to the apartment units, we recommend a fee simple purchase of the site by the City. This would allow the City to control the site and to utilize the property during construction of the road widening project. After construction is complete, the City could either retain the site for parking or surplus the site at fee value. Bruce C. Allen &Associates, Inc. 17.300-4.DOC-January S7,1998 26 Complete/Self-Contained *ftw '%W CERTIFICATION OF VALUE I, the undersigned, do hereby certify that I have personally inspected the property located at 333 Main Avenue S. in Renton, Washington, and have prepared the analyses, opinions, or conclusions of value. To the best of my knowledge and belief, the statements of fact contained in this report and upon which the opinions herein are based are true and correct, subject to the assumptions and limiting conditions explained in the report. Employment in and compensation for making this appraisal are ih no way contingent upon the value reported; it was not based on a requested minimum valuation, a specific value, or the approval of a loan. I certify that I have no interest, either present or contemplated, in the subject property. I have no personal interest or bias with respect to the subject matter of the appraisal report or the parties involved. I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as in conformance to the USPAP adopted by the Appraisal Standards Board of the Appraisal Foundation. This appraisal report identifies all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. No one other than the undersigned, with the exception of the person(s) shown on additional certification(s) if enclosed, prepared the analysis, opinions, or conclusions concerning real estate that are set forth in this appraisal report. I certify that 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, I have completed the requirements of the continuing education program of the Appraisal Institute. In my opinion, the market value of the fee simple interest in the subject property, as of December 18, 1997, is: BEFORE MARKET VALUE $225,000 AFTER MARKET VALUE 195.000 DAMAGE $30,000 Total estimate of just compensation is thus: DAMAGE $30,000 COST TO CURE 145,000 i TO AL ST COMP SA ION $175,000 Bruce C. Allen, MAI, CRE State Cert.#AL-LE-NB-C622KW Bruce C.Allen &Associates, Inc. 173004DOC-January 37,1998 27 Complete/Self-Contained CERTIFICATION OF VALUE I, the undersigned, do hereby certify that I have personally inspected the property located at 333 Main Avenue S. in Renton, Washington, and have prepared the analyses, opinions, or conclusions of value. To the best of my knowledge and belief, the statements of fact contained in this report and upon which the opinions herein are based are true and correct, subject to the assumptions and limiting conditions explained in the report. Employment in and compensation for making this appraisal are in no way contingent upon the value reported; it was not based on a requested minimum valuation, a specific value, or the approval of a loan. I certify that I have no interest, either present or contemplated, in the subject property. I have no personal interest or bias with respect to the subject matter of the appraisal report or the parties involved. I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as in conformance to the USPAP adopted by the Appraisal Standards Board of the Appraisal Foundation. This appraisal report identifies all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. No one other than the undersigned, with the exception of the person(s) shown on additional certification(s) if enclosed, prepared the analysis, opinions, or conclusions concerning real estate that are set forth in this appraisal report. I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. In my opinion, the market value of the fee simple interest in the subject property, as of December 18, 1997, is: BEFORE MARKET VALUE $225,000 AFTER MARKET VALUE 195,000 DAMAGE $30,000 Total estimate of just compensation is thus: DAMAGE $30,000 COST TO CURE 145.000 TOTAL JUST COMPENSATION $175,000 Darin A. Shedd, Associate State Cert.#SH-ED-DD-A350B4 Bruce C. Allele &Associates, Inc. 17300.9.DOC-January-27,1998 28 Coruplete/Sel(-Contained Part VII - Addenda Bruce C.Allen &Associates, Inc. 1 i300.4.DOC Complete/Sel(•Contairred PACIFIC NORTHWEST TITLE COMPANY OF WASHINGTON, INC. 1201 Third Avenue, Suite 3800 Seattle, Washington 98101 Senior Title Officer, Mike Sharkey Title Officer, Diana L. Cardenas Unit No. 12 FAX Number 206-343-1330 Telephone Number 206-343-1327 The City of Renton/Public Works Department 200 Mill Avenue South, 4th Floor Title Order No. : 314505 Renton, Washington 98055 Attention: Tom Boyns Customer Ref. : 25300 A. L. T. A. COMMITMENT SCHEDULE A Effective Date: May 19, 1997, at 8:00 a.m. 1. Pacific Northwest Title Insurance Company Policy(ies) to be issued: A. ALTA Owner's Policy Amount TO BE AGREED UPON Standard (X) Extended ( ) Premium Tax (8.6%-) Proposed Insured: TO FOLLOW B. WORK CHARGES Amount $290.00 Tax (8.6g) $ 24. 94 2. The estate or interest in the land described herein and which is covered by this commitment is fee simple. 3. The estate or interest referred to herein is at Date of Commitment vested in: ROY MILLS, who also appears of record as ROY M. MILLS; ROD DAHLEY, who also appears of record as RODNEY O. DAHLEY; GORDON FLORENCE, who also appears of record as GORDON J. FLORENCE; GARY LINDSTROM, who also appears of record as GARY L. LINDSTROM; and DAVE KAPPENMAN, who also appears of record as DAVID J. KAPPENMAN; each being presumptively subject to the community interest of their respective spouses if married on and between February 1, 1984 and March 26, 1990 4. The land referred to in this commitment is situated in the County of King, State of Washington, and described as follows: As on Schedule A, page 2, attached. r Order No. 314505 A.L.T.A. COMMITMENT SCHEDULE A Page 2 The land referred to in this commitment is situated in the county of King, state of Washington, and described as follows: The south 40 feet of Lot 9, Block 15, Town of Renton, according to the plat thereof recorded in Volume 1 of Plats, page 135, in King County, Washington; EXCEPT the westerly 5 feet thereof deeded to the City of Renton for alley purposes by deed recorded under Recording Number 4571646. END OF SCHEDULE B NOTE FOR INFORMATIONAL PURPOSES ONLY: The following may be used as an abbreviated legal description on the documents to be recorded, per amended RCW 65.04 . Said abbreviated legal description is not a substitute for a complete legal description within the body of the document. Ptn. of Lot 9, Block 15, Town of Renton, Vol. 1, pg. 135 PACIFIC NORTHWEST TITLE COMPANY OF WASHINGTON, INC. A.L.T.A. COMMITMENT Schedule B Order No. 314505 I. The following are the requirements to be complied with: A. Instruments necessary to create the estate or interest to be insured must be properly executed, delivered and duly filed for record. B. Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. II. Schedule B of the Policy or Policies to be issued (as set forth in Schedule A) will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company: A. Defects, liens, encumbrances, adverse claims or other matters, if any created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. B. GENERAL EXCEPTIONS: 1. Rights or claims of parties in possession not shown by the public records. 2 . Public or private easements, or claims of easements, not shown by the public record. 3 . Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the premises. 4 . Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records, or Liens under the Workmen's Compensation Act not shown by the public records. 5 . Any title or rights asserted by anyone including but not limited to persons, corporations, governments or other entities, to tide lands, or lands comprising the shores or bottoms of navigable rivers, lakes, bays, ocean or sound, or lands beyond the line of the harbor lines as established or changed by the United States Government. 6 . (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 7 . Any service, installation, connection, maintenance, capacity, or construction charges for sewer, water, electricity or garbage removal . 8 . General taxes not now payable or matters relating to special assessments and special levies, if any, preceding the same becoming a lien. 9 . Indian tribal codes or regulations, Indian treaty or aboriginal rights, including, but not limited to, easements or equitable servitudes. C. SPECIAL EXCEPTIONS: As on Schedule B, attached. Order No. 314505 A.L.T.A. COMMITMENT SCHEDULE B Page 2 SPECIAL EXCEPTIONS: NOTE FOR INFORMATION PURPOSES ONLY: EFFECTIVE JANUARY 1, 1997, AND PURSUANT TO AMENDMENT OF WASHINGTON STATE STATUTES RELATING TO STANDARDIZATION OF RECORDED DOCUMENTS, THE FOLLOWING FORMAT AND CONTENT REQUIREMENTS MUST BE MET. FAILURE TO COMPLY MAY RESULT IN REJECTION OF THE DOCUMENT BY THE RECORDER. FORMAT: MARGINS TO BE 3" ON TOP OF FIRST PAGE, 1" ON SIDES AND BOTTOM - 1" ON TOP, SIDES AND BOTTOM OF EACH SUCCEEDING PAGE. RETURN ADDRESS IS ONLY ITEM ALLOWED WITHIN SAID 3" MARGIN. NOTHING WITHIN 1" MARGINS. FONT SIZE OF 8 POINTS OR LARGER AND PAPER SIZE OF NO MORE THAN 8 1/2" BY 14" . NO ATTACHMENTS ON PAGES SUCH AS STAPLED OR TAPED NOTARY SEALS; PRESSURE SEALS MUST BE SMUDGED. INFORMATION WHICH MUST APPEAR ON THE FIRST PAGE: RETURN ADDRESS, WHICH MAY APPEAR WITHIN THE UPPER LEFT HAND 3" MARGIN. TITLE OR TITLES OF DOCUMENT. IF ASSIGNMENT OR RECONVEYANCE, REFERENCE TO RECORDING NUMBER OF SUBJECT DEED OF TRUST. NAMES OF GRANTOR(S) AND GRANTEE(S) WITH REFERENCE TO ADDITIONAL NAMES ON FOLLOWING PAGES, IF ANY. ABBREVIATED LEGAL DESCRIPTION (LOT, BLOCK, PLAT NAME, OR SECTION, TOWNSHIP, RANGE AND QUARTER QUARTER SECTION FOR UNPLATTED) ASSESSOR'S TAX PARCEL NUMBER(S) . (continued) Order No. 314505 A.L.T.A. COMMITMENT SCHEDULE B Page 3 SPECIAL EXCEPTIONS (continued) : 1. GENERAL AND SPECIAL TAXES AND CHARGES: FIRST HALF DELINQUENT MAY 1, IF UNPAID: SECOND HALF DELINQUENT NOVEMBER 1, IF UNPAID: YEAR: 1997 TAX ACCOUNT NUMBER: 72150-1315-03 LEVY CODE: 2110 CURRENT ASSESSED VALUE: Land: $ 34, 500.00 Improvements: $122, 300.00 GENERAL TAXES: AMOUNT BILLED: $2,183 .31 AMOUNT PAID: $1,091.66 AMOUNT DUE: $1,091.65 SPECIAL DISTRICT: AMOUNT BILLED: $1.25 AMOUNT PAID: $ .62 AMOUNT DUE: $ .63 2. DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF: GRANTOR: Roy M. & Lois J. Mills, Rodney O. & Gwen G. Dahley, Gordon J. & Kathleen M. Florence, Gary L. & Linda E. Lindstrom, David J. & Ginny Kappenman, husbands and wives, a General Partnership TRUSTEE: Rainier Credit Company BENEFICIARY: Rainier National Bank AMOUNT: $119,254.48 DATED: March 20, 1990 RECORDED: March 21, 1990 RECORDING NUMBER: 9003211566 DEED OF TRUST MODIFICATION AND THE TERMS AND CONDITIONS THEREOF: DATED: April 10, 1995 RECORDED: April 14, 1995 RECORDING NUMBER: 9504140664 The amount now secured by said Deed of Trust and the terms upon which the same can be discharged or assumed should be ascertained from the holder of the indebtedness secured. (continued) Order No. 314505 A.L.T.A. COMMITMENT SCHEDULE B Page 4 DEED OF TRUST MODIFICATION AND THE TERMS AND CONDITIONS THEREOF: DATED: July 19, 1995 RECORDED: July 25, 1995 RECORDING NUMBER: 9507251366 3 . Unrecorded leaseholds, if any; rights of vendors and holders of security interests on personal property installed upon said property and rights of tenants to remove trade fixtures at the expiration of the term. 4. Question of marital status of Roy Mills from February 1, 1989 date of acquiring contract interest, to March 26, 1990 date of recording fulfillment deed: If then unmarried or married to the spouse joining in execution of the forthcoming instrument, recital therein will be sufficient otherwise, the present ownership of the community interest of said spouse at the time, or times in question must be determined. 5. Question of marital status of Rod Dahley from February 1, 1989 date of acquiring contract interest, to March 26, 1990 date of recording fulfillment deed: If then unmarried or married to the spouse joining in execution of the forthcoming instrument, recital therein will be sufficient otherwise, the present ownership of the community interest of said spouse at the time, or times in question must be determined. 6. Question of marital status of Gordon Florence from February 1, 1989 date of acquiring contract interest, to March 26, 1990 date of recording fulfillment deed: If then unmarried or married to the spouse joining in execution of the forthcoming instrument, recital therein will be sufficient otherwise, the present ownership of the community interest of said spouse at the time, or times in question must be determined. 7. Question of marital status of Gary Lindstrom from February 1, 1989 date of acquiring contract interest, to March 26, 1990 date of recording fulfillment deed: If then unmarried or married to the spouse joining in execution of the forthcoming instrument, recital therein will be sufficient otherwise, the present ownership of the community interest of said spouse at the time, or times in question must be determined. (continued) Order No. 314505 A.L.T.A. COMMITMENT SCHEDULE B Page 5 8. Question of marital status of Dave Kappenman from February 1, 1989 date of acquiring contract interest, to March 26, 1990 date of recording fulfillment deed: If then unmarried or married to the spouse joining in execution of the forthcoming instrument, recital therein will be sufficient otherwise, the present ownership of the community interest of said spouse at the time, or times in question must be determined. 9. We note that the statutory warranty deed dated February 1, 1989, recorded March 26, 1990, under Recording Number 9003260820, under which title to said premises is vested purports to establish a partnership. However, said deed does not name or specify the type of partnership taking title. Therefore, said partnership may not be an entity capable of holding title to said premises. 10. Right, title and interest of DGR Associates as disclosed by the King County Assessor's tax rolls. 11. Until the amount of the policy to be issued is provided to us, and entered on the commitment as the amount of the policy to be issued, it is agreed by every person relying on this commitment that we will not be required to approve any policy amount over $100, 000, and our total liability under this commitment shall not exceed that amount. 12. Payment of Real Estate Excise Tax, if required.. The property described herein is situated within the boundaries of local taxing authority of City of Renton. Present Rate of Real Estate Excise Tax as of the date herein is 1. 780. NOTE 1: Our examination discloses that the vestee herein does not own any contiguous property. NOTE 2 : The name and address of the current taxpayer according to the King County Assessors record is: DGR Associates 4002 48th SW Seattle, 98116 (continued) Order No. 314505 A.L.T.A. COMMITMENT SCHEDULE B Page 6 NOTE 3 : The vestee herein acquired title by instrument recorded under Recording Number 723150-1315-03. END OF SCHEDULE B Title to this property was examined by: David Clasen Any inquiries should be directed to one of the title officers set forth in Schedule A. DVC/st/8987O r t W «. 3.1 3 \ , `• - d' ?��5 < 1410 LAC f L - .. hb � ' � •3G- 07 l 3RD �c c.-o,; S T LM Q �� J •' so/A 4:50 - _ o w { • 1 v 'gyp 14-, 6C Q Yr / 3- �*�d C 7 . c + J �� �/ �;5_• - •3 �.� I ,.rev r /D , zo ^ O IL .446 3 i s i s ,y'S •' „o 0 - ST -300- PAC f F I C 3oo.PACIFIC ITORTHtiVFST TITLE CO�ti LP,-VNY .`'OR TH ,,�\ Fonnerh StewartTrtle Cori anY P . Order No. 3 / yso s I\iPORT:\\"[ [}pis is not a Plat of Sun e\. It is furnished as a conlenience to locate the land indicated hereon \\ith reference to streets and other land. No liability is assumed by reason of reliance hereon. SOUTH Neighborhood Description The following neighborhood description is excerpted from the Renton Comprehensive Plan: Renton is a city located at the south end of Lake Washington on the edge of metropolitan and rural King County. Its location between Seattle, Bellevue, and Tacoma.places Renton in the center of a region that is the economic hub of the State. The City is at the crossroads of a regional transportation network where seven State and Interstate highways converge and is central to national and international air traffic. Renton covers approximately 16 square miles of land and is bordered by King County, Kent, Tukwila, Newcastle and Bellevue with Seattle nearby. The freeway system is a dominant visual feature of this city. Interstates 405 and SR 167 bisect the City, create visual barriers within the contntunity, and define the edges of districts and neighborhoods. The City includes portions of the valleys through which the Cedar and Green Rivers flow as well as adjacent uplands to the east and northeast. The natural features that define the edges of the City and its neighborhoods include Lake Washington, the hills,plateaus, streant corridors and valleys. Although it is one of the older cities within the region, Renton still has vacant and underused land in many neighborhoods, including the historic downtown, which offer an opportunity for growth. The plateau areas hold major residential neighborhoods and growth is expected in this area. Abundant views and green wooded areas characterize the hillsides encircling the downtown and along the Cedar River and May Creek. The topography and location of the City afford beautiful scenic views of a variety of significant natural features including Mt. Rainier, the Olympic Mountains, Lake 1't ashington, and. the Cascade Mountains. Renton was formally established with the platting of 480 acres of land by Erasmus Smith.ers in 1856. This original plat comprises much of present downtown Renton. The downtown core evolved out of the first plat of the town filed in 1876. This plat included the area from the Cedar River south to Seventh Street, between Burnett and Mill. Avenue. Early industries and businesses included coal mining, lumber, brick making, and rail and freight transportation. In 1901, upon incorporation, the City had a total area of one square mile. Since then, incremental annexations have increased the size of the City to encompass approximately 16.7 square ►niles. Employment in Renton has been dominated by industry since the City was first settled in the mid 1800's. Because of the nearby forests and proximity to water for transport, the first local industry was timber harvesting and processing. Beginning in the 1870's and continuing through the 1940's, Renton was known for its coal and brick making operations. Other industries included production and transport of limber, and, the supply of steel, pig iron, and equipment to railroad companies. During this period, the City established itself as an important industrial center. The Boeing Company's decision in the early 1940s to build a new plant at the south end of Lake Washington dramatically influenced the City's future. Rapid growth of the Boeing Company together with the merger of Pacific Car and Foundry into PACCAR, Inc. accelerated the City's rise as a regional industrial and employment center. Renton was transformed from a small town of 4,500 population to a thriving city with a population of 16,039 in the decade frorm 1940-1950 with construction of the Boeing Company's Renton plant. Bruce C. Allen &Associates, Inc. r 7300ADD.Doc With the shift away from rail toward automobile and truck transportation in the 1940s and 1950s, a new type of regional tra.►nsporta.ti.on. hub was created in Renton. Two nnajor freeways (Interstate 405 and SR 167) and three State highways (SR 900, 515 and 169)augmented and replaced the rail system. RENTON TODAY Once separated by rural areas and open space, Renton and its neighbors are now growing together and becoming part of the larger Puget Sound metropolitan region. Renton is currently home to ►pore than 43,970 (1994 OFNI)people and ranges fourth in population in King County. An additional 60,000 people live in the unincorporated area surrounding the City. It is a city with ►►nany well-established ►neighborhoods --as well as sonne new neighborhoods. Renton continues to be an important center of ennploynnent. Over 45,000 people work in the city each day. Most of these people work for the Boeing Cornpa►ny or PACCAR Company, which co►nti►nue to be I►najor players in the local and regional economy. Re►nto►n, along with the rest of the region and the county has been experiencing an increase in professional a►nd service jobs over the past few years. Boeing's related research and development facilities in and around Renton have been a major factor in the development of office parks along Grady Way and in the north end of the Green River Valley. At the sane time, there has been increased demand for goods and services as evidenced by the number and types of Conu►nercial uses along Rainier Avenue. As more land is Converted to Office and conunercnal use there will be less available for future industrial uses and the type of jobs they provide. Vacant land re►►nains scattered throughout Rentorn, but, as tinne passes, will become an increasingly scarce resource. Sonne vacant land is environmentally sensitive a.►nd not suitable for intensive develop►►nent. However, based on current estinnates, there are approximately 2250 acres of vacant and developable land in Renton. The largest blocks of vacant land are generally found in Renton's outlying areas. S►naller pockets of vacant land and vacant lots are found in►most of the City's existing neighborhoods. TRENDS Rapid regional growth has produced development,pressure throughout the City. As in nnany other communities, recent commercial developnne►nt has shifted away fron downtown, and a growing number of retail and office uses are locating along major roadways and within residential ►neighborhoods. Single-Family. Traditionally, single-fa►nily development has co►nsu►►ied the greatest amount of the City's developable land. However, according to the 1990 census, in recent years (between 1980-89), the supply Of Multifamily housing has grown at a faster rate than single-family housing. Between 1980 and 1990, 5600 housing units were built in Renton: 67% of these were multifa►nily units. This has brought the a.nnount of nuultifa.nnily housing within the city fron roughly 40% of the total housing stock in 1980 to 50% in 1990. If current trends continue, the City's total supply of ►nultifannily housing could outpace single-fannily housing in the future. Multifamily Development. Multifa►nily units in Re►nto►n'increased at a faster rate than single-fannily units between 1980 and 1990. Single-family increased 12%, mobile homes increased 112%, 5-9 unit multifar►uily increased 141% and 10-49 unit nnultifamily 94%. This growth pattern changed the overall percentage of multifamily housing as a. percentage of the housing stock fro►n roughly 40% in 1980 to 50% by 1990. Bruce C.Allen &Associates, Inc. I7300ADD.DOC Commercial Centers. Cottinuatiot of the low intensity, suburban growth pattern will likely result in more carn►rtercial shopping areas in the Renton planning area, and expansion of the existing conntercial areas along arterials and into surrounding neighborhoods within the City. Evidence of this deuelopntent pattern can be seen in the Coal Creek area., Benson Hill and Fairwood, and along Sunset and Duvall in Renton. Strip comntercia.l is another common result of low intensity deuelopntent, especially along principal and nnajor arterial routes; one exantple is along both sides of Benson Road south of Carr/SE 176th. Institutions. The expansion of the Valley Medical Center and related deuelop»tent is expected to continue. Renton Technical College is currently expanding its operations on campus. Industrial. Industrial employment, especially n►anufacturi.ng, is declining nationwide. In the Puget Sound region, while the proportion of jobs in the industrial sector is projected to decline, the number of manufacturing jobs in this area is expected to remain relatively stable, at least through the year 2020. The office and service sector is expanding in terms of both overall acreage and intensity of use. New ►nid-rise office deuelopntent.of 4-6 stories is spreading south and north of the downtown in areas previously zorted industrial. Co►rtrnercial and service areas outside of the downtown are gradually sprawling along ►najor arterials. Lt these areas the trend is toward continuation of low rise automobile oriented commercial developments. In many cases, these deuelop»te►tts conpete with business in downtown Renton. Office Development. Office develop►rternt is currently occurring or proposed in and around downtown Renton in the Green River Valley, North Renton, and Kertrtydale. Development pressure for new office construction is expected to continue in Renton due to the existing large e►rtploy►nent base, availability of land and the relatively good freeway access. Improved transit service in the areas is expected to enhance this trend. Schools. Multiple use of school facilities has been a trend that will likely continue. Renton School District enrollment has been declining overall since its peak in 1970. H`hile enrollment had declined by 24%since 1970, the rate of decline has slowed front 15% during the 1970s to 10% during the 1980's. Enrollment is down slightly from 1990 figures but overall it is relatively stable. Downtown. The Downtown Renton Association is leading an effort, to change the gradual decline in the downtown shopping area. Downtown r►terchants are working with the City to intplentent a redevelopment concept for the downtown emphasizing mixed use deuelop►nertt, including residential uses, and supporting additional street amenities and parking improuentents. RENTON IN THE FUTURE. A VISION The Downtown Renton Association's vision is to achieve a ntix of uses in downtown to include residential, commercial, light industrial, retail, public services, entertainment, recreation and youth activities. Residential units would be available in a wide variety of types front single-family hones, townhouses, and high density apar•tntents. They would be located in both the downtown and adjacent neighborhoods, and at prices that will accont►nodate everyone from subsidized low income people to up-scale professionals. New and refurbished office space would house an expanding cornntercial sector providing business and professional services to local residents and our significant industrial base. The prestige address for both Druce C.Allen&Assuc•iales, Inc. r;.3oo:inn.nuc NOW residential and comnnercial uses would be in the high amenity corridor along Cedar River adjacent to downtown. Downtown would also have a healthy contUlgent. of LlLdependent specialty retails offering a broad range of goods and services, each within a specific market niche. Other retailers would offer consumer goods to a Irnore localized market. The types of retail activities would be more diverse and the services more personalized than anything you would be likely to find at a contemporary mall. Government would occupy a new and expanded City Hall campus anchoring the east end of town. The campus would contain a public safety colrLplex, administration building, public parking garage, open space a.►nd amenities. Larger Housing. Larger multifamily complexes will have site pla.runiing and building design which facilitate good property management and safety. Multifamily housing will include more ground oriented. row /Louse developments and smaller clusters of 6-8 units per building. There will be more private open space, exterior entries and play facilities. Luxury condominiums and apartment units will be built in Sonne market areas. The downtown will have a larger number of nnultifar►Lily units particularly in the area within and surrounding the downtown core. This housing will attract moderate and middle income residents who are attracted to the proximity of jobs and shopping areas. Opportunities for fixed residential corLrrnercial projects will create rental or condonninium housing above storefronts within the commercial areas and ill new residential/commercial complexes. Immediate Neighborhood The subject's immediate neighborhood is located within the southeasterly downtown core area of Renton from S. 3rd Street to S. 5th Street. Main Avenue S. is the main thoroughfare running north/south through the neighborhood and turning into Grady Way to the south. I-405 is located east of Main Avenue S. and is elevated above the neighborhood. An I-405 off-ramp extends down S. 4th Street, providing access onto Main Avenue S. The primary intersection in the immediate neighborhood is this Main Avenue S. and S. 4th Street intersection. Service Linen is located at the southwest corner, and Taylor Auto Body at the northeast corner. The northwest corner is a paved parking lot utilized by the abutting senior housing complex. The southeast corner is undeveloped slope area extending up to I-405. To the south, Renton School District No. 403 operates its administrative building, north of S. 5th Street between Wells Avenue and Main Avenue S. Bruce C. Allen &Associates, Inc. 17300.11 V H J.WK F"WNIA 01 165 NE Juniper Street, Suite 100 • Issaquah, Washington 98027 • Tel-425/837.9720 - Fax-475/837.7585 January 26- 1998 Mr.Bruce Allen Bruce Allen and Associates 401 Kirkland Park Place.#221 Kirkland, WA 98033-6200 RE: Job#9800-105 (Renton Road Widening) Dear Mr.Allen: I spoke with Craig Burnell(City of Renton Building Official)concerning the above project. He stated the following: 1. Stairs: Two(2)exits are required for occupancies of more than 10. Based on approximately 2,100 sf (60x4O less hallway)and 200sf per occupant,(2)stairs will be required(2100/200= 10.5 people). 2. Valuation: a. There are too few units to require that the entire facility be brought up to ADA standards. b. The facility is too small to require fire sprinklers. c. The life safety systems will have to be brought up to code. Due to the fact that the City of Renton is the entity responsible for this reconstruction—they're widening the street—we feel there is a high probability that the City will allow a variance form the requirement for two stairways. If you have any questions,please give Bob Power or me a call. Sincerely, SEATTLE CONSTRUCTION SERVICES INC. 6ianandell Zee Project Manager Washington License No-SEATTCS 110NG TOTAL P.15 err qvmw ESTIMATE FOR NEW CONSTRUCTION ESTIMATE NAME: 333 SO.MAIN Sr.,RENTO EMMATE DATE: 9 Jan-98 DMSION 1 Gni IERAI.,CONDITIONS S/ SUB- SUB DESCRIPTION QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUO`M TOTAL Pmject Supt 6 WKS 1350 8100 8100 8100 Laborer 2 WKS 650 1300 1300 1.<00 Move In IS Soo 500 500 Movc Out IS 500 500 100 Telephone 1.5 MOS 150 225 225 '25 Temp Toilets 2 MOS 75 180 150 130 Temp Power 2 MOS 50 100 100 100 Dumpster 5 EACH 650 3250 3250 3'50 Testing l IS 3000 3000 3000 3000 job Truck 6 WKS 200 1200 1200 1-'00 Builders Risk Insurance 0.25 % 1000 1000 11.100 Building permit 4 % 4000 4000 4000 Final Clean Up 1 IS 500 500 500 ;100 Shop Drawings I LS 1500 1500 1500 1,--00 Misc Sm.'i'ools&Suppl. I LS 1000 1000 1000 1000 Safety Nuipment I LS 500 500 500 100 Project Manager 8 WKS 600 4800 4800 4 600 Design Professionals 1 LS 5000 5000 5000 5000 Temp.Protection lis 1500 1500 1500 1-)00 Forklift/Hoist 1 MOS 1800 1800 1800 1800 Temporary Shoring I LS 2500 2500 2500 2. 00 ,job Close-out 1 1 S 500 500 500 100 TOTAL GENERAL CONDITIONS 3000 25225 14700 42925 0 0 42925 DIVISION 2 STTEWORK S/ SUB- SUB DESCRIPTION QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL Demolition 1440 SQFr 3.5 0 5040 TOTAL SI'Z'E WORK 0 0 0 0 0 5040 5040 DIVISION 3 CONCRLNE S/ SUB- SUB DESCRIPTION QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL Continuous Footings 40 If 20 0 Soo S00 Ftg Ex.&Bacfill 8 cuyds 25 0 zoo 200 Slab on Grade(Patch) 80 sgft 3 0 240 240 TOTAL CONCRETE 0 0 0 0 0 1240 1240 Page 1 J MfV—✓J7-177o 1✓J• Napo, ESTIMATE FOR NEW CONSTRUCTION ESTIMATE NAME: 333 SO.MAIN ST.,RENTO ESTIMATE DATE: 9 Jan-98 DIVISION 4 MASONARY $/ SUB- SUB DESCRIPTION QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL C.M.U. 960 sqft 12 0 , 11520 11:%210 Masonry Restoration 113 1500 0 1500 1500 TOTAL MASONARY 0 0 0 0 0 13020 13020 DIVISION 5 MFI'ALS S/ SUB- SUB DF.SCKII'TION QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL Rcbar 2500 lbs 0.25 0 625 625 Portal Frame 4500 lbs 0.75 0 3375 3375 Erection -Structural 4500 lbs. 0.25 0 1125 1 t25 TOTAL METALS 0 0 0 O 0 5128 5125 DIVISION 6 CARPENTRY $/ SUB- SUB DESCRIMON QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL Rough Carpentry 115 5000 0 5000 5000 Wall Framing 40 If 25 0 1000 1000 Roof Framing(patch) 80 sqft 5 0 400 400 Mem Framing(patch) 80 sqft 7 0 560 560 Stairs 0 0 0 TOTAL CARYENCRY 0 0 O 0 0 6960 6960 DIVISION 7 THLRNM/MOISTURE $/ SUB- SUB DESCRIPTION QUAN UNIT UNIT RENT ST&S LABOR 'TOTAL VENDOR QU0gT TOTAL Fondation Insulation 80 sqft 2 0 160 1 GO Wall Insulation 500 sqft 0.55 Waterproofing 960 sqft 0.75 0 720 720 Built up Roofing(Patch) 80 sqft 4 0 320 320 Roof Drains 1 each 250 0 250 230 'I'O'rAL THERMAL/MOISTURE 0 0 0 0 0 1450 1450 DIVISION 8 DOORS&WINDOWS $/ SUB- SUB DESCRII'TION QUAN UNIT UNIT RENT ST&S TABOR TOTAL VENDOR QUOTE TOTAL Store Fronts 315 sqft 28 0 8820 8820 Exterior Windows 4 each 250 0 1000 1000 TOTAL DOORS&WINDOWS 0 0 0 0 0 9820 9320 Page 2 J f11Y •JJ 1JJtJ 1•J'JJ �-" --' ESTIMATE FOR NEW CONSTRUCTION ESTIMATE NAME: 333 SO.MAIN ST.,RENTO ESTIMATE DATE: 9 Jan-98 DMSION 9 FINISHES $/ SUB- SUB DESCRIPTION QUAN UNIT UNIT RENT ST&S LABOR TOTAL, VF:NDOK QUOTE TOTAL Drywall(new) 1500 sqft 1.25 0 1875 1875 Drywall (Patch) 1 Is 1000 0 1000 J 000 Paint Exterior 600 sqft 0.65 0 390 390 Paint Interior I Is 3000 0 3000 4000 Carpet 130 sgyd 18 0 2340 2340 TOTAL FINISHES O 0 0 0 O 8605 8605 DIVISION 10 SPECIAI:ITES S/ SUB- SUB _DESCRIPTION QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL. TOTAL SPECIALTIES 0 0 0 0 0 0 0 DMSION 11 EQUIPMENT $/ SUB- SUB _DESCRIPTION QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL TOTAL EQUIPIVi1:NT 0 0 0 0 0 0 0 DIVISION 12 FURNISHINGS $/ SUB- SUB DESCRIPTION QUAN U_N_1_TUNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL TOTAL FURNISHINGS 0 0 0 0 0 O 0 DIVISION 13 SPECIAL CONYMUcriON S/ SUB- SUB DESCRIPTION QUAN UNIT UNIT RENT ST&S T ABOK TOTAL VENDOR QUOTE TOTAL TOTAL 5P}CIAL CONSTRUCTION 0 0 0 0 0 0 0 DIVISION 14 CONVEYING SYSTEMS S/ SUB- SUB DESCRIPTION QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL TOTAL CONVEYING 0 0 0 0 0 0 0 DIVISION 15 MECHANICAL S/ SUB- SUB DESCRIPTION QUAN UNIT UNIT RENT' 6r&S LABOR TO'l'AI. VENDOR QUOTE TOTAL Plumbing(Mist:) LIS 3000 0 3000 q000 TOTAL MECHANICAL 0 0 0 0 0 3000 3000 DIVISION IG ELEI—TR10% Page 3 J111 JJ 1JJV 1J'JJ •..�• -•�•• WOW ESTIMATE FOR NEW CONSTRUCTION U;1IMATE NAME: 553 SO.MAIN Sr.,RENTO ESTIMATE DATE: 9 Jan-98 S/ SUB- SUB I)rSCRIPI7ON QUAN UNIT UNIT RENT ST&S LABOR TOTAL VENDOR QUOTE TOTAL _ All 2 units 3000 0 6000 61,00 TOTAL ELECTRICAL 0 0 0 0 0 6000 6:00 TOTAL DIVISIONS 1 THRU 16 3000 25225 14700 42925 0 60260 103185 BOND&INSURANCE DIRECT COST #### TOTAL DIRECT COSI' $105,1('3 ESTMARGIN 10.00% #### CM FEE 10% $10,510 TOTAL COST #### TOTAL BID $115,(;1.4 I'L&FD 0.99% $1,124 WSST 8.40% $9,712 B&O TAX 0.70% $795 GRAND TOTAL. $125,3''5 BOND 1st 500M BOND"B" 25 0 0 NEXT 2000 15 O 0 NEXT 2500 12 0 0 NFXT 2500 8 0 0 OVER 7.5 PVUL 6 0 0 0 $1,978 Page 4 TOTAL P.05 Land Sale Comp ID. I Comp#4514 Common Name Cedar River Court Apartments Address The east side of Main Avenue S. and the northwest side of Bronson Way City Renton County King State WA Location Desc. The site is located one block north of Renton's CBD across from City Hall.on Main Avenue S. Neighborhood Seller Mr. and Mrs. Don S.and Bernice L. Morrison; Tim and Donna Bartholomew Buyer Cedar River Court Apartments L.P. Sale Price $598,900 Sale Date 7/15/94 Recording No. 940715-0722; 940513-0581 Analysis Price $548,900 Record Date 5/13/94 Map Ref. 656 Section Township Range Legal Desc. Por lots 1,2, 3, 11, 12, 13 blk 11 vol l pg 135 Tax Parcel No. 723150-0965-0970;723150-1130 Assessments: Land Improv. Total Financing 1st Seller$370,000 Short Term;Cash to seller Parcel 723150-1130 Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Buyer, Earl and Ellen Price Confirm Date 12/30/97 Market Time DataSource Quick Comp;Metroscan Land Area(sf) 41,350 Price/sf $13.27 Land Area Acre 0.95 Price/acre $578,237 Frontage Feet Price/ff $0.00 Unit of Measure . sf No.Units 99 Price/unit $5,544.44 Site Desc. Parcel 723150-1130 is improved with a good condition, 1,030-sf single-family residence with a 1,030-sf basement. Site Improvements Zoning Code Current Use COM Zoning Desc. CM,Renton Utilities All to site Access Main Avenue S. Topography Level Dimensions Irregular Frontage Desc. Remarks This site is irregular in shape as Bronson,the fronting street, is a diagonal arterial. The site also has a curving northern property line as it fronts the Cedar River and is located across from Cedar River Park. It is level and at street grade. After purchase,the buyers demolished a 1-story concrete block building and constructed a 96-unit senior housing project, including 32 parking stalls. Search Code 15157-1 Page l Orig..lob 15157 Land Sale *4W Comp ID I Comp#4514 Parcel 723 150-1130 was also purchased as part of this project and is improved with a single- family residence for which we have allocated$50,000 as a deduction from the purchase price. The remainder of this parcel has been improved with a 16-lot parking lot. Search Code 15157-I Page 2 Orig.Job 15157 'iar+ Land Sale Noe Comp ID 2A Comp#7619 Common Name Address 218 Main Avenue S. City Renton County King State WA Location Desc. Neighborhood Seller Ellen Hickok Buyer City of Renton Sale Price $75,469 Sale Date 1/14/94 Recording No. 940114-3082 Analysis Price $75,469 Record Date 1/14/94 Map Ref. 656-C/2 Section Township Range Legal Desc. Block 10, Lots 4-5, Renton Town of S 12.5 feet of 4 and all 5 less alley Tax Parcel No. 723150-0885 Assessments: Land $57,500 Improv.$2,000 Total $59,500 Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Tom Boyns,City of Renton Confirm Date 12/30/97 Market Time Not available DataSource Metroscan Land Area (sf) 7,188 Price/sf $10.50 Land Area Acre 0.17 Price/acre $457,350 Frontage Feet 62.5 Price/ff $1,207.50 Unit of Measure No. Units Price/unit $0.00 Site Desc. Site Improvements Zoning Code CM Current Use Zoning Desc. Commercial Utilities In street Access Main Avenue S. Topography At-grade Dimensions 62.5'x 115' Frontage Desc. Remarks This is a level site at grade with Main Avenue S. It was purchased with an abutting site for construction of a City of Renton employee parking lot. Search Code 17300 Paget Orig.Job 17300 1400 Land Sale Comp ID 2B Comp#7620 Common Name Address 222 Main Avenue S. City Renton County King State WA Location Desc. Neighborhood Seller Robert M. Burke Buyer City of Renton Sale Price $60,375 Sale Date 1/14/94 Recording No. 940114-3081 Analysis Price $60,375 Record Date 1/14/94 Map Ref. 656-C/2 Section Township Range Legal Desc. Block 10, Lot 6, Renton Town of less alley Tax Parcel No. 723150-0895-03 Assessments: Land $46,000 Improv.$0 Total $46,000 Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Tom Boyns, City of Renton Confirm Date 12/30/97 Market Time Not available DataSource Metroscan Land Area(sf) 5,750 Price/sf $10.50 Land Area Acre 0.13 Price/acre $457,380 Frontage Feet Price/ff $0.00 Unit of Measure No. Units Price/unit $0.00 Site Desc. Site Improvements None Zoning Code CM Current Use Zoning Desc. Commercial Utilities In street Access Main Avenue S. Topography At-grade Dimensions 50'x 115' Frontage Desc. Remarks This is a level site at grade with Main Avenue S. It was purchased with an abutting site for construction of a City of Renton employee parking lot. Search Code 17300 Pagel Orig.Job 17300 NW Land Sale Comp ID 3 comp a 7621 Common Name Service Station/Car Wash Site Address 501 SW 7th Street City Renton County King State WA Location Desc. The northeast corner of S. Grady Way and Talbot Road S. Neighborhood Seller Puget Western, Inc. Buyer Renton Fuel Co. LLC Sale Price $838,442 Sale Date 12/31/96 Recording No. 961231-2140 Analysis Price $838,442 Record Date 12/31/96 Map Ref. 656-13/3 Section 19 Township 23N Range 5E, W.M. Legal Desc. Por NE4 Section 19, Township 23N, Range 5E, W.M. Tax Parcel No. 192305-9092-07; 915460-0170 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Seller, Bob Boyd Confirm Date 12/30/97 Market Time Not available DataSource COMPS, Inc.; Metroscan Land Area(sf) 65,295 Price/sf $12.84 Land Area Acre 1.50 Price/acre $559,347 Frontage Feet Price/ff $0.00 Unit of Measure No. Units Price/unit $0.00 Site Desc. Site Improvements Utility pole Zoning Code CA, Renton Current Use Zoning Desc. Arterial Commercial Utilities All available Access Grady Way and Talbot Road Topography Level Dimensions Irregular Frontage Desc. Remarks The site is currently under construction with a Texaco service station and car wash. Search Code 17300 Page 1 Orig.Job 17300 Land Sale Comp ID 4 comp a 5028 Common Name Address The northwest corner of S. Grady Way and Talbot Road S. City Renton County King State WA Location Desc. Southeast portion of downtown Renton,a few blocks east and north of the I-405/SR-167 interchange. Neighborhood Seller Puget Western, Inc. Buyer Altantic Richfield Company Sale Price $565,000 Sale Date 10/26/93 Recording No. 931026-1739 Analysis Price $565,000 Record Date Map Ref. 656 Section Township Range Legal Desc. Lot 1, Grady Way-Talbot Road SP. Tax Parcel No. 192305-9070 Assessments: Land Improv. Total Financing All cash Conditions of Sale Cash to seller Rights Transferred Fee Simple Confirmation Jeff Crane,CB Commercial(292-6000);COMPS, Inc.; seller, Bob Boyd Confirm Date 12/30/97 Market Time DataSource Quick Comp; Metroscan Land Area (sf) 41,000 Price/sf $13.78 Land Area Acre 0.94 Price/acre $600,278 Frontage Feet Price/ff $0.00 Unit of Measure sf No. Units Price/unit $0.00 Site Desc. Site Improvements Zoning Code CO, Renton Current Use COM Zoning Desc. Commercial/Office Utilities All available Access Grady Way and Talbot Road Topography Dimensions 223'(Grady)x 190'(apx. Talbot) Frontage Desc. Remarks The escrow period was lengthy because the principals were petitioning to have the property rezoned and subdivided into a new short plat. This site was a portion of a total 5-acre parcel. The site was vacant at the time of sale. A 2,700-sf Arco service station/mini-mart was constructed. Search Code 14067-1 Page 1 Orig.Job 14067 14W Land Sale `'"w Comp ID 5 Comp#7622 Common Name Cedar River Brewing Company Address 201 Williams Avenue S. City Renton County King State WA Location Desc. The southwest corner of S.2nd Street and Williams Avenue S. Neighborhood Seller Key Bank of Washington Buyer L.B. Renton Partnership Sale Price $354,555 Sale Date 2/20/96 Recording No. 960220-0938 Analysis Price $300,000 Record Date 2/20/96 Map Ref. 656-C/2 Section Township Range Legal Desc. Tax Parcel No. 723150-2265 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Buyer, Larry Dixon Confirm Date 12/30/97 Market Time 6-12 months DataSource COMPS, Inc.;Metroscan Land Area(sf) 21,250 Price/sf $14.12 Land Area Acre 0.49 Price/acre $614,965 Frontage Feet Price/ff $0.00 Unit of Measure No.Units Price/unit $0.00 Site Desc. Site Improvements 6,270-sf building built in 1960 Zoning Code CM, Renton Current Use Zoning Desc. Utilities All available Access Williams Avenue S. and S.2nd Street Topography Level Dimensions Irregular;approximately 150'x 155' Frontage Desc. Remarks This is a former bank building purchased for conversion ito a Microbrewery. After purchase,the structure was gutted to its shell and$450,000 in improvements made for its conversion. The buyer considers this largely a land sale and in hindsight,would have completely removed the structure and started the building from scratch. We have allocated $54,555 to the existing improvements to derive a land value of$3 Search Code 17300 Page I Orig.Job 17300 *me Land Sale Comp ID 6 Comp a 7623 Common Name Auto Dealership Address 617 S. 3rd Street City Renton County King State WA Location Desc. The southwest corner of 3rd Street and Burnett Avenue. Neighborhood Seller Mr.and Mrs. Howard L.and Diane J. Sheridan Buyer Good Partnership,c/o David B. Loring Sale Price $360,000 Sale Date 3/24/97 Recording No. 970324-0348 Analysis Price $260,000 Record Date 3/24/97 Map Ref. 656-C/3 Section Township Range Legal Desc. Tax Parcel No. 783930-0230-08, 0240-06 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Buyer,David Loring Confirm Date 12/30/97 Market Time Not available DataSource COMPS, Inc. Land Area(sf) 20,160 Price/sf $12.90 Land Area Acre 0.46 Price/acre $561,786 Frontage Feet 168 Price/ff $1,547.62 Unit of Measure No. Units Price/unit $0.00 Site Desc. Site Improvements A 15,066-sf building built in 1942 Zoning Code CM,Renton Current Use Zoning Desc. Utilities All available Access 3rd Street Topography Level Dimensions 168'x 120' Frontage Desc. Remarks This is a purchase of a 20,160-square-foot site in downtown Renton at the southwest corner of 3rd Street and Burnett Avenue. The site was improved with a 15,066-sf,single-story masonry structure operated as a auto dealership showroom. The buyers subsequently spent $1,000,000 to upgrade the building into a multitenant retail/office building The buyers - allocated about$100,000 to the existing building and$260,000 to the land. Search Code 17300 Pagel Orig.Job 17300 Land Sale 14W Comp ID 7 Comp#7624 Common Name Six Multitenant Retail Buildings Address 901 S. 3rd Street City Renton County King State WA Location Desc. The northeast and southwest corners of S. 3rd Street and Wells Avenue. Neighborhood Seller Louis Barei Buyer George Properties LLC,c/o Timothy J. Searing Sale Price $480,000 Sale Date 1/23/97 Recording No. 970123-1003 Analysis Price $240,000 Record Date 1/23/97 Map Ref. 656-C/3 Section Township Range Legal Desc. Tax Parcel No. 723150-1255-05, 1260-08, 1750-05 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Seller, Louis Barei Confirm Date 12/30/97 Market Time Not available DataSource COMPS, Inc. Land Area(sf) 23,861 Price/sf $10.06 Land Area Acre 0.55 Price/acre $438,138 Frontage Feet Price/ff $0.00 Unit of Measure No. Units Price/unit $0.00 Site Desc. Site Improvements 29,578 sf of GBA within six attached buildings. Age 1916-1956 Zoning Code CM,Renton Current Use Zoning Desc. Utilities All available Access S. 3rd Street and Wells Avenue Topography Level Dimensions Irregular Frontage Desc. Remarks This is a 2-parcel site consisting of the northeast and southwest corners of S.3rd Street and Wells Avenue. The sites were improved with multiple retail buildings constructed between 1916 and 1956. The seller stated the property value was at least 50 percent of the total,and that the buildings would have to be eventually upgraded or removed for redevelopment. Search Code 17300 Page 1 Orig.Job 17300 ImoILDING SALE PHOTOGRAPI w W i k 3'i 321 Main Avenue S. r �a�u lJi h 801 Houser Way S. Bruce C.Allen &Associates, Inc. 17.300-9.DOC-January 27, 1998 i Complete/Self-Contained ,rILDING SALE PHOTOGRAPH 222 Williams Avenue S. I! �11AN Nl br.k 5 , t. ANTIQUE MALL 900 S. 3rd Street Bruce C.Allen&Associates, Inc. 17.300-4.DOC-Jaratary 27,1998 11 Complete/Self-Contained GILDING SALE PHOTOGRAP 317 Main Street 6 (Photo not available) 617 S. 3rd Street Bruce C. Allen &Associates, Inc. 17300-4.DOC-Januar,,27,1998 lll Complete/Self-Contained J k t :t• ye i j i WE • hW ILDING SALE PHOTOGRAPH 212 S. Tobin Street r f.3 dfik b 1. G Y 820, 826 Harrington Avenue Bruce C.Allen &Associates, Inc. 17.300.4.DOC-January 37,1998 V Complele/Sel(-Contained towJILDING SALE PHOTOGRAF �Y. i u 1825 NE 3rd Street %n 345 Pelly Avenue Bruce C.Allen &Associates, Inc. 17.300-4.DOC-January 27, 1998 Vi Complele/Self-Contained TILDING SALE PHOTOGRAI,,,, 1 � o 221 N. Park Avenue Bruce C.Allen &Associates, Inc. 17.300-4.DOC-January 27, 1998 Vll Complete/Self-Contained _ow Improved Sale Comp ID 1 comp a 7680 Common Name Dry Cleaners and TV Repair Address 321 Main Avenue S. City Renton County King State WA Location Desc. Neighborhood Seller Louis Barei Buyer Peter D. Puhigh Sale Price $135,000 Sale Date 11/7/97 Recording No. 971107-1463 Analysis Price $135,000 Record Date 11/7/97 Map Ref. 656-C/3 Section Township Range Legal Desc. Blk 15 Lot 11 Renton Town of Less N 2 In. Tax Parcel No. 723 150-1330 Assessments: Land $41,400 Improv.$76,600 Total $118,000 Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Seller Confirm Date Market Time Not available DataSource Metroscan Land Area(sf) 5,520 Price/sf $24.46 Unit of Measure No.Units Price/unit $0.00 Site Desc. Zoning Code CM Current Use Zoning Desc. Commercial Utilities All available Access Topography Dimensions Regular Frontage Desc. Remarks Gross Bldg Area(sf) 3,500 Price/sf of GBA $38.57 Rentable Area(sf) 3,500 Price/sf of RA $38.57 Finished Area Percent Finished Footprint Area(sf) Land-to-Bldg.Ratio No.Parking Spaces Bldg.Area/Prkg.Space 0 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built Year Built 1955 No.of Stories/Levels Search Code 17300 Pagel Orig.Job 17300 Improved Sale ,, Comp ID I Comp#7680 Building Description Condition: WallHeight: Foundation: ExteriorWall: Masonry Roof: SuperStructure: --------- ----- --------- -------- Income Data - --- ------- -_ __ --- Per sf Potential Gross Income: Less Vacancy Effective Gross Income Less Expenses Net Operating Income: EGIM GRM Cap Rate IRR Search Code 17300 Page 2 Orig.Job 17300 NOW Improved Sale Comp ID 2 Comp#7681 Common Name Record Stationary and Office Supplies Address 801 Houser Way S. City Renton County King State WA Location Desc. Neighborhood Seller Mr. and Mrs. Thomas G. and Joan Bell-Kennedy Buyer Service Linen Supply, Inc. Sale Price $400,000 Sale Date 7/2/93 Recording No. 930702-1453 Analysis Price $400,000 Record Date 7/2/93 Map Ref. 656-C/3 Section Township Range Legal Desc. Tax Parcel No. 00473-09-93 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Buyer,David Jassny(425-255-8686) Confirm Date Market Time Not available DataSource COMPS, Inc. Land Area (sf) 18,037 Price/sf $22.18 Unit of Measure No.Units Price/unit $0.00 Site Desc. Zoning Code B-1, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions Not available Frontage Desc. 136 feet on Houser, 120 feet on S.4th, 119 feet on Williams Remarks Gross Bldg Area(sf) 12,470 Price/sf of GBA $32.08 Rentable Area(sf) 12,470 Price/sf of RA $32.08 Finished Area 12,470 Percent Finished 100% Footprint Area(sf) 12,470 Land-to-Bldg.Ratio 145% No.Parking Spaces 10 Bldg.Area/Prkg.Space 1,247 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built Year Built 1953 No.of Stories/Levels 1 Search Code 17300 Page I Orig.Job 17300 Improved Sale Comp ID 2 Comp a 7681 Building Description Condition: WallHeight: Foundation: ExteriorWall: Concrete block Roof: Superstructure: Income Data Per sf Potential Gross Income: $0.00 Less Vacancy Effective Gross Income $0.00 Less Expenses $0.00 Net Operating Income: $0.00 EGIM 0.00 GRM Cap Rate IRR Search Code 17300 Page 2 Orig.Job 17300 �r,,,► Improved Sale Comp ID 3 Comp a 7682 Common Name Office Building Address 222 Williams Avenue S. City Renton County King State WA Location Desc. Neighborhood Seller Mr.and Mrs.Thomas and Miriam Holt Buyer Mr. and Mrs.Tuyen and Bao Ngoc Nguyen Sale Price $573,000 Sale Date 6/10/97 Recording No. 970610-1448 Analysis Price $573,000 Record Date 6/10/97 Map Ref. 656-C/2 Section Township Range Legal Desc. Tax Parcel No. 723150-1850-04 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Buyer Confirm Date Market Time Not available DataSource COMPS, Inc. Land Area(sf) 22,400 Price/sf $25.58 Unit of Measure No. Units Price/unit $0.00 Site Desc. Zoning Code CM, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions 112'x 200' Frontage Desc. Remarks Gross Bldg Area(sf) 11,200 Price/sf of GBA $51.16 Rentable Area(sf) 11,200 Price/sf of RA $51.16 Finished Area 11,200 Percent Finished 100% Footprint Area(sf) 11,200 Land-to-Bldg.Ratio 200% No.Parking Spaces 50 Bldg.Area/Prkg.Space 224 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1954 Year Built 1954 No.of Stories/Levels 2 Search Code 17300 Pagel Orig.Job 17300 Improved Sale Comp ID 3 Comp N 7682 Building Description Condition: WallHeight: Foundation: ExteriorWall: Concrete block Roof: SuperStructure: Income Data The property was 100 percent occupied at the time of sale. GSI was reported by the broker at$98,000. All leases are on a full service basis. Market vacancy and projected expenses are estimated by COMPS. Per sf Potential Gross Income: $98,000 $8.75 Less Vacancy 5.00% $4,900 Effective Gross Income $93,100 $8.31 Less Expenses 43.91 $40,880 $3.65 Net Operating Income: $52,220 $4.66 EGIM 6.15 GRM Cap Rate 9.11% IRR Search Code 17300 Page 2 Orig.Job 17300 ,. Improved Sale Comp ID 4 Comp a 7683 Common Name Rector's Mens Shop Address 900 S. 3rd Street City Renton County King State WA Location Desc. Neighborhood Seller Mr. and Mrs. Harold g. and Irene J. Rector Buyer D.B. Cie Elum. Sale Price $230,000 Sale Date 7/11/95 Recording No. 950711-1011 Analysis Price $230,000 Record Date 7/11/95 Map Ref. 656-C/2 Section Township Range Legal Desc. Tax Parcel No. 723150-1185 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Public records Confirm Date Market Time Not available DataSource COMPS, Inc. Land Area(sf) 3,480 Price/sf $66.09 Unit of Measure No. Units Price/unit $0.00 Site Desc. Zoning Code CM, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions 60'x 58' Frontage Desc. Remarks Gross Bldg Area(st) 6,910 Price/sf of GBA $33.29 Rentable Area(sf) 6,910 Price/sf of RA $33.29 Finished Area 6,910 Percent Finished 100% Footprint Area(sf) 6,910 Land-to-Bldg.Ratio 50% No.Parking Spaces Bldg.Area/Prkg.Space 0 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1909 Year Built 1909 No.of Stories/Levels 2 Search Code 17300 Page t Orig.Job 17300 °rr► Improved Sale .rr ComplD 4 Comp#7683 Building Description Condition: WallHeight: Foundation: ExteriorWall: Roof: SuperStructure: Income Data The seller is leasing back the first floor of the building until the buyer finds a replacement tenant. They are currently paying a lease rate of$1,100 per month full service gross. The buyer is currently asking$2,400 per month full service gross for the first floor. The second floor was leased at the time of sale to a clothing designer for an undisclosed lease rate. Per sf Potential Gross Income: $0 $0.00 Less Vacancy 0.00% $0 Effective Gross Income $0 $0.00 Less Expenses 0.00% $0 $0.00 Net Operating Income: $0 $0.00 EGIM 0.00 GRM Cap Rate 0.00% IRR Search Code 17300 Page 2 Orig.Job 17300 *Ar Improved Sale Comp ID 5 Comp#7685 Common Name McGowan's Restaurant Address 317 Main Avenue S. City Renton County King State WA Location Desc. Neighborhood Seller Mavis A.Johnson Buyer Ronald E. McGowan Sale Price $207,500 Sale Date 10/30/95 Recording No. 951030-0957 Analysis Price $207,500 Record Date 10/30/95 Map Ref. 656-C/3 Section Township Range Legal Desc. Tax Parcel No. 723150-1335 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Public records Confirm Date Market Time Not available DataSource COMPS, Inc. Land Area(sf) 6,598 Price/sf $31.45 Unit of Measure No. Units Price/unit $0.00 Site Desc. Zoning Code CM, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions 120'x 55' Frontage Desc. Remarks Gross Bldg Area(sf) 5,850 Price/sf of GBA $35.47 Rentable Area(sf) 5,850 Price/sf of RA $35.47 Finished Area 5,850 Percent Finished 100% Footprint Area(sf) 5,850 Land-to-Bldg.Ratio 113% No.Parking Spaces Bldg.Area/Prkg.Space 0 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1946 Year Built 1946 No.of Stories/Levels 1 Search Code 17300 Pagel Orig.Job 17300 Improved Sale �•+ Comp ID S Comp#7685 Building Description Condition: WallHeight: Foundation: ExteriorWall: Concrete block Roof: Superstructure: Income Data Income information was not available at the time of sale. The buyer currently owner- occupies the restaurant building. Per sf Potential Gross Income: $0.00 Less Vacancy Effective Gross Income $0.00 Less Expenses $0.00 Net Operating Income: $0.00 EGIM 0.00 GRNI Cap Rate IRR Search Code 17300 Page 2 Orig.Job 17300 10100 Improved Sale *41W Comp ID 6 Comp#7686 Common Name Auto Dealership Address 617 S. 3rd Street City Renton County King State WA Location Desc. Neighborhood Seller Mr. and Mrs. Howard L. and Diane J. Sheridan Buyer Good Partnership, c/o David B. Loring Sale Price $360,000 Sale Date 3/24/97 Recording No. 970324-0348 Analysis Price $360,000 Record Date 3/24/97 Map Ref. 656-C/3 Section Township Range Legal Desc. Tax Parcel No. 783930-0230-08,0240-06 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Buyer(425-226-3130) Confirm Date Market Time Not available DataSource COMPS, Inc. Land Area(sf) 20,160 Price/sf $17.86 Unit of Measure No.Units Price/unit $0.00 Site Desc. Zoning Code CM,Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions 168'x 120' Frontage Desc. Remarks Gross Bldg Area(sf) 15,066 Price/sf of GBA $23.89 Rentable Area(sf) 15,066 Price/sf of RA $23.89 Finished Area 15,066 Percent Finished 100% Footprint Area(sf) 15,066 Land-to-Bldg.Ratio 134% No.Parking Spaces Bldg.Area/Prkg.Space 0 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1942 Year Built 1942 No.of Stories/Levels 1 and 2 Search Code 17300 Page 1 Orig.Job 17300 rrr Improved Sale Comp ID 6 Comp#7686 Building Description Condition: WallHeight: Foundation: ExteriorWall: Roof: SuperStructure: Income Data The property will be occupied by the buyer. Per sf Potential Gross Income: $0 $0.00 Less Vacancy 0.00% $0 Effective Gross Income $0 $0.00 Less Expenses 0.00% $0 $0.00 Net Operating Income: $0 $0.00 EGIM 0.00 GRM Cap Rate IRR Search Code 17300 Page 2 Orig.Job 17300 *4W Improved Sale Comp ID 7 Comp 7687 Common Name 6 Multitenant Retail Buildings Address 901 S. 3rd Street City Renton County King State WA Location Desc. Neighborhood Seller Louis Barei Buyer George Properties LLC,c/o Thomas J. Searing Sale Price $480,000 Sale Date 1/23/97 Recording No. 970123-1003 Analysis Price $480,000 Record Date 1/23/97 Map Ref. 656-C/3 Section Township Range Legal Desc. Tax Parcel No. 723150-1255-05, 1260-08, 1750-05 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Seller Confirm Date Market Time Not available DataSource COMPS, Inc. Land Area(sf) 23,861 Price/sf $20.12 Unit of Measure No. Units Price/unit $0.00 Site Desc. Zoning Code CM, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions Irregular Frontage Desc. Remarks Gross Bldg Area(sf) 29,518 Price/sf of GBA $16.26 Rentable Area(sf) 29,518 Price/sf of RA $16.26 Finished Area 29,518 Percent Finished 100% Footprint Area(sf) 29,518 Land-to-Bldg.Ratio 81% No.Parking Spaces I 1 Bldg.Area/Prkg.Space 2,683 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1946 Year Built 1946 No.of Stories/Levels 1 and 2 Search Code 17300 Page I Orig.Job 17300 r Improved Sale Comp ID 7 Comp#7687 Building Description Condition: WallHeight: Foundation: ExteriorWall: Roof: Superstructure: Income Data The property was 12 percent vacant at the time of sale. Per sf Potential Gross Income: $0 $0.00 Less Vacancy 0.00% $0 Effective Gross Income $0 $0.00 Less Expenses 0.00% $0 $0.00 Net Operating Income: $0 $0.00 EGIM 0.00 GRM Cap Rate 0.00% IRR Search Code 17300 Page 2 Orig.Job 17300 Improved Sale Comp ID 8 Comp#7688 Common Name Belmondo Building Address 305 S. 2nd Street City Renton County King State WA Location Desc. Neighborhood Seller Ann Belmondo Buyer World Association for Children& Parents, c/o Joseph Hausauer, President Sale Price $460,000 Sale Date 10/5/93 Recording No. 931005-1832 Analysis Price $460,000 Record Date 10/5/93 Map Ref. 656-C/2 Section Township Range Legal Desc. Tax Parcel No. 784180-0085 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Public records Confirm Date Market Time Not available DataSource COMPS, Inc. Land Area(sf) 14,616 Price/sf $31.47 Unit of Measure No. Units Price/unit $0.00 Site Desc. Zoning Code B-1, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions Irregular Frontage Desc. 158 feet on S. 2nd Street Remarks Gross Bldg Area(sf) 13,046 Price/sf of GBA $35.26 Rentable Area(sf) 13,046 Price/sf of RA $35.26 Finished Area 13,046 Percent Finished 100% Footprint Area(sf) 13,046 Land-to-Bldg.Ratio 112% No.Parking Spaces 30 Bldg.Area/Prkg.Space 435 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1957 Year Built 1957 No.of Stories/Levels 1 Search Code 17300 Page Orig.Job 17300 Improved Sale Comp ID 8 Comp#7688 Building Description Condition: WallHeight: Foundation: ExteriorWall: Roof: Superstructure: Income Data --- -__---------_--- --- Per sf Potential Gross Income: 588,216 $6.76 Less Vacancy 3.00% $2.646 Effective Gross Income $85.570 $6.56 Less Expenses 36.08 $30,873 $2.37 Net Operating Income: $54,696 $4.19 EGIM 5.38 GRM Cap Rate 11.89% IRR Search Code 17300 Page 2 Orig..Job 17300 *4W Improved Sale Comp ID 9 Comp#7689 Common Name 9-Unit Apartment Complex Address 212 S. Tobin Street City Renton County King State WA Location Desc. Neighborhood Seller Mr. and Mrs. Domenic and Eleanor L. Carpine Buyer Renton Hill Management, LLC,c/o Clint Moore Sale Price $205,000 Sale Date 4/4/96 Recording No. 960404-1605 Analysis Price $205,000 Record Date 4/4/96 Map Ref. 656-B/2 Section Township Range Legal Desc. Tax Parcel No. 000720-0155 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Seller's agent Confirm Date Market Time Not available DataSource COMPS, Inc. Land Area(sf) 11,325 Price/sf $18.10 Unit of Measure No. Units Price/unit $0.00 Site Desc. Zoning Code CA, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions Irregular Frontage Desc. Remarks Gross Bldg Area(sf) 6,048 Price/sf of GBA $33.90 Rentable Area(sf) 6,048 Price/sf of RA $33.90 Finished Area 6,048 Percent Finished 100% Footprint Area(sf) 6,048 Land-to-Bldg.Ratio 187% No. Parking Spaces 10 Bldg.Area/Prkg.Space 605 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1932 Year Built 1932 No.of Stories/Levels 1 and 2 Search Code 17300 Pagel Orig.Job 17300 �r Improved Sale Comp ID 9 Comp#7689 Building Description Condition: WallHeight: Foundation: ExteriorWall: Roof: SuperStructure: Income Data Information not available Per sf Potential Gross Income: $0 $0.00 Less Vacancy 0.00% $0 Effective Gross Income $0 $0.00 Less Expenses 0.00% $0 $0.00 Net Operating Income: $0 $0.00 EGIM 0.00 GRM Cap Rate IRR Search Code 17300 Page 2 Orig.Job 17300 *41W Improved Sale 4✓ Comp ID 10 Comp#7690 Common Name Ventura I Apartments Address 820, 826 Harrington Avenue NE City Renton County King State WA Location Desc. Neighborhood Seller Mr. and Mrs. Richard C.and Kathy L. Dvorak Buyer Mr. and Mrs. Wunehow Frank Poon and Wee Kao Sale Price $297,000 Sale Date 12/30/96 Recording No. 961230-1892 Analysis Price $297,000 Record Date 12/30/96 Map Ref. 626-17/7 Section Township Range Legal Desc. Tax Parcel No. 245720-0190-09,0192-08 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Public records Confirm Date Market Time Four months DataSource COMPS, Inc. Land Area (sf) 13,500 Price/sf $22.00 Unit of Measure No. Units Price/unit $0.00 Site Desc. Zoning Code R2, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions 135'x 100' Frontage Desc. Remarks Gross Bldg Area(sf) 4,946 Price/sf of GBA $60.05 Rentable Area(sf) 4,946 Price/sf of RA $60.05 Finished Area 4,946 Percent Finished 100% Footprint Area(sf) 4,946 Land-to-Bldg.Ratio 273% No.Parking Spaces 8 Bldg.Area/Prkg.Space 618 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1960 Year Built 1960 No.of Stories/Levels 1 Search Code 17300 Page t Orig.Job 17300 *1rr Improved Sale Comp ID 10 Comp#7690 Building Description Condition: WallHeight: Foundation: ExteriorWall: Roof: SuperStructure: Income Data GSI derived at the time of sale and projected rents as reported by listing broker. See reserve for rent roll. Laundry income of$80.00 per month reported by the listing broker. Market vacancy of 5%estimated by COMPS. Proforma expenses of$20,670 per year estimated by COMPS. Per sf Potential Gross Income: $42,600 $8.61 Less Vacancy 5.00% $2,130 Effective Gross Income $40,470 $8.18 Less Expenses 51.07 $20,668 $4.18 Net Operating Income: $19,802 $4.00 EGINI 7.34 GRM Cap Rate 6.67% IRR Search Code 17300 Page 2 Orig.Job 17300 VOW Improved Sale Comp ID 11 Comp 1$7691 Common Name 8-Unit Apartment Building Address 1825 NE 3rd Street City Renton County King State WA Location Desc. Neighborhood Seller Mr. and Mrs. George A. and Joan A. Fanning Buyer Mr. and Mrs. John F. and Sharon 1. Smith Sale Price $320,000 Sale Date 6/3/97 Recording No. 970603-0664 Analysis Price $320,000 Record Date 6/3/97 Map Ref. 656-D/2 Section Township Range Legal Desc. Tax Parcel No. 172305-9083-00 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Public records Confirm Date Market Time Not available DataSource COMPS, Inc. Land Area(sf) 24,403 Price/sf $13.11 Unit of Measure No. Units Price/unit $0.00. Site Desc. Zoning Code R-3, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions Irregular Frontage Desc. Remarks Gross Bldg Area(sf) 5,800 Price/sf of GBA $55.17 Rentable Area(sf) 5,800 Price/sf of RA $55.17 Finished Area 5,800 Percent Finished 100% Footprint Area(sf) 5,800 Land-to-Bldg.Ratio 421% No.Parking Spaces 17 Bldg.Area/Prkg.Space 341 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1959 Year Built 1959 No.of Stories/Levels 1 Search Code 17300 Page t Orig..lob 17300 *AW Improved Sale +" Comp ID i I Comp#7691 Building Description Condition: WallHeight: Foundation: ExteriorWall: Roof: SuperStructu re: Income Data Seller reported rents at the time of sale at$3,360 per month and additional laundry income of$50 per month. The seller also reported that rents were under market. Market vacancy of 3 percent and pro forma expenses of$18,500 per year estimated by COMPS. Per sf Potential Gross Income: $40,920 $7.06 Less Vacancy 3.00% $1,228 Effective Gross Income $39,692 $6.84 Less Expenses 46.61 $18,501 $3.19 Net Operating Income: $21,192 $3.65 EGIM 8.06 GRM Cap Rate 6.62% IRR Search Code 17300 Page 2 Orig.Job 17300 14aw Improved Sate *40 Comp ID 12 Comp#7692 Common Name Pelly Apartments Address 345 Pelly Avenue N. City Renton County King State WA Location Desc. Neighborhood Seller Mr. and Mrs. James E. and Elaine L. Guy Buyer Mr. and Mrs. John F.and Sharon L. Smith Sale Price $363,250 Sale Date 2/4/97 Recording No. 970204-0859 Analysis Price $363,250 Record Date 2/4/97 Map Ref. 656-C/1 Section Township Range Legal Desc. Tax Parcel No. 722500-0195-09 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Public records Confirm Date Market Time One month DataSource COMPS, Inc. Land Area (sf) 9,500 Price/sf $38.24 Unit of Measure No. Units Price/unit $0.00 Site Desc. Zoning Code R4, Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions 95'x 100' Frontage Desc. Remarks Gross Bldg Area(sf) 6,060 Price/sf of GBA $59.94 Rentable Area(sf) 6,060 Price/sf of RA $59.94 Finished Area 6,060 Percent Finished 100% Footprint Area(sf) 6,060 Land-to-Bldg.Ratio 157% No.Parking Spaces 9 Bldg.Area/Prkg.Space 673 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1964 Year Built 1964 No.of Stories/Levels 2 Search Code 17300 Pagel Orig.Job 17300 Improved Sale Comp ID 12 Comp#7692 Building Description Condition: WallHeight: Foundation: ExteriorWall: Roof: SuperStructure: Income Data Listing broker reported rents at the time of sale of$4,120 per month. Market vacany of 2 percent reported by listing broker. Proforma expenses of$16.116 per year reported by listing broker. Per sf Potential Gross Income: $49,440 $8.16 Less Vacancy 2.00% $989 Effective Gross Income $48,451 $8.00 Less Expenses 33.26 $16,115 $2.66 Net Operating Income: $32,336 $5.34 EGIM 7.50 GRM Cap Rate 8.90% IRR Search Code 17300 Page 2 Orig.Job 17300 �,,,,► Improved Sale 1W Comp ID 13 Comp 0 7693 Common Name 5-Unit Apartment Building Address 221 N. Park Avenue City Renton County Kind State WA Location Desc. Neighborhood Seller Mr. and Mrs. Robert A. and Elaine Greenhagen Buyer Marilyn Millikan Sale Price $205,000 Sale Date 9/8/95 Recording No. 950908-0627 Analysis Price $205,000 Record Date 9/8/95 Map Ref. 656-D/1 Section Township Range Legal Desc. Tax Parcel No. 722400-0310 Assessments: Land Improv. Total Financing Cash Conditions of Sale Market transaction Rights Transferred Fee Simple Confirmation Public records Confirm Date Market Time One year DataSource COMPS, Inc. Land Area(sf) 4,838 Price/sf $42.37 Unit of Measure No. Units Price/unit $0.00 Site Desc. Zoning Code MR,Renton Current Use Zoning Desc. Utilities All available Access Topography Dimensions 108'x 45' Frontage Desc. Remarks Gross Bldg Area(sf) 3,850 Price/sf of GBA $53.25 Rentable Area(sf) 3.850 Price/sf of RA $53.25 Finished Area 3,850 Percent Finished 100% Footprint Area(sf) 3,850 Land-to-Bldg.Ratio 126% No.Parking Spaces 4 Bldg.Area/Prkg.Space 963 Land Value Value per sf of GBA $0.00 Building Value Effective Year Built 1967 Year Built 1967 No.of Stories/Levels 3 Search Code 17300 Paget Orig.Job 17300 1%W Improved Sale '* ' Comp ID 13 Comp N 7693 Building Description Condition: WallHeight: Foundation: ExteriorWall: Roof: SuperStructure: Income Data Listing broker reported GSI at the time of sale at$26,700 per year. Market vacancy and projected expenses are estimated by COMPS. Per sf Potential Gross Income: $26,700 $6.94 Less Vacancy 5.00% $1,335 Effective Gross Income $25,365 $6.59 Less Expenses 35.00 $8,878 $2.31 Net Operating Income: $16,487 $4.28 EGIM 8.08 GRM Cap Rate 8.04% IRR Search Code 17300 Page 2 Orig.Job 17300 'Wo' QUALIFICATIONS BRUCE C. ALLEN, MAI, CRE Experience Engaged in the real estate field since 1962; obtained MAI and SRPA designations in 1972. Appraisal expertise covers the multitude of real estate properties and includes appraisals, market studies, consultation, project management, and arbitration functions. Obtained a designation of CRE (Counselor of Real Estate) in 1992. The Counselors of Real Estate, established in 1953, is an international group of high profile professionals including members of prominent real estate, financial, legal, and accounting firms, as well as leaders of government and academia who provide expert, objective advise on complex real property situations and land-related matters. Professional Organizations Member of the Appraisal Institute (MAI); member of American Society of Real Estate Counselors (CRE); member of the International Right-of-Way Association; King County Board of Realtors; member of the Urban Land Institute; member of Lambda Alpha. Offices Held Past President of Chapter 8 AIREA; past Vice-President of Chapter 8 AIREA; past President of local chapter of SREA; Past national Governor of SREA; Director of AIREA, Chapter 8; Chairman of various committees; Ethics Chairman, Professional Practice, and Admissions. Education Whitman College and University of Washington -- Majored in Real Estate. Numerous professional courses and seminars. Professional Experience and Affiliations 1982-Present: Bruce C. Allen &Associates, Inc.; Owner Bellevue 1968-1982: Eastman &Allen Company; Appraiser/Partner Seattle 1965-1968: Yates, Wood & MacDonald; Commercial Brokerage/Mgmt./Appraising Seattle 1962-1965: Appraisal Associates; Office Mgr./Trainee/Appraiser Seattle 1958-1961: Residential construction during college Real Estate Development Project Manager, partner in developing a variety of projects including vacant land, commercial, and residential condominiums. Projects include Laurel Park, a 22-unit townhouse project in Seattle; an 8-unit townhouse project in Seattle; a 64-lot plat in Bellingham; a commercial office building in Seattle; and short plat acreage in Auburn. Bruce C.Allen &Associates, Inc. 171004DOC Complete/Self-Cotttaitted QUALIFICATIONS BRUCE C. ALLEN, MAI, CRE (cont.) Representative Client List Appraisal and consultation includes the States of Washington, Oregon, Idaho, Alaska, California, and Colorado. Clientele varies, covering all sectors of private, corporate, and public areas. A sampling of clients follows: Corporations: CB Commercial Kidder Mathews & Segner Rabanco Davis Industries Koll Company Sabey Corporation Dev. Services of America Microsoft Corporation Trammell Crow Co. Elcon Corporation Nintendo of America Vicwood Dev. Corp. Gull Industries O.R. Colan Associates Weyerhaeuser R.E. Co. Heartland Port Blakely Tree Farms Windermere Real Estate Intracorp Quadrant Corporation Financial Institutions: Anchor Savings Bank Equitable R.E. Invest. Seafirst National Bank Bancshares First Mutual Bank Security Capital Bank of America Frontier Bank U.S. Bancorp Cascade Savings Bank InterWest Savings Bank U.S. Bank of Washington Commerce Bank of WA Key Bank of Puget Sound Valley Community Bank Continental, Inc. Seattle Mortgage Washington Federal Governmental Agencies: Federal FAA Internal Revenue Service U.S. Department of Navy General Services Admin. Revenue Canada U.S. Army Corps of Eng. State of Washington Dept. Social Health & Welfare State of WA Dept. Of Wildlife Washington State Parks RTA/Sound Transit WA State Convention Center State Attorney General's Office Washington State DOT Airports Arlington Airport Moses Lake Airport Sea-Tac Int'1 Airport Bellingham Airport Olympia Airport Snohomish Co. Airport Friday Harbor Airport Renton Municipal Airport Yakima Airport King County Airport School Districts Bainbridge Island Highline Renton Bellevue Mukilteo Seattle Edmonds Lake Washington Shoreline County Clallam King Mason Skagit Thurston Grays Harbor Kittitas Pierce Snohomish Whatcom Island Kitsap San Juan Bruce C.Allen &Associates, Inc. 17300-4.DOC Complete/Self-Contained °wrr QUALIFICATIONS *00 BRUCE C. ALLEN, MAI, CRE (cont.) City Arlington Burien Kent North Bend Seattle Auburn Des Moines Kirkland Olympia Sequim Bainbridge Island Eatonville Lk. Forest Park Redmond Stanwood Bellevue Edmonds Lynnwood Renton Tukwila Bellingham Federal Way Mercer Island SeaTac Tumwater Bothell Issaquah Ports: Port of Bellingham Port of Grays Harbor Port of Shelton Port of Everett Port of Olympia Port of Skagit County Port of Everett Port of Seattle Port of South Whidbey Utilities: NE Lake WA Water & Sewer Puget Western Skyway Water & Sewer Northshore Utility District Samm. Plateau Water & Sewer Woodinville Water Dist. Puget Sound Energy Engineers: Dames & Moore Gardener Consultants Kato & Warren Entranco Golder Associates Parsons Brinkerhoff ESM, Inc. Inca Engineers RH2 Engineers Litigation/Arbitration: Qualified as an expert witness in Federal and Superior Courts in the State of Washington. Cases include condemnation, partial takings, air rights, and specific performance. Betts Patterson & Mines Hillis Clark Martin & Peterson Rodgers & Deutsch Bogle & Gates Karr Tuttle Campbell Seattle City Attorney's Office Buck & Gordon King County Prosecutor's Ofc. Short Cressman & Burgess Demco Law Firms Ordal Kerruish & Kaseberg State Attorney General's Ofc. Erickson & Barkshire Perkins Coie Tousley Brain Foster Pepper Shefelman Preston Gates & Ellis Williams Kaster & Gibbs Graham & Dunn Port of Seattle Other: King Co. Library System Pierce County Public Works Trust For Public Land King Co. Office of Open Space Snohomish Co. Public Works State Certification Number - General: AL-LE-NB-C622KW Expiration: 05/16/99 (Revised 01/13/98) Bruce C.Allen &Associates, Inc. 1 i 3004DOC Complete/Self-Conlained QUALIFICATIONS DARIN A. SHEDD Experience Engaged in the real estate field since 1987. Real estate experience includes employment with a civil engineering and surveying firm, associate with a real estate law firm, and associate real estate appraiser. Appraisal experience includes a wide variety of appraisal assignments including commercial and industrial real estate, subdivision analysis, multifamily properties, resort and golf course developments, and sensitive area properties. Education J.D., University of Puget Sound School of Law (1991) B.A., University of Washington (198 7) Appraisal-Related Classes 1997: Appraisal Institute National Chapter Report Writing Appraisal Institute National Chapter Advanced Income Capitalization 1996: Appraisal Institute Seattle Chapter Advanced Sales Comparison and Cost Approach 1995: Appraisal Institute Seattle Chapter Standards of Professional Practice, Part A Standards of Professional Practice, Part B Highest and Best Use Market Analysis 1994: Appraisal Institute Seattle Chapter General Applications Basic Income Capitalization 1993: Appraisal Institute Seattle Chapter Appraisal Procedures North Seattle Community College Principles of Real Estate Appraisal University of Washington School of Law Continuing Education Ports and Waterways 1991: C.L.E. International Real Estate Foreclosure 1990: University of Puget Sound School of Law Basic Real Estate Advance Real Estate Land Use Law Environmental Law Bruce C.Allen &Associates, Inc. 17.400•4.DOC Complete/Sel(Contained NOW QUALIFICATIONS "' DARIN A. SHEDD (cont.) Partial Client List General Services Administration (GSA) Snohomish County Parks King County Open Space U.S. Bancorp Pierce County Public Works Various Developers & Property Owners Port of Seattle Appraisal assignments include work throughout the Puget Sound Region, including King, Pierce, Snohomish, Kitsap, Jefferson, Thurston, Whatcom, and Skagit Counties. State Certification Number - General: SH-ED-DD-A350B4 Expiration: 01/24/99 (Revised 11/07/97) Bruce C. Allen &Associates, Inc. 17300-4.DOC Cornplete/Sel(-Contained