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HomeMy WebLinkAboutWells Short Plat Lot #4 �( CITY OF RENTON DEC 13 2000 CITY OF RENTON RECEIVED PLANNING/BUILDING/PUBLIC WORKS CITY CLERK'S OFFICE MEMORANDUM DATE: December 11, 2000 TO: Bonnie Walton FROM: Tom Boyns, Property Services Supervisor, 7209 SUBJECT: AC-033-Escrow Closing Documents Surplus Property West 30 feet Lot 4 Wells Short Plat We have Received the final closing statement, attached, and compensation, copy attached, and enclose them for your file. We will forward the title insurance documentation when it is received. CHICAGO TITLE IINvW2ANCE COMPANY 10500 NE 8TH STREET,SUITE 1760,BELLEVUE,WASHINGTON 98004 PHONE: (425)646-9887 FAX: (425)646-9154 DECEMBER 11,2000 CITY OF RENTON 1055 S.GRADY WAY RENTON,WASHINGTON 98055 ESCROW NO. 000583965 TITLE ORDER NO. 000583965 PROPERTY: BUYER HOOD DEVELOPMENT,LLC SELLER CITY OF RENTON DEAR TOM BOYNS In connection with the closing of the above referenced escrow,we enclose the following for your records: FINAL SETTLEMENT STATEMENT CHECK IN THE AMOUNT OF$12,079.47 Any recorded documents and/or policy of title insurance to which you may be entitled will be forwarded to you in the near future. Should you have any questions concerning the closing,please do not hesitate to call or write. We appreciate having had this opportunity to be of service to you and look forward to serving your escrow needs in the future. Sincerely, CHICAGO;TITLE INSURANCE COMPANY ASHER�R:I�LL MCCULLOUGH LOIS M.ARNESON,ESCROW ASSISTANT Enclosures SELCLOS/RDA/0799 *%001 'U 03 m in CD e:. CL m o m K o o, z O o mom{ w z .0 z S -G r o A -� O o O o 0 �� OcnL7O m Z�=M CmD m z 00 -�LU DOZ0 CD O cn >D W D Z cyl Z m zU3Ln -G � p ,3r mr m tz) m W �" m n � m C A 1 _ Z G a `Z m : x o Dd as Z A � m n w m r m ci w nf7J4.0r O o u1 C N W ro w 0 mn Oru D_ CA n CD r dim .o r w Ltl n O (7) D < r o ��,.'. :..A p 31.. O t"TW �` z m -O 1 r m A _> �O N w o O x Z'. .1. OD = m' o x m nri 7S z; w z mr 1 t u iD m' t C7 3 rim o m D A �; N to r Ili � N_ N 3 cn m' O �.. 1 a m V m O. Z. i j .U Q U. C:) o. v r o OMB No.2502-0265(Exp.12-31-86) Page 1 A.. Sao" I. TYPE OF LOAN CHICAGO TITLE INSURANCE COMPANY 1. ❑ FHA .,, i Fm HA 3.❑ CONV.LININS. CLOSER: SHERRILL MCCULLOUGH 4. ❑ VA t$Yj ,.F CQNY INS. DATE OF PRINTING: 12/11/00 6. File Number: "t-!F83965 ETU 0° TIME OF PRINTING: 08 :07 B 6O1 SHM BEL7. Loan Number ; FINAL SETTLEMENT STATEMENT 8. Mortgage Insurance er U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT C. NOTE: This form is furnished to give you a statement of actual settlement costs.Amounts paid to and by the settle t e. a shown. Items marked "(p.o.c.)"were paid outside the closing;they are shown here for informational purposes and are not included in the t'bdf : D. NAME OF BORROWER: HOOD DEVELOPMENT, LLC ADDRESS: 6052 CHICO WAY NW BREMERTON WASHINGTON 98312 E. NAME OF SELLER: CITY of RENTON ADDRESS: 1055 S. GRADY WAY RENTON WASHINGTON 98055 F. NAME OF LENDER: ADDRESS: G. PROPERTY LOCATION: H. SETTLEMENT AGENT: CHICAGO TITLE INSURANCE COMPANY I. SETTLEMENT DATE: ADDRESS: 10500 NE 8TH STREET, SUITE 1760 December 11, 2000 BELLEVUE WASHINGTON 98004 PLACE OF SETTLEMENT: 10500 NE 8TH STREET, SUITE 1760 ADDRESS: BELLEVUE WASHINGTON 98004 J. SUMMARY OF BORROWER'S TRANSACTION K. SUMMARY OF SELLER'S TRANSACTION 100. GROSS AMOUNT DUE FROM BORROWER: 400. GROSS AMOUNT DUE TO SELLER: 101. Contract sales price 401. Contract sales price 13, 100.00 102, Personal Property 402. Personal Property Settlement charges t S o borrower line 4 1 1 00 03 9 ( ) 4 104• 404. 105. 405. Adjustments for items paid by seller in advance Adjustments for items paid by seller in advance 106. City/town taxes to 406. City town taxes to 107, County taxes to 407. County taxes to 108, Assessments to 408. Assessments to 109. 409. 110. 410. Jill. 411. �-OCITY OF RENTON CITY CLERK'S OFFICE MEMORANDUM DATE: November 14, 2000 TO: Tom Boyns, Property Services FROM: Bonnie Walton, x6513 SUBJECT: AC-033 —Escrow documents/Surplus property West 30 feet Lot 4 Wells Short Plat The attached original document has been fully executed and is being returned to you. Please transmit the original to the contractor and retain a copy for your file. An original document is also retained by the City Clerk. Thank you. Enclosures: (1) CITY OF FleNTON CITY OF RENTON P4,0 V 0 G 2000 PLANNING/BUILDING/PUBLIC WORKS r _ MEMORANDUM DATE: November 6, 2000 TO: Marilyn Petersen FROM: Tom Boyns, Property Services Supervisor, 7209 SUBJECT: Surplus Property West 30 feet Lot 4 Wells Short Plat On August 14, 2000, the Renton City Council declared the west 30 feet of Lot 4 of the Wells Short Plat surplus, set compensation at the appraised value of$13,100 and accepted the offer from Orkney Homes and Development, LLC to purchase the surplus property at the appraised value. The condition that Orkney Homes complete the requisite Lot Line Adjustment has been met. We have reviewed the accompanying escrow documents and find them to be standard and acceptable. We have attached a copy of the assignment from Orkney Homes to Hood Development. Please have the Mayor sign the escrow documentation, deed and Excise Tax Affidavit as indicated and return these documents to me for forwarding to Chicago title Company Escrow. Thank you. August 14,2000 Renton City Council Minutes Page 287 services in the community. He stated that in South King County and the City of Renton,the needs of residents and how services are provided have become increasingly complex. Mr.Brooks concluded by saying that providers have learned a lot about how to effectively serve families,pointing out that many providers are working together and utilizing each other's services. Heidi Carlson, 806 Index Ct.NE,Renton, 98056,urged the City not to cut funding for its neighborhood programs. Saying the neighborhood programs have been a source of pride for the City, she emphasized that the budget for these programs is very small compared to the total City budget. Ms. Carlson stated that neighborhoods are a good investment,pointing out that strong i dynamic neighborhoods attract businesses. Mayor Tanner commented that the Economic Development and Community Services Departments are currently revisiting the neighborhood program guidelines,and there are no reductions proposed in 2001. Kim Browne, 1003 N. 28th Pl.,Renton, 98056,President of the Kennydale Neighborhood Association,requested that the neighborhood matching grant program be expanded to include administration costs for items such as newsletters,liability insurance and community events. Ms. Browne thanked the City for the neighborhood programs and she encouraged other neighborhoods to organize and get involved. Councilmember Keolker-Wheeler requested that the Administration investigate the feasibility of offering umbrella liability insurance coverage to community groups holding neighborhood events. MOVED BY PARKER, SECONDED BY KEOLKER-WHEELER,COUNCIL ; CLOSE THE PUBLIC HEARING. CARRIED. (See page 293 for Community Services Committee report regarding General Fund Recommendations for the Community Services Department.) PUBLIC HEARING This being the date set and proper notices having been posted and published in Technical Services: Surplus accordance with local and State laws,Mayor Tanner opened the public hearing Property,NE 26th St&Jones to consider the proposed surplus of 4,387.80 square feet of City-owned Ave NE, Sale to Orkney property (west 30 feet of Lot 4,Wells Short Plat), located east of Jones Ave. Homes&Development NE between NE 26th Pl. and NE 27th St., for sale at appraised market value to Curtis Schuster,Orkney Homes and Development, LLC. Tom Boyns,Property Services Supervisor, said that the City received a request from Curtis Schuster of Orkney Homes and Development,LLC,to sell a 30- foot strip of land. He explained that due to the change in application of density requirements, Orkney Homes and Development's pending Redwood Lane short plat of Lot 3 of the Wells Short Plat into four new lots,no longer meets the allowed density for four lots. The additional property is needed to comply with the changed calculation methods. Mr.Boyns described the topographical features of the subject property, pointing out that because of the unique character of the 30 foot strip,it is only useful to the property on the east or west sides. He explained that Lot 4 was purchased by the City for drainage and sewer projects, and to preserve significant wetlands on the eastern part of the lot. The funding for the purchase was provided from utility project funds shared equally by the Surface Water and Wastewater Utilities Divisions. Mr. Boyns affirmed that both Divisions agreed that the west 30 feet of Lot 4 are no longer needed for utility purposes. Continuing,Mr. Boyns reported that an appraisal was completed,valuing the property at$13,100. He said that Orkney Homes and Development has offered i August 14,2000 Renton City Council Minutes Page 288 j . to purchase the property for the appraised amount and to pay the cost of performing a lot line adjustment. Mr.Boyns concluded by saying that staff and the Board of Public Works recommends the City declare the property surplus and accept Orkney Homes and Development's offer to purchase the property. Responding to Mayor Tanner, Mr. Boyns affirmed that the City will maintain ownership of the utility right-of way,east of the property to be declared surplus. Public comment was invited. Rex Orkney, 6035 111th Ave.NE,Kirkland,representing Orkney Homes and Development,LLC,said Orkney Development's purchase of the 30-foot strip will not affect the original footprint of the short plat. Curtis Schuster, 6425 125th Ave.NE,Kirkland,representing Orkney Homes and Development,LLC, explained that there will be a buffer between the proposed lot line and the sanitary and storm sewer. MOVED BY PARKER, SECONDED BY CLAWSON, COUNCIL CLOSE THE PUBLIC HEARING. CARRIED. MOVED BY CORMAN, SECONDED BY KEOLKER-WHEELER, COUNCIL APPROVE THE PLANNING/BUILDING/PUBLIC WORKS DEPARTMENT RECOMMENDATION TO DECLARE THE PROPERTY SURPLUS, SET COMPENSATION AS APPRAISED AT$13,100,WAIVE THE USUAL BID PROCEDURE AND ACCEPT THE OFFER FROM ORKNEY HOMES AND DEVELOPMENT, LLC, AT THE APPRAISED VALUE WITH THE CONDITION THAT ORKNEY HOMES AND DEVELOPMENT, LLC,COMPLETE AND PAY THE ENTIRE COST OF A LOT LINE ADJUSTMENT PRIOR TO CLOSING THE TRANSACTION. CARRIED. Appeal: 230 Williams Ave N ouncilmember Keolker-Wheeler announced that the Planning and Residence Restoration, AAD- Development Committee report regarding the 230 Williams Ave.N. residence 00-036 restoration appeal will not be read. She reported that the affected parties are attempting to resolve the issue. 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 2000 and beyond. Items noted included: • As part of the Human Services Housing Repair Assistance Program,on Saturday,August 5th, a volunteer team from Home Fellowship Ministries of Covington painted a home in Renton occupied by an elderly couple. • On August 10th, approximately 300 youths enjoyed contests, crafts and competitions at the annual Kennydale Beach Splash Day,which is organized by Kennydale Beach lifeguards. AUDIENCE COMMENT Dave C. Hardy, 19235 108th Ave. SE,Apt. #206, Milton, 98354, stated that in Citizen Comment: Hardy— 1997, an environmental awareness group known as Caring About Our Rich Caring About Our Rich Environment(CARE) was established. Explaining that the purpose of the Environment, Environmental organization is to raise environmental awareness,he described the efforts being Awareness Organization made to do so through landscaping and horticulture projects. Mr. Hardy said that CARE has received support both locally and nationally and asked for the City's support of the organization. OCT-12-2000 THU 03:39 PM JOHN l "1^27 ADMIN. FAX NO, 4254G`K16 P. 03 Oot 11 20 04; 41p Hernrtem Inn 6 6uiteS 1480T- 675-9©75 p. 2 ]e/e9/2000 $4:02 4258811x/? Ys OCT-10-200 U �3;a5 Pn JOH..1 L !3C(yTr M?f1N KEEWFF : Na 425452301Y.6U7 02 �ts�scY oI la>ber=st 1h oarekWrmlon of$10.00 sad odw vWmble coaaidcrsA 1. t,F ex W. Ori, 0 M111m4tt Pttti4er of Od cn Honm %M Devsbpc r3.LL.t A Wuhim LWhedl Llability Corporaty^do ht-eby mmfsr ar,9 esaip .1 of their n;&%, t* inner . and ,t$nta4e:x to be made i.'1 sb6 PuTCh a add Salt Agmemma ddmW Amt 7, 21*400 b"wvm 0%;.lWy Ho n s WDVWAPUM,LLC. md/or mops.(Pttccb,ier)Ilse City c v ttatm La oanWWrsdW of tbo 4urn pWd,and upon&po►:t of 913,100.01 (ib c a-tbpYr�d^otf�tpardcarl-dolJsea ad noniA)cash iesa ow.mw at C k4p 7rj*aald Escrow of Bellevue_ (kkmy yam $WW Devt•1 Meat L.L4.a1D V dnaufu and aaaip dl site Phan& pMsta,spoc1&36*K W-,r dmawlW AWT"and osisor work products itlatl,4 to Or stubjec:pmpw HOW Dmkpaps,L.L.C. The 1epW dewripaon of the prvpeny wWvb it,it* 6ub*t of this `.'t rehau i id Salo Agmmmis attached hems atd mWe a put hereof by thi rdtrenc ! .o sa 1bth t"H". Said MAN beaby IceW the m4vwtt uxi aS-x to retmc O knry% a OW DevdOPOkic,L-;—C,of any liabl V*at nW- be IwAind by SM mm r Of tbir Pt 0han and Sole Aewme.at. ASSIGNOR Ory Koaaei W Develumera,L.L.0 Ha tRs Orkmy Radovich' . _ OCT-12-2000 THU 03:39 PM JOHN ' SCOTT ADMIN, FAX NO. 425e,-09016 P. 02 1%r EXHIBIT "B" Legal Description: THE WEST 30 FEET OF LOT 4 OF RENTON SHORT PLAT NUMBER LUA-92-186 UNDER RECORDING NUMBER 9412209001, IN KING COUNTY, WASHINGTON. CHICAGO TITLE INtAtRANCE COMPANY *✓' AC-033 10500 NE 8TH STREET,SUITE 1760,BELLEVUE,WASHINGTON 98004 PHONE: (425)646-9887 FAX: (425)646-9154 November 2, 2000 Tom Boyns RECEIVED City of Renton Planning/Building Public Works Department NOV - 1 2000 1055 south Grady Way CITY OF RENTON Renton, WA 98055 UTILITY SYSTEMS RE: Escrow No. 583965 City of Renton to Hood Development, Inc. Dear Mr. Boyns, Regarding the above escrow transaction, enclosed herewith are the following documentation for review and signature: - Estimated Seller Settlement Statement - Escrow Services Statement - Escrow Instructions - Excise Tax Affidavit - Warranty Deed - REQUIRES NOTARIZATION - Proceeds Disclosure form for completion Please call should there be any questions regarding the enclosed documentation. We have the closing date scheduled for Tuesday, November 7th. When the documentation has been signed, please so a courier may be sent to pick them up for delivery direct to me. Si erely, Sherri McCullough Es w Officer 425-646-9887 STBLAN K1/RDAj 0639 **✓ war CHICAGO TITLE INSURANCE COMPANY ESTIMATED SELLER'S SETTLEMENT STATEMENT PAGE: 01 ESCROW NUMBER: 00633-000583965-001 ORDER NUMBER: 00633-000583965 CLOSING DATE: 11/07/00 CLOSER: SHERRILL MCCULLOUGH BUYER: HOOD DEVELOPMENT, LLC SELLER: CITY OF RENTON PROPERTY: CHARGE SELLER CREDIT SELLER Sales Price $ $ 13, 100.00 Prorations And Adjustments County Taxes from 11/07/00 to 01/01/01 .75 Total amount $ 5.00 for 366 days Settlement or Closing Fee 407.25 Title Insurance 380.10 1.78% excise tax to King County Treasurer 233.18 Funds Due To Seller At Closing 12, 080.22 -------------- -------------- TOTALS $ 13,100.75 $ 13, 100.75 SEAL � CITY BRSNTON esse Tanner, May ATTEST: .�✓ DATE: 11/01/00 15:48: ril J. Petersen, City Clerk O CHICAGO TITLE INSURANCEt iPANY 10500 NE 8TH STREET,SUITE 1760,BELLEVUE,WASHINGTON 98004 PHONE: (425)646-9887 PAX: (425)646-9154 ESCROW SERVICES STATEMENT CERTIFIED LIMITED PRACTICE OFFICERS MAY RENDER SERVICES AUTHORIZED BY APR 12 RULE ONLY UNDER THE FOLLOWING CONDITIONS: 1. Agreement of the parties:Prior to the performance of the services all parties to the transaction shall have agreed in writing to the basic terms and conditions of the transaction. 2. Disclosure to the Parties:The Officer shall advise the parties of the following limitations of service: (a) That the Officer is not acting as the advocate or representative of the parties hereto; (b) That the documents prepared by the Officer will affect the legal rights of the parties hereto; (c) That the parties'interests in the documents differs; (d) That the parties have a right to be represented by attorneys of their own choosing and at their own expense; (e) That the Officer may not and cannot give any legal advice as to the manner in which the documents affect the legal rights of the parties. 3. The following documents have been prepared and selected by the Officer: excise tax affidavit 4. Loan documents have been selected and prepared by: 5. Other: ESCROW NO. 000583965 PROPERTY: LIMITED PRACTICE OFFICER SHERRIL -C,(�,.,Iti0I;l, kf#703 %CITY OF RENTON G Qr HOOD DEVELOPMENT,LLC pr ' s BY: d`� ,� � BY: x Jesse Tanne MayoxUi,,.. S�gt6'����` x a ATTEST: M6rflydj. Petersen, City C erk Fssz000/ROA/oma OCHICAGO TITLE INSURANCE COMPANY 10500 NE 8TH STREET,SUITE 176apOELLEVUE,WASHINGTON 98004 PHONE: (425)646-9887 FAX: (425)646-9154 ESCROW INSTRUCTIONS Dale: NOVEMBER 1,2000 ESCROW NO. 000583965 TITLE ORDER NO. 000583965 PROPERTY: BUYER HOOD DEVELOPMENT,LLC SELLER CITY OF RENION TO: CHICAGO TITLE INSURANCE COMPANY 10500 NE 8T11 STREET,SUITE 1760 BELLEVUE,WASHINGTON 98004 SELLER herein shall deposit with escrow under these instructions the following: REAL IS'ryvrE PURCIIASE AND SALE AGREEMENT&ADDENDUMS THERETO,IF ANY E9I7MATED SETI'LEMI?NI'SI'A'I'EMENI' NOTICE: TI IE ESTIMA'T'ED CLOSING STATEMENT IS SUBJECTTO CIIANGES, CORRECTIONS AND/O R ADDI'T'IONS AT THE TIME OF FINAL.COMPUTATION OF CLOSING ESCROW STATE'MEN'T. STATUTORY WARRANTY DEED EXCISE TAX AFFIDAVIT BOUNDARY LINE ADJUSTMENT'S which you arc instructed to deliver,release and/or record when you have for the account of the seller THIRTEEN THOUSAND ONE HUNDRED AND 00/100 ($13,100.00 ) subject to any charges and/or credits authorized herein and PURCHASER herewith deposits with escrow: FUNDS AS REQUIRED TO CLOSE ESTIMATED SETTLEMENT STATEMENT NOTICE: TILE ESTIMATED CLOSING STATEMENT IS SUBJECI'TO CHANGES, CORRECTIONS AND/OR ADDITIONS AT THE TIME OF FINAL COMPU'I'A7'ION OF CLOSING ESCROW STATEMENT. which sums and documents you are instructed to use: 1. When you arc able to close according to the terms and conditions set forth in the Real Estate Purchase and Sale Agreement and Addendums attached thereto and in compliance with these instructions,and issue your policy (or policies)of title insurance in the amount(or amounts)as follows: STANDARD OWNER'S POLICY INSURING BUYER IN AMOUNT OF SALE PRICE containing the insuring clauses,exceptions,exclusions,provisions and stipulations as contained in commitment issued under number 000583965 under which parties herein have read and approved,and a. Conditions,restrictions or reservations as may be contained in the plat or Federal or State patents. b. Matters attaching by,through or under the Grantee c. Special Exceptions 1 TIIROUG115 2. You are instructed to disburse deposited funds pursuant to closing statement(s)examined and approved by the parties hereto and by this reference made a part hereof. Certain items shown on the closing statements may be estimated only and the final figures may be adjusted to accommodate exact amounts required at the time of disbursement. E12000A/RDA/0899 ESCROW INSTRUCTIONS Escrow No. 000583965 Dale: NOVEMBER 1 7 Title No. 000583965 3. The undersigned have examined and hereby approved for use in this escrow the documents described above as to content and form. 4. Assume a per diem basis in any pro-rate herein provided,and unless parties otherwise instruct you,you are to use the information contained in the last available tax statement as provided by the seller,beneficiary's statement,and fire insurance policies delivered into escrow for the pro-rates provided above. 5. All money received by you in this escrow is to be deposited in your trust account pending closing. It is understood that all checks,money orders or drafts will be processed for collection in the normal course of business. You may commingle funds received in this escrow with escrow funds of others,and you may,without limitation,deposit such funds in your custodial or escrow accounts with any reputable trust company,bank,savings bank,savings association,or other financial services entity,including any affiliate of Chicago Title Insurance Company. You shall be under no obligation to invest the funds deposited with you on behalf of any depositor,nor shall you be accountable for any earnings or incidental benefits attributable to the funds which you may receive while you hold such funds. If for any reason funds are retained or remain in escrow after the closing date,you are authorized to deduct therefrom a reasonable charge as custodian. 6. You are instructed that all money and documents required by you herein shall be deposited with you on or before NOVEMBER 7,2000 • If this escrow has not been placed in a condition to close by said date,the above items deposited by me(us)are to be returned to me(us)upon written demand,at which time I/we will pay all your charges in connection herewith,but in the absence of such written demand,you will proceed with these instructions as soon as practicable. 7. These closing escrow instructions may be executed in counterparts with like effect as if all signatures appeared on a single copy. Facsimile copies of certain documents may be accepted,at the discretion of Chicago Title Insurance Company,for purposes of closing. 8. These escrow instructions are not intended to amend,modify or supercede the terms and conditions set forth in the Real Estate Purchase and Sale Agreement and Addendums thereto, if any. Escrow is to be concerned only with the provisions specifically set forth in these instructions and identified by the Buyer and Seller as conditions to the closing of this escrow. 9. You are instructed to furnish to any broker or lender identified with this transaction or anyone acting on behalf of such lender,any information concerning this Escrow upon request of said broker or lender. 10. Should any dispute arise between parties interested in property or funds covered by these instructions,you shall have the option to hold all matters pending in their then existing status or to join in or commence a court action,deposit the money and documents referred to herein into the Registry of the Court or upon holding this escrow open for determination of the rights of the parties,you will be relieved of all responsiblity. It is further agreed that in the event of any suit or claim made against you by either or both parties to this agreement,that said parties shall be required to pay you all expenses,costs and reasonable attorney's fees in connection therewith,whether suit is instituted by you or any of the parties hereto. 11. Escrow holder is to assume no responsibility or liability for the preparation of the Truth in Lending,Consumer Protection Statement. 12. Escrow holder is to assume no responsibility or liability for the calculation,deduction or any other act such as the withholding of funds and/or for the payment of taxes in compliance with the Foreign Investment in Real Property Tax Act as amended in 1984(IRC 1445 et sec.). The determination of whether such tax is due and its payment or withholding,if due,shall be handled by the parties outside of escrow. Escrow Holder has advised the parties to contact their attorney or tax advisor regarding the applicability of Section 1445 to this transaction. Escrow Holder reserves the right to take any action it believes the law requires it to take,whether included in instructions or not. 13. The legal description as in Preliminary Commitment for Title Insurance No.000583965 is that of the property intended to be conveyed in this transaction. 14. The undersigned hereby acknowledge receipt of the Commitment for Preliminary Title Insurance covering subject property together with Escrow Agents Admission to Practice Rule Disclosure. Escrow No. 000583965 ESCROW INSTRUCTIONSDatc: NOVEMBER 1 Title No. 000583965 *40W 15. You are instructed to prorate as of the date of recording the following: TAXES 16. The undersigned hereby advise escrow holder that pro-ration and payment of all utilities,including but not limited to water,sewer,garbage,electricity,gas and oil,will be handled between the parties outside of escrow. Escrow holder shall not be responsible for determining whether any utility charges arc or may become due or for payment of any such charges. By signing these instructions,the undersigned hereby assume full responsibility for proration and payment,if any,of utilities. 17. Escrow holder is advised that the personal property,if any,will be transferred outside of escrow between the principals hereto,and escrow holder is to assume no responsibility or liability for the condition,delivery or sales tax due thereon. ESCROW HOLDER IS ADVISED THAT PURCHASER HAS RECEIVED AND READ A COPY OF THE COVENANTS,CONDITIONS AND RESTRICTIONS AFFECTING THE SUBJECT PROPERTY. ESCROW HOLDER IS TO ASSUME NO RESPONSIBILITY OR LIABILITY OF ANY NATURE REGARDING THE CONDITION,COMPLETION OR DELIVERY OF THE SUBJECT PROPERTY. THE UNDERSIGNED HEREBY AGREE THAT ALL SPECIAL CONDITIONS AND CONTINGENCIES OF THE PURCHASE AND SALE AGREEMENT,TOGETHER WITH ANY AND ALL ADDENDA THERETO,EITHER HAVE BEEN OR WILL BE MET TO THEIR SATISFACTION OR WAIVED. CHICAGO TITLE,AS ESCROWEE,SHALL ONLY BE RESPONSIBLE FOR CLOSING IN ACCORDANCE WITH THE WRITTEN TERMS OF THE PURCHASE AND SALE AGREEMENT AND ANY OTHER WRITTEN INSTRUCTIONS DEPOSITED TO ESCROW. THE PARTIES SHALL HOLD CHICAGO TITLE INSURANCE COMPANY AND ITS EMPLOYEES HARMLESS FROM ANY CLAIM RESULTING FROM THE FAILURE OF ANY PARTY TO MEET ANY ADDITIONAL CONDITIONS AND/OR CONTINGENCIES. eu000C/auA/0899 ESCR(%..w INSTRUCTIONS Nof Escrow No. 000583965 Date: NOVEMBER 1,2000 Title No. 000583965 DECLARATION OF ESCROW SERVICES Both Purchaser and Seller acknowledge by their signatures hereon the following: I have been specifically informed that CHICAGO TITLE INSURANCE COMPANY(hereinafter designatcd'CHICAGO')is not licensed to practice law and no legal advice has been offered by CHICAGO or any of its employees.I have been further informed that CHICAGO is acting only as an escrow holder and that it is forbidden by law from offering any advice to any party respecting the merits of this escrow transaction or the nature of the instruments utilized,and that it has not done so. I have not been referred by CHICAGO to any named attorney or attorneys or discouraged from seeking advice of any attorney but have been requested to seek legal counsel of my own choosing at my own expense,if I have doubt concerning any aspect of this transaction. I further declare all instruments to which I am a party,if prepared by CHICAGO,have been prepared under the direction of my attorney or myself and particularly declare that copying legal description from title reports into forms of deed,etc.or reforming of legal descriptions or agreements is,or will be solely at my direction or request. I have been afforded adequate time and opportunity to read and understand these escrow instructions and all other documents referred to therein. THE UNDERSIGNED HAVE READ AND FULLY UNDERSTAND THE FOREGOING CLOSING INSTRUCTIONS AND ALSO THE DECLARATION SET FORTH ABOVE AND AGREE TO THE SAME CITY OF RENTON I1OOD DEVELOPMENT,LLC cr By: X esse Tanner, Mayor I1OODDEVELOPMENT,LLC .../ X Marilyn V. ersen, City Clerk 4 10d Forwarding Address: EI2000D/RDA/0899 PLEASE TYPE OR PRINK REAL ESTAT 'XCI�AX AFFIDAVIT This forr ur receipt when PLEASE SEE REVERSE a stamped,,,,,,ohier CHAPTER 82.d'f[LCW-CHAPTER 458-61 WAC For Use at County Treasurer's Office (Use Form No.84-001b 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 1 Name CITY OF RENTON,A MUNICIPAL CORPORATION JRU Name HOOD DEVELOPMENT',LLC Gs OR R E N L Street 1055 S.GRADY WAY Street 6052 CHICO WAY NW o R RENTON,WASIIING'TON 98055 BREMERTON,WASHINGTON 98312 R City/State/Zip City/State/Zip '; ADDRESS TO SENDALL PROPERTY RELATED CORRESPONDENCE ALL TAX PARCEL NUMBERS COUNTYTREASURERPIACE ASSESSED VALUE IFTAX EXEMPT Name SEE GRANTEE ABOVE Street 2100 City/State/Zip 4 LEGAL DESCRIPTION OF PROPERTY SITUATED IN ❑ UNINCORPORATED COUNTY X OR IN CTIY OF Street Address(if property is improved): TI IE WEST 30 FEET Oh LOT 4,CTIY OF RENT'ON SI TORT PLAT NUMBER LUA-92-186,RECORDED UNDER RECORDING NUMBER 9412209001, IN KING COUNTY,WASHINGTON. $ J Is this property currently: YES NO Description of tangible personal property if included in sale(furniture,appliances,etc.) Classified or designated as forest land? 13X Chapter 84.33 RCW Classified as current use land(open space,farm ❑ EX and agricultural,or timber)?Chapter 84.34 RCW Exempt from property tax as a non profit ❑ organization?Chapter 84.36 RCW If exemption claimed,list WAC number and explanation. Seller's exempt Reg.NO. WAC NO.(Sec/Sub) Receivin j sreial valuation as historic 13 13( Explanation: Property. Chapter 84.26 RCW Property Type: K land only ❑ land with new building ❑ land with previously used building ❑ land with mobile home Type of Document WARRANTY DEED ❑ timber only ❑ buildingonly Date of Document Property Use: ❑Apt.(4+unit) Q( residential ❑ timber ❑agricultural ❑ commercial/industrial Gross Sale Price$ 13,100.00 ❑ other Personal Property(deduct) $ g (1)NOTICE OF CONTINUANCE(RCW 84.33 OR RCW 84.34) Taxable Sale Price$ 13.100.00 If the new owner(s)of land that is classified or designated as current use or Excise Tax: State$ 233.18 forest land wish to continue the classification or designation of such land,the Local$ new owner(s)must sign below. If the new owner(s)do not desire to continue such classifcation or designation,all compensation or additional tax calculated Delinquent Interest: State $ pursuant to RCW 84.33.120 and 140 or RCW 84.34.108 shall be due and Local $ payable by the seller or transferor at the time of sale.The county assessor must determine if the land transferred qualifies to continue classification or Delinquent Penalty: State S designation and must so indicate below. Signatures do not necessarily mean the land will remain in classification or designation.If it no longer qualifies, it will be removed and the compensating taxes will be applied. Total Due S 233.18 All new owners must sign. This land ❑ does ❑ does not qualify for continuance. A MINIMUM OF$2.00 IS DUE AS A PROCESSING FEE AND TAX AFFIDAVIT I certifyhpnder p nalw of perjury under the laws of the state Date: of Was mglon I=I. a foregoing is true and correct(See last DEPUTY ASSESSOR page of this form) (2)NOTICE OF COMPLIANCE(Chapter 84.26 RCW) Signature of If the new owncr(s)of properly with special valuation as historic property wish Grantor/Agent to continue this special valuation the new owner(s)must sign below.If the new Name(print) CITY :NTON owner(s)do not desire to continue such special valuation,all additional tax Date and Place of Signings 1/13/2 000 Renton, WA calculated pursuant to Chapter 84.26 RCW,shall be due and payable by the seller or transferor at the time of sale. Signature of (3)OWNER(S)SIGNATURE Grantee/Agent Name(print) HOOD DEVELOPMENT,LLC Date and 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(1C)). FOR TREASURERS USE ONLY COUNTY TREASURER +err rrrr► Return Address: City Clerk's Office City of Renton 1055 South Grady Way Renton,WA 98055-3232 WARRANTY DEED Parcel Number: 334390-2910 Project File#: PRM 28 0004 Street Intersection: NE 27th Street&Jones Ave NE Grantor(s): Grantee(s): 1. City of Renton,a Municipal Corporation 1. Hood Development,L.L.C.,a Washington Limited Liability Corporation LEGAL DESCRIPTION: The West 30 Feet of Lot 4 City Of Renton Short Plat No LUA-92-186-Shpt recorded under King County Recording No 9412209001,situate in Section 5,Township 23 North,Range 5 East,W.M.in King County,Washington. The Grantor,for and in consideration of ten dollars($10.00)and other valuable consideration conveys,grants to the Grantee(s)as named above,the above described real estate. By this conveyance,Grantor will warrant and defend the sale hereby made unto the Grantee against all and every person or persons,whomsoever, lawfully claiming or to claim the same. This conveyance shall bind the heirs,executors,administrators and assigns forever. IN WITNESS WHEREOF,I have hereunto set my hand and seal this Malay of 7L4y e�/ Grantor(s): �jti�'� �' O � City of enton MV r Jesse ner TTE City Cle aril n J. Petersen Notary Seal must be within box STATE OF WASHINGTON )SS COUNTY OF KING ) On this day of 20 before me personally appeared Jesse Tanner to me known to be Mayor of the corporation that executed the within instrument,and acknowledge the said instrument to be the free and voluntary act and deed of said corporation,for the uses and purposes therein mentioned,and each on oath stated that he/she was authorized to execute said instrument and that the seal affixed is the corporate seal of said corporation. Notary Public in and for the State of Washington Notary(Print) My appointment expires: Dated: ,%W err/ CHICAGO TITLE INSURANCE COMPANY EXHIBIT a Escrow No.: 583965 COVENANTS, CONDITIONS AND RESTRICTIONS CONTAINED IN INSTRUMENT: RECORDED: MARCH 25, 1994 RECORDING NUMBER: 9403251290 COVENANTS, CONDITIONS, RESTRICTIONS, DEDICATIONS, AGREEMENTS AND NOTES, AS CONTAINED IN CITY OF RENTON SHORT PLAT NUMBER LUA-92-186, RECORDED UNDER RECORDING NUMBER 9412209001. COVENANTS, CONDITIONS AND RESTRICTIONS CONTAINED IN INSTRUMENT: RECORDED: OCTOBER 14, 1993 RECORDING NUMBER: 9310140989 AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: BETWEEN: CITY OF RENTON AND: OWNERS RECORDED: SEPTEMBER 27, 1990 RECORDING NUMBER: 9009271246 REGARDING: WATER EXTENSION AGREEMENT NOTICE OF CITY OF RENTON ORDINANCE NO. 4824 ESTABLISHING AN ASSESMENT DISTRICT FOR SANITARY SEWER SERVICE BY INSTRUMENT RECORDED UNDER RECORDING NUMBER 20000104000291. EXHIBIn/RDA/0999 *4w 11/01/00 ESCROW NO.000583965 CONCERNING OUR PROCEEDS ON THE ABOVE TRANSACTION,WE HEREBY INSTRUCT ESCROW AGENT TO: 1. DEPOSIT OUR PROCEEDS INTO THE ATTACHED ACCOUNT. (DEPOSIT SLIP ATTACHED) NOTE: YOUR BANK MAY NOT CREDIT INTEREST TO YOUR ACCOUNT UNTIL FUNDS ARE COLLECTED. 2. WIRE OUR PROCEEDS PER THE ATTACHED WIRING INSTRUCTIONS. NOTE: FUNDS WIRED AFTER 2:00 PACIFIC STANDARD TIME WILL NOT BE POSTED IN YOUR ACCOUNT UNTIL THE NEXT BANKING DAY. 3. TRANSFER PROCEEDS TO CHICAGO TITLE ESCROW NO. 4. _ MAIL OUR PROCEEDS TO THE FOLLOWING ADDRESS: doss s: GRAY GJ�Y' 5. WE WILL PICK UP OUR PROCEEDS,PLEASE CALL WHEN CHECK IS AVAILABLE. J sse Tanner, May ATTEST: Marilyn . PEVersen, City Clerk SIBLANK/1-10-97/RLM SURPLUS PROPERTY WEST 30 FEET OF LOT 4 WELLS SHORT PLAT NE 26TH STREET AND JONES AVE NE CITY OF RENTON SURPLUS PROPERTY SUBJECT: SALE OF WEST 30 FEET LOT 4 WELLS SHORT PLAT LUA-92-186-SHPT. NE 26T" STREET AND.TONES AVE NE ISSUE: Curtis G. Schuster, Orkney Homes and Development, LLC, has been in the process of platting at NE 26th and Jones Avenue NE. Recent changes in the methods of calculating density have had a large impact on his development. He has requested that the City of Renton allow him to purchase the west 30 feet of a lot owned by the City of Renton at appraised fair market value to meet the new density requirements. The procedure to accommodate this request is the Surplus procedure. 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 $13,100.00, waive the usual bid procedure and accept the offer from Orkney Homes and Development, LLC at the appraised value with the condition that Orkney Homes and Development, LLC complete and pay the entire cost of a lot line adjustment for this property prior to closing the transaction. BACKGROUND: The City received a request, on June 9, 2000, from Curtis Schuster to sell a 30 foot strip of land, 4,387.80 square feet, being the west 30 feet of Lot 4 of the Wells Short Plat. Because of the change in application of density requirements his pending Redwood Lane short plat of Lot 3 of the Wells Short Plat into 4 new lots no longer meets the allowed density for 4 lots. He needs the additional area to comply with the changed calculation methods. Staff has made a preliminary review of the feasibility of the request. It was determined that Lot 4 was purchased on April 23, 1997 for drainage and sewer projects, and to preserve significant wetlands on the eastern part of the lot. The funding for the purchase was provided from utility project funds shared equally by the Surface Water and Wastewater utilities. Both Surface Water and Wastewater Utilities agreed that the west 30 feet of the lot are no longer needed for utility purposes and could be declared surplus and sold to recover funds for future projects. The City Attorney confirmed that the appropriate method to transfer city owned property is by the Surplus procedure. Mr. Schuster has agreed to apply and pay the costs for a lot line adjustment, obtain an appraisal from a qualified MAI appraiser and pay compensation for the portion of property as appraised all according to the City's Surplus procedure. Page 2 r✓ The City of Renton has received a copy of an appraisal of the property performed by Dennis M. Wick, MAI, Appraiser. The appraisal set the value of the property at $13,100.00. Staff has reviewed the appraisal and found all conclusions properly justified and the value to be reasonable. The unique character of this land, being a strip of land 30 feet in its east-west dimension and 146 feet north-south is only useful to the property on the east or west sides. The other abutting property owners have been given notice and the City has received not comment from them. The property owner to the west has entered an agreement to sell their property to Orkney Homes and Development, LLC. The City of Renton is the property owner on the east. RESEARCH/SURVEY: The proposal was circulated to all City departments for comments. The following is a summary of responses received from all concerned parties: Recommending declaring this property surplus: • Surface Water Utility • Waste Water Utility • Transportation • Maintenance • Police Department • Community Svsc-Parks Division • Fire Prevention ,ter W z NE 27th St Q) reet Cf) Lot 3 West 30 ft Lot 4 NE 26th Place w NE 25th PI Z ' z Q) D Q) Q ' Q U N � Q) O Y Surplus Property Portion Lot 4 ♦ Tom Boyns, Technical Services Wells Short Plat 06/19/2000 *r.r 4w CITY OF RENTON AUG 0 8 2000 CITY OF RENTON RECEIVED PLANNING/BUILDING/PUBLIC WORKS CITY CLERK'S OFFICE MEMORANDUM DATE: August 7,2000 TO: Randy Corman,Council President Members of the Renton City Council FROM: Jana Hanson,Chair, Board of Public Work Staff Contact: Tom Boyns,Property Services Supervisor SUBJECT: Surplus Sale of City Owned Property,Wells Ave.Short Plat N.E.26th and Jones Ave.N.E. At the August 2,2000 meeting of the Board of Public Works,the Board took the following action on the above-referenced short plat: Moved by Gray, seconded by Christensen to recommend to the City Council that they grant the request to surplus the property requested; set compensation as appraised at $13,100.00; waive the usual bid procedure; and accept the offer from Orkney Homes & Development, LLC at the appraised value with the condition that applicant pays the entire cost of a Lot Line Adjustment for this property prior to closing the transaction. Motion Carried. The staff report presented is attached for your review. cc: Board Members LUA 92-186 File Marilyn Petersen,City Clerk H:\DIVISION.S\ADMIN\lua-92-186.doc\cor +rr►: CITY OF RENTON PLANNING/BUILDING/PUBLIC WORKS MEMORANDUM DATE: July 26, 2000 TO: Board of Public Works FROM: Gregg Zimmerman, Administrator Planning/Building/Public Works Departmen STAFF CONTACT: Tom Boyns, X-7209 SUBJECT: SURPLUS SALE OF WEST 30 FEET LOT 4 WELLS SHORT PLAT LUA-92-186-SHPL SCHEDULED FOR PUBLIC HEARING AUGUST 14,2000 ISSUE: Curtis G. Schuster, Orkney Homes and Development, LLC, has been in the process of platting at NE 26th and Jones Avenue NE. Recent changes in the methods of calculating density have had a large impact on his development. He has requested that the City allow him to purchase the west 30 feet of a lot owned by the City of Renton at appraised fair market value in order to meet the new density requirements. The procedure to accommodate this request is the Surplus Procedure. RECOMMENDATION: The Planning/Building/Public Works Department requests the Board of Public Works recommend that City Council grant the request to surplus the property requested, set compensation as appraised at $13,100.00, waive the usual bid procedure, and accept the offer from Orkney Homes and Development, LLC at the appraised value with the condition that Orkney Homes and Development, LLC complete and pay the entire cost of a lot line adjustment for this property prior to closing the transaction. BACKGROUND: The City received a request on June 9, 2000, from Curtis Schuster to sell a 30-foot strip of land, 4,387.80 square feet, being the west 30 feet of Lot 4 of the Wells Short Plat. Because of the change in application of density requirements, his pending Redwood Lane short plat of Lot 3 of the Wells Short Plat into 4 new lots no longer meets the allowed density for four lots. He needs the additional area to comply with the changed calculation methods. July 26, 2000 Page 2 Staff has made a preliminary review of the feasibility of the request. It was determined that Lot 4 was purchased on April 23, 1997, for drainage and sewer projects and to preserve significant wetlands on the eastern part of the lot. The funding for the purchase was provided from utility project funds shared equally by the Surface Water and Wastewater Utilities. Both Surface Water and Wastewater Utilities agreed that the west 30 feet of the lot are no longer needed for utility purposes and could be declared surplus and sold to recover funds for future projects. The City Attorney confirmed that the appropriate method to transfer City-owned property is by the Surplus procedure. Mr. Schuster has agreed to apply and pay the costs for a lot line adjustment, obtain an appraisal from a qualified MAI appraiser, and pay compensation for the portion of property as appraised, all according to the City's Surplus Procedure. The City of Renton has received a copy of an appraisal of the property performed by Dennis M. Wick, MAI, Appraiser. The appraisal set the value of the property at $13,100.00. Staff has reviewed the appraisal and found all conclusions properly justified and the value to be reasonable. The unique character of this land, being a strip of land 30 feet in its east-west dimension and 146 feet north-south, is only useful to the property on the east or west sides. The other abutting property owners have been given notice and the City has received no comment from them. The property owner to the west has entered an agreement to sell their property to Orkney Homes and Development, LLC. The City of Renton is the property owner on the east. RESEARCH/SURVEY: The proposal was circulated to all City departments for comments. The following is a summary of responses received from all concerned parties: Recommending declaring this property surplus: • Surface Water Utility • Waste Water Utility • Transportation • Maintenance • Police Department • Community Svcs-Parks Division • Fire Prevention H:DIV/UTIL/DOCS/2000-345/TGB:If W z NE 27th Street 4� U) Lot 3 West 30 ft C- Lot 4 NE 26th Place w NE 25th PI z w z a� aD Q Q a� o � Y Portion Lot 4 e oSurplus Property Wells Short P I G Tom Boyns, Technical Services 06/19/2000 ��NTO� REVIEW COMMENTS Independent Appraisal by Dennis M. Wick, MAI Surplus of West 30 feet Lot 4 Wells Short Plat PETITIONER—Curtis G. Schuster,Orkney Homes 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 that portion of property requested to be declared surplus and sold. QUALIFIED APPRAISER The appraiser is experienced,holds the MAI designation and is a state certified appraiser. PROPERTY VALUATION The market data approach was used as the only reliable method for use with vacant land sales. ACCURACY OF RIGHT-OF-WAY AREA The square footage figure for the subject area was calculated. This figure has 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 within a reasonable range of the subject site valuation. CONCLUSION Itis 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$13,100.00. Parcel No. 334390 Orkney Homes Orkney Homes Federal Aid No. None Private Land Acquisition Project: Private Acquisition Map Sheet N/A of N/A Sheets Map Approval Date: N/A Date of Last Map Revision: N/A CERTIFICATE OF APPRAISER I certify that,to the best of my knowledge and belief: ♦ The statements of fact contained in this appraisal are true and correct; ♦ The reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conclusions, 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 appraisal,and I have no personal interest or bias with respect to the parties involved; ♦ I have no bias with respect to the property that is the subject of this appraisal or to the parties involved with this assignment; ♦ My engagement in this assignment was not contingent upon developing or reporting predetermined results; ♦ My compensation is not contingent upon the reporting of a predetermined value or direction 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 appraisal has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice and the Uniform Appraisal Standards for Federal Land Acquisitions; ♦ I have made a personal inspection of the property that is the subject of this report. 1 have made a personal inspection of the comparable sales contained in the report addenda; ♦ I have afforded the owner or a designated representative of the property that is the subject of this appraisal the opportunity to accompany me on the inspection of the property. ♦ No one provided significant professional assistance to the person signing this report. (If there are exceptions,the name of each individual providing significant professional assistance must be stated); ♦ I have disregarded any increase in Fair Market Value caused by the proposed public improvement or its likelihood prior to the date of valuation. 1 have disregarded any decrease in Fair Market Value caused by the proposed public improvement or its likelihood prior to the date of valuation,except physical deterioration within the reasonable control of the owner; ♦ This appraisal has been made in conformity with the appropriate State and Federal laws and requirements,and complies with the contract between the agency and the appraisers; ♦ The property has been appraised for its fair market value as though owned in fee simple,or as encumbered only by the existing easements as described in the title report in the addenda. ♦ The opinion of value expressed below is the result of,and is subject to the data and conditions described in detail in this report of 19 pages. ♦ I made a personal inspection of the property that is the subject of this report on June 19,2000 and on other dates. ♦ The Date of Value for the property that is the subject of this appraisal is June 19,2000 per the FAIR MARKET VALUE definition herein,the value conclusions for the property that is the subject of this appraisal are on a cash basis and are: FAIR MARKET VALUE BEFORE ACQUISITION $85,818 FAIR MARKET VALUE AFTER ACQUISITION $72,678 DIFFERENCE(Rounded) $13,100 Name: Dennis M. Wick, MAI, Appraiser Signature: Date Signed: June 23,2000 Private Partial LaW Acquisition Parcel No. 3343(X)-2910 I=ile No R-2526 Dennis M Wick. MAI Page I err/ SUMMARY OF CONCLUSIONS (Accounting tabulation-NOT indicative of appraisal method employed) Orkney Homes INDICATED VALUE BEFORE ACQUISITION: Highest and Best Use: Single Family Development Land: Subtotal Description Size Value/SF Residential Land 28,606 SF $3.00 $85,818 Total Land Value: $85,818 Improvements: Value Subtotal None Total Improvements Value: $0 Total Indicated Value-Before: $85,818 INDICATED VALUE OF REMAINDER: Highest and Best Use: Single Family Development Land: Subtotal Description Size Value/SF Residential Land 24,226 SF $3.00 $72,678 Total Land Value: $72,678 Improvements: $0 None Total Improvements Value: $0 Total Indicated Value-After: $72,678 BREAKDOWN OF ACQUISITION: Land: Subtotal Description Size Value/SF Residential Land 4,380 SF $3.00 $13,140 Total Land Value: $13,140 Improvements: Value Subtotal None Total Improvements Value $0 Damages(Add) None Total Damages Value $0 Benefits(Subtract) $0 None $0 Total Benefits Value. Total Acquisition: $13,140 Total Difference: $13,140 Private Partial laud Acquisition Parcel No 33431X)-2910 File No. R 2520 Ucnnn M Fick, MAI pale 2 • • • -• - y r f Y• �#' � F ... 1:, i fir.+:,.r�`..CA `�{ � •'•- ;- � . { fns �y+. frga,"a r 'r'J� i. >..�:� ���� •'�, y�. • SUBJECT PHOTOGRAPHSW PHOTOGRAPHS OF ALL PRINCIPAL IMPROVEMENTS AND/OR FEATURES AFFECTING VALUE Photos are numbered (1, 2, etc.)with camera location and direction of each photo shown on the Plot Plan that follows. 3. view looking north from the southerly end of the site. The property boundary is a line from the photographer to the left side of the shed. boundary. The part to be acquired is to the right of the property Taken By: Dennis Wick, MAI Date Taken: June 19, 1999 Private Partial Land Acquisition Page 4 Parcel No. 3343(X)-291( File No R-2526-Dennis M- Wick. MAI SUBJECT PHOTO DIRECTIONAL MAP Before Area: 28,606 s ft After Area: 24,226 Fee Take: 4,380 s ft Permanent Easement Take: None Tem ora Easement Take: None roirdffjl'��a f3a /� fT*AL a 36-■r5t 0 AI+-.te• SP 2 r4fti+ dra—j r ' s. -IRS �E „t � � �'•� • '�l 'a'— 1 Cdr- � ' aC. c • y �� - .1 ■ .�. oc C17 � � e } jar v 1. to LQr �/� ±•a orf } ? a' - + 4 r J� 7 �� �� ��• Lr � ,�� _jam �VP�� �F�y Tito .. ,1 af/c -Cffi4. to OL .M1 rL oc iir +hof air6 VIE D w 64 ��d }y,r~4at 49 1 eal kd 1 Coe ` -• ,=p 1 Fes~ .. 6 - ��r as a}.!�`7 i•f'� Qin !i�'S' r'7} �� • a Sh �� • ��.4�p6% ; 'Ai.O! rrj s ksa+ A . .�.y 211;F map f y n�� '� � r 34 L •^_-- , a Qew n6 25TH Pt IF a4 M of -.a Laf G M1 t 7 1 WE U Ptr Lo Me V ft 7 '�-n e%p 111 ?"gat ' 1h1 Y I 'low u 1 y:. a s� vrr�+ • rl 16 « at dwd 1- yti 4 !r: c �7V5Sd 14 a � ��..moi■.tea• �� � � b fOf tf NOTE: The area colored blue is the proposed taking area Private Partial larxl AcquisitionPaK`5 Parcel No. 334390-2910 Pile No R-2526 Dennis M. Wick. MAI 14111110 SHORT FORM SUMMARY APPRAISAL REPORT 1. OWNER: According to the Experian County Records, the title is vested in: City of Renton 200 Mill Avenue South Renton, WA 98055 According to the records, the City purchased the property on 07/02/1997 for a total of$80,000. The City has owned the property continuously since that date. 2. LOCATION OF SUBJECT: A vacant lot located about 18xx NE 27th Street in Renton, WA. 3. SUBJECT LEGAL DESCRIPTION: Lot 278-279 & Hillmans Lake Washington Garden of Eden #4 Lot 4, City of Renton Short Plat No. LUA-92-186-SHPL, Recording No. 941220-9001 Volume 11 Page 082. King County Assessors Tax number: 334390-2910 4. DELINEATION OF TITLE (5 years): According to the King County records, the City of Renton purchased the property in 07/02/1997 for a total of$80,000. The City has owned the property continuously since that date. 5. DESCRIPTION OF SUBJECT PROPERTY including Neighborhood, Zoning, Present Use, Highest and Best Use-Vacant and Improved: Rection Overview:The Central Puget Sound Region has undergone an expansion period over the past few years. Recently, the region has appeared to enter a more stable period, with some job downturns and real estate markets returning to historical levels of activity. The Boeing Company has reduced their Puget Sound job base by approximately 15,000 workers over the past few years and the tight apartment rental market is now showing more signs of apartment availability with rental concessions now being suggested in marginal markets. The recent expansion of military bases in Snohomish and Pierce Counties is now over and the region has now absorbed the effect of these force increases. With less reliance on Boeing and more on high-tech and service industries, continued broadening of the employment base is anticipated in the near future. Overall,the economic outlook for the region is good. The Puget Sound continues to grow more rapidly than the nation as a whole. Continued improvement is expected in the short-term as population growth and positive economic factors combine in the region. City Overview: The City of Renton is located in Western King County and is on the southerly end of Lake Washington. Renton is also in the northern part of the Kent Valley business district, one of the largest business districts in the State of Washington and the City has a population of almost 48,000. The city of composed of a mix of older homes and businesses with some infill projects and a variety of newer single family subdivisions, mostly in the outlying regions of the city. The Central Business District (CBD is located near the southern tip of Lake Washington and is near the northerly part of the original downtown district. A large Boeing manufacturing facility exists at the Renton Airport, near the northerly part of the CBD. Interstate-405, a main north-south highway in the region, passes to the east and south of the (CBD). The subject property is located in the northerly parts of the City and is on the east side of 1-405, about 2 miles northeast of the CBD. Neighborhood Overview: The subject neighborhood is composed of a variety of residentially oriented properties. The neighborhood contains mostly older single family homes with some infill Private Partial Land Acquisition Parcel No. 334390-2910 File No. R-2526- Dennis M. Wick. MAI Page 0 homes. There is a newer subdivision immediately south of the subject and an elementary school is located about a block north. Access to the site is via a short driveway from a local arterial. Some commercial activity exists about three blocks north at a freeway interchange. The nearest significant commercial services are located further south along Sunset Blvd. Access to 1-405 is convenient via an interchange approximately 3 blocks northwest. Overall, the immediate neighborhood is well served by transportation routes and is conveniently located to commercial services. Property Description: The subject property is an interior site served by a short access drive that is undeveloped. It is an irregularly shaped site having frontage on NE 27"' Street, a neighborhood arterial. The site slopes down to a depression in the central area that contains a large delineated wetlands. The site contains 44,501 SF per the county assessor of which 15,896 SF is considered wetlands and the remaining area of 28,605 SF is considered uplands area. The site is vacant and brush covered with a few smaller trees. The uplands areas are broken into two main parts. The smaller uplands area contains the access drive and a small part of the site. The larger uplands section is located on the westerly part of the site and contains the acquisition area. The acquisition area is a 30 foot wide strip along the western property boundary. According to the King County Assessors map, the area is in the uplands part of the site and is outside the 25' wetlands buffer area. The acquisition area slopes gently down to the east (towards the wetlands) and is brush covered with a few smaller trees. Since the property contains a large wetland area, subdivision of the site into additional single-family building lots is not possible, although the site would be suitable for construction of one single-family home. Accordingly, the site is considered suitable as a building site for one single-family home. Zoning: The subject property is zoned SF by the City of Renton. Permitted uses include single-family residences and up to eight family dwellings per acre. The bulk requirements in the Municipal Code are: Minimum Lot Width: 50 feet Minimum Lot Depth: 65 feet Setbacks: Front: 15 feet Side: 5 feet Rear. 25 feet Max Building Height: 30 feet Flood Hazard: Federal Emergency Management Agency (FEMA), flood insurance maps of the subject neighborhood were checked. According to FEMA map, community panel number 53033 C0664 F effective date May 16, 1995.; the subject parcel is outside of the 500 year flood zone. Please note that the appraiser is not a surveyor, and no guarantees expressed or implied are made regarding this determination. Utilities: All utilities are available to the site. Assessed Value and Taxes: Assessors Tax ID No. 334390-2910 The site is exempted by the King county Assessor and is not assessed, nor does the owner pay property taxes. Private Partial Land Acquisition Parcel No. 334390-2910 File No. R-2526-Dennis M. Wick, MAI Page 7 Existing Easements, Encumbrances and Encroachments No title report was provided to the appraiser, but upon my physical inspection, no obvious easements or encroachments were noted. The appraiser assumes that there are no value impacting easements, encumbrances or title restrictions. Exposure and Marketing Time Based on the comparable data and discussions with knowledgeable realtors in the area, both the marketing and the exposure time for the subject is estimated at 45 days. Highest and Best Use - Introduction This is defined as that reasonable and probable use that supports the highest present fair market value as of the effective date of the appraisal. The highest and best use of a property must meet four criteria; physically possible; legally permissible; financially feasible and maximally profitable. There are two types of highest and best use; that of the property as vacant, and of the property as improved. In each situation, the highest and best use must meet four criteria. Physically Possible—Uses of the site/property that are physically possible. Legally Possible—Uses of the site/property allowed by land use and deed restrictions. Financially Feasible— Possible and legitimate uses, which produce a net return to the land. Maximally Productive — The feasible use of the site, which produces the highest net, return or highest present worth, the Highest and Best Use. The highest and best use concept is based upon traditional appraisal theory and the reflects the attitudes of typical buyers and sellers who recognize that value is predicated on future benefits. This theory is based upon wealth maximization of the owner. The highest and best use of the site/property if vacant and available for use may be different from the highest and best use of the improved property, if applicable. This is valid when the improvement is not a suitable one, but still makes a contribution to the total property value in excess of the land/site value. In estimating the highest and best use the following tests must be met to meet the above criteria: the use must be legal; it needs to be probable, not speculative or surmised; and there must be a profitable demand for such use giving the highest net return for the longest period of time. Highest and Best Use - Unimproved Physically Possible: The use to which a site can be developed can be affected by its size, shape, topography, access and soil type. The subject site contains sloping topography and a central wetlands. The site contains 44,501 s/f per the county assessor. The appraiser is unaware of any complications with developments on adjacent sites, which have soil types similar to the subject's site. Due to the large wetland area on the site, the physical use of the site is limited to construction of one single-family home. The subdivision of the site into additional single-family lots is not physically possible. Legally Permissible: The legal factors influencing the highest and best use of the subject include government regulations such as zoning and other land use ordinances, environmental regulations and building codes. Other factors would be easements and encumbrances, which impact or restrict the use of the subject site. The subject is zoned SF by the City of Renton. The zoning allows single family development up to 8 units per acre. The physical constraints of the site limits the use to one single family development. Financially Feasible: Using an estimated land value of $85,000, the only financially feasible use of the subject site, if vacant, is to develop the site for residential use. Private Partial Land Acquisition Parcel No. 334390-2910 File No. R-2526 - Dennis M wick. MAI Page 8 NO Maximally Productive: As noted the subject site is located near a Interstate 405 interchange. The subject also has good access to nearby employment centers. The subject site has mixed topography and contains 1.02 acres. The physical limitations of the site limit it to potential construction of one single family home. Thus it appears the best development option for the subject if vacant, is for a single family residential project. Conclusion and Opinion of Highest and Best Use As Vacant: The highest and best use of the subject site as vacant is for residential development. Highest and Best Use -As Improved The site is unimproved. 6. PROPERTY RIGHTS TO BE ACQUIRED AND EFFECTS OF ACQUISITION/PROJECT: Property Rights Acquired Fee Taking The Subject Plot Plan presented previously in this report illustrates the fee take area. The acquisition area is a strip along the subject's westerly boundary. The area is rectangular in shape and is 146' long by 30'deep. In the before, the site contains 44,501 square feet of which 28,606 SF is usable uplands area. The take is to allow for additional land on the buyers lot to subdivide into 4 single family lots. will contain 24,226 SF of usable upisition area has lands calculated and the wetlands or buffer areas w0 square feet. ill remainder area w not be impacted. This is a full fee taking. Effects of Acquisition/Project on Subject Property Fee Taking The fee taking will reduce the available uplands area of the subject property. The larger westerly uplands area will be reduced in size. The acquisition contains mature brushy areas of little landscaping value. 7. VALUATION-BEFORE A. Land as Though Vacant Site Valuation In this section, the market value of the fee simple interest of the site, as vacant, will be estimated by comparing it with recent sales of vacant land located in the subject property's neighborhood or in areas having similar characteristics. Comparables were selected with consideration given to the subject's current attributes, which is a large residential lot located in the City of Renton, WA. Scope of the Data Search A data search was accomplished using Experian Data Services, 1'American TIPS, NWMLS and prior appraisals by this firm. Brokers were also contacted to discuss market trends and identify relevant sales data. The search period included the last two years and covered the immediate neighborhood. Other similar nearby neighborhoods with a rural suburban character were examined. In order to reflect market conditions, I have only included sales in closest proximity with similar highest and best use considerations to the subject property. Other larger site sales were identified, but were clearly inferior in location and development potential; reflecting much lower values and sometimes a different Highest and Best Use. Unit of Comparison The most prevalent indicator of value for residential land is the price per lot with secondary consideration given to the price per square foot. Both units of comparison will be considered in the following analysis. Private Partial Land Acquisition Page 9 Parcel No. 334390-2910 File No. R-2526-Dennis M. Wick. MAI Adjustments The limited number of sales in the subject's immediate area and lack of uniformity within this market prevents direct extraction of reliable paired-sale adjustments from the marketplace. The sales of available sites located within the subject's immediate area provide limited use of adjustments by direct paired-sale analysis. Any attempt to apply paired sales adjustments is somewhat subjective and unreliable. Therefore, a general bracketing analysis reflecting market behavior is utilized to determine which comparables are generally superior or inferior to the subject site. This analysis establishes value parameters for the subject allowing for a final conclusion of value. A brief discussion of the various adjustments applied to the comparables is presented below: Time of Sale -- Typically, time of sale is the only factor in a market area that has seen significant increases in values and/or demand. The sale dates for the comparables range from March 1999 to March 2000 and are all considered to be relatively recent sales. Property values typically fluctuate over time and the past few years have reflected a general price appreciation. Due to lack of paired sales, the specific level of appreciation is difficult to measure, but market participants generally agree that a minimum of 10% per year growth in vacant single-family loots has been occurring in recent years. I have used a 10% per year adjustment to account for changing market conditions over time. Location – All sales occurred within the subject's general market area and are considered to be in the subject's general neighborhood. Comparable 3 is the most distant being located 7 miles west and is considered to be in a superior location. Comparable 4 is near Interstate 405 and is considered to be in an inferior location due to proximity to the freeway. The other comparables have similar locational characteristics. Size -- The subject site is 1.02 acres in total. The comparables range in size from 0.14 to 1.17 acres and bracket this size. Market perception suggests that larger sites may sell at a lower unit price when compared to smaller sites, but this is difficult to quantify due to the limited market data. I note that in this active market, that many buyers would add significant value to a larger site. All comparables have generally similar utility, but comparable 3 is significantly smaller in size. Zoning –All sites have generally similar residential zonings. No adjustments are indicated. Access/Exposure— The subject has fair access due to it's interior lot location. The comparables have varying access characteristics. The market considers privacy and lack of arterial exposure an asset and the inferior access is offset by the lack of exposure. No adjustments are indicated for this factor. Topography/Shape — The comparables have varying shapes and topography, none of which is severe or value impacting. All comparables have adequate building footprints. The subject site also has a large useable uplands area. Utilities: — Comparable 2 has a 4-bedroom septic design completed at the time of sale. No adjustments were made for septic system vs sewer services. Buyers typically accept either service. The cost to hook up a sewer is less than the typical septic system installation, but there is an ongoing sewer use charge. Most buyers typically consider septic systems to be equal in long-term value to a sewer. It should be recognized that the comparables vary from the subject in several factors, but allow a bracketing process to be used to establish a reasonable value range for the subject. A comparable sale summation chart will be found on the next page. Private Partial Land Acquisition Parcel No. 334390-2910 File No. R-2526-Dennis M- Wick, MAI Page 10 rrr' V VACANT LAND SALE SUMMATION CHART prkney Homes Renton WA Subject No. 1 No. 2 No. 3 No.4 Parameter J Name: City of Renton Site Spot Lot Spot Lot Salmon Creek Lots Spot Lot Location: 18xx NE 27th Street 197xx 136th PI SE 72xx 116th Ave SE 118x 14th Ave SW 104xx NE 20th S Renton Kent Renton Burien Renton Proximity: 626-E5 686-G3 6 Miles S 626-E2 1.2 miles N 624-1-17 7 miles W 626-D6 1/4 mile SW General Characteristics: 334390-2910 032205-9326 334330-0084 752000-10185 334450-0340 Assessors Parcel No.: Auditors File No.: 970702-0520 991108-0282 990528-3634 990302-2624 20000317-2110 Jul-97 Nov-99 May-99 Mar-99 Mar-00 Sale Date: Negotiation Date: N/A Fall 99 Spring 99 Winter 98 Winter 99 N/A 64 days 6 days 21 Days N/A Marketing Time: $83,000 $252,500 $75,000 Sale Price: $80,000 $�'� Analysis Price: $80,000 $96,000 $83.000 $25 . 00 $708 $11.85.85 Price per SF: $1.80 $2.38 $1.63 $422. Price per Lot: $80,000 $96,000 $83,000 $85,567 $75,000 Buyer: City of Renton Sherman,John Lile,William Kormandy Const. BRE Properties Wells, Joan et al Lavrentvev, Pyot Bahi Spirival Assy Voit,John Matsuoka,Toru Seller: Fee Simple Fee Simple Fee Simple Rights Transferred: Fee Simple Fee Simple P Cash Cash Cash Cash Cash Financing: Conditions of Sale: Arms Length Arms Length Arms Length Arms Length Arms Length Physical Characteristics: 93 1 17 0.14 0.93 Size(acres): 1.02 0. 6,100 40,590 Size(SF): 44,501 40,344 50,965 28,E 35,000 Estd- 10,000 6,100 40,590 Useable Lot Size: R6P R4 R6 SF Zoning: SF 3 1 1 Number of Units: 1 1 Irregular Irregular Shape: Irregular Mostly RectangularMostly Rectangular9 Access/Corner: Average/No Average/No Average/No Average/No Average/No Fair Average Average Average Average Exposure: None None Lake Washington View None None Some Steep Mostly Leve Some Difficult Topography: Depression in Mid-Lo Gentle slope None None known None Wetlands Wetlands Sensitive Areas: No Sewer All to the Site All to the Site Utilities: All Available No Sewer N/A N1A Perc./Septic Type N/A Buyer Acceptable 4-Bedroom Design Adiustments: 100% 100% 100% Rights Transferred: 100% 100% 100% 100% 100% Financing/Conditions: 110% 115% 100% Market Conditions: 105% $2.42 $1.68 $44.19 $1.85 Subtotal: Per SF: $97 600 $85,767 $89,845 $75,000 Per Unit: Similar Similar Superior Inferior Location: Similar Inferior Similar Average Lot Size: Similar Similar Similar Similar Similar Zoning Similar Similar Inferior Access: Similar Inferior Similar Similar Similar Exposure: Similar Similar Superior View: Similar Similar Similar Similar Similar Topography/Shape: Similar Sensitive Areas: Similar Similar Similar Inferior Similar Similar Utilities: Similar Similar Similar Similar Similar Approvals: Similar to Similar/Lowe Higher than Overall Comparison: Lower than $75,000 $97,600 $85,767 $89,845 TRW TIPS Confirmation Name Appraisal Arthur Orshak Joel Goodman Mark Stefnik Private Partial I-and Acquisition 0 Page 1I Parcel No. 3343X)-291 File No. R-2520- Dennis M. wick, MAI LAND SALES LOCATION MAP SE 84TH m = u t �r: m -- 2 �mr m N+C t St Lev . 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MAI Page 12 LAND SALES LOCATIOM44APS UJ a A'.$ OD w K 2i m i _ < �{ m 2 Y ' rt S•�Q�S 01� Q j j Ti f� H1 SW102NDp:��-401- Y w N N O t m 11 T m rt m M m..ln m!- rtas to > ;D to rnw' yr to: SW 105TH Ui L tL .<;v -S qZ 3, N N .D SW job,(ti .<. { N�a N y m �r SW 167TH o D ? i w o m SW 108TH '�~ -C.1 S�10$ '..North y N = ;m a T D D D N `tf r.. 0 Sv` g rC m h N'x�x rn .110 IE A D fit S 112TH lo' a W n $ w 7p y ry �' Z .. _ y tt2iH w - - a OW113TH d 4r im' uo. •� _ __.. __x ,. - SW 115 H S,115T•.H i g N m ~o SA16TH a_O rz yqN r S�tIyTH IS`N1tit"_. r S 1,18,TH 117TH 4p' N N :3 m _o.._ ,-- ; 1H p f N ly p �G S*2ND i S 120 1 m, s �• , SW 1207 �u� Ca�paibk No.3 U)! , 118nc14ihAveSW I! Haien J , i�a07 rakl; 1 - I + LL - I !_ � <' 124 (- x -I.;` 1 _ii y x QQ zI H jt TH 1 -•S:ri-..SQJ�O>?(}L[1, v _ �— SW 127 I frI CO --'.---1S4iWW} ,- 1 i { �1- SH3133T 132ND; r S - �• �.�132N�t--p rA�j,toumy I S- ;' ! W Jp 1347 S 138TH Ir i s O 1998 DeLam - 2nd Atli USA -� 1 E_:..� - -y i North ,�: �. �•-,. ^. 189 ;... _: _ � �� Tukwila - * >-. �RtvutomHeigMs 2 .Maplewood 197 51 C ,acnblz N .1 - Cedar Mount ` 197�ac 136th Place WeDsurLA, i r� L.JeDesin - ,Cedar Grope - 5}nxg , FYaxas I.Like I 99 ., - - 7 • -• 51 - -- _ P Ichr; aesko laFc'. - f 199 • 18 - Mapk Valley 197 -- r ser. 515 .:Kent cs-t,Lake Meridian HeigMs 1 �"- Zafe Lucen+e 167 Rqe Lake .� Ldtr Fe-,A _ Summit- fAI � iaFe kYrificx _ J 99 N t y \ 519 ® 'I 98`DeSued Atli USA Private Partial Land Acquisition Page 13 Parcel No. 3343'X)-291( File No. R-2526- Dennis M. Wick. MAI COMPARABLE SALE PLAT 1PS M , �a.�' 4 • �a `.��' Y~ ..'�;� t1 1. �" ;; � � *is r .fit� '� at ' �� r q :.tµf .'�'� +�� .`-� i =<I: � r5. yvri � y_ rte.•. t Y 3{rte to>•S �Or yr. c�,~� L ►� ���y rt© '�,3- �_� ••-}r e i- ? rr o rte\ s< .f - 601 t: 74 SE ST jr •Tw r a, � � � Xis a.� . �<,� � � - '� Kms' ili " .'.. 'r\��' � _ �.♦r•. � r�y «^ '� J � ,� �, s•_\rM \�• o~ �4 '" e L_rec—© � - w n •� - �.« .� t tom.: i �: •� t 4 ^i • O — sE-+•.> r?r7r-rN sr r �_ �3=`/ r «wl f ;;5� 4• �.s 7 �� ✓• � ~,\�r}e w!s �' � ger . ��� aar.�+ ; f f sil, ,,," �• _ i H • 1 f ,-r us w ,r.Re -ae• f , i . Land Sale 1 Plat Map SE 29 - 245 -- 7 NE 29-24-5 SCALE-- I•'=100 t >.> .E+�tisret ..'e�,..r e.+•n�fn.sl SE 72149 Si y�py ..�•� V-w.-w. _ • l Land Sale 2 Plat Map Private Partial land Acquisition File No. R-2526 Dennis M. Wick, MAI Page 14 Parcel No. x)-2910 3343' COMPARABLE SALE PLAT ,.OWS - V k y4p S -j . f D 13Td [E'Vat D' C, IT- -j, T' . , , ;:fir �, � .,r . �� ' ��., �.,�-�1���L. :j.<� _ r ' A! 4, TJ Ij I L.. ':�_.. `_?� f -^.lr-t :.�l� �: l •i•� f�' �I,,:rl i-�I' ..'in'^r �• .„ ,•�v� `nI�IY.�u' "lt'�_4 T1 n r- for r Land Sale 3 Plat Map K-r-L9 a MAP ENTIRE SW 5 -23-5 MAP SCAL.F 1'-1W Gff"Y'OF RENT 4, 5-23-5 -23_5 - .1,W-m,, low 341 6V N 4 VoE s ye L -0 368 345 C1 x a. -167 3445 4 %V UZ -T� 355 47, hi 4 ------- -- - ---- 4� Land Sale 4 Plat Map Private Partial Land Acquisition Parcel No. 3343(X)-2910 File No. R-2520 - Dennis M Wick, MAI Page 15 v Comparable Analysis A search for 1.0-acre parcels of residential land in the Renton area produced a number of smaller sales and one larger sized sale. The sales are detailed in the Land Sale Comparable Summation Chart, which was previously presented. Each sale is briefly described below followed with a correlation to the subject site. Comparable 1 ($2.42/SF-$97,600/lot) is a brushy site on the east side of 136"' Place and is approximately 6 miles south of the subject site in unincorporated King County. The site fronts the road and is lightly wooded. It is in an area of homes on larger lots and there are no sewer services nearby. The lot would provide either a single private homesite or a 3 to 4 lot short plat. Lack of sewer services make subdivision less likely. The site has a limited territorial view. Analysis: Overall, the site has average frontage, is generally similar in overall size to the subject, somewhat more remote and is a septic site. A somewhat lower subject site value is suggested by this comparable, due primarily to the private location, the wooded nature of the lot and the larger useable site area. Comparable 2 ($1.68/SF-$85,767/lot) is located about 1.2 miles north and is the only site located that is larger in overall size as compared to the subject. The site is partly wooded and has a small creek passing through one comer. Additionally, the site has delineated wetlands along with a buffer area. There is a City approved variance to build a single family home. The site is sloping, but has a useable building pad and is one of the more proximate alternatives to the subject site. There is water and power available, but no sewer service is available at the site. A septic system would be required and a 4-bedroom design was completed and approved by the county health department prior to the sale. Analysis: Overall, the generally similar overall lot size, wetlands issues and similar locational attributes suggest a similar value for the subject site. Comparable 3 ($44.19/SF-$89,845/lot) is located about 7 miles west in the City of Burien. The site is on the east side of 14"' Ave SW and is adjacent to an existing alley. The site is deep and somewhat narrow and is on generally level topography. At the time of my inspection a single family home had recently been constructed. All utility services are available to the site. This comparable is an example of a typical building site in a more developed area. Analysis: The site has somewhat superior locational attributes, due to being located in a more formal suburban area. Overall, the location factor suggests a lower value for the subject site. Comparable 4 ($1.85/SF-$75,000/lot) is the most proximate site being located about '/. mile southwest in the City of Renton. The site is generally similar to the subject and has similar access. One side of the site borders Interstate 405 and road noise is noticeable from the site. This is considered to be a disadvantage by knowledgeable realtors in the area. All utilities are available to the site. Analysis: The site is proximate but the proximity to Interstate 405 is a disadvantage. Access is also somewhat more indirect. Overall, this comparable suggests a higher value for the subject site. Private Partial Land Acquisition File No R-2526- Dennis M. Wick. MAI Page 16 Parcel No- 334390 2910 Correlation of Comparable Sales The sales taken as a whole indicate adjusted per unit values between $85,767 to $97,600 for the subject site. A brief summary of the sales in comparability order is charted below. Value Indication of the Comparable Sales Sale Site Size Price Value Comments # Location (Ac ) per Lot Indication 1 Kent 0.93 $97,600 Lower A septic site 3 Burien 0.14 $89,845 Similar/Lower The most remote site Subject Renton 1.02 2 Renton 1.17 $85,767 Similar to Also contains wetlands 4 Renton 0.93 $75,000 Higher Adjacent to 1-405 The comparables suggest a relatively defined value for the subject of from similar to $85,767 to somewhat lower than $89,845 with one superior and one inferior sale. The subject site has mixed topography and has fair exposure to NE 27h Street. Overall, due to the convenient location, the availability of all utilities and the size/shape of the site, a value estimate in the middle of the range is appropriate. Accordingly, based on the above analysis, it is my conclusion that the subject market value is $85,000. On a unit basis, this is$2.97/SF ($85,000/28,606 SF). B. Whole Property There are no improvements on the subject site and the area to be acquired has no landscaping shrubbery or other site improvements. 8. DESCRIPTION OF SUBJECT REMAINDER: Property Description: It is expected the subject's main access to and from NE 27t'' Street will remain similar to the before situation. Thus the access to the remainder is adequate for the highest and best use of the subject parcel as determined in the before situation. The remainder will continue to have mixed topography and the existing wetland will continue to be the main feature of the site. Total useable land area is reduced from 28,606 SF to 24,226 square feet or 4,380 SF. The overall parcel shape of the remainder remains the same and is changed very little by the strip taken along the western boundary. All utilities are still available to the subject parcel as in the before situation. It is anticipated the zoning will remained unchanged as SF. As before, the highest and best use is of the site as vacant and improved, would be for single-family residential use. 9. VALUATION-REMAINDER: A. Land as Though Vacant (1) Scope of Data Search The site analysis and evaluation that was conducted for the property Valuation Before in section 7A above is relied on for the remainder. Thus the scope of data search is identical to that used to value the subject property in the before situation. This is for the incremental acreage. Private Partial Land AcquisitionPa e l� parcel No. 334390-2910 File No. R-2526 - Dennis M. Wick, MAI S 'err+` (2) Comparative Analyses Access to the subject site and incremental acreage is unchanged from the before situation. See the comparative analysis sections above, for further discussion of comparisons. (3) Correlation and Conclusion-Land Value After for a Suburban Home Site In the appraisers opinion the subject site is essentially unchanged from the before situation. Thus the best conclusion from the available data is to value the subjects home site remainder upland area of 24,226 square feet by the subject's $2.97/SF before value giving a site value of$72,678 for the full fee value of the remainder portion of the subject home site. B. Whole Property The subject property contains no improvements or landscaping of value and so the whole property value is the same as the remainder land value concluded above. I conclude then that the Market Value of the fee simple interest of the subject property in the 'After' situation is $72,678. 10. EXPLANATION, MEASUREMENT, AND ALLOCATION OF DAMAGES/SPECIAL BENEFITS: Damages In the appraisers opinion, there are no damages to the remainder Benefits The appraiser has not been able to determine any special benefits associated with the proposed acquisition. Private Partial Land Acquisition Parcel No. 334390-2910 File No. R-2526-Dennis M. Wick. MAI Page 18 VOW ADDENDA Private Partial Land Acquisition Parcel No. 334390-2910 File No. R-2526- Dennis M. Wick, MAI 'SII✓ *1111110 ACQUISITION APPRAISAL SALIENT INFORMATION (SUMMARY APPRAISAL REPORT) Property Rights Appraised Unless specified otherwise in this report, the property rights appraised constitute the fee simple interest. Date of Value The effective date of the value opinion for the subject property is specified on page 1 herein. Competence of Appraiser The appraiser has both the knowledge and experience required to competently perform this appraisal. Purpose of the Appraisal The purpose of this appraisal is to: (1) estimate the Fair Market Value of the subject property in the Before Situation; (2) estimate the Fair Market Value of the subject property in the After Situation, assuming the proposed acquisition is completed; (3) allocate the damages and/or special benefits, if any, to the remaining real property and property rights. Use of the Appraisal This appraisal is to be used to provide information to the client, Orkney Homes, as a basis for acquiring the portion of the subject property needed for the proposed project. Scope of the Appraisal The scope of the investigation and analysis, as well as the geographical area and time span searched for market data, is described in the valuation section of the body of this appraisal. There are three basic, traditional approaches to the estimation of Fair Market Value: The Cost Approach, the Income Capitalization Approach, and the Market or Direct Sales Comparison Approach. Of these, only the Direct Sales Comparison Approach is employed herein because it is market typical for the subject property whereas the other approaches are not. Definition of Fair Market Value "Fair Market Value" is the amount in cash which a well-informed buyer, willing but not obliged to buy the property, would pay, and which a well-informed seller, willing but not obligated to sell it would accept, taking into consideration all uses to which the property is adapted and might in reason be applied, (Washington Pattern Instruction 150.08). Definition of Highest and Best Use That reasonable and probable use that supports the highest present Fair Market Value as of the effective date of the appraisal. The four criteria the highest and best use must meet are: (1) legal permissibility; (2) physical possibility; (3) financial feasibility, and (4) maximum profitability. Definition of the Larger Parcel In condemnation, the portion of a property that has unity of ownership, contiguity, and unity of use, the three conditions that establish the larger parcel for the consideration of severance damages. Also known as the "parent parcel'. Definition of Cash Equivalent A price expressed in terms of cash (money) as distinguished from a price which is expressed all or partly in terms of the face amount of notes or other securities which cannot be sold at their face amount. Market data in this appraisal are compared to the subject on an all cash basis to satisfy the definition of Fair Market Value. Private Partial Land Acquisition Parcel No 3343tX)-2910 File No R-2526- Dennis M Wick. MAI �► 4 APPRAISAL ASSUMPTIONS AND LIMITING CONDITIONS 1. The property description supplied to the appraiser is assumed to be correct; 2. No survey of the property has been made or reviewed by the appraiser, and no responsibility is assumed in connection with such matters. Illustrative material, including maps and plot plans, utilized in this report are included only to assist the reader in visualizing the property. Property dimensions and sizes are considered to be approximate; 3. No responsibility is assumed for matters of a legal nature affecting title to the property, nor is any opinion of title rendered. Property titles are assumed to be good and merchantable unless otherwise stated; 4. Information furnished by others is believed to be true, correct, and reliable. However, no responsibility for its accuracy is assumed by the appraisers; 5. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless so specified within the report. The property is assumed to be under responsible, financially sound ownership and competent management; 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render the property more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies which may be required to discover them; 7. 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 appraisers. However, the appraiser 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 conclusions in this report are predicated on the assumption that there are no such materials on or in the property that would cause a loss of value. No responsibility is assumed for any such conditions, or for the expertise required to discover them. The client is urged to retain an expert in this field if desired. The analysis and value conclusions in this report are null and void should any hazardous material be discovered; 8. Unless otherwise stated in this report, no environmental impact studies were either requested or made in conjunction with this report. The appraiser reserves the right to alter, amend, revise, or rescind any opinions of value based upon any subsequent environmental impact studies, research, or investigation; 9. i assumed that there lapplicable local environmental regulations and laws unless noncompliance is specified, defined, and considered n this report; 10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless non-conformity has been specified, defined and considered in this report; 11. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or federal governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate is based; 12. The appraiser will not be required to give testimony or appear in court because of having made this report, unless arrangements have previously been made; 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the client without the written consent of the appraiser, and in any event, only with properly written qualification and only in its entirety; 14. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales, ora ser, clany ient, fi er media with o t written consent and approval of the appraiser. Nor shall the app organization of which the appraise is a member be identified without the written consent of the appraiser; 15. The liability of the appraiser, employees, and subcontractors is limited to the client only. There is no accountability, obligation, or liability to any third party. If this report is placed in the hands of Private Partial Land Acquisition Parcel No. 334390-2910 File No. R-2526-Dennis M. Wick. MAI *4w '111111110 1 anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment and related discussions. The appraiser are in no way responsible for any costs incurred to discover or correct any deficiencies of the property; 16. it is assumed that the public project which is the object of this report, will be constructed in the manner proposed and in the foreseeable future; 17. Acceptance and/or use of this report constitutes acceptance of the foregoing assumptions and limiting conditions. SPECIAL APPRAISAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No title report was provided to the appraiser. It is assumed that there are no value impacting easements, encroachments or title restrictions. Private Partial land Acquisition Parcel No. 3343(X)-2910 File No R-2526 Dennis M. Wick, MAI 'err►` �rrl' DETERMINATION OF LARGER PARCEUSITE MAP In determining the larger parcel, I have considered the three conditions, which must be present to establish a larger parcel for condemnation purposes. The three conditions consist of unity of ownership, contiguity, and unity of use. In this instance, we have determined that the larger parcel should include the entire site, which totals 44,501 square feet. The total useable uplands area is 28,606 SF. A map showing the subject's larger parcel and site in the "Before,, situation is set forth below. MAP OF LARGER PARCEL/SITE MAP tisY RJu+Ou• ID . c J. . ' a.�` 116 } 2113% 7*, aTi d-haz f F y � V.2 DA .�' ■va. �r ��a `` Jit .� d ••t la.�. l41 iSm"r -d+4r 1 M14 i S LJrr P` f t` 1Jf 4 7��� �1 `r + 1,■ pC N ZQgp� �.,j� 1 F�j �ur*vi+�rasv � 1 4F—� p zip, V �j ��•__ �. 7r�■ � .Tp -i}- 1 X514 ��•.■ - Vfi� a!I■�}rill �■i `�, �f gl 4 ax 1 '011! �+ MK Sir .i• �1 0 � xnd o- ■ _ HuF x --ioi!saL di AC . c .r r/ rr ri O w 4 %./a� ftiti,~a� 4.J6 pb 3.. toe 0 .. 6 - f.7,as rfJ�7 1�w "4b Am?T X73 w {3 s+l OL =V3cti moi" relCM It W 24 ¢ a Fi sD } }r lye r� t.r��; ��� ,t�y � Y � 8�ij�•�� " _.,+..n.• 1. y 6 4f W VPOL 7 Aff y 1 r fTdd ,.� 14 r 1; 1 4 4:OW � � 141FI*T7t712lD ! 1 �_ a• Private Partial land Acquisition Parcel No. 3343(X)-291( File No. R-2520 - Dennis M. Wick. MAI Ifto ' . QUALIFICATIONS OF THE APPRAISERS private Partial Larx1 Acquisition parcel No. 334390-2910 File No. R-2526 Dennis M. Wick. MAI (Jtrallfi -at inns of flennis M. Wick, MAI EXPERIENCE: Since 1989, experience in various types of real property for financing, acquisition, condemnation, estate valuation, partial interests and market valuations in the Pacific Northwest. WORK HISTORY: Prior experience with Palmer Groth & Pietka, Campos Appraisals, The Clendaniel Company and Lamb Hanson & Lamb. Commercial Real Estate Agent. Prior experience in mainframe computer hardware engineering on IBM systems. TYPES OF PROPERTIES APPRAISED: All types of commercial properties throughout the Pacific Northwest. Most of the appraisals have been located in Washington State. My specialty includes residentially oriented properties including: Subdivisions Apartments Assisted Living Facilities Mobile Home Parks Residences Condominiums Right of Way Projects FORMAL EDUCATION: Masters Degree in Business Admin. Northwestern Univ. June 1986 Bachelors Degree in Electrical Engineering. Bell & Howell Sch. June 1972 Associates Degree in Electronics DeVry Tech. June 1967 APPRAISAL COURSES: I R W A February 2000 Appraisal Principals l R W A February 2000 Principals of R.E. Negotiation Real Estate Business Management Lexington Schools January 2000 Appraisal Inst. March 1999 Basic Condemnation Appraising Appraisal Inst. March 1999 Advanced Condemnation Appraising Lexington Schools Novemberber 1998 Real Estate Law 1998 The Appraisal of Partial Acquisitions I.R.W.A. October Condemnation Appraisals&Trial Appraisal Sept, 19988 A Appraisal Standards(USPAP) Appraisal Inst. Sept, 1997 PGP Seminars June 1997 After Tax Income Analysis Meet the Client Appraisal Inst. April, 1997 96 Litigation Skills for the Appraiser Appraisal Inst. December, e, 1 June, 1 Grammar for Business Professionals Shoreline College 996 Wetlands Vegetation of Washington Univ. of I Washington Marc Inst. Jul ,1�1� 99 5 Limited Scope Appraisals PPra Advanced Income Capitalization Appraisal Inst. March 1994 Report Writing and Analysis Appraisal Inst. June 1993 Uniform Standards of Practice Appraisal Inst. March 1993 ASSOCIATIONS: Designated Member of the Appraisal Institute (MAI) Member, International Right of Way Association (I.R.W.A.) Approved Appraiser with Washington State Dept. of Transportation Approved Review Appraiser with Washington State Dept. of Transportation Expert Review Appraiser for State of Washington, Dept. of Licensing Past President Northwestern University Alumni Club of Seattle Expert Witness Volunteer at the UW Law School CERTIFICATES AND LICENSES: Washington State Certified General Real Estate Appraiser (270-11 WI-CK-`D-M572R7) Washington State Real Estate Sales License FCC General Radiotelephone License CITY OF RENTON J U L 1 3 2000 RECEIVED CITY CLERK'S OFFICE CITY OF RENTON PLANNING/BUILDING/PUBLIC WORKS MEMORANDUM DATE: July 13, 2000 TO: Bonnie Walton FROM: Tom Boyns, Property Services Supervisor, 7209 SUBJECT: Surplus Property West 30 feet Lot 4 Wells Short Plat We have amended the map exhibit as requested and a copy is attached for your file. Also enclosed is a copy of the appraisal for your file, with a staff appraisal review. The abutting property owners are as follow: Parcel# 334390-3040 Property Address 1801 NE 27TH ST [adjacent to the north] Michael & Mary Lowry 3326 Park Av N Renton WA 98056 Parcel# 334390-2905 Property Address Lot 3 City Of Renton Short Plat No LUA-92-186-SHPL Rec No 9412209001 [Adjacent to the west] Robert& Joan Wells 18120 NE 102nd Ct Redmond WA 98052 Same Parcel: Purchaser and Party requesting surplus property Curtis G. Schuster Orkney Homes and Development, L.L.C. PMB462 218 Main Street Kirkland, WA 98033 Parcel# 934760-0040 Lot 4 Whispering Pines [new plat adjacent to the south] Northward Homes Inc 1560 140th Ave NE Bellevue WA 98005 W z NE 27th � th Street Cn Lot 3 West 30 ft Lot 4 D NE 26th Place w NE 25th PI z w Q) z Q) > Q > Q U N N N o Portion Lot 4 Surplus Property e ♦ Tom Boyns, Technical Services Wells Short Plat 06/19/2000 ��N-VC �r REVIEW COMMENTS Independent Appraisal by Dennis M. Wick, MAI Surplus of West 30 feet Lot 4 Wells Short Plat PETITIONER—Curtis G. Schuster, Orkney Homes 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 that portion of property requested to be declared surplus and sold. QUALIFIED APPRAISER The appraiser is experienced, holds the MAI designation and is a state certified appraiser. PROPERTY VALUATION The market data approach was used as the only reliable method for use with vacant land sales. ACCURACY OF RIGHT-OF-WAY AREA The square footage figure for the subject area was calculated. This figure has 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 within a reasonable range of the subject site valuation. 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$13,100.00. Parcel No. 334390 Orkney Homes Orkney Homes Federal Aid No. None Private Land Acquisition Project: Private Acquisition Map Sheet N/A of N/A Sheets Map Approval Date: N/A Date of Last Map Revision: N/A CERTIFICATE OF APPRAISER I certify that,to the best of my knowledge and belief: ♦ The statements of fact contained in this appraisal are true and correct; ♦ The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conclusions, 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 appraisal, and I have no personal interest or bias with respect to the parties involved; ♦ I have no bias with respect to the property that is the subject of this appraisal or to the parties involved with this assignment; ♦ My engagement in this assignment was not contingent upon developing or reporting predetermined results; ♦ My compensation is not contingent upon the reporting of a predetermined value or direction 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 appraisal has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice and the Uniform Appraisal Standards for Federal Land Acquisitions; ♦ I have made a personal inspection of the property that is the subject of this report. I have made a personal inspection of the comparable sales contained in the report addenda; ♦ I have afforded the owner or a designated representative of the property that is the subject of this appraisal the opportunity to accompany me on the inspection of the property. ♦ No one provided significant professional assistance to the person signing this report. (If there are exceptions,the name of each individual providing significant professional assistance must be stated); ♦ I have disregarded any increase in Fair Market Value caused by the proposed public improvement or its likelihood prior to the date of valuation. I have disregarded any decrease in Fair Market Value caused by the proposed public improvement or its likelihood prior to the date of valuation, except physical deterioration within the reasonable control of the owner; ♦ This appraisal has been made in conformity with the appropriate State and Federal laws and requirements,and complies with the contract between the agency and the appraisers; ♦ The property has been appraised for its fair market value as though owned in fee simple,or as encumbered only by the existing easements as described in the title report in the addenda. ♦ The opinion of value expressed below is the result of, and is subject to the data and conditions described in detail in this report of 19 pages. ♦ I made a personal inspection of the property that is the subject of this report on June 19,2000 and on other dates. ♦ The Date of Value for the property that is the subject of this appraisal is June 19,2000 per the FAIR MARKET VALUE definition herein,the value conclusions for the property that is the subject of this appraisal are on a cash basis and are: FAIR MARKET VALUE BEFORE ACQUISITION $85,818 FAIR MARKET VALUE AFTER ACQUISITION $72,678 DIFFERENCE(Rounded) $13,100 Name: Dennis M. Wick, MAI, Appraiser Signature: Date Signed:June 23,2000 Private Partial Land Acquisition File No. R-2526-Dennis M. Wick,MAI Page 1 Parcel No. 334390 2910 IWO SUMMARY OF CONCLUSIONS (Accounting tabulation-NOT indicative of appraisal method employed) Orkney Homes INDICATED VALUE BEFORE ACQUISITION: Highest and Best Use: Single Family Development Land: Description Size Value/SF Subtotal Residential Land 28,606 SF $3.00 $85,818 Total Land Value: $85,818 Improvements: Value Subtotal None Total Improvements Value: $0 Total Indicated Value-Before: $85,818 INDICATED VALUE OF REMAINDER: Highest and Best Use: Single Family Development Land: Description Size Value/SF Subtotal Residential Land 24,226 SF $3.00 $72,678 Total Land Value: $72,678 Improvements: None $0 Total Improvements Value: $0 Total Indicated Value-After: $72,678 BREAKDOWN OF ACQUISITION: Land: Description Size Value/SF Subtotal Residential Land 4,380 SF $3.00 $13,140 Total Land Value: $13,140 Improvements: Value Subtotal None Total Improvements Value: $0 Damages(Add) None Total Damages Value: $0 Benefits(Subtract) None $0 Total Benefits Value: $0 Total Acquisition: $13,140 Total Difference: $13,140 Private Partial Land Acquisition File No. R-2526-Dennis M.Wick,MAI Page 2 Parcel No. 334390-2910 SUBJECT PHOTOGRAP I PHOTOGRAPHS OF ALL PRINCIPAL IMPROVEMENTS AND/OR FEATURES AFFECTING VALUE Photos are numbered (1, 2, etc.)with camera location and direction of each photo shown on the Plot Plan that follows. ,u 1. View of the west border looking south from the NW corner of the property �T I 2. Interior view of the subject The site is heavily brush covered and slopes down to the east Date Taken: June 19, 1999 Taken By: Dennis Wick, MAI Private Partial Land Acquisition File No. R-2526-Dennis M. Wick,MAI Page 3 Parcel No. 3343' -2910 SUBJECT PHOTOGRAPHS PHOTOGRAPHS OF ALL SIONCIPAL IMPROVEMENTS AND/0ROEATURES AFFECTING VALUE Photos are numbered (1, 2, etc.)with camera location and direction of each photo shown on the Plot Plan that follows. C 3. view looking north from the southerly end of the site. The property boundary is a line from the photographer to the left side of the shed. The part to be acquired is to the right of the property boundary. Date Taken: June 19, 1999 Taken By: Dennis Wick, MAI Private Partial Land Acquisition Parcel No. 334390-2910 File No. R-2526-Dennis M. Wick, MAI Page 4 SUBJECT PHOTO DIRECTIONAL MAP Before Area: 28,606 sq ft I After Area: 24,226 1 Fee Take: 4,380 sq ft Permanent Easement Take: None Temporary Easement Take: None +iWqLd tr 1-&%-s■ .rac 7i■r5It P AI'F-0 td%P ti I Yp i' ' a� '�� y ■ I AV 4 w r*m■F 1►dl.�� .P 4 r'. i s solew Z,.'At-or A !S rde i + �m L�- � , } ice f ;N - t Lor 1 �1 ■ �1 ti+7+rs' tai "k; �C ■ • i ate"= i�r• -ate Q2", ' �Ir I!r t. 6 car r � ` •Sa .,a} 1 514 .4,■r S'r --_ All r d� W Z ,� ,rte•-u X-Ar _.,-,k: Zw ail ,sr oc»f<5 5A cm> _ "■.�, � I dna� �, — 06 tr e ti 7 i 1ti z IV y� ' VP Ld Era P • a.—r n+ - �a� •!1F •.r r�{f 1 IItiP -rr .r. �,� _ rgf a■ -y fi1C_m "4bAs h r s- -NMI ■ ti�A ti 3m" rr} Cm J. � 4 t� A Is 4 � V. ��, 441 � ■War ,� ■ ,Q c Its lkr 24 M. rF'CiL � me 25TH PL t.r c ki mm, M"- �ee W L}•i 10M .13 C, r kj: F'1R • 1 J0.dv Q r r_ t ■. doe> 2 16 iF3 a _ n I a tri!` ~ k;0 � I•' _T W-7, AjA AVN?i4;J5�4 � iar rZVI r! -- — NOTE: The area colored blue is the proposed taking area Private Partial Land Acquisition File No. R-2526-Dennis M. Wick, MAI Page 5 Parcel No. 334390-2910 141111110 SHORT FORM SUMMARY APPRAISAL REPORT 1. OWNER: According to the Experian County Records, the title is vested in: City of Renton 200 Mill Avenue South Renton, WA 98055 According to the records, the City purchased the property on 07/02/1997 for a total of$80,000. The City has owned the property continuously since that date. 2. LOCATION OF SUBJECT: A vacant lot located about 18xx NE 27th Street in Renton, WA. 3. SUBJECT LEGAL DESCRIPTION: Lot 278-279 & Hillmans Lake Washington Garden of Eden #4 Lot 4, City of Renton Short Plat No. LUA-92-186-SHPL, Recording No. 941220-9001 Volume 11 Page 082. King County Assessors Tax number: 334390-2910 4. DELINEATION OF TITLE (5 years): According to the King County records, the City of Renton purchased the property in 07/02/1997 for a total of$80,000. The City has owned the property continuously since that date. 5. DESCRIPTION OF SUBJECT PROPERTY including Neighborhood, Zoning, Present Use, Highest and Best Use-Vacant and Improved: Region Overview:The Central Puget Sound Region has undergone an expansion period over the past few years. Recently, the region has appeared to enter a more stable period, with some job downturns and real estate markets returning to historical levels of activity. The Boeing Company has reduced their Puget Sound job base by approximately 15,000 workers over the past few years and the tight apartment rental market is now showing more signs of apartment availability with rental concessions now being suggested in marginal markets. The recent expansion of military bases in Snohomish and Pierce Counties is now over and the region has now absorbed the effect of these force increases. With less reliance on Boeing and more on high-tech and service industries, continued broadening of the employment base is anticipated in the near future. Overall, the economic outlook for the region is good. The Puget Sound continues to grow more rapidly than the nation as a whole. Continued improvement is expected in the short-term as population growth and positive economic factors combine in the region. City Overview: The City of Renton is located in Western King County and is on the southerly end of Lake Washington. Renton is also in the northern part of the Kent Valley business district, one of the largest business districts in the State of Washington and the City has a population of almost 48,000. The city of composed of a mix of older homes and businesses with some infill projects and a variety of newer single family subdivisions, mostly in the outlying regions of the city. The Central Business District (CBD is located near the southern tip of Lake Washington and is near the northerly part of the original downtown district. A large Boeing manufacturing facility exists at the Renton Airport, near the northerly part of the CBD. Interstate-405, a main north-south highway in the region, passes to the east and south of the (CBD). The subject property is located in the northerly parts of the City and is on the east side of 1-405, about 2 miles northeast of the CBD. Neighborhood Overview: The subject neighborhood is composed of a variety of residentially oriented properties. The neighborhood contains mostly older single family homes with some infill Private Partial Land Acquisition File No.R-2526-Dennis M.Wick,MAI Page 6 Parcel No. 334390 2910 'err/ homes. There is a newer subdivision immediately south of thhVsubject and an elementary school is located about a block north. Access to the site is via a short driveway from a local arterial. Some commercial activity exists about three blocks north at a freeway interchange. The nearest significant commercial services are located further south along Sunset Blvd. Access to 1-405 is convenient via an interchange approximately 3 blocks northwest. Overall, the immediate neighborhood is well served by transportation routes and is conveniently located to commercial services. Property Description: The subject property is an interior site served by a short access drive that is undeveloped. It is an irregularly shaped site having frontage on NE 27th Street, a neighborhood arterial. The site slopes down to a depression in the central area that contains a large delineated wetlands. The site contains 44,501 SF per the county assessor of which 15,896 SF is considered wetlands and the remaining area of 28,605 SF is considered uplands area. The site is vacant and brush covered with a few smaller trees. The uplands areas are broken into two main parts. The smaller uplands area contains the access drive and a small part of the site. The larger uplands section is located on the westerly part of the site and contains the acquisition area. The acquisition area is a 30 foot wide strip along the western property boundary. According to the King County Assessors map, the area is in the uplands part of the site and is outside the 25' wetlands buffer area. The acquisition area slopes gently down to the east (towards the wetlands) and is brush covered with a few smaller trees. Since the property contains a large wetland area, subdivision of the site into additional single-family building lots is not possible, although the site would be suitable for construction of one single-family home. Accordingly, the site is considered suitable as a building site for one single-family home. Zoning: The subject property is zoned SF by the City of Renton. Permitted uses include single-family residences and up to eight family dwellings per acre. The bulk requirements in the Municipal Code are: Minimum Lot Width: 50 feet Minimum Lot Depth: 65 feet Setbacks: Front: 15 feet Side: 5 feet Rear: 25 feet Max Building Height: 30 feet Flood Hazard: Federal Emergency Management Agency (FEMA), flood insurance maps of the subject neighborhood were checked. According to FEMA map, community panel number 53033 C0664 F effective date May 16, 1995.; the subject parcel is outside of the 500 year flood zone. Please note that the appraiser is not a surveyor, and no guarantees expressed or implied are made regarding this determination. Utilities: All utilities are available to the site. Assessed Value and Taxes: Assessors Tax ID No. 334390-2910 The site is exempted by the King county Assessor and is not assessed, nor does the owner pay property taxes. Private Partial Land Acquisition File No. R-2526-Dennis M. Wick, MAI Page 7 Parcel No. 334390-2910 Existing Easements, Iumbrances and Encroachments No title report was provided to the appraiser, but upon my physical inspection, no obvious easements or encroachments were noted. The appraiser assumes that there are no value impacting easements, encumbrances or title restrictions. Exposure and Marketing Time Based on the comparable data and discussions with knowledgeable realtors in the area, both the marketing and the exposure time for the subject is estimated at 45 days. Highest and Best Use - Introduction This is defined as that reasonable and probable use that supports the highest present fair market value as of the effective date of the appraisal. The highest and best use of a property must meet four criteria; physically possible; legally permissible; financially feasible and maximally profitable. There are two types of highest and best use; that of the property as vacant, and of the property as improved. In each situation, the highest and best use must meet four criteria. Physically Possible— Uses of the site/property that are physically possible. Legally Possible— Uses of the site/property allowed by land use and deed restrictions. Financially Feasible— Possible and legitimate uses, which produce a net return to the land. Maximally Productive — The feasible use of the site, which produces the highest net, return or highest present worth, the Highest and Best Use. The highest and best use concept is based upon traditional appraisal theory and the reflects the attitudes of typical buyers and sellers who recognize that value is predicated on future benefits. This theory is based upon wealth maximization of the owner. The highest and best use of the site/property if vacant and available for use may be different from the highest and best use of the improved property, if applicable. This is valid when the improvement is not a suitable one, but still makes a contribution to the total property value in excess of the land/site value. In estimating the highest and best use the following tests must be met to meet the above criteria: the use must be legal; it needs to be probable, not speculative or surmised; and there must be a profitable demand for such use giving the highest net return for the longest period of time. Highest and Best Use - Unimproved Physically Possible: The use to which a site can be developed can be affected by its size, shape, topography, access and soil type. The subject site contains sloping topography and a central wetlands. The site contains 44,501 s/f per the county assessor. The appraiser is unaware of any complications with developments on adjacent sites, which have soil types similar to the subject's site. Due to the large wetland area on the site, the physical use of the site is limited to construction of one single-family home. The subdivision of the site into additional single-family lots is not physically possible. Legally Permissible: The legal factors influencing the highest and best use of the subject include government regulations such as zoning and other land use ordinances, environmental regulations and building codes. Other factors would be easements and encumbrances, which impact or restrict the use of the subject site. The subject is zoned SF by the City of Renton. The zoning allows single family development up to 8 units per acre. The physical constraints of the site limits the use to one single family development. Financially Feasible: Using an estimated land value of $85,000, the only financially feasible use of the subject site, if vacant, is to develop the site for residential use. Private Partial Land Acquisition File No. R-2526-Dennis M.Wick,MAI Page 8 Parcel No. 334390-2910 �rrr Maximally Productive: As noted the subject site is located ner a Interstate 405 interchange. The subject also has good access to nearby employment centers. The subject site has mixed topography and contains 1.02 acres. The physical limitations of the site limit it to potential construction of one single family home. Thus it appears the best development option for the subject if vacant, is for a single family residential project. Conclusion and Opinion of Highest and Best Use As Vacant: The highest and best use of the subject site as vacant is for residential development. Highest and Best Use -As Improved The site is unimproved. 6. PROPERTY RIGHTS TO BE ACQUIRED AND EFFECTS OF ACQUISITION/PROJECT: Property Rights Acquired Fee Taking The Subject Plot Plan presented previously in this report illustrates the fee take area. The acquisition area is a strip along the subject's westerly boundary. The area is rectangular in shape and is 146' long by 30' deep. In the before, the site contains 44,501 square feet of which 28,606 SF is usable uplands area. The take is to allow for additional land on the buyers lot to subdivide into 4 single family lots. The acquisition area has been calculated to be 4,380 square feet. The remainder area will contain 24,226 SF of usable uplands area and the wetlands or buffer areas will not be impacted. This is a full fee taking. Effects of Acquisition/Project on Subject Property Fee Taking The fee taking will reduce the available uplands area of the subject property. The larger westerly uplands area will be reduced in size. The acquisition contains mature brushy areas of little landscaping value. 7. VALUATION-BEFORE A. Land as Though Vacant Site Valuation In this section, the market value of the fee simple interest of the site, as vacant, will be estimated by comparing it with recent sales of vacant land located in the subject property's neighborhood or in areas having similar characteristics. Comparables were selected with consideration given to the subject's current attributes, which is a large residential lot located in the City of Renton, WA. Scope of the Data Search A data search was accomplished using Experian Data Services, 15t American TIPS, NWMLS and prior appraisals by this firm. Brokers were also contacted to discuss market trends and identify relevant sales data. The search period included the last two years and covered the immediate neighborhood. Other similar nearby neighborhoods with a rural suburban character were examined. In order to reflect market conditions, I have only included sales in closest proximity with similar highest and best use considerations to the subject property. Other larger site sales were identified, but were clearly inferior in location and development potential; reflecting much lower values and sometimes a different Highest and Best Use. Unit of Comparison The most prevalent indicator of value for residential land is the price per lot with secondary consideration given to the price per square foot. Both units of comparison will be considered in the following analysis. Private Partial Land Acquisition File No. R-2526-Dennis M.Wick,MAI Page 9 Parcel No. 334390-2910 Adjustments The limited number of sales in the subject's immediate area and lack of uniformity within this market prevents direct extraction of reliable paired-sale adjustments from the marketplace. The sales of available sites located within the subject's immediate area provide limited use of adjustments by direct paired-sale analysis. Any attempt to apply paired sales adjustments is somewhat subjective and unreliable. Therefore, a general bracketing analysis reflecting market behavior is utilized to determine which comparables are generally superior or inferior to the subject site. This analysis establishes value parameters for the subject allowing for a final conclusion of value. A brief discussion of the various adjustments applied to the comparables is presented below: Time of Sale -- Typically, time of sale is the only factor in a market area that has seen significant increases in values and/or demand. The sale dates for the comparables range from March 1999 to March 2000 and are all considered to be relatively recent sales. Property values typically fluctuate over time and the past few years have reflected a general price appreciation. Due to lack of paired sales, the specific level of appreciation is difficult to measure, but market participants generally agree that a minimum of 10% per year growth in vacant single-family loots has been occurring in recent years. I have used a 10% per year adjustment to account for changing market conditions over time. Location – All sales occurred within the subject's general market area and are considered to be in the subject's general neighborhood. Comparable 3 is the most distant being located 7 miles west and is considered to be in a superior location. Comparable 4 is near Interstate 405 and is considered to be in an inferior location due to proximity to the freeway. The other comparables have similar locational characteristics. Size -- The subject site is 1.02 acres in total. The comparables range in size from 0.14 to 1.17 acres and bracket this size. Market perception suggests that larger sites may sell at a lower unit price when compared to smaller sites, but this is difficult to quantify due to the limited market data. I note that in this active market, that many buyers would add significant value to a larger site. All comparables have generally similar utility, but comparable 3 is significantly smaller in size. Zoning --All sites have generally similar residential zonings. No adjustments are indicated. Access/Exposure— The subject has fair access due to it's interior lot location. The comparables have varying access characteristics. The market considers privacy and lack of arterial exposure an asset and the inferior access is offset by the lack of exposure. No adjustments are indicated for this factor. Topography/Shape — The comparables have varying shapes and topography, none of which is severe or value impacting. All comparables have adequate building footprints. The subject site also has a large useable uplands area. Utilities: — Comparable 2 has a 4-bedroom septic design completed at the time of sale. No adjustments were made for septic system vs sewer services. Buyers typically accept either service. The cost to hook up a sewer is less than the typical septic system installation, but there is an ongoing sewer use charge. Most buyers typically consider septic systems to be equal in long-term value to a sewer. It should be recognized that the comparables vary from the subject in several factors, but allow a bracketing process to be used to establish a reasonable value range for the subject. A comparable sale summation chart will be found on the next page. Private Partial Land Acquisition File No. R-2526-Dennis M.Wick,MAI Page 10 Parcel No. 334390-2910 VACANT LAND SALE SUMMATION CHART Orkney Homes Renton WA Parameter Subject No. 1 No. 2 No. 3 No.4 Name: City of Renton Site Spot Lot Spot Lot Salmon Creek Lots Spot Lot Location: 18xx NE 27th Street197xx 136th PI SE 72xx 116th Ave SE 118xx 14th Ave S 104xx NE 20th S Renton Kent Renton Burien Renton Proximity: 626-E5 686-G3 6 Miles S 626-E2 1.2 miles N 624-1-17 7 miles W 626-D6 1/4 mile SW General Characteristics: Assessors Parcel No.: 334390-2910 032205-9326 334330-0084 752000-10185 334450-0340 Auditors File No.: 970702-0520 991108-0282 990528-3634 990302-2624 20000317-2110 Sale Date: Jul-97 Nov-99 May-99 Mar-99 Mar-00 Negotiation Date: N/A Fall 99 Spring 99 Winter 98 Winter 99 Marketing Time: N/A 64 days 6 days 21 Days N/A Sale Price: $80,000 $96,000 $83,000 $252,500 $75,000 Analysis Price: $80,000 $96,000 $83,000 $256,700 $75,000 Price per SF: $1.80 $2.38 $1.63 $42.08 $1.85 Price per Lot: $80,000 $96,000 $83,000 $85,567 $75,000 Buyer: City of Renton Sherman, John Lile, William Kormandy Const. BRE Properties Seller: Wells, Joan et al Lavrentvev, Pyotr Bahi Spirival Assy Voit, John Matsuoka,Toru Rights Transferred: Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing: Cash Cash Cash Cash Cash Conditions of Sale: Arms Length Arms Length Arms Length Arms Length Arms Length Phvsical Characteristics: Size(acres): 1.02 0.93 1.17 0.14 0.93 Size(SF): 44,501 40,344 50,965 6,100 40,590 Useable Lot Size: 28,606 35,000 Estd- 10,000 6,100 40,590 Zoning: SF R6P R4 R6 SF Number of Units: 1 1 1 3 1 Shape: Irregular Mostly Rectangular Mostly Rectangular Irregular Irregular Access/Corner: Average/No Average/No Average/No Average/No Average/No Exposure: Fair Average Average Average Average View None None None None Lake Washington Topography: Depression in Mid-Lol Gentle slope Some Steep Mostly Level Some Difficult Sensitive Areas: Wetlands None Wetlands None None known Utilities: All Available No Sewer No Sewer All to the Site All to the Site Perc./Septic Type N/A Buyer Acceptable 4-Bedroom Design N/A N/A Adjustments: Rights Transferred: 100% 100% 100% 100% Financing/Conditions: 100% 100% 100% 100% Market Conditions: 105% 110% 115% 100% Subtotal: Per SF: $2.42 $1.68 $44.19 $1.85 Per Unit: $97,600 $85,767 $89,845 $75,000 Location: Similar Similar Superior Inferior Average Lot Size: Similar Similar Inferior Similar Zoning: Similar Similar Similar Similar Access: Similar Similar Similar Inferior Exposure: Similar Similar Similar Inferior View: Similar Similar Similar Superior Topography/Shape: Similar Similar Similar Similar Sensitive Areas: Similar Similar Similar Similar Utilities: Similar Inferior Similar Similar Approvals: Similar Similar Similar Similar Overall Comparison: Lower than Similar to Similar/Lower Higher than $97,600 $85,767 $89,845 $75,000 Confirmation Name: Appraisal Arthur Orshak Joel Goodman Mark Stefnik TRW TIPS Private Partial Land Acquisition File No. R-2526-Dennis M. Wick,MAI Page I1 Parcel No. 334390-2910 it LAND SALES LOCATION P n r oc tra t t1-� gy+ m _ ph a - 4` y SE Bary LV oD E 66TH ^ m 1 y fZS . Cf! m p� Ty' W Pa`Qv d D m m E 68T m m ; m y „�� �a North m m ,m LLj -4Dp < �O a' G �'SE71ST� ppd 4' Nev m'm ?. <o rt F m Coagmable lro.2 ? 2 4�' r2ND m m < m;D T 2 N 72ac 114th P.xre SE -��+ K �4 ,.. rpmm,..m. � R�wars N m" % fir v'.i m 7 w 'sn Y _ !z m'' SE 7 m m D N S� Q� x _ m rt 7 e° sFJ y m SE8TH �w m L21eBer s+ a3t� m _ m m ' r N S N' Jb SE80TH y 7 _ m §ET_ <` y -6-(,V4Avg m Q• m x fI _ t>ry a9� CoA 5�� w y aD N 40TH 7 z' ' t� to >. QtI....I _ -s KrE x < 36TH 8TH z ' F 74 Q m z x r BTTHrt 7TH o rD rD _ U r N 2 mak+ N 3h5TH u 34H ' ti Ir < 1r t 6. � g Kennydale y sn m wf rn - m - Jm MSN 30TH fi3� +, rt N 1, 2, g 6 ad_t LZU N 28THw NE 28TH S w' ', N m } I NE--th,trewt x r. aar,l�No.4 x wm Fent,n I- -'---1p SE_10 - lu 1n4txNa0tl.STreet 2 m z'z w" CURRENT CORP LIMIT�1�i1 !C -S NFy 22 Nb Wi rN D P.etdon D Z J --- m o w w NE 20TH cZ i m� x'- m F N m w Q to uJ At m NE_19fH v �7 c. Q NF tT m .�� T w zN ►ar w Z m g q ;m 0 NE15TH p m _ rt D zz 900 . $�- 900 mS 110TH AVE SE m� �, Yfi 7' NE ti ,YY1 : v - 4 o w r� dtB Maw o '-4 m m NE 12TH D z; ��,. NE 12TH t �' SE 11 3 900 z a z w Q' p 14E 11TH TH - — < z Ai r A m iu z z ; a < i< NE 10TH o D, ,w , 7q 5TH ' m m �� y w m -per _r aP w w ,a !uj Nfc91H m m; T SE�117TH SEl1 � 5117TH i zNE8TH Gt�� >1: l + z S 118TH w f O 0 51119TH N STH . o , w SE 12_OTH °> .OTH ;� Stc � rt z LU-S 122ND 121 STNW7T Re Irt i,hbsu SETH < p NE 7TH Q,wi HE 6TH OD S?23RD �dJ N 6TH D Q„ 0 i z w A v d Tt' Cj n w - z PE ty6Ty _ 4T H w (4v NW 57H ? ro, bb0Z 3O �'- � p NE 5TH ?n :CPD a 'N 5TH D 4 2 Z y �L w. 6n t<n NW 4 H i� m z 40 z N `tr < 3p mz cc z wN4H 4Z wn� to z: ME 4TH �.5 dwjz } N. n d w N NE 3Rd T to NW 3RD ZQW d , m 3RD mo y� awl NfC2N0 m ��J t m �-jq O y m y`1T 2ND W w p W .A w } S TOB m 900 4Pb Nra 1SYr d. m Renton m 3A m d m z mr mm rn m p- 169 ZND 7 er' MS4 S� a Sw3� 900x m < v a 6 4jkk 6 sw = N 4r gjt�T D 1","6TH m 515 lu Sny p. SE 5TH 19,98 DoLonne. Sweet Attu USA yr�li 5 U 6j Private Partial Land Acquisition File No. R-2526- Dennis M. Wick,MAI Page 12 Parcel No.334390 2910 LAND SALES LOCATIOIIAAPS SW102ND� D'`$ AA� T m H �m En En q r3 S�N -A W Fi T �< 'F. � zi � !Z N W 105TH i SW ObYH LU d .z 39tn,� ;m.N...to Nom, a I M Fn SW 107Ti3..� _ ',p y > z:us -+.m '� �^1 oa Sit08. KA m 4 W ns a r r !- -- us d o-4 x SW 108TH S: a y > ➢ D➢ D dr Nr (n � y 1 North 1- y W N x H N oeF9 �' g �' n n 3 N =_ y sw:110 Is 3 1r N y NQS y eZE C> ? ZS 112TH 'o g > Nn cn N Q �m m SW tt2YH S - 4n HA .m S 15TH lE r S 116TH_.. t� N o t9T 3 S ft D TN SW1 N x 5 118TH S 1 f7T11 x it { S N .� Yd t H t t x ,m l 3Q m uA -+ x w d 9 C w o 5120TH rn '. 4 Sw 120T S- S 1 2ND'i .� � rn vs Ccmg;arableNn S y �- ; 509 1 m � ro U3 Z i ism y j -J, ArborLake d 8S 124TH a 5 Sadeccx meek In m N-' 'n b S t26YH - Q �y y 4 DkSW ml SW 127TH_ d N CO < m �rn C — r m_ -4 > w SW p �N vs_ S1ST m _- m - SW 132NQ.� S 132ND... KA ,X' �_ .. r N•a JW WSW; F) —_ v-Ni a4 Q Q o. S134TH _ f- m 170 d mm rnN r�i!v'509 °i S138TH S r SW t37YN ilE tl S 1`38 H ® 1998 DeLonw. Street klu USA <� * -P! "z 900 Renton 4Ab 99 North DI6ke 169 Lakek�akkleea 4Tukwila k ILaerton Neights 2 Maple wood IaFebl daaedd tl 167 61 lcaq-m hle No_1 ;Cedar Mountain .+� IMm1-,(,th Place SE RSealLle h>tl LakeLksire IYedsfalake 'Cedar Grope , i FY'axas lake Lake 99 ;,51 • _ P la& 1 anfkrr lake 169 i Maple Valley - -:akadow eakr ,i 187 r U -r i Kent Svkadtr 18 Meridian Heights 2akeLycerse IekrFeawecA. 187 k§ye Lake A. _ g IakcL�ridicx __ Summit— �� ® 1998'DeLggne. Street Attu.USA �•--'- Private Partial Land Acquisition File No. R-2526-Dennis M.Wick,MAI Page 13 Parcel No. 334390-2910 COMPARABLE SALE PLAT M; S ]I •a/.. �mit•e i "m_� .+.r. •2 .I .��� � �K '✓ f J Z6 p_� l}i � i �. � - ..n � �°,�saf �.t ,��4 - ..moi ..;•!. r�� �f rs•.',.j�rr: �� $, ��� �t z46 V I ` * ' sl` •{�4 a - �_3 Y �,r�e•-,B e1` �,y+a' A•�,'� y.r'•°,r y x;:r ' �.3= S_2` „��j 3 ,rJ� a •mss • ;• ° .� �" s3 E� .moi i•�. n/T . .•... w n y„ 3+ . �iC iy � a s aye, ••w+ s o SE 14r1H fT t • :� 2I• ^i' N,' ii wr �• (� ? �r + / ..Or I / :1 �Oi ■ f?' 3-8- tri T•�^�i 110 w Ap• • ` tyj r� ,`,•� y r sp L �.y 'Se ���� �I.y � „Ids `hl`ii� ! ger � �� k i inr. •"iI H. w"' t t a •��.. ^ ...••• t EI t9Bi11 s .w ... aw..•. w - '�r'• r � ' /.'; rte.. i•3 bY.ii SE 0B'1n lT ...c w.. �.r••ri" •• • / "l�� q•i �r •r. �� f1• f a✓,.-"s r -..r.��SS`F � �"••� mow'-;Jii �� ___—.._. -... .t Y,,• K K� 1"•.41' • .yr d �1•� '� f n i �a •ate*" r•/�• ,:1 s,•,'• ,�� re��� ��'� •tt y✓ e« k- rte,,k i F• w swh , '� '.w �. . �.y- Bim• �in, r ,�+ w�1 fl 'k •�' a.• --mow,' o��X r .��? '• �. M r s, �• "J„ = ami _ 11 , __ br _ s r •�!t Y-• r f . ` ��'�,. ,lob �,:�ic/ - '1 ��, ' k..yq- •• •• r 'i!::r, Jp. ;•� - .. '�'� fit r• f � «' � _ Land Sale 1 Plat Map SE 29 - 24- 5 ' { NE 29-24-5 SCALE: 1"=100 —N iGw 1]II to t �,-. . -�E+:.auE� ..+a�,r�• e,...rr�.n�s l SE 72NP ST. E Op Ler z DWI ��7 .Scl �.. �• 146 u 13T �• ~ � `� r � s • �' ... F JNSpf5 �. iZ \, - r .t���' "' ,s,----S:. X1-7•. r-Lii_ Ce i 1t yp i r m_ ••r3- OJi � ..J•SM {•�it� l . I�– Jar Land Sale 2 Plat Map Private Partial Land Acquisition File No. R-2526-Dennis M. Wick,MAI Page 14 Parcel No. 334390-2910 COMPARABLE SALE PLATA PS 1-MA A. U —A D U B;At D' J'T Al IT UT A �7- IT T � "• f.;�r� t �\ a�� ' r�_•I'.�.•{� r�- r��r•LF:'�.. ,....'� i �� •� � YI�I�,�� ,.�ti �'i'�1 �1 J A: F �j Land Sale 3 Plat Map SW 5 - 23 - 5 ENTIRE MAP GITY OF Fjf _ RENT WALF 1'-w N V. 6-23-5 j __.,\ , 1,4 341 V, sl 359 344 41 358 345 A. L-------- - 367 346 JU2 355 —j 47 � xlip 4 Land Sale 4 Plat Map Private Partial Land Acquisition File No. R-2526-Dennis M. Wick,MAI Page 15 Parcel No. 334390-2910 Comparable Analysis A search for 1.0-acre parcels of residential land in the Renton area produced a number of smaller sales and one larger sized sale. The sales are detailed in the Land Sale Comparable Summation Chart, which was previously presented. Each sale is briefly described below followed with a correlation to the subject site. Comparable 1 ($2.42/SF-$97,600/lot) is a brushy site on the east side of 136"' Place and is approximately 6 miles south of the subject site in unincorporated King County. The site fronts the road and is lightly wooded. It is in an area of homes on larger lots and there are no sewer services nearby. The lot would provide either a single private homesite or a 3 to 4 lot short plat. Lack of sewer services make subdivision less likely. The site has a limited territorial view. Analysis: Overall, the site has average frontage, is generally similar in overall size to the subject, somewhat more remote and is a septic site. A somewhat lower subject site value is suggested by this comparable, due primarily to the private location, the wooded nature of the lot and the larger useable site area. Comparable 2 ($1.68/SF-$85,767/lot) is located about 1.2 miles north and is the only site located that is larger in overall size as compared to the subject. The site is partly wooded and has a small creek passing through one corner. Additionally, the site has delineated wetlands along with a buffer area. There is a City approved variance to build a single family home. The site is sloping, but has a useable building pad and is one of the more proximate alternatives to the subject site. There is water and power available, but no sewer service is available at the site. A septic system would be required and a 4-bedroom design was completed and approved by the county health department prior to the sale. Analysis: Overall, the generally similar overall lot size, wetlands issues and similar locational attributes suggest a similar value for the subject site. Comparable 3 ($44.19/SF-$89,845/lot) is located about 7 miles west in the City of Burien. The site is on the east side of 14"' Ave SW and is adjacent to an existing alley. The site is deep and somewhat narrow and is on generally level topography. At the time of my inspection a single family home had recently been constructed. All utility services are available to the site. This comparable is an example of a typical building site in a more developed area. Analysis: The site has somewhat superior locational attributes, due to being located in a more formal suburban area. Overall, the location factor suggests a lower value for the subject site. Comparable 4 ($1.85/SF-$75,000/lot) is the most proximate site being located about % mile southwest in the City of Renton. The site is generally similar to the subject and has similar access. One side of the site borders Interstate 405 and road noise is noticeable from the site. This is considered to be a disadvantage by knowledgeable realtors in the area. All utilities are available to the site. Analysis: The site is proximate but the proximity to Interstate 405 is a disadvantage. Access is also somewhat more indirect. Overall, this comparable suggests a higher value for the subject site. Private Partial Land Acquisition File No. R-2526-Dennis M. Wick,MAI Page 16 Parcel No. 334390-2910 100 Correlation of Comparable Sales The sales taken as a whole indicate adjusted per unit values between $85,767 to $97,600 for the subject site. A brief summary of the sales in comparability order is charted below. Value Indication of the Comparable Sales Sale Site Size Price Value # Location (Ac.) per Lot Indication Comments 1 Kent 0.93 $97,600 Lower A septic site 3 Burien 0.14 $89,845 Similar/Lower The most remote site Subject Renton 1.02 2 Renton 1.17 $85,767 Similar to Also contains wetlands 4 Renton 0.93 $75,000 Higher Adjacent to 1-405 The comparables suggest a relatively defined value for the subject of from similar to $85,767 to somewhat lower than $89,845 with one superior and one inferior sale. The subject site has mixed topography and has fair exposure to NE 27th Street. Overall, due to the convenient location, the availability of all utilities and the size/shape of the site, a value estimate in the middle of the range is appropriate. Accordingly, based on the above analysis, it is my conclusion that the subject market value is $85,000. On a unit basis, this is $2.97/SF ($85,000/28,606 SF). B. Whole Property There are no improvements on the subject site and the area to be acquired has no landscaping shrubbery or other site improvements. 8. DESCRIPTION OF SUBJECT REMAINDER: Property Description: It is expected the subject's main access to and from NE 27th Street will remain similar to the before situation. Thus the access to the remainder is adequate for the highest and best use of the subject parcel as determined in the before situation. The remainder will continue to have mixed topography and the existing wetland will continue to be the main feature of the site. Total useable land area is reduced from 28,606 SF to 24,226 square feet or 4,380 SF. The overall parcel shape of the remainder remains the same and is changed very little by the strip taken along the western boundary. All utilities are still available to the subject parcel as in the before situation. It is anticipated the zoning will remained unchanged as SF. As before, the highest and best use is of the site as vacant and improved, would be for single-family residential use. 9. VALUATION-REMAINDER: A. Land as Though Vacant (1) Scope of Data Search The site analysis and evaluation that was conducted for the property Valuation Before in section 7A above is relied on for the remainder. Thus the scope of data search is identical to that used to value the subject property in the before situation. This is for the incremental acreage. Private Partial Land Acquisition File No. R-2526-Dennis M. Wick,MAI Page 17 Parcel No. 334390-2910 (2) Comparative Analyses Access to the subject site and incremental acreage is unchanged from the before situation. See the comparative analysis sections above, for further discussion of comparisons. (3) Correlation and Conclusion-Land Value After for a Suburban Home Site In the appraisers opinion the subject site is essentially unchanged from the before situation. Thus the best conclusion from the available data is to value the subjects home site remainder upland area of 24,226 square feet by the subject's $2.97/SF before value giving a site value of$72,678 for the full fee value of the remainder portion of the subject home site. B. Whole Property The subject property contains no improvements or landscaping of value and so the whole property value is the same as the remainder land value concluded above. I conclude then that the Market Value of the fee simple interest of the subject property in the `After' situation is $72,678. 10. EXPLANATION, MEASUREMENT, AND ALLOCATION OF DAMAGES/SPECIAL BENEFITS: Damages In the appraisers opinion, there are no damages to the remainder Benefits The appraiser has not been able to determine any special benefits associated with the proposed acquisition. Private Partial Land Acquisition File No. R-2526-Dennis M. Wick, MAI Page 18 Parcel No. 334390-2910 err+ ADDENDA Private Partial Land Acquisition File No. R-2526-Dennis M. Wick, MAI Parcel No. 334390 2910 ACQUISITION APPAISAL SALIENT INFORMATION (SUMMARY APPRAISAL REPORT) Property Rights Appraised Unless specified otherwise in this report, the property rights appraised constitute the fee simple interest. Date of Value The effective date of the value opinion for the subject property is specified on page 1 herein. Competence of Appraiser The appraiser has both the knowledge and experience required to competently perform this appraisal. Purpose of the Appraisal The purpose of this appraisal is to: (1) estimate the Fair Market Value of the subject property in the Before Situation; (2) estimate the Fair Market Value of the subject property in the After Situation, assuming the proposed acquisition is completed; (3) allocate the damages and/or special benefits, if any, to the remaining real property and property rights. Use of the Appraisal This appraisal is to be used to provide information to the client, Orkney Homes, as a basis for acquiring the portion of the subject property needed for the proposed project. Scope of the Appraisal The scope of the investigation and analysis, as well as the geographical area and time span searched for market data, is described in the valuation section of the body of this appraisal. There are three basic, traditional approaches to the estimation of Fair Market Value: The Cost Approach, the Income Capitalization Approach, and the Market or Direct Sales Comparison Approach. Of these, only the Direct Sales Comparison Approach is employed herein because it is market typical for the subject property whereas the other approaches are not. Definition of Fair Market Value "Fair Market Value" is the amount in cash which a well-informed buyer, willing but not obliged to buy the property, would pay, and which a well-informed seller, willing but not obligated to sell it would accept, taking into consideration all uses to which the property is adapted and might in reason be applied, (Washington Pattern Instruction 150.08). Definition of Highest and Best Use That reasonable and probable use that supports the highest present Fair Market Value as of the effective date of the appraisal. The four criteria the highest and best use must meet are: (1) legal permissibility; (2) physical possibility; (3) financial feasibility, and (4) maximum profitability. Definition of the Larger Parcel In condemnation, the portion of a property that has unity of ownership, contiguity, and unity of use, the three conditions that establish the larger parcel for the consideration of severance damages. Also known as the "parent parcel". Definition of Cash Equivalent A price expressed in terms of cash (money) as distinguished from a price which is expressed all or partly in terms of the face amount of notes or other securities which cannot be sold at their face amount. Market data in this appraisal are compared to the subject on an all cash basis to satisfy the definition of Fair Market Value. Private Partial Land Acquisition File No. R-2526-Dennis M. Wick,MAI Parcel No. 334390-2910 44W *410 APPRAISAL ASSUMPTIONS AND LIMITING CONDITIONS 1. The property description supplied to the appraiser is assumed to be correct; 2. No survey of the property has been made or reviewed by the appraiser, and no responsibility is assumed in connection with such matters. Illustrative material, including maps and plot plans, utilized in this report are included only to assist the reader in visualizing the property. Property dimensions and sizes are considered to be approximate; 3. No responsibility is assumed for matters of a legal nature affecting title to the property, nor is any opinion of title rendered. Property titles are assumed to be good and merchantable unless otherwise stated; 4. Information furnished by others is believed to be true, correct, and reliable. However, no responsibility for its accuracy is assumed by the appraisers; 5. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless so specified within the report. The property is assumed to be under responsible, financially sound ownership and competent management; 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render the property more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies which may be required to discover them; 7. 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 appraisers. However, the appraiser 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 conclusions in this report are predicated on the assumption that there are no such materials on or in the property that would cause a loss of value. No responsibility is assumed for any such conditions, or for the expertise required to discover them. The client is urged to retain an expert in this field if desired. The analysis and value conclusions in this report are null and void should any hazardous material be discovered; 8. Unless otherwise stated in this report, no environmental impact studies were either requested or made in conjunction with this report. The appraiser reserves the right to alter, amend, revise, or rescind any opinions of value based upon any subsequent environmental impact studies, research, or investigation; 9. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is specified, defined, and considered in this report; 10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless non-conformity has been specified, defined and considered in this report; 11. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or federal governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate is based; 12. The appraiser will not be required to give testimony or appear in court because of having made this report, unless arrangements have previously been made; 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the client without the written consent of the appraiser, and in any event, only with properly written qualification and only in its entirety; 14. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales, or any other media without written consent and approval of the appraiser. Nor shall the appraiser, client, firm, or professional organization of which the appraise is a member be identified without the written consent of the appraiser; 15. The liability of the appraiser, employees, and subcontractors is limited to the client only. There is no accountability, obligation, or liability to any third party. If this report is placed in the hands of Private Partial Land Acquisition File No. R-2526-Dennis M. Wick,MAI Parcel No. 334390-2910 anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment and related discussions. The appraiser are in no way responsible for any costs incurred to discover or correct any deficiencies of the property; 16. It is assumed that the public project which is the object of this report, will be constructed in the manner proposed and in the foreseeable future; 17. Acceptance and/or use of this report constitutes acceptance of the foregoing assumptions and limiting conditions. SPECIAL APPRAISAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No title report was provided to the appraiser. It is assumed that there are no value impacting easements, encroachments or title restrictions. Private Partial Land Acquisition File No.R-2526-Dennis M. Wick,MAI Parcel No. 334390-2910 DETERMINATION OF LARGER PARCEL/SITE MAP In determining the larger parcel, I have considered the three conditions, which must be present to establish a larger parcel for condemnation purposes. The three conditions consist of unity of ownership, contiguity, and unity of use. In this instance, we have determined that the larger parcel should include the entire site, which totals 44,501 square feet. The total useable uplands area is 28,606 SF. A map showing the subject's larger parcel and site in the "Before" situation is set forth below. MAP OF LARGER PARCEL/SITE MAP r5 r RJwdur Tep'-Tiv—. r eAl j34 •� 79} 2-Jr �♦ i1r' i-9.1-i■ .rac .1 !i■r5l`q&• 0 Sew-0 .��r• , '30 WX 9 �� ! h Ji" t k 2?r" 3� 4 spa 2"+?ir r! f A f } "A00 C 4".7 rAff -0.7 �-'yr4? 't v+J r d +r* Z. lar LOP �1 1.i' L�r4 �t� �L A � '} � �+ ' � ' �6 } ■ lir ■L fir` 9 Lair 2 ■ + `r ro .aYdt ' ' . VOL,+-- •_- +�r +sty -+� testa ' 24,•,■ re Vr° r` ram. itim-V MAN Ld Y ?i¢O I it L 4 WE iX A +r+ V o- y <1 S-C-) V e rs 4 } w � �,f�1y ��L� }ti�4� � ■ �p A +>P- l 4 Jr �p F 11 t ia+� .!4 -Jr s_{fr rev -r■ "' sr� _ rpt�.■ J`! 1ST �� is�'F + X73 ■► I., A ;d V IM r nV •� ■ .. Z4 ¢ rat }fir lye! IL M. ■ 4 a ~.a WE 25TH i1_ +� , 49 Ggra L} 7 Ar.IL L kJ: Ir irm 61 .* 8 Z lar t. y� iJ+ l r! �¢ sitF a ti� �?J — ti , ZIT d IS — 1t ■ a„ ti $ j q , v� JY�•+r�+�r• ..Tp RF �'L'g }r a � ' Private Partial Land Acquisition File No. R-2526-Dennis M. Wick, MAI Parcel No. 334390-2910 QUALIFICATIONS OF THE APPRAISERS Private Partial Land Acquisition File No. R-2526-Dennis M. Wick.MAI Parcel No. 334390-2910 Otiahfications of Dennis M. Wick, MAI EXPERIENCE: Since 1989, experience in various types of real property for financing, acquisition, condemnation, estate valuation, partial interests and market valuations in the Pacific Northwest. WORK HISTORY: Prior experience with Palmer Groth & Pietka, Campos Appraisals, The Clendaniel Company and Lamb Hanson & Lamb. Commercial Real Estate Agent. Prior experience in mainframe computer hardware engineering on IBM systems. TYPES OF PROPERTIES APPRAISED: All types of commercial properties throughout the Pacific Northwest. Most of the appraisals have been located in Washington State. My specialty includes residentially oriented properties including: Subdivisions Apartments Assisted Living Facilities Mobile Home Parks Residences Condominiums Right of Way Projects FORMAL EDUCATION: Masters Degree in Business Admin. Northwestern Univ. June 1986 Bachelors Degree in Electrical Engineering. Bell & Howell Sch. June 1972 Associates Degree in Electronics DeVry Tech. June 1967 APPRAISAL COURSES: Appraisal Principals I.R.W.A. February 2000 Principals of R.E. Negotiation I.R.W.A. February 2000 Real Estate Business Management Lexington Schools January 2000 Basic Condemnation Appraising Appraisal Inst. March 1999 Advanced Condemnation Appraising Appraisal Inst. March 1999 Real Estate Law Lexington Schools November 1998 The Appraisal of Partial Acquisitions I.R.W.A. October 1998 Condemnation Appraisals&Trial I.R.W.A. Sept, 1998 Appraisal Standards (USPAP) Appraisal Inst. Sept, 1997 After Tax Income Analysis PGP Seminars June 1997 Meet the Client Appraisal Inst. April, 1997 Litigation Skills for the Appraiser Appraisal Inst. December, 1996 Grammar for Business Professionals Shoreline College June, 1996 Wetlands Vegetation of Washington Univ. of Washington March 1995 Limited Scope Appraisals Appraisal Inst. July, 1994 Advanced Income Capitalization Appraisal Inst. March 1994 Report Writing and Analysis Appraisal Inst. June 1993 Uniform Standards of Practice Appraisal Inst. March 1993 ASSOCIATIONS: Designated Member of the Appraisal Institute(MAI) Member, International Right of Way Association (I.R.W.A.) Approved Appraiser with Washington State Dept. of Transportation Approved Review Appraiser with Washington State Dept. of Transportation Expert Review Appraiser for State of Washington, Dept. of Licensing Past President Northwestern University Alumni Club of Seattle Expert Witness Volunteer at the UW Law School CERTIFICATES AND LICENSES: Washington State Certified General Real Estate Appraiser (270-11 WI-CK-`D-M572R7) Washington State Real Estate Sales License FCC General Radiotelephone License law m TmC Tm 'O c0 m-0 q)C3 m N 16-S am. mm cis 0)-- a =J.L.-lt.L. m w.fn w y m o O N.—ACL c N— 2' m m a m m m m- c o N O O Ztmo 3ida"' > E o over in 0 CD T w� O. .c O mt.. c� E w,cu o r�raZL m= r i a o0 ...x p.PU �` m dg mNYm'O �"� w EmCIn 110 Cc � - CL my at wmd0Lo WLn =OD10Aa>;ro mmrnmv M= 0 CO 0 0 G)z ' CL a - O >v 0 c? � o— C ulcoa� g v g7qCLrm �«) dC n.mU jaCm �oa . ow �No� �o v=o`6CLcd5ENrn .apWE o0 TUU m d m Z OEZ' ¢� moo0 o m a-mTmU cTo>v� > mm.Q- m � nN- om cp� � moommamZoa< E DC o OC � a'oEuM O cu ao CD O X " C O ° m W t L O cc m O O N d r=+ t c ca t c M d Z C.m .a O N ° CD U !� ica N N t 00 to O 0 o C - 20"p C E cc H 3 E a � N O 7 O C w C Y W Mcc 13 � �� r- 0 V C0 Se � 3c COcc O N = O &Cc- c U) N t ~ O ca , w 0 M '—� 3ca Cc " aoio 33 �i o Oct Q. C ,� O ° ,0 N t O U '0 LL o (D Ec c . ca CL ca U ago E C c�' EV ca c � oo w W caV 3 O j c co o � O L °> m w c o vo c > C U W � p m m � aoi Z Y Q ° O ,� -0 cc c 0. ' a.0 c 00 C r2fix"' sa c� 0 a, S 0 4) Z w c Q m o ao v c o o c � Qv EO CL L-cc REE WOE Y o Coo oF- ° om t2 c o- 0 > >' c ao o c Cc ° mO GE O H ° v d cc V �«- C d o) d W ° y _ r i O �+ a.c NL aC C U L� N Z N " r W O oD > > N +• a m O O p x�' ur L O N ° c 0 0 O O O to L et O O cF CSU ca c Ew � cU U Z m F— 4.1, J N w July 10,2000 err/ Renton City Council Minutes `„d Page 245 Construction Activity plan review stage of building construction, due to increased construction activity. Funding will come from permit and plan check fee revenues. Refer to Finance Committee. EDNSP: Endangered Species Economic Development,Neighborhoods and Strategic Planning Department Act Policies, Golder& requested approval of a contract in the amount of$80,000 with Golder& Associates Associates to assess existing City policies, codes and operational practices for compliance with the Endangered Species Act. Council concur. Executive: Community Executive Department seeks authorization to fill the Community Relations Relations Specialist Hire at Specialist position at Step E of the salary range. Refer to Finance Committee. Step E Police: Jail Inmates Health Police Department recommended approval of a contract in the amount of Services,Occupational Health $118,000 with Occupational Health Services for health services for Renton jail Services inmates from 4/01/00 to 4/01/01. Refer to Public Safety Committee. Technical Services: Surplus Technical Services Division seeks preliminary approval of a request to declare Property,NE 26th St&Jones a portion of City-owned property in the area of NE 26th St. and Jones Ave.NE Ave NE, Sale to Orkney to be surplus in preparation for its sale to Orkney Homes and Development. Homes&Development �r Refer to Board of Public Works; set a public hearing for August 14 to review v the proposal. Streets: Oakesdale Ave SW Transportation Systems Division recommended approval of an interlocal Construction(27th to 31st), agreement accepting$590,270 from the Transportation Improvement Board for TIB Grant construction of Oakesdale Ave. SW between SW 27th and 31st Streets. Council concur. (See page 246 for resolution.) Airport: Stage I&I1 Turbojet Transportation Division recommended that take-off and landing of Stage I and Aircraft Landing&Take-Off Stage I1 turbojet aircraft be restricted between the hours of 10:00 p.m. and 7:00 Hours Restriction a.m. at Renton Municipal Airport. Refer to Transportation(Aviation) Committee. MOVED BY CORMAN, SECONDED BY PERSSON, COUNCIL APPROVE THE CONSENT AGENDA AS PRESENTED. CARRIED. OLD BUSINESS Community Event: Cirque du Council President Corman said he had the pleasure of attending the Cirque du Soleil Soleil opening and encouraged citizens to attend the show. Utility: Coal Creek Utility Councilman Clawson informed Council that there will be Boundary Review District,Potential Partial Board meeting this Thursday regarding the Coal Creek Utility District Assumption by Bellevue Assumption by the City of Bellevue at which Gregg Zimmerman, Planning/Building/Public Works Administrator will present the City's opposition to the matter. Mr.Zimmerman explained that City staff reviewed the documents to be presented to the Boundary Review Board and believe that citizens located in the affected areas will experience reduced service levels and/or increased water rates. He said approximately 250 households within the City limits will be affected. Council President Corman recommended that staff contact the affected households to apprise them of the situation. EDNSP: Highlands Sue Carlson,Economic Development Administrator,briefed Council on the Revitalization Efforts Highlands revitalization efforts. She explained that the City is working with the property owner of the Highlands Shopping Center and potential developers to upgrade the center. Ms. Carlson reported that the efforts have been underway for six months and various ideas have been discussed, including a `�.✓ ver CITY OF RENTON COUNCIL AGENDA BILL Al #: Submitting Data: Planning/Building/Public Works For Agenda of: Dept/Div/Board.. Technical Services July 10, 2000 Staff Contact...... Tom Boyns, X 7209 Agenda Status Consent.............. X Subject: Public Hearing... Request to Surplus a Portion of City Owned Property Correspondence.. West 30 feet Lot 4 Wells Short Plat Ordinance............. Resolution............ Old Business........ Exhibits: New Business....... Issue Paper Study Sessions....... Map Exhibit Information......... Recommended Action: Approvals: Grant preliminary approval of the request to Surplus Legal Dept......... X property Finance Dept...... Set a Public Hearing for August 14, 2000 Other............... Refer to Board of Public Works 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 City received a request from Curtis G. Schuster, Orkney Homes and Development, L.L.C., to sell the west 30 feet of a lot owned by the City of Renton at appraised fair market value to meet new density requirements. He has been in the process of platting at NE 26th and Jones Avenue NE. Recent changes in the methods of calculating density have had a large impact on his development. The City's Wastewater and Storm Water utilities purchased the parcel in 1997. Staff has made an initial review and determined that the portion of property requested is not needed by City utilities. The procedure to accommodate this request is the Surplus Procedure. The revenue from the property surplus will be returned to the respective utility's enterprise funds. 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 in this matter for August 14, 2000, and refer it to the Board of Public Works for recommendation. H:DN/UTIL/DOCS/2000-288/TGB:lf CITY OF RENTON PLANNING/BUILDING/PUBLIC WORKS MEMORANDUM DATE: July 5, 2000 TO: Randy Corman, President City Council Members VIA: Jesse Tanner, Mayor FROM: Gregg Zimmerman, Administrator Planning/Building/Public Works Department STAFF CONTACT: Tom Boyns, X-7209 SUBJECT: SURPLUS SALE OF WEST 30 FEET LOT 4 WELLS SHORT PLAT LUA-92-186-SHPL ISSUE: Curtis G. Schuster, Orkney Homes and Development, LLC, has been in the process of platting at NE 26th and Jones Avenue NE. Recent changes in the methods of calculating density have had a large impact on his development. He has requested that the City of Renton allow him to purchase the west 30 feet of a lot owned by the City of Renton at appraised fair market value to meet the new density requirements. The procedure to accommodate this request is the Surplus procedure. 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 in this matter for August 14, 2000 and refer it to the Board of Public Works for recommendation. BACKGROUND: The City received a request, on June 9, 2000, from Curtis Schuster to sell a 30 foot strip of land, 4,387.80 square feet, being the west 30 feet of Lot 4 of the Wells Short Plat. Because of the change in application of density requirements his pending Redwood Lane short plat of Lot 3 of the Wells Short Plat into 4 new lots no longer meets the allowed density for 4 lots. He needs the additional area to comply with the changed calculation methods. *mw vrr June 22, 2000 Page 2 Staff has made a preliminary review of the feasibility of the request. It was determined that Lot 4 was purchased on April 23, 1997, for drainage and sewer projects, and to preserve significant wetlands on the eastern part of the lot. The funding for the purchase was provided from utility project funds shared equally by the Surface Water and Wastewater utilities. Both Surface Water and Wastewater Utilities agreed that the west 30 feet of the lot are no longer needed for utility purposes and could be declared surplus and sold to recover funds for future projects. The City Attorney confirmed that the appropriate method to transfer city-owned property is by the Surplus Procedure. Mr. Schuster has agreed to apply and pay the costs for a lot line adjustment, obtain an appraisal from a qualified MAI appraiser, and pay compensation for the portion of property as appraised, all according to the City's Surplus Procedure. City Policy 100-12, copy attached, describes the procedure and identifies the policy as: "It is the policy of the City of Renton that surplus real property shall be sold at fair market value to restore project funds to the division account which acquired the property originally." City Code Title II Chapter 3, provides,that the Board of Public Works has the responsibility: "To review and make recommendations to the Mayor and City Council and its appropriate committees relating to the acquisition of property,street,water,sewer,drainage or other rights-of-way or the sale or release of same by means of sales or vacations." The revenue from the sale of the surplus property will be returned to the Wastewater and Surface Water Utility's enterprise funds, since utility funds were used to purchase the property. H:DIV/UTIL/DOCS/2000-287/TGB:If I NE 27th Street Lot 3 IWest 30 ft Lot 4 NE 26th Place w NE 25th PI z w- D Q) a) C Q) > a� Q > Q Q) a� a� o �� Y o Portion Lot 4 .� Surplus Property 0 Tom Boyns, Technical Services Wells Short P I a t ♦ ♦ 06/19/2000 ��N T -0 fir✓ v 100-12 Surplus Real Property Department: Administration Effective Date: 7/1/95 Supersedes: N/A Staff Contact: G. Zimmerman Approved by: Earl Clymer 1.0 PURPOSE: To ensure realizing the disposal of surplus real property at fair market value in a cost effective manner, and to establish procedures for real property sales. 2.0 ORGANIZATIONS AFFECTED: All departments/divisions. 3.0 REFERENCES: 3.1 Policy & Procedure 250-10. 3.2 Guide to Purchasing, September 1980. 3.3 RCW 35A.80.010 "Public Utilities, General laws applicable." 3.4 RCW 35.94.040 "Lease or sale of land or property originally acquired for public utility purposes." 3.5 RCW 39.33.010 "Sale, exchange, transfer, lease of public property authorized - Section deemed alternative." 3.6 RCW 39.33.020 "Disposal of surplus property - Hearing -Notice." 4.0 POLICY: It is the policy of the City of Renton that surplus real property shall be sold at fair market value to restore project funds to the division account which acquired the property originally. 5.0 DEFINITIONS: 5.1 "Administrative Costs" are those costs incurred by the City of Renton during the processing of property for sale. Such costs include but are not limited to salaries, supplies, advertising, and other costs required to produce a sale. 5.2 "Assessed Value" is the dollar amount assigned by the King County Assessor as the valuation of the land and improvements for taxation purposes. 5.3 "Fair Market Value" is the price that a willing buyer would pay to a willing seller for ihr ver the purchase of property in an open and competitive market. 5.4 "Surplus Real Property" is property acquired by a division which is no longer needed to fulfill the original or an alternate need within the same division. 6.0 PROCEDURE: 6.1 Any department or division having surplus real property shall request Council approval of declaring the property surplus. 6.2 If approved, the Council shall authorize the Property Services Division to order an appraisal to determine the fair market value of the property. 6.3 Council shall set a date for a public hearing, as nearly as possible to 60 days from original approval. 6.4 At least 10 days but not more than 25 days prior to the hearing, the City Clerk shall cause to be published a public notice setting forth the date, time and place of the hearing, at least once in a newspaper of general circulation in the area where the property is located. This notice shall identify the property using a description which can be easily understood by the public, and shall describe the proposed use of the lands involved. 6.5 At the conclusion of the hearing and approval of the matter, the Council shall adopt a resolution declaring the property surplus. 6.6 Property Services Division shall offer the subject property to other City departments, other local agencies, the abutting property owners, and any parties having expressed an interest in the property; and advertise for bids for one week following the public hearing. For the following two weeks, sealed bids may be received, time and date stamped, and the highest and best offer within 10% of, or over, the appraised value shall be accepted. 6.7 Transfer of parcels to other City departments shall be handled through an interdepartmental transfer process. Sales of parcels shall be handled through independent escrow. 6.8 In the event no acceptable offer is received within the bid period, the property shall continue to be marketed by Property Services Division on a first come first served basis, using all resources common to the marketing of such property, including but not limited to installing signs, distributing offering information to local real estate firms, and publishing offering information monthly in a neighborhood newspaper. 6.9 Property Services Supervisor shall be authorized to negotiate with prospective purchasers and accept reasonable offers on behalf of the City after ensuring concurrence from the proprietary department in the terms of the sale. 6.10 Costs of maintaining the property pending sale shall continue to be the responsibility of the proprietary department. 6.11 The administrative costs of this procedure shall be reimbursed to Property Services from the proceeds of the sale. The balance of the proceeds shall be credited to the appropriate account of the proprietary department. 7.0 APPLICABILITY: 7.1 This policy shall be applicable in all cases except those wherein the City has prior contractual or legal obligations for disposal of the property. Jun-13-00 03: 38P Curtis G _ Schuster 4cam-o�+�r-���-+ L..:.Z)v -r]l,intab id TR.I-cout4TY SURVEYING PAGE ©1 "�✓ vii �i � \ acs—*It- d Ctte ..own un o� azim v � o C lies A � so' Wm� ff `f �— if / �- 033 ,. LOCATIONS OF POSTINGS DONE ON , 2000 . 1. o7 All 2. 3. 4. 5. CERTIFICATION STATE OF WASHINGTON) ss COUNTY OF KING ) I Z� %/� �J✓ HEREBY CERTIFY THAT 12 COPIES OF THE ATTACHED NOTICE WAS POSTED BY ME ON THE PROPERTY DESCRIBED ABOVE ON DATE OF SIGNED 'V ............................................................................................................................................ SIGNED NOTARY SUBSCRIBED SUBSCRIBED AND SWORN TO BEFORE ME this day of 20 G Notary Public in and for the State of Washington, residing at L �, (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.) s �Y low + NOTICE RENTON CITY COUNCIL PUBLIC HEARING ON AUGUST 14, 2000 AT 7:30 P.M. RENTON CITY HALL COUNCIL CHAMBERS 1055 SOUTH GRAD Y WAY TO CONSIDER THE FOLLOWING: Proposed surplus of 4,387.80 square feet of City-owned property (west 30 ft. of Lot 4, Wells Short Plat) located east of Jones Ave. NE between NE 26th Pl. and NE 27th St., for sale at appraised market value to Curtis Schuster, Orkney Homes & Development, LLC. ® NE 27th Street w z aj Lot 3 West 30 ft a Lot 4 c 0 T� NE 26th Place NE 25th PI z w z C o C CD � Q > Y Q U 3 0 c a� c c a o Y � 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 Warnin this notice is a misdemeanor punishable by fine and imprisonment. f CITY OF RENTON NOTICE OF PUBLIC HEARINGS RENTON CITY COUNCIL NOTICE IS HEREBY GIVEN that the Renton City Council has fixed the 14th day ofAugust, 2000, at 7:30 p.m. as the date and time for public hearings 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: Proposed surplus of 4,387.80 square feet of City-owned property (west 30 feet of Lot 4, Wells Short Plat), located east of Jones Avenue NE between NE 26d'Place and NE 27'Street, for sale at appraised market value to Curtis Schuster,Orkney Homes and Development, LLC. All interested parties are invited to attend the hearings and present written or oral comments regarding the proposals. 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. Marilyn e sen City Clerk Published South County Journal July 14, 2000 7/14/00 - Mailed to 4 parties of record per attached list. t Ld z NE 27th 4� h Street Lot 3 West 30 ft Lot 4 :.a NE 26th Place LU NE 25th PI z z a� Q) Q) > a� Q > I Q U U N C N 0 V F-I F---1 .� Y Portion Lot 4 Surplus Property Wells Short Plat ♦ Tom Boyns, Technical Services ♦ ♦ 06/19/2000 ��NTo� A 33:1c i Curtis G. Schuster Michael & Mary Lowry Robert & Joan Wells Orkney Homes and Development 3326 Park Av N 18120 NE 102nd Ct P M B 462 Renton WA 98056 Redmond WA 98052 218 Main Street Kirkland, WA 98033 Northward Homes Inc 1560 140th Ave NE Bellevue WA 98005 ,- no T{ ciaaijc naav innnmr, CITY OF RENTON NOTICE OF PUBLIC HEARINGS RENTON CITY COUNCIL NOTICE IS HEREBY GIVEN that the Renton City Council has fixed the 14th day ofAugust, 2000, at 7:30 p.m. as the date and time for public hearings 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: Proposed surplus of 4,387.80 square feet of City-owned property(west 30 feet of Lot 4, Wells Short Plat), located east of Jones Avenue NE between NE 26`t'Place and NE 27"' Street, for sale at appraised market value to Curtis Schuster, Orkney Homes and Development, LLC. All interested parties are invited to attend the hearings and present written or oral comments regarding the proposals. 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. Marilyn e sen City Clerk Published South County Journal July 14, 2000 Account No. 50640 -y O ♦ '�' + NOTICE NT RENTON CITY COUNCIL PUBLIC H' ARING ON AUGUST 14, 2000 AT 7:30 P.M. RENTON CITY HALL COUNCIL CHAMBERS 1055 SOUTH GRADY WAY TO CONSIDER THE FOLLOWING: Proposed surplus of 4,387.80 square feet of City-owned property (west 30 ft. of Lot 4, Wells Short Plat) located east of Jones Ave. NE between NE 26th Pl. and NE 27th St., for sale at appraised market value to Curtis Schuster, Orkney Homes & Development, LLC. NE 27th Street w z a� a Lot 3 West 30 ft a' Lot 4 I � m i c o r, NE 26th Place NE 25th PI z w � z c � a� C: > a) Q > U C C C U) O Y � 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 Warnin • imprisonment. r s: NOTICE RENTON CITY COUNCIL PUB1____j1C H ARING ON AUGUST 14, 2000 AT 7:30 P.M. RENTON CITY HALL COUNCIL CHAMBERS 1055 SOUTH GRADY WAY TO CONSIDER THE FOLLOWING: Proposed surplus of 4,387.80 square feet of City-owned property (west 30 ft. of Lot 4, Wells Short Plat) located east of Jones Ave. NE between NE 26th P1. and NE 27th St., for sale at appraised market value to Curtis Schuster, Orkney Homes & Development, LLC. NE 27th Street w z a Lot 3 West 30 ft a Lot 4 a c 0 NE 26th Place w NE 25th PI z w � z a � Q > � Q U '3 N N Q> C C N O Y � 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 arnin imprisonment. l�rr' `✓ First. American Title Company RECEIPT NO.: 0000011911 -13010 NE 20th Street suite;A ESCROW NO: 26476RGI DATE: 6/24/9,7 Bellevue, WA 98005 .RECEIVED OF: CITY OF RENTON $ ****80,352.23**** EIGHTY THOUSAND THREE HUNDRED FIFTY TWO AND 23/100******************** ;.DOLLARS RECEIVED FOR: Additional Deposit COMMENT: RECEIVED BY: AES' ESCROW OFFICER:Rhonda .L. Gaffney Payment Check ABA Type Number Number Amount CK 148266 19-10 80,352.23 CITY OF RENTON 148266 VAL U.S.BANK OF WASHINGTON 19-10/21 AP RENTON BRANCH 1260 PAY $80,.352 DOLLARS AND 23 CENTS DATE 06/20/97 AMOUNT *****80,352.23 VOID AFTER 6 MONTHS TO THE ORDER OF FIRST AMERICAN TITLE INSURANCE 13010 NE 20TH ST #A - BELLEVUE, WA 98005-2510 111148 26611' 1: 1 25000 L05I: 0 21 ? 05584711' J Time: 1:17 PM S•S AMER �C. F 2 First American Title Insurance Company 13010 NE 20TH STREET, SUITE A, BELLEVUE, WA 98005-2510 (206)869-0400 • FAX:(206)869-5922 BUYER'S CLOSING STATEMENT Escrow: 26476RGI Order: 346215-4 Escrow Officer: Rhonda L. Gaffney Date: 6/23/97 ESTIMATED Closing Date: 7/01/97 ESCROW STATEMENT OF: CITY OF RENTON SELLER: SECTION 1031 SERVICES, INC. �e Property Address: LOT 4 OF CITY [ETON, WA ITEMS ,S ( DEBITS CREDITS C } TOTAL CONSIDERATION ' ' 80,000.00 TITLE CHARGES TC SEATTLE Deed Recording Fee 20.00 ESCROW CHARGES Escrow Fee 305.00 SALES TAX 26.23 BALANCE DUE ESCROW 80,351.23 TOTALS $ 80,351.23 $ 80,351.23 I CITY OF RENTON BY: JESSE TANNER, MAYOR Escrow No.: 26476RGI , June 23, 1997 NOTICE OF COMPLIANCE WITH A.P.R. 12 To: Purchaser and Seller IN ACCORDANCE WITH THE REQUIREMENTS OF A.P.R. 12 OF THE SUPREME COURT OF THE STATE OF WASHINGTON, FIRST AMERICAN TITLE INSURANCE COMPANY AND THE CLOSING OFFICER SPECIFIED BELOW HAVE THE DUTY TO INFORM YOU OF THE FOLLOWING: 1. The Closing Officer is not acting as the advocate or representative of either party; 2. The Closing Officer will prepare documents which affect the legal rights of both parties; 3. The Parties may have differing interests in the documents; 4. The parties have the right to be represented by lawyers of their own selection and each party may have a separate lawyer; 5. The Closing Officer cannot give legal advise to the parties concerning the manner in which the documents affect those parties. The Closing Officer is only permitted to select and complete documents which have been approved by the Limited Practice Board in accordance with a written purchase and sales agreement which contains all of the basic terms of the transaction. The Closing Officer is not permitted to negotiate terms which are not included in the written purchase and sales agreement. The Closing Officer is not permitted to practice law . IF YOU HAVE ANY QUESTIONS REGARDING ANY DOCUMENT OR INSTRUMENT TO BE USED OR RELIED UPON IN THE CLOSING OF THIS TRANSACTION OR ANY QUESTIONS REGARDING YOUR RIGHTS, YOU SHOULD NOT SIGN NOR ACCEPT THESE INSTRUMENTS OR DOCUMENTS BEFORE CONSULTING AN ATTORNEY OF YOUR CHOICE. In this transaction, your Closing Officer is Rhonda L. Gaffney, 951 Dated: 6/23/97 FIRST AMERICAN TITLE INSURANCE COMPANY BY: Rhonda L. Gaffney, 951 Please acknowledge receipt of the foregoing Notice of Compliance with A.P.R. 12 and that you have read the same by signing your name(s)to the copy of this Notice on the signature line(s)below. (If such Notice has been hand-delivered or mailed to you, please return the copy of the Notice showing your signature(s) in the enclosed, stamped, self-addressed envelope.) We will be unable to continue with the closing until we have received the signed Notice from you. Received this �1 day c_ ,,t c , 19%I CITY OF RENTON /� 1 i SECTION 1031 SERVICES, INC. June 23, 1997 ATTACHMENT TO COMPLIANCE WITH A.P.R. 12 ESCROW NO.: 26476RGI THE FOLLOWING DOCUMENTS INITIALED WERE PREPARED BY THE LIMITED PRACTICE OFFICER. EXCISE TAX AFFIDAVIT SUPPLEMENTAL EXCISE TAX AFFIDAVIT LPB 10 STATUTORY WARRANTY DEED LPB 11 STATUTORY WARRANTY DEED (FULFILLMENT OF REC) LPB 12 QUIT CLAIM DEED LPB 13 SELLERS ASSIGNMENT OF CONTRACT AND DEED LPB 14 PURCHASERS ASSIGNMENT OF CONTRACT AND DEED LPB 15 BARGAIN AND SALE DEED LPB 20 DEED OF TRUST (SHORT FORM) LPB 21 ASSIGNMENT OF DEED OF TRUST LPB 22 DEED OF TRUST(LONG FORM) LPB 23 REQUEST FOR FULL RECONVEYANCE LPB 24 REQUEST FOR PARTIAL RECONVEYANCE LPB 25 PROMISSORY NOTE-INTEREST INCLUDED LBP 26 PROMISSORY NOTE-INTEREST INCLUDED DUE DATE LPB 27 PROMISSORY NOTE-INTEREST EXTRA LPB 28 PROMISSORY NOTE- STRAIGHT LPB 29 REQUEST FOR NOTICE LPB 30 BILL OF SALE LPB 35 SUBORDINATION AGREEMENT LPB 44 REAL ESTATE CONTRACT(SHORT FORM) LPB 45 REAL ESTATE CONTRACT(LONG FORM) LPB 50 MORTGAGE(STATUTORY FORM) LPB 51 SATISFACTION OF MORTGAGE LPB 52 PARTIAL RELEASE OF MORTGAGE LPB 60 RELEASE OF LIEN LPB 61 PARTIAL RELEASE OF LIEN LPB 62 SATISFACTION OF JUDGMENT LPB 63 PARTIAL RELEASE OF JUDGMENT LPB 64 WAIVER OF LIEN LPB 65 PARTIAL WAIVER OF LIEN LPB 70 SPECIAL POWER OF ATTORNEY(SALE) LPB 71 SPECIAL POWER OF ATTORNEY(PURCHASE/ENCUMBER) LPB 72 USE TAX RETURN UCC UCC UCC DEPARTMENT OF LICENSING FORMS LENDER LOAN DOCUMENTS THAT ARE APPROVED AND DESIGNED FOR USE BY THE SECONDARY MORTGAGE MARKET INCLUDING NOTES, DEEDS OF TRUST AND RIDERS. ASSIGNMENT OF MORTGAGE, ASSIGNMENT OF RESERVE ACCOUNT FUNDS, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT DOCUMENTS. THE LIMITED PRACTICE OFFICER DID NOT PREPARE TRUTH-IN-LENDING DISCLOSURE. FMHA LOAN DOCUMENTS CS { AMEIJI 1 First American Title Insurance Company 13010 NE 20TH STREET, SUITE A, BELLEVUE, WA 98005-2510 ?It"W04N&TI't ' 1' g)-5922 VACANT LAND TO: FIRST AMERICAN TITLE INSURANCE COMPANY Escrow No. 26476RGI 13010 NE 20th Street Commitment No. 346215-4 Bellevue,WA 98005 Commitment Date April 23, 1997 (206) 8 69-04 00 First American Title Insurance Company as escrowee,is hereby instructed by the seller and buyer named herein to act as an independent third party in closing this transaction. In so doing,escrowee has or will select,prepare and complete certain instruments or documents which may substantially affect your legal rights. If you have any questions regarding such documents or instruments, or your rights, you should consult an attorney of your choice,and First American Title Insurance Company recommends that you do so prior to signing such documents or instruments. I(We)fully understand that First American Title Company is not licensed to practice law and that neither it nor any of its employees are permitted to offer legal advice of any nature, nor have they done so,nor may they or it advise as to the merits of a transaction or the manner in which I(We) should hold title. Escrowee has been handed a copy of the Purchase and Sale Agreement or such other documents and any Addendums,as constitute the Agreement to sell and purchase this property. Acting in accordance therewith, escrowee is directed to close the transaction, and shall perform said closing in accordance with the following instructions. In the event there is a variance between the terms of the Purchase and Sale Agreement and the final terms of the sale as evidenced by the documents delivered under these or other instructions,and the closing statements agreed to by the patties,closing shall be in accordance with such documents,instructions and closing statements.All principals to this escrow acknowledge and agree that all terms and conditions of that certain Purchase and Sale Agreement dated April 22, 1997 and all Addendums thereto,have been met,waived,or satisfied,or will be resolved outside of escrow and escrowee shall not be responsible for same, and they are no longer to be considered as conditions to this closing. BUYER AND SELLER ACKNOWLEDGE THAT SELLER'S DISCLOSURE STATEMENT AS REQUIRED UNDER TITLE 64 RCW WILL BE DELIVERED OR WAIVED OUTSIDE OF ESCROW AND IS NOT TO BE CONSIDERED A CONDITION OF CLOSING. SELLER(S)HEREIN DEPOSIT WITH YOU THE FOLLOWING: ( X) Warranty Deed ( X) Excise Tax Affidavit ( ) Bill of Sale ( ) Real Estate Contract(To be jointly executed by buyer) ( ) Deed in fulfillment of said Contract(To be returned to seller's possession on closing) ( X) Additional Documents: EXCHANGE DOCUMENTATION executed by and between the following: JOAN C. WELLS, AS HER SEPARATE ESTATE, AS TO A 50% INTEREST AND ROBERT H. WELLS AND JOAN C. WELLS, HUSBAND AND WIFE, AS TO A 50% INTEREST to CITY OF RENTON, A MUNICIPAL CORPORATION which cover the premises fully described in the above referenced preliminary commitment for title insurance (the "Commitment"), which document(s)you are instructed to record,file,release and/or deliver when you have all necessary funds and/or other documents as follows: PURSUANT TO PURCHASE AND SALE AGREEMENT AS REFERENCED ABOVE. Seller warrants to escrowee that if seller is an individual, seller is not a non-resident alien for purposes of U.S. income taxation, or if seller is a corporation,partnership,trust or estate,seller is not a foreign entity. THE FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 AS AMENDED BY THE TAX REFORM ACT OF 1984 PLACES SPECIAL REQUIREMENTS FOR TAX REPORTING AND WITHHOLDING ON THE PARTIES TO A REAL ESTATE TRANSACTION WHERE THE TRANSFEROR(SELLER) IS A NON-RESIDENT ALIEN OR NON-DOMESTIC CORPORATION OR PARTNERSHIP OR IS A DOMESTIC CORPORATION OR PARTNERSHIP CONTROLLED BY NON-RESIDENTS OR NON-RESIDENT CORPORATIONS OR PARTNERSHIPS. IT IS UNDERSTOOD AND ACKNOWLEDGED BY THE UNDERSIGNED THAT FIRST AMERICAN TITLE INSURANCE COMPANY AND ITS ESCROW OR CLOSING OFFICER WILL NOT TAKE AN ACTIVE ROLE IN EITHER THE DETERMINATION OF THE NON-ALIEN STATUS OF THE SELLER TRANSFEROR OR THE WITHHOLDING OF ANY FUNDS AND THAT FIRST AMERICAN TITLE INSURANCE COMPANY AND ITS CLOSING OFFICER MAKE NO REPRESENTATIONS AND THAT PARTIES TO THIS TRANSACTION ARE SEEKING AN ATTORNEY'S, ACCOUNTANT'S OR OTHER TAX SPECIALISTS OPINIONS CONCERNING THE EFFECT OF THIS ACT ON THIS TRANSACTION AND ARE NOT ACTING ON ANY STATEMENTS MADE OR OMITTED BY THE ESCROW OR CLOSING OFFICER. Buyer herein has deposited$ in U.S.funds as Earnest Money with ;and hands you herewith, and/or through their lender will deliver to escrowee,funds sufficient to close.Buyer further hands you,or will cause to be delivered to you,such documents as may be required of them to close this transaction. You are instructed to disburse or pay out said funds when you have recorded the necessary conveying document and/or such other documents as required by this transaction,and can cause to be issued a policy of title insurance as called for in the Purchase and Sale Agreement, and as may be required by the lender, insuring title in(if by Deed)or an interest in(if by Contract), the named buyers(s), free from encumbrance other than matters attaching by, through or under the buyers, and the following paragraphs as set forth in the Commitment, Page 1 of 3 which paragraph are numbered as 4—1 NW ver in the Commitment. Said policy is to further contain those insuring clauses, exceptions, exclusions, provisions and stipulations customarily contained in the printed provisions or schedules of such policy or policies. Buyer and Seller acknowledge receipt of a copy of the Commitment and have agreed to the matters to remain, and have examined the legal description contained therein and acknowledge the same to be a full and correct description of the real property that is the subject of this transaction. If there are underlying encumbrances being paid off which require the obtaining of a Fulfillment Deed, Reconveyance, Release or Satisfaction, you are instructed to pay the demand of the appropriate party and obtain and record such a document. Sellers approve payment of the amount of the demand, including interest and/or penalties and late charges, as shown on the Closing Statement, even if escrowee has not been able to obtain written verification of the amount claimed as due. Sellers authorize deduction and/or agree to pay forthwith any difference that may result if the final written demand is higher than that shown on the Closing Statement. The undersigned acknowledge that the payoff figures on existing encumbrances may accrue daily interest and are not to be considered to be paid in full until received by the party entitled thereto and that interest will be paid to the date of anticipated receipt of funds by the entitled party. Patties hereto authorize escrowee to transmit all documents, payoffs, checks, letters and all communication by regular service through the U.S.Mails,and if said items are deposited in the U.S. mail system a minimum of five (5) working days before any deadline, escrowee shall be relieved and discharged of any and all liability, and the obligated principal shall indemnify escrowee against any and all claims resulting therefrom,and if additional funds are needed to satisfy these claims, the obligated principal shall deposit same forthwith. Buyers authorize payment of those charges and adjustments as itemized on the Closing Statement,which buyer signs contemporaneously herewith. It is understood and agreed that any Closing Statement is subject to final adjustment and audit,and may be amended to reflect actual charges and adjustments at time of closing.If any monetary error is discovered,the principal liable therefor will forthwith pay into escrow for disbursement such amounts as may be necessary. All pro-rating is to be done as of Recording of Documents, on the basis of a 365-day year. Pro-rate based on the latest available tax figures. THIS IS A VACANT LAND WITH NO IMPROVEMENTS. COVERAGE OF THE SUBJECT PROPERTY WITH LIABILITY OR ANY OTHER TYPE OF HAZARD INSURANCE IS THE SOLE RESPONSIBILITY OF THE BUYER AND ESCROWEE IS RELIEVED OF ANY RESPONSIBILITY OR OBLIGATION IN CONNECTION THEREWITH. GENERAL PROVISIONS 1. Neither the matter of possession of the property nor the condition thereof or suitability for its intended use shall be in any way an obligation of the escrowee. Seller(s)warrant that all Homeowner's Association Dues and/or Assessments are paid to date and no delinquencies exist. Buyer(s) assume responsibility for all subsequent Dues and/or Assessments.Buyer and Seller acknowledge that seller is responsible for the liens set forth in R.C.W. 35.12.290; 35.67.200; 36.36.045; 36.89.090; 36.94.150; 56.16.100; 57.08.080 or 87.03.445. In accordance with R.C.W. 60.80, seller may request that Escrow holder administer disbursement of closing funds necessary to satisfy the unpaid charges set forth above. Escrow holder is not liable if the Escrow holder's refusal to comply is based on the seller's inaccurate or incomplete identification of utilities providing service to the property or if a utility company fails to provide an estimated or actual final billing,or written extension of the per diem rate or if disbursement of closing funds necessary to satisfy unpaid charge would violate R.C.W. 18.44.070.A fee may be charged for performing the services described herein above. 2. You are authorized to fill in the date of close of escrow and such other necessary dates on any documents which require same to correct any typing or scriveners errors on any document delivered into escrow. Date of closing means the date on which instruments referred to herein are recorded. Recording of any instrument delivered into this escrow, if necessary or proper is the issuance of policies of title insurance called for, is hereby authorized. 3.All disbursements shall be in U. S. funds and shall be by Escrowee's check,or by wire transfer. Escrow funds will be placed in an escrow account which will pay no interest to depositor unless specifically requested. Parties hereto understand and agree that all funds delivered into escrow are subject to immediate deposit, and that all checks must clear and be credited to Escrowee's trust account as good and sufficient U.S. funds before closing can be completed.Any delay in clearing deposits will delay closing. 4. In the event this escrow fails to close,a sum sufficient to pay title commitment and escrow cancellation charges shall be paid,and as appropriate, may be deducted from funds held. 5. The compliance with ordinances required by any governing bodies including City or County Short Plat(Subdivision)ordinances will be the responsibility of the necessary principal parties herein and escrow is relieved of all liability in connection therewith.Any and all charges for building permits or assessed charges in connection therewith will be handled outside of escrow. It is understood and agreed that upon application for a Building Permit, it may be necessary to pay certain charges for tap and/or service connections, or certain charges for or in lieu of assessments, for which neither escrowee nor its employees shall be liable or responsible. 6. You are to furnish a copy of these instructions,amendments thereto,closing statements and/or any other documents deposited in this escrow to the real estate broker or brokers and/or the attorney or attorneys involved in this transaction upon request of such parties. 7. In the event any dispute shall arise involving a party to this escrow concerning the property covered by these instructions, or in the event conflicting demands or claims are made with respect to this escrow or the rights of any of the parties hereto, it is expressly agreed that escrowee shall have the absolute right, at its election, to do any, or all of the following; Withhold and stop all further proceedings in performance of this escrow; file suit in interpleader and obtain an order from the court requiting the parties to interplead and litigate their claims and rights among themselves;or issue a check to either seller or buyer made payable jointly to seller and buyer in the amount of the sums in dispute. In the event an interpleader suit is brought,escrowee shall be immediately fully released and discharged from all obligations to further perform any and all duties or obligations imposed upon it in this escrow.Buyer agrees jointly and severally with seller to pay escrowee all costs,damages,judgments and expenses suffered,expended or incurred by escrowee in connection with or arising out of this escrow,including but to limited to,reasonable attorneys'fees. 8. Any additional instructions given to the escrowee herein shall be presented in writing. Buyer and seller further understand that contemporaneously herewith there may be instructions by third parties which are necessary for the completion of this escrow and are, therefore, made a part hereof; namely, such instructions as may be received from a lender, grantor, vendor, or others, affecting the property which is the subject of this escrow. 9. These escrow instructions, and amendments hereto, may be executed in one or more counterparts, each of which independently shall have the same effect as if it were the original,and all of which taken together shall constitute one and the same instruction. 10.We have been afforded adequate time and opportunity to read,understand and approve these escrow Instructions and all documents referred to herein. 11. The parties hereto authorizes you to destroy these instructions and all records of this escrow, regardless of date of same, at any time after seven(7)years from date of these instructions,without liability on your part,or need of further notice to or from us. 12. Internal Revenue Code Section 6109(h) imposes requirements for furnishing, disclosing, and including taxpayer identification number in tax returns on the parties to a residential real estate transaction involving seller-provided financing.The patties understand that the disclosure repotting requirements are exclusive obligations between the parties to this transaction and that First American Title Insurance Company is not obligated to transmit the taxpayer identification numbers to the Internal Revenue Service or to the parties. First American Title Insurance Company is not Page 2 of 3 rendering an opinion concerning the effec%mot'his law on the transaction, and the parties are not act1*0fh any statements made or omitted by the escrow or closing officer. To facilitate compliance with this law, the parties to this escrow hereby authorize First American Title Insurance Company to release any party's taxpayer identification number to any requesting party who is a party to this transaction.The requesting party shall deliver a written request to escrow.The parties hereto waive all rights confidentiality regarding their respective taxpayer identification numbers and agree to hold First American Title Insurance Company harmless against any fees, costs, or judgments incurred and/or awarded in connection with the release of taxpayer identification numbers. ADDITIONAL INSTRUCTIONS: BUYERS AND SELLERS ACKNOWLEDGE THAT ALL TERMS OF PURCHASE AND SALE AGREEMENT HAVE BEEN MET, SATISFIED OR WAIVED. Subject to the provisions of Paragraph No.5 of the GENERAL PROVISIONS herein,these instructions shall be irrevocable by the undersigned for a period of(30)days from the date of last execution hereof and shall be performed within said period or thereafter until written demand is made upon you for the cancellation thereof. Dated June 13, 1997 Dated June 13, 1997 Seller SECTION 1031 SERVICES, INC. Buyer CITY OF RENTON Seller Buyer ..tww JE TANNER, MAYOR Seller Buyer Seller Buyer Address 18120 NE 102ND COURT Address 200 MILLS AVENUE SOUTH REDMOND, WA 98052 RENTON, WA 98055 Telephone (206) 646-4020 Telephone (425)277-6209 SELLERS INSTRUCTIONS RECEIVED THIS DAY OF BUYERS INSTRUCTIONS RECEIVED THIS DAY OF 19 AT O'CLOCK. 19 AT O'CLOCK. PROCEEDS CHECK: ( ) Picked up by Sellers ( ) Call When Ready ( ) Mailed to Sellers(Give new address if available) Page 3 of 3 41,11110 cry a -7 J ��- WAC 458-61-420 Government transfers. (1) The real estate excise tax does not apply to transfers of real property from the United States, any agency or instrumentality thereof, the state of Washington, any political subdivision thereof, or municipal corporation of this state. Furthermore, the tax does not apply to: (a) Transfers to the federal housing administration or veteran' s administration by an authorized mortgagee made pursuant to a contract of insurance or guaranty with the federal housing administration or veteran' s administration. (b) Transfers for a public use in connection with the development of real property by a developer when such transfer is required for plat approval and when made to: The United States, the state of Washington or any political subdivision thereof, or a municipal corporation. (c) Transfers to the United States, the state of Washington or any political subdivision thereof, or a municipal corporation, either under threat of the exercise of eminent domain or as a result of the actual exercise of eminent domain. (i) The threat of exercise of eminent domain by a government or political subdivision must be imminent in order to exempt a transfer from the real estate excise tax. To be imminent, the power must not only be available for immediate use, but - the appropriate situation to allow for its use must also be in place . If the government or political subdivision does not yet have the authority to exercise eminent domain at the time of the transfer, the transfer cannot be exempt under the threat of eminent domain. (ii) Example 1 . A school district wishes to purchase land for a new school . The election has been held to authorize the use of public funds for the purchase and the general area has been chosen. The district has been granted authority to use eminent domain to obtain the land if required. So long as the land transferred to the district is in the authorized area and will be used for building the school, the transfer will be exempt from the real estate excise tax because it was made "under threat of eminent domain. " (iii) Example 2 . A state agency is authorized by statute to use powers of eminent domain as required to obtain oceanfront property to build parks . It may not simply condemn all oceanfront property under its powers . The state must act in accordance with a plan or other documentation outlining the reasons for acquiring specific areas in order to exempt a transfer made to the agency from real estate excise tax as having been made under the threat of exercise of eminent domain. The plan shall be made available to the department upon request . (2) The tax applies to sales of real property to governmental entities from nongovernmental entities except as provided in subsections (1) (a) through (c) of this section. (RCW 82 . 45 . 010) [Statutory Authority: RCW 82 . 32 .300 and 1993 sp. s . c 25 . 94-04- 088, § 458-61-420, filed 2/1/94 , effective 3/4/94 . Statutory Authority: RCW 82 .45 . 120 and 82 .45 . 150 . 82-15-070 (Order PT 82- 5) , § 458-61-420,- filed 7/21/82 . 1 WAC (5/20/94) 49 'err' .r�r✓ PLEASE TYPE OR PRT REAL ESTATE EXCISE TAX AFFIDAVIT This form is your receipt when stamped IN PLEASE SEE REVERSE by cashier. Form No. 84 OOOlA 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 ACCEPTED UNLESS ALL AREAS 1-7 ARE FULLY COMPLETED Name 2C o r� -�� 3 j �-�'t�l!�S Name [ f 1 0 �7l)j7�,�•1 a /yliin«io 7 aas p4 IM co-aZ�o�,l—�cc 176 7n/J 0 " � Q Steeaas Sreet . q2nlE r � city !�i=D/Y1 GvyU State �'4 Zip s�'1 City 141,n State zip 2 5� ADDRESS TO SEND ALL PROPERTY TAX RELATED CORRESPONDENCE ALL TAX PARCEL NUMBERSL3RIIR;E►E 3 D 2 c p O Name l � Y Street n 1 1 O Zi J / P City/State Stato © LEGAL DESCRIPTION OF PROPERTY SITUATED IN ❑UNINCORPORATED COUNTY �'OR IN CITY OF Street Address (if property is improv ed): �J Alp, tcxr' 0� jr ,E7^ 1vn4 5;1eRr 1Tlo-r Alp, Lai9 %�Z - �1 -2-09001 �'��A�.n �Nl�� �inl� �ol{,un/ ,�r�oR�f�I� /IlG �/I2 A I t.4. © 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 . Classified as current use land (open space, farm ❑ and agricultural, or timber)? Chapter 84.34 RCW Exempt from property tax as a nonprofit El 94 If exemption claimed, list WAC number and explanation. organization? Chapter 84.36 RCW WAC No. (Sec/Sub) �S Seller's Exempt Reg. No. ————————— � Receiving special valuation as historic ❑ Explanation�gw F /i`Rdwt CgDd dlM >� property under? Chapter 84.25 RCW &azz T,... Property Type:(K land only ❑ land with new building ❑ land with previously used building ❑ land with mobile home Type of Document :Iim- eAIy ❑ timber only ❑ building only Date of Document IF17 Principal Use: ❑ Apt. (4 + unit) ❑ residential c?� ❑ timber 0 agricultur ❑ commercial/industrialU4Q Gross Sale Price $ h-,� A other JZ Personal Property (deduct) $ (1) NOTICE OF CONTINUANCE (RCW 84.33 or RCW 84.34) Taxable Sale Price $ �-- Excise Tax State $ If the new owner(s)of land that is classified or designated as current use Local $ or forest 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 additional Local $ tax calculated pursuant to RCW 84.33.120 and 140 or RCW 84.34.108 shall Delinquent Penalty: State $ be due and payable by the seller or transferor at the time of sale.The county Total Due $ '— assessor must determine if the land transferred qualifies to continue classification or designation and must so indicate below. Signatures do THERE IS A $2.00 FEE FOR PROCESSING THIS FORM IF NO TAX IS DUE not necessarily mean the land will remain in classification or designation. AFFIDAVIT If it no longer qualifies, it will be removed and the compensating 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. Date Signature of DEPUTY ASSESSOR Grantor/Agent (2) NOTICE OF COMPLIANCE (Chapter 84.26 RCW) Name (print) If the new owner(s)of property with special valuation as historic property Date & Place of Sign' wish to continue this special valuation the new owner(s)must sign below. If the new owner(s)do not desire to continue such special valuation, all Signature of additional tax calculated pursuant to Chapter 84.26 RCW, shall be due g -�-�and payable payable by the seller or transferor at the time of sale. Grantee/Agent (3) OWNER(S) SIGNATURE Name (print) -Tr-.SSE Jr✓1=r2T ��fs Date & Place of Signing 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($5,000.00), or by both imprisonment and fine (RCW 9A.20.020 (1C)). FOR TREASURER'S USE ONLY law AFTER RECORDING MAIL TO: CITY OF RENTON 200 MILLS AVENUE SOUTH RENTON, WA 98055 Filed for Record at Request of First American Title Company Escrow Number: 26476RGI Statutory Warranty Deed Grantor(s): SECTION 1031 SERVICES, INC. Grantee(s): CITY OF RENTON Abbreviated Legal: Lot OF EDEN #4, TRACTS 258,278,279 & 280 HILLMAN'S LK WASHINGTON, as per Plat recorded in Volume 11� Plats, Page 82 inclusive, records of KING County, WA �= Additional legal(s) on page: ,d Assessor's Tax Parcel Number(s): 334390291006 THE GRANTORJOAN C. WELLS, AS HER SEPARATE ESTATE, AS TO A 50% INTEREST AND ROBERT H. WELLS AND JOAN C. WELLS, HUSBAND AND WIFE, AS TO A 50$ INTEREST for and in consideration of AS PART OF AN I.R.C. SECTION 1031 TAX DEFERRED EXCHANGE in hand paid, conveys and warrants to CITY OF RENTON, A MUNICIPAL CORPORATION the following described real estate, situated in the County of KING , State of Washington: LOT 4 OF CITY OF RENTON SHORT PLAT NO. LUA-92-168—SHPL, RECORDED UNDER RECORDING NO. : 9412209001, RECORDS OF RING COUNTY, WASHINGTON. SITUATE IN THE COUNTY OF RING, STATE OF WASHINGTON. SUBJECT TO: SEE EXHIBIT "A" ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF. Dated 3th d4y of June, 1997 BY BY Y By STATE OF WASHINGTON County of KING } SS: I certify that I know or have satisfactory evidence that ROBERT H. WELLS AND JOAN C. WELLS are the person s who appeared before me, and sai p son s acknowle ed that they signed this instrument and acknowledge it to be their fre d voluntary act f th s and purposes mentioned in this instrumeO �''I Dated: June i cc V .2�t�/• 5 'L RH N A L. GAFFNEY "s V Not Public in and for the State of w s NGT Res'ding at KIRKLAND My appointment expires: 5/20/99 Gp W ASN�O Page 1 LPB-10 I EXHIBIT A EASEMENT, INCLUDING TERMS AND PROVISIONS CONTAINED THEREIN, IN DOCUMENT: RECORDED: NOVEMBER 251 1970 RECORDING NO. : 6717956 IN FAVOR OF: CITY OF RENTON FOR: ROADWAY SLOPES AND SIDEWALK AREAS AND INCIDENTAL PURPOSES AFFECTS : A NORTHERLY PORTION OF SAID PREMISES AND OTHER PROPERTY ADJOINING N.E. 27TH STREET (S.E. 97TH STREET) TERMS, COVENANTS, CONDITIONS AND RESTRICTIONS AS CONTAINED IN LOT LINE ADJUSTMENT: NO. : LLA-12-183 RECORDED: SEPTEMBER 28, 1983 RECORDING NO. : 8309289002 AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: BETWEEN: ROBERT H. WELLS AND: CITY OF RENTON DATED: SEPTEMBER 21, 1990 RECORDED: SEPTEMBER 27, 1990 RECORDING NO. : 9009271246 PURPOSE: CONNECTION TO A WATERMAIN OWNER AGREES, IN CONSIDERATION OF CONNECTION TO PARTICIPATE IN AND NOT TO PROTEST THE FORMATION OF A LOCAL IMPROVEMENT DISTRICT TO SERVE SAID PROPERTY, OR ANY ASSESSMENT THEREFOR. COVENANTS, CONDITIONS, RESTRICTIONS AND/OR EASEMENTS IN DECLARATION: RECORDED: OCTOBER 14, 1993 RECORDING NO (S) . : 9310140989 EASEMENT, INCLUDING TERMS AND PROVISIONS CONTAINED THEREIN, IN DOCUMENT: RECORDED: MARCH 9, 1994 RECORDING NO. : 9403091640 IN FAVOR OF : CITY OF RENTON FOR: PUBLIC UTILITIES AFFECTS : A 15 FOOT STRIP OVER NORTHERLY AND CENTRkL PORTION OF LOT 4 AS MORE FULLY DESCRIBED AND DEPICTED WITHIN SAID INSTRUMENT COVENANTS, CONDITIONS, RESTRICTIONS AND/OR EASEMENTS IN DECLARATION: RECORDED: MARCH 25, 1994 RECORDING NO (S) . : 9403251290 TERMS, COVENANTS, CONDITIONS AND RESTRICTIONS AS CONTAINED IN SHORT PLAT NO. LUA-92-186-SHPL : RECORDED: DECEMBER 20, 1994 RECORDING NO. : 9412209001 REFERENCE IS MADE TO SAID DOCUMENT FOR FULL PARTICULARS . EASEMENT AS PROVIDED FOR AND/OR DELINEATED ON SAID SHORT PLAT: FOR: NATIVE GROWTH PROTECTION AREA, WETLAND AND BUFFER EASEMENT AS PROVIDED FOR AND/OR DELINEATED ON SAID SHORT PLAT: FOR: UTILITY EASEMENT AFFECTS : 15 FOOT STRIP OVER PORTIONS OF LOT 4 SAID EASEMENT WAS RECORDED UNDER RECORDING NO. 9403091640 . I May 12, 1997 Renton City Council Minutes Paee 156 Added Item Transportation Systems Division recommended approval of an agreement with Transportation: Oakesdale the Transportation Improvement Board to accept $842,236 in grant funding Ave SW (SW 16th to 27th for final design of the new Oakesdale Ave. SW (from SW 16th to 27th Streets) Sts), TIB Grant Funding three-lane roadway. Council concur. (See page 159 for resolution.) MOVED BY NELSON, SECONDED BY PARKER, COUNCIL INCLUDE ADDED ITEM 8.c. ON THE CONSENT AGENDA. CARRIED. MOVED BY KEOLKER-WHEELER, SECONDED BY SCHLITZER, COUNCIL APPROVE THE CONSENT AGENDA AS AMENDED TO INCLUDE ITEM 8.c. CARRIED. OLD BUSINESS Jay Covington, Executive Assistant to the Mayor, reported that, contrary to Executive: Miss information supplied earlier, the Miss Washington Scholarship Pageant will not Washington Scholarship be held in Renton this year. Pasco has been selected as the pageant city. Pageant WSDOT: I-405 Ramp Council President Keolker-Wheeler noted the receipt of an update from the Metering Washington State Department of Transportation (WSDOT) on I-405 construction, emphasizing her continued concern about the installation of ramp metering equipment on Renton-area on-ramps. Mayor Tanner replied that he has written a letter to WSDOT asking that the equipment be removed. He added that he has received informal assurance that this will be done. Councilman Schlitzer recalled that the City had previously agreed that the State could install this equipment, but not activate it. Council President Keolker-Wheeler said Renton had only authorized the installation of traffic monitoring equipment, and not the actual ramp metering signals. Utilities Committee Utilities Committee Chair Clawson presented a report recommending Public Works: Wells Short concurrence in the Planning/Building/Public Works Department's Plat Acquisition (Lot 4), recommendation that Council authorize the purchase of Lot 4 of the Wells t i Aberdeen Ave Short Plat (SP LUA-92-186-SHPL), King County Tax Lot #3343902910 for NE the selling price of $80,000. The independent appraisal company of Lamb Hanson Lamb Appraisal Associates, Inc. has set the fair market value of the property at $80,500. The property is to be purchased to facilitate construction of the NE 27th Street/Aberdeen Ave. NE drainage improvement (East Kennydale Sewer Interceptor project). Costs for the property acquisition will be evenly divided between the Surface Water and Wastewater Utility. Funding will be provided by the two utilities' respective 421 accounts. MOVED BY CLAWSON, SECONDED BY SCHLITZER, COUNCIL CONCUR IN THE COMMITTEE REPORT. CARRIED. Finance Committee Finance Committee Chair Parker presented a report recommending approval Finance: Vouchers of Claims Vouchers #146554 - 147137; two wire transfers in the total amount of $2,213,679.37; approval of Payroll Vouchers #152401 - 152673; and 473 direct deposits in the total amount of $1,180,956.64. MOVED BY PARKER, SECONDED BY EDWARDS, COUNCIL CONCUR IN THE COMMITTEE REPORT. CARRIED. HR&RM: Reclasses (Rec Finance Committee Chair Parker presented a report recommending Mgr; Civil Engr to Util concurrence in the staff recommendation to approve the reclassifications Eng Supr; Asst Bldg within the Recreation Division, the Utility Systems Division, and the Official to Bldg Inspector) Development Services Division. If approved, one position will be reclassified from the vacant Recreation Manager (grade 29) to Recreation Manager (grade 26). The second position will be reclassified from Civil Engineer III (grade 29) to Utility Engineer Supervisor (grade 33), and the third position will be reclassified from the vacant Assistant Building Official (grade 23) to Building *awl O APPROVED BY `'' CITY COUNCIL Date UTILITIES COMMITTEE COMMITTEE REPORT May g,1997 City Purchase of Lot 4 of The Wells Short Plat (Referred April 28, 1997) The Utilities Committee recommends concurrence of the Planning/Building/Public Works Department's recommendation that the Council authorize the purchase of Lot 4 of the Wells Short Plat (SP LUA-92-186- SHPL), King County Tax Lot#3343902910 for the property owners selling price of$80,000. The independent appraisal company of Lamb Hanson Lamb Appraisal Associates, Inc. has set the fair market value of the property at$80,500. The property is to be purchased to facilitate construction of the NE 27th Street/Aberdeen Avenue NE Drainage Improvement/East Kennydale Sewer Interceptor Project. Costs for the property acquisition will be evenly divided between the Surface Water and Wastewater Utility. Funding will be provided by the two utilities respective 421 accounts. Dan Clawson, Chair Toni Nelson, Vice Chair Timothy J. S r, Member H:DOCS:97-399:JDH:ps CC: Ron Olsen Dave Christensen Ron Straka *4w' DF RENTON JUN 2 71997 CITY OF RENTON � EIVED f� PLANNING/BUILDING/PUBLIC WORKS OFFICE MEMORANDUM DATE: June 27, 1997 TO: Marilyn Petersen, City Clerk FROM: Tom Boyns, Property Services Supervisor, 6209 SUBJECT: Lot 4 Wells Short Plat Acquisition We have received the closing documents in this transaction for signature and return to the escrow office for recording. We have corrected the excise tax affidavit, and requested the original deed to add the City of Renton acceptance block. We will deliver the package on behalf of the City if you let us know when the documents are signed. Thank you. April 28. 1997 � Renton City Council Minutes Page 138 significant percentage of the money available nationally for this type of program. * Contrary to published reports, the City has received assurances from the coordinator of the Miss Washington Scholarship Pageant that pageant activities will take place in Renton this summer as planned. AUDIENCE COMMENT Jack Gobright, 320 Meadow Ave. N., Renton, 98055, expressed concern with Citizen Comment: activities taking place at a duplex on the corner of 3rd and Meadow. Saying Gobright - Nuisance that Renton police frequently call on this residence for one reason or another, Duplex at 3rd & Meadow he asked that the City put pressure on the property's owner in an effort to stop any and all illegal activities at this location. He specifically wanted to know if the property's current remodeling project, commenced after a recent fire, was being done legally and with the Building Department's knowledge. Mayor Tanner agreed to look into this matter. CONSENT AGENDA Items on the consent agenda are adopted by one motion which follows the listing. Parks: Cedar River Bank Community Services Department requested authorization to submit a grant Stabilization Project, King application to King County for $164,646 in Community Development Block County CDBG Funding Grant (CDBG) flood relief funds for the Cedar River Bank stabilization project. Refer to Community Services Committee. Parks: Cedar River Community Services Department requested authorization to apply for $134,000 Regional Park Field and in grant funds from the Interagency Committee for Outdoor Recreation (IAC) Parking Lot Lighting, IAC to install athletic field and parking lot lighting at Cedar River Regional Park. Grant The City's match is $134,000. Refer to Community Services Committee. Human Services: 1998 Human Services Division recommended acceptance of an estimated $411,268 CDBG Funding in 1998 Community Development Block Grant (CDBG) funds to be administered according to King County's CDBG consortium guide. Refer to Community Services Committee. Planning: Shoreline Master Planning and Technical Services Division proposed amendments to the Program Amendments Shoreline Master Program's policies, development regulations and permit procedures. Refer to Planning & Develooment Committee via the Planning Commission. Public Works: Wells Short Utility Systems Division recommended acquisition of Lot 4 of the Wells Short Plat Acquisition (Lot 4Y_ Plat (SHP-92-186; NE 27th St. & Aberdeen Ave. NE), subject to the appraisal NE 7-7th/Aberdeen Ave value matching or exceeding the proposed purchase price of $80,000, to allow NE realignment of the sanitary sewer and storm water pipes contained in the property in the interest of protecting and maintaining the property's existing wetland. Refer to Utilities Committee. MOVED BY KEOLKER-WHEELER, SECONDED BY EDWARDS, COUNCIL APPROVE THE CONSENT AGENDA AS PRESENTED. CARRIED. CORRESPONDENCE Correspondence was read from Troop 464, Boy Scouts of America, requesting Citizen Comment: Troop permission to install U.S. flags along Third Avenue and Rainier Avenue on 464, Boy Scouts of eight specific national holidays as part of a combination service project and America - Downtown Flag fund-raising effort. The Troop requests support from the City along with an Raising Occasions annual donation of $25 per flag. MOVED BY KEOLKER-WHEELER, SECONDED BY CORMAN, COUNCIL REFER THIS MATTER TO THE ADMINISTRATION FOR INVESTIGATION AND A REPORT BACK TO COUNCIL. CARRIED. %w!eY OF RENTON COUNCIL AGENDA*mOLL Al #: Q, Submitting Data: Planning/Building/Public Works For Agenda of- Dept/Div/Board.. Utility Systems/Wastewater, Surface April 28, 1997 Water Utilities Staff Contact...... John Hobson (X-6179) Agenda Status Consent.............. X Subject: Public Hearing... City Purchase of Lot 4 of the Wells Short Plat(SP Correspondence.. LUA-92-186-SHPL) Ordinance............. King County Tax Lot#3343902910 Resolution............ Business........ Exhibits: New Business....... Issue Paper Study Sessions...... Information......... Recommended Action: Approvals: Refer to Utilities Committee Legal Dept......... Finance Dept...... Other............... Fiscal Impact: Wastewater Surface Water TOTAL Expenditure Required... $40,000.00(est.) $40,000.00(est.) $80,000.00(estimated) Transfer/Amendment....... Amount Budgeted.......... $0.00 $10,000.00 $10,000.00 Revenue Generated......... Total Project Budget $2,571,477 $1,094,119 $3,665,596 City Share Total Project.. Summary of Action: The property contains an existing utility easement for the construction of the NE 27th Street/Aberdeen Avenue NE Drainage Improvement/East Kennydale Sewer Interceptor Project. The existing easement is located in a Class 2 wetland and its buffer. Purchase of the property will allow a realignment of the sanitary sewer and storm water pipes to avoid the existing wetland. The purchase would also give the City a valuable wetland which may be used for surface water storage and mitigation purposes. The property owner is asking $80,000 for the property. The Planning/Building/Public Works Department will have the property appraised by a private appraiser. If the appraised value of the property is comparable to the asking price, the Department recommends purchasing the property. Funds for the purchase will come from the contingency portions of the project budgets: Total Wastewater project contingency is $270,000.00. Total Surface Water project contingency is $106,000.00. STAFF RECOMMENDATION: The Planning/Building/Public Works Department recommends Council authorize the purchase of Lot 4 of the Wells Short Plat (SP LUA-92-186-SHPL), King County Tax Lot#3343902910 subject to the appraisal value matching or exceeding the proposed purchase price. H:DIV/UTIL/DOCS/97-342/JDH:If ir+ V CITY OF RENTON PLANNING/BUILDING/PUBLIC WORKS MEMORANDUM DATE: April 21, 1997 TO: Kathy Keolker-Wheeler, President City Council Members VIA: Mayor Jesse Tanner FROM: Gregg Zimmerman, Administrator Planning/Building/Public Works Department STAFF CONTACT: John Hobson (X-6179) SUBJECT: Purchase of Real Property NE 27th Street/Aberdeen Avenue NE Drainage Improvement /East Kennydale Sewer Interceptor Project ISSUE: Council approval of the $80,000 purchase of Lot 4 of the Wells Short Plat for the construction of the NE 27th Street/Aberdeen Avenue NE Drainage Improvement / East Kennydale Sewer Interceptor Project. RECOMMENDATION: • The Planning/Building/Public Works Department recommends Council authorize the purchase of Lot 4 of the Wells Short Plat (SP LUA-92-186-SHPL), King County Tax Lot # 3343902910, subject to the appraisal value matching or exceeding the proposed purchase price.. BACKGROUND SUMMARY: The NE 27th Street/Aberdeen Avenue NE Drainage Improvement/East Kennydale Sewer Interceptor Project was originally envisioned to be constructed via a Local Improvement District for Aberdeen Avenue NE in the 1980's. A survey of the area's residents found that most were not in favor of a LID so the project, which was in preliminary design, was shelved. Since then, other projects have received higher priority from both utilities so the project remained on the shelf. As part of the project, several easements were needed for the two sewers. Most of these easements were obtained during the preliminary design phase in the late 1980's. At the time easements were being acquired, Mr. Robert Wells was in the process of short platting his property. As part of the short plat process, it was mutually agreed that Mr. Wells would dedicate an easement to the City for utilities. This easement would be across the proposed Lot 4 of his plat. The proposed Lot 4 contained a wetland. The wetland and its accompanying buffer left only a small buildable area on the April 21, 1997 10■r 1we Page 2 lot. Prior to the final plat, it was noted that the City's proposed easement encroached on the only buildable portion of proposed Lot 4. Mr. Wells requested to have the easement relocated prior to recording the final short plat to allow lot 4 to retain a buildable area. However, the latest design of the project has revealed that the easement, which was mutually agreed upon and recorded with the final plat, will increase the construction costs of the City's project and may also create adverse impacts to the existing wetland. Purchasing Lot 4 of the Wells short plat will be beneficial to the City for the following reasons: • The new Storm and Sanitary Sewer pipe alignments can be located out of the wetland area. • The wetland area of the lot may be,used for mitigation purposes for other projects. • The non-wetland portions of the lot may be used for staging construction materials and equipment during the project. The costs for purchasing the lot are believed to be approximately equivalent to the estimated additional costs for constructing in the wetland and its buffer. By purchasing the lot, we gain the future benefit of the wetlands for either mitigation on this project or for future projects. H:DIV/UTIIJDOCS/97-341/JDH:lf