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South County Senior Center PropertyI ` G@ Pioneer National Title Insurance Company WAS4INGTON TITLE DIVISION Filed for Record at Request of M JX T"1 TO �1 W is THIS SPACE RESERVED FOR RECORDr. b USE: AM `3 I(i(,j �:011 STANLEY DUBUQUE, AUDIfON 5H MUNTY, WASH. Statutory Warranty Deed THE GRANTOR W. B. NELSON and HELEN P. NELSON, his wife, and S. D. NELSON and DORIS L. NELSON, his wife REVENUE STAMPS FoRm L58 for and in consideration of Ten Dollars and Other Valuable Consideration in hand paid, conveys and warrants to THE CITY OF EDMONDS) WASHINGTON, a Municipal Corporation the following described real estate, situated in the County of Snohomish State of Washington; ' PAP.CEL A Beginning at the intersection of the Westerly line of the Great Northern Pailway right of wa with the South line of Government Lot 2, Section 23, Township 27 North, Range 3 East, W.M.; thence Northeasterly on the said right of way line 450 feet; thence North 490 West 95.67 feet, more or less, to the Government meander line; thence South 51023' West on said meander line 288.33 feet to the true point of beginning of this description; thence from said point of beginning run North 51023' East along the Goverrunent meander line 288.33 feet; thence North 47032' West 319.63 feet to the inner harbor line; thence South 45000' West on the inner- harbor line 250.13 feet to the most Northerly corner of the land conveyed to S. T. Engerbretsen and Bertha Engerbretsen, his wife, as deed filed for record under Snohomish County .Auditor's file No. 1087092; thence along the Northeasterly l line of said Engebretsen land South 38037' East 287.94 feet to the point of beginning. PARCEL B Commencing at a point on the 'nest line of Seattle and Montana Railway right of way (now Great Northern Railway) at its intersection with South line of Government Lot 2, Section 23, Township 27 North, Range 3 East, W.M.; thence in a Northerly direction along [lest line of said right of. way 1-50 feet to the true point of beginning; thence continue in a Northerly direction along said Westerly line of said right of way 300 feet; thence Northwesterly at right angles from the Westerly line of said railway.right of way to Government meander line of the waters of Puget Sound; thence in a Southwesterly direction along the said meander line to a point at right angles from the point of beginning; thence Southeasterly to the point of beginning. Dated this 23rd STATE OF WASHINGTON, County of Snohomish No SALES d%fAX FEBRUAR.Y, 1973. REQUIRE] I-1 3 -27 (SEAL) APR 2 U 1973 (SEAL) WKE � Deputy On this day personally appeared before me W. B. Nelson and Helen P. NelEion' and S. 1). 'Nelson and Doris L. Nelson to me known to be the individuals described in and who executed the within and foregoing instrument, and acknowledged that they signed the same as their Free and voluntary act and-Seed,'ora the 5 � uses and purposes therein mentioned. GIVEN under my hand and official seal this ' ; `, day of February',, J973. Notary Public in and for the State of Wash' ti�;�1183 residing at Edmonds C � 5 Item #: U EDMONDS CITY COUNCIL �y3Agenda Memo Originator: Council President For Action: X For Information: Subject: RESOLUTION IN SUPPORT OF OPTION THREE OF THE COMPREHENSIVE CAPITAL NEEDS PLAN FOR THE SOUTH COUNTY SENIOR CENTER Clearances: Department/initials Agenda Time Agenda Date: Exhibits Attached: 1. Resolution Consent January 5, 1999 2. Overview of Options 1, 2, and 3 of the Task Force Report Admin Svcs/Finance City Attorney City Clerk Court Personnel Fire Police Community Svcs Engineering_ Parks & Rec Planning Public Works Treatment Plant City Council Mayor Reviewed by Council Finance Committee: Community Services Public Safety Approved for Consent Agenda: Recommend Review by Full Council: Expenditure Amount Appropriation Required: $ 0 Budaeted: $ 0 Required: $ 0 Funding Source: South County Senior Center Board Previous Council Action: Narrative: The Senior Services Task Force spent five months reviewing program and building needs for the future of the Senior Center. After reviewing several options, the task force recommended that the existing complex should be demolished and two new structures constructed in its place (Option Three). This option provides the Senior Center with the best opportunity for program enhancement, maximizes the waterfront usage, provides the best parking utilization, and meets the projected needs for the next generation of seniors in the South County area. Recommended Action: Adopt the resolution. NO, 949 IN SUPPORT OF OPTION THREE OF THE COMPREHENSIVE CAPITAL NEEDS FLAN FOR THE SOUTH COUNTY SENIOR CENTER WHEREAS, The Mayor and City Council agree that the South County Senior Center provides necessary services on a regional basis to the elderly in South Snohomish County; and WHEREAS, the Senior Services Task Force spent over five months reviewing program and building needs for the future of the South County Senior Center; and WHEREAS, after their deliberations, the Task Force agreed that the recommended course of action should be Option Three; and WHEREAS, Option Three is the demolition of the existing complex and the construction of two new structures and provides the Senior Center with the best scenario for program enhancement; and WHEREAS Option Three maximized the waterfront site usage, provides the best parking utilization, and meets the projected needs for the next generation of seniors 'in the South County area. NOW TI�EREFORE, be it resolved that the Mayor and the City Council support the findings of the Task Force regarding .Option Three and look forward to reviewing the upcoming plan of the South County Senior Center Board for the waior funding of said option. Dated this 51" day of January 1999. Barbara S. Fahey, Mayor Dave Earling, City Councilmember John Nordquist, City Councilmember Dick Van Hollebeke, City Councilmember BF/Ihc d:\winwoi•d97\Proelaim\seniorcentetvp3 Gary H:aakenson, City Council President Tom Miller, City Councilmember Michael Plunkett, City Councilmember Jim White, City Councilmember Sandy Chase, City Cleric 0 CITY OF EDMONDS s SOUTH COUNTY SENIOR CENTER Overview - Options 1, 2 and 3 The Task Force after several meetings of deliberations and review of program and building needs, settled on three recommended options for consideration by the City and the SCSC Board of Directors. The following options are the recommended remodel and or building replacement programs for the South County Senior Center. Option 1 shows the cost and program needs to repair and remodel the existing complex. Included under this option is a narrative analysis that illustrates the Emergent, Program, Structure and Miscellaneous Needs. The spreadsheet, Program and Capital Improvement - Option 1, recaps the projects, shows estimated cost, possible funding source, recommended action steps and scope of work. Total cost projection for this option is $1,870.000. The consensus of the Task Force is that this is the least desirable of the three options. Some reasons for this view are: the program has the least potential for program expansion, maintains inefficient use of space, does not meet the needs for all groups of elderly, and will require on -going high maintenance costs. Option 2 shows the costs and site schematic in the demolition of the existing thrift shop space and rebuilding / remodeling the existing two story building. The spreadsheet, Program and Capital Improvement - Option 2, recaps the projects, shows estimated cost, possible funding source, recommended action steps and scope of work. A Project Budget Worksheet is included with a total cost projection for this option at $4,295 900. D-1 SOUTH COUNTY .,cL ..JR CENTER Overview - Options 1, 2 and 3 Continued Also included is a site schematic showing a two phased program. There would be a revised entrance and drop off area. The Task Force felt that this option was more desirable than Option 1, but did not have some desirable features. This option still maintains approximately one half of the building footprint, ties a new building into an older building, and while it will address some of the program needs, it will not address all the potential program needs for future growth of the senior population. Option 3 shows the costs and site schematic in the demolition of the existing complex and construction of two new buildings. Phase 1 is a new 11,000 square foot two story building and Phase II is a new 14,000 square foot two story building. The spreadsheet, Program and Capital Improvement - Option 3, recaps the projects, shows estimated cost, possible funding source, recommended action steps and scope of work. A Project Budget Worksheet is included with a total cost projection for this option at 5 960 200. Also included is a site schematic showing a two phased program, which allows continuation of senior programs during construction. This option is the most favorable by consensus of the Task Force. It would maximize the waterfront usage and has the ability to design to the program needs. It also provides for the greatest amount of parking and the design will accommodate the elderly best with a new entrance and parking layout. D-2 SOUTH COUNTY StNIVR CENTER Overview - Options 1, 2 and 3 Continued Following this overview of options is a sheet showing the "pros" and "cons" of each option titled Building Options for the South Snohomish Count Senior Center. This overview shows a strong "pro" consensus for Option 3 versus the other two options. D-3 Building Options for the South Snohomish County Senior Center Compiled by the Senior Center Subcommittee of the Mayor's Senior Services Taskforce, November 10, 1997 1 OPTION 1 OPTION Z OPTION 3 Re air & Remodel Existing Building Remodel;.& Partial New o-ni struction New Construction Pros Cons Pros Cons Pros Cons Lease expensive Continued Less expensive than Lacks multi -use of New image Most expensive initial cost maintenance costs Option 3 dining room cost Least interruption to Least potential for New Use of Thrift Straddled with V. of Stimulate broader Interruption to programs expansion of Shop existing building generational programs programs footprint programs "A comfortable shoe" Potential program Partially reduces Tying old building Bring more people Site inadequate disruptions maintenance structure to new into the city for parking needs retrofit Inefficient use of Increased parking Interruption of Roof garden potential space programs Parking inadequate Maximizes waterfront Site inadequate for Maximizes waterfront parking needs Building space Increases attendance Potential ferry stop deficient for project capability growth Building originally not Some increase in Ability to design to hi hest/best use revenue potential program needs Some interruption to Reduces short term programs maintenance costs No increase in Greatest amount of revenue/potential loss parking Does not meet all Greatest revenue needs of elderly producer Site inadequate for Best traffic flow site parking needs Design accommodates the elder) Options 1 & 2--Construction time approximately 14 months. SCTF/dm D-4 d: W Inword\SCTaskforce\ProsCons SENIOR CENTER The following report can be found in the City Clerk Library under Senior Center COMPREHENSIVE CAPITAL NEEDS PLAN FOR THE SOUTH COUNTY SENIOR CENTER Prepared by the Senior Center Subcommittee of the Mayor's Senior Services Task Force Dated January 26, 1998 rtificate of Insurance ' r r THIS CERTIFICATE IS ISSUW MATTER OF INFORMATION ONLY AND CONFERS N 1iTS UPON THE CERTIFICATE HOLDE THIS CERTIFICATE DOES NOI AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED B THE POLICIES LISTED BELOW. NAME • ADDRESS OF COMPANIES AFFORDING COVERAGES (12) JONES & SUTCLIFFE INSURANCE n � COMPANY LETTER AGENERAL INSURANCE COMPANY OF AMERICA 02-1999 COMPANY gJ LETTER NAME AND ADDRESS OF INSURED COMPANY SENIOR SERVICES OF SNOHOMISH COUNTY, LETTER A NON—PROFIT CORPORATION 3402 112TH S.W. COMPANY160 LETTER r PAINE FIELD, WA. 98201 COMPANY LETTER 16. -This is to certity that policies of insurance listed below have been issued to the insured named above and are in force at this time. Notwithstanding any requirement, term or condition of any contract or other document with respect to which this certificate may be issued ar may pertain, the insurance afforded by the policies described herein is subject to all the farms. exclusions And nonditians of such policies. Limits Of Liability In Thousands (0 0) COMPANY LETTER TYPE OF INSURANCE POLICY NUMBER POLICY EXPIRATION DATE EACH AGGREGATE OCCURRENCE GENERAL LIABILITY BODILY INJURY $ $ A X❑ COMPREHENSIVE FORM CP 8415612B 1-1-85 ® PREMISES —OPERATIONS PROPERTY DAMAGE $ $ EXPLOSION AND COLLAPSE n HA7.ARD FXI UNDERGROUND HAZARD PRODUCTS/COMPLETED OPERATIONS HAZARD CONTRACTUAL INSURANCE BODILY INJURY AND PROPERTY DAMAGE $ 1,000 $ 1,000 BROAD FORM PROPERTY COMBINED DAMAGE INDEPENDENT CONTRACTORS PERSONAL INJURY $ 1,000. PERSONAL INJURY AUTOMOBILE LIABILITY BODILY INJURY $ (EACH PERSON) ❑ COMPREHENSIVE FORM BODILY INJURY $ ❑ (EACH ACCIDENT) OWNED PROPERTY DAMAGE $ HIRED BODILY INJURY AND ❑ NON -OWNED PROPERTY DAMAGE $ COMBINED EXCESS LIABILITY BODILY INJURY AND ❑ $ $ UMBRELLA FORM PROPERTY DAMAGE ❑ OTHER THAN UMBRELLA COMBINED FORM WORKERS' COMPENSATION STATUTORY and $ EMPLOYERS' LIABILITY ACCIDENT) OTHER ! DESCRIPTION OF OPERATIONS/1-OCATIONS/VEHICLE1 SENIOR CITIZEN SERVICES Cancellation: Should any of the above de<, ,bed policies be cancelled before the expiration date thereof, the issuing com- pany will endeavor to mail 20 days written notice to the below named certificate holder, but failure to mail such notice shall impose no obligation or liability of any kind upon the company. NAME AND ADDRESS OF CERTIFICATE HOLDER: RECEIVFr- SEA/KV/AG 1-8-82 4 LL DATE ISSUED: CITY OF EDMONDS FEB 2 F ,1982 EDMONDS, WA. 98020 FJITIOnds City CIeiA AUTHORIZED 4PREWSf.�NTAT�WO��' ACORD 25 (1-79 co �� LJ �.1 ��LJ �� - . •.. � � �� i� Edmonds, �--Was"h'�intqt4on r 4, 220 Railroad Avenue / P.O. Box 717 Phone: (425) 774-5555 CITY OLF' Edmonds, WA 98020-0717 Fax: (425) 774-2921 x�a►��►+c�.'+K.x,�z`ti3c�cai�'�a►Yc.1c�.'+�+cxsw-x.�a.-tx��►�►�:�.-�.w-�x�'�.:xr��a.'�+c November 21, 1997 Mayor Barbara Fahey City of Edmonds 121 5th Avenue N. Edmonds, WA 98020 Dear Mayor Fahey: RECZIV,eD NOV ? 2 1997 MftEOFTHE Mgppq On behalf of the South County Senior Center, I would like to thank you and all those involved with the recent floor renovation project in our library and lobby area. The work was done expeditiously and, although our members regretted the center's closing for two weeks, they certainly are appreciative of the end result. We hope you can stop by and see the fmished product. I look forward to meeting you and working hand -in -hand with the City of Edmonds in preserving and improving both the Senior Center facility and the services offered to the senior citizens of the area. Sincerely, Katherine Segura Executive Director r Vt4C � . . ks , ' NAME AND ADDRESS OF AGENCY COMPANIES AFFORDING COVERAGES (12) JONES SUTCLIFFE INSURANCE, INC 02-1999 COMPANY e LETTER pppl��1 GENERAL INSURANCE COMPANY OF AMERICA COMPANY LETTER NAME AND ADDRESS OF INSURF- v VIE COMPANY C SENIOR SERVICES OF SNOHOMISH COUNTY LETTER �. A NON—PROFIT CORPORATION COMPANY WW 3402 — 112TH S.W. LETTER PAINE FIELD, WASHINGTON 98201 — A COMPANYLThis is to certify that policies of insurance listed below have been issued to the insured named above and are in force at this time. Notwithstanding any requirement, term oof any contract or other document with respect to which this certificate may be issued or may pertain, the insurance afforded by the policies described herein is subjec terms- exclusions and conditions of such policies. Limits of Liability In Thousan s 01M) COMPANY LETTER TYPE OF INSURANCE POLICY NUMBER POLICY EXPIRATION DATE EACH AGGREGATE OCCURRENCE GENERAL LIABILITY A CP 8415612A 1/1/82 BODILY INJURY $ $ COMPREHENSIVE FORM PREMISES —OPERATIONS PROPERTY DAMAGE $ $ EXPLOSION AND COLLAPSE HAZARD UNDERGROUND HAZARD ' PRODUCTS/COMPLETED OPERATIONS HAZARD BODILY INJURY AND CONTRACTUAL INSURANCE PROPERTY DAMAGE $ 1,000 1,000 BROADFORM PROPERTY COMBINED GE INDEPENDENT CONTRACTORS - =� PERSONAL INJURY PERSONAL INJUki $ 1,000 BODILY INJURY $ AUTOMOBILE LIABILITY (EACH PERSON) ❑ COMPREHENSIVE FORM BODILY INJURY $ ❑ (EACH ACCIDENT) OWNED ❑ HIRED PROPERTY DAMAGE $ BODILY INJURY AND NON -OWNED PROPERTY DAMAGE COMBINED EXCESS LIABILITY BODILY INJURY AND ❑ UMBRELLA FORM PROPERTY DAMAGE $ $ ❑ OTHER THAN UMBRELLA COMBINED FORM WORKERS' COMPENSATION STATUTORY and EMPLOYERS' LIABILITY $ (EACH ACCIDENT) OTHER DESCRIPTION OF OPERATIONS/LOCATIONSNEHICLES SENIOR CITIZEN SERVICES Cancellation: Should any of ine duove described policies be cancelled before the expiration date thereof, the issuing com- pany will endeavor to mail %n days written notice to the below named certificate holder, but failure to mail such notice shall impose no obligation or liability of any kind upon the company. NAME AND ADDRESS OF CERTIFICATE HOLDER: CITY OF EDMONDS EDMONDS, WASHINGTON 98020 DATE ISSUED: ACORD 25 (1-79) PAP-)-9 CITY OF EDMONDS, WASHINGTON ORDINANCE NO, 1660 AN ORDINANCE of the City of Edmonds, Washington, providing for the acquisition of certain parcels of real estate located at 200 Railroad Avenue in the City of Edmonds, Wash- ington, including the three buildings presently located there- on and the demolition of one building and the remodeling and improving of the other two buildings for a Senior Citizens' Cen- ter; declaring the estimated cost as near as may be; providing for the issuance and sale of $162, 000.00 par value of "General Obligation Bonds, 1973, " of the City to pay a part of the cost thereof and the remaining cost of the construction, installation and equipping of a swimming pool in the Yost Me- morial Park in the City of Edmonds, Washington, as authorized by Ordinance No. 1557; specifying the maturities and fixing the form and maximum effective interest rate of such bonds; establishing a "General Obligation Bond Fund, 1973" and pro- viding for the sale of such bonds; WHEREAS, the City is in urgent need of acquiring two parcels of land consisting of approximately 1.49 acres of uplands and 1.21 acres of tidelands owned by Wilford B. Nelson and Thelma P. Nelson, his wife, and Stuart D. Nelson and Doris L. Nelson, his wife, and located at 200 Railroad Avenue, in the City of Ed- monds, Washington, including the three buildings located thereon and of demolishing one of such buildings and remodeling and improving the remaining two buildings as a Senior Citizens' Center, and the City does not have available sufficient funds to meet the total estimated cost thereof; and WHEREAS, pursuant to Ordinance No. 1557, passed by the City Council and approved by the Mayor on May 18, 1971, the City provided for the construction, installation and equipping of an uncovered swimming pool with all necessary appurte- nances, in the Yost Memorial Park in the City of Edmonds, Washington, and issued and sold $250,000.00 par value of "General Obligations Bonds, 1971" of the City, to pay the cost thereof and, due to unforeseen circumstances, the proceeds from the sale of such bonds were insufficient to pay all of the cost of such swimming pool, and the City is in urgent need of an additional $62, 000.00 to pay the cost of completing such swimming pool; and WHEREAS, the assessed valuation of the taxable property of the City of Edmonds as ascertained by the last assessment for City purposes for the calendar year 1973 is $103,741,549.00 and at the time of the passage of this ordinance the existing outstanding general indebtedness consists of $638, 000.00 par value of general obligation bonds, of which $380, 000.00 par value represents general ob- ligation bonds issued within the limit up to currently 2-1/2% of the value of the taxable property within the City permitted pursuant to a vote of the electors within the City for general municipal capital purposes and $258, 000.00 par value re- presents general obligation bonds issued within the limit up to currently 3/4ths of 17o of the value of the taxable property within the City permitted without a vote of the electors within the City for general municipal purposes, and the amount of in- debtedness for which bonds are hereby authorized to be issued is $162, 000.00; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO ORDAIN, as follows: Section 1. The City of Edmonds, Washington, shall acquire two par- cels of land consisting of approximately 1.49 acres of uplands and 1.21 acres of tidelands owned by Wilford B. Nelson and Thelma P. Nelson, his wife, and Stuart D. Nelson and Doris L. Nelson, his wife, and located at 200 Railroad Avenue, in the City of Edmonds, Washington, including the three buildings located thereon and shall demolish one of such buildings and remodel and improve the remaining two buildings as a Senior Citizens' Center. Section 2. The estimated cost of the foregoing, including the cost of the issuance of general obligation bonds herein authorized, is hereby declared to be, as near as may be, the sum of $430,000.00, of which it is anticipated $330,000.00 will be provided by grants from the United States Department of Housing and Urban Devel- opment. The City shall borrow money on the credit of the City and issue negotiable general obligation bonds evidencing such indebtedness in the amount of $100,000.00 to obtain funds to pay the balance of such cost and in the amount of $62, 000.00 to obtain funds to pay the remaining costs of completing the construction and installa- tion of the swimming pool in the Yost Memorial Park as authorized by Ordinance No. 1557, such $100, 000.00 and $62, 000.00 of bonds to be combined into a single issue of $162, 000.00 par value of bonds . Such general indebtedness to be incurred shall be within the limit of up to 3/4 of 1% of the value of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein. -2- Section 3 . The bonds shall be called "General Obligation Bonds, 19 73, " of the City of Edmonds, Washington, shall be dated June 1, 1973, shall be in deno- minations of $5,000.00 each, except for Bond No. 1, which shall be in the denomina- tion of $2, 000.00, shall be numbered from 1 to 33, inclusive, and shall bear in- terest at an effective rate not to exceed 8% per annum, payable semiannually on June 1 and December 1 of each year, as evidenced by coupons attached to the bonds representing interest to maturity with full obligation on the part of the City to pay interest at the bond rate, from and after maturity, until the bonds, both principal and interest, are paid in full. Both principal and interest are to be paid in lawful money of the United States of America at the office of the City Treasurer of Edmonds, Washington. The bonds shall mature serially in order of their numbers on June 1 in the years and amounts as follows: Bond Numbers Inclusive Amounts Maturities 1 to 3 $12,000 June 1, 1975 4 to 5 10,000 June 1, 1976 6 to 7 10,000 June 1, 1977 8 to 9 10,000 June 1, 1978 10 to 11 10,000 June 1, 1979 12 to 13 10,000 June 1, 1980 14 to 15 10,000 June 1, 1981 16 to 17 10,000 June 1, 1982 18 to 19 10,000 June 1, 1983 20 to 21 10,000 June 1, 1984 22 to 24 15,000 June 1, 1985 25 to 27 15,000 June 1, 1986 28 to 30 15,000 June 1, 1987 31 to 33 15,000 June 1, 1988 Section 4. The City of Edmonds reserves the right to redeem any or all of the outstanding bonds of this issue at par, plus accrued interest, on any semiannual interest payment date, on or after June 1, 1981, in inverse numerical order, high- est numbers first, by publishing notice of such intended redemption in the official newspaper of the City at least once not less than thirty nor more than forty-five days prior to the call date, and by mailing a copy of such notice within the same period to the principal underwriter who purchases the bonds. In addition, such redemption notices shall also be sent to Moody's Investors Service, Inc. , and Standard & Poor's Corporation, at their offices in New York, New York, but the mailing of such notice to such corporations shall not be a condition precedent to the redemption of such bonds. Interest on any bonds so called for redemption shall cease on such -3- call date'upon payment of the redemption price into the bond redemption fund for such bonds. Section 5. The City of Edmonds hereby irrevocably pledges itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation in an amount sufficient to pay the principal of and interest on the bonds as the same shall accrue, and the full faith, credit and resources of the City are hereby irrevocably pledged for the pay- ment of the principal of and interest on such bonds. Section 6. The bonds shall be substantially in the following form: No. $5,000.00 ($2, 000.00 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF EDMONDS GENERAL OBLIGATION BOND, 1973 o� 0 KNOW ALL MEN BY THESE PRESENTS: That the City of Edmonds, Washington, is justly indebted to and for value received hereby pro- mises to pay to bearer on the FIRST DAY of JUNE, 19 , the sum of FIVE THOUSAND DOLLARS (TWO THOUSAND DOLLARS on Bond No. 1) together with interest thereon at the rate of PERCENT per annum, payable semiannually on June 1 and December 1 of each year, interest to maturity being evidenced by and payable upon the presentation and surrender of the attached interest coupons as they severally become due, with full obligation on the part of the City to pay interest at the same rate from and after the maturity date, in the absence of coupons, until this bond with interest is paid in full. The bond is payable, both principal and interest, in lawful money of the United States of America at the office of the City Treasurer of the City of Edmonds, Washington. This bond is one of a total issue of $162, 000.00 par value of bonds, all of like date, tenor and effect, except as to denominations, maturities (and interest rates if more than one interest rate is bid) , issued by the City of Edmonds for general municipal purposes, to -wit, for the purpose of providing funds for the acquisition of certain parcels of real estate located at 200 Railroad Avenue in the City of Edmonds, Washington, including the three buildings presently located thereon and the demolition of one building and the remodeling and improving of the other two buildings for a Senior Citizens' Center and to pay the remaining cost of the construction, installation and equipping of a swimming pool in the Yost Memorial Park in the City of Edmonds, Washington, as authorized by Ordinance No. 1557, and issued in full compliance with the ordinances of the City of Edmonds and the laws and constitution of the State of Washington. The City of Edmonds reserves the right to redeem any or all of the outstanding bonds of this issue at par, plus accrued interest, on any semiannual interest payment date, on or after June 1, 1981, in inverse numerical order, highest numbers first, by publishing notice of such intended redemption in the official newspaper of the City at least once not less than thirty nor more than forty-five days prior to the call date, and by mailing a copy of such notice within the same period to [the original purchaser or the account manager of the underwriters who pur- chase the bonds] . In addition, such redemption notices shall also be sent to Moody's Investors Service, Inc., and Standard & Poor's Corporation, at their offices in New York, New York, but the mailing of such notices to such corporations shall not be a condition precedent to the redemption of such bonds. Interest on any bonds so called for redemption shall cease on such call --,date upon payment of the redemption -price into the bond redemp- tion fund. The City of Edmonds hereby irrevocably pledges itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City sub- ject -to taxation in an amount sufficient to pay the principal of and interest on the bonds of this issue as the same shall accrue, and the full faith, credit and resources of the City are hereby irrevocably pledged for the payment of the principal of and interest on said bonds. It is hereby certified that all acts, conditions and things required to be done precedent to and in the issuance of this bond have been done, have happened and have been performed as re- quired by law, and that the total indebtedness of the City, in- cluding this bond issue, does not exceed any constitutional or statutory limitations. IN WITNESS WHEREOF, the City of Edmonds, Washington, has caused this bond to be signed by the facsimile signature of its Mayor and attested by the manual signature of its City Clerk, and its corporate seal to be hereto affixed and the, interest coupons attached to be signed with the facsimile signatures of those officials this first day of June, 1973. ATTEST: City Clerk CITY OF EDMONDS, WASHINGTON By (facsimile signature) Mayor The form of the interest coupons shall be substantially as follows: Coupon No. On the FIRST DAY OF (JUNE) (DECEMBER) , 19 , the CITY OF EDMONDS, WASHINGTON, upon presentation and surrender of this -5- coupon, will pay to the bearer at the office of the City Treasu- rer the sum shown hereon in lawful money of the United States of America, said sum being the semiannual interest due that date upon its "General Obligation Bond, 1973, " dated June 1, 1973, and numbered CITY OF EDMONDS, WASHINGTON By facsimile signature Mayor ATTEST: (facsimile signature)_ City Clerk Section 7. The bonds shall be printed or lithographed on good bond paper and .shall_.be sign ed-by-V e facsimile signature of the Mayor and attested by the manual signature of the City Clerk of the City of Edmonds, Washington, under the seal of the City and the coupons shall bear the facsimile signatures of the Mayor and the City Clerk. Section 8. There is hereby created and established in the office of the City Treasurer a special fund to be known and designated as the "General Obliga- tion Bond Fund, 1973," of the City. The accrued interest received, if any, shall be paid into the "General Obligation Bond Fund, 1973, " and $62, 000.00 of the principal proceeds received from the sale of the bonds shall be paid into the "Swimming Pool Fund" of the City of Edmonds, created and established in the office of the City Treasurer by Ordinance No. 1557, and the balance of the principal proceeds received from the sale of the bonds shall be paid into the Senior Center Const. Fund of the City of Edmonds, Washington. Section 9. The bonds shall be sold for cash at public sale for not less than par, plus accrued interest, upon sealed bids to be received at the office of the Pity Clerk, up to the day and hour stated in the Notice of Bond Sale hereinafter directed to be given. Notice calling for bids to purchase such bonds shall be published once a week for four consecutive weeks in the official newspaper of the City of Edmonds and such notice shall also be published once in the Daily journal of Commerce of Seattle, Washington, at least ten days before the bid opening date. Such notice shall specify that bids for purchase of the bonds shall be received by the City Clerk of the City of Edmonds at the Council Chambers of the City Hall of the City on June 12, 1973, up to 7:00 o'clock p.m. (PDST), at which time all bids will be publicly opened for the purchase of the bonds. A copy of the Notice shall, at least three weeks prior to the date fixed for the sale, be mailed to the State Finance Committee, Olympia, Washington. Bids shall be invited for the purchase of the bonds with fixed maturities in accordance with the schedule specified in Section 3 of this ordinance. The Notice shall specify the maximum effective rate of interest the bonds shall bear, to -wit, 8% per annum, and shall require bidders to submit a bid specifying: (a) The lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase the bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the bonds at par. For -the purpose of evaluating bids only, the coupons rates bid being con- trolling, each bid shall state the total interest cost over the life of the bonds and the net effective interest rate of such bid. Coupon rates shall be in multiples of 1/8 or 1/10 of 1%, or both. No more than one rate of interest may be fixed for any one maturity. Only one coupon will be attached to each bond for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The maximum differential between the lowest and highest coupon rates named in any bid shall not exceed 2% . The bonds shall be sold to the bidder making the best bid, subject to the right of the City Council of the City of Edmonds to reject any and all bids and to readvertise the bonds for sale in the manner provided by law, and no bid for less than all of the bonds shall be considered. All bids shall be sealed and, except the bid of the State of Washington, if one is received, shall be accompanied by a deposit of $8,100.00. The deposit shall be either cash or by certified or cashier's check made payable to the City Treasurer of the City of Edmonds, and shall be promptly returned if the bid is not accepted. If the bonds are ready for delivery and the successful bidder shall fail and neglect to complete the purchase of the bonds within forty days following the acceptance of his bid, the amount of his deposit shall be forfeited to the City of Edmonds and in that event the City Council may accept the bid of the one making the -7- next best bid. If there be two or more equal bids for the bonds for not less than par plus accrued interest and such bids are the best bids received, the City Council shall determine by lot which bid will be accepted. The bonds will be delivered to the successful bidder at the office of the City Treasurer of the City of Edmonds or in the City of Seattle at the City's expense, or at such other place as the City Treasurer and the successful bidder may mutually agree upon at the purchaser's expense. A no -litigation certificate in the usual form will be included in the closing papers. Any bid presented after the hour specified for the receipt of bids will not be received and .any bid not accompanied by the required bid. deposit at the time of opening such bid will not be read or considered. The City Clerk of the City of Edmonds shall be and is hereby authorized and directed to publish Notice for the purchase of the bonds in the manner required by law in accordance with the provisions of this section. Such Notice shall provide that the City of Edmonds will cause the bonds to be printed and lithographed and signed and will furnish the approving legal opinion of Messrs. Roberts, Shefelman, Law- rence, Gay & Moch, municipal bond counsel of Seattle, Washington, covering the bonds without cost to the purchaser, said opinion also being printed on each bond. Such Notice shall also provide that further information regarding the details of such bonds and financial and other data with reference to the City of Edmonds will be found in an Official Statement which may be obtained upon request made to the City Clerk, or made to Seattle -Northwest Securities Corporation, Logan Building, Seattle, Washington 98101, the City's financial consultants. PASSED by the City Council of the City of Edmonds, Washington, at a regular meeting thereof,. andAPPROVED by the Mayor this 15thday of May, 1973. H. H. HARRISON Mayor ATTEST: IRENE VARNEY PIORAN City Clerk FORM AP P OVED: - Df . Ct. City Attorney d�1-7 f-MVP- I - w CONTRACT TO PURCHASE THE CITY OF EDMOND$, WASHINGTON, a municipal corporation, hereinafter called "Purchaser," agrees to purchase, and WILFORD B. NELSON and HELEN P. NELSON, his wife, and STUART D. NELSON and DORIS L. NELSON, his wife, hereinafter called "Sellers," agree to sell the following described real estate in the City of Edmonds,,County of Snohomish, Washington, commonly known as 220 Railroad Avenue, Edmonds, Washington, which is more fully described in Exhibit A attached hereto and hereby incorporated herein in full by this reference. Total purchase price is THREE HUNDRED SIXTY THOUSAND DOLLARS ($360,000) payable as follows: All cash on closing. Sellers shall pay all closing costs, including escrow fees. Escrow shall be by Pacific Northwest Escrow, Lynnwood, Washington. Sellers will provide a title insurance policy issued immediately following the recordation of the deed from Sellers to Buyer showing title in the name of Buyer and insuring the Buyer for the full amount of the purchase price. This agreement is subject to the Buyer receiving federal matching funds under HUD Grant No. NFP-WA-10-19-1001(G). Sellers shall convey title to Buyer by statutory warranty deed free from any encumbrances, restrictions, or other defect of record. Sellers will pay from proceeds appraisal fees of Earl Stay and Wilbur Meier. 1. Title of Sellers is to be free of encumbrances or defects. Rights reserved in federal patents or state deeds, building or use restrictions general to the district, existing easements not inconsistent with Purchaser's intended use, and building or zoning regulations or provisions shall not be deemed encumbrances or defects. Encumbrances to be discharged by Sellers may be paid out of purchase money at date of closing. 2. Seller shall make available to Purchaser at office of closing agent as soon as procurable, a standard form purchaser's policy of title insurance or report preliminary thereto issued by PIONEER NATIONAL TITLE INSURANCE COMPANY and Seller authorizes agent to apply at once for such title insurance. The title policy to be issued shall contain no exceptions other than those provided for in said standard form plus encumbrances or defects noted in Paragraph 1 above. Delivery of such policy or title report to closing agent named herein shall constitute delivery to Purchaser. If title is not so insurable as above provided and cannot be made so insurable by termination date set forth in Paragraph 7 hereof, all rights of Purchaser shall be terminated; Provided that Purchaser may waive defects and elect to purchase. 3. If this agreement is for conveyance of fee title, title shall be conveyed by Warranty Deed free of encumbrances or defects except those noted in Paragraph 1. 4. Taxes for the current year, rents, water and other utilities constituting liens shall be pro -rated as of closing. Purchaser shall pay for remaining oil in fuel tank, the amount to be determined by the supplier. 5. Purchaser shall be entitled to possession on closing. 6. Purchaser offers to purchase the property in its present condition, on the terms noted. This offer is made subject to approval of the Seller by midnight of ,r* 7.7. In consideration of agent submitting this offer to e er, Purchaser agrees with agent not to withdraw this offer during said period, or until earlier rejection thereof by Seller. Purchaser agrees that written notice of acceptance given to agent by Seller shall be notice to Purchaser. 7. The sale shall be closed in the office of Pacific Northwest Escrow, Lynnwood, Washington within /ZO days after title insurance policy or report preliminary thereto is delivered showing title insurable, as above provided, or after completion of financing, if financing is called for herein, whichever is later, but in any event not later than 120 days from date of this Agreement, which shall be the termination date. The Purchaser and Seller will, on demand, deposit in escrow with the closing agent, all instruments and monies necessary to complete the purchase in accordance with this agreement; 8. Linoleum; window screens; screen doors; plumbing and lighting fixtures (except floor and standing lamps); shades; Venetian blinds; curtain rods; all attached bathroom fixtures; trees; plants and shrubbery; water heating apparatus and fixtures; awnings; ventilating, cooling and heating systems (except stoves) that are now on the premises shall be included in the sale. Attached television antennas, if any, that are now on the premises shall remain intact and shall be included in the sale. 9. There are no verbal or other agreements which modify or affect this agreement. Time is of the essence of this agreement. ATTEST: PURCHASER: City of Edmonds r Mayor SELLERS: Wi if core B . Nelson -7 4p, -- Helen P. Ne s❑ (his wife) Stuart D. Nelson / ,or. I Al- - Dc& s' L. Nelson (his wife) STATE OF WASHINGTON ) ) ss. COUNTY OF SNOHOMISH ) On this' day of (? PM ATZ , 1973, before me, the undersigned, a Notary Public in and fc& the State of Washington, duly commissioned and sworn, personally appeared H. H. Harrison and Irene Varney Moran, to me known to. -be the Mayor and City Clerk, respectively, of the City of Edmonds, the municipal corporation that executed the foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said municipal corporation, for the uses and purposes therein mentioned, and on oath stated that they are authorized to execute the said instrument and that the seal affixed is the corporate seal of said municipal corporation. WITNESS my hand and official seal hereto affixed the day and year first above written. t Nat y Public in and for the State of hington residing at,��„�. STATE OF WASHINGTON ss. COUNTY OF SNOHOMISH On this day personally -appeared before me WILFORD B. NELSON and HELEN P. NELSON, his wife, to me known to be the individuals described in and who executed the within and foregoing instrument and acknowledged that they signed the same as their free and voluntary act and deed, for the uses and purposes therein mentioned. GIVEN under my hand and official seal this day of 4 1.. . 1973. i Notary Public in and for thf State of Washington residing STATE OF WASHINGTON ss. COUNTY OF SNOHOMISH On this day personally appeared before me STUART D. NELSON and DORIS L. NELSON, his wife, to me known to be the individuals described in and who executed the within and foregoing instrument and acknowledged that they signed the same as their free and voluntary act and deed, for the uses and purposes therein mentioned. ,GIVEN under my hand and official seal this day of 1973. i" Notary Public in and for the State of Washington residing at g g I• EXHIBIT A PARCEL A Beginning at the intersection of the westerly line of the Great Northern Railway right of way with the south line of Government Lot 2, Section 23, Township 27 North, Range 3 East, W.M.; thence northeasterly on the said right of way line 450 feet; thence north 490 West 95.67 feet, more or less, to the Government meander line; thence South 51023' West on said meander line 288.33 feet to the True Point of Beginning of this description; thence from said point of beginning run North 510231 East along the Government meander line 288.33 feet; thence North 470321 West 319.63 feet to the Inner Harbor Line; thence South 450001 West on the Inner Harbor Line 250.13 feet to the most northerly corner of the land conveyed to S.T. Engebretsen and Bertha Engebretsen, his wife, as deed filed for record under Snohomish County Auditor's File No. 1087092; thence along the northeasterly line of said Engebretsen land South 380371 East 287.94 feet to the Point of Beginning. PARCEL B Commencing at a point on the West line of Seattle and Montana Railway right of way (now Great Northern Railway) at its intersection with South line of Government Lot 2, Section 23, Township 27 North, Range 3 East, W.M.; thence in a northerly direction along West line of said right of way 150 feet to True Point of Beginning; thence continue in a northerly direction along said Westerly line of said right of way 300 feet; thence northwesterly at right angles from the westerly line of said railway right of way to Government meander line of the waters of Puget Sound; thence in a southwesterly direction along said meander line to a point at right angles from the Point of Beginning; thence southeasterly to the Point of Beginning. RESOLUTION NO. 267 A RESOLUTION OF THE CITY OF EDMONDS, WASHINGTON, STATING THE INTENTION OF THE CITY COUNCIL OF SAID CITY TO AUTHORIZE THE ISSUANCE AND SALE OF UP TO $100,000 PAR VALUE OF COUNCILMANIC "GENERAL OBLIGATION BONDS"OF SAID CITY AS THE CITY'S SHARE OF FUNDS NECESSARY FOR THE ACQUISITION OF REAL PROPERTY AND.CONSTRUCTION AND/OR ALTERATION OF EXISTING IMPROVEMENTS THEREON PURSUANT TO HUD FILE No. NFP-WA-10-19-1001. WHEREAS, the City of Edmonds, Washington, has determined a need for a "neighborhood facility',' and 1-" - WHEREAS, the U.S. Department of Housing and Urban Development has grant funds available for such "neighborhood facilities," and WHEREAS, the City of Edmonds' share, together with such grant monies as are available in order to acquire the necessary real property and commence construction and/or alteration of improvements existing thereon, will be up to $100,000, and WHEREAS, the City of Edmonds, Washington, does not ,have available sufficient funds for its share of the cost of said proposal at this time, but will be required to issue councilmanic bonds for its share of said costs, an( WHEREAS, the U.S. Department of Housing and Urban Develop- ment requires that the City of Edmonds evidence its intent to provide its share of the financing necessary for said project, now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDMONDS: Section 1. That it is the intention of the City Council of the City of Edmonds to provide up to $100,000 for the purpose of providing a neighborhood facility in conjunction with a grant for such facility to be received from the U.S. Department of Housing and Urban Development, pursuant to application No. NFP-WA-10-19-1001. Said monies are to be used for the acquisition of real property and the improvements located thereon, which property is commonly known as 220 Admiral Way, Edmonds, Washington, together with construction and/or alteration of existing improvements on said property. Section 2. That the City's share of the cost of acquisition and development shall not exceed $100,000 and said funds shall be obtained by the issuance of up to $100,000 par value of General Obligation Bonds, which bonds shall be issued within the limit up to 3/4 of 1% of the value of the taxable property within the City permitted without a vote of the electors within the City for general municipal purposes. Section 3. That the ordinance authorizing the issuance and setting the date of sale of said bonds shall be processed and said bonds issued and sold as soon after notification from the U.S. Department of Housing and Urban Development of approval of the application for grant funds has been received as the laws of the State of Washington relating to such matters allow. APPROVED: MAYOR ATTEST: CITY CLERK PASSED: September 5, 1972 FILED WITH THE CITY CLERK: September 5, 1972 TO1483 PNTI (1 -73) WA. POLICY OF TITLE INSURANCE ISSUED BY Pioneer National Title Insurance Company a California corporation, herein called the Company, for a valuable consideration, and subject to the conditions and stipulations of this policy, does hereby insure the person or persons named in item I of Schedule A, together with the persons and corporations included in the definition a of "the insured" as set forth in the conditions and stipulations, against loss or damage sustained by reason of: 1. Title to the estate, lien or interest defined in items 3 and 4 of Schedule A being vested, at the date hereof, otherwise than as stated in items 2 of Schedule A; or 2. Any defect in, or lien or encumbrance on, said title existing at the date hereof, not shown in Sched- ule B; or 3. Any defect in the execution of any instrument shown in item 3 of Schedule A, or priority, at the date hereof, over any such instrument, of any lien or encumbrance not shown in Schedule B; provided, however, the Company shall not be liable for any loss, damage or expense resulting from the refusal of any person to enter into, or perform, any contract respecting the estate, lien or interest insured. The total liability is limited to the amount shown in Schedule A, exclusive of costs incurred by the Company as an incident to defense or settlement of claims hereunder. This policy shall not be valid or binding until countersigned below by a validating officer of the Company. In Witness Whereof, Pioneer National Title Insurance Company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers as of the date shown in Schedule A, the effective date of this policy. Pioneer National Title Insurance Company by. PRESIDENT Countersigned: Attest: 9�4 ` SECRETARY y Vaii Ling Signatory WASHINGTON LAND TITLE ASSOCIATION STANDARD FORM SCHEDULE B, GENERAL EXCEPTIONS 1. Enchroachments or questions of location, boundary and area, which an accurate survey may disclose; public or private easements, streets, roads, alleys or highways, unless disclosed of record by record- ed Plat or conveyance, or decree of a Court of record; rights or claims of persons in possession, or claiming to be in possession, not disclosed by the public records; material or labor liens, or liens un- der the Workmen's Compensation Act not disclosed by the public records; water rights or matters relating thereto; any service, installation or construction charges for sewer, water, electricity, or gar- bage removal. 2. Exceptions and reservations in United States Patents: right of use, control or regulation by the United States of America in the exercise of powers over navigation; limitation by law or governmen- tal regulation with respect to subdivision, use, enjoyment or occupancy; any prohibition or limitation on the use, occupancy or improvement of the land resulting from the rights of the public or riparian owners to use any graters which may cover the land; defects, liens, encumbrances, or other matters created or suffered by the insured; rights or claims based upon instruments or upon facts not dis- closed by the public records but of which rights, claims, instruments or facts the insured has know- ledge. 3. General taxes not now payable; matters relating to special assessments and special levies, if any, pre- ceding the same becoming a lien. 4. "Consumer credit protection," "truth -in -lending," or similar law, or the failure to comply with said law or laws. CONDITIONS AND STIPULATIONS I. The Company shall have the right to, zinc[ will, at its own expense, defend the insured with respect to ail demands and legal proceedings founded upon a claint of title, encumbrance or defect which existed or is claimed to have existed prior to the date hereof and is not set forth or excepted herein; re- serving, lt[]wever, the Option at any time of settling the Clout or paying the amount Of this policy in full. In case any SM-11 denNInd shall be asserted or piny such legal proceedings shall be institutes] the insured shall at once give notice thereof in writing to the Company at its home office and, if the insured is a par- ty to such legal proceedings, secure to the Company, within ten days after service of first process upon the in- sured, the right to dt fend such legal proceedings in the nan;c of the insured so far as necessary to protect the in- sured, and the insured shall render all reasonable assistance in such defense. If such notice shall not be given, or the right to defend secured, as above pro- vided, then all liability of the Company with regard to the subject matter of such demand or legal proceedings, and any expense incident thereto, shall ter- minate; provided, however, that failure to give such notice shall in no case prejudice the claim of the insured unless the Company small be actually preju- diced by such failure and then only to the extent of such prejudice. 2. In the event of final judicial de- termination by a court of competent jurisdiction, under Which the estate, lien or interest insured is defeated or im- paired by reason of any adverse interest, lien or encumbrance not set forth or ex- cepted herein, claim may be made as herein provided. A statement in writing of any loss or damage, for which it is claimed the Company is liable, shall be furnished to the Company at its home office within sixty days after such loss or damage shall have ueen aseerMned. No right of action shall accrue with re- spect thereto until thirty clays after such statement shall have been furnished and no recovery shall be had unless an action shall have been commenced thereon within one year after the expiration of said thirty days. Any rights or defences of the Company against a named in- st:red shall be equally available against any person or corporation who shall be- come an insured hereunder as successor of such named insured. 3. The Company may at any time pay this policy in full, whereupon all liability of the Company small terminate. Every payment made by the Company. exclusive of costs incurred by the ConE- pany as an incident to defense or settle- ment of claims hereunder, shall reduce the liability of the Company by the zunount pitid. The liability of the Com- pany shall in no case exceed the actual loss of the insured and costs which the Company is obligated to pay. When the Company shall have paid a claim here- under it shall be subrogated to till rights and remedies wh1ch the insured may have against any person or property with respect to such claim, or would have if this policy had not been issued, and the insured shall transfer all such rights to the Company. If the payment made by the Company (toes not cover the loss. of the insured, such subro;,.ition shall be proportionate. Whenever the Company shall be obligated to pay a claim under the terms of this policy by reason of a defect in the title to it portion of the area described herein, liability shall be limited to the proportion of the face amount of this policy which the value of the defective portion bears to the value of the whole at the time of the discovery of the defect, unless liability is otherwise specifically segregated herein. If this pol- icy insures the lien of a mortgage, and claint is made hereunder. the Company may pay the entire indebtedness and thereupon the insured shall assign to the Company the mortgage and the indebt- edness secured thereby, with all instru- ments evidencing or securing the same, and shall convey to the Company any property acquired in full or partial sat- isfaction of the indebtedness, and all liability of the Company shall thereupon terminate. If a policy insuring the lien of a mortgage is issued simultaneously with this policy and for simultaneous issue premium as provided in rate schedule, any payment by the Company on said nutrtga policy with respect to the real estate (escribed in Schedule A hereof shall reduce pro tnntn the Iiability under this policy. All actions or pmceedings a-vainst the Company must be based on the provisions of this policy. Any other action or actions or rights of action that the insured may have or may bring against the Company with respect to services rendered in connection with the issuance of this policy, are merged here- in and shall be enforceable only under the terms, conditions and limitations of this policy. 4. The following terms when used in this policy mean: (a) "named in- sured": the persons and corporations named as insured in Schedule A of this policy: (b) "the insured": such named insured together with ( 1) each succes- sor in ownership of any indebtedness se- cured by any mortgage shown in Item 3 of Schedule A, (2) any owner or succes- sor in ownership of any such indebted- ness who acquires title to the real estate described in Item 4 of Schedule A, or any part thereof, by Iawful means in satisfaction of said indebtedness or any part'thereo€, (3) any governmental agen- cy or instrumentality which insures or guarantees said indebtedness or any part thereof, and (4) .tiny person or corpor- ation deriving an estate of interest in said real estate as an heir or devisee of a named insured or by reason of the dis- solution, merger, or consolidation of a corporate named insured; (c) "date here- of': the exact day, hour and minute spec- ified in Schedule A; (d) "public rec- ords": records which, under the record- ing law, impart constructive notice with respect to said real estate; (e) home of- fice: the office of the Company at the address shown hereon; (f) "mortgage": mortgage, deed of trust, trust deed, or other security instrument described in Schedule A. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to it at the office which is- sued this policy or to its Home Office, Claims Department, 433 South Spring Street, Los Angeles, Calif- ornia 90013. TO 1405-PNTI (1-69) SCHEDULE -A (Continued) No. F-167277 4. DESCRIPTION PARCEL A BEGINNING AT THE INTERSECTION OF THE WESTERLY LINE OF THE GREAT NORTHERN RAILWAY RIGHT OF WAY WITH THE SOUTH LINE OF GOVERNMENT LOT 2, SECTION 23, TOWNSHIP 27 NORTH, RANGE 3 EAST, W.M.; THENCE NORTHEASTERLY ON THE SAID RIGHT OF WAY LINE 450 FEET; THENCE NORTH 490 WEST 95.67 FEET, MORE OR LESS, TO THE GOVERNMENT MEANDER LINE; THENCE SOUTH 51023' WEST ON SAID MEANDER LINE 288.33 FEET TO THE TRUE POINT OF BEGINNING OF THIS DESCRIPTION; THENCE FROM SAID POINT OF BEGINNING RUN NORTH 51023' EAST ALONG THE GOVERNMENT MEANDER LINE 288.33 FEET; THENCE NORTH 47032' WEST 319.63 FEET TO THE INNER HARBOR LINE; THENCE SOUTH 45000' WEST ON THE INNER HARBOR LINE 250.13 FEET TO THE MOST NORTHERLY CORNER OF THE LAND CONVEYED TO S. T. ENGEBRETSEN AND BERTHA IENGEBRETSEN, HIS WIFE, AS DEED FILED FOR RECORD UNDER SNOHOMISH COUNTY AUDITOR'S-FILIE NO. 1087092; THENCE ALONG THE NORTHEASTERLY LINE OF SAID ENGEBRETSEN LAND SOUTH 38037' EAST 287.94 FEET TO THE POINT OF BEGINNING. PARCEL B COMMENCING AT A POINT ON THE WEST LINE OF SEATTLE AND MONTANA RAILWAY RIGHT OF WAY (NOW GREAT NORTHERN RAILWAY) AT ITS INTERSECTION WITH SOUTH LINE OF GOVERNMENT LOT 2, SECTION 230 TOWNSHIP 27 NORTH, RANGE 3 EAST, W.M.; THENCE IN A NORTHERLY DIREECTION ALONG WEST LINE OF SAID RIGHT OF WAY 150 FEET TO TRUE POINT OF BEGINNING; THENCE CONTINUE IN A NORTHERLY DIRECTION ALONG SAID WESTERLY LINE OF SAID RIGHT OF WAY 300 FEET; THENCE NORTHWESTERLY AT RIGHT ANGLES FROM THE WESTERLY LINIE OF SAID RAILWAY RIGHT OF WAY TO GOVERNMENT MEANDER LINE OF THE WATERS OF PUGET SOUND; THENCE IN A SOUTHWESTERLY DIRECTION ALONG SAID MEANDER LINE TO A POINT AT RIGHT ANGLES FROM THE POINT OF BIEGINNING; THENCE SOUTHEASTERLY TO THE POINT OF BEGINNING. ALL SITUATE IN THE COUNTY OF SNOHOMISH, STATE OF WASHINGTON. TO 1484 PNTI (3-67) WA. C LH SCHEDULE A Policy No. F-16 7 2 7 7 Date APRIL 260 1973 AT 9:00 A.M. 1. Insured Amount $ 3600000.00 Premium $ 904.00 THE CITY OF EDM®NDSO WASHINGTON.. A MUNICIPAL CORPORATION 2. Title to the estate, lien or interest insured by this policy is vested in THE NAMED INSURED 3. Estate, lien or interest insured FEE SIMPLE ESTATE 4. Description of the Real Estate with respect to which this policy is issued AS PER ATTACHED SHEET. TO 1485 PNTI (7-69) WA. SCHEDULE B Policy No. F-16 7 2 7 7 DEFECTS, LIENS, ENCUMBRANCES AND OTHER MATTERS AGAINST WHICH THE COMPANY DOES NOT INSURE: All matters set forth in paragraphs numbered 1 to 4, inclusive, in the inside cover sheet of this policy under the heading Schedule B General Exceptions. Special Exceptions: 1. ANY LIEN OR LIENS THAT MAY ARISE OR BE CREATED IN CONSEQUENCE OF OR PURSUANT TO AN ACT OF THE LEGISLATURE OF THE STATE OF WASHINGTON, ENTITLED AN ACT PRESCRIBING THE WAYS IN WHICH WATERWAYS FOR THE USES OF NAVIGATION MAY BE EXCAVATED BY PRIVATE CONTRACT, PROVIDING FOR LIENS UPON LANDS BELONGING TO THE STATE, APPROVED MARCH 9, 1893. (AFFECTS PARCEL A) 2. ANY RIGHT OF THE PUBLIC FOR NAVIGATION, FISHERY, SWIMMING OVER THAT PORTION OF SAID PREMISES BELOW HIGH TIDE. "END OF SCHEDULE B" Providing direct title services or referral services throughout the United States and the territory of Guam, Commonwealth of Puerto Rico and U.S. Virgin Islands. POLICY OF TITLE INSURANCE ?N Pioneer National Title Insurance Company Home Office 433 South Spring Street Los Angeles, California 90013 FI)SIJED F11,11 7� EVEli-k—L'I'T, VVASH. Pioneer National Title Insurance Company HOME OFFICE 433 South Spring Street Los Angeles, California 90013 The following is a legal description of the property for the City of Edmonds Neighborhood Facility known as Senior Citizens Center: Parcel A Beginning at the intersection of the Westerly line of the Great Northern Railway Right-of-way with the South line of Government Lot 2, Section 23, Township 27 North,Range 3 East, W.M., Thence Northeasterly on the said right-of-way line 450 feet; thence North 49 West 95.67 feet, more or less, to the Government meander line; thence South 51023' West on said meander line 288.33 feet to the True Point of Beginning of this description; thence from said point of beginning run North 51023; East long the Government meander line 288.33 feet; thence North 47 32' West 319.63 feet to the inner harbor line,thence South 45000.' West on the inner harbor line 250.13 feet to the most northerly corner of the land conveyed to S.T. Engebretsen and Bertha Engebretsen, his wife, as deed filed for record under Snohomish County Auditor's file No. 1087092; 8hence along the Northeasterly line of said Engebretsen land South 38 37' East 287.94 feet to the point of beginning. Parcel B Commencing at a point on the blest line of Seattle and Montana Railway Right-of-way (now Great Northern Railway) at its inter- section with South line of Government Lot 2, Section 23, Township 27 North, Range 3 East, W.M., thence in a northerly direction along West line of said right-of-way 150 feet to true point of beginning; thence continue in a northerly direction along said Westerly line of said right-of-way 300 feet; thence Northwesterly at right angles from the Westerly line of said Railway Right-of- way to Government meander line of the waters of Puget Sound; thence in a Southwesterly direction along said meander line to a point at right angles from the point of beginning, thence southeasterly to the point of beginning. ro p-1- '? APPRAISAL for WEST COAST METAL PRODUCTS 210 Main Street Edmonds, Washington APPRAISAL REPORT of property located on Railroad Avenue Edmonds, Washington Prepared for: WEST COAST METAL PRODUCTS Date of Valuation: May 25, 1972 Prepared by: WILBUR C. MEIER, S.R.A., R.M. Senior Realty Appraiser Society of Real Estate Appraisers and Residential Member American Institute of Real Estate Appraisers 2317 MCDOLIGALL EVERETT, WASH. 9B201 PHONE: 252-2630 WILBUR C. MEIER, SRA APPRAISALS RESIDENTIAL, COMMERCIAL, LAND POST OFFICE BOX 34, EVERETT, WASH. 98206 May 31, 1972 Mr. Bill Nelson West Coast Metal Products 210 Main Street Edmonds, Washington 98020 Dear Mr. Nelson: Pursuant to your request, I personally inspected and appraised the real property known as the Senior Citizens Center and the adjacent industrial building located on Railroad Avenue in Ed- monds, Washington, for the purpose of arriving at an opinion of its market value in fee simple as of May 25, 1972. The legal description of the subject property is included in r this report. Based on the examination and study made, I have formed the opinion that on the date mentioned the subject property had a market value of: THREE HUNDRED SIXTY-FIVE THOUSAND DOLLARS ($365,000) The following report presents a review of the appraisal and my analysis of the data along with other materials on which the estimate of value was predicated. Respectfully subrd wed, WILBUR C. MEIER, 9.R.A., R.M. ""lg�' 4 WMi : vm 07� t ! S F �a !, TABLE OF CONTENTS Subject Photographs................................6...... 1 - 2 Purpose of the Appraisal .................................. 3 Definition of Market Value " Legal Description of Subject Property 4 Descriptionof Area ....................................... 5 NeighborhoodData .......... ............................... 6 Site Data...............................6........6........ 7 Description of Improvements 8 Comparable Land Sales ..................................... 9 - 24 Analysis of Comparable Land Sales ......................... 25 - 26 Cost Approach ............................................. 27 Income Approach ............................. I............. 28 - 29 MarketData Approach ...................................... 30 Correlation and Final Estimate of Value " Certification ... ......................,................... 31 Assumptions and/or Limiting Conditions .................... 32 Qualifications ............................................ 33 ADDENDA Plot Plan Zoning Map Comparable Sales Map WILBUR C. MEIER, SRAA Senior Residential Appraiser, Society of Residential Appraisers I SUBJECT PROPERTY LOOKING NORTHWEST VIEW FROM WATERFRONT 4 "I I SENIOR CITIZENS CENTER SPHEROID INDUSTRIAL BUILDING r 2 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the market value of the subject real property in fee simple title. DEFINITION OF MARKET VALUE Market value is defined as the price at which a willing seller would sell and a wil'iing buyer would buy, neither being under abnormal pressure. WILBUR C. MEIER, SRA Senior Residential Appraiser, Society of Residential Appraisers IS A i955C89 3'i3G�v7 ' � t Pioneer National 'Title Irzuranca Company REAL ESTATE CONTRACT •• . � 1 cocroa.sT¢ sosw • .. s 7,00 Cd - -. THIS col,'TaAC'T• ossh .ad .t.,•d Ito u.e 25t h day of April, 1967 3 4 e' Y �- bn— SU-tv LTD SL'ID CIDU-C-.=CN, INC., a irashir* on corporation 4. e.ro. ier ire Lb. .[d W. B. Na—W: and :_:Lrrli P. '=a:;, his w+moo; D. ii:..H cnd DO.RI,S L. 1�.�.SC!:, his wife s emu? -16d La. -p-L—, i ,M-4T--SETA Tot e.Sa �Dr U m KII to eL° PcKc .,r. ; d Of a+Ks,..r Aj. :o aochw 1raa L�..rur. h, (.I.rua ..j. -o a n.f wI S ur .c�aY a S •C'LY.I3ri C...rr. Ser+ .t w,.wnc5� t/ i • - ' _ Seg1^ring at the intersection of the !•esterly li.'!e a: the G•-eR•. `-�r•.t;e-n - "f `'' • railway right of way wi►h f" Zouth lire of Government Lot 2, ?oIC°ton 23. u,!!,; �=` Township 27 Forth, .1ango 3 -ast, thence tiortheasterly on t^e said +- �- right of way line l50 feet; therce Forth 69' ''es* ?5.6?'feet, r•rre cr less, I(//Jllj - ` •:,:, = to tree C-overnnen' meander lira; thence Soy*.h 51'23' %est or. said near der 7.iia 22?.37 fee! to the •rum point of beginning of this descrip'icn; thence said poir;t of bPSinnir.Z run :'orth 51'23' :.art along thr Sovarrment s `- aea-�dor li!^e 2e'.33 feet; °`erce !'orth k7°32' s'est 319.63 feet to *he irrer Srbcr Line; +hsrce South °00' 'rest an the inner Harbor Line 250.13 feet °r the most l=ert.harly corner of the lard conveyed to S. Fneab:etsee and 3a t aEngebretser., his wife, as deed filed for record under Snohomish County - :.� .;uditor'o file No. 1Gr7092; t.henco along the !:ort`ensterly lira of said - :•bratsen land South 3A'37' 'ash 2F7,9l� foot to the point• of baZinnind. .3ge (b) 3 1e' Co-naacing at a point on the West line cf Seattle and Montana iailway right _ O � of way, (':ow Creat "^rtt�rn ?ailway) at its intersection with 3ouch line of ' 73 rros!w^^lant Lot 2, Sact.ion 23, Township 27 North, larce 3 4'ast, '.".: thence it a NrrthArlp direction along Wiesk line of said r1j;10% of way 150 feet. to p Fo trio point of t-sginning; ttance contlntae in a Northerly direction along r- " ` said �.astorly 1!.r+s of said right of way 300 foot; +trance 'lorthwesterly at s i righ° anElas from the •astarly line of said railway right of way to C7 i C•cvornaant rsaxer 1" of the waters of Puget Soiu-,I; thence in a ^outtwesterly a Qtre0 for along said msardsr lira to a point at ri,;6t. an-las fron the Fvi•It of O ►� begLning; thence Soutteasterly to the point of beginning. CA i LEGAL DESCRIPTION OF SUBJECT PLOPERTY 7 DESCRIPTION OF AREA Edmonds is located approximately half way in between the City of Everett and the City of Seattle, which places it approximately 10 miles from each city. Edmonds also lies between Puget Sound and Interstate No. 5, and west of the City of Lynnwood and the City of Mountlake Terrace. Its principal asset is its water frontage and view property since the City of Edmonds lies primarily on a sidehill, sloping towards the west, which gives it some of the finest water and mountain views i.r, the entire Puget Sound region. The city is also one of the major ferry routes to the west side of Puget Sound and tre cities of Port Angeles and Bremerton, with the ferry a.cci_s located at the foot of Main Street. Edmonds is a small industrial city, comprising several small local shops, fabrication plants and one of the largest industries is the Standard Oil Docks on the southern part of the city limits. Primari- ly, it is a residential community with a population of approximately 24,000, providing excellent housing for those individuals who work in the Seattle area. Housing generally i.s of better quality than can be found in the neighboring cities to the east. In addition, there are several large apartment houses and condominiums that have taken advantage of the bav and mountain views, providing superior housing for these apartment dwellers. The area is supplied by railway, ferry service and daily newspapers. In addition, the Stevens Memorial Hospital is one of the newest in Snohomish County. The yacht basin, with its all-weathe.r protection for small boats, is also considered one of the finest along Puget Sound. Education is provided for by Edmonds Community College, a hi„h school, primary-schoo-ls and parochial schools. To the southeast of Edmonds is the Aurora Village Shopping Center with several large major chains and many small individual proprie- torships, providing diversified shopping for the local community. Ingress and egress from the city doesn't present any problem with 196th Street S. W. running east from the City of Edmonds, providing direct access to Interstate No. 5 which is the ^,,ain interchange running north and south through the State of Washington. Also, 220th Street S. W. and Edmonds Way to the southwest provide im- mediate access to Interstate No. 5 and Highway 99. Because of the diversification of industries, the quality of the residences and the general location, the City of Edmonds should continue on its good .sound economic basis. WILBUR C. MEIER, SRA Senior Residential Appraiser, Society of Residential Appraisers O�RA NEIGHBORHOOD DATA The subject property is situated in the waterfront area of downtown Edmonds, which is comprised of multiple dwellings, manufacturing and boat storage and sales. To the south of the subject property is a large apartment house; to the north is a small manufacturing plant; to the east is the railroad depot and shopping center. Farther to the north is the Washington State Ferry terminal and down the waterfront to the south is the Edmonds Yacht Club and storage. WILBUR C. MEIER, SRA Senior Residential Appraiser, Society of Residential Anoraisers �.. SITE DATA Description of Land: The tract is located on the waterfront in the City of Edmonds, approximately 4 blocks from the city center. and 300 feet to the south of the Washington State Ferry dock. It lies between the Great Northern Railway right-of-way tracks and the Puget Sound waterfront. The area from the railroad tracks to the back of the main structure is ldvel and of compact sandy, gravelly soil. The site is 300 feet along Railroad Avenue, 440 feet on the south side, 250.13 feet on Inner Harbor Line, 420 feet on the north side, with 288 feet along the waterfront. Access and egress to and from the site is via a city street called Railroad Avenue. Utilities: The utilities available to the subject site include city water, sanitation sewers by the City of Edmonds, Washing- ton Natural Gas, electrical service by the Snohomish County P.U.D. No. 1, telephone service by the General Telephone Company and fire and police protection by the City of Edmonds. Zoning: The subje cLproperty is zoned CW or Waterfront Commercial District. Hi hest and Best Use: The highest and best use is defined as that legal use of the land which produces the highest net return to the land. It is rather obvious that the present development of the site is not the highest and best use of the tract. The structure, which was re- moved from the Seattle Center, of round design and metal fabricated roof is of such nature that it would be very difficult to use as an industrial building or even for a multiple dwelling. The Senior Citizens Building is of frame construction and of poor quality for the type of structure needed on the waterfront. The other building, which now lies on the south side of the property and is presently occupied by two separate firms, does not represent the best develop- ment because of its limited use. It does, however, have sufficient quality whereby it could be converted into a more suitable structure. Because of the nature of the view and of the location, it is the opin- ion of the appraiser that the property as now situated is best designed for a condominium or a multiple dwelling. WILBUR C. MEIER, SRA Senior Residential Appraiser, Society of Residential Appraisers ?�� 'f DESCRIPTION OF IMPROVEMENTS There are two major improvements now situated on the site. The first improvement is a two -level industrial building of concrete block de- sign, having a width of 60 feet, a length of 122 feet and a height of 28 feet. The building has a concretefoundation with a concrete slab floor. The second floor has car decking and is well supported with -a large I-beam running the full length of the building and the upper ceiling is well supported with I -beams running the width of the build- ing, which provide for an open space without any pillars in the center allowing for easy moving of equipment. The roof is built-up hot tar mopped. This structure is well designed for warehouse storage, having a service lift. To the rear of the building is a 75 foot by 60 foot, concrete parking space and to the north of the building is a 48 by 122 foot, concrete parking area. The upper level and two-thirds of the front portion of the lower level are presently being leased to a company which makes cultured marble bath recesses and lavatories. The lower back portion is leased to a firm which make printed circuits. The back portion rents for $240 a month and the remainder of the building rents for $560 a month. The second building is located on the middle of the property and is a 1z story, frame structure with laminated ceiling joists, dry wall in- terior, concrete slab floor with vinyl floor covering and has a built- up roof. It is leased to the Senior Citizens and one other tenant for $670 a month. WILBUR C. MEIER, SRA Senior Residential Appraiser, Society of Residential Appraisers SP1� 9 COMPARABLE SALE # 1 ADDRESS: Admiral Way, Edmonds, Washington LEGAL DESCRIPTION: See document next page. Access: Admiral Way Land Use: Residential i Zoning: Size: Commercial Waterfront. 50' 300' r x Area: 15,000 sq. ft. V--- i t +. ! Sale Date: Details: 3/25/68 REC E. Tax No.: 03023 Price: $52,500 Grantor: 0. J. b Doriene w •�- �- Storey Grantee: D. b C. , LTD. SALE CONFIRMED BY: Snohomish County Auditor's Document No. 2021548 PROPERTY DETAILS: This is a level tract of land fronting on Admiral Way and extending to the Inner Harbor line. ANALYSIS: Land Value: $ 52,500 Land Impts.: $ No value COMPARATIVE ANALYSIS: $52,500 for 15,000 sq. ft. - $3.50 per sq. ft. $52,500 for 50 front feet - $1,050 per front foot WILBUR C. MEIER, SRAM ' r - - ... ' .. . .L, .`� . 't 1.! ;.�• � Fri Ilk • r a w.;. i YiF. e, .. y'� -- :'!' . r- max.'. • r w s•. cf3 W. .rucr norm, end farad mte feu 23 th d.y v] Nor rb, 1468 ; 3-2 `0 Tr11] Co•rs iTJ 4. J. 9iaM'Ind DO-AILHB S' it87, his rife bat. FIR R] .-.. �^" tr17d the ',eaa. • _ - .Ud � � r � �, p.} J" ' D. i C., LTD., ■ Wohington Carparatiaa � f M'TT:tX33rT1{- 7"a[ Lhr rate rGo° to 'Au LLa PrnSsxt Add Lha PareSasr .sr. u P—h— f c t�* a� Or tc4eoiee •7•.:- �tAd raj emu• -W; Lbe e�vrt-•-• . Is $nol;acLY`I Cr+�: ). h.or r a.aS'�-for- fett of Southuesterlyp 250 feat of J Cs in front thereof .1;• _ r- Fsrthd:astcrI7 SO ngsfol3 FASE, W.M.bedd[iide CaT rasent Lot 3, Section 23, Tmmahi 27 Barth, Renga 3Westerly lino ranter iiaa of etrset line described ea follows: Beginning at intersection of South @ailxey Oda y' a t)cpat CrourAs in tons of Crksossda with South :Last an dieter iar of 4Yeat I`areher i 23, amid paint Doing 688.2 feet, wra or lean, Neat of quarter thencesectiowrap 25O feat: thence l�rttetzterly et right tf + themes Mb_th r,lo4A' Esat[dong said cents: lino of atrect, lino of atreat =d true point of brgirroLn$ of EMS des&riptiau: thence aFlit oaglea, 30 fact to Naaterly Ihrth 41a48' fr-st, alaag said street, 425 fact, earn ar lass. to Southeast tern our.dorcAud 1941 in Vol. 296 0! 0eeda, page j: to aioyd A. pcaslar Dy deed recorded Sea• lop F411*1eNsrbor[� to thence Inrth 46011' VHcat } along raid 650604, rccarde of Sua�ish CouatY, ;soy•: or 1ess, to ;r theoCa Scutt 4ae"' Laat to _ 350 feat, rn.o tiyieh is north stlofatrue poiaeoofhbt2iaaLaS'. of ILae to polar ei uate2 if any. (**arms bottom of page true paint Of be3t=+nirg. Eltuetcd !e S`,elc_Loh Qgfi ao, record, a� �e;nn r ror zM*l restriction) Pofmrrcard, SLa—J-=— a mi'f�� in to iow¢ cvi .!s 52,500.00 DIPL f TY0 'Lj=C L,''D pN3 irjNDILM AND W/ LC4 = _ 43 5, 000.00 ) Iwaen >zw vin YY-ofSSA D AM E0l1NJ - - - rba W Prld a ld r is :� v� D-r aS [� �� of ,rb � P'=r ) � � •} � raw, _ - (3 363.27 TI EL=?M SM7 E1C9T M 27 LI00 . to 68 r ml �p- a e ar 0 -rt + au Want Or deq co 368.27 1 DOa A:t'd 271100 - - - - C4 IME3 li'J:MD2M SIXIIN EI.;1tT nx[e.r wuy c a ar e� esd 151 th dtT of era._• ;-. -. R 6-y At [.ZC=,+=� Wes• a u beta., t6 eb � ttil tM term ty Pie • pu-e r7 ! 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L:4 of Lat raL'Ai sad :r+1 C%L'U ar uy xn 1? Wd tar µJ.'- a ndC= Cl G<'-'•�yn�as Lr eta r+Y of ?,+d rv.1 nose tt ril[r� fro 7[+tLr x•r• I.y1 peni_a v! tM � W� Y ilai to S,r, , . ad na'.6-:•.•A r•:Jr 1a W .1; 4r13tr ccc:.- -71:G9 &,nrd le i:r R�•i ar e��ata• .0 � WC% r..].+r.ha 'j-'R:a,rr S.l�. r' sa V. ✓1 Pat ilaR S i�rfJ frWrld FAGW. �#-Y[J GI isc� trT s,c>, Isi+ A cxa of dents a1 drisvnke 1x dnvttd to u r(yt ataf [na ar .r-: !:aY v[ t t'ra CT vl lz 7rc+.•`-sd w rr�:e+l sf tar �=aeac of 13fr ,eyoa,S:+ egra;a of {saws§[ Ise szme wad u 't; r1o7a ILb ir.W W be P1 La ISr Y;#r !or �ci>&�aa w `tie } -o•.rvcb raFiw i sxka Pr==+ pr.-.s•y prka Curaf. sere-T rd vi'1 1•.'ersrn b [)t 'f~-7 Crlo !� k� f r'aa tr ddrer �GLEa 1) ea)s v! r±,+ ds:a of ck�f..rry S-set to 'A M1 Meec! rf f.a�is:�[n4Y :Y•. Y.u7.e La�Y T. a f L^�f t7 A- f�[�f�� • ✓ tcs a, e-- hT been eri G:1fd to �"�'. S+l1a to cS1 [faa nc'a ea aJ IAo `ia:., r4 r ssi 1 •� dd 7.•vn pl'a c�sv .. CJ7�TvR'�--dam'' h e_3 'S�„-9taSr� 0.7 es ' b [] G=S vt a,b vSl":+i da maraca • J r a p i fbrr - a t ml r dL' ! rLr is pot+ s e1d J au s +� czY �R a� r r�+at a c�":r� eses,•*7 f f 1 cSa.7 L.r •:as�l =M" 4 =des L':: - a A Gar teatcl -'a� ua rl Wr •4 - Z.Y Lid C.-'t-.G i"rd a FT, r of F:::3 W paex� f r s:cz a reving to k:ator ma Wks* nau in IC!"n -sco ea ":rL :r 3ti2, I46A, . s tctg h18s1I3!na CIMAL RECrM ¢ifhii�kl2a Cilkiacr mcr an tha p:calaza t _.- :3.7 ?�' COMPARABLE SALE # 2 ADDRESS: Admiral Way, Edmonds, Washington LEGAL DESCRIPTION: See document next page. Access: Admiral Way Land Use: Boat business Zoning: Commercial Waterfront Size: 200x3lOx270x85x78' m/1 Area: 68,630 sq. ft. (37,400 us - Sale Date: 4/5/68 able) Details: WD E. Tax No.: 13695 Price: $76,500 Grantor: Pointer -Willamette Cc Grantee: Jack S. & Mary Jo Bevan and Johnnie D. & Jane Ann Dontos SALE CONFIRMED BY: Snohomish County Auditor's Docur4ent No. 2125470 PROPERTY DETAILS: This is a level tract of land, improved with an old frame structure used as a boat house. ANALYSIS: Land Valuer $ 70,000 Land Impts.: $ 6,500 (interim use) COMPARATIVE ANALYSIS: $76,500 for 37,400 sq. ft. _ $2.05 per sq. ft. $76,500 for 250 front feet a $306 per front foot. WILBUR C. MEIER, SRAM. Senior Residential Appraiser, Society of Residential Appraisers Jgsi`A� • � y~' -. }..mot .. e •• •y^-�. .. .i •• .- _ 3. - - v ,. i. �F•. - ac -*33/ STA'iI-i,cgy WA- RAYIY DEED The Grantors P0Ifr,,F-. i_a Co. Inc., an ttoo; ' Cre goo co c� N:.Y9E'L:r. and as °v c:t r'z of the la,t v!11 and rr •'� testa-�,at of RC 3f :R'1• W. fY1I�7i;.tZ, deceased; RO_FERT VIUj AM PC!Yr-R J.R. tsoa of said Robert '.. Pointer, deco: asp:) and Y--Ry ti,"7 A,Il7iLR, his vIfe; and R05_RT�, %4Ly VICj."_R:.,' �. =au<,....er .:f said 9cbcrt �. • pols;xr, ` ceased, and whose ^or_r:r ❑v: vao fi�bera MiY :::well) and JLf�i J. V?Cli.:'Zc. her husband, Yor ani in ccnslaL r�tico of Tea and ao/LX Dollara valuable considers tloz Sn hac� E . �s.l, convey and vsr:8nt to JACK S. _ BE VAS -and Y.'Ry Jo 5EV1 y, tis `. -, ani ,iC ., J. DC.7-:;S an h: -:r-'05, 's vi'c, th fo...i _i Tv. _ ..rite: :•e al estste, slt•vztel in :hc Co'.uity cf Snohocish, State of _ All that portico of .iceti�: " 1�.e3, �owc�hi -set• Ran-- East, y., P 27 doh, .f -as follows: etlo, 23r wife. - ?51 a. :se: Z4 `ii asrrjo 125�.9�• fee_ lt.;-Lhc'L _s,,, altos 8s11 �a;L z/ theace Y j' L� • ;ca polot of T.e�n.:1Ci; �� •� r * or. 41,1 0 �v thrice morth ' to the Iaur.r 'deter ZY 'yaY.LLCcnec °nsLnal a 5 utyto 3p�¢�7•ner a�eseld-~ a;e«ya Y llY 4v. A 3n?er 21�C, >. feet to the A�±�1;:rt'e5d ' 25" ` Maid aeaa'cr 21a W-, e,lyuri 7'.26 •he Sout to .e.4 line- 0, �Ytad Avenuc;•Lrr-ce �: 27, 2 3 feet Lo L z.3LLLh t 7t !c �rstsrl+ =a:u•1n yr A the:" Sr;Lh L+ l;+ gG cst b-:zZ sn11 westerly �'9n. 2x3.:9 :ei; xL.axr 3n=h .e lyiy' fl0" A Yest' . .eet to t"e t ,� F,.nt o: te:;lrningl p>� Itirf.^may aIiif a nan-axclasfvr ra±cMC-nt over aaS Upon a strip of land ?.;C r±c: ID wiwth all �iYS:173 ad- :pr 5•sut)--r6terty biva vary of therrop 8z•Zy _rse?cI tr�.t on: cr�a:l as cha Lest o Of �.��--nl RC 1; ?ay t3 the Iaaar F4 Pa trap dine; CS7A7 FSdi •h i;i:�[ a acn�zci-stt* eases% SOL hr[r+ar lyp d,`-;Ll �' the Lve o'er ar.1 ;pay the Sa�r_hve�Lar�, 7,_a feet VtYei, vi ^e t:n_L hereby which easawot e� tic. of Al:alral tray t., a .cn:a from tG we" =-Zlo '4 Ia' •�:) :e. prat as 7a r Yarbor IS7e; L1tla raae- aI1 four• t the beo••flt Of Mai t1tLa the Ln the tract Pf lao-1 that r.3,jotos thevSouth- res:crly h---)dary L-•• 1. :i of tom: tract bereh s 7 cgrcyrdj Diq,.tY OMCIAi RECLTfn r •.! �.•..�.Ar 1f2 7 r_- "S:'�'n' •�••...�....^ r 13 COMPARABLE SALE # 3 ADDRESS: James Street, Edmonds, Washington LEGAL DESCRIPTION: See document next page. Access: James Street Land Use: Vacant Zoning: Business Commercial Size: 200x110x185x210' m/1 ___.� .— '! Area: 30,800 sq. ft. m/1 Sale Date: 2/29/72 i Details: REC r. E. Tax No.: 1421 Price: $56, 500 s Grantor: Sparkman & McLean Co. Grantee: Alaska Northwest Publishing Co. SALE CONFIRMED BY: Snohomish County Auditor's Document No. 2234326 PROPERTY DETAILS: This is a sloping tract of land lying below Second and James Street and level with State Highway No. 104. ANALYSIS: Land Value: $ 56,500 Land Impts.: $ None COMPARATIVE ANALYSIS: $56.500 for 30,800 sq. ft. a $1.83 per sq. ft. WILBUR C. MEIER, SRA In 4 ynM SPA-0,K,\,%N AND MC LEAN COMr&lqy, A W&SHINCTUN CDRMRATl(YM, and ALASKA NORTMWEST PUBLISHING C NY, an Alaska Corporations' n't r- to to I, tuch„er and the pa haw VI to p� twii tbw wher th. kdb-i SNOWMIS11 C-,Y. 9%� ( W.WOM . ! A I I of that: ro rz ion of G"N C rrr,•nt Lot 2, lect ion 23, Township 27, North, Range 5 MIST. -N.M. . lying fa�'t crjv pf State itc,*:te 104 as. conveyed to the State of Washington by tW,! rccurdchl Fvbrii,iry 1 1 , 1.171, under Auditor's file No. 2394033. Southerly of 3an*3 S-rcet as shown on the Plat of Ucphart's First 4dd1tLo" To- !d7"I%j'. accordl ng to flat thvivuf recorded in Vul%i11* S of Plats, FACO 43, mcord.% of Snohoruh COkLn#N T6. qwr•+•r "4 read L as at tal. -tmn tenoam: The PuMbAff PAM 6 - FIM-SIX TIOUSAIM ME FRJNDREb MD W/100 ------------------------------------- 0 56 500.00 • L 17 tJ.N 15.300.00 :V.%;1RJT �',%O N01100 ML " -1 N - and As b.1- v I -W P. dan Plk* OA 0 W P9d i N :1 i % t I II: v L 14 0 Wt. L klS - - ------ 319,44 k .'I Ot to 72- AS 44/lpo tjOtLApS- .... -- ------- 519,44 Dol4m wA wo-du ai-k%d" ..ante ants ts. %A� d odd funlor jj,m 19 F%y tMvi-k as 111* 4 Al-h Uw lat- et -M p,lclar wk+ -a tIi- we a sc..Von I-.: I- .11L. INN tht :!'J t h ay %I re., ruarry - "'72 i wt-t ry-.t and 0. W.- of -h NY--- vpIkd 1. rrrmnlra -4 wi-dva Peop les National Bank , Pai n Branch, 14 14 Fourth Ayvnus . b Seattle, Washington 98111 Erti-,! Contract balance however, be paid in full within 36 mmths of closing. • 11 Purdhiser wiJer Ctmitract shall have right of prepayment at any time of :Id,litiOnAl interest at. Purchaser's sole option and control. A OWn PAM RMt "? 'OL MAP 1 1972 k • A; Tt, to MY blf- &U-1-7 -1 1"M -d bv""P 'M' --J J U b, lh� III- t 1h. tt" N_d Wr�,. the p_h prlrr 1, 1u1)) pd, to k-p tbr b.B&.9. np. sad I.-Ijn pk-d t d.-z. by both 6- -d --h- I-P-7 "(�4-! 'd k' II' ':V' "d 1" lb-1111 -t N d"'- 'U h., ..d to 1- -U P-1- -64 1-.j WMI All b". wade LM 'w -hh" A. a" Iw hh n: 'C AA IN, N"b- .' Mtn'b, d hrmfw 164 tw I? I at w r-L' rl IN. -A IT& wtowe of gwt*l LN# Itq aloe "Z 1w -P Ira I NP ve 'P '-b IWq Iwj A.1 Ned ww-b art= L $-I 1a for I" 4'- 1�' .4 ku %1 j. d,h -fi, 11 d- -' IM d- -1 4- 1 p11N- 1- 1 -d b, ........ of d'f-I touO, to "W "'-- 'b. N�N- ` 'h' I -A �i -1, �' M tb, d- .1 '1� .d -1-3 j fl,1111- 1-. -ot-j 61 P.11h- 6 1. b. .hjh .11r, 6 -t.'rs r-.- b,h far tbf N'r- of th" p,npj. (s) r.1,E M d. ,l 0 ICI L 4 "04 �6 a A t j 15 COMPARABLE SALE # 4 ADDRESS: Third and Walnut Street, Edmonds, Washington LEGAL DESCRIPTION: See document next page. NI r Access: Land Use Zoning: Area: Sale Date: Details: E. Tax No. Price: Grantor: Grantee SALE CONFIRMED BY: Snohomish County Auditor's Document No. 2073303 Third Avenue Residential RS-6 100' x 600' m/1 66,000 sq. ft. 1/14/69 WD 474 $44,000 Harold T. & Dorothy Brewer Thomas E. 6 Doris M. Belt PROPERTY DETAILS: This is a sloping tract of land in a good multiple dwelling area, but presently used as a residential site. The site has a partial view and frontson Third Avenue which is paved and has curbs and sidewalks. ANALYSIS: Land Value: $ 30,000 Land Impts.: $ 14,000 (dwelling) COMPARATIVE ANALYSIS: $30,000 for 66,000 sq. ft. = 45C per sq. ft. $44,000 for 66,000 sq. ft. - 671; per sq. ft. WILBUR C. MEIER, SRA t T . �i ... T' e. J�'"� , _-;� ~ '.' � •.�.• ..� � 'd [5ffi.•'a C3Y�.3) ��+��. ro i •. •7 ir.-.. • a� etfOa ^UNd IN Reran! et R.tc:aet of I �� .:� ��.. �'Z✓S 47 t = e a -7 i y . t.: - .. ,.20 :4 . '�]•{ ' �ii a.• ' , ''mow :. • , S'k� • 3L : � lrtr•'�,w f�.;i�'iri:'1 53:15 i =_ _ � i 'IT ' 3 i Stat'tltou V7crr=ty DE_d as TZZ GDA:.-rolz HARQLD T. E7 T EPA and nM(Mff E. uTur-R, h i s wife • - � � TEN DOLLARS AIID R1l'ER VA[!Yi„(f CNSICEPJITIQI _ r sa h=d pd- c=—" tad '^a°'r 1O THCU&S E. BELT and DMrS W. MELT, his wife ♦ 4 > "+ kzmbu �bxd rd esat� sh esaed v the Cocatr of Snahcsish St= elf x ` p. All that portion of the Sw 1/3 of tLe SL :/4 of the S1 !/� of Sectio rEn :3, Toushlp 27 N. R. 3 L. W. A. , ctcscrsbcJ as folloys: _ Beginning at the looutheast corner of tite SW 114 of the M. 1/4 of [hr F k - '_ •� •, SE 1/4. thence ,,orth 63.5 fret; ths:rscc hest to a point 31)i,; fret r= , East of tht tees! ltnc of said sW-Jsrisior.; [hence Scuth 3 11_ fret; i �. '� thence [test 305-S fret to kest line of szjd sul•„Ivision; thence l} c•-•,• �` �- b along said best lisle 103.i ice:; ti=cnee.East ut.❑ [Oct, nore ar less, r + a .• -•i to East line of said suh¢ivistnn; ;f:encc 5nllt'I 1f7U :cr[ [n ra:7t less. r _ beginning, of EXCEPT the Vast .in feet thereof for Third Street. `Y - ;' t Situate in the County of Snohomish, State .of h'zshingto ----- - MIT • - - - i € � - � �"" - I • �jfr � 1i��3L E3�:.ie' �:•l=� • .. -... J':- � `�? �-�,� IS rah (ACsi W1ti Itlt1; - �1 d Jesst�¢rr, I SS. 9r e - . Rc, STATE 07 VA-1 •R•+i. r' } to ..e. }__ 1sh �o8ea a • to t_ ti .�` - C.ti ri tl-f- me Ye�'S ;.. - •. .. H-1rold T. Srerer and Domthr 2. or-.wer �,• b4� 'TGh' H•• UP t2 &s V_. J 1 dc—j� 'Q I4 d%o etwo d dk shbb ana fttr„,v �'•+' �^'IR, Lid , i [y thor OV=d .r... CF�� tax 2=2 ar! ram'^ nt a thair. hip EPA r-'W. 7 cif t;r 9 .{ ! ti fir;'eom:a s , t i ��OPFIx r+''i�I s �j*�-9r�e'3c3als h y_. 7,r.a l��r� &F i . t• 9 r•.. r - Janus Iso. y _ % •. • s� , - . .. a. •.r sue. I' • • . - `' ..t _.1 t I. , 7 cx1 r'a Yu a of 'Y.r4'.,;lra•97 9 1' 17 COMPARABLE SALE # 5 ADDRESS: Third and Edmonds Street, Edmonds, Washington LEGAL DESCRIPTION: See document next page. i r d ------- w �4. Access: Third b Edmonds St. Land Use: Residential Zoning: RMH Size: 80.5 x 128' Area: 10,304 sq. ft. Sale Date: 11/5/68 Details: WD {: E. Tax No.: 13984 t -, 5, Price: $30,000 Grantor: Donald A. S Jean L. Tripp Grantee: O'Malley Brothers, Inc. SALE CONFIRMED BY: Snohomish County Auditor's Document No. 2066466 PROPERTY DETAILS: This is a corner lot on street grade level and situated in a good condominium area of downtown Edmonds. It is presently improved with a 30 year old, frame residence and a small business building. ANALYSIS: Land Value: $ 20,000 Land Impts.: $ 10,000 COMPARATIVE ANALYSIS: $20,000 for 10,304 sq. ft. _ $1.94 per sq. ft. $30,000 for 10,304 sq. ft. _ $2.91 per sq. ft. WILBUR C. MEIER, SRAn(,v) q—inr Po6r nntinl Annrnitar Snr-iaty -f Residential Annroisers , r - � �Y -a- A`i tin• a ]•� . � z. ZI . t t .. • ~'� • w 'S z v .^ R • •�•' � r ' ' • - .. -. ... .. its^ s i MI F CIAL RECrmfl9 F3 a = WWW Filod Enr Record at Request a4 a .�- t'r .�Jaa/..._...«_..—... _.. Vie• !' ;::]f.r�,�c .�ll.�...?......_... ' G � � �'j E CU7 4837 • 06:1h 5 iy P of I StatuAory Warranty Dectl THE GRAYMR a DCttil,D L TAIPP acd PAN 1.• TRUP, his wife kt tsd to caT-tiaa of xicon Dollaro and athar valttabia cCaid¢rattona In bid paid, conveys and satrsnts to O'LOLId.81' LUnmS, L;C., a Corporattan tbt fallovirg &e icdbed IvJ date, tituud is the County of Stxshaalah St,•, of Washivoa: peesitno at tha 8otthvust earner of Third Avenum and Zdssonds Strout. which Ls the trLo point of baotnaing; theaea lord 291I81031Eaat 80.5 Eaee; th¢nca North 6004057" hear. 128 feat; the=* South 29°18'03" Vast 80.5 feet to the north lira of Ce=,wls Strout; tba=a South 60*41' List along the North lien of e4zonda Strout 128 foot to the point of begLaaing, is section 23, i 1 Tow --hip 27 North, bang¢ 3 Bast. V.LL, aituato in the Ccum ty of Snohaoish. Ctata of Vaahiagt04- I =Z.l..C! TO eortgAga of record in favor of Citiratts F°deral Savings S Loan ag:°c1AL1G3, thica aartg=g4 the Z:antcos hero Ln will casvc+e and pay according to its tar= c:d conditions. SG„S S To a 60=ta, raatrUtL= ta4 raasrvatiana now of record, if any. RAMC ESTATE SAPAtLE", T �'i••�.a +.., a 1-ti'; ;{^J •'"�ry •.°..¢ 9 tau DMd Cks nth d:7 of 1rovam`ber .72 bS ft ,iTATF OF WA5HI\-CTCN. j ZL w 0. L-,, dry pa .Iy q*=Zd bel. ass l :c Lal& A. tr' pp and ,f M I- Tripp ti tp e b bf i�7. Eaw7Ef7si 0 &-- r:Lcd b ctd Vtx ia res -Zd thl G'dsi6 afld,FL'F �' * = '•}, �d '- -J S�L ac7 �d Lbe cc as chair frw lad V<��!vj +hard 4'ssi'fot tb M--4 ce==1 h=dr=J C5:1Ee=jeldi '�A/e7CE _ 7 r !, ?i� 43 • fva.ry . =� �t sxe �a'�a si�a+ai ;Yasefaff�t, }+ �y tka= c� Ly# %WIC PAL nEC4�T�3 - • � r 19 COMPARABLE SALE # 6 AD DRESSY 6th Avenue and Main Street, Edmonds, Washington LEGAL DESCRIPTION: See document next page. G T Access: .-- = PI r+ - Land Use Nn Zoning: Size: -r' Area: Sale Date: Details: E. Tax No. Price: Grantor: Grantee: SALE CONFIRMED BY: Edmonds Realty, Carl Lanser, 10/21/70 6th Ave. & Main St. Parking & commercial Business Commercial 180' x 110' 19,800 sq. ft. 4/15/69 REC-$20,000 down 04398 $75,000 Savage, Sandal & Vollan, Inc. S. L. & Genevieve Saindon and James H. & Dorothy DeYoung PROPERTY DETAILS: The property is a corner location with 100 feet of blacktop parking and a 16 year old, masonry commercial building containing 6,134 square feet on the main floor and 1,650 square feet in'the basement area. It is presently being used as a film developing location. ANALYSIS: Land Value: $ 40,000 Land Impts.: $ 35,000 COMPARATIVE ANALYSIS: $40,000 for 19,800 sq. ft. - $2.02 per sq. ft. $75,000 for 19,800 sq. ft. _ $3.79 per sq. ft. WILBUR C. MEIER, SRA ` Senior Residential Appraiser, Society of Residential Appraisers w; LIJI 1,IL.,-,an-,.C;pajy 4 IW13 Inmuiance Company REAL ESTATE CONTRACT TH13 CONTRACT. a" and .d jto Lhi, TAX :-AL E;TATE FAIX3, 15th d" *1 R April, 1969 Av(P.-NT PA.1 ""5!, ," "I 3AVA.GE, SANDAL & I.:.#I•' -;1D.' .LrC'n tion leralaahn nerd Lb. and L. gkaToj and a,7n* .M_ _ 9.t 7 'WN' his 1-ifa, ani b-im(i rr_d _,hS. a")d DO-WrKr DOTOU;G, h.J3 wife, JA lo! t Zz 6/ VTr`-t=rrH: Tk" Lbw "D" "SF- I& all t9 tb@ Purch-' "'l L" ;U"iLtmr attar, to b-w fFom R-�kr Lb. IoT P lo Las Li`4 `PPP k% Into 15 thxaugh 20, il%CIII7IV0, Dlock 120, City of Sdmrxis C'I� P-ccorqix'o to Plat thereof -Cccrdcd in rol— 2 of page 39, r plats, 'ecOrds of slid county Stibject to - -VDrt82Z0 to rat Federal Z;e7_I-Z3 and Loan As3ociation of Everctt, dated Febrw,27 6, 1967, and roco,,djod pob_LLI-Y 9, 1967, in voles 86 of x PaCO 421., Trader=ditorls filo !,13� 193IW3 official V, TI.. to- and -dh_. of UJ. T- pr,!,- Pan 'T�Mrrr-rTrz TiiOUS.U,D and (1 75,000.00 Dour, of awh TADUSAIM and (1 20,000.00 ID�a- h.- Gera paid, Lb.pt wh[ 6 htby �kmokdgr d. �d the bale of uki p=-h- prica Lhan b4 pwd u lol;owj The — of $36,454.93 by the ams=PtlOn Of the now C:d-3t--)Z -107tZLL�;O to Fi-rot federal Sayir,-3 ar4 Inan Azzodation of �vorottj which said Dortraro the ccrco to :swz--o a.pa.7 purcha-sers To rdir-C to tho ter:-:4 thereor, 4, 196rg of $360. c"'Icirtz with the LaY 15 00, and the GL= Of '360.00 on the 15th day of each and eye r7 thereafter, math until Principal and inIcrest are paid in Tb;* SL -A of =, 545-07, w",Ich said s= rap- Mc---tz the nnllor'3 equity horain, bo ;=Id az fojlgv:)� E2W.CQ,. or co-e. On Or bt-foro tho 23.nI dV of J:ayy IL769, lika M 4 =unt of =.Co, or z3oro, and on or bafom ILho 23r1 e-V Of each Q ard G%*rj north th=c-'rt'*r MTOLI 1110110r'a 0qEd'-7 Uld intoriee. *ro Paid in f,.LU. Irmo. oat Shau in C. t CQ t-Lu rOducir6' PL�-CiPO61 balanco t of zol-I or aequty t-ozi April 23, 1969, 0' the rate of 7" Pii; ar'==, and ah-XU b,* first. deducted fr= each =onth4 pay.at Cod U4 bzLL=c* of tho pr,T raps 4,-P3icd to ruction of the unpald equity. M Mjlr to b- -6 !-trader -hz b- sad, d Edmordz Branch of tho National Beak or Go=arco 0.- U US .&-r =7 d-t k. L P:=�-t- d'aa— =d L_to+" bw.am a Nto = ocad r--J ".tc -d V by th, U� it.:,C=M11 of l5rOwumd o: *I:MY M hu �M P'PMI._ Su "I.-M ptywfts Mor.=. co �IUWAI.Iblu Mw CU4U. L�- P;M"- wm to �*T L�.' t=_ M�M AL am am wj ke fu!iY I-d PAJ4, to krcp ib- WIcha now and �L=2fur ?wo ox mid re.i tuaLo 1,;Mt d t. Llw w.,g cRaj --u t?,�l g4_, W,. V, derma hurl &- in 4 tout..ny 6,.f"j@ 1. Lf U."Ar %Ad a. WW 2 4MAL• m acretak-L %6L" t;Pxw, " Z. fQF CS K3kr- ;*7 LZI S: Ml Lb"'fat lad to 4clt"t A!; PQW.•4 a:.!I=V4 LWMI $0 Pv S-`" 'C-' t Nbol f"J !-P'Cka or wd Jh.t Wit t �A'r !4 Krp" -41 bth -I.T.'art ITI.tl b. h, Id 12 Mv ta,F�C "rectL4 aff E-4.1 NZ Of �y wW-qvfwcm' no, omp 11. a, R&7 -� I w agar- V 4,r &*!.n: ba ! _,,p M,,t $ . .11 9, tP. magni at .,got b. b�W k:k &HU&- In �d W-!? a ;;rA of lhntt,Aiat ""ft 'To" lb- '"W" of 'Amn"M ftL-4 09 - 4Q.WFICIf hll,l� or til 'I (a � T%.* Canter, �� oil 1"=re. w I Cj =p t. �r oni romw * at awr impm nt� Mw M 0 61 � I f wtut OF t't M4'f DIA"d • I t."Vf. � . CIA M-r. ol� Ur,j P OF j# kjAC ;h.11 vow6ldrIALlon Is nm *a, Fta of ..d "t eK,tta $wr L.� INT.&N 6 -1 A br ;LL'I to I�q ww wti Ppor-T .1 mrru-n ^a t" Pq"lu" Or" tAw wiler Arcts 4o a LLDw thi 74 n Imw jo gpNT t :1 r-- or 01 I.V , -LIMfilk &�d by �)4 U1.,, . 10 Ik �0.1' 14 I'Lo -1 19 - r -Fa rS- 1. . CS. of M_ 0, 1p *'M'J "Ug pare Of the t-Ma;' P_LV go 7rd IM at w1i, *VC.. .1 t' 6 or g, LLtu P P.-4 P. a- OxQb Liat U'd P�db hAJA bw PqLL, k L-4 frr ..f on tM wfi$;A It 46ra al Lk't date of 'Wdftg' a ChImv% Nf!" 0 Ilia lmftftl%;a lot b &M4 4 W� TI%I -N 3 CJ� R OCLI "IF!I_ Jht p�,)-Jlfff 141 In, 44,1 IMqMl of I I- a r bi M4O4 04 ok ad 12 M:4 r's vi 4 to n rtzj t S6 is U t��A foli-132; dlu of dO&LM Lzj Z7r. I'mal zw 4L F'r*Ipd 92"Mi VUT.13�� MC-Affbr b VM po"ry IppEj Ur.. v tp�vwk"� DU% L7 tLj trr:=.) rd dA cwtloi L�r# ;wo,_ 5 Lo N =06. �N,rri. "i _matF b to eaut". 4.r U t* CiLA Of Cotts'Nam C. Ay "L.1r" oMpIKS Cp&. -*kl abler EG m& kh"I" P9fd Pomp atal. Ud M&F!"n Uarr DT eta wo I Ma gran 10 sae61 Pty, 7 kkA lot L6 pvF;- of z&t' P'fgv',;A M LW A eft'�w dj�wcs IF a vt;e"j OFFICI'4t ftcm®r' 0. rw"�A--"Clf. 21 COMPARABLE SALE # 7 ADDRESS: 309 Dayton Street, Edmonds, Washington LEGAL DESCRIPTION: See document next page. G 17 t . .'_ .R�I ��. =�}L��.K'y'}f,��.-.'�•t'� -•ram-ynYµ ' i � [� ,��:.. •� .'." yam,,. r I� 'fir • y Access: Dayton Street Land Use Residential —:- L :.. Zoning: Business Commercial ,..,y.E Y� Size: 60' x 65' L X. Area: 3,900 sq. ft. Sale Date: 5 / / �,,.. � .,-r � � ..�:: •_..� ,�„_'.':.:.,�..._ � 26 69 Details: REC $2,000/$125/7�% E. Tax No.: 06072 Price: $15,000 �M __ :-2. Grantor: Myron D. 6 Edna E. . i Kopp Grantee: Walter J. 6 Ruth M. Precht SALE CONFIRMED BY: Snohomish County Auditor's Document No. 2096113 PROPERTY DETAILS: The tract lies adjacent to the alley and directly west of the American National Bank. It is presently occupied by a.l-� story, frame dwelling, having 648 square feet on the main floor. The tract has 65 feet of frontage along Dayton Street and extends back 60 feet. The building has an interim use value of $5,000. ANALYSIS: Land Value:" $ 10,000 Land Impts.: $ 5,000 COMPARATIVE ANALYSIS: $10,000 for 3,900 sq. ft. s $2.56 per sq. ft. $15,000 for 3,900 sq. ft. - $3.84 per sq. ft. WILBUR C. MEIER, SRA �RRA�,�) Senior Residential Appraiser, Society of Residential Appraisers c — typ r »..r+.. n— 0', I ulla•t'l ,1.La ,....-a. _ REAL ESTATE CONTRACT ; ',ti •, -...•.. -.r .. .r �..-., . ," arts.o�rutcr- oad.r drarrtd a. n� 26th d.7of may, 196) .rat D. E<JPP and _. f E. KOPP, his wife �I .mr, .ad W.L1�R J. PRFx}iT and r�U iI M, PRr]CHT, his wife �lxrr�=lrrrr.srJu. arm Lb. y _ '•,�' • - - • .i• • - _ ... - ' •r,' •y '•f W I-N*MZN: Tbat LSr st[kr ages to =0 La Lbr ;-.1 sr .d lb. purrhexr aV,- to purr I— the aeI,-- Ihr f.11os� - - ; F- r s. A=a'u.d reaj elate, r(tb IN am nca -k In SNOHOMISH Co.at7. Star of w'a.burtoa: That portion of Southeast quarter of Southeast quarter of Section ' r Al a Zan.,c East, W 23, Township 27 North, 3 .M., in Enonomish County, Washington, described as follows,. t �_ ,,• �; e7• Beginning at the Northeast corner of Third and Dayton Streets, Edmonds, Washington; thence East to the last lire of the alley, as „ s ?` conveyed to City of Edmonds b1 Quit Claim Deed recorded July 20, • :1 - `:. .,,x� - iw - , 1966, under auditor's file ;io. 16oU471; tierce ;lo=t11 of rest; 11 thence 'West to T:'_rd Street; thence South 60 feet to point of Y e, ,. •^ if beginning; . EXCEPT the West 75 feet thereof.�� • .. ' .a. Y { `= �. ram' -.., r5:..-r..•C::i: - • '• - - - -. r • F ' '� .t� r�•! Th. ury -A of t]I. -,--act +n u for--: The ;,uchas prig h - - _ - - - - •. y - ! t D- _- o-s FL- =7N T:OUSA:� and no/ioD - - - - - - - (J15.000.CO f h" I t ^vo.;oucaina and :oj100 - - - - - - - - - - !s2,J00.00 lno11—h.c f r . .. - - '_')s •• - - b.- p.,d, th. rrervpt .brrrof la bc[eby -L—Ic.lacd. acd tb. p,�._r..f ,: id purcdax p,- ,r.,n b. paid as f.;.;s, . .... O.ne Hundred 'I,cer. t: -_'i:e any no/10) - - - - - - - - •'� n ;.. } t or .t p,.raa,rr', Dada, oa .r befo[. th. 2 day .f June I. c9, F .. • ^ ,•'r •r - -= ' •S{J • am One H''u n r J i,ter.Z; -f i-.G a nJ r.oj iJ0 - - - - - - (s 1_5.00 )aorta. •++. rr. p"• . -• .• - , or r>m rr u purcharr', c7tion, an or brfare k �7 �^, day of c.S eo -r=4 r k.e r oao:S ::.Ul [Se Fa!anr. of Wd - A •r �i• ' .•� .. y, -,t+ - ,;... 'a a paid '_:., ; r h_xr . _.Scr gran t� ;. y •r,.c c-, ea Lb,t dr_ onh:-z bain.-[ of u;d per b- pri- . . .. _ .:. .. .,,4 •• •e+ .- - y at Lf. nla or 1 mt I,— tuc - ,j &Y of 72 D[r ,zr, ac-em �_ June . ly b9. - - .. 7.• .: sk.b !,[rent ilal! b. dnluer.1 (mn r.rb ,-sLa:mac=! po7-tea[ -J-tbe b.' o of e % app:rd ccd�a.'wo oI 7�.ncpal 1. -- .. • i� . • ` 1'1 1! fp.cxt Cis ,k7 pa7=[c4 L'1 fir_ t2.:,.=dCr, 43.: b[ �a2r 6l C.� ron ✓. -1�✓�, C-224 - 94 �n Sou n, ar a z:h atic pyre as u m1cr may d:—t In . y Kent, - a c hingten 9 031 "A" SEE AiTnC D Eia1BIT ?GR ArDITIO:iAL i_RMS AND CGfiDITIO`i5 • - S , ~tr � _ __ ' _ .k_. IEu�LITIT AA:� ,. l;�c • _•l - _ _ 1 _ _ - Si111 3- fas y ^ ^ a `rr - - - - !'� M. - ti rdertd a to ::� .r•.••r3-. "Cry et ckriz' ,ha7 bo�I-3.n� . - • ,. - - ° _ (1) Th. pa.•cSav7 utd a: ee, to pal bc'u 0 tin-, pad .6 rat, :hx -y a t �— Ster and ean'n r-.a:,xracrt ur trx 'ter Drcoxr a !Ira oa J real -I, -d Lf by Lhr trr_y a. c:,, _.aart Or porb- ]a, r •.:..^..rd of am p mo:tee. . - - , •- T- _ coat-rt or a;]cr e_._ _6znrr, at ha, 1?=ymret .f n..sari :o p,:rt- ,eject to, a.,y tumor ays._ .ea[. ors a f:[a on saN rtsl mute. Lr Durban siren :. pay :he ta-c bc!. re '>`� .. �•. �. L.• •e Il) Th, punhm t;:c,%=1.2 the n faly pawl. In krt;1 t . b,r At mr at4 hrm!trr ytatrd ex acid :.I ,nt. L-=.-td to -+I I<•t by twl 5:- In ",.mni)t fp - - • ,• _ the x[nal MS rafar t]ccret :fc rs!.-rp ,-.1 a airy, •:f 1i (Se wlkr .-A far L-'- m L. u_r:. 'CW41, n au ,tat car �:e-+•, as t :a yai. it pte : xs [hL;T'_t anJ to e:+.rr a, p:li, +nd rtx�sza tht.cof to U, r.!rr. `. • - - a (1) T1. t•eah-,ape, 1-1.1 full io+; mcC^n ,f w : real ,-Al, h., !x , ca.!e >_-d that ,e :]rr, t]e ti rr ..,, ti, -1- xl..] be h6l t•') : r Yh • • ., - d L. aoY wsr�m rt,;rr ue Lbr cec ...1 a=r -pmt.-pro:, tr.e•eon n .�-•� ebe por.hasr or veer r a, •.c, -if r -'ter bo L., I to Y goy mrru.t or,: perm for p—ra- It or rrpaL•. yJru L)k enr,emL or ai+tement relied en u conza rtl hc7.:.i or if ,. In mLI :-tir:o. MW m _d -'r a part o! tSu :r:2n • .,,,• 'r (1. („h.r-=. dh.ti-r. r Anxtn of y a. of i ,e taklr:.f ,a_d T,: W. or ar. p.an I`.r..,! Ix prS!'c c,e and steer. trot na ,_cy Ca-:.... dc•!:•,ebon or bt-.- mc,r,�uu a live of 1-ML 1- In car a Y part or ,.ul 1 [ ::ken for W',c ux, the p•..' :•a .,l the , r.._. :.t,-n a and te,na,ntna ..'Ire pay meat a! reaa7la b'e e,pr-,r, rt pr^.cur.•; the !,:ry th,;l r• pa:�l In Ute r ar I .,: i 1 a, .,y-,r,l -n t.`• C-nb=•� hrrnn cn!ry tY to alloy :.- ; :rtba_r C. ,; ;', a!t nr a [,�rtr - of r:t! .-.-.:ra,n, •n ..r,r It. r`.r r-E,.'. !.or[a •r :, .:a- _ rrlx-r, 11 tmn of a �.�Crn. r.•acb 4�e;rJ [7 ,u:9 In rr. al rta-,:r cr d: dn:. t,.•n N...,a tr•l r.. rr,f 4 - i . • . 3 - . r .,J V•- L o:nrre rr�aars�-; aJ.cr precut of Ise : _L. rr;Jcu cl : .-..n:.t "c ,,:,r r.t:, b. dr_✓r•1 1, tkc rr.tn-mm� o nL,d !,-: ..h - rapp..,r�:-,] la'a. .. • - - - • :. fp^ntTy'r•:> a rxa>ac L1. upr, u :. j ^::.1•ef -k,L a-t .•' I ,,•' a a,:l t. -d to L`e x.^r for fiJ.:`•- .acre hr:rrs e - (11 Tts retb,, li f dk![ t of &C x. H 0-7Rr s'.[k to 11 da7, of []e Cat. of do,+-,. a P:rc`.a `. po':[y of :; Or In -•in -,re In _ { r i =" .-- rirodard •,ra era Co., .=-[ 0-2-, 1,d by ^_,,• • , -•, +` ,r r.. e..., r-,-. _:n•.-int for p.. to t]e fug of - "[ :. s - .! i,=d tar=ax ��-a >~zrest ter or cr..i^rzz by L•exa:a It C1H Ia -tut 1 L« -'O'ZW ftM _w .ls :a of L.a 4:. of .:"afaa 1 - 7 •?!. - '. ,y t `) ■a-.=..tL-r r.tbre :}so me faucet-{: - k Pr_sd rural rupee= s; ,,.its 1A ei4 7,tr7 f9rm; : ' ;�• ' ' r .- �� • • r Y : ,y`,'� 4- • •.•i"t 4 U-1 w en=,A vm trl a :r Co trm, cr *A movu!1 2+ ;':rtR7tFs 1) to L•rAr, nr y to t"_.k3 1n_r p•n-;am -*--der- r" 4 • . ..�' "., , . - •� -y L :a S• e_a.7r sc:lnt; sad{ a Ard,Nnt castes,[ o. -w-racd eaCrr s'_.r[h t1r 1. �,tttket„ a=! rat teta tr,!.rd rs. a-�n,{t� •T pth-r �Y.-r c' - =Sr-!.• .- li J y • -''7 �•:a M1 .S _ et'� by L:u c=c allrW= to D'a7, ssa o: u" for Lao Y.'rp . of :>> Y:RVa:ah (1) a],.] Le d .1 dr rnt. to -.N.', W!, � T. ;r ". .. 7 •- �.•.n--. h�•- •. es J.' �:- .� +t - '3: ,' c�J. r._ _ �- "`•}�i-. _' rl _. _. _• �. _ _ -•.. 23 COMPARABLE OPTION TO LEASE ADDRESS: Mukilteo, Washington LEGAL DESCRIPTION: See document next page. Access: Land Use Zoning: Size: Area: Option 5ek Date: Details: E. Tax No Price: Grantor: Grantee: SALE CONFIRMED BY: Macaulay & Associates City street Condominium Commercial 304 front feet by 130' to 80' deep 31,920 sq. ft. 8/26/70 Lease None $304,000 George P. & Anna Losvar and Arthur G. & Constance A. Losva L. L. Beigh PROPERTY DETAILS: This is a relatively level waterfront tract improved with a boat house (no value). Utilities included electricity, water, sewer and telephone. ANALYSIS: Land Value: $ 304,000 Land Impts.: $ -- COMPARATIVE ANALYSIS: Land lease was based on $1,000 per front foot. WILBUR C. MEIER, SRA i r� ,t__a._I A.,. .-.,� C...-�..+., L f�-.ri�an+irl .A _ .,�n.� ti• . I I.` Thjt t Of North, Pangs 4 1"n dc-,!'.CriLr'd as 0 n wi nt J,ch of M03 nd north 11 %OuLh 7 the :t a d of E!Cr at t! L. 'n; t I . 'S"In Of 23, To-r. 2m nm 'r n0l; 751 1, cr�t 'nt -th �Cnt r, t A v,� rob,,.- "41 ri n - ir'n nt F'.1r:t a di-114 PC, *,I, n�' ! - n-- of 3r,6.112 f,,,,t ' bz�'- t h N'orth 15* 'east - Of' t�� to a rz�.-.jt roLpt of CoAt .2 di� I -C o F Vl-.�Inr'�' G31.43 f, vt to thp Point Of I eT c tQ tj i nn i n !: r -4 i t, 4, Class ithat port.,nn of t' frant of s'Jjd ofho follodinq dcr.c�-ihod, '.Ct 2 Linn: pQ ' I n of on V., ZrIci p -0 1 Onc. % t i '�'IOZO tic Of the t'J "'lat. VOI-I* 2 f.0 rc *-or,'. Flag,Pa'IP $7, in id yearm East al 0 On,, said vC.Incicl- I-ml -hence' "-0: t" 32 .1 L teminal and re a et';t%'jqcc of t7s f'�Lt to Together w; Easterly sl with that POsaid -tion of Lands ahuttinq the ML*33tircd 0 feet of tJ�Ith--c "Love do5cri r%% along the SCutherly line bed idc real pro,erty r' rcol Ar 4, h C- 4Q IF) CL 'DMCIAL RECOF= 4 :7- SALE NO. LOCATION ANALYSIS OF COMPARABLE LAND SALES DATE SOLD SALE PRICE , f ZONING SQ. FT. PRICE PER PRICE PER AREA SQUARE FOOT FRONT FOOT Admiral Way 3/25/68 $ 52,500 CW 15,000 $3.50 $1,050 Admiral Way 4/05/68 76,500 CW 37,400 2.05 306 Jn--a Street 2/29/72 56,500 BC 30,800 1.83 Not Applicable 3rd Avenue 1/14169 44,000 RS-6 66,000 .67 Not Applicable 3rd Avenue 11/5/68 30,000 Rini 10,304 2.91 Not Applicable 6th Avenue 4/15/69 75,000 BC 19,800 3.79 Not Applicable Dayton Street 5/26/69 15,000 BC 3,900 3.84 Not Applicable Mukilteo 8/26/70 304,000 Com 31,920 - $1,000 INDICATED VALUE OF SUBJECT PROPERTY SITE PER FRONT FOOT: $1,000 SUBJECT PROPERTY: 288 FRONT FEET AT $1,000 a $288,000 Cif 26 ANALYSIS OF LAND SALES The appraiser employed the services of the Everett Abstract and Title Company to make a complete search of the downtown business and industrial area of Edmonds to secure recent sales of similar property to the subject in order to estimate what buyers and sellers are doing in the market place. From these sales, seven were selected as being the most representative of the subject property. The sales ranged in area from 10,304 square feet to 66,000 square feet and ranged in price per square foot from 67q, to $3.84. In addition to the seven comparable sales, there was also selected a lease of a tract of ground in the Mukilteo area, fronting on the waterfront, which is now the site of a new condominium. In analyz- ing the lease and the discussion with the lessee, the land value was established at $1,000 per front foot. Comparable Sales No. 1 and 2 also had waterfront exposure, which was comparable to the subject property. It was, therefore, the opinion of the appraiser that the value of the land of the subject property should be based upon a front foot factor rather than a square foot factor. From the data secured, it is the opinion of the appraiser that the subject property would have a front foot value of $1,000. WILBUR C. MEIER, SRA ! 27 COST APPROACH The cost approach to value consists of estimating the cost now of all the improvements, deducting any observed depreciation or obsolescence, and then adding the value of the land and its site improvements. Industrial Building: 60' x 122' x 28' (204,960 cu. ft.) 204,960 cu. ft. at 40q per cu. ft. = ..... Rounded ..... $82,000 LESS 20% depreciation 16,400 Depreciated Value of Industrial Building ................. .....$ 65,600 Interim Value of Senior Citizens Center ........................ 10,000 Concrete Pavi_ay 11,000 sq. ft. at 450 per sq. ft_ == .....Rounded ................ 59000 Total Improvement Value ..................................................$ 80,600 PLUS Land Value.......................................................... 288,000 TOTAL ESTIMATED MARKET VALUE OF LAND AND IMPROVEMENTS BY THE COST APPROACH ...... ......................................... $368,600 NOTE: The spheroid is a loss factor to the property and would have to be removed'to secure the best return to the land. WILBUR C. MEIER, SRA Senior Residential Appraiser, Society of Residential Appraisers $�� INCOME APPROACH BY BUILDING RESIDUAL METHOD The Building Residual Method often utilizes the analysis of income producing properties where an estimate of land value can be adequately supported by comparable sales. The income which the investment will command is estimated by comparison and subtracted from this amount are the the normal expenses the lessor would pay. From this net income is sub- tracted the amount the land should earn, if vacant. The balance of the income stream, therefore, is imputable to the building. This income stream is capitalized at a rate which will provide a return on the investment (interest) and also a recapture of this investment over the remaining economic (not physical) life of the structure. WILBUR C. MEIER, SRA S(-ni-r R,� ;Aerflol Arr- ^� Societe -f R(-sidentinl Annroisers nSRA Income Approach ;ont'd. 29 Economic Rent of Industrial Building: (14,400 sq. ft.) Economic rent rather than the present contractual rent has been used in the income approach analysis because it is evident from the survey of industrial buildings in the area that buildings of the nature of the industrial buildings situated on the south side of the property would lease for 14(,' per square foot for the 2 floors. 14,400 sq. ft. at 14� per sq. ft. a $2,016 X 12 (months) = $24,192 (Lessee pays all expenses) Senior Citizens Center: $670 per month for 12 months 8,040 Total Gross Income.........................................$32,232 Expenses: (Senior Citizens Center only) Building taxes: Estimated (average) ..... $1,000 Insurance: 1,000 Maintenance: 250 Total............................................$2,250 Property Management 5%........................... 1,610 Total Expenses ............................................ 3,860 Total Net Income Imputable to Land and Buildings.......... $28,372 Land Interest Rate 7% -- Land Value $288,000 $288,000 X 7% m 20,160 Income Imputable to Buildings ............................. $ 8,212 Land interest is 7% Building has a 25 year economic life or a capital recapture of 4% per year. 7% + 4% a 11% $8,212 capitalized at 11% (8,212 divided by 11%) Indicated Value of Building .................................... $ 74,655 PLUSLand Value ................................................ 2882000 TOTAL INDICATED VALUE OF SUBJECT PROPERTY BY THE INCOME APPROACH.. $362,655 WILBUR C. MEIER, SRA Senior Residential Appraiser, Society of Residential Appraisers `, �f 34 MARKET DATA APPROACH The Market Data Approach which is the most widely understood and simplest approach to value, involves direct comparison with what occurs in a typical market place. An investigation was made of the market for recent comparable sales of buildings which are similar to the subject property in location, physical characteristics and utilities. No recent sales of compar- able buildings were found which would give a reliable indication of value for the subject property by the Market Data Approach. CORRELATION AND FINAL ESTIMATE OF VALUE The two approaches used in this appraisal indicated the following market values for the subject property: Cost Approach ......... $368,600 Income Approach ....... $362,655 Since the two approaches produced very similar indicated values, and although there are inherent weaknesses in botli the approaches because of the type of property involved, it is the consensus of the appraiser that the indicated market value of the subject prop- erty as of May 25, 1972, would lie in between the two indicated values or have a market value of: THREE HUNDRED SIXTY-FIVE THOUSAND DOLLARS ($365,000) WILBUR C. MEIER, SRA `" �'" Senor Residential Appraiser, Society of Residential Appraisers � 31 CERTIFICATION The undersigned does hereby certify that, except as otherwise noted in this appraisal report: 1. 1 have no present or contemplated future interest in the real estate that is the subject of this appraisal report. 2. 1 have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. 3. To the best of my knowledge and belief the statements of fact contained in this appraisal report, upon which the analyses, opinions and conclusions expressed herein arc based, are true and correct. 4. This appraisal report sets forth all of the limiting conditions (imposed by the terns of my assignment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report. 5. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the American Institute of Real Estate Appraisers of the National Associa- tion of Real Estate Boards. 6, No one other than the undersigned prepared the analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report. WILBUR C. MEIER, S.R.A., R.M. Date: May 31, 1972 32 ASSUMPTIONS AND/OR LIMITING CONDITIONS 1. That the title to the property appraised in this report is good in that no liability is assumed on account of matters of legal character affecting the property such as title defect, encroachments, liens, or overlapping property lines, etc. ?. The information furnished to the appraiser and contained herein is believed to' be correct and from reliable sources. 3. That the appraisal is to be used only in its entirety. The values of the various segments are their estimated contribution to the overall value of the property. 4. Value is estimated free and clear of all liens and encumbrances. 5. That there is no present or contemplated undisclosed interest in the property, and that the values found by the appraiser are in no way contingent upon the em- ployment of the appraiser or the compensation to be paid therefore. 6. That the distribution of total valuation between land and imp rovemcnts is made only for convenience in comparison and applies only to the utilization of the pro- perty to its highest and best use, as delineated in this report. 7. That the standard and accepted appraisal practices, as recognized by the Ameri- can Institute of Real Estate Appraisers and the Society of Real Estate Appraisers were employed in the appraisal process. S. That the maps and drawings included in this report are included to assist the reader in visualizing the property; however, no responsibility is assumed as to their exactness. 9. No sunny has been made in connection with this assignment and acrea.c provided or indicated on maps is assumed to be correct. 10. Neither all nor any part of the contents of this report or copy thereof, shall he used for any purpose by any but the client without the previous written consent of the appraiser and/or the client; nor shall it be conveyed by any including the client to the public through advertising, public relations, news, sales or other media, without the written consent and approval of the author, particularly as to value conclusions. the identity of the appraiser or the firm with which he is con- nected, or any reference to any professional society or institute or any initialed designations conferred upon the appraiser. 33 QUALI NCATIONS BUSINESS ORGANIZATIONS: Member — American Right of Way Association Member — Society of Real Estate Appraisers Member — Everett Board of Realtors (Past President) Candidate — American Institute of Real Estate Appraisers REAL ESTATE EXPERIENCE: Licensed Real Estate Broker and Salesman since 1950. 2 years — Noble Realty 8 years — D & R Realty 5 years — Bennett Realty 2 years — Roy Burkland Realty APPRAISAL EXPERIENCE: Appraising for the Veterans Administration on an independent basis since 1955. Intermittently appraising for the Federal Housing Administration on a fee basis since 1957. Qualified as an expert witness in the Superior Courts of Snohomish County. APPRAISAL EDUCATION: 1962 — Successfully completed the Society of Residential Appraisers' Course on "Principles and Techniques of Residential Appraising", Seattle University. 1964 — Designated Senior Residential Appraiser by the Society of Residential Ap- praisers. 1964-1965 — Successfully completed the American Institute of Real Estate Appraisers' Courses No. 1, No. 2 and No. 3, University of Washington. 1968 — Successfully completed the American Institute of Real Estate Appraisers' Course No. 4, University of Georgia. APPRAISAL CLIENTS INCLUDE: City of Everett City of Lake Stevens City of Snohomish General Telephone Company Hudson Oil Company Marysville School District Monroe School District Mukilteo School District Scott Paper Company Simpson Lee Paper Company Tulalip Tribes, Inc. Weyerhaeuser Company —Big "W" Credit Union Other Individuals and Institutions 1971 — Designated Senior Realty Appraiser by the Society of Real Estate Appraisers. 1972 — Received R.M. designation from the American Institute of Real Estate Appraisers. WILBUR C. MEIER, SRA Senior Residential Appraiser, Society of Residential Appraisers �l�4 A D D E N D A r� WILBUR C. MEIER, SRA Senior Residential Appraiser, Society of Residential Anproisers �� Ak 0& J9 A, 0HA vT' 6�r� 5—T 41 cA ( -ADE OR TRE,"Nc,s, LA > 4 CEDA 1 6 $PRUCE —7 LIENILOCV--Sr _ ---I L AuREL; I .0 [-AL, LAUREL r__ S , < l S_ - -DIVE > M_ ST_ in "I ELM Elf, /r, CL 4 S — r-1 APPRAISAL OF 200 Admiral Way Edmonds, Snohomish Co., Wn. M,wuaa � W. B. NELSON As of June 1, 1972 Made by EARL L. STAYO APPRAISER SUMMARY OF CONCLUSIONS INDICATED VALUE BEFORE ACQUISITION: Highest and Best Use:........, Waterfront Co.=ereiaI Land area Unit value 12Q., 3?.5... sg, fit........................................ ...� _.� _m __ __� __ -_ .• 25 s9_!. ...... �70 731- -------- ._:...............µ...... -00-.. _..�... _...._�................._.........._.........................._..__...._ ------ $...... _.._-....., .._........ ............................................ .................... .......... .......... Total area..4-?905. sgr?t! .TOTAL LAND $.... 270,731w IMPROVEMENTS T pe 2 ' x 96 2 story Sic it value 2496 sq. ft. 8.25 ...g.`..... $ 20, 592 - 12 x 62 office addition+ sq.ft;......' $ .............................. storage building . ... .:.. ........... . sq.ft.. .$2.?5........ .... $........19,f300...... ^ �,371.__........_. ... . ...................................7 addition ....................... ......._- K25--------.--- 24W....SqOft ......................_....... .......; .............._........ 7' ... ,._..,..-. ' Walks drives blackt .............. ..... .............................................................. ; mist. en -site impr. ............. .............. ........... ...... $........ 10�000 ----...._... ........ ... ........_......... ..... _ .:_W ,...,.._......_._,.._.,, _m.._., _., ...M ,M,», .., �. TOTAL IMPROVEMENTS- $.......,,..._................_.,......,... 62,563 - - 333,294 TOTAL INDICATED VALUE........ ............................. Rounded to $ 333,000 INDICATED VALUE OF REMAINDER: Highestand Best Use-..-. .. .... ...W..........._...... .._........_.............. ............ ............ ._......... ........................ Land area Unit value -.....................-...-............-................M......................_...__....---»............................-»,...$........................................,....... .................................... ..._........... $__..... _......... ........ ...._...... ._ _M..,.,..,............._.......... ............ _.......... _..................._..._ _ ._. »_ .»_ ... w--------------------------• -- .........-.... ............................................................... $.................................... ...... Total area .................... TOTAL LAND IMPROVEMENTS Type Size Unit value �.._ .... .. , »... .. ...... µ .. - $............ m.._.... »... _-......._....._............................................... ... ... _. $... W ... ..... -..——...W...__ ...._.�............ .............................._......_........_... ............ ..._........-»_-„„.. ................ _»............ w ....................-...................... ................................ ..........._........_.........$..........._W_........_..W............... ................. ............................. .................._........._.�....._.. . . .... $.......� .. ..� it .......... ......... -.,...... ............. _............. _....._.................................... _,,..M...._.,_........ TOTAL IMPROVEMENTS _m.....�....._........ »M. $ .......................... ................... nil TOTAL INDICATED VALUE ..................................... TOTAL $.w.... - .. BREAKDOWN OF ACQUISITION: Land area Unit value 1204325... sq..ft........... -$2.25....s..qj'�..---..2.7.0,.7.3.1_,........ ......................... ............ .................... :.:..,__.. .................................................... ------- ........... $.._... ...... ............. _ ...................... ..�..-..._-_ -...-......................._...._......_.._.__ ...._ $..._�..w__._.,.._.._..__„_ ...... .... ..------ .......................... .......:......:.....:.:........................................... .....................I................ Total area , . , Q, 325 . SSI Jt.TOTAL LAND $..;....2.7 s.731. ,.,-,........ IMPROVEMENTS T pe 2e x 96 2.. story Size Unit value 8.2 ..........._. 2496 sgaft..,.....t5:jt.qD $...._.._201.59? ................... l2 x 62 office addition 744 sq.ft. ...371 storage bldg. 7200 sq,ft....__... 2.? .......... $......--....�- r ............. addition 2400 sq,ft.............'3.25 ._ . T...... $.....,._ .....Zt ........... walks? drives, blacktop, ..... mist,_ on -site iaapr. ...-................................................. 1a 0.g0 TOTAL IMPROVEMENTS $.. .......�2.z.......3..... ......... � DAMAGES Item _ .................. _......... $.........................._---------•----- ..... ... $...._....__....... - .................... TOTAL DAMAGES $----------- 1......... Sub -total $ ....3.33.,29k............... BENEFITS (Subtract) 333,000 Rounded Ikon _.......�....� _... _...- --.... $.................................. _ .......................... $ ..... .. ... TOTAL BENEFITS $ . - nil. Dii'ierence Betw en e Before and After Values ..................................... 333,QQQ ............... ��+ Appraiser Parcel No. W B Nelson Form 3.533-2—[7S-2-fXarl L. St Page 2 Ownership PHOTOGRAPHS OF ALL PRINCIPAL IMPROVEMENTS AND/OR FEATURES AFFECTING VALUE Photos are numbered (1, 2, etc.) wi=Lh camera location and direction of each -photo shown on the sketch below (or sketch attached). (E.G., "ate ". Camera location is represented by the circle with the photo number in the circle. The arrow points in the same direction as the camera lens.) M Date Taken 1...�..3�..1�ea[.................. Taken by ...1......L..�...�-� .. ........ .. ... .. PLOT PLAN showing (1) subject perimeter dimensions, (2) street and alley frontages, (3) improvement locations and perimeter dimensions, (4) R/W and/or access take, (5) "North" arrow, (6) location(s) and type of easement areas and (7) camera location and direction for each photo. BeforeArea .AQVWP..N.J�.-..... After Area ............................. Take Area .................... Easement Area ........... .. :}.t?..5.m`�1.............................................. Appraiser Parcel No. HWY FORM 261-017 REV. 6/71 SEC. I - IDENTIFICATION & SUMMARY o4Mo15il�; 1 ; 1 IIJU M William B. Nelson ITER 2 - ADDRESS OF PROPERTY 200 Admiral Way Edmonds, Snohomish County, Washington ITEM 3 - LEGAL DESCRIPTION Beginning at the intersection of the Westerly line of the Great Northern Railway right of way with the South line of Gov. Lot 2, Sec. 23, Twp. 27 N, R 3 UM; thence Northeasterly on the said right of way line 450 feet; then North 490 West 95.67 feet more or less to the Gov. meander line; thence South 510 23' West on said meander line 288.33 feet to the true point of beginning of this description; thence from said point of beginning run North 510 23' East along the Gov. meander line 288.33 feet; then North 47' 32' West 319.6 feet to the inner Harbor Line, thence South 450 00' West on the inner Harbor Line 250.13 feet to the most northerly corner of the land conveyed to S. T. Engebretsen and Bertha Engebretsen, his wife, as deed filed for record under Snohomish County Auditor's File No. 1087092; thence along the Northeasterly line of said Engebretsen land South 33 37t East 287.94 feet to the point of beginning. Also known as RT 12 by Snohomish County Assessor. Commencing at a point on the West line of Seattle and Montana Railway right of way (now Great Northern Railway) at its intersection with South line of Gov. Lot 2, Sec. 23, Twp. 27, N, R 3 EWM: thence in a Northerly direction along West line of said right of way 150 feet to true point of beginning; thence continue in a Northerly direction along said Westerly line of said right of way 300 feet; thence Northwesterly at right angles from the Westerly line of said railway right of way to Gov. meander line of the waters of Puget Sound; thence in a Southwesterly direction along said meander line to a point at right angles from the point of beginning; thence Southeasterly to the point of beginning. Also known as RT 31 by Snohomish County Assessor. ITEM 4 - DELINEATION OF TITLE The subject property was purchased April 25, 1967, for $230, from Surf and Sand Corporation on a real estate contract with $50,000 dog-m- with terms of $1500 per month at 6-24 interest. Earl L. Stay, Appraiser Page No.------....4......... Parcel NoW_�B,Nelson Year of 1972 Ownership (ITEM 6 - SUMMATION OF APPRAISAL PROBLEM (continued) The demand for waterfront is still increasing at a rapid pace. The adverse affects of the Shoreline Management Act, Shorelines Protection Act and the guide lines of the U. S. Corps of Engineers limits the use of a great number of competitive waterfront properties. The subject property has adequate uplands to develop to its highest and best use. Typically, the mmlti family use permitted on subject site by zoning and lack of need to fill or pile over the water will bring a higher net return than a marine oriented development. Earl L. Stay, Appraiser Page No.-------6----- ------ Parcel No. W B.Nelson ---------- --- Year of 1972 Ownership ITEM 4 - VALUATION OF F$OPERTY (A) SITE ANALYSIS & EVALUATION (1) COMPARATIVE APPROACH SITE EVALUATION (a) General Discussion: A number of land sales in the vicinity and other competitive areas were examined. These sales were carefully analyzed on a square foot basis and a front foot basis as to the advranta{s and disadvantages as compared to the subject property. The following sales were considered the most comparable: Sale Sq.Ft. Grantee Area 1 W.B. Nelson 120,325 2 Lyle C.Nichols 17,000 3 Bartons Marina 63,690 4 Paul Drew 6600 5 S.R.Kauffman 120"000 6 Anchor Dev. 34,500 6A Commercial 34,500 Marine 7 Puget Sound 22,700 Marina 8 1200 Westlake 185,450 N. Inc. 9 Ivar Haglund 24,337 10 Issac Gamel 90,000 11 International 125,000 Enterprises 12 Selma Rodgers 69,000 13 Selma Rodgers 41.,055 14 Kerry Kinsey 18,0o6 15 Wm. T. Hoyt 17,200 16 Donald Wilcox 60,340 17 Arthur Halliday 62,741 Sale Sales % of Price Pd. Price Pd. Date Price Upl=d PerPer Sg.Ft. Per F .Ft. 4-25-67 $230,9000 54.2% $1.25 $500 6-13-66 $36.9000 65% $2.12 $720 3-27-66 $215,000 86% $1.3o $657 6-20-67 $11,000 100;6 $1.67 Not applicable 2-1-70 $145,000 0 $1.20 1-5-68 $115,000 0 $3.33 2-19-70 $133,000 0 $3.85 3-2-67 $75,000 0 $3.30 4-17-68 $650.'000 25% $3.50 2-28-66 $120,000 75% $4.93 8-19-68 $16o,000 30% $1.77 $875 7-15-70 $250,000 35% $2.00 $1388 3-8-68 $226,500 25% $2.75 $475 7-22-66 $110,000 20% $2.67 $462 6-3-68 $14o,000 90% $7.50 $650 3-8-66 $87,600 50% $3.48 $boo 9-30-69 $7o,000, 15% $1.14 $1000 8-1-69 $120,000 15% $1.89 $lo61 Earl L. Stay, Appraiser Page No. W - Nelsoa Parcel No. ---'....'.......... Year of 1972 Ownership Comparable sales indicate a wide range of unit values. The highest and best use of subject (commercial waterfront or apartments) would indicate that the square foot unit analysis is most applicable. The front foot analysis has validity only when depths of sales are approximately the same. The front foot values of Sales 1, 2, 3, at $500, $720 and $657 per front foot are in the same area as subject. Adjusting these sales for time increment of 8% - 10% (average 9%) would produce front foot values of $732, $1108 and $1026 and square foot values of $1.83, $3.26 and $2.81 respectively. Sale # 6 and resale 6A project a time increment of 15.6% in two years. The doubts created in the market by the Shoreline Management Act have curtailed values of waterfront properties requiring filling or piling. The subject site has sufficient upland area for maximum density development. Typical land coverage is only 35 to 40%. The subject area has approximately 54% uplands to provide buildings and required parking. Sale # 4 at $1.67 per square foot is an upland sale adjacent to railroad track with a good Sound view. Sale would indicate lower limit of square foot value for subject. Sales # 61 6A, 7, 8 and 9 are competitive sale properties on Lake Union. Sales # 10, 11, 16 and 17 are competitive sale properties on Lake Washington. Sales # 12, 13, 14, and 15 are competitive sale properties on Elliot Bay. Comparable sales in Everett, Anacortes, Bellingham and Port Angeles and Tacoma were also analyzed. This investigatii indicated that a strong demand exists for commercial waterfront that will not require filling or piling. Market sales indicate that users for certain water oriented uses (restaurants, apartment houses, marinas, etc.) are paying approximately the same unit values for similar properties in all competitive areas. The subject property is one of a relatively few in Edmonds that is presently adaptable and available for many commercial uses. Correlation of sales data with special emphasis on the ercentage of upland would indicate a unit value between 2.10 and $2.35 per square foot for subject. Application of a correlated unit value of $2.25 per square foot indicates a land value of (120,325 sq.ft. @ $2.25) $270,731 for subject. This indicated value is rounded to $270,000. Earl L. Stay, Appraiser ! Page No. lO W B Nelson Parcel No. Year of 1972 Ownership (2) INCOME APPROACH, SITE EVALUATION No ground leases of vacant waterfront with the same zoning and highest and best use were available for comparative purposes. Typically, this type of land is not leased. (3) FINAL CORRELATION OF LAND VALUE 120025 sq.ft. @ $2.25 sq.ft. m $270,731 (B) APPROACHES TO VALUE, WHOLE PROPERTY (1) CCMPAiRATIVE APPROACH No sales of similar waterfront properties were available for a direct comparison. Sale # 4 (Barton!s Marina) and Sale # 12 (Seacrest Marina) were analyzed on an overall basis. Sales break out at a unit value including improvement of $3.37 and $3.28 per square foot respectively. Application of a $2.75 per square foot overall value indicates a value of $330,893 by comparison. 120025 sq.ft. @ $2.75 sq.ft. overall - $330,893 (2) INCOME APPROACH Income Approach is not applicable. Site is not developed to its highest and best use. The existing improvements will not produce sufficient net income to support the underlying value of the land. These improvements provide interim income and some could be incorporated into the ultimate site development plan. Earl L. Stay, Appraiser Page No.------11 ........ Parcel Now.B.—N'•1Son Year of 1972 Ownership (3) COST APPROACH 26 x 96 2 story 2496 sq.ft. @ $16.50 sq.ft. $ 41,184 1962 add. 12 x 62 1 story office 744 sq.ft. @ $11.75 sq.ft. $ 8,742 1958 7200 sq.ft. storage bldg. @ $5.50 sq.ft. $ 39,600 2400 sq.ft. 1962 addition @ $6.50 sq.ft. � 15,6C70 Reproduction Cost New $105,126 Less Accrued Depreciation All Forms 50% $ 52j563 Depreciated Value of Improvements $ 52,563 Plus Contribution Value of Walks, Drives, Parking, & Misc. on -site Improvements $ 10,000 Plus Value of Land $2702731 Estimate of Value Indicated by Cost Approach $333,294 (C) CORRELATION OF VALUE INDICATIONS, WHOLE PROPERTY The three approaches to value have produced the following results: Estimated Value by Market Data Approach $330,893 Estimated Value by Income Approach not appliL ble Estimated Value by Cost Approach $333,294 The value indications fall into a narrow range. The value of subject is primarily in the land. The Cost Approach appears to be the most supportable indication of value. A rounded $333,000 Fair Market Value is ascribed to the subject. Earl L. Stay, Appraiser 1;) Page No. �T-;S--NeZson Parcel No . ....... ........... Year of 1972 OwnerSYip MARKET DATA (1) ADDRESS or LOCATION: 200 Admiral Way, Edmonds (2) PHOTOGRAPH & PLOT PLAN SKETCH (3) a Access: paved street �n t Use: marina & sales$ B. Use. Coma. g : cam. waterfront I S1 on s: 300x90x288.33x140 + 1.85 aC. 2.76 ac. tidelands Date: 4-�5-67 $ 230,000 -ument: REC 3:$50,000 dwn, $1500 mo. 6j% Ix No.: 3481� :or: Surf & Sand Corp. e e : W.B.Nelson West Coast rmed with (names'61ti s) Belson 2-68 Inspected.............................................. (5) PROPERTY DESCRIPTION: Approx. 300 ft. frontage, 288.33 on meander line, 90' dearth on north. 65■220 sq.ft,, to beech line] 40,075 >sq-ft- to 0' tide line and 15,030 sq,ft, to inner harbor line. improvements include 7200 sq.ft. storage bldg. plots 2400 eq.ft. 1962 addition. Former Ford Exhl it of Worlds Fair ( Surf i Sand paid $351,000 for bldg. plus estimated moving costs of $20,000). 2 story 26 x 96 center commaerciel bldg. with attached 12 x 62 1 story office. 1958 boat house 60 x 120. Boat ramps & paved parking areas. (6) ANALYSIS: a. Extraction Data Land: (give area or front feet for each type) fr. ft. IMP325 sq.ft. Improvements: (give type and area of each) office, misc. blage. bout house, padding, bout ramp Land Improvements: (itemize) Total Sale Price (7) COMPARATIVE ANALYSIS: TOTAL VALUE UNIT VALUE S ..1.25..aq.:Pt�.... Ear1.Ls..st'4Y Appraiser Parcel No.We A?P! !... COMPARABLE SALE NO. Hn 1 y FORM 261-020 �Ztship REVISED 9/70 PAGE le" MARKET DATA 1) ADDRESS or LOCATION: 414 Admiral way.. Edmonds (2� P1j0T()(',RAPfJ K- PLOT PI.AN SKETCH (31 a- -T Arrpqs: paved street It Use: s.f,house at time of sale 3. Use: ccumercial waterfront & apt. CW (comm. waterfront) ;lops: 50 x 340 17..000 a ft. )aLe: 6-13—ag : $ $36j000 Im ell t: REC ;P10,000 dwn,, *500 mo. UP No. 56831 )r: Jewell C. Johnson �e: Lyle C. Nichols -coed wi t1i (n ames "dates) Inspected (5) PROPERTY DESCRIPTION: Single family residence at time of sale did not contribute to value. 65% uplands. Iater purchased by Port of Edmonds 1967 for $46#500o. (6) ANALYSIS: a. ExLractlon Dat-a Land: (give area or front feet for each type) 17,P000 sq. fte 50 fr,ft. Improvements: (give type and area of each) TOTAL VALUE $ Land Improvements: (itemize) (7) COMPARATIVE ANALYSIS: Total Sale Price $ Appraiser Parcel No. jULM411M.- COMPARABLE SALE H WYropm 261-020 Ownership RE� I _ ED 9/70 PAGE 14- ...... UNIT VALUE -.2.32 sq,ft. MARKET DATA (1) ADDRESS or LOCATION: Meadowdale Ave. 6 162nd Ave.3.W. (2) PHOTOGRAPH & PLOT PLAN SKETCII (3) a. Access: gravel -nt Use: boat house B.- Use: COM. g: CW slops: 300 X 400 120,000 + sq.ft. Date: 2-1-70 : $ 145,000 -ument: Rom' x No.. 2079 or: J. B. Raines etal e e : S. R. KILU m M et al rmed with (names dates) Inspected.............................................. elands. See. 6-27-4 (5) PHOPERTY DESCRIPTION: Improved with facilities of Haines Boat House. Rental units, wharf and elevator. (6) ANALYSIS: a. Extraction Data Land: (give area or front feet for each type) M"000 sq ft. Improvements: (give type and area of each) Land Improvements: (itemize) Total Sale Price (7) CO:MPARATIVE ANALYSIS: TOTAL VALUE UNIT VALUE r..T+�.s...... . Appraiser Parcel NoW,B,Ne180II COMPARABLE SALE \0........5....... ... ..... .. . .... . H WY EORm zn 1- 020 �.� Ownership RE\ !>` 9/70 Puce ... ...... y n Pue .. MARKET DATA ( 1) AINTESS or LOCATION: 9094 54th Ave. S (2) P110TOGHAP11 & PLOT PLAN SKETCH (3) a. Access: paved St. it Use: marina 3. Use: comet. or apt. house CG ;ions:irreg. 183 x 600 900000 t sq.ft. )ate: �3-19-68 Date of Delivery 1-29-72 S 16o,0oo ment: WD 133694 r: Rainier Marine Inc. e: Isaac Gamel & Michael R. Maetri ined wI th (n ames '(Iate s) n sp e ct e(l ....................... Deed held in escrow pending litigation XWC # 707133. New Shoreline Mamgement Act limits bldg. over water. 70% submerged. uplands needed for access. Insufficient uplands to build on. Marine Bldg. & dock no value. Rainer Yacht Club blocks entrance. Below street grade. ts) kNAL'lSI:�: TOTAL VALUE UNIT VALUE a. 1'.st rit,t i on I)at a I-nn(i: (give area or front feet foa- each type) 90,,000 t sq.ft. S•..... s ........ ti ..le ..s4r.ft' . 183 fr. r`t. u 875 fr, ft..... ............................ ................ Impro\ ements: (give type and area o f each I.ancl Improvements: (itemize) Total Sal e Pr cc ......�, �0 ....... t7) i.011PAIi:1'TIVF ANALYSIS: :9ppraz:ser Parcel No. •n■ e�°n.. C011PAIIA13LE SAIJI' NO. 10 H WY 'Caners>xip 4 70 Ptr.r MARKET DATA 1) ABDIRESS or LOCATION: Seward Park S & S. Henderson., Seattle i?) P1IOTO(;HAJ)1i &, PLOT PLAN SKEITCH (3) a. Access: pave, St. it [ISO: Belt Boat Moorage at time of 3. Use- apt. house sale • CG S 1 0 T1 S irreg. 125,000 sq-ft. )a I, e: I --L5— (V $ 250.,000 anent: WD No.: 116431 )r: Lloyd M. Jelt �e: International EnterpriSeS -rfl c d with (ti arij c s '(i a t e s) nspecLed PE,SCR1PTT0N-: nuw i)e-ing improvesa w-fth 51 apt. snits. No. of units limited by new Shoreline Management Act. Approx. 35% uplands. (6) XNALYSIS: a. 1-.XLr',.wt,1or1 PaLa Lnrid: (give area or front feet for each type) "1;6?'Of rosqaUfl; lmpro�-ements. (give type and area of each) Land IriiproN,einents: (itemize) 'Dotal S a I e Pr I c- e (7) C.0%1PAHATIVE, ANALYSIS: TOTAL VALUE UNIT VALUE 250.,000 2.00 sq.ft. 13 83.. f r 0 ft 0 . Earl L. Stay.... .B.e-1 SAIA, NO......... Porcel No. W• Nlson. CONIPARA111,1 HW ", 11 7,:: V,,t MARKET DATA (1) ADDRESS or LOCATION: 1660 Harbor Ave. SW (2) PHOTOGRAPH & PLOT PLAN SKETCII (3) a. Access: paved St. nt Use: marina B. Use: g: CG sions: 400 x 172.5 69,000 sq.it. Date: 3_5-6,03 : $ 226,500 ument: 1�Ec $15,000 dwn, $2500 mo. @ 6% x No.: 605057 o r : West & VIheeler Assoc. ee: Se2wA Rodgers rrned wltli names'dates) Inspected........................................ 131Is 1+4&1, Seattle Tidelands & (5) PROPERTY DESCRIPTION: ;proved with :facilities of Seaerest jmrna. Approx. 75% submerged. (6) ANALYSIS: a. Extraction Data Land: (give area or front feet for each type) 69 000 sqft. G frj.t Improvements: (give type and area of each) Land Improvements: (itemize) Total Sale Price (7) COMPARATIVE ANALYSIS: TOTAL VALUE UNIT VALUE $ ............. $ A?5..fr..�......- $ ....23Q,Q0Q.......... Earl L. Stay. Appraiser p ra W H Nelson .. �........... s.;:.:::. i ser Parcel' No COMPARABLE SALE NO. HWY F0PM1 2n1-02n a.Pwnership 9/7n PAGE