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AG 91-022grom 00 N N O AE tP810 Recorder's Use Only ! LAWYERS TITLE C04XPANY OF WASHINGTON ; 1230 South 336th Street ; Federal Way, WA 98003 ; (206) 874-5115 WHEN RECORDED RETURN TO: LAWYERS TITLE COMPANY OF WASHINGTON 1 ; 1230 South 336th Street ; Federal Way, WA 98003 ; Our Escrow No.: 302196DM ; Title No.: K-65274 STATUTORY WARRANTY DEED THE GRANTOR(S): Cupus Park Joint venture, comprised of Campus Park Associates, a Washington Limited Partnership and Intercoastal Properties, Inc., a California corporation for and in consideration of Ten Dollars and other good and valuable consideration in hand paid, conveys and warrants to: City of Federal Way the following described real estate, situated in the County of King, State of Washington: See legal description described in Exhibit "A" attached hereto and made a part hereof. SUBJECT TO: Matters set forth an EXHIBIT 'B' attached hereto and by this reference incorporated herein. Dated: February 26, 1991 CAMPUS PARK JOINT VENTURE by INTERCOASTAL PROPERTIES, INC., a California co poration BY:u BY: _ 'Ira Young, Pre ident REPRESENTATIVE ACKNOWLEDGEMENT FORM: State of California ) as. county of Los Angeles ) I certify that I know or have satisfactory evidence that Ira Young and XXXXXXXXXXXXXX signed this instrument and acknowledged it to be on oath stated they were authorized to execute the instrument and acknowledged it as the President and XXXXXXXXXXXXXX of intercoastal Prop. , 'inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. Dated: February 27, 1991 OFFICIAL SEAL LISA FRIAS Notary Notary Public for the Sta a of California -Lisa Frias GEM C a a LOS ANtiELE$ COUAITY My appointment expires: November 30. 1992 .„, Lt OwnEv,Nav 80.1892 EXHIBIT "A" That portion of the East half of Section 17, Township 21 North,Range 4 East, W.M., in King County, Washington, described as follows: Beginning at the Southeast corner of the Northeast quarter of said Section; THENCE North 89041144" West along the Southerly line thereof, 659.17 feet to the Northeast corner of the Northwest quarter of the Northeast quarter of the Southeast quarter of said Section and the True Point of Beginning; THENCE South 00018115" West along the Easterly line of said Northwest quarter of the Northeast quarter of the Southeast quarter, 658.52 feet tothe Southeast corner thereof; THENCE North 89042100" West along the Southerly line thereof, 132.30 feet; THENCE North 00018115" East, 177.60 feet; THENCE North 89042100" West, 221.23 feet; THENCE South 00018115" West, 207.60 feet; THENCE North 89042100" West, 46.92 feet; THENCE South 00018115" West, 299.28 feet to the Southerly line of the North half of the Southwest quarter of the Northeast quarter of the Southeast quarter of said Section; THENCE North 89042107" West along said Southerly line 257.64 feet to the Easterly Cn line of the Northwest quarter of the Southeast quarter of said Section; (00 THENCE South 00014130" West along said Easterly line, 329.29 feet to the Southerly CO line of said Northwest quarter of the Southeast quarter; North 89042115" West along said Southerly line, 11315.46 feet to the Westerly NTHENCE line of said Northwest quarter of the Southeast quarter; C2 ._ THENCE North 00006'59" East along said Westerly line, 1,278.09 feet to the centerline M of the Bonneville Power Administration Covington -Tacoma Transmission Line Easement; THENCE North 51059112" East along said centerline, 21241.61 feet; THENCE South 89043157" East, 250.51 feet along said centerline to the Westerly line of the East 630 feet of the Northeast quarter of said Section; THENCE South 00025120" West along said Westerly line, 230.38 feet to the Southerly line of the North 2200 feet of the Southeast quarter of the Northeast quarter of said Section; THENCE North 89041149" West along said Southerly line, 30.66 feet to the Easterly line of the West half of the Southeast quarter of the Northeast quarter of said Section; THENCE South 00020145" West along said Westerly line, 1,123.25 feet to the True Point of Beginning; EXCEPT that portion thereof platted as Century, according to the plat recorded in Volume 104 of Plats, Pages 68, 69, 70, 71 and 72, records of King County, Washington. EXHIBIT "B" 1. RESERVATION OF LAND FOR DEDICATION AS A PUBLIC HIGHWAY: By: E. L. Groridahl and Bernardine Grondahl, his wife Recorded: OCTOBER 30, 192223 Recording No.: 1795553 Affects: A 15 foot strip lying along the Northerly boundary of the Southeast quarter of the Southwest quarter of the Northeast quarter of said Section 17 and also a 15 foot strip lying along the Northerly boundary of the South half of the Southeast quarter of the Northeast quarter of said Section 17. 2. EASEMENT AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREES Entered: OCTOBER 1, 1940 in the District Court of the United States for the Western District of Washington, Northern Division Cause No. 269 In Favor Of: United States of America Purpose: 100 foot strip of land for the Tacoma Covington Transmission Line Affects: That portion of the premises herein described lying within the Northeast quarter of the Southwest quarter of the Northeast quarter of said Section 17. A copy of said Judgment was recorded under Recording No. 3128470. 3. EASEMENT AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREE: Entered: OCTOBER 19, 1940 in the District Court of the United States for the Western District of Washington CD Northern Division Cause No. 281 Q'� In Favor Of: United States of America OC) Purpose: 100 foot strip for the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying within the South half of the Southwest quarter of the Northeast quarter of said Section 17 A copy of said ,judgment was recorded under Recording No. 3131454. 4. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: AUGUST 26, 1941 Recording No.: 3186542 In Favor Of: United States of America Purpose: A 100 foot strip of land for the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying with the Northwest quarter of the Northwest quarter of the Southeast quarter of said Section 17 5. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY -INSTRUMENT: Recorded: JULY 14, 1942 Recording No.: 3252183 In Favor Of: United States of America Purpose: A 100 foot strip for the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying within the South half of the Southwest quarter of the Northeast quarter of said Section 17 6. EASEMENT AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREE: Entered: JULY 81 1942 in the District Court of the United States for the Western District of Washington Northern Division Cause No. 535 In Favor Of: The United States of America Purpose: 100 foot strip for the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying within the North half of the Southeast quarter of the Northeast quarter of said Section 17 and also the Northeast quarter of the Southwest quarter of the Northeast quarter of said Section 17 A copy of said Judgment was recorded under Recording No. 3253846. EXHIBIT "B" cont. 7. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: AUGUST 17, 1942 Recording No.: 3258849 In Favor Of: United States of America Purpose: The right of entry to erect, maintain, repair and rebuild, operate and patrol one or more electrical transmission lines with a 100 foot strip parallel and adjacent to the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying within the Northwest quarter of the Southeast quarter of said Section 17 8. EASEMENT AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREE: Entered: MAY 5, 1943 in the District Court of the United States Di i M 70 09. V D n for the Western District of Washington, Northern iv s on Cause No. 685 In Favor Of: The United States of America Purpose: A 100 foot strip of land parallel and abutting the Southerly side of the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying within the South half of the Northeast quarter of the Northeast quarter of said Section 17 A copy of said Judgment was recorded under Recording No. 3308820. %. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS RESERVED BY INSTRUMENT: Recorded: JANUARY 14, 1952 Recording No.: 420126 Purpose: Right of way,for vehicular and other travel Affects: North 30 feet of the North 165 feet of the North half of the Northeast quarter of the Southeast quarter of said Section 17 10. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS RESERVED BY INSTRUMENT: Recorded: JANUARY 14, 1952 Recording No.: 4201227 Purpose: Right of way for vehicular and other travel Affects: North 30 feet of the Northwest quarter of the Southeast quarter of said Section 17 11. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: FEBRUARY 2, 1956 Recording No.: 4660593 Purpose: Roadway Affects: South 30 feet of the Northeast quarter of said Section 17 and North 30 feet of the Southeast quarter of said Section 17 12. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS CREATED BY INSTRUMENT: Recorded: MARCH 22, 1956 Recording No.: 4675062 Purpose: Roadway Affects: South 30 feet of the Northeast quarter of said Section 17, EXCEPT that portion lying within easement to Bonneville Administration; 'North 30 feet of the Southeast quarter, said Section 17; EXCEPT that portion lying within easement to Bonneville Administration; The South 30 feet of the Northeast quarter of the Northeast quarter of the Southeast quarter of said Section 17, The South 30 feet of the North half of the Southwest quarter of the,Northeast quarter of the Southeast quarter, said Section 17; The South 30 feet of the East 30 feet of the Northwest quarter of the Northeast quarter of the Southeast quarter, said Section 17; East 30 feet of the Southwest quarter of the Northeast quarter, said Section 17; West 30 feet of the Southeast quarter of the Northeast quarter, said Section 17 EXHIBIT "B" cont. 13. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS CREATED BY INSTRUMENT: Recorded: MARCH 22, 1956 Recording No.: 4675062 Purpose: Utilities Affects: North 10 feet of the South 30 feet of the Northeast quarter, said Section 17, EXCEPT that portion lying within easement to Bonneville Power Administration; The South 10 feet of the North 30 feet of the Southeast quarter, said Section 17, EXCEPT that portion lying within easement to Bonneville Administration; The North 10 feet of the South 30 feet of the Northeast quarter of the Northeast quarter of the Southeast quarter, said Section 17; The North 10 feet of the South 30 feet of the North half of the Southwest quarter of the Northeast quarter of the Southeast quarter-, said Section 17; The West 10 feet and the North 10 feet of the South 30 feet of the East 30 feet of the Northwest quarter of the Northeast quarter of the Southeast quarter, said Section 17; The West 10 feet of the East 30 feet of the Southwest quarter of the Northeast quarter, said Section 17; The East 10 feet of the West 30 feet of the Southeast quarter of the Northeast quarter, said Section 17 14. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MARCH 22, 1956 Recording No.: 4675062 Cha In Favor Of: Puget Sound Power & Light Company Purpose: Electrical facilities Affects: The centerlines of said facilities are: CO N 24 feet North of the South line of the Northeast quarter, said Section 17; 24 feet O South of the North line of the Southeast quarter, said Section 17; 24 feet North of the South line of the North half of -the Southwest quarter of the Northeast quarter of Cn the Southeast quarter, said Section 17 15. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MARCH 22, 1956 Recording No.: 4675062 In Favor Of: Lake Center Water Cooperateive, its successors and assigns Purpose: Water pipeline Affects: Areas described as utility easements within said document 16. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034980 Purpose: Roadway Affects: That portion of the property herein described lying within the West 30 feet of the West half of the Southeast quarter, said Section 17, less the North 30 feet and less the easement to Bonneville Power Administration; The portion of the property herein described lying within the East 30 feet of the West half of the Southeast quarter, said Section 17, EXCEPT the North 30 feet 17. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034980 Purpose: Utility Affects: The East 10 feet of that portion of the property herein described lying within the West 30 feet of the West half of the Southeast quarter, said Section 17, less the North 30 feet and less the e4sement to Bonneville Power Administration; The West 10 feet of that portion of the property herein described lying within the East 30 feet of the West half of the Southeast quarter, said Section 17, EXCEPT the North 30 feet 18. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034980 In Favor Of: Puget Sound Power Light Company Purpose: Electrical facilities Affects: The centerlines are described as follows: LAWYERS TITLE COMPANY OF WASHINGTON 1230 South 336th Street Federal Way, WA 98003 (206) 874-5115 F1194 .for the rel" at the request of LAWYERS TIT CQMPANY >�P o1 (-i WHEN RECORDED RETURN TO: LAWYERS TITLE COMPANY OF WASHINGTON 1230 South 336th Street Federal Way, WA 98003 Our Escrow No.: 302196DM Title No.: K-65274 THE GRANTOR(S): LPB10 Recorder's Use Only 1 1 1 YSE 1' TAX DUE EKINGCOUN 2 8'1991 1 1 1 1 1 91 /lir /r^R 1 #1:969 R RFCFEE 7.00 RECD F 12.00 CACNS1 14. CSC)/ n STATUTORY WARRANTY DEED Campus Park Joint Venture, comprised of Campus Park Associates, a Washington Limited Partnership and Intercoastal Properties, Inc., a California corporation for and in consideration of Ten Dollars and other good and valuable consideration in hand paid, conveys and warrants to: CMO City of Federal Way M the following described real estate, situated in the County of King, State of 00 Washington: N O See legal description described in Exhibit "A" attached hereto and made a part Q; hereof. SUBJECT. T0: Matters set forth on EXHIBIT 'B' attached hereto and by this reference incorporated herein. Dated: February 26, 1991 CAMPUS PARK JOINT VENTURE CAMPUS PARK JOINT VENTURE by, CAMPUS PARK ASSOCIATES, a Washington by INTERCOASTAL PROPERTIES, INC., a California limited partnershi corporation By 0; � BY: SEE ATTACHED PAGE Robert P. Gerend, an authorized general partner REPRESENTATIVE ACKNOWLEDGEMENT FORM:.-___ PARTNERSHIP ACKNOWLEDGEMENT STATE OF WASHINGTON ss. in COUNTY OF K FRANCINE SELLERS NOTARY F'USUC-WASHINGTON S MY Commission Expires 2-28.94 L-22/WA 1-86 February 27 ONared before me, the undersigned, a Notary Public in and for said State, personally apps Robert P. Gerend roved lcno"to me, to be one of the partners of the partnership hat same - WITNESS executed the within Instrument, and acknowl- edged to me that such partnership executed WITNESS my hand and official seal. Francine Sellers NAME (TYPED OR PRINTED) NotarY P*ac in XW f+u saW SU"' 2-28-94 My commission expires LAWYERS TITLE COMPANY OF WASHINGTON 1230 South 336th Street Federal Way, WA 98003 FEBRUARY 28, 1991 FINAL STATEMENT BUYER STATEMENT ORDER: 302196DM BUYER: City of Federal Way BUYER'S ADDRESS: 33530 1st Way South Federal Way, WA 98003 SELLER: Campus Park Joint Venture SELLER'S ADDRESS: 411 - 108th Ave. N. E. #1600 Bellevue, WA 98004 PROPERTY ADDRESS: Evergreen Airstrip Property Federal Way, WA 98003 PAGE 1 SETTLEMENT DATE: 02/28/91 PRORATE DATE: 02/28/91 PRICE: 12,470,000.00 ------------------------------------------ BUYER CHARGES P.O.0 AMOUNT Sale Price 12,470,000.00 Settlement or closing fee 3,054.00 Sales tax 250.43 Recording Fee Deed 15.00 GROSS DUE FROM BUYER ------------- 12,473,319.43 BUYER CREDITS P.O.0 AMOUNT Deposit or earnest money to Lawyers 5,000.00 Title Company Deposit with escrow to Lawyers Title 12,457,828.51 Company 8,029.39 County taxes $50,529.80 prorated from 01/01/91 to 02/28/91 at 138.437808 per day. Assessments 2,452.03 $2,877.78 prorated from 04/23/90 to 02/28/91 at 7.884328 per day. SWM Charge 9.50 $59.78 prorated from 01/01/91 to 02/28/91 at 0.163780 per day. ------------- TOTAL PAID BY/FOR BUYER 12,473,319.43 ----------------- GROSS DUE DUE FROM BUYER 12,473,319.43 TOTAL PD BY/FOR BUYER 12,473,319.43 --------------- q LAWYERS TITLE COMPANY OF WASHINGTON 1230 South 336th Street Federal Way, WA 98003 BUYER STATEMENT FEBRUARY 28, 1991 PAGE 2 ORDER: 302196DM Accepted by: LAWYERS TITLE COMPANY OF WASHINGTON, INC. Federal Way Escrow Office Dated: DIANE M. MILLS zi LJ LAWYERS TITLE COMPANY OF WASHINGTON, INC. RECEIveo Aft April 23, 1991 City of Federal Way 33530 1st Way South Federal Way, WA 98003 Re: Our Escrow No.: 302196DM Buyer: City of Federal Way Seller: Campus Park Joint Venture Property Address: Evergreen Airstrip Property Federal Way, WA 98003 King County Gentlemen: In connection with your above referenced transaction, please find enclosed the following: Recorded Warranty Deed Policy of Title Insurance Should you have any questions, or require further information, please feel free to contact the undersigned at (206) 874-5115. Very truly yours, LAWYERS TITLE COMPANY OF WASHINGTON, INC. 1230 S. 336th St., a Federal Way, WA 98003 • (206) 874-5115 Tacoma Line 927-8726 • Eastside Line 527-8986 • Fax (206) 527-8983 \J (#i*) LAWYERS TITLE COMPANY OF WASHINGTON, INC. February 28, 1991 City of Federal Way 33530 1st Way South Federal Way, WA 98003 Re: Our Escrow No.: 302196DM Buyer: City of Federal Way Seller: Campus Park Joint Venture Property Address: Evergreen Airstrip Property Federal Way, WA 98003 King County Gentlemen: In connection with your above referenced transaction, please find enclosed the following: Receipt No. 3336 & 3406 representing monies deposited to the escrow account Buyers Closing Statement Should you have any questions, or require further information, please feel free to contact the undersigned at (206) 874-5115. Very truly yours, LAWYERS TITLE COMPANY OF WASHINGTON, INC. scrow epartment Enclosures 1230 S. 336th St., • Federal Way, WA 98003 • (206) 874-5115 Tacoma Line 927-8726 • Eastside Line 527-8986 • Fax (206) 527-8983 L4atwyers�itle Insuranceorporation NATIONAL HEADOUARTERS RICHMOND, VIRGINIA SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, LAWYERS TITLE INSURANCE CORPORATION, a Virginia corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on th$ title,- 3. itle; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF the Company has caused this policy to be signed and sealed, to be valid when countersigned by an authorized officer or agent of the Company, all in accordance with its By -Laws. � ""'y ', Latuyers ide jnsu a Corporation »: Attest: �4j $_ f yo U.vt� 6v�,V w $ ..e, NJ, �. Secretary. �''�:�..�►j President Countersigned: "` "" , OWNER'S POLICY NUMBER By Authorized Officer or Agent No. 113-00 104-724 EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting In no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or Interest insured by this policy. Policy 113 Litho in U.S.A. Cover Sheet ALTA owner's Policy (10.21-87) 081-0-113-0006 )aays ianoo jo abed jxau uo panuquoo aweu 941 u! 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'9p!j 'jy6u Aue jou 'V alnpayoS ui of paijejai jo paquosap eeje a41 jo seu!I ayj puoAeq Aliedoid Aue apnloui jou scop „puel„ weal ayj -Aliedad lea@ ejnj!jsuoo Mel Aq yoigm ojejegj pex!4e sluewanad -w! pue 'V alnpayoS w of paijejai jo paquosap puel eqj :,,puel„ (p) puel ayj bu11oalle siagew jo ao11ou amlonilsuo0 liedwi yoigm spiom jayjo Aue jo Ao!lod s!4l ui peu!;ap se spjooei oggnd eqj jo uoseaj Aq pamsui ue of palndw! aq Am yo!yM ao!jou jo a6pelMou� an!lonajsuoo jou '96pelMou� lenjoe :,,uMou�,, jo , 96palmou�,, (o) •a6ewep ao ssol 6u!w!elo pamsw ue :,,juew!elo pamsu„ (q) •sioss000ns Aje!onp!j jo ejejodioo jo Vu to jxeu 'samlejuesaidaa leuosied 'sJon!nms 'saas!nap 'saajnqujs!p 'shay 'oj pal!w!l jou jnq ' bu!pnlow aseyomd wojl p@ys!n bu!js!p se Mel jo uo!jejado Aq pamsu! paweu eqj jo jsajejui eqj of paeoons oqm asoyj 'pamsut paweu egj;su!ebe pey aney pinoM Auedwo0 eqj sasualep jo sjy6u Aue of joe(gns 'pue 'V alnpayoS ui paweu pamsu! eqj :,,pamsu!„ "(e) SNOuvindus aNV SNO1110N00 ueaw Ao!lod s!yj ui pasn uagm swial buimollol ayj 'SINU31 d0 NOI11NId30 'L .® ■ r 3 ■ ■ ■ City of Federal Way �u�ers'�itle jnsurance �poratton NATIONAL HEADQUARTERS RICHMOND, VIRGINIA LIAR NO 625/smc 0 By: LAWYERS TITLE COMPANY OF WASHINGTON, INC. SCHEDULE A DATE OF POLICY: MARCH 11 1991 AT 8:00 A.M. AMOUNT OF INSURANCE: $12,470,000.00 -- - POLICY NO.: ORDER NO. 113-00-104-724 K65274 1. Name of Insured: PREMIUM: $11,963.00 CITY OF FEDERAL WAY 2. The Estate or Interest in the land which is covered by this Policy is a fee simple. 3. Title to the Estate or Interest in the land is vested in: THE NAMED INSURED 4. The land referred to in this Policy is described as follows! That portion of the East half of Section 17, Township 21 North,Range 4 East, W.M., in King County, Washington, described as follows: Beginning at the Southeast corner of the Northeast quarter of said Section; THENCE North 89041144" West along the Southerly line thereof, 659.17 feet to the Northeast corner of the Northwest quarter of the Northeast quarter of the Southeast quarter of said Section and the True Point of Beginning; THENCE South 00018115" West along the Easterly line of said Northwest quarter of the Northeast quarter of the Southeast quarter, 658.52 feet tothe Southeast corner thereof; THENCE North 89042100" West along the Southerly line thereof, 132.30 feet; THENCE North 00018115" East, 177.60 feet; THENCE North 89042100" West, 221.23 feet; THENCE South 00018115" West, 207.60 feet; THENCE North 89042100" West, 46.92 feet; THENCE South 00018115" West, 299.28 feet to the Southerly line of the North half of the Southwest quarter of the Northeast quarter of the Southeast quarter of said Section; THENCE North 89442107" West along said Southerly line 257.64 feet to the Easterly line of the Northwest quarter of the Southeast quarter of said Section; THENCE South 00014130" West along said Easterly line, 329.29 feet to the Southerly line of said Northwest quarter of the Southeast quarter; THENCE North 89042115" West along said Southerly line, 11315.46 feet to the Westerly line of said Northwest Suarter of the Southeast quarter; Form 100 Litho in U.S.A. 03"-100.0011 low MEN! aw ersTde y I,j uranceoCrporation Order No. K65274 NATIONAL HEADQUARTERS Policy No. 113-00-104-724 Page No. 2 RICHMOND, VIRGINIA THENCE North 00006159" East along said Westerly line, 1,278.09 feet to the centerline of the Bonneville Power Administration Covington -Tacoma Transmission Line Easement; THENCE North 51059112" East along said centerline, 2,241.61 feet; THENCE South 89043157" East, 250.51 feet along said centerline to the Westerly line of the East 630 feet of the Northeast quarter of said Section; THENCE South 00025120" West along said Westerly line, 230.38 feet to the Southerly line of the North 200 feet of the Southeast quarter of the Northeast quarter of said Section; THENCE North 89041149" West along said Southerly line, 30.66 feet to the Easterly line of the West half of the Southeast quarter of the Northeast quarter of said Section; THENCE South 00020145" West along said Westerly line, 1,123.25 feet to the True Point of Beginning; EXCEPT that portion thereof platted as Century, according to the plat recorded in Volume 104 of Plats, Pages 68, 69, 70, 71 and 72, records of King County, Washington. ® ® ® ■ Form 100 Litho in U.S.A. 035-0-100-0011 ALTA Standard Owner policy - Form B - 1988 .® 0 = ® ® ® Ir ® 0 ® � m L��Tt1e jnsurance �poration Order No. K65274 NATIONAL HEADQUARTERS Policy No. 113-00-104-724 RICHMOND, VIRGINIA Page No. 3 0 SCHEDULE B EXCEPTIONS FROM COVERAGE This Policy does not insure against loss or damage, (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: PART I A. GENERAL EXCEPTIONS: 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the - public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or which may be asserted by persons in possession thereof. 3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other facts which a correct survey would disclose, and which are not shown by the public records. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b) or (c) are shown by the public records. 6. Any lien, or right to a lien, for services, labor or materials theretofore or hereafter furnished, imposed by law and not shown by the public records. 7. Any service, installation, connection, maintenance or construction charges for sewer, water, electricity or garbage removal. B. SPECIAL EXCEPTIONS: 1. RESERVATION OF LAND FOR DEDICATION AS A PUBLIC HIGHWAY: By: E. L. Grondahl and Bernardine Grondahl, his wife Recorded: OCTOBER 30, 1923 Recording No.: 1795553 Affects: A 15 foot strip lying along the Northerly boundary of the Southeast quarter of the Southwest quarter of the Northeast quarter of said Section 17 and also a 15 foot strip lying along the Northerly boundary of the South half of the Southeast quarter of the Northeast quarter of said Section 17. Form 100 035-0-100.0011 Litho in U.S.A. Order No. K65274 Page No. 4 kw3re �sTti Insurance Coqpdwtion NATIONAL HEADQUARTERS RICHMOND, VIRGINIA Policy No. 113-00-104-724 Schedule B Continued... a 2. EASEMENT AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREE: Entered: OCTOBER 1, 1940 in the District Court of the United States for the Western District of Washington, Northern Division Cause No. 269 In Favor Of: United States of America Purpose: 100 foot strip of land for the Tacoma Covington Transmission Line Affects: That portion of the premises herein described lying within the Northeast quarter of the Southwest quarter of the Northeast quarter of said Section 17. A copy of said ,judgment was recorded under Recording No. 3128470. 3. EASEMENT AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREE: Entered: OCTOBER 19, 1940 in the District Court of the United States for the Western District of Washington Northern Division Cause No. 281 In Favor Of: Purpose: United States of America 100 foot strip for the Tacoma Covington Transmission Line Affects: That portion of the property herein described Lying within the South half of the Southwest quarter of the Northeast quarter of said Section 17 A copy of said ,judgment was recorded under Recording No. 3131454. 4. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: AUGUST 26, 1941 Recording No.: 3186542 In Favor Of: United States of America Purpose: A 100 foot strip of land for the Tacoma Covington Transmission Line Affects: That portion of the property herein described Northwest of the Southeast quarter lying with the Northwest quarter of the quarter of said Section 17 5. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: JULY 14, 1942 Recording No.: 3252183 In Favor Of: United States of America Purpose: A 100 foot strip for the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying within the South half of the Southwest quarter of the Northeast quarter of said Section 17 Form 100 035-0-100-0011 Litho in U.S.A. I ® ■ Lu�y�erslitle jnsurance �porat�on r 7 ■ Order No. K65274 NATIONAL CRMO oADQQUtAARTERS Policy No. 113-00-104-724 Page No. 5 Schedule B Continued... 6. EASEMENT AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREE: Entered: JULY 8, 1942 in the District Court of the United States for the Western District of Washington Northern Division Cause No. 535 In Favor Of: The United States of America Purpose: 100 foot strip for the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying within the North half of the Southeast quarter of the Northeast quarter of said Section 17 and also the Northeast quarter of the Southwest quarter of the Northeast quarter of said Section 17 A copy of said ,judgment was recorded under Recording No. 3253846. 7. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: AUGUST 17, 1942 Recording No.: 3258849 In Favor Of: United States of America Purpose: The right of entry to erect, maintain, repair and rebuild, operate and patrol one or more electrical transmission lines with a 100 foot strip parallel and adjacent to the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying within the Northwest quarter of the Southeast quarter of said Section 17 8. EASEMENT AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREE: Entered: MAY 5, 1943 in the District Court of the United States for the Western District of Washington, Northern Division Cause No. 685 In Favor Of: The United States of America Purpose: A 100 foot strip of land parallel and abutting the Southerly side of the Tacoma Covington Transmission Line Affects: That portion of the property herein described lying within the South half of the Northeast quarter of the Northeast quarter of said Section 17 A copy of said judgment was recorded under Recording No. 3308820. 9. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS RESERVED BY INSTRUMENT: Recorded: JANUARY 14, 1952 Recording No.: 4201226 Purpose: Right of way for vehicular and other travel Affects: North 30 feet of the North 165 feet of the North half of the Northeast quarter of the Southeast quarter of said Section 17 Form 100 Litho in U.S.A. 035-0-100-0011 aw rs itle - jnsurance �poration Order No. K65274 NATIONAL HEADQUARTERS Policy No. 113-00-104-724 Page No. 6 RICHMOND, VIRGINIA Schedule B Continued... 10. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS RESERVED BY INSTRUMENT: Recorded: JANUARY 14, 1952 Recording No.: 4201227 Purpose: Right of way for vehicular and other travel Affects: North 30 feet of the Northwest quarter of the Southeast quarter of said Section 17 11. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: FEBRUARY 2, 1956 Recording No.: 4660593 Purpose: Roadway Affects: South 30 feet of the Northeast quarter of said Section 17 and North 30 feet of the Southeast quarter of said Section 17 12. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS CREATED BY INSTRUMENT: Recorded: MARCH 22, 1956 Recording No.: 4675062 Purpose: Roadway Affects: South 30 feet of the Northeast quarter of said Section 17, EXCEPT that portion lying within easement to Bonneville Administration; North 30 feet of the Southeast quarter, said Section 17; EXCEPT that portion lying within easement to Bonneville Administration; The South 30 feet of the Northeast quarter of the Northeast quarter of the Southeast quarter of said Section 17, The South 30 feet of the North half of the Southwest quarter of the Northeast quarter of the Southeast quarter, said Section 17; The South 30 feet of the East 30 feet of the Northwest quarter of the Northeast quarter of the Southeast quarter, said Section 17; East 30 feet of the Southwest quarter of the Northeast quarter, said Section 17; West 30 feet of the Southeast quarter of the Northeast quarter, said Section 17 13. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS CREATED BY INSTRUMENT: Recorded: MARCH 22, 1956 Recording No.: 4675062 Purpose: Utilities Affects: North 10 feet of the South 3@ feet of the Northeast quarter, said'Section 17, EXCEPT that portion lying within easement to Bonneville Power Administration; The South 10 feet of the North 30 feet of the Southeast quarter, said Section 17, EXCEPT that portion lying within easement to Bonneville Administration; The North 10 feet of the South 30 feet of the Northeast quarter of the Northeast quarter of the Southeast quarter, said Section 17; The North 10 feet of the South 30 feet of the North half of the Southwest quarter of the Northeast quarter of the Southeast quarter, said Section 17; The West 10 feet and the North'10 feet of the South 30 feet of the East 30 feet of the Northwest quarter of the Northeast quarter of the Southeast quarter, said Section 17; The West 10 feet of the East 30 feet of the Southwest quarter of the Northeast quarter, said Section 17; The East 10 feet of the West 30 feet of the Southeast quarter of the Northeast quarter, said Section 17 Form 100 035-0-100-0011 Litho in U.S.A. Order No. K65274 Page No. 7 L��Tt1e Insurance �poration NATIONAL HEADQUARTERS Policy No. 113-00-le4-724 RICHMOND, VIRGINIA Schedule B Continued... 14. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MARCH 22, 1956 Recording No.: 4675062 In Favor Of: Puget Sound Power & Light Company Purpose: Electrical facilities Affects: The centerlines of said facilities are: 24 feet North of the South line of the Northeast quarter, said Section 17; 24 feet South of the North line of the Southeast quarter, said Section 17; 24 feet North of the South line of the North half of the Southwest quarter of the Northeast quarter of the Southeast quarter, said Section 17 15. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MARCH 22, 1956 Recording No.: 4675062 In Favor Of: Lake Center Water Cooperateive, its successors and assigns Purpose: Water pipeline Affects: Areas described as utility easements within said document 16. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: - Recorded: MAY 22, 1959 Recording No.: 5034980 Purpose: Roadway Affects: That portion of the property herein described lying within the West 30 feet of the West half of the Southeast quarter, said Section 17, less the North 30 feet and less the easement to Bonneville Power Administration; The portion of the property herein described lying within the East 30 feet of the West half of the Southeast quarter, said Section 17, EXCEPT the North 30 feet 17. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034980 Purpose: Utility Affects: The East 10 feet of that portion of the property herein described lying within the West 30 feet of the West half of the Southeast quarter, said Section 17, less the North 30 feet and less the easement to Bonneville Power Administration; The West 10 feet of that portion of the property herein described lying within the East 30 feet of the West half of the Southeast quarter, said Section 17, EXCEPT the North 30 feet 18. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034980 In Favor Of: Puget Sound Power Light Company Purpose: Electrical facilities Affects: The centerlines are described as follows: ® ® ■ ® ■ ■ ■ ® ■ B Form 100 Litho in U.S.A. 035-0-100.0011 Order No. K65274 Page No. 8 Schedule B Continued... �awy�rsTtle Insurance �o poration NATIONAL HEADQUARTERS RICHMOND, VIRGINIA Policy No. 113-00-104-724 That portion of the property herein described lying 24 feet East of the West line of the West half of the Southeast quarter, said Section 17; That portion of the property herein described lying 24 feet West of the East line of the West half of - the Southeast quarter, said Section 17 19. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS DISCLOSED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034980 In Favor Of: Lake Center Water Cooperative, its successors and assigns Purpose: Pipeline Affects: Areas described as utility easements within said document 20. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS CREATED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034981 Purpose: Roadway Affects: The West 30 feet of the Northwest quarter of the Northeast quarter of the Southeast quarter of said Section 17, less North 30 feet; The West 30 feet of the North half of the Southwest quarter of the Northeast quarter of the Southeast quarter, said Section 17, EXCEPT the North 30 feet 21. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS CREATED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034981 Purpose: Utility Affects: The East 10 feet of the West 30 feet of the Northwest quarter of the Northeast quarter of the Southeast quarter, said Section 17, less the North 30 feet; The East 10 feet of the West 30 feet of the North half of the Southwest quarter of the Northeast quarter of the Southeast quarter, said Section 17, EXCEPT the North 30 feet 22. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034981 In Favor Of: Puget Sound Powr & Light Company Purpose: Electrical facilities Affects: The centerlines are described as follows: 24 feet East of the West line of the Northwest quarter of the Northeast quarter of the Southeast quarter, said Section 17; 24 feet East of the West line of the North half of the Southwest quarter of the Northeast quarter of the Southeast quarter, said Section 17 ® ® ® ® ® ® ■ Form 100 Litho in U.S.A. 035-0-100-0011 aw rs itle -- - jnsurance �o -poration Order No. K65274 NATIONAL HEADQUARTERS Policy No. 113-00-104-724 Page No. 9 RICHMOND, VIRGINIA Schedule B Continued... 23. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS DISCLOSED BY INSTRUMENT: Recorded: MAY 22, 1959 Recording No.: 5034981 In Favor Of: Lake Center Water Cooperative, its successors and assigns Purpose: Water pipeline Affects: Those areas designated as utility easements within said instrument 24. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: APRIL 14, 1960 Recording No.: 5151465 In Favor Of: United States of America Purpose: Electrical transmission facilities Affects: A strip of land 62.5 feet in width lying on the Southerly side and adjacent to the 200 foot right of way for the Covington Tacoma Transmission lines within the South half of the Southwest quarter of the Northeast quarter, said Section 17 and the Northeast quarter of the Southwest quarter of the Northeast quarter, said Section 17 25. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: SEPTEMBER 21, 1960 Recording No.: 5204176 - In Favor Of: United States of America Purpose: Electrical facilities Affects: A strip of land 62.5 feet Southerly line and adjacent to U. S. Bonneville Coulee No. 1 Transmission Line in the Northwest the Northeast quarter, said Section 17 in width lying on the Power Administration, Tacoma -Grand quarter of the Southeast quarter of 26. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: SEPTEMBER 21, 1960 Recording No.: 5204177 In Favor Of: United States of America Purpose: Electrical facilities Affects: A strip of land 62.5 feet in width lying on the Southerly -side and adjacent to the 200 foot right of way for the Covington Tacoma Transmission lines within the Northwest quarter of the Northwest quarter of the Southeast quarter, said Section 17 27. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: FEBRUARY 27, 1974 Recording No.: 7402270262 In Favor Of: City of Tacoma Purpose: Water pipeline Affects: That portion of the property herein described lying within the North 200 feet of the East 630 feet of the Southeast quarter of the Northeast quarter, said Section 17, as delineated on drawing attached to document ® I ® ® ® ® ® ® ■ Form 100 Litho in U.SA. 035-0-100-0011 Order No. K65274 Page No. 10 Schedule B Continued... 0 L�ersTtle Insurance Coqporation NATIONAL HEADQUARTERS RICHMOND, VIRGINIA Rr EWE Policy No. 113-00-104-724 28. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded: AUGUST 13, 1974 Recording No.: 7408130336 In Favor Of: City of Tacoma Purpose: Water pipeline Affects: That portion of the property herein described as delineated on drawing attached to document 29. License granted for road and fence as established in King County Cause No. 760514 and disclosed on the face of Survey recorded under Recording No. 9002299001. Affects: Portion of the property herein described located within the Northwest quarter 'of the Northeast quarter of the Southeast quarter, said Section 17 30. Facility charges, if any, including but not -limited to hook-up, or connection charges and latecomer charges for water and sewer facilities by Federal Way Water and Sewer, as disclosed by instrument(s) recorded under Recording No.: 8905120210 31. ASSESSMENT FOR KING COUNTY: Original Amount: $41,396.48 plus Interest at a Rate of:10.695 percent Original Number of - Installments: 20 No. of Installments Paid: 6 No. of Installments Delinquent: 0 Local Improvement District No.: Road Improvement District 74-4 Improvement: Roads Account No.: 0265-172104-9014-07 Affects: The premises herein described 32. Facility charges, if any, including but not limited to hook-up, or connection charges and latecomer charges for water supply and sanitary sewer system facilities by Federal Way Water and Sewer District, as disclosed by instrument(s) recorded under Recording No.: 9011071848 33. GENERAL TAXES PAYABLE AFTER FEBRUARY 15TH: THE FIRST HALF TAXES ARE MAY 1ST. THE SECOND HALF ARE DUE PRIOR TO NOVEMBER IST. Year: 1991 Amount Billed: $38,435.61 Amount Paid: $0.00 Amount Due: $38,435.61 Tax Account No.: 172104-9014-07 Levy Code: 1205 V4 o $. 045 500.00 Form 100 035-0-100-0011 DUE PRIOR TO 1000 MENOMINEE! Litho in U.S.A. ®■■ ®�■1®I®■■® aw rs itle jnsurance o�poration Order No. K65274 NATIONAL HEADQUARTERS Policy No. 113-00-104-724 Page No. 11 RICHMOND, VIRGINIA Schedule B Continued... 0 34. SURFACE WATER SERVICE CHARGE, FIRST HALF PAYMENT DELINQUENT MAY 1, SECOND HALF PAYMENT DELINQUENT NOVEMBER 1: Year: 1991 Amount Billed: $29.89 Amount Paid: $0.00 Amount Due: $29.89 Tax Account No.: 172104-9014-07 NOTE: The above charges are payable with general taxes. 35. GENERAL TAXES PAYABLE AFTER FEBRUARY 15TH: THE FIRST HALF TAXES ARE DUE PRIOR TO MAY IST. -THE SECOND HALF ARE DUE PRIOR -TO NOVEMBER 1ST. Year: 1991 Amount Billed: $12,094.19 Amount Paid: $0.00 Amount Due: $12,094.19 Tax Account No.: 172104-9138-08 Levy Code: 1205 Value of Land: $958,300.00 36. SURFACE WATER SERVICE CHARGE, FIRST HALF PAYMENT DELINQUENT MAY 1, SECOND HALF PAYMENT DELINQUENT NOVEMBER 1: Year: 1991 Amount Billed: $29.89 Amount Paid: $0.00 Amount Due: $29.89 Tax Account No.: 172104-9138-08 NOTE: The above charges are payable with general taxes. Form 100 Litho in U.S.A. 035-0-100-0011 "ONDITIONS AND STIPULATIONS—CONTINf `r) of an insured claimant any claim insured agar der this policy, together with any costs, attorneys' fees and expenses incurred by the insured claim= ant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (u) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b)(i) or (ii), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred bythe insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land, whichever is less, or if subse- quent to the Date of Policy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, then this Policy is subject to the following: (i) where no subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that the amount of insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy; or (ii) where a subsequent improvement has been made, as to any par- tial loss, the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs, attorneys' fees and expenses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, in the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. APPORTIONMENT. If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured. (c) The Company shall not be liable for loss or damage to any Insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. Policy 113 Litho in U.S.A. 061-0-113-0006 10, REDUCTION OI JRANCE; REDUCTION OR TERMINATION OF LIABILITY. All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. LIABILITY NONCUMULATIVE. It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter exe- cuted by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deem- ed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing this policy for endorse- ment of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears tothe whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that partof any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impair- ment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non-insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indem- nities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subroga- tion rights by reason of this policy. 14. ARBITRATION. Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connec- tion with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. continued on remainder of cover sheet l9d£Z PU115AA'puowgoid L99E xog 'Od uoymo�� aaminSUI ap!s.�a�m-Pj luawliedaQ site}IV jawnsuoO :ol alum Aew nog( jo Aogod jnoA pansst legl aotllo agl loeluoo 'Aoilod siyl Aq papinoid uotlooloid aql Inoqe suotlsonb Aue aneq nog(11 'aouejejej ainlnl jol algepene Altpeaj aq Ipm I! ajagm eoeld ales e w I! daa� nog( Isa6bns am pue uollooloid aRll elgenlen septnojd Aotlod s!ql wnlwajd 6uwnoei ou st ajag1 'uotleaodjoO oomnsul 9ll!1 sjeAmEq ui gltel inoA to aouaptna stgl to uopupoidde ino ssejdxa of lueM aM 'spaooai luauewaad ino to lied a Aotlod moi( oNew am sV 33NvmnSN1 31111 :10 A3110d '80916 b'0 '4.0 IManlun 'JoolJ PJ£Z BMW 4110 IBSJantufl O1 'a0190 saleiS ollloed sl! le Auedwo0 aql of jo ' 19ZEZ BIUAIA 'puowgol8 'L99LZ xog 'O'd :ssaappe 151JIFIN '0£ZBZ e!u16AlA 'puowgolH 'IaaalS Peng 1sem oS99 'saaUenbpeaH 91ejodjo0 sl! of posseippe aq Ilegs pue Aogod sq Io jagwnu eql apnlou! pegs Auedwo0 eql pagslwnl eq of pajlnbei bulluM u! luawalels Aue pue Auedwo0 agl UGA16 aq of paambaa seollou JIV '1N3S 3U3HM 'S30110N 'LL loalla pus eojol pnl uj ulewaJ pegs suotslnad jaglo pe pue uols -lnoid legj apnloui of lou poweep aq !legs Aollod aql 'Mel algeogdde aapun algeeojoluaun Jo pllenui play s! (ollod aql to uolslnad Aue Juana aql ul 'A1l7llSVH3A3S 'gl SHNV/Hl dO OUOM V -Auedwo0 aql to Ajoleu6ls pazuoglne jo jaoglo 6u1lepllen Jo 'AJelaJoaS luelslssb' ue'AJelaJOaS agl'luaplsaad aolA e'luaplsaJd agI jagl!e Aq pau6ls olajaq pagoelle jo uoaaaq pasiopua bullpm a Aq Idaoxe apew aq ueo Aollod s!ql of luawasiopue jo to luawpuawE ON (o) Aoyod slgl of paloulsai aq !legs ' wlelo Bons 6wliasse uolloe Aue Aq jo Agaiag paJanoo lsaJalw jo alelso aql of ally aql to snlels aql to Ino sasue golgM pue 'aouabilbau uo peseq lou jo ja41agM 'a6swsp ao ssol to wlelo Xuy (q) ,alogm a se panjlsuoo aq !legs Aogod slgl 'Ao!lod slgl to uolslnaad Aue bullaidialu! ul -AuedwoO eql pue pamsui aql uaaMlaq lomwoo pus follod aillua aql s! Auedwo0 aql Aq olalaq pagoelle 'Aue li 'sluawasiopue Ile qUM lagla6ol Aollod slgl (e) 'lOVHiNO03HI1N3A0IIOd'AOIIOdSIH1O10311WIlAlill13dll S1 03nNUNOO — SNOI1VV1dllS aNV SNO1110NOO 12/07/90 16:25 FAX 206 462 7665 KARR :G TLTTTLE • REAL ESTATE PURCHASE AND SALE AMEIIWT WITH F"MST MONEY PROVISION 2002/010 The City of Federal Way (hereinafter "PUrchaser") agrees to Purchase and Campus Park Joint venture, comprised of Campus Park Associates, a Washington limited partnership, and Intercoastal Properties, Inc., a California corporation, (hereinafter "Seller") agrees to sell, on the following terms, the property located at approximately south of 324th Street, north of 322nd Street, west of 14Th Avenue south, and east of 8th Avenue South, Commonly known as the Evergreen Airstrip property, Federal Way, Washington 98003, legally described in E.Xhibit A attached hereto and incorporated herein by this retecence. I. 1mrMaze Price. The total purchase price is Twelve Million, Five Hundred Thousand Dollars ($12,500,000.00). 2. ant, cash or warrant at closing. 3. gamest Money. The undersigned Seller acknowledges receipt from Purchaser of $5,000.00 in the form of a check to be placed in escrow at Lawyers Title Escrow, 1230 S. 336th Street, Federal Way, Washington 98003, as earnest money in partial Payment Of the purchase price. This earnest money shall be applied to the total purchase price. 4. -Condition oitle. Unlese otherwise specified in this Agreement, title to the property is to be free of all encumbrances or defects, except that rights reserved in federal patents or state deeds, building or use restrictions general to the area, other than platting and subdivision requirements, and utility easements shall not be deemed encumbrances or defects. Encumbrances to be discharged by the Beller shall, be paid by the Seller on or before closing. me eneWi=cies reflected in Edlbit B attached hareto are deemed to be pe=itted,excepUcm (Ilft toted Exceptiow") . connected to A. public water main B. well C• sewer main (MITI . septic tank 4i 6'-elli,Z Chin 6- Closing of the Sale. This sale shall be closed seventy- five (75) days from Purchaser's Notice to Seller of Federal Way City Ceun.cil's approval of contingency set forth in Section 17 below aM conA4+-i-on- and ^hlawal&r or at another tiMo agreed to in wri.ti.ng by the . parties. ngenalem I�if This Sale shall be closed by a closing agent designated by Purchaser: Purchaser and Seller shall, immediately upon demand, deposit With Closing agent all instruments and monies required to complete the purchase in accordance With this Agreement. -- --- ORIGINAL t � 12/07/90 16:24 FAX 206 462 7666 KARR iu TUTTLE /2003/010 due axe 4=9 to agents Or brokers retained by Seller 7. Cl6sjM Costa and Proration. Seller and Purchaser shal each pay one-half of the escrow tees. seller shall, ERY real estat exc:isa tax and any read estate commissions. axes ror a curren year and all rents, interest, utilities and other liens and charges shall be prorated as of closing. Seller shall pay for the cost of the title insurance. seller shall pay those charges accruing to the date of closing on or before the date of closing. S. Possession. Purchaser shall be entitled to possession on closing. "dosing" means the date upon which all documents are recorded and the sale proceeds are available to the seller. 9. Default and Attorneys Feng. If the seller defaults in its contractual performance herein, the Purchaser may seek specific performance pursuant to the teras of this Agreement, damages, or recision. If the Purchaser seeks damages or recision, the earnest money, upon demand, shall be returnad in full to the purchaser. ff See the -Dupe ser de€a ilts �n its asteeal peyr4emane.Le-herei *,�.7 � �gar-rpt ��eLt'Qs y,_4WgM da —�W.Ir 'Ina de���� �� Oho �el"go a;%J. '17S 3!312" i'�Ifo"'SZC312 a-nA 3:4amedy -Por. AG.—FMiir Wir.'rr��a �'i�. ;i13ca In the event of litigation to enforce any of the terms or provisions herein, each party shall pay all its own costs and attorney's fear. 10. Title Insurance. The Seller, at seller's expense, shall, immediately, upon signing by all parties to this agreement, apply for a standard form of Purchaser's policy of 'title insurance. The praliminazy commitment thereto, and the title policy to be issued, shall contain no exceptions other than general exclusions jifidthe excelpt.ione in maid standard form and any that may be excepted Pe=LLtM herein. If title cannot be made so insurable prior to the closing' date, the earnest money shall be returned in full to the Purchaser, any and all costs shall be paid by the seller, and this Agreement shall thereupon be terminated. The Purchaser may elect to waive ��, any such defects or encumbrances. ����T...A��17 11. So-nvevance-Warranty Deed. Title shall be conveyed by statutory warranty deed. 12. Performance. Time is of the essence to. this Agreement. 13. Records . Studies and Doc=ents. to the s Purchaser within fourteen (14) calendar da L-ai oval of See this Agreement by the Federal Way City C ` , a copy of any and AddeQdM all soils or haaan:dous mater' �o� s related to the property. IZAM In addition, th er shall de to the Seller no later than of closing all maps, uilts", plans, studies, and 14. Sellers Repxesentations and Warranties. Vt is %&a se l l" I s ---8h! e" at mise Geis came a e� empens a ;be eamply Or r— r OC QMP 1 + Z,nQQ w ter -:end for sta rs w r; ae ti n� n�it�f a 1 1 TPe�lO7 l -2- INIT A Pj**4 12/07/00 16;24 FAX 206 462 7665 KARR * ITLE to environmental conditions existing on the closing date includinT, without limitation, the Resource Conservation and Recovery Act, e camprahensive Environmental Response, Compensation and Liao' ity Act, tho Spill Compensation and Control Act, and the Enviro ental Cleanup Responsibility Act, with, respect to the purchased operty. Such obligation, and any liability that Seller may ha for any breach thereof shall survive the closing. In the event Purchaser discovers or determine or is notified about the existence of any environmental coed' ion (including, without limitation, a spill, discharge or c tamination) that existed as of and/or prior to the closing ate or any act or omission occurring prior to the closing dat , the result of which may require remedial action pursuant to an law or may be the basis for the assertion of any third party cl , including claims of governmental entities, Purchaser sha promptly notify seller thereof and Seller shall, at its so cost and axpense, proceed with due diligence and in good fai o take the appropriate action and response thereto. In the even that Saller fails to so proceed with due diligence and good f ith, the Purohaser may, at its option, proceed to take the ropriate action and shall have the rights to indemnity as set f below. IS. ,sem 's demn' ies. The Seller agrees to indemnify and see hold harmless tha Purch cry against and in respect of, any and all Addmxlxv damages, claims, los liabilities, judgments, demands, fees, obligations, assessor ts, and expenses and costs, including without limitation, reaso le legal, accounting, consulting, engineering and other expen es which may be imposed upon or incurred b Purchaser, or serted against purchaser, by any other party or 1NIT parties (ine ding, without limitation, a governmental entity), arising out of or in connection with any environmental condition existing of and/or prior to the closing date, including the V ref any person to any such environmental condition,s of whether such environmental condition ox exposurefrom activities of Seller or Seller's predecessors in This indemnity shall survive the closing and be in to Seller's obligation for breach of a representation or 16. Notice. Unless otherwise specified, any notices require or permitted i or related to this Agreement, including any addend thereto, must be in writing, signed by the Purchaser or seller at, received by the Purchaser or Seller, as applicable. ' ram 17. Conditional Offer. This offer is subject to the final approval by the Federal Way city Council by December 13, 1990. Should this offer not be approved by the City Council, the earnest money shall be immsdiataly returned to the City. No rights or 12/07/90 16:25 FAX 206 462 7665 KARR 4: TUTTLE la 005/010 responsibilities shall accrue to either party and this Agreement N L k�� hall be null and void. final. approval by the City 0==il, UhiG Agreement beccme_fi unconditional, binding and anforceablc. iS. Aareem®sit to Purchase and Time Limit for Acceptance. Purchaser offers to purchase the property on the terms and conditions set forth herein. seller shall have until midnight of December z0, 1990, to accept this offer by delivery of a signed copy hereof to s. Brent McFall, city Manager, City of Federal Way, 31132 28th Avenue south, Federal Way, Washington 98003. If this offer is not so accepted, it shall lapse and the Seller shall immediately return the earnest money to the Purchaser. Dated this 9 day of bke , 1990. PURMUER, CITY OF FEDERAL WAY BY: . 4A. �-- - — 1. - V;;;::= K&Meth E. Nyb Assistant City Manager 31132 28th avenue South Federal Tray, WA 98003 19. Selye= ante. Seller agrees to well the property on the terms and conditions herein. Seller acknowledges receipt of a copy of this Agreement, signed by all parties, having read the terms and conditions above and agreeing thereto. SBLLER, See signatw attached AddressN 1T1 20. Purchaser's Receityt. Purchaser acknowledges receipt of a Sellers signed copy of this Agreement on , 1990. PURCHASER, CITY OF FEDEL%L WAY BY: N 1 attached hereto is incorporated by this reference. 9OL250 NM -4- . I 12:07/90 16.26 FAR 206 462 7665 KARR :e TUTTLE )FIRST ADDENDUM TO REAL ESTATE FMCITASE AND SALE AGREEMENT This Addendum is dated December 7, 1990 and is by and between the City of Federal way ("Purchaser") and Campus Park Joint Ventura ("$eller"). That certain real estate purchase and sale agreem+ant (the "Agreement") of even date hereof between Purchaser and Seller is amended as follows: 1. 2uaemblLent of Para a b 9. Paragraph 9 of the Agreement is amended by adding the following at the and thereof: If the Purchaser defaults in its contractual performance herein, the seller may seek specific performance pursuant to the terms of this Agreement, damages, or recission. 2. amendment of Paragr h 13. Paragraph 13 is deleted in its entirety and the following substituted therefor: seller has provided to Purchaser environmental reports prepared by Earth Consultants Inc., dated May 23, 1989 and June 14, 1989, together with a Clearing/Clean up Estimate by Earth Consultants Inc. dated June. 26, 1989. Seller has further provided to Purchaser a geotechnical and engineering study prepared by Earth. Consultants Inc. dated June 15, 1989. The Soller has also provided to Purchaser a survey prepared by Stepan & Associates dated 'v C All other information contained in the building permit file with the Purchaser will be assigned to Purchaser at closing. 3. Amendment of Paragraph 14. Paragraph 14 is deleted in its entirety and the following substituted therefor: The Seller has no knowledge of the release of any hazardous substances on the property oxcept as specifically disclosed in the environmental reports prepared by Earth Consultants Inc. dated May 23, 1989 and .Tuns 14, 1989, previously delivered to Seller. 4. Amendment of Paragraph 15. Paragraph 7.5 is deleted in its entirety and the following substituted therefor: 15. Remediation. rrom the proceeds of closing, Seller agrees that the Sum of $45,000 shall be held in an escrow account with Karr Tuttle Campbell, Seller's attorneys. The funds will be Zade available to the Vurchaser for reimbursement of expenses actually incurred by the purchaser for remediation of environmental contamination as reflected in the Earth Consultants Inc. environmental reports dated May 23, 1989 and June 14, 1989, in accordance with the Cleaning/Clean up Estimate dated June 26, 1989. As and to the extent Purchaser has not requested Vreimbursement prior to two (2) years from the closing date, the funds held in escrow shall be released to the Seller. In : 12,110/90 10;42 FAX 206 462 7665 SARR * TUTTLE Q002/003 addition, as and to the extent the funds are released afrom the escrow upon request of the. PurPurchaser,eQr, to Seller any and all rights that the Purchaser nay have to recover clean up costs from that person or persons who caused or permitted in the release of the hazardous substance. No funds shall be rP1 PAs frnm i -:hr. e.rrow until and =leas billing stlAtqUents are delivered to the escrow holder by the Purchaser reflecting the actual costa of remediation for the items reflected in the Zarth Consultants Inc. May 23 and June 14, 1989 reports, as further identified in the Earth Cormultants Inc. June 26, 1989 report. Seller shall have no liability or obligation for remediation beyond the amounts provided in this Paragraph IS. 12/10/90 10A2 FAX 206 962 7665 b/20450.001 KARR w TUTTLE CITY OF FEDERAL WAY Z003/003 By.- Campua ParkAsso0iatre, Inc., $ Washington lim.itad partnership a joint venturer By.- The Pace Corporation, a. general, Partner Robert p. Gerend, =ts Presi t By: =ntercoastal Properties, Inc* a calirornia corporation, a joint venturer "I By: Ira dung, is president -3 12/07/90 16:29 FAX 206 462 7665 KARR * TUTTLE [a 009/010 THE LAND REFERRED TO IN THIS POLICY IS SITUATED IN = 9TATE OF WASMGTON, COUNTY OF iaNG AND IS DESCRIBED AS FOLLOWS: THAT PORTION OF THE EAST HALF OF SECITYON 17, TOWNSHIP Zl NORTH, RANGE 6 EAST, W.M., IN K=NG COUNTY, WASHINGTON, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER OF THE NORTEXAST QUARTER OF SAID SECTION; THENCE NORM 89.41144" WEST ALONG THE SOUTHERLY LIN$ THEREOF, 659,17 FEET TO TIM NORTHEAST COMTER OF THE RTORTHWEST QUARTE, OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION AND THE TRUE POINT OF BEGINNING; THENCE SOUTH 00•18'15" WEST ALONG THE EASTERLY LINE OF SAID NORTHWEST QUARTER OF T.UE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER, 658.52 FEET TO THE SOUTHEAST CORNER THEREOF; THENCE NORTH 69.42'00" WEST ALONG THE SOUTHERLY Lin THEREOF, 132.30 FEET; TS':NM NORTH 00'18'15" EAST, 177.60 FEET; TIMNCE NORTH 89' 42' 00" WEST , 221.23 FEET; THENcE SOUTH 0o*18'j5" WEST, 207.60 FEET; THENCE NORTH 89'42100" WEST, 46.92 FEET; THENCE SOIITH 00'18'15'1 WEST, 299.28 ,FEET TO THE SOUMMLY LINE OF THE NORTH HALF OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION; THENCE NORTH 39°42107" WEST ALONG SAID SOUTHERLY LINE 257.64 FEET TO THE EASTERLY LINE OF ME NORTHWEST OZARTER OF THE SOUTHEAST QUARTER OF SAID SECTION; THENCE SOUTH 00'14130" WEST ALONG SAID EASTERLY LINE, 329.29 FEET TO THE SOUTHERLY LINE OF SAID NORTHWEST QUARTER OF THE SOUTHEAST QUARTER; THENCE NORTE 89°42115" WEST ALONG- SAID SOU7.`YMR.LY LINE, 1,315.46 FEET TO THE WESTERLY LINE OF SAID NORTHWEST QUARTER OF TBE SOUTHEAST QUARTER: TMWCE NORTH 00'06'59" EAST ALONG SAID WESTERLY LINE, (1, 278.09) FEET TO THE CENTRRMII E QF THE BONNEVILLE POWER ADMINISTRATION COVINGTON-TACOMA TRANSMISSION LINE EM MENT; THENCE NORTH 51.59112!1 EAST ALONG SAID CENTERLINE, 2,241.61 FEET; THENCE SOUTH 89°43957t1 FAST, 250.51 FEET ALONG SAID C r_rTZ TO THE WESTBRLY LINE OF TIM EAST 630 FEET OF THE NORTH« LST QUARTER OF SAID SECTION; THENCE SOUTH 00°25'20" WEST ALONG SAID WESTERLY DYNE, 230.38 FEEL' TO THE SOUTHERLY LINE OF THE NORTH 200 FEET OF TATE SOUTE AST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION; nwr r. kms+ 16:50 FAI 206 462 7665 KARR * TUTTLE Ia 010/010 THENCE NORTH 2 A • 4 214 91r WEST ALONG SAID SOiTTfWJtLY Ll= r 30.65 FEET TO Txz EASTERLY LzNE OF Tn WEST HALF OF THE 30tr'iiSAST QUARTER OF THE NORTEX ST QUARTER OF SAID SECTION; THENCE SOUTH 00.20145" WEST ALONG SAID WESTERLY LINE, 2,123_25 FEES.' TO THE TRUE POINT OF BEGINNING; EXCEPT THAT PORTION TFn=OF PLATTED AS CENTURY, ACCORDING TO PLXT RECORDED IN VOLUME 104 OF PLATS, PAGES 63, 69, 70, 71 AND 72. SITUATE IN THE COMM OF KING, STATE OF WASHINGTON. 1. ASSESSMENT FOR ROAD IMPROVEMENT DISTRICT NO. 74 ORIGINAL AMOUNT: $41,396.48 PLUS INTEREST AT 10.695%. ORIGINAL NUMBER OF INSTALLMENTS: 20 NUMBER OF INSTALLMENTS PAID: 6 EXHIBIT ..�.. 1710-5A NUMBER OF INSTALLMENTS DELINQUENT: 0 LOCAL IMPROVEMENT DISTRICT NO.: 0265 FILING DATE: MARCH 231 1983 NEXT PAYMENT DUE: APRIL 23, 1990 IMPROVEMENT: ROAD ACCOUNT NO.: 0265-172104-9014-07 2. EASEMENT INCLUDING THE TERMS, COVENANTS AND PROVISIONS THEREOF, AS ACQUIRED BY DECLARATION OF TAKING ENTERED IN DOCKET NUMBER 281 OF UNITED STATES DISTRICT COURT, WESTERN DISTRICT OF THE STATE OF WASHINGTON, NORTHERN DIVISION, ETC. BY INSTRUMENT: RECORDED: NOVEMBER 14, 1940, MAY 11, 1943 AND UNDISCLOSED RECORDING NOS.: 3131454, 3308820 AND 3253846 IN FAVOR OF: UNITED STATES OF AMERICA FOR: TRANSMISSION LINE AFFECTS: 100 FEET IN WIDTH OVER AND ACROSS THE SOUTH HALF OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER, AND THE SOUTH HALF OF THE NORTHEAST OF THE NORTHEAST OF SAID SECTION 17, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON 3. EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: AUGUST 26, 1941 AND AUGUST 17, 1942 RECORDING NOS.: 3186542 AND 3258849 IN FAVOR OF: THE UNITED STATES OF AMERICA FOR: PERPETUAL RIGHT TO ENTER UPON SAID PREMISES AND OTHER LANDS AND TO ERECT, MAINTAIN, REPAIR, REBUILD, OPERATE AND PATROL ONE OR MORE ELECTRIC POWER TRANSMISSION LINES, AND ONE OR MORE TELEPHONE AND/OR TELEGRAPH LINES, INCLUDING THE RIGHT TO ERECT SUCH POLES AND OTHER TRANSMISSION LINE STRUCTURES, WIRES, CABLES, AND THE APPURTENANCES NECESSARY THERETO; THE FURTHER RIGHT TO CLEAR SAID RIGHT-OF-WAY AND KEEP THE SAME CLEAR OF BRUSH, TIMBER, INFLAMMABLE STRUCTURES AND FIRE HAZARDS AND THE RIGHT TO REMOVE DANGER TREES, IF ANY, LOCATED BEYOND THE LIMITS OF SAID RIGHT-OF-WAY AFFECTS: PORTION OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER LYING ADJACENT TO BONNEVILLE POWER ADMINISTRATION TRANSMISSION LINE EASEMENT AND TO TACOMA COVINGTON TRANSMISSION LINE 4: EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: JULY 14, 1942, APRIL 14, 1960 AND SEPTEMBER 21, 1960 RECORDING NOS.: 3252183, 5151465, 5204176 AND 5204177 IN FAVOR OF: UNITED STATES OF AMERICA FOR: TRANSMISSION LINE AFFECTS: 100 FEET IN WIDTH OVER AND ACROSS THE SOUTH HALF OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 17; 62.5 FEET IN WIDTH OVER AND ACROSS A PORTION OF THE SOUTH HALF OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER AND THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 17; AND 62.5 FEET IN WIDTH OVER AND ACROSS A PORTION OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER, AND OVER AND ACROSS A PORTION OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 17. 5. EASEMENT FOR RIGHT-OF-WAY OF BONNEVILLE POWER ADMINISTRATIONS'S COVINGTON-TACOMA TRANSMISSION LINE, AS TAKEN IN CAUSE NO. 269 OF DISTRICT COURT OF THE UNITED STATES FOR WESTERN DISTRICT OF WASHINGTON, NORTHERN DIVISION. (AFFECTS: PORTION OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER AND PORTION OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER). ,6• EASEMENT FOR RIGHT-OF-WAY OF BONNEVILLE POWER ADMINISTRATIONS'S COVINGTON-TACOMA TRANSMISSION LINE, ACQUIRED BY UNITED STATES OF AMERICA IN CAUSE NO. 535 OF DISTRICT COURT OF UNITED STATES FOR THE WESTERN DISTRICT OF WASHINGTON, NORTHERN DIVISION. (AFFECTS: PORTION OF THE NORTH HALF OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER AND PORTION OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER). 'r1. EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: JANUARY 14, 1951 RECORDING NO.: 4201227 FOR: RIGHT-OF-WAY AFFECTS: NORTH 30 FEET OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 17 EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: JANUARY 14, 1951 RECORDING NO.: 4201226 FOR: RIGHT-OF-WAY AFFECTS: NORTH 30 FEET OF THE NORTH HALF OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 17 9�•, EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: FEBRUARY 2, 1956 RECORDING NO.: 4660593 FOR: ROADWAY PURPOSES AFFECTS: SOUTH 30 FEET OF THE NORTHEAST QUARTER AND THE NORTH 30 FEET OF THE SOUTHEAST QUARTER OF SECTION 17 10- EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: MAY 22, 1959 RECORDING NO.: 5034981 FOR: ROADWAY PURPOSES, INGRESS, EGRESS AND UTILITY PURPOSES, POWER, WATER, SEWER , TELEPHONE, GAS OR OIL LINES AFFECTS: AS DESCRIBED BELOW FOR ROADWAY PURPOSES: THE WEST 30 FEET OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER, LESS THE NORTH 30 FEET THEREOF. THE WEST 30 FEET OF THE NORTH HALF OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER, LESS THE SOUTH 30 FEET THEREOF; AND FOR UTILITY PURPOSES: (TO PUGET SOUND POWER & LIGHT COMPANY AND LAKE CENTER WATER COOPERATIVE) 24 FEET EAST OF THE WEST LINE OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER; 24 FEET EAST OF THE WEST LINE OF THE NORTH HALF OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER, ALL IN SECTION 17, TOWNSHIP 21 NORTH, RANGE 4, EAST, W.M., IN KING COUNTY, WASHINGTON. 1' EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: MARCH 22, 1956 RECORDING NO.: 4675062 FOR: INGRESS, EGRESS AND UTILITIES AFFECTS: FOR ROADWAY: SOUTH 30 FEET OF THE NORTHEAST QUARTER, NORTH 30 FEET OF SOUTHEAST QUARTER, SOUTH 30 FEET OF EAST 30 FEET OF NORTHWEST QUARTER OF NORTHEAST QUARTER OF THE SOUTHEAST QUARTER, EAST 30 FEET OF SOUTHWEST QUARTER OF THE NORTHEAST QUARTER, WEST 30 FEET OF THE SOUTHEAST QUARTER OF NORTHEAST QUARTER FOR UTILITIES: NORTH 10 FEET OF SOUTH 30 FEET OF THE NORTHEAST QUARTER, SOUTH 10 FEET OF THE NORTH 30 FEET OF SOUTHEAST QUARTER, WEST 10 FEET AND NORTH 10 FEET OF SOUTH 30 FEET OF EAST 30 FEET OF NORTHWEST QUARTER OF -THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER, WEST 10 FEET OF EAST 30 FEET OF SOUTHWEST QUARTER OF THE NORTHEAST QUARTER, EAST 20 FEET OF WEST 30 FEET OF SOUTHEAST QUARTER OF THE NORTHEAST QUARTER ALL IN SECTION 17. 12. EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: MARCH 22, 1956 RECORDING NO.: 4675062 IN FAVOR OF: LAKE CENTER WATER COOPERATIVE FOR: WATER PIPELINE AFFECTS: NORTH 10 FEET OF SOUTH 30 FEET OF NORTHEAST QUARTER, SOUTH 10 FEET OF NORTH 30 FEET OF SOUTHEAST QUARTER, WEST 10 FEET AND NORTH 10 FEET OF SOUTH 30 FEET OF THE EAST 30 FEET OF THE NORTHWEST QUARTER OF NORTHEAST QUARTER OF THE SOUTHEAST QUARTER, WEST 10 FEET OF EAST 30 FEET OF SOUTHWEST QUARTER OF NORTHEAST QUARTER, EAST 10 FEET OF THE WEST 30 FEET OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER ALL IN SECTION 17 13. EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: MARCH 22, 1956 RECORDING NO.: 4675062 IN FAVOR OF: PUGET SOUND POWER & LIGHT COMPANY FOR: ELECTRIC LINES AFFECTS: 24 FEET NORTH OF THE SOUTH LINE OF THE NORTHEAST QUARTER; 24 FEET SOUTH OF THE NORTH LINE OF THE SOUTHEAST QUARTER, SECTION 17 1"4. EASEMENT AND CONDITIONS CONTAINED THEREIN: a. RECORDED: MAY 13, 1959 RECORDING NO.: 5034980 FOR: ROADWAY PURPOSES FOR INGRESS AND EGRESS, AND FOR UTILITY PURPOSES, FOR POWER, WATER, SEWER, TELEPHONE, GAS OR OIL LINES AFFECTS: AS DESCRIBED BELOW FOR ROADWAY PURPOSES: (1) THE WEST 30 FEET OF THE WEST HALF OF THE SOUTHEAST QUARTER, LESS THE NORTH 30 FEET THEREOF AND LESS EASEMENT TO BONNEVILLE POWER ADMINISTRATION; (2) THE EAST 30 FEET OF THE WEST HALF OF THE SOUTHEAST QUARTER, LESS THE NORTH 30 FEET THEREOF; FOR UTILITY PURPOSES: (LAKE CENTER WATER COOPERATIVE) THE EAST 10 FEET OF DESCRIPTION 1 ABOVE; THE WEST 10 FEET OF DESCRIPTION 2 ABOVE: TO PUGET SOUND POWER AND LIGHT COMPANY, AN EASEMENT FOR ELECTRIC TRANSMISSION LINE INCLUDING ALL NECESSARY APPURTENANCES OVER PORTION DESCRIBED AS FOLLOWS: 24 FEET EAST OF THE WEST LINE OF THE WEST HALF OF THE SOUTHEAST QUARTER; AND 24 FEET WEST OF THE EAST LINE OF THE WEST HALF OF THE SOUTHEAST QUARTER, ALL IN SAID SECTION 17, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON. 15. EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: FEBRUARY 27, 1974 AND AUGUST 13, 1974 RECORDING NOS.: 7402270262 AND 7408130336 IN FAVOR OF: THE CITY OF TACOMA, A MUNICIPAL CORPORATION FOR: A WATER TRANSMISSION PIPELINE, OR PIPELINES, AND APPURTENANT EQUIPMENT AFFECTS: THAT PORTION OF THE PROPERTY HEREIN DESCRIBED LYING WITHIN A 100 FOOT PIPELINE RIGHT-OF-WAY DESCRIBED AND DELINEATED ON CITY OF TACOMA DEPARTMENT OF UTILITIES DRAWING NO. 15-3-23 16. EASEMENT AND CONDITIONS CONTAINED THEREIN: RECORDED: OCTOBER 30, 1923 RECORDING NO.: 1795553 FOR: DEDICATION AS A PUBLIC HIGHWAY AFFECTS: A STRIP OF LAND 15 FEET IN WIDTH ALONG THE NORTHERLY BOUNDARY OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER AND ALONG THE NORTHERLY BOUNDARY OF THE SOUTH HALF OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER AND OTHER PROPERTY 1V.FACILITY CHARGES, IF ANY, INCLUDING BUT NOT LIMITED TO HOOK-UP, OR CONNECTION CHARGES AND LATECOMER CHARGES FOR WATER OR SEWER FACILITIES OF FEDERAL WAY WATER AND SEWER AS DISCLOSED BY INSTRUMENT RECORDED MAY 12, 1989 UNDER RECORDING NO. 8905120210. '18.SURVEY RECORDED JUNE 15, 1989 UNDER KING COUNTY AUDITORS NO. 8906159001 DISCLOSES THE FOLLOWING: A.) LICENSE COVERING ROAD AND FENCE ESTABLISHED BY SUPERIOR COURT CASE NO. 760514 (AFFECTS SOUTHEAST PORTION OF PREMISES) B.) 9.5 FEET HIGH GALVANIZED METAL FENCE ENCROACHMENTS (AFFECTS SOUTHEAST PORTION OF PREMISES) C.) POWER POLE AND OVERHEAD POWER LINES. (AFFECTS SOUTHEAST PORTION OF PREMISES) 12/13/90 14:08 FAX 209 482 7896 KARR * TUME 2002/003 SECOND ADDMMUH TO REAL ESTATE IMCB216E AND BALE AG U[MENT This Second Addendum is by and between the City of Federal Way (hereinafter "Purchaser") and Campus Park Zoint venture (hereinafter "Seller"). The Real ,Estate Purchase and Sale Agreement with Earnest Money Provision (hereinafter "Agreanmit") and First Addendum to the Real Estate Purchase, and Sale Agreement (hereinafter "Addendum") between the Purchaser and Seller ara amended as follows: I. Amendment of kgnmza1 of Real Estate Purchase and Agreement. Paragraph 1 o Agreement is amen e a zng `allowing: This purchase price, is reduced by Thirty Thousand Dollars ($30,000.00) in accordance with the. Second Amendment to Paragraph 15 below. 2. Amendzu t of Ra is Mid 4RM5=JPh 4 P Addanaum_ Varagra 18 an ParagImph 4 of the First Addendum are deleted in their entirety and the following is substituted: 18. Remediation. The Beller agrees to reduce the purchase priced sum of Thirty Thousand Dollars. ($30,000.00) as reimbursement by the Seller to the Purchaser for costs of remediation of eavironmental contamination to a portion of the property as reflected in the Earth Consultants Inc. environmental reports dated May 23, 1989 and June 14, 1989. The Seller hereby assigns to the Purchaser any and all rights the Beller eery have to recover any and all clean-up costs from the persons or persons or entity or entities Otho caused or permitted the release of the hazardous substance or substances causing such environmental contamination. The Seller shall have no liability or obligation for remediation for such contamination beyond the amount providad in this Paragraph 15. Any other liability or obligation shall be determined as provided for in paragraph 3 of the First Addendum. CITY OF FELERAL WAY BY: r Jr/graht, McFall ty Administrator 12/10r90 14:00 PAZ 200 402 7003 KARR s TOTPl.E [M009/009 1'1' ' T1 OQ 0 ftwk� W: Campus Parks Associates, Inc. a Washington limited partnership a joint venturer 8y: The Pace Corporation, a general partner Byj &Qbrart F. Garond, i �sident 8y: Intercoastal Proportion, Inc. a California corporation, a joint venturat BY= Ira Young, President b/20450.001 32113%90 14:05 FAX 209 402 7895 KARR * TU'1TLE Q002/003 SECOND ADDE MUM TO REAL ESTATE VMCBgSE AND SALE ANT This Second Addendum is by and between the City of Federal Way (hereinafter "Purchaser") and Campus Parc Joint venture (hereinafter "Seller„). The Real Estate Purchase and sale Agreement with Earnest Money Provision (hereinaftar "Agreement") and First Addendum to the Real Estate Purchase and Sale Agreement (hereinafter "Addendum") between the Pnrchasar and Seller aro amended as follows: 1. AmendMent of Paragraph 1 of Real Eatate Purchase and Pimement. Paragraph I of the Agreement Im amended y adding 'allawinq: This purchase pricey is reduced by Thirty Thousand Dollars ($30,000.00) in accordance with the Second Amendment to Paragraph Z5 below. 2. Ayendment of Paragraph ZS and Para�ph 4 of First Addendum. PaRgraph 105 and Paragraph 4 of the First Addendum are led' sted in their Gntizety and the following is substituted: IS- Remediation. The Boller agrees to reduce the purchase price in the sum of Thirty Thousand Dollars. ($30,000.00) as reimbursement by the Seller to the Purchaser for costs of romodlation of envirormental contamination to a portion of the Property as reflected in the Barth Consultants Inc. snvironm,ental reports dated May 23, 1983 and June 14, 1989. The Beller hereby assigns to the Purchaser any and all rights the seller may haves to recover any and all clean-up costs from the persons or persons or entity or entities Vho caiused or permitted the release of the hazardous substance or substances causing such environmental Contamination. The Seller shall have no liability or obligation for remediation for such contamination beyond tue .amount provided in this Paragraph 15. Any other liability or obligation shall be determined as provided for in paragraph 3 of the First Addendum. CITY OF FELERAL WAY By; J t NCF ty Administrator 12/19/90 14:00 PAZ 200 402 7003 KARR z TUMU Q 003/003 CAMS PARK JOINT VENT= By:CampusParks Associates, Inc. a Washington limited partnership a joint venturer By: The Pace Corporation, a genex l partner sy: Robes P. Gerund, its Pros=dent Sys Tntarooastal Proportion, Inc. a California corporation, a joint vsnturur By: Ira Young, s President b/20450.001 CITY OF FEDERAL WAY MEMORANDUM October 9, 1991 TO: Kenneth E. Nyberg, Assistant City Manager FROM: Margaret H. Clark, Senior Planner SUBJECT: Whether rubble and debris from the White Henry Stewart Building was buried in the Campus Park site There were two companies involved in the removal of the debris from the demolished White Henry Stewart Building, Cleveland Wrecking located in Los Angeles (Telephone Number 213-269-0633) and ICONCO of California located in Oakland (Telephone Number 415-261-1900). I spoke to Richard Diven at ICONCO. He stated that ICONCO was involved in the second phase of debris removal from the building. Although he can not remember where the debris was dumped due to the number of years that have elapsed since the job was completed, he knows that it was not within the City of Federal Way, since ICONCO did not haul debris this far south. He also stated that to his knowledge there was no asbestos in the building. I also asked Cleveland Wrecking, who was involved in the first phase of debris removal from the White Henry Stewart Building, whether they had records on where the debris was dumped. The receptionist said that such records would be in'archives if they still existed and she would look into it and get back to me (She did not sound very optimistic about finding anything). I also spoke to McFarland Construction (Telephone Number 938-4433) who had bidded on the hauling of the debris. Margo McFarland said to their knowledge there was no asbestos in the building. citypark t C. .ER, PATTERSON & ASSOCIATES, INC. Real Estate Appraisers 7522 West 28th Street Tacoma, Washington 98466-4188 Edward O. Greer, MAI (206) 564-1342 May 9, 1990 Mr. Brent McFall City Manager City of Federal Way P.O. Box 8057 Federal Wax, Washington 98003-0057 Re: 86 Acre Site (South 324th & Transmission Line) Known as Evergreen Airfield Property Dear Mr. McFall: This letter is to confirm the appraisal request by Mr. Mark Freitas regarding the above referenced property. The fee for completion of a narrative report in conformance with the W }ington State Department of Transportation guidelines, would be $ X88 This fee does not include consultation fees or court preparation or testimony. If these services are required, they will be billed at a rate of $85 per hour. We anticipate completion of the report to be five to seven weeks after receipt of a signed contract agreement. This completion date is based on the assumption that a signed copy of this letter and your deposit are returned to us within 10 working days of the above date. Since a few clients in the past have been delinquent, our attorney has recommended that we have a uniform letter of authorization to protect us in case of collection loss. Consequently, please be aware that if this account becomes delinquent, it will be referred to an attorney for collection. The client agrees to pay all fees and costs of collection, including such sum as may be determined by the court to be reasonable attorney's fees, plus interest on the unpaid balance. Thank you for giving us the opportunity to offer a proposal on your project. Very truly yours, GREER, Edward bGreer, MAI EOG:sp Enclosure cc: Mark S, INC. Dated this day of 1990. Freitas Brent c all T H E TRUST PUBLIC LAN D December 27, 1990 Debbie Ertel, Mayor City of Federal Way 33530 lst Way South Federal Way, WA 98003 Dear Mayor Ertel: We were very pleased to hear that Federal Way has negotiated an agreement to purchase the Evergreen Airfield property and has identified a mechanism for funding the acquisition. This is a bold and wonderful initiative for your young city. Three cheers! We appreciated the faith you and others in the City's government showed by requesting that the Trust for Public Land become involved in the City Center Park project. We are a bit relieved (due to the pricetag) and sorry that we will not be assisting Federal Way in acquisition of its central public area. Please extend our congratulations to Assistant City Manager Steve Anderson; it was nice to meet a government official who had such immediate respect for TPL's abilities. The new park will be a fitting memorial to Mickey Corso, whose contagious enthusiasm convinced me that TPL should assist in this acquisition if we could. Sincerely, Peter Scholes Project Manager c c . L' nAlel 0 t, ODAJrO N O R T H W E S T REGIONAL OFFICE SMITH TOWER S U I T E 1 5 1 0 506 SECONDAVE SEATTLE, WA 98104 FAX (206) 382.3414 ( 2 0 6 ) 587-2447 Printed on recycled paper' CITY OF FEDERAL WAY Memorandum DATE: February 11, 1991 TO: John Moir, Finance Director Sandra Driscoll, City Attorney Evergreen Airstrip Enclosed you will find a copy of the preliminary title report for the Evergreen Airstrip property. You will note there are certain assessments that may be due in the future. By this memo, I will assume that your department will take care of those in the future. I will forward a copy of the final report upon closing. Enclosure cc: Steve Anderson ween° Bvenep RECEIVED FEB 12 1991 CITY CLERKS OFFICE CITY OF FEDERAL WAY 91L106 CITY OF FEDERAL WAY Memorandum DATE: October 30, 1991 TO: Joel Marks, Councilmember FROM: Carolyn A. Lake, Assistant City Attorney SUBJECT: Request for Information on Evergreen Airstrip Purchase Pursuant to your request of today, attached please find the following documents: 1. Appraisal performed by Greer, Patterson, & Associates. 2. Appraisal performed the Eastman, Co. 3. Review Appraisal performed by Schueler, McKown, & Kennan, Inc. All appraisals were performed for the former Evergreen Airfield (City Center Park site). In addition to the request for these materials, you had requested information regarding to whom these appraisals had been released. A review of the file does not disclose that written information. By copy of this memo, your request in this regard has been forwarded to City Management and Sandra Driscoll, City Attorney. c: Brent McFall, City Manager Steve Anderson, Assistant City Manager Sandra Driscoll, City Attorney Councilmembers LA\EF\CAL\91-0277.EVR ■ -4 January 22, 1991 D Ref. No. 91-102 ((LrWW1W99 ft* 1 Ms. Sandra Driscoll City Attorney 33530 -1st Way S. Federal Way, WA 98003 RE: Review Appraisals - Evergreen Airstrip Dear Ms. Driscoll: I have reviewed appraisals by Greer, Patterson & Assoc. and by the Eastman Company on property known as the Evergreen Airstrip in Federal Way. Both appraisals assumed no soil contamination on the subject property, but stated that a soils study is recommended. The Lawyers Title Company of Washington, Inc., Preliminary Commitment for Title Insurance Number K65274, which appears in the Greer report, cites a judgement on page 3, dated September 26, 1985 in favor of Environmental Research and Development Corp. for $67,486.01. This is a lien against the property of Campus Park Associates, the owner. It appears there has been a study of environmental conditions on this property which should have been made available to' the appraisers. Lack of such informa:.ion may cause an unreliable estimate of current market value. The Eastman report does not reference a Title Report, but, it does describe, in paragraph 2 page 14, "the possibility exists that some toxic or hazardous materials may be present on portions of the site." No deduction from value was made for this condition. Any offer to purchase this property should be contingent upon the seller paying all costs of environmental clean-up required by governmental agencies responsible for these matters. 29 paragraphs in Exhibit B of said title report describe easements on this property. No plot plan or map showing locations or sizes of these encroachments is in either report. 110 Cherry Street, Suite 300 Seattle, Washington 98104 (206) 624-0293 FAX(206)467-7385 SCHUELLR, Nle"WWiv January 22, 1991 Ref. No. 91-102 Page 2 The Greer report states, on pages 11 and 12, there are numerous utility and roadway easements on the property, however, most are not considered to have an adverse effect on the site's value. Then, a final statement is made regarding a 100 ft electric high voltage transmission line easement may limit utilization of the property causing a loss in value for that portion. However, no deduction from value was made. No mention of the numerous utility, roadway or transmission line easements were addressed in the Eastman report. Both appraisals state there are wetlands on the property. Neither makes any deduction for this condition. 'The Eastman report describes 2.1 acres are identified as wetland which cannot be built upon. However, no deduction was made when valuing the 83.56 acres of subject property. This report describes eight acres of comparable sale No. I as being wetland, which caused a 22% loss of value, see page 31. The Greer report refers to a road improvement assessment outstand- ing of $41,396.48, and sewer assessment of $26,907.74. The Eastman report did not mention these assessments, however, it is typically the obligation of the seller to pay existing assessments, as well as back taxes, at the time of sale. Therefore, no deduction from market value is needed unless a purchaser assumes the obligations. Descriptions of the subject propert�, analysis of Highest and Best Use, also analysis of the appropriate technique for appraising this property are adequate in both appraisals. The comparable sales method is appropriate, however, neither appraiser support their adjustments to sales for comparison with the subject property. The differences between sale prices and their adjusted values for the subject property ranged in the Greer report from +51% to -16%. The Eastman report described adjustments from +17% to -31%. I believe both appraisers erred in not quantifying their adjust- ments and in not providing support for their adjustments. This is significant since the total range of indicated values for the subject property is 67% in the Greer report and 48% in the Eastman report. ■:.' SCHLELER, McKOWN & IK.ENAN, INC. January 22, 1991 Ref. No. 91-102 Page 3 There are five sales in the Greer report that are in the community of Federal Way, and two sales in the Eastman report. However, one of these properties used by both appraisers is sale L-7 in the Greer report described as a pending transaction. The Eastman report remarks "it is an agreement for sale that is expected to close soon". However, under the price there is a date 9/20/89. I believe this must be an error. Also, sale L-3 in the Greer report appears to be a 31.55 acre part of the Eastman sale 1 which is 51.93 acres. The Greer sale at $5.65 per sq ft was pending on the appraisal date 6/11/90, and the Eastman sale occurred on 1/19/90 for $2.21 per sq ft. A great deal of street and highway frontage appears to be included in the Greer sale L-3 which would account for the high price. This sale should not be used for comparison with the subject because it is substan- tially higher than all other market activity, also it has superior street frontage and highway exposure. The larger transaction is more comparable and -would have a greater degree of reliability for comparison with the subject. Two sales in the Greer report, L-1 and L-2, are large tracts of land, however, they are in Issaquah and Redmond. These are neighborhoods some distance from Federal Way, therefore supporting data is necessary to be able to understand the degree of compara- bility of the sales. Such data was not provided. 1b Three sales in the Eastman report 3, 4, and 5 are large tracts located in Redmond, North Bend, and Everett. These areas are also many miles removed from Federal 'Way and were not compared in economic terms or demographics. Thus, we are unable to measure the degree of reliability for comparison with the subject. This leaves one sale used by both appraisers, three sales in the Greer report, plus one in the Eastman report that are in Federal Way. In addition, there is a new sale that occurred since these appraisals were made. It is a large vacant tract of 51.55 acres in White Center sold 10/4/90 for $7,850,000 or $3.50. This is a commercial zone with similar economic influences, similar concen- tration of development undulating contour and a transmission line easement across it. This property has superior access, therefore a downward adjustment would be justified of approximately 15%. After adjustment, this would indicate an approximate value of $2.98 per sq ft. Following is a list of all the sales that are the most comparable. January 22, 1991 Ref. No. 91-102 Page 4 sale Location L-4 Federal Way L-5 Federal Way L-6 Federal Way L-7 Federal Way SCHliELER, YIcROWN & {EENAN, INC. Greer Report Sale Date Acres $/S.- 1/90 37 $2.42 1/90 15 $1.69 5/89 16.75 $3.10 Pending 29.84 $3.32 Eastman Report Sale Indicated Sale Location Date Acres S.F. Adjusted Value L-1 Federal Way 1/90 51.94 $2.21 +16.7% $2.58 L-2 Federal Way 9/89 29.84 $3.32 - 5.4% -$3.14 Comps Incorporated Sale Indicated Ad= Value + 9.5% $2.65 + 3.6% $1.75 - 8.1% $2.85 -15.7% $2.80 Sale Indicated Sale Location Date Acres S.F. Adjusted Value L-1 Federal Way 1/90 51.94 $2.21 +16.7% $2.58 L-2 Federal Way 9/89 29.84 $3.32 - 5.4% -$3.14 Comps Incorporated Sale Indicated Sale Location Date Acres' SS/_ A gusted Value 33- White Center 10/90 51.55 $3.50 -15% $2.98 B/1 I have reduced all of the sales to just those considered to be the most reliable indicators of value. Also, I have accepted adjust- ments made by the appraisers to each sale, and added one new sale. The above transactions indicate an average of $2.68 per sq ft market value for the subject property. The Greer report estimated $2.75. The Eastman report estimated $3.00. This results in the following indications. Greer Report 3,639,875 sq ft @ $2.75 = $10,009,656 Eastman Report 3,639,875 sq ft @ $3.00 = $10,9191625 Average Indicated 3,639,875 sq ft @ $2.68 = $ 9,754,865 SCHUELER, mcKOWN & KEENAN, INC. January 22, 1991 Ref. No. 91-102 Page 5 Based upon the above analysis, data provided in appraisals referred to, and analysis of the subject property, it is my opinion that the Greer Patterson & Associates, Inc. report reflects the more reliable indication of current -market value. This is subject to all of the conditions described in the report and to the definition of market value therein. ESTIMATED MARKET VALUE: ...$10,000,000 I sincerely hope this will assist you in your proposed acquisition not of the property. If I can be of further help to you, please hesitate to call me at 624-0293. Very truly yours, SCHUELER, MCKOWN & KEENAN, INC. M. L. Scheeler, MAI/CRE 4 MLS/ddh 0 M., Da" $7, 850, 000 (c) 33-B/I COMPS INCORPORATED 9605 Scranton Rd., 7th Floor, San Diego, CA 62121 (619) 457-2274 ........... ....... .................. .. ......... SZ of COMMERCIAL LAND 2nd Ave SW A SW Cambridge St.)*C-265 ZONED ACPLEAGE Seattle, WA 98106 BUYER: (206) 882-ZD40 Nintendo of America, Inc. C/o Bruce Meyer 4820 150th Ave. NE Redmond, WA 98052 SELLER: -1000 (206)526 University Savings Bank c/o Larry Bain 6400 Roosevelt Way NZ Seattle, WA 98115 Topogxphy: Steep ico 4 I=prv=ts: Operating sand pit Offs1tes : All to site Traff frt: X/Av Tralf ads: N/Av Trade : No AREA MAP:33-B/3. Rzeize Tax #: 90-1158922 * This was an Azo sale, but reportedly transferred at market V&1116. 312404-9024;322404-9082.9083;062304- 01,9250,9246,9148,9147,9054,9053; 052304-9012,901.4,9024,9029.9052. *" XV -05-23-04;)8-06-23-04. z I — , -1 )R , S 'PAMOkOW WO - I e 6, THOWS BF=. MAPS T?n Wwo Is 00� 0 by TWOMAS SMS, it a W"Mu a MW a "Womm so W sey on ftweOL- to P -- PLAT MAP:'a' #: 645330-0110;** Q -S -T -R: SE -31-24-04;*** Lgl:por of SE4 of SE4 of sec 31 4 SW4 of sec 7 32- - T24N ME WM; por of NE4 of HE4 of sec 6 & NW4 of NW4 of sec 5 T23K ME WK.;-/ 4 —k- . . . . . . . . . . . . . . . AL Parcel Dizenslons: Z=Sgulaz Title Co:Stewart Title Mie pet mw a oornvo from cum" WX 40501100M Mos- NO eolaieR Is erorweee CanCafring VW .= facy el OW y"OrnUMM apfARO" hgfbr. ... . . ..... .... . . ....... .. .... . ....... ... .... LISTING: BROKERAGE SELLING: (Nozia involved per Principal) (None involved per principal) ..... ... . . . ... . ...... The information contained heroin has been received from what am believed to be reliable sources but no guarantee as to Its accuracy Is Oxim y or Impliedly mace by COMPS INCORPORATED. COMPS is the trade name of COMPS INCORPORATED. Reproduction In any form without the express written consent at COMPS INCORPORATED is prohibited. ALL fights reserved. Copyright 1989 by CompS INCORPORATED. VITAL DATA: Rec. date : October 4, 1990 Document # : 10041167 *Sale Price : $7,850,000(c) Down pay=t: $7,850,000/100% Acres GR: 51.55 HT: X/Av $/acre GR: $152,279 NT: X/Av Sq ft GR: 2,245,518 NT: N/Av $/sqft GR: $3.50 HT: N/Av Zoning C265, Seattle use Bold for Investment Loans None, all cash sale Topogxphy: Steep ico 4 I=prv=ts: Operating sand pit Offs1tes : All to site Traff frt: X/Av Tralf ads: N/Av Trade : No AREA MAP:33-B/3. Rzeize Tax #: 90-1158922 * This was an Azo sale, but reportedly transferred at market V&1116. 312404-9024;322404-9082.9083;062304- 01,9250,9246,9148,9147,9054,9053; 052304-9012,901.4,9024,9029.9052. *" XV -05-23-04;)8-06-23-04. z I — , -1 )R , S 'PAMOkOW WO - I e 6, THOWS BF=. MAPS T?n Wwo Is 00� 0 by TWOMAS SMS, it a W"Mu a MW a "Womm so W sey on ftweOL- to P -- PLAT MAP:'a' #: 645330-0110;** Q -S -T -R: SE -31-24-04;*** Lgl:por of SE4 of SE4 of sec 31 4 SW4 of sec 7 32- - T24N ME WM; por of NE4 of HE4 of sec 6 & NW4 of NW4 of sec 5 T23K ME WK.;-/ 4 —k- . . . . . . . . . . . . . . . AL Parcel Dizenslons: Z=Sgulaz Title Co:Stewart Title Mie pet mw a oornvo from cum" WX 40501100M Mos- NO eolaieR Is erorweee CanCafring VW .= facy el OW y"OrnUMM apfARO" hgfbr. ... . . ..... .... . . ....... .. .... . ....... ... .... LISTING: BROKERAGE SELLING: (Nozia involved per Principal) (None involved per principal) ..... ... . . . ... . ...... The information contained heroin has been received from what am believed to be reliable sources but no guarantee as to Its accuracy Is Oxim y or Impliedly mace by COMPS INCORPORATED. COMPS is the trade name of COMPS INCORPORATED. Reproduction In any form without the express written consent at COMPS INCORPORATED is prohibited. ALL fights reserved. Copyright 1989 by CompS INCORPORATED. stimated- Fair M arket,- 3.56'_ 1 A` �0"172; 6 of - F v 7=. th „324th -F Street"An—d- ll`thl,'_�P'i' ace T':�77� XF V 4 as ington!,,:=��:T7;,Fg 4 If 'v" jp 47M; Z forte- __WA. Federala ,,` r Federa3 W y? SWashon eiii��', 'C otith i 98 po­ ",Mtz., by Gary K w es sels Edward O. Greer - GREERJI.:YPATTERSON&-ASSOC.UTES, 5=Tacoma ',,Washink' -7: 1 g j Date -of V a1 ue: =1990 Date of Re ort: uj-yi,21990 , MA Alt 1-1 17 , , , . 00 ur, 17 File -;Number. C 90 ? 7ERSON & ASSOCIA U7 ly J. TBrent7McFa1r'*-.C* -C gec tY.,­of 1'��Federa 31132­=_28t1j' Avenue South Federal -Way il- Washington- 9 8 0 70 Ag 1990 17 599SRI :Estimated; Re im ix'. arket Value' Land.--' 8 3. 56 'Ac re c -int" South3 2 4 th?eetl'and llth:Place SouthAY. Washington 0 ''INC. r 0ZF AA In accordance'.with,"Your- R, re �haVe".Jn`ij'?ect6dabove a -mentione Property;'.. wh t e.'' i6h`�14771egaily described in'- this of estimating -market'�value thereof the'j air _0 a ....... rope �:tights -f ee- le appraised are, .,interest. s IMP 7, 7; Wit h, i ri t h- i s- ft" report *4 pp - PTO e7.ca ci a Lons*. '?--,,upon -whicinal -6eslue f. 'conc usion and the" in Xh `'estimate 46- We,rcertify, _N our information -in -;'this=,, ':to -best-"' f.-,,& that,;, the report,- is;, qrmatibn-A i4 een"' c0rrect�'..'�',,27t`ha t" -�nothin4�ZteL .'h �­ " a ' 7 evant.�, as"knowi 4withheld and that iicrlv:.'-b' t we--have7 ' �no*present-or contemplated -'tuture, interest"I subject in the property.'�`:�This report :with 'in':?accordance -'d o f 'the.rdqulat6rv,a understanding I.completed" rdan r appraisal''repo ing'requirements "'Z..'. It is our op nion-based on the '.''-information, Contained in.'this"'I" re-'-'p'*o"rt,. and other information ,retained in our .: f iles ";'-:that­tI e ,"es imated f air,marketvalue of,the.subject property',as ofJune ` 0 ' _z sio.; 000 000-, 64A . rZ E -� T MILLION" DOLLARSban N n'd-�-L �­m This "value is subjeCt'r theattached1"'�" .s I, sumptjonjf.a � -1 ono x. .�;r';�t%';__ , -itin Conditions. In this appraisai-*­,and �analysis t LAI s a ion a 4,vlo '444' J! ZT, ur,'.File' NUMbelr­ C 90 174 Dear Mr. McFall: r 0ZF AA In accordance'.with,"Your- R, re �haVe".Jn`ij'?ect6dabove a -mentione Property;'.. wh t e.'' i6h`�14771egaily described in'- this of estimating -market'�value thereof the'j air _0 a ....... rope �:tights -f ee- le appraised are, .,interest. s IMP 7, 7; Wit h, i ri t h- i s- ft" report *4 pp - PTO e7.ca ci a Lons*. '?--,,upon -whicinal -6eslue f. 'conc usion and the" in Xh `'estimate 46- We,rcertify, _N our information -in -;'this=,, ':to -best-"' f.-,,& that,;, the report,- is;, qrmatibn-A i4 een"' c0rrect�'..'�',,27t`ha t" -�nothin4�ZteL .'h �­ " a ' 7 evant.�, as"knowi 4withheld and that iicrlv:.'-b' t we--have7 ' �no*present-or contemplated -'tuture, interest"I subject in the property.'�`:�This report :with 'in':?accordance -'d o f 'the.rdqulat6rv,a understanding I.completed" rdan r appraisal''repo ing'requirements "'Z..'. It is our op nion-based on the '.''-information, Contained in.'this"'I" re-'-'p'*o"rt,. and other information ,retained in our .: f iles ";'-:that­tI e ,"es imated f air,marketvalue of,the.subject property',as ofJune ` 0 ' _z sio.; 000 000-, 64A . rZ E -� T MILLION" DOLLARSban N n'd-�-L �­m This "value is subjeCt'r theattached1"'�" .s I, sumptjonjf.a � -1 ono x. .�;r';�t%';__ , -itin Conditions. In this appraisai-*­,and �analysis t LAI s a ion a 4,vlo '444' J! ZT, Pagq;2.,�A M1 EERj"�,'PATTFSH5UN-' S Owl w, L ; -1v OR UA & MQ' P 0 1"t �p q� 17 T iTXM 7 ��a vkl= - tt - -1. �ni 4i 2, J % 2 OAL Z' - r "Attachments Owl w, L ; -1v OR UA & MQ' P 0 1"t �p q� 17 T iTXM 7 ��a vkl= - tt - -1. �ni 4i 2, J % 2 OAL Z' - r =,--Yetterlbf ; Transmittal J-aL-"Ph6toqra q"'d S and, Li-mitirig'' 7lonItion .,Assumptions' tSummary-of"-Important Facts"and"Condlusi I'd B�SU ., BJECT-i--iNF6jR]KiTION-",,,14.1;ii""'.� KFw-lf, �'15 TSI�; DATA: OF� ',HIGHEST -AND ",BEST ' USE .' ;B. APPROACHES TOVALUE'.J4 - 7�y a LAND � VALbi�HON�.7* D. FINAL RECONCILIATION. . . . . . . . ... . . . -32 'g H 'Rv ADDENDA 4 IV . I,egal,��-De s c ript ion Pre Jminaryepo Map Pre 1 iziinary: Plat'," --"-"'���je'c-t�;�Zonin"--gl'Ordinance .Qualifications ',-of t ppraisers,-.;hr-=J'—`-" A .. joj� %A;-4 p- -1 MrWL1*4 s.A, t 1 NZ Z5 '4.0' 'T4 At �4 s:q 6r ji V mr 6r ji V 1 ransmission along north�Slde „'of e , "17 YW, �F - W —Str e 32 4th'?and Ulth --Pla- ��'_ � - j �'+�s'�.�„•� �iit���elZY~�. :, l�Fl.�1{'f r TSI ` '� WI .,,.. ter. -^ ',� � I• I I�� III 1.! -r� _ - � , !� 1 _ fir,. • .. �, - . � . hut,+• �•-' ,,;�,+:� �� - . �: � • , r � } _, } i „ �•y ,��� •-;. is - � ue. �`�rp r • � . �,. -.rJ.1 �^•� � �j[_Y a..�-� tit Y� / ii.� •�i�.. �fA �- 1 �' i� jj•.,r �-?,�- y"?�w► � ia� .1t Vii„ f`t � « .•�j��, i � . �� ,•V�y rtS r'�J I t� �..'Rr •.��, Y '• ',`�t f _ 1 t Y s, ,}jM t 'J 34 _/yam►. 1 •, we � .,� or, 4� xF�apparent- conditionis of r1he appraiser; assumes _,that- there -;8.M'nO hiddeji"or. - .,PrOPe*!*,,:­ ""'valuable" J14 �Oad�_render true subii6i -a ''t ITR,�propos 's�ructures C -i nit Aahie4,M-wtith M milt th then a. -public source If.then water supply. is'''. o er that'the SUPP y is adequate,and c6naistent;with Pierce.CouFity,,-,and,,WashingtOn _Sta te regulations 11iA_ shd is main rmince assumed that�':,th,6'�use and maintenance govern by, a' mutual fur water AM T, Any maps, sketches or photographs included in this report are for illustration and asanaid in visualizing ,the property only.. guarantee_; ie -made,'as-to the,'accuracy of.the,estim a ' or: opinion:: furnished .by theii-i.7,ch,', have been used in.making this appraisal. It is.further, assumed thaVthe opinionsestiiaiLtea — and data containedin'this appraisal are accurate. rgej.A `l.``, L j -with it�, il'. V ,Possesa�A.,Zf is,appra,or achy cM)rhereofdoe not crrY -itoIpublica ion-ppr,may.,the samebelusedfor.:any-P ahy;but'-the client withouU%tho­ y ! V appraiser. and -In any "consent :of )r.,eyentranli.:' Tits.entire P - -1 - ,, . I.-, --prior"wri ten�,_-qon; pt _N, 04.091! 1110 4 fw" t,rp "t # OPAP-4.4- testimony or a no 7 requ to -'give ."test 1Me.­appra'1ser­,,,-'b "reasonofthis' appraisal, -, court" or ,� at any governmental hearing with reference to the property,analyzed, unles, v,� �j j4�4L s ei er.'all:�jj6r�any,'-part� f of th a �ia�i (especially, any conal'u" .­,arrangementa ve..,,been made therefor. ­r� 11 ` 4 , ­,­, " N the con -jreferencet� I - `---the �ity`of, - the- apprais' firm tli'which he is connected,-:*or'any', ,I:,,.-.',va ue,iden appraiser:or the f wi American"' Institute of_Real Estate Apprai ers,,'ok".�th6 SocietY,of-,-Real `Estate., seria-w ff�"j 1 1. ­ r .. t CMB SRFA shallAe-Aiss6minated � t6,the public'. or their, designations SRAO'M),. other.�public means o communications, a publid relatio media, media,4�, any,* -pproval of 'media* or f without �',�wi the prior written consent ae tog atence,, of ,�6A ation!the7po*isibility�"Of'-*,th46'-iiki b6i -1-M ,This,appraisal--:will not'take'into­consideri 1-U "'the existence,of.. ted substances.or- P"hazai , -or�-,-c ran's f er. toxic bntamina PCB'�t ormers ,or: -,:o hazardous,,.ray as""the .presence �of , urea` formaldehyde ;foam 'insulation�:"asbestos "and/or'existence`. oi, � tao�ic',wasteon site ,which; may `or` -may not be; Present" on :the "property,arrdlor;u�ergrotu�d,estorage�`tsnks ��.:.. Jjt�h aUbo4tarj6M 'end j", detect.such .1 4P. a 4�ilified`��indepeixlent—�� title property,. shu-L -ld. retain j";� a of engineer'lor3 contractor.. determine -the '6kistence "aiid-extent, -of any hazardous material 'removal the f well as the costassociated with any reqplred'or-desirable treatment or reo There'is no contingent relationship between the fee for this analysis and the value reported.--' The purpose of this appraisal is to estimate the fair market value of the property asof June , 11, _1990 id>o ------- ,639 E#3 ar y_.shaped,,:,�,-83.56,Acres,-q, , less..., d�-Best�',,�,Use:F.4,iOttJce�;I business ar L menz Estimated,Fa=-Market ' Value : ?10,000,000 !-.'-l;..,,3,'639, 875 SF $2 ,75/SF Vtw a 4OT . 4.,ok- 04� ell v -it 2 Am, =m F* 'N_ 'P M 4 w :, rL 'a Mi . . . . . . . . . . . . . MT mnl T vs_ ;;P_tN i"AP _WK iv tp, T -P ill 07"i-Amf MCI A AN -4 t&d 4 i _'" v6'ie4 4 m ¢, - _i3 I f ': : Rill At 4", 61&Vekgi' rport4land, iconsis s26ftwo%adjac_pnt"parce s -7- . --7----. -- i the `taddenduw� of­4this "report" along nary::, T1t ""Repcitt.. M ,'M� The 'purpose of this apprai to 'the, fair M�iets Uv h used "subject propertv.;`:�;.;'K Said e6 timat6lofvalue isP value e : .,, e City; Acqui`iiti rii"f :--th b Ci__ -of `Federal�­Way­for the'Possible o e Y" ,subject property. Definition -of ��Fair Market'Value, Eighth Market Value as defined -in The7'ADJ�raisal' f �,`Real­ Estate' Ed -It Amdric'an'In*stitiiteof--Real ,-Estate ..Appraisers.,`of the,4 F 1983P- Ls*'.-' on, of REALTORS 4" K ...... . ..... Therm°st probable price `in: cash, „terms equivalent 0,s A. th ic -appraise �-property --cise y. revealed, tbrmsi,� f orl,W they W „ will 'sell :in`,a"bompetitive, m 7 arket�.,undek".�dl:ludona.Lr-J-OrLS'-'�. isqUisite to fair salewith he, buyer and :se 11' ereac pr4 edgea orseli�interdstWadl6umi' thanee undue dures r under 'undue 't t AF, z lit- ' Assumed F Financing Terms 2, , :,:,r"_,w=m=Land.ttypic ally,i; cannot..ihe �financedYbutma be as '-� additJonal:�"-5*ma*90nwA , ry,_be,�,,',used "R termi are, ateral;`��'thus financing 3`�� as 'such assumed�,to'-.be .1not con praisal4—­ �;,—,,w6j-Fh- was t .7 ?ark Joint�,�-�Ve'nture,-,,compr3-s-6d"6f tii6, Campus 'Park"Associa e , s, a ---Intercoastal -�,Propertles,:��Inqliw.l Washington ;Limited-.'�'Partn6i`shipi.and, -7 7' Public records show no changes in ownership in the past three years. f A AN Date of Appraisal !`,.` June 9 The 'date '�.to'which-this appraisalapplies ,.-,i.s- ensus Tract 3 r. 7- -A, 4�' Number, 1303`0`03' �n a 4" H-U-Dlood� Hazard `Area;-- , t - c 4a6n-z- ry The subje ;propejCty,,Is..'--, located In the 4i x Community30071 -70,450 ZiThLTj as reas are not typically-"proii i'...to -`f looding, e p: a'.': 6 oVered by H.U. beri s,iin',,the,!°a . ......... insurance -is 'not -'typically rdquired�,�`J-,The �Wf lo6 , d M. ref ers to "thesubject,property has anYeffec'tive 9 78 ': -Ofik 49 & 7,� A,1W w.rr,•.r a ..? s' �'�aAr1 I. --'.ria• .�,. OLYMPIC ,,„. 1t mn°r»:,�wZ Ou `., r �s. ,.,a 'i' ' ft A.a ,.«.,. '`-„.Edmanat;1 SritwJ a.'L r'"f' •.,�.. Ew!or:.rr«w �4 f o ” ,, n •rawa � +'r"0"d e a tNnmoii 'BotAe1 .•�°T'•'tF :._ � 4i, u � .two res. .a",s Bsasla..r. � 9 .1 h•, .-e 'i _ _ .. •r..a..• fau. sa.lrra I A. t RKh�, a a,ts.. ? L� - ♦ � Clwrf Parry _. HATIONAI tw ant -_„ atm Z >t a tMo► ,- '` - °u°'Ar"k' - m, r�taroarrr`1 �g "..t oa�r::My: � ' ^6�h <. �'' � --� �, '-Z 1(iifi(a' ,."t _ a'._- � •.� � a :-x°v.m:t •,�'+ti*, �.] �. ;fL I��y , _�. ,:;cfm: • : F r J 7 CA.rrirrw �w•q„11 .rt• • � N - �T J `e�.' nr a• � 8rmrtor ._...,sem„ .:.�� :w'�'- 1 :�' - W'r!!: tA„r. 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Nwrast ama n ►1 ` • a J tA+,�ia`,L� � ,�'� �•' :•i Maoris' � ''- - a,Crlros uraa.. •r ,' ?'t4�sYa.a: ? - �` � .,,y 1. _.'n�.r.,...*� 1 mwr-2c _�a�;i�w'v., •• ^ -I: J' 99 ? �rt`a�atl '9=x Waoa.d•i � - • .. yanorr Ly"u - w*ar�: 4wwr St rnr"'t�5rtiut. �• `?r ' y�Fda r� s �Ix ' ��a�.�•.o.•r' •- ?�. °J ,'f Y- •1. � tr.m �, Wlow • ... 'aG liw M]. P � _ ,;._ _ ? .a, � °-. - IaJ+ a.. 5 , 1 a+, �� .ry .: ~a h � r � .. .ra^'° • t -.�;. gp 7.. Iyr.,Aaa „ a ts+tw. „IA .re .SfiCllOq .e ^ .w• i..s�'. ACr[I. a�D "� #'t F'UlSl; s� 91C ,' f0 ` '"• : � a,r+° f(�,. i ". �' .s c r ./! — u.ua lo' anu' •,« a f►ar a :'�• ca, s" , .a fig. i.,, a°- s. �M a.7�+-.^. r �,',,KY. .•w.ww• ? L.� �'�'` �'•Puyaltup m. J. ' - 1. l►.•.,.+.s, BSyr� i z ^', V ?` Uu:► - r Steila• a `t ..�.. �'°'.ua ° rJ. � 410 .., 8utilley- -m � ♦ e a�, iwo[wa a t' a,aa Cwlii P«u«I�°+,I` ,,jc. 'i n, uwA. sl.�asu► I FV r - .,'. :! al Is�wroo -r '"'- - t.u.ir.r �. ,u !✓:r Yom" Irr,. � ? '.«.c.t °€ n►loa a'' � 12� ......: � I' I hra«� a.w �° P • f. , E a � R �- �+�1 � y _ _ I N Du Part fl.arr.ta.al. IYLE=7ICOR� � .: ,._. 7.. � ' � .1 0, � ,�.;-", '`_E wt 'r, `►�.. a �,,.-' +s,lN:,.-;�',;, ..,,,, :. .. �, _ :�," r ..�• � tdwl«art;�,�~ � Ai�ii?;�,ViCti�il, ,rM.W ��:,0 yrripia �� :�' a, aR,�`i � �>6� R• K� ., �::,:,n_.°$.. _,�,...,.�:� �. ]..aa. .sa a "" �;s,3 pitglrUf ^��e�a<'' 't'.`.- � :. l 1 'a�sGWWarrAuaeNl ��� tedlaa0[ ".'• f e Sy lusousua n.I.re, >� 1 Lsr llianLLed MJ ��° Joyrwq toaaa r'Tlilnr.ler Ihaa,x V'�.. „r.�',.�,. q; M Ma,m=.� ..,„•", :t�� m`.•Zx�•� °� is, k ��� �.} /f _:�' y5 "'° D - &r `r� � - � ,. y � e � t S �?• � �^',,�..w...rr u,c. ar...a w•,. ,. w..a '. s . ,_-,'.'�" T .. ,,,.:,:. ;,: .�o-,.st_. _ .. :_ . j,. Kw,y.wi .,.4�: er--..;.�;";'i: _ _•3:a..e .:�.b'v- :5, .. •,:•'++sr�':;s:w' - w,u+'�: '.i=`�: c..-:,..,.. .;:.-:. : _ - , �eY'as_s �.� a .; a isHa• �.°�.d,,W,.�'�p•, ♦ - - ._ , ;Y _'° .- _`ic' µ - •""" ' -, _ � � �x`�`.' � �, . � 4 �,.. - _ ' - I «] 'J�`bkm-•.., � � w- 7+. -. 4a...�i.r :,>-.-'y.`I..-i .r i 7.. '1`x! 'e. .. - .,. „ �m-..-z r ,.•t . t j �,"�`^T z�T' - �'� f;`";q, k , -Tri- -i "'�fi,.T'--> r'f;•-W f- . 3 -tom;-" - aY z ,,f„” ; u* -t.. �,o..,.. - +.,rtl'su x,= r. ; , �„- _ '.;<;` .�y °"1.�:' ;3 „� � �; `�,.."w a"$ai-.r ;�,r : '.. r.w ti; � _• _ - °.�rn, h' dis Qsvztai pq, *,r;gr,1,91,3e�nts�` 11-2 OR respectively.' These population centers have,experienced good growth based upon a, diversity, of natural resources and- .3-ndiistrial'! activity. otherwise bright�- economic-, climate-inliuenc -affected the-, -reversed .0 rend s tram Frml he J.pas s ah ot CE tr V:l �O-i 15,239,161 ...„gexnected:ini:comnioditYwgroups,suchasgypsum.and� wood chi s mpanyP twit ,plants-.- ocat a 7'Aiiig s 0 _7 Althaiigh'tYie recently depressed tionai -'ho _ng u s � caused a' t W" n wa e. -.m=are ,�exce 'WA', T OeveM, 7 R -exD I eki6nce -,bv �'thd:."Was 3. dil f ic:dlt * es""d' h- Power'SupplySystem: eyf..s y affected the -low""Cost" of "power-7this "area _Still`.has relatively" inexpensive electrical.power ,in comparison to,other.parts,of.the MI, The area`is seeing --_a . ecreas Ivers iemployinent--rate'�--,'and,..A'return--,'.to- - a" stez;Ldily,,,owing._d L! 4:4--"R S They 'Ation bd7sei-.'fo'u"nL-ncopr"' ora Feder 990,.populat3., on,1proj cte 86,,55 increase �ove�ia h3i667--yearYperlo ia h6wieho wit� 3 4 4&� �. elvera; er e.;. ue �O than 3 4 Octobe3�-.*;1989;t;�Kin 4:.'Countyunemp d ]ecrea, "we,�_`_-_3 r t Is G ilso M AWrcgecte ��toM_-tyrovd r I 81E persons c d'- Ail W - 4 -7,_ IW�; �woo 20064 The strongest growth areas be7:Lw'Lynn ,are -expecte U, 4P if 4" T =�si! �.�� �aF.t �i'�" 1•'�va�-�a�aa7:� Vin` �' 771-717- 17P .r. 9 ,+M.a ±.. A.n...t�� 1'� l7 •'1t '!-',i 7,. �.A `� �}._`�jv>�a-.�^ai � �. .1.i+.,»�11� if7}i.�. ! 1� tt3.'. �.:'L._..a.�... 5..�ry:: fd^R 1���'ttv�.�>,t..� cif l..-. r -e'�r�n 7 . � : � ��! � ���m�7-h � �-.�.� ... • f �'r'a ./ �i'"+ `�J'"`"'�` �" Il�'"�1( • ... .t '1 '� �brC" YI �� � ' � d S 1 ! ,. �: i i Y 1 '1 � �., --] !y'�`l,. ... t, ��1.O��t �•tx#r-'��i�i .1M•f �A.�� ��;+-• �h•..#w�+^ �Q3�'� 11 �'�T'� .�7d '�#1.a., ;..�-��,.. 7) �f .17A�1 #:Lts� t ���.T. ��' .x �.�.•"s��# a� �.'�L'i �.�=. •e �[e ,C+. �w•.r {�wy,. , 4 f . 1 r x. - .. -s:�yyNy�� :o':' .. 7✓ . nir- •_ �k�"Ht E� _.:.h �rl�"�Ki�.�.,,�a�.,,,,°��.,-��«•�«� �D �� a _ ..��1 �^la9�a�n � �:',:� ����a►�� i �� 'i��, .a, �. a��e ,.5..7.e� �. � • w '�r��„(` e a � tar e 1 a 9�' # � . � '�'� >�('i 71 ai, [4�] i` _ . =�si! �.�� �aF.t �i'�" 1•'�va�-�a�aa7:� Vin` �' size. square foot;-'' ',�dependinLg'On-�:lodati6n',,, utility and' r t -'li Pacif ic Highway South l'� (Highway'J,99)�" which kis" on�block ?Pl ebi-fiorth/south7'sur acet.. ,r­subject-,-,r,­is�.r e-.maal 7 Z" neighborhood. This is developed primarily with strip retail the full range of, consumer .,goods commercial.development, providing • 711 Mintir ... .. .... . ............ :-and'-servic6 "A cross this=; road to -the 'eastis the Sea aTaMal1: regional 'g mall -;.which 's' ­ardestind-tion"=shopp2ng . centers 5 Immediately :north of the -Subject; -:t is 'kesidantia evelopments a° ren *e,"n ue par '"t° tle"tghtenangde ring" nd H6w-.e v'e -r.:-:7;i�,,Ww�-,w.ith,L:the.',-,:deve-Lopmenr�tmo-raPR;4,UW' i, 4 1, ­t�.!"' " W "I . - Q, 4 down: ve,: slowed __ w,controls-' -A MV recent,ly,2�,�incor fu de elopment'�5' "'It i fS a q q ibU. s reaemploymenvZ,cen'ters ---anR7 - na-, 1 it 'is the 'appraisers es°`opinion that,"the. pr ope T_ - conto experience >average" and be�terA�deinand': .•� -• "O WO P -i"A _, fit= 'T Page 9 C 90 74 AREAMEIGHBORHOOD MAP lastor '9 SOi•1 + 1 ttd00 `.' ' DES MOINES 1lilet o ,:�Ls 4a 1�f11AOA v o '`� 11e ,, ,A --�--.1..,�► iCorMrslanrbn t/tJ0 � � H L% � •L • 1 t , :snsi �� 5 ,� �• �tiUfy�•oaasan ro rr 1ENITN �y��^•rnN/clr ,' =�+1• Y�j w�, � ,.•, , , �`- t S■ i rloao ' ' r f R `T. •`•' ` " i p r j _ - �' AM � tIdUO r G,ffryf S i' pa'fi0 r .S F "�' rt'.•,., sr T' ^�: r Sol$ Wolfe P-1fr •Ph•1•: r ,_..i +• 1 e...' iw _-I .wd - S 60 T S 7 : .f ,. , Cid J .i S KV•• ' •.wr E1f Hill" ° r•.•�. � e er - taoo 1 WOODMONT BEAC .fAck r 7T1 ;:ry PQYerlr ' SLAKE \ ..w.►�i , u •r• r _ Bay .1e ' y'i. tI000 .1 1- l REDONDO `� Po S1�uECate Thom s Row BUENNA�c� 1ef a st 4 s,�FoYa�i } _ _ /�=r~• • sr , • Ale !d th 'j ::.s' _ -. .:_-. _. - t96'QQ �LM, � .s. { if ! f f f\ .L.EYr■ r FpI•.gy.H3xteT+'{;aa,..�,,�-.-:... .. ('1'X1raA�E \, e S ?% pfd , s �o// A4�LAIDE F a : I Cdr stoker •� ti irru voila" 21i:': ��: P`",,,• ^ ,wPDIN1 xfY1ry1- 3hr►t/tao "` z F D E R A L S10 I y Lake : •Ij _ .3i , •r �" ;;�5 - - �-�► :� � Sirz e'�k^ w,. IF =: c,'s o ow Mrrplt WAY s _ i�►� am P „�- _ �•�' .. -LAKES fJ?do0 A JbSr T., p h �+ 'k call harr I . '' �•• .. '� - •� , rrL CA �S «._i ssr it eF M4,11ff ■ �'_, n(.Emfrr NORTNEA T — ....... TACO�., J449 IN e semen► - ` , l+ �„ a �' ` LL,� f f INS c�Sf a Pv0 t � . V I y ] ! T Q (WjI�MyD 1:2 Sf ` 11 Si Y �;9s _- Q '+_�..?�;. o • • Si JS6 gT T -Y' ma OMer i • G Cavu»n +U9Ywy _ 1MVa s L ' • two a„-� F:•. "'ifs - 4,•` 3 ,w ( S/ Y �}�-^ - • >..^eac`, " �I_/- 11L1\l_LI\ o '_•.'" 3, 8 ;°0'Q , r f%. '° ' c0 �., Lard 1 woo i' St ck MUCX'LZ'JaG% --- - t•`F %�•� C ANA cK zaly w - .. AOL/if ULISI AJ. 0. t 'fuse = • r L hYmlle na*,kLo4 t S S _x o \� •1 36IOC; / Lpk, I i Ago icolmhl ••.i � - - `� �. d snfu o o, UVITAbuf AV ! • - 1- ;� •-I� , ;, ACF !� ll+i `e- d01T1 %/"'.err r... .r.'r Y •erre 'Poll . _. w •� MILTbN ���A �r r t ■r. ..r•rr .wr•�T.r•rZ. q�•f.Ii �■ ,_ f! f ..L -. A -� PffA ED,4 ..�;rr `'99' ^ EdY/Hoed^ e� st E eG'"Lrfr'•Ircf+ • (: ` , ���E fare= - a ■ - Benroy _. AV Alf ;r Nfle' 4 • G '�' � p ` . ' �6� • h NoEhi IdllL 7 _ .eAff NE AN 12 n <c�B ONN Y - Page 10 C 90 74 - B. SUBJECT INFORMATION Site Description The following descriptions are based on a physical site inspection and on information provided by King County officials and by public_ records. Location: The subject property is located in the incorporated city of Federal Way in South King County. The subject does not have a'atr- eet but is commonly known as the old Evergreen Airport _,. 'subject is situated at the southwest intersection of South °Street and"llth Place South r also at the northern end of 9th - ----Ave u e -,eastern-end 1W -South-` -'_and at _t _h of South 333rd W., Street. Shane -and g "T] eisu Jec, _.�4.ls qirreguliji :Al thou ublid eco .thou4h;`�the �,�p ps _,...�an Area� -N- -4, Z4.• is -�appears,­-.tog,�,� e_�Anacdu­ urz:,ent.ir,", ed�V I ope __,tj�ndicated -_that 'tr_ -the )k,_ �tn -..consists of -approx-imately'-'8 3.5 6 By- racincr -out 7 =_, Iption 't' pears -to b6 i S reasonable. ---For the_pu'�p oses s jdft- p16p"eirty'will- be' considered to consist t,�- h �6 I .of .,83756 acres or -,_3 639, 875 -square feet. Topocyranh-ty-, topogra 4Y --of -,the -'sitei is, sl- oping. The elevationof __,.thesite tow , appears -to go -down -from e ' ast`to west and from north to south, but —this is general ly�_a.�__gradual -decline. --According' to 5 King County PlannIng"" Department's maps, --the site does not contain any designated w6tl�_ S --areas wetlands -or a , ny-significant surface waterways.sThere is a c reek ­ n eite, but as.this-is-not a designated significant 'surf ace wa'erw�ea not require,development setbacks or an envirormental,,imp I ac report -,prior'.to-'development.- However, according to the -P -r. elimina` Plat_ 'map .for ;the, subdivision of -the site, there is a wetlandi` a7on the, site,. -This corresponds with what was found during the ap inspect ;er,_., ion of site as there does appear to be a wetlands are ' -,6 the site. The topography does appear ppear to be more steeply sloping' in-- Page 11 C 90 74 the area immediately adjacent to the wetlands area. Most of the site is covered with trees, mainly deciduous -type. Although the appraisers are not trained in these matters, due to the size and types of trees - it doesn't appear that they would provide any substantial additional value from harvesting their timber. The site is also not in an Y, identified FEMA Flood Hazard area. - 'z - soils: No soils report has been provided to the appraisers; however, --it r �Y is -assumed that:.anyone acquiring right, title or interest will perform his or.her_own-soil survey. This report assumes that the subjectshas adequate soils -;-condition for development.of.any.allowable usesern t the current -'r zoning .6. <r• � pay � x xh'N4F;ya G`'�*cik^c.. '""'""" 4 -- _ - - �� .... � �' * Y w utilities : 7r,- i1CLA6" _zAi a.aa- _-,,, .,x qctdLu-+��:a.;.z•«—.:�..tr,.s •...,.,.:a,. _,rs "+w;T�': �^- ^,.': -'e,, r.. ,..:: zW , beeninterviewe-dto- d' been available s,to e site. Accord;ng to the,cityofficials, -all utilities are available�� the -subject's p`r�opertyn 'Water is Tavailable along'So _`324th= Street from the_.kCentury:�Square Shopping Center development: There r e :u no latecomer fees for hooking up�with this line. The. -east -portion' -0 the site i6-iri".Unincerporated'Local pImprovement District No. ._19,wC-'Th w ��_ _ amount of'sewer assessments remaining are .$26,907.74. Due to the:ag of the sewer lines-in'the adjacent parcels, it would appear that.no additional nTfrontage 'charges orlatecomer charges for tying into.._thes lines would apply. However, it is recommended that anyone accruirinq nffirrial S -an and all assessments associated with the site. Only the _normal_. __._ I, ��----�- connection-.`charges would-be applicable. •= Easements: A preliminary title, report, (attached) was supplied to the^s;( appraisers, and this shows numerous utility and roadway easements running along the site's =boundaries and through the site. Most of .. - these are not considered to have an adverse effect on the site's valuenY for the following reason. The highest and best use of the site e k Page 12 C 90 74 is for its development into an office and business park. This will necessitate subdividing the site and running roads through the site for access to the new sites. It appears that the existing easements � 101C could be utilized for this necessary purpose so no loss in value.- would alue. would occur from them. There is also a 100 foot easement along -the north boundary of the site for.the electric high voltage transmission, lines. It is possible that this easement could be incorporatedvinto-= f a roadway or some parking areas, but this easement may limit .the. , utilization of the affected 2ortion of the site, causing a loss -in value for that portion. 9 �m Access:- - . Y x a � Several existing roads either,tihave x frontage on .a j oniono fhe --- ,Y_'•- _ ._-.. .. _..ys..ti.,,: _'.s�_w-,a�"�*'. s•: site or end at the -site's boundary.' These Anclude South 324th Street, South 333rd Street an* tli'Avenue South It appears. that ,4any of these c u �... o ld be used -for access totYiesite: gli ....�.F.,:'.J. r;_Y:s".arr"#+., Te..».w:..+..,�.e.-;.w�::rt;;:•u_:Hp: ,:,.--:y . _..,. _ The subject -property y is -currently :zoned OP;'Of f ice s Park :"This ism a commercial zoning area des d p mar lye.- or � ffic�e'Ydevelopinent: o - Other allowed -:uses are_bankin �-, g ,�related�firianca.al:: services. �- v��--- ._;�� research and development r(R&.,D), hools,ah spa s;-, d�arel i p a y at `»-_+ .M.Ss *4.a:rty.1'e'"�•�. support services for these, other Iuses _Public -parks -° are .also allowed. Assessment and Tax Information• The subject consists of Atwo,"parate,parcels.,_ each,..with.atheir-.mown: parcel number. -These are identified by Ring County Assessor -s- wax Parcel Numbers- 172104-9014-07 and .-172104-9138-08.- - The current --tax _._ 777 assessments ' and assessed values rare -shownbelow. AIN 1990 Tax Rate/ _ $1,000 Assessedmp ;Assessed. I' .. - r'«vt`.:'I:C-•r•-:�'�.d.-late.. Value ` -Value Value _ Tax:P 172104-9014-07 $15:1608/$1000-$3,045;500 '_$0 $46,172.25 172104 -9138-08 $15.1608/$1;000% $ 958,300 $0 $14,528: Gf1� 7dd.SW` ., Page 13 C 90 74 In addition each parcel has a $29.89 assessment for Surface Water Drainage. There is klso a Road Improvement assessment in the amount of $41,396.48 which applies to parcel number 172104-9014-07. As noted above, there is also a sewer assessment in the amount of $26,907.74. These are assessments noted in our research and may or may not: -be all that are applicable. we do not make any assurances �-as --to accuracy of these or other assessments which may be due on the Ut property. THUS, ANYONE ACQUIRING A RIGHT, TITLE OR INTEREST MUST-,""' MAKE HIS OR HER OWN DETERMINATION AS TO THE ACTUAL ASSESSMENTS WHICH MAY BE DUE ON THE PROPERTY.-- ............ Improvement Description 14 Ak 7=7 r -�',6-'iiiibj'ect-propertv�-z�-.,-... There are no'Imp ovements6n'th ' IOU, -Prelim rv:Platte : 0. are yin �-,process _'� "sof e:4current,�_:; wners,.Navin e sub ed - propert 'All' :reiiminar)�,, ee �p planning :department. The original•submission�for.4-approval was done ' through' Ring _p'County, before':_ Fed eralTn1ay4 bdq6me;pqqqr j;ad � e 1n' ecause� of - this timing :,the platting was done according into ;Ringounty o h Federal Way guidelines, and the,countv, zonJ_ncr..,guidelin@p h e�jX e. legally. -binding ones..' Howe"ver,-Yedera' must e_q.ity_of L " W .7 ­ L approve it. ''The preliminary plat calls for the subdivision' �of tb:§' 'site into 45 parcels, for an average lot size of.,, les's than -two,-. acres. The Federal Way zonin calls minLmum.:lot-.size three--, 9 ,of acres. If approved, the riew lots would be legal, non -conforming____ lots:` The city planning department'has recommended that preliminary plat be approved, but this -still must. be--approved,by -the ­InMaW, �'QU,"a;AL'Aw city council., The outcome of this' is speculative. A preliminary platmap'is attached in the addendum. 444 'Ir 4 L A.- 1. • Page 14 C 90 74 SUBJECT SITE SKETCH �/j • � \ rM r 1 2 � � ♦rr85iir � swunit• - fw:too•f• • ' Ali � � •r1 16 •� •' �r•f. -s. / r �. f .+•` Y_' .• -- y _ ••-y$�!J a-*++,: /`/'.''�' -- ___ ` • r.a. ta.ir:' iw.. f fz+t« tr �F rZ ' / ✓ •, .. ` L , �' .! I .i � �§ f°+•�,T�}�3pik� � + Yom'` - . '���i�c"i".'n � t«F, F`,4'4W"r J. _ ♦+ � _.•! / ! 0 \ f � •� ,../• i '�SYc .. �` - c.- f t _� 'F��i,rc•+�=+ ,.JE 1. •.e •. \ EC . is•.,?yra-r '_ .:-: �'. " . !r .^•`•- �t� ' F� '."A��` �, y'p:: ;.0 `a �,� - _ � �=«*' v-�:s NO\ rI • �pl''� _-• �' - ...,'".:;,>.`-°k''.'?.f%:r-:s",.."'""=.._•'--•�••+.x*.�tr.,*.p,a•.fa•.. _--•y.. _ :t. -- } .I , j , -�. �,Y^ "x- •�P,� s3kt �s.aC:�• dn• '� • yam. .�.« il- gmgig AL wr 77 14 lit 12 wvr ",'•�" �''x. !• _ - _ _ ._.,- •..� - - - �,a:%:;:-_wea�,ri.�i�.a7�'"�r._.:7a6 _ - ,�'',e. _ g,g<nr . y_;.�<.w.:',i � :>u:,"...::. /� . - ` ..-. _..._.r...: rr_,. - - _ ' :�;.:�"r "•e a.^<f:'�=14 _ �� �i�r�:.e�a`3�'.. 'x-'2'�. _ _,., r� ....::.:.�" _ ,'(�,cs.."` �."ffi'�«w+,.�••':nC '#i+°�'= v a Eby.. _ ,�--��n.1� ,rs, -r, _.,"'�#Sfi`ti - rL•".+u� ,� r•.,.. l:r;':._� .�. _ - <• ' j Win: "" -. ''L S t ! . e! ,, . - • iiw+-_..< z+.e. � ....Yw._ s.tx.:u•. `L.''i�V u.. + f \ I � •: �:yi ...Iu.:.K �`.C. � i..�.i. .... . , • rw . °': _- ?,rte+°. f• / Mme. =.•� opow"s� IIMN _ - - ., - - w-:.--/aia.. ..ss.•�r —uro .. ... .. r..e iii A'•:✓2�'k:�,-.rF.,�, f >: ," "zr "S:a;'' %ii::. q "g`�'�.^ ....'.a... , _ ;. ' 3�5, ^j'a=•� s+ .df j it Page 15 C 90 74 III. ANALYSIS OF DATA A. HIGHEST AND BEST USE Highest and best use as defined in The Appraisal of Real Estate,. Eighth Edition, by the American Institute of Real Estate Appraisers--;- of the National Association of REALTORS, 1983, is: _:...._" The reasonable and:"probable"use'=that supports the highest present. --T lat value as defined, as of the :date yof :_the appraisal. Alternately, highest and best use is: The use, from among reasonably .probable and legal alternative*II}: uses, found to be physically possible; appropriately supported, financially feasible, that"results in highest land value. r Our investigation leading #to` a conclusion ofhighestandbest�V 'se was designed to simulate the actions and thinking of prudent and knowledgeable purchasers and pursued4he-followa�ng-logical sequence.'" 1.h. :Physically ,Possible: What use hsphys ally" possible or e site in question?; Ufa. '�-`" to -ax ,ce^� • '".. x Legally Perimiss ible : What -.uses rare permitted `bye zoning nd . _ deed 3. Financially Feasible: , What..possible and -permissible uses` `rr. will produce any net return.to,�the.owner of ".the he:, 4. Maximally Productive:' What use -is most probable not speculative or "conjectural?.,+sThere-must:Wbe..profitable.�demand for,_„� ... such use and it must return to -the land the highest net return for the longest period :of -time ' rga.-- .' .-F :`�.�t%'-A,'aa=;sa'•wt�t..`- -''r ac e. te^ fit• ."a' _ - - - acs.-iL a.� +f i^�-X'X•- } 4 m 77' , ^ •"-r �,'iz,�i+,�;•�.>s”'=": ?"'tib .,, - . .. ... ,^-;yY;'cwl:' -_ ✓uF,.«.. ";t '.nJm +ea'G - i,t SF:c.rdY_ F+' i I- r L1 f Page 16 C 90 74 As Vacant Physically Possible: .... -•ate The subject property is a moderately sloping site with a small creek running through it. There appears to be a wetlands area on the'".=-� site. The county has indicated that a setback of 50 feet is reauirecl``F; for any development around a wetlands area. The site is not located" in a flood hazard zone. With these features, it appears that"the development of the site is possible. However, the wetlands -feature will have the effect of decreasing the net amount of developablel—a=* area. The site has access to several well maintained roads s close to the neighborhood arterial routes. utilities are-Ava lab e to the site. As such, the physical characteristics of the`I iter. 0 - ': •�:,:::. ;"` �� " tee,, not preclude its development: to its •highest _ and best .use.a Legally Pe ile renis s L.Y. ...:.Based ori a revie �. its current zoning,`OP .(OfficeyPark)�' the - .,� .e_,- .- '.,•r _ '.> ..,_:. , - . .: ; _ - - -- >� � Lr• -, sw, -.rte : . subject e ro rt could*.b `'. P. .PY e de eloped3-e .0 Office,. L S.: " "•'R H` ..r�."y k'w.:m �: "3•ry„ 8."'.p:.f..Y ... " , .... .. research and development; and related su ort uses�Accordingto preliminary_:,title .-report' -furnished to the appraisers, -.there °`ar`e, - numerous �-��; utility ;and `road' easements gunning -,through the site: the most .part __these,-do.._not appear.�to ::hinder "the development of site to its' highest, and.:best:.,use -, " T _.... .. • ��bu ea ch�ma- t-there�.is-one sement whi hinder -.its development. vThis.-is the .100 foot -wide easement ~forr;the, electric transmission lines runnin alon the northern bounda -. g _.. g g rY"4,of . This easement ma have__,the_,effect. of limitin the usab� the site. le area of the site, thus lowering the overall -value of the -site Financially Feasible: == Within the subjects Office Park . zoning, - development:- is -allowed primarily for office oriented uses. Research -and development- buildings, and warehousing uses when associated with some.,ptherI_. allowed use are also permitted. While these are the allowed -uses size of the subject is larger than what is typically used single development. This creates the:possibility of`subdividing�tI site into numerous smaller sites, which could be developed with`_ Page 17 C 90 74 speculative buildings or sold to the end users for them to develop. The inventory of vacant sites available for commercial development is moderate to low in the subject's area. The adjacent West Campus Park development has approximately 10 sites available. North of the subject along Pacific Highway there are few available sites, but r=_ there does appear to be greater availability of sites to the soutiia-. and east of the subject along Pacific Highway South (Highway 99) towards Milton and Fife and between the Pacific Highway South: and ' Interstate 5. For improved office space vacancy rates are between" and 12% in the subject's area. Neither of these appear -to be'=,;; -:;T excessive based on historical trends.,, -Based on,this''the_.developme of the site with either a commercial subdivision with..the.vacant sites for sale, or.with finished office;"space for sale or leaseti appears to be financially feasible. Maximally Productive: � Of the .uses determaned„lto beY�financially feasible, theone use =which would result in the greatest net return oto =wthe Mand is th6,T.7, maxima lly s,maximally productive use. The development of��the,-site with finis hdd office space;.is a''` ` er .term ....roe �_..�_. :=,..w:: `long � � p ject Ythan the"`subdivision' of the , site. ;-It would .requiregreater-amounts'of-capital and a longer_ holding period. -The;: amount of rs sk reassociated 'with `this `sort of development is also greater-because`it-depends on -the level of:deman continuing at its present levels ao absorb -the space coming on-line g F Because of these factors, this option -would probably not create theme greatest net return to the land.-'The`increased interest expense and' holding period may .more _than -offset - the larger msalesces. Therefore, the maximally productive use of the site is fora Yz commercial subdivision with t_he vacant . ;lots ,.-available for sale:„ =ITh would satisfy a demand which is neither.conjectural nor:=speculative.- t _ Highest and Best Use Conclusion The subject site is vacant and available:for development.° ,;Thus. the highest and best use as if vacant is the.highest.and_best.use-of: the site. Based on the above analysis, it is the appraisers' opin_i�o.,�nF : that the highest and best use for the -subject property would be-as�.a maximum density commercial subdivision. ,. '. xi; ti.,A t hYf': •j i' a .... ,•:...yLklt Tm Page 18 C 90 74 B. APPROACHES TO VALUE In any determination of value, data is sought in the local market on such factors as sales and offerings of similar or nearly similar properties and vacant tracts of land; current prices of construction" materials and labor rates; rental of similar.properties and their''.._.-- �A4 income and operating expense statements; and current,�rates-of return I on similar properties and investments. From this data a value may be developed, both for. ---the- land -and for: the property -as a whole. For the land W6 -tally, employ thesales;: comparison approach.-- For -the property'as..a whole,.<several methods may be used: a_the Cost Approach;:the.Sales Comparison Approach or. the Income i Ca talliatf6h'1-A � P. .Pproach. - - - _ - - .'➢ • _`r_�ti:: :M: _++- q,:�•�' - - w.ut'^ J.,. f..il�3-d, <- .-o-isd. k:.y, ._S:. -..-Due to" -`the nature of :7 and itself the xonly,,approz icall applicable=are the I come�`,and "Sales ;Co parison.ii(market)`-:approaches:f' Due to the lack '. ,�•=�-;�.��<x. �..�� 3 , �:��:-'.�.,w x of =trental information and the availability4,of craw :-, ,ter ' � , ,:.;s . -' °"z,: ;,a«„� .i �� k� .r•�, ... _„ � } �"' �'Z4"^�,-y` y,, �i�� � -g v land _sales the o '1 '�1ichcabl pproach. n yapp a ,:a sconsidered "tobe the'> Sales Comparison pproacli ".ic, '�..^, - - Y t )i i+J-xS'•5""1"_...Zd„�' '3 -m _ -.. - -_? � _ _ . _ •"'^k``' "'�°"" '"'9 v ..a "` ..'�''y W''�G`.�:1'ne�t- _�""r �'°�e' ie ;`..y 1. +�r 'a".Y'7'p'' ',�.'.`°°""ff ' vv33 �. u - tb� '''`i ...'�,'t�`,�«'�9�r"r,'."'L F t''g` z .,y ..tt h t,Y -.mfr•: F - _ ...» _., ., , . ,.tat.,s.,.<. `o••a�id,,ie, c • --..-z'<'..-+y---u s•a': _ .:.s"t--wxu..' - �vv.w+cv'?e'e.>maaxss:: �:=s- +a�+•ate-yx�vmr+.:�....�.c;-•-..-- - _;'_;t._".i . _ ..___.. .-,- ... �.`a rW,-. -. Y=9.G..S'- ^"`' b F -:R ..R57 ^s.1«�ai:',S^wtS _ K. •, �.. - - - -. - - _ �. '=`wry'', • - -.. . � �_r s.,�m-e•'es-vF.#Yiaa-R'Favi+�,-ai.«CdTMTs9v!'G�s*.,a':maR•S.f Ts-.wwPa an wr^a9 �a1'FMSCVx:-.rm+nn"rim-r:�.4e.-••-':kw+ic?-+'q"'w«.,.e�_..�..,.---._.-.._...- _ _ _ - m.......s....+a�.•�«+_^o.eus..+•-t-r..-r,..._..,.....u�.w.�..-..-....,.rwrM..w. .. _ _ r - ... ... _.- n ..: - - :.. ,yni",t4-3�tii:.�},�y�; d?ri �i'^'•�-�i.:z'�ri r, a'?.�ta��fKf-�'M '�'.: : Page 19 C 90 74 C. LAND VALUATION Land is generally valued as if vacant and available for .development to its highest and best use. In this evaluation the Sales Comparison Approach is used, which is a direct, sales compar. of unimproved properties. These properties, when compared to,,the. subject, are adjusted for various inequalities on an item by item;'; basis. Location, size, date of sale, topography and soil con' tic are some of the characteristics which generally require adjustiaent in . the site analysis. -Land may be valued on a number of measurement bases:. price;'pl square foot, price per front foot, ,price per.acre and price ,per, buildable unit. In the present case, the's,ales,price per square f will be used as itappears, have the.`best correlation between ti sales and -the subject property andis the most--ommon .measurement n .value , utilized in the market in this area f ol1� The owing `land sales �. Afelt _ � : ,r � ares, oto F be'�the ;most pertinent- o f s.� x din ours rchs.of�:;the:marke'tplacefor�'.compar a and :t 'su2iiect"-iiroDarty_ _.:,�.a r-'lsi+," h-',.�.;,�w �..»K,•2,t "-',` .._r.. 4?_. � ... ,...... '..y4-,.•..±a�} ,. . - __�. 4' �---'e'h�ttwr fi-n -S? i, r ''.�•s. bs x'� k� n*ti -se5- �w r fi2k �^-"� 3r�'t'�.;"� ' aC =Y.- d %yy f Y � Y -n .,,<'aC t � "O""•�N "L -'�,-v -T- iZ b +!, i.F - seY�C' M - • son - x.,, ..ate-,..> ..s>.wA.>. .,..ra�r,y....,.=.-s:s�,..,�x-.�..«....0 r.,:e.r_n.:,->a'.,•,..=c...s.•. -.. .. - � •- lSyp �St rYsm SI�i 3'� `iV.- 1 �� w .+''•; L ' tlpM1 ,•� SI. j 77THI - 8888 �.1y2.<.pll111y��.yyyyyy�,, sear � •rr s,. � Mru „Ih(ir�i"1'ItsJvtl-h. ar.„ \ , u Page 20 C 90 74 ` _,�•tn ri1 S .�j 2Y♦TNn . aT. < - S . IT, 2YB iN r' }� )� ' �. rvdi. ST. ��•\ 1 c I..i• - •, Z 1 SALES 14A �N a � OM1+ a �J n `�- y COMPARABLE LAND � .a..rrr�i J99`rM S30•TN IT. ^J•J.DST .ytl•1r •-= 19211 .�;.� • y ,fi ��.1('' i_]tjhF ST. s 2 T11 •+worn STLJ0 1w i ,.. 70:f„ '^ fl. )0 TO ST. S;, ; •1w K. •• ~ �Io,TN T. •c s Toe rM IT • w s.w)TO �°� � ,sura st,�',I/�'i s Jwi : .� s•r r • . fv .r- F � � � "' � :- f.. fk7r,L312M t ST.W ` VI ss1Olwf J12r- u� slw �) •• » tif. �7� i 'EDERAL W `.i:� )12rn t v��v ' G urx ST. jj7_ yS • • S tt• a 1� .. r)l3Twt : •~w „'• �(,� U i Y../. .. < s i 31•TV STy P slab n�S•1 iI Ls •Y• )1STN i• < = F 314TH ST• ^)\•Sr s )ISI. ST. yt _ t sr iwK -li. •�. 1 . )1)iN '^ 71 TTN �i:37TN3t w 9EA-TAC i 14 ~ 5 )I♦,N - _ �_•R _ < --" ,• t 21eA-TAC Ee sT• >___:;` TM A sr. � ST. VILLAGB�p PLAZA _ S 318TH St. •. . SSA -TAC .( ' PuA )20TH-~ St. ^ Ifll ~ J2ST ) 991 G_(�♦ 6 lad s)tlsri . S Si. alJ.. u. •;-h. S_ ) V� Rrw PL. ) uam s . i s: • ``=,> s ~ w 2' T( •ter" Gv > u... )Nrx si »rswsluaa» w. 3�w r yt, )2•t i6:riy+ i s52lTN s7� t,.��, .0 < � ; ,Ti = n Frwpt • g a 334I»"� h1Ars0,.l A ~ h. w. O,s 32STN a � ST s 330}11 !t, u♦6it. 33331 TN M u. m • yi. M .,�• .L;. - •vim ~ _�� . Q � � .. � ��• ' !31•TN st. r 4YFY CA1110M —.,• r r c 33• 36 IT. S 33ATx ST 7. CURNlH T K• • ~ 1 P' 1211 " ST S "344iN Jurr al - I � • Lana.. Sal@ a3 .ro 12 . w Si.. `^[- S ST.-N•t•.t J�Iw i ST. L.�-.-.' YTIT 1u• S4 9TH ST. to 9TM Si. x w *Land -Sale 6 8888 _.. S - 3S -r" ST. - t9 � It aT,N N ui• _ a 161 d ?I ]Ksn—peyy� U41 tub T usa Nw i 100 59TH ST. a a rrW ••! Iw ) I��Mlwnli�llt _e mow° _ n, _T.1/.« 3f S �a . 1 B.rKh , 1 La K.nnio7I•-_ .flulArl{-� • .`.� 3".�.� For r ):` T Rech .a aIS _ a W ST r Tt K/IS• r Mlsb ♦ 11 WOOOMr1 ♦ 1: .'• 3•4 ST. ~ 1 1 1 \` t1011p a ()rr•K Sr. f•• ,�. i sSwin( . ivMlrYi r tvl ^ ♦ 3 +oral 3 2 \ �%'� ►[: \?s, ' / Yw ^ 11 3 moi-. 1 i A.WW+1• No.•4J O MwI ,t L /astir la �. r..f 2 kA/r r •C1 ISOn N y_ J.4(-4& • ".. tom...,.... N/ /z�9R "I S 1 r `� Kirkland i E 1 �/INI Ar.• 7 1 q C )rorty ST. dlwq, 1 4-N� I 1 r 10 ♦, JtiouQlsIOls " snrrw, /t. tJwlw. ... 7 brn 30 . S 37300 ST. ,ts •1bfWARIOG` 11 w�••- • 7 IwN.v•' •:J. Irrs» J/tW St- . ` '• w. <w`. 99 l"":t: � <Wr er IB�Ilevue a . flPwa <�__Seattli" M,B ! U•Tw ST, r -y .. 1 Mca/na lNlwgt 0 L.1. P� •fir O.w r, VI3A r-� •) `13••rA Aft ) us 20 NIN . S, 31arN ss s »• m 'O BI•yIJ i . t 2 _.�' 3 `(i Ar. r..J iTfr r� N 10 :.. r,u fr.t I � i ` � Is 1 M{rt• _ I i OAo<sun•l1 ..y. �Iwt»SI.S - C Av' •»<�E_ 7Mfi • r1Aah•♦IM ~ ♦ � _ �1� �yp�� c• r'�< �. •1 r, �1 Mme.:: f KING CO. r°! _` it. t� �? �l i��' .9✓.J ; 0 : T� z K �r 1»•QwAP� .+ur a0F5 T. [ •.01/•p '•fnW1 1 I 1 ` • ♦ r4f PiERC > ; CO. I 3 U `. c•r[I 'N G - wuru' " yr v,\`iUl�' C..u1NW a P9awis �(' :.,..• I ; rr I-,. l�P.,. ccle2enton c arca. 11w• 2 Atrq allr/.n- ,4— MILTON -• • r, ^�„<T. >— ' 1 ; a1N2 ti.. °E.rwll 5 C•a.r . .:.�.: TO �' vwwn N•fman•1T +� a ?� Sc 1�M�.n/• rl �` t•r 7 vwinW, Na1M 1 M1 N WAIT aSTN Ay, �iqy, '1•LAI90 ,Y 6 N • [•J.r 2 1 = •a N . low. tLWi / I rrvr v `1y 1' •/ US 11 7 s 1 Pal xrJl Ifl •&•rr, 1 T �� :,,r:riL, � ,w C T.” �1► - 1 1 I a 2 ♦ 3 Y•wry 4wys• M1TN 00, w• ..•� s.4 BMIIOn 3 Moine 11 2 J T V•.1.1 tr.v i7iw—T' - s ar. « wrwa<c ] It 1 K l • _ r'4 Y EY n l.rww•r r +•••�. 7 2 2 •-L'4+••'.Ts .M 1 Iw Waft SI•N r•r♦ 1� SA s s `` O ji •`?' i sTTN G UTN` �•— N t (n... IA`— N.oms e. :/ Of ,•$I'> St• iArL 01 ST. 137 - .•'. � ti. • i r Z _88-88 •- 1- a ! _I__ >•i tl.__ �+r �'r_ _" I,N hrr t.• ,.,s!.^_„:<,a..r _ .. _ ;j.b'v .. Page 21 C 90 74 Sale L-1 1. Location: NW Sammam 3. a. Access: Sammami b. Present Use: Va C. H&B Use: Office d. Zoning: DDIS5 e. Dimensions: Irr f. Area: 136.26 Ac g. Sale Date: Dece h. Price: $13,468, i. Instrument: War j, Terms: Assump o sale & constru X.. Excise Tax No.: 1. Grantor: Pickering Park Assoc. m. ''Grantee: I-90 Associates 3 n. --Confirmed: 6/20/90 o Date inspected: 6/18/90 Y` -T' p Photos :taken (date):_.6/18/90 ` 4 a ;: -Legal Description: �.- yKing County Tax Account NU666rs 212406 9009; -9.010,, 9037 and - 073 �,y-- raw_N d MIA - x5 Description: - - - � -=_:... .is -an irregularly shaped,parce-bounded ;lby Interstate_ 9.0 the intcangewithtRoa Sammamish Road, near _andNW ds -..900.-It is currently being developed -.-w' office'Ypark: The transaction was between related parties, butt -was reportedly at market value. There were no LID's'at the sale date, as these were to lie assessed at_ a-�later-date 6.� Analysis: (Extraction Datz Land: (area of FF for eacl 136.26 Acres 5,935,254 SF Improvements: (type & arei Land Improvements (itemize 4/87 Total Sa 9kw 9 . Page 21 C 90 74 Sale L-1 1 Location: NW Sammamish Road and 212th Street SE,, Iss ' aquah , 2. Photograph & plot plan 3. a. Access: Sammamish Road b. Present Use: Vacant c. H&B Use: Office development LU L d. Zoning: DDIS5 e. Dimensions: Irregular f. Area: 136.26 Ac -'5,,935,,254 SF g. Sale Date: December 1, 1988 h. Price: $13,468,100 i. Instrument: Warranty Deed J. -.'.Terms: Assump of contract of .,sale &-constructionfinancing. k.Excise Tax No. B1034609 a tor. -Assoc.__. Pickerin- g Park m.'Grantee- 1-90 Associates n Confirmed: ,j 6/20/90 t 6 a 9 Date 0 iw NIOMi, xw� ec p, Photos-;t&ken( a te): -e garw escription.4 k9637'`ah King-touinty -�Tax ccount�N __9 eis.-212406-9 09.'-`�- ............ t Property Description: 'This-,'J_s an _'irregu'larly 'shAped --piar6 el--boun( d"W-unt' erstat -NW Sammamish Road, near the interchange with sti te"Z Road l 900. It is currently being develop6d'with-an,:office park jkhe -transaction was between related -parties_-_`­but­ --was reportedly at -market market v4lue Th6r�&­_ LID S -at t e,sale were no� date; as these were to,be assessed at a later "'date. Analysis: (Extraction Data) Total Value'". Unit tVaiule�' -Land:-.(area of.FF for each 'type ) 136.26 Acres 3, 4 68.10 0 $9- 5,935,254 SF --2.` 7 /SF-.,. Improvements: SF­ Improvements: .(type & area of each) Mik $ Land Improvements (itemize) 77 Total Sale Price $13,468,100 4/87 gkw A-88-12-06 3. a Access: Union H T157 b. Present Use: Gr C. H&B Use: Office d. Zoning: M-1 e. Dimensions: Irr f. Area: 156 Ac g. Sale Date: Janu-, h. Price: $10,329,. 44, Instrument: War. - j. Terms: Cash to )4, k. Excise Tax No Cadman1. Grantor: C m. Gran -tee: Michae ro n. Confirmed: 6/22/90 0. Date inspected: 6/18/90 p Photos taken (date): -6/18/90 4. -Legal Description: Kj-ncr ''.Countv':,Taxx`Account Number 128630-0010 .5. .- Property: Description: This 'property was purchased foi�"."futu.�6-"'develo''pment.-,--�-Acgrav6l--- ; extraction -' bp' er ion'is still'going on and will continue,; an indef inite time . peri6d.''.' The -pric e exc luded -minera l rights. It was purchased by--,the.owner of the adjacent property -'which is` currently bein developed with an office/business'park. 6. Analysis: (Extraction Data) Total Value Unit - Value Land: (Area of FF for each type) 156 Acres- $10,329,993-,--$66 �218/Ac��­ .,6795;"360-SF 1.52/SF ti Improvements: (type & area of each) —7 _7' Land Improvements (itemize)- 7 - Total Sale Price $10,329,993-- A/87 gkw A-90-01-09 Page 22 C 90 74 Sale L-2 1 Location: Union Hill Road, Redmond 2. Photograph & plot plan' :;:.�r 3. a. Access: Union Hill Road b. Present Use: Gravel Yard c. H&B Use: office Park d. Zoning: M-1 e. Dimensions: Irregular_ f. Area: 156 Ac - 6,795,360.SF 7 9. Sale Date: January 4,, '1990 h. Price: $10,329,993 i. Instrument: Warranty- De6d],,- Terins: Cash to -seller, a n.� k Excise..Tax No.': E1108548 N 1. Grantor-; Cadman .'GriiVei -CO antee-' *�,Mastko M. Gi Xich6el R. ...n. Confirmed: 6/22/90 1- 0. Date irispected--,vA--6 -6t/,18/90go- N.,-'-� pPhotos' �-takenZ(gat6) 6118/W, .. .................. m` r4 '.- 71v,11f E51P�714 5 Property De s c r ipt ibn0` -This'- property `was ":'piikdwa ,.grav� -��,J. s - -,.extraction ,.oper'Ai ion t"ikgon, ing,ro.an 0 ntinue'for ._ an indefinite time period I I .. - -�The, ' price=,. excluded mineral.. ;�­­ ............. _'h '�bf -;-the-a rights ;��' -It :-%4a's hdsiBd,, e, jacent. Y,- owner property, which is -currently with ­.an office/business park. 111 "M 7 6. Analysis: (Extractlodn'-Da-ta Total Value Unit Value Land: (area of FF for each -15 6 "Ad kes '-$10,329,993 —:$66,218 6,795,360 SF 1.52/SF-1­- Improvements: (type &.-area -of $ n Land Improvements (itemize) Y $ Total'Sale -Price '. $10; 32 -9' 991 P 4/87 gkv A-90-01-.09 Sale L-3 1. Location: 3 4 4 XX B'Yc qk 3. a. Access: 16th Av— - b. Present Use: Va f c.- H&B Use: Commer d. Zoning: BC - Co Business e. Dimensions: Ir f. Area: 31.55 Ac g. Sale Date: Pend h. Price: $7,76 , i. Instrument: NA j. Terms: Cash to k. Excise Tax No.: 1. Grantor: NA M. Grantee: NA n. Conf irmed: =~ 6/14/90 o. Date insPected: ....6/13/90., t Photos taken :(date) Legal; Description: _jo vfw inCountyax';Account Numb rs 21X 21-04-9010=05, —9036-.05" 9081=;"09"A=p9082 OS 9043=06,x-9079 ,:03,x= 9080 00 ; , -9087 03° arid4�9 088-02 C.�.,. - ....... �1- a.?. " ....-.... '•�:{�rv'••i- -t iC 5 Property , Description:: . ' � r , This --is •a -pending ;Gale..of x=31+ � acres` of= vacant{ land at the` corner of 344th Street and -16th Avenue n_South....This site,.. has: . Interstate 5 �frontage:�;�"This is"ari assemblage of nine parcels p ... currently under �dif ferent - oranershi . v +6:,""Arialysise (Extraction-Datal Total Value Unit Value=s Page 23 Sale L-3 C 90 74 1. Location: 344XX Block of 16th Avenue South, Federal Way 2. Photograph & plot plane'. 3. a. Access: 16th Avenue b. Present Use: Vacant c. H&B Use: Commercial d. Zoning: BC Community _= Business e. Dimensions: Irregular f. Area: 31.55 Ac - 374, 318 SF 3 yy��. g. Sale Date: Pendin h. Price: i. Instrument: NA = J. Terms: Cash to.. ;seller k. Excise Ta , .ate. ` " x No - 1. Gran >' Grantor: y, :k — .1+,«'&. o ir+Y.T'• m. .Grantee: , s.�;�:ii�:.:•. n. Confirmed:NA _ 6/14/90 Date n f p.'" tPhot "inspected.V.6/13/9D g i .6 1319. 4�(clate) . / n _ Legal:-H:Desc 1Ption: " . j ,...,. :�-.��•.-:i�-:Kin z'`. w .�� �. County ..T._ ax;Acc, oun908,N0-00e;= r.�=s' 90811=01=90X4'-�_z.9: 2 ,.-.0; 5 _;,. 9043=069079-03;,w`""-.9900.83LL76 --0053_ �. 8-02 _ x;908.2=08 's : _ -• _ ... -- . . - , .,W,._,,,._..x.,� .. a..„„� _' _. ' cru•.,. _.... v ...... _. _ ..... __ ...P - Property Description: This p ng sale o L.3 .... .� :......::� is -a: endi f f V - . :,....• +: acres o :, acant` 1` nd ` at the corner of 344th fStreet-and�l6th AvenueSouth This :"site has Interstate 5 frontage.- This is an assemblage of nine parcel_' currently under,.different ownershi= Analysis: (Extraction Data -- Land • ) Total,zValue. Unit--t-Value 9' __.__,_...Land:,.- f ---F �for�' - �. 1,374 318 SF _F..,._._._._:�each"type)'Q_._..___.._,,.......,._...,._.,,.x.. _ _ $-7,765000 $ 5 31.55 Acres .65/SF - --- $ $ 2 4 6 ; 117 /Ac mprovements: (type.& area.of-each')= x Land .Improvements- emize) 4 $ s M TotalSale m P±ib $ 7 .0 0 .7y65 3 4/87 gkw A-90-07 -Pending u • Sale L-4 1. Location: South 3. a. Access: So 3 b. Present Use: c. H&B Use: Bus d. Zoning: Mp & , e. Dimensions: f. Area: 1,611, 36.997 Ac g. Sale Date: J- h . Price: $3,90 -" i. Instrument:a� y r!=!Y I j Terms: Cash private 1st. k. Excise Tax NO 1. Grantor: Wil m. Grantee. Fed .4;=t.,. R :._r.::.<.: •: Park, Inc. n. Confirmed:;., '. 6/22/90 :== _ 1 ..+` } - 'Ya•,�°Y'Prb ¢�, �°Ab,, �I V SII o -Date -+ p Photos taken -(date) 6/2U/90 Y " 4 . Legal °;Description:'�'� �' ''tib =King,County.FTax,Accounty Numbers -212104 9004 =} -9051 =9065 ' 9016 i 9 0 6 6 _ 02 y . 9061,-9083 sr. -y..,, fir,.>:;a;^".- '�:ia s •` .�,_-..: - - - . . ._'Property Descri on; -- .,..�.,�..� :.,,., _ . _ .. . a ,....�. _ _ ,......,v �... Pti -_: - :7 These. ,parcels of•=lan - dwere"''sold for`=a light"'industrial ark development. LID ass in the.,amount..of$-29,301.44: were assumed by the"purchasers.�•_, 6. Anal sis:(Extraction- Land:­ - Y (Extraction -Data Land: -(area of FF for ea'ch)t ) Total, Value -Y' Unit''Value': 1, 611, 577 SF YPe $_3,902,842 $ 2.42/SF� u Improvements: t ,�..., �:: S ;.$.. ( ype'`&urea of ; each] f W Land Improvement -s'--(...__..._...._.-_,..:..._........_ itemize) -S Total Sale Price $ • .. k;.:. -::r - ..3,`902 -842 �..... ,,��:• � - _ 4/87 g A-90-Oi-08 f 0 Page 24 C 90 74 Sale L-4 1. Location: South 336th Street and Highway 99, Federal Way 2. Photograph & plot plan.:: 3. So 336th St F_ Wunr CL . Access: b. Present Use: Vacant c. H&B Use: Business park d. Zoning: MP & BC e. Dimensions: Irregular f. Area: 1,611,,597 SF or 36.997 Ac g. Sale Date: January 19.. _.,1999 h. Price: $3,902,842- i Instrument: Warrqnty Deed, j. Terms: Cash to: seller" private lst. k. Excise Tax No.,:--.- 0 E1111365:.: &RA _MERR C. 7X-iiw- ­­- - 1. Grantor: William.-:HesseT,*&t;9&VA" R" -M. Grantee: Fede a ',MaIndustrials .Park Inc. n. Confirmed: MTO 6/2219 o. -Date -,inspected., 2 0 9 Q, F.�_' p ._Photos -ta]cen(date)-.6%20`' go, -Legal `Description IMAF unty'Tak"��6county� 6 #k- King -Co ers 17!9004 9066 9 062,,;9,0.6.1,-,�:;�'9 0 3 8 ..and. -9084.-. -_.9051 -9"065;: '7y meq_ t, x4 LL Property Ddslbkipti6iii r', x*a'' These parcels of I land, were"- --sp.ld,,'1or light t the amount ---�ot--�$�29�,*'301-,-,44-"t, development. LI assessmentsn 1 were assumed by the-purch 6. Analysis: (Extraction Data) --.-.-...-Total Value -+Unit Value Land: (area of FF for- each type) 1,611,577 ,SF Improvements: (type & area off-e-ach) Land Improvements itemize f -k r 'Total Sale'i-Pri6e',k$ 3 90 A-9/0-01=08 9--01 0 4/87 gkw Al Page 25 Sale L-5 C 90 74 1. Location: South 3 3. a. Access: So 336 b. Present Use: c. H&B Use: Indus d. zoning: MP e. Dimensions: Ir f. Area: 650,786 g. Sale Date: Jan h. Price: $1,097, i. Instrument: Wa j. Terms: Cash to k. Excise Tax No.: 1. Grantor: Willi m. Grantee: Quadr n. Confirmed: o. Date inspected: 6/20/90Al '° p. Photos taken (date): 6/20/90 4. "Legal, Description: r King County Tax Account Numbers 212104 5 Property Description: x This' is.:an irregularly shaped parcel=-on-mSoith J336th S ^# = with` frontage on Interstate 5.: _ ,.It -was _purchasedrby--Q Corporation for future development: LID assessments x....=a _4 ........... . amount of $17,010.08 were assumed -.by the "purchaser. Analysis: (Extraction Data)-. Total Value Uni Land: _(area rea (aof FF for each t _.,. -650,786 - ea type) - $1,097,158 $ 1 Improvements: (type & area,of, each)..............:r Land Improvements (itemize) $ Total Sale Price $1,097,158 4/87 gkw 90-X01-0 7, .,r Ld t; li Page 25 C 90 74 Sale L-5 1. Location: South 336th Street, Federal Way 2. Photograph & pl 3. a. Access: So 336th St b. Present Use: Vacant c. H&B Use: Industrial Park d. Zoning: MP e. Dimensions: Irregular f. Area: 650,786 « G, - g. Sale Date: January 19, 1990 h. Price: $1,097,158 i. Instrument: Warranty Deed '=f j. Terms: Cash to seller k. Excise Tax No.: E1111306_ 1. Grantor: William M. ,Hesse Grantee: Quadrant Corporation n. Confirmed: x^ 6/22/90";` o. Date inspected:.-. 6/20/90 p. Photos taken."(date)`: 6�20%90.<-'w =' Kin Count �;Tax�AccountNumbers 21210490Q3, -9063- an 74 an _ e s c r • 'M^�-„rv" ,`_' "�" ' -x ' r-urr w: e+au:e:n'i a`" , ir» . =PropertyDescription:::4:.v: <irregu�larlyshapedparcel."on"South: 336tStree ;with frontage ori Interstate S :� It w s =purchased iSy, Qua a CorporationTforsfuture development:° LID assessment5'!W�� "`' inou it ""of``$17; 010'�08� werre" assuiaiied 'by the "purchaser ': ,::xk;.. ?c " ��r"�'g� a'nre�anN` •., .;, ».r_. • -.:. �y• • � ., " - rN r.;.�erk, aa�; i$� - - - .- 6 . Analysis: ( Extraction Data.) ..... otal' Value Unit :Va _. ue Land:-` (area of FF for each type) T d- . . _ _MM . 65U, 786 SF _ $1', 097; 158 $ 1:69' SF , improvements:(type area of each) $ $ Land Improvements itemize Total Sale Price '$1.9:7'-'58``^ ~`> } A fl Y, 4/87 gkw -" A 90 401 -07 Ni .. -.-..n.�rw-.�r�_x+.n-•w.aaw�ra.�.�r. m.�r^enaraa w- a.wx-.--r_-�r.--.... ,. ____.__ ... _ .. ., _'S'� LL j Sale L-6 1. Location: 352XX B 3. a. Access: Highw b. Present Use: ' C. H&B Use: Comm, d. zoning: pp e. Dimensions: I: f• Area: 729,600 g• Sale Date: Mal h. Price: $2,263 i• Instrument: W J. Terms: Cash t k• Excise Tar_ No. 1• Grantor: Paci & Western As: M. Grantee: Asim(_ n C 6/22/90 0. Date inspected. 6/20/90. P. Photos taken (date): 6/20/90'Jy 4 Legal Description., K ng County Tax Account Numbers 2921 04 ,9128 ander-90.40 5 =Pro ert P y Description: _= _ These are twoadjacen't':parcelsWon,Highway 99::which"`wez transferred between' related .parties ..: The .n rice wwasa market -havingbeen:;determinedPndent;a ra Subsequently, y` p a wetlands-issue.:has...been,-,discove. dPP mately _ 2.14 acres of wetlands'` have � been `found 'on',thus An adjustment in the:. price 'is~ currentl bein "t" y g negotiat -.6 . Analysis : (Extraction .._.DataA - ._ - -Total Value _ Land: (area of FF for each type) "Unit 729,600 sr 3;858 $ $3" -Improvements:t $ $ ( YP urea of each) Land Improvements (itemize) Total' Sale Price $_2 263 4/87gkw -� n-89-05-04:= s :- Page 26 C 90 74 Sale L-6 1. Location: 352XX Block Of Highway 99, Federal Way 3. a Access: Highway 99 2. b. Present Use: Vacant C. H&B Use: Commercial d. Zoning: op e. Dimensions: Irregular Area: 729,600 SF -7f 9. Sale Date: May 18, 1989 h. Price: $2,263,858 i. Instrument: Warranty Deed j. Terms: Cash to seller k. Excise Tax No.: E1061123 1. Grantor: Pacific Associates & Western Associ- ates M. Grantee: As'rica�',, =e ,.Equities Confirmed .96 .—Date inspected: -_-,6/20/90 en ,­ -)`--:4�6 20/ taken j" P. "Photos k '(date 1p, 4 gal�,,,Descrf 41W .,04'91'28 nty,Ta 20� Cou xjr couni 0 v" .gr Prop y Description:'__ These -.are.adjacent transferred be I — been market 'having etermined,.�by,an, independdntf�ap Subsequently, a 'wetlAjj�d­-­­-'­­'-Y, s- i Has ­been.`dis&d 1:1ssuE mately 2 14 acres-ok`wetlands:. _1 il_ t�� - `wet ancLs�.have,*beeii'ifo"un'd"-*o"n t An adjustment in the price--is'_currently beingi - o negl , la, e Analysis (Extraction.7D��a)-' Total Value Land: (area of FF for each typ , 2 9, 6 0 0 -sF $_2,263,858 Improvements: (type, -&,area of -each) $ lin Land Improvements , 'titemize) 11:4 - Total SalePrice, 3 2 26 4/87 gkw A-89-05-04 MI Page 27 C 90 74 Sale L-7 1. Location: South 34 3. a. Access: So 348 b. Present Use: V C. H&B Use: Comme d. Zoning: OP e. Dimensions: Ir f. Area: 1,299,83 g. Sale Date: Pen h. Price: $4,315, i. Instrument: NA -i Terms: rash to k. Excise Tax No.:1 1. Grantor: Federc District m. Grantee: Frani.. Services of n.COnfirmed: 6/21/90 7 0. Date inspected:,.,, "p. taken (date) �..,,�'•�.6/22 9VAi sc 905 -XiAcr, Coun y Ta 'e" " r -i 3'1202104 '- 9156 t Pit T ;7:7772 77 ;4 .:,..;-.,Propert Description: mZout is is -a -�,parcel"t-ait'," 48t ';Stree 1tt­--AV( Mr Property p vacant hi e Kra South owned by the, Federal School--,&D.11'�"t�rict' -hospital group is. pending.- The size, 'is-approx3mate depending on the n-' W amount--of.area 7determi 041�6..,--beNdtlah i lop The price is n' $ based o square: f6dt: $406 RA Analysis: -(Extraction Data)., _ a__t'_a)'­­'_ TotaValue Land: (area of FF for each type)"'-'-''_ 1,299,830 SF xq- $4,315,500. $ 3.32 Improvements: (type & area of each) Land Improvements (itemize) MM Tota e'A Sale -4, 15 06 4/87gkW 90=07 Pending 4 Page 27 Sale L-7 C 90 74 1. Location: South 348th Street and 1st Avenue South Federal Wa 2. Photograph & plot plan'-__ 3. a. Access: So 348th St & 1st Aver. A. b. Present Use: Vacant F- c. H&B Use: Commercial d. Zoning: OP e. Dimensions: Irregular f. Area: 1,299,830 SF,$�gd.' _ g. Sale Date: Pending h. Price: $4,315,500 i. Instrument: NA r° j. Terms: Cash to seller k. Excise Tax No.: NA 1. Grantor: Federal Way -'` School -, - - � r �'- District m. Grantee.,Franciscan Health ,+r Sevices of Washington- :,- n. ': Confirmed: 6/21/90 x STS o • . F ;ins ec ted 6/22/9 s �u . ¢. ,F,,... .p Photos :::taken dates '"„ ( e) • 6/22/90 _.. 4:' Legal�K"Description:. - y L w.,u rKingCounty,ST :Account Numbers ;202104=915"band 9058. ax _., _... .r:�.�,+»`�.,T.,`oa'.1`55� "' k ;A✓�«t.. -=XV Gat"' i� - _ t� .1td.o'^ro � °-`_'�"... ?k• Property-Description•�` -Thisa . is - vacant parcel'` a �,�.:.,,,,�... µ�t,.,.'w_.• � _ t - iit3 8 h Street -=and 1st Ayeiu'" ---South"owned b the Federal_0" " e Y Way -,,School '.Distridt::, A sale to a «hospital -group is pending. The size _is 'approximate« depending.on the amount:;of area -determined to Abe wetlands." ' �.The"price is based on $3.32 per square oot. -. 6 . Analysis: (Extraction -Data) Land. Total Value Unit Value - - • area ( of FF Bach for „� ,type) .. 99 '830 'SF .. - - SYS 4.i+' 2q►g� $_4,315.510 - Improvements: (type & area of each) � - $ r Land Improvements ( itemize .._ Total Sale, Price $`4,315,500x 4/87 _ " gkw-90-07~-Pending -= r .., .. ..,..., .v v_..a...... .. .. .. .. .. .... . � ... ., u.-::rv..Ma.»mam.x,F_...w.mm,svaeww•"aa+^ inn-mawsaK+*wa�4cq+�,�s �+'ov!°""'-c � .vuor++.mse^s a _. .- -- e.r.._.uu. .w•-.wts i�.avv_•L��v�^ra 1.r�'---- t _- 1. Location: South 348th Street and 1st Avenue South Federal Wa 2. Photograph & plot plan'-__ 3. a. Access: So 348th St & 1st Aver. A. b. Present Use: Vacant F- c. H&B Use: Commercial d. Zoning: OP e. Dimensions: Irregular f. Area: 1,299,830 SF,$�gd.' _ g. Sale Date: Pending h. Price: $4,315,500 i. Instrument: NA r° j. Terms: Cash to seller k. Excise Tax No.: NA 1. Grantor: Federal Way -'` School -, - - � r �'- District m. Grantee.,Franciscan Health ,+r Sevices of Washington- :,- n. ': Confirmed: 6/21/90 x STS o • . F ;ins ec ted 6/22/9 s �u . ¢. ,F,,... .p Photos :::taken dates '"„ ( e) • 6/22/90 _.. 4:' Legal�K"Description:. - y L w.,u rKingCounty,ST :Account Numbers ;202104=915"band 9058. ax _., _... .r:�.�,+»`�.,T.,`oa'.1`55� "' k ;A✓�«t.. -=XV Gat"' i� - _ t� .1td.o'^ro � °-`_'�"... ?k• Property-Description•�` -Thisa . is - vacant parcel'` a �,�.:.,,,,�... µ�t,.,.'w_.• � _ t - iit3 8 h Street -=and 1st Ayeiu'" ---South"owned b the Federal_0" " e Y Way -,,School '.Distridt::, A sale to a «hospital -group is pending. The size _is 'approximate« depending.on the amount:;of area -determined to Abe wetlands." ' �.The"price is based on $3.32 per square oot. -. 6 . Analysis: (Extraction -Data) Land. Total Value Unit Value - - • area ( of FF Bach for „� ,type) .. 99 '830 'SF .. - - SYS 4.i+' 2q►g� $_4,315.510 - Improvements: (type & area of each) � - $ r Land Improvements ( itemize .._ Total Sale, Price $`4,315,500x 4/87 _ " gkw-90-07~-Pending -= r .., .. ..,..., .v v_..a...... .. .. .. .. .. .... . � ... ., u.-::rv..Ma.»mam.x,F_...w.mm,svaeww•"aa+^ inn-mawsaK+*wa�4cq+�,�s �+'ov!°""'-c � .vuor++.mse^s a _. .- -- e.r.._.uu. .w•-.wts i�.avv_•L��v�^ra 1.r�'---- Page 28 C 90 74 _Summary of Land Sales Prior to correlating the estimated fair market value of the subject property, a summary table of the sales will be presented. Sale " L-1 _w. L-2 L--3 > L- 4 Sale Sales Size Price Location Date Price Zone SF _ SF NW Sammamish 12/88 $13,468,100 DD1S5 5,933,254 $2.27 L*N Issa ah l.SG,6 Union Hill -Rd 1/9 10,329,993 M-1 6,795,360 1.52 �e(�MI Redmond 344XX Blk{16th Pnd 7,765,000. BC 1,374,318r Federal Wa T .R =336th & ;Hwy _9"9 :�.: 3,902, 842 BC & 1, 611, 577 TM�2:42 Federal May - - MP7 336th & I }�5 `" /90 1, 097,158 1� 6^50; p86µ'' =41.69 .fFederal yday., ;,�_ Y} , . 3� ,,,,�;� ki�x•.�, ups "'�� ... ..�6'a.. + "34_v. _.. �35'rt^'45AdN 9.°e�ti�� e.>Rr�r:.. u T_.Y^.., t..+@'�^_'Y'W:Y:NYr. ... ...^r -x ...-.,.s^d 'i.'4 Y.fi.�•3�W1 s •' - -- �- 7.:� `348th&1`st. ,:•Pndg 4,315,500 s OR 1,29.9;8303.32 ��:� �,��; �a.Federal-�Way�_ --� - .� � �.,..�.___ :�;;�r•�. •� , , .::,_ . � ✓ .. _ aLiw.,s"'�:.a`.i��e..z��a 3a-.�., '=-�•`i��w«*arr 3'i.a•:;m��.snr,:. av- ire �.,- - - : - m4" 'iq�. a't�ra.�w�*+x=^'-'•&ro�u..� ,c 3,`639, 875 WA!' •- Federal ,.Wa �, - ��' x�wt '.,:, .p,';^w ....: ........ .. p... _ ... ..o....yw-c-�r^..Srk;....s-r,a'ae:>&Y: - a:.'�." - .... -_ .....-,. _' - - �/.✓,Ka/ •—'.-.',An,� ;:'-F..r+� ' :++n. .`ti*:�.,. -,� '3�5v Pr.`~-,:'.Ps��%,•tea.' - - 'a -.. - ������R��.: .. _� .�;:.,.--`'�:�:AdjustmentGrid •- �. .. _ _ = . - ' .. .._ _... _ � . �._.. --_,. � „„� Rounded Sale Topog/ Avail . Func . Adj std ,.. - v. No. _Assmts-. Site Wrk­Util. . Util: 'Locat. Oilier -.Prc SF Simi Infer Simil Infer f._:., »., .$ _L-1 ...:-Infer _. ..-. 2`.'60--- .I,- L-3 Su er Super Simil Su er Su er =4 - - - w P P - S L-4 Si.mil imil Sumil Sunil Infer _ =2:65 {- qs, - : 'L-5 Simil .. ; it Sunil ,1' , : $ Sunil Infer Sim 1 75-x- L-6 Simil "'Sumil Simi1 Sim�.1 Infer Wetlands2:85 g w L-7 Sunil Sunil Sunil" Simil Super, 2.-86' 'Y �� ?A•'f['eC's7 �. ,. „... r .. - .. " -, � i , .. r ., ":N;4i'.v:?,+�i•p�"+,�`,41..:-.,.",a�yj•,,.ys.�gy°::xL.�A.C-.�:rin' ..w ,:9 .. ... - - Page 29 C 90 74 Correlation of Land Sales These sales were selected based on their similarities and will be compared on the basis of location, access, available public utilities, topography and land uses. As noted in the Site Description, the _subject consists of --:two different tax parcels- owned by one owner. Thus, the appraisers. --have valued the parcels as one ag_qrg gate ro :cX , with the assumption that the sites will be acquired by a single purchaser. The sales were compared with the subject on the basis of an economic,.unitof measure: the Sales Price per Square Foot, (SP/SF). By usingthiszunit of,comparison, parcels of varying sizes can be compared and.the effects `of : parcel- size ' on price are reduced. (Sale—L- is an older sale of a large tract of land locate in'=the cit of -Issaquah between Highway Interstate 90 and NW Samniam sh" Road. This was urchased for�office< ark development.`-;_ y p ou this �.P a,r, rt as reportedl. a .'�: sale :was between';= w re depaes, .the pr _- ties needed .to srbeextended to -the s to. W ' existing sewer assessments„ -against the property .but withe _ he armed ,. , ' developmentit was expect�,ed that's ;large 'assessment wouldbe ie� aQaanst the pro This location is considered to be genera=lyt� _��]Y ” inferior compared<lwith ,the : subject: > The sub jget is in developed area: Its surrounding land uses and infrastructures in place, while the:sales's area is on the outskirts of the commercially r develo ed -area -'-with an . un] nown level of market -acceptance p _ ee Sale L-2 is . located ince city o f ei g on Union -HUM-5 d. "- ,„,This -is -a__Eavel.pit with -the ravel -extraction -o eration�►s operating. This property was 2urchased for speculativVe, not current Whim - development. The current gravel operation will continue='='tooperate r for an unknown length of time. The price paid reflects .t:._ ; _he ,`hi h expected cost of on-site work necessary to onvert a aver ar a )us iness'park'development. There were no current sewer;�asse sments against the site, but.any proposed development would entail'.:rzµ_ substantial off site improvements and the attendant assessmeritsto T loc cover the costs. -This is also an inferior commercial ation.+Z,-This is also beyond the area of current _commmercial develo me , making it less desirable than the subject's location.$= FY49.M,--..'aA^J"'�^`S.�•N'W"1M34Pfi"SFF'iET� i :--.....- Page 30 C 90 74 Sale L-3 is a pending=_salle in Federal Way which consists of an " assemblage of 9 parcels currently under different ownership. the agent involved has indicated that no sewer assessments are t, outstanding.This property has fronts e yy _ pe. p p y g and visibility from frT , h• Interstate 5, and it is one-half block from an interchange with =_ freeway. This makes its locati_,on su2er_ior to the subject's location' for most commercial uses. These f ctors butt this romparab e ttihe HlLtlrty top of the range. Sale L-4 is a sale located in Federal Way at the corner of 00 Pacific Highway and 336th Street. This sale is comprised of :several37 .sites zoned either Community Business, a ret it zpgog MP ' industrial business mark zoning. The purchasers of this --property ......� w .�, .s,....e...,... - --?� assume LID assessments -,of under $.02 per square foot. -.This"his` _'`'considered to be in the same general range as the subject's -LID_ assessments :of under $0 Ol per square foot.. Most of thiB`- fronts onto .336th -Street which ;as -a :side °street withno Ma y'-�-oneNa4.... ry.l::,. _...�w. ZZ!, Onl:of the'=s tes Y has'direct : frontage ;on ;Pacific Hi"hwa Due to_;; . _ this the"'overall location`'7 fT th`e _property i.s-=considered to be �- _--'inferior co- mpared 'with the ;subject.._�;�#',t��'- � �� +� - - Sale -L-5­isy a sale, f -I' the_ three sites directly adi . c for tS tale 4 -on:­the-east.- _east:: These'`were sold �b the same -_ y party, but have _ different purchaser.:;:.These sites' have overallLID- $.025 I - sse sm nts`of�_ - _approximately $.025 per -square foot.-"' Utilities_would ave;;;,o". extr_ ended from Pacific•.Highway.to the site. This site does'.ha J0. nt a and visibi it o he I- freewa When this is combined _ - with the generally inferior'location at the end of 336th Street, the overall location is:a_. considered to be similar to the subjectT,.s N _ -_-location. i uatif accessafVJ; GZJ btu Sale -L-6 is a sale of two adjacent arcels on Pacif,,,a,q north of 356th Street. Although this was a sale between related ies, the price is considered to be a good market indicator because the price was based on the property's appraised value. Th -is part of Pacific Hi hwa is a'p . 3... g y notgood commercial area as it=':s-f :out of the -main Federal Way commercial area. Many of the sites in.`th6 .immediate area are vacant or appear to be under -improved. The`,sites -do have the same zoning as the subject. An adjustment was considered Page 31 C 90 74 to be appropriate for the wetlands area of this sale. When this 1Gkl.:C, price was initially set no consideration was_giv�enrto the amount of wLq,tlands_ area_of the property. Since then the development of the site has reportedly been hindered due to a wet ands area of"2_.14-46res, or abouti12.5%.of the total site area. Since the buyer and seller are related arties an adjustment -in the price is currently being;;.. negotiated !"between these parties. An adjustment based on the', -amount of-- wetlands area in relation to the total area :appears to bei=F4�;:= reasonable. i�iiC:yifJ}tu' bac tMfevtor �(stQ(� W2'zt, 0; Sale h=7 as a ndin .sale of a :vacant 'parcel at,,the,intersectionfa.K4.) ;:...w. , Pe g , P . of 348th Street :and '1st Avenue.'This site :.includes a wetlands area which''willaiot : be sold:" The,cexact size of•' -the e t s erred s 'beincr negotiated based on what size the -wetlands turns out -77 ,to `be. Thefpracelper square will:'be used forwhatever areae -s ��= j:f'inallytransfer'red This��is�a�su- e'rior�comm ial_£ area -coni _•�� � j;��� "ith -- a sub a t:, fihree uiidred4 Fo t EighthStreet�intersects with 1a{u /y .. - - zvw, ,tom '�9 � .. . ,.. ;, . �Y „•.,, z,e : �». � , +.p 33X'' x x,'+c'%>' �1 + _dv+A1:+fi54 i)x--: ;ss•. 4 _ ,... _ >. s-.. -. •,. - aa%iEd[5�sairc'Yrs"'3�554 � men_ '•••: •', „.:K;propose =Huse` of�.`,this -sate-�is�=-for �a hospital orieinted�=developinent �-,..� q �- ^.�s �',r=.m--.ns+ - -- �....,.,�cO- {�'q :7 j+�t �_ �J .uV':S�t'{• - .. � �. ,.. eA3t 4r�•+au ;,_+k+F.'+rta+"A^3G:'-'& _, _ . ++„+ �t: :�z��,,�.:,. `;4 ;�.,r�L�.s'€�e�G1rV,. a:�.@t' "���f5=.�'.."rs�e'.*�-a M...• ,�'u_ ' - -r- 7d>�sEx+X3YL '=;ac;i-«. '.�` � * rt�--�t`'sa` ':rxr - -- -,fi x Y NY a:r #+ �*S aa' 'e_: # .r -> ,k v'•: - - .:.�.�. z•...a.,»..a. - :may . >... -,« ... ... , ..:�.4r...,.,:.•..oa rm+°....pa..+..�.,- - _ _ _ _•,n»—:.,^:w°m.: Vis' - - - _ ` ' = _ __- - _.- - x _ _• � '- '. � ' • - - - - .yew - - �''t�1y � .. "tiH -� vak t -,a•�' w �n -^e1 -..2 ""- .,,.•. -.-..a _ 4 -`: �' s,^ - Y sR ....,.s.'����w��Y'.7+C's:.4�',M�'F:tLb,.r dn'i�iieh i.fTn.r.A./...=:-,. _'3{ � u - � .-- •e _ ._ ..._. ._- ___. _..,_. .. _. �-a'e4k>':sMSnva-'_d'"e'lburtam.va+d .>?-,;:Ir: w�>::•_x:-�...x.^W _ _- r -h -n �.0 ac .. +Y^'•xar.�.+c_s..°.'L .__o-ro _ -_ . ;"yr-� E�¢t % i „, s•s.,rs M„s-�,t,.,+='�i('('1^'.•Wn:.^k,5x c� 7 y-_ - t eu ^ , a ., _ s..,a._ _- i ,��sl�,•-°r _ ,* - Page 32 C 90 74 t 1 D. FINAL RECONCILIATION The subject property is a unique site in that it -.is a large tract ' of vacant land in the middle of a de3r� oped,�area. Most of the large J_ - tract sales found were not in fully developed areas. These sales were also geographically distant from the subject. The closer sales ; 1 tended to be much smaller in size, which is to be expected from the = s_ developed nature of the neighborhood. i Both sales L-1 an_�L-2 show the prices paid for raw land M r t purchased for a speculative futurese u. Sale L-2 reflects the-amount of on-site work anticipated prior to any physical -subdivision,-of ,the14 '=-}M land. Sale L-3 n t consi a to be a sale of more than 30 but': the ,price =per _squ =i- z_ is.'.a ,pending _ acres , - - areV n= =� r m foot is''morein is t' e f re t fin' - x �rceas, than subdividable land. - At current anticipated cost � levels,` and -price- levels for the finished lots, there�"is no ,.<ro ... M_. ency costs atthequoted price revreneii'ria"lrofit'.or conting 4t. Y. F• • Y a � aciare s is Saljabl . A es 'L 4 and L 5 are lin °the sub ject s area', ethey� s v � ... _.� :•- ..-.�,- °... max">-���::. :� + tracts of land - Sale -L 4 is a closer substitute _f e - ub ect aid, - - _ c � „'•:,�a'�;:c' a TM-..r.,rs� »:::'`"4�i^74�r� ;ka.a�`%• - "e�s+'ierrs"sp�'�1iT�., �:closer_..s,and mixed, commercial.-- tonin Ariyanticipated ' Y development on-this.,site could -reasonably expect;;=aimilar=roblem"s; As' -<- :_:,.,well ,as similar market acceptance,,,. -as a_.:development�,on: the. -,subject ' _:�1 � .. - � .. .F :3•+ e' r. Y'E �_� site . This makes it . a,v, Q od comtzarabi e� rt= -Sale =L-6 - is a =smaller -sale also in the subject's area, and it has the.same zoning..w Ing .F general the market reflects a higher price .gaid for_..smaller-_sized .�. parcels. This would tend to put this value --indicator at the -top -:of gsubject. Sale L-7 is maiy temhe to•p - the range a for the subje nl.,..used to show_..y.,....,_a..,.___..w.w.-•.- _.._ of the range for the subject, and is a pending sale of about 30 acres • tion would -indicate in the subjects area.. However, its superior oca P ._ .. r that the subject's value would not get this high. -, Summarizing these sales, the best value indicators. for .ahe - - subject are L-1 at $2.60/SF and L-4 at 2. /SF ..The =to .e, x; market is shown by- L-6 at 52.85/SF, and L-7 at" S2 /SF,. 'For' theme`''_`"`.=s ;., . M subject site this translates into a value range of $9,463,675`to $10,373,644. However, the subject site is not.jland J , - - ust raw land available for development. Preliminary plans have been developed for a the platting of the property, and it is part of the way through the- 'r review process. At this point the proposed platting has not been_.. ..._ ....,w 4.7tin „f ':'fix:° r'.e:•a n zz ...... xs. -s' Page 33 C 90 74 approved, and it is speculative what will be approved. However, some value is attributable to the effort of bringing the project this far in the development process. This value comes from both the actual time and expense involved and from the standpoint of having some of the inherent risk in land development being eliminated. Adding :this factor to the analysis of the land sales, the market value ofY'he subject site would tend to be above the lower end'of the ranger;=A value of $2.70/SF to $2.80/SF indicates a -value range of" -}$9";`827;663 to $10,191,650. ,may Based on this, it is our _opinion -that ,as .-of : June 11 _1990., e ` subject property would have a market value) of .TEND. irIILLION ADO ($10 000 000)t $10,000,000 r3 639,875, F=,$2:75/SF r This value is subject to the attached Assumptions; an ing_ ConditionsT and to those within th s..report: ,In -bur appra's s , analysis; we ;have notjtaken into>,consider.EID the.possib a ence br,estoiherax a .u.�r,..V,oxugc�:a....•.�•y�r�" of as"s .or -ot-tic, -hazardo' u. o04;r^ contaminated=siilistances or _'. , �t- '$ csuator reovhe�o-'lal`-tliereo` _ Lc -re ori assb ea -that sinleoturchaser . S�If the>aarce purchased toga her y g p _ p, is ower a _ _ __.,.. >.. ,_ - .a. __... ..., ....:_;;ter.. ..,�..�_< .. w ' urchased:se --'separately' these indicated .values: ma be sub act.;=" -•- P P Y Y - j" 'change_... _ . , GREEK, PATTERSON & ASSOCIATES4I . : _ , - -' .. - - �'k"�; r'^�:t�'!:w`:r�{u '-"I•�r�:��-,��a,.!.`v;f'i`'� - "•'A'�� .-. �._.�e,sa_.. e..�.•.'.. ,. . •.2���. � yr•, ' "�.:{14;x:_ --- :..4r t - -: ... _ .. ..-. -_ Tt . : _ , - -' .. - - �'k"�; r'^�:t�'!:w`:r�{u '-"I•�r�:��-,��a,.!.`v;f'i`'� - "•'A'�� .-. �._.�e,sa_.. e..�.•.'.. ERTIFICATION I certify that to the best of _My']cnc;wledge and belief, - the statements of fact contained, aw in -this report are correct. fT - thereported analyseol..Opini6ns' and conclusions are lizait6d - only by the reported assumptions and limiting conditions and �l personal, unbiased, professionalanalyses, 'and conclfisions. I have no present or' -prospective ---interest in --' the ',,prop'ert. 'at: is the subject of this x4 I'have no person parties Rr al interest t `4 respect involved. olved. my compensation .is not _contingent-oritany--,a6ti6fi"' or esu ting -concl'Lisions.'.-jn,��*-oX.r,tne'�,I froln,the analyses, opinions, vx, M 7, :71- alyses,,'�.-, opinions 4 J4%1 p Amy an b --- ents he Code of -Pro fe s s ional"'-Ethics }and the �'.'St'andards,:�o f wpro f es s�`idfi Pra:qtice'o'U"�'the­_­­­ k- �f ��. . , - " � 9:�itute,:to alseg S n A d, t . MM oche o Real ''Estate- --A . . ...... . ppraisers. the -use of this xpport_..� is,_,subje h �;-to I M -M - fRea1 =Jta= _-_��:�Americah�� Institute ofl '­Es�­t'-,­a,te,.,',ctAppraiser"­ S­ ,an the Estate :Aipipraisers relating to r yauthorized---­ w its iduly'- 5 O representatives. pka ,b h I_ . ave made • a-personal�­�nspddti --is on f the property that the subject of this report.,.-,,-,--, - no one prov - ided.,.significan-t--professional--assistance 'to e t erson sig'hing' this report. "MM Ga I -R ry K Wessels -7, !W! CERTIFICATION I certify that to the best of my knowledge and belief, - the statements of fact contained in this report are true and correct. - the reported analyses, opens, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, unbiased, professional analyses, opinions and.conclusions. - I have no present or prospective interest in the property : -that is the subject of this report. = 'y... ir. ,�.. I have no personal int erest or bias with respect to the„�parties involved. Yq t ? - my compensation is not contingent on any action or event'_resulting from the analyses, opinions, or.conclusions ing, or_the.,use`of this report . y-. r m anal ses> - by y ,4_opinions:and conclusions'Awere.developed, and.this repo --- yh- s ,been (:prepared, A a n conf pity w th the requirement's of ahe Code of Professional-. Ethics `-`arid Kthe =Standards , of -Profen s Tonal ...9 P.. Practice � of�the =American"_..Institute�'of ;Real.: Estate: -A raisers.«and. -,the- Society of,Real'Estate°Appraisers: - ' r sa. # the se of this'report_ is _subject to the requirements�of the T -_.. r ,.._ w. ..: American:Institute«of=Real=EstatesAppraisers-��and the Society ofNReal ` Estate Appraisers relating _to. review.by..its,_ dul -,K -authorized ..__..- �, repre's'entatives : e v. Y ,.T�. r • ..... w .0 ... m y . _ -.,F... �„..v -. _ %..,cap -.n .... : s ar. ..E....s.....ra �..a- ,--„'7! . -.. .•�nn� -»...ems. .. ,. _.,,. ,,:....e. ...n .-. .., .,,-.. �.....:' __- _ .-_,a.n,.,.1 .� tea•. ,-r,-..�-- ._, ._-r ..--';�rxc'-.- -'� as of the date of this report, I, Edward 0.' Greer, have` -completed the requirements-under.-the-continuing=`education program of the -- American -of--Real- -Estate :Appraisers I"have made a personal inspection o.._ - f the property that is the subject of this report. =no-one provided significant^professional assistance -to the person_ signing this port_ _ : ,-- _ . .__•-_ -':v3..:P.-�L: - :"S.K ,.�.: a'.+-,... az.-_ ...:J$r'.r.,4W.��.' ._.w', 6 � 4 Edward 0. Greer, MAI � .-.-..- r.w�-.n ..c.: ,.: ,.v -a ..._a ..• .:...ww, e:.:.^anar:nr,Mv:.-v :.r ...,,m..,..»+r. +..,.rnv;rwa.ra:a.w+v .••u...r+wxs+n*°a"sTM4n^"T.' ... - - ' .. ���� - - -:..: •'.�:; �.,^a,`._,' . _, - ¢fin .`W t - -n .,. p...y,...«=s.:.:.,. w.. _._.__ _-..__.y .:.,.,+,xfa.Y_.:r», `jp- . , _ y�;w1t..;•:_: ..: ' g�p'.iAti: �'hyi .�..^ 'Y�'f9i+'H `:.iYY'_ `. • LAWYERS TITLE COMPANY OF WASHINGTON, INC. 1 PRELIMINARY COMMITMENT FOR TITLE -INSURANCE TO: City of Federal Way c/o Lawyers Title OUR NO. K65274-'- 1230 S.' 336th St. Federal Way, WA t ATTN: -Debbie ._'' Y, z ' - AMOUNT _ r SALES , TAX PREMIUM :.,= ` OWNER' -S `EXTENDED COVERAGE s12" 000, 000.00 * , ^255.00 ,-721.66 $211 OWN `POL'tRATE DESCRIPTION: OWNERS EXTENDED-SHORT7ERM_ ' -- .. . _ �a *. - - - .- _ --.�td�;r:r;w^ .�. --a .}�wx^"'^i}7"zP9P•' e*x-•�. ''`" COMMITI+IENT DATE a::APRIL-16 199►DAT ` 8:00 A.M. :r�:��:ryt, " ''..- '=N r .^n; �. ,' _ :rc✓"4:` - - y -a::.. • `' E"j"TYsC,t,'-�, 'cam_ , LAWYERSTITLE COMPANIf _`OFWASHINGTON INC.-; a„tWashington ;C�arporatian; .;�ry``.,."'a' -;';..: ;`^�.t'=3*''".u'-"k"'.: j' .. `M^':a:�: - - . , ., - ;:*ri—•...�., i ' �'i';y-.. tir ;rrs;.S:.�• x+:=a ,'a9rees'tr� issue'on EGuestl;''the:policy.;or;policies as appliei°Y�r, s gent foruLa.yers k' ee� ,_..v..4,ar.,�' - w gyp. Title InSuranrejCarporation, a,.: Virg inia=Cor.poratibn, th coverage as indicated,:based. = :on this prel iniinary <conimit "' t - that title to 'the ;property- hereih:::i vested on the date Y shown abovein'' CAMPUS, PART%yJOINT VENTURE comprised of -.CAMPUS .PARK'ASSOCIATES a Washington C -if ed -.-. c-4_... - t t., t Partnership and.INTERCOASTAL PROPERTIES, INC., a California Corporation subject -only _to the=exceptions shown herein- and the terms, conditions—"and—exceptions y” contained �in the pol icy form. This report and commitment ,�shal l -have ono force, or effect .except as a'basis for the coverage 'specified_ herein." - -- jam -,_ - 'LAWYERS TITLE COMPANY,,OF WASHINGTON, _r INC:;,; BY: BARBARA WAGNER, 4'SENIOR=-TITLE OFFICERS --_ -- LINDA BURBACH„iASSISTANT,TITLE`OFFICER_:_ �- ANITA BAXTER, TITLE ASSISTANT -.- ( 206) 682-6006,% a,�,Av '' 3r Direct (206)` 682 2750- , . - - - -. • - - ..�i.1,,sR.trgy,;_-,R.E;.T Jy •`ii�."r=.Y.. ti,r,:°.s:,•; .�'Y:.,,-�Y.:' _e ,:.y�:s`'v_^�'S3'�i,; �::.= f�G`y�i �........ ....... . ._ .». w.w..n..: .-..,... a. ..-...,... .... .._ . _ .. - i+ewyiu2w+Ya.sFWfwR•tr�..lvea. •_«' - .«us., .n,ac-.me...r .awcwwra+eww.rwaru.+mv..".'-.._._.»..r::vax............... i -- ., -.... .,. >.af•,x}:,.:_'..:ew:}:a`<e&ICY'.SR^_`'.°.,_''-':w.',1�fS:i3.'.';`.l,Tx._..a n^„e,c ”=.;z '- _ _ - �------- 336TH STREET'.. -188TH 'ST. , - SW #.:,00 12:,0 S LYNNWOOD, WA 98037 - FEDERAL WAY, WA 980,03: SEATTLE.`4WR;Jr98101:,< 1206) `771 3031 ; "` (2206) 874-5115 (2061..682-6006 �r �> 2Ar._4�if .'?, ♦�R.wI. `1rrf r !"i►-.�,- •.�.��• I+.�.1 'n 1nr,.i '"`,' -s.+ - - Page No. 2 Order No. K65274 DESCRIPTION: That portion of the East half of Section 17, Township 21 North,Range 4 East, W.M., in }� King County, Washington, described as follows: Beginning at the Southeast corner of the Northeast quarter of said Section; =- THENCE North 89041144" West along the Southerly line thereof,- 659.i7 feet 'to the Northeast corner of the Northwest quarter of the Northeast quarter of. the Southeast-.:.'' quarter of said Section and the True Paint of Beginning; THENCE South 001-118115" West along the Easterly line of said Northwest_quar•ter:of the -:,q" Northeast quarter of the Southeast quarter, 658.52 feet :Aothe Southeast corner thereof; n aha THENCE North 89042'00" West along the Southerly line thereof ,-,is2.30 feet, " A North 177.60 feet; 00t18' 15" East`r.-.-21 THENCE North 89 C421 00 West -221.23 feet _ _,� . -.,.<,. _ �:>;,:-.. ��•. �.�..�,: ' ► THENCE South 0@0181 15West, 207 50 ,feet; THENCE North 8904 00 West, 46 92 .feet; THENCE South 0001811511 West, -_299.28 feet to the Souther,l.y--li ofthie�Narth half of tf .the Southwest quarter of the `Northeast quarter of the '`Southeastquarter�`"o said Sect i1 -1n• ;.,THENCE North 89042' 07" West along said :line57:6�teet to hey as erlye l ine -of ; the ,Southerly Northwest quarter sof 'the Southeast q quarter 6f1s4i'd Sect on; -THENCE South 00014'30" West=along said Easterly line; 29 29'eet"'i_c. `the: Scut _et31y' v line of said NorthwestAgdAirter`°"of`tthe Southeast quarter; THENCE North '89042' 15 "'West along said Southerly 1ine,'+,-_1;'315:­46"feet;_to the�"�Westerly line of said .._.......s.. ,gar,_.- :.-•.:... Northwest. -quarter. ;of :the'..Southeast'quarter;•--..-r,.-.; THENCE North of the Bonneville 00006159" East along said *Westerly Line, ,. 1, 278. @9 °f et,to thez•centerl ine -R •.,,� Power Adminiatrat ion'Covington=Tacoma 7r ansmission_Lirye Easement; THENCE North 51059112" East ' alon said-centerl ine - 21' e41: 61 feet • ., r` ;' `- _ -, THENCE South 89043' 57" East, 250951 feet along said centerline t`o: the Westerly line of the East 630 feet of the Northeast quarter of said.'Sect i6N- ,._ ..-•..-'- -••- - `" THENCE South -said..Westerly line,.=230.38 feet= -to the'�Southerly,—=> - line of the _00025120"West.along North 200 feet of the Southeast quarter of,the�Northeast.quarter_of_said:�_,_ - Section; _. THENCE North 89041149"West , 1_ .he.... ,• y Scuarterl 'Northeastet line of the uaatere•ofaster ofl the ,said. --- -Y West hal f' of the S uthea t q q aid .— - - = Section;:-_,��.. Section; .. THENCE South 001-20145" West along said Westerly line 1123.25Jeet,-,t6:- he-True"Point�' of Beginning, _ . .,._._..-. ..__. ,_...,� - ny5. �� i •�i^.Yip EXCEPT that portion thereof platted as Century, according 3ao :t tie,p_latrecord.edjin'--t..=.: Volume 104 of Plats, Pages 68, 69, 70, 71 and 72, recordsof King Courity,-�Waiihington. k.�•�. _..tiii*-�..�',n0p1•%'�`�.�it.---.. .-_�F. Situate in the County of King, State of Washington. .....u..e.u..u..4...,..im."..au'ii:..S,C•'s,.www#;�u,.`•m�"�A:.�..:4Y'...ls+a-..:...w_•:':�.z� - ._. - _>.✓.,- m .. _ wc.a+x,., x..x a . -.. ... ., .. v a- r... ..-.w.... -.. a..... ,_.. o.. -+-w _*?> -....+..+t%;:,+ifm}s_.srt:T'.r,.•.`.!•'�l�"�:;yw"'w•' - „^:,.f 'i".y'".`, �Y.•n s^.. _.yam_ ��T.Y.•'J:Xa^....;emrh c�tc:: . _, f�'�:7� Page No. 3 Order No. K65274 STANDARD EXCEPTIONS All 1. Taxes or assessments which are not shown as existing liens by the records:=of 4ny taxing authority that levies taxes or assessments on real property or`by'ttiepublic _ records.' Proceedings by a public agency which may result in taxes or assessments mar_.<= notices of such proceedings, whether or not shown by the records of such-�agency.or by -the public records. 2. :Any facts- rights, interests or claims which are not shown by the:publ cxrecords, but. -which ;-could be ascertained -by. an inspection of, the.Jy and, or __may.' asserted 'by persons'--jn ,possession thereof.ti t �, • -s. Easement s, 'liens ar encumbrances, oriclaims thereof ,-which:are not shawri:by the -�_ -:public records 'eFw�+•{`s -.sc "- ry.>a z, -_._. Y _ '-_t_.,�3:Y-#'i.-m..`.s4Y-an�`'u_Mr•a'.F -t t';;S;: t.:c� -'..' `''; _. - ik�°y' � ��a a � ,mac ,�.��" # IDisc pancies, conflicts iri bo teary Eines; tiortage t�n�area, encroac me is ar : ;:kany 'c+ther, facts which a correct_ -survey would disclose, :and which'=areTnot 9 ,n by the pubYic°�re o ds � - (a) Unpatented mining claims;``"4 y �4d}iY'iN'^"'!!sH'Mtk7uF�'.cFSwi:iK v 7 -Reservations_ ar:exceptions -:in -pate'nts,..or•- irk=.Acts „auk.horiz rig �e�ssuance �. d u2 W . thereof, ...77 =(c)Water "rights, claims"-bir-title-:to-water, whether or: not the matters excepted under,,,.(a)„ (b)or, c), are shown by the= p w'e a) 1 ,y ) - yr '�*Yer... ,un,tau•rY! '- -:-a 8 .6zri y`reco_riis:r. N ..... SPECIAL EXCEPTIONS _..�.. . 1. For additional Easements, Covenants, Rest ri"ct ionsf and Reservat ions . cif ~Record, see Exert ibitx,.. attached.. 2. Facility charges, if any, including.but not, limited to hook-up,'or 'conriecti r charges rand -latecomer- charges for water and sewer facilities, b Federal._Wa Watet�.7ar�d=Sewer,- as disclosed by instrument (s) recorded under''Y - Recording Nva. a 8905120210 � � �, y M F-� S 3. -,JUDGMENT: _ "` - Against: Campus Park Associates, _a Washington Limited 'Partners "ip� In•Favor of: Environmental .Research .:Development'and Cor oration Dated: SEPTEMBER 2B,1985 Entered: -, SEPTEMBER 26, 1985 King County Judgment No.: 85-9-13030-3 Superior Court _ -- Cause No.: 84-2-06408-1 Attorney for, Judgment ., .,.. „ ...,.. r_. Credito' "...... _.. Dale E...Kremer ... - For --- X67.486.01• said tudgment•:shall_.be--A LIEN-Agai.� property ofCampusPark Associates, and shall be paid''in 5 equal annual:'payiiiiFita Page No. 4 Order No. Y.652_'74 commencing 9/18/86: Said judgment shall accrue interest at normal rate for judgments, provided however, if property is sold in whole or in part, said judgment shall be paid = in full prior to any distribution or payments to any general or limited partner. 4. DEED OF TRUST AND SECURITY AGREEMENT AND THE TERMS AND CONDITIONS'.THEREOF:;.:.4.- Grantor: Campus Park Joint Venture, a Washington General = Partnership Trustee: First American Title Insurance Company Beneficiary: Crossland Mortgage Corp., a Utah Corporation, Original Amount: $4,500,000.00, plus interest a t , Dated`a;~ JUNE 28, 1989 -Recorded fm { ':` JULY 26, 1989 " � 8907 Record ing �.No 260741 Said ,instrument is a re-recording of instrument recorded `under �- r Recording No. 8907110892 ' s 5.r=ASSIG� NTTOF,'RENTS AND LEASES UPON AND SUBJECT TO'ALL'OF:nXHERPROVISIONS-THEREIN .,-� ICON AI ED GIVEN --AS SECURITY ACCORDING,,TO -CONTAINEDTHERE ated�h JUNE -28,ti`" X1989•; - JULY -.26"" 1989 8907260.- Execu edEy:: -._ --- rk =Joint - Vent ure, -a =Wash ingt on"Gerie' Campus ' Pa Part nershi WORM'" as Assi gnor is) ..__-_. ,•ten Grassland Mortgage Corporat on �4'UtaF1 CvCpvra"1_gnf .. as Assignee(s),, Said'linttrument is a re-recording of instrument recorded under w,aF ,tom. } 3 Recording -No. 8907110893 r LL •'y.��•t�-r :�" ., - ...- a _ _..'_ '. . 3:'.b:�.`-^.,.•,•x...y;,•r,.flCEf.•�� ...F»ian.lwn:r.mP1•ant+...'� ,.,- .,c s-• 6. AGREEMENT AND -THE TERMS AND CONDITIONS THEREOF. _�- j � Between: -,` Campus Pa>~k Joint Venture a`Washin ton 'Gener-al- - - Partnership 4 And: Intercoastal Properties, Iric. a_Califorrnia Corporation,_..�-..._...-,.v,-,:..,..,... - a.� Recorded:" - JULY 26, 198'3 - == Record i n No. • 8907260743 g .:. rr "" Purpose Option to purchase a portion of the premises herein described .. Said' hist"r'ument is a re-recordingof, instrument recorded -under;-= Recording No'.`:' 8907110894 7. Lien 'of any real estate excise sales tax upon any safe of said praperty.W°ifunpaid. The subject property is located in unincorporated King County �The�excise�tax:rate is „.<:..<iSxyS ate"• .•e.....- - ...- _, ... .:. ._ .- .. - ... •.,_.ii' ies..:.'-±r ... _. -- _—......, w,a ...<�,,F;� .__..m.......,_.. _-....._....__..,,__..�.___. - - e e Page No. 5 Order No. K65274 8: GENERAL TAXES PAYABLE AFTER FEBRUARY 15TH: THE FIRST HALF TAXES ARE -DUE PRIOR .TO MAY 1ST." THE SECOND HALF ARE DUE PRIOR TO NOVEMBER 1ST. Year: 1990 Amount Billed: $46,172.25 Amount Paid: $0.00 Amount Due: $46,172.25 - - Tax Account No.: 172104-9014-07 -- 1 9. Levy Code: 3491 Value of Land: $3,045,500.00 z - A 4 d Affects: That portion of the property herein described lyingtw tth .:. the Northeast quarter of said Section 17, together with,'that-portion-`lyir�gwithin'the Northeast..'quarter of the Southeast quarter., of :said ,Section 17, 'and;th`atToort on>:oz,f,.the 661:98 ;rfeet _ of said Northwest n; uarterof.',t� :said5ect ion_ X17, :.,lying _North _So of the„uth Northwest,:quarter of the Southeast quarter q he Southeast quarter ted -:l~-.4 j. -•,--`''-' }v La».r ,�'"""4.y c' :i - -” t _-v.. ,., - SURFACE WATER SERVICE CHARGEr'FIRST'HALF.PAYMENT DELINQUENT MAY 1 SECOND AL PAYMENT DELINQUENT . NOVEMBER 1. _ ' �.:. _ 90 Year:. _.°;fit"-K=�_ _ 163 Amou`nt Billed Amount` Paid.@, =? Amount -Due TaxAccountNo >;,29:89. +....'02 17� 104 X9014 -of ;said- Sect ion=.17'.,+=:`• �'~ -.07 .._ TVDyiE : The above charges are payable with general taxes'° Affect s ss.. {.. r ' � -That ��pertiori of the property herei`ri described lying within the Northeast quarter,;: f-wsaid Section'_17 vtogether`nw th`that portion=lying ' within the'Nartheast quarter of the Southeast-,quar�ter,of�said Section 17 ',aand._that port ion;.of; the .Northwest .:quarterR of the 'Southeast 7quarter 'o' f, said `Sect ion-21V,1ying _. . North of, -the 'South 661.98 feet =of said Northwest :quarter 4o`f the. Southeast . ._. Amount Paid: D. GENERAL TAXES PAYABLE m. AFTER. FEBRUARY 15TH:-=--THE-FIRST HALF3TAXES ARE'DUE PRIOR TO MAY 1ST. THE= -SECOND HALF =x - ARE DUE PRIOR TD"NOVEME►ER�.1ST.,;_,,.:-�.:�..,_�=-:-_--�--=-�•=--.w=.'--..-..------{-~�-~ Year: - _ . - 1990 Amount B i l led:. $14,528-60 Amount Paid: $0.00 Amount _Due • $14, 528.60 ax _Account No.: :_- 172104-9138-08 - - - - - Levy Code-:- 3491 Value of. -Land: -_ Affects: That port he ro ert herein -'described l iii P P P Y_ Y 9= t,=Y within -the South 661.98.feet,,of;�the.-.Northwest quartei^ or tine Southeast quarter: -of ;said- Sect ion=.17'.,+=:`• �'~ . SURFACE WATER SERVICE CHARGE, FIRST HALF PAYMENT DELINQUENT MAY 1,µSECOND:-.HALF-PAYMENT DELINQUENT.NOVEMBER 1: = Y"-- :'. Year: 1990 Amount Billed:$29.89 ._. Amount Paid: $0. L710_ Amount Due: $29.89 - = Tax Account No.: 172104-9138-08 - NOTE: The ,.above charges are .payable.with l' generataxes: _ ...:: •.f ' - - _ - "` "' y" `` """ `'` -:ems_ Affects:_,J.... - - That port ion -of the ` ra ert--herein'�described l yin NY I till -.-•.irJnw{wti;'i:,:$?.1`1.,.''.+31"":KF°°,'. _ .-:,w.�wi€.siwr': `: a:. a,.r ;,..��.«-,...-..>.--.a,ty.. III M1 Page No. 6 Order No. K65274 within the South 661.98 feet of the Northwest quarter_ - of the Southeast quarter of said Section 17 -- -' 12. ASSESSMENT FOR KING COUNTY: Original Amount: $41,396.48 plus -: Interest at a Rate of: 10.695 percent Original Number of. . Installments: 20 No. of Installments Paid: 6 No. of Installments Delinquent. 0 ; Local Improvement Road Improvement District 74 4 F `� District No.: _ Roads. Inrovement: r . *. r= Account No.: 0265-172104-9014-07 - Affects: The premises herein described - .. c„ ',.^.?:. L-i,i i,� k {s•+c4••w'- S_ .-°sP +6r^r -3`.i"' ,�`r"`"' "�"'Tl4c9'", Such state of facts as would be disclosed by ani curat rvey and ina ectian of.Wthe . . x...• lot of _ urve and `inspectiia Fy premises: ,;NOTE: .; Upon receipt of :,sat isfacto y pg U X t �„. report, this exception -will #be eliminated-or'--amended,1 ¢a cordancewith `ttie acts t' -"7',t' a,,'''z.z, n -°` x w,-,,. .®•. , ., disclosedthereby. II4. A copy of the__current agreernen_t of.CAMPUS PARK, JOINT VENTURE, apart nership„and^�any w. amendments thereto, .should .be sib'mitted.�We`make•pno`commitment until .we have -reviewed "... L thern _agreeent rn and aendrnents, K i f, -any, .jo,�be ,submitted � � - .. ... _ _.A _ ._..-.kl 1.P.-'+14ti.'•#3%Sx"''�`. 'o�.•Y'•.>?.`�' -°::..."'..:«"P,:.°"'w._...s.,... .i.3c. .. F Any. c +nveyance or encumbrance:of;;,partnership.pr=Viper•ty.,,shouldg.,b6 xecuted, b all.rof:' the general partners, including spouses;` if Aany, }unless otherwise=prcwided far in said agreement, if any. . �.. _-. certificate of limited partnership for CAMPUS PARK,ASSOCIATES; "a'Wash ington.;lirnited together with a cS�y of 'the�current�partnersh"ip'agreement and -any` -''Partnership-'- amendments thereto_, roust be properly filed with -the -Secretary -of -St ate and 'a copy submitted to us. Also, sufficient information to clear any marital status questions of -the--general partners -at-the time of -acquisition -must�,be-submitted: r -- 16. Evidence of the corporate existence of INTERCOASTAL PROPERTIES, INC., a corporation,®., should -be submitted, together with.evidence;.of the';identity_and : r authoity ofz,the y w_ officers to execute the forthcoming instrument. ..'.;._ - NOTE: The record discloses said corporation_ is :a '.Califorriia-'Corporation;; h�oweyerity.,ti is not registered with the Secretary of State, -State of - has do�ngbusiness in the State of Washington. k a: NOTES ..-�..?- ... s ... . s..�warsw . - u .... ... .. ..... n . - s e..- <.!'9h..� - i^xp•ry n - _ - - . j f 9 :.6t: x>, . G•..V", ^: q n.- ::: �^'.s.�i v_ +.•.. eQ w.G.-y 1'IlF-T* 'TS'S- _ _-WAfili�lrl�Il II Page No. 7 Order No. K652*74 NOTE 1: Examination of the records -discloses -no judgments or other mat t er's-peh d I ng against.the name(s) of CITY OF FEDERAL WAY,' the proposed insured. NOTE 2: Investigation should be made to determine if there are any service installation, maintenance or construction charges for sewer, water -or _e ed - tri NOTE 3: Prior to closing, we will require .the complet.ion of the attachedAeclarat.io parties named below to enable 'us to amend 'or eliminate questionsof patties possess i on, lien rights and/or.other7,cert a i n . _u nr ec or d e6 m a t t L, r�s. Patties: CAMPUS -PARK:-,jo I NT NENTURE`­Co M prised US -PR ,--,a an -d d ASSOCIATES as iMt6h-LiMite �Par nerih! -�in INTERCOASTACIPROPERIIES UNU- Zalifoi�� Z, Corporat i of 'E 4. The Company may make othei ?Posed documents creating the" -es -ertaining details of the-,trainsai 44 AA, 44, THANK YOU FOR R ORDER, DER, Y =` GIVE US-A_CALL AT (206) t-� -,trequiremi?hts-,,6�,-.',-iik'*c'pp ions - a -or."-'interLst""to,bel.�insurE 7 Wr Li aia.lf 4 7_77 A� q� A 7 n�z zv­ , j said "Sec ion 17 Page No. 8 Order No. K65274 EXHIBIT B CONTAINED THEREIN, AS GRANTED . ;. .7, 1. RESERVATION OF LAND FOR DEDIG8TI0N_as_A PUBLIC HIGHWAY: By: E. L. Grondah l and Bernard i ne Grondah 1, his wife Recorded: OCTOBER 30, 1923 -�- Recording No.: 1795553 Affects: A15foot strip lying along the Northerly boundary of Southeast quarter of the Southwest quarter of the Northeast quarter of said Section`yy17._7-. i and also -a 15 foot strip lying along the Northerly boundary of the South,half of Southeast quarter of the Northeast quarter of said Section 17. A 100 foot strip -for the Tacoma Covington A 4 Ark, 60 2 s 2. EASEMENT4AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREE: Entered:3"_` .: OCTOBER 1, 1940 in the District Court of r.an.,r x�r ;fin' United States for the Western District=oftiWashirigtan,. herein described _. Northern Division Cause Na. 269 InFavor3.Of: United States of America Purpose .,,�..=��. ,100 foot strip of land -for, the Tacoma Covington; , � ws` �� � � . '� �Affects:�,�'-_;, _ ....�a�..� � �°.`_�i=•� _ Transmission Line ion `the "premises"hereindescribedlying That ,port of 7'=within the rter. of: thee? heast uar, Sect .i op17. A copyaf•'said was recorded under Recordin g No 3128470: ,judgment MEN3. EASEMENT AND CONDITIONS CONTAINED THEREIN CONDEMNED BY. F I NAL"DECREE TV e' -a Entered V:. OCTOBER 19 1940 'ire °the"=.Distri'ct `Cour"t` ofthe�Un�i , States for the Western District of Washington- - Northern Divisic►n`'Cause IJc►. 281 - In Fav��r Of: United States of America Purpose:_,.,. 100 foot strip for_the Tacoma Covington Transmissian.Line �'_ - Affectsia..., That portion of the property herein described.--lyirigw .� the _South half of the Southwest uarter-of -the -Northeast•- uarterA f -•said. Section -17-.- A co y cfesaid judgment was recorded -.under . . Recording No. 3131454.___" 4. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: Recorded*.----- AUGUST 26, 1941 ' Record i ng No.: 186.,42 In' Favor. -:Of: United States of America Purp7se: A 100 foot strip of WA for the Tacoma.Covington Transmission Lire%{ Affects That portion of the property herein" -.described..,. lvinn with the NortFiwes ai of the Northwestguarter.of.the.Southea t quarter Q said "Sec ion 17 AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT.` Y 5. EASEMENT - Recorded: RecordingNo.: JULY 14, 1942- 942Recording :.252183 - In Favor. Of: United States 'of America Purpose: - A 100 foot strip -for the Tacoma Covington A 4 Ark, 60 2 Affects `""",�- That portion ofthe...property herein described _. _.- ? ;t! Page No. 9 Order"No. K65274 W,nQ*thin the South half of the.*Southwest quarter of_tbg-NgUhCA.�U�Quar f said _ .within .,,Section 17 6.`EASEMENT .. AND CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL DECREE: EnterEnteredo JULY 8, 1942 in the District Court of the United, States for the Western District of Washington Northern Division Cause No. 535 In --Favor � The United States of America 00. Purpose; Lo 100 ot stridor the Tacoma Covington -, _'Affects:; ' That portion of the property herein, described d y NorthNortheast i A v within. the half of the Southeast cart of the N � ortheast �d�jgrte`Noifi�,said , j e. er of the Southwest -i W44the ortheast e UZLLifAhd also the Nort ieas­t__—quart I uart er�- - QRUu!`Vi-"ter or sai 7- U.0 41" d Section 17 ylor4said judgment was recorded under Recording No. 3253846. UEASEMENT Hz MENT 104CONDITIONS CONTAINED THEREIN, .AS -GRANTED BY1INSIRUME. ed e AUGUST -17, eco 3258849 -'�United.States�of�Ariierica'�r -erect, 'maintain, The right of entry to repair and ur et. and patrol -pre or.�.more-,Ifflec Ir rebuild, L ._operate transmission lines With a "100 footstripand a6acent --to the. Tacoma' Covington �0 WON 171WO Transmission Line AIM°: That p}rt ion of the property' herein describedlyng� �f;��withi'n"the N rthwest carter of the Southeast carter of said�Sectic+n`�17"' _,''°"" '8. =EASEMENT-SAND=_CONDITIONS CONTAINED THEREIN AS CONDEMNED BY FINAL` -DECREE <�.�,.•�.- ,�.� -_.Entered: MAY 5, 1943 in the District -Court--of -the -Unit ed for the Western District of Wa'shingio'n,.Northenp..-'.Division-�:�-,�,-::7�- I Cause No. 685 In Favor Of: The United States of --America A A-00 f Purposes: - stripof land parallel and abutting-'-.th WOM-4- Southerly side of the Tacoma Covington T_rjM%q1AsS Affect - s: That portion of the property,herein des,c�ribed-.,IYLP_D.����.+----r,-,,--, S' said outh half of the Northeast quarter of the Northeast guart-er,,bf -MnU�sn_ --Section f c6py•wof.7"id, judgment was recorded under Recording No. 3308820.`;" 9._7EASEMENT,AND.CONDITIONS 308 2- 9._7EASEMENTAND'CONDITIONS CONTAINED THEREIN, AS RESERVED BY INSTRUMENT: JANUARY 14, 1952 Recoi-i ing No. 4201226 Right of way for vehicular and other travel _ Affects: North feet of the North 165 feet of the North half of the Northeast quarter of the Southeast nuartor of said Section 17 ............... Page No. 10 Order No. K65274 10. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS RESERVED BY INSTRUMENT: Recorded: JANUARY 14, 1952 Recording No.: 4201227 Purpose: Right of way for vehicular and other travel Affects: No th 30 feet t of the Northwest quarter of the Southeastquarter o sai Section 17 11. EASEMENT"AND CONDITIONS CONTAINED THEREIN, Recorded." FEBRUARY 21 1956 Recording No'. _ 4660593 -Pur nose = :::. Roadway AS GRANTED BY INSTRUMENT: - Affects:;:>>a.`'T., . South 30 feet of the Northeast uarter.o ..._ Section and North 30 feet of the Sou PUP said quarter o sai ection 17 12. EASEMENT"AND CONDITIONS CONTAINED THEREIN, AS CREATED BY INSTRUMENT• r_ Recorded.' MARCH 22, 1956 4675062 4 Jam: x Recording o: • 'Ak Purpose: Affects:. .. South 30 feet .of the Northeast,:,quay ter.,.ofsaid `Section, -17,_ EXCEPT that `part ion yang wi x<ir� M .__._, ,e!nnevi1 a drninistr`a ion• - .. a _... ort ic?n- _:.. North.3 fee of":t Fie Southeast quarter, said Sect ion_17, EXCEPT t agp_X:a h " : .. within �easecaent,..,.to, b6,nneville Administration; ;The South 30 ,feet cif the. Northeast _..g aer ;µRhe Northeast quarter � of the Southeast quarter_ of --said Section Tfie South :,0 feet the North half_ of the Southwest,.quarter__of--.the Mor,�th_east uaQ e, "o - �- , � f th`e`rSbu heast`' anter; said Sect ion 17; The South 3n feet of th'e -East 30 feet 'of -Northwest quarter „of the, Northeast-.quarter..of ,the Southeast quarter =tg id 109*66 — East 30 feet of .the Southwest quarter of -the Northeast quarter,_ said Secfion""'17 West 307feet�"c+f`the:Southeast quarter of the Northeast quarter, said Section 17 "' 3. EASEMENT --AND CONDITIONS CONTAINED THEREIN, AS CREATED BY INSTRUMENT _ W MARCH 22� 19-56--­ Recording;-No.: 956`-­Recordin No.: 4675062. Purpose: Ut i l"i t ies Affects::£' Nor f of the South 30 feet of the Northeast -quarter, said Section 17, EXCEPT that port ion yang wi in.easement,to, aonneville Power Administration; The South 10 feet of the North- -30_:feet,;of,::the �.rt` nR' _ _._.,__._.._.._-.-_.. _ .. ,v Southeast quart-er, said Section 17, EXCEPT that portion lying within.easernenteta Bonneville Administration; The North 10 feet of the South 30 feet:'of_4the Northeastp=.' quarr= tecif==the`Nr_�rtheast quarter of the Southeast quarter, said Section"''17 The `North:,. . 10 feethe South 30 feet of the North half of the Southwest quartei^'ofrthe NortheaWquarter of the Southeast quarter, said Section 17; The est 10feett�and the Y North:10'fe`et`"of the South 30 feet of the East 30 feet of the FJorthwest Cu .ter ofLthe Northeast ;quarter of the Southeast quarter, said Sect ion 17; The,West F.1@. -feet_ _ofthe� East �30� feet '.6f the Southwest quarter of the Northeast quarter, .said `Sect ion` 17; East -10.:feet .of the West 30 feet of the Southeast quarter of the -Northeast quarter; r said Section -.17 _ .max •. - _ ,.. -w.tsza.+ws..,a :o- Page No. 1 Order No. K65274 . <>..w 14. EASEMENfi AND CONDITIONS-CONTAINED THEREIN, AS GRANTED BY INSTRUMENT:- Recorded: NSTRUMENT:Recorded: MARCH 22, 1956 Recording No.: 4675062In Favor Of: Puget Sound Power & Light _Company Electrical facilities Purpose: -- _ are:iliti The centerlines of said faces Affects: - - - - -- =' 24 feet North_ of the South line of the Northeast quarter, said Section'17; c4 feet Sou_th'of ahe- North line of the Southeast. quarter, said Section .17; .E4:-.feet; North ^the South line of the North half of the Southwest quarter of-the Northeast quarter of the Southeast quarter, said Section 176�'�r"' Y 15. EASEMENT.iAND,.CONDITIONS CONTAINED THEREIN, AS GRANTED -BY INSTRUMENT." -Recorded*MARCH 22, 1956 Recording No. 4675062 " " '"... In ,Favor Df: Lake Center Water-Cooperateive, its .successors}.."- - „ _ n and .assign$ Purpose ''�11AV"i i 'Water pipellne� <s:nY.e'� ''`'' ail, '"-;` `..-'p'•.^.:,y 't' ',wr'c a ; . �,a ,a,.c. » .,�i ._ k*F.4.a"-Nc:p?Z Areas'-.described' _as ut�i1ity,easements:wit#�in said ' '� 4 .. *+i''k'ex:^w Ak J+{ _ - b .w Ft - � moi. � M i � - •, � .J I '� 1 .'.�;-� �` �x - ^��,; �x -document - $i--y "�xcs•{ t�a� �- -, s rot �«r....a.w�s a..�; - V .e., . .. 'e; psi;'; i�k{-:i,z.-.;�':'. °^".'w".!�y�".-c,a•s'�s t+r?:' 16. EASEMENT--AND CONDITIONS CONTAINED THEREIN,�AS,•GRANTED'BY INSTRUMENT �"-°`~ -- " -- -- Recorded: ._ x Recording`Nr� 5@34980_` Purpose":-dRoadway- v' : Affects: That portion of the property herein described—­ ; ams lying ,within the `West 30 feet of the :West�'half Tof thetSoutheast quer_ter, sai Sec ion 17, less the North 30 feet and iess ttierea8ement to E+onneville ,powerAdmiriistraticm.;„ r .. The portion of the property herein described lying within the East:-30S the West ' F half of --the Southeast quarter,--said Section-17,`ZXCEP_T �.the North `3� 'feet U. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT-­'_n, Recorded: MAY 22, 1959 .. Record i ng�Nco. µr.,.,..... 5034980, .� �...�...� . r , . _ :� ' purpose: Ut�iliit,Y. Affects'-hT a East 10 feet of that portion of the property hereindescribedlying within the West 30 feet of, theWest-�half_-of -the_-Southeast ` -rt ,,:Y o quarter, said'Section'17, less the Noth 30 feet and lesrs the easement to bnneville`n Power.:.Administration; The West .10 feet of_that portion of:the property hereir�m.•' described lying within the East 30 feet of the West half of the Southeast `quart-er;' said Section 17,_.EXCEPT the North 30 feet ,e+A 18. EASEMENT AND CONDITIONS CONTAINED THEREIN11--AS GRANTED BY INSTRUMENfLTMN$i�4Ya. � Y Recorded: MAY 22, 1959 l ti: Recording No.: 5034980 In Favor Of: Puget Sound Power Light Company - Purpose:Electrical facilities = Affects: The centerlines are described as follows: - -_ That :pgrtion-of .the property herein described lying 2 fget Last of..,the West-li� ne,of _ _ f the prr ert here in:described lying 24 feet West of the East 17•, That portion c• the West-half of the Southeast quarter',-said _ Section.... � - line of the West half of the So quarter; said-Section 17 _ Page No. 12 Order"Nc�. K65274 _AND CONDITIONS CONTAINED_ THEREIN, AS DISCLOSED BY INSTRUMENT: �19.:EASEMENT Recorded: - MAY 22, 1959#- s-> - �„�•r mak•; Rec 6rd i n No.: 5034980 In Fayor.Of: Lake Center Water Cooperative, its successors and P= .. assigns Purpose: _ Pipeline Affects: • Areas described as utility easements within said ( document ; 20. EASEMENT AND CONDITIONS CONTAINED THEREIN, AS CREATED BY INSTRUMENT = Recorded: MAY 22, 1959 Recording No N° 5034981, Purpose ',,,,41 - Roadw"W" M Affects., The West 30 feet +�f 'the Not west- quarter of..the ,.. Northeast -quarter of the Southeast quarter of said Section,17,.l'ess No►th 30 feet;'Ttie. West'30'-feet of the North half.of.the Southwest quarter.' the-ftrtheast-quarter-af th`` utheast quarters e q rte:.^•: a.a:• _. z -t._--. said Sect ion µl7,' EXCEPT : the xNortW'30 4`:feet fi 1� -,SQ _.. - * � w _ .. _ - P>J`��,�- - E _ r ry -- � .}"=�: y��. 'WW1 - 'd'i','..,..4•? ",- L � L'n- Y �.y �+ ;y � ... 'S�#a.!'�„�.�.#sT.'$i}°e'i aKc�4 d';e'°F-a,Ai.r`Si•'°'•�e `Y,n'y+����'�RTi$•'FF.-'P•.. `i '• -t,xi :s. 21: EASEMENTIAND CONDITIONS 2 CONTAINED THEREIN,-ZyAS CRE.yq�j D�BY I�NSTRU�ryMENT S'.• �"� R$. � e ��{,fir , dy s:q*: X` i-%+ % %•"'iF'i�1'�'t'ty+a.��'f' Tis. '^_ MAY• X22 ki � � �< .,:Y.�,�,Recorded �� . < 5034981 .Recur .Purpose:._.•._..�......., r Af.fectsg~.The - o g, f M :: t Q t - TM �--- _.. -­Northwest-quarter-of the` North6asit' quarter•`o :the tSotit hi4ttwq ai' et' said*'Section ' less;��t-he-_,North 30 feet ; The, •feet;�of - the' West;30 feet of=tthezMorth °hal_fwof the 4- x. ae.edr .s r....:.uw .'•-a.x-'- " mz�^xz-xa._.. `tea-. `" _ _. ... - - .-n"+•'.-.«.#'dS'.3:+-=? X'r:. "C':s:rF+:.,.;.a'4;.r ,. Southwest quarter of the Northeast quarter of the Southeast;quarter;';said Section 17, EXCEPT: -the North 30 feet Met ZJ _'2. EASEMENT AND CONDITIONS CONTAINED THEREIN,'AS GRANTED BY INSTRUMENT. Recorded.. MAY _22,-- - Recording No.: In -Favor Of: 5034981 Puget Sound Powr'^& Light^Company _•, _.. Purpose: -" Electrical facilities Y__a..•. , ''"'"` Affects: The•centerlines are described as follows: - -of the Northeast 24-feet•East-of-the West line of the Northwest quarter quarter-of"theme, - ou eas quarter, said Section 17;•24 feet East of the West line of_the•North`half=of=..- _. estuarter of the Northeast - quarter of -the Southeast_.. uarter said .Section 17 TF .3. EASEMENT � AND CONDITIONS CONTAINED •THEREIN, , AS D I SCLOSED "BY -I NST RUMENT Recorded-.,,'! MAY 221"11959_-: Recc rd i rig No.. 5034981 In Favir'Of: Lake Center Water Cooperative,°Fits=successors ' Purpose: and assigns rx Water' np— Affects: Those areas designated as utility easements within said instrument ,"._..........a,:Maa:.,+sA�+asa�a"'+.'".�..4..u^ ......_/.._ _ -. .... .. ,., . ._., ... .p._,.v ..•„ ...aem*:saw..v...,...._..a'�'�.».�—�ti... rxie+..oa..,.z....,• �'°E ....,_.. .�e,9.� - -. - ,.-,y„•-,.f n•,S M -•; - -•k _ ,„ti.^..mak'„:moi:+. .,d” ri .•:5: - - --y>..hi •_-�``}.4 `n;y; ...+s:,n4 +"h,'-rY; ^',."' Page No._.y13, Order No. K65274 (24.: -EASEMENT AND CONDITIONS CONTAINED THEREIN, AS GRANTED BY INSTRUMENT: - APRIL 14, 1960 Recording' _NC. ; 5151465 I United States of America 4 _ In Favgr,Of � Electrical transmission facilities Purpose: Affects:`: `- A str•i of land 62.5 feet in width_ lying on the Southerly -side and adjacent to the 00 foot right of way for the Covington Tacoma y4.: -� Transmission.: in within the South half of the Southwest quarter of the Northeast quartersaid Section 17 and the Northeast_quarter of..the Southwest quarter -Of the x; quarter, - Northeast said Section 17 _ . 25. EASEMENTAND-ND COITIONS CONTAINED THEREIN, AS GRANTED BY, INSTRUMENT: .? Recorded:• SEPTEMBER 21, 1960 "Y p 04176 S • "�" i Record - i n Nc+.: `- 5 z s I"".of,America nOf United States Favor _ Electrical -face sties • ,. , Purpose--�•_-...�.F Affects:. A stria of land 62 5�`feetrin,.:width ly ng on the } ., + 4" t S BonnevillePowerRd ministration Tacoma=Grand<, Southerly ine sand adjacent to U. .., K *+-6 `""'sof.; ine iW.theallor hwest t e.Southeast .quarter Coulee�o. Transmission" L quarter: of ;..- ttie`Nort eastquarter, --said Section 17fr 12'6.- EASEMENTAND"C01�DITIONS CONTAINED THEREIN,*=AS `GRANTEDF3Y`=INSTRUMENT_'" _,.... ...: - SEPTEMRERy 21;- 1960. Recorded Record ing No 5204177 In Favor`:�`0 United States :of. America - Purpose: Electrical faait i}iPs i.{.a Aft s- - A st_rin:' of land 5� C`feet .in vwidth lying cm the Southerly side +and addacent to the 200 foot t -right`,-o way =for"the Covington' Tac��ma y r, Transmission`lines within the Northwest quarter of the Northwest quarter of:the Southeast Quarter, said Section 17. 27. EASEMENT_AND CONDITIONS CONTAINE6 THEREIN, A5 GRANTED BY INSTRUMENT �W Recorded -_.": FEBRUARY 27, 1974 Recording • 74022702.62 = �� hn Favor Of: City of Tacoma Purpose Water pipeline ---= Ea -. Affects::::.,._._.__....._ p he.praperty.herein�described --... f-_ -__.:moi.:. That portion af_.t lying:.within the North 200 feet of thest "630feet"`of the ;Southeast _quarter ;af the r_X�. Hort east.r, quar esaid Section -17, as delineated -on --drawing attached.t4>document _ 28. EASEMENT AND •CONDITIONS CONTAINED THEREIN ''AS GRANTEDY,INSTRUMENT. Recorded% AUGUST 13, 197.4 rs" Recot•ding No 7408130336 - 1 4 S In Favor~Of. City of Tacoma _t 4 Purpose az <-- Water pipeline a, . , - w Affects;_ _ That portion of the property herein described as •� _:.:..._ delineated on drawing attached to document J. L?9. License granted for road and fence as established=in King County No. -760`,14 and y;` disclosed;on'ahe face of Survey recorded under Recording No. 900299001.Wait - Affects: = Portion of the pro perty'here'in~described~located-wit irn-° - the Northwest quarter "of .,the* Northeast quarter "of "" -------~• - the Southeast quarter; said -Sect-ion-17 - Page Order No. K65274 END OF EXHIBIT B %s"r�• .,I F i, 't - _ - 'r - � fi E ` ,>7 �` ?' f Gfi •K �, Y��� re 'x- R��i z.,; :;�Pair*;a 3`'Ks• 'T".� �3 __ fit? Nf;�M Sy:,w ~.�' ���":;�'� � " � :� `��a' t: z�,xi,�`7.,' 4--.�•�x'� s «_ mow: � '�-_ ,,. �t�._ _ .a..,.' cny L s s.'°r '� s �.^ear"�, `R�• � ?' "'"" �""'° .3" ���"a7e7' - y( � . :$. , "}3�: r,��'.�„'.a..,ss:«^-xs��',Ay�J"��'a-2�;�. fir't'�,,a'Y� •,��r.�,.,�f,�'�' _ �'�; -, - .,h�e � w X�''�' kt'�x”, a,1 .h.*+ ;•� �..' � gg .. 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V1 k F "a = v .r i ,s'.r: " s . ; N', ?sxc::;x's:, z ,•�. : .r :.a... ... a r -,,. _ 7-77 a QUALIFICATIONS AND EXPERIENCE OF GARY WESSELS EDUCATIONAL BACKGROUND AND TRAINING American Institute of Real Estate Appraisers courses: Standards Of Professional Practice,, 1989 Capitalization Theory & Techniques, Part-Bi,�,19 J Principles of -Real -Estate Appraisal,: 1988 Capitalization 'Theory & Techniques,, Part; ,'�A'i`d.--19, The Spread Sheet in -the Appraisal Offi6e,­,--";,_1986 Using LotusIn the Appraisal Office, -'19 86 Society of Real Estate Appraisers yf ..... . . . . . . . -a" t Introductioii�',,i6:R�B'al.-Es't b' 1 986 141 :Appraisal h. Master -of Bus iness�Xdmi- nis'tration,, Indiana,: UniVdj&s y Bloomington ` d �'In lana,,1979 g Bachelor's Degree,` UN.V''ersity-of ..Michigan Ann h`� an, 1976, Graduation ' ,"With Distinct CIO* W, "ASSOCIATION MEMBERSHIPS e, -Est ra Candidat ers 4; "*EXPERIENCE . ..... 'Marcht4. o Present '�Independent.Fee 'Appraiser Greer Patterson Ind. rfTdco- so.cia-, es - i. S X31 on Y-1986 to March�1990 Sen Ma 3.or,.'Rea�'i-'Egiiii4L:i4"' ra se- a- The*Long Appraisal Cony Burlingame,,_Ca­ 1" or u_� .March1986 to May 1986 -Real-EstateApp is16 I o Tap OM Taplin, Thomas, and'. Long j _Millbrae,,,�,,Californ February 1984 to March 1986 senior Underwri , te eVie Appraiser and Property Manager Bellevue Corporation, Burlinqane,,California 04 --February -1983 td -i'6 enior Loan­1fi-­ erwrlter;;;FN) Residential ReviewsSecondary Market -Sales- , Guardian Mortgage --I nve s tment'� Corporation.1-San +Mateo i=, California PRESENT "RESPONSIBILITIES Independent Fee Appraiser Greer, Patterson& 'Associates, -Inc. .................. -7- i MISM .5i P1 N 4/90 QUALIFICATIONS,ANDIEXPERIENCE OF EDWARD 0.' GREER MAI ''EDUCATIONAL -BACKGROUND AND TRAINING, a»:' _MAI MAI designation 1985, Certificate Number 7195,, American'Institute of Real Estate Appraisers - Course 4,,American,Instituto of Real Estate Appkaiserst University of Colorado Course 2,�,American77Institute of Real- Estate Appraisers,,_--. Un1vers1iy.of,­ ac!6� ;,- Color 0 er 'f- Estate* App'kals' s Courses IA­�-- an&rl 1B­,�, American.� Institute'. br� iVers ity-z,, of--,, California`- and Seattle`: Pacific S,R2(,-d6-sigtiiaiti6rG;: S'oc-i:L--ty'of.,.-Rdal:'Estate'Appraisers -1970i""Iresigned F199. Certif idd-.-.-by. State,- of --_,.. Washington - to. instruct-. Appraisal Courses-:-1'an& ' 2 '-_s: Instructor Clover Park Educational Center�-and-Tacoma Community College =` .7 74 ASSOCIATION MEMBERSHIPS American;; -Institute- of-Real---'Estate-Appraisers American Arbitration Association - Served as Arbitrator as -a Member of National.,,., P'anel,l: of --Arbitrators --h-Chapter.-_#61'44W Previou;k..--_ q.F-,i acoma PocietyL.of-.1, Real.- Estate Appra!Lsers,,�T Of f ices-- Held:,,,,. President;- Vice President;--- Secreta3:j hairman- Admissions e - ca tt'e; Chairman, Examination ha nllExaminatlon ]RIE'N'Ck, W 1977--toPresent, ;;;,,Independent Fee Appraiser, P' Associates Inc: i ent) ­tteki0rV' Gk:66" Owner e-r­-#-'App­raJU' I' s, Ow4 Gre o ( ­ T I M, ' an L -�- ye­a­r-­--s-­2U 'Chidf' sdr—,"Grda- -"']4orth�iest�;-Feder6i-"'Savinqs'.k, Assn:Independent.-,Appraiser, Westgate. -:=Realty. i raL 8Years. ­­­ Chief raiser Pierced - sessoV s,0 iftce- Lid6nse,ea 96tAtdArent-- tate. of Washington- -f 4 0 F PROPERTY Land apartments, commercial, industrial, residential, rural' :Improved - apartments,- condominiums, farm buildings', service'stationsl, warehouses'.. churches, industrial properties, misc - ella"n-eous'' IOUS CLIENTS State of Washington City of Tacoma, Port of Tacoma Metropolitan Park District of Tacoma Pierce County Parks Department Pierce County Right of Way Department !Private individuals, attorneys ,Puget Sound Bank First Interstate Bank of Washington Heritage Federal Savings & Loan Association OF EXPERT WITNESS TESTIMONY Pierce County Superior Court Snohomish County Superior Court U.S. District Court �ENT RESPONSIBILITIES President, Greer, Patterson & Associates, Inc. Independent Fee Appraiser 2/90 APPRAISAL OF FORMER EVERGREEN AIRFIELD (PROPOSED PRELIMINARY PLAT OF CAMPUS PARI) FEDERAL WAY, WASHINGTON FOR J. BRENT MCFALL CITY MANAGER CITY OF FEDERAL WAY BY LESLIE W. EASTMAN, JR., MAI PAUL ZEMTSEFF 0154 %e Eastman CarnparLV Eastman Company Leslie W. Eastman, Jr., MAI Thomas A. Ginda Donald K Melton Carol J. Miller Greg Athmann June 27, 1990 Mr. J. Brent McFall City Manager City of Federal Way 31132 - 28th Avenue South Federal Way, WA 98003-5599 RE: Appraisal of Former Evergreen Airfield Federal Way, WA Job 0154 Dear Mr. McFall: Real Estate Appraisers Analysts/Consultants 8050 - 35th Avenue N. E. Seattle, Washington 98115 Phone(206)522-4717 FAX • (206) 522-4719 As requested we have inspected and appraised the above referenced property for the purpose of formulating our opinion of market value. It is our conclusion that the market value of the fee simple interest of the subject property as of June 13, 1990 is TEN MILLION NINE HUNDRED TWENTY THOUSAND DOLLARS ($10,920,000) This report is subject to the enclosed limiting conditions and has been prepared in conformity with and subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the American Institute of Real Estate Appraisers. The following report is a detailed summary of the pertinent data and analyses used in arriving at our conclusions. Respectfully Submitted, . Eastman, Jr., MAI Paul Zenitsef f TABLE OF CONTENTS INTRODUCTION Title Page Letter of Transmittal Table of Contents Assumptions & Limiting Conditions Subject Property Photographs FACTUAL DATA Identification of Subject Property Property Address Tax Account Number Ostensible Owner Legal Description Purpose of the Appraisal Market Value Definition Date of Inspection and Appraisal City Data Neighborhood Description Description of Subject Property Size Shape Frontage Topography Utilities Street Access Street Improvements Site Improvements Environmental Condition Zoning Improvement Description Sales History Assessed Valuation Real Estate Taxes Highest and Best Use ANALYSES AND CONCLUSIONS Property Valuation Final Correlation and Estimate of Value Certification of Appraisers ADDENDA Subject Location and Comparable Sales Map Zoning Map Qualifications of Appraisers We Eastman Company Page 1 1 1 1 1 2 2 3 3 10 it 11 it 11 11 11 11 12 12 12 12 13 13 13 13 13 16 28 28 LIMITING CONDITIONS AND ASSUMPTIONS 1. LIMIT OF LIABILITY: The liability of The Eastman Company and employees is limited to the client only and to the fee actually received by the ap- praiser. Further, there is no accountability, obligation or liability to any third party. If this report is placed in the hands of anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment and related discussions. The appraiser is in no way to be responsible for any costs incurred to discover or correct any deficiencies of any type present in the property; physically, financially and/or legally. In the case of limited partnerships or syndication offerings or stock offerings in real estate, the client agrees that in case of a lawsuit (brought by lender, partner or part owner in any form of ownership, tenant, or any other party), any and all awards, settlements of any type in such suit, regardless of outcome, the client will hold appraiser completely harmless in any such action. 2. COPIES PUBLICATION DISTRIBUTION USE OF REPORT: Possession of this report or any copy thereof does not carry with it the right of publication, nor may it be used for other than its intended use; the physical report(s) remain the property of the appraiser for the use of the client, the fee being for the analytical services only. The Bylaws and Regulations of the American Institute of Real Estate Appraisers of the National Association of Realtors require each member and candidate to control the use and distribution of each appraisal report signed by such member or candidate; except as hereinafter provided, the client may distribute copies of this appraisal report in its entirety to such third parties as he may select; however, selected portions of this appraisal report shall not be given to third parties without the prior written consent of the signatories of this appraisal report. Neither all nor any part of this appraisal report shall be disseminated to the general public by the use of advertising media, public relations, news, sales or other media for public communication without the prior written consent of the appraiser. 3. CONFIDENTIALITY: This appraisal is to be used only in its entirety, and no part is to be used without the whole report. All conclusions and opinions concerning the analysis as set forth in the report We Eastman Company were prepared by the appraiser(s) whose signature(s) appear on the appraisal report unless indicated as "Review Ap- praiser". No change of any item in the report shall be made by anyone other than the appraiser and/or officer of the firm. The appraiser and firm shall have no responsibility if any such unauthorized change is made. The appraiser may not divulge the material (evaluation) contents of the report, analytical findings or conclusions, or give a copy of the report to anyone other than the client or his designee as specified in writing except as may be required by the American Institute of Real Estate Appraisers as they may request in confidence for ethics enforcement, or by a court of law or body with the power of subpoena. 4. TRADE SECRETS: This appraisal was obtained from The Eastman Company or related companies and/or its individuals or related indepen- dent contractors and consists of "trade secrets and commercial or financial information" which is privileged and confidential and exempted from disclosure under 5 U.S.C. 552 (b) (4). Notify the appraiser(s) signing the report of any request to reproduce this appraisal in whole or in part. 5. INFORMATION USED: No responsibility is assumed for accuracy of information furnished by work of others, the client, his designee or public records. The comparable data relied upon in this report has been confirmed with one or more parties familiar with the transaction or from affidavit or other source thought reasonable; all are considered appropriate for inclusion to the best of our factual judgment and knowledge. An impracti- cal and uneconomic expenditure of time would be required in attempting to furnish unimpeachable verification in all instances, particularly as to engineering and market -related information. It is suggested that the client consider independent verification as a prerequisite to any transaction involving sale, lease or other significant commitment of funds or subject property. 6. TESTIMONY CONSULTATION COMPLETION OF CONTRACT FOR APPRAI- SAL SERVICES: The contract for appraisal, consultation or analytical service are fulfilled and the total fee payable upon completion of the report. The appraiser(s) or those assisting in the prepara- tion of the report will not be asked or required to give testimony in court or hearing because of having made the I- 7e Eastman Company 3 appraisal, in full or in part, nor -engage in post appraisal consultation with the client or third parties except under separate and special arrangement and at an additional fee. If testimony or deposition is required because of any subpoena, the client shall be responsible for any additional time, fees and charges regardless of issuing party. 7. EXHIBITS: The sketches and maps in this report are included to assist the reader in visualizing the property and are not necessar- ily to scale. Various photos, if any, are included for the same purposes as of the date of the photos. Site plans are not surveys unless shown from separate surveyor. 8. LEGAL, ENGINEERING FINANCIAL STRUCTURAL OR MECHANICAL NATURE HIDDEN COMPONENTS, SOIL: No responsibility is assumed for matters legal in character or nature, nor matters of survey, nor of any architectural, structural, mechanical, or engineering nature. No opinion is rendered as to the title, which is presumed to be good and merchantable. The property is appraised as if free and clear, unless otherwise stated in particular parts of the report. The legal description is assumed to be correct as used in this report as furnished by the client, his designee, or as derived by the appraiser. Please note that no advice is given regarding mechanical equipment or structural integrity or adequacy, nor soils and potential for settlement, drainage, and such (seek assistance from qualified architect and/or engineer) nor matters concerning liens, title status, and legal marketability (seek legal assistance), and such. The lender and owner should inspect the property before any disbursement of funds; further it is likely that the lender or owner may wish to require mechanical or structural inspections by qualified and licensed contractor, civil or structural engineer, architect, or other expert. The appraiser has inspected as far as possible; by observa- tion, the-Fland and the improvements; however; it was not possible to.personally observe conditions beneath the soil or hidden structural, or other components. We have not critical- ly inspected mechanical components within the improvements and no representations are made herein as to these matters unless specifically stated and considered in the report. The value estimate considers there being no such conditions that would cause a loss of value. The land or the soio the Virga bej4ag appraised appears firm,_however , subsidence in the area is '7e Eastman CompanY R� r unknown. The appraiser(s) do not warrant against this codon or occurrence of problems arising from soil conditions. al is based on there being no hidden conaitions o structures or toxic materials which would renaer it more or less valuable,. No responsibility is assumed for any such conditions or for any expertise or engineering to discover them. All mechanical components are assumed to be in operable condition and status standard for properties of the subject type. Conditions of heating, cooling, ventilating, electrical and plumbing equipment is considered to be commensurate with the condition of the balance of the improvement unless otherwise stated. No judgment may be made by us as to adequacy of insulation, type of insulation, or energy efficiency of the improvements or equipment which is assumed standard for subject age and type. If the Appraiser has not been supplied with a termite inspection, survey or occupancy permit, no responsibility or representation is assumed or made for any costs associated with obtaining same or for any deficiencies discovered before or after they are obtained. No representation or warranties are made concerning obtaining the above mentioned items. The appraiser assumes no responsibility for any costs or consequences arising due to the need, or the lack of need for flood hazard insurance. An Agent for The Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance. 9. LEGALITY OF USE: The appraisal is based on the premise that there is full compliance with all applicable federal, state and local environmental regulations and laws unless otherwise stated in the report; further that all applicable zoning, building, and use regulations and restrictions of all types have been complied with unless otherwise stated in the report; further, it is assumed that all required licenses, consents, permits, or other legislative or administrative authority, (local, state, federal and/or private entity or organization) have been or can be obtained or renewed for any use considered in the value estimate. 10. COMPONENT VALUES: The distribution of the total valuation in this report between land and improvements applies only under the existing program 7e Eastman CampanY of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. 11. AUXILIARY AND RELATED STUDIES: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made unless otherwise specified in an agreement for services or in the report. 12. DOLLAR VALUES, PURCHASING POWER: The market value estimated, and the costs used, are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the dollar as of the date of the value estimate. 13. INCLUSIONS: Furnishings and equipment or personal property or business operations, except as specifically indicated and typically considered as a part of real estate, have been disregarded with only the real estate being considered in the value estimate unless otherwise stated. In some property types, business and real estate interests and values are combined. 14. PROPOSED IMPROVEMENTS CONDITIONED VALUE: Improvements proposed, if any, on or off-site, as well as any repairs required are considered, for purposes of this appraisal, to be completed in good and workmanlike manner according to information submitted and/or considered by the appraisers. In cases of proposed construction, the appraisal is subject to change upon inspection of property after construction is completed. 15. VALUE CHANGE, DYNAMIC MARKET INFLUENCES ALTERATION OF ESTIMATE BY APPRAISER: The estimated market value, which is defined in the report, is subject to change with market changes over time; value is highly related to exposure, time, promotional effort, terms, motivation, and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property physically and economically in the marketplace. — Zee Eastman Company — In cases of appraisals involving the capitalization of income benefits, the estimate of market value or investment value or value in use is a reflection of such benefits and appraiser's interpretation of income and yields and other factors derived from general and specific client and market information. Such estimates are as of the date of the estimate of value; they are thus subject to change as the market and value is naturally dynamic. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 16. Appraisal report and value estimate subject to change if physical or legal entity or financing different than that envisioned in this report. 17. 18. 19. 20. MANAGEMENT OF THE PROPERTY: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management; neither inefficient nor superefficient. CONTINUING EDUCATION CURRENT: The American Institute of Real Estate Appraisers conduct a voluntary program of continuing education for its designated members; MAI's who meet the minimum standards of this program are awarded periodic educational certification and; Leslie W. Eastman, Jr. is currently certified under this program. FEE: The fee for this appraisal rendered and not for the time the physical report itself. or study is for the service spent on the physical report or Neither the employment to make the appraisal nor the compensa- tion is contingent upon the amount of the valuation reported. TOXIC AND HAZARDOUS MATERIALS: If such is subsequently found to be present the value of the property may be adversely affected and re -appraisal, at additional cost, may be necessary to estimate the effects of such. e Eastman Company - 21. CHANGES, MODIFICATIONS: The appraisers and/or officers of The Eastman Company, reserve the right to alter statements, analysis, conclusion or any value estimate in the appraisal if there becomes known to us facts pertinent to the appraisal process which were unknown to us when the report was finished. 22. FHLBB REGULATIONS: Federal Home Loan Bank Board has special requirements, as set forth by the Competitive Equality Banking Act (CEBA), for appraisals to be used by Savings and Loan Associations for some types of loans; this appraisal is not intended to be used for such unless specifically stated otherwise in the report, i.e. that it is indeed intended for use under CEBA guidelines. Additional research, analysis, and report writing may be undertaken at a later date upon client requests at additional fee, for time and costs. 23. AFTER TAX ANALYSIS AND/OR VALUATION: Any "after" tax income or investment analysis and resultant measures of return on investment are intended to reflect only possible and general market considerations, whether as part of estimating value or estimating possible returns on investment at an assumed value or price paid; note that the appraiser(s) does not claim expertise in tax matters and advises client and any other using the appraisal to seek competent tax advise as the appraiser is in no way considered a tax advisor or investment advisor. 24. ACCEPTANCE OF, AND/OR USE OF, THIS APPRAISAL REPORT BY CLIENT OR ANY THIRD PARTY CONSTITUTES ACCEPTANCE OF THE ABOVE CONDITIONS. APPRAISER LIABILITY EXTENDS ONLY TO STATED CLIENT, NOT SUBSEQUENT PARTIES OR USERS, and it is limited to the amount of fee received by appraiser. We Eastman CampanY - . i 1. �jiq -, � ,�7� ";.7 z. ` _ Sy -J�,~3�� ��. I yYrSi': �'..irtjLLV �i � � if •� . i. i.�. �'� Vit. .v.�.�`-,�:� r.�?!-t ..`0� i j�- �i • _ ,. ��•" • �, �, .. .- . a �+ �' ' � i - � �.'�J►--.moi: uj �'T< � � � � �. .. r Looking north along subject lot line from South 333rd Street (subject to right). Looking southwesterly on South 234th Street. (Subject to the left) Zee Eastman Company _ Looking easterly on South 333rd Street. (Subject at end of street) e Eastman CampanY APPRAISAL REPORT SUBJECT PROPERTY: The property which is the subject of this report is an 83.56 acre tract known as the former site of the Evergreen Airfield which is presently the site of the proposed preliminary plat of the Campus Park office park, located in south King County in the recently Incorporated City of Federal Way. PROPERTY ADDRESS: - The'property is specifically located on the south side of the Bonneville Power Administration Transmission Lines Easement, extends to approximately 650 feet west of the center line of Pacific Highway (State Route 99) South, South 332nd Street (as if extended) on the south and the cul de sac at the current east dead end of 333rd Street on the west. The site has no common address and is located entirely within the southeast Quarter of Section 17, Township 21, Range 4 North, W.M. in Federal Way, Washington. TAX ACCOUNT NO: The King County Assessors Tax Account Numbers are 172104-9014 and 172104-9138. 10 OSTENSIBLE OWNER: The property is ostensibly under the ownership of the Campus Park Joint Venture. LEGAL DESCRIPTION: - The subject property's legal description is as follows: That portion of the east half of Section 17, Township 21 North, Range 4 East, Willamette Meridian, in King County, Washington, described as follows: 1 We Eastman Company Commencing at the Southeast corner of the Northeast quarter of said section; thence North 89.41144" -West along the Southerly line thereof, 659.17 feet to the Northeast corner of the Northwest quarter of the Northeast quarter of the Southeast quarter of said section and the true point of beginning; thence South 00.18115" West along the Easterly line of said Northwest quarter of the Northeast quarter of the Southeast quarter, 658.52 feet to the Southeast corner thereof; thence North 89.42100" West along the Southerly line thereof, 132.30 feet; - - thence North 00'18115" East, 177.60 feet; thence North 89'42100" West, 221.23 feet; thence South 00.18115" West, 207.60 feet; thence North 89042100" West, 46.92 feet; thence South 00018115" West, 299.28 feet to the Southerly line of the -North half of the Southwest quarter of the Northeast quarter of the Southeast quarter of said section; thence North 89042107" West along said Southerly line, 257.64 feet to the Easterly line of the Northwest quarter of the Southeast quarter of said section; thence South 00°14130" West along said Easterly line, 329.29 feet to the Southerly line of said Northwest quarter of the Southeast quarter; thence North 89°42115" West along said Southerly line, 1,315.46 feet to the Westerly line of said Northwest quarter of the Southeast quarter; thence North 00006159" East along said Westerly line, 1,278.09 feet to the Centerline of the Bonneville Power Administration Covington - Tacoma Transmission Line Easement; thence.North 51'59112" East along said Centerline, 2,241.61 feet; thence South 89°43157" East, 250.51 feet along said Centerline to the Westerly line of the East 630 feet of the Northeast quarter of said Section; thence South 00925120" West along said Westerly line, 230.38 feet to the Southerly line of the North 200 feet of the Southeast quarter of the Northeast quarter of said section; thence North 89°41149" West along said Southerly line,_30.66 feet to the Easterly line of the West half of the Southeast Quarter of the Northeast quarter of said section; thence South 00'20145" West along said Westerly line, 1,123.25 feet to the true point of beginning; EXCEPT that portion platted as Century, according to the plat thereof recorded in Volume 104 of plats, pages 68 through 72, inclusive, in King County, Washington. 2 '- %Fe Eastllloll Company PURPOSE OF THE APPRAISAL: The purpose of this appraisal is to estimate the market value of the fee simple estate of the subject property as of the date of appraisal.. MARKET VALUE DEFINITION: Fair Market Value is defined as "The most probable price in cash, terms equivalent to cash, or in other precisely revealed terms, for which the appraised property will sell in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress." Fundamental assumptions and conditions presumed in this definition are: 1. Buyer and seller are motivated by self-interest. 2. Buyer and seller are well informed and are acting prudently. 3. The property is exposed for a reasonable time on the open market. 4. Payment is made in cash, its equivalent, or in specified financing terms. 5. Specified financing, if any, may be the financing actually in place or on terms generally available for the property type in its locale on the effective appraisal date. 6. The effect, if any, on the amount of market value of atypical financing, services, or fees shall be clearly and precisely revealed in the appraisal report. APPRAISAL DATE: The date of the appraisal is June 13, 1990, the date of property inspection. 3 ' 'We Eastman Company CITY DATA Federal Way, in Southwest King County, is on a plateau between Puget Sound and the Green River Valley, approximately 25 miles south of downtown Seattle, 8 miles north of downtown Tacoma, and 9 miles south of Sea -Tac Airport. Federal Way is served by Interstate 5, and State Highways 18, 99, 161, and 509. Historically, Federal Way was considered a separate community with its own economy, situated a sufficient distance from both Seattle and Tacoma to have an independent atmosphere. The area experienced a slow rate of growth until the 1950's when the population doubled from 7,000 in 1950 to 14,000 in 1960. This rapid growth was accelerated' even further in the next decade with population increasing to 52,523 in 1970. This growth was due to a number of factors, among them the completion of Interstate 5, expansion of the Boeing Company, industrialization of the adjacent Green River Valley, and the increased demand for suburban environment. Since that time, population growth trends and the most recent projections are as follows: (PROJECT) (PROJECT) 1970 1980 1990 2000 52,523 75,013 101,011 128,093 A prime factor contributing to the most recent rapid growth of the Federal. Way area has been location midway between Seattle and Tacoma, two of the busiest ports in the country, and amid a metroplex of 2,000,000 people. Location is but one reason, however. The living environment is another, as it is the balanced mix of fine retail shopping areas; office and distributor level business activity; light industrial and warehousing operations; and carefully planned residential development.' 4 We Eastman Company The Federal Way area is a young, established, white collar, affluent market with 54% of the adults being from 25 to 44 years of age. Over half of the residents have lived in Federal Way five years or longer, and only 20% have lived there less than two years. i Although the Federal Way area has long been classified as a bedroom community for Seattle, 54% of the employed adults work in Federal Way,. or within an 8 mile radius, and only 22% commute to Seattle. Over one-third of the adults (36%) are professionally employed. About 14% are in clerical or sales positions, while 21% of the people have household incomes over $35,000 a year, and the average income is $29,900. INDUSTRIAL AND COMMERCIAL CONCENTRATIONS: The major employers situated in the Federal Way area in 1980 included: -COMPANY NAME - ACTIVITY NO. EMPLOYED Sea -Tac Mall Complex Retail Stores 1,800 Weyerhaeuser Company Federal Way School District # 210 U.S. Postal Services (Bulk Mail Center) United Pacific Reliance Insurance Wood Products/ 1,500 Development Education 1,600 16 - Mail Distribution 800 Insurance 600 Significant activities not situated in Federal Way but affecting the community income include the Boeing Company in Auburn with 5,000 employees residing in the Federal Way area, and a number of industrial/manufacturing activities located in the Green River Valley industrial complex and in the City of Tacoma. 5 Zee Eastman Company As industry consumes land in the South King County area, the industrial demands for available use in Federal Way are increasing. For example, the Weyerhaeuser Company's "West Campus", a 1,600 acre complex, is well underway and includes an industrial park, offices and corporate headquarters, retail facilities, family homes, apartments and condominiums. Federal Way is served by three different levels of commercial activity: (1) neighborhood shopping centers, (2) the central shopping -district, and- (3) regional shopping centers. The neighborhood centers are typically small and keyed primarily to grocery markets, drug stores, variety stores and small service establishments. Pacific Highway South is the major arterial and both retail business and commercial development are situated on the east and west side. To a large extent, the development is of the "strip commercial" type which extends one block on either side of Pacific Highway South.. This type of development was quite predominant in post -World War II and the early 19501s. The prime Federal - Way retail business and commercial development lies principally between South 312th Street on the north, and South 348th Street on the -south. Regional shopping centers are located at the corner of Pacific Highway South and South 320th Street, Sea - Tac Mall and also Sea -Tac Village. The Sea -Tac Mall is 72 acre development and the largest of the four major shopping centers in the commercial core area. It is comprised of four major department stores and 96 additional stores and shops in 745,000 square feet of retail space.- In total, there are 16 retail shopping centers of varying sizes in Federal Way with a total of approximately two million square feet. In addition there are many free-standing retail businesses. Somewhat over one million square feet of modern, newly constructed office space has been built in Federal Way. This is in addition to owner -occupied offices and corporate headquarters. A total of approximately one- half million square feet of office -warehouse space is in the area. 6 ' -We Eastman CampanY Commercial activity extends south to past South 348th Street and north to the City of Kent along Pacific Highway South, at about the South 272nd block. Most industrial and manufacturing activity, located outside of West Campus, is located in the triangular area bounded by Pacific Highway South, 16th Avenue South and South 356th Street. Because of past business development and rapid utilization of available land suitably zoned, increased pressure was being placed on. the King County Planning Division for early revision of the Federal Way Community Plan. The Federal Way area contains 25,600 acres, and in the plan in existence 1,160 acres were either zoned or classified as potentially zoned for office/industrial use. 660 acres were zoned for commercial use. Most of the commercial zoned land has been developed or is under development, since 1975, when the Sea -Tac Mall first opened. Much of the office/industrial land is located in the West Campus Development, which has a 300 acre platted office and business park. Weyerhaeuser's Corporate Headquarters and the new Technology Center are located to the east of I-5 on 500 acres. Additional industrial property is located south of. 348th Street and Pacific Highway South. Federal Way has many assets .which allow it tobeattractive for •non-polluting industrial development. The industri&l area has good foundation soil conditions, reasonably level ground, good drainage, utilities, and good access to the freeway system. Residential Development Predominant land use in Federal Way is single family residential, ranging from 1 to 5 units per acre. Higher, density uses, including apartments, condominiums and mobile home parks, -are located mostly along the Pacific Highway South corridor and in the Twin Lakes and West Campus areas. The Federal Way area is part of an attractive area providing medium to high quality housing for people within the greater Seattle - 7 We Eastman Company i f Tacoma area. This growth is homogeneous in nature with a new look b appeal. Growth during most of the late 1970's could be considered ,dynamic as the Federal Way area blossomed, but the pace slowed `t during the early 1980's due to the national and local economic recession and unusually high interest rates. The years between 1985 and 1988 saw moderate growth as a result of the lowest x interest rates in 5 years. LOCAL GOVERNMENT: Federal Way had been administered by King County as an unincor- porated area. On March 14, 1989 the residents voted overwhelmingly to incorporate. In February 1990, Federal Way became a city when residents chose the seven council members to govern the new city. The seven council members elected a mayor from within their ranks. The mayor has no more legal authority than any council member but will preside over meetings and handle ceremonial duties. Day to day operations of the city are handled by a city manager. In a short period of time Federal Way has completed a Comprehensive Plan as well as a new Zoning Ordinance. Phase I issues of the Plan are land use, transportation and natural environment. Phase II issues consist of parks and recreation, community facilities, utilities and human services. The purpose of the Federal Way Comprehensive Plan is to: Identify fundamental community concerns and values, and address their relationship to critical municipal functions. Identify goals and objectives for mandatory planning elements, and outline priorities and a time schedule for completion of optional elements. 8 !We Eastman Company Integrate urban design and conservation principles into each plan element and public decisions related to those elements. Provide a process for continuous updating and amendment of the Plan and its implementing plans and regulations. Guide development of implementing regulations, procedures and programs. Provide a clearly stated guideline for citizens regarding the development of the City in the future. EDUCATION: The only school district in the Federal Way area is Federal Way School District #210. The following schools are in this area: NUMBER TYPE 16 Elementaries 5 Junior High 3 Senior High Learning Centers are located in most elementary and secondary schools. Self-contained rooms which a?e for mildly handicapped students are also available. Special Education serves handicapped children from ages 3 to 21. The district contracts with surrounding school districts for any type of handicap services not available in Federal Way. Higher Education: Green River Community College in Auburn, and Highline Community College at Midway are within 15 minutes driving time. In addition, Highline Community College has opened a branch in Federal Way. The University of Washington, Seattle University and Seattle Pacific College are in Seattle. Pacific Lutheran University and the 9 ---e Eastman Company University of Puget Sound in Tacoma are within easy commuting distance from the Federal Way area. Day and night education courses are conducted at these colleges as part of the program. Seattle Industrial University offers an M.B.A. in Business Administration and is located in West Campus. MISCELLANEOUS INFORMATION: Recreational facilities include several parks, among them are, Salt Water State Park and Dash Point State Park. Twin Lakes Golf Course, racquetball and tennis courts, and several theaters are also available. Federal Way residents take advantage of the many cultural facilities in Seattle and Tacoma. Also, the local colleges and universities contribute substantially to the cultural environment of the area, together with several art galleries. Spectator sports in Seattle include the Seattle Supersonics (basketball), Seattle Mariners (baseball), and Seattle Seahawks (football). Other sports include boxing, wrestling, auto, boat, motorcycle and horse racing; intercollegiate sporting events and a number of sports clubs. The Federal Way area recreation department maintains parks and playgrounds, swimming pools, tennis coups, golf courses, bicycle and nature trails, an athletic stadium, boating facilities, summer camp and recreation center. Other activities in the Federal Way area include boating, bowling, camping, fishing, handball, hiking, hunting, riding, rollerskating, sailing, water skiing, scuba diving and sky diving, square dancing, swimming and tennis. Public transportation (Metro Transit) is available throughout the Federal Way area with routes available along the primary arterials of Pacific Highway South and South 320th Street. Metro also has 10 — Ue Eastman Company a Park and Ride Lot located adjacent to Interstate 5, south of South 320th Street and another at South 272nd Street. - Overall, the Federal Way area should compete well in ---the current market as well as in the foreseeable future. In -general, we are dealing with a location with a strong demand for dwelling units (of all types), by young well educated inhabitants who .earn a good income. They will require all types of personal service and goods as well as desirable office and industrial developments as places of employment. NEIGHBORHOOD DESCRIPTION: The subject property is located to the south and west of the Central Business District of Federal Way. The subject is located several blocks southwest of the "Sea -Tac Mall" and Sea -Tac Village shopping center district. On the north border of the subject site is the Bonneville Power Administration Transmission Line Easement which acts as a boundary line which divides the subject from the residential neighborhood with mostly single family dwellings and..' - some multi -family properties located to the north. Farther to.the north and west of the subject are the retail shopping center v properties. To the east of the subject and located on the west side of Pacific Highway South are several strip -type retail/commer- cial properties including a lumber yard and a self storage center.' Generally, to the south and west of the subject is the Quadrant West Campus Office Park Division 2 development which is developed with primarily modern office type improvements as well as several remaining vacant parcels yet to be developed. The subject's neighborhood has good access to Pacific Highway South and Inter- state Highway 5 and major employment centers.in Seattle, Tacoma, - Kent, Renton, Bellevue, Auburn and Puyallup. Demand for vacant land of all types has been fairly strong during the last several years in the greater Federal Way area. This 11 We Eastman Company • L -V-- —] 1 N7 . .moi _ Lf - r t .rI � I • i /' i t` Aix a •• . /.79 /► ice/ / 00 OR rrtra•..•a r t�ea.r aw l - Plat Map 1 r, Y } ••4 rrtra•..•a r t�ea.r aw l - Plat Map 1 r, Y } demand is due, in part, to the area's location relative to major development centers, its access to major highway systems, and the overall quality of life. As a result of.these and other factors, the land values have shown sustained growth. In summary, the economic future_ of the subject's -immediate This conclusion is based, in neighborhood appears to be positive. pod educational part, on the projected population growth, the g facilities, a trained labor force, good transportation systems and an increasing diversified industrial base. SUBJECT PROPERTY DESCRIPTION: Land Description: Size: Approximately 83.56 acres or 3,639,874 square feet. Shape: Irregular in shape - See Plat map on facing page. Frontage: Approximately 600 feet on South 324th Street, 60 feet on lith Place South, 132 feet on South 330th Street and dead end cul -de -sacs -on the present north end of 9th Avenue South and the east end bf South 333rd Street. Topography: Most of the site is fairly level and at grade with surrounding properties and streets. Smaller portions of the site include some moderate to gently graded areas such as the wetland which lies below the grade of most of the site as well as some rolling hill areas towards the nortAccordingtostportion of the site. a topographical map of the site, the site ranges from a low elevation of 362.0 feet to a high of 425.5 feet. - 12 'e Eastman Compania 0 Wetlands: The subject property contains an identified wetland with an estimated area of approximately 2.1 acres (2.5% of the total site area) which cannot be built upon. vegetation: The subject site has a considerable amount of existing tree coverage including mostly, Alder and inter- spersed Evergreen species and native groundcovers and shrubs. utilities: All available Access: Direct from South 324th Street, at its intersection with 11th Place South and from South 330th Street. There are presently dead end cul- de-sacs on the north end of 9th Avenue South and the east end of South 333rd Street at the site lot lines. Street Improvements: Site Improvements: Environmental Condition: Asphalt surface, two lane plus parking lane with concrete curbs and gutter, sidewalks and street lights. The subject site is vacant and has no improvements. There are several dirt roads which pass through the site. The property was inspected with an eye toward any environmental risks that may be present. Environmental conditions or risks that may exist include ground water contamination, drinking water contamination, radon or asbestos. It is therefore suggested that the owners and all potential parties of interest in the subject pert and property contact and hire an environmental environmental audit for the ooftth ses risks perform an, if a question exists. During our inspection of the subject site, we did not note any signs which specifically indicated the presence of any app environmental risk except as herein indicated. We did observe very limited evidence that on occasion, the subject site had been used 13 7e Eastman CofYtpanY for dumping or disposal of miscellaneous debris; for example, we observed items such as an old auto body, auto parts, a couch, an appliance (washer or dryer) and several small piles of litter. There were relatively few of these items seen, considering the size of the subject site and the type of debris was noted as being typical of what one might expect. We were also informed of and note that the possibility exists that some toxic or hazardous materials may be present on the portions of the site closest to the Varga property which is located near the southeast corner of the subject site. The owner of this property operates an automobile junk yard type operation which may have generated some automotive or other wastes that may extend beyond the property lines and onto the subject site. No other problems were observed. Zoning: The subject property is zoned OP, Office Park zone, according to the City of Federal Way. Some property uses allowed are office, commercial or industrial photography, retail establishments providing banking and related financial services and groceries or produce as well as printing and duplicating establishments. Other uses include: research and development testing facilities, colleges, commercial recreation facility, restaurants, and trade center or convention center, hospital and warehouse facilities when associated with other uses allowed within an OP zone. Most uses require a review process. Minimum lot size is three acres. Maximum lot coverage is generally 75%, front setbacks are 50 feet (25 feet.of landscaping and next 25 feet can be parking) and side and rear are 20 feet. Most uses, including office, indicate a structure height limit maximum of 35 feet above average building elevation of adjoining,uses (30 feet maximum above if adjoining low density zones). Requirements must be met for parking, landscaping, signs, buffers and the like. According to the Federal Way _Comprehensive Plan (2/27/90) the Office Park classification is intended to allow a range of professional, scientific and business uses in a campus -like 14 7e Eastman Company r setting, harmonious with their natural setting. Uses should meet high standards for maintaining natural vegetation and providing landscaping and superior architectural quality. Previous to the City of Federal Way zoning ordinance the subject property was designated as MP -P, Manufacturing Park under the King County Zoning Code. SALES HISTORY: No sales transactions have been recorded in recent years. We have identified a purchase of a share in the joint venture development of the subject for $4,500,000 in June of 1989; however, according to one of the partners, this was not a direct purchase of land and the parcel has not changed hands for at least 5 years. ASSESSED VALUATION (1990): Account Nos. Land Improvements Total 172104-9014 $3,045,500 0 $3,045,500 172104-9138 958.300 0 958.300 Total $4,003,800 0 $4,003,800 REAL ESTATE TAXES (1990): The 1990 real estate taxes are $46;172.25 (172104-9014) and $14,528.60 (172104-9138) or a total of $60,700.85. There is an additional tax levy for surface water management of $59.78 ($29.89 per parcel) for a total tax amount of $60,760.63. HIGHEST AND BEST USE: In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of market value, highest and best use is defined as the reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. 15 Ve Eastman Campar y Alternatively, it is that use, from among reasonable, probable and legal alternative uses, found to be physically feasible, and which results in the highest land value. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. our investigation leading to a conclusion of highest and best use was designed to simulate the actions and thinking of prudent and knowledgeable purchasers and pursued the following logical sequence. 1. Possible Use: To what use is it physically possible to put the site in question? 2. Permissible Use (Legal): What uses are permitted by zoning and deed restrictions? 3. Feasible Use: What possible and permissible uses will produce any net return to the owner of the site? 4. Probable Use: The use most probable, not speculative or conjectural. There must be profitable demand for such use and it must return to the land the highest net return for the longest period of time. S. Highest and Best Use: Among the reasonable uses, those uses which will produce the highest net return or the highest present worth. There are many possible and permissible uses for the property as mentioned in the zoning discussion and the site would be suitable for a number of uses. It is our opinion that the highest and best use is a master planned office park type development such as the Campus Park plat proposed by the present ownership of the subject 16 'We Eastman Company � � site due to a) its present Office Park zoning, b) its location to the north and east of, and adjacent to, the existing West Campus Office Park Development and. c) the boundary to the north, the Bonneville Power Transmission Lines, which acts as an artificial barrier between the subject land and the residential and commercial development to the north and east. 17 !e Eastman Company t I PROPERTY VALUATION As the subject property consists of a vacant site, only one approach to value, the Sales Comparison Approach, has been utilized in this report. The Sales Comparison Approach is a process of comparing the subject property with sales of other similar properties and adjusting for the differences. In the process of valuing the subject property, we considered the possibility of including an Income/ Development Approach to Value for the subject based upon the final selling prices for the subject lots as improved and subdivided. In the process of,gathering this information, however, our research indicated wide ranges in estimates for the various critical factors and figures that ultimately determine the property value in this type of approach. For example, uncertainty regarding the final details and conditions of, and time necessary in obtaining, the final plat approvals. Large differences in the possible development costs of the subject site and in the time required to sell out the subject as finished lots result in a wide range of possible values for the subject property by this approach. For these ,reasons, we relied solely upon the Sales Comparison Approach to value for the subject. Land value is estimated using the direct sales comparison which involves the comparison of recent sales of comparable properties with the subject property, making adjustments for differences between these properties and the subject. A site may be analyzed using numerous units of comparison, such as price per square foot, per lot, per building unit or per acre. In this case cost per square foot is most appropriate and has been used. A search for similar properties within the greater subject neighborhood was conducted. The search was extended in an effort to locate large 18 !e Eastman CamparLV It, LL V comparable parcel sales in other King and Snohomish County locations having similar use characteristics. Below is a summary chart with more detailed information on each sale found on the following pages. Elements of Comparison ' Elements of Comparison include conditions of sale, financing terms, market conditions (time), location, physical characteristics and income characteristics. The appraiser first adjusts for financing terms and conditions of sale to obtain a normal sale price for the comparable property. Then the appraiser adjusts for market conditions to obtain the time -adjusted normal price. Next is the adjustment for location and all physical and income characteristics to arrive at an indicated value for the subject property. 19 - Eastman Company IN Comparable Land Sales Sale Sale Sale size Price/ No. Location Date Price Sq. Ft. Sq.Ft. 1. SWC I-5 & S. 336th 1/90 $5,000,000 2,262,363 $2.21 Federal Way, WA .y i,14.A . 2. 1st Way S & S. 340th 9/89 4,315,500 1,299,849 3.32 Federal Way, WA -AT -3'f lic., 3. Redmond Way & SR 202 6/88 61489,577 1,403,816 4.62 Redmond, WA 32 ZAa, 4. I-90 & N. Bend Blvd. 5/90 19,986,401 5,329,566 3.75 area. North Bend, WA t Z2J.TAc 5. Merrill Creek Pkwy., 2/90 16,698,000 11,565,180 1.44 W of Seaway Blvd. zu..-5'k Everett, WA Elements of Comparison ' Elements of Comparison include conditions of sale, financing terms, market conditions (time), location, physical characteristics and income characteristics. The appraiser first adjusts for financing terms and conditions of sale to obtain a normal sale price for the comparable property. Then the appraiser adjusts for market conditions to obtain the time -adjusted normal price. Next is the adjustment for location and all physical and income characteristics to arrive at an indicated value for the subject property. 19 - Eastman Company IN LAND SALE NO.: 1 MAP NO.: 06 NO.: 0154N ------------------------------------------------------------- LOCATION: Southwest corner of I-5 and South 336th Street, Federal Way, WA. LEGAL DESCRIPTION: Portion of the NW 1/4 of Section 21, Township 21, Range 4, E.W.M., Tax_Lots 3, 4, 16, 26, 51, 63, 64, 65, 66, 67, 69, 83 and 84. = ACCOUNT NO.: 212104-9003 &,others COUNTY: King SALE DETAILS PRICE: $5,000,000 DATE: 1/19/90 INSTRUMENT: WD E.TAX NO.: 90-1111365 & 6 AUDITOR FILE NO.:900119-0825 & 0829 TERMS: Cash to seller GRANTOR: Quadrant Corp and Federal Way Industrial Park, Inc._,...._ GRANTEE: Dwyer, et al CONFIRMATION: Grantee, public records, inspection PROPERTY DETAILS ACCESS: Direct SHAPE: Irregular AREA: 2,262,363 sq. ft. UTILITIES: All to site 'USE: Vacant SIZE: 51.937 acres (m/1) ZONING: MP (formerly ML -P) TOPOGRAPHY: Mostly undulating with some below grade wetland areas. ANALYSIS UNIT PRICE: $5,000,000 / 2,262,363 sq. ft. _ $2.21 per sq. ft. REMARKS: This parcel sold to 2 different purchasers as a 14.94 and 36.997 acre site, however, neither sale would have occurred without - the other. The larger site has about 8 acres of wetlands and it is estimated that grading alone will run $400,000-500,000 for that site. Additional LIDs for utilities for the larger site will run from $100,000-250,000. The site is heavily treed. 20 !We Eastman Company KING COUNTY :• 1. N W Z!- Z DEPT OF ASSESSMENTSIw =m- �" "= 1- � SCALE t :1 'Doomt� 51 1 s t , am— ze J t .Pte.+r_ _ _ •® 1 ® ./.'•�p Nary ?p111y�•� Ali 7F1-- ._. . t I !e Eastman Company LAND SALE NO.: 2 MAP NO.: 06 NO.: 0154N --------------------------------------------------=-------------------- LOCATION: South of 1st Way South at South 340th Street, Federal Way, WA LEGAL DESCRIPTION: Portion of'the S 1/2 of the NW 1/4 and portion of the E 1/2 of.the NW 1/4 of Section 20, Township 21, Range 4 EWM ACCOUNT NO.': 202104-9058& -9156 --COUNTY: King SALE DETAILS PRICE: $4,315,5000 DATE: 9/20/89 f AUDITOR FILE NO.: N/A, Agreement for Sale GRANTOR: Federal Way School District INSTRUMENT: N/A, Agreement for Sale E.TAX NO.: N/A, Agreement for Sale TERMS: Cash to seller GRANTEE: Franciscan Health Services of Washington CONFIRMATION: PROPERTY DETAILS ACCESS: Direct SHAPE: Irregular AREA: 1,299,849 sq. ft. UTILITIES: All to site TOPOGRAPHY: Undulating USE: Vacant SIZE: 29.84 acres (m/1) ZONING: OP ANALYSIS UNIT PRICE: $4,315,500 / 1,299,849 sq. ft.= $3.32 per sq. ft. REMARKS: Thies i a_agreement for sale, subject to removal of contingencies, that is expected to close soon. The actual site size may vary somewhat, however, the unit sale price of $3.32 per square foot is fixed. The site is heavily treed. 22 e Eastman Company I'm . _=�.Y= :T.r.T..::..r•:� — _...�.:'SC..t `i�R1 �..�:..:y ia::..YJ1'. i7: :.T.w .— •.c• _ OUVIUM •illi � :j:,?'�..rc1,�.. ,'� . I :ah_f�sV,..3f ,I��,;•� tit, ''„�'o�� t ;,� !_ _�' k � r } i[`�•r"yyY3�it�`r� sYri'' ��\`� •`, ' �u _...r— k ?�.--�. � �'�.[,1•�r���.s �� ���:. •i/� � r.��. �• Ckl�qgqq-- f iii •• .."_i�: • _tom t—=v �7. �•'�1.�r1 ` •r.. �'� r i.w.+ :�.'� � .1 •rr . � w • �� �. •..r- R�.l �.ir•�.i ..� _ • •• :., .�' . We Eastman Company LAND SALE NO.: 3 MAP NO.: 09 NO.: 0154N ----------------------------------------------------------------------- LOCATION: East of Redmond Way and Woodinville -Redmond Road (SR 202) Redmond, WA r LEGAL DESCRIPTION: Lot 2, Recording No. 830608-0779, Short Plat No. 82-10, NE 1/4 of Section 12, Township 25, Range 5, EWM ACCOUNT NO.: 122505-9079 .. SALE. DETAILS " PRICE: $6,489,577 DATE: 6/30/88 AUDITOR FILE NO.: 880630-1214 GRANTOR: Squibb Corporation GRANTEE: Bedford Resources, Inc. COUNTY: King. INSTRUMENT: WD E.TAX NO.: 1008683 TERMS: Cash to seller CONFIRMATION: Representative for Grantee, public records, inspection PROPERTY DETAILS ACCESS: Direct SHAPE: Irregular AREA: 1,403,816 sq. ft. UTILITIES: All to site TOPOGRAPHY: Generally level VSE: Vacant SIZE: 32.23 acres ZONING: BP ANALYSIS UNIT PRICE: $6,489,577 / 1,403,816 sq. ft. = $4.62 per sq. ft. REMARKS: The site is approximately 2 feet of fill on average to take a relatively small portion out of the flood plain. A fairly large portion of the site is heavily treed. 24 ` 'Gfe Eastman Compan.V We Eastman Company .k LAND SALE NO.: 4 MAP NO.: 12 NO.: 0154N ----------------------------------------------------------------------- LOCATION: I-90 and North Bend Boulevard, North Bend, WA LEGAL DESCRIPTION: Portions of the NW 1/4 of Section 9, Township 23, Range 8 E.W.M. ACCOUNT NO.: 092308-9001 to 9004 COUNTY: Ring SALE DETAILS _ PRICE: $19,986,401 INSTRUMENT: WD DATE: 5/9/90 E.TAX NO.: N/A AUDITOR FILE NO.: 900509-1053 TERMS: Cash to seller GRANTOR: I-90 East Ltd. Partnership GRANTEE: Nintendo of America, Inc. CONFIRMATION: Broker PROPERTY DETAILS ACCESS: Direct 1b USE: Vacant - pasture SHAPE: Irregular SIZE: 122.35 acres AREA: 5,329,566 sq. ft. ZONING: MP UTILITIES: All to site TOPOGRAPHY: Fairly level ANALYSIS UNIT PRICE: $19,986,401 / 5,329,566 sq. ft. _ $3.75 per sq. ft. REMARKS: Gardner's Creek runs through this site, therefore, the entire site is not usable. The loss of area has been estimated at 15%. The property is to be the future distribution point for all of the United States for Nintendo. !WeEastman Cot12j anY 26 7 I LAND SALE NO.: 5 MAP NO.: NO.: 0154N ------------------------------ LOCATION: Merrill Creek Parkway, West of Seaway Blvd., Everett, WA LEGAL DESCRIPTION: Portions of the SE and SW 1/4's of Section 02, Township 28, Range 04 EWM and of Section 3, Snohomish County, WA ACCOUNT NO --:.022804-2-002, -^ COUNTY: 'Snohomish "_' `.' -: 022804-3-001,----004 4 008, 032804-4-003 SALE DETAILS - PRICE: $16,698,000 DATE: 2/22/90 INSTRUMENT: WD E.TAX NO.: N/A AUDITOR FILE NO.: 900222-0602 TERMS: 1st yr - part @ 3% below GRANTOR: Washington Services Corporationet, rest at market. GRANTEE: Cornerstone Development CONFIRMATION: Jim Wille, Broker; public records; inspection PROPERTY DETAILS 0 ACCESS: Direct SHAPE: Irregular AREA: 11,565,180 sq. ft. UTILITIES: All in streets USE: Vacant SIZE: 265.5 acres ZONING: BP TOPOGRAPHY: Part undulating & part with some severe grades ANALYSIS UNIT PRICE:'$16,698,000 / 11,565,180 sq. ft. _ $1.44 per sq. ft. REMARKS: Th is area with t is heavily treed. 28 I�'' We Eastman Company x$tt, 38'81fk. s f3i`jj/ F iibl uildablej site site. The site 1 4.1 ;.-~.1.=; EAST summary and Adjustments As no two properties are identical it is usually necessary to make adjustments to each sale for various differing factors in relation to the subject property. These adjustments are shown below the sales summary chart. nd Sales Summary Cha *Agreement For Sale 30 - !e Eastman Company Sale #1 Sale #2* Sale J3 Sale Sale JS Sale Date 1/90 9/89 6/88 5/90 2/90 Sale Price $5,000,000 $4,315,500 $6,489,577 $19,986,401 $1616981000 Size/Acre _ 51.937 29.84 32.23 122.35 265.5 Size/SF 2,262,363. 1,299,849 1,403,816 5,329,566 11,565,180 Zoning MP OP BP MP BP Price/SF $2.21 $3.32. $4.62 $3.75 $1.44 Adjustments Financing Terms 0 0 0 0 3% Conditions of Sale 0 0 0 0 0 Normal. Sales Price $5,000,000 $4,315,500 $6,489,577 $19,986,401 $16,197,060 Market Conditions 1.00% 2.00% 10.00% 0.00-t 1.00% Time Adj. Price/SF $2.23 $3.39 ' $5.08 $3.75 $1.45 Location E E - S - S -F I Size/Shape - S - S - S + I + I Zoning E E E E ;{ Density E E E - S E I Topography/Wetlands + I - S E + I t I Access/Util./Exp. " S E E S E Net Adj. I S S S I Indicated Value Subj: Site/Sq-Ft- $2.59 $3.14 $3.30 $3.17 $2.70 S = Superior, downward adjustment I = Inferior, upward adjustment E = Equal, no adjustment *Agreement For Sale 30 - !e Eastman Company 0 correlation of Land Sales After adjustments are made for location, size/shape, zoning, density, topography/wetlands (loss of buildable area) and access/utilities and exposure, the four sales and the agreement for sale (Sale No. 2) indicate from $2.59 to $3.30 per square fgot for the subject property. Sale Number 1 is a purchase of 51.937 acres in Federal`Wa b parties Y Y two from one seller. One purchase is of 14.94 acres closest to I-5 by Quadrant, .the real estate arm of- Weyerhaeuser, to provide a buffer or greenbelt from its headquarters property looted o other side of I-5. n the This parcel sold for $1.69 per square foot and reportedly had no wetlands. The other portion of this sale was the purchase of 36.997 acres by Federal Way Industrial Park and plans are for industrial development on this site. According to the purchaser, 8 acres of wetlands exist on this site (21.6% loss of buildable area) under the new Federal Way zoning code. This parcel was sold for $2.42 per square foot of gross site area or $3.09 per square foot after adjustment 3.09 for the wetlands loss. Grading costs alone for this site will 2 reportedly run $400,000 to $500,000 and^ additional 4,�7- ?q% -LID's for utilities will range from $100,000 to &44 $250,000.• Although the smaller ant parcel with its I-5 exposure dand is considered a more desirable valuable parcel of land than the other larger g parcel, it sold for considerably less. Reportedly, however, this sale was driven by Weyerhaeuser and would not have P occurred without the smaller Quadrant land sale. ' �j As a total sale of 51.937 acres, this property sold for an average unadjusted price of $2.21 per square foot. As a whole, this property is considered comparable to the subject in location. It has size and exposure advantages in comparison to the subject; however it has -a greater loss of buildable site area due to wetlands considerations and a somewhat less desirable zoning desig-. nation. A slight u ward ad'ustment is also indicated for time. Overall, when viewed as a whole, this sale is considered inferior 31 IWe Eastman Company to the subject, indicating a net upward adjustment. This results in -an adjusted usted sale # �' _ ] price of $2.59 per square foot. price 2121- 2,Ad A I f , Sale Number 2 represents the Agreement To Purchase 29.84 acres in f !7� Federal Way. This sale is considered very similar in location to fi the . subject site. Although. the actual final site size may vary ------------ i somewhat, the unit price to be paid of $3.32 per square foot has been agreed-upon as -fixed. This site is considered comparable to the subject in all aspects except for size and loss of buildable area --due to topography/ wetlands -considerations. This- sa-le property has - a -.:size advantage . over the subject indicating a i' !` j downward -adjustment and po wetlands, whereas the subject has a loss of approximately _2.51 of its cross buildable site area to wetlands, indicating..a slight downward adjustment. A slight upward adjustment is also indicated for time as the contract was signed in September of 1989. Overall, when viewed as a whole, this �. agreement for sale is considered superior to the subject, indicat- c, ing a-netdownward adjustment. This sale indicates an adjusted 3.32 unit sale price of $3.14 12er sS2are foot for the subject. Sale Number 3.is the purchase of 32.23 acres of land for an industrial park.in-Redmond in June of 1988 for $4.62 per square foot.. This parcel was partially lying within a 100 year flood lain and required an average of 2 feet of fill to bring the site level up and out of the plain. This site is considered highly superior in location to the subject site and clearly sets the upper end of the range of values applicable to the subject site. A significant downward adjustment was therefore indicated for --1 cation. A downward adjustment was also indicated for size. An upward adjustment is indicated for time to account for property (, appreciation occurring since the date of sale. Overall a net downward adjustment is indicated for this sale,` resulting in an ,GZ adjusted unit value for the subject of $3.30 per square foot. 3 3 32 " We Eastman Company Sale Number 4 is the purchase of 122.35 acres of land off of the I-90 North Bend Boulevard interchange by Nintendo of America for its national distribution facility. This sale occurred in May of 1990 and sold for $3.75 per square foot. This site was considered desirable by the purchaser as it is using the site to bring its product in from the ports in containers and distribute it national- ly out on I-90. It was perceived by the purchaser as a more desirable location than other areas located closer in to Seattle due to the lower levels of congestion and traffic, lower density, superior accessibility and exposure and the fact that the develop- ment was "greeted with open arms." That is to say, Nintendo wa viewed as a desirable addition to the City of North Bend and the City will assist'Nintendo's development processes (for example, it was indicated that a building permit might take only several weeks to obtain). This sale site will suffer a loss of buildable site area estimated at 15% as Gardner's Creek Runs through it. This sale is considered to have slight advantages over the subject in location, density, access and exposure indicating downward adjustments. Upward adjustments were indicated for size and topo- graphy/wetlands (loss of -buildable site area): Overall, a net downward adjustment is indicated for tris sale, resulting in a4 3.75 adjusted unit value for the subject of $3.17 per square foot. Sale Number 5 is the purchase of the 265.5 acre Seaway Center /S business park in February of 1990 for $1.44 per square foot. This property is fully improved and ready to be developed with the streets, utilities and approvals already in place. This is effectively the purchase of 98.3 acres of ready to build site area, after adjustments for losses of site area to terrain, topocTraphy and wetland$, for an effective cost of $3.90 per square foot, according to the broker who handled the transaction. There is an option for an additional 35.5 acres of buildable land requiring dramatic cut and fill which is expected to be exercised at $3.45 per square foot (the purchaser has until the end of summer, 1990). 33 -Ve Eastman CamparLV There are additional LID expenses of $0.35 per square foot applicable to the 133.8 (98.3 + 35.5) acres resulting in effective prices of $4.25 and $3.80 per square foot for the ready to develop ' 3.110 land. These indicated unit prices are not considered comparable to the subject which is not in a ready to develop state and represents raw land with no site improvements. Considering the 265.5 acre parcel which has sold in total, there is an approximate loss in buildable area of 167.2 acres or 63% of the total .gross site area indicating a very large upward adjustment for topography/terrain. A downward adjustment is indicated for the site improvements and costs associated with the development and approval processes involved with this property. Upward adjustments are also indicated for location and size. Some favorable financing was obtained for the first year only at approximately 3 points below market, however we were unable to obtain complete details, therefore a slight downward adjustment was indicated. Also, a slight upward adjustment was indicated for time. Overall, when viewed as a whole, this parcel is considered inferior overall to the subject indicating a net upward adjustment, resulting in an� x,10 adjusted unit value of $2.70 per square foot for the subject. 21-70 M� 3,639,875 sq. ft. @ $3.00 per sq. ft. = $10,919,622 83,Sz &, Rounded to $10,920,000 34 ii :i 7e Eastman Company — �� /.20 In arriving at a value estimate we have considered all of the sales. Most weight -is given to Sales No. 1, 2 and 4 as these sales: were considered most comparable overall and required the least subjective judgement in adjustments. The subject parcel contains a total of 83.56 acres or 3,639,874 square feet. Therefore, we estimate the subject property has a market value of $3.00 per �i square foot. 3,639,875 sq. ft. @ $3.00 per sq. ft. = $10,919,622 83,Sz &, Rounded to $10,920,000 34 ii :i 7e Eastman Company — �� • FINAL CORRELATION AND ESTIMATE OF VALUE Only one approach was utilized to determine the value of the subject property. Therefore, it is our opinion the subject t! property has a market value, as of June 13, 1990, of TEN MILLION NINE HUNDRED TWENTY THOUSAND DOLLARS ($10,920,000) CERTIFICATION We certify that, to the best of our knowledge and belief, the statements of fact contained in this appraisal report are true and correct. We further certify that the reported appraisal analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and opinions. We further certify that we have no present or prospective interest in the appraised property. We have personally inspected the subject property. The appraisal analyses and opinions were developed and this appraisal report has been prepared in confor- mance with (and the use of this report is subject to) the require- ments of the Code of Professional Ethics and Standards of Profes- sional Practice of the American Institute of Real Estate Ap- praisers. Leslie W. Eastman, Jr. is currently certified under the AIREA voluntary continuing education program. We do not authorize the out -of -context quoting from or partial reprinting of this appraisal report. ie W. Eastman, Jr., MAI Paul Zemtseff 35 V-7rie Eastman Cnm? nr) "Uti'e Eastman Company Haarst. C� Pat is 2:r - a : on Woo" eEVER woe G. LJ 0 S26 IMMit SNO" •am ci, .0 -rlf t7 ? a I Gtrwoo QL %1 Y % 52 ..-'4 6036• ev1* ere r Pon I X M Doom 2 r -.7 Sale -!3 I Ull f Fear 40 202 C3* ISSAOUA y T. smqWGIM goo ENwf ON 1; mom vf" Al I F m— -E - V6 1 .'T."; - •.1 IIV ,A UNM 0'T RX. -s eu to "of ur. RWvw f DA e Sale'l ;—,) zr . IZ lb4 k- LZ-- 7 Subject Property Comnarable ■ NJ I 111 EON 104 D c..w EDMON A &No Haarst. C� Pat is 2:r - a : on Woo" eEVER woe G. LJ 0 S26 IMMit SNO" •am ci, .0 -rlf t7 ? a I Gtrwoo QL %1 Y % 52 ..-'4 6036• ev1* ere r Pon I X M Doom 2 r -.7 Sale -!3 I Ull f Fear 40 202 C3* ISSAOUA y T. smqWGIM goo ENwf ON 1; mom vf" Al I F m— -E - V6 1 .'T."; - •.1 IIV ,A UNM 0'T RX. -s eu to "of ur. RWvw f DA e Sale'l ;—,) zr . IZ lb4 k- LZ-- 7 Subject Property Comnarable ■ NJ I 111 • „ Suburb Estrus 1 wt/s acres Resldentw "a Frdy 1 w]S U.tlOtl 841L - sr Lw t '`• ss l R••Idenur SsryN t=apir 1 wV 15.000 9411 ',,=_ - - - �•,� K i R•sldsndel Slnas Farr” 1 usVi,400 WL =' :, • - . �•.� .• R•sldenusl Stva remay 1 wus m *WL - :_ - - : 1 ens as a 11•ddsnusl f . 1 " ISA00 IL :.. — ISI HIM R•sldsnwl I•krti f lir Resldsnlid Muhl FwMy 1 w X400 9%IL -R _ :»' t w• I•es a as f Rsaldsntlal ktIIY Farliy 1 wf/1,500 s¢IL ' tJ Heigliborbood fluskrIts 7s sss r ,ns is HI CRY C.n1•rq b w a.« . • s } Prolssskmd OtAeos' _ offteparlt malstlseklrYlp Puk ' _ ��e�`• , _ ' . ' +a t s r ac«:.. r - �'�.i , .iA#� •µ n Its ILO l ns 04 ow • st ..L • l IM r. spew ns i •f' d tAsO f sr M1 OIAC Me 2 PC '+ . ss •a • a .. ,. s.. sr FA I i 1•,. IIC_. ' ar -"�' w�,imasK AN .IIII ■1(--J e. IW - ro t #A" i ( lA•RIIO 7J I^ a•r• IIIc tt • r Ins. d •._ ss r� a 1 74 i . ,. , ss •, � w u` .... cc . wa a - •, _Y QM�.a rae LIItn11 1i• • a••e ! a L • • .• fr Al a4 u ro w i oi QUALIFICATIONS OF APPRAISER LESLIE W EASTMAN JR MAI Lifetime resident of the Seattle area. Born November 10, 1937. _.. EDIICATION University of Washington, Bachelor of Business Administration, 1960. -:Major Study: Real Estate. Minor Study: Finance. American Institute of Real Estate Appraiser Courses I (Principles and Procedures), II (Income), III (Rural), IV (Litigation Valua- tion), -VI (Mortgage Equity). Society of Real Estate Appraiser Courses 101 (Residential), 201 (Income), 301 (Analysis). Short 'Courses•on Standards of Professional Practice, Business Valuations, Statistics, Computers, Construction, ' Income Capitalization"cind Market Extractions, as well as many 'seminars - and -study •sessions. PROFESSIONAL ORGANIZATIONS OFFICES AND DESIGNATIONS American Institute of Real Estate Appraisers Designated MAI, May 6, 1968, Certificate No. 4234 Offices: Washington -British Columbia Chapter President, 1983 International Right -of -Way Association Offices: Puget Sound Chapter No. 4, President, 1977 American Arbitration Association Seattle King County Board of Realtors Washington Association of Realtors Licensed Real Estate Broker - State of Washington PREVIOUS EMPLOYMENT 1967 to Present The Eastman Company'Owner and President 1965 to 1967 Wilcox & Associates, Appraisal firm, Bellevue 1963 to 1965 King County Staff Appraiser 1960 to 1963 Assistant to appraisers including, Leslie W. Eastman, Sr., MAI and others. Prior to 1960 University of Washington and part time brokerage APPRAISAL EXPERIENCE AND PROJECTS Appraisal of all types of single and multiple residential, com- mercial, office building, industrial, recreational and historic properties. Purpose of appraisals include market value for financing, dissolutions, condemnation, partition, as well as cost analysis and consultation for highest and best use. -• Major pro- jects have included appraisal of Pike Place Market Project, Port of Port Angeles properties, special assignments and expertise including golf courses, bowling alleys, tidelands, mining claims, hospital and health care facilities, oil terminal and bulk plants as well as a number of large right-of-way projects. W Eastman Company CLIENTS SERVED --_ Private Sector Connecticutt Gen. Life Ins. Co. --- Safeco Insurance Company Occidental Life Insurance Seattle 1st National Bank Bank of America Rainier'National Bank Capital Savings & Loan Washington Natural Gas Pacific Northwest Bell-: Mobil Oil Frito Lay, Inc. Aetna Casualty & Security Bank of California Peoples National Bank University Federal S & L Assoc. Queen City Savings & Loan El Paso Natural Gas Chevron USA, Inc Union Oil Tomlinson, Inc. University Bookstore Group Health Cooperative of Puget Sound Weyerhaeuser Company Municipality of Metropolitan Puget*Power Dojac Corporation Bayliner Boat Co. Seattle Yacht Club Melco Labs,.Inc. Port of Seattle City of Seattle City of Bellevue City.of Port Orchard City of Tacoma Seattle School District Snohomish.County National Park Service U.S. Corps of Engineers University of Washington ... . Bloedel Timberlands Seattle Burger King Seattle Mortgage Co. Washington Mutual Savings Bank Family Savings & Loan Assoc. Great Northwest Savings & Loan Seattle Lighting Co. Public Sector Port of Port Angeles City of Kent City of Redmond City of Bremerton U.S. Postal Service King County Washington State Transportation Dept. U.S. Fish & Wildlife Bonneville Power Administration City of Montesano STATES APPRAISED IN Washington, Alaska, Oregon, Colorado, Idaho and Montana COURT EXPERIENCE Have qualified as expert witness and testified in the Superior Courts of the State of Washington and U.S. District Courts as real estate expert on the valuation of.real estate. ARBITRATION EXPERIENCE Have acted as an arbitrator for settlement of property valuations and lease renewals. CERTIFICATION STATUS The American Institute of Real Estate Appraisers conducts a vol- untary program of continuing education for its designated members MAI's and RM's who meet the minimum standards of this program are awarded periodic educational certification. I am currently certi- fied under the continuing education program of the American Institute of Real Estate Appraisers through September 15, 1992. ZFe Eastman Company We Eastman Company QUALIFICATIONS. OF AP PRAISEx Q _ -. _- .•.:�,== :. - PAUL' ZEMTSEFF EDUCATION: _ -... --- .: _ � ::;�'.. - . .. __, _ :' _ -- _ - -�- . _: - •- . BacheR Tors of Science Degree in Finance/Real Estate from the College -. = = _ of Commerce and Business Administration, University of.Illinois at Urbana - Cham a_i19790-- _ _ ._. P �Jn, -_ Masters'in Business Administration.'from DePaul University, Chicago, -- 19840 .. _ _� - - .- ... -.' _ ._ 'l.Y•• .'i"�:+F �.✓. _.. -� - :-k rG.�:_..� .�- - -- - _ _ .. _ ..4. - _ _?Y 'r-r'3"!f:'~T'7'-, - _ ..,.%s. r --e-'°'•.'?: - ..- - _ -. .. "t .- -_ _ ems. _ % _- _-___ ._ - ._ '�'�_ APPRAISAL COURSES Society of Real Estate Appraisers: -: _ 101 -Basic Appraisal Principles American Institute of Real Estate Appraisers: 1-B Capitalization Theory and Techniques VII -Industrial Valuation - University of. Illinois:-'­­ llinois:-= Real Real Estate Principles Real Estate Finance - - Valuation . Theory and Methods -,--'--Urban and Regional Economics - - = - =' - • - - _ ... . = ` �Z EMPLOYMENT Self-employed real estate appraiser and consultant during 1986 through 1989 working for various firms -- and individuals on a contract basis. Staff Appraiser of commercial, industrial, vacant, special purpose;' ^` and multi -family and single family residential property for Real Estate. Analysis Corporation, Chicago, from 1979 through 1986. - Commercial properties appraised included office buildings, shopping centers, . - restaurants, department stores, hotels . and motels. Industrial= - properties. included factories, warehouses, truck terminals and steel mills. Appraisal reports were full narrative reports for assessment, mortgage, estate, purchase and condemnation n purposes. We Eastman Company