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MIS2017-00005
MIS2017 - 00005 PARAGON INVESTMENTS , LLC NOTICE OF TYPE I DECISION NONCONFORMING USE DETERMINATION MIS2017-00005 PARAGON INVESTMENTS, LLC T I GAR.D 120 DAYS = March 13, 2018 SECTION I. APPLICATION SUMMARY FILE NAME: Paragon Investments, LLC CASE NO.: Nonconforming Use Determination (MIS) MIS2017-00005 PROPOSAL: The applicant requests a nonconforming use determination for an industrial services use at 7100 SW Fir Loop (WCTM 2S101DA, Tax Lot 1000), in order to continue the use at this location. APPLICANT: Paragon Investments,LLC Attn:Marc Dollahite P.O.Box 230845 Tigard,OR 97281 OWNER: Same as applicant LOCATION: 7100 SW Fir Loop WCTM 2S101DA,Tax Lot 1000 ZONING DESIGNATION: C-P: Professional/Administrative Commercial District. The C-P zoning district is designed to accommodate civic and business/professional services and compatible support services, e.g., convenience retail and personal services, restaurants, in close proximity to residential areas and major transportation facilities. Within the Tigard Triangle and Bull Mountain Road District, residential uses at a minimum density of 32 units/net acre,i.e., equivalent to the R-40 zoning district, are permitted in conjunction with a commercial development. Heliports, medical centers, religious institutions and utilities are permitted conditionally. Developments in the C-P zoning district are intended to serve as a buffer between residential areas and more-intensive commercial and industrial areas. APPLICABLE REVIEW CRITERIA: Community Development Code Chapters 18.760.020.A SECTION II. DECISION Notice is hereby given that the City of Tigard Community Development Director's designee has APPROVED the legal status of a nonconforming use, subject to the findings and conclusions on which the determination is based,noted in Section IV of this decision. MIS2017-00005 Paragon Investments,LLC 1 SECTION III. BACKGROUND INFORMATION Site Information: The project is located at 7100 SW Fir Loop; north of SW Fir Loop, south of SW Varns Street, east of SW 72"d Avenue, and west of Highway 217. The 0.57-acre site is made up of one tax lot (WCTM 2S101DA,Tax Lot 1000),and contains an existing building that is approximately 9,000 square feet in size, with associated parking and landscaping. The property is located in the Professional/Administrative Commercial District(C-P). The applicant requests a nonconforming use determination to allow the continuation of an industrial services use, which is a land use category no longer permitted in the C-P zone. The prospective new tenant is Volt Electric,an electrical contractor. Property History: The subject property was originally approved by Tigard City Council in 1976 as part of a 9.36-acre Planned Development located in the Industrial Park zone (M-4). The approving ordinance (Ordinance No. 76-37) outlined that, "small-scale, limited research and development types of non-polluting industry" were conditional uses in this Planned Development. These conditional uses included: research and development laboratories; manufacturing and assembly of electronic instruments and equipment and electrical devices; manufacturing and assembly of precision instruments, tools, or devices; trade, skills, or industrial schools; publishing, printing, and bookbinding facilities; and manufacturing of medicines and pharmaceuticals. In 1977, Tigard Planning Commission approved a Conditional Use Permit (Case No. CU 28-77) for a printing facility use on the subject property, and in 1978 Tigard Planning Division approved a Site Development Review (Case No. SDR 35-77) for the new printing facility (Van Gorder Print Shop). The subject site is currently located in the C-P zone. The property's zone changed from M-4 to C-P in August 1977. City staff was also able to locate a City of Tigard Zoning Map from 1983 that shows the property with the C-P zoning designation. According to the applicant,Van Gorder Print Shop occupied the subject site until 2002,when Paragon Tile & Stone, Inc. purchased the property and occupied the approximately 9,000-square-foot building (Building Permit No. BUP2002-00136 confirms this). The applicant also provided a lease document that shows Gold Star Transport has occupied the building since 2016,when Paragon Tile & Stone, Inc. moved out. The applicant now proposes a new tenant for the subject site, Volt Electric (an electrical contractor). SECTION IV. APPLICABLE REVIEW CRITERIA AND FINDINGS 18.760 Nonconforming Situations 18.760.020 Determination of Nonconforming Use Status A. Director's determination. The Director shall make a determination regarding the legal status of a nonconforming use by means of a Type I procedure, governed by Section 18.390.030, using the following criteria: 1. Proof that the use was permitted by this title at the time it was established, by any of the following: a. Copies of building and/or land use permits issued at the time the use was established; b. Copies of zoning code provisions and/or maps; c. Demonstration that the use was established before the first development code for the community was adopted. MIS2017-00005 Paragon Investments,LLC 2 The applicant requests a nonconforming use determination to allow the continuation of an industrial services use,which is a land use category no longer permitted in the C-P zone. The subject site was originally approved by Tigard City Council in 1976 as part of a 9.36-acre Planned Development located in the M-4 zone. The approving ordinance (Ordinance No. 76-37) outlined that, "small-scale, limited research and development types of non-polluting industry" were conditional uses in this Planned Development. These conditional uses included: research and development laboratories; manufacturing and assembly of electronic instruments and equipment and electrical devices; manufacturing and assembly of precision instruments, tools, or devices; trade, skills, or industrial schools; publishing, printing, and bookbinding facilities; and manufacturing of medicines and pharmaceuticals. Staff conducted a search of city records and located a Conditional Use Permit that was approved by Tigard Planning Commission in 1977 (Case No. CU 28-77), to allow a printing facility use on the subject site. Additionally, the applicant submitted a copy of the approved Site Development Review for the subject property from 1978 (Case No. SDR 35-77). This approval was for a new printing facility, Van Gorder Print Shop. Staff reviewed the original case file for SDR 35-77,including the approved floor plans. The plans show that a majority of the building was dedicated to production activities (printing, binding, etc.), and storage, with a smaller office area located at the south end of the building. Based on these documents, staff finds Van Gorder Print Shop would meet the current Tigard Community Development Code's industrial services use category: "Industrial Services are uses that repair and service industrial,business, or consumer machinery, equipment, products or by-products. Firms that service consumer goods do so by mainly providing centralized services for separate retail outlets. Includes contractors, building maintenance services and similar uses, that perform services off-site. Few customers, especially the general public, come to the site," ('1'DC 18.130.070.C). Furthermore, the industrial services use category lists "printing, publishing and lithography" as an example use that is included in this category. Therefore, staff finds the subject property was approved for an industrial services use at the time it was originally established. Additionally, staff finds the industrial services use category was permitted by this Title when the development was originally located in the M-4 zone,and was approved under Case Nos. CU 28-77 and SDR 35-77. This criterion is met. 2. Proof that the use has been maintained over time. This includes copies of one or more of the following evidence for every other year from the time the use was established until the current year. Standard evidence that the use has been maintained over time includes: a. Utility bills; b. Income tax records; c. Business licenses; d. Listings in telephone,business and Polk directories; e. Advertisements in dated publications, e.g., trade magazines; and/or f. Building,land use or development permits. Van Gorder Print Shop was the original tenant and owner of the subject property from the time it was established until 2002. As determined in the findings above,Van Gorder Print Shop is categorized as an industrial services use. The applicant,Paragon Investments,LLC,purchased the property in April 2002, and began occupying the building in May 2002. These events are confirmed by a statutory warranty MIS2017-00005 Paragon Investments,I,LC 3 deed that was recorded with Washington County in April 2002, and a certificate of occupancy issued by the Tigard Building Division in May 2002 (Building Permit No. BUP2002-00136). The applicant occupied the building as Paragon Tile & Stone, Inc., a building contractor, which is also categorized as an industrial services use. Permit records, utility bills, and other relevant documents confirm that Paragon Tile & Stone, Inc. occupied the building until 2016, when the applicant began leasing out the building to the current tenant, Gold Star Transport. The current tenant operates a non-emergency medical transportation business, and primarily utilizes the building for vehicle storage. Staff reviewed current floor plans and photographs of the building, as well as a description of Gold Star Transport's business, to determine that the current tenant is also categorized as an industrial services use. Therefore, staff has reviewed city records and materials submitted by the applicant to confirm that the industrial services use at the subject site has been maintained over time.This criterion is met. CONCLUSION: The existing industrial services use at 7100 SW Fir Loop (WCTM 2S101DA,Tax Lot 1000) is a legal,nonconforming use that has been maintained over time. SECTION V. PROCEDURE AND APPEAL INFORMATION Notice: Notice was mailed to: X The applicant and owners X Affected government agencies Final Decision: A Nonconforming Use Determination is a Type I procedure. As such, the Director's decision is final on the date it is mailed or otherwise provided to the applicant, whichever occurs first. The Director's decision may not be appealed locally and is the final decision of the City. THIS DECISION IS FINAL ON NOVEMBER 16, 2017 AND BECOMES EFFECTIVE ON NOVEMBER 17, 2017 Questions: If you have any questions,please contact Lina Smith at (503) 718-2438 or LinaCS@tigard-or.gov. • OW- --�- /_ _ November 16,2017 APPROVED BY: Lina Smith NIIS2017-00005 Paragon Investments,LLC 4 ' ��` I-LHAMPTON ST NMI Zoning Map I_P f/ ,� HUI�T ^R RD Generalized Zoning Categories / % ci ,�� � MUE ^ i .. ,%/ f/ C-P !' Zoning Description if,/./, ,� MUE (PD) Residential Mixed Use Residential \, /, /;;;,,,-/' ••€ U Mixed Use Central Business District / / R-3 i ■ � , Commercial •- I \� \1 1 Mixed Use Employment 41,... 1 Industrial MUE ---- , VARNS ST( Parks and Recreation P p) i I( ink \\v_ Washington County Zoning MUE1 ' ' i 'al L-R---3.--5i=1 a Overlay Zones CC F. Historic District Overlay p ko — , f_ R-25 Planned Development Overlay roc _ J ., Subject Site Ur- I s µ..,. 'i , I / ���� \� I ■ V / el d li MUE _' 1- .i, \ l Map punted at 05 12 PM on 16-Nov-1/ SPD) J\ _,_R_31� _ C-P ( 1 /� / CHERRY Information on thin map ie for general location only and should De verified v\ith the j ' ' R `W` Development Servicer Division. / / I Q DATA IS DERIVED FROM MULTIPLE SOURCES.THE CITY OF TIGARD MAKES NO III WARRANTY.REPRESENTATION OR GUARANTEE AS TO THE CONTENT.ACCURACY. // / • P TIMELINESS OR COMPLETENESS OF ANY OF THE DATA PROVIDED HEREIN.THE CITY OF TIGARD SHALL ASSUME NO LIABILITY FOR ANY ERRORS,OMISSIONS,OR // , / i I ST T INACCURACIES IN THE INFORMATION PROVIDED REGARDLESS OF HOW CAUSED i BURG_ - COMMUNI I Y UEVELOPMEN T UEPAK I MEN I City of Tigard D 13125 SW Hall Blvd TIGA fps Tigard,OR 97223 Feet M :. 503 639-0171 Imi Q 334 www.tigard or.gov <* °No 2-4 'No tii pr.', Fri • 4/?/ 2c1T - 00000s- October 31, 2017 RECEIVED City of Tigard Community Department Attn: Lina Smith NOV 01 2017 13125 Hall Boulevard CITY,OF TIGARD pLANNING/CN1INEERIN Tigard, Or 97233 RE: Nonconforming Use Confirmation (7100 SW Fir Loop) Dear Lina: I'm the owner of said property at 7100 SW Fir Loop (the "property") as you recall you have had several written correspondences with my real state rep Nick Diamond about allowed use of subject property. Because the current use of the property is no longer allowed within the CP zones that my property is in but was lawful when it was established,you directed us to submit a letter requesting a nonconforming use confirmation. This letter and supporting documentation is submitted on behalf of Paragon Investments. 1. The Existing use was permitted at the time it was established 1977-2002 As shown in the attached 1977 zoning maps (Exhibit A) the property was zoned Light industrial M-4 When John Van Gorder built the building and began operating at the property as Van Gorder printing commercial manufacturing, publishing and printing, book binding and shipment of those books, photo and processing facility (Exhibit B) are the original blue prints. (Exhibit C) picture of the building in use in 2002 by Van Gorder 2. Paragon Investments LLC/Paragon Tile& Stone Inc 2002-2016 The building was purchased from Van Gorder and was in use by Paragon. Paragon began operating at the property fabricating marble and granite and the sale of materials tile and stone and setting materials for commercial construction (Exhibit D and E) Statutory Warranty Deed from 2002 and Final city bill 2016. 3. Gold Star Transportation 2016-2017 Gold Star Transport: Goldstar became a tenant of Paragon Investments in 2016 and used the premise for warehouse operations, equipment and vehicle storage, ancillary administrative offices (main office was in Salem) as well as a landscaping company's warehouse and shop. (Exhibit F) copy of the lease The attached documents demonstrate that Paragon Investments/Paragon Tile &Stone Inc. use of the property has been maintained since it was established in 1977 • Exhibit "A" permitted uses M-4 P.D. light industrial from 1977 • Exhibit "B" Original prints • Exhibit "C" Picture of use for appraiser in 2002 at purchase • Exhibit "D" Statutory Warranty Deed • Exhibit "E" Final Bill from city • Exhibit "F" Use section With this Evidence, Paragon Investments has established that light industrial uses, including manufacturing, fabricating, warehouse and wholesale the existing wholesale were lawfully established and has been maintained for 40 years. We look forward to receiving the confirmation that the current light industrial/manufacturing use is lawful and runs with the building for a new owner/tenant as a, nonconforming use. Please feel f to contact me if y•u have any questions. Veryyruly yo rs, • 41/ V Marc Dollahite Paragon Investments Po Box 230845 Tigard, OR 97281 503-684-5330 1 • ii 1 . i CITY OF TIGARD, OREGON i ORDINANCE NO. 76- 37 i f AN ORDINANCE AMENDING ORDINANCE NO. 74-28, PURSUANT TO THE APPLICATION 4 FOR SAID AMENDMENT BY FLETCHER, HANSEN AND PARSONS, ADOPTING FINDINGS WITH RESPECT TO A REVISED GENERAL PLAN AND PROGRAM, AND ADOPTING THE ATTACHED EXHIBITS"A" AND "B" AS THE AMENDED SITE DEVELOPMENT PLAN AND GENERAL PLAN AND PROGRAM, AND FIXING AN EFFECTIVE DATE. t THE CITY OF TIGARD ORDAINS AS FOLLOWS: Section 1 : The Council finds that the lands hereinafter described on attached Exhibit "C" have heretofore been and are now classified M-4 (Industrial Park Zone) with an overlying PD (Planned Development Zone) as approved by the City Council on June 10th, 1974. Section 2: The Council further finds that pursuant to prescribed procedures, application for amendment of the adopted Planned Development Zone was the subject of a public hearing held by the Planning Commission on August 3, 1976 and the Commission has heretofore filed its report with the City Recorder, recommending approval of the application. Section 3: The Council further finds that after due and legal notice a public hearing was held on August 23, 1976, before an impartial council, and that at said hearing the applicant and all interested parties were afforded an opportunity to be heard and to present and rebut evidence with respect to said application. Section 4: Based on the evidence both oral and documentary and the record of said hearing before the City Council, the Council finds that the proposed amendments conform to the findings of Ordinance 74-28, section 4, which form the basis for Council's granting of the original application. Section 5: That the applicant's request for a Planned Development 4r. .. Zone amendment, as embodied in or exhibited by the Planned r:: Development documents submitted by the applicants and hereto attached and identified as follows is hereby approved: Exhibit "A" - Site Development Plans Exhibit "B" - General Development Plan and Program and each of the foregoing is hereby made a part hereof, and the development and use of said land shall proceed consistent therewith and subject to each and all requirements of Chapter 18.56, Tigard Municipal Code and subject to the further requirements and conditions: r '`' 1. The signing program for the entire park be subject to Design ;!:,a:Ili: Review Board approval . `''- 2. That twenty feet along SW 72nd Avenue be dedicated for the .._. future widening of SW 72nd Avenue to arterial standards. ,f-,!,,s Ordinance No. 7673.3 • 1 t Y 3. An agreement to participate in a local improvement district Y for the improvement of SW 72nd to City standards to an arterial street and the same type of agreement be attached to lots 9, 10 and 11 to bring Varns Street up to City local street standards. 4. A covenant to the deeds for lots 1-8, 12 and 13 be executed prohibiting access to SW 72nd and SW Varns Streets. Lots 9, 10 and 11 which will have access to SW Varns shall be restricted from having through access to the internal street . r 5. The setback from SW 72nd Avenue be 40' with a 10 ' intrusion allowable for no more than 1/3 of the lot width, if no other feasible option is available. 6. A 10' wide emergency vehicle access be provided along either lot 10 or 11 on a pedestrian path or to be constructed with 6 inches of base rock overladen with sod and signed at both SW Varns Street and the unnamed interior road. 7. The internal street with a 20' pavement width be constructed to city standards for commercial streets and signed for no parking. 8. The bus turnout lane be dedicated and improved as part of the SW 72nd Avenue local improvement district. • 9. Wheelchair ramps be constructed to city standards at the northwest corner of lot 12, southwest and southeast corner of lot 13, the northwest and northeast corner of lot 1 and the street median. • 10, r A five foot utility easement be provided along all lot lines as deeded. 11. Access to lots 2, 5, and 12 be combined with adjacent lots • and access to lot 9 be combined with lot 8. Access to lots 14 and 15 be provided on the north and south respectively • • and access to lots 1 and 13 be from the internal road, not • the entrance way. 12. The storm drainage and retention system be approved by the ' :' • City Engineering Department, Washington County Department of Public Works and the State Highway Department. . r 13. A street opening permit onto SW 72nd be acquired from Washington County Department of Public Works. 14. A street lighting plan to city standards be approved by i- . P.G.E. r- '*- 15. All outright permitted uses allowed in the Commercial Pro- fessional (C-P) zone be permitted and as a conditional use (according to chapter 18. 72) small-scale, limited research and development types of non-polluting industry of the � following types: r: Ordinance No. 76-57 • • • ■ A. Research and Development Laboratories including experimental, testing and processing facilities. B. Manufacturing and Assembly of Electronic Instruments and Equipment and Electrical Devices. C. Manufacturing and Assembly of Precision Instruments, Tools or Devices. D. Trade, Skills or Industrial Schools. E. Publishing, Printing and Bookbinding Facilities. F. Manufacturing of Medicines and Pharmaceuticals. 16. All remaining aspects of the development be constructed to applicable health, subdivision and zoning codes. Section 6: This ordinance shall become effective on the 31st day after its passage by the Council and approval by the Mayor. PASSED: By unanimous vote of all Council members present, after being read three times by number and title only this /3 to day of n k- h' , 1976. Jho-iem, Recorder - City of Tigard APPROVED: By the Mayor this 1271' day ofp-Tei , 1976. ayor - City of Tigar • • Ordinance No. 76-37 . . s go=,, r aRD CITY OF TIGARD P.O. Box 23397 12420 S.W. Main Tigard,Oregon 97223 November 7, 1977 `v i' '"//P0 �L7ft 040 Jens Housley Architect i Water Tower '°'Q. Suite 275 Portland, Oregon 97201 Re: Conditional Use 28-77 Dear 4r. Housley: Please be advised that the Tigard Planning Commission at their regu- lar meeting of November 1, 1977 approved your request for a condi- tional use permit for a printing facility in a "M-4, Industrial Park Planned Development", zone at the northeast corner of S.W. Yarns and S.W. 72nd Avenue. If we can be of further assistance, please do not hesitate to contact me at this office. Sincerely, J ' d1q/dOU Lt\ n Laws Associate Planner JL/jh cc: Van corder Printing Enclosure Note: The following acknowledgment must be received by the City of Tigard within fourteen (14) days of your receipt of this let- = Failure to return this acknowledgment may result in ac=s tion by ttie City of Tigard. 1111 I hereby acknowledge this letter documenting the action of the Tigard Planning Commission. I have received and read this letter, and I agree to the decision here documented and to abide by any terms and/ or conditions attached. +.►: :.....�.�`4/4 Da OVE✓A e . . 6 16177 Si. -ature Y I . • v: ' ... .. u•nw.r..w•• '.,Y.:r 4. wwN�w.l.wr..r..., 'w. • d•' • : ' C . . •, : :, , .? • : , . • ifaill p . TIGAF3D • 'CITY OF TI GA R D . :. . . , , .r ,. P. O. Box 23557 12420 S+ W. Main • i�• i • t� Tigard.Oregon 97223Awa �.. .`1p,0 . February 17, 1978 - Tohn Van Goxder' • . ' t Stephens 932 �,E. • „: Portland, OR 97214 ' . .• .,, • , Re: .SbR..,35"77 fear Mr. .trans,Corder: • , yourq • Please be.Advised that. en �7anuar�'2 b 19�8 re �u�esite. ' �• request for.. ., plan and architectural review of a 6,.528 square foot print shop at Varns`Office; Parr 7100 S.Vi. :rir:h,00 was approved p. subsect to the 'following' conditions s The emergency vehicle accessbe realigned through the p g :lot ; (subject to staff approval) .a�ns� btree't arkyn ppro . 2 brprofeend professional tree sur e g on be: consulted for the necessary tch .nd root. pruning during the construction stages • 3ect. . . • • • . the 1a d oape.;island in, the urns Street •parking lotb . ' Widened,to ,a Aminimum of 8 feet. • . Ci.�"Cu a�tc permit.. prior y rmit. The' plan to 4.; landscape plan: be received to issuance •c an include,. .alignment , • 'of pedestrian' path, . (b) ,alal.gnment 'of emergency Vehicle , • access.. • O.. 'A drainage .plan.be be submitted. for, building department g p approval prior to: issuance of a building permit. • ' . �` _ ` . p ; .Plan check by the. Pu.i�.dingDepartment will .not be. initiated inti , F plans have bn revised.,or the: necessary •documentation obsa,ned • for coriditioxis 3 ••;and 5. as: stated'.above: ,. , it r f;we can''be of. 4•+xrther ass s•i stande -• y please :do not hesitate.to : i� contact this of. to• . noere .irt• , . • . *•.•,.. .$ -: •... -. :•'... ,.. •,. ,, ...,,.... .., • . i. ',, .r:.. '''. .. .: . •,... .': .:;,-07,ti......-eze..,,, - • • • • `ancy Edwards , ' - i , I- a. Conmiuhity beslgn planner t21/bkXt'L ' yy�y 5• : gn1cl. , 1 ., .. , 'i I • '. .�. i ......._ ..... -. _...........�r.. M............ ..... .. fl , - I, ... it , II I'1 • Cohn Van Gorder .. ..,. SDR .35-77 Page 2 • • Note: The following acknowledgment must be received by. the..City of Tigard within fourteen . (14) days of your receipt ,of • this letter. Failure to return this .acknowledgment :nay result in action by the City 0.1 'Tigard. I hereby acknowledge this letter documenting the action of the Tigard Planning Director.. x have received and read this letter, and I. agree to.the decision here documented and .to abide by any terms and/or conditions'attached.' • • • • • • • • Jgnature Date • • Please be advised that conditions subject to staff approval must • be satisfied prior to issuance Of building permits. • • r : r I r • • • • ... - • • • I - - • •411 • • I. . I k I +i Ij �, ^ ' ~� • � ' • � ` ` ^' ' . `�� ' ' ' \ - ' CORDER) aeouvla u5To act , 14' ;tu nTo • eta 'crab 04 es T 0 4 H.00100T ',b o` q$ot e , j Atm eatoao. .x • 00; M ' saris'olaolou egg. bu�T�,4y :m '. �0pb�,z blandp���ogqs� ~.�►o l eq ° 9 : oo 'L,' L . sseu1 t3 PtZZ L q4 UT i2o4t.�t of doq 6111Yr l d N1GWho � log, s u ° d ofivos -Purl: P9sT49,;;' 0'44 Pao 110gn t d& t` S In,&Za 8L6T oLt aoc m®4r viS to LL " US t tIELA5 113 s PT1!4AOd • 84 t. o4des f e,r,, . ' ' ' 1 �` • i ^.+.,r� , ^;-7; , '4. .'".l y«».r. rF .•• •y.rC...y�......'...�... •-;•;•+'fa•y:r.^ p.,....,.;,.•.«..r-,..�t•^'11r... . _lyr..;-..r—..;_....+•...r.n...-...,.,,_.,`.,.,...,,r,;,,.,w,.�;r.. • ALL STATE DEVELOPMENT CO., INC. f ' lVf , 8959 S.W. Barbur Blvd. JUN .� Suite 24 8 Portland, Oregon 97219 'CITY Or Rtt (503) 245-6613pre o �� , • May 30 1978 Mr. John Laws City of Tigard P.O. Box 23397 Tigard, Oregon 97223 , Dear Mr. Laws Please review the enclosed copy of the proposed easement correction for our project on Greenburg Road. If satisfactory With you and your Department, please reply//, . as quicklyas possible. 2f not , please note the required corrections on the enclosed copy and return to me. S" c rely, AA' efe. Z;> Ronal., f . Guil lory RG:afs Enc. pErA , . ,... . . . . ,,,, ... ...... , - • , .. . c ... , .....wi..... -.J-'v ._..._..•:_._....... ._::a.:_:.."-,,— fi •.: .._.`:... .._+_.: .a.lL_.-s. ii.. ...:.:.. ..-___.1,.......... .....- _...i..__. .. i (,,,,, Pv ;' HALSTEAD' S ti TREE SURGERY "Specialists In the care and , '� preservation of trees'„ P.Q. BOX 68478,OAK GROVE,OREGON•97268 �.5rt.: Phone:232 6197 S1' + march 224:8. 19778 978 : p:.i.,:::,,.:. Arc Mike Purcell ;, C-3 Builders Inc. ', ' PO Box 22251 Milwaukie OR 97222 i. • °2A"1-1, Dear Mr. Purcell: • /G r, ..'•� • Sob location: Lot 12, 72 Business Center, Tualitan Oregon. "'11,.. : Trees on.sight. 10 douglas fir, various trees ranging,Tfriom vine maple, ';t►;''l.f willow, oak and alder. . „.• : ,5(', ; Most of the, trees left on this saight can be preserved if heavy equipment and carelessness can be controlled. ';;.•, 0 The fir.trees directly within the construction area will need fertilizing l.: iir by trunk injection and trimming.. . . e''' ;4';'44:: ' ,,,i!.',..,'...,., Cost $450:00 includes hauling' of debris .•'im lo + ik. 1• VRecommend f, r. I;ilizirng by inground method the remaining firs and larger 1 ,. t,,, ' deciduous trees which are to be left ,� .�''` . - Cost $360,00 All undesirable brush and trees `around the_ perimeter of the lot should be ,,, �'i removed by hand to preserve natural area. This. will Save ,money in time consuming repair of both trees to be left and ground which will titled litt ,' t1e , !..1114k or no future landscaping.. Cost. $640.00 includ_hs dphr,g r1ti nnc.i .6;•,A Aa:,.4.,..,.,.14-- ...6 �.:�,—_:� a _ L - 4 m0 • r h. 1 ,. . ,: , ' - a • .-,.J,�:...1. 1 ......w+..,t •,......6.......,,, ,,,.._„1„.4.4........,......1.F::n.r1h ..... •Hula. .w ._:...' iC:.."'.'"1"..'f".4""'""'-''''....:7:::::"..-- .'"1 4 1 .�..�tr..li .N+.,waus.. ++Ir:�:31.Cis..au ++:�"J".M4thL,e:.6.w�...N... .»w:..........,.._.,.�:.:...._,.....,........,....ww.w.vA.MV:w: . w r ,,,vis, (L . �, tw •TIGAF�p�, .ra... CITY OF TIGARDif • nrrolru X61 •( - , P. O. Box 23557 f� 12420 S. W. Main `y. Tigard, Oregon 97223 �,�t,, February 17, 1978 r ',.;' .r. y'" A/ I 1 John Van Corder .. • ' 932 S.E. Stephen s Portland, OR 97214 . Re • SDR 35-77 Dear Mr. Van, Gorders Please be . advised that on January 26, 1978, your request for site • plan and architectural review of a 6,528 square foot print shop • at Varns OfficF, Park, 7100. S.W. VirLoop was approved subject to the following conditions: 1. The emergency ency • g y vehicle access be realigned through the • Yarns Street parking lot (subject to staff approval) . 2 . A professional tree surgeon .be .consultedfor the necessary branch and root pruning during the :Construction stages • of the project. • 3. The landscape island in 'the .Varns Street parking lot be ' \ •' widened; to a minimum of 8 feet. 4: A'' landscape plan be received prior to issuance of an or.Cu a��C , • pa y permit. The plan to" include (a). alignment of pedestrian path, (b) al:igntment of emergency vehicle access': ' • i • • • . `.. . .......... .... . :..:..._..,... ._... ._...0._ .,.... ,.... __.. ...+.ww •f.,u.....—.4..:.«.._...a-1a:w:Ji4.:.:AJt..-:«.a...a,_._...... ........ _ .�..... _._..... .... ....,.l.. w. • • John Van Gorder SDR .35-77 Page 2 Note: The following acknowledgment must be received by. the City of Tigard within fourteen (14.; days of your receipt of this letter. Failure to return this acknowledgment may result inaction by the City of Tigard. • I hereby acknowledge this letter documenting the action of the Tigard Planning Director. I have received and read this letter, and I agree to the decision here documented and to abide by any ° terms and/or cond.L.tions ' tttached. r r, ,71 ,i.gnature � Date Please be advised that conditions subject to staff approval must be satisfied prior to issuance of building permits. is .,.. ._ .. .. ,..._.`.ur..,...aw..wn.hn . --........+. ..Y.Y.w..L.;._.... .•.l...._.. ......._.w. ... .......r-c.---:""-1/4;a.1{.+Hi.-..V''CY'.e....J.....aa._aw.... .._._..n_..--.... ............._... .....n.. .. .w._..+_fwW.ffe:M). / tt Tigard Design Review February 17, .1978 Tigard City Hall 12420 S.W. Main - Tigard, Oregon Site Design Review 35 b , -77 - Van Gorder Print Shop Applicant., John Van Gorder Request: For site plan and architectural review of a 6 ,528 square foot print shop. Site Location: Yarns Office Park, 7100 S.W. Fir Loop (Wash. Co.. rax Map 281 .1D, .Lbt 900) The site is located in the Vatrns Park Planned Development Lot 10 . Varns Park is bordered on the forth by Yarns Street, on the east by professional offices and Highway 217, on the south by a vacant parcel and on the west by S.W. 72nd Avenue Site Designation The site is zoned "M-4 P.D. " industrial Park. Planned Develop- ment and designated Commercial Professional on NPO 45 . Proposed Use: The applicant is proposing to build a print shop and offices /, for Van Gorder Printing. Previous Action ZC 5-76, on September 13, 1976, Varn8 Park Planned Develop--' ment was approved by the City Council. With several conditions and the adoption of a general plan and program. Pertinent to this site is condition. 46 , "A ten foot Wide emergency • ._........ ;...._ ..1_.w_..._.... _._.._ ..c=.-..... ........ . _.. ..,.,.....�......_.., ....�.:.«:-...JI»,.....,.:.;.I...,..................:w;..:...,i.-1..i.:...,...u..w,i..i.i.;.:..rr.....w.=r.. ......t_;:u'ercLt::..tu.li%.: . a SDR 35-7.7 , Page 2 , Parking Requirements: Manufacturing - 5,808 Sq. Ft. : 1,000 = 5.8 Office 720 Sq. Ft. 350 = 2.0 7.8 or 8 spaces Site Plan Review: < The building is situated in the middle of the site with the office and loading portion facing S.W. Fir Loop. The loading dock will only be used by small trucks and vans and the landscaping has been aligned so as . to partially screen the facility. The final subdivision plat for the planned development specifies that the emergency, vehicle access between Varns and S.W. Fir Loop will be provided along the joint boundary of Lots 9 and 10 . In order to prevent a bowling alley effect of a straight road along the property lines, and to prevent excess paving in a natural area, the print shop parking lot entry off of Varns should be used for a portion of the emergency access; the remainder of the access to be plotted when Lot 9 is developed. This revision. of the emergency access drive entry should be plotted on the landscape plan. • Sufficient parking has been provided on the site with employee parking off of Varns and viSitur parking off of S.W. Fir Loop Numerous large tree, have been left on the site, however, many will be close to construction and, therefore, should receive the attention of a tree surgeon or similar expert in order to assure their survival. One tree in particular, is of concern ,- a 22 foot caliper fir is being retained in a 4 foot wide island. This island should be widened to a minimum of 8 feet to 10 feet , if possible. This could be accomplished by reducing the width of surrounding'park- ing stalls to 9 feet wide rather than 91 feet. No landscape plan has been reauiroA R - R N. • •J. ir..'.a'...wY ,u......a-..r....N:a.-....4....w,•.Cf1...4M.rrr...+k:r..:.L.a..w1:..a...w.HaJ....W:�Li...:IrL JL.l.tasa`:.4wa.. • .. • .....1'%ac..i'.16rC.rr wN.0�N'- f".i.:a..i. _.._ ..... ........a_ ....w..,..r..u.wVF'-'a.. o r, SDR 3577 .. Page 3 ` � 4 Architectural Review: The building is 22 feet tall, exposed aggregate concrete panels with a decorative trim cap. The office portion is specified as diagonal cedar siding. The design is aestheti- cally pleasing for an industrial building and, with the aid of a good landscape plan, it should blend in well with the natural setting. I Staff Recommendations • ;�� �; Staff f recommend;; approval with the following conditions : �', ' 1e The emergency vehicle access be realigned g d through the Varns Street parking lot (subject to staff approval) . 2. A professional tree surgeon be consulted for the neces- sary branch and root pruning during the construction stages of the project. 3. The landscape island in the Varns Street parking lot be widened to a minimum of .8 feet, • 4'• A landscape plan be received prior to issuance of an i occupancy permit. The planto include : • of pedestrian (a) alignment path, (b) alignment of emergency vehicle access . 5` A drainage plan be submitted for buildin. g department ' approval prior to issuance of a building •g permit. • i :• .1) . �,. U r„../..... . ., - • 3,1 Qt-f-t—,,r4 '-7.). Ci r �L�i1 i 1, .Jr. , ...,„,.... . .,.. . . . .. . . i ............_ , . . ... . . . . . ... . . . , . . . : (2.. -i301-0 3 . , . . , . . . / , ,irtio,v . . , . . . . . . . .../4„, • .. . . ,,.. ... .. 7.---,10.214.•••,41.1e- -,. . ... ...... ? .-,.. ..19 . . , l'''- • . . !...... , , • . . . . . . . . . . , . . . . . . ! .. : . . . , . .. . .: . . .. . .. . ;j ' L . . . ..• . . . .. • , . . . .. .. , . . . . . . • . . _)4,'' JIB J "+"J1 I ---)2:14.d" (\ ' .• . il . •• I • e- b /i ' . 2 2'e-- . . , • . , ., ..r , . . . f . . .• , ., ---T � . . . . . .! • ' , L . . •.. . , . . ., . . ,4.0, cc . ... . . . . . . . . . .: , ....d. . . , .. , .., . .._ flirt . . • I:, )1 .r° .?,.1.1,, , , . . . ... . 1 • . . . , . . •. . • • . . . . , .1 . . . i. 9 ..-- .... i . 4 I. [ . . . . , . y-,.,....rrrr.ry,.... .r..•+... -••-..-".+yY --Tw•.;•..•,".n... --*,.r.r,,,.n.--.. }i., C-'r .m+r.nr na .•.m'-.r.7er.;zr x�+..+!...-'�-"f9C;^'"'..T: "",1111•AT":7t'"^.X'.�wrn,k...n.,.--nr,'+Ke+.nro-, ....... ;.r1r!+. ..�• !;^f'.•Y .*'^'"+'_•�,?r!�' ,......7.--.....,,,,,,,r717.-•••m? .•ywv?�mr!1'r:-rba•^r^rWm-� n«,.,n i� .. ... fMaawr'� ' . _ ... la il...-.A. ir..l.,. ..... .. .. ..s..�._.. _u..... •..._._.._.__�........Y.»�.-�—«. .....:.e—..»..+...�...r.....-w.._....� _� w...�...a... .......:J..�.....+...»........t, .,..... FORM No. 668—EASEMENT. BTP.VENS-NESS LAW PUBLISHING CO,'PORTLAND,OR,57204 N %Of air-, l'iN . . .,, . . EASEMENT For Automobile Runway, Adjoining Parcels (Grant Type) • THIS AGREEMENT, Made and entered into this day of .Q.C.T.Q.BFR 19-.3-7.-,' between ... .......JAMSS-..a..,...R.O.G.ERS..-Aun..A.L.I.CE-..M -..to.GERs, •11u-sb.and•-.anad..w. . , heerinafter called the first parties, and R...&...Ii...F RO3,?ERTz.F S,.. ...I•N.0 ..an--.O r .,..,. •e.g.an•-.Co..r-.p.o.r.a•t.Lan hereinafter called the second parties, WITNESSETH: WHEREAS, the first parties and the owners in.,fee simple of , r , � ti't Ir SEE EXHIB,IT ATTACHED County, Oregon, and the second parties are the owners in fee simple of • SEE EXHIBIT IIB." ATTACHED • • ..Y.....,.',:. .... .. ........ .a,... a..:.,... ..•,.,,..•y...,.,a,:.r•.:t...:a..'....:...........:w...1.�•rr..1,...1...J.......e..,....:.a.............:MrL3+..1...vW.U�'.:wJw..,...I......,J.-.«L4a..,w...wr.�..:.w1..3�.r�-n_.w.lwrr«,i..A.µ.-::Z:'IY+LYs.M.Ll:rl':a....11..q 1.u.,.usl....Lahafa1u:11.IL'W.J:..._L.Y'. • NOW, THEREFORE, in consideration ig One ($1.) Dollar and other valuable considerations each to each in hand paid, the receipt of which is hereby acknowledged: • • , FIRST: The first parties have sold and do hereby grant, bargain, sell and convey unto the second parties, their heirs and assigns, the right to'use at all times the wh o• _said gtomobile runway, including that pur- tion thereof situated on theN.o.r.thv.es te.r.l.y...,1.?jeet of fine sal toper y of the first partes, said use to be con. • fined to the ingress and egress of automobiles to and from the garage now situated or hereafter to be constructed on the second parties' property and the uses incidental thereto. • I. TO HAVE AND TO HOLD the same unto,the said second parties; their heirs and assigns forever. SECOND:' The second parties have sold and do hereby grant, bargain, sell and convey unto the first parties, their heirs and assigns, the right to use at all tines 1 e whole..o�f aid automobile. runway including that portion'there • - of now situated on themo s t....n.o.r.th.ezleyet o?s rd p operty of the second parties, said use to be confined to the ingress and egress of automobiles to and from the garage now situated or hereafter to be constructed on the first parties' property and the uses incidental thereto. TO HAVE AND TO HOLD the same unto the said first parties,, their heirs and assigns forever. THIRD: In construing the foregoing agreement, the plural shall mean and include the singular wherever the context so requires. IN WITNESS WHEREOF, the said parties have hereunto set their hands and seals in duplicate on this day and year first hereinabove written, James J. Rogers, Alice M. Rogers ' R & B PROPERTIES , INC . By; Ronald M. Guillory, President STATE OF OREGON I ss. County of .. BE IT REMEMBERED, That on this..,:., ....r..... y , , ...........da of ......... . � 19 before me, the undersigned, a Notary Public in and for said County and State, personally appeared the within named James J. Rogers and Alice M. Rogers known to me to be the identical individual._ described in and who executed the within instrument and acknowl- edged to me that they executed the same freely and voluntarily IN TESTIMONY WHEREOF, ,l have hereunto set my hand and affixed my official seal the day and year last above written. lltnfarir Prl,lir� fele rlrndnn ...,...:r.......;.t..iJ.::.._.YL.:•:?.1.,, ...�...w,4;,xsa........1.._ ,.J.u�::.«...Lu.. •�.c. '.s-.....::.:d17.;f,u:a-.G;,..'.+W.+r7.L.t:.».wk-..u',«..-js'::'.wd4.`...• n .....,,,e,,,,`'•tr.Jr�•r:'tai..9J;..........:...: M l'arcel of land in the Southwest quarter ''of SocLion 35, T 1S , 4 I' .] '.r. , of the +.%i. , Washington County, Oregon and described .as follows : Beginning at: the Nor'thwester]y corner of that parcel conveyed to John J. Adams, et ux, by deed recorded September 5, 1963 in Book 4D5, page 26, Washington County Deed Records; thence South 27°22 ' 10" West 30 feet, more or leas., to a 2" iron pipe and the true point of beginning, said true point of beginning being on the South- westerly right of way line of Southwest Greenburg Rd. ; thence North 62°37 ' 50" West along the Southwesterly right of way line of S.W. Greenburg Road, County rd No. 179, 20.76 feet to a point of curve right; thence following the Southwesterly right of way line of S.W. Greenburg Road along the arc of saidcurve right having a radius of 2.50.40 feet through a central angle of 16°21 '05", 71.46 feet; thence South 56°23 '30" West, 51.44 feet; thence South 39°46 ' 50" West 5.1.23 feet; thence South .50°13 '10" East 130.28 feet..to the Westerly line of that parcel as described in Booz; 495, pag6 26, Washington County Records; thence North 27°22 '10" East along the said Westerly line 112.92 feet • • to the true point of beginning. `......e.w.._. ......... ..-...U.—.:......-.t...a.:-a... .l:......«....... .wu....:..w....r4 Jin,:n..' .J.1..-.u--•-1...1...6. LL.4..' ..w .,, ., __a�.4wa.2.1...- .......-........A... 4.........•.....=............,..-.++ y 1 r 1 ... .. . EXE�IBIT ��B�, 1 j ' •' PPRCEL III,: I A parcel of land . in the Southwest quarter of Section 35, T.1S. , , l.J.W., of the W.M., Washington County, Oregon, described as follows : ,: . Beginning at the Southeasterly corner of that parcel conveyed to { Pacific Northwest Development Corporation by deed recorded February • 14, 1974 in Book 962, page 942, Washington County Records; thence ' A South 52°50' 55" West 30.00 :Feet, more or less, to a 3/4 inch ironrt y. pipe on the Southwesterly right of way line of the Southwest Greenburg 1 . Road; thence South 17°4.6' East, 35.62 feet along the Westerly, right '' of way line of S.W. Greenburg Road, County Road No. 179 to a point of curve left; 'thence along the arc of said curve left having a radius of 250.40 feet through a central angle-of 19°15'32", along the Westerly 'right of way line of S.W. Greenburg Road, 84.17 feet to the truepoint of beginning; thence South 56°23 '30" West, 51462 feet; thence South 39°46 ' 50" West, 57.11 feet; thence Sbuth. 45°13 '10" West, 112.82 feet; thence North 44°7.9 '13" West 142 .17 feat to the Southerly line of that pErce1 as described in Book 962, page 942, Washington County Records;, . thence South 52°50 ' 55" West along zaid Southerly line 123.74 feet to the Southwesterly co3.:ner of said Pacific Northwest Development parcel; thence South 00°15' 10" East J 55.01 'feet to a 2 inch iron pipe on the -;asto l y ;right of way line of the Southern Pacific Railroad; thence alon= said Easterly right of way 69.03 feet to a 2 inch iron pipe at the . Southwest corner of that } arce'3 conveyed to James J. Rogers by deed rccor6ed1 . December 8, . 1970 in Look COO, page 634, Washington County �;.ccor c›:: ; thcJnee South C9°59 '20" East 300.37 feet along the Souther 1y ��4-&,- line of said Rogers parcel to an icon pipe at the Southcastt of s` .�+d'�'�� i;oyer parcel ; i:.l'1C_'l ce North 2 7 022 9 1.0 i� East along the Easterly line of ' c. id Rogers parcel 105.45 feet to. an iron rod; thence North 50°13 '10" West •130.28 feet to an iron, rod; thence North 39°46 ' 50" East 51.23 feet ,to an iron rod; thence North 56°23 ' 30" ,Eapt 51..44 feet to an iron rod ', ntl 1-ho i-1-1•7nsi r.i v }.i ct15+ of wav 1 i neo of F oni-11wpq 4 ar am1,1,Y„, ; n..-,a • • ..l 1 .....a.,!rU- ..........nx.....0_.«vfu.tw.:...,:t. ....1:.:+ . .. .n...... .. .., rc.....4 ..,w+.r+r+;:.t..HCYu.I'+.eVA.YI::i:-4:.x-.._ori,,1-w ..... ,,...«..i.au......i..int...w.rr.raw._w_...r-,Fe1(.N.. 17 SITE DEVELOPMENT PLAN kr-) DESIGN REVIEW (. Site Plan Review File No. Sive. 3,57- 77 Architectural Review Fee Received $.2_,, ..._ Receipt # /?. S S`S. APPLICATION � r� -�-.- ~- Date Received .�_ i�:r/77._. Tigard Planning Commission nv 12420 SW Main St. , Tigard, Or. 97223 Th., -- 639-4171 639 -4171 Project Title Printing Shop . .. Date Filed 9 9--77 Lot #fi. of proposed Evergreen Knoll Business Center Project Address ‘p located at the SE corner of SW Varns Road & SW 72nd . Tax Map No. Tax Lot No. 8 Cn� taX of No. ) Owner/Developer John Van Gorder^ _.. . -1193 Address 932 S.E. Stephens -(.:72141:44.a.".. Telephone 233..�____ P Owner' s � 1/1 / i,/ Telephone Signature %' DESCRIPTION, OF PROPERTY Proposed Use #Buildings 1# Units So Ft Printing Shop 1 ( one) 1 (one) 5, 690 Site Size 20,568 t' Tot. Sq. Ft. of Buildings 6, 690 Sq. Ft. of Paving 6,878 $q, Ft. of Landscaping , 7!000 Anticipated Development Date Mid-October A--LA -4 _-.-A ,.w.�,`t ..,.t.,,n.,v,� 7�1.,��oc one Phase �yq • " ) fi ''... ' r-ii\ 1 ''''' l' ECEI\I AUL -11977 . SMITH - RITCHIPPY OF 7' CORPORATION INDUSTRIAL, COMMERCIAL & INVESTMENT REAL.ESTATE SUCCESSOR TO BREWSTER & BAIL? OFFICES IN AMERICAN BANK BUILDING ORCESND , 621 5.W.MORRISON PSAN FRANCISCO (503) PORTLAND,OR 97205 June 29, 1977 OAKLAND (503)2ZT-26$4 SAN JOSE ' SAN DIEGO Mr.. Richard Bolens Director of Planning City of Tigard 12420 S. W. Main Street Tigard, Oregon 97223 • Subject: 72nd Business Center (Varns Park Office/Industrial .Subdivision) 4.\ ( Dear Dick: I am gladthat you and I, Nancy Edwards , Rennie Smith and Lynn Takeuchi had an opportunity to get together yesterday and discuss the design and develop- ment program which you would like to .see occur in the 72nd Business Center. It is my understanding that you would like to see office buildings developed on the four lots (1, 2, 12 and 13) fronting on S. W. 72nd A1enue and the major access drive to the subdivision. I understand that you would like to see these buildings constructed of wood and have the majority of their roof surfacesloped and constructed of wood shingles, wood shakes, .earthtone P architectural metal, CorTen metal, or earthtone ceramic the • We also discussed that you would like to see similar office structures .con- • _ .l ,_ , •,, . .. �,..........., _.i..l _. ...i,._.:f,..,.,,-+;_. ._..._ ...._.w..i.:..•....,.'....`_._.... .J4..w._........_........_._: ..L—.1.:,..:W...i:...:._..::«.......n.,..mow."_.....:.. w... . r Mr. Richard Bolens June 29, 1977 Page 2 of an earth tone to conform with the heavy natural landscaping of the site. We also discussed that Lots 9, 10 and 11 could have dual accesses to Varns Road and the internal loop road, and that there could be no through traffic. These lots might be ideal for industrial development as they could provide service access off S. TT. Varns Road and pedestrian and passenger vehicle G , access off the interior loop roads with the offices facing the loop road. 1 In line with these discussions and agreements we are proposing to Toledo Scale Company that they accept one of the other lots, probably Lot 10 or 11, for the construction of their office and service center. The building which we. will propose for construction will be almost identical to that which is pictured in the enclosed photograph. We also discussed that Lot 7 will probably be developed as an office building and that Lot 3 will probably involve the construction of a 10,0000 printing plant. �.. I have discussed our conversation with Mr. Robert Fletcher, one of the three developers of the property, and :he is in concurrence with the above ideas. Byboth the way, Mr. Fletcher and I fully support the proposed development of an office building immediately to the south of the 72nd Business Center at the corner of Sandberg Road and S. W. 72nd. We look forward to working with you on this project and to expeditious develop- ment of the property in concert with the goals which both the City of Tigard and the developers wish to achieve. , I , �.. i. i i .'........ .... ..r .w.....L•�a�«...«. u. ...w«..,....!....'r..1.....:.�.•a...�.,I .. .i....�..�.i w......LI v4»....�w.....a.,3..w.4.w.l.aL.la:a.�.....a.... ... ..... .. ..,... .......... ......r...•..�.Y1.7.:S..l.� 1 alone Hensley?LILA Architect and Planner fiullle 275 The WaterTawer Portland, Oregon Q7201 503 223-034Si OUTLINE SPECIFICATION FOR: VAN CORDERPRINTING OFFICE ',` Tigard, Oregon DIVISION 1 - GENERAL { A. Submittals: 1. Construction schedules. ' 1 B. Quality Control: A b 1, Testing laboratory services C. Temporary Facilities and Controls: plant1. g trees. i 2: Job�shaClprotection for existing shack. DIVISION 2 - SITE WORK A. Paving and Surfacing r.+JLU.:2 1 • • Outline Specification for: Van Gorder Printing Office Page 2 DIVISION 3 - CONCRETE (Cont.) B. Specially finished architectural concrete: 1. Exterior walls of warehouse area are to be exposed aggregate concrete panels DIVISION 4 -NONE DIVISION 5 - METALS A. Metal Fabrication: H 1. Structural connections. . i J DIVISION 6 - WOOD • A. Rough Carpentry: 1. Framing to be 2"x4" and 2"x6" @ 16" o/c as noted 2. Sheathing to be 1" CDX plywood. 3. Structural plywood to be sizes as shownof exterior grade. 4 . Siding to be 15"x8" beveled Redwood, B and better grade. , B. Prefabricated Structural Wood: 1. Glue-laminated structural units to be industrial grade with bottom lam of architectural (Trade. • .. •:I.♦i.4-.LlY. .r.w.........-.k'..HM. • -.(l .,....r .J._ra.wwA.J.+..r _ wliJY.+.G.ti-....L•.+wM�...•...,...u,_.+..G.4...._.... _._w..w._.r....._w4 w•✓0....J• «..:.s.t.+..,.....:...:1wWi.L-.J u.:.J ..., 1... 1 _.1 ...... ..ti4ww.17.JJ.4, Outline Specification for: • • Van Gorder Printing Office Page 3 DIVISION 7 - THERMAL AND MOISTURE PROTECTION (Cont.) B. Insulation: Building insulation; R--11 blanket in walls. 2. Roof and deck insulation; 2" rigid. . 3 1 C. Preformed Metal Roofings 1. American Steel 26 ga. G.I . factory finished with bake-on enamel, X-12 series over office area. D. Membrane Roofing: I: 1, 3 ply built-up with mineral cap sheet over warehouse. E. Flashing and Sheet Metal: 1. Flashing and trim 26 ga.• G.I . 2. Gutter and downspouts 26 ga. G.I . F. Roof Accessories: 1. Double walled clear plastic skylights G. Joint Sealing- • .. .... :.... .... .... ,... .... ...__..a_ . ..d.l...u_.."'_"".-m...wd,..__ .. i.._...•. _... ..:n;,.... ......._.. _ ....Fr..,,4.e...... ...,•,•..r4. :YI:...:...:.w.J:r:.-.»I....r...w. ..r......w..... ...i:.Y�::...•✓.r:T • • • Outline Specification fors, Van Gorder Printing Office Page 4 • DIVISION 8 -° DOORS AND WINDOWS (Cont.) D. Wood Windows: ° E. Hardware and Specialties : 1. Finish hardware. 2. Automatic door equipment. 3. Thresholds. F. Glazing: 1. Sizes as indicated on drawings.. DIVISION 9 FINISHES A. Gypsum Wallboard: 1. • All wails xi" gyp. bd. B. Resilient Flooring:• } • C. Carpeting: 1. Carpet cushion. r . • , D. Special Coatings: # MMIIMMEMMIIIIMP • ` .�. ... Vii. ....�.. .r r+•::r.'� ......�-... ..,..-.............�_.�......�.:»..r:.r....i.... •...�.• ..i.........,,�iu�:...,...w'..:.h;.r.:«-:...xG..a.;.:::.:..w..-...1�. ......ti..isi...«:wl,.:...�w+.:S.._.: w..::+,.•t.:.,:4ui:.:..d'�+.:.:.ak:�::...L'�:..�_'. • j Outline Specification for: Van. Gorder Printing Office Page 5 • DIVISION 11 - EQUIPMENT A. Loading Dock Equipment DIVISION 15 MECHANICAL Roof-top mounted package units with exposed ducts. DIVISION 16 ELECTRICAL Underground serVice C i 77 .--.?-7,,,,,,. l.-" .. ,... ..-~p,`*.;o,17,,/ ,„:.•A «r ,%.,'.• +r- r , ..^ •N�••• o r' d.. „f.:„r .ri , . ::..., ,. y..v)_f 'J....„...,,,.2_,„p.,..."„..,,...„1/ ... ie'•7, p 4,,,.. �r�•4 w ' '1 . / ,1 .., , ) !^'I •r' • /.I rs s, C.f."'`, ,M N"A'f' 01°,:‘',7) 7 irk ?..e.,7„,• t.4."'cp. 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N 't; t #�i. 1 1 • • • 1 X • ' l'---•,...... . . . . . .. r A t • t i F 1 Z tTT1\ 0 f r.7 . 1� . . . •.14: • '.1.1,' I ... , :4"-'s ( , ! ,........,, ...,.., . •• , . f.-. ..... . ....... . „ , ....... ,, •, . . , . •......, , it,i;,... .. — ..._.., ..,,......._....„...,.........,„.....a.,............,,,,,,...r.......,,a.„,...............,.... .. •...... ...„.: , „ , • ..,.. . , • r. : - 6 . . !! • 1 i , 1 . , ' t . ti Oil ' I, ....; ' 1 . n . .1 t •• • ' t i• ... S . : 7.. '.. t' & :; • .. 1 1 , I i 'e s. i, .. . .. ! 1 ,. . NEmmi. Washington County,Oregon 2002-043655 04/1212002 10:26:16 AM RECORDING REQUESTED BY D-DW Cnt=1 Stn=8 K GRUNEWALD FIDELITY NATIONAL TITLE COMPANY OF OREGON $5.00$6.00$11.00$750.00 -Total=5772.00 GRANTOR'S NAME 1111II 1111111111E11111111111111 / John S. Van Gorder and Berton D. Van Gorder I 00083897200200436550010010 GRANTEE'S NAME ',Jerry Hanson,Director of Assessment and Taxation and Ex-Officio County Clerk for Washington County, rfr,#":"14., r :. ..- ,,do herob certif that the within Instrument of writingParagon Investments, LLC y y "was rocelved and recorded In the bo�9k of rocords of ' �:; said county. 1 ,,, p, ••; ;1 SEND TAX STATEMENTS To: Jerry R.Hanson,Director ssessment and Taxation, ,r..�. Ex-Officio County Cleric �+ Paragon Investments, LLC t 9037 S.W. Burnham Street �p Tigard, OR 97223 AFTER RECORDING RETURN TO: Paragon Investments, LLC 9037 S.W. Burnham Street Tigard, OR 97223 SPACE ABOVE THIS LINE FOR RECORDER'S USE Ii STATUTORY WARRANTY DEED I John S. Van Gorder and Berton D. Van Gorder, Grantor, conveys and warrants to 2 Paragon Investments, LLC, an Oregon limited liability company, Grantee, the following described real property, free and clear of encumbrances except as specifically set forth below, situated in the County of Washington, State of Oregon, — Lot 10, 72nd BUSINESS CENTER, in the City of Tigard, Washington County, Oregon 0 Subject to and excepting: oo LHEasement(s) as shown on the plat of said property; Covenants, conditions and restrictions recorded December 2, 1977, E.: Book 1221, Page 830; _. c< THIS INSTRUMENT WILL NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF F APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED USES AND TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930. THE TRUE AND ACTUAL CONSIDERATION FOR THIS CONVEYANCE IS $750,000.00 (See ORS 93.030) which is paid by a Qualified Intermediary as part of an I.R.C. 1031 tax deferred exchange. DATED: April 11, 2002 I /, A \di //al-L,//15 i 6- '�Ohn S. VanGorder/ 1 c, Cfin't • 1.1- (2.---te- °.--'r------'- Bert&�D. Van Gorder beY1,71% OFFICIAL SEAL '..: " PAMELA J MC CLELLAN t:43. . NOTARY PUBLIC—OREGON ..yy��JJ..�� COMMISSION NO.A325860 WASHINGTON COUNTY MY COMMISSION EXPIRES SEPT 19 2003 4. `` "%• ���'...•6. • f,s : % _ REAL PROPERTY TRANSFER TAX W.." FEE PAID DATE Itr,A, STATE OF OREGON ��-�-�C�P`C:� COUNTY OF ��� This instrument was acknowledged before me on 2 // i , 069 -- by J ,y/t) 5 1'4-luf( k'oL-`k9 /JL-,0-G/u1 0• :/b4j7Z-C((k) )/ d 2 i;,G1iL 3KtO-TRY PUBLIC FOGON MY COMMISSION EXPIRES: 67//9/0 FORD-313 (Rev 2/96) STATUTORY WARRANTY DEED CITY OF TCERTIFICATE OF OCCUPANCY DEVELOPMENT SERVICES PERMIT#: BUP2002-00136 A*, DATE ISSUED: 5/1/2002 ,,, kW -- 13125 SW Hall Blvd.,Tigard,OR 51223 (503)639-4171 PARCEL: 2S101DA-01000 ZONING: C-P JURISDICTION: TIG SITE ADDRESS: 07100 SW FIR LP SUBDIVISION: 72ND BUSINESS CTR-VARNS PARK BLOCK: LOT:010 CLASS OF'WORK: ALT TYr E OF USE: COM TYPE OF CONSTR: UNK OCCUPANCY GRP. M OCCUPANCY LOAD: TENANT NAME: PARAGON TILE& STONE REMARKS: Tenant improvement, with ADA upgrades Owner: PARAGON INVESTMENTS PO BOX 230845 TIGARD, OR 97281 Phone: 503-684-5330 Contractor: PARAGON TILE 8174 SW DURHAM TIGARD, OR 97224 Phone: 503-684-5330 Reg#: LIC 135822 This Certificate issu 5/9/20112 grants occupancy of the above referenced building or portion thereof and confirms that'he building has been inspected for compliance with the State of Oregon Sped • Codes for the group, occup ncy, and us7 under which the referenced permit -' is • d. jj { 1‘‘MF/ 9Ec • - bUILIN� ICIAL �- POST IN CONSPICUOUS PLACE Permit Records for 7100 SW Fir Loop Current or Historical Taxlot Project Name Tax ID Number Case Number Address Date Opened Date Issued Case Type DESCRIPTION Case Status Class of Work Type of Use Valuation Permit Type Nonconforming use determination for 7100 Current Paragon Tile&Stone,Inc. 2S101DA01000 MIS2017-00005 7100 SW FIR LOOP,TIGARD,OR 97223 11/1/2017 Miscellaneous SW Fir Loop Received $0 Current Paragon Tile 2S101DA01000 ELC2011-00199 7100 SW FIR LOOP,TIGARD,OR 97223 4/15/2011 4/15/2011 Electrical (4)branch circuits for lighting retrofit. Issued ALT COM $0 Current Paragon Tile 2S101DA01000 ELC2009-00297 7100 SW FIR LOOP,TIGARD,OR 97223 6/18/2009 6/18/2009 Electrical Sign/outline lighting for(1)sign. Issued ALT COM $0 Installation of(1)one 40 s.f.permanent wall Current Paragon Tile 2S101DA01000 SGN2009-00150 7100 SW FIR LOOP,TIGARD,OR 97223 6/18/2009 6/18/2009 Sign Permit sign. Closed $0 Current PARAGON TILE 2S101DA01000 ELC2006-00393 7100 SW FIR LP 7/18/2006 7/18/2006 Electrical Sign lighting, Expired COM $0 Installation of one(1)permanent wall sign. Current PARAGON TILE 2S101DA01000 SGN2006-00116 7100 SW FIR LP 7/18/2006 Sign Permit 4'X 8' Closed $0 Permanent placement of(1)non-illuminated Current PARAGON TITLE 2S101DA01000 SGN2002-00090 7100 SW FIR LP 5/29/2002 Sign Permit wall sign. Closed $0 Installation of data telecommunication Current PARAGON TILE&STONE 2S101DA01000 ELR2002-00070 7100 SW FIR LP 4/23/2002 4/23/2002 Electrical Limited Energy system. Closed COM $0 Current PARAGON TILE&STONE 2S101DA01000 ELC2002-00174 7100 SW FIR LP 4/18/2002 4/18/2002 Electrical Recepticles for HVAC.JOB#2251 Closed COM $0 Current PARAGON TILE&STONE 2S101DA01000 BUP2002-00136 7100 SW FIR LP 4/17/2002 5/1/2002 Building Tenant improvement,with ADA upgrades Closed ALT COM $2,500 UNK Current PARAGON TILE&STONE 2S101DA01000 MEC2002-00146 7100 SW FIR LP 4/11/2002 4/23/2002 Mechanical Remove and replace existing roof top unit. Closed COM $0 Current VAN GORDER CORP 2S101DA01000 PLM1999-00422 7100 SW FIR LP 12/10/1999 12/10/1999 Plumbing Installation of a pressure reducing valve. Closed OTR COM $0 Current VANGORDER INC 2S101DA01000 7100 SW FIR LP 6/10/1997 6/11/1997 Building Re-roofing permit VanGorder Inc Closed ALT COM $6,200 ? Quick Reference Information 4(iAccount Number 1187719-8 ) M W Natural www.nwnoturaI corn Bill Date 12/11/2013 Customer Statement For Service At: Bill Inquiries 8000-422-4012 PARAGON TILE&STONE INC RECEIVED 7100 SW Fir Loop CUCurrent Portland, OR 97223-8022 nt Cha es Due 12/27/2013 N O V 15 2017 AMOUNT DU CITY OF I-CARD PI ANNING/EN INEERING USAGE SUMMARY NW NATURAL ACCOUNT SUMMARY Meter 801814 Previous Balance $263 , 44 Actual Read 9715 12/11/13 Payment(s) Received 263 . 4 4 CR Ara:al Read - T.21Z 11/06113 Units of gas 450 33 days Subtotal Balance Forward $ . 00 Billing Factor x 1.207 Therms 543.2 Current Charges Monthly Service Charge Rate 03C 15 . 00 Gas Usage 543.2 @ .82984 450 . 7 7 2% City Franchise Fee 9 . 3 2 Public Purpose Charge 1 5 . 4 6 Subtotal Current Charges $4 9 0 . 5 5 New Balance $490 . 55 "''Auto-Pay The amount due shown on this bill will be automatically deducted from your bank account on the due date. A late charge of 1.8%with a minimum of$3.00 may be assessed on past due balance of$50.00 or more. LOCAL DAYS IN AVG You are participating in the WARM program,which adjusts BILLING AVG DAILY BIwNG THERMS the rate per therm billed December through mid-May if actual PERIOD TEMP PERIOD THERMS PER DAY weather is colder or warmer than normal. DEC 13 40.2 33 543 16.5 Thank you for your payment. DEC 12 46.5 33 344 10.4 } 27.4 a 21.9 CCw COa. 16.4 ' 2 W 10.9 5.4I Know the possible signs and symptoms of carbon monoxide(CO) Crf ,I poisoning. Members of your business who experience flu-like Q 1 I I symptoms such as dizziness,headache,nausea or sleepiness may D J F M A M J SA 8 OND be suffering from CO poisoning. If suspected,move the affected 12 13 person into fresh air and call 911 immediately. 4r. Please detach and return this portion with your payment 09 25,477 `) NW N a t u r a i° CHECK BOX IF ADDRESS PO BOX 6017 CHANGE,COMMENTS OR ACCOUNT NUMBER Portland Oregon 97228-6017 AUTO PAY ENROLLMENT NOTED ON BACK OF BILL. 1187719-8 IIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIrllllliirllrllllll DEDUCTION AUTO PAY DATE , DO NOT PARAGON TILE & STONE INC 12/27/2013I SEND PAYMENT PO BOX 230845 TIGARD OR 97281-0845 ipl :`- NW NATURAL i Ail ii 000000001187719800000000000490550000000000000490550002 City of Tigard Service Address: 7100 SW FIR LP IIq UTILITY BILLING Customer Number: 020253-001 13125 SW Hall Blvd. 1 Tigard, OR 97223 l 1-888-826-7211 Service Type: COMMERCIAL T 1 G AR D TIGARD'S STRATEGIC VISION: "The most walkable community in the Pacific Northwest • 1" `' where people of all ages and abilities enjoy healthy and interconnected lives." Service Dates: 1 5 to 11/23/201 DUE DATE: December 23, 201 . 5 Billing Summary For an explanation of each charge,please 9tErJEiJlk/fp) PRIOR BILLING: NOV 15 2017 Previous balance (As of November 23,2015) $197.95 Adjustments CITY OF_{#CARD $0.00 Payments received-thank you 'LANNINGWENGIIVEERING -$197.95 TOTAL PRIOR BILLING CHARGES: $0.00 WATER CHARGES: Water Consumption 2 CCF (Current Meter Read 3,549 Previous Meter Read 3,547 ) $7.60 Customer Base Charge $57.96 TOTAL TIGARD WATER CHARGES: $65.56 SEWER AND SURFACE WATER CHARGES: Sewer Usage Charge Based on your Winter Average of 1 CCF $1.77 Sewer Base Charge $79.89 Surface Water Management Charge $46.25 TOTAL SEWER AND SURFACE WATER CHARGES: $127.91 STREET MAINTENANCE CHARGES: Commercial $8.28 TOTAL TIGARD STREET MAINTENANCE CHARGES: $8.28 PRIOR BILLING TOTAL: $0,00 New Water Rates for 2016-Effective Jan.1,2016,water rates will increase 3.5 percent.Under the TIGARD WATER TOTAL: $65.56 new rates,a typical residential customer should expect to pay one to two dollars more per month. SEWER AND SURFACE WATER TOTAL: $127.91 Each customer's bill will vary,based on consumption,size of meter and pumping charges If applicable.This increase is for water service only.For more information,go to www. TIGARD STREET MAINTENANCE TOTAL: $8.28 tigard-or.gov/WaterRates. TOTAL DUE: $201.75 Please return this portion with payment.Please DO NOT staple or tape check to the coupon. • Esse ❑ FOR CHANGE OF ADDRESS,PLEASE CHECK BOX AND COMPLETE RM ON REVERSE SIDE. = City of Tigard I UTILITY BILLING q 13125 SW Hall Blvd. =---- e Tigard,OR 97223 DUE DATE: ember 23, 2015 503-715-2460 "= TIGARD TOTAL DUE: Autopay-Do Not Pay ADDRESS SERVICE REQUESTED Service Address: 7100 SW FIR LP Customer Number: 020253-001 3980 1 AB 0.416 11/189 04030 0001:0001 Make check payable to:City of Tigard. 1111111111111111111"IIIIIIIir11i1111I11I11i1i1il11111111ii1ll"1 PARAGON TILE&STONE C/O MARC DOANITE RILLIIIiIiIiIlIlil'IliiII11"111111iru11iIiI1111i11I11111u11I1ei111 PO BOX 230845 TIGARD OR 97281-0845 CITY OF TIGARD P.O. BOX 3129 PORTLAND,OR 97208-3129 101020253001000000000201753 • 2016 Confidential Personal Property Return (ORS 308.290) 2016 Assessment of Business: Furniture, Fixtures, Equipment, Floating Property,and Leased or Rented Property Filing deadline March 15,2016—No extensions (ORS 308.290) Penalty—Maximum penalty for late filing of personal property return is 50 percent of the 1111 11111111111111111111111111111111111111111 tax attributable to the taxable personal property(ORS 308.296). WASHINGTON COUNTY A&T-PERSONAL PROPERTY SECTION Account number Code area 155 N.FIRST AVENUE,SUITE 230 P2095798 023.74 HILLSBORO,OR 97124 Phone:(503)846-8838 OWNER ID : 385279 For assessor's use only XREF ID 2S11DA-01000 1.Leased or rented property LOCATION : 7102 SW YARNS ST 2.Noninventory supplies 3.Floating property • 4.Libraries PARAGON TILE & STONE 5.All other property PO BOX 230845 TIGARD, OR 97281 6. 7.Total real market value ** REGULAR ** 8.Late filing penalty ** THIS FORM MUST BE SIGNED AND RETURNED WITH FILING ** Taxpayer's declaration Make any name or mailing address corrections above. Invalid if not signed.Under the penalties described in ORS 305.990(4), This return is subject to audit. ' I affirm that I have examined this return and all attachments.All t��-ocation of personal property on January 1,2016. ; statements made are true.To the best of my knowledge,all taxable personal property I own,possess,or control,which was in this county File a separate return for each tax code area or location.Attach a separate listing if needed. as of 1:00 A.M.,January 1 has been reported. crpersonal property location(street address,city) 'Name of firm/owner 1102 5w/wt Ua,rnS i A, G vel 0�� Faxa.1fm�I bio -rvIC Date business originated in county Type of busines + 'E-mail address) 1 q q eonsk-ru. 4-r— cU�n�}- a.�-t--0.( ,kv►t psora_ -- -i I - &--h Was a return filed last year? Yes CountyCZ�i��1 `t"(/^Y`-9 No ,Assumed business nhme of fired assessed Telephone no. I/� �t ❑ (5D3)&hq-.6 J 'Mailing addressFax no. ❑First-time filer, see General information no. 1 Po 43GAL 2-304-� (5a 6 -44U •City State ZIP code ❑If your assessment was cancelled, see General information no.2 -1-;.�v 0 2 q*1?- Remember to sign the Taxpayer's declarationat ;Signatur of person responsible for return Date gright > i Inv i of signed No personal property to report (See General information no.3.) 2 ( I 1 V ['Business closed? ❑Moved out of county? i Printed name of person signing return Title Date closed: Date moved: 1 `V -41Lvv `� ee.n-{-Y;;(,k'L ❑Business sold? New address: ;Person completing return Phone Date of sale: -17 0.--i e, w�,�,/ rJD 3.223.11 Name and address of new owner of business sold) This return is being filed for: ❑An individual ❑A partnership(No.of persons_J Q(A corporation ❑ A limited partnership Check if we may not forward current property list to new owner. ❑ ; ❑ A limited liability company ❑ A limited liability partnership Signature Attach a separate list of names and addresses of each individual partner X 'for corporations LLCs,LLPs,and partnershipl. ❑ Multiple locations within this county(See General information no.5.) (Attach separate sheet if necessary) Business name: Business location: ❑ Logging exemption in previous year ❑ Logging exemption in County (See General information no.4) Submit your original return and attachments to your county assessor. Keep a photocopy and the attached instructions for your records. Schedule 1—Leased or rented personal property (Don't report real property.Enter"None"if no personal property to report.) Name and address of 2 3 Payer of Amount of 6 Date 7Length 9 9 Original cost 10 Owners opinion of 11 Assessors Second party involved Description taxes to county lease/rent agree- of No. g market value RMV In lease/rent agreement (include model year) Lessor Lessee Month Yearly began agree-ment t units Each Total Total (leave blank) 1A6.1\CJ If Schedule 1 items are reported on separate attachments,check here:❑ Schedule 1 total:(Include attachments) e.--14---- 150-553-004 .--14'150-553-004(Rev.10-15) Filing deadline for this return is March 15, 2016 1 Schedule 2—Noninventory supplies (See instructions for examples.) m_____ i Report total cost on hand as of January 1 6 Assessor's 1 2 3 45 Other noninventory RMV General office supplies Maintenance supplies Operating supplies Spare parts supplies (leave blank) -2'S CI -k If Schedule 2 items are reported on separate attachments,check here:❑ Schedule 2 total:(Include attachments) 33 i Schedule 3—Floating property(Include docks and pilings. Enter"None"if no property to report.) Registration no. Oregon Marine Board no. Date purchased Purchase price Owner's opinion Assessor's RMV NIVZY $ of market value (leave blank) Own: Contract holder. Exact moorage location on January 1 ❑Fee simple ❑ Contract If you have remodeled your floating property during the past year,please describe in the space to the right.(This may include a room or story addition,stringer replacement,or acquisition of a tender house or swim float.)Also report partially completed structures.Approximate date of remodeling: All other vessels Does this vessel ply the high seas? ❑Yes ❑No Registration no. Date purchased Purchase price Name of vessel $ Primary moorage Length of vessel Type of fishing or activity If Schedule 3 items are reported on separate attachments,check here:❑ Schedule 3 total:(Include attachments) ,�-- Schedule 4—Professional libraries(Use this format and report on a separate sheet. Enter"None"if no property to report.) 1 2 Owner's opinion If set,is it complete? 5 , 6 of a a 4 Number of Cost when market value Assessor's RMV Type of library' Title of book or set No Yes volumes purchased Total (leave blank) 'Far example,books,tapes, Schedule 4 total:( Include .�:J� videos,compact discs attachments) Schedule 5A—All other taxable personal property(Not reported on Schedules 1,2,3,or 4.) 1 2 3 4 5 6 7 Cost when 8 9 Owner's opinion Purchased No. Identification N=New Manuf. of purchased of market value Assessor's RMV • Item of property (manufacturer and serial no.) U=Used year Mo. Yr. units Each Total Total (leave blank) Sample Item Brand Name/123456789 N 2010 6 10 2 150 300 300 3t& O a-c,‘Am (Attach separate sheet if necessary) Subtotal 5A—* Schedule 5B—Small hand tools(Not reported elsewhere on this return;indicate type.) Owner's opinion Assessor's RMV ❑ Dealershipof market value (leave blank) }� � ❑ Service Garage ❑ Landscape ❑ Construction/Logging ❑ Barber and Bdauty Shop ❑ Medical ❑ Dental ❑ Other Who is responsible for taxes? ❑ Company/Owner El Employee Please provide contact information Subtotal 5B—*- Improvements *Improvements on federal lands,mining claims, etc.,on which final proof has not yet been made: Location:Township 1 LRange Section If Schedule 5 items are reported on separate attachments,check here: Schedule 5 total(A+B):(Include attachments) Submit your original return and attachments to your county assessor. Keep a copy of the return for your records. 150-553-004(Rev.10-15) 2 City of TigardService Address: 7100 SW FIR LP FINAL BILL UTILITY BILLING ** Customer Number: 020253-001 111 ■ 13125 SW Hall Blvd. Tigard, OR 97223 1-888-826-7211 Service Type: COMMERCIAL TIGARD TIGARD'S STRATEGIC VISION: "The most walkable community in the Pacific Northwest Meter Size: 1" ® where people of all ages and abilities enjoy healthy and interconnected lives." Service Dates: 09/28/2016 to 10/18/2016 DUE DATE: November 16, 2016 TOTAL DUE: $353.45 Billing Summary For an explanation of each charge,please see the reverse side of this bill. PRIOR BILLING: Previous balance (As of October 18, 2016 ) $211.59 Adjustments $0.00 Payments received-thank you $0.00 TOTAL PRIOR BILLING CHARGES: $211.59 WATER CHARGES: Water Consumption 1 CCF ( Current Meter Read 3,565 Previous Meter Read 3,564) $3.92 Customer Base Charge $39.90 TOTAL TIGARD WATER CHARGES: $43.82 SEWER AND SURFACE WATER CHARGES: Sewer Usage Charge Based on your Winter Average of 1 CCF $1.21 Sewer Base Charge $58.63 Surface Water Management Charge $29.25 TOTAL SEWER AND SURFACE WATER CHARGES: $89.09 OTHER CHARGES: Commercial Street Maintenance $6.70 Commercial Parks& Recreation Fee $2.25 TOTAL OTHER CHARGES: $8.95 PRIOR BILLING TOTAL: $211.59 TIGARD WATER TOTAL: $43.82 THIS IS YOUR FINAL BILL.THANK YOU FOR THE OPPORTUNITY TO HAVE SERVED YOU.TO MAKE A SEWER AND SURFACE WATER TOTAL: $89.09 PAYMENT PLEASE CALL 1-888-826-7211.THANK YOU. OTHER TOTAL: $8.95 TOTAL DUE: $353.45 Please return this portion with payment.Please DO NOT staple or tape check to the coupon. City of Tigard I UTILITY BILLING 13125 SW Hall Blvd. ■ Tigard,OR 97223 DUE DATE: November 16, 2016 503-718-2460 TIGARD TOTAL DUE: Autopay-Do Not Pay ADDRESS SERVICE REQUESTED Service Address: 7100 SW FIR LP Customer Number: 020253-001 6650 1 AT 0.399 17/165 06731 0001:0001 III.IIuIIIIIIIIIIIII6IIIIIIIIIIIIIIIulIIIIIII.IIIIIIIuIIIIII,II Make check payable to:City of Tigard. PARAGON TILE&STONE C/O MARC DOLLAHITE PO BOX 230845 ' TIGARD OR 97281-0845 i 11111111111111111"111111111111111111111111111111111"111111111 CITY OF TIGARD P.O. BOX 3129 PORTLAND,OR 97208-3129 101020253001000000000353456 rig Important Information Regarding City of Tigard Utility Services Utility Services Office Hours and Billing Address The City of Tigard is responsible for providing a clean,safe,dependable supply of Our utility billing office hours are 8 a.m.-6 p.m.Monday—Thursday,except holidays. drinking water to over 58,000 residents of the Tigard Water Service Area(TWSA). Mail:P.O.Box 3129,Portland,OR 97208-3129 This service area includes the cities of Durham,King City,two-thirds of Tigard as Office location:13125 SW Hall Blvd.,Tigard,OR 97223 well as the Tigard Water District(unincorporated areas of Washington County). HaveMore information on the TWSA is available at www.tigard-or.gov/water. Contact a usbduringg normal business normal business hours:8a.m.—6 p.m.,Monday—Thursday,except The City of Tigard is also responsible for sewer,surface water management and holidays at: street maintenance in Tigard.These charges are billed to service addresses located OFFICE:503.718.2460 FAX:503.684.7297 VOICE/TTD:800.735.2900 within Tigard's city limits. This bill contains only charges for services provided by the City of Tigard. Payment Options and Locations We accept cash,checks,cashier's checks and money orders in person at our office Definitions for Water Charges location.Visa,Mastercard and Discover card payments are accepted at our office Customer Charge—This is the basic monthly fee for an open water account,even if location,by phone,or by online payment using the city's website:www.tigard- no water is used.It supports fixed costs such as meter reading,meter maintenance, or.gov/ub.We also offer automatic payment withdrawals from your checking or billing, fire hydrants and debt payment for supply costs. Customer charges are savings accounts.Please call the billing office for the necessary forms.You may also dependent on the flow capacity of your water meter,which is based on diameter mail your payment or use one of the convenient drop boxes located at: size.A typical residential water meter is 5/8-inch in diameter with a flow capacity •Tigard City Hall:13125 SW Hall Blvd.,Tigard of 20 gallons per minute.Larger homes and businesses have larger water meters. Booster—Water delivered to customers located at higher elevations—or above •The parking lot at:8777 SW Burnham St.,Tigard the gravity system—requires additional pumping.This fee pays for the energy and •King City's City Hall:15300 SW 116th Ave.,King City other costs to pump water,and is based on the size of your water meter. Water Consumption—This charge is for actual water use,as measured by your Business Rules and How Payments are Applied water meter(s). Water conservation is important to ensure an adequate water Payments of less than the total amount due will be applied proportionately to supply for everyone,and water use charges are based on a tiered rate structure each city service provided. Notations on checks with the intent of affecting the that increases per unit costs depending on the amount of water consumed during application of payment or waiving of city rights shall have no meaning. If you the monthly billing period.Water consumption is charged in units of 100 cubic feet believe there is an error on your account,please call our office.Any payments made of volume.One water unit=100 cubic feet(CCF)=748 gallons. after the due date shown may be subject to additional fees.Information regarding Definitions for Sewer and Surface Water Charges administrative rules(business policy)is available at www.tigard-or.gov/business/ municipal_code/default.asp. Sewer Base Charge—Sewer charges are determined by Clean Water Services (CWS),a county agency responsible for all sewer and stormwater collection and Public Works Emergency Contact Numbers treatment.This fixed charge is billed according to the number of equivalent dwellingg y units(EDUs).EDU charges are based on the number of water fixtures(sinks,toilets, BUSINESS HOURS:503.718.2591 AFTER HOURS ONLY:503.639.1554 drains,etc.).A minimum of one EDU is billed for each residential account.A portion of this fee reimburses the city for billing collections,operations and maintenance. For Water Emergencies within the Tigard Water Service Area(Durham,King City,Tigard,Tigard Water District) Sewer Usage—For most customers,this portion of your bill is based on your And for Sewer/Storm Drain/Street Emergencies within Tigard city limits only. average wintertime water use(November through April). Surface Water Management—These fees support city and county pollution and drainage control programs.Single-family residential customers pay a monthly flat fee. Street Maintenance Charges Important Information About Residential and Multi-family Charge—The per unit fee to support maintenance and repair of traffic routes and local neighborhood streets within Tigard's area of Lead in Your Drinking Water responsibility. Some homes in the Tigard Water Service Area have been found to Commercial and Industrial Charge—The per parking space fee to support maintenance and repair of major traffic routes and local neighborhood streets have elevated levels of lead in the drinking water.Lead can cause within Tigard's city limits. serious health problems,especially for pregnant women and young children. Please contact the LeadLine at 503-988-4000 or More information on fees and charges is available at www.tigard-or.gov/city_hall/ visit www.leadline.org for more information. services/utilities. REV 3:COM-08109/2016 City of Tigard Service Address: 7100 SW FIR LP 1111 UTILITY BILLING Customer Number: 020253-001 13125 SW Hall Blvd. Tigard, OR 97223 1-888-826-7211 Service Type: COMMERCIAL + TIGARD'S STRATEGIC VISION: "The most walkable communityin the Pacific Northwest Meter Size: 1�� TIGARD where people of all ages and abilities enjoy healthy and inter onnected lives." Service Dates: 08/31/2016 to 09/28/2016 DUE DATE: October 26, 2016 TOTAL DUE: $211.59 Billing Summary For an explanation of each charge,please see the reverse side of this bill. PRIOR BILLING: Previous balance (As of September 28,2016 ) $215.51 Adjustments $0.00 Payments received-thank you -$215.51 TOTAL PRIOR BILLING CHARGES: $0.00 WATER CHARGES: Water Consumption 1 CCF ( Current Meter Read 3,564 Previous Meter Read 3,563 ) $3.92 Customer Base Charge $59.84 TOTAL TIGARD WATER CHARGES: $63.76 SEWER AND SURFACE WATER CHARGES: eI0 c° JUIN Sewer Usage Charge Based on your Winter Average of 1 CCF `� ,�c� 'G $1.82 Sewer Base Charge gyp oG�' $82.35 Surface Water Management Charge -X` ��\�,. v�''4j $48.75 TOTAL SEWER AND SURFACE WATER CHARGES: NO �• $132.92 OTHER CHARGES: .0\<'` Commercial Street Maintenance $11.16 Commercial Parks& Recreation Fee $3.75 TOTAL OTHER CHARGES: $14.91 PRIOR BILLING TOTAL: $0.00 The average customer will see an increase of$2.07 on the sewer base charge beginning Oct.1, TIGARD WATER TOTAL: $63.76 2016.Council adopted this increase to keep up with rising costs of regular maintenance of the sewer infrastructure.City officials and staff recognize the financial challenges facing many SEWER AND SURFACE WATER TOTAL: $132.92 customers;we remain dedicated to providing high quality utility services at a reasonable cost.For OTHER TOTAL: $14.91 details about the fees on your bill,visit:www.tigard-or.gov/UB. TOTAL DUE: $211.59 Please return this portion with payment. Please DO NOT staple or tape check to the coupon. - City of Tigard I UTILITY BILLING 13125 SW Hall Blvd. iii ■ Tigard,OR 97223 DUE DATE: October 26, 2016 503-718-2460 TIGARD TOTAL DUE: Autopay-Do Not Pay ADDRESS SERVICE REQUESTED Service Address: 7100 SW FIR LP Customer Number: 020253-001 3769 1 AB 0.399 12/160 03828 0001:0001 Make check payable to:City of Tigard. 1I1I0l1111111'1111111111111'1111,11111"11111111111111111111 PARAGON TILE &STONE C/O MARC DOLLAHITE i r ; I���II'11"'1'111111"111'11"11'11'11'11111'lll'I"'11111'111111 PO BOX 230845 ti. TIGARD OR 97281-0845 P.P.O.CITY BOX 3 31 9D 129 PORTLAND, OR 97208-3129 10102025300 b0000ODD 002I1591, Important Information Regarding City of Tigard Utility Services Utility Services Office Hours and Billing Address The City of Tigard is responsible for providing a clean,safe,dependable supply of Our utility billing office hours are 8 a.m.-6 p.m.Monday—Thursday,except holidays. drinking water to over 58,000 residents of the Tigard Water Service Area(TWSA). + This service area includes the cities of Durham,King City,two-thirds of Tigard as Mail:P.O.Box 3129,Portland,OR 97208-3129 '* Office location:13125 SW Hall Blvd.,Tigard,OR 97223 well as the Tigard Water District(unincorporated areas of Washington County). Have a billing question? More information on the TWSA is available at www.tigard-or.gov/water. Contact us during normal business hours:8 a.m.—6 p.m.,Monday—Thursday,except The City of Tigard is also responsible for sewer,surface water management and holidays at: street maintenance in Tigard.These charges are billed to service addresses located OFFICE:503.718.2460 FAX:503.684.7297 VOICE/TTD:800.735.2900 within Tigard's city limits. This bill contains only charges for services provided by the City of Tigard. Payment Options and Locations We accept cash,checks,cashier's checks and money orders in person at our office Definitions for Water Charges location.Visa,Mastercard and Discover card payments are accepted at our office Customer Charge—This is the basic monthly fee for an open water account,even if location, by phone,or by online payment using the city's website:www.tigard- no water is used.It supports fixed costs such as meter reading,meter maintenance, or.gov/ub.We also offer automatic payment withdrawals from your checking or billing, fire hydrants and debt payment for supply costs. Customer charges are savings accounts.Please call the billing office for the necessary forms.You may also dependent on the flow capacity of your water meter,which is based on diameter mail your payment or use one of the convenient drop boxes located at: size.A typical residential water meter is 5/8-inch in diameter with a flow capacity •Tigard City Hall:13125 SW Hall Blvd.,Tigard of 20 gallons per minute.Larger homes and businesses have larger water meters. Booster—Water delivered to customers located at higher elevations—or above •The parking lot at:8777 SW Burnham St.,Tigard the gravity system—requires additional pumping.This fee pays for the energy and •King City's City Hall:15300 SW 116th Ave.,King City other costs to pump water,and is based on the size of your water meter. Water Consumption—This charge is for actual water use,as measured by your Business Rules and How Payments are Applied water meter(s). Water conservation is important to ensure an adequate water Payments of less than the total amount due will be applied proportionately to supply for everyone,and water use charges are based on a tiered rate structure each city service provided. Notations on checks with the intent of affecting the that increases per unit costs depending on the amount of water consumed during application of payment or waiving of city rights shall have no meaning. If you the monthly billing period.Water consumption is charged in units of 100 cubic feet believe there is an error onyour account,please call our office. of volume.One water unit=100 cubic feet(CCF)=748 gallons. Any payments made after the due date shown may be subject to additional fees.Information regarding Definitions for Sewer and Surface Water Charges administrative rules(business policy)is available at www.tigard-or.gov/business/ municipal_code/default.asp. Sewer Base Charge—Sewer charges are determined by Clean Water Services (CWS),a county agency responsible for all sewer and stormwater collection and Public Works EmergencyContact Numbers treatment.This fixed charge is billed according to the number of equivalent dwelling units(EDUs).EDU charges are based on the number of water fixtures(sinks,toilets, BUSINESS HOURS:503.718.2591 AFTER HOURS ONLY:503.639.1554 drains,etc.).A minimum of one EDU is billed for each residential account.A portion of this fee reimburses the city for billing collections,operations and maintenance. For Water Emergencies within the Tigard Water Service Area(Durham,King City,Tigard,Tigard Water District) Sewer Usage—For most customers,this portion of your bill is based on your And for Sewer/Storm Drain/Street Emergencies within Tigard city limits only. average wintertime water use(November through April). Surface Water Management—These fees support city and county pollution and drainage control programs.Single-family residential customers pay a monthly flat fee. Street Maintenance Charges Important Information About Residential and Multi-family Charge—The per unit fee to support maintenance and repair of traffic routes and local neighborhood streets within Tigard's area of Lead in Your Drinking Water responsibility. cwo Commercial and Industrial Charge—The per parking space fee to support Some homes in the Tigard Water Service Area have been found to maintenance and repair of major traffic routes and local neighborhood streets have elevated levels of lead in the drinking water.Lead can cause within Tigard's city limits. serious health problems,especially for pregnant women and young children. Please contact the LeadLine at 503-988-4000 or More information on fees and charges is available at www.tigard-or.gov/city_hall/ visit www.leadline.org for more information. services/utilities. REV 3:COM-08/09/2016 h i 4 SINGLE-TENANT NET LEASE (OREGON) SECTION 1. LEASE TERMS. 1.1 Date of Lease A 17, 2016 1.2 Tenant: Fery Associates, LLC dba Trade Name: Gold Star Transport Premises Address: 7100 SW Fir Loop Tigard, OR 97223 IV 0 1 2017 Notice Address: Same as above CITY OF TIGARD iNING/ENGINEERING 1.3 Landlord: Paragon Investments, LLC Notice Address: P.O. Box 230845 Tigard, OR 97281 Address For Payment of Rent: Same as above 1.4 Premises: That certain real property and the building thereon (the "Building") with a street address of 7100 SW Fir Loop in Tigard, Oregon, as described on Exhibit A. 1.5 Building Area: Approximately nine thousand (9,000) square feet as described on Exhibit B. 1.6 Permitted Use of Premises: Administrative office, warehouse operations, and equipment and vehicle storage for NEMT(non-emergency medical transport). So long as Tenant is not in default of this Lease, during the Lease Term, Tenant may, at its option, and with written notice to Landlord, condense the operations of its affiliated company, Gold Star Landscape Maintenance, LLC, into the building. 1.7 Term of Lease: Initial Term: Sixty(60) Months Lease Commencement Date: Thirty(30)days after Landlord delivers possession of the Premises to Tenant or the day Tenant opens for business, whichever is first to occur Estimated Date of Delivery of Possession: October 1, 2016 Estimated Lease Commencement Date : October 31, 2016 Estimated Lease Expiration Date: October 31, 2021 Rent Commencement Date: October 1, 2016 1.8 Initial Base Rent: $7000 per Month 1.9 Adjustment of Base Rent: In months of Term 13-24, 25-36, 37-48, and 49-60, Base Rent shall increase three percent(3%) per year as described in the table below: Month of Term Rent/Square Foot/Year Monthly Base Rent @Commercial Association of Brokers Oregon/SW Washington(2/05) SINGLE TENANT(OR) ALL RIGHTS RESERVED 1 of 23 4:fir' .},( }A ti` yyy: iv, a #,,, , ...'' ,•:•,..', i, t 1, . . SI +4\. °' "i '‘'4-''. ' -1,1 // 4-.1 • I yr41'. " ft'. , ' � ;-! d .''' 4%! 4' ),... i - • r L 'y � UNIQUE _ ` ...„. ..:, -_ " ....„. INVESTMENT . . . OPPORTUNITY ) . _. TIGARD ii ,muimi . _..... ..„. .. _______ .......... SOUTHWEST 4- „,. . ` - - 0f PORTLAND , . ,„.,, . _________________ . _.�.Ain.02.- ..--:,,,_,., ... _ __� — ..-..._ _ - -----7 _-::,,-,,....,.. i so A INVESTMENT REAL ESTAoE 7100 SW FIR LOOP, TIGARD OR 97205 : SW FIR LOOP WAREHOUSE Nicholas G. Diamond PRIME INVESTMENT OPPORTUNITY SALE PRICE : $ 1 , 573 , 090 ( $ 175 / SF ) I AVG. CAP : 5 . 75 % TENANT RENT: $ 7 , 210 / M0 + NNN WITH ANNUAL INCREASES BUILDING SIZE : - 9 , 000 SF I LOT SIZE : 24 , 829 SF Ian M. Biggi Property Features: • Tenant: Gold Star Transport - Lease: Oct 1 2016 - Oct 31 2021 + 1-5 YR Option • Updated with Conference Room and Multiple Private Offices • Combination of Office, Showroom & Warehouse Space • 20' Warehouse Clearance with Roll-Up Door and Heating/Insulation • On-Site Parking & Loading Dock REAL ESTATE INVESTMENT GROUP Location Features: View Site Location • Established Tigard Business Park Location O Go gle Maps • Near Tigard Triangle -Just off HWY 217 • Dense Trade Area & Close to Major Retailers PRIME INVESTMENT OPPORTUNITY SW FIR LOOP WAREHOUSE 7100 SW FIR LOOP, TIGARD OR x\% E } G - O , 4 ,_ , ., , , 4 .i1. x 1 , „, ,„,.,, ,,,,..,,,,, ' . • ' 1,il 14. ' it OW 441 . 4., . ^4414'"'' % ... i '''''— , 0\-\\ ^". ';', ; a 4i i iiiir kilhAthA REAL ESTATE PAGE 2 INVESTMENT GROUP The information contained herein has been obtained from sources we deem reliable.We cannot,however,guarantee its accuracy. PRIME INVESTMENT OPPORTUNITY SW FIR LOOP WAREHOUSE 7100 SW FIR LOOP, TIGARD OR `` re .'� `} i�� 0C ' . • ti � , . 1*Y,t- ,, ,, ,�,y , � /T„ -i. .es � - / � C'9�,. _ ..`� / r r+ III F� _ r'' . M, • t , , -�`!? Yom.*_ y \• i- _ - • f' i i Il l i 1 1 I N, =.I$ { a ...E lie: - - - �Y/�Y r. litaii; I 14V I 1 S t .,',,I„ - w . . _ ._..;M.z- -_ ' ice— __'�I► s.�_ ¢. . z-li i ill r , i•-•,, d ie , , 1,.. , A......„ ,.."F. , a l i ¢ I. _.,-' Vit- ',',/,, ,. illtaiel REAL ESTATE PAGE 3 INVESTMENT GROUP The information contained herein has been obtained from sources we deem reliable.We cannot,however,guarantee its accuracy. PRIME INVESTMENT OPPORTUNITY SW FIR LOOP WAREHOUSE 7100 SW FIR LOOP, TIGARD OR TN\ 1--\ O O Sttb fr obri W Acasc.tio•>SE L1_ c� IIl111lIll IIr �4;c:t ()cock, Wda ur1 RssisgcoH Tvzt_vita, Otte-ttititk Ogirtick 0 frl Ct vcF ca Ln4,51 I2C IIIMI, ST44ga� Q 111111 L.L 0Fri(lc t_.P•J CR/.4 ?a Se W va QooM LeM N \\. FP1c, 'C•f` Come. STORACEE. Coo,1 REAL ESTATE PAGE 4 INVESTMENT GROUP The information contained herein has been obtained from sources we deem reliable.We cannot,however,guarantee its accuracy. PRIME INVESTMENT OPPORTUNITY SW FIR LOOP WAREHOUSE 7100 SW FIR LOOP, TIGARD OR RENT Et FINANCIALS TENANT: GOLD STAR TRANSPORT INC . t ,gtirba c. GOLDSTARTRANSPORTINC COM Purchase Price $1,573,090 Remaining Term Base Monthly Rent $ Rent/SF Base Annual Rent November 1, 2017 -October 31, 2018 $7,210 $9.61 $86,520 November 1, 2018-October 31, 2019 $7,426.30 $9.90 $89,116 November 1, 2019-October 31, 2020 $7,649.09 $10.20 $91,789 November 1, 2020-October 31, 2021 $7,878.56 $10.50 $94,543 Total Rent $361,967 Average Annual Rent $90,492 Average Cap Rate over Term 5.75% End Cap Rate 6.01% kladeal REAL ESTATE PAGE 5 INVESTMENT GROUP The information contained herein has been obtained from sources we deem reliable.We cannot,however,guarantee its accuracy. PRIME INVESTMENT OPPORTUNITY SW FIR LOOP WAREHOUSE 7100 SW FIR LOOP, TIGARD OR CHASE Q a ��`G S r0'3 V L1 r Cc� u > 7.2 1St H`C) P ' nft cSinaa N N s Lesser c., 'ii, SW Pfaffle St Va 0 q City Park Portland Community 41) 0 ,' d College Sylvania t;t?. petcoK '° I RF[. ' Ili To Haines Si t NDcn ?t7 ei'iki 4/4 eo- �� D Z a ` SW Baylor St c ��a C S' 1/4,1,.. '9 till ° �ETMART Cr a 7 r r n ni r' Pt,Op sawn , k �$ a ._ - % a teff(, G, "Iii40-27,,, D 1114WW 444. Q7J OlflcxMaE r n SW Ki use Ridge Dr ?' `a,St cn Jefferson aY �y�+ Sd ` RidcletOP et O' ti =bank p `. a Bay Point Dr TIGARDI:3 Mignon - eon ' cn a � TOWN CENTER ns A .a. , fD A Galen SI '%� `r4Y >°a PACIFIC PKWY ® '",, a a �P"c>,;) ' 0p "'xy. i r X44 SGV Bevel CENTER Southwood Dr m OAK CREEK Cd�S� 2a e Sr 'D a Oi t,,z. r SW Harrlp[on`t > o 4y '.4 Ifee If a Melrose St . m Southwood SW Yarns Si City Park ' iia»»o 0 a 0 Vjv Creek Park s SITE ''h A. n Aver, 102k S SW Ornara St ;, v U� SW Cherry D' Sk S W E dgewood St ,;f2 Parkview Dr I EMI SW Tech Center Dr `,. W 'z l06k ? SW McDonald Stn �`�r'an Creek a"s' :bank Kruse Way II 1111107,7d7'. Rd ,_,,,,Meadows Rd GROWTH IN PORTLAND , OR 7100 SW Fir Loop m,radio, 3 mi radius 5 mi radius Tigard. OR 97223 PORTLAND RANKED #21 IN THE COUNTRY FOR 2017 Estimated Population 7,776 111,958 278,47; PRIVATE SECTOR JOB GROWTH BETWEEN 2001-2017 c� 2022 Projected Population 8,442 121,803 303,49; JULY 2007:904,100 JOBS I JULY 2017: 1,024,700 JOBS a 2010 Census Population 7,381 104,056 260,80• PERCENT CHANGE: +13.3% a 2000 Census Populationcc 7,279 98,422 240,42. C>Business First of Buffalo 20i' - Projected Annual Growth 2017 to 2022 1.7% 1.8% 1.8% Historical Annual Growth 2000 to 2017 0.4% 0.8% 0.9% EMPLOYMENT PORTLAND-VANCOUVER-HILLSBORO .•-- „, ”' 2017 Est.HH Income Under$15,000 7.1% 6.7% 6.8% 1,300,000 . 2017 Est.Average Household Income $99,984 $98,794 $101,559 1,200,0002017 Est.Median Household Income $84,858 $82,855 $84,48 2017 Est.Per Capita Income $40,362 $41,335 $41,92 1,100,000 ,_,,•-Bureau of "'" 2017 Est.Total Businesses 1,953 8,238 14,76• statistnics 1/07 1/08 1/09 1/10 1/11 1/12 1/13 1/14 1/15 1/16 1/17 2017 Est.Total Employees 23,947 83,918 139,15• *Demographic Information, Traffic Counts,and Merchant Locations are Provided by REGIS Online at SitesUSA.com ildithilhil REAL ESTATE PAGE 6 INVESTMENT GROUP The information contained herein has been obtained from sources we deem reliable.We cannot,however,guarantee its accuracy. Gold Star Transport Inc. http://www.goldstartransportinc.com/index.html ,#13,h4 1. / .% , 1 3 c'tfr A Se-' si•i„....\.../ 4.1 - 1 9, A pkig ea 1 IW r 41 ' C. M f r . t 0 . j a .■M t7,—. 1_At ' _. 1 00. 41 ' �Py t-a 7 A, _ , .4144, 2552 19th ST. SE SALEM, OR 97302 24 HOUR DISPATCH -(503) 910-2717 I BILLING - (503) 363-6680 I FAX - (503) 371-6948 Home I Services I Rates I Book a Ride I Fleet Photos Founded in 2006, Donald and Donna Smith opened Gold Star Transport, Inc. in an effort to fill a void for Salem and surrounding $1 hospitals with a reliable 24 hour non emergency medical transport service provider. It was their ultimate goal to ensure patients leaving .1'" . 1 the hospitals had safe, compassionate transportation home. In four , , , ;.. years, this simple plan has turned Gold Star Transport, Inc. into theow l number one choice for non emergency transportation in the I Willamette Valley. We proudly service several major hospice and palliative care companies in Marion, Polk, Yamhill, Linn, and Benton t) �► P counties and we hold two state contracts with OHP/Medicaid brokerages. When we first opened our doors in May of'06 we were a small family owned and operated company rt vehicles 24 hours a day, 7 days a week. Our hard work has paid off and we are now operating a fleet vehicles and have nearly tripled our staff. We still run the same hours and maintain a reliable reputatio our business affiliates. Our company became incorporated in 2008 but is still managed by family. And, we are a larger company now, we still operate with a local focus. We take pride in knowing we've earned the trust of our community in providing them with our Gold Sta 1 of 1 11/14/2017,2:22 PM O l J tri REC8VED NOV 01 2017 CITY OF TIGARD PLANNING/ENGINEERING Borrower: Paragon Investments LLC COMPLETE SUMMARY APPRAISAL REPORT INDUSTRIAL/OFFICE BUILDING 7100 SW Fir Loop Tigard, Oregon 97223 PREPARED FOR Fred S. Johnson Senior Vice President COLUMBIA COMMUNITY BANK 314 East Main Street Hillsboro, Oregon 97123 ' PREPARED BY Stephen K. Hotaling Kurt M. Mueller, MAI MUELLER AND COMPANY, INC. 17020 SW Upper Boones Ferry, Suite 100 Portland, Oregon 97224 Telephone: (503) 620-0881 MUELLER AND INC . COMPANY, Kurt M. Mueller, MAI /James F. Kurasz/Dane L. Rivers/Stephen K. Hotaling Real Estate Appraisers& Consultants February 13, 2002 I Fred S. Johnson Senior Vice President COLUMBIA COMMUNITY BANK 314 East Main Street ' Hillsboro, Oregon 97123 RE: INDUSTRIAL/OFFICE BUILDING Borrower: Paragon Investments LLC 7100 SW Fir Loop Tigard, Oregon 97223 Fred: At your request, we have prepared the following Complete Appraisal as a Summary Report of the above-cited improved industrial/office property located at 7100 SW Fir Loop, Tigard, Oregon. Ore on. The subject consists of a 24,829-square foot (0.57-acre) commercial site improved with a commercial buildingthat was constructed in 1978. The buildingis a CTU and wood- frame, general commercial structure which contains 6,640 SF of gross building area. On-site parking is typical for the area at 1 .20 stalls per 1 ,000 SF GLA. The subject building indicates a site coverage ratio of 26.7%. The property is currently owner occupied by a printing company, VGI Print Communications. There is currently a sale pending between the above-mentioned owners and Paragon Investments, LLC. According to the signed Purchase & Sale Agreement dated November 29, 2001, the purchase price is $750,000 (cash to the seller), or $112.95 per SF GBA, and is to close March 25, 2002. The sale is an arm's-length transaction, and is considered a reasonable indicator of value for the subject property. The purpose of this Complete Summary Report is to estimate the "as is" market value of the fee simple interest in the subject property. 17020 SW Upper Boones Ferry Road• Suite 100• Portland, Oregon 97224■ Phone (503) 620-0881 • FAX (503) 620-0927 Fred S. Johnson COLUMBIA COMMUNITY BANK February 13, 2002 Page Two We have appraised the captioned property using generally accepted appraisal principles and practices. The following Complete Appraisal is intended to comply with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the client's appraisal policy. In addition, this appraisal is intended to comply with Regulation 12 CFR Part 34 of the Office of the Comptroller of the Currency titled Real Estate Appraisals, as revised in Federal Register Vol. 59, No. 58, dated June 7, 1994. The appraisal is presented in the Summary Report format according to Standards Rule 2-2(b). As such, it presents only summary discussions of the data, reasoning, and analyses used to develop our opinions of value. Supporting documentation concerning the data, reasoning, and analysis is retained in our files. The depth of discussion contained in this report is specific to the needs of the client, and for the intended use stated within this report. We are not responsible for the unauthorized use of this report. This complete appraisal does not invoke the Departure Provision of the Uniform Standards of Professional Appraisal Practice. The Cost Approach is not presented in this appraisal due to the older age and condition of the improvements, with a subjective estimate of accrued depreciation necessary. Although a traditional valuation approach, ' this method is not considered a valid indicator in this appraisal and is not typically Pp Y Y considered by buyers and sellers in the market for this property type. Based on our inspection of the property, research of relevant market data, and p subject our analyses, it is the appraisers' opinion that the "as is" market value of the fee simple interest in the subject property, as of January 30, 2002, is as follows. TYPE OF VALUE DATE OF VALUE VALUE CONCLUSION "As Is"Fee Simple Market Value January 30, 2002 $750,000 The preceding cited market value excludes the value of personal property, fixtures, and intangibles. The valuation is subject to the Assumptions and Limiting Conditions section of the following report, as well as the explanatory comments within the report, which should be referenced for a complete understanding of the basis on which the final value conclusion is predicated. 02MC-116 MUELLER AND COMPANY, INC. Fred S. Johnson COLUMBIA COMMUNITY BANK February 13, 2002 Page Three SPECIAL NOTE: Please note that in our reconciliation of the final property value, sole emphasis has been placed on the value conclusion via the Sales Comparison Approach at $750,000 due to the much stronger support provided by similar owner-user sales, as well as the subject's pending sale price. The value conclusion via the Income Approach, at $560,000, falls well below the primary approach. No emphasis has been placed on this approach as the subject is incapable of generating enough income to produce a sufficient rate of return to a typical investor. This is partially due to fact that the subject's industrial flex improvements are located on high value commercial land in the midst of a well located office subdivision. In conclusion, the owner-user buyer is considered the only viable purchaser for the subject property in the current market. Thank you for the opportunity to assist you in this valuation assignment. Sincerely, MUELLER AND COMPANY, INC. Ic K. Hotaling Oregon State Certified Appraiser License No. C000546 1 iv K rt '. ueller, MAI •regon 'tate C-rtified : •raiser Li.-•.e No. C000484 1 02MC-116 MUELLER AND COMPANY, INC. I TABLE OF CONTENTS Letter of Transmittal INTRODUCTION PAGE Appraisal Overview 1 Appraisal Information 3 Assumptions and Limiting Conditions 9 DESCRIPTION e Regional Description 13 Neighborhood Description 18 Subject Property Photographs 23 Property Description 32 Site Description 32 Zoning 35 Assessment and Tax Information 35 Improvement Description 39 Highest and Best Use Analysis 47 VALUATION Valuation 49 Income Capitalization Approach 50 Sales Comparison Approach 62 Reconciliation and Final Value Conclusion 70 Certification of Appraisal 72 ADDENDA Professional Qualifications of Stephen K. Hotaling and Kurt M. Mueller, MAI Company Profile - Mueller and Company, Inc. Exhibit A: Title Report Exhibit B: Purchase and Sale Agreement Exhibit C: Engagement Letter 02MC-116 MUELLER AND COMPANY, INC. I ' APPRAISAL OVERVIEW DESCRIPTION Property Name: Industrial / Office Building Street Address: 7100 SW Fir Loop Tigard, Oregon 97223 Location: The subject is located on the north side of SW Fir ' Loop, approximately three blocks from the Interstate 5 / Highway 217 interchange in the City of Tigard. Thomas Bros. Map No.: 655 — G5 Neighborhood Character: Established office/industrial/residential area, with no negative factors noted. Land Area: 24,829 Square Feet, or 0.57 Acres Please refer to Site Description section. Zoning: C-P, Professional / Administrative Office Commercial (City of Tigard). Improvements: The subject consists of a commercial building constructed in 1978. The building is a CTU and wood- frame, general commercial structure which contains ' 6,640 SF of gross building area. On-site parking is typical for the area at 1.20 stalls per 1 ,000 SF GLA. The subject building indicates a site coverage ratio of 26.7%. Occupancy: The subject property is currently 100% occupied by VGI Print Communications (seller), and will be 100% occupied by Paragon Tile (buyer). Functional Utility: Average for occupant needing shop / service space as well as office space. Highest & Best Use "As Vacant": Development as an office use. Highest & Best Use "As Improved": Continued office / shop use. 02MC-116 MUELLER AND COMPANY, INC. 1 APPRAISAL OVERVIEW (Continued) VALUATION SUMMARY Appraisal Type: Complete Summary Interest Appraised: Fee simple Date of Valuation: "As Is"Market Value: January 30, 2002 STABILIZED VALUATION APPROACH VALUE CONCLUSION COST APPROACH Not Applicable INCOME CAPITALIZATION APPROACH $560,000 SALES COMPARISON APPROACH $750,000 CONCLUDED "AS IS" FEE SIMPLE VALUE: $750,000 SPECIAL NOTE: Please note that in our reconciliation of the final property value, sole emphasis has been placed on the value conclusion via the Sales Comparison Approach at $750,000 due to the much stronger support provided by similar owner-user sales, as well as the subject's pending sale price. The value conclusion via the Income Approach, at $560,000, falls well below the primary approach. No emphasis has been placed on this approach as the subject is incapable of generating enough income to produce a sufficient rate of return to a typical investor. This is partially due to fact that the subject's industrial flex improvements are located on high value commercial land in the midst of a well located office subdivision. In conclusion, the owner-user buyer is considered the only viable purchaser for the subject property in the current market. Personal Property, Fixtures, & Intangibles: Not Included 1 02MC-116 MUELLER AND COMPANY, INC. 2 I I APPRAISAL INFORMATION STREET ADDRESS 1 7100 SW Fir Loop Portland, Oregon 97223 LEGAL DESCRIPTION 1 The legal description is presented in the Addenda as Exhibit A, as part of the preliminary title report. I TAX DESCRIPTION ITax Lot 1000; Township 2 South, Range 1 West, Section 1 DA, Willamette Meridian, Washington County, Oregon. IAssessor Account No. R0458793 PURPOSE OF THE APPRAISAL 111 The purpose of this Complete Summary Report is to estimate the "as is" market value of the fee simple interest in the subject property. INTENDED USE AND USER OF THE APPRAISAL 1 The intended use of this appraisal report is to assist the client in underwriting a real estate loan on the subject property by providing market data, real property information, and an opinion of value for mortgage financing purposes. I The intended user includes the client, Fred S. Johnson, and any Columbia Community Bank personnel. IDATE OF VALUATION "As Is"Market Value: January 30, 2002 I I 02MC-116 MUELLER AND COMPANY, INC. 3 I I APPRAISAL INFORMATION (Continued) DATE OF APPRAISAL REPORT 1 February 13, 2002 ISUBJECT PROPERTY INSPECTION I Date: January 30, 2002 Property owner or representative: None IAppraiser: Stephen K. Hotaling Kurt Mueller, MAI inspected the subject on January 30, 2002. PROPERTY RIGHTS APPRAISED Fee simple Interest. DEFINITION OF TERMS IMarket Value I Market value is the major focus of most real property appraisal assignments. Both economic and legal definitions of market value have been developed and refined. A current economic definition agreed upon by agencies that regulate federal financial Iinstitutions of the United States of America is: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting ' prudentlyand knowledgeably, and theprice is not affected byundue assuming stimulus. Implicit in this definition is the consummation of a sale as of a specified 1 date and the passing of title from seller to buyer under conditions whereby: 1) buyer and seller are typically motivated; 2) both parties are well informed or well advised, and acting in what they consider their best interests; I 3) a reasonable time is allowed for exposure in the open market; I 02MC-116 MUELLER AND COMPANY, INC. 4 I I I APPRAISAL INFORMATION (Continued) 4) payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and I 5) the price represents the normal consideration for the property sold unaffected by I special or creative financing or sales concessions granted by anyone associated with the sale. Substitution of another currency for United States dollars in the fourth condition is appropriate in countries or in reports addressed to clients from other countries.[1] IFee Simple Estate I Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.[23 I Leased Fee Estate I An ownership interest held by a landlord with the right of use and occupancy conve yed by lease to others. The rights of lessor (leased fee owner) and the leased fee are I specified by contract terms contained within the lease. [33 ILeasehold Estate The interest held by the lessee (the tenant or renter) through a lease conveying the rights of use and occupancy for a stated term under certain conditions.[33 I I I [1] Uniform Standards of Professional Appraisal Practice, 2002, The Appraisal Foundation. I [2) The Dictionary of Real Estate Appraisal, Third Edition, 1993, The Appraisal Institute, Page 140. [33 Ibid., Page 204. I 02MC-116 MUELLER AND COMPANY, INC. 5 I 1 APPRAISAL INFORMATION (Continued) SUBJECT HISTORY, OWNERSHIP AND MARKETING INFORMATION HISTORY - According to an environmental report, prepared by PBS Environmental, the subject was vacant and part of a larger wooded parcel until construction of the subject building in 1978. The building has remained in use as a printing business since its construction. OWNERSHIP - A preliminary title report prepared by Fidelity National Title Company of Oregon, dated November 30, 2001 was made available to the appraisers. This report indicated that title to the subject property is currently vested in John S. and Berton D. r VanGorder, whose family has owned the property since its construction in 1978. There is currently a sale pending between the above-mentioned owners and Paragon Investments, LLC (contact: Dave Cutz, 503.684.5330);. According to the signed Purchase & Sale Agreement dated November 29, 2001 , the purchase price is $750,000 (cash to the seller), or $112.95 per SF GBA, and is to close March 25, 2002. The sale is consideredreasonable arm's-length transaction, and is a indicator of value for the subject property. Copies of the sale agreements are provided in the Addenda as Exhibit B. A search of public records indicates no other arm's length transactions involving the ' subject having occurred during the last three years. MARKETING - The subject was listed at $750,000 for 1 month before this full-price offer was accepted. No other pending sales, leases or offers to buy or sell are known to the appraisers. DEPARTURE COMPLIANCE ' This complete appraisal does not invoke the Departure Provision of the Uniform Standards of Professional Appraisal Practice. The Cost Approach is not presented due to the age and condition of the improvements requiring an unreliable, subjective ' estimate of accrued depreciation. Therefore, the Cost Approach is not considered an appropriate valuation method in this appraisal. 1 I 02MC-116 MUELLER AND COMPANY, INC. 6 I nti I APPRAISAL INFORMATION (Continued) DISCLOSURE OF COMPETENCY 111 We are aware of the competency provision of the Uniform Standards of Professional Appraisal Practice. Stephen K. Hotaling and Kurt M. Mueller, MAI physically inspected I the subject property and the exteriors of the sales comparables used in this report. Mr. Hotaling researched and analyzed all pertinent information and personally authored the entire appraisal report. Mr. Hotaling and Mr. Mueller have valued numerous industrial / I office properties similar to the subject in recent years, and possess the knowledge and expertise to competently appraise the subject. IUNAVAILABILITY OF INFORMATION I It is noted the appraisers were not provided with a current preliminary title report, environmental site assessment or an ADA Compliance Report. We have appraised the subject property assuming no problems relating to these issues. If these assumptions I are subsequently determined to be different, a modification of the concluded value may be warranted. SCOPE OF THE APPRAISAL I The scope of this summary appraisal report is to estimate "as is" market value of the fee simple interest in the improved subject property; by use of all applicable steps of the appraisal process. These steps include the following: definition of the pertinent issues Irelated to the appraisal assignment; inspection of the subject property, site and improvement analyses; highest and best use analysis (as vacant, and as improved); market data selection, verification and analysis; use of the most applicable of the three Iapproaches to value; and the reconciliation of value indications and final value estimate. Our valuation analysis is supported by a collection, verification and analysis of Icomparable tenant leases and improved property sales; further supported by interviews with knowledgeable market participants (brokers, leasing agents, investors, and I developers). Data transpiring within two years of the date of this report was given the most consideration for valuation purposes. Stephen K. Hotaling and Kurt M. Mueller, MAI inspected the subject property, as well as exterior inspections of all Icomparables used in this appraisal. The buyer's representative (Mr. Dave Cutz 503.684.5330) provided copies of the title I report, purchase and sale agreement and an original set of construction plans. Various brokers were also interviewed to gain insight into the surrounding neighborhood and subject property. I 02MC-116 MUELLER AND COMPANY, INC. 7 I I APPRAISAL INFORMATION (Continued) MARKETING AND EXPOSURE TIME IMarketing time is the period of time it takes an interest in real property to sell on the market subsequent to the date of an appraisal. Exposure time is the estimated length I of time the property interest being appraised would have been on the market prior to the hypothetical consummation of a sale at market value on the effective date of appraisal. In other words, a retrospective estimate based on an analysis of past market conditions. IMarketing time differs from exposure time, in that the latter is presumed to precede the date of appraisal. However, it is our opinion that unless market conditions are in a I period of significant transition, marketing time and exposure time would essentially be equal for a property. I Based on a review of the subject market for small industrial / office properties located throughout the Portland metropolitan area over the past two years, as well as current and projected trends, it is the appraisers' opinion that market conditions will not change I substantially. Therefore, for purposes of this analysis, marketing and exposure time will be approximately the same. pp Y I The improved sales analyzed in the Sales Comparison Approach (see Table 3) were sold in periods ranging from one to five months, with one sale not exposed to the market. The sales with the shortest marketing periods reflect properties with very few I problems, and which were marketed at reasonable prices. Hence, assuming the subject property is appropriately priced and competently promoted, a marketing and exposure period of 6 months or less is anticipated. This is supported by the subject's pending Isale which was marketed for less than 30 days before receiving a full price offer. 1 PERSONAL PROPERTY, FIXTURES, AND INTANGIBLE ITEMS The subject property includes tenant owned furniture, fixtures, and equipment. These Iitems are not valued in this appraisal which reports the real property value of the subject property only. I I I I 02MC-116 MUELLER AND COMPANY, INC. 8 I I ASSUMPTIONS AND LIMITING CONDITIONS GENERAL ASSUMPTIONS I1) No responsibility is assumed for matters legal in character, nor do the appraisers render any opinion as to title, which is assumed to be marketable. All existing liens, encumbrances, and assessments have been disregarded, unless Iotherwise noted, and the property is appraised as though free and clear, under responsible ownership, and competent management. 1 2) The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. I3) The valuation assumes the previously discussed legal description accurately identifies the subject property. I4) All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. I that thereare no hidden or unapparent conditions of the property, 5) It is assumed a pp p p y, subsoil, or structures that render it more or less valuable. No responsibility is I assumed for such conditions or for arranging for engineering studies that may be required to discover them. I 6) It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the report. I 7) It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and Iconsidered in this appraisal report. 8) It is assumed that all required licenses, certificates of occupancy, consents, or Iother legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are Ibased. I 9) Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for the reader for references purposes only. No guarantee as ' to the accuracy is expressed or implied unless otherwise stated in this report. No survey has been made for purposes of this report. I 02MC-116 MUELLER AND COMPANY, INC. 9 I I 1 ASSUMPTIONS AND LIMITING CONDITIONS (Continued) 10) It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no 1 encroachment or trespass unless noted in the report. 11) Any improvements are assumed to be completed in a good workmanlike manner in accordance with the submitted plans and specifications. ILIMITING CONDITIONS The statements of value and all conclusions shall only apply as of the dates Ii) shown within this report. I 2) The liability of Mueller and Company, Inc. is limited to the client only. Further, there is no accountability, obligation, or liability to any third party. We are in no way responsible for any costs incurred to discover or correct any deficiency in the Iproperty. 3) The appraisers, by reason of this appraisal, are not required to give further I consultation, testimony, or be in attendance in court with reference to the made. in question unless arrangements have been previously ade. I 4) All appraisal reports must state that it is the intention of the appraisers that the report complies with all statutes, rules and regulations prohibiting discrimination on the basis of race, color, religion, sex, or national origin, and marital status. 5) The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate I allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. I6) Possession of this report, or a copy thereof, does not carry with the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without prior written consent of the appraisers, and Iin any event, only with proper written qualification and only in its entirety. Reliance on any portion of the report independent of other portions, may lead the reader to erroneous conclusions regarding the property value. No portion of the Ireport stands alone without approval from the author. I I 02MC-116 MUELLER AND COMPANY, INC. 10 I I I ASSUMPTIONS AND LIMITING CONDITIONS (Continued) 7) Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or the firm with which the appraisers Iare connected) shall be conveyed to the public through advertising, public relations, news, sales, or other media without the prior written consent and Iapproval of the appraisers. 8) Unless otherwise stated within this report, the subject property is appraised without a specific compliance survey and analysis to determine if the property is Ior is not in conformance with the various detailed requirements of the Americans with Disabilities Act (ADA), which became effective January 26, 1992. The I presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability, or utility. Since we have no direct evidence I relating to this issue, we did not consider possible noncompliance with the requirements of the ADA in estimating the value of the property. I 9) In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building, as such the presence of urea-formaldehyde foam insulation, asbestos, and/or the existence of toxic I waste, which may or may not be present on the property, was not observed by us; nor do we have any knowledge of the existence of such materials on or in the property. The appraisers, however, are not qualified to detect such substances. I The existence of urea-formaldehyde insulation or other potentially hazardous waste material may have an effect on the value of the property. We urge the client to retain an expert in this field, if desired. 1 I I I I I I 02MC-116 MUELLER AND COMPANY, INC. 11 I I !' ongview ``rf. �. a, land�.••� Port•f Lon�Yi• '■� <� "'' 1C�•tskanie .��AI5t0 ti"uhurruRiver p { en T ~Delen• �alnler $` Clatskanie latskanie Heights Fresco 5 Pigeon Springs _, I0Swedet. n o` .a� Cougar A 1 i • eD .•.iary ' !Kalama ,` tZt�e ® f. Y.I tilt`(11°' . M1St �[j �� 7 d Birkenfeld alai eek \■ Woo.and P.k Ariel ]z Colu bia t Finn Hall I • ewell c naar?• Deer Island CednrCreek Chelatchie 4-?.,, 'ittsburg { 21 �' Woodland c> cr Columbia City, ,argh ke' ,. ?)b Y CoreyHill: l Yankto St Hele s La Center Yacolt G'r ' 'i-. Jewell Junction o * ernonia �,x,. . � rF .1-� Keasey � j \. ;,t5 Ri�•er �s,--„,-• .o eCr:: arren 1; tF�k HeissonG�L",, Rork k Clea Creek ®' t h.rter°ak �fvc,. c ■ 1 113 :3?4a lif 1 -attle Ground ©ole P kali . on Comer ° o'= ��r o � •Scappoose, s.ra ®Man.• '4." �> Hockinson- a So th Scapp�ose 5 ®, ay Felida Union Little Elkhorn ,,, t *Belding *Cochran Timber PF i1 o %, a� 1 *Creswell Heights yBuxton • Hazel Delll�""'am.s* i� Proebstel Ireland A �So cot Glenwood �` B rlingn limo 3 ` Ba ks r'. ai His/ Site cti ^`-- �-i erJunction i Skamania + All GalesG eek .t * "'":',4..t.' �m -D■- a 41 8 Camas..,, ashougal m �,.• .\`;" S r airy Creek • . !�< ®.a 1M��+°,• • Pleasa t• , 6 2 c-,,, ■ :._ Parkrose� — i Bridal Veil 0 C;�r� Q Washingto �� ,_ lit'", ......—Z.--168 N' • ■�sa .�.■;:,■ Troutdale ea•r.."' *Fairview !1- � ■� •405.^ ,. ..irw.�.- _ Forest Grove- "` ■ +1�I•.. :orfla d m_.•ri",""''�1 i ; r w a'i■o: job. ■ CO Po ellhurs Corbett B„rtRr,.,i L �" a -tion�• Wi �-� .�-..■..��-.• CO Vn a Ne••ton.,. .titr aillit ,,`_,.� ,., 'r►_" G esham I .tk, -100 ng Bea ert0•=O�A ••• S,i r ■ or �i-. alley a5 { f y LUBJnk....i a.: - liii • 1.1. .ttrell o ims �< Cherry Grove Wei t°i� 2 o..,h Gaston /�� ' ' ®411'■ it P• '.a r,-o\g `® Lake-Oswego 1v Op o ® ngr(:I m • ae n Little Sandy Rie 34. ° %fib ti /Clackam•s �' ^•N ♦-ike Cove Or hard s«F::r aK at F�r eiTna ou;`latl m t Y ® ;Firwood Ch- ,• t `.._..... Six Com 'Sherwood ■ /' ac m s igh� `��. •\� •Fa+rdale Y.m4 ,► I ■•..2os.�,j' Eagle Creek 286 I : *EC,cell r.uglass idgeo Dover <, .• ''�► Wilsonville • �•.. ® pn ..r00Md le .rte �`Central Point , Beaver Geek a 1 Estacada ®Bissett G rid Rot,rt tt:a sa:, C ra I on Dundee ■ ° North ninth �.. ' Canb. Rii<cr r w �Cr,e StJose•h L.fa ette 5 g 1) t k,r u'l It Pin Yamhill Ch. p• '----Don.I• > ,��r3. ;, Dayton • CD/ •'Iwood c*n ville ® Hubbard iberal cla karnas �n�i 4' �� v� ® ..' ® Colton �,,o' •/idrn � o F *Gopher ® Woodburn,.r `�iu•r Old Colton `° cm"- Molalla 1 •Amity ® �St @Nail 1. *Dickey prairie S••••, •8 Hopewe I �>t Monitor / ® "-\ 3 Willamina �` G4j,�. , Mt Angel o xe m "'Per dale .•+m ro G13 Scotts Mills C eek I V; Perrydale r Lake I Troui 1. F., t< " -t • 5 North Ho ell Car" nas Ritrr C Buell ..--vscC°y akeb{•oko C i 9B Hazel Green SI verton _Mill©A rl<:^m,•:on Sit i I^5 • �n Parf <> �`� ",,' c'.ttSloughN,,%;- 1 gti• „ %•';" Chapman A Pratum Chapman Come $:1, 4I.:" ;a a I Rickreal ® t issol 's ,° Dallas �, Rieke ,� R 4�� AIofafla River Polk o.e �► y ,F ;. Marton` �, fl x v 7y ck Rock Halls - ■' •f w. G • :ails City 1mhl ° �I15 State Park BridgeportTurner ��r , ♦ Independence■ :,o ation:llArea Elkhorn ��„ Monmouth • ti 0 5 Aumsvllle ,....., ® Slayton Mehama ------.1--'1 o I 4' o orth Sa tiam to s® '� * Gates agara 2000 DeLorme. Street Atlas USA;CO 2000 Gi Inc..--Re.04/2000 rl Fawn \ ' Y rr REGIONAL MAP - PORTLAND METROPOLITAN AREA 02MC-116 MUELLER AND COMPANY, INC. 12 I I REGIONAL DESCRIPTION PORTLAND METROPOLITAN AREA IThe subject property is located in an established, suburban commercial area located in the City of Tigard, Washington County, Oregon. As the subject and surrounding area are directly affected by the economic trends of the greater Portland area, a brief discussion Iof the Portland Primary Metropolitan Statistical Area (PMSA) is provided following. The Portland PMSA encompasses portions of six counties: Multnomah, Washington, IClackamas, Columbia and Yamhill Counties in Oregon, as well as Clark County in the State of Washington. Currently, the Portland / Vancouver / Salem CMSA has a I population of 1 ,918,009 (as of April 2000). Roughly 56% of Oregon's population resides in the Portland PMSA. Between 1990 and 2000, the Portland PMSA grew at an average rate of 2.7% per year, with most growth focused in the outlying suburban areas. IPortland is the largest city in the state, containing 15.5% of the state's population. New housing in the city center area is primarily confined to apartments and condominiums, I with older single-family residences gradually being replaces with commercial development. The population growth in the PMSA is primarily occurring in the outer urban areas as indicated by the Clark, Clackamas, Washington, and Yamhill County Istatistics, with the largest population gains in Washington and Clark Counties. Population Distribution of the PMSA ICensus Census Census Projected %Change %Change %Change Areas 1980 1990 20001 20052 1980-90 1990-2000 1999-2005 City of Portland 368,139 438,802 531,600 N/A 19.2% 16.8% N/A IMultnomah County 562,647 583,887 660,486 666,100 3.8% 13.1% 0.8% Washington County 245,860 311,554 445,342 454,200 26.7% 42.9% 2.0% Clackamas County 241,911 278,850 338,391 367,300 15.3% 21.4% 8.5% I Clark County,WA 192,227 238,053 345,238 368,200 23.8% 45.0% 6.7% Yamhill County 55,332 65,551 84,992 91,900 18.5% 29.7% 8.1% Columbia County 35,646 37,557 43,560 46,500 5.4% 16.0% 6.7% I Portland PMSA3 1,333,622 1,515,452 1,918,009 1,994,200 13.6% 26.6% 4.0% State of Oregon 2,633,156 2,842,321 3,421,399 3,556,200 7.9% 20.4% 3.9% Sources: U.S. Bureau of the Census,Center for Population Research and Census; Portland State University I 1 Certified Population Estimates(April 1,2000) 2 Projection as of July 1993. 3 PortlandNancouver PMSA, including the Oregon Counties of Multnomah,Washington, Clackamas,Yamhill, Columbia and Clark ICounties,Washington. I I 02MC-116 MUELLER AND COMPANY, INC. 13 I I REGIONAL DESCRIPTION (Continued) Outlined below are the population trends for the 15 largest cities in the Portland PMSA. IPopulation and Growth Trends in the Portland Area Census Census Census %Change %Change I Cities 1980 1990 2000 1980-90 1990-2000 City of Portland 368,139 438,802 531,600 19.2% 21.1% Vancouver 42,834 46,380 143,560 8.3% 209.5% I Gresham 33,005 68,249 90,835 106.8% 33.1 Beaverton 31,962 53,307 77,050 66.8% 44.5% Hillsboro 27,664 37,598 71,455 35.9% 90.1% Tigard 14,799 29,435 42,260 98.9% 43.6% I Lake Oswego 22,527 30,576 35,415 35.7% 15.8% McMinnville 14,080 17,894 26,760 27.1% 49.5% Oregon City 14,673 14,698 26,200 0.2% 78.3% I Tualatin 7,483 14,664 23,065 96.0% 57.3% West Linn 11,358 16,389 22,440 44.3% 36.9% Milwaukie 17,931 18,670 20,540 4.1% 10.0% I Forest Grove 11,499 13,559 17,830 17.9% 31.5% Wilsonville 2,920 7,106 14,365 143.4% 102.2% Troutdale 5,908 7,852 13,975 32.9% 78.0% ISources: U.S. Bureau of the Census, Center for Population Research and Census; Portland State University As the preceding charts indicate, all sectors of the Portland PMSA have experienced I steady growth over the past two decades. A substantial portion of these increases has been due to annexation of unincorporated areas. This trend is expected to continue. According to the Metropolitan Service District, the region's population is expected to Igrow at an annual rate of 22,000 persons by the Year 2010. With respect to income levels, the Portland PMSA had average annual earnings of I $31 ,592 in 1997 (latest available year), compared to a 1990 figure of $23,165. This reflects an average annual growth rate of +5.2% over this 7-year period. Between 1990 and 1997, the CPI index for the Portland PMSA increased by an average of +4.1% per Iyear, which basically fell below earnings increases over the similar period. Hence, household incomes have generally exceeded inflation, although growth has typically been at a slower rate than the national average. I The Portland metropolitan area has a diversified economy that reflects national business conditions, and is less dependent upon lumber and wood product markets Ithan the State economy as a whole. Therefore, market fluctuations and recessionary trends are felt less acutely in the metropolitan area. As of May 2001 , the Portland- IVancouver PMSA had an unemployment rate of 4.5% (compared to a statewide rate of 5. 1%), and has exhibited an upward trend over the last couple of years from lows near 3.2%. Please note that The Oregonian announced on October 13, 2001 that the State I 02MC-116 MUELLER AND COMPANY, INC. 14 I I REGIONAL DESCRIPTION (Continued) of Oregon was officially in recession, with the number of jobs in the state dropping in September 2001 for the 7th consecutive month, with no expectation to grow any time Isoon. This recession ends a decade of economic expansion for Oregon, and marks a period of declining jobs that has yet to hit bottom. IIn spite of the preceding, the Portland PMSA is home to more than 46,000 businesses, of which nearly 1 ,500 are classified as headquarter firms. Eighty major manufacturing I firms maintain their headquarters in the Portland area, including the Fortune 500 companies of Louisiana-Pacific Corp., NERCO, Precision CastParts Corp., Tektronix, Willamette Industries, and Nike. In addition, Intel Corporation is the largest private I employer in the state, with over 16,000 employees, and a number of chip fabrication plants in the Sunset Corridor. Overall, the Portland metro area (especially the Sunset Corridor in Washington County), has benefited from a high level of hi-tech development, Iincluding manufacturing, research and development, and office related facilities. In response to economic expansion and job growth during the late 1980s and through I the 1990s, population and income levels in the Portland region have increased, with strong absorption in most real estate sectors. Though the nation and Portland have shown signs of slowing or only nominal expansion recently. Portland's economy I continues to benefit from its recent diversification into several high technology industries. Job growth has actually declined for seven straight months, but is expected to rebound in mid 2002. Prior to 2001 , job growth had been above the national average I over the past several years. However, the State of Oregon now ranks near the bottom nationally, with the present business climate forecast to continue to decline before stabilizing in mid to late 2002. I CONCLUSION The Portland metro area continues to exhibit moderate growth among most major I economic and demographic indicators. This continued growth is attributed to a variety of factors, including strong in-migration, a relatively inexpensive operating environment for relocating businesses, and superior quality of life factors. The result has been a continued diversification of the local economy, which has enabled the region to become Iless susceptible to dramatic cyclical swings typical of other cities more reliant on a single firm or industry. Thus, real estate values are generally stable to moderately I increasing, and the market is considered healthy and active in most sectors. The moderate growth of the region is expected at a slower pace over the next year (versus the mid to late 1990s), but should continue to have a positive influence on the suburban markets of Portland, assuming the following factors do not turn out too severe. I 02MC-116 MUELLER AND COMPANY, INC. 15 I I REGIONAL DESCRIPTION (Continued) The first area of concern is the current national recession, which has caused a slowdown in consumer demand. As noted previously, the State of Oregon was already I declared in recession prior to the national recession, and economists forecast that the state is not expected to grow any time soon. IThe second cause for concern is the uncertain future status of the electricity supply and pricing over the next few years. Rolling blackouts in early 2001 occurred in Northern California, and with the past year's low rainfall and snow-pack in the Pacific Northwest, Ilocal supplies were barely sufficient to satisfy the demand last Summer 2001 . As of Fall 2001 , PGE stated that there is now less than a 1 .0% chance of blackouts. However, due to the unprecedented rise in the price of wholesale electricity, the drought, and the impact of California power problem, the local utility — Portland General Electric, will increase residential electrical rates by 31.6%, 37% for small business customers, and 53% for commercial and industrial customers. However, decreases in power rates in the Inext year or two are expected as more power generation plants come on-line, and the wholesale markets continue to stabilize. IOverall, the general attitude among investors and developers in Portland and Vancouver metro markets is for cautious optimism, though most are hunkering down for I a sustained downturn. Most market participants are not looking toward a rebound in the local economy until the 2nd or 3rd Quarter 2002. I SPECIAL NOTE: As of the date of this report, it is impossible to ascertain the ramifications of the terrorist attacks on the United States on September 11, 2001 . By extension, the follow-up attack on terrorist targets in the Middle East by America and its I allies in October 2001 make economic forecasting and its related impact on the local real estate market difficult at best. These unforeseen events will most certainly have a negative effect on certain sectors of the local and national economies, while spurring I positive influences on other sectors. These events increase the current risk of a national recession, and by extension, a potential downward impact on real estate activity. With the Federal Reserve's surprise 0.5 point rate cut on September 17, 2001 and follow-up 1 0.25 point cut at its meeting on December 11, 2001 (eleven cuts totaling 4.75 points since early 2001), these actions clearly underline the government's commitment to minimize the impact of these events on the economy. Therefore, it is considered too Iearly at this time to fully understand the ultimate influence of this catastrophic event on the local real estate market. However, it is generally considered that these events exacerbated the effects of the current recessionary climate in the State of Oregon. I I 02MC-116 MUELLER AND COMPANY, INC. 16 I - - -ii ® Fen, SW CR .W:2 Rir- T on. f.3 N�llralli=ao -_ k„`]majwA DOLPH �'..0 IMP I w/ ' .Nesmith �� W,L �O� / M� 1J� D w•• = rriSc I• "•` 'ia�1 0 :airi Tills, Wo d-Par m �, . :• Progress Dow s GoIf�G.urse eK � � •- °� ,P �� w-^ O ■ PrOdreSS OE ,a �C•e� .H CREEK���'�� • D`L r � Z IiiiIik .11, L . 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COL:Y= m z Si'@S ofy'4 -wLEVEro ruaL =!rnXivermo �'oN .\ O i / '%*4 • 47- •'• Tualat' �e ■ Z o • oSytN- SW•POKANE SW.EN CA.R2l2 •/� Tualutirr2:ver • GtEP°SPP° O,P ,I W NYBERG LN [/�* 1130 .. •,-. / H°SPT• ti: `�' �_�u-ARK Sw MANHAS-ET • MEHI•- `SW JOS,• •= 0_11r H 4CY • hip 2 N CALU-L•OP 3 • ,,e r Reservoir P -O • „sig'?'" kdian Park HO-•ital Ai r7 R I ©2000 DeLo¢ne. Street atlas USA:©2000 G 1 T,Inc., •e1-4412 1,0,1 _ — -. f 1= jc NEIGHBORHOOD MAP 111 02MC-116 MUELLER AND COMPANY, INC. 17 I I NEIGHBORHOOD DESCRIPTION CITY OF TIGARD I The subject property is located within the city limits of Tigard, a rapidly growing residential suburb situated eight miles south of the City of Portland. More specifically, the subject property is located in the southeast sector of Tigard, one block south of the ISW 72nd Avenue interchange with Highway 217. The immediate neighborhood lies approximately 1 .0 mile east of downtown Tigard. The City of Tigard lies at the north end of the Willamette Valley, and is surrounded by the areas of Tualatin/Durham (south), IBeaverton (west), Portland (north) and Lake Oswego (east). Presented on the preceding page is a map of Tigard identifying the subject's location. IImportant social factors to consider are city population trends and area development characteristics of the neighborhood. Analysis of the eight major suburban cities in the southwest area of Portland indicates that Tigard is the third largest city with a population Iof 42,260 as of April, 2000. Tigard experienced rapid population growth between 1980 and 1990 (98.9%). The following population chart summarizes the recent population growth trends for major cities in the southwest area of Portland. IPopulation and Growth Trends in the West Portland Area Census Census Census %Change %Change Cities 1980 1990 2000 1980-90 1990-2000 1 City of Portland 368,139 438,802 531,600 19.2% 21.1% Washington County 245,860 311,554 445,342 26.7% 42.9% Beaverton 31,962 53,307 77,050 66.8% 44.5% I Hillsboro 27,664 37,598 71,455 35.9% 90.1 Tigard 14,799 29,435 42,260 98.9% 43.6% Lake Oswego 22,527 30,576 35,415 35.7% 15.8% I Tualatin 7,483 14,664 23,065 96.0% 57.3% West Linn 11,358 16,389 22,440 44.3% 36.9% Wilsonville 2,920 7,106 14,365 143.4% 102.2% Sherwood 2,386 3,093 11,791 29.6% 281.2% ISources: U.S. Bureau of the Census, Center for Population Research and Census; Portland State University The rapid rate of growth has slowed from 1990 to 2000 due to the lack of available land for development. Future population growth is anticipated to be moderate with expansion primarily by annexation. I I 02MC-116 MUELLER AND COMPANY, INC. 18 I I NEIGHBORHOOD DESCRIPTION (Continued) Between 1970 and 1980, Tigard underwent a change from a rural community to a suburban community with a strong economic base. Commercial and industrial Idevelopment is concentrated along the Highway 99W and Highway 217 corridors, as well as Interstate 5. State Highway 217 was completed in the 1970s, facilitating access south from Highway 26 to Interstate 5. With the completion of Highway 217, commercial Idevelopment in Tigard expanded rapidly, and is represented by Washington Square (a regional mall located one mile north along Hwy. 217) and the Lincoln Center Office Park (total space = 716,582 SF). More recently, commercial development has been Iconcentrated in the Tigard Triangle area (bounded by Hwy. 217, Hwy. 99W, and 1-5), including Costco, Babies R Us, WinCo Foods, Petco, and Office Max outlets since 1993. A Wal-Mart store is also planned in this area (east of Costco) in 2001 . As the preceding would indicate, commercial development in the Tigard Triangle area has been dominated by retail uses, though low to mid-rise office uses have generally predominated adjacent to Interstate 5. I 72nd Avenue Corridor and Tigard Triangle Area I The general boundaries of the immediate neighborhood are Highway 217 (north), Interstate 5 (east), Hall Boulevard (west), and Lower Boones Ferry Road and the Tualatin and Durham city limits (south). Access to the subject neighborhood is I considered good, with direct linkage via SW 72nd Avenue to Highway 217 (one block north) and Interstate 5 (three blocks east via Highway 217). SW 72nd Avenue is a primary north-south thoroughfare which links to the subject neighborhood to the I neighboring Tigard Triangle area (across Highway 217), and then Highway 99W (Pacific Highway; 1.0 mile north). Overall, the neighborhood has very convenient access to the major transportation nodes serving Portland, and is well located relative to the Ipopulation base of the metropolitan area. ICommercial Uses Commercial uses in the immediate neighborhood are focused in the southern two Iquadrants of the Highway 217 interchange with SW 72nd Avenue. This area is largely built-up with a variety of Class B and C office properties developed in the late 1970s to mid 1980s. Major office developments include the following two and three-story Class B Iproperties: Hilltop Business Center (95,000 SF; 1985), Hunziker Professional Center (26,923 SF; 1978), Fir Loop Island Center (20,452 SF; 1981), Fir Loop Center (16,042 SF; 1983), Fir Loop Plaza (13,190 SF; 1977), Sandburg Professional Building (10,000 I SF; 1979), and Times Square Building (26,125 SF; 1984). I 02MC-116 MUELLER AND COMPANY, INC. 19 1 ' NEIGHBORHOOD DESCRIPTION (Continued) As noted, to the north of the subject lies the Tigard Triangle area, which forms the northwest quadrant of Highway 217 and Interstate 5. This is a developing office area ' with a full range of Class A, B and C properties. Office uses tend to predominate along the primary collector streets of SW Hampton and SW 68th. The most recent developments in this area include the Lowe's store (completed in the Fall of 2001) at the ' northwest quadrant of the 72nd Avenue/Highway 217 interchange. A 40,500 SF office building constructed by Trammel Crow adjacent to Lowe's and completed in 2001. The Tigard Corporate Center was completed in 2000, and includes 126,000 SF of office in three identical buildings. New development in the immediate subject neighborhood continues. A two-story, ' concrete tilt-up office building was completed in 2001 along SW 72nd Avenue. This building is owner-occupied by Rio Digital Audio. rFurther south, three other multi-tenant office projects recently completed construction. OPUS Northwest LLC developed the Southwest Center. This 88,000 SF, Class A office building is located along the southwest side of SW Durham Road, just west of SW ' Upper Boones Ferry Road and is fully leased. Pacific Santa Fe constructed a Class B building just south of the OPUS project, along the east side of SW Upper Bo nes Ferry Road. This 1 .9-acre site, which was previously utilized as a plant nursery, has a 34,000 SF two-story office building. Confidential sources indicate a large portion of this building is owner-occupied and was completed in the Fall of 2001 . ' Further south, Pacific Santa Fe has also just completed another two-story, Class B office building (NRA = 19,195 SF; up to a 21.4% load factor). Bridgeport Crossings is of concrete tilt-up and brick veneer construction, located just south of the Durham Landfill, along the south side of Bridgeport Road, west of Interstate 5. The good quality building was completed in mid-2001 and is almost fully leased. Parking is at a ratio of 3.9 stalls per 1 ,000 SF of NRA. It is noted that this project has been marketed since September of ' 1998. The project is being marketed at $23.00 per SF which is considered above market, and has resulted in slow leasing. 1 According to a 4th Quarter 2001 survey by Norris Beggs & Simpson, the overall Class NB vacancy for the subject South 217 area was 7.1%, or only 69,630 SF available out of 984,730 SF of total office space. General office building rents in the immediate area ' reflect full service rents (with the landlord paying all real estate expenses) ranging from $10.00 to $18.50 per SF for Class B and C properties. The high end of each range is reflective of the best quality properties in terms of age, condition, utility, and location. 1 02MC-116 MUELLER AND COMPANY, INC. 20 I I NEIGHBORHOOD DESCRIPTION (Continued) IIndustrial Uses I To the south of SW Sandburg Road, and centered along the SW 72nd Avenue corridor, the neighboring area primarily consists of single-tenant heavy and light industrial facilities and large multi tenant business parks. Industrial uses in this defined area Icomprise approximately 70% of all land area with commercial uses at 25%, and the remaining 5% vacant undeveloped land or public uses. Industrial uses in the area were primarily developed between the 1970s and 1990s. The area is currently in a Idevelopment stage with few infill sites left for development. Most industrial properties in the area are in generally good condition. I Residential Uses IResidential development in the subject area consists of older single-family (1950s and 1960s) homes intermixed with newer multi-family projects (1980s and 1990s), which lie ' to the west of SW 72nd Avenue. As noted, many of the existing older residential neighborhoods in the Tigard Triangle area are currently being converted to commercial 9 g g office and retail uses. I Transportation I transportation The subject neighborhood is exceptionally well served by an arterial system centered at the interchange of Interstate 5 and Highway 217. Direct access to I Highway 217 is provided by full interchange at SW 72nd Avenue, with indirect access to Interstate 5 three blocks east. Alternative access to Interstate 5 is provided one mile south at SW Carmen Drive, via SW 72nd Avenue. Finally, Highway 99W is located one Imile north, and is access directly via SW 72nd Avenue and Highway 217. As noted, major road construction was just completed (Fall of 2001) at the interchange Iat Highway 217 and Interstate 5, which changed the signalized intersection to a cloverleaf design with continuous traffic flow. The completion of this interchange has greatly increased access and traffic flow in this congested area, and also increased the Ialready high desirability of the immediate neighborhood. IConclusion The Tigard area has a central proximity to the residential areas of southwest Portland, Iand is one of the major employment and office centers of Washington County. Thus, a stable, but strong demand for various classes of office use is anticipated to continue. I 02MC-116 MUELLER AND COMPANY, INC. 21 I I NEIGHBORHOOD DESCRIPTION (Continued) In summary, the subject property is located in a large established suburban community that has experienced moderate growth in the past five years. With expected population 1 and employment growth, the subject's market area is anticipated to continue improving with a steady increase in the values for industrial properties. Due to the subject neighborhood's central proximity and excellent access near the interchange of 1 Highway 217 and Interstate 5 (and also Highway 9914/), demand for service / office uses in the local neighborhood is expected to continue for the foreseeable future. No adverse influences were noted to exist in the immediate subject area that would have a negative 1 impact on the subject's value or its marketability. I I I I I I I I I I 1 I 02MC-116 MUELLER AND COMPANY, INC. 22 I I I I I I I I I I I SUBJECT PROPERTY PHOTOGRAPHS I I I I I I I I 02MC-116 MUELLER AND COMPANY, INC. 23 I - :.. • . ..- -..., i .c • • • a Y! " M t t. y c • ti I • J , . /. f ( - W. 3 z i _. --r '''''' - 2' '',., ' - Yer.-- r:: View looking north at subject. 'IT *ter, ,�., y ,t , , ..., 44.41. . ti iib tr.:.,~• •. 4.. y �� i ' •.... , I 1 SW Fir Loop looking east, subject at left. 1 02MC-116 MUELLER AND COMPANY, INC. 24 1 III y .7. ." :d+•`f'yi n;,�-..;rte. 't. iro.. -1:- •:.,„'417;-....d. .."" . , ./ �- moi. ,,•.. it: " r., . le' . • • W t 3, IV - It �..._ 1 r - fir-. ;- # r�" L r I - ISW Fir Loop looking west, subject at right. r- ..,'.1.,;... : .moi - .✓ +'Z . _ , 'I Kfr . '�r 1 1 i ',..; :::'-",,' -4 '• . ...... •. • I ' •.• ;' . '• •\ �,• ._ .J•• ••N F.Y rte,'. �, • f -. j 1 l, 4 1 , 1 .... . . ,... . . ._ . . . . • • .‘, j .. i ... ... .I View looking south at the east façade of the subject. I 02MC-116 MUELLER AND COMPANY, INC. 25 1 I - - • 'or. , •' •- .'"', '.. •-; 4..- ,•;-.. .,, . , . 7 d'; ''''. •s. '•.,,40 1* , . :' ' '.:i•...''A '9111; • ; ...** '''‘ -.:.'•*K: . 'f(. I , „ , . ,., v.„ii. ... 0,„ . 7,_,. . I 1 ,. d ,, / . /L. ...,..UP at,• '... • •••..•'t ?, . ., - . • .•••- .'• . .. ',1 , -II* .... y; . 4 . r. 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' 1 • .r194'-,,:b`.. ,'-' I — . .. .. .- • ,, • . ......,. . ......,,,, .4 • .• . ..•••..: . , . , •,.,• 6.• . .0.- .. •-* . . . !,,,i•'''',',..4' ','• .•,.,:- . "7'•.(tr,.. , ''4 C -iff • I --. • .. - • "...- ----- •-- _____ ....-.. G-___ .. , . .,.... , 1- •,. ,.,' ' ,:t°1,•:. Ye'," , "At.: ,i":44' 17'7" --- -, -,,,•,--•••••., • ,ANIr• , 1 . •--.7:"....•'• • i .° ,,.. I . . . , .;.. ...•..- . , -.'4,"*.‘,-"•!..=-*4.t7,•:'-,• •••1' ' :-...,7 '.i.• - - -,,. - ,i'''....«,..-• ' '- ',,,,_,,, --- --------2--- IIView looking south along the western façade of the subject. 1111 „; . .ig- ... • . .3;_ " ...... ,xr, ••'. -‘.. .;;;:h4;..-- ..e., j, .. . „.: i ,'1,t ,•:, : a-A, , .., ' r\'`.:. :;.,, .... ,-_-AF....... ,..... ,,t.,ic,. .f...:..*:11_ 7 . :: ; , • •::b-.;,,,,I - ' '-.4._ ,•11'... '.41•°',tirki:", mill'7.,:. , ,,. • **4.1.f•ti?I' • -,.-r... . r-,, ..-4, •',4.ir • I rIN f• .`•''s''.''.. 1. 4114,'‘i- ,,F 7.1.40 ..1 4:-.:1 .. l. .. v.• 'PWA ,i, .....°110 ." .,...,0111 I 'a „). . i ..- .:. ' ' ' ,"./. 4%*•'''''. • '').4A1. •" . •...! '•;,•• ,Lie-_ . . ,....„., ••,,..., ' `.;.:.,-.,,..4 st.rr,4.,....'! lie.:/_,..i..4: ' .'. •t.,41 '.l'....1-11:'r• *V.:;"• • -../.. .. • i- 4. J.,, './..4.;'.•'rr• *: ..., . " .• • • ,, . . \•::;i:^r.7.:i. - 1:• .Ir. . '614•4.1:' .t; •• :', • 1 . . ••• .....- ..1: f !..4;4* •'`1144.1.,„ crag-A-' *,, ...,,;_j -,. '--,o,, ,,"..'.,,,,7. - r•lif, ,;..,..,,,,,,;,/,,A40... .,., ,,,, • • 1. '..• '.1 .. .: *2' .! .. ni .• '`.,,,'11 40,4', NI • :.„ii-;,-17''.i.:-.. • I . 1-io 1,,orid16....: -., . ••'. .-'"4 • ' **ilk• '' . -.. .7! ••—• ..In v..,"'• ..4r,.. t•• -1/4., : . ..•,,',i- ,1 . , _ .. .,..:. ,..* 4".X.•,..,;;•....,a :I••••• .;,z, i'., ; .7-.1:WoV,": ,_ 4 - ..'t•• . .... it .41.. t... Vitt:ea:J...)' . .'.' •'t%A ... .,44 ..',.• . 7 , , ' ,d.•,-,•-•';'. *4",-- .e '.':,:‘ T7.! .: ' 7 '1** .,_,.-• ., ' .1 -.....:•••••..'- — '" ci • at,0....h ---- , ., .. . ii. .... • '''''''"• •'i 0 11. .° • ... . 7, 1 ..• Ni:, r...te.• ,-, , • - OP, ,IL.. •• APS ,. ..... • •• . i • P.' ' . • .7. ..... .-1 "' . 44 ..,•. )"t 41 7:::: • la, - .,. • •...,. -- , ,...1".•• ‘7"*.*Lt..- -• e*I110114.116. r ...* "NOMMOrr. ,...rm. i ._- - . • F - ,-`', ' ' ---.. .. . 'i A. , . ._- . . . . . . .. . I . . . - . . . . • _ View looking south at the northern (rear) façade of the subject. i 02MC-116 MUELLER AND COMPANY, INC. 26 �, { 1 L 1-k-- 1 .,';' i If r f .t i : 36.' '''' ' .-= el-imiaii ,. .,,,.„ ... , , „ff.. ,:„ ny �— '•�� iI,I . , .-4611116 • t \i,1 j'A .y I NI - /F r - A_,� Reception area. ill _ sr. rt '. -1- -- ' ' . . 144' 1 ; ._ - _ s''`ue ---•._.� . ill ' sr_ , ,..... , .„:,.,.,..,, .— ---.'- -" — , , . Conference room / office area. 02MC-116 MUELLER AND COMPANY, INC. 28 I I , . ' / . . T ., , _.... , , . ,) 4 . ...... 1 ..... , , 1 , . 1 iv 1 'r I i _.,,sto=_-__-----7 '''''; '- — - 7..--) A -,''' 7.. ,. “, , .. ,., .1, ...:It. _--. + I '`mar****M.• . j' 1. Warehouse space. —77 I yy e }r u ,. .. _ • • E _ i . , f 1 I Warehouse area under the mezzanine. 02MC-116 MUELLER AND COMPANY, INC. 29 • '-..,„,-7mom,w ' x ——--.4•._ . --'-----..- .. \ ' ''':\)1' . _ ...._ , _ --•,......"----,27,_ ,..„: ' 1 i\ 1 • -- - v/ .1 1 \ ' ? ' I' • 1 'I 1. , i '.• , ---......., \'If / A 1 44141010.w.' rro.-...,_........„ . • 1 i , ,_..,:".'' Ill— ' -,,„,"• ;... -0 :3 11.... —,...—•,.,. ',lit. - 1 z61.1 A v, • I "...- , Mezzanine storage area. I1. , . . . , . • . . . .. . , I . . ........L....••••••• •,.... • . . 1111 . • . • ' -'-- - . - - •It.. '..` I , i . I r [ 4 - , 4 •—• • s ,...,-4 '7".---- -,-..=Ammi ri- -;;•-• • r • fii.- 4. - . .... _.... — 1 , •,....7. 'a L , I 1 t I. . ,... _ ' A fore."` I I T /17\ ... .. , .... vo . , _ , cli'i, 41111111111_ ...... - . . .....- "--.... ea. , .. IView of warehouse from mezzanine. 02MC-116 MUELLER AND COMPANY, INC. 30 t l r7 " .r t3 i ,r j f, i , , -. • / ,r* i ,', :,„-..,'''',,I) I ' ,4 A . ', 1 , i t x i1 J Loading dock area. I 1111--1 t S L. L' i f 1 • ITypical restroom / locker room. I 02MC-116 MUELLER AND COMPANY, INC. 31 PROPERTY DESCRIPTION SITE DESCRIPTION Address: 7100 SW Fir Loop Portland, Oregon 97223 Location: The subject is located on the north side of SW Fir Loop, approximately three blocks from the Interstate 5 / Highway 217 interchange in the City of Tigard. Current Use: Single-tenant industrial / office building. Land Area: 24,829 Square Feet, or 0.57 Acres The preceding site area is based on a review of the Multnomah County Assessor's Map provided at the end of this section. Shape: The subject parcel is generally rectangular with 122 feet of frontage along the north side of SW Fir Loop, 130 feet of rear frontage along the south side of SW Varns Street and a depth of 190 feet. Topography: Level and at street grade. Adjacent Properties: • East: Fir Loop Plaza, 2-story office building, 13,190 SF constructed in 1977. • North: SW Varns Street; then 2-story office building. • West: Touchstone School, one-story pre-school. • South: SW Fir Loop; Fir Loop Island Center, 2-story office building, 20,452 SF constructed in 1981 . Utilities: All typical urban utilities available. Street Improvements: SW Fir Loop is one-lane, one-way, 36-foot wide subdivision street which runs in a circular pattern and exits to SW 72nd to the west. This public subdivision street is improved with curbs, gutters, and street lighting, but no sidewalks. SW Varns Street is a two-way, collector street with curbs, gutters, street lighting and sidewalks in the vicinity of the subject. SW 72nd Avenue is a two-lane, two-way primary thoroughfare (north-south). No off-site public parking is available along SW Fir Loop, however, street parking is available on SW Varns Street. 02MC-116 MUELLER AND COMPANY, INC. 32 PROPERTY DESCRIPTION (Continued) Accessibility: On-site access is average with a single curb-cut along Fir Loop and an additional curb cut along SW Varns Street. Egress from the 72nd Business Center subdivision is regulated by a stop sign. General access is excellent with a full interchange to Highway 217 at 72nd Avenue one block north. Furthermore, Highway 217 intersects Interstate 5 three blocks east with a new cloverleaf interchange that has dramatically improved traffic in this area. Exposure: The subject site has average interior exposure on a subdivision collector street, though secondary exposure is also provided along SW Varns Street. Easements and Encumbrances: A title report prepared by Fidelity National Title Company of Oregon, dated November 30, 2001, was made available to the appraisers (see Addenda — Exhibit A). Based on this report there do not appear to be any adverse easements or other factors that would have a negative impact on the subject. Our inspection indicates no other obvious easements or encumbrances on the subject property, and this appraisal assumes no problems related to the preceding. If there are questions or concerns regarding the preceding encumbrances and restrictions, further research is advised. Soils: No geotechnical engineering evaluation of the subject property was provided to the appraisers. This appraisal assumes that the subject soils are adequate to support the existing improvements, which is evidenced by their long term existence on the site. Please refer to the Assumptions and Limiting Conditions for more information. Flood Plain: According to the Federal Emergency Management Agency I Flood Insurance Rate Map Number 410276-0003 B, dated March 1, 1982 for the National Flood Insurance Program, the subject site lies entirely in Zone C outside the 100-year flood 111 plain. Please refer to the Flood Plain Map in this section for the approximate location of the site. 02MC-116 MUELLER AND COMPANY, INC. 33 PROPERTY DESCRIPTION (Continued) Utility: The subject site has a good location in an established suburban office park with limited exposure, excellent access to major arterials and freeways, and good access to nearby services and downtown Portland. The site has average functional utility in terms of shape, size, available utilities, and development characteristics. Hazardous Waste/ Materials: A Level I Environmental Site Assessment was not provided to the appraisers. This appraisal assumes that the subject site is free and clear from all hazardous wastes/materials. Please refer to the Assumptions and Limiting Conditions for more information. Summary The preceding information provides a detailed description of the subject site. This description is utilized in the valuation of the property. Reliance has been placed upon information provided by: 1) the buyer's representative, (Dave Cutz, 503.684.5330); 2) the appraisers' physical inspection of the subject property; 3) the appraisers' review of the county assessor records and plat map; and 4) the appraisers' interviews with government officials. I I 02MC-116 MUELLER AND COMPANY, INC. 34 I PROPERTY DESCRIPTION (Continued) ZONING The subject property is presently zoned by the City of Tigard as C-P, Professional / Administrative Office Commercial District, which is intended to provide opportunities for employment and for business and professional services in close proximity to residential neighborhoods and major transportation facilities. Based on the preceding, the existing subject industrial / office building improvements are considered in conformance with C-P zoning. A copy of the zoning map is presented on a following page. ASSESSMENT AND TAX INFORMATION The subject property is liable for annual real estate taxes as levied by the Multnomah County Assessors office. A summary of the real property tax liability calculations for the subject property for fiscal year 2001-2002, is presented on the following chart. Real Property Assessment and Taxes Fiscal Tax Year 2000-2001 Meas. 50 Parcel Market Market Market Assessed Annual Number Land Imps. Total Value Taxes R458793 $168,980 $248,290 $417,270 $270,700 $4,296.98 According to the Washington County Assessors' Office, the real property taxes for the current tax year have been paid in part with $2,864.65 still owing. The property owner is following the three payment plan with the next payment of $1 ,432.32 due February 15, 2002. 02MC-116 MUELLER AND COMPANY, INC. 35 190.00 %- . , .v 4. .<, J orb '192._ ;; ,", .,,,' ,..c ,",s\ I , .xs „V , s „ s ,: F„.5 e. ;t, . ,�, ,>. , ' ,�,� 800 12 --", •—• "."s• ''‘• , 11 . - „-, „.„,\ 7\ • \ •82:83` 200.00 �� di VARNS STREETS oG� . .. 17 1•.•1• ... 1.11 141•.•= N89 20'38"E O 451 ,go� co 1100 1000 I 900 n 11 g 10 9 y 1Z:\ r 11.9), \ .,V' 150.00 4'' w r a. .�30.10_ 68.82 _ 88.08a333) �.. 0� 45 v2 FIR ... �� 41ifP ' il 3 • 17. 156.00 ° R+ �' i C'. 0:X1 ao at,- 0 8 6' a Nsi �� �$��,,,,'N3 1200 36' Di 182.07 n 14 8 cdr T., 1900 220.op r' J O 8 1700 .98 AC 7 8 � �, r� �� N ^ 182.79 S 15 oo :,\\1 f 81.22 4. 37 O^ a .,N 1114) • �'?, 158.00 60`�`y 1600 90.00• 42.00 0 a •, �' rroi b 6 138.00 I �L !h 3g� y ..„gyp 8a� , , 9$'.45 ,. 57.55 4 38.b1 ( ir., If 125.00 y,' \,. ,,r . ,, 2100 /` x '` I�"� ' ' �` � � ' �• 2000 $ 1, 1400 - S 1� , ,,� 8 15 ,� C !ii ''. „'•, /3 ,'-, •", 4 y, ( 1\ ' ` ' • ' ` 1.r\ ' " 88815'37 W i� PLAT MAP 02MC-116 MUELLER AND COMPANY, INC. 36 I ! CG ) 11171Liari ill Lia il 10: imii_ iii iii r 'Milk,. .• ; illiiiik. ,r, 1 4! swim 04, 1 ink lible. i I 11 IR aii SubJect At iik 111411111 ills, 10 El imi, ai avow (ridmian IL ovidiab. i.r„ I 111111i 1 trimmorm — Iiiial Tu-fella !I .1 V 111116 11111111111.1 ZONING MAP 02Mc116 Mueuea aHo comcnrvr, INC. 37 I ZONE C Washington County � � t,��, ton AREA NOT INCLUDED County AREA NINCL°voEo I I I Watington County AREA NOT&NCt.UO(D I -------"--------------( sr- :t7 . ti<N.4.R w tsr (''��`` ,..,,r SW HAMPTON w ST 4 F 3 ZONE C = Community-Panel Number o I410276 0003 B *` u Effective Date: March 1, 1982 -- � SW n VAR X14' PARKWAY a I W W y a Subject I z /- SW rt0.. FIR ST w I \\ cncu ti <Vij..CHERRY ST SANDBURG ZONE C X ti ti ST 1 0 \ FLOOD PLAIN MAP 111 02MC-116 MUELLER AND COMPANY, INC. 38 I 1 PROPERTY DESCRIPTION (Continued) IMPROVEMENT DESCRIPTION I General Description: An existing single-tenant, one-story, CTU light industrial warehouse building. I Building Area: Gross Building BUILDING COMPONENT Area (SF) Office SF Warehouse Shell 5,896 Attached Office Area 744 ITotal Gross Building Area 6,640 744 (11.2%) Excluded Area I - Mezzanine Storage 1,950 The above measurements are based on plans prepared by I Jens Hously, Architect last dated April 12, 1978 and verified by field measurements performed by the appraisers. Year Built: 1978 IInterior Layout: The office area is located on the south side of the building adjacent to the roll-up door. This space has a patio entrance I area that opens into the reception area of the office space. Leading north from the reception area is a hallway to the warehouse. Located on one side of this hallway is a I conference room / office and on the other side is two offices. The entrance to the warehouse from the office area slopes down 6" to the warehouse floor. On one side of this hallway Iis the women's restroom and the other side is the warehouse area beneath the mezzanine which is used for setup for the printing operation. There is also another office in this area. IBeyond the women's restroom is the men's restroom, with both of these rooms beneath the mezzanine. The remaining area beneath the mezzanine is a room on the east side of Ithe building adjacent to the loading dock. There are stairs up from the warehouse floor to the I mezzanine level at the east and west ends of the U-shaped mezzanine. The mezzanine has a half wall around two sides and a full wall with a window around the main portion of the I space. This area is approximately 1 ,950 square feet (excluded from the GBA, which is typical in the local market). I 02MC-116 MUELLER AND COMPANY, INC. 39 I PROPERTY DESCRIPTION (Continued) Exterior Finishes: Roofing: Built-up, fire retardant roofing, on 1" plywood sheathing, over 6" x 25" glu-lam beams. The office area roof I is metal. Walls: 6" Concrete Tilt-up Panels (warehouse elevations); Cedar siding (office elevations). IFlooring: 5 1/2" Concrete slab over crushed rock. Interior Office Finish: Ceiling: Plaster, sloping from the south elevation up to the Iwarehouse elevation. Walls: Taped, textured and painted gypsum board over wood studs. The wall between the warehouse and office areas is Iaggregate stone. Flooring: Carpeting throughout. ISecurity: The building has an alarm system. I Ceiling Height: 12' clear height in the warehouse area, 8.5' in the office area, 8.5' in the mezzanine area. The ceiling in the office area goes from 8.5' up to 17' at the warehouse elevation. It must be noted that although a 17' clear height is possible in I the warehouse the fluorescent fixtures and heating ducts that hang from the ceiling allow only a 12' clear height. ILoadingDoors: The buildinghas one 12' x 9' metal roll-updock door on the south elevation. IPlumbing. The building contains one set of men's & women's restrooms / lockeroom. Plumbing is considered adequate for the use. IHeating/Cooling: One suspended electric heating unit in the warehouse area & forced-air electric heating and cooling throughout the I building. However, the 10-ton HVAC system that heats and cools the warehouse has not been functional for 20 years and needs to be replaced. I Refrigeration: None IFire Sprinkler: Wet System. Interior and IExterior Condition: Exterior and shell condition is average overall. The office area is in average condition. I 02MC-116 MUELLER AND COMPANY, INC. 40 ' PROPERTY DESCRIPTION (Continued) Effective Age: 15 years Economic Life: 45 years Site Improvements ' and Landscaping: The site has mature landscaping with large trees and natural undergrowth, rocks and bushes. The rest of the site not covered by the building footprint is paved asphalt. Rail Service: None. Building Coverage: 26.7% (6,640 SF Footprint = 24,829 SF Site Area) Parking: The site has no delineated parking spaces however, the ' parking areas are located on both the north and south elevations of the building with the potential to park approximately 8 vehicles on the site. This indicates a parking ' ratio of 1 .20 spaces per 1,000 square feet of gross building area. The subject's 1 .20 spaces per 1,000 SF is above the market standard of 0.5 to 1 .0 spaces per 1 ,000 square feet t for typical industrial uses but far below the market standard of 3.0 to 4.0 spaces per 1,000 SF for the office properties in the immediate subject neighborhood. Utility: Average quality industrial building with a functional design for ' single-tenant occupancy. Hazardous ' Materials/Asbestos: This appraisal assumes that the subject improvements are free and clear from all hazardous waste/materials. Please refer to the Assumptions and Limiting Conditions for more ' information. ADA Compliance: A report on compliance with the Americans with Disabilities ' Act (ADA) was not available to the appraisers. It is assumed that the building complies with all Federal and local standards, as evidenced by its recent approval and near ' complete construction. Please refer to the Assumptions and Limiting Conditions for more information. 02MC-116 MUELLER AND COMPANY, INC. 41 I I PROPERTY DESCRIPTION (Continued) Summary I The information presented above is a detailed description of the subject improvements, and is utilized in the valuation of the subject property. Reliance has been placed upon information provided by: 1) the buyer/borrower (Dave Cutz); and 2) the appraisers' Ireview of a set of the subject's building plans and specifications prepared by Jens Housley, Architect and last dated April 12, 1978. It is assumed that there are no hidden defects, and that all structural components are functional and operational, unless Iotherwise noted. 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Art.AN (-gar_ .7204 IN-1.15;031223 0348 j' • ' ' '' • - •.•P•C) . . ,.. • .. • • , . .. .... • -"".7;-,r-,-,......,,,," mil NE Num 11111 NEI 11111 IIIMI MS nil MI NEI IIM 411111 111111 in MIN Mill gill Milli ...----- '_.,'''' far'''.I.T.'":-Itt ,: Allialitialialik,.':',-7'. •, .•' ' • ‘...•-••;...4.,,. -• •-•*•,..),_„ -•,r.r.1,,,,t,, _ - .: • -_:- • _.- _...,, • . . ,let., ,., , ,,,,,,. . ,. , 11 .,:-. .. %, ••;..- 41,,,i,x , -Teor.,.'-,'••- f '- • •',,,,,:i '','-'•••,;,• •.. . _':.` ..re_ t':' '':. ,,,r ...-L, , -.;., - ..: - .,. . . .,... .4.'' ''''-,t• ' .-h' , ,..,.?.c' , , ,,,..,4-,,,,%It, ,_ -,,,,,, -,,,..-0 v,,t,.4: ..,-;,.TA),.i,• .e , ...4---...z,'' -,."--..,r-1.1. , . . . ' i'A;I'' • • ' - .. - , • *-'t " • *- . ' #04''' , ''' 1. ,. 1 •- -/•'' • . '"......\ . •••••' '. ',!:• ,,, . • 1 , • • ::':'.'"''',_'..! • , I,4,7 • ' ' • ,. , ,. ..... ..,. , . , c , I1 I _4_••-_ _ f. l' -1- 0 4";'- .. 1 --.1_-_i_i___r_f.__•._-L_I___-._1_,,,,,,,11'''''. I 11 .1 ,—17 . . , 6, __________ _ _____ - --'--TT" lu $',.'' t, 4, ' ---`->i ' ' ' ; ; , 1 P Li ; 14.- . ,e) _....-- , ,.., i . 0 1 t 1 iti_tii,'T — i -,],. /, , , , _Sr 1 -to 4,31- / it 2 tut. tot° , -I - 1 r . •••„,... . - 1 , 1 (3 ) , • - 1_ is ,•, , 1 P.M c i:•„11 , ,. kr•“ • _'•i',,I' _ L _ • /9t, ',•-, I;. Nr--) Ii• _____ • c-- 1 P:)\- r.4( 114t ••'',e4.i, ;1 1,2c' ., ..•••W•': 1 , ,.....) ...,N. ,. i i am .. . \., . ' i-\ ----..-,4”'” ' ''• 11 • - 47'—___-_—____,_ • • • v • • MUM - ,,, - 77"="--> -'' '' ' fC9-111' '--• ' ' g..1 ---..-±'--, -• ..a.7.1 ,a,..20 it2o, -i' c, J i - ••• ( ) (2) ( I ) - li _ • -_ , 1,d. r 1::ii, ••• •••••. 21 1 , tr ii ., 4 , .••••••.. • fly, k 12 d? i P ,--N . • '4>, ,,,,,,,v PROJECT TITLE: . li)'Ilk ,t,.. • fN, T 0 KA 1 ‘I 1111 0 JENS HOUSLEY Ala. ARCHITECT AND PLANNER (:;• ,r-c--• "S -ri -6, M ' Kl.,4\A/ F-T2N'T ,t2L1Lr.-_311\J , 0 F-6.-9 J;f::4-11',1 \04--, 61Fc'r--)F-R i ,..1 ,,,._ • .,,..`.:, 64•:. , - ,-.1 x... ._ .. i -P ' t cr> s, ,,--., q'YZ ,.'•E c--b11119-114,J.,2 -' "•. ):: • "••• C• AMP ),•" 1 ...74"TtAl\-11.), i ,- %.1•• 0 Ua 8.v.i FRONT AVE,PORTLAND,ORE 97204 PH.(503)2230348 0 -..-• . ...................,.. ......1••••••11181.........m.....10.0.“...1 i 1 HIGHEST AND BEST USE ANALYSIS The Appraisal Institute defines the concept of highest and best use as follows: "The reasonably probable and legal use of vacant land or an improved property, which is physically possibly, appropriately supported, financially feasible, and results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability." En The highest and best use concept is based on traditional appraisal theory and reflects the attitudes of typical buyers and sellers who recognize that value is predicated on future benefits. This theory is based on the wealth maximization of the owner. In the appraisal process, highest and best use concept typically reflects most probable use, and often relates to the most probable value of the property. AS VACANT The legally permissible uses of the 24,829 SF subject site would be for office or a supporting retail use. Given the subject's poor exposure, a retail development would not maximize the subject's utility. The likelihood of a zoning change in the foreseeable future is considered remote. Given the constraints of the current zoning (which does not allow a multi-familydevelopment), and the subject's arterial exposure, the highest and P 9 best use of the subject, as vacant, is considered to be for an office use. This is supported by the continuing office development within the subject's market area and the office use of the majority of the surrounding properties. A survey of newer small office buildings in the subject market area indicates a typical range of land to building ratios of between 2.5 and 4.0 to 1 . Based on the preceding it is the appraisers' opinion that the development of a small office building to its maximally productive use (with gross building area of between 6,000 and 10,000 SF), would result in the highest and best use of the subject, as if currently vacant. I I [1] The Dictionary of Real Estate Appraisal, Third Edition, 1993, The Appraisal Institute, Page 171. 1 02MC-116 MUELLER AND COMPANY, INC. 47 HIGHEST AND BEST USE ANALYSIS (Continued) 1 AS IMPROVED The highest and best use of the subject property, as improved, can be considered under the following alternative uses: ALTERNATIVE USES 1) No Change 2) Addition 3) Renovation 4) Conversion 5) Demolition According to the definition of Highest and Best Use, the property, as is currently improved, conforms legally, and is physically suited to the site. Demolition of the existing improvements is not considered a reasonable alternative since the subject improvements still represent a viable use contributing substantial value to the property. This is supported by comparing the subject's final concluded "As Is"Value ($750,000) to the site value alone as estimated by the appraisers ($375,000 or $15.00 /SF). There is no market evidence to support conversion or renovation of the subject improvements with the increased net operating income not sufficient to support the cost of the project. However, due to the lack of surplus land, a future addition to the subject property is not considered a potential viable use. Due to the overall functional utility of the existing improvements, no change to the subject is considered the most reasonable alternative. Our overview of the subject market indicates low vacancy and active competition for suitable small commercial properties (under 20,000 SF) in the subject neighborhood. Discussions with brokers active in the market indicate that owner-users and small investors represent the primary purchasers for properties such as the subject. Therefore, there is determined to be a continued need for small commercial properties like the subject in the immediate neighborhood. The final test of highest and best use is whether the existing use represents the maximally productive use of the property. The current subject improvements are the maximally productive use since they are well supported by legal, physical, market, and financial considerations and generate the highest possible rate of return to the property. Based on the preceding discussion and analysis, it is the appraisers' opinion that the roved highest and best of the subject property, as improved, is its existing industrial / office use. The preceding is a legally sanctioned use, which contributes value to the surrounding community, conforms with area development goals, and reflects a maximal use of the subject property. I 02MC-116 MUELLER AND COMPANY, INC. 48 I I VALUATION IIIINTRODUCTION IThe social, economic, governmental and environmental forces influencing the subject property have been presented. The specific physical and locational characteristics of the site and improvements have been described. The highest and best use of the Isubject "as improved" is to remain as a single-tenant industrial / office building, and the subject property has been appraised under this assumption. IThe "As Is" Value represents the market value of the fee simple interest in the subject property in its current condition as presently 100% occupied by the owner. In this I appraisal, two traditional approaches to value are used to determine the stabilized value; the Income Capitalization and Sales Comparison Approaches. The Cost Approach is not applicable in this appraisal because of the age of the existing 111 improvements with a subjective estimate of accrued depreciation necessary. IVALUATION APPROACHES The Income Capitalization Approach is based on the present value of the anticipated I future income stream to be derived from the possession and ownership of rights in real estate. Under this approach, net income (gross rental income from potential tenant rent minus vacancy and credit losses and operating expenses) is converted to value by a I process known as capitalization. This process converts a periodic series of future benefits (net income) into a present value by use of an appropriate, market derived, rate of return. The market capitalization rate should be reflective of the specific income Ipattern, return on investment, and change in the value of the investment. The Sales Comparison Approach is the value derived by comparing the subject I property to similar properties that have sold recently. When appropriate, units of comparison are used and adjustments are made to the sales prices. This approach may be used to value vacant land or improved properties. I VALUE CONCLUSION I The two approaches will be reconciled into a final concluded stabilized value in end of the Reconciliation section. This reconciled stabilized value is reflective of the fee simple Iinterest in the subject. I I 02MC-116 MUELLER AND COMPANY, INC. 49 INCOME CAPITALIZATION APPROACH METHODOLOGY The market valuation of the fee simple interest in the subject property is summarized following, via the Direct Capitalization Method of the Income Approach. In applying the Direct Capitalization Method, two components are necessary in arriving at an estimate of net operating income: potential revenues and projected operating expenses. The difference between these components is net operating income. Under direct capitalization, the value derived for an income-producing property is estimated by dividing one year's stabilized income by a market derived capitalization rate. Therefore, it is important to analyze both income and expenses for the subject property in terms of reasonability and their relative relationship to similar properties in the marketplace. POTENTIAL GROSS RENTAL INCOME The first step in the Income Approach is to estimate the subject's potential gross income, which reflects its market rent if currently leased in the marketplace. The analysis is conducted on the basis of an annual dollar per square foot rental, which is then applied to the gross leasable area of the building. A review of current subject market trends indicates that typical single and multi-tenant general commercial leases in the subject market area are written on a triple net rental basis. Triple net tenant rents include only the net base rent, with the tenant responsible for all building operating expenses. Generally excluded are allocations for management fees and reserves for the replacement of capital items. Based on the preceding, our analysis is conducted on the triple net basis of an annual dollar per square foot rental, which is then applied to the gross leasable area of the building. Comparable Rent Analysis In order to estimate the current market rent for the subject improvements, we conducted a survey of recently signed tenant leases of similar buildings or similar use properties in the subject's immediate market area. The rent comparables used in this analysis are flex rents which typically have a high office build-out and are leased on a blended rate rather than a shell rate with an office surcharge. Since the subject has the potential for full HVAC in the warehouse area (with the replacement of the 10-ton HVAC unit) these comparables were felt to most closely indicate the rent for the subject. The results of this survey are summarized on the following page as Table 1, along with a location map and photographs of each lease comparable. I 02MC-116 MUELLER AND COMPANY, INC. 50 INN — — — — 11111 — — VIII —B — nil IMO — — — — — 1111 TABLE 1 FLEX RENT COMPARABLES Tenant's• Lease :...:Contract .... - : . ... .:...:: ...... :::::::::::::Rent TypeConstruct Project Gross Date . . Rent Per nuaCom Address o#$ ace Butic4Qut SizeSFLeasable Term .: f� � . . Ft. . �AM .: ... _ :..:...::.» < Location:;:: .. ..:Y a Built.. Quatti " acanc .: Area SF EscaiatorTe :. ar a GI ents.. . ; ]:::: . . . . . ..:. :.....:.;. ... 1 Landau Associates CTU 31,320 7,088 May-02 $10.76 $1.80 New 7-tenant project located on south side of Durham Road &McLoughlin and Eardley Flex/Office 66-90% 0.0% 5 Yrs. estimate just east of 79th Avenue.Has 10'x 12'&10'x 14'loading Jackson Business Center 1999/2001 Average 2.5%per doors and 22'clear height in warehouse.First lease has approx. 7800 SW Durham Road annum 80%build out with two-level office,lab and production areas. Tigard,OR Second lease has approx.45%office build-out on two levels. 6,660 Jan-02 $8.31 $1.80 2.57:1,000 SF parking ratio. 5 Yrs. estimate 2.5%per annum 2 Oregon Health Systems Wood Frame 7,000 7,000 Sep-99 $11.67 $3.75 Single-tenant,wood-frame building located on the NEC of 18150 SW Boones Ferry Road Flex/Office 90% 0.0% 5 Yrs. (current) Boones Ferry Road&Lower Boones Ferry Road.Approx. Tualatin,OR 1980s Average 3%annual 90%office build-out with grade-level loading door noted in rear of building. 3 NW Stucco Supply CTU 6,500 6,500 Nov-01 $8.12 -- Shop/office building located in an office park.Tenant has 7130 SW Fir Loop Shop/Office 46% 0.0% 5 Yrs. a 46%office build-out in two-stones and grade doors. Tigard,OR 1978 Average 3%annual Tenant spent S100,000 to upgrade space with the intention of purchasing.However,no purchase option has been negotiated. 4 Parkside Business Center CTU 687,775 3,000 Jul-01 $8.52 $2.40 No tenant names are provided by this landlord.Large flex ES of Highway 217 at Nimbus Flex/Office 0-100% 14.3% 3 Yrs. project adjacent to Highway 217 with mostly smaller spaces. Tigard,OR 1975 Average 3%annual First tenant had a 60%office build-out and the second tenant had a 10%office build-out.Clear height ranges from 12'to 17'. 7,632 Dec-01 $5.28 $2.40 1 Yr. _ Flat 5 Northwest Restoration CTU 55,307 4,200 Jul-01 $8.16 This project has a 14'to 16'clear height and grade level &Custom Machining Corp. Flex/Office 66-90% 1.4% 5 Yrs. loading only. Durham Nall Business Park 1998 Average 3%annual 16285 SW 85th Street Tigard,OR 4.200 Jan-02 $8.64 2 Yrs. 3%annual MUELLER AND COMPANY, INC 02MC-116 I _ 217' 11'.% 111E117111111 1.11' 1111111111M6 itili; Witilialli �, Garden omeMill MI oil Mr °-4-4 allArgeglifi 1 :,!,F„. s"PleAr w. Y ='''64"r '' li Ai dm m� I . ....11 ,' .;; .� ; , RENT COMP 4 � ••MAYO � SailliiP ��,�]� t S ERLI w � • •Nesmith ALD' Yp7 �lsll I ~� 3 �• no Z ••� • ASH'. •II •RS I•NI.. ..-• MUM. Wood-Pa( ; Mil RR �'' !•' Progress Dow s Golf Course eek mv. ���y�11� • ' a lesI ST • _ OE c„,,,4 ,°L .H CREEK W eeuco �,�'� •121.A Nit sc''' LT h :.. ,,,,c.' Mel . UM rl O I,.PrO-gress Y pt Ere -1111K • NW :AL : • ;:II l.„,,,,, Was•ingt.. . afe ifir...i. r ••� ' " PP \ MEM ��Metzger 5 est Portla d "IBM r - ■ i t• N j11111 29/ �1 ulrrrl(ree ��■ Mr W OA�� ��'m��ya/% —� n 'oGre ne burg �� �■/���'J��C� A1" I II. ' MI� -t. ,1 REMIII •Q ° m ttfioC" ¢ Z Y U •.KOT• 2. `. ''� �� re. - f,l 7 Portland Comm nay College"—`m Vir - Sunk eservr tr = 5 Tn RLAN• SW 1.5 H 7� A. 3 ,GAF- .` 5 Y WDSUMM" II i•W9 tee 1 i 01 q` w s 'G eton siy • g3 IF F•�..c'�� © SW MERo. ••, • .i �., ,• �,`�0 SW: ••��6r.■ (`G'Ito _��� Z J �' yr sw 4,10 hi s!. •—, *0- lik 217 •:RTM• °N 1,t,Irv- S,..,„„ `O 5 P�O r..'' .�� r■ SW Ella"! 161.ne; •AIN...: , Y,yYo� NOIC 1NE— qL. �9 i111 ....:-...T. F rn0iNE.. S ERROL 5 ✓Oh',Y.1.14Z:SilER RD • • 09. (. C� v f .1111 = „,„E 1-1TH E; �� : Trece x sw • �'� 44,1 PR:,, .!3_ •,,.,,, Y p _ oH,4 �P Q'40110. O wH:..., %11•� 11 .,•- REE • 87-.0S!D • m � O F ro -��.. � S NC Oy 5 � � R: S ALB:•TA 3 ' * .� pri R�' ~. SUBJECT' 0Y `II: ,PO p S JAMES SW DERRY•E Q. . k' ,,•''- ^ 4 • ••ip, .�•.,' MEI , AIL Mr PAC 99E`/O�•.a�P O GPsS. \�� �P ���■ 5 �S-"%6 •• .'• ... • - cxx, -. •. N ��� Py 5 •M �, • �y� 1 2 8I O-• . H" _ "N �z _ =S WEDG �'� RENT COMP 3 �° m 49�7... °� .00' m D I3 CD EWO•• J ,,I ::' .' � .'A'�N O LLVIEW sW 87 ° TE' 1111111r `■ mYom• •Re _ - SW �, I ,t WMGDONALD t 'fit, • N D F p SW LANDMA•K LN o �Q S OSE MN. MEADOW•-•�� 3 9�F? ~ 80nita ` .- �' i!n r7 m • • y x cFn z �? • "'R• LOOP ` 4 1 7,,,,,- • � N N .n;., 'M. �,*' �,:. ik;pNITA'D BONITA RD Q,O ,� ' . O - PEMBR•OK N - N 1 !II L•ICL ORD Z i • 1 "'� ;�' alli m � N •.. :Lw - 5' D URM•-�VE Oy. �,AG u~i G♦Walu_a P= ' Z Z11t, cn 3 rn • •� _ .•9 BEA'o WAY t to 4 - RI O i" o= • x= RO55 I O, DG 41 ! () .. FIRWOOD MOW 1 O iv,-- -77,....�m �'u'Lt. FORD ' � ' ::. • / 1; z 1 a ZO I LI , ,,,, •Ks `% �Q . i NVII • HAR• • > MADRO D �� 4 161:LaNT COMP 1 OP '74o r..� � � �,���et!•''r.t+1,'� •• Bryant ry .i: Emil ',g �I King Cit g A Qllta `` • rhalel iii¢"•� < m Cook • VIR • SW•Ne•.• ES o F x OQ z • 5 • .•SEV't0� .•MAN WAY pm c HA•. - :-1 S * 4 IT . . _ oh,. .7:4. �,, WILD WO•CK A 3 :1"6‘ •OWO N .A19:04 � - +� '• �, � RENT COMP 5 S AFTrNLN '9rr.• •t!fLNH • o. O ceras�� air: Fy. Z `yet Fys(h ' ME ?o /�v ' .• o m Z Q W. Oy SW.BADL YOr- SW H•'ELBROOK- �• P ;Z5� ,R MI i PI.. SW BED:'RLMER O <C' •• Q' cn \QQ N . t:yam rC� K° ¢ r Q dr O _ f� _, _ _ 'Ly , ` Alle m m ¢ •'iverGrpve • o Ni 0 F' D J 9L i` (2c, LL D Q I s x = • SWCOK liaral r, Tualatin Country Club - ' rn ❑ 03 p(5 O...N�Tq UK ,, �C DAWNVIR Q• • • iv;, I NP• lEfi'►� ' RENT COMP Z '� D coops" S LEVETO. E ■ . 1 �•O II , Tualatin a l' Mill` yWager 3 SW .EN CA /ualruur Riper I SW 124TH I SW.POKANE ®J -R 272 /� G LN L' I ©2000 DeLorm Street Atll s S�;d(2000 GDT,Inc.,Rel.04/2000 co -I // ter * o W -'� LEASE RENT COMPARABLE MAP II 02MC-116 MUELLER AND COMPANY, INC. 52 I I I I -s s. - j � �+oqM 1 y II N 1IPI 4► w .t, ., a.,,__ 1 w` . , l f t I 2.t: ' . �:. .Y Rent Comparable 1 7800 SW Durham Road, Tigard I • "t ritaaw . 'IVA"'''Ix e !:4,1,*(' ` 4.- f t IRent Comparable 2 18150 SW Boones Ferry Road, Tigard I 02MC-116 MUELLER AND COMPANY, INC. 53 I I '% • ••-•,,,d I I* ,atti.;- , • a .+ ,.� , y.., � r • • J.,- -4 i I,.0,e i;Az. . ' z.- • I .i ,r>.)...,--drer ' ••Tri - _ `.i i s x a . 4. �r A ., Jr 1k ? k orii.w � a 4 ■t May +r, .mfr • 4 1 ` • 4„ .....-- • • — • � 4 Rent Comparable 3 7130 SW Fir Loop, Tigard ati - .� J„... Ji - tw. 4,4•r• yr s f ,w. • '.5,..11', *ir • • • - . •Z•,., s• • t .t h .a ....i--• ,, A.e..,! t - -. _ v • ( JIl ) o t I 1 Fiti..1Plks. .:I I IRent Comparable 4 Parkside Business Center, Tigard I 02MC-116 MUELLER AND COMPANY, INC. 54 I I I A lr 44 .i r t4c, )_.d , ,, ,,.i.,.1,1 ' _ ‘,,,\44,,A,„;— ifk f211: �� wr - q IRent Comparable 5 16285 SW 85th Street, Tigard I I I I I 1 I I I 02MC-116 MUELLER AND COMPANY, INC. 55 I I INCOME CAPITALIZATION APPROACH (Continued) COMPARABLE RENT ANALYSIS I Our survey of comparable commercial space indicates triple net rents ranging from $5.28 to $11 .67 per SF of gross leasable area. The comparables provide a good basis for estimating the market rent for the subject property. IRent Comparables 1 and 5 are both newer flex properties with rents ranging from $8.16 to $10.76 per SF. The tenants with the lower build-out percentage have the lower Irental rates. Note that these comparables were both located on roughly $7.00 per SF land, versus the subject's $15.00 per SF land area location. Hence, due to somewhat weakly supported, offsetting factors, a rental rate near $8.16 per SF is indicated for the Isubject. I Rent Comparable 2 ($11.67 per SF; 9/99) is located at the northeast corner of Boones Ferry Road and Lower Boones Ferry Road, a busy intersection. This is a similar quality property to the subject but it has a much greater office build-out (90%) and a similar I location. Considering the much superior office build-out of this comparable, a rental rate well below $11 .67 per SF is suggested for the subject's space. I Rent Comparable 3 ($8. 12 per SF; 11/01) is located two properties away from the subject and is the only similar building in the subject's immediate office park neighborhood. This property recently leased at a shell and office rate of $0.40 for the I shell and $0.60 for the office. This equates to a blended rate of $0.68 per SF per month and $8.12 per SF per year. While the subject does not have as much finished area as this comparable it does have the potential for full HVAC, thus a rate only slightly below Ithis comparable is indicated. Rent Comparable 4 ($5.28 & 8.52 per SF; 12/01 & 7/01) is located adjacent to I Highway 217 just north of the subject. This is a similar aged project to the subject with better exposure but less valuable underlying land. While the landlord would not specifically identify any of the tenants in this property the rental rates quoted were for I actual leases negotiated. The rates shown are the average rent over the term of the lease with most leases only 3 years. Two recent leases are shown with the larger one having only a 10% office build-out and showing a lease rate of $5.28 per SF, and the I smaller one with a 60% office build-out showing a lease rate of $8.52 per SF. While the subject has a small office build-out at 11 .2% since the subject's warehouse space has the potential to easily be fully heated and air conditioned a rental rate above $5.28 per 111 SF is indicated. However, a rate below $8.52 per SF is indicated due to the superior office build-out and smaller size of the other lease. 1 I 02MC-116 MUELLER AND COMPANY, INC. 56 INCOME CAPITALIZATION APPROACH (Continued) Subject Leasing Activity The subject was listed for lease at the same time it was listed for sale. Since the offer to purchase occurred within 30 days of the listing, no leasing negotiations took place. The lease rate shown in the listing was $4,500 per month, or $8.13 per SF. Overall, this ' asking rent is considered roughly fair indicator of market rent for the subject property. Market Rent Conclusion The subject property is in average condition with a functional design for a single-tenant use. The property has excellent access to several major thoroughfares, highways and freeways. Overall its central location is considered appealing to a variety of tenants; especially as free-standing buildings continue to be scarce in the area. Considering the preceding lease data and subject rental activity, a blended market rent for the subject tenant space of $8.00 per SF is indicated. Potential Gross Income Applying the preceding market rent to the subject space indicates potential gross rental income for the subject property of $53,120. This amount is indicated in the following stabilized income and expense statement for the subject property. Vacancy and Credit Loss This expense category accounts for the time period between tenants, as well as possible prolonged vacancies under slow market conditions. The assignment will reflect the probable vacancy during the economic life of the property. ' single-tenant appraiser's survey indicates no vacancies of older single tenant industrial buildings in the immediate market area. All the capitalization rate comparables used in this approach are consistently indicating vacancy and credit loss allowances of 5.0%. Further, the overall vacancy surveyed by Norris, Beggs and Simpson for the 4th Quarter 2001 for the South 217 sub-market was 7.1%. Most established older properties 1 continue to experience very low vacancy levels (under 5.0%) Based upon the subject's average competitive position and lack of vacancy noted for older single-tenant space in the immediate market area, a stabilized vacancy and credit loss of 5.0% is concluded as reasonable for the subject property. The concluded rate is equivalent to six months of rent loss every ten years. 02MC-116 MUELLER AND COMPANY, INC. 57 I I I INCOME CAPITALIZATION APPROACH (Continued) Effective Gross Income I Based on the preceding, effective gross rental income for the subject industrial building is estimated at $50,464. Projected Operating Expenses IThe market rent conclusion has been based upon a triple net lease in which only professional management fees and a reserve allowance for the replacement of capital items are paid by the landlord. I MANAGEMENT FEES: A professional management fee is typically incurred to provide for periodic contact with the tenants, collection of rents, and supervision of required Imaintenance and replacement items. Conversations with representatives of property management companies in the market area indicate a range for professional I management for industrial properties of 2.0% to 3.0% of effective gross income depending on the property's size, number of tenants, lease structure, and rent levels. I Considering the subject's size and single-tenant design, off-set by its triple net lease structure, a management fee of 3.0% of effective gross income is considered reasonable for use in this analysis. This would indicate total stabilized management Ifees of $1,514. RESERVES FOR REPLACEMENT: Reserves are not typical annual cash expenditures, but I rather, the annualized cost of major expense items in the future, such as repair or replacement of the heating and air-conditioning system, landscaping, paving, and roof cover. A reserve allowance must be established for the replacement of these I components, which the owner may be responsible for replacing during the economic life replacing and repairing these items is of the building. The probable future ofcost ep g p g converted into an annual figure. The analysis estimates the amount of money which I must be set aside on an annual basis in an interest-bearing account to have adequate funds to repair or replace the item at the end of its economic life. This reflects typical investor behavior as it accounts for the cost which owners incur or the discount from the Imarket's perspective for the deficiency. Analysis of the market indicates that investors are allocating a reserve equal to 1 .0% to 1 3.0% of effective gross income depending on the property age, size, condition, quality of construction, and value. Considering the subject's overall average condition, an allocation of 2.0% of effective gross income is made for reserves for replacement 1 items for the subject property; or a total an annual of $1,009. I 02MC-116 MUELLER AND COMPANY, INC. 58 I I INCOME CAPITALIZATION APPROACH (Continued) Based on the preceding, total stabilized operating expenses for the subject property of $2,523 ($0.38 per SF GBA) was considered reasonably supported in this analysis. I Net Operating Income IDeducting projected annual operating expenses ($2,523) from annual effective gross income ($50,464) results in projected net operating income for the subject industrial I property of $47,941 ($7.22 per SF GBA) as is summarized on a following page as Table 2. It is at this time that net income can be capitalized into a value estimate. Overall Capitalization Rate IThe final step of the Income Approach is to capitalize the estimated net operating income by an appropriate rate. The overall capitalization rate of each sale is market I derived by dividing its net operating income by its cash equivalent sale price. The chart on the following page summarizes the data used to estimate the market cap rate, which is analyzed in greater detail later in the chart provided as Table 3 in the Sales I Comparison Approach. However, two additional sales were also included to provide further support for our capitalization rate analysis. I Property Name Gross Cash Comp Address Sales Year Lease. Equivalent Cap No. Location Date Built (GLA) Sales Price Rate 1 2 929 NE 23rd Avenue 1/02 1965 5,032 $430,000 7.98% Portland, OR 3 5940 SW Hood Avenue 6101 1963 3,660 $380,000 10.83% I Portland, OR 4 6960 SW Varns Street 3/01 1979 8,457 $1,000,000 9.40% 1995 ITigard, OR renov. 5 5820 SW Kelly Street 7/99 1965 5,036 $490,000 9.35% Portland, OR 4450SE Johnson Creek 6/01 1989 2 839 $360 000 8.54% A , Milwaukie, OR I B 12455 SW 68th Ave. 1/00 1996 4,820 $775,000 8.59% Tigard, OR 1999 I I 02MC-116 MUELLER AND COMPANY, INC. 59 I I INCOME CAPITALIZATION APPROACH (Continued) The surveyed improved sales data indicates capitalization rates ranging from 7.98% to 10.83%. The upper end of the range (Building Sale 3, 10.83%), sold at a higher I capitalization rate as a result of the property not being exposed to the market. An employee of the seller purchased the building. If the property would have been competently marketed by broker active in this area, an OAR significantly below 10.83% is likely. The lower end of the range (Building Sale 2, 7.98%) is based on the current asking rate for the building that was purchased for owner occupancy, with the owner deciding to lease the space instead. However, this lease rate appears to be above Imarket and thus, the capitalization rate is skewed downward. The remaining two building sale capitalization rates range from 9.35% to 9.40% and represent average quality general commercial properties with limited exposure. However, given their either Imulti-tenant status (Sale 4) or dated nature (Sale 5), these two sales are considered unreasonably high indicators for the subject property. IThe two additional property transactions (Sales A & B, 8.54% to 8.59%) were included to provide further support for the typically lower-end cap rates indicated by single-tenant property sales. Given their similar occupancies with subject, and generally similar Isuburban locations, these sales are considered to be fair cap rate indicators for the subject property. IBased on the preceding-cited data, a direct capitalization rate of 8.60% was considered justifiable for use in this analysis. I Concluded Fee Simple Property Value Via the Income Capitalization Approach To value the subject by Direct Capitalization, the Net Operating Income ($47,941) was I divided by the selected overall rate of 8.60%, yields a stabilized market value in the viathe Approach,subject retail property, Income App oac , rounded to: I I Concluded Value Via the Income Approach: $560,000 I I I 02MC-116 MUELLER AND COMPANY, INC. 60 1 r - r - I R 1 i - r - N - - S 1 n 111111 TABLE 2 MARKET VALUATION VIA THE INCOME APPROACH ProForma ima Date of Appraisal 30-Jan-02 Subtotal Total $/SF % RE VENUE;SUMMARY: POTENTIAL GROSS INCOME 6,640 SF GLA x $8.00 /SF $53,120 $8.00 LESS: Vacancy and Collection Loss: 5.00% (2,656) ($0.40) EFFECTIVE GROSS INCOME $50,464 $7.60 100.0% .................................................... . .................................................................................................................................. .......................................................... .............................................................................................................................. ...................................................... .. .............................................................................................................................. NS OPERATING EXPENSES - Management Fees(Admin.and Misc.Costs) 3.0% of EGI (1,514) ($0.23) - Reserves for Replacement 2.0% of EGI (1,009) ($0.15) (2,523) (S0.38) -5.0% NET OPERATING:INCOME $47,941 $7.22 95.0% DIVIDED BY DIRECT CAPITALIZATION RATE: 8.60% PROSPECTIVE MARKET VALUE OF THE SUBJECT PROJECT VIA THE INCOME CAPITALIZATION APPROACH $560,000 $84.34 /SF GLA MUELLER AND COMPANY, INC. 02MC-116 SALES COMPARISON APPROACH 111 METHODOLOGY The Sales Comparison Approach involves the estimation of value by comparing the subject property to similar properties that have sold recently. Appropriate units of comparison are used and adjustments to the sales prices are made when appropriate. iThe comparison to other properties may use the price per square foot, dwelling unit, or rental space, depending on the composition of the subject property and the behavior of buyers and sellers in the marketplace. For special purpose properties, other bases of ' comparison may also be appropriate. The valuation of improved commercial properties involves selecting not only similar properties for analysis, but also utilizing a unit of comparison, which is considered most typical in a given local market. Within the subject's market area the most relevant unit of comparison is the sales price per square foot of gross leasable area (GLA). When ' applicable, the comparables are adjusted in order for property rights conveyed, financing terms, conditions of sale, market conditions, location, physical characteristics, use, and personal property. A total of five building sales were chosen for comparison to the subject property, and are summarized on a following page as Table 3. A location map, as well as photographs of each of the comparable building sales are also provided. All are considered sufficient to render a reasonable comparison with the subject property. 1 02MC-116 MUELLER AND COMPANY, INC. 62 NM ME 11111 MIN MEI NM MMI MI MN Mill MI SIN 11111 11111 UN 11111 SIN EN Ell TABLE 3 SUMMARY OF IMPROVED COMMERCIAL SALES DATA SUMMARY Subject 1 2 3 4 5 Address 7100 SW Fir Loop 9037 SW Burnham St. 929 NE 23rd Ave. 5940 SW Hood Ave. 6960 SW Varns St. 5820 SW Kelly St. Location Tigard Tigard Portland SW Portland Tigard Portland Date of Sale Pending: Mar-02 Feb-02 Jan-02 Jun-01 Mar-01 Jul-99 Terms of Sale Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash Equivalent Sale Price $750,000 $375,000 $430,000 $380,000 $950,000 $490,000 Adjustments SO $0 $0 $0 $50,000 SO Adjusted Sale Price $750,000 $375,000 5430,000 $380,000 $1,000,000 $490,000 Year Built 1978 1974/2000 1965 1963 1979 renov.1995 1965 Condition of Improvements Average Very Good Average Average Average Average Building Construction CTU CMU CTU/CMU CMU/Wood Wood Concrete/Brick Clear Height 12 Feet Two-Story 14.5 Feet 12 Feet 1.5 Story 14-15 Feet Gross Building Area(SF) 6,640 2,685 5,032 3,660 8,457 5,036 Office(SF) 744 1,714 2,097 1,660 8,457 693 %Office Build-Out 11.2% 63.8% 41.7% 45.4% 100.0% 13.8% Land Area(SF) 24,829 13,504 8,250 8,000 43,560 10,000 Site Coverage Ratio 26.7% 17.8% 61.0% 45.8% 19.4% 50.4% Property Use Single-Tenant Single-Tenant Single-Tenant Single-Tenant Multi-Tenant Single-Tenant Shop/Office Shop/Office Shop/Office Shop/Office Office Bldg. Shop/Office Marketing Time 1 Mo. 2 Mos. 5 Mos. 3 Mos. <1 month -- Comments Sale to an owner-user. Sale to an owner-user. Sale to an owner-user. Bought by owner-user Sale to investor. Purchased by an Shop has full HVAC with Seller converted the Property leased to for use as a comm. Building has 2,363 SF investor and leased to a new 10-ton unit needed space to mostly office tenant until 3/02 at photo studio. of daylight basement area. his son who operates to make it operational. after their Aug-00 $3,300/mo.(above Listed for lease Limited exposure but a landscaping business. Located in an office park, purchase at a cost of mkt rent).Below ave. at$3,800/mo. located in an office park. Income shown is based with limited exposure. $30,000.Shop area has access/exposure. Limited exposure. on his lease.Limited full HVAC.Limited exposure Limited 1-84 exposure. exposure. INCOME AND EXPENSE DATA (PROJECTED STABILIZED BASIS) (Estimated Mkt.Rent) Gross Potential Rent --- 538,044 $7.56 $45,600 $12.46 $156,455 $18.50 $50,763 Less Vacancy and Credit Loss --- -1,902 -5.0% -2,280 -5.0% -7,823 -5.0% -2,538 Effective Gross Income --- $36,142 $43,320 $148,632 $48,225 Reserves and Miscellaneous Expenses --- -1,807 $0.36 -2,166 $0.59 -54,600 $6.46 -2,411 Net Operating Income --- $34,335 $6.82 $41,154 $11.24 $94,032 $11.12 $45,814 UNITS OF COMPARISON Price per SF GBA $112.95 $139.66 $85.45 $103.83 $118.25 $97.30 NOI per SF --- $6.82 $11.24 $11.12 $9.10 Capitalization Rate --- 7.98% 10.83% 9.40% 9.35% MUELLER AND COMPANY, INC. 02MC-116 MIMI OM IOW IIIIII M IIIIIII =I 111111 MIN IIIIII 1111111 11111 MI 11111 11111 11111 11111 MIN I= - 1 1 ��-'�1�- r ■ �..� X71 �- e ° •--ter.. a.u■�uuusinium ■�■■n■u■o.•:.■■ emu At 1 1 +a Ch Can o we Usmw- mit- iu111111P;1111111C1{ou Ir • q ■.• ■� �► ��■ 11111111111111111111 I'.� � 7 \� o . ...i•- •---Z� X17\►'1�■ ■u■uuu■■■■u■iECi.T-61111 HINDU 1 1 • lr1ametteig \-.,at` �1�`�L til:rl.u�e�llwlr++� �.a.1U��!���III .O OOd11111�I1II1 0 3a �.,� N LL RD ea ..... - ,CORN -• JI,_rsn:•�=__c-P r�i:.•i■ t♦ • .. iurp��IIIIu.I ', �1 ■ O f` ��;:� Cxood i IMPROVED SALES COMP 2 dubon Societ Of-Poria «t •Pittock B'd'aria.. u'-'. �—•._R ingsl:3.t` .,mi, i7:FM..•.... 51si�nnn •�41:i ''r'rtiU111till{:FJ n-• p��'' , "� ra °� 81[�it2�W@•i.(1 ■... •• •i��i.■u■/���r��r11 •rOvidenll■1 ( ••-r■rr�r.w ,.•r •'—u�•■ ■■■■■!11•�•"r 111 .■■ `'�l �` �., K ;Fm ,�.1J i'• •�■i.r�.r■■u oi■. • .■--e... ••ati�- {{ ■■�� ■ CD ■ �� ai PtxTv ❑ / ❑tno ah Civ�ct,$tadib��•..■r•••�.+••••-•. .....rr r' tap 1 , IQ r ■ qa •r••.•••••b ■■•1•■rilatelA t��qNs rhiAl ill merle Stott- t '.P+ - ` •• `••••q•■.•4.4• r .:i ••• Ol lec..a■stttute j 'F qo ` - �IIII Katu TVA. ^� C't-Of:*o a .X0.3■a'x Poli d••• •■� A'..czIri�ri;::a ■1■"��[��' 1 g ow 1Wb es,t aven , ,..�yl •'. 'i.,:.,.,•• I ..•...■. ... �... ■-- lii� � y o t'A.. I n • •h••a•iii 1 �IIu.. n.� 1 1 17 . ene 1 a e N -p � ♦ ,• ison: •e- ��t •i•• •-- yyme M .^, Ko n Tv •\ �.�•r ••� •■■•'Lunin is�ei�.—•- �--II':�i■■��1is /• ,C1 KyteAm / '.../.....1 • ';++i 1 tc.): s i'••'1■•111•0e:�ii:11:1:111:::=IN■•Y IM w�. n r 1 16;Po'tt 50 a 4••.�- :•4•. ■■Sy_a_y�= •!lL��••r-r.•nl■■s—u.—■.0 •r BM �L'•� " ♦ a r-•` •.■!/1' BARNS -■ I 1 4-aZs u G of rt-, aA405••.����� ....I ■.eFJi�iiF: u■a�.u.,..0 aan■.■■i■.■[ iAf111,■■{■ ti �_ �i rrurrnterrl 1i•••• 4'1• i; r ..� I■■.r�■ u��u■ ■ O / Jt1It4L ',> St/ncen osp al And Medic. CeS1 � A. fpii! J •�.y • 1�y�.''d-`-'p-., t ■.■r• .�SY•: � mmi i s . • ..'/ 1' .a. 111 ♦)� rI •- 1 ^��1■■.■Sr 1 Green '"Ils D t rkMa s ■t}}.I�ry Lvi- n . tr • �/ .,;i 11111111'141r'9. ��■�I �� e�� •� ■ / Ghildrens- use i.Mr 1 'V!•y■,••�1�-���■[�■���■i/111111 A N If•i .299A 411111• E-EHE��. �.. �}•� ■ ��� Wes SIOo- Co 1, !_(ret'at- ----�..�. �� .�.I I , ,� �• , �� li-piz <• of Medical.Sc ool� 1as;;l n oo�i•3;' r`■11■rir- M',Q■-: I _ r i• J `. f ".. fk'.9 . 1 ' ' 41. -'.., 1 t . u e8. 7 a: it . ...' iii I ., �� 'G Yom'. e: ..„. i• vl” ='' • II I r a i SR I Building Sale 1 9037 SW Burnham Street, Tigard I L.'" ii ri (� • r r; , 1ft 1 iiriimi ♦ r R' '' tea. a a r , -.- ' ' ::ftli: 3 "?1; k I ; ' rix ... TM ....... �'' k it affil , r y y �' tT v w r-- .. - .e. . .rr`� fir,.♦.;.` 4�, .., - n�x " I 2 9 929 NE 23rd Buildin AvenueSale, Portland I 02MC-116 MUELLER AND COMPANY, INC. 65 I 111 I . I I t. 5 Ir-i, _ _ _ .......r. r..ok,,,,,--..:..r.,s:., irtooyy.+: °^�`''.w w—.. -- a'?Y 5"e.T�C �. Rte ' �y."•'Pa,:... ,< 4�w `. d g t ''P Sar ,,'..3''',: r'1 $� 3','C^ " "f v .�s,.... Building Sale 3 5940 SW Hood Avenue, Portland I ll , ,,.• , ,.,'S 1, �!,, +' r ., i . ! • Flu. .. • ,,,,, v ‘''' t °i ..I .•`-.".. ." �' Li' a `- r. • '• ! ici •1'74 --, - , ik s-4 iI 1111410 e,. iii, . , _......augimo 4 ., 1 tre ! . .. ... .: aA... 7-1 I -,, �.- , .yse. ti Building Sale 4 6960 SW Varns Street, Tigard I r02MC-116 MUELLER AND COMPANY, INC. 66 I I r I • -. -. :• :-_11._..1:'41. . : I ww.. w. ti r .."..fir I p y , Building Sale 5 5820 SW Kelly Street, Portland I I 1 I I 1 I I I I02MC-116 MUELLER AND COMPANY, INC. 67 SALES COMPARISON APPROACH (Continued) COMPARABLE SALES ANALYSIS After analyzing the data, the five building sales indicated adjusted, cash equivalent prices of between $85.45 and $139.66 per SF of gross leasable area, and sold between July 1999 and February 2002. For various reasons, the comparables are considered to provide good support in determining the subject's current market value. Building Sale 1 ($139.66 per SF; 2/02) is located on a street with limited exposure near Main Street in Tigard. This is the sale of a building that was built out as mostly office space by the seller in the summer of 2000. It is similar in age, but the interior build-out is much newer. In addition the higher percentage of office space and the smaller size indicate a value significantly below $139.66 per SF for the subject. Building Sale 2 ($85.45 per SF; 1/02) is the sale of a similar sized property with an inferior location. This is an older property in inferior condition to the subject and without the potential for full HVAC. In addition this property has a much higher site coverage, thus limiting parking. Although this is partially offset by the greater percentage of office build-out, primarilydue to its inferior location and age/condition, this comparable is 9 � p considered to be a low value indicator for the subject. Building Sale 3 ($103.83 per SF; 9/01) is located near Macadam Avenue, a slightly inferior location to the subject. This property is smaller with a greater office build-out, however this is offset by the age and condition of the building and the higher site coverage. Primarily due to the location, age, and site coverage, but partially offset by the size and office build-out this comparable suggests a value slightly above $103.83 per SF for the subject. Building Sale 4 ($118.25 per SF; 3/01) is located within the same office park as the subject. This is the sale of an office building, however the building has a significant amount of daylight basement area which is inferior to the subject. While similar in age, the condition of this building is superior with a renovation in 1995. Primarily due to its condition and office configuration which is offset by its daylight basement, a value below $118.25 per SF is indicated for the subject. Building Sale 5 ($97.30 per SF, 7/99) is an older sale in a slightly inferior location near Sale 3. This building is similar in size and office build-out but has inferior site coverage and age / condition to the subject. Thus, this sale suggests a value above $97.30 per SF for the subject. I 02MC-116 MUELLER AND COMPANY, INC. 68 I 1 SALES COMPARISON APPROACH (Continued) Pending Subject Sale IThe subject is currently a pending sale to Paragon Investments LLC (Dave Cutz...503.684.5330) for $750,000, cash to the seller. We were provided with a copy of this purchase agreement; and a copy of this document is also included within Exhibit B Iof the Addenda. I Discussions with the listing broker, Mick Sinnerud of Sinnerud and Associates (503.292.4424) indicate the property was listed for $750,000, and was on the market less than one month before going into escrow. A full price offer of $750,000 was made I by Paragon Investments LLC with the purchase and sale agreement indicating a closing by March 25, 2002. I Overall, the subject's pending sale is considered an arm's length transaction that is reasonably bracketed by the surveyed sales data, and is therefore considered at market. I Concluded Fee Simple Property Value IVia the Sales Comparison Approach After analyzing each of the comparable building sales, the market data appears to I support a value for the subject property in the middle of the cited range, as best supported by the subject's pending sale and Building Sales 3, 4 and 5 ($97.30 to $118.25 per SF GLA). IBased on the preceding, it is the appraisers' opinion that the fee simple market value of the subject property (gross leasable area = 6,640 SF) via the Sales Comparison 1 Approach is $112.95 per square foot, rounded to: I Concluded Value Via the ISales Comparison Approach: $750,000 I I I 02MC-116 MUELLER AND COMPANY, INC. 69 RECONCILIATION AND FINAL VALUE CONCLUSION The reconciliation of value indications is the final step in the appraisal process and involves the reviewing and weighing of the individual valuation techniques in relationship to their substantiation by market data, and the reliability and applicability of each valuation technique to the subject property. The reconciliation criteria are appropriateness, accuracy, and quantity of evidence. Only the Income Capitalization and Sales Comparison Approaches to value were utilized in this assignment, each involving separate and distinct techniques. The Cost Approach was omitted due to its inapplicability in this assignment. Based on the two selected methods of appraisal, the estimated "as is" market value of the fee simple interest in the subject property (as of January 30, 2002) is summarized as follows: VALUE VALUATION APPROACH CONCLUSION COST APPROACH Not Applicable INCOME APPROACH $560,000 SALES COMPARISON APPROACH $750,000 Income Capitalization Approach The Income Capitalization Approach was considered to reflect common investor behavior, it was considered typical of the way that many purchasers are currently basing their decisions to buy multi-tenant commercial properties in the subject market area. Therefore, this approach to value is generally considered the best and most accurate measure of the value of income producing properties. Overall, this approach has wide acceptance in the market. The concluded market rents were adequately supported by rent comparables. The concluded vacancy and credit loss and expenses were adequately supported by market information. A lower-range capitalization rate was adequately supported with a sufficient number of comparables with relatively similar physical, locational, and risk characteristics as the subject property. However, the subject is primarily appealing to an owner-user, with owner-users able to pay significantly more than investors. For example, the listing of the subject included a sale price and a lease rate. Using the lease rate with a 5% vacancy factor and a 5% expense factor and then dividing by the sale price, a capitalization rate of 6.5% is indicated. Thus, in the marketing of the project the emphasis was on an owner-user rather than an investor. In addition, the value of the subject via the Income Capitalization Approach is significantly lower than the value via 02MC-116 MUELLER AND COMPANY, INC. 70 I I RECONCILIATION AND FINAL VALUE CONCLUSION (Continued) the Sales Comparison Approach, indicating a much stronger market for purchase than for rent. Therefore, the Income Capitalization Approach is given no emphasis in the final Idetermination of value. ISales Comparison Approach The Sales Comparison Approach to value is a good indicator of value when there is a 1 relatively large volume of current sales transactions in the market with very similar physical and locational characteristics. This approach is generally a good value indicator for single family residences, apartments, and vacant land. I An adequate number of relatively similar general commercial (shop and/or office) property sales indicated an adjusted value range for the subject property from $85.45 to I $139.66 per SF of gross leasable area. The final value (and pending sale price) of $112.95 per SF is considered adequately supported relative to the comparable building sales. In summary, a high degree of confidence is given the results of this comparative Ianalysis. Therefore, the Sales Comparison Approach is given primary emphasis in the final determination of value. I CONCLUDED "AS IS" MARKET VALUE IBased on the research, analyses and conclusions contained within this Complete Summary Appraisal Report, it is the appraisers' opinion that the concluded "as is" I market value of the fee simple interest in the subject property as of January 30, 2002, is as follows: I 111 Concluded "As Is" Market Value: $750,000 I I I I 02MC-116 MUELLER AND COMPANY, INC. 71 I ' CERTIFICATION OF APPRAISAL It is hereby certified that, to the best of the appraisers' knowledge and belief: 1) The statements of fact contained in this report are true and correct. 2) The reported opinions, and conclusions in this report are limited only by the reported assumptions and limiting conditions set forth, and are the personal, ' impartial, and unbiased professional analyses, opinions, and conclusions of the appraisers. 3) The appraisers have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4) The appraisers have no bias with respect to the property that is the subject of this report, and to the parties involved with this assignment. 5) The appraisers' engagement in this assignment was not contingent upon developing or reporting predetermined results. 6) The appraisers' compensation for competing this assignment is not contingent upon the development or reporting of a predetermined value or direction of value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this report. 7) The appraisers' analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of 1 Professional Appraisal Practice, and with the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. 8) Stephen K. Hotaling and Kurt M. Mueller, MAI made personal inspections of the property that is the subject of this report. • 02MC-116 MUELLER AND COMPANY, INC. 72 ' CERTIFICATION OF APPRAISAL (Continued) 9) No person has provided significant real property appraisal assistance in performing this appraisal other than Stephen K. Hotaling and Kurt M. Mueller, I MAI. 10) Use of this report is subject to the professional requirements of the Appraisal Institute regarding review by its duly authorized representatives. 11) Kurt M. Mueller, MAI is currently certified under the mandatory continuing education program of the Appraisal Institute. l' r1(1'e44411 Ste h-n K. Hotaling g Oregon State Certified General Appraiser License No. C000647 fir FT urt M. uelle , MAI e o tate C- a - 'eneral Appraiser License No. C000484 I 1 1 I 1 02MC-116 MUELLER AND COMPANY, INC. 73 I ir a 0 z W O O Q NM OM - I NM MI WM MI r - - MN rI I r - - r M MUELLER AND COMPANY INC . Kurt M. Mueller, MAI /James F. Kurasz I Dane L. Rivers/Stephen K. Hotaling Real Estate Appraisers& Consultants COMPANY PROFILE I Mueller and Company, Inc. is a commercial real estate appraisal and consulting firm located in Portland, Oregon. The goal of the company is to offer appraisal and consulting services to clients in a professional and timely manner in covering all types of real estate throughout Oregon. Though the firm's primary focus is the State of Oregon, we also provide appraisal services for properties located in the States of Washington and Hawaii. The principal and staff members are dedicated to the company's goal, to providing a fresh new approach to any real estate problem, and to working with each client on a personal basis. ' The principal of the firm, Kurt M. Mueller, MAI (Member Appraisal Institute), and p p pp ) associates, James F. Kurasz, Dane L. Rivers and Stephen K. Hotaling, have extensive experience in providing appraisal and consultation services for all types of real property and real property interests throughout the West Coast and in Hawaii. Being a member of the Appraisal Institute, Mr. Mueller must adhere to strict codes of professional practice and ethics in serving the public. Mr. Mueller also holds the senior designation from the Appraisal Institute, and has been actively involved in commercial real estate and consulting fields since 1986. Before relocating to Portland, he was the owner of the commercial appraisal firm of Mueller and Company in Honolulu, Hawaii, and holds an expert knowledge of ground leases and the valuation of leasehold properties. His specialties include industrial, office, retail and a wide array of special use properties. Mr. Kurasz has been a commercial appraiser and consultant since 1994, and is also actively pursuing his MAI designation. Mr. Kurasz also has experience in appraising in California and Washington. His specialties include subdivisions and condominium properties. Mr. Rivers has been a commercial appraiser and consultant since 1997, and is ' also an associate member of the Appraisal Institute. Mr. Rivers also has experience in appraising in Washington. His specialties include investment grade retail and apartments properties. Mr. Hotaling has been a commercial appraiser and consultant since 1991 , and is also an associate member of the Appraisal Institute. Mr. Hotaling also has ' experience in appraising in Washington and Virginia. His specialties include investment grade retail and apartments properties (LIHTC, Section 42, etc.). I17020 SW Upper Boones Ferry Road •Suite 100 • Portland, Oregon 97224• Phone (503) 620-0881 • FAX (503) 620-0927 COMPANY PROFILE I To better serve our clients, Mueller and Company, Inc. maintains the latest in computer equipment, real estate analytical software programs, libraries of comparable and resource data, property sales, lease transactions, property data computer retrieval systems, and other necessary tools and information relevant to the real estate appraisal and consultation field. Mueller and Company, Inc. considers its clients to be its most valuable assets. We have been privileged to serve various small and large financial institutions, ' pension funds, insurance companies, corporations, developers, private individuals, attorneys, accountants, and government agencies. Past appraisal assignments have been conducted to serve various functions, including mortgage financing, property purchase and disposition, lease rent arbitration, litigation support, condemnation, property tax analysis and appeal services, and corporate planning purposes. PROFESSIONAL SERVICES ■ Valuation Reports: The market valuation of real property interests (fee ' simple, leasehold, leased fee, etc.) in various types of properties is the primary focus of most real property appraisal assignments performed by Mueller and Company, Inc. It involves defining the real property interests to be appraised, ' collection and verification of market data, analysis of the highest and best use of the property, and the market valuation of the property via the most applicable appraisal methods. Other valuation studies may involve the estimation of investment value for various real property interests, based on client specific data and/or criteria. ' ■ Real Estate Consulting: In order to better serve our clients with unique properties and/or investment problems, Mueller and Company, Inc. can also conduct consulting assignments covering all property types. Providing ' competent, unbiased, professional guidance on diversified problems in real estate has taken on ever increasing importance as a method of reducing the risks associated with the real estate field. The firm has undertaken such tasks as highest and best use analysis, market studies, subdivision analysis, office/retail analysis, project planning studies, and market and feasibility analysis. ■ Estate Planning, Litigation Support, and Expert Witness Services: Mueller and Company, Inc. also offers services for real estate matters involving ' arbitrations (ground rent renegotiations, tenant space lease renegotiations, etc.). We offer estate planning tax support for accounting firms and litigation MUELLER AND COMPANY, INC. 1 I I COMPANY PROFILEI Isupport services to attorneys. It is our goal to provide not only offensive, but defensive strategies, in a fair and unbiased manner, in order to expose the strengths and weaknesses of a particular case. Finally, Mr. Mueller is Iexperienced in working with attorneys in providing expert witness testimony. II . Appraisal Review Services: An appraisal review serves the purpose of analyzing the content and conclusions of an appraisal report. It is the reviewer's responsibility to assess the relevancy, adequacy and analysis of the I market data used; to form an opinion as the appropriateness and logical consistency of the appraisal methods and techniques used; to comment on the overall presentation of the report, and its general conformance with accepted I appraisal practice. Clients consider an appraisal review to be a valuable tool in determiningthe credibilityof an appraisal report, in order to reduce the risks PP P associated with important lending, legal, and investment decisions. 1 PARTIAL LIST OF CLIENTS I I Bank of America Pacific Coast Investment Co. Bank of Commerce SAFECO I Bank of the Northwest Standard Insurance Co. Bank One The CIT Group Bank of Vancouver The Merchants Bank IBank of the West Town Center Bank Centennial Bank U.S. Bancorp ' Columbia Community Bank Wells Fargo Bank First Union Small Business Capital Washington Mutual Bank IHeller First Capital Western Bank HomeStreet Capital West Coast Bank IGoleta National Bank Gramor Oregon Inc. Key Bank Portland Development Commission Imperial Bank Oregon Dept. of Transportation National Mortgage Company Hillsboro School District I Oregon Business Bank Tigard-Tualatin School District Pacific Northwest Bancorp Department of Veterans Affairs I MUELLER AND COMPANY, INC. PROFESSIONAL QUALIFICATIONS - STEPHEN K. HOTALING PROFESSIONAL AFFILIATIONS Appraisal Institute — MAI Candidate EDUCATION ■ Seattle Pacific University, BA in Christian Education 1983 APPRAISAL COURSES ■ Course 1A-1 , Real Estate Appraisal Principles I . Appraisal Procedures ■ Course 310, Basic Income Capitalization ■ Course 410 Standards of Professional Practice, Part A ■ Course 420 Standards of Professional Practice, Part B I . Course 430 Standards of Professional Practice, Part C ■ Course 510 Advanced Income Capitalization I . Course 540, Report Writing and Valuation Analysis ■ Course 550, Advanced Applications ' PROFESSIONAL LICENSES ."^G.'ik'34E.'..�.."i4 Gvst<v'G":a'Y2.H.elEIEFeY.FiC'.wxh1+.F..rv:{..%tb w'Fi%rtz..K vi r+RA3:f4''x!rc<6AxY(xKhW"io»voF.. r,x:tt xFK. tN.<x.x.akibb Y#n..h> .y+.x4c6tFmm F9-S%FX:E+.m..<Y<YsnrorvFeenwBx-nJnx<xxm•n. m.r--:°--.mrraa- ' "M""'.-a�'. ■ Certified General Appraiser: ' 1) State of Oregon, License No. C000546 Expiration Date: June 30, 2002 PROFESSIONAL EXPERIENCE ■ Senior Commercial Appraiser, Mueller and Company, Inc. Portland, Oregon 2001 to Present ■ Commercial Appraiser, Skelte & Associates, Inc. Tualatin, Oregon 1997 to 2001 ' ■ Commercial Appraiser, Lyon, Skelte, & Associates, Inc. PP Y Lake Oswego, Oregon 1995 to 1997 ■ Commercial Appraiser, Parli Appraisal, Inc. Fairfax, Virginia 1993 to 1995 I . Commercial Appraiser, John W. Richards & Associates, Inc. ' Bethesda, Maryland 1992 to 1993 ■ Commercial Appraiser, Thor Larsen & Associates, Inc. McLean, Virginia 1991 to 1992 MUELLER AND COMPANY, INC. I 1 PROFESSIONAL QUALIFICATIONS - KURT M. MUELLER, MAI PROFESSIONAL ORGANIZATIONS I . Appraisal Institute - MAI Designation • Executive Board - Treasurer - 2002 (Greater Oregon Chapter) I . Executive Board - Secretary - 2001 (Greater Oregon Chapter) ' • Associates Guidance Committee Chair— 1999, 2000 (Greater Oregon Chapter) ■ Education Chair— 1998 (Greater Oregon Chapter) ■ Education Chair — 1993 (Hawaii Chapter) • State of Oregon Appraiser Certification and Licensing Board, Appraisal Review and Advisory Committee (ARRC) 111 EDUCATION I . University of Hawaii at Manoa, BBA in Finance (With Distinction) 1986 APPRAISAL COURSES ' ■ Course 410, Standards of Professional Practice, Part A ■ Course 420, Standards of Professional Practice, Part B ■ Comprehensive Examination ■ Course 2-1 , Case Studies in Real Estate Valuation I . Course 2-2, Report Writing and Valuation Analysis ' ■ Exam 1A-2, Basic Valuation Procedures ■ Course 1 B-A, Capitalization Theory and Techniques: Part A ■ Course 1 B-B, Capitalization Theory and Techniques: Part B ■ Exam 1A-2, Real Estate Appraisal Principles PRAT RECENT APPRAISAL SEMINARS I . Eminent Domain & Condemnation an Appraisal in ■ Attacking & Defending pp Litigation ■ On-Line Internet Search Strategies for Real Estate Appraisers ■ Small Hotel / Motel Valuation ■ Automated Valuation Models iI . Litigation Skills for the Appraiser: An Overview ■ Panel Discussion of Commercial Construction Costs • Appraisal of Retail Properties MUELLER AND COMPANY, INC. 1 PROFESSIONAL QUALIFICATIONS - KURT M. MUELLER, MAI • Understanding Limited Appraisals and Appraisal Report Options: General • Valuation of Leasehold Interests ' • Valuation of Leased Fee Interests PROFESSIONAL LICENSES I . Certified General Appraiser: ' 1) State of Oregon, License No. C000484 Expiration Date: August 31, 2002. 1 2) State of Washington, License No. 1100714 Expiration Date: August 26, 2003. PROFESSIONAL EXPERIENCE I .' President, Mueller and Company, Inc. Portland, Oregon 1996 to Present • Commercial Appraiser, Key Bank of Oregon ' Portland, Oregon 1995 to 1996 • Principal/Owner, Mueller and Company Honolulu, Hawaii 1993 to 1994 ■ Commercial Appraiser, Sylva, Howell & Associates Honolulu, Hawaii 1989 to 1993 I . Commercial Appraiser, Lesher & Company, Ltd. Honolulu, Hawaii 1986 to 1988 1 1 1 1 1 MUELLER AND COMPANY, INC. 1 I I I I 1 I I I I I I EXHIBIT A I Title Report I I I I I I I L Fidelity National Title Company of Oregon 900 SW Fifth Avenue • Portland, OR 97204 (503) 222-2424• FAX (503) 227-2274 I PRELIMINARY REPORT ESCROW OFFICER: Pam J. Kinkead-McClellan, CSEO ORDER NO.: 10-1102038-28 TITLE OFFICER: Terry Lucas TO: Sinnerud & Associates Commercial Realty ATTN: Mick Sinnerud 5319 S.W. Westgate Drive, Suite 253-P Portland, OR 97221 OWNER/SELLER: John S. VanGorder & Berton D. VanGorder BUYER/BORROWER: Paragon Investments, LLC PROPERTY ADDRESS: 7100 S.W. Fir Loop Drive, Portland, OR 97223 EFFECTIVE DATE: November 30, 2001,05:00 P.M. 1 . The policy and endorsements to be issued and the related charges are: AMOUNT PREMIUM Owner's Standard 750,000.00 1,730.00 Government Service Charge 35.00 2. THE ESTATE OR INTEREST IN THE LAND HEREINAFTER DESCRIBED OR REFERRED TO COVERED BY THIS REPORT IS: A Fee 3. TITLE TO SAID ESTATE OR INTEREST AT THE DATE HEREOF IS VESTED IN: Berton D. Van Gorder and John S. Van Gorder, as tenants in common 4. THE LAND REFERRED TO IN THIS REPORT IS SITUATED, IN THE CITY OF TIGARD, 1N THE COUNTY OF WASHINGTON, STATE OF OREGON, AND IS DESCRIBED AS FOLLOWS: SEE EXHIBIT "ONE" ATTACHED HERETO AND MADE A PART HEREOF JJ\JJ 12/14/2001 I I 1 1 Order No. 10-1102038-28 EXHIBIT "ONE" Lot 10, 72nd BUSINESS CENTER, in the City of Tigard, Washington County, Oregon 1 1 1 t 1 2 1 Order No. 10-1102038-28 IAS OF THE DATE OF THIS REPORT, ITEMS TO BE CONSIDERED AND EXCEPTIONS TO COVERAGE IN ADDITION TO THE PRINTED EXCEPTIONS AND EXCLUSIONS IN THE POLICY FORM WOULD BE AS FOLLOWS: IGENERAL EXCEPTIONS: I1. 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 I such proceedings whether or not shown by the records of such agency or by the public records. I 2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry of persons in possession. I 3. Easements, or claims of easements or encumbrances, not shown by the public records, reservations or exceptions in patents or in acts authorizing the issuance thereof, water Irights, claims or title to water. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other Ifacts which a correct survey would disclose. I 5. Any statutory liens for labor or material, including liens for contributions due to the State of Oregon for unemployment compensation and for worker's compensation, which have now gained or may gain priority over the lien of the insured deed of trust, which liens do not now appear of record. ISPECIFIC ITEMS AND EXCEPTIONS: I 6. Property taxes, and any assessments collected with taxes, for the fiscal year 2001-2002. Amount: $4,296.98 I Unpaid Balance: $2,864.65 plus interest, if any Account No.: R458793 Map No.: 2511 DA-01000 Levy Code: 023.81 I 7. City liens in favor of the City of Tigard, if any. IThere are no liens as of November 30, 2001. I 8. Easements) for the purpose(s) shown below and rights incidental thereto as delineated or as offered for dedication, on the plat of said property. I Purpose: Utility, storm drainage and pedestrian way Affects: 20 feet along the North lot line Purpose: Public utility drain and emergency vehicle assess IAffects: 15 feet in width, along the East lot line I 3 Order No. 10-1102038-28 Purpose: Storm drainage, sanitary sewer, potable water supply and utilities Affects: 5 feet in width, along all front and rear lot lines 9. Covenants, conditions and restrictions (deleting therefrom any restrictions indicating any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin) as set forth in the document Recorded: December 2, 1977, Book 1221, Page 830 10. A deed of trust to secure an indebtedness in the amount shown below, and any other obligations secured thereby Amount: $44,500.00 Dated: October 20, 1987 Grantor: Ruth K. Lyons, a single person Trustee: Safeco Title Insurance Company Beneficiary: American Savings and Loan Association Recorded: October 30, 1987, Recorder's No. 87054780 11. A deed of trust to secure an indebtedness in the amount shown below, and any other obligations secured thereby Amount: $201,635.45 Dated: November 15, 1996 Grantor: Berton D. Van Gorder and John S. Van Gorder Trustee: Stewart Title Beneficiary: KeyBank Loan No.: 074 333600 Recorded: November 29, 1996, Recorder's No. 96106607 12. Leases and/or tenancies, if any. 13. Personal property taxes, if any. 14. No search has been made for financing statements filed in the office of the Secretary of State, or in any county other than the county in which the herein described land is located. No liability is assumed for any financing statement filed in the office of the County Clerk (Recorder) covering timber, crops, fixtures or contracts affecting said land if said land is not described by metes and bounds, recorded lot and block or under the rectangular survey system. END OF ITEMS AND EXCEPTIONS NOTES: r no 'ud ments of record against Berton D. Van Gorder,A. There are � g g John S. Van Gorder or Paragon Investments, LLC, an Oregon limited liability company. Note B. A Washington County Ordinance imposes a tax of $1.00 per $1,000.00 valuation on certain real property transfers unless an exemption from the tax is granted by the county in accordance with the ordinance. 4 Order No. 10-1102038-28 Note C. No search has been made or will be made for water, sewer, or storm drainage charges unless the city/service district claims them as liens (i.e., forecloseable) and reflects them on its lien docket at the date of closing. Buyers should check with the appropriate city bureau or water/service district and obtain a billing cutoff. Such charges must be adjusted outside of escrow. 1 cc: Paragon Investments, LLC John S. Van Gorder and Berton D. Van Gorder Norris Beggs & Simpson lPX 1031, Inc. I 1 1 5 I EXHIBIT A AMERICAN LAND TITLE ASSOCIATION LOAN POLICY (10-17-92) and AMERICAN LAND TITLE ASSOCIATION LEASEHOLD LOAN POLICY (10-17-92) SCHEDULE OF EXCLUSIONS FROM COVERAGE IThe following matters are expressly excluded from the coverage of this policy and the Company will not value for the estate or interest insured by this policy. pay loss or damage,costs,attorney's fees or expenses which arise by reason of: 4. Unenforceability of the Han of the insured mortgage because of the inability or failure of the insured at 1. (a)Any law,ordinance or governmental regulation(including but not limited to building end zoning laws, Date of Policy,or the inability or failure of any subsequent owner of the indebtedness,to comply with ordinances,or regulations)restricting,prohibiting or relating to(i)the occupancy,use,or enjoyment of applicable doing business laws of the state in which the lend is situated. the land:(ii)the character,dimensions or location of any improvement now or hereafter erected on the 5. Invalidity or unenforceability of the lien of the insured mortgage,or claim thereof,which arises out of land;(iii)a separation in ownership or a change in the dimensions or area of the land or any parcel of the transaction evidenced by the insured mortgage,and is based upon usury or any consumer credit which the land is or was a pert;or(iv)environmental protection,or the effect of any violation of these protection or truth in lending law. laws,ordinances or governmental regulations,except to the extent that a notice of the enforcement 6. Any statutory lien for services, labor or materials (or the claim of priority of any statutory lien for thereof or a notice of a defect,lien or encumbrance resulting from a violation or alleged violation services,labor or materials over the lien of the insured mortgage)arising from an improvement or work affecting the land has been recorded in the public records at Date of Policy. related to the land which is contracted for and commenced subsequent to Date of Policy and is not (b)Any governmental police power not excluded by(a)above,except to the extent that a notice of the financed in whole or in part by proceeds of the indebtedness secured by the insured mortgage which exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation, or alleged at Date of Policy the insured has advanced or is obligated to advance. violation effecting the lend has been recorded in the public records et Date of Policy. 7. Any claim which arises out of the transaction creating the interest of the mortgagee insured by this 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records policy,by reason of the operation of federal bankruptcy,state insolvency,or similar creditors'rights at Date of Policy,but not excluding from coverage any taking which has occurred prior to Date of Policy laws,that is based on: which would be binding on the rights of a purchaser for value without knowledge. Ill the transaction creating the interest of the insured mortgagee being deemed a fraudulent conveyance 3. Defects,liens,encumbrances,adverse claims,or other matters:I or fraudulent transfer;or (a)created,suffered,assumed or agreed to by the insured claimant; (ii) the subordination of the interest of the insured mortgagee as a result of the application of the (b)not known to the Company,not recorded in the public records at Date of Policy, but known to doctrine of equitable subordination;or theinsured claimant and not disclosed in writing to the Company by the insured claimant prior to the (iii)the transaction creating the interest of the insured mortgagee being deemed a preferential transfer date the insured claimant became an insured under this policy: except where the preferential transfer results from the failure: (c)resulting in no loss or damage to the insured claimant; (a)to timely record the instrument of transfer;or (d)attaching or created subsequent to Date of Policy,or (b)of such recordation to impart notice to a purchaser for value or a judgement or lien creditor. (a)resulting in loss or damage which would not have been sustained if the insured claimant had paid AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY (10-17-92) AND ' AMERICAN LAND TITLE ASSOCIATION LEASEHOLD OWNER'S POLICY (10-17-92) SCHEDULE OF EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not (b)not known to the Company,not recorded in the public records at Data of Policy,but known to the Ipay loss or damage,costs,attorney's fees or expanses which arise by reason of: insured claimant end not disclosed in writing to the Company by the insured claimant prior to the date 1. (a)Any law,ordinance or governmental regulation(including but not limited to building and zoning laws, the Insured claimant became an insured under this policy; ordinances,or regulations)restricting,prohibiting or relating to{i)the occupancy,use,or enjoyment of (c)resulting in no loss or damage to the insured claimant; the land;(ii)the character,dimensions or location of any improvement now or hereafter erected on the (d)attaching or created subsequent to Date of Policy,or land;(iiil a separation in ownership or a change in the dimensions or area of the land or any parcel of (o)resulting In loss or damage which would not have bean sustained if the insured claimant has paid which the land is or was a part;or(iv)environmental protection,or the effect of any violation of these value for the estate or insured by this policy. laws,ordinances or governmental regulations, except to the extant that a notice of the enforcement 4. Any claim which arises out of the transaction vesting in the Insured the estate or interest insured by thereof or a notice of a defect,lien or encumbrance resulting from a violation or alleged violation this policy, by reason of the operation of federal bankruptcy,state insolvency,or similar creditors' affecting the lend has been recorded in the public records at Date of Policy. rights laws,that is based on: (b)Any governmental police power not excluded by la)above,except to the extent that a notice of the (i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent exercise thereof or a notice of a defect,lien or encumbrance resulting from a violation or alleged conveyance or fraudulent transfer;or violation affecting the land has bean recorded in the public records at Date of Policy. (ll)the transection creating the estate or interest Insured by this policy being deemed a preferential 2. Rights of eminent domain unless notice of the exercise thereof has bean recorded in the public records transfer except where the preferential transfer results from the failure: III at Date of Policy,but not excluding from coverage any taking which has occurred prior to Date of Policy (a)to timely record the instrument or transfer;or which would be binding on the rights of a purchaser for value without knowledge. (b)of such recordation to impart notice to a purchaser for value or a judgement or lien creditor. 3. Defects,liens,encumbrances,adverse claims,or other matters: (a)created,suffered,assumed or agreed to by the insured claimant: The above ALTA policy forms may be issued to afford either Standard Coverage or Extended Coverage.In addition to the above Exclusions from Coverage,the Exceptions from Coverage in a Standard Coverage policy will also include the following General Exceptions: SCHEDULE B GENERAL EXCEPTIONS FROM COVERAGE I This policy does not insure against loss or damage land the Company will not pay costs,attorneys'fees or expanses)which arise by reason of: PART 1 1. Taxes or assessments which era not shown as existing liens by the records of any taxing authority that 3. Easements,or claims of easements or encumbrances,not shown by the public records,reservations levies taxes or assessments on real property or by the public records,proceedings by a public agency or exceptions in patents or in acts authorizing the issuance thereof,water rights,claims or title to which may result in taxes or assessments,or notices of such proceedings whether or not shown by the water. records of such agency or by the public records. 4. Discrepancies,conflicts in boundary lines,shortage in area,encroachments,or any other facts which 2. Any facts,rights,interests or claims which era not shown by the public records but which could be a correct survey would disclose. ascertained by an inspection of said land or by making inquiry of persons in possession. 5. Any statutory liens for labor or material,including liens far contributions due to the State of Oregon for unemployment compensation and for worker's compensation, which have now gained or may gain priority over the lien of the insured deed of trust,which liens do not now appear of record. I Fidelity National Financial Group of Companies' Privacy Statement July 1, 2001 We recognize and respect the privacy expectations of today's consumers and the requirements of applicable federal and state ' privacy laws. We believe that making you aware of how we use your non-public personal information ("Personal Information"), and to whom it is disclosed,will form the basis for a relationship of trust between us and the public that we serve.This Privacy Statement provides that explanation. We reserve the right to change this Privacy Statement from time to time consistent with applicable privacy laws. In the course of our business,we may collect Personal Information about you from the following sources: • From applications or other forms we receive from you or your authorized representative; ' • From your transactions with, or from the services being performed by, us, our affiliates,or others; • • From our Internet web sites; • From the public records maintained by governmental entities that we either obtain directly from those entities,or from our affiliates or others; and • From consumer or other reporting agencies. Our Policies Regarding the Protection of the Confidentiality and Security of Your Personal Information We maintain physical, electronic and procedural safeguards to protect your Personal Information from unauthorized access or intrusion. We limit access to the Personal Information only to those employees who need such access in connection with providing products or services to you or for other legitimate business purposes. Our Policies and Practices Regarding the Sharing of Your Personal Information We may share your Personal Information with our affiliates, such as insurance companies, agents, and other real estate settlement service providers. We also may disclose your Personal Information: • to agents, brokers or representatives to provide you with services you have requested; • to third-party contractors or service providers who provide services or perform marketing or other functions on our behalf;and • to others with whom we enter into joint marketing agreements for products or services that we believe you may find of interest. ' In addition,we will disclose your Personal Information when you direct or give us permission,when we are required by law to do so, or when we suspect fraudulent or criminal activities. We also may disclose your Personal Information when otherwise permitted by applicable privacy laws such as,for example, when disclosure is needed to enforce our rights arising out of any agreement,transaction or relationship with you. One of the important responsibilities of some of our affiliated companies is to record documents in the public domain. Such documents may contain your Personal Information. Right to Access Your Personal Information and Ability to Correct Errors or Request Changes or Deletion Certain states afford you the right to access your Personal Information and,under certain circumstances,to find out to whom your Personal Information has been disclosed. Also, certain states afford you the right to request correction,amendment or ' deletion of your Personal Information. We reserve the right, where permitted by law,to charge a reasonable fee to cover the costs incurred in responding to such requests. All requests must be made in writing to the following address: Privacy Compliance Officer Fidelity National Financial, Inc. 4050 Calle Real,Suite 220 Santa Barbara, CA 93110 Multiple Products or Services ' If we provide you with more than one financial product or service,you may receive more than one privacy notice from us. We apologize for any inconvenience this may cause you. 1 1 I I I I 1 I I I I EXHIBIT B IPurchase and Sale Agreement I I I I I 1 Jan-22-02 08:47am From-Norris Beggs & Simpson +503520733_0522:39632 T-9T5 P 002/003 F-333 _ . . . .- II van uoraer. lnc 5zQ 4600 _ I Jar1 16 02 0O.SS. Mick Sinnerud -4424 p. c P-2 I Sit)nerud I Asscciates COUMMERCIap. REALTY Wednesday,January 16,2002 . I Mark Dollahite Paragon Tile&Stone • 0037 SW Burnham Street Tigard,OR 97223 I Re: Purchase and Sale Agreement and related Fichlbits and Addendums for 7100 SW Fir Loop Drive,Tigard,Or dated November 29,2002 IDear Mark: Pursuant to our telephone convey ation the morning of Tuesday,January 15,2002,the following tarns and conditions will slipercede all other written or verbal agreements 111 with the Sellers of the above referenced transaction: 1. Upon removal of all contingencies,on or before February 14,2002. the$25,000 Promissory Note shall be redeemed for cash and placed in the Fidelity National Title I escrow account with said monies to become non-refundable to Buyer but applicable to purchase price at Closing. I 2. Closing shall occur no earlier than March 25,2002 nor no later than April 24,2002. Seller shall have vacated premises on or before the Closing Date. • 3. All of the other written, previously agreed to terms shall remain in effect. IIf this meets with your mutual understandings,please acknowledge by signing the respecttve signature block provided below and return a copy to my office. I will notify I . I 5319 S.W.WESTGATE DRIVE OF CE: 503-2K-4424 MAILING ADDRESS: SUITE 1253-P FAX 503-292.4434 P.O.BOX 25494 PORTLAND,OR 97221 EMAIL: msi292. �gwesr.nerx PORTLAND,OR 9729$-0444 I I 1 Dec-21-01 09:39am From-Norris Bees & Simpson +503 273 0256 T-762 P 002/003 F-012 121_5 w MORRISON STREET,SUITE 200 • PORTLAND,OREGON 97204 I 111 ' I PHNE;(503)223-7191 • FAX:(503)273-0256 NORRISNew An encs Intsrnatlonsl BEGGS& SIMPSON REALTORS December 21,2001 SENT VIA FACSIMILE TO: 503-292-4434 ' Mr. Mick Sinnerud Sinnenid &Associates 5319 SW Westgate Drive, Suite 253-P Portland, OR 97221 Re: 7100 Southwest Fir Loop Drive, Tigard,Oregon Dear Mick: With regard to the Purchase and Sale Agreement dated November 29, 2001, and corresponding ' addendum dated December 4, 2001 and executed December 7, 2001, I regret to inform you the Buyer is unwilling to remove contingencies so that we may proceed forward with the sale under the current conditions. We would, however, be willing to proceed with the sale under one of the two following scenarios: ,, rib Contingencies shall be removed on or before January 23, 2002. The earnest money equal to 525,000.00 shall go hard upon removal of contingencies on or before January 23, 2002. The closing shall occur upon vacation of the property to be no earlier than 60 days following removal of contingencies (March 25, 2002), and to be no later than 90 days following removal of contingencies (April 24, 2002). If maintaining the current closing date of February 12, 2002 is of great importance to the Seller, we would not be opposed to the February 12, 2002 closing, provided the Seller lease back the ' property until vacated to be no earlier than March 25, 2002 or later than April 24, 2002. We propose a rental rate of$4,000.00 per month, triple net. If these terms are acceptable to your Seller, please indicate by having the Seller sign on the 1 signature block provided below and return to me as soon as possible. Upon receipt we will have the document fully executed and return one copy to you. I PIA1 NOPRIS,SEOGS A SIMPSON NORTHWEST LIMITED PARTNERSHIP • PORTLAND • VANCOLNNER -BELL VUE YOuA PARTNER IN REAL ESTATE S2PV1O $WORLDWIDE 1 I Nov-30-01 12:04m From-Norris Bezg +303 273 0256 c & Slmpron I T-486 P 002/011 F-T68 I 1 COMMERCIAL ASSOCIATION'OF REALTORS® PORTLANDNANCOUV ER 2 PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY I 3 (Oregon-Commercial Form) 4 5 Dated: . Qvember 29, 2001 1 6 $ETWEEN: John S. Vangnrder and,14erton1), Va ngarder ("Seller") 7 AND: Paragon Inyestments,LLC - ("Buyer") 8 Buyer agrees to buy and Seller agrees to sell, on the following 9 property and all improvements thereon (the "Property) commonly known as 7100 9�Sotheuthwest real I 10 fir loop Dave and located at me in the City of leard, County ��'outhgon, 11 legally described as follows: 72�Bu,ci�teSs Center Lot 10 S of ��hin�°n' Oregon, 12 square feet of building, if no legal description is inserted or attached,and Buyer approximately tell 8,will I 13 attach a legal description upon receipt and reasonable appmyaj byboth partiesofthe Seller y 14 Commitment or, p Preliminary if applicable, the Survey. rY 15 i. Purchase Pt, The total pfrebasc price is Seven' 16 NO/10Q dollars ($750 000.00)payable as follows; all cash Ruti `died Fifty Thuusand artd 17 2. Earnest Money Receipt. Upon execution of 18 Tern Thousand and this Agreement, Buyer shall pay I LYo/100 dollars (510,000.00)as earnest money (the "Earn Money") 19 form of fl cash or ❑ check or ®promissory note. If the Earnest Money is in the form of a 20 promissory note, it is due and payable;❑upon execution of this Agreement y Buyer and Sellerr 21 or ►�0 no later than 5 PM Pacific Time one day after satisfaction or waiver byBuyer of I 22 conditions to Buyer's obligation to Y the 23 g purchase the Property set forth in this ,agreement or❑other: . If the 24 Earnest Money promissory note is not redeemed and paid in full when due, then (1) the Earnest 1 25 Money promissory note shall be delivered and endorsed to 26 possession), (u) Seller may collect the Earnest Money from Buyler either pursuant ot r in Seller'scn 27 on the promissory note or an action on this Agreement, Buyer, to an action I128 further force or effect. The Earnest and (iii)sh 1 Agreement shat! be of Flo Money be deposited with 29 ®Norris Re & Simpson's Clients' Trust AeILur,t (the "Title Company") ar the following 30 branch. f iWelhy National Title, Attn: Te'est Fuhrer, 900.Couthwest Fifth A venue, Portland, I 31 Orefon, 97204 or ❑ other 32 The Earnest Money shall be applied to thepayment 33 closing. Any interest earned on the Earnest Mo baIl beecpurchase 1�d oapricc for the Property at 34 Money, The Earnest Money shall be returned to Buyer in the event any to b coe ndition o of the Earnest I 35 obligationpurchase ro u Buyer's p chase the Property shall fail to be satisfied or waived through no fault of Buyer. ® 1997 Commrrcin I Associatiou of R E d T TORSR Portland/17E1 a couver Rev. 9/97) PURCHASE,AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY(OR. Orsi) psa-vansoao,da 1 I I INov-30-01 12:36pm Froe-Norris Beggs 1 Simpson +503 2T3 0256 T-495 P.003/011 F-759 I I 1 3. Conditions to Purchase. Buyer's obligation to purchase the Property 2 conditioned on the following: I: none and/or® See Exhibit A and/or is 3 the results of its property inspection described in Section 4 below. r as snot's approval written of 4 waiver of these conditions, or stated in writing that these conditions havenot given written I S written notice given leen satisfied, by g� n to Seller within NtA days after the Execution Date (defined below), 6 the Agreement shall be terminated, and the Earnest Money shall be promptly returned to Buyer. I 7 4. Property Inspection. Seller shall permit its an Buyer Y agents, at Buyer's 8 sole expense and risk, to enter the Property, at reasonable times after reasonable prior 9 notice to Seller and after prior notice to the tenants of the Property as required by the I 10 tenants'leases, to conduct inspections, tests, and surveys concerning the structural 11 condition of the improvements, all mechanical, electrical and plumbing systems, hazardous 12 materials,pest infestation, soils conditions, wetlands, American with Disabilities Act I 13 compliance, and other matters affecting the suitability of the Property for Buyer's 14 intended use and/or otherwise reasonably related to the purchase of the Property. Buyer 15 shall indemnify, hold harmless, and defend Seller from all liens, costs, and expenses, I 16 including reasonable attorneys' fees and experts' fees, arising from or relating to 17 Buyer's entry on and inspection of the Property. This agreement to indemnify, 18 harmless, and defend Seller shall survive closing or any termination of this Agreement. bold I19 5. Seller's Documents. Within five (5) days after the Execution Date, Seller shall 20 deliver to Buyer, at Buyer's address shown below, legible and complete copies of the following 21 documents and other items relating to the ownership, operation, and maintenance of the Property, I22 to the extent now in existence and to the extent such items are within Seller's possession or 23 control: any tristinp Level I eltyfronmen al re urt, previous ins pecrionsirenorts, all leases for 24 the property, any permits obrained for the property, recordcincome/expense from Trust, I25 appraisals, and/or building plans. 26 6. Title Tns•urance. Within ten (IW days after the Execution Date, Seller 27 shall deliver to Buyer a preliminary title report from the Title Company P Y (tom "Preliminary I 28 Commitment"), together with complete and legible copies of all documents shown therein 29 as exceptions to title, showing the status of Seller's title to the Property. Buyer shall 30 have seven 17) days after receipt of a copy of the Preliminary Commitment within which to I31 give notice in writing to Seller of any objection to such title or to any liens or 32 encumbrances affecting the Property. Within seven (7) days after the date of such notice 33 from Buyer, Seller shall give Buyer written notice of whether it is willing and able to I 34 remove the objected-to exceptions. Within seven (7) days after the date of such notice 35 from Seller, Buyer shall elect whether to purchase the Property subject to the nhjex-ted-to 36 exceptions which Seller is not willing or able to remove or terminate this Agreement. I 37 On or before the Closing Date (defined below), Seller shall remove all exceptions to which 38 Buyer objects and which Seller agrees Seller is willing g and able to remove. All remaining 39 exceptions set forth in the Preliminary Commitment and agreed to by Buyer shall be 40 "Permitted F.xceprions," The title insurance policy to be delivered by Seller to Buyer 1 C 1997 Commercial 4ssociation of REALTORS®Portland/Vancouver(Rev.9/97) I PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY(OREGON) psi-v-neardra.doc 2 • - — —� •. ....+ . ..+• .... �.... • . ,z— va ✓u v.• .. V V rJ V V T T J V V , - V�t I 1 Nov-30-01 12:3Spm From-Norris Bens & Simpson 4503 2T3 025G T-490 P.004/011 F-759 1 1 1 at closing shall contain no exceptions other than the Permitted Exc do 2 preprinted exceptions in an ownerrs standard form title insurance policy. ' ns d the usual 3 7. Default; Remedies, If the conditions, if any, to Buyer's obligation to 4 close this transaction arc satisfiedg or waived by Buyer and Buyer nevertheless fails, 5 through no fault of Seller, to close the purchase of the Property, Seller's stile remedy I 6 shall be to retain the Earnest Money paid by Buyer. In the event Seller fails, throug 1 7 no fault of Buyer, to close the sale of the Property, inc equity, P �' Buyer shall be entitled to pursue 8 any remedies available at law or i 9 ty, including without limitation, the remedy of 9 specific performance. I 10 8. Closing of Sale. The sale shall be closed❑ on or before or 11 E svcty-frve (65) days after the Execution Date (the "Closing Date") in escrow t Titic I 12 Company. The sale shall he "closed" when the document conveying title is recordedande funds 13 are disbursed to Seller. At closing, Buyer � ]4 documents and funds required toclose thandtransact-ion in oSlt with the Title Company all accordance with the terms of this 15 Agreement, At closing, Seller shall deliver a certification in a form approved by Buyer that I 16 Seller is not a "foreign person" as such term is defined in the Internal Revenue Code and the 17 'treasury Regulations promulgated under the Intcmal Revenue Codc. If Seller is a foreign 18 person and this transaction is not otherwise exempt from FZR•PTA regulations, the Title I 19 Company shall he instructed by the parties to withhold and pay the amount required by 20 the internal Revenue Service. At closing, Seller shall convey fee simple title to the Property to 21 Buyer by I 22 ® statutory warranty deed or ❑ (the "Deed"). 23 If this Agreement provides for the conveyance by Seller of a vendee's interest in the Property by 24 a contract of sale, Seller shall deposit with the Title Company (or other mutually acceptable I 25 escrow) the executed and acknowledged Deed, together with written instructions to deliver such 26 deed to Buyer upon payment in full of the purchase price, At closing, Seller shall pay for and 27 deliver to Buyer a standard form owner's policy of title insurance in the amount of the purchase 28 price insuring fee simple title to the Property in Buyer subject only to the Permitted Exceptions I 29 and the standard preprinted ext tions in a standard form policy. F cy. 30 9. Closing Costs: Prorates. Seller shall pay the premium for the title insurance policy I31 which Seller is required to deliver pursuant to the above paragraph. Seller and Buyer shall each 32 pay one-half of the escrow fees charged by the Title Company, any excise tax, and any transfer 33 tax. Real property taxes fur the tax year in which the transaction is closed, assessments (if a 1 34 Permitted Exception), personal property taxes, rents on existing tenancies paid for the month of 35 closing, interest on assumed obligations, and utilities shall be prorated as of the Closing Date. 36 Prepaid rents, security deposits, and other unearned refundable deposits regarding the tenancies I 37 shall be assigned and delivered to Buyer at closing. The Property ❑ does ® does not qualify 38 for a special tax assessment or cleferrdI program as 39 follows: 40 U Seller❑ Buyer fgj N/A shall be responsible for payment of all taxes, interest, and penalties, 111 41 if any, upon removal of the Property from such special assessment orro . P � ® 1997 Corrun rcial AbSt/e.iation of REALTDRSO PortlandNancouver(Rev.9/97) I PURCHASE AND SALE AGREEMENT AND RECETPT FOR F•ARNEST MONEY(OREGON) Ian.vansocdu.doc 3 I •i- v J V V i V L. . JV. i u i u V I I 6 I I C (.1 J L.0 II IICI JV J VU'T `Y�V�J I V J I Noy-30-01 12:31pm From-Norris Beggs & Simpson 4503 273 0250 T-48G P 005/011 F-75D I l le. Possession. Buyer shall be entitled to exclusive possession of the 2 Property, subject to tenancies existing ac of the Closing Date, [3 on the Closing Date or 3 ❑ 1 4 11. Condition of Erop . Seller represents 5 there are no pending or threatened prices of violation othat, an to , codes, rules, or hese of Seller's knowledge, 6 applicable to the Property ("Laws"), and Seller is not aware of any such violations or an s y I 7 concealed material defects in the Property. Risk of loss or damage to the Property shall be 8 Seller's until closing and Buyer's at and after closing. No agent of Seller nor any agent of Buyer 9 has made any representations regarding the Property. The real estate licensees named in this 10 Agreement have made no representations to any party regarding thc condition of the Property, 11 the operations on ur income from the Properly, or whether the Property or the use thereof 12 complies with Laws. Except for Seller's representations sct forth in this Section 11, Buyer shall I 13 acquire the Property "AS IS" with all faults and Buyer shall rely on the results of its own 14 inspection and investigation tgauon In Buyer's acquisition of the Property. It shall be a condition of 15 Buyer's obligation to close, and of Seller's right to retain the Earnest Money as of dosing, that I 16 all of the Seller's representations and warranties stated in this Agreement are materially true and 17 correct on the Closing Date. Seller'sresentations and warranties apes stated in this Agreement 18 shall survive closing. I19 12. Personal Property. This sale includes the following personal property: 20 2 N/A or ❑the personal property located on and used in connection with the Property and 21 owned by Scllea which Seller shall itemize in a schedule. Seller shall deliver to Buyer such I22 schedule within days after the Execution Date. 23 13. Agency Disclosure. The following agency relationship(s) in this transaction is 24 (are) hereby consented to and acknowledged: I 25 (a) L Jennifer Medi of Norris, Bugs & Simpson (selling real 26 estate licensee) is the agent of(check one): ® Buyer exclusively as an agent of Buyer; I 27 E] Seller exclusively as an agent of Seller, 0 both Seller and Buyer as set out in the in- t 8 company agreement. 29 (b) El Mick Sinneryd of Sizinerud Associates (listing agent if not thc I 30 same as selling agent) is the agent of(check one): ® Seller exclusively as Seller's agent; 31 ❑both Seller and Buyer as set out in the in-company agreement. 1 32 (c) (real estate licensee) both Seller 34 and Buyer Ina 1 t dva g'� yrelanOnshtp pursuant to separate agrcemcnit. I 35 / L.i CKNO` LEDGED 36 Buyer: Dated: i' )O•0/ 37 Buyer: Dated: Designate-a- 38 Seller: i Dated: Broker(s) 39 Seller: Dated: —' Initials II 0 1997 Commercial Association of REALTORS®PortlandNaacouvcr(Roy.9/97) II PURCHASE AND SALE AGREEMENT ANI.)RECEIPT FOR EARNEST MONEY (OREGON) pc -vargordcr,doc 4 Nov-30-01 02: 30P Paragon Tile & Stone 503 684 4905 N . ue Nov-30-01 12:3Tpm From-Norris Begg, L Simpzon +503 213 0256 7-1:186 P.005/011 F-739 111 1 14. Notices. Unless otherwise specified, any notice required or permitted in, or related 2 to, this Agreement must be in writing and signed by the party to be bound. Any notice or 3 payment will be deemed given when personally delivered or delivered by facsimile transmission 4 (with electronic confirmation of delivery), or will be deemed given cm the day followin delivery 5 of the notice by reputable overnight courier or through mailing in the U.S. mails, postage 6 prepaid, by the applicable party to the address of the other party shown in this Agreement, unless 7 that day is a Saturday, Sunday, or legal holiday, in which event it will be deemed delivered on 8 the next following business day. If the deadline under this Agreement for delivery of a notice or 9 payment is a Saturday, Sunday, or legal holiday, such last day will be deemed extended to the 10 next following business day. I 1 • 15. Assigriment. Buyer IZ may assign ❑ may not assign ❑ may assign, if the 12 assignee is an entity owned and controlled by Buyer (may not assign, if no box is checked) this 13 Agreement or Buyer's rights under this Agreement without Seller's prior written consent. If 14 Seller's consent is required for assignment, such consent may be withheld in Seller's sole 15 discretion. 1 16. Attorneys' Fees. In the event a suit, action, arbitration, or other proceeding of any 17 nature whatsoever, including without limitation any proceeding under the U.S. Bankruptcy Code, 18 is instituted, or the services of an attorney arc retained, to interpret or enforce any provision of 19 this Agreement or with respect to any dispute relating to this Agreement, the prevailing party 20 shall be entitled to recover from the losing party its attorneys',paralegals', accountants', and other 21 experts'fees and all other fees, costs, and expenses acnially incurred and reasonably necessary in 22 connection therewith. In the event of suit, action, arbitration, or other proceeding, the amount 23 thereof shall be determined by the judge or arbitrator,shall include fees and expenses incurred on 24 any appeal or review, and shall be in addition to all other amounts provided by law. 25 17. Statutory Land Use Disclaimer. THE PROPERTY DESCRIBED IN THIS 26 INSTRUMENT MAY NOT BF WITHIN A FIRE PROTECTION DISTRICT PROTECTING 27 STRUCTURES. THE PROPERTY IS SUBJECT TO LAND USE LAWS AND ' 28 REGULATIONS, WHICH, IN FARM AND FOREST ZONES, MAY Y N OT AUTHORIZE 29 CONSTRUCTION OR SITING OF A RESIDENCE AND WHICH LIMIT LAWSUITS 30 AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930 TN ALL 31 ZONES. BEFORE SIGNING OR. ACCEPTING THIS INSTRUMENT, THE PERSON 32 ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE 33 APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED 1 34 USES AND THE EXISTENCE OF FIRE PROTECTION FOR STRUCTURES. 35 18. Miscellaneous. Time is of the essence of this Agreement The facsimile ' 36 transmission of any signed document including this Agreement shall be the same as delivery of 37 an original. At the request of either party, the party delivering a document by facsimile will 38 confirm facsimile transmission by signing and delivering a duplicate original document. This 39 Agreement may be executed in two or more counterparts, each of which shall constitute an 40 original and all of which together shall constitute one and the same Agreement, This Agreement CP 1997 Commercial Association of REALTORS®Portland/Vancouver(Rev.9/97) PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON) pso-vanrorder.doc 5 /1`'V J t l \1 i V L . V i• • 4 1 4 V y/■ ■ ■ 1 L� J V V!I C I L J V V T T J V J I . V I INov-20-01 12:38pm From-Norris Bens & Simpcon +603 273 0266 T-426 P.007/011 F-13111 I I I contains the entire agreement and understanding of the patties with respect to the subject matter 2 of this Agreement and supersedes all prior and contemporaneous agreements between them with 3 respect thereto. Without limiting the provisions of Section 15 of this Agreement, this Agreement I4 shall be binding upon and shall inure to the benefit of the parties and their respective successors 5 and assigns. The person signing this Agreement on behalf of Buyer and the person signingthis 6 Agreement on behalf of Seller each represents,covenants and warrants that such person has full I 7 right and authority to enter into this Agreement and to bind the parry fOi whom such person signs S this Agreement to the terms and provisions of this Ag,ccrncnt. This Agreement shall not be 9 recorded unless the parties otherwise agree. I10 19. Ad durns; Exhibits. The following named addendurns and exhibits arc 11 attached to this Agreement and incorporated within this Agreement: []none or 12 E Exhibit A. 13 20, Time fbr Acceptaace. Seller has until 5:00 p.m. Pacifc Time on Tuesday, 14 December 4, 2001 to accept this offer. Acceptance is not effective until a copy of this 15 Agreement which has been signed and dated by Seller is actually received by Btiyef. If this Outer 1 16 is not so accepted, it shall expire and the Earnest Money shall he promptly refunded to Buyer. 17 21. Seller's Acceptance ane rokerape A eernezit. Seller agrees to sell the Property 18 on the terms and conditions in this Agreement and further agrees to pay a commission in the total 19 amount computed in accordance with P the listing agreement or other commission agreement. If 20 there is no written listing agreement or other commission agreement, Seller hereby agrees to pay 21 a commission of Z Six percent (6%) of the first five-hundred thousand and Five Ferrera(5%) I 22 rhereaier purchase price or 542,500,00. The commission is earned as of the date this 23 Agreement is signed by Seller and Buyer. Unless otherwise provided in a separate written 24 agreement, the real estate commission is due on the Closing Date or upon Seller's breach of this I 25 Agreement, whiclacvcr occurs first. If the Earnest Money is forfeited and retained by Seller in 26 accordance with this Agreement, in addition to any other rights the listing agent may have, the 27 Iistiizg agent shall be entitled to fifty peiccrlt (50%) of the Earnest Money, not to exceed any I 28 agreed commission, and Seller hereby assigns to the listing agent such amount. Seller's broker 29 and Buyer's broker to split the commission equally( 0/50), 30 22. Execurion_Date. The Execution Date is the later of the two dates shown beneath 31 the parties'signatures below, 32 23. CTr,vemiu2 Law. This Agreement is made and executed under, and in all respects I33 shall be governed and construed by the laws of the Stare of Oregon. 34 CONSULT YOUR ATTORNEY. THIS DOCUMENT HAS BEEN PREPARED FOR 35 SUBMISSION TO YOUR ATTORNEY FOR REVIEW AND APPROVAL PRIOR TO 1 36 SIGNING. NO REPRESENTATION OR RECOMMENDATION I5 MADE f3Y THE 37 COMMERCIAL ASSOCIATION OF REA.LTORSe PORTLANDlVANCOUVER OR BY I © 1997 Commercial Association of RFAL.TORS>Portland/Vancouver(Rev, 9/97) I PURC:NA SF.AND SALE AGREEMENT AND RECEIPT FOR.EARNEST MONEY(OREGON) pia vansordrr.doc 6 Jan-22-02 08:47am From-Norris Beggs & Simpson +503 273 0256 T-975 P.003/003 F-333 Jen ee U2 07: 44a Van Gorder Inc 503 620 4600 an 16 02 09:5Sa Mick 5innerud 503-292--4434 p. 3 I • the Title Company of these new important dates. Sincerely, NNERUD : •SSOCIATES COMMERCIAL REALTY LLC Mick Sinnenid Designated t3ro)ter Approved a eptaci: r Parago, e�rts LLD - D BY: �`" Approved and ate.pted: John VanGorder*rid Bowdon D.VanGorder,Salter BY: .�l�.i 4 ohn S.VanGorder Date: 6--"/' 7,- BY: r d' Cry "'FD VanGardor Date: 4 II 0 1 1 Sint'erud )% sCCiates COMMERCIAL REALTY I Tuesday, December 04, 2001 Ms. Jennifer Medak Mr. John Medak Norris Beggs & Simpson 121 SW Morrison, Suite # 200 Portland, OR 97204 Re: 7100 SW Fir Loop Drive, Tigard, OR Dear Jennifer and John: On behalf of my clients, John S VanGorder and Berton D VanGorder, owners of the above referenced property, thank you for submittal of the Purchase and Sale Agreement and Receipt for Earnest Money Agreement dated November 29, 2001 to purchase their property. The terms and conditions contained in the Agreement are acceptable to Sellers except for the following changes: 1. Earnest Money Promissory Note shall be increased to $25,000. 2. Sellers shall have a maximum of 90 days to vacate building, including all personal and business possessions and equipment, once the Earnest Money is redeemed for cash and placed in the escrow account. Once redeemed, these monies shall become non-refundable to Buyer but shall be applicable to purchase price at Closing. 3. Sellers have in their possession the following documents, reports, and additional information which shall be made available to Buyer upon full execution of the Purchase and Sale Agreement: A. Blueprints of building (built in 1979). B. Copy of the recorded Covenants, Conditions and Restrictions pertaining to Fir Loop. C. Declaration by Seller that the City of Tigard Water Department performs annual, standard inspections and testing regarding water quality and environmental status of ' refuse related to ro subject property. These 1 p p rty reports are on file with the City of Tigard and are available to Buyer for review. 1 1 5319 S.W. WESTGATE DRIVE OFFICE: 503-292-4424 MAILING ADDRESS: SUITE#253-P FAX: 503-292-4434 P.O. BOX 25494 IPORTLAND,OR 97221 EMAIL: msinnerud@qwest.net PORTLAND, OR 97298-0494 I INov-30-01 12:3Bpm From-Norris Beans I Simpson +503 273 0256 T-425 P.008/011 F-758 I 1 TIZEREAL ESTATE LICENSEES INVOLVED WITH THIS DOCUMENT 2 LEGAL SUFFICIENCY OR TAX CONSEQUENCES OF THIS DOCUMENT. AS TO THE NT. 3 THIS FORM SHOULD NOT BB MODIFIED) WZTIIOUT SI- 4 MODIFICATIONS BY REDDLINING, INSERTION MARKS, OR ADDEND ANG SUCH 5 A. 6 7 JAMlrnpt I 8 psa-hamrnack.doc 9 10 11 Buyer: Para oii Jnves emit LLC r S el ler. John S. Van,'order 12 / ail /'1a (, nd Berton D. VangBy el>It:, 11,../.:orde67r 13 By. L` —7 ,_..„, , 14 TilJc Till( 1 15 BXCLvllOn Date it- 3� ..G'/ Execution Date ( z-J r 16 Time of Execution Time of Execution1 17 Horne Phone Home Phone 18 Office Phone (503) 684-5330 Office No. 19 Address 9037 SW Burnham Address Il20 jgrzrd, OR 97223 ~. 21 Fax No. Fax No. 22 /- _/4 /0/ dek/A)7 Lei c- , AV \ ,/ / I '// 42 , - ai _ 2_,/- __. I 477 cyoe 5/4-e I i/1// I 195r7 Commercial Association of REALTORS®Portland/Vancouver(Rev. 9'97) PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY(OREGON) psa-vangorder.doe I 7 I Nov-30-01 12:38pm From-Norris Beggs & Simpson +508 2T3 D255 1-496 P.009/011 P-T59 I I EXHIBIT A TO THE PURCHASE AND SALE AGREEMENT AND RECEIPT CEZPT FO DATED NOVEMBER 29, 2001 R EARNEST MONEY BY AND BETWEEN IPARAGON INVESTMENTS, LLC(BUYER) AND JOHN S. VANGORDER AND BERTON D. VANGORDER (SELLER) I This offer is contingent upon: I 1. Seller hereby acicnowledges that it is the intention of the Buyer co complete an IRS Section 1031 exchange which will not delay the close of escrow or cause additional I expense to the Seller. Buyer's rights may be assigned to an Intermediary of Buyer's choice for the purpose of completing such an exchange. Seller agrees to cooperate with Buyer and Intermediary in a manner necessary to complete the exchange. 1 2. Buyer to obtain suitable financing within sixty(60)days of the execution date. / 4 c Ar.--ira/sup exa-vangorder.ci nc November 30, 2001 AGREED & CEP TEDI AGREED &ACCEPTED Buyer: Para hives tilts L C Seller: John S.Vangorder i .1 V and Be on D. Yangorder, c IBy: / '1/ /t" By U ale,: / Title: /6-11" -',f ':�Y2�'z-� �/,:-4.6- I Date: //_30— Date:// `Z– --- , f I 1VL.,v—,... .-:—.1..)J. %.J .• �Lr r a 1 ou� . .c a—. v vw. .c ...o ... �• ---- - - - I Nov-30-01 12:39pit From-Norris Boggs & 5itlpbon +503 273 0258 T-496 P.010/011 F-759 *Upon n Amoval or Contin c ---- TiarSEir w, i:ifrip.------------ ----,-Nauwaka --?�37- 2r1112 -- III � nc:ic�s � to pttrs-11^ ----•-- a days CI'months 1l years(indicate which)after the above data, Uwe,jointly and severally, promise co pay to the order of_.,I11h12. - -- - L-- ang.orr3er .arar3_Herron—a_tzwagcar � -- ci ---- ------,----• - I at(insert place payments to be made) ------------- -_._ ------ - -- _ - the sttrn of__Zan_Ph r2l]SdIld..,,Itlr3 -NQ,110u0_.C$1 rl,D11 _ ------...------ ---- -- with interest Merton At the talc of_ Pe per annum from ----____-. �• . --•--_1a--L...t-r__aDQLTARS, -_WIL--.._ rcnot e _ U any payment due is not so paid, all princi-ii artd inters s Shall be.un rm.r c imtiteJy du nd collectable at the opus of the holder of min nolt!,Interca4 shall bs te. I Any part hereof may be paid at any time. If this note is placed is the hands of an attorney or mbar thins party for collection collection war,4Vsn though no suit or action 1s flit d.Ira Suit u1 action is cd,the amount of such P i Odltarn�y feee toes pay all Dot•' • • th• -. attorney. i which a Mill or action,including any appeal,is tried,heard or dcci e , f Y fees sbsl1�. c •r the court . in the cull I "RE: Zlc pier the Purchase and Sale Agreement (/� C/ for Earnest Muney dated November 29, 2n01 - ---- --between John S. vangorder and Berton D. —------------ - _--_-- Varlgorder "Sellers' and Paragon Investments, _L, __ ye�y - --- sOAM Ka 27Y-vftOYt6bOtaY NOTE-No Propamint lisrwry. NO carnaaKr Imo orovErerNE88 LAW OUBUbMNa CO.,PORrw,4,.to,trr®. I I I I I I I I I I I I Na-i-30-01 02 : 32P Paragon i -i le et Zone .mu-D. vow* ...*_�� ' - -- — __,.. INov-30-01 I2:24, Fran-Narrlc Beggs l Sinpton +609 273 0266 1-406 P.0I1/011 F-T53 AtILI CX P1S1LV`�U.KE A(.;KlYUWL.ELItIMEN'1' i (Oregon) I SELLER (A) INITIAL A.CKNOWLEDrherir of$pr}am AYMYSJONATUN BELOW,IAOZNOWLED I (1) 1 Nee rerciwol and trail end I uaderetand the e&zirrial as our on Into Derek of MI',Iiy.byerna tem. (I) 1 we4IaMaad that a autitea opera.lit.l dies a listing nal eaters lkeneer,la the awl or the seller ca,luairsly.unlus the sena sod the buyer otherwise arta ()) 1 ell dersand shat,euttoa nekcrri+s disotoaed In r*itint.ell sea).'tall lloeneres irrdrding teal Lague liceasecj Riedel/mu in a auileiyk listing oervioe are warn Ortho I galla eadeui.elr. (4) I tmdorsvutd that a buyer's wog Is the stow Glum Layer e x aat7itely, (5) 1 understand ahtr;, u( (Lice MCC IMnks) (Rx)P..estc Organisation) ILk Ascot pntisnemg eta flan in tori la(dna ppptiwbls rslatimunIpp MV AOL�NT'AS A SELLER'S AGINT AN AGENT AS A BI IYTI'S ACI2NT I (o) SELLER'S Lldu'[ S)AvrtiO&LZAT70N RFQARDINC IN COMPANY 54LRS BY MY INITIALS BELOW,I ACK9OWLVOC1P' • (I) A ai leaarioo mor Mitre wbeseiin the kraus.I Noy bind iso be nay gent rug also Le tie neat Car she buyer*rho althea to ae+auirs sly rd property. I a) if this iAa aLioa miens,I valorize lorize my Atm to iris u an Incoutfuny sagest for that apcciCt nal property altar cWdtaa a re.sewublr dilitesl effort to cameo cos in Oester to obtain ray seasons. (3) 1 aeve read and undenesad the"ln•Gemp ny Saki'scalars on the reveres aide el Ilia Corm. (41 The follow(aa Information.tosIch Rae pereimmly beentwrel by the aclkr to she spun,o ossrldaatiaJ an4/mesa be diacloaaed to the buyer. IUeaaaaoad Loll agreed „_ (initials) BUYER IC) INITIAL ACXNOWLKDGEMENT OF l'ROSPECPIYE 8IX K IBY MY SlOnlArtIRF.BELOW.I.A.CKNOWL Dc to 17ulit rercive4 ul4 read sad I underused aim them,III set aur art the line of this disclosure fora. (2) I tagtrrtesncl thee a aelkr's spat.lot/Wing a liming spot,is the a;enl of the seller taclwivsly,unhaa the artier ehd the buyer olbaarwia.ogee. I )) I ands:stana ow,Mass otbcwiae asselo.cd in:.riling.oil real.autolicenser'inelediclt ens/atlas lianoues puttetpsang in I mutual'Natio*sorrier ate avast of nu WI=caulsaivdy, (4) 1 uattarotand that I may new any cons a cnl to k my buyer's neat I (S) 1 uaderiWtd teats _ �off— -- (Ltctaucer nL.rre) (R..I Estee OrWsreInn) tbui engem presenting this Fenn to mc,is(cheek applieeble reted:m.Aip)r +.AN AGENT OF THE SELLER I l MY AGENT AS A BUYER'S AQENT (D) DUY_IIl;D.&LIMIT=AUTHORIZATION RBGARDZNG IN•COMJANY SALO BY MY INI'fiALS 8ILOW,I ACKNOw11 X1R: I (1) A siwseion ropy Iris'wba[in the licorrac I have hind ao I.any stem may atao re Lae spent for the idler oCapoelfk real prvperry(wish to'coin. (1) Y this tituelioo ariary.I whet is,my agent as as as err In-company aper for Out spseif a nal proprny Ow meklnp a reasonably diligent effort to contact me is ander to obtain my(nate= I ()) I W ai rent tad understand tate'tend:ofitlaay Uri'motion Olt LIN,crenae aide atm flaw. I (4) The touo Wit,i iIQIenatine.which has previa ly Gua disclosed by the buyer us the apes,L oemBataeal Me I b hot 10 be dlacloaed In Me imam (thrinru04d trod agreed „ -..(ituiiaL) (14 SLGNATURJ[S Cuda a;.•Ike IINr UNDERSTOOD •, , 'ie 1 (.c. /Sum/Sellers - � i I Buy rlSchr. _ , Musrit ARent to IIIA and date:: • Elated. I ro&r AcanowIeapement Oaw ualgnased Woke/of Heel Estate Orlµaiaaloa Greater Portland/Vancouver Commercial Association of REALTORS® Feer 101 1)9* wOItD I THl9 FARM IS NOT TO Be MODUr(.XD ver/'Hour'SHOwese 5lXli MODIFJCArrONS nY REDLWIN ,ZIISLRTIOM MARKS OR ADDENDA. DISCLOSURE.IEEGAEJU1 G AGENCY RELAT/ONSHI'P(S) (As required by Oregon Revised Statutes Chapter 696) D. Closing shall occur at Fidelity National Title with Pam Kinkead-McCellan designated as the closing officer. E. A 5% real estate fee to be paid by Seller at Closing shall be shared equally by Norris, Beggs & Simpson, Buyers Broker and Sinnerud &Associates Commercial Realty, LLC, Sellers Broker. F. Sellers may also elect to enter into an IRS Section 1031 exchange with Buyer agreeing to cooperate as necessary. If these terms and conditions are agreeable with Buyer, please have Buyer sign in the appropriate signature block provided below and return a copy to my office. We look ' forward to a successful closing. Sincerely, 1 SINNERUD & ASSOCIATES COMMERCIAL REALTY 1 Mick Sinnerud Designated Broker Approved and Accepted: Paragon Invesgments, LLC, Buyer i By: 1 Its: Date: i 111 1 1 1 1 Approved and Accepted: John S VanGorder and Berton D VanGorder, Seller By: fAfri_ //,#)A.- 1 J• S Va I order i By: 41T. Be on D Van G rder 111 Date: /0 1 i 1 1 i 1 1 1 $ 25Y_0!Q0 - Dregon - --- - -- --1)PePmhP.r. ay -Mai--- CITY AND STATE WHERE EXECUTE° DATE * -fin_ox..before-_6D i daysF U rnonms- Liyears on itcatiou �e%men)aver me above date IMe jotmnuy ana s vera y to cr promise to pay to the order of_____Fidelity_-Nati naj_Tilt1 e any__ - N at(insert place payments to be made)__gip-_st.1._F h__Ave_r--Part and,-oregD � the sum of__�1.�� f1nf� --- Twenty-Five- ]OLaS S--no l0 --� 5-Ttyg:4 —rr_c:5r_=csr-rc-�a—vr�—��t�e_••R.:r—__s_-art_____ DOLLARS, g with interest thereon at the nate of__NA__ percent per annum from --_-__--_NJA until paid.Inlercsl e pa If any payment due is not so paid,aprincipal and interest shall become im mediately d ad collectable at the option of the holder oflUris note Any part hereof may be paid at any time. If this note is placed in the hands of an attorney or other third party for collection,liwcp remise d a ree to payI i"�!� ' y .. a collection casts,even though no suit or action is filed.If a suit or action is flied,the amount of such ra a attorney fees saJFb 1 xe' . he court(s)in which the suit ►— or action,including arty appeal,is tried,heard or decided. *4s per the Puchase and Sate Agreement for GT Earnest Money ---- ---- i � dated November 29,' 2001 between John S. Vangorder and Berton D. Vangorder • "Seller" and Paragon Investments, LLC "Buyer" o N k0.219—PROMISSOAY NOTE-.No P+apayment Panetty, t{O ti OoPYNKujrraga 9TEVEN9•NrsaLAW N. u5sr,r co.,PORw1D,Ofl9720/ • fq Q ti to to m 1111111 1111111 11111111 1111111 11111 NM 11111111 LL d N 1 1 1 EXHIBIT C 1 Engagement Letter 1 1 1 1 1 1 1 -...iiiiiik,-tos, ,, COLUMBIA COMMUNITY BANK r" III `' "Strong Roots in the Business Community" r I January 17, 2002 1 I Kurt Mueller MUELLER AND COMVMPA1NV, iNC. . 17020 SW Upper Boones Ferry Road, Suite 100 1 Portland, Oregon 97224 Fax 503-620-0927 I Dear Kurt: IThis letter is to confirm our request for you to develop a Limited Summary Appraisal of the as is market value of the following property: IProperty Description: Office and warehouse space located at 7100 SW Fir Loop in Tigard, Oregon IYou should use the income and sales comparison approaches to value unless the reason for exclusion is reviewed and approved by this bank. Your point of contact should be IDave Cutz for access to the property. His number is 503-684-5330. Your letter of transmittal shall reference your conformance to the Uniform Standards of I Urofesciona) Appraisal Pra,:ti'e Ps adnp9-d by the Appraisal- Standards Board of the Appraisal Foundation ("USPAP"). The appraisal must also conform with the prevailing guidelines issued under Title XI of the Financial Institutions Reform, Recovery, and I Enforcement Act of 1989 ("FIRREA"). Should a disparity exist between the.USPAP Standards and FIRREA guidelines,the guidelines outlined under FIRREA shall prevail. The purpose of this appraisal is to estimate the market value(based on terms of cash) of the subject property. The use of this report is to aid in or support management decisions I related to the subject property for the benefit of Columbia Community Bank. The property interest to be appraised is the fee simple estate and, if encumbered by a lease, the leased fee estate. It is further required that you discuss any difference between the fee simple and leased fee estates which may exist. 314 East Main Street • Hillsboro, Oregon 97123 • 503.693.7500 • Fax 503.846.9528 www.columbiacommunitybank.com IMember FDIC You shall determine and fully support the typical marketing time for this property and its effect on your market value conclusion. In your analysis of a marketing period, you are to include, but not be limited to including, an investigation of the current, typical market conditions in the appropriate sector,marketing times for comparable properties, and how the characteristics of the subject property affect its probable marketing time. You shall sign the final appraisal report as the primary appraiser and shall personally inspect the subject and each of the comparable properties. In addition, all persons assisting in the preparation and analysis of the appraisal shall be identified. The instructions and requirements set forth in this contract letter are to be copied and included in the addendum of the appraisal report. Columbia Community Bank reserves the right to convey a copy of the appraisal to a third party. It is anticipated that you will respond,verbally or in writing to all questions or issues raised in the review process. You may also be asked to meet with us, and possibly a third party,to discuss the analysis and value conclusions in the appraisal report. We ask you to submit four(4) original copies of the appraisal report to the undersigned no later than February 8, 2002. We understand that the total cost of the appraisal shall not exceed $2,800.00. Your capacity in this assignment is as an independent contractor and not as an employee or agent of Columbia Community Bank, nor are you authorized to, by implication or otherwise, represent yourself as a Bank employee or agent. If the appraisal reports are not received on the due date, and no amendment to the due date of February 8, 2002 has been agreed to by the bank, we may assess a late charge of$100.00 per day for each day the reports are not received. In the event that the appraisal report contains deficiencies,we reserve the right to withhold payment of the fee until the deficiencies are corrected. Columbia Community Bank does business in accordance with Federal Fair Lending Laws. Under the FEDERAL FAIR HOUSING ACT, it is illegal, on the basis of race, color, national origin, religion, sex,handicap,or familial status (having children under the age of 18) to: discriminate in fixing the amount, interest rate, duration, application procedures or other terms and conditions..of such a loan, or in appraisingproperty. If additional information or clarification is needed,please contact Fred Johnson at (503) 693-7500. The fax number is (503) 846-9528. Please acknowledge your understanding and approval of the foregoing by returning a signed co. e - - ter to the undersigned by January 22, 2002. Acknowledged and agreed to this 2 a of J 2002 g �' Y Fred S. Johnson By: 41, L , , it Senior Vice President ��