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9040 SW Burnham - Taking and Damages Report - 04/18/2008 TAKING & DAMAGES APPRAISAL REPORT SUBJECT PROPERTY THE "STEVENSON" PROPERTY AT 9040 SW BURNHAM STREET TIGARD, OREGON PREPARED FOR CITY OF TIGARD 13125 SW HALL BLVD TIGARD, OREGON PREPARED BY PETER G. ARVIIDSON, SRPA, SRA ARVIDSON & ASSOCIATES, INC. 4535 SW 96TH AVENUE, SUITE 130 BEAVERTON, OREGON 97005 DATE OF VALUE APRIL 18, 2008 OUR FILE NO. 080601 ■ a2Vin�oN At),f)0c1AT[--5, INC REAL_ESTATE APPRAl541-8 CON-51] 4535-5\V 96"'AVENUE.QU ITE 130 3E4VERTON,oRE('ON 97005 June 9, 2008 Vannie Nguyen,CEP Manager City of Tigard 13125 SW Hall Blvd Tigard, Oregon 97223 Re: Partial Acquisition Appraisal of the Michael and Kay Stevenson property located at 9040 SW Burnham Street,Tigard, Oregon (Washington County Assessor's Ref. Parcel 2S 102AC-00100) Dear Ms. Nguyen: Pursuant to your request through Right-of-Way Associates, I have personally inspected the referenced property, and conducted the necessary research and analyses to estimate the market value impact(s)caused by the proposed acquisition from the property, and the associated road project.The property fronts both Burnham Street and Ash Avenue, and is part of a single tax parcel with a gross land area of 4.77 acres. It is zoned Central Business District(CBD)by the City of Tigard, and it is currently improved with a large industrial building occupied by Mr. Stevenson's business, B&B Print Source. The following appraisal report communicates a"Taking and Damages" analysis, where the land and improvements earmarked for acquisition have been valued based on contribution to the "Larger Parcel".This appraisal method considers the value of the taking, as well as any Severance m Damages that may apply to the Remainder Property. Based on this analysis, I have estimated the full value impact to the property by reason of the proposed acquisition(Just Compensation)at ONE HUNDRED EIGHTEEN THOUSAND FOUR HUNDRED DOLLARS($118,400).This value estimate is as of the date of value (April 18, 2008), and it is subject to the Assumptions and Limiting Conditions listed in the following appraisal report. The attached Summary Appraisal Report complies with the current edition of the Uniform Standards of Professional Appraisal Practice(USPAP)of the Appraisal Foundation, and the Code of Ethics and Standards of Professional Practice of the Appraisal Institute.The report will generally follow the Uniform Appraisal Standards for Federal Land Acquisitions as to format and standards. Please feel free to call me if there are questions. Respectfully submitted, 1 Peter . Arv4is on, SRPA, SRA ARVIDSON& ASSOCIATES, INC. This transmittal letter is part of,and is to remain attached to the following appraisal report. TA:5031469.9200/FAX 503/352.0402/E-Mail petearvidson0yahoo.com 2 SUMMARY OF FACTS AND CONCLUSIONS (Taking&Damages Appraisal/SuggpM Appraisal Report) ADDRESS & LOCATION: 9040 SW Burnham Street Tigard, Oregon OWNERSHIP: Michael J. Stevenson and Kay L. Stevenson — 16815 Maple Circle Lake Oswego, Oregon 97034 Tel.: 503/924.2104(Mike Stevenson) LARGER PARCEL SIZE: ±2.62 acres TYPE OF TAKING: Partial Taking X Entire Taking 1. Street Dedication(Burnham St.) 2,077 square feet(0.048 acres) — 2. Street Dedication (Ash Avenue) 1,612 square feet(0.037 acres) 3. Public Utility Easement 1,208 square feet(0.028 acres) 4. Public Utility Easement 48 square feet(0.001 acres) 5.Temp. Construction Easement 2,923 square feet(0.067 acres) ACCESS: Before Project: Direct to Burnham Street&Ash Ave. — After Project: Direct to Burnham Street&Ash Ave. LAND USE: Zoning: CBD (Central Business District) _ Comp Plan: Same Uses Permitted: Office, Retail, High-Dens. Residential Current Use: Industrial(Printing Company) -' HIGHEST AND BEST USE: Land, If Vacant: Office development With Existing Improvements: As Improved UTILITIES: Current Facilities: Water, sewer, electric, telephone,and gas Remainder Facilities: Same SUMMARY OF VALUATION: Taking and Damages Appraisal Report (Date of Value: April 18,2008) Entire Property $N/A(Taking & Dama egs Appraisal) Remainder Property $N/A(Taking & Damages Appraisal) ACQUISITION: LAND- 1. Proposed Street Dedication(Burnham St.) $ 34,271 2. Proposed Street Dedication(Ash Ave.) $ 26,598 3. Public Utility Easement(Ash Ave.) $ 4,989 4. Public Utility Easement(Burnham St.) $ 713 5.Temporary Construction Easement $ 7,471 IMPROVEMENTS $ 14,366 DAMAGES (Cost-to-Core Items) $29,938 SPECIAL BENEFITS $ 0 TOTAL ESTIMATED COMPENSATION $118,400(Rd.) Included Reports by Others: Included in Addenda section of report. AIZAP50N 8 A550CIATC5.INCJ City of Tigard Burnham Street Improvement Project-Michael 8 ICay Stevenson Property 3 TABLE OF CONTENTS INTRODUCTION PAGE# Cover Page 0 Letter of Transmittal 1 Summary of Facts and Conclusions 2 Table of Contents 3 Location Map 4 Washington County Assessor's Tax Map 5 Subject Photographs (Aerial and Ground Photos) 6- DESCRIPTIONS,ANALYSIS AND CONCLUSIONS Introductory Information 10- Scope of Appraisal Assignment 11- Assumptions and Limiting Conditions of the Appraisal 14- Brief Area and Neighborhood Overview 16- Description of Property Before the Acquisitions 19- Fanno Creek Park Project Map 21 Zoning Information 22- Highest&Best Use if Vacant 25 Description of Improvements &Highest&Best Use as Improved 26 Land Valuation 27- Description and Valuation of Acquisition Parcel 33- R/W Exhibit Showing Acquisition Parcel 37 Improvements in Acquisition Area 38- Description of Remainder Property(Changes) 40 Exhibit Showing Proposed Burnham Street Improvements 41 Discussion of Damages & Special Benefits 42 Valuation Summary Page 44 Certification by Appraiser 45 ADDENDA ■ Sales Sheets-Comparable Land Sales ■ Preliminary Title Report with Support Documents ■ Legal Description of Acquisition Parcels with Exhibit ■ Cost Bid to Relocate/Re-connect Fire Suppression Vault • Owner Contact Letters ■ Summary of Appraiser's Professional Qualifications AP—VIP-'50N 5 A550CIATEJ.INC/City of Tigard P>urnham Street Improvement Proiect-Michael 8 ICay Stevenson Property 4 TIGARD & VICINITY MAP w 21T S SW GRIFFIN DR SW TEXAS ST s ,r SW MILES CT SW NEVADA CT 210. 8B� p ' N � - o rf a ��SW LOGAN CT ( t V1 N nSW DENS EY_Rp N lc° pry a a n �.. 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HARVEY WAY O BROOKIDE RD O yL rn tASLEY W N ` ' SBE w mz=. 0 a OP SS Q UP1' N � m O m .0 m SW KABLE LN m o -m U n SW'BOND ST SW DURHAM, m RD �n zm _3F Lr LSQ, i 0 do g J WREN ST CC.00r�"� n m �, z .z z - ¢ BLUE HERON CT Y m m z WEz w SW WILDERLAND 1 m 1M O. m c of p 4- m 4 �] m:: p p d o0 O m m y� U i Data use subject to license. Q nil ©2006 Del-orme.Street Atlas USAO 2007. �IvPjI 0 %s 'h % 1 wovw.delorme.com MN(16.7`E) Data Zoom 12-3 AP—AP-50N 8 A550CIATI~55.INC./City of Tigard Burnham Street Improvement Project-MichaeL 8 4ay.Stevenson Property 5 WASHINGTON COUNTY ASSESSOR'S MAP #2S 102AC (The Larger Parcel is outlined with dashed red line.) ------------ N0IzTd - 2S 1 02AC �Ttx f 110I ytA• �v 3 �A'��' � „r' �r rA° � 4�"�n r,�„•�.•a . 404, 52 N1; sem' }y { b1B s IN 3 C� 23-74 fJJ ��`� � � ,�•� �, �• _..... - Ods ,• e � .,s '�,.' c-�� r � •� Vii` x Y y� :1, .� .g� '��' �' � •.' VA ({��. : TMA^ �.:� .:y tim y w 9 i wig .f F_ arypt�nm 2S1 02AC 1 7 AIRVID50N 8 A550CIATI=5,INC/City of Tigard 6urnham Street Improvement Project-Michael 8 Kay Stevenson Property 6 _ AERIAL PHOTO OF SUBJECT PROPERTY (2006 Photo obtained from PortlandMaps.Com—Ground level photos are on following pages) - --,�- OW a -� Subject Property � _ c or 4 4fP\/ID50N 8 4550CIATES,INC,/City of Tigard Burnham street Improvement Project-MichaeL 8 I!ay Stevenson Properly 7 SUBJECT PHOTOGRAPHS 1> Looking SW'ly at the front of the two-level business office part of the subject building. Photo by Peter G.Arvidson 11-1-2007 2) Northerly view along Burnham Street,from opposite side of Ash Avenue.The stake indicated by arrow marks property comer. Photo by Peter G.Arvidson 11-1-2007 17 3) M v. � �•; ,,ate u. '� Southerly view along Burnham 4 , Street and proposed Dedication * , area(photo taken from adjacent property). i Photo by Peter G.Arvidson 4-18-2008 AIZVIPSoN 8 A550CIATE6.INC./City of Tigard P5urnham 6treet Improvement ProJecE-Michael 5 ICay Stevenson Property 8 SUBJECT PHOTOGRAPHS 4) 4,t View of landscaped area in front of business office parking area.The stake in foreground marks beginning point of Parcel 2 Dedication along Ash Avenue. r �EL ' Photo by Peter G.Arvidson 11-1-2007 5) Sighting down the proposed A Burnham Street right-of-way line (indicated by the superimposed dotted line).The white flagged stake marks limit of proposed Temporary Construction Easement. Note fire suppression vault at center of photo. Photo by Peter G.Arvidson 4-18-2008 Southerly view of proposed Dedication area along SW Burnham Street.The arrow indicates fire r„ suppression vault,which is partially within the proposed take area. Photo by Peter G.Arvidson 11-1-2007 AfLVIP60N 5 A6WCIATE-5.I NCI City of Tigard E%rnham Street Improvement Project-Michael 8 4ay`JLevenson Properly 9 _ SUBJECT PHOTOGRAPHS .. 7) Close-up view of wood business sign,which is in proposed take area. - , Photo by Peter G.Arvidson 11-1-2007 4 8) View of the SW'ly end of the developed portion of the subject property.The part of the landscaped berm left of stake(arrow)is within the proposed Ash Avenue dedication area. + Photo by Peter G.Arvidson 11-1-2007 y ; A view of the SW'ly end of the rear parking lot.The stakes mark the limits of the proposed Public Utility Easement along the side of Ash _ N Avenue.The pole and parking lot light are in Parcel 3 PUE area. Photo by Peter G.Arvidson 11-1-2007 ARVIPbON 8 A550CIATE 5.INC,/OrLy of Tiqard Burnham Street Improvement Protect-Michael 8 6Y.5tevenson Property IO INTRODUCTORY INFORMATION Purpose of Appraisal: The purpose of this appraisal is to estimate the impact the Burnham Street Improvement Project will have on the market value of the subject property.The estimated value shall include the contribution value of the land and improvements to be acquired,plus any compensable Damages to the residual property that may be caused by the taking. It is an estimate of the total compensation legally due the property owner by reason of the road project. Intended Use of Appraisal (Function): This appraisal report is to assist the Client and the intended users of the appraisal report in acquiring the specified property rights. The City of Tigard and Right-of-Way Associates, Inc. are the Clients and the only intended users of the appraisal report. Larger Parcel: A definition of"Larger Parcel" is: "In condemnation, that tract or tracts of land which are under the beneficial control of a -- single individual or entity and have the same, or an integrated, highest and best use. Elements of consideration by the appraiser in making a determination in this regard are contiguity, or proximity, as it bears on the highest and best use of the property, unity of ownership, and unity of highest and best use. "(Appraisal Institute,The Dictionary of Real Estate Appraisal, 3rd Ed., 1993) The "Larger Parcel" in this appraisal assignment is identified as the northerly part of Tax Lot 100, which contains approximately 2.62 acres. This Larger Parcel determination is based on Highest and Best Use. That is, this part of the tax lot is outside of the wetlands, and largely outside of the vegetated corridor along the edge of the wetlands (the wetland buffer). Much of the Larger Parcel is currently developed with the industrial building and associated site improvements. Although some of the 100- year flood plain encroaches into this Larger Parcel area, its shallow depth would have minimal impact on developing the site.The delineation is based on the Fanno Creek Park Project Map exhibit prepared by Clean Water Services of Washington County, which can be found on Page 21. The balance of Tax Lot 100 to the south of this Larger Parcel area is largely in wetlands and required buffer areas, which gives it very limited capabilities for most types of development due to the environmental protection mandates of the City, County, and State. Definition of Market Value: The appraisal is made on the basis of Fair Market Value. For the purposes of real property acquisitions, the State of Oregon defines Fair Market Value as: "...the amount of money, in cash, that property would bring if offered for sale by one who desired but was not obliged to sell, and was bought by one willing but not obliged to buy. It is the actual value of the property on the date of the taking, with all its adaptations to general and special uses that are to be considered. However, nothing shall be allowed for prospective value, speculative value or possible value based upon future expenditures and improvements." (Oregon State R/W Manual, section 4.315). AP—\/I050N 6 4550CIATI=5.INCL City of Tigard 6urnham Street Improvement Protect-Michael 8✓.ay Stevenson Property Il Definition of Market Value (Continued) In the State of Oregon, "where a part only of a larger tract of land is taken for a public road under the power of eminent domain, the owner is entitled to the market value of the land and improvements actually taken, and also an amount equal to the depreciation in market value of the remainder of the land caused by the road." Pape et.al. vs. Linn County, (1931), 135 Or.430,436-437, 296 P.65. Property Interest Appraised: The compensation estimates for the land shall be based on the value of the "Fee Simple"estate of the property, subject to any easements that may exist. Fee Simple is defined as: "A title that signifies ownership of all the rights in a parcel of real property, subject only to the limitations of the four powers of government." (The Dictionary of Real Estate Appraisal, 3rd Ed.,Appraisal Institute) The date of value and the date of taking are assumed to be the same. Scope of Appraisal: Again, this assignment is to estimate the value impact the project and the proposed acquisitions will have on the subject property.This has been done using a "Taking and Damages" appraisal technique, where the land earmarked for dedication has been valued directly,based on its value contribution to the whole property under a"Highest and Best Use"program. Burnham Street Project Description: The project calls for a 2-lane street section between Main Street and Ash Avenue with water quality treatment planters, wide sidewalks,parallel parking on both sides of the street, landscaping, and new street lights. A 3-lane street section from Ash Avenue to Hall Blvd will be improved with 12-foot wide sidewalks, parallel parking on both sides,median where feasible, landscaping, new street lights, and gateway treatments at the northwest and southwest corner of its intersection with Hall Blvd. The Burnham Street Project will be complemented by the Ash Avenue Project, which will improve the Ash Avenue intersection with Burnham Street. Ash Avenue is scheduled for construction in 2008. The City's plan is to cross the two rail right-of-ways between Burnham and Commercial Streets with a grade crossing, and link Ash Avenue to Commercial Street, and to the new commuter rail station and transit parking lot. It is my understanding that neither project is federally funded. My initial inspection of the subject property was on November 1, 2007, at which time I viewed the developed part of the property near Burnham Street and Ash Avenue. I viewed the other parts of the property including the interior of the building, as well, but in less detail. I took photos of the project areas at that time.The property owner met with me at this first visit.I took additional photos during subsequent visits on January 9,2008, and April 18,2008. AP-\,/IP-50N 8 A-550C1ATE 5.INC/City of Tiqard Burnham Street Improvement Project-Michael 8 ICay Stevenson Property 12 Scope(Continued) From these property visits,I was able to form a reasonable opinion of the nature and general condition of the property. I also relied on Washington County assessment building card information, project maps and details, and other information from the City of Tigard.I observed the subject -- neighborhood and surrounding(competing)neighborhoods for amenities, value levels and trends, adverse conditions, and other factors influencing the subject's value. -- Information on sales and listings of competing sites were compiled from CoStar,RMLS and County records. I viewed sold and listed properties from the road, verified them with principals or agents in the transactions, and subsequently related them to the subject as value indices. This appraisal complies fully with the current edition of the Uniform Standards of Professional Appraisal Practice(USPAP). It follows the "Taking&Damages"format of the ODOT Right-of-Way Manual. No departures from accepted appraisal practice have been knowingly taken,given the scope of the assignment. As noted earlier, the appraisal report is a"Summary Appraisal Report" (per Standard 2 of the USPAP). Sources of Information: This assignment required research of the subject property and its competitive market, which involved the sources listed below. INFORMATION SOURCE INFORMATION Various agencies of Washington County Property details, tax assessments, sales data, etc. City of Tigard Utilities and Zoning information — CoStar and RMLS Listing and Sales Data MetroScan Property details (subject and sales) — Clean Water Services (Washington County) Wetland delineation C.E. Snodgrass Construction,Inc. Fire suppression vault relocation cost bid Property owner Property details Exposure Time: Exposure time is an estimate of the time of exposure to the market that would have been needed to consummate a market sale of the subject property (land), at the concluded value,on the date of value. The value estimated in this report is based on an exposure time of up to 6 months, which is based on marketing times for comparable properties, and on input from brokers active in this market. Date of Value and Date of A13.praisal: The "Date of Value" for this appraisal report is April 18,2008.The "Date of Appraisal" (i.e., the date the appraisal report was completed) is June 9, 2008. A2VID50N 8 4550CIATE5.I NCI City of Tigard Burnham Street Improvement Pro_iecE-Michael 8 Kay Stevenson Properly 13 Report of Contact with Owner: Owner(s)Contacted: Michael Stevenson Method of Initial Contact: US Mail(Priority letter) Telephone Nos. 503/924.2104 (work) Dates of Contacts: 10-16-2007 & 3-12-2008 (Letters) 10-22-2007 and 3-13-2008(phone) Person(s)Joining in Inspection: Mr. Stevenson(initial inspection) Date of Property Visit(s): 11-1-2007, 1-9-2008, and 4-18-2008 I met with Mr. Stevenson at the property on the first site visit. Mr. Stevenson owns and operates the B&B Print Source, a large printing company. Mr. Stevenson indicated a concern about potential impacts from the street project, including the anticipated vibrations from the road construction, and possible disruption in fire protection when the fire suppression vault located near Burnham Street is relocated.The acquisitions will impact established landscaping along both Burnham Street and Ash Avenue. A2\/i[)-5oN 8 4560CIATE-6.INC!city of Tigard Burnham Jtreet improvement Project-ML-haeL 8 4ay Stevenson Property 14 ASSUMPTIONS AND LIMITING CONDITIONS - The appraisal report is subject to the following assumptions and limiting conditions: Specific Assumptions & Limiting Conditions A. It is assumed the site area listed in the Assessor's records, and used in this report is accurate. B. It is assumed that the developed area of the property is that portion largely outside of the wetlands and wetland buffer(per CWS delineation), which is estimated at approximately 2.62 acres. This area is identified as the"Larger Parcel"of this appraisal. C. It is assumed that the project will be responsible for any of the costs for relocating and/or reconnecting existing services and utilities to the property, unless otherwise stated. D. It is assumed that any paving and striping in the TCE area will be left intact by the project, but if replaced, it will match the remainder. It is assumed that the lawn and landscaping within the Temporary Construction Easement area will be taken. E. It is also assumed that the Public Utility Easement along Ash Avenue will not block or impede the street access points along that street during(or after) the project. F. It is assumed that the bid proposal by C.E. Snodgrass Construction, Inc. to relocate the fire suppression vault accurately reflects the scope of work, and that the bid amount represents a competitive price for the work that is described. General Assumptions & Limiting Conditions 1. The legal descriptions used in this report are assumed to be correct. 2. 1(the Appraiser) assume no responsibility for matters legal in nature,nor do I render any opinion as to the condition of the property's title, which is assumed to be marketable. All existing liens, encumbrances,and assessments have been disregarded, unless otherwise noted, and the property has been appraised as though free and clear and under responsible ownership and management. 3. I have made no survey of the property, and I assume no responsibility is assumed in connection with such matters. Sketches and maps used in this report are included to assist the reader in visualizing the property and should not be relied on for other purposes. 4. Information furnished to me by others is assumed to be reliable. I have made a reasonable effort to verify such information; however,I assume no responsibility for its accuracy. Included within the above is the assumed accuracy of such items as building plans and specifications, sales data,and income and expense data. 5. Possession of this report,or a copy thereof,does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without my written consent, and in any event,only with proper written qualification and only in its entirety. AP-VIP-'50N 8 A-550CIATI-5.I NCI City of Tigard burnham Jtreet Improvement Project-Michael F-V-ay-5tevem5on Property 15 General Assumptions & Limiting Conditions (Continued) 6. I am not required to confer on this report, to appear in court or at public hearings,or to give testimony with reference to the property appraised by reason of preparation of this report, unless arrangements have been made prior to preparation of this report,or unless such _ services are within the scope of the contract. 7. It is assumed that the utilization of the land and improvements comprising the subject property is within the boundaries or property lines described and that there are no encroachments or trespass, unless otherwise noted in the report. 8. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless non-compliance is stated, defined and considered in this report. 9. If the scope of the appraisal includes evaluating a remainder property caused by acquisition for public purposes, it is assumed that the public improvements will be constructed in the manner proposed. 10. Only the Sales Comparison Analysis has been used as a basis of the value estimate for the land. 11. I have assumed that there is no soil contamination on the subject property,nor are there any other hazardous conditions that would impact on the property's market value. 12. 1 have disregarded any project influence on the property's value in this appraisal. Preliminary Title Report Furnished and Examined: X Yes No Right-of-Way Associates,Inc.provided to me a preliminary title report(PTR)dated May 7, 2007, which covers the subject property.The PTR,prepared by Chicago Title Insurance Company of Oregon (Order No. 441686), indicates that the Fee Simple title for the subject property is currently vested with Michael J. Stevenson and Kay L. Stevenson. The PTR lists two sewer line and manhole easements (Exceptions 10 and 11). Exception 10 is a sewer easement in favor of the City of Tigard that crosses the property(perpendicular to Ash Avenue)approximately 300 feet southerly of Burnham Street. Exception 11 is also a sewer easement, but it is at the southerly end of the tax lot,near Fanno Creek.These easements are not considered to have a significant impact on the utility of the Larger Parcel. A third easement dated 1973 is in favor of the City of Tigard for"street and utility purposes" (see Exception 12). This is actually two road dedications—one being 10-feet wide along Burnham Street(with then half-street right-of-way of 20-foot wide),and 5-feet along Ash Avenue(then only 20-foot half-street width). These areas are now considered to be within the current rights-of-way of these two streets, and have not been counted as being part of the subject property. A copy of the PTR with supporting documents is included in the addenda section of the appraisal report. SuMect Property Sale(s)Within the Last Five Years: The last transfer of ownership of the subject property appears to have been in 2000,when the current owners acquired the property (Warranty Deed recorded#2004-091760).To my knowledge, no subsequent transfers of ownership or attempts to sell the property have occurred. ARVID�ON e,A�50CIATE�,INCJ Cit-/of Tigard burnham `street Improvement Prolecl-Michael 8 4ay Stevenson Property 16 Brief Area &Neighborhood Description: The subject property is located near the center of the corporate city limits of Tigard, within a few blocks of the City's old town business district.Tigard is approximately 8 miles northeast of the downtown business district of the City of Portland, the largest city in the state. Tigard's core business area is bounded by Pacific Highway and SW Center Street on the north,Fanno Creek on the west and south, and State Highway 217 on the east. This area is estimated to be approximately 90 percent built up, with buildings generally ranging in age from 5 years to over 60 years. The terrain is relatively level, with a few drainage corridors running through it. There is currently a voter-approved urban renewal district and improved plan for Tigard's historic Main Street area and surrounding neighborhoods.The purpose of this Urban Renewal Plan is to provide improvements in the downtown area that will contribute to its economic health,while maintaining its historical character. It is anticipated that this will provide greater selection of goods and services, greenspaces and open public use areas,enhanced employment,better housing opportunities,and a stronger tax base for future support of the area. Approximately 96% of the central business district is zoned for commercial uses, and 90 percent of that land area is improved. Of the improved properties, about 50% are classified as commercial, with nearly — half of those are city-owned.Less than 10% of the commercial space is vacant.Most of the undeveloped land parcels in Tigard's core area are under public ownership. Physical condition of older commercial properties in this area is generally above standard, although there are those few that are poorly maintained, and underutilized. Expectations for real estate market conditions in the Portland area during the next 12 months are positive. Mortgage interest rates for conventional residential loans average in the mid 5%to 6%range, and are expected to remain stable over the next six months. Interest rates for commercial real estate loans are expected to remain relatively low also, generally trending in the same direction as residential loan money. Employment in Oregon and the Portland region has experienced job growth during the last 12 months. Oregon's year-over-year, non-farm payroll increased 1.0 percent in July 2007,which is well below the range of 2.06 to 2.98 percent for 2004-2006.National employment growth for the same period was 0.2 percent.As of July 2007, unemployment in Oregon was at 5.5 percent compared to 4.6 percent for the nation, while Portland's unemployment rate was 5.2 percent. Local Realtors report continuing buyer interest in single-family properties and multi-family investment properties. Demand for developable land of virtually all categories also remains strong, stimulated by concern over limited supply and relative confidence among developers in long term population and job growth. The population trend is also favorable for the real estate markets. The following table presents the population trend for Tigard and surrounding areas: POPULATION 2000 2007 Change Tigard 41,223 46,715 +13.3 % Beaverton 76,129 85,560 +12.4 % Washington County 445,342 500,585 +12.4 % AP_\/IDSoN s A550CIATE-6.INC/City of Tigard 6urnham 6treet Improvement Project-Michael8 4ay'+evenwn Property 17 Brief Area &Neighborhood Description (Continued) —. Population growth in the City of Tigard has outpaced adjacent Beaverton, and it has matched Washington County during the last seven years.This growth reflects a favorable central location within the Westside Portland metropolitan area with excellent access to the interstate freeway system and other arterials that provide good linkages to all of the major employment districts in the area. All utilities and services needed to support real estate development are generally available throughout the Portland Metro Area,including the City of Tigard. Privately-owned utilities include Portland General Electric and NW Natural Gas.The City of Tigard provides water service,and sewer service is provided by Clean Water Services,but administered by the City of Tigard. Other City services include police and fire protection. Transportation is well developed in the area including freeway, surface streets, and mass transit. Major routes through the area include Highway 217, which is one-quarter mile east of the subject,Pacific Highway(State Highway 99W)a few blocks north of the subject,and Hall Boulevard, a few blocks easterly of the subject.Highway 217 is a north-south freeway that links Interstate-5 to the south, with Highway 26(Sunset Highway)to the north. Highway 217 provides excellent regional linkage for Tigard. Commercial and light industrial uses dominate the land use pattern in the immediate vicinity of the subject property. Properties along SW Burnham Street are generally light industrial and office oriented, although there are retail commercial uses near Pacific Highway(north of the subject). Uses along this highway include a variety of community and regional scale retail, service commercial,and office uses. A Portland and Western railroad right-of-way is situated between SW Burnham and SW Commercial Streets, and this rail line bisects the central business district of Tigard. There are three sets of tracks in the right-of-way that are used for freight trains. A commuter rail service is planned for operation beginning in 2008 that will use two of the rail lines, sharing them with continued freight service. A commuter rail station will be located within one block of the subject property. Retail commercial building prices have trended upward moderately since 2006 according to sales data compiled by Costar Comps, of Costar Realty Information,Inc.Comparing the 12-month median price for 2006 and the 8-month median price for 2007 through August, there was a 6.8 percent increase,or an average monthly compounded rate of 0.55 percent. These data include sales in Washington, Multnomah, and Clackamas counties for commercial buildings from 1,500 square feet to 10,000 square feet including,but not limited to, automotive service and repair facilities. Similarly, the average overall capitalization rates for these years trended downward from 6.3 percent to 5.6 percent,reflecting values based on net operating income increasing by about 11 percent. Residential development in the immediate area reflects a combination of single-family residential subdivisions of mixed ages and average-quality garden apartments of 20 units to 100 units. Demand for new housing in the area is evidenced by ongoing infill development on scattered vacant lots,partitioning of large lots, and remodeling and expansion of older existing houses.The year-to-date median sale price for houses in the Tigard/Wilsonville submarket as of March 2008 was $340,000,which represents year- to-date appreciation of 2.2 percent over the prior year,according to the Realtors Multiple Listing Service statistics published in their monthly Market Action Report. Using the average sale prices for the twelve months that ended with March 2008 compared to the twelve months ending in March 2007,the average sale price appreciated 4.9% for the Greater Portland Area. ARVID50N's 4550CIATL6.INC/Qty of Tigard burnham Street Improvement Project-MichaeL 8 4ay ')tevenson Property 18 Brief Area & Neighborhood Description (Continued) There was a 9.1-month inventory of single-family houses on the market at the end of March 2008 compared with a 2.0-month inventory at the end of the same month in 2006.These statistics show the effect of declining housing demand in the overall metropolitan area,caused by increased interest rates and tightened loan qualification requirements. Industrial development in the immediate vicinity of the subject is typified by a few small scale facilities _ in the southerly portion of the Central Business District along SW Burnham Street and along Tigard Street north of Main Street.There is a significant concentration of nearby industrial uses,along the Highway 217 corridor to the east,north and south. This area is known as the Highway 217 Industrial Submarket, which is situated between Highway 26 and the Interstate-5 Freeway. It includes a mixture of distribution warehouses,light manufacturing facilities, and research and development parks. One of the Portland area's most active office development areas is the"Tigard Triangle", which is located across Highway 217 from the Tigard's central business district. In summary, the subject property is located in the Tigard Central Business District, which is characterized as a mixture of mostly small-scale commercial and business uses.The area is fully served with utilities and has good regional transportation linkages.The age and condition of a number of improved properties has encouraged redevelopment activity in the area through public improvement projects and urban renewal tax increment financing. Current economic conditions in the area are stable for real estate,and these conditions are expected to continue during the next 12 months. A2VID5oN s A—)SOCIATES.INCA City of Tigard Burnham Street Improvement Project-MichaeL 8 ICay 'Aevenwn Property 19 DESCRIPTION OF THE PROPERTY BEFORE PROJECT Location: The subject property is located in the southwest quadrant of the intersection of SW Burnham Street and SW Ash Avenue.The street address for the subject property is 9040 SW Burnham Street,Tigard, Oregon. Existing Use: The subject site is currently developed with a large, 1974-built concrete tilt-up warehouse building with an attached two-story office.These facilities are used by the B&B Print Source printing business, which is owned and operated by the property owner. Outside improvements include paved parking and loading areas, and perimeter landscaping.The project acquisition will involve the front of the site along Burnham Street,and the side of the property along Ash Avenue.There are no buildings or other major improvements in the proposed acquisition areas. Legal Description of Larger Parcel: The legal description of the entire Stevenson property(Tax Lot 100) is contained in the title report, which can be found in the addenda section of the appraisal report. The"Larger Parcel"comprises all of the currently developed area of the tax lot,plus an abutting triangular piece along Ash Avenue (southerly of the rear parking lot) that could be developed, because it is largely unaffected by wetlands and wetland buffer(see the following section for further description of the Larger Parcel). Size and Dimensions: The tax map shown on Page 5, and the Fanno Creek Park exhibit on Page 21 show the Larger Parcel.The estimated size of the Larger Parcel is 2.62 acres, which was calculated by subtracting the 2.15 acres of wetlands and wetland buffer(labeled Permanent Easement on Fanno Creek Park Map exhibit)from the total tax lot size of 4.77 acres (4.77 acres—2.15 acres=2.62 acres). The Larger Parcel has 276.63 feet of frontage along Burnham Street(per the McMonagle survey), and approximately 550 feet along Ash Avenue(this dimension was scaled from the Fanno Creek Park exhibit). The northwesterly side of the property measures approximately 330 feet(also scaled). Utilities: Public water and sewer are available to the property, and provided or managed by the City of Tigard. These lines are located in the public streets,and it is assumed that the subject property is properly connected to them. The property is also served by electricity, and telephone via overhead lines,and natural gas is also available in the street. Tonography,Flood Plain,Wetlands, Etc.: The Larger Parcel has a very gradual slope towards Fanno Creek, which marks the southerly boundary of Tax Lot 100. The property is at approximately the same grade as the bordering streets. According to the FIRM flood trap(Panel#410276-0003B,dated March 1, 1982), about one-half of the entire tax lot is in the 100-year flood plain of Fanno Creek. A2VID50N.5 ASSOCIATE`5.I NCI City of Tigard Burnham Street Improvement Pralect-Michael 8 4ay Stevenson ProperEy 20 Topography,Flood Plain,Wetlands,Etc.(Continued) However, the Fanno Creek Park Plan Map exhibit(obtained from the City of Tigard) shows a significant portion of Larger Parcel as being in the 100-year flood plain.According to Greg Berry, Utility Engineer with the City, this wetland delineation was done recently by Pacific Water Resources for Clean Water Services and the City.Mr.Berry indicated that the flood plain area in the developed part of the property is very shallow,and for all intents and purposes,he did not consider it as a significant obstacle to developing the site to its Highest and Best Use.This map exhibit shows the wetlands and the adjacent vegetated corridor around the wetlands, which are largely south and west of the Larger Parcel. According to the Soil Survey of Washington County (Map Panel 44) the subject's soil type is Aloha silt loam.This is a somewhat poorly drained and nearly level soil, with slow runoff, and only a slight erosion hazard. It is rated "moderate"for commercial buildings, with shallow wetness and low soil strength. Streets and Access: As noted,the Subject property abuts both SW Burnham Street and SW Ash Avenue,both City of Tigard Streets. Street improvements in front of the subject include two paved traveled lanes, and paved _ shoulders.There are neither curbs nor sidewalks along this section of Burnham Street. Other sections of Burnham Street, where more recent development has occurred typically have sidewalks and curbing. According to the City of Tigard,Burnham Street is classified as a Collector.Table 18.810.1 of the City's Street and Utility Irriprovement Standards indicates a right-of-way width for a Collector at 58 to 96 feet, and the number of traveled lanes will range from 2 to 5.According to Gus Duenas, City Engineer,the planned width of SW Burnham Street is 75 feet. A requirement in the State of Oregon for eminent domain appraising is that the value of the acquisition(s)be based on the`Before Property" value.In other words, it is to disregard"Project Influence".In the case of the subject property (sans this project), any redevelopment of the property would require a street dedication as a condition of development. Assuming that the current half-street width of Burnham Street(west of centerline in front of the subject) is 30 feet, and given a requirement for a 75-foot wide right-of-way(37.5-foot on each side of centerline),then the indicated future right-of-way needs from the subject property would be an additional 7.5 feet. This is the amount of the proposed dedication (Parcel 1). Additional conditions of development would typically include building the required half-street improvements in Burnham Street(i.e.,paving, curbing, and sidewalk). Again,because there are no imminent plans to redevelop the subject property, this future dedication obligation has been disregarded in this appraisal. Ash Avenue dead-ends at approximately the southerly boundary of the subject's rear parking lot. This street is two paved lanes within a 50-foot wide right-of-way, and it has no curbs or sidewalks. The most recent traffic counts for SW Burnham(obtained from the City) were for 2002, and a previous count was taken in 1993.These counts -taken near Main Street-are as follows: DIRECTION 1993 2002 % CHANGE _ East Bound 2,427 2,802 +15.5 West Bound 2.276 2,541 +11.6 Totals 4,703 5,343 +13.6 AQV1Pb0N 8 A6WCI4T9_5.I NCI City of Tigard 6urnham street Improvement Proiecl-Michael 8 Kay Stevenson Property 21 FANNO CREEK PARK PROJECT MAP (The Larger Parcel is outlined with dashed red line.) A NORTIJ ir Proposed Easements K s Of _ r - Fenn Creek l s. a Roodptain(100}•r) °>. t?etineated Wettarrd 4,getated Corridor Stiffer -4, A 73- f #102AC00100 '" F �,. ,STEVENSON, � - ,•r MIC EL J&KAY L s z• ` 'k Tempora, t PermanentA- Y"X.; onstruation Easeme Easement Temporary'q � .; 4` Staging/Stockpile,Ar_ea Y *` 0.49 acres' _ y zr� 4 2S102AD03000 f` s CITY OF TIGARD e z Panno Creek Park Project AreaFeet + � 50 25 0-50 700 Mrxmm::ec�a::a�rdrao• G1ran14ta:- Sr�x+ AIZVID50N 5 4550CIATLb.I NCI Cris of Tigard Burnham Street Improvement Project-Michael 5 4ay Stevenson Property 22 Streets and Access(Contlhixed) There does not appear to be any restrictions on access for the property. Currently,the only developed access for the s4bject property is via two separate but linked driveway approaches to Ash Avenue.These provide access to the small parking lot at the southeast corner of the site, as well as — to the much larger parking Jot and loading area located along the southerly side of the building. These two driveway approaches provide convenient ingress and egress, and efficient circulation through the parking lot and loading areas. Assessor's Data: — The Washington County Assessor's market value estimates for the 2007-2008 tax year, and the current taxes being levied are as follows: MARKET VALUE MARKET VALUE TOTAL REF.PARCEL NO. LAND IMPROVEMENTS MARKET TAXES 2S102AC-00100 $1,279,660 $1,027,950 $2,307,610 $21,232.93 The above values pertain td the entire 4.77-acre Stevenson ownership,of which the Larger Parcel is only about one-half.Taxes are computed using a mill rate of approximately $16.47 per one thousand dollars of Taxable Value(taxable value for the subject property is$1,289,140). Ballot Measure 50 passed by Oregon voters in 1996 limited tax and taxable value increases to 3% per year for subsequent years. According to the Assessor's Office, their estimate of Market Value is not supported by specific comparable sales data,but rather it is typically arrived at by trending prior values. Zoning and Other Land Use-Regulations: The subject property is currently zoned Central Business District(CBD)by the City of Tigard.The CBD zone "...is designed to provide a concentrated central business district, centered on the City's historic downtown, including a mix of civic, retail and office uses."Permitted uses include commercial, office, some institutional, and high-density residential. Conditional uses include certain entertainment uses, utilities,medical centers, vehicle fuel sales,motor vehicle sales/rental, and motor vehicle servicing and repair(limited to cleaning only). Subsection 18.520.060 B of the ordinance addresses special "Interim Requirements"of the CBD zone district. These largely relate to favorable pedestrian access,transit orientation of buildings, and encouraging transit-supportive uses by limiting automobile support services to collector and arterial streets. _ According to city planning staff, the use of the subject property is legal as a pre-existing use, which is allowed per"grandfather"provisions of the code. It is my understanding that non-conforming buildings may continue in that status, and if destroyed unintentionally (say,by fire), the non-conforming use can be replaced,if done so within six months. Should the non-conforming use be discontinued for more than -' six months,any replacement use would have to conform to current use and development standards. It appears that the existing buildings and site improvements substantially conform to current development standards,including parking and.landscaping. AP_\/ID50N 8 A-5-5OCIATE5,INC/City of Tigard Burnham Street Improvement Project-Michael 8 ICay Stevenson Property 23 Zoning and Other Land Use Regulations (Continued) Per Table 18.520.2(Commercial Development Standards),the following standards apply for the CBD zone district: Minimum lot area None Minimum width and frontage None Minimum street setback None except where abutting a residential zone, then 30 feet for all yards required Maximum building height 80 feet commercial, unless within 100 feet of res. zone, then maximum height is 40 feet Maximum lot coverage 85% Minimum Landscaping 15%of site area Parking Off street parking required; varies by use The current zoning of the subject property is consistent with the City's Comprehensive Plan.An opportunity to change the zoning or Comprehensive Plan designation appears negligible. The City of Tigard also has a Tree Removal ordinance(see Chapter 18.790), which would require a permit and possible mitigation measures for removal of significant trees. Sign regulations can be found in Chapter 18.780 of the City's zoning code. The preceding has been a summary of the land use regulations. For more details, the reader is referred to Chapter 18.520 of the zoning ordinance. A copy of the current zoning map for the City of Tigard is on the next page.This map exhibit is centered on the Central Business District of Tigard, and the location of the subject property is indicated by a black arrow. It should also be noted that the subject property is within the City of Tigard's Urban Renewal District, which was adopted in late 2005. It is also included in the Fanno Creek Park&Plaza Master Plan, the final draft of which is dated January 29, 2008. In that master plan, the subject property is earmarked for open space and park area, and for new housing. I have been instructed that the Burnham Street project is part of these Urban Renewal plans.Therefore,I have considered neither in my valuation. ARVI1)50N F-4550CIAT S.INCJ City of Tigard E�urnham Street Improvement Project-MichaeL 8 ILay Stevenson Property 24 EXCERPT OF CITY OF TIGARD ZONING MAP (Source: City of Tigard Website) N0IZTd n+uR-1 RA.5 Yf { PPi tPlu,; R.12 1 I f J. R ILS R-12 Rq.S R12 4� �.r. R-t2 - R,.i.S R.12 �R to r:zs R25 � 1 fi-1.5 J F?-12 L` ..... CBD R.-,2 R 12 i R25 R4.5 F-3 5 C-G �_.. tt MCI i© I-P L�., i L `\ AwS � - R d R-7 $ Q R.7 R•7 C-G R-0 5 - R-12 R-12 R-3.5 A umro 9.5 H.15 R-17 a.nn P iX R-3.5 The arrow indicates location of subject property. ARVID50N 5 A-)WCIATEb.INC/Cty of Tigard Burnham btreet Improvement Project-Michael 8(Lay Stevenson Property 25 Highest and Best Use of Larger Parcel,As if Vacant: As applied to vacant land, the "Highest and Best Use" is an appraisal concept defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported,financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility,physical possibility,financial feasibility, and maximum profitability." (Source: Dictionary of Real Estate Appraisal, 3`d Ed.,Appraisal Institute, 1998) As noted,current zoning allows a range of commercial,office,and multi-family residential uses, and as conditional uses;utilities, medical centers,and automotive sales/rental, while auto servicing and repair is listed as "restricted" to only motor vehicle cleaning.Thus, as a vacant site, only those uses allowed outright,or as conditional,or restricted uses in the CBD zone would be permitted for the subject property. The subject property abuts properties having the same zoning;thus,restrictions that come into play from being proximate to residential zoning do not apply to the subject. Physically,the property is well suited for most of the allowed uses. It is nearly level,and nearly at grade with both street. Further, all utilities and services necessary to support a legal and viable use are immediately available to the site,although the streets are currently substandard with respect to the City of Tigard's transportation plan standards. As noted, the 100-year flood plain that affects the Larger Parcel is very shallow,and as such, would not significantly impact on future development of the site. The location of the subject property is not favorable for non-destination retail commercial uses.This is due to the relatively low traffic expose(volume)on SW Burnham Street, and its location away from the main retail street of the City (Main Street). Based on the frequency of comparable land sales in the vicinity of Tigard, and from conversations I've had with brokers and developers active in this market,demand for office sites appears to be reasonably strong. As noted earlier, the most active area near the subject is the Tigard Triangle, where there have been numerous land purchases in recent years, and several new office projects there are imminent.The subject's immediate neighborhood lacks the development activity found in the"Triangle". However, with the good access and proximity of utilities, all indications are that the subject would attract considerable market interest as an office site,if adequately exposed to the open market. Therefore,given the legal and physical characteristics of the property, together with the strong current market demand for viable office and business sites in Tigard,I have concluded that the Highest and Best Use of the subject land(if vacant)would be for office development,or a business use that is allowed by current zoning. A2VID50N e 4550CIATf=5.INCJ City of Tigard Burnham Street Improvement Project-Michael 5 Vay Stevenson Property 26 Description of Improvements: The Larger Parcel is currently developed with a large, 1974-built concrete tilt-up warehouse structure with aggregated exterior finish.There is also an attached, two-story wood-framed office addition. The warehouse contains 27,000 square feet, and the office is 6,840 square feet.The warehouse building has fotit dock-high loading doors along its southwest side, and the attached office faces Ash Avenue.The Buildings appear to be in average or better overall condition and have attractive facades facing the two streets. The site contains a large expanse.of asphalt paving, which the Assessor's building card indicates is approximately 44,000 square feet.As noted, there are two parking lots—a small one for visitors at the corner of Ash and Burnham,and a much larger one that includes loading areas at the southwest side of the building.The part of the Larger Parcel south of the back parking lot is undeveloped land covered with a variety of native vegetation. The perimeter of the developed property is landscaped, with irrigated lawn on the Burnham Street side of the building, and an irrigated landscaped berm along Ash Avenue that screens the parking and loading areas from this street.The landscaping includes low-maintenance vegetation—mostly low- growing juniper plants and scattered trees, including a mature redwood tree. Highest and Best Use,Considering Existing Improvements: The Highest and Best Use question to be answered here is: Should the existing improvements on the property be maintained in their current state, should they be altered in some manner to make them more valuable, or should they be removed and replaced by some other improvements? It is assumed that the building on the subject site was built with a permit, and thus,it is legal. However, the industrial use of the property does not conform to current zoning.Therefore, it is unlikely that the use of the current building could be expanded. Any new structure(s)built on the site would have to be of a type permitted outright,or as a conditional or restricted use per the CBD _ zoning(see earlier zoning discussion). The test of Highest and Best Use compares the value of the property as it is currently improved, with the value of the vacant land(i.e., a 2.62-acre commercial site). My analysis has indicated that the value of the former far exceeds the value of the latter. To demonstrate, a minimum overall unit value for comparable warehouse properties of this size and age in the Portland region is around$100 per square foot(this is based on competitive market sales).Thus, with approximately 34,000 square feet for the subject building(includes 20/0 office) the value for the improved property would likely exceed$3.4 million. In a later section,comparable commercial land sales will be analyzed to support a value for the subject land.These comparable sales generally indicate unit prices in the approximate range of$15 to$24 per square foot of gross site area, and based on these data, a rate of$16.50 per square foot '— has been selected for application to the subject land. This indicates a total land value of approximately$1.9 million. By comparing this with the much higher improved value, it is obvious that the improvements contribute significant value. The conclusion,then, is that the Highest and Best Use is as improved. ARVIDJ'ON 4s AJ`Joci4Tc__,).INC/City of Tiqard burnham street Improvement Project-Michael S ICay Stevenson Property 27 VALUATION OF SUB-_ECT LAND BEFORE THE PROJECT Remarks: There are typically three valuation methods available for appraising real property.These three distinct approaches analyze cost(Cost Approach), anticipated future income(Income Capitalization Approach), and market sales (Direct Sales Comparison Approach). Any given appraisal assignment may warrant use of one or more of these methods.The scope of this appraisal assignment involves estimating land value, and minor improvement value.Thus, the Cost Approach and Income Approach—both of which are applicable to buildings that contribute to the Highest and Best Use of the property—are not appropriate for this appraisal assignment. However, a brief cost analysis has been relied on for valuing the site improvements within the acquisition areas. The Direct Sales Comparison Approach has been relied on for estimating land value.This involves comparing to the subject land,other land parcels with similar use potential that have recently sold and/or been listed for sale in the open market.This analysis is based on the principal of substitution;i.e., a prudent and knowledgeable buyer would pay no more for a property than the cost to acquire an equally desirable substitute property that is available at that time.The analysis is most meaningful when the market is active and the sale properties are reasonably similar to the subject property. In analyzing the comparable land sales,certain price adjustments may be applied for such things as price -- concessions by the seller,for time-induced appreciation, and for identifiable differences between the sale and subject properties.After making necessary price adjustments, the sales data are then discussed as to the value range they indicate for the subject land parcel. Following that, the subject is positioned within that adjusted price range, and a single value for the property is concluded.In other words, with some of the comparables better, and others inferior to the subject, the prices from these sale properties will"bracket" the subject's probable value. The value date for this appraisal is April 18, 2008. It should be emphasized that the value analysis is based on the property's "before" condition, and that any influence(positive or negative)from the proposed street improvement project must be ignored in valuing the"as-is"property. In his book titled "Real Estate Valuation in Litigation",Jim Eaton points out that the(Federal) Uniform Relocation Assistance and Real Property Acquisition Policy Act of 1970 states that the appraiser"shall disregard any decrease or increase in the fair market value of real property,prior to the date of valuation, caused by the project for which the property is to be acquired....". Analysis Procedure: Earlier, the Highest and Best Use of the subject land was concluded to be for commercial development, most likely a professional office. In my market research,I found several sales and listing of office sites that I believe a probable buyer of the subject property would rely on for pricing the property. I have selected six closed sales for this analysis. The data have been analyzed on a"price-per-square-foot"basis, which is generally the accepted standard for land of this type. Important factors considered in the comparative analysis include the conditions of the sale, location; and physical characteristics including size and topography, access,and available infrastructure. ARVID50N A�50CIATES.I NCI City of Tigard Burnham`Jtreet improvement Proiect-Michael S Vay Stevenson Property 28 Analysis Procedure(Cotrtitwed): The chart on the next page summarizes the market data, and a data sheet with property and transaction details,a photo,and a tax lot map for each comparable can be found in the addenda. All but one of the sales are current value indices. Comp 5, a 2004 sale, was selected because it is the most current land sale in the subject's immediate neighborhood.Its transaction date predates the project; which indicates the sale price was not influenced by the current Burnham Street project. In order for this sale to be meaningful, its price should be adjusted for market appreciation since it sold in 2004.To do this, I have considered sales in the Tigard Triangle. Specifically,I compared a 2004 sale of land located at 7115 and 7157 SW Beveland Road(Sale A), with Comp 2(also in the"Triangle"). The 0.85-acre Beveland Road property sold in August 2004 for$17.33 per square foot.The 1.65-acre Comp 2 assemblage property sold for$23.52 per square foot overall, in June and September 2006. More recent sales in this area reflect unit prices at or around the±$24 per square foot September 2006 level, indicating no discernable price increases beyond that time. A comparison of these two sales indicates an approximate 36%price increase. Because of the high level of development in the Tigard Triangle area, it is believed that this appreciation rate overstates appreciation for other areas of Tigard that are not subject to such active market influences. Therefore,based on this, I have estimated a time adjustment of 30% to bring the Comp 5 sale current. By applying this adjustment rate to the unit price of Comp 5, a trended price of$16.50/sf results ($12.69/sf X 1.30= $16.50/sf).The other five sale comparables do not require a time adjustment. -_ Another factor for the subject property is the slight flood plain encroachment. However,it was noted that this is considered to have minimal value implications,because of its shallow depth. A2VID50N 8 A550CIATE-5.I NCI City of Tigard Burnham Street Improvement Project-Michael 5 ICay Stevenson Property 29 Land Sales Summary Chart COMP PROPERTY LOCATION PRICE SIZE UNIT PRICE REMARKS NO. SELLER&BUYER DATE ZONING Irregular shaped corner parcel,amongst other 6135 SW Jean Road $600,000 0.69 acres office properties;Buyer developing site with I Lake Oswego,OR $/2007 IP $19.96/sf office for his business;Located on secondary Edmonds to Landshire Acres street but good access to main road(Boons Ferry Road)and I-5 freeway. NE Quadrant of SW 72d Ave.and Assemblage of 4 contiguous lots in Tigard SW Dartmouth Street $1;690,500 1.65 acres Triangle;Near existing"big box"retail stores 2 Tigard,OR 6-9/2006 CG,MUE $23.52/sf and new office complex.House on each lot will be removed when assembled site is developed Lewis,et.al.to TLB,LLC with the medical office by purchaser. Assemblage of two contiguous lots fronting Beaverton-Hillsdale Hwy;Next door to newer 8255&8325 SW Beaverton U.S.Bank branch,and across the highway from Hillsdale Highway, $1,700,000 1.89 acres two,small retail centers;Office zone will not 3 Beaverton,OR 8-2007 OC $20.65/sf permit retail use of these two lots;Each lot Inman,et.al.to Baek&Pcgbh approx. 100'wide,by 400'deep;3 houses are interim use only(to be removed when the site is �- re-developed. A recent transaction involves level land with extended frontage along Pfaffle Street;a 7920 and 8000 SW Pfaffle St. $800,000 1.17 acres Tigard,OR secondary commercial street next to Pacific Hwy 4 g 10-2007 CP $15.70/sf and connecting to SW Hall Blvd;Site abuts new Christensen to Cedar Hills Invest. office complex(west)and established retail on the south and east;Buyer plans to build 2 low- rise offices on the site(houses removed). Dated sale,but most recent land sale in subject's 8730 SW Scoffins Street immediate neighborhood;Same CBD zoning as Ti $315,000 0.57 acres 5 Tigard,OR 10-2004 CBD $12.69/sf subject;Land slopes down from street;Buyer is Pietila to Hams-McMonagle building 2-level office for their engineering firm; Old house removed. This is land sale of a former trailer court located at south end of King City;Slightly sloping, 16735 SW Pacific Hwy nearly rectangular site has approx.390 feet of King City,OR $2,500,000 4.28 acres highway frontage;Buyer plans to development 6 Wasson to Extra Space of King '7-2007 CBD $13.41/sf with mini-storage facility;Approx.one acre of City LLC land is unusable(highway dedication and y enviro.buffer);Unit price for 3.28 acres usable land is$17.50/sf. ARVIP60N F_4550CIAT11-15.INCJ City of Tigard 6urnham 6treet Improvement Pro.iect-Michael 5 ICay Stevenson Property 30 Discussion of Land Sales: _ Comparable I ($19.96/sf) is located on Jean Road,surrounded by offices and other businesses.It is a few blocks off of the major road(Boons Ferry Road),and about one-half mile from an 1-5 freeway interchange. Even though the site is zoned Industrial Park, its Highest and Best Use is for a single-user office, which is how the site is currently being developed. This site is reasonably comparable to the subject site. No adjustment is indicated for size differences between the sale and the subject parcel. As noted,I consider the impact of the flood plain on the subject's land value to have only a minor negative impact.As such, this sale is considered to be a reasonable, albeit somewhat high value index for the subject. Comparable 2 ($23.52/sf) is an assemblage of four contiguous lots, which will be developed as a single site for a medical office facility.This property is located in the Tigard Triangle, which has experienced a significant amount of development activity in the past 5 years. It is across 72nd Avenue from a recent retail development of"big-box" type stores.. This property is clearly superior to the subject property in location.To adjust for location,I have compared the Tigard Triangle sale used in the time adjustment analysis (Sale A) with Comp 5 (see summary chart on previous page), which is proximate to the subject property. Both of these land sales occurred at about the same time in 2004,and both are generally similar in size, shape, and other physical characteristics. Indications are that the higher unit price for the Tigard Triangle sale parcel(Sale A)is largely attributable to its superior location.The following calculation has indicated a location adjustment of(minus)25% that is applicable to Comp 2 for its superior Tigard Triangle location: Unit Price Sale A $17.33/sf Unit Price Comp 5 12.69/sf Difference $ 4.64/sf % Adjustment for Location=Difference=Control=$4.64/sf=$17.33/sf=0.268,rounded to 25% Based on this rational,I have adjusted the unit price indicated by Comp 2 down 25%for it locational superiority compared to the subject site. Thus, the location adjustment to Comp 2 brings its unit price down to$17.64 per square foot($23.52/sf X(1.00—0.25)=$17.64/sf). No other major differences exist between Comp 2 and the subject; however, the potential impact of the flood plain on the subject's development potential suggests that the adjusted square-foot price for this comparable(which is not affected by flood plain) tends to somewhat overstate the value of the subject land. Comparable 3 ($20.65/sf)is an assemblage of two contiguous lots located along the Beaverton Hillsdale Highway,on the east edge of the city of Beaverton.The Highest and Best Use of the assembled site is for office use, which is the use that is planned for the site. This sale property is generally similar to the subject,except for its superior commercial exposure(the ADT along this section of the highway is around 27,000 vehicles,which is roughly 5 times that of Burnham Street). A partially offsetting factor is the somewhat inferior access to the freeway of the sale property,compared to the subject. In light of its overall superior location, and topography(no flood hazard), the unit price indicated by this sale($20.65/sf)is considered to be a high value index for the subject land. AIZVID50N 8 4-550CIATE_-5.INCJ City of Tigard Burnham Street Improvement Project-MichaeL E✓ay `Aevenson Property 31 Discussion of Land Sales (Continued) Comparable 4($15.70/sf) is the recent sale of a nearly level 1.17-acre office site, with approximately 250 feet of frontage along the south side of Pfaffle Street. Pfaffle Street is a secondary commercial street that extends between Pacific Highway(at about 78`h Avenue), and Hall Blvd.There is a mix of businesses and residential uses along Pfaffle Street—generally businesses on the south side,and lower density residential on the north side. A newer office complex abuts the west side of the sale property. The most recent ADT for Pfaffle(near this property) in 1996 was at 4,955 vehicles.This compares with the more recent 5,300 ADT on Burnham Street. In addition, this sale property has good access to Pacific Highway via the nearby signal at 78`h Avenue, and to the Hwy 217 freeway interchange located about one-half mile west of 78th Avenue. In short, the location of this comparable is very comparable to the Burnham Street location. The CP zoning of this property is more restrictive than the CBD zone, in that it allows fewer retail and wholesale uses. According to the sign on the property, the buyer is planning to build±5,000 square foot brick office buildings on the site,which can be sold individually. The sale property's slightly inferior zoning is considered an offset to its superiority with respect to flood hazard. With the sale property being otherwise comparable to the subject,its indicated unit price of $15.70 per square foot is considered a reasonable value benchmark for the subject land. Comparable 5 (12.69/sf) is a 2004 sale of an "inside", 100-foot wide land parcel located in the subject's immediate neighborhood. Being a 2004 sale, it is not influenced by the current road project.Adjusted for time, the sale indicates a current unit price of approximately$16.50 per square foot(see earlier time adjustment discussion). This sale parcel is comparable to the subject regarding location, zoning, and development potential.Its sloping topography(a negative feature) is viewed as an offset to the subject's negative flood plain feature.Thus,with these factors offsetting,it's indicated unit price(time adjusted) is considered to be a reasonable land value index for the subject land. Comparable 6(13.41/sf) is a late 2007 sale of a former trailer park property, which is located at the south end of the King City.The property has a gentle slope away from the highway,and a drainage corridor is located at its north end.The listing agent indicated that sale was based on 3.28 acres of usable land(excluded large highway dedication and environmental buffer area).Thus, the unit price for usable land was$17.50/sf.The price represents land value, with no value attributed to any remaining trailer park improvements. This sale property is significantly superior to the subject in commercial exposure(Pacific Hwy 24-hour traffic count in 2006 near this sale was at 44,700 vehicles). It is also superior with respect to flood plain (it has no flood prone areas). It is inferior with respect to its remote location, and the access that is limited to south-bound lanes only. Because it is only slightly superior, the adjusted unit price indicated by this sale is considered a slightly high value index for the subject land. 4,2VID5ON 8 A_,)50CIATC_�5,INC City of Tigard burnham Street Improvement Project-MichaA 5 IC Stevenson Property 32 Conclusion—Land Value Unit Price Adjusted Unit Price How Compares to Subject Com 1 $19.96/sf $19.96/sf Somewhat High Index Com 2 $23.52/sf $17.64/sf Somewhat High Index Com 3 $20.65/sf $20.65/sf Somewhat High Index Com 4 $15.70/sf $15.70/sf Reasonable Index Com 5 $12.69/sf $16.50/sf Reasonable Index Comp 6 $13.41/sf $17.50/sf Slightly High Index _ The adjusted unit prices indicated by the above comparables are thought to bracket the probable value of the subject site. The adjusted unit price range is$15.70 to$20.65 per square foot(after adjusting Comp 2 for location,Comp 5 for time, and Comp 6 for unusable area). Of these data, Comps 4, 5, and 6 are considered the best overall indicators of value for the subject land.Those three sales support a probable value range of$15.70 to$17.50 per square foot. Therefore, with equal weight placed on these three value indicators,I have estimated an appropriate unit value for the subject land at$16.50 per square foot,which is near the mean of the three unit prices. A2VID50N 8 A550CIATE.5.INCL CrEy of Tigard Burnham Street Improvement ProjecE-MichaeE 5 4ay Stevenson Property 33 DESCRIPTION & VALUATION OF THE ACOUISITION PARCEL Remarks: The"Taking and Damages" appraisal method estimates the value of the parts taken as part of the whole property(the Larger Parcel).This value is based on the Highest and Best Use of the land, which was determined to be for a business use allowed by zoning.The proposed acquisitions include two right-of-way dedications (one for Burnham and one for Ash), two public utility easements (PUE), and a temporary construction easement(TCE). Parcel 1 - Right-of-Way Dedication (Burnham Street)—2,077 square feet: This proposed acquisition comprises a 7.5-foot wide strip of land across the entire front(northeast) edge of the site. Based on the size and width of the taking, the calculated length of the frontage is ` approximately 277 feet(2,077 square feet-7.5 feet=276.93). This dedication area is needed to widen Burnham Street to the desired 37.5-foot half-street width. The proposed acquisition area contains site improvements, including irrigated lawn, a deciduous tree, and a wood business sign: As noted, compensation for this dedication strip shall disregard future dedication requirements that would normally be applied to the property as a condition of a future development permit. To estimate the contributory value of the land to be acquired, I have applied the estimated land rate (earlier estimated at$16.50 square foot) to the area of the proposed dedication(2,077 sf). As such, the contributory value for the land to be acquired has been estimated at$34,271 (2,077 sf X $16.50/sf=$34,271). - Parcel 2-Right-of-Way Dedication (Ash Avenue)—1,612 square feet: This proposed acquisition comprises a strip of land along the northerly side of Ash Avenue.The beginning point of this acquisition is approximately 144 feet southwest of Burnham Street. It then extends along the street right-of-way approximately 157 feet, to its end point that is approximately 12.5 feet wide(the other end of the strip comes to a point). This dedication area is needed to widen the radius of the new Ash Avenue curve near its intersection with Burnham Street. This proposed acquisition area contains site improvements, including irrigated landscaped strips along the street, and a paved driveway approach. To estimate the contributory value of the land to be acquired, I have applied the same land rate that was applied to Parcel 1.By doing this, I have estimated the contributory value for the land in this acquisition at$26,598 (1,612 sf X$16.50/sf= $26,598). Parcel 3—Public Utility Easement(Ash Avenue)— 1,208 square feet: This Public Utility Easement(PUE) is needed for electrical and communications facilities. The proposed easement is located at the southerly end of the Parcel 2 dedication. It comprises a rectangular strip of Ash Avenue street frontage measuring 12.5 feet wide, by approximately 97 feet long. Approximately two-thirds of the PUE strip is developed as the landscaped strip of land(lawn and trees) situated between the street and the parking lot, while the rest of the strip is undeveloped. Based on information provided by ROWA, the PUE will not interfere with property ingress and egress, nor will it consume any site parking area. It will be primarily for underground lines, which will allow the surface to be re-established as landscaping along this side of the street.The easement will also permit the utility company to re-enter the area for maintenance, and for making modifications to the facility. ARVID'�Ofd ASSOCIATES.INC/Gtr of Tigard Burnham `street ImproverrierrE Project-Michael 8 Vay Stevenson Property' 34 Parcel 3—Public Utility Easement(Continued) In evaluating easements of this type, it is common practice to apply a percentage adjustment to the unit price of the land, to reflect the perceived"burden"of the easement. In this case, I consider the "burden"for this edge of the property to minimal,because of the potential for co-use of the area by the property owner for the same landscaping use as before the project. In my experience,utility easements are typical valued at 25% to 90% of the underlying land value. Because of the lesser impacts anticipated from the easement, I have estimated the value of the rights to be acquired at the low end of this range, at 25% of the underlying fee value. With the land value estimated earlier at$16.50/sf,I have estimated a unit value for this easement at$4.13 per square foot($16.50/sf X 25%=$4.13/sf). By applying this rate to the 1,208-square foot area, the estimated value of the easement rights is $4,989(1,208 sf X $4.13/sf=$4,989). Parcel 4—Public Utility Easement(Burnham Street)—48 square feet: This PUE is needed for electrical and communications facilities.The proposed easement is 6 feet wide by 8 feet deep and it will be located against the new front property line(the new right-of-way boundary). Based on project drawings, the easement will be located over an existing utility vault, which is approximately 110 feet from the current alignment of Ash Avenue(the project will shift Ash Avenue away from the property). This area will contain an underground vault that will house a PGE switching facility. It is assumed that the vault surround at the surface will be concrete, and its cover will be a metal plate. Because of its location and because it is underground, the vault will not block access to the area, or interfere with lawn maintenance. However, the area it occupies will be unavailable for other uses by the property owner. Thus, it is thought that the easements will take nearly all of the rights in that 48- square foot area. Based on the same rational used for Parcel 2 to estimate a percentage"burden"of the easement, I have estimated the value of this PUE at 90% of the underlying fee value. At this rate, a unit value for this easement is estimated at$14.85 per square foot($16.50/sf X 90% =$14.85/sf). By applying this rate to the 48-square foot area,the value of the rights taken by this easement is estimated at $713 (48 sf X $14.85/sf= $713). Parcel 5- Temporary Construction Easement(2,923 square feet): In addition to the Dedication, the project will also need a temporary construction easement(TCE)to reserve a work area for constructing the new road improvements. The TCE comprises a 5-foot wide strip along the Burnham Street edge of the remainder property, and along much of the Ash Avenue side,as well. Items within this TCE strip include more of the lawn, landscaping, and driveway pavement. It should be noted that 5 feet by 12.5 feet(63 square feet)of the TCE overlaps the Parcel 3 PUE (along Ash Avenue), and 5 feet by 6 feet(30 square feet)overlaps the Parcel 4 PUE.Thus, the value of those two portions of the TCE have already been addressed in the valuation of Parcels 3 and 4. Therefore,I have allocated no additional value to this 93 square feet of TCE area. The proposed TCE's provides the City of Tigard with " a temporary easement for constructing, reconstructing, operating, inspecting, and repairing of public improvements and appurtenances, together with the right to remove, as necessary, vegetation,foliage, trees, and other obstructions on the parcel....". A2VID5oN 8 A550CIATES.INC/City of Tigard Burnham Street Improvement Project-Michael F,Kay Stevenson Property 35 Parcel 5-Temporary Construction Easement(Continued) _ The easement document indicates that the duration of this temporary construction easement shall be for a two-year period.The easement goes on to stipulate that the 2-year TCE period will occur sometime during the duration of the project,or within the next five years, whichever is sooner. As noted, the subject property is developed to its Highest and Best Use.Thus, the TCE area will continue to be used as developed,until the construction commences. In other words, the property owner will have full use of the TCE area until the project construction commences, after which the TCE area could be used for as long as the two years following:The proposed easement area will be used for an unknown period during the two years reserved for the easement. Because it could conceivably be used for the entire 2-year term,or perhaps intermittently over the entire 2-years, I have concluded that the value of the TCE should, in fact,be based on the full 2-year term. The TCE is not intended to prevent the grantor from using the area, as long as it does not interfere with the project construction work planned for the TCE area, which is as a work area for constructing the road improvements, and for re-building the driveway approach to match the new roadway. In estimating compensation for this type of easement, appraisers typically consider the easement as being similar to a ground lease, where the land would be rented for the specified period.To arrive at a fair market rental rate for the land, I have considered prevailing market percentage rental rates for industrial land in the Portland Region. Land leases in the industrial real estate sector have generally been based on returns of 8 to 11 percent of land value in recent years. Land leases are usually long-term, in some cases lasting for 40 years or more. A long- term lease allows the tenant to construct permanent buildings and other facilities on the land. The Port of Portland has transacted several such ground leases in the Rivergate industrial area and other industrial districts around Portland in the recent past. On the other hand, short-term land leases have limited use potential. For example, a lessee would typically not erect buildings or permanent improvements on a site leased for a short-term,because the improvements would revert to the land owner when the lease expired. Land leased for a short-term is typically used for open sales lots, yard storage, recycling collections sites,etc.This is more akin to the short-term TCE use proposed for the subject site. This analysis recognizes that the TCE compensation is based on current land value,even though the TCE area may not be used for several years, at which time the land may have a higher value. However, this potential shortcoming is offset by the fact that the TCE compensation will be paid by the City of Tigard as a lump sum payment before the easement commences, with no discount applied for the time value of money. In the open market,the rent would typically be paid monthly or yearly, as opposed to a one-time lump sum payment at the beginning of the lease period.This "up-front"full payment is beneficial to the property owner, again, due to the time-value of money. Furthermore, it is very unlikely that the TCE area will actually be used for the entire two-year period specified by the easement; however, the land owner shall be compensated for the entire two-year period. It is considered appropriate to base the TCE compensation on the full two-year period,because the City has the right to use the area for the entire two-years,or they may use it intermittently over the two-year period. Based on the above, a rate at the low-end of the rate range is considered appropriate for the proposed TCE. As noted, the rent rates are typically lower for the short-term land leases. ARVID50N 8 A550CIATE5,INCJ City of Tigard Burnham Street Improvement Project-Michaei 8 4ay Stevenson Property 36 Parcel 5 - Temporary Construction Easement(Continued) Therefore,based on a rate of 8 percent, and a term of 2 years,compensation for the proposed TCE has been estimated using the calculations shown below. Land Value X Land Rent Rate X No.of Years=TCE Rate $16.50/square foot X 8%/year X 2 years= $2.64/square foot Area of TCE X TCE Rate=Estimated TCE Value 2,830 square feet X $2.64/square foot= $7,471 93 square feet(valued with Parcel 3 &4)_ 2,923 square feet $7,471 AP-\/ID-')ON 8 A-')50CIATL-'5.INC/City of Tigard Burnham Jireet Improvement Project-MichaeL 6 4ay'Jtevenwn Property 37 EXHIBIT SHOWING PROPOSED ACQUISITION AREAS (The Legal Description for the Dedication and PUE acquisitions can be found in the Addenda) FILE NO. 5 TAX LOT 2S-1-02AC-00100 N— �cF,y,\��� �F 2S-1-02AC-00100 STEVENSON SCALE: 1"=50' ®PARCEL 1 STREET DEDICATION (BURNHAM) 8 AREA = 2,077 S.F. t STREET DEDICATION (ASH)PARCEL 2 OFFSET: 168 O6 3R�� k AREA = 1,612 S.F. t �CD PARCEL 3 P� PUBLIC UTILITY EASEMENT (ASH) AREA = 1,208 S.F. t -PARCEL 4 PUBLIC UTILITY EASEMENT (BURNHAM) AREA = 48 S.F. PARCEL 5 ®TEMPORARY 5' WIDE CONSTRUCTION EASEMENT AREA = 2,923 S.F. f STATION: 10+32.10 OFFSET: 329.91 R ACQUISITION MAP BURNHAM STREET RECONSTRUCTION PROJECT CITY OF TIGARD, OREGON DATE: AJNE 9, 2008 1 SHEET 1 OF t -_ A2VID50N 8 A550CIATT-5.INC/Gty of Tigard Burnham Street Improvement Project-Michael.8 V ay Stevenson Properly 38 IMPROVEMENTS IN AICQUISITION AREAS Based on my property inspections and measurements, and from scalable project exhibits, the following table includes an estimated inventory of the improvements located in the acquisition areas. _ 1.DEDICATION 2.DEDICATION 3.PUE 4.PUE 5.TCE TOTAL QUANTITY ITEMS (BURNHAM ST.) (ASH AVENUE) ELIGIBLE FOR 2,077 sf 1,612 sf 1,208 sf 48 sf 2,923 sf COMPENSATION Lawn 2,027 sf 750 sf 225 sf -- 1903 sf 4,905 sf Landscaping w/Trees 50 sf 512 sf 100 sf - 665 sf 1,365 sf Asphalt Paving - 350 sf -- 335 sf 350 sf Yard Light 1 -- -- 1 Wood Sign 1 -- 1 Fire Suppress.Vault See:Cost-to-Cure --The City is obligated to compensate the property owner for the contributory value of all improvements _ located in the proposed acquisition areas,except items that will be left undisturbed,or items to be replaced in kind by the project.Per State and Federal law,the estimated value for all items taken(and not replaced) shall be based on contribution value, which is the actual value that the items contribute to the entire property. This includes any and all depreciation that may exist. The last column in the above chart lists those items that warrant compensation. The driveways will be reconnected to the new street improvements, which will require replacing additional pavement for matching up with the parking lot pavement. I have assumed that the paving in the TCE will be left in place during the project,as this area will be used only as a work area(no excavation will occur there). Also,because the Parcel 4 PUE will be placed at the same location as an existing vault, there is no landscaping or lawn presently in that 48 square foot area. Estimated Value of Improvements to be Acquired I have estimated the Replacement Cost New(RCN) of the improvements, which is based on cost information obtained from the Marshall Valuation Service, a national cost guideline service that compiles construction costs on various improvements from local contractors. Specifically,I have referenced Section 66, which covers site improvements. The base costs have been adjusted by current and local multipliers, and where appropriate,adjusted for depreciation. The landscaping along the side of the property to be affected by the two PUE's comprises low growing plants, and approximately three trees. The Plan and Profile drawing indicate that the large redwood tree in front of the office (near Ash Avenue) will not be removed. One of the two deciduous trees next to the southerly parking lot entrance will be taken, and the other protected.The front lawn area has an underground irrigation system, and it is assumed the landscaping and lawn along Ash Avenue is also irrigated. As a cost basis for the landscaping,I have used the cost manual's "Average-Cost"index for landscaping,for"medium" areas (Section 66,Page 8—December 2007).This is described as: "...an average number of 3- to 5-gallon shrubs, small to large trees, closer spacing of small ground-cover plants, automatic irrigation and seeded lawn."In other words, it is believed that the market would consider such landscaping as generally equivalent,on balance,to the shrubs and trees that will be taken-as a general amenity to the property, and which is required by zoning standards. A2VID-5ON 8 45WOATE-5.I NCI City of Tigard Burnham 6treet Improvement ProjecE-Michael 5(Cay Stevenson Property 39 Estimated Value of Imnrovements to be Acquired (Continued) The indicated replacement cost listed in this cost manual is $5.08 per square foot(after current cost and local multipliers). I have adjusted this cost for depreciation (estimated at 20%).As such, the -- unit price for the subject landscaping is estimated at$4.06/sf($5.08/sf X (1.00–0.20)=$4.06/sf). From this same source, I have estimated a depreciated cost for the irrigated lawn area at$1.05/sf, which includes the irrigation system. I have relied on Section 66,Pages 2 and 3 for paved parking lot costs. By referencing the "High" cost column for surface parking lots on Page 3 (because of the relatively small size of parking lot), — and after current and local multipliers, the indicated base cost is approximately$4.05 per square foot. Based on observed condition, I have depreciated this replacement cost by 20%. Thus,the indicate unit value for the subject's paving is estimated at$3.24/sf($4.05/sf X (1.00–0.20)_ — $3.24/sf). The yard light is assumed to be a quartz-iodine type, and it is supported by a treated wood pole (estimated 20 foot). I have estimated the in-place cost of this assembly at approximately$1,100, which includes 20% depreciation. I have relied on a cost estimate from Young Electric Sign Company of Tigard for the subject's sign. This company estimated costs for several signs involved in this project. For the subject property, — this company estimated the replacement cost for the wood sign(see Photo#7) at$1,800. I have depreciated this cost 20% to reflect its observed condition.Thus,the value of the sign has been estimated at$1,440($1,800 X (1.00–0.20) = $1,440). Finally,the underground vault for the building's fire suppression equipment is located partially within the proposed Burnham Street dedication area.Thus,the project requires that it be relocated — outside the new street right-of=way. According to the property owner(also the business owner), a functioning fire suppression system is critical for his business, to protect the multi-million dollar presses and other equipment, as well as the 34,000 square foot building itself. As such,little or no — disruption in fire protection can be tolerated.Removal of this system without replacement would result in a significant loss to the building's value and to the business. Estimating this potential value loss is beyond the scope of this appraisal assignment. Suffice it to say, the cost to re-establish the vault and fire system(the Cost-to-Cure)is significantly less than the potential loss. The cost to — relocate the vault is addressed in the Damages section of the appraisal report. Based on the preceding estimates, the following chart summarizes the estimated values for the various items to be acquired: ITEM QUANTITY UNIT VALUE ESTIMATED — (DEPRECIATED) VALUES Lawn 4,905 sf $1.05/sf $5,150 Landscaping w/Trees 1,365 sf $4.06/sf $5,542 — Asphalt Paving 350 sf $3.24/sf $1,134 Yard Light 1 $1,100 ea. $1,100 Wood Sign 1 $1,440 ea. $1,440 TOTAL $14,366 ARVID-50N S A�-t-1OCIATE6,I NCI City of Tigard Burnham Street Improvement ProiecE-Michael 5 4ay_5tevenwn Properly 40 - REMAINDER PROPERTY (CHANGES) Site Dimensions and Size: As noted,there are two proposed dedications.The Parcel 1 acquisition will come from the easterly edge of the property,which abuts the current Burnham Street right-of-way.This strip is linear and will reduce the depth of the lot by its 7.5-foot width. The other fee acquisition is from the Ash Avenue side of the site. This taking has a somewhat irregular shape, which will alter the former straight boundary line along that side of the property.This change should not have a significant impact on the current or future uses of the site. Together,the two fee acquisition total 3,689 square feet(0.08 acres), which reduce the size of the Larger Parcel to approximately 2.54 acres(a 3.1%reduction).This small change will not impact the remainder property,beyond the site area reduction (already compensated for).The other acquisitions are easements,which (as easements)will not alter the size or shape of the property. — Roads: The main thrust of this project will be to improve Burnham Street, as described earlier on Page 11. According to the project plan sheet, these new street improvements will include a paved area approximately 38 feet wide(curb to curb),and wide sidewalks with cut-outs for street trees along both sides of the street. Parallel street parking will be allowed along certain sections of Burnham Street. Water quality swales along the road will also be included in the project.The Ash Avenue street improvements will be similar to those along Burnham Street,except there will be no street tree cut-outs in the sidewalks. Access &Yards: The project will rebuild the two driveways the subject property now has, at roughly the same locations. Each approach will be approximately 30-feet wide at the curb line.There will no loss of the on-site parking spaces from this project. The dedication will reduce the building setback distance by the width of the acquisitions. Thus, the new setback from Burnham Street will be approximately 32 feet.The setback from the new alignment of Ash Avenue(near corner)will actually increase.Again,none of the parking area will be taken,and ingress and egress will be similar to before the project. Although the subject's remaining landscaping should be adequate for the site area,the City of Tigard has indicated that they "...will not pursue action against the property because of non-compliance with the landscaping requirement due to lost landscaping caused by the Burnham Street Project." (this information was provided to me by ROWA,on behalf of their instructions from the City). Utilities: It is my understanding that all of the existing utilities and services now available to the property will be available after the project.The project will re-connect the property to all of these utility and service lines, and disruption of existing service during construction should be minimal.The Burnham Street project will also "under-ground"the power and phone lines that are now overhead,in the right-of-way. Highest and Best Use of Remainder Property: The proposed acquisition is not anticipated to impact on the existing property use.The bulk of the take area is devoted to perimeter lawn and landscaping, a part of which can be replaced in the easement areas after the project. Access,parking, and site circulation will be similar to before the project.In short,with the project — causing little change in the property,the Highest and Best Use of the property is unchanged. Al2—VID50N.5 A550CIATE—t-5.INC/City of Tigard burnham Street Improvement Pralect-Michael 8 I-ay Stevenson Property 41 EXHIBIT-DRIVEWAY RECONSTRUCTION MAP (Source: SW Burnham Street Improvement Project Map by Otak Engineering, dated 7-10-2007) AL Novmj FILE NO. 005 a 't` ` \\\ p I F 06 i `1;11- 'E NSON REMAINDER SITE •` . I a ;.5 f_\ SCALE I`-40' 25.� \ �� , X, , ti4 • t`' "� - ASFE;A ': fRrsJc'rSfAY TRANS'Tlr;Nl • - �- � RcCflN;1RECi10N AREA cAAR A - '95. S.=-. TEMPORARY— ' °S • AC PATH hh I LLL '.• �`"7 The superimposed red dashed line marks existing property lines. A2VIP50N 8 4550CIATE.5,INC/City of Tiqard 6urnham Street Improvement Project-MichaeL 8 ICay Stevenson Property 42 - DAMAGES AND/OR SPVGIAL BENEFITS Explanation of Damages (It.Any): This appraisal has considered the potential for diminished value(Damages)for the remainder property as a result of the project, which would be over and above the compensation paid for the land that is to be acquired.The term"Damages" is defined as "...the loss in value to the remainder in a partial taking of property"(Source:The Dictionary of Real Estate Appraisal,by the Appraisal Institute, 3rd Edition). As noted, the site size and dimensions will be reduced by only a slight amount, relative to the total property size and dimensions. The access,parking and circulation will remain essentially unchanged, and the building setback from the new street will be ample. It was also noted that the City will not hold the property out of compliance with their code requirements, if the project reduces the landscaped area to a level below the 15% minimum code requirement. Thus, there will be no obligation to replace the landscaping lost to the dedication on another part of the site. It was noted earlier that the fire suppression vault is in the take area, and if not replaced, significant value damages would result. To avoid these damages, the property owner shall be compensated for the cost to move the vault and re-establish the fire suppression system. In order to estimate this Cost-to-Cure, I have obtained a contractor's bid.The cost estimate was provided by Bob Buttke of C.E. Snodgrass Construction,Inc.of Portland, Oregon(a copy of this cost estimate is included in the addenda section of the appraisal report). When I met with Mr. Buttke at the site, I provided him with OTAK project drawings, and we determined the approximate location of the replacement vault. — His bid assumes re-use of some of the system parts, and includes an allowance for permits. He also noted that the system would have to be down for 2-3 days, the timing of which will need to be coordinated with the property owner.The total bid amount was $26,608, which included a 10% profit margin. He also suggested that"...a contingency sum of$2,130 be added to the cost estimate to cover unknown conditions that can/will be encountered during the completion of the project documents and [during] construction phase."Thus, with the contingency included, the total bid -- amount is$28,738. This has been included as a"Cost-to-Cure" in the Just Compensation estimate. Another Cost-to-Cure involves restoring the underground irrigation system along Burnham Street, and along Ash Avenue. Without the irrigation, it is expected that much of the landscaping would be lost, which would result in a significant loss of property value(damage). An offset,or cure for this potential damage would be to repair the system to make it functional again. I anticipate that repair of the sprinkler system along both Burnham and Ash will be fairly easy and inexpensive, as the take areas comprises fairly small areas. It is likely that the existing system can be modified by capping some of the lines, and installing sections of new line and new sprinkler heads. Earlier,I obtained a cost estimate for the fire station property across Burnham Street from the subject property,from Down to Earth Irrigation(503/684.3500). This is a Tigard company that specializes in installing sprinkler systems for residential and commercial properties. According to Phil Severson of that company,much of the fire station's system had to replaced, because of the location of the main lines and the controllers near the street. This does not appear to be the case for the subject property. His estimate of the cost to repair the fire station system was $2,300, which I feel would be high for the subject. Based on this, I have estimated a cost of$1,200 as an adequate allowance for repairing the subject's irrigation system. Presumably, the cost to repair this system is much less than the contributory value of the remaining parts of the system,plus the value of landscaping and lawn that would be lost as a result of having no operating sprinkler system. 42VID50N 8 ASSOCIATES,INC/City of Tigard Burnham Street Improvement Proiect-MichaeL 8✓_ay 5tevenwn Property 43 Explanation of Special Benefits (If Any): There are several definitions of Special Benefits, with the basic one being: "Those benefits which accrue directly and solely to the advantage of the property remaining after a partial taking" (Source: page 226, Real Estate Valuation in Litigation, written by J.D. Eaton, MAI, and published by the Appraisal Institute). In the state of Oregon, "Special Benefits only can be offset against damages to the residual property, but not against the value of the land taken." In the case of the subject property, the project will improve Burnham Street, which will improve its look, as well as enhance access and improve circulation throughout this part of Tigard.The new Ash Avenue extension will link Burnham Street to the new commuter rail transit station on Commercial Street. It is anticipated that many properties will benefit from the project, including the subject property.The street improvements built by the project are street improvements the private properties will not have to make when and if they redevelop their sites. There is potential for the unused part of Ash Avenue at its corner with Burnham Street to be available to the subject property.This small triangular remnant will be the result of shifting Ash Avenue away from the subject. However,because this is speculative,I have not considered this potential addition to the subject site as a Special Benefit from the project. Therefore, I have considered any benefits from this project that will accrue to the subject property as "General Benefits" (not"Special Benefits"). AP—VIP-50N 8 ASSOCIATES.INC/City of Tigard Burnham Street Improvement Project-Michael,5 l ay Stevenson Property 44 SUMMARY OF ACQUISITIONS LAND: LAND CLASSIFICATION AREA UNIT VALUE 1.R/W Dedication (Burnham) 2,077 sf $16.50/sf $34,271 _ 2.R/W Dedication (Ash) 1,612 sf $16.50/sf $26,598 3.Public Utility Easement 1,208 sf $ 4.13/sf $ 4,989 4.Public Utility Easement 48 sf $14.85/sf $ 713 5.Temp.Const. Easement 2,830 sf $ 2.64/sf $ 7,471 93 sf $ 0/sf $74,042 TOTAL FOR LAND $ 74,042 IMPROVEMENTS IN ACQUISITION AREAS: Lawn,Landscaping,paving,etc. $14,366 -' TOTAL FOR IMPROVEMENTS 14,366 VALUE OF TAKING: (Land and Improvements): $ 88,408 DAMAGES TO REMAINDER: Cost-to-Cure—Moving Fire Suppression Vault $28,738 Cost-to-Cure—Repairing Remainder Sprinkler System 1,20 Total $29,938 SPECIAL BENEFITS: $ 0 _ NET DAMAGES: (Damages less Special Benefits-Cannot be Negative): $ 29,938 FAIR MARKET VALUE: $118,346 Rounded to, $118,400 HAZARDOUS WASTE INVESTIGATION STATEMENT: Appropriate [ ] Not Appropriate [X]* *The Client is advised to obtain an opinion from an expert in this field,on whether a Hazardous Waste Investigation is appropriate or not appropriate.The Appraiser is not technically competent to make this determination. AZAP50N 8 A550CIATC-1).(NCI City of Tigard 6urnham`Jtreet Improvement Project-MichaeL 8 4ay Stevenson Property 45 CERTIFICATION BY APPRAISER I, the undersigned certify that; to the best of my knowledge and belief: — 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions; and they are my personal,unbiased professional analyses,opinions,and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. 4. 1 have no bias with regard to the property that is the subject of this report or the parties involved with the assignment. _ 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results: 6. My compensation for completing this assignment is not contingent upon the development or — reporting of a predetermined value or direction in 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 appraisal. 7. My analyses,opinions; and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice, the Standards of Professional Appraisal Practice of the Appraisal Institute, and the Code of Professional Ethics of the Appraisal Institute. 8. I have made a personal inspection of the property that is the subject of this report,but I did not inspect the buildings that occupy the site.AIso,I personally viewed the Comparable Sale Properties from the street. 9. No one provided significant professional assistance to me in the appraisal analysis,or writing of the appraisal report. 10. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 11. As of the date of this report,the undersigned has completed the requirements of the continuing education program of the Appraisal Institute. DATE: 6-9-2008 Peter G. Arvidson, SRPA, SRA State of Oregon Certified General Appraiser#0000086 4IZVID50N 8 A550CIATE5.INC/City of Tigard Durnham Street Improvement Project-Iv"aeL 8 V—ay`J'Levenson Properly ADDENDA ■ Sales Sheets-Comparable Land Sales ■ Preliminary Title Report with Support Documents ■ Legal Description &Right-of-Way Exhibit ■ Cost Bid for Moving Fire Suppression Vault and Re-establishing the System ■ Letters of Contact with Owner -- ■ Summary of Appraiser's Professional Qualifications L1l d 10 a z Ld J _ d O U LOCATION MAP- COMPARABLE LAND SALES .SW WEST ATE DR 5"N`AC6R IE �ON:RO..-K'' SW HOWATT ST �% g SW ELECTRIC STi SVG - - SW E LEANOR LN a g a S W�HENR�ST . or w a SW SUNSTZA0 COMP 3 1 �¢�"`.-� It W 9 erton _ �rC m SVJ N 2 Vi $ V) t1 f �. 51Nf LARCH LN 10 to . m +�i ¢� N m a w a m O z 0 d m v v y '¢ nZ G) -jITH z 01 rt5 q w... q< sWCAUREL LEAF LN y £ m v z�...�.mc� m' SW ARROW WOOD P� .g "' a4 m i u, 3E z z y K' "`_ftp 6.� 10 ci vi y m y S q q q C Q = = a SW GARDEN HOME RD; a — L £ � a' � � 0 I � a C m O tt q O �1 = p H,, 8t y 3_�t ;T bi 17 to $. .�-� vi 3, n r $ O g m C s x y SSW 62ND OR SWgAI z --- ^5 y XO SW W GON WHEEL CT > k am�m n £ C �Sf _ p m SW BROCKMAN-RDs - a ry 'c z n a v' SW T ORS FERRY RD m q C ai 0 CO rtt O $ . eZ N m N ( 4 q 3 O m e 5 W DOT1 y.M '' L.. £t N Jr r x N -11 D $ 3 = RPITOL�41WY Q $ Cr Y Lt Y N m N 9 3* y y N M C m m 5c.Fy� '-' 3 1 ✓`�. `i o rn -,. SW LONGS`FAFF �, z COMP4 </ ; q T w y S q 7 O^ _1v m ^' pm `b m p SWG �tP m r .. q xq NANSEN SMT m ` RFEkeuRG Fqj coMPt m m SW ASH BURY LN N e ' 5VJ TALCON R15E DR p R = a ,r q,_ D UGLAS ST 7° 9040SWBurnham St Iq .\� n �: m _ T__,-___. �_.R-____- c0i a COMP5 RESTVIE,. ST = O v. g vq' N 9 't 8W ..,, N I ✓ a 01 % zh, 17 1+0� r4 cpi 6AARDE ST SW,MCDONALD ST tot $ r W rn . SW BOTH CT �4 2r 7 4 SW JACKIE CT o W VIfI.y -1 n _ x w 3 ii:R a z �� £ ""a+a ?NI�_� SW BULL MQUGA.I R c po r5W VIEWCRESTC i = C a a o n m 3+ N O x wz ` N m m y m m SW BOND ST �,ys�Q a �' S� IN(•:E ALBERT ST 9kV s $ SW DURHAM RD A Fmk' COMP SW MARTHA ST N COMP 1 E DO SW WAVERLY DR -[ _ Np N D m n w 4 m S W y m O' D = O 4 {y SW BRADLEYLN mo 3- J m P q y SW STARR DR SW-KINGFISHER NL/hT WAY' a Nomm e-mu Data use subject to license. mi ©2006 DeLorme.Street Atlas USAF X007. 0 %a 1/2 3/a 1 11/., vwwv.delorme.com MPJ(16.7°E) Data Zoom 12-1 LAND COMPARABLE 1 6135 SW Jean Road Lake Oswego,OR(TG 685 H-1) Map#21E18BC-1700(Clackamas County) ]] Seller: Scott&Nancy Edmonds Buyer: Landshire Acres Co.LLC Sale Date. 5-2007 -�"-- Recorded: WD 2007-048104 Price: $600,000 " Terms: Cash to seller Size: 0.69 acres Zoning: IP,Indust.Park(Lake Oswego) Utilities: All Available Unit Price: $19.96/sf t Verified: Allan Schrader(for buyer) ; Tel.: 503/968.3113 — Photographed from the street by Peter G.Arvidson Description/Remarks:This sale involves a corner lot located on a secondary street developed with a mix of older residences and newer businesses.The property has good access to Boones Ferry Road(a main arterial),and the 1-5 freeway.The lot, which is nearly level and at grade with the street,was improved with an older dwelling at the time of the sale,which was demolished by the purchaser.A new 13,000 square foot office building with warehouse area is now being constructed on the site.This facility will house the purchaser's business,Lightspeed Aviation,Inc., a distributor of aviation head phones and other aviation products. Nor-Til 2D wo --- 7--74 to 13 t ` r JF` ,iib i 4Y lk 4 �1 +ne vo epe. warco es.zseao r �� win1�. 1 I '+804 — Tuaar _ �dER'I�F--' CO R A.1636 � — f CO RD. NO.114_...,._— ROAD ; µ EE r F vi �_a1, 2 1E le®c LAKE OSWEGO LAND COMPARABLE 2 E'side SW 72nd Ave.,between SW Clinton St. &SW Dartmouth St.,Tigard,OR(TG 655 G-3) 1S1E36DC-4100,-4200, -4300, -4402 (Washington County) * Seller: Mary C.Lewis,et. al. <:�. Buyer: TLB,LLC(Lampus,et.al:) Sale Date: 6-9/2006 Recorded: WD 06-069460,-069461, -107304 Price: $1,690,500 ,ki Terms: Cash to sellers Size: 1.65 acres Zoning: CG,and MUE(City of Tigard) Utilities: All Available Unit Price: $23.52/sf(Overall) Verified: Michael Smith(Broker) 503/670.5663 Photographed from the street by Peter G.Arvidson Description/Remarks:This is an assemblage of four contiguous tax parcels,involving three sellers.Each of the lots was developed with a single family dwelling,none of which contribute value to the commercial land. This property is located in the"Tigard Triangle",which has experienced a considerable amount of new office development in the past few years.The assembled property has a gentle upslope to the north,and is generally at grade with the three streets.The buyer plans to build a medical office on the assembled site, which will require removal of the houses. A -' NORTd C} 14 1 Q J I (J -Ik fr3oo -. . .3a Ac t> -- —• —..T. t„ ,_�.. --- 3500 �� }.. i•y a� i — _MSW MAC �0 �' 3528 $i 3507 3509 ?i 3570 I MAC �- .3<AC Z,, .31 AC 1:1 14 3608 {_ 31 AC f V-120:21 221.-.3Aq 126.2 1f 33 AC f ' SW (3RD ST) CLINTON STREF-1 R g SW V n.ev tt 6100 f igJ S gg , t�Aq T.,�2 3 14 5 e000 ivnf .z3pc 410 g' 3900 3800 "w 3700 el 3600 — — a S 8 j .35AC -' 36 AC .95� 6 g 71y�-. _ >��' 4200 .35AC '' .50AC 0 +` i3dL� l 2 �Y 7 ~ti•, � 33 AC cn m _.ate `' �' j.� J ; l J J I J �y ' �4 _ ' ; tea` �T. � _.:4j 32 4300 R p - 4600 .6AC 99 ✓) .42 A4 3f.... 1.50 AC14400�"- � "_.._16 Co 86AC 31 /.51Ac ^' 47 1 _ 1 28 ' 1 ...4402 p7 57_ 63 AC A r l� �— � '., S-- 1S + 1S 1 36DC LAND COMPARABLE 3 8255&8325 SW Beaverton Hillsdale Hwy Beaverton,OR(TG 625 F-3) 1 S I 13BB-06700,-06800(Washington County) Seller: Cyprian Inman,et.al. Buyer: Baek 124h LLC(TL,6700) Pcgbh LLC(TL 6800) Sale Date: 8-2007 Recorded: WD 2007-957171 -95712 Price: $1,700,000(total price) Terms: Cash to sellers Size: 1.89 acres Zoning: OC-Office Comm. (Beaverton) Utilities: All Available Unit Price: $20.65/sf Verified: Jack Fixx(Broker)503/244.8595 Photographed from the street by Peter G.Arvidson(Tax Lot 6700) Description/Remarks:This is an assemblage involving two adjacent commercial lots,with different sellers.The two buyers have different names,but they are associated with each other and plan to develop the two lots together.Each of the two lots is approximately 100 feet wide, and has slight upslope from the 5-lane highway(2005 ADT=27,300).The property includes three houses,which are considered interim uses,pending the planned development of the assembled site with an office building. Other potential uses allowed by the OC zoning include financial institutions,dwellings,and restaurants(as conditional use).US Bank recently built a new branch office immediately east of this property. Retail,and auto sales and service uses are prohibited.The property is currently outside the City of Beaverton;however,development would trigger annexation to the City,and adoption of the OC zone.The broker indicated that the property was on the market for less than a week. NORTIJ A al os+ 9a a; a a4 aom - W .., —01C�� € aj51-58 aEe a .a. j1t,1 H L° a ...A tl $ aaoo aro .� a ! ... Qj w a 8 PANE ag� ~ � yrP� ITEPI �' xi `C 'I f abJa i LANE 3� a I RW ] 4i4,.ry ..a`r.y .6 ••'��__� M O a� Ria A 58 --_- aw ran.e ,� >tro raooi mlfT arc.as da�lY l�i;.> TLA BEAVERTON �.JtYc�•-:':• - IS I 1368 W-i-4W. "e:•`BEAVERTON a ,.....« -. a HfGHWAY r LAND COMPARABLE 4 7920 and 8000 SW Pfaffle Street Tigard,OR(TG 655 G-3) 1S136CD-401,-500.-1002(Washington County) Seller: Jill K.Christensen Buver: Cedar Hills Investments,Inc. Sale Date: Pending Sale(as of 10-9-2007) ,• ' <' Recorded: W.D.#2007-108894 , Price: $800,000 oa i1asE Terms: Cash to seller , Size: 1.17 acres(per Assessor's data) Zoning: CP Professional Crim. (Tigard) Utilities: All available Unit Price: $15.70/sf Verified: Jill Christensen(Seller/Broker) 503/750.5046 Photographed from the street by Peter G.Arvidson Description/Remarks: This is a pending sale of three contiguous lots,fronting along Pfaffle Street,a secondary commercial street that extends Between Pacific Hwy and Hall Blvd.It is just west of the 78"'Street/highway intersection (signalized).The most recent traffic count on Pfaffle Street(just east of 81"Avenue,taken in 1996)indicated 4,955 ADT. The nearly level property contains two single family dwellings that do not contribute to the Highest and Best Use of the land,which is for professional office development.There is a new office property immediately west of this property.The buyer plans to build two 5,041 square foot low-rise brick office buildings on the site,which can be sold or leased individually on their own lots.The seller commented that an earlier sale of the property failed,and that this offer was submitted and accepted soon after.The asking price was$849,900. She estimated that the property was on the market for a total of about 6 weeks. A No2T�l 15 1 36CO - � Romig' 54N - .,.._ '. ,«-._i ..✓s ... PF"FCE :.XT ' 23-81 t O .f Mq ..i LAND COMPARABLE 5 8730 SW Scoffms Street Tigard,OR(TG 655 F-4) 2S102AA-03000(Washington County) Seller: Elva E.Pietila x Buyer: Hams-McMonagle Assoc., Inc. Sale Date: 10-2004 IF08 LEASE Recorded: WD 2004-117129 1,000-3,400 SF Price: $315,000 Kyo Terms: Cash to seller Size: 0.57 acres 227-2300 Zoning: CBD Central Business(Tigard) Utilities: All available Unit Price: $12.69/sf Verified: Jim Harris(for buyer)503/639.3453 Photographed from the street by Peter G.Arvidson Description/Remarks:This down-sloping interior lot was improved with a dilapidated house,which was subsequently tom down by the purchaser,who is in the process of building a daylight basement professional office building on the site for their company(engineers).The lot has 100 feet of frontage on Scoffins Street.Zoning will allow office,retail commercial,and multi-family residential uses. Surrounding uses include apartments and offices.The property was listed for$390,000,and it was on the market(on and off)for approximately 2 years. N0ud 2300 2400 17 AC AL � 4y ./4 ASC % f MAC2600 2800 t,�l 4700 4000 22AC e@ 7.74 Ac 7.s2Ac tbV 901 1.. 1Sf5.12W 1t4i.3 1 `b' �dT 3 `L �' MUE.ENtMNt )) C .37 AC ,N ;; CORNF CNAro�oo MApE j\ E° � oH o 27 M1` h°`p' .f1 ?, V ' li C °31 b �y. yam: 16 25 - 3144 01 r'tb � 4/207 - 3902 \' 25 i / ''�� ;yS' '4 ✓ ,4o Ac 1.as Ac (� - 3000 aOrt 57 AC 38018 4800 .81 AC j 3900 24 p• 4801' ' 3901 `8, 38U �, _� P >�� 3903 k q$l��.1 r� po .32 AC oft °q 1, "b 3800 ` 322 7 ` .L S�iT 1 `'g;•. a�� #ot:,- .20 AC .88 AC 4700 wain " _�`] - 48. .o4 _ LAND COMPARABLE 6 16735 SW Pacific Hwy King City,OR(TG 685 B-1) ti 2S115BD-03000(Washington County) Seller: James P.Wasson,et. al. Buver: Extra Space of King City LLC _ Sale Date: 9-2007 _ Recorded: WD 2007-100612 Price: $2,500,000 Terms: Cash to seller Size: 4.28 acres Zoninu: CBD Central Business(King City) Utilities: All available Unit Price: $13.41/sf Verified: Neal Brown(List/Sell Agent) 503/524.1994 Photographed from the street by Peter G.Arvidson Description/Remarks: This sale property involves an old trailer park property located a short distance south of the King City commercial area,along the west side of Pacific Highway(divided highway at this point—sale property on south- bound couplet).A 2006 ADT Count on Pacific Hwy(0.01 south of Durham Road)indicated 44,700 vehicles(both ways). The site abuts a residential subdivision(west), and a store/deli and a new gasoline fueling facility on south. The parcel, which was recently annexed to King City(from Washington County),is nearly rectangular except for a±1/a-acre"notch" out of its SE corner,and it has approximately 393 feet of highway frontage.The listing agent noted that the net usable -- area is approximately 3.28 acres,due to highway dedication and a required buffer along drainage way at north end of site. Thus,with 3.28 acres of usable land,the unit price indicated by this sale is$17.50 per square foot($2,500,000_3.28 acres=$762,195/acre=$17.50/sf).The buyer is planning to develop the site with a mini-storage facility,which will share access with the grocery store/deli at its SE corner.The property was on the market for 230 days,according to the RMLS data. A NoRT�I — t j r 23-78 9Ef Ii1➢ ' � t[[.iSlM: a'E[.«.Y 24 r qY Y i'. LL i zwo a` I 1 a —_j... ......._ D r.'.r.� FlHI a35ESH¢Ni PUpppiEg S.W. F13OHER ROAD I mfu.su xm air aW as r. rover -" A.tt tl[MOt Y86 \ ,.lCC NC SOF S00 19p 9'!W�60Q CM iffOp PAC i,'DCO�i00 tq0= it ,l� l`+i y a� Tb.1 j, $,xl ry}- S.W. GRAVEN! iSTREET " r' 3.' r two 2t0O i!W t boo l [�D 13: t58S i I � KING CITY I 2S 1 158D I ss ix 10 z L1j V O U z O 10 O Ld J Q z _ J Ld Chicago Title Insurance Company of Oregon 0 PRELIMINARY TITLE REPORT May 7,2007 TO: ROWA/06-041-005 Order No.: 441686 10186 SW Laurel Street Escrow No.: -441686- Beaverton,OR 97005 Ref: Stevenson/City of Tigard ATTN.: Patchree Chavengvan Phone No.: (503)644-3436 Standard Owner's Coverage to be determined Premium to be determined Municipal Lien Search $25.00 We are prepared to issue a title insurance policy in ALTA (1992) form and amount shown above insuring the title to the "— property described herein. This report is preliminary to the issuance of a policy of title insurance and shall become null and void unless a policy is issued,and the full premium therefore paid. = Dated as of: April 25,2007 at 08:00 AM Vestee: Michael J. Stevenson and Kay L. Stevenson Subject to the exceptions,exclusions,conditions and stipulations which are part of said policy, and to exceptions as shown herein. CHICAGO TITLE INSURANCE COMPANY OF OREGON By: 40� Deborah Noble Title Officer 10135 SE Sunnyside Road, Suite 200 Clackamas, OR 97015 phone(503)653-7300 fax (503)653-7763 9014710030.rdw Order No.: 441686 DESCRIPTION Lot 4, BURNHAM TRACT, in the City of Tigard, County of Washington and State of Oregon. GENERAL EXCEPTIONS (Standard Coverage Policies only) I. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records;proceedings by a public agency which may result in taxes or assessments,or notices of such proceedings,whether or not shown by the records of such agency or by the public records. 2. Facts,rights,interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or by making inquiry of persons in possession thereof. 3. Easements,or claims of easement,not shown by the public records;reservations or exceptions in patents or in Acts authorizing the issuance thereof;water rights,claims or title to water. 4 Any encroachment(of existing improvements located on the subject land onto adjoining land or of existing improvements located on adjoining land onto the subject land),encumbrance,violation,variation,or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey of the subject land. 5. Any lien,or right to a lien, for services, labor,material,equipment rental or workers compensation heretofore or hereafter furnished, imposed by law and not shown by the public records. SPECIAL EXCEPTIONS 6. City liens, if any,of the City of Tigard. (An inquiry has been directed to the City Clerk concerning the status of said liens and a report will follow if such liens are found.) 7. The premises herein described are within and subject to the statutory powers including the power of assessment of Clean Water Services, 8. The rights of the public in and to that portion of the premises herein described lying within the limits of SW Burnham Street and SW Ash Avenue. 9. The rights of the public in and to that portion of the premises herein described lying within the limits of Fanno Creek. 10. An easement created by instrument, including terms and provisions thereof, Dated: June 22, 1964 Recorded: June 19, 1964 Book: 516 Page: 281 In Favor Of: City of Tigard For: Sewer line and manhole Affects: A 10 foot strip near the center of the property,see document for location 11. An easement created by instrument, including terms and provisions thereof; Dated: April 17, 1972 Recorded: May 10, 1972 — Book: 866 Page: 494 In Favor Of. Unified Sewerage Agency _ For: Sewer line and appurtenances Affects: A 15 foot strip in the Southerly area 12. An easement created by instrument, including terms and provisions thereof; Dated: November 16, 1973 Recorded: December 7, 1973 Book: 955 Page: 770 In Favor Of: City of Tigard For: Street and utility purposes 901471 1746.rdw Order No.: 441686 Affects: 10 feet along the Northeasterly lot line and 5 feet along the Southeasterly lot line 13. Trust Deed, including the terms and provisions thereof, given to secure an indebtedness with interest thereon and such future advances as may be provided therein; Dated: November 10,2000 Recorded: November 14, 2000 Recorder's Fee No.: 2000 091761 — Amount: $1,275,000.00 Grantor: Michael J. Stevenson and Kay L. Stevenson Trustee: U.S. Bank Trust Company,National Association Beneficiary: U.S. Bank National Association The above document was re-recorded by instrument, Recorded: November 27, 2000 Recorder's Fee No.: 2000 094919 The terms of said Trust Deed were modified by instrument, Dated: April 17,2003 Recorded: April 30,2003 Recorder's Fee No.: 2003-068263 NOTE: Taxes for the fiscal year 2006-2007,paid in full; Amount: $19,713.95 Levy Code: 023-74 Account No.: R461672 Map No.: 2S 12AC —' "Tax Lot No.: 00100 NOTE: Property address is identified as: 9040 SW Burnham Street,Tigard, Oregon 97223 NOTE: Any transfer of the herein described property is subject to the payment of Washington County Transfer Tax at the rate of$1.00 per$1,000.00 or fraction thereof of stated consideration. END OF REPORT cc: City of Tigard Michael J. Stevenson and Kay L. Stevenson AMEC Earth Environmental, Inc. do/grs May 7,2007 9014711746.rdw 200 2.91 AC / 202 i 1.22 AC / '�" — 1501 j } o S 203 1.85 AC � 1b0'29102/1 r/74100 / �``VVV �A( / 4.77 AC 'Alt 204 2.05 AC 2 i/ l ," �•`. a9 ��o / fid' ' �•'t_ yk ow J — � /'"' ter. > )• e :aawn �' N 36W W EZ CHICAGO TI TL E "This plat is for your aid in locating your land with reference to streets and other parcels. While this plat is believed to be correct,the company assumes no liability for any loss occurring by reason of reliance thereon." Map No. 2S102AC 00100 CHICAGO TITLE INSURANCE COMPANY 10135 S.E.SUNNYSIDE ROAD Suite 200 CLACKAMAS,OREGON 9705 RECORDING REOUESTED BY FIDcury NATONA�TITLE COMPANY OF OREGON STATE OF OREGON County of Washington ) SS GRANTOR'S NAME -_,, t� Stephen Lee and David Leger and Barbara M. Longaker, I-Jerry R. 4,111-twn C> ectw of Jusnss_ Torn Masher meet and taz and Eir-off, Coon Clens to aakl ry GRANTEES NAME the"''� haaoy.c."that Michael J. Stevenson +ind Kay L. Stevenson O1 �Q��k r�,4111 as�°`ved county r4� Y F sa d SEND TAX STATEMENTS To: Michael J. Stevenson f 2825 Dellwood Drive A6r,y_ Son. of Lake Oswego, OR 97034 anq��DoE, ♦Trot WOAOING RMAN To: Doc 2000091760 Micheal J. StvveneRect: 266808 on 1722.00 2826 Doliwood Drive !1/14/2000 10:36:06ea 1 Lake Oswego, OR 97034 r STATUTORY WARRANTY DEED Stephen Lee, David Leger,Barbara M.Longaker and Thomas L.Masher,as tenants In common,Grantor, conveys and warrants to Micheal J. Stevenson and Kay L. Stevenson„ Grantee, the following described real property, free and char of encumbrances except as specifically set forth below, situated in the County of Washington, State of Oregon, I-. JLot 4, Burnham Tract, in the City of Tigard,Washington County, Oregon. s Subject to and excepting: Rights of upper and lower riparian owners in and to the use of the waters and the natural flow of Fanno Creek:Rights of the public and govemmental agencies in and to any portion of said land Ivine within the boundaries of streets,roads and highways; An easement recorded 6/291964 in Book 516 Page 281;An easement recorded 5/10/1972 in Book 866 Page 494; An easement recorded 12!711973 in Book 955 Page 769; THIS INSTRUMENT WILL NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS, BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT THE PERSON ACOUiRiNG 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 FORTHIS CONVEYANCE IS 31,700,000.00 WHICH 1S BEINGPAID TO ACCOMMODATORS PURSUANT TO IRC 1031 TAX DEFERRED EXCHANGES. iSee ORS 93.0301 DATED: November 10, 2000 AJ�, S hen Le WASWNG7ON COhi ITY _orf - :,. �� avid Leger FEE PAJLUAiC h"✓L� a�"�� C l''�[ f�� Barbara M,-Loin akbr STATE OF ORE�CR /� COUNTY OF EL,/ALIZ�,1y- Tom fvlesher This instrument wis acknowledged before me on Lt �J CID by --� •�� t L`/ � L- I� �L` "`'.� OrFICIAL SFAI NoTytr Puauc OR OREGON } 1 KATHERYN R.SSIITH M"COMMISSION EXPIRES: ``-+ ~ � NOTARY PuLOC-G iEGON crtu'r'I FORD-313 (A.v 2196) STATUTORY WARRANTY DEED © Decd Reference: Blc.392 p.525 KNOW ALL MEN BY THESE PRESENTS: That JAI-IES R. H01U) and BATTY 23. HOP.D, husband and wife, as contract purchasers, and ELMED CAST—ZR:1A_rp S%.Za.1.{.TV!-A.�_-t'�1A-AAt�tA--fT-1 .' -p4. i .1==:2, as record titleholder hereinafter termed grantor, in consideration of the sum of $224.25 , to be paid by the CITY OF TIGARD, a municipality of the State ofOre- gon, hereinafter referred to as the City, does hereby grant, bar- gain, sell and convey unto the CITY OF TICARD a perpetual right of way and easement as hereinafter described, together with a tem- porary easement to use an additional area hereinafter described and designated temporary easement for the following uses and purposes: 1. Perpetual Easement: An unencumbered, perpetual easement 10 feet in width fcwr the purpose of constructing, operating, maintain- ing and repairing of an underground sewer line and one manhole, together with the right to remove as nec- essary, vegetation, foliage, trees and other obstruc- tions within the easement area, but reserving to the owners title to the lands, subject to the easement, and the right to make use thereof, except to construct buildings, as will not interfere with said easement. Said easement area being five (5) feet on each side, when measured at right angles, of the following described centerline: In Tax Lot 100 SI41/4 NEI/4 Sec.2 T2s RW ?•1M 25-1-2AC: TRACT 1: Beginning at a point on the northwesterly Tine of that tract of land described in Boole 392 page 525 Deed Records of Washington County, Oregon said point being 307.0 feet, on a bearing of S45"14' Id from the most northerly corner of said described prop- erty; thence S 44°38' E 297.1 feet to a point on tho southeasterly line of said described property said point being 313.0 feet on a bearing of S 42° 65' it from the most easterly corner of said described property. 2. Temporary Easement: TRACT II: Together with the temporary right of ingress, egress and regress, and use for construction purposes, of additional land lying parallel to, along both sides and within 15 feot, when measured at right angles, of TRACT I above described, excepting and reserving to owners the unimpaired enjoyment, use and preservation of all structures and fruit trees, if any. OQOK U l!,t��b -,-dYil��isa�: .—��ea- - ��•�..-z- I. `i 11240 SPECIAL FROVISIONS _ a) Any manhole to be placed within the perpetual ease- ment area, if located elsewhere than on the property line, shall be set not closer than 100 feet from any existing buildings on the premises, and, if located elsewhere than on the property line shall be level with the surface of the ground and provided with a water- tight cover. b) In consideration of the fact that a sewer service connection charge has previously been paid with res;:ect to connec- tion of the existing dwellinghouse to the City's sewer line on Burnham Street, the existing single-family dwellinghouse on grantors' premises may at any time be connected to the City's sewer line within the perpetual easement area above described without liability for payment of an additional sewer connection fee. c) The existing fences within the easement areas shall be re-established at the conclusion of the work to a condition equal to that pre-existing, and during construction the said fences shall be temporarily re-established at the close of each work day __._.._.__._._to..enhble...the-_pasiure..of.granto.rs;_ani.mala_during.o€f-ptork.periods„_„ and grantors agree to restrict such animals to corral or born dur- ing working hours on not to exceed three (3) working days during the period of construction. BOOK M PAOE 282 12 The tc_-::porary easement shall cease when said sewer work is cc_-�?eted, and not Toter than Noveeher 1, 1964, and shall th.re- cr"-cr be of no further force or effect. Should it be necessary to cut and remove any brush, trees, or other latter or materials from the eaa=cnt area, acid bzucli, u_cco, or other matter and materials shall be recaved cnd dicpoocd c- 5y the City and the City shall leave the casement arca in a most cad c:ortcr:.alika condition. The Srantors, their heirs and asaigns, shall have the r13ht to the reasonable use of said perpetual easemcnt area for any and -11 purpoocs which do not interfere with or adversely effect the use thereof by the City for the purposes above described. The City c-rcco that in connection with its use of the perpetual eaaet:ent I' a_ c end its right to inspect, repair, maintain, or replace said 1 c :ar lino, the City Will leave the prermisea in a neat and work- !-=like condition and as nearly in the pre-existing state as prac- ticable. The grantors do hereby warrant that they are arne rs in fee oia:plo and have the right to grant the above described easements. Witness our hands and Beale this 22 day of June , 1SSk. ' (SMAL) (SEAL) (SEAL) , MAL) (SEAL) (SEAL) For a consideration, the mortgage lien on the above deccribc�_ properties is hereby made subordinate to the eaae—nts above granted. Dated this day of 1964. ortgagce By TIETe M.TE OF OR:GUN, ) 8s. Co--nty of 'Hashington , ) On this %''' day of June , 1964, perc=ally a*ocered the above namzd J��rS R, FORD and BETTY M. HORD cnd -&;nowledgud the foregoing natrvmenc to be ter voluntary act cnd deed. I Before me: }7 ARp'y Notary Nblic for Orcgcm .�•. U S i- �� My co=aission ezpiras: �` Q r pC,`• BOOK 53 ti etis�283 1' i' 240 rORM NO.11-ACKNOWLCOCMCNT STATE OF OREGON, " • ""'"`•' °""'°° Marion l Countyol.....................................................}u. J .............:...day o!._„.....,junB................................. bcloro mo,the undersigned,a Notary Public in and for said County and State,poraonally appeared the within nomed._ELDRED..-CASTER...and.....„PAULINE„CASTEtt____..._......._.....„.„.„.._..„............».husband».and ' vLfe........ .................._....................._.......»._........_........._......»..»_......._....„..........„......_.......»......_.......„..........._....... .............. ......................................................_..................»........................................... .. . . kno�t'ri,to mo:,t4 bo the identical individual.8... described in and who executed the within Instrument and ocjirtdivlledCe j to rro.that......they.........._.executed the same freely and volu ily. r_ ,1 , IN TESTIMONY WHEREOF,I baro a unto set my hand a/lixed �: ;•: ;� :O seat a nd Year last abor�'tten. ltici sea!t ar, c N tory Pubh .. MY Commission expires.........._.............. ............ COOK K8 PAGE284 3rsai -G.—S."rd i4W aufu��— y6 ` ti 240 rJ,1 B JJt ISIS '} 1. I d ' � 4 v f r P5 d(X:f:A n'C::J�-A;'c;N.CatMY Ct%Hk � 1" tirn;tarY S.•wc•r Etc mrnt City uI Tigard Lut;.•r It. lJord IS Eiettp M. Iic.rd BOOK 53.5 PAGE285 i &UaJ 6vi4'u PORTLAND - SCATTLC MINE f.V KNOW ALL MEN BY THESE PRESENTS: That we, GERALD W. CROW and CAROL CHOW, husband and wife, of 9040 S. W. Burnham, Tigard, Oregon, 4+ hereinafter termed Grantors, in consideration of the sum of SIX HUNDRED AND N01100 ($600.00) DOLLARS to be paid by UNIFIED SEWERAGE "•T'" AGENCY OF WASHINGTON COUNTY, a municipal corporation and county ser- vice district of the State of Oregon, hereinafter termed the Agency, hereby grant, bargain, I sell and convey unto UNIFIED SEWERAGE AGENCY OF WASHINGTON COUNTY the perpetual right-of-way and easement as here- inafter described, together with the temporary right-of-way and easement to use additional area, hereinafter described and designated temporary easement, for the following uses and purposes, subject to the terms and conditions hereof: Unencumbered perpetual right-of-way and easement for the pur- pose of constructing, reconstructing, operating, maintaining, inspect Ing and repairing of an underground sewer line and appurtenances, to- gether with the right to remove, as necessary, vegetation, foliage, iyif; trees and other obstructions within the easement area, but reserv- Lryr Ing to Grantors the title to the lands, subject to the easementa, ;,• and the right to make such use thereof as will not interfere with Irk the uses and purposes of the easements: 'y Perpetual Easement: - , That certain area lying along each side, and within fifteen (15) feet when measured at right angles, of the, following described centerline within the following designated premises: A portion of that tract of land in Section 2, Township 2 South, Range 1 West of the Willamette Mer- idian, Washington County, Oregon, conveyed to Gerald W. and Carol Crow as described and recorded in Book 392, page 525, Deed Records of said Washington County, more particularly described as follows: Beginning at a point on the Easterly boundary of 3 '. the aforementioned tract, said point being 125 feet, more or less, Northerly of the Southeast corner of said tract; thence North 4°20'40" Weat 395 feet, •:�".Z'. r MEW- !Vz- -n­_�� 7145 more or leas; thence North 113024'311" Wast 10 feet, more - or leea-_t.n A point on the Westerly boundary of Snid Crow tract, paid point being approximately 380 feet Northerly of the South eo;L corner of naid tract. 1 Temporary. Easement: A temporary right of ingress, egress and regress to use for sewer construction purposes, such additional of l Grantors' lands lying along each side, parallel to and }' within thirty-five (35) feet when measured at right angles, of the above described Perpetual Easement. The temporary easement hereinabove described shall terminate upon completion of the sewer construction work within the Perpetual Easement area, at which time the Agency w111 issue a written release of the temporary easement riPhts herein described. It is understood and agreed that no structure shall be erected upon said easement by the Grantors without the written con- sent of the Board of County Commissioners of Washington County, as the governing body of the Agency. " The foregoing Perpetual Easement is subject to each arid all z of the following terms and conditions: a. This instrument does not grant or convey to the r Agency any right or title to the surface of the soil along the route of said sewer except for the purpose of laying down, inspecting, restoring kr•, and replacing the sewer line. R P b. The Agency shall not hereby acquire any right or wda title to the surface ground along the route of said sewer except as necessary for the exercise of 44A the easement rights herein granted. • .�;�Ay e. Upon completion of the work, both the perpetual and < _ temporary easement areas shall be left in a neat and workmanlike condition, free of all loose materials , , Including brush, trees and debris which shall be disposed of off the premises by the Agency or its Y contractors. y d:• The kgency further agrees that in connection with its use of the perpetual easement area and in inspect- Ing, repairing, maintaining and replacing said sewer line, the Agency will likewise leave the premises in a neat and workmanlike condition and as nearly in the pre-existing state as practicable. e. Upon completion of the construction of the sewer line within the perpetual easement area, the Agency shall cause to have the excavation refilled and the topsoil replaced as nearly as practicable at the surface and shall cause the same to be settled and compacted by �1�"`-'1�^' �,. =:r..j - - .. < r" -c a-•+..a nr -:;,ice. ;a FM uce of a recognized,mLdlum and the Agency shall - - further thereafter, during the period of normal settlement of the soil wlthtn the excavation, cause to have the said trench refilled ac ncceanary Co re-establish the pre-existing surface contour. Grantors reserve the right to construct or place yjrtb fill materials over the sewer line to a depth not exceeding 15 feet measured from the top of the selrer pipe, if such action be necessary in connec- tion with the future development of the property _` ` for lawful purposes. Yj V f. The Agenoy shall relocate Fanno Creek from the pres- ent course as it meanders through Grantors' prop- erty to a new course intersecting Oraad� ¢¢' property in a substantially straight line at a�igle to S. W. Ash Street. The.eenterline of the new creek channel shall intersect each of the side boundary lines of Grantors' tract approximately ten feet from the rear line of Grantors' lands at S. W. Burnham Avenue. All materials excavated from the new channel- shall be applied to refill the old creek bed together with such additional fill materials as may be necessary to fill the old creek channel to an elevation of approx- imately three (3) feet above the pre-existing banks of Ue creek channel. Only clean earthen materials shall be used for refilling and same shall be com- �J pacted and refilled as settling occurs. All brush and bramble along the existing creek shall be removed prior to refilling and the premises shall be left in a neat orderly condition thereafter,. Grantors warrant that they are the owners in fee simple and have the right to granb,.the above described easements. IN WITNESS WHEREOF, the Grantors, GERALD W. CROW and CAROL 1: 7 it'm_r•4Y+1r't,` 'a:siGr,,;P?�f ''T'�'�'"5.F r - �....• -• _ - .r�.�"--?to+r,e.•-� U11.�''gf r , loll afx fry 1Y1; M•?5�.:'��j�. Ft.; ' FAR i �;• r ..x' -.c'•.. CROW, above named, have hereunto set their hands and seals this 1. 1ZLh._day of April, 1972. / (SEAL) �ll L (SEAL) ;cF'R+7' APPROVED: Gene al Manager, Unified Sewerage Agency of K ingtonmy ' APPROVED AS TO FORM: Washington County Counsel By: STATE OF OREGON ) County of Washington ) F: On this 17th day of April, 1972 personally appeared the above y�i named..GERALD W. CROW ani, CAROL.CROW and acknowledged the foregoing inatrume'rnt to be their voluntary act and deed. rr - y� h• Fc Bef me: Y. * (t at't.r� M 4 ary Publ c for Oregon •n. ,� n•t ,,' My Commission expires: n c - STATE OF OREGON I •• 1 ROQI.:Tho. e���IrMOf.d RKotd, I . ord E�Octknad 4-0IRtlo-Ruo"rdrr of Con- •`�A1 n_/er wd:counr,:do'trnM cMrlM wilkw of'wrl" rot te r. N retelvcd and ncorhd 1.Dook.'ef:.ntadr Id 0 E:?Chra° VAI-.my had ord Itol uHWd. ' .ROGER TNOMMR, Dk to o1 _h_ I r 10 1 io PN 011 Douy am497 7 �., 4 t J l.J 4 },. •:ts: .ta v �1FrF + ,��u'� ...c. .r. ..11 I I s , r� 5154 KNOW ALL MEN BY THESE PRESENTS, That GERALD W. CROW and CAROL L. CROW, husband and wife, hereinafter termed Grantors; in consideration of the benefits to accrue to Grantors from the grant herein set forth, do hereby give, grant and dedicate to the CITY s � � OF TIGARD, a municipality of the State of Oregon, the following: k` s. r,•4 it_,7j TRACT I: A right-of-way and easement for street and :r A utility purposes, on, over, across, under $x�Ilk and within that portion of Lot 4, BURNHAM � ti TRACT, Washington C:::nty, Oregon, lying r Northeasterly of a line drawn parallel to and '��� , ten (10) feet, when measured at right angles;__ from the southwest boundiry line of S.W. �r Uurulrum :a:•rrt.. ✓ �t•7 f1 TRACT II: A right-of-way and easement for street and utility purposes, on, over, across, under and within that portion of Lot 4, BURNHAM TRACT, Washington County, Oregon, lying Southeasterly of a line drawn parallel to and five (5) feet, when measured at right angles, from the Northwest line of S.W. Ash Street. This ccnveyanoe is made and accepted on the express condition that if Grantors' remainder lands at any future time are assessed for street improvement of either S.W. Burnham Street or S.11: Ashil Street, the Grantors, heirs, successors or assigns, shall be entitled to credit by way of set-off for the then value, determined by the. CITY, of the rights hereby conveyed, in spreading the assessment. against the remainder lands of Grantors; provided that the then value of the rights hereby conveyed shall be included in that portion of . y the cost of the project at that time assessed against the properties benefitted b.ythe improvement. �• TO HAVE AND TO HOLD the same unto the City of Tigard for. . public use forever. ;t�"•., ,"WITNESS Grantors' hands and seals this ` rG day of } , : 1973.." '• PORT LA '-FEDERAL�NINCS 6' N/ASSN. _ # �' (SEAL) Isel'H "Mil ce President 4 t o a�' tl�Cl�✓l�i//l_ L°yGL,i.— (SEAL 5. gra. o sat..7-Tec etary STATE OF OREGON ) ss. 1 w 1973. County of Washington ) Personally appeared, before me, the above named GERALD W. CROW ap.i CAROL L. CROW, and acknowledged the foregoing instrument to be their. voluntary act and deed. ,n-• ; 'r err 000K...._J55 I%t(770 .. Notaiyy Publicfor orgggon My Comm. expiresOL . Zi 197y is �•L uzli 'N�+ytiTl FORM OF CORPORATE ACKNOWLEDGMEN STATE OF OREGON, ) 9154 ss. j County of Multnomah) co � mtur 24 rs19,J3 - M Personally appeared Hichael, H. Hitter wtio being.._ duty sworn did say that he is t Vice President- of Portland'Yederal Savin6e 6 Loan Assn. and first the seat affixed to the foregoing instrument is the corporate seat of said corporation and that said.,instrument was signed erd ' ' bbbCe2i in behalf of saidcorporation by authority of its board of directors and r w € he acgp2.wiedgad said instrument to be its voluntary.act and deed ti -. -tJ t7i/ti - �, ) Before me:`..-, f r 8"M `.•. ($Eat] - ^• Y�. t: BOOK 955 PAGE 7 1 L Lary F, c for Or on '. k" • ;.� L-540 My coma sten expire;In .=Janrtary-(20. 1416 F `"' gtv w.- ,+�,,alL"/�`SF�kr'M+ k +Sl3Yx�"ISS: o-�y�* i - °'2 s,.r�Y tl•i.�g{s�,tii��r� -,k - � , Ott%� .r +'l � r .1'.'S.i^^.�.Z??t[G.��'.+tS�.ti S �tcp `+r-*f' ZF'Yx�r R I I�'("i!'�F •a .r�f�L.i+l. 1.,. l .uy�. >2'Y of,�°u i s '' •.�.r�'hx-y -.tir ``�'�,. r��,y X4. i xQI; f` J j p a y as i .y� j-1 •l`�:�i. If ut t4,Y ,�' h t�1>t��. i �` ; �.rl. D 4x1 _}l'S' cif a.,, ' } [ M r ,ti � n r� 1i.:to tk.- irk`r+{.ti Air' �i •�j�lt;..;t .77 q"? _--:-rNju 9154 ; k::riar.i +>?i � r KNOW ALL MEN BY THESE PRESENTS, That GERALD W. CROW and tA `r'�:'•- CAROL L. CROW, husband and wife, hereinafter termed Grantors, in F- + consideration of the benefits to accrue to Grantors from the grant herein set forth, do hereby give, grant and dedicate to the CITY OF TIOARD, a municipality of the State of Oregon, the right of public access for a pedestrian pathway including the right to land- scape, clearing of undesirable plant species, maintain and use as t part of the City's greenway park system, on, over, across, &Tong and within that part of Lor 4, BURNHA14 TRACTS, Washington County, Oregon, 5a+ h as conveyed to Grantors by instrument of record in Book 392, Page 525, Deed Records of Washington County, Oregon, lying Northerly oP and within 25 feet, when measured at-right angles-from the`'centeriine of realigned Fanno Creek, :+s shown nn the attached plot plans pre— pared by the Unli'ied Sewerage Agency of Washington County; Oregon, and by this reference made a part hereof. WITNESS Grantors' hands and seals this /! �" day 'of Sa/Y. , 1973. ' AL) • L. L STATE OF OREGON ? ss. �, ... l G 1973. County of Washington e Personally appeared, before me', the above named'GERALD:.W CROW tri_ and CAROL L. CROW, and acknowledged the foregoing instrument -to their voluntary act and deed. � F 1 :* oar Ub c or r gon My Co' {, expires: ., . STATE OF OREGON - �itR� �Woshlrytan 7.. �, { rtroq%'Than vhf i Rplr�colbr,of R Cc a' + o..d E�ealoro and Fj.pf/Igo ordt+� let H vtyoncas that Iht •Ilhln--lost Itt ; � F Wlintss my twnd badµ01-i ild +tC> a ROGER.TNOMSSEF.Air 0V of l t Records 6 ' _ t 89OX � 5 ,,,r 7�2 Z {�Z3 rtit 4 , . tti� 1+c�'ti't�•,,tv�r� .. fxl) x f- d O FL s -+J _ 3 z O 10 _ O O z O ck flL V fl d EXHIBIT A - Page 1 of 3 File 005 Burnham Street Reconstruction Project 2S-1-02AC-00100 Stevenson 2/11/2008 PARCEL 1 - Street Dedication (Burnham Street) A parcel of land lying in the NE'/4 of Section 2, Township 2 South, Range 1 West, W.M., Washington County, Oregon, and being a portion of that property described in that Statutory Warranty Deed to Michael J. Stevenson and Kay L. Stevenson, recorded on November 14, 2000 as Document No. 2000-91760 of Washington County Book of Records; the said parcel being that portion of said property included in a strip of land 37.50 feet in width, lying on the southwesterly (right) side of the center line of relocated Burnham Street, which center line is described as follows: Beginning at Engineer's center line Station 1+00.00, said station being a distance of 1521.39 feet North and 1983.97 feet West of the east one-quarter corner of Section 2, Township 2 South, Range 1 West, W.M.; thence South 43°16'11" East, a distance of 1749.28 feet to Engineer's center line Station 18+49.28. Bearings are based on the Oregon Coordinate System of 1983, north zone. This parcel contains 2,077 square feet, more or less, outside of the existing right of way. PARCEL 2 - Street Dedication (Ash Street) A parcel of land lying in the NE'/4 of Section 2, Township 2 South, Range 1 West, W.M., Washington County, Oregon, and being a portion of that property described in that Statutory Warranty Deed to Michael J. Stevenson and Kay L. Stevenson, recorded on November 14, 2000 as Document No. 2000-91760 of Washington County Book of Records; the said parcel being that portion of said property included in a strip of land variable in width, lying on the southwesterly (right) side of the center line of relocated Burnham Street, which center line is described in Parcel 1 above, and the northwesterly side of Ash Street, the northwesterly line of said strip being more particularly described as follows: Beginning at a point which is 168.06 feet right of relocated Burnham Street Engineer's center line Station 10+02.31; thence along the arc of a 312.50 foot radius nontangent curve left (the radius point of which bears South 28016'11" East), through a central angle of 17013'20", a distance of 93.93 feet (chord bears South 53°07'09" West, a distance of 93.58 feet); thence South 44030'29"West, a distance of 70.36 feet; thence South 45°29'31" East, a distance of 37.50 feet to a point which is 329.91 feet right of relocated Burnham Street Engineer's center line Station 10+32.10. CONTINUED ON NEXT PAGE EXHIBIT A - Page 2 of 3 File 005 Burnham Street Reconstruction Project 2S-1-02AC-00100 Stevenson 2111/2008 Bearings are based on the Oregon Coordinate System of 1983, north zone. This parcel contains 1,612 square feet, more or less, outside of the existing right of way. PARCEL 3 - Public Utility Easement A parcel of land lying in the NE'/4 of Section 2, Township 2 South, Range 1 West, W.M., Washington County, Oregon, and being a portion of that property described in that Statutory Warranty Deed to Michael J. Stevenson and Kay L. Stevenson, recorded on November 14, 2000 as Document No. 2000-91760 of Washington County Book of Records; the said parcel being that portion of said property included in a strip of land variable in width, lying on the southwesterly (right) side of the center line of relocated Burnham Street, which center line is described in Parcel 1 above, and the northwesterly side of Ash Street, the northwesterly line of said strip being more particularly described as follows: Beginning at a point which is 329.91 feet right of relocated Burnham Street Engineer's center line Station 10+32.10; thence North 45129'31"West, a distance of 37.50 feet; thence South 44°30'29" West, a distance of 96.62 feet; thence South 45029'31" East, a distance of 37.50 feet to a point which is 426.46 feet right of relocated Burnham Street Engineer's center line Station 10+35.84. Bearings are based on the Oregon Coordinate System of 1983, north zone. This parcel contains 1,208 square feet, more or less, outside of the existing right of way. PARCEL 4 - Public Utility Easement A parcel of land lying in the NE'/4 of Section 2, Township 2 South, Range 1 West, W.M., Washington County, Oregon, and being a portion of that property described in that Statutory Warranty Deed to Michael J. Stevenson and Kay L. Stevenson, recorded on November 14, 2000 as Document No. 2000-91760 of Washington County Book of Records; the said parcel being that portion of said property included in a strip of land lying on the southwesterly (right) side of the center line of relocated Burnham Street, which center line is described in Parcel 1 above. CONTINUED ON NEXT PAGE EXHIBIT A- Page 3 of 3 File 005 Burnham Street Reconstruction Project 2S-1-02AC-00100 Stevenson 2/11/2008 The width in feet of said strip of land is as follows: Station to Station Width on Southwesterly Side of Center Line 8+83.00 8+89.00 45.50 EXCEPT Parcel 1 as described above. This parcel contains 48 square feet. FILE N0. 5 TAX LOT 2S-1-02AC-00100 tiF 2S-1—02AC-001 00 STEVENSON SCALE: 1"=50' ®PARCEL 1 STREET DEDICATION (BURNHAM) a, AREA = 2,077 S.F. f h. STATION: 10+02.31 PARCEL 2 STREET DEDICATION (ASH) OFFSET: 168.06 R lq� AREA = 1,612 S.F. t CD C; PARCEL 3 Q' PUBLIC UTILITY EASEMENT (ASH) AREA = 1,208 S.F. f -PARCEL 4 PUBLIC UTILITY EASEMENT (BURNHAM) AREA = 48 S.F. PARCEL 5 ®TEMPORARY 5' WIDE CONSTRUCTION EASEMENT AREA = 2,923 S.F. f STATION: 10+32.10 OFFSET: 329.91 R ACQUISITION MAP BURNHAM STREET RECONSTRUCTION PROJECT CITY OF TIGARD, OREGON DATE: JUNE 9, 2008 SHEET 1 OFT j - , _ _ _ _ _ � _ - _ _ _ - � ~` ~~ -~ 8 - ~ v z _ z O_ z O U ,n O z u( U O U B & B Printing Company Proiect City of Tigard 9040 SW Burnham Street Tigard,OR Cost Estimate Index of Attachments Cost Estimate Letter Contingency Letter Statement of Assumptions Cost Estimate Breakdown Site Photo's C.E.Snodgrass Construction,Inc. Bob Bunke OR CCB 067637 WA CESNOC11000D CA 622933 AZ 103712 NV 0032478 UT 94-271264 NM 98-52809 File:Cost Estimate B&B Printing. Page I of 6 C.E.Snodgrass Construction, Inc. 3961 N.WILLIAMS AVE.-PORTLAND,OREGON 97212•PHONE(503)282-7255•FAX(503)335-3901 May 28,2008 VIA Email Mr.Pete Arvidson Arvidson&Associates,Inc. 4535 SW 96`h Avenue Beaverton,OR 97005 _ RE: B &B Printing Company 9040 SW Burnham Street Tigard,OR Per your request,we are providing the following cost estimate for modifications to the existing B&B Printing Company site. The cost estimate is based upon: 1. Preliminary plans provided by OTAK d/d 7/10/2007 2. Conversations and sketches with you 3. Site visit 4. Statement of assumptions attached 5. Detailed cost estimate attached. Total cost estimate is: $26,608.00 This cost estimate will be in effect for a period of(60)days from the date of this letter. Sincerely, Robert G.Buttke C.E. Snodgrass Construction,Inc. OR CCB 067637 WA CESNOC11000D CA 622933 AZ 103712 NV 0032478 UT 94-271264 NM 98-52809 File:Cost Estimate B&B Printing, Page 2 of 6 C.E.Snodgrass Construction, Inc. 3961 N.WILLIAMS AVE.•PORTLAND,OREGON 97212•PHONE(503)282-7255•FAX(503)335-3901 May 28,2008 VIA Email Mr.Pete Arvidson Arvidson&Associates,Inc. 4535 SW 96h Avenue Beaverton,OR 97005 RE: B &B Printing Company 9040 SW Burnham Street Tigard,OR In a project of this nature and without `working drawings' and `specifications',I recommend that a contingency sum of$2,130.00 be added to the cost estimate to cover unknown conditions that can/will be encountered during the completion of the project documents and construction phase. This contingency is not for removal/disposal of any hazardous materials or modifications to underground utilities that may be encountered with the demolition and/or excavation phases of this project. Sincerely, Robert G.Buttke C.E. Snodgrass Construction,Inc. OR CCB 067637 WA CESNOC11000D CA 622933 AZ 103712 NV 0032478 UT 94-271264 NM 98-52809 File:Cost Estimate B&B Printing, Page 3 of 6 C.E.Snod sass Construction, Inc. 3961 N.WILLIAMS AVE.-PORTLAND,OREGON 97212-PHONE(503)282-7255-FAX(503)335-3901 May 28,2008 RE: B&B Printing Company 9040 SW Burnham Street Tigard,OR Statement of Assumptions 1. Carpenters wage scales are non union. 2. Owner to provide all survey data,to include elevations and/or property cut off lines. Owner for the purpose of estimate is property owner. 3. Owner to maintain fire,theft,extended coverage,glass breakage,vandalism insurance as required by Owner, State of Oregon,City,County or any agency having jurisdiction over this project. 4. Owner to pay for Architectural and Engineering fees for drawings, specifications,job administration and inspections required by the City,County or the State of Oregon. 5. Owner to provide,if required,power,telephone,water and on site space for job trailers for the duration of the project. Costs for these items are not included in this estimate. 6. Owner to arrange and pay for all testing and special inspections required by the City,County or State. Including,but not limited to,concrete,soils,compaction and welding. 7. Design review fees from any controlling agency are specifically excluded from this cost estimate. 8. Permit fee allowance is included up to the amount shown on the cost estimate. This includes one meeting to submit the plans and one meeting to pick up the completed permit. Any other required meeting(s)will be in addition to the estimated costs. 9. Work to be accomplished during normal working hours M-F,no overtime or weekend included, unless specified elsewhere in this document. 10. Local,City,County or State Business license fees are the responsibility of the various contractor(s)or subcontractor(s). 11. Performance and payment bond costs are not included and may be added to the quote. Typical allowance amount would be 1.5 to 2.0%of total construction costs. 12. Any unknown conditions encountered during demolition or excavations are not included in this cost estimate. Unknown mechanical,irrigation lines,electrical lines or rock excavation are specifically excluded. 13. Project may be phased;this estimate assumes one mobilization/demobilization. 14. Contractor liability insurance is included,limit$1,000,000. Builders risk insurance is not included. 15. Project sign is not included. 16. Unknown requirements of City or any other regulatory agency are specifically excluded. 17. M.B.E. &W.B.E.requirements are considered as being$0. OR CCB 067637 WA CESNOC11000D CA 622933 AZ 103712 NV 0032478 UT 94-271264 NM 98-52809 File:Cost Estimate B&B Printing„ Page 4 of 6 Statement of Assumptions,Page 2—B&B Printing Company Project—Tigard,OR 18. Project contains no hazardous materials or any hazardous materials have been removed by Owner prior to work on this project. Level 1 or Level 2 reports,if required,are not included in the cost estimate. 19. Removals of hazardous materials,above or below ground,are not included. Investigations, reports, or studies for hazardous materials are not included in this estimate. 20. No work within public right-of-ways,including street work,curbs,sidewalks,driveways, drainage,underground utilities,fencing irrigation,landscape,etc. 21. Loss of business income and/or property rental income,due to site or building modifications is not included. 22. Owner to remove,protect,and reinstall any owner items in way of new construction to allow the project to take place from start to finish without any interference or interruption. 23. All public sidewalks,curbs and driveway approaches are by others. 24. Full time superintendent is not required. 25. Existing water,gas,storm or sanitary sewer,telephone lines are assumed to be deep enough to allow work to occur without any modifications. (All utilities) 26. Owner to provide water and power at no charge to the contractors. Conveyance methods by contractor up to 50 If Owner to allow on-site contractors and employees to use existing facilities during the course of construction,at no additional cost to the contractors. 27. Owner will cooperate with contractor during the site modification for area closures and restrictions while the work is accomplished. 28. Removal,relocation of any signage is not included,unless specifically noted on estimate. 29. C.E. Snodgrass Construction's liability for this cost estimate is limited to the amount of the fee paid for the estimate. 30. Allowances for the project are noted as such on the attached estimate sheet. 31. ADA work is limited to that shown on drawings provided. 32. Site work,other than what is noted on the attached budget breakdown,is not included per the preliminary plans. Area of work is assumed to be free of utilities,above or below ground,and any moves,if required,are not part of this estimate,unless detailed on estimate sheet. 33. Construction fence or barricades around portion of building site as needed to keep the work area contained. 34. Additional costs may occur if environmental problems arise during construction. 35. No structural work to the building other than what is detailed on the preliminary drawings. 36. Existing city sidewalks,curbs and other items in the area of the new street to be removed by DOT contractors with the road construction. Work for this budget ends at the New Property Line. 37. Parking for crews assumed to be in on-site at this time,close to work area and at no additional charge to contractor(s). ._ 38. No utilities, site or building included in the cost estimate. Sewer,water,gas,electric,phone are not include in the estimate as instructed. 39. Landscaping,allowance,to include repair to existing lawn area around the vault relocation. Irrigation system not determined at this time if it is existing or not and is not included in the budget. 40. Landscaping-Allowance a. Limited to repair of existing lawn area around the vault relocation. �— b. Irrigation system,not determined if there is an existing system and not included in this budget. OR CCB 067637 WA CESNOC11000D CA 622933 AZ 103712 NV 0032478 UT 94-271264 NM 98-52809 File:Cost Estimate B&B Printing„ Page 5 of 6 Statement of Assumptions,Page 3—B&B Printing Company Project—Tigard,OR 41. Fire Protection a. Vault moves towards building and vault will be relocated to new location within 10 if of the existing location. Additional distance will increase the costs. b. System will be down for 2-3 days c. Assumed that the current system parts will work with the new City codes. d. Includes$800 allowance for FMO permit e. No flushing of the system is included f. Backflow valve is 8"Hershey and there is a potential problem that the FMO or Water District may require this valve to be replaced instead of relocated. We did not ask, as that will set flags for the eventual permit process and probably guarantee that a new valve be installed. 42. Electrical a. Allowance is for the alarm wires running to the vault that will need to be shortened to the new location. It is assumed that the installation meets current electrical code. OR CCB 067637 WA CESNOC11000D CA 622933 AZ 103712 NV 0032478 UT 94-271264 NM 98-52809 Fife:Cost Estimate B&B Printing,.. Page 6 of 6 Project: B&B Printing Company-Vault Move Documents: Drawings/Photos from Arvidson&Associates 4/8/2008 Architect/Engineer: None Addendum: None RECAP AND SUBCONTRACTS Extension Comments 1 General Requirements Project management 1,100.00 Superintendent 1,180.00 Clerical 160.00 Survey - Construction Facilities&Temp Controls - Scissor Lift/Scaffold rental _ Equipment Rental Forklifts - Scaffolding-rolling single towers - Compactor _ Back hoe Track hoe Fork lift rental _ Small tool,misc_equipment 50.00 Portable toilet(1) _ Telephonetfax 50.00 Safety equipment/fire extinguishers 30.00 Exterior fences and barricades 200.00 Job shack w/tool storage - Dust and weather protection,temp wall Dumpster for general cleanup _ Final cleanup 230.00 Supply,coord,misc.pickup 1,675.00 Apply for and pickup permit 520.00 Permit fees,allowance 400.00 allowance,no dev/sys fees Testing,concrete,welding,fireproofing 800.00 Allowance Misc. expenses,prints,pictures 25.00 2 Sitework-Not used Saw cut asphalt/concrete _ Demolition w/Excavation below _ Erosion Control 500.00 Excavation 4,100.00 M&M Excavating Backfill/compaction,with above _ Dewatering with above _ Asphalt _ Parking lot striping _ Landscaping 600.00 Allowance Irrigation system _ - Not used 3 Concrete-Not used 4 Masonry-Not used File: Budget B&B Printing Vault Move Tualatin,Page 1 of 2,5/28/2008 Project: B&B Printing Company-Vault Move Documents: Drawings/Photos from Arvidson&Associates 4/8/2008 Architect/Engineer: None _ Addendum: None RECAP AND SUBCONTRACTS Extension Comments 5 Metal Fabrications-Not used 6 Wood&Plastic-Not used 7 Thermal&Moisture Control-Not used 8 Doors&Windows-Not used _ 9 Finishes-Not used 10 Specialties-Not used - 11 Equipment-Not used - 12 Furnishings-Not used - 13 Special Construction-Not used - 14 Conveying Systems-Not used - 15 Mechanical - Fire Sprinkler System _ _ 9,980.00 A-Pro 16 Electrical Site electrical 390.00 Allowance for Alarm wires Subtotal 21,990.00 Overhead: Labor 10% 435.20 435.20 Materials 10% 176.80 176.80 _ Sublet 10% 1,587.00 1,587.00 Subtotal with overhead 24,189.00 24,189.00 Profit 10% 2,418.90 Total with profit 26,607.90 File: Budget B&B Printing Vault Move Tualatin,Page 2 of 2,5/28/2008 .. ' Jr-y ;t d 1 - e F a } Q a 'jam 1, ", 'S 'rig Mt µ t �-.. • zY of- - � - �.�v� � +�' t;�. @{ y .y i.. .f � f �` � ,':ami ��• - tid+ 2 _ '1..... 11 Y i t t � 'r 1' 1! j t� 3- Af a. w � t ' ; d Ll� Ld Z O V flL Ld Z O AIz\/IP60N e A6,50C4TLt), INC. (ZEAL ESTATE APPRAISAL 8 CONSULTING, TeL.505.469.9200/FAX 503352.0402 October 16,2007 Michael and Kay Stevenson _ 2825 Dellwood Drive Lake Oswego, OR 97034 Re: Proposed Burnham Street Construction Project by City of Tigard File#018,Washington County Tax Assessor 1.D.#: 2S102AC-00100 Dear Mr. and Mrs. Stevenson: The firm of Arvidson & Associates, Inc. has been hired by the City of Tigard through Right-Of-Way Associates, Inc. to appraise the value impact of the Burnham Street Road Improvement Project on the referenced property, which is owned by the Prudence Miller Trust. One of the first steps in the appraisal process is the on-site property inspection, which cannot be done _ without permission from the property owner(s). In conformance with State of Oregon law, the Appraiser must allow the property owner at Ieast 15 days to prepare for the appraisal inspection.The law also requires that the owner(or owner's representative) be given the opportunity to meet with the Appraiser, to provide important information about the property that may not otherwise be apparent. To provide you with the required time, I am scheduling the inspection and meeting with you at the property for 10:45 A.M.,Thursday, November I".Right-of-Way Associates indicated that survey people would be marking the limits of the proposed acquisition during the prior week, which should help us to better understand existing and proposed right-of-way boundaries. I will not need to inspect the interior of the building(s), and I anticipate that the inspection will take approximately one-half hour. We will be happy to reschedule if that date and/or time is not convenient for you. I will try to call you the week prior to the scheduled inspection time, to firm-up the inspection arrangements. I can be reached during normal office hours at my office if you wish to contact me.I look forward to meeting with you. Sincerely, — Peter G.Arvidson, SRPA, SRA Certified General Appraiser cc: Shannon Fish, Project Manager at ROWA A555 6V 96T14 AVENUE,QUITE 130/5EAVE1ZT0K OIZE40N 97005 Ap'V t)ON e 4.5-±>0CAT[--±>, INC. REAL L-5TATL APPRAISAL 8 CON-5ULTIN(' TeL.5o3,469.92oo/FAx 5o3352.o402 March 12,2008 Mike Stevenson c/o B &B Print Source 9040 SW Burnham Street Tigard,Oregon 97223 Re: Proposed Burnham Street Construction Project by City of Tigard Revised File#018, Washington County Tax Assessor I.D.#: 2S102AC-00100 Dear Mr. Stevenson: To refresh your memory, I'm the appraiser you met with back in November 2007 about the proposed Burnham Street Improvement Project, and the proposed acquisitions from your business property. Shortly after our meeting, I was instructed to hold off on the appraisal, because there were plans to revise the proposed acquisition slightly. Just last week I was sent the revised plans, which are the same as before, except for the addition of a 48-square foot Public Utility Easement(PUE) at the front of the property, next to the new Burnham Street right-of-way (your new easterly property line).This PUE, which measures 6 feet wide by 8 feet deep,is apparently needed for a PGE utilities vault. I have enclosed the revised plans and legal descriptions that are dated February 11,2008. With your permission, I would like to visit the property again briefly, to refresh my memory of property details, and of course, view the area where the new easement is located. Unless I hear from you, I — will proceed with the property visit. And please let me know if you would like to meet with me again at the property,or if you have questions. I can be reached during normal office hours at my office. Sincerely, Peter G. Arvidson, SRPA, SRA Certified General Appraiser 4555 5\V 96""AVGNuG.6uFrL i30/DL4VGJ2TON.OU40N 97oo5 Z O V J d - O LSC ul d O - LL d APPRAISAL QUALIFICATIONS Peter G.Arvidson,SRPA,SRA Arvidson & Associates,Inc. Phone:503.469.9200 4535 SW%th Avenue,Suite 130 FAX: 503.352.0402 Email:petearvidson@yahoo.com Beaverton, Oregon 97005 EXPERIENCE 1978-PRESENT-Owner of Arvidson&Associates,a real estate appraisal firm active in the valuation of most types of properties,with emphasis on public acquisition assignments. 1976-1978-Employed as an appraiser with Younger and Neu,a Portland Company primarily engaged in appraising property for loan underwriting purposes. 1974-1976-Trained&employed as an appraiser by John E.Day,MAI and Company of Portland,Oregon -a company active in the valuation of income properties and raw land,and also special studies. EDUCATION B.A.Business Admin.from Portland State University in 1972. All course work requisite for SRA and SRPA designations of Appraisal Institute Adjunct Instructor at Portland Community College(Real Estate Appraisal,USPAP) DESIGNATIONS,AFFILIATIONS,AND LICENSES SRA designation in 1981 (Senior Residential Appraiser-The Appraisal Institute) SRPA designation in 1990(Senior Real Property Appraiser-The Appraisal Institute) Member of International Right-of-Way Association(IRWA) Past President(1994)of Greater Oregon Chapter of Appraisal Institute Peer Review Committee Member of Oregon Appraiser Board(ACLB) Certified General Appraiser-State of Oregon(#C000086) Certified General Appraiser-State of Washington(#1100355) Licensed Real Estate Broker with the State of Oregon TYPES OF PROPERTY APPRAISED Specializing in eminent domain&public acquisition assignments -Raw&developed land,Rural Acreage,Environmentally sensitive and limited utility land -Single family residences,Condominium units,Garden apartments and plexes -Retail&service commercial properties,Industrial land and buildings CLIENT SAMPLING Cities of Beaverton&Tigard,OR(Eng.Depts.) State of Washington(DOT,Parks&Rec.Comm.) City of Portland,OR(DOT,BES,Parks&Rec.) TriMet(Light rail projects) City of Gresham,OR(BES) METRO Parks&Open Spaces Program City of Hillsboro,OR(Engineering) Right-of-Way Associates,Inc. (Land Acquisitions) Clark County&City of Vancouver,WA Universal Field Services,Inc.(Land Acquisitions) Clackamas County,OR(Comm.Development) OHSU;Habitat for Humanity Washington County,OR(Land Use/Trans.Dept.) J.Frank Schmidt Family Trust;K.Rees Trust Lincoln County,OR(Legal Department) Wells Fargo Home Mortgage;Security Mortgage State of Oregon(DOT,Parks&Rec.Dept.) Various Attorneys&Accountants in Portland Area