HomeMy WebLinkAboutCAP 2007-04-24 Item 2C - Acquisition - 57th Park Extension
City of Tukwita
Steven M. Mullet} Mayor
Parks 6' Recreation Department
Bruce Retcher, Director
MEMORANDUM
TO:
Mayor Mullet
Community Affairs and Parks Committee
Bruce Fletcher, Director of Parks & Recreation <M
FROl\1:
DATE:
April 16, 2007
SUBJECT:
57th Park Extension Acquisition
The 2007 CIP project includes the 57th Mini-Park expansion acquisition in the budgeted
amount of$150,000. Back in March of2004, land owner Todd Hiestuman offered to
donate Vi ofthe land value of two riverfront lots to expand the mini-park. It was directed
by the 2004 City Council to investigate possible grants to obtain the matching funds for
the acquisition. The Parks and Recreation Department was successful with a grant award
of$75,000 from the King County Conservation Futures Grant.
Since there was a sewer project in the CIP manual, Mr. Hiestuman wanted to proceed
with the mini-park sale once the project was complete. The land value back in 2004
(without sewer) was estimated at $150,000.
With the sewer project near completion, the Parks and Recreation Department ordered an
appraisal summary report from Campos Appraisals, Inc. Based on the investigation and
analysis, Campos Appraisal has valued the market opinion at $385,000 land value for the
riverfront lots #7 and #8. The land value has increased significantly since 2004 and with
the increased value of an available sewer system.
Assuming Mr. Hiestuman wants to extend his offer of Vi the land value as a donation to
the city, the CIP budget funding will be $117,500 under funded. It is still the opinion of
the Parks and Recreation Director that this riverfront purchase would be a valuable asset
to the surrounding community and the City of Tukwila. At this time, there is no
identified surplus CIP funding to cover the shortfall.
The Department of Parks and Recreation would like to further discuss this issue at the
next CAP meeting.
Cc: Rhonda Berry, City Administrator
({Creating Community through People} Parks and Programs"
12424 42nd Ave. S. . Tukwila} Washington 98168 · Phone: 206-768-2822 · Fax: 206-768-0524
CAMPOS APPRAISALS, INC.
INDEPENDENT REAL ESTATE APPRAISALS
RESIDENTIAL, MULTIFAMILY AND COMMERCIAL
3425 228th St SW, Brier, WA 98036
Mailing Address: P. O. Box 267
Mountlake Terrace, WA 98043-026 7
OFFICE: (425) 775-1 750
FAX: (425) 670-2553
www.camposabb.com
March 14, 2007
Bruce Fletcher
Director of Parks and Recreation
City of Tukwila
12424 42nd A venue South
Tukwila, W A 98168
RE: Two future residential lots at 56xx S 133rd St, Tukwila, W A 98178, File No. C7-0205,
Thomas Brothers Map 655-G2, Census Tract #262.00, Section 14, Township 23 N,
Range 04 E, W. M.
Dear Bruce Fletcher,
Per our discussion I have completed the attached appraisal in summary report format of the
above referenced property. The objective of this appraisal is to provide an opinion of the Market
Value of the subject property under two scenarios: As Is individual .lot values and bulk sale
value. These values are estimated as if owned in Fee Simple Estate for financing purposes.
The City of Tukwila is considering purchasing the two proposed residential lots to be used as a
future park. The 2 lots are part of an 8 lot short plat that is near completion. The two lots are
noted as Lot 7 and Lot 8 on the Todd Heistuman preliminary short plat map dated December
2003. They have lot sizes noted on this map of 6,563 and 6,500 sf respectively.
The appraisal is prepared in conformance with the Uniform Standards of Professional Appraisal
Practice CUSP AP), typical banking appraisal standards, as well as requirements from the
Appraisal Institute.
The property is legally and physically described in the text of the attached report. Legal
description noted elsewhere in this report is from one of the last recorded deeds; it is for the
original entire tract of land that will become this short plat. No title report was reviewed. I have
no personal interest in the subject property. The appraisal report is intended to be an unbiased
document.
ji
Campos Appraisals. Inc.
C7-0205
The subject two single family building sites have all public utilities available. They are accessed
from S 133rd St. Both of the subject sites have river frontage on the Duwamish River and also
have views of the Foster Golf course. There is currently a 1917 house located approximately
where proposed lot 4 is. This house will be removed as part of constructing the short plat. I
viewed the property on March 14, 2007 which included a walk on site. Todd Heistuman was on
site at the time and I spoke with him about the subject lots and plat.
The following pages provide the necessary items to comply with the USP AP requirements for
this report type. In the addendum there are additional photographs of the subject property and
land comparables, and my qualifications.
Based upon my investigation and analysis, as detailed in this report, I have formed the following
Market Value opinions as of March 14, 2007:
Lot 7
Lot 8
AS IS
ONE HUNDRED NL1\,/ETY THOUSAl\TJ) DOLLARS
TWO HUNDRED FIFTEEN THOUSAND DOLLARS
$190,000
$215,000
March 14, 2007
March 14, 2007
If you have any questions or require further investigation, please call Marc Campos at
425-775-1750.
Respectfully submitted,
~Z;~
Marcos E. Campos, MAL, SRA
State Certified- General Real Estate Appraiser
1100850
iii
Campos Appraisals. Inc.
C7-0205
11033 '.Mw
53. SI WC
111.1.3 .1S 5A90'OPA Of
SALE
.
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101000RE L SCHNFJOER
Grill/cote No 10216
NW's SEC. 14, T.23 N., R.4 E., W.M.
LEGEND
111r1• 6COAg N/ CM NA ISMS
SOT 1061 AI 11A6P10 No 10110
M MCAMf0
(P) PIA1
p'r1D PAOP0100N60 44.6101044601
0101301E SC/ SADO LAC
0.0 601 U01
PROPOSED CASINOS
716 MONROE AVENUE N.E.
RENTON, WA 96050
(425) 205 -2226
LINE TABLE
SURVEYOR'S t.6aoco1CATE
THE FAR COMPANY
of the Survey Recording Act al the regain( of
LQL 3LA5
TOTAL AREA 55,201 ST, (1.267 ACRES)
6 LOTS ARE PROPOSED
LOT 1 6,500.3 5.F. LOT 6 6,600.3 SF.
LOT 2 6,500.5 SF, LOT 6 6,500.3 5.1,
LOT 3 6,500.3 S.F. LOT 7 6,5636 S.F.
LOT 4 6,000,3 S.F. LOT 6 6.5003 SF.
TRACT '0' (PRIVATE ROAD) 2,134.4 $.F,
PRELIMINARY Short PLAT Map
FOR: TODD HEISTUMAN
(3302 50104 AVENUE SOUTH
TURWILA, WASHINGTON
OWN, BY
TEES
VIONITY MAP
SCALE:
;;; 8 SCALE
ORIGINAL LEGAL DESCRIPTION
FIDELITY NATIONAL TITLE COMPANY OF WASHINGTON,
TITLE DROOP i 0322309.
TRACT 44, TRACT 45 AND TRACT 46, PLAT DREE.CONC
60010014 EAST RIVERTON GARDEN TRACTS, ACCORDING
TO THE PLAT THEREOF RECORDED IN VOLUME 12 OF
PLATS, PAGE 70, RECORDS OT 01140 COOIITY,
WASHINGTON:
EXCEPT THEREFROM ANY PORTION THEREOF AS 0R10A'ALLY
SURVEYED LYING BELOW THE LIRE Of TIDE AND SHOREI.ANOS
OF THE OUWANISH RIVER.
BASIS OF BEARING
FOUND MONUMENT AND PROPERTY CORNERS
ON 56111 AVE, SOUTH AND SOUTH 13330 ST.
AS SHOWN.
EONROY PRp0FTTueES_6O)P1fl6AP.MEYf
PLOD P01440 007-V6 046/05010 1001 [DLL
0016 0165 SLNVCT VMS 6A MOMS NR
OSOUIRL001TS 0r AA.C, 617 -130-090
No Boon of SURVEYS 01 Pope of the 16g0M1 0l
Mgr. Supt. at Near&
X SECT. 1.4. TRIP. 21. N., R.....4.. W.M.
COUNTY, WASHINGTON
DATt JOB NO.
DEC. 2003 HEISTPL
SEALS I MEET
SCALE; 1' -S0' 1 of