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Home My WebLink AboutR-2003-132 Noel Corporation Quitclaim Deed (1008 South Naches Avenue)RESOLUTION NO. R-2003-132 A RESOLUTION directing and authorizing the City Manager of the City of Yakima, or his designee, to execute a Quitclaim Deed and all other documents necessary for the sale and transfer of a certain parcel of City property lying adjacent to and directly north of property that is commonly known as 1008 South Naches Avenue, Yakima, Washington, the legal description of which is attached hereto and incorporated by reference herein as Exhibit "A," to the Noel Corporation and to take any additional actions that may be necessary to sell said property. WHEREAS, the City owns in fee simple certain real property lying adjacent to and directly north of property that is commonly known as 1008 South Naches Avenue, Yakima, Washington, the legal description of which is attached hereto and incorporated by reference herein as Exhibit "A"; and WHEREAS, the Noel Corporation desires to purchase and acquire the said property and wishes to pay fair market value to the City for the acquisition of the said property and has obtained an independent third -party appraisal of said property that shows the fair market value of the property to be $2,700; and WHEREAS, the Noel Corporation is further willing to pay all other costs and fees associated with the sale and transfer of said property, including but not limited to closing and recording costs and fees; and WHEREAS, the City has reviewed the Noel Corporation's independent third - party appraisal and agrees that the fair market value of the said property is $2,700; and WHEREAS, the City Council deems it to be in the best interest of the City of Yakima to authorize the sale of said property and the execution of a Quitclaim Deed and all other documents that may be necessary or appropriate for the sale of said property, now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA: In consideration of the Noel Corporation paying the City of Yakima $2,700, the City Manager of the City of Yakima, or his designee, is hereby authorized and directed to execute a Quitclaim Deed conveying certain real property, the legal description of which is attached hereto as Exhibit "A," to the Noel Corporation, and to take any RESOLUTION - 1 490 01\rhg\noel cor\alley purchase\resolution additional actions that may be necessary or appropriate to sell and transfer said property and to execute any and all other documents relating to the sale of said property. The Noel Corporation shall pay all closing and recording costs and fees. ADOPTED BY THE CITY COUNCIL this 21st day of October, 2003. Ma q Place, Mayor ATTEST: 71iiaiut...... City Clerk RESOLUTION - 2 490.01\rhg\noel cor\alley purchase\resolution When recorded, please return to: RUSSELL H. GILBERT Lyon Weigand & Gustafson PS P.O. Box 1689 Yakima WA 98907 QUITCLAIM DEED THE GRANTOR, The City of Yakima, a Washington municipality, for and in consideration of TEN AND NO/100 DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION, in hand paid, conveys and quit claims to The Noel Corporation, the following described real estate, situated in the County of Yakima, State of Washington: Beginning at the Southwest corner of Lot 6, Block G, South Park Addition, Yakima County, Washington; thence northerly along the West line of Lot 6, 25 feet; thence easterly and parallel to the South line of Lot 6, 30 feet; thence southerly and parallel to the West line of Lot 6, 5 feet; thence easterly and parallel to the South line of Lot 6, 95 feet to the East line of Lot 6; thence southerly along said East line to the Southeast corner of Lot 6; thence westerly along the South line of Lot 6 to the point of beginning. No current Assessor's Parcel Number. TOGETHER WITH all water rights and appurtenances including after acquired title, if any, thereunto belonging. SUBJECT TO future assessments by reason of the inclusion of said premises within the boundaries of irrigation district, and all other assessment districts, companies and entities. SUBJECT TO all pending and future litigation adjudicating and determining ground and surface waters in any water drainage basin of which the property is a part. SUBJECT TO rights reserved in federal patents, state or railroad deeds; building or use restrictions general to the area; zoning regulations; all STATUTORY WARRANTY DEED - 1 490.01\rhg\noel cor\alley purchase\swd Law Offices LYON WEIGAND & GUSTAFSON PS Lyon Law Offices - 222 North Third Street P.0 Box 1689 Yakima, Washington 98907 Telephone (509) 248-7220 Fax(509)575-1883 rights of way, easements, reservations, restrictions, agreements, covenants and conditions appearing in the record of title or apparent on inspection of said premises and/or plat. r% A T F I % 1l. ' . IJM I cu ll Iia .a..., n,.+,.I...,. 'Inn') uay JL,LUIJ I , cvv.J. STATE OF WASHINGTON County of Yakima The City of Yakima By On this day personally appeared before me to me known to be the of The City of Yakima, the Washington municipal corporation that executed the foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of The City of Yakima, for the uses and purposes therein mentioned, and on oath stated that he/she was authorized to execute the said instrument. GIVEN under my hand and official seal this day of 2003. STATUTORY WARRANTY DEED - 2 490 01\rhg\noel cor\alley purchase\swd (printed name) Notary Public in and for the State of Washington, residing at My commission expires Law Offices LYON WEIGAND & GUSTAFSON PS Lyon Law Offices - 222 North Third Street P 0 Box 1689 Yakima, Washington 98907 Telephone (509) 248-7220 Fax (509) 575-1883 Exhibit "A" Legal Description Beginning at the Southwest corner of Lot 6, Block G, South Park Addition, Yakima County, Washington; thence northerly along the West line of Lot 6, 25 feet; thence easterly and parallel to the South line of Lot 6, 30 feet; thence southerly and parallel to the West line of Lot 6, 5 feet; thence easterly and parallel to the South line of Lot 6, 95 feet to the East line of Lot 6; thence southerly along said East line to the Southeast corner of Lot 6; thence westerly along the South line of Lot 6 to the point of beginning. No current Assessor's Parcel Number. 1— (1 0 cr cr I cn I < z PACIFIC AVE IFIL AVEN RAINIER ST w 1- co LA SALLE $T , h N noel Noel Property Transfer Subject Property 1ti1otrem-ea ••••(1' T • m Scale —1 in = 200ft 0 i 00 200 Created: October 15, 2003 ROBERT M BOGGS MARCUS J FRY RUSSELL H GILBERT J ERIC GUSTAFSON CHARLES R LYON (1997) BRYAN P MYRE J PATRICK SHIREY JEANIE R TOLCACHER WM L WEIGAND, JR August 7, 2003 Glenn K. Rice City of Yakima 129 N. 2rd Street Yakima, WA 98901 LAW OFFICES LYON, WEIGAND & GUSTAFSON PS LYON LAW OFFICES — 222 NORTH THIRD STREET MAILING ADDRESS PO BOX 1689 YAKIMA, WASHINGTON 98907-1689 RE: Alley property at 1008 S. Naches Avenue Dear Glenn: CITY CF YAKIMA AUG V 2003 OFFICE OF CITY MANAGER TELEPHONE (509) 248-7220 FACSIMILE (509) 575-1883 rgilbert@lyon-law com Over the last several months we have had discussions regarding the Noel Corporation's desire to acquire the narrow alley that is located just north of 1008 S. Naches Avenue. Although the alley belongs to the City, it was gifted to the City a number of years ago by the Noel Corporation. Now the Noel Corporation wishes to reacquire the property. The Noel Corporation understands that although it gifted the property to the City, it must now pay fair market value to the City in order to acquire the property. To establish what is fair market value for the property, the Noel Corporation obtained an independent third -party appraisal of the property. John Timm of Western Appraisers, Inc. appraised the property and has determined that the property is valued at $2,700. I have enclosed a copy of Mr. Timm's appraisal report for your review. Please consider this letter as a formal offer by the Noel Corporation to acquire the above referenced property for $2,700. If the City agrees to accept this offer, this office will prepare the necessary Deed and transfer documents. Thank you. Very - 1 yours, hussell H. Gilbert Enclosure cc: Gary Slagle (with enclosure) 490.01\rhg\noel cor\alley purchase\rice 102 File No 220242 Nave _ 11114 11111111!; Property Address: NKA S. NACHES AVE. YAKIMA, WA 98901 Appraisal Prepared For: LYON,WEIGAND & GUSTAFSON 222 N. 3RD ST., YAKIMA, WA 98901 Prepared As Of: 06-18-03 Prepared By: JOHN F. TIMM, IFAS 1024 S. 2ND AVE., YAKIMA, WA 98902 (509) 248-2609 This form was reproduced by United Systems Software Company (800) 969-8727 07-31-03 Western Appraisers, Inc. 1024 S. 2nd Avenue Yakima, WA 98902 Attention: RUSSELL GILBERT LYON, WEIGLAND & GUSTAFSON 222 N. 3RD ST., YAKIMA, WA 98901 Dear RUSSELL, In accordance with your request, I have personally inspected and appraised the real property located at: NKA NACHES AVE. YAKIMA, WA 98901 The purpose of the appraisal was to estimate the market value of the property, as improved, in fee simple, unencumbered by liens. A legal description of the property will be found herein. In my opinion, the estimated market value of the property, as of 06-18-03, is: $2,700 The attached report contains the description, analysis and supportive data for the conclusions and final estimate of value together with descriptive photographs. 4as been a pleasure to assist you; if I may be of further service to you in the future, please let me know. , 1 TIM, IFAS Filename: 220242 Designed by United Systems Software Company (800) 969-8727 LAND APPRAISAL REPORT File No. 220242 Borrower NOEL CORP. _ Census Tract 0015.00_ _ Map Reference 1_B ___ Properly Address NKA S. NACHES AVE. _ City YAKIMA County YAKIMA _. Slate WA - __ _. . Zip Code 98901 Legal Description N/A (VACANT ALLEY/STREET) Sale Price $ Date of Sale Loan Term ._ yrs Property Rights Appraised XI Fee 1-1 Leasehold i DeMlmmus PUD Actual Real Estate Taxes $ N/A (yr.) Loan charges to be paid by seller $ Other sales concessions Lender/Client LYON,WEIGAND & GUSTAFSON Address 222 N. 3RD ST., YAKIMA, WA 98901 Occupant VACANT Appraiser JOHN F TIMM, IFAS_ _ Instructions to Appraiser DETERMINE CURRENT MARKET VALUE HBORHOO Location X: Urban ( i Suburban I IRural Buill Up X Over 75% , 25% to 75% I _ I Under 25% Growth Rate i Fully Developed I Rapid (X' Steady l I Slow Property Values i I Increasing xI Stable j Declining Demand/Supply 1 Shortage: In Balance (-1 Over Supply Marketing Time Under 3 Mos X; 3-6 Mos ,__j Over 6 Mos. Present Land Use 75 % 1 Family 15 % 2-4 Family 5 % Industrial % Vacant Change in Piesenl Land Use >6 Not Likely (`) From _ Predominant Occupancy :x' Owner Single Family Price Range $ 35 _ 10 $ 110_ Predominant Value $ _. 70 __ Single Family Age 5 __ yrs. to _100 yrs. Predominant Age _ _75___ yrs % Apts. - % Condo 5_ _ % Commercial , -Likely(') jTaking Place (') To — X, Tenant % Vacant Employment Stability Convenience to Employment Convenience to Shopping Convenience to Schools Adequacy of Public Transportation Recreational Facilities Adequacy of Utilities Properly Compatibility Protection from Detrimental Conditions Police and Fire Protection General Appearance of Properties Appeal to Market Good Avg Fan >• 1 (I !h!1 1 I INI;-I 1N1 i 1 001 Comments including Ihose factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, vi w, noise) The subject.isto_cated within the city limits of Yakima, approximately_13 btocksfrom the_city center. Access_to employment,_services and schools is considered _- average. Homes in the area are considered compatible. The_ neighborhood is competitive in the market place. Dimensions IRREGULAR = 5100.0.0 _ _ Sq Ft or Acres r1 Corner Lot Zoning Classification R-2 (RESIDENTIAL -_TWO FAMILY_) ____ Present Improvements I j Do i __i Do not conform to zoning regulations Highest and Best Use x' Present Use ' i Other .(specify) Public Other (Describe) 1 OFF SITE IMPROVEMENTS 1To 0 P LEVEL AT GRADE___—__-__.__ Electricity ;<, __ Street Access i/' Public L A Private ' Size TYPICAL FOR AREA _ Gas - Surface PAVED _ I Shape IRREGULAR __ __ _ Water _ 1 Maintenance ><i Public L j Private I View AVG/NEIGHBORHOOD_ San Sewer ' r' ! ` Drainage X. Storm Sewer ! � Curb/Gutter i 9 APPEARS ADEQUATE• I Underground Elec. & Tel. !X. Sidewalk M Street Lights . Is the property located in a HUD Identified Special Flood Hazard Area? (,INo N1:1 Yes Comments (favorable or unfavorable including any apparent adverse easements, encroachments or other adverse conditions) The subject is legally zoned for duplex units. Presently the site is improved witha vacated single family dwelling in prior sondition._Thm improvement_add _ minimal or no value in its present condition. No adverse easements, encroachments_or conditions noted. N z a a The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is Inferior to, or less favorable than, the subject properly, a plusf +) adjustment is made thus, increasing the indicated value of the subject ITEM - SUBJECT PROPERTY -- COMPARABLE NO.1 T COMPARABLE NO. . 2 COMPARABLE NO. 3 ------- ------ ----- NKA S. NACHES AVE. 11705 S. 13TH ST. 1413 S. 7TH ST. NKA S. 16TH ST Address YAKIMA, WA 989101 _ _ __._ ._ 'YAKIMA, WA YAKIMA,. WA __ YAKIMA, WA Proximity to Subject 10 95 Mi SE _ _ _ _ 0,54 ML SSE_ __ 0.91 Mi SE__. Sales Price $ 1 1$ 160_00 $4 0 $ 18000 1 $1 4B 0 i$ 0.00 $ 75 COUNTY RECORDSCOUNTY RECORDS_-_ COUNTY RECORDS DESCRIPTION DESCRIPTION + (") $ DESCRIPTION 1.1$ l DESCRIPTION .r (-) $ Ad�usimeal Adiuslmenl _ Adjustment 07/23/03 -05/14/0302/21/02 URBAN _ _ URBAN _ j 'URBAN _._ ,8712.00 _ t _ -8100 13504.00._ _ _ - -10.900 12800.00 _ __ -10600 IAT SITE GOOD Price Data Source Date of Sale and Time Adjustment Location URBAN SiteNlew .5100.00 UTILITIES AT SITE MARKETABILITY .MINIMAL Sales or Financing Concessions NetAdl. (Total) Indicated Value of Subject AT SITE =49004GOOD. 1 IAT SITE -5400 1GOO2 -- _ -- -5700 ( I 'Plus X Must $ [—Plus 'Minus $ I f :Pius rMIeus I ' =13000 ; -163001f-, -I I $ _ _ __-16300 1.: $ 3000 ` 1780 i Comments on Market Data See attached addendum.... Comments and Conditions of Appraisal See Attached Addenda. o Final Reconciliati $ weight. Th I ESTIMATE T Appraiser(s) J Certification/Li Rev 12/82 e Market Approach is considered ta be the best indicator_of value.for_this property_and_is given greatest pproach & the • e"ne Approach have_not_been.considered._ ET .(' LUE, A EFINEI'(OF SUBJECT PROPERTY AS OF 0.648413 __ _ _ ta be $ 2700 IFAS, 1700335 Review Appraiser (if applicable) 2700 - - - - l_ _!Did i_ ! Did Not Physically Inspect Property This corm was reproduced by United Systems Software Company (800) 969-8727 TEXT ADDENDUM He No 220,4_ I.. File No. 220242 Borrower/Client NOEL CORE. -_ _ Address NKA S..NACHES AVE._ City YAKIMA County YAKIMA _ _- Slate WA Lender/Client LYON,WEIGAND & GUSTAESON LEGAL DESCRIPTION Zip Code 98901__ CENTRAL PARK ADDITION. Beginning 132 feet East of the SW corner of Lot 6, thence North 150 feet to True Point of Beginning, Thence East 113 4 feet, thence North 5 feet, thence East 84.6 feet, thence North 145 feet to NE corner of said lot, thence West 198 feet, thence South 150 feet to True Point of Beginning. COMMENTS OF SALES COMPARISON After a thorough search of all available market data, the sales used are considered to by the best indicators of value. All the sales were weighted similarly in the final reconciliation. Comparables used are closed sales and were selected due to their overall similarities to the subject for size and zoning. Addional sales also used to help reflect the average price per square foot for subject site. PARCEL NUMBER SALE DATE SALE PRICE LOT SIZE UNIT BREAK DOWN 1.) 191330-41419 05/14/03 $18,000 13,504 SF $ 1.33 SQ FT 2.) 191329-33443 07/23/03 $16,000 8.712 SF $ 1.84 SQ FT 1.) 191319-44525 02/14/01 $16,000 5,663 SF $ 2.82 SQ FT 2.) 191319-14063 03/07/01 $11,000 7,405 SF $ 1.49 SQ FT 3.) 191330-12475 03/05/01 $20,000 6,100 SF $ 3.28 SQ FT 4) 191330-14485 07/12/01 $18,500 10,020 SF $ 1.85 SQ FT 5) 191329-31514 02/21/02 $19,000 12,800 SF $ 1.48 SQ FT 6.) 191330-12423 12/11/01 $20,500 6,100 SF $ 3.36 SQ FT Overall average: $1.75 per square foot VALUE FOR NORMAL & MARKETABLE LOTS SUBJECT SITE; 5,100 SQUARE FEET X $ 1.75 = $8,925 ROUNDED: $8,900 The subject site does lack normal marketability due to the limited buyers that can use the lot as an expansion of present sites. The two potential purchasers are the owner of the property to the south of subject vacated street and the owner that is north of the subject vacated street. CONCLUSION: SUBJECT SITE VALUE: $8,900 X 30% = $2,670 ROUNDED: $2,700 Due to the limited sales in the immediate and surrounding subject area that would accurately reflect the subject property in terms of size, zoning & utility in the subjects immediate and surrounding area. Additional comparables are researched and parameters were expanded. After a thorough search of all available market data over the last two year period, the sales used are considered to be the best indicators of value. Comparables used are closed sales and were selected due to their overall similarities to the subject. No evidence of comparable sale prices being influenced by financing terms. No more representative or more recent closed sales were known to the appraiser as of the effective date of this report. Appropriate adjustments have been made for all differences. All adjustments appear to be normal and in line for such differences. Many of the sales reviewed have new improvements since purchasing of the vacant sites. Mathematical weighting, based on per cent for adjustments, was used as an aid in reconciling comparables, supporting a market value estimate of $2700. COMMENTS ON CONDITION OF APPRAISAL This appraisal report has been completed with the subject property being in "as is" condition. No personal property included in the valuation. All freestanding appliances are considered personal property and are not included in this valuation. The function of this report is for loan underwriting purposes and has been prepared specifically for NOEL CORPORATION. It may not be used or relied upon by any other person or entity. Any other person or entity who uses or relies upon any information in this report, without the preparer's written consent, does so at his own risk. Neither all nor any part of the contents of this report shall be conveyed to any person or entity, other than the appraiser's or firm's client, through advertising, solicitation materials, public Designed by Un ted Systems Sollwae (800) 969-8727 TEXT ADDENDUM (Continued) relations, news, sales, or other media without the written consent and approval of the authors, particularly as to valuation conclusions, the identity of the appraiser or firm with which the appraiser is connected. Further, the appraiser or firm assumes no obligation, liability, or accountability to any third party If this report is placed in the hands of anyone but the client, client shall make such party aware of all the assumptions and limiting conditions of the assignment. This appraisal report is incomplete and cannot be relied upon without the cover letter. Unless otherwise stated in this report, the appraiser has no knowledge of the existence of hazardous substances, including without limitation to asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals which may or may not be present on the property, or of other environmental conditions which were not called to the attention of nor did the appraiser become aware of during the inspection of the subject property. The appraiser, however, is not qualified to test such substances or conditions. The presence of substances such as asbestos, urea formaldehyde foam insulation, or other hazardous substancs or environmental conditions may effect the value of the property. The value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibilty is assumed for any such condition, nor for any expertise or engineering knowledge required to discover them. The subject property was physically inspected on 06-18-03, which is the effective date of the appraisal. The appraiser is not aware of or been advised of any detrimental conditions (physical, functional, external) to the subject property and/or local market area. The market value estimated at the conclusion of this appraisal is predicated on the assumption that the subject property meets same conditions as originally noted during inspection and on the completion date of 07-31-03. This is a typical residential form appraisal, generally accepted as a Summary Appraisal Report. File No 22O24:' • u..jo SUBJECT PHOTOGRAPH ADDENDUM Borrower/Client: NOEL CORP. Address: NKA S. NACHES AVE. City: YAKIMA County: YAKIMA Lender/Client: LYON WEIGAND & GUSTAFSON State: WA Zip Code: 98901 Front View View Looking North View Looking South This form was reproduced by United Systems Software Company (800) 969-8727 PLAT MAP File No. 2212.1_1 Buuower/Client NOEL CORP_. Audless NKA S. NACHES AVE. Gil)/ YAKIMA County YAKIMA Leudet/Client LYON,WEIOAND & GUSTAFSON Stale WA _ - Zip Code 98901 NEI/4 201 1 W 010200 13027 37 qn 13025 5 41 13019 2. 52 /✓3 4° 1 ory h- Vac (2493 9 51 /O 1/ vzr 12416 /2 14 12417 14 /3 (2418 /4 14 2419 /3 i4 (2420 /6 19 1 12444 14 9 12445 /0 14 Vac 8 _12413 7 45 6 5 12412 12411 4 14 3 12410 14 2 14 2409 / 12408 14 6 12414 7 29 12446 // 124441 l4 12447 1 1 is'"12440 14 12446 /3H 4 12439 .14 14 121449 /4 12450 /5 .14 (245114 /6 12491 9 14 12992 /0 19 12471 14 12473 /3 14 ( • 12l4436 2 12437 .14 / 12436 14 1 8 1269 144 • 12468 14 6 12l467a 5 1290 14 4 12489 14 12474 /4 15 j 12465 15 /3435' 13436 15 25 /6 13434 IB . h 13433 Cj 45 1 4v4./ /5 13432 41 13443 .35 /4 13442 44 5- FA/.RCN/L D i /3 6 13429 tl ay., B3 Designed L/ United Systems Sahara Company (800) 969-8727 1- 6) Vac 12421 22 9 124122 7 4 10 (2423 // 14 12424 /5 F- 1214425 /3 12426 /4 14 /2427 /5 ti (2426 /6 14 RAINIER 12465_, 0 .24 /0 12453 // - 19 12454 /2 - I - ▪ 24 /3 12435 4 12457 /5 DD-- 1245148 /6 LA SALLE 2475 ti 14 9 (2491 /0 6 L— . 12478 5 14 279 4 14 12460 3 / 14 ARLINGT1 12013 33 Y° 12012 1 422406 ../.11,•G Vac 12407 6 22 7 14 M 6 12405 ; 12003 y 6 17 n 5 12404 'I-14 � 112403 13 3 12402 15 1-;/ 12481 -- 1- 46 _ ' ,sou rN 8 12484 16 12004 101 7 12685 16 � 12482 09 J., 12005 0 4 66 Ci3 ' 8 5 12432 4 12431 14 12430 , l2 I_ [2429_ / .29 M 12006 n 1 52 12011 1 17 n 1. 341° ' 8 12464 i 16 16 7 ;1262446632 16 J .5 12461 , 16 12007 49 .,-0 12006 49 ..re O o 12010 1 17 412460 16 3 12459 16 13027 37 qn 13025 5 41 13019 2. 52 /✓3 4° 1 ory h- Vac (2493 9 51 /O 1/ vzr 12416 /2 14 12417 14 /3 (2418 /4 14 2419 /3 i4 (2420 /6 19 1 12444 14 9 12445 /0 14 Vac 8 _12413 7 45 6 5 12412 12411 4 14 3 12410 14 2 14 2409 / 12408 14 6 12414 7 29 12446 // 124441 l4 12447 1 1 is'"12440 14 12446 /3H 4 12439 .14 14 121449 /4 12450 /5 .14 (245114 /6 12491 9 14 12992 /0 19 12471 14 12473 /3 14 ( • 12l4436 2 12437 .14 / 12436 14 1 8 1269 144 • 12468 14 6 12l467a 5 1290 14 4 12489 14 12474 /4 15 j 12465 15 /3435' 13436 15 25 /6 13434 IB . h 13433 Cj 45 1 4v4./ /5 13432 41 13443 .35 /4 13442 44 5- FA/.RCN/L D i /3 6 13429 tl ay., B3 Designed L/ United Systems Sahara Company (800) 969-8727 1- 6) Vac 12421 22 9 124122 7 4 10 (2423 // 14 12424 /5 F- 1214425 /3 12426 /4 14 /2427 /5 ti (2426 /6 14 RAINIER 12465_, 0 .24 /0 12453 // - 19 12454 /2 - I - ▪ 24 /3 12435 4 12457 /5 DD-- 1245148 /6 LA SALLE 2475 ti 14 9 (2491 /0 6 L— . 12478 5 14 279 4 14 12460 3 / 14 ARLINGT1 LOCATION MAP f.o File No. 220242 Borrower/Chen( NOEL CORP. Address NKA S. NACRES AVE._ CilY YAKIMA _ _ County YAKIMA Lender/Chent LYON,WEIGAND & GUSTAFSON _ Stale WA Zip Code _98401 Scale: 3.57 miles Radius: 0.95 miles JP' = el" 12 2 - -i-'-''— F., Y—H-- ' '''•"I' —•--.41. 4'. 14 i_ . 2 \ . \ ---- -.- f --------1 I :5 1 \ ,.. r't '14.4.--,, N .:.--. ---: \ ''\ -'.... ,' v'..---.- \ \ • , \A .., ,i',. —c i i N , . , • f----4,, I _ i \.\ lAi • \ . ' --' \ \\\ \-V,\TV..., , _LEN ....!22.... 1 9 -- — „.. .4\ • . --t- - A \ 6%lk-1 \ \ Subject 6 , 11— 1— NKA S. NACHES AVE,. r r .15 Sale 3 NKA S. 16TH ST 0.91 Mi SE Sale 1 1705 S. 13TH ST. 0.95 Mi SE I 4. P .14 S./4242,4 4 L, . f. 4.11.41. rt.ek • On. LIt Designed by United Systems Software Company (800) 969-8727 E 144114/ • • J1 L4L.4.4. f- 24 He No. 22024, .roe COMPARABLE PHOTOGRAPH ADDENDUM Borrower/Client: NOEL CORP. Address: NKA S. NACHES AVE. City YAKIMA County. YAKIMA Lender/Client: LYON,WEIGAND & GUSTAFSON State: WA Zip Code: 26907. Sales Comparable 1 Front View Address: 1705 S. 13TH ST. Prox. to Subject: 0.95 Mi SE Sales Price: $ 16000 Gross Living Area: Total Rooms: Total Bedrooms: Total Bathrooms: Location: URBAN Sales Comparable 2 Front View Address: 1413 S. 7TH ST. Prox. to Subject: 0.54 Mi SSE Sales Price: $ 18000 Gross Living Area: Total Rooms: Total Bedrooms: Total Bathrooms: Location: URBAN Sales Comparable 3 Front View Address: NKA S. 16TH ST. Prox. to Subject: 0.91 Mi SE Sales Price: $ 19000 Gross Living Area: Total Rooms: Total Bedrooms: Total Bathrooms: Location: URBAN This form was reproduced by United Systems Sothvare Company (800) 969-8727 File No. 220242 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seder to buyer under conditions whereby' (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions` granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession, but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISERS CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1 The appraiser will not be responsible for matters of a legal nature that affect either the properly being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2 The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4 The appraiser will not give testimony or appear in court because he or she made an appraisal of the properly in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property 7 The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner 10 The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer, consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the properly description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraisers written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 (6/93, 10/98) Page 1 oft This form was reproduced by United Systems So6ware Company (800) 969-8727 Fannie Mae Form 1004B (6/93) File iia «ri', File No. 220242 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1 I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject properly, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or Tess favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated, in the appraisal report, only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4 I have no present or prospective Interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7 I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property 9 I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. 11 1 relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: NKA S. NACHES-AVE., YAKIMA, WA 9891)1_ APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Name JOHN F, TIMM, IFAS. Date Signed: 07731=03 - _. State Certification #. 1700335. _ _ or State License # State: WA Expiration Date of Certification or Licens Signature: __. Name: — — Date Signed — State Certification # or State License #. State: Expiration Date of Certification or License: 1_ .l Did I .-I Did Not Inspect Property Freddie Mac Form 439 (6/93,10/98) Page 2 of 2 This form was reproduced by United Systems Software Company (880) 9698727 Fannie Mae Form 10049 (6/93) le_No 220242 r.i,:e = File No. 220242 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1 I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated, in the appraisal report, only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4 I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property 5 I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal.) did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7 I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report.) further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property 9 I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:) directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF P' r ' ERTY APPR: SED: APPRAISER: S. NACHFS AVE,,_YAKIMA, WA 98901 SUPERVISORY APPRAISER (only if required): Signature: _ / Signature: Name: •.i. Nuu _ Name: Date Signer. 07-31-03 Date Signed: State Certification #' or State License #. or State License #• State: 3.&A State: Expiration Date of Certification or License: D714-05 Expiration Date of Certification or License' State Certification #' 1740335 Did ❑ Did Not Inspect Property Freddie Mac Form 439 (6/93, 10/98) Page 2 of 2 This form was reproduced by United Systems Software Company (800) 969-8727 Fannie Mae Form 10048 (6/93) BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. For Meeting Of October 21, 2003 ITEM TITLE: Resolution authorizing the transfer of real property from the City of Yakima to the Noel Corporatign. SUBMITTED BY: WW1tHam R. Cook, Director Community & Economic Development CONTACT PERSON/TELEPHONE: Bruce Benson, Supervising Senior Planner - 575-6042 SUMMARY EXPLANATION: On August 7, 2003 the Noel Corporation submitted an offer to purchase from the City a narrow alleyway that lies immediately to the north of property located at 1008 S. Naches Avenue. The subject property was originally gifted to the City by John Noel Jr. in 1972. The sum of $2,700 has been offered and this amount agrees with the current appraised value of this property as determined by John Timm of Western Appraiser's Inc. You are today being requested to adopt the resolution that would authorize the City Manager and the City Clerk to execute all documents necessary for this transfer. Resolution X Ordinance Contract Other (Specify) Map Contract Mail to(name and address) Phone: Funding Source APPROVAL FOR SUBMITTAL: ��-�- City Manager STAFF RECOMMENDATION: Approve resolution. BOARD RECOMMENDATION: COUNCIL ACTION: Resolution adopted. RESOLUTIOT NO. R-2003-132