HomeMy WebLinkAboutPW17-360 - Amendment - #1 - Lamb Hanson Lamb Appraisal Associates, Inc. - Hytek Property 224th Street East Leg Phase I - 12/08/2017 %l1'
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CONTRACT COVER SHEET
This is to be completed by the Contract Manager prior to submission
to City Clerks Office. All portions are to be completed.
If you have questions, please contact City Clerk's Office.
Vendor Name: Lamb Hanson Lamb Appraisal Associates, Inc.
Vendor Number:
JD Edwards Number
Contract Number: FW �-7
This is assigned by City Clerk's Office
Project Name: S. 224`h St. East Leg Phase I - Hytek Property
Description: ❑ Interlocal Agreement ❑ Change Order ® Amendment ❑ Contract
❑ Other:
Contract Effective Date: 12/8/17 Termination Date: 6/1/18
Contract Renewal Notice (Days):
Number of days required notice for termination or renewal or amendment
Contract Manager: Phil Anderson Department: Engineering
Contract Amount: $1,500.00
Approval Authority: (CIRCLE ONE) Department Director Mayor City Council
Detail: (i.e. address, location, parcel number, tax id, etc.):
Perform an updated appraisal review of the Hvtek property.
As of: 08/27/14
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K11*F T
AMENDMENT NO, 1
NAME OF CONSULTANT OR VENDOR: L=mh Hancnn Lambe raispi
CONTRACT NAME & PROJECT NUMBER: S. 224th St. East Leo Phase I - Hytek Property
ORIGINAL AGREEMENT DATE: June 13. 2017
This Amendment is made between the City and the above-referenced Consultant or
Vendor and amends the original Agreement and all prior Amendments. All other provisions of
the original Agreement or prior Amendments not inconsistent with this Amendment shall remain
in full force and effect. For valuable consideration and by mutual consent of the parties,
Consultant or Vendor's work is modified as follows:
1. Section I of the Agreement, entitled "Description of Work," is hereby modified to
add additional work or revise existing work as follows:
In addition to work required under the original Agreement and any
prior Amendments, the Consultant or Vendor shall:
Perform an updated appraisal review for the Hytek property.
For a description, see the Contractor's Scope of Work which is
attached as Exhibit A and incorporated by this reference.
2. The contract amount and time for performance provisions of Section II "Time of
Completion," and Section III, "Compensation," are modified as follows:
Original Contract Sum, $2,500.00
including applicable WSST
Net Change by Previous Amendments $0
including applicable WSST
Current Contract Amount �! $2,500.00
including all previous amendments
Current Amendment Sum $1,500.00
...__....._._-................... _____............................................................_..
Applicable WSST Tax on this $0
Amendment
Revised Contract Sum $4,000.00
AMENDMENT - 1 OF 2
�
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^ .
Original Time for Completion 6/1/18
(insert date)
Revised Time for Completion under N/A
� prior Amendments
(insert date)
Add'I Days Required for this 0 c�"leda' r days
Amendment
Revised Time for Completion 6/118
(insert date) _J
The Consultant or Vendor accepts all requirements of this Amendment by signing helOVV/
by its signature waives any protest Or Cl8in0 it may have regarding this Annondnn8nt/ and
acknowledges and accepts that this Amendment constitutes full payment and final settlement of
all claims of any kind or nature arising from Or connected with any work either covered or
affected by this Amendment, including, without liDOit8b8U/ dainnu related to contract time,
contract acceleration, unsite Or home office overhead, Or lost profits. This Amendment, unless
Othe[N/iS8 provided, does not relieve the Consultant Or Vendor from strict compliance with the
guarantee and warranty provisions uf the original Agreement.
All acts consistent with the authority of the Agreement, previous Amendments (if any),
and this Amendment, prior to the effective date of this Ann8nd[OeOt/ are hereby ratified and
affirmed, and the terms Of the Agreement, previous Amendments (if any)/ and this Amendment
shall be deemed tO have applied.
The parties whose naDl96 appear below swear under penalty Of perjury that they are
authorized tO enter into this Amendment, which iS binding onthe parties 0f this contract.
I00 WITNESS, the parties below have executed this Amendment, which will
become effective on the last date written below.
Digitally signed by
Print Name.- , 6N: cn=Patrick M. Print Name:.........innothy J. Laporte, P.E.
(title Hanson Lamb M le)
Inc., ou, APPRO VED AS TO FORM:
email=plamb@lambh (applicable if Mayor's signature required)
Date: 2017.12.07 Kent Law Department
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AMENDMENT 20F2
EXHIBIT A
Anderson, Philip
From: Patrick Lamb <PLamb@LHLappraisal.com>
Sent: Tuesday, December 05, 2017 6:58 AM
To: Anderson, Philip
Subject: Re: 5O17-118, HYTEK Property
Morning Phil,
1 I think it will be best if I perform a formal appraisal review of the GPA appraisal.The„fie will remain at the W.QZ but
j, the deliverable will present a more thorough analysis and critique. I'll also make reference to my appraisal report when
needed to reinforce my comp set and valuation technique.
The update letter that we discussed before wouldn't add anything over the report I already provided.
Let me know if that works for you?Thanks
Sent from my iPhone
On Dec 4, 2017, at 4:03 PM, Anderson, Philip<PRAnderson@kentwa.pov> wrote:
Patrick,
Here is the email that Chad sent to HYTEK.
The contract is being finished.
Thank you,
Phil
Subject: RE: Hytek Land Valuation Questions
Hi Jeff,
In response to your e-mail, I asked for some clarification from our reviewer and he
sent me the following:
An appraisal report was prepared for HyTek by Gary Wessels, MAI in September
2017.
(See page 38)
Highest and Best Use: The final criterion is that of "maximally productive".
"The use which best meets the first three criteria is for wetlands mitigation or open
space. While these are both uses with limited marketability there is some demand.
This is evidenced by the City of Kent's interest in the site for wetlands mitigation.
Based on the foregoing analysis, utilization of the subject property for wetlands
mitigation or open space purposes best addresses the criterion of the "maximally
productive"use of the site. "
Thus, the highest and best use of the subject site is for wetlands mitigation or open
space purposes,
(See page 55)
t
The Wessels appraisal report shows a subject site, that if it was developable, would
have a value within a narrowed rounded range of$9.00 to $12.00/SF.
861,961 SF X $ 9.00/5F = $ 7,757,703.00
861,967 SFX $10.00/SF = $ 8,619,670.00
861,967 SF $11.00/SF = $ 9,481,637.00
861,967 SF X$12.00/5F = $10,343,604.00
The Wessels appraisal report narrowed the range even further to $10.00 to $12.00
per SF.
861,967 SFX$10.00/SF = $ 8,619,670.00
861,967 SFX$12.00/SF = $10,343,604.00
When considering the indicated value range, greatest weight is placed on the
central portion of the range due to weight of the evidence. While considering
normal market rounding practices, the subject site has an estimated value of
$9,482,000 or $1I.00 per SF, with the assumption that it is developable.
861,967SFX $11.00/SF = $ 9,481,637.00
(See pages 56 -58)
The Wessels appraisal report uses Wetland parcels analyzed with similar properties
that were developable, from which a range of discounts due to the wetlands were
derived.
The wetlands have indicated value per SF of.
#1 $0.50/SF The city of Auburn purchased to settle a lawsuit.
#2 $0.40/SF This is a non-developable wetland that was donated to the city of
Auburn as a charitable donation.
#3 $0.29/SF This is the 1998 purchase of the subject property that was about
70% wetlands with the developable areas not accessible.
#4 $0.32/SF The site was purchased by the city of Auburn for storm water
management.
#5 $0.95/5F This is a 9 ac site that sold for $375,000.00. The City of Fife is the
taxpayer on this parcel.
The Wessels appraisal report states the range of discounts for wetlands properties,
within the narrowed range of 70/n to 19%, most of the data again falls at the lower
end of this range. Based on this, the appraisal report indicates the most applicable
range of discount for the subject is estimated at 8% to 10%.
The Wessels appraisal report states "With no clear indication of where the subject's
value should fall within this narrowed range, a mid range $1.00 per square foot is
estimated since this is already at the low of the of overall range."
The estimated value of$861,967.00 (861,967 SF $1.00/SF), or $860,000.00
rounded.
Appraisal reports were prepared for The City of Kent by Patrick Lamb, MAI in June
2017 and Donald Melton in October 2015
The Lamb appraisal report indicates $0.52/SF and the Melton appraisal report
indicates $0.60/SF. The three appraisal reports had many similar conclusions.
The Administrative Review completed for the City of Kent included the Wessels,
Land and Melton appraisal reports.
2
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4619 37th Ave SW msuaERc.
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