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HomeMy WebLinkAbout090814_ca024 Consent Agend . a 'Ir JEFFERSON COUNTY PUBLIC HEALTH 615 Sheridan Street o Port Townsend o Washington o 98368 www.jeffersoncountypublichealth.org August 19, 2014 JEFFERSON COUNTY IZZOARD OF COUNTY COMMISSIONERS AGENDA REQUEST TO: Board of County Commissioners Phillip Morley, County Administrator FROM: Jared Keefer, Jefferson County Environmental Health Tami Pokorny, Environmental Health Specialist It [L DATE: _'c dLll SUBJECT: Agenda Request: Conservation Futures Project Agreement for the Quimper Wildlife Corridor Project 2014 — $31,176 Jefferson Land Trust STATEMENT OF ISSUE:. On July 7, 2014 the 13UCU passed resolutions to award $31,176 in conservation futures funds to the Quimper Wildlife Corridor 2014 project (Resolution No. 28-14). Staff requests approval of an agreement with the sponsor, the Jefferson Land Trust (JLT), to implement this project. ANALYSIS/STRATEGIC GOALS' This project provides funding to project sponsor JLT to support the fee-simple acquisition of two forested properties in the Quimper Wildlife Corridor (Assessor's Parcel Numbers 951904603 and 972901402). The properties contain a total of 1.4 acres of vacant land and eight platted parcels. A significant portion of one property lies within the 100 -year floodplain and the second buffers previously acquired wetland and wetland buffer parcels, The proposed match is $67,527 (68%) in the form of donated and bargain-sale land value, as well as contributions from the community. FISCAL IMPACT: The explicit purpose of the Conservation Futures Fund and Program is to contribute funding towards projects that support a system of public open spaces. There is no impact to the General Fund for this effort. Resolution No, 28-14 and this agreement reflect a slight reduction in the amount of funding requested by JLT - from $32,500 to $31,176 and a corresponding decrease in the matching dollar amount (from $68,100 to 67,527). The percentage match remains the same (68%). COMMUNITY HEALTH PUBLIC HEAON ENVIRONMENTAL HEALTH DEVELOPMENTAL DISABILITIES Ll WATER QUALITY MAIN: (360) 385-9400 ALWAYS OR FOR A SAFER AND MAIN: (360) 385-9444 FAX: (360) 385-9401 HEALTHIER COMMUNITY FAX: (360) 379-4487 Consent Agenda Conservation Futures Application Proposed Project Agreement CFF: $32,500 (32%) CFF: $31,176 (32%) Match: $68, 100 incl. $5,000 0 & M Match: $67,527 incl. $5,000 0 8,- M (68%) (68%) Total Cost: $100,600 (10 a)_ Total Cost: $98,703 (IqqO/J RECOMMENDATION: Staff recommends the BOCC approve this agreement with Jefferson Land Trust for the Quirnper Wildlife Corridor 2014 Project. REVIEWE D BY: 12 - W /9/ /C- Date JEFFERSON COUNTY CONSERVATION FUTURES PROGRAM PROJECT AGREEMENT Project Sponsor: Jefferson Land Trust Project Title: Quimper Wildlife Corridor 2014 Project Number: 2014JLTQWi Approval: Resolution No. 28-14 on July 7, 2014 A. parties to the Agreement This Project Grant Agreement (Agreement) is entered into between County of Jefferson (County), P0 Box 1220, port Townsend, Washington 98368 and Jefferson Land 'Trust (Sponsor), 1033 Lawrence Street, Port Townsend, WA 98368, and shall be binding upon the agents and all persons acting by or through the parties. B. Purpose of the Agreement 'This Agreement sets out the terms and conditions by which a grant is made through the Jefferson County Conservation Futures Fund. The grant is administered by Jefferson County Environmental Health for the Sponsor for the project named above. C. Description of Project The subject Project is described in the attached 2014 conservation futures application (Appendix A) for the Quimper Wildlife Corridor 2014 Project and the subject property appraisals (Appendix B). Conservation Futures Fund ("CFF") from Jefferson County in an amount not to exceed $31,176 (Appendix Q will be used towards fee simple acquisition, of the real property known in the records of the Jefferson County Assessor as APN#s 951904603 and 972901402 for acquisition expenses incurred before July 15, 2017. The matching contribution consists of the donation of the property known as APN# 998002001, bargain sale values from parcels APN 9951904603 and 972901402, and cash contributions from the community through Jefferson Land Trust (Appendix D). The City of Port Townsend will hold title to APN# 9519,04603 and the match parcel 998002001, and Jefferson Land Trust will hold title to APN# 972901402. The appraised value of the parcel APN# 998002001, the bargain sale value of APN 4951904603 and 972901402 (Appendix F), in combination with a cash contribution, will supply the entire match and includes $5,000 towards operations and maintenance expenses, D. Term of Agreement The Project Sponsor's on-going obligation for the above project funded by this Agreement is to provide maintenance of the site or facility to serve the purpose for which it was intended in perpetuity unless otherwise identified in this Agreement, F_ Period of Performance expenses shall begin on July 7, 2014. The Project The Project reimbursement period for acquisition e reimbursement period for acquisition expenses will end on July 7, 2017 unless proof of match is provided prior to this date. No expenditure made before July 7, 2014 is eligible for reimbursement unless incorporated by written amendment into this Agreement. F. Project Funding award provided by The total grant, the Conservation Futures Fund (CFF) for the Project shall not exceed $31,176 and Jefferson County CFF shall not pay any amount beyond that approved herein for funding of the Project. The Sponsor shall be responsible for all total costs for the Project in excess of $98,703. In no event will the CFF funds expended for this purchase exceed thirty-two percent (32%) of the overall acquisition costs for the properties. This Project is eligible for reimbursement of project expenditures as described in the Jefferson County Conservation Futures Program Manual for the 2014 Funding Cycle. The contribution by the Sponsor toward work on the Project at a minimum shall be as indicated below. The contribution by the County toward work on the Project is described immediately above and in "C" above, Acquisition and 0 & M Costs Percentage Dollar Amount Conservation Futures — Quirriper Wildlife Corridor 2014 32% $31,176 Project Sponsor 68% $67,527 Total Project Cost 100% $98,703 G. Unexpended Project Allocations Should unexpended Project allocations, including, but not limited to project completion at less than the estimated cost or, alternatively, the abandonment of the Project occur, then the Sponsor shall notify the County. The Project Sponsor and the Jefferson County CFF shall benefit pro rata from any reduction in final Project allocations (expenses) for this Project from the sums listed in Section F above, meaning, for example, if the final Project allocation is $10,000 less than the amount listed in Section F above, the contribution of the Jefferson County CFF shall be reduced by 32% of $10,000 or $3,200. H. Rights and Obligations All rights and obligations of the parties to this Agreement are subject to this Agreement and its attachments, including the Sponsor's Applications and Jefferson County Conservation Futures Program Manual for the 2014 Funding Cycle, all of which are attached hereto and incorporated herein. Except as provided herein, no alteration of any of the terms or conditions of this Agreement will be effective: unless provided in writing. All such alterations, except those concerning the period of performance, must be signed by both parties. Period of performance extensions need only be signed by Jefferson Board of County Commissioners. 1. Indemnification Sponsor shall indernnify, defend and hold harmless the County, its officers, agents and employees, from and against any and all claims, losses or liability, or any portion thereof, including attorneys fees and costs, arising from injury or death to persons, including injuries, sickness, disease or death to Sponsor's own employees, or damage to property occasioned by a negligent act, ornission or failure of the Sponsor, J. Insurance The Sponsor shall secure and maintain in force throughout the duration of this contract: 1. Worker's compensation and employer's liability insurance as required by the State of Washington. 2. Comprehensive general liability insurance with a minimum coverage of $1,000,000 per occurrence and $2,000,000 aggregate in connection with the Sponsor's performance of this Agreement. 1 Commercial Automobile Liability Insurance providing bodily injury and property damage liability converge for all owned and non owned vehicles assigned to or used in the performance of the work for a combined single limit of not less than $500,000 each occurrence. 4. Sponsor shall provide all required proofs of insurance to the County in care of, Contracts Manager at Jefferson County Public Health, 615 Sheridan St. Port Townsend, WA 98368. K. Independent Contractor The Contractor and the County agree that the Contractor is an independent contractor with respect to the services provided pursuant to this agreement. Nothing in this agreement shall be considered to create the relationship of employer and employee between the parties hereto. Neither Contractor nor any employee of Contractor shall be entitled to any benefits accorded County employees by virtue of the services provided under this agreement. The County shall not be responsible for withholding or otherwise deducting federal income tax or social security or for contributing to the state industrial insurance program, otherwise assuming the duties of an employer with respect to Contractor, or any employee of Contractor. The Contractor shall not sublet or assign any of the services covered by this contract without the express written consent of the County or its authorized representative. Assignment does not include printing or other customary reimbursable expenses that may be provided in an agreement. L. ownership and Use of Documents All documents, drawings, specifications and other materials produced by the Sponsor in connection with the services rendered under this agreement shall be the property of the Sponsor whether the project for which they are made is executed or not. The County shall be permitted to retain copies, including reproducible copies, of drawings and specifications for information, reference, and use in connection with the Sponsor's endeavors, M. Compliance with Applicable Statutes, Rules, and Jefferson County Policies This Agreement is governed by, and the Sponsor shall comply with, all applicable state and federal laws and regulations, including RCW 84.34.210, and published agency policies, which are incorporated herein by this reference as if fully set forth. N. Sponsor's Accounting Books and Records The Sponsor shall maintain complete financial records relating to this contract and the services rendered including all books, records, documents, receipts, invoices, and all other evidence of accounting procedures and practices which sufficiently and properly reflect all direct and indirect cost of any nature expended in the performance of this contract. The Sponsor's records and accounts pertaining to this agreement are to be kept available for inspection by representatives of the county and state for a period of six (6) years after the date of the final payment to Sponsor. Copies shall be made available upon request. 0. Licensing, Accreditation and Registration The Sponsor shall comply with all applicable local, state and federal licensing, accreditation, permitting, and registration requirement/standards necessary for the performance of this contract. P. Disputes Except as otherwise provided in this contract, when a bona fide dispute arises between Jefferson County and the Sponsor and it cannot be resolved, either party may request a dispute hearing with a mediator assigned by or associated with Jefferson County District Court. Either party's request for a dispute hearing must be in writing and clearly state: a. the disputed issue(s), b, the relative positions of the parties, and c, the Sponsor's name, address and Agency contact number These requests must be mailed to the Project Manager, Jefferson County Environmental Health Department, 615 Sheridan SL, Port Townsend, WA 98368, within fifteen (15) days after either party received notice of the disputed issue(s). The parties agree that this dispute process shall precede any action in a judicial or quasi-judicial tribunal, The parties will split evenly the cost of mediation or whatever form of dispute resolution is used. Q. Termination for Funding Jefferson County may unilaterally terminate this contract in the event funding from state, federal, or other sources are withdrawn, reduced, or limited in any way after the effective date of this contract. R. Termination for Convenience The County reserves the right to terminate this agreement at any time by giving ten (10) days written notice to the Sponsor. S. Assignment The Sponsor shall not sublet or assign any interest in this Agreement, and shall not transfer any interest in this agreement without the express written consent of the County, T. Non-Waiver Waiver by the County of any provision of this agreement or any time limitation provided for in this agreement shall not constitute a waiver of any other provision. U. County Does Not Assume Additional Duties The County does not assume any obligation or duty, except as required by federal or state law, to determine if Sponsor is complying with all applicable statutes, rules, codes ordinances or permits. V. Agreement Representatives All written communications sent to the Sponsor under this Agreement will be addressed and delivered to: Sponsor Contact Conservation Futures Pr-, arr� Contact Sarah Spaeth, Executive Director Jefferson County Environmental Jefferson Land Trust Health — Conservation Futures 1033 Lawrence St. 615 Sheridan Street Port Townsend, WA 98368 Port Townsend, WA 98368 These addresses shall be effective until receipt by one party from the other of a written notice of any change. W. Entire Agreement/Severability This agreement, along with all attachments, constitutes the entire agreement of the parties. No other understandings, oral or otherwise, regarding this Agreement shall exist or bind any of the parties. If any part of this Agreement is ruled or adjudicated to be unlawful or void, all other sections of this Agreement shall continue to have full force and effect. X. Effective Date This agreement, for the Quimper Wildlife Corridor 2014 Project shall be effective upon signing by all parties. Y. Venue Venue for any litigation arising from this Project Agreement shall be only in the Superior Court In and for Jefferson County. Each party to this agreement shall be responsible for their litigation costs, including attorney's fees. DATED this M day of John Austin, Chair 3efferson Board of County Commissioners 4 2014. By tive Director Sarah Spaeth, -1 Ptiv Jefferson Land Trust Attested: Erin Lundgren, Clerk of the Board Approved as to farm: ge David Alvarez, Chief Civil DP Appendix: A. CF Application B. Appraisal Parcel I (Heikes) Appraisal Parcel 2 (Mattern) C. JLT letter to change CF award amount D. Email to change match dollar amount E. Appraisal Match parcel 2014 Consen ation Funtres Application and Score Sheet 2014 Jefferson County Conservation Futures Program Property Acquisition and/or 'L >� FN o Operations and Maintenance Project Application �sy Please complete the following application in its entirety. Be sure to answer "N /A "for questions that don't apply to the project. Incomplete applications will not be accepted far consideration. Unless directed otherwise, use as much space as needed to answer each question. Contact program staff at 379 -4498 or tnokorny@co.iefferson.wo.us with questions. Background and Eligibility Information 1. Project Title: Quimper Wildlife Corridor 2a. Conservation Futures Acquisition Bequest: $32,500 b. Conservation Futures O &M Request: none 3. Total Conservation Futures Request: $32,500 4. Please indicate the type of interest contemplated in the acquisition process. X Warranty Deed — Easement _ Other (Please describe below.) In whose name will the property title be held after acquisition? The City of Port Townsend and Jefferson Land Trust 5. Applicant Information Name of Applicant or Organization: City of Port Townsend Contact: Rick Sepler Title: Planner Address: 250 Madison Street, Port Townsend, WA 98388 Phone: (360) 379 -5081 Email: rsepler@cityofpt.us 6. Sponsor Information: (if different than applicant) Organization Name: Jefferson Land Trust Contact: Sarah Spaeth Title: Executive Director Address: 1033 Lawrence Street Phone: (360) 379 -9501, ext. 101 Email: sspaeth @saveland.org Fax: Fax: (360) 379 -9897, ext. 2014 Cvnsenlation Futures ttpplicolicn and Score Sheet This application was approved by the sponsor's legally responsible body (e.g., board, council, etc,} on February 19, 2014. 7. Site Location Street Address or Description of Location: Parcel 1— The property is located at the east end of Fast Sapphire Street in the Bell street neighborhood south of Cook Avenue, Parcel 2 — located on 52 "d between Wilson St. and Gise St. Match parcel — South of City owned Levinski Wetland property on 45" Street Driving Directions from Port Townsend: Parcel 1 — from Jefferson County Fairgrounds proceed west on 49t" St to Cook Avenue to Bell St. Turn left and proceed to E Sapphire. Turn left and go to the end. Property is on the right. Parcel 2 — From Fairgrounds go N on Jackman St. Park at 52nd St and walk west on trail. Match parcel — from Jefferson County Fairgrounds proceed west on 49th St to Cook Avenue to Bell St. Turn left and proceed to E Sapphire. Turn left and go to the end. Walk onto trail at end -jog right then left onto 45th St trail, walk approximately 600 ft. Property is on the left. Section: Township: Parcel 1 Sec 34 Township 31 N Range 1W - TPN 951 944 603 Parcel 2 Sec 33 Township 31 N Range 1 W - TPN 972 901 402 Match parcel Sec 34 Township 31 N Range 1 W - TPN 998 002 001 8. EXISTING CONDITIONS New Site: Yes No X Number of Parcels: 3 Addition to Existing Site: Yes X No Total Project Acreage (if different): Range: Acres to Be Acquired: 1.4 Current Zoning: R1 Existing Structures/Facilities: None Any current covenants, easements or restrictions on land use: NA Current Use: Vacant Land, floodplain and trail corridor Waterfront (name of body of water): nla Shoreline (linear feet); nla Owner TidelandslShorelands: nla 9. Current Property Owner X is _is not a willing seller. 2 2014 Conservation Futures Application and Score Sheet Project Description 10. In 1000 words or less, provide a summary description of the project, the match, overarching goal, and three top objectives. Include information about the physical characteristics of the site that is proposed for acquisition with Conservation Futures Program funds including: vegetation, topography, surrounding land use, and relationship to parks, trails, and open space. Describe the use planned for the site, any development plans after acquisition (including passive development), characteristics of the site which demonstrate that it is well- suited to the proposed use, and plans for any structures currently on the site. If applicable, describe how the site relates to the larger project, and whether the project has a plan, schedule and funding dedicated to its completion. Please also list any important milestones for the project or critical dates, e.g, grant deadlines. List the dates and explain their importance. Please attach a spreadsheet of the budget. The City of Port Townsend, Jefferson Land Trust and Jefferson County have been working with the community since the mid 1990's to protect a ribbon of green across the Quimper Peninsula, connecting a series of wetlands, mature native forest and floodplains that provide habitat for over 200 bird species, amphibians and mammals. The 3'/2 mile Quimper Wildlife Corridor stretches from Middlepoint to Fort Worden State Park and has a high diversity of habitat and wildlife species, qualifying as a priority habitat under the Washington Department of Fish and Wildlife Priority Habitat and Species Program. It also provides recreational opportunities for community members and visitors on the many trails that weave through the forested habitats of the corridor and adjacent Cappy's Woods area. Much of the area containing the corridor was platted into 50 x 100 lots in the 1880`s and development pressures in certain areas are high. Over the nearly 20 years that the project has been underway, project partners have been steadily preserving the puzzle pieces of the corridor, as landowners choose to donate or sell parcels to the effort. Community contributions, Jefferson County Conservation Futures Funding, state and federal grants have been critical to the corridor preservation effort. The City of Port Townsend and Jefferson Land Trust are proposing the purchase of two properties, each consisting of 4 platted parcels in two areas of the corridor. As part of required match, another additional forested trail and wetland buffer property will be donated to the City for permanent protection. Parcel 1 includes four forested lots located on the corner of East Sapphire Street and is currently listed for sale through John L Scott. A significant portion of the property is shown as 100 -year flood plain on the City's critical area maps, and the presence of wetland vegetation is confirmation. The property provides an important link between the City owned Quaking Aspen Wetland to the east and City owned floodplain property to the west. The floodplain habitat of the property would be compromised if the remaining portion were to be developed. Parcel 2 is located directly north and adjacent to wetland and wetland buffer properties preserved through Jefferson Land Trust and the City. The landowner contacted Jefferson Land Trust and has offered to sell her property below the market rate. This parcel is significant for preservation due to the mature forest habitat and recreational trail used by many local residents. The parcel being donated as match is adjacent to the Quaking Aspen Wetland and provides buffer habitat to the wetland and a major trail corridor with Cappy's Woods that has been recognized by the City as important to protect for current and future recreational use. All properties proposed for acquisition will be maintained as native 3 201'4 Conservation Fiazires Applicc-tion and Score Sheet forested habitat. All of the match for the Conservation Futures proposal is in hand and consists of the property donations mentioned above, as well as community contributions collected by Jefferson Land Trust. The three top objectives for this project are: 1 j Acquire high priority threatened properties from the willing sellers. 2) Utilize adjacent donated parcel and bargain sale value as match 3) Permanently protect the properties as wild open space in partnership between the City of Port Townsend and Jefferson Land Trust, With Conservation Futures grant funds in hand, the acquisitions should be complete by Fall of 2014. 11. Estimate costs below, including the estimated or appraised value of the properties) or property right(s) to be acquired, even if Conservation Futures funds will only cover a portion of the total project cost. In the case of projects involving multiple acquisitions, please break out appraisals and estimated acquisition costs by parcel. a. Estimated or Appraised Value of Propert(ies) to be Acquired: Parcel 1 — $34,000 (list price is $24,900) Parcel 2 — $42,000 tasking price of $25,000) Match parcel - $12,000 Total value - $88,000 b. Total Estimated Acquisition - related Cost (see Conservation Futures Manual for eligible costs): Parcel 1 - $600 Parcel 2 - $1,700 Match Parcel - $300 Project Management and legal - $5,000 Total Acquisition Related costs - $7,600 c. Total Operation and Maintenance Cost: $5,000 d. Total Project Cost: $100,600 Basis for Estimates (include information about how the property values) was determined, anticipated acquisition - related costs, general description of operation and maintenance work to be performed, task list with itemized budget, and anticipated schedule for completion of work): The cost estimates are based on an appraisal conducted by Judy Maves -Klatt of MK Appraisal on February 27th, 2014, of the two properties proposed for acquisition as well as the match parcel. Parcel 1 was valued at $34,000. Parcel 2 was valued at $42,000. The appraised value of the parcel 4 2014 Conservation Futures Application and Score Sheet being donated as match is $12,000. In addition, the asking price for Parcel 1 is $24,900 and Parcel 2 is $25,000, therefore there is additional land match in the amount of $201,100. Anticipated project related costs include; appraisals, title insurance and closing costs, taxes and recording fees, project management. At this time, Jefferson Land Trust will be covering the costs associated with operations and Maintenance and that amount of $5,040 has been included in the total project cost. The acquisition is anticipated to be complete before the end of 2014. See attached Project Cost Table I a. Sponsor or other organizations X will will not contribute to acquisition of proposed site and/or operation and maintenance activities. b. If applicable, please describe below how contributions from groups or agencies will reduce the need to use Conservation Futures program funds. As the sponsor organization, Jefferson Land Trust will be coordinating the contribution of the donated adjacent land, as well as cash contributions that community members have made to the project through a capital campaign.. c. Matching Fund Estimate Conservation Futures Funds Requested Matching Funds/Resources* Total Project Acquisition Cost Acquisition O&M % 132,500 0 32% $63,100 $5,000 68% $95,600 +5,000 100% * If a prior acquisition is being proposed as match, please describe and provide documentation of value, location, date of acquisition and other information that would directly link the match to the property being considered for acquisition. d. Source of matching funds /resources Land Value Amount of Contribution contribution approved? X38,100 Yes No Community Contributions 3$ 0,000 Yes No Yes No $ Yes No If not, Contribution If not, when? available now? when? Yes No Yes No Yes No Yes No NOTE; Matching funds are strongly recommended and a higher rating will be assigned to those projects that guarantee additional resources for acquisition. Donation of property or a property right will be considered as a matching resource. Donation of resources for on -going maintenance or stewardship ( "in- kind" contributions) are not eligible as a match. 2 a. Sponsoring agency X is _is not prepared to provide long -term stewardship (maintenance, up -keep, etc.) for the proposed project site. 5 20,14 conservation Factures Application anal Score Shea The City and Jefferson Land Trust anticipate a stewardship program of annual monitoring to insure that the properties remain forever wild, that no building or development has occurred, that no trash has accumulated, and that no noxious weeds have invaded the property, Jefferson Land Trust staff and trained community volunteers and neighbors will conduct monitoring, maintenance and restoration efforts and are already monitoring adjacent properties. The Land Trust relies on trained professionals, including habitat biologists, foresters and others as appropriate. b. Describe any existing programs or future plans for stewardship of the property, including the nature and extent of the commitment of resources to carry out the stewardship plan. The Land Trust will conduct stewardship, monitoring and maintenance of the properties along with the rest of the Quimper Wildlife Corridor according to the Quimper Wildlife Corridor Management Plan (City of Port Townsend Ordinance 2976). The Land Trust's stewardship program includes annual monitoring (at least) of protected properties and easements, upkeep and maintenance (trash removal, signage, invasive plant control) and restoration efforts (tree planting, trail building, etc.) Jefferson Land Trust will conduct at least annual monitoring of the property by professional staff and trained volunteers, extensive data collection and management, help with stewardship, enhancement and restoration goals and legal defense of the conservation easements should it become necessary. Jefferson Land Trust has a legal defense fund of nearly $420,000 and continues to build this fund with each new easement acquisition, recognizing the legal obligation and responsibility of protecting conservation values in perpetuity. For several years now Jefferson Land Trust has coordinated an exciting opportunity for community members to deepen their engagement with our local landscape. The Northwest Naturalists Program trains participants over an 8 week period in wetland ecology, plant and animal identification, geology, wildlife tracking and other topics. Each year several participants have committed to being preserve stewards for protected properties, including the QWC. The program has also resulted in a Natural History Society that offers natural history presentations on a regular basis. 3 a. Describe the sponsoring agency's previous or on -going stewardship experience. Jefferson Land Trust continues to implement a rigorous stewardship program for the roughly 12,300 acres it currently stewards in Jefferson County. These stewardship obligations include properties protected with 54 conservation easements, Jefferson Land Trust preserves and land owned by partner organizations and agencies such as Washington State Parks, Jefferson County, the City, Washington Department of Natural Resources and the Hoh River Trust. The Land Trust is the only local organization or agency that has a monitoring and stewardship program for conservation easements and preserved properties, developed with the guidance of The Land Trust Alliance and utilized effectively for 25 years. As an example, over the last year Jefferson Land Trust worked with many community volunteers, Chimacum students and Port Townsend High School students, and partner organizations like North Olympic Salmon Coalition and the Jefferson County Conservation District to replant and restore salmon habitat on Chimacum Creek and Snow Creek. These stewardship projects provide students and folks of all ages the opportunity to get on the land, learn about salmon life cycles and make improvements in the habitat so critical for the salmon survival. 2 2014 Conservation Futures application and Score Sheet b. Has the sponsor and/or applicant of this project been involved in other projects previously approved for Conservation Futures funding? No, neither the sponsor nor applicant has been involved in a project previously approved for Conservation Futures funds. X Yes, the sponsor and /or applicant for this project has been involved in a project previously approved for Conservation Futures funds. Please provide details. Jefferson Land Trust has been the sponsor organization on numerous applications that have received Conservation Futures funds, and has also been the applicant on a number of applications as well. These projects include: Sunfield Farm, 2003; Quimper Wildlife Corridor, 2004; East Tarboo Creek Conservation Project, 2005; Tamanowas Rock Phase 1, 2006; the Winona Buffer Project, 2006; Glendale Farm, 2007; Finnriver Farm, 2008; Quimper Wildlife Corridor, 2009; Brawn Dairy, 2009; Salmon Creek Ruck 2014, Quimper Wildlife Corridor 2010; Tamanowas Rock 2010; Chimacum Creek Carleson 2011; Winona Basin - Bloedei 2011; L. Brown 2012, Boulton Farm 2012, Short Family Farm and Winona Basin - Bloedel Phase 11 2013. Jefferson Land Trust involvement was only made possible by the landowners interested in preserving the conservation values of their properties, either through outright sale, sale of conservation easements and donation of either as match. Community support and other public funding sources as match have also been a demonstration of the value of the approved projects. 4 a. Property X can _cannot feasibly be acquired in a timely fashion with available resources. b. Necessary commitments and agreements Xare _are not in place. c. All parties X are —are not in agreement on the cost of acquisition. If "not " to any of the above, please explain below. Landowners are willing sellers. Matching resources of cash and land donation value are currently available for purchase of the parcels proposed for acquisition. 5. The proposed acquisition X is specifically identified in an adopted open space, conservation, or resource preservation program or plan, or community conservation effort. Please describe below, including the site's importance to the plan. Please reference the website of the plan if available or include the playa with this application. _complements an adopted open space or conservation plan, but is not specifically identified. Please describe below, and describe how the proposed acquisition is consistent with the plan, —is a stand -alone project. The properties proposed for acquisition were indicated in the Quimper Wildlife Corridor Management Plan that was adopted by the City of Part Townsend on May 19, 2008, Ordinance 2967. This management plan is available at the City's website, http:// www ,cityofpt.us /dsd /planning.asp. The entire Quimper Wildlife Corridor lies in the area recognized in Jefferson County's Comprehensive Plan map as Parks, Recreation Areas, Conservation Easements and Areas for Future Cooperative Preservation Efforts. It is also recognized in the City of Port Townsend Comprehensive Plan, and the Parks and Open Space Plan. The Land Trust, the City of Port Townsend, Jefferson County, state 7 2014 Conservation Futures application and Score Sheet agencies, the local Audubon and Native Plant Society Chapter, and US Fish & Wildlife have been partnering on the project since the mid 1990's. These parcels have been identified in the acquisition priorities of the project since the beginning due to the wetland, floodplain, buffer and upland forest values, http:/1 www. co. jefferson .wa.us /idms /pdfs /parks99.pdf Jefferson Land Trust's Conservation Plan for Jefferson County, prepared with the input of many community members and adopted in 2010 specifically identifies the Quimper Wildlife Corridor. The plan is located on the Jefferson Land Trust website at www.saveland.org. 6. Conservation Opportunity or Threat: a. The proposed acquisition site X does `does not provide a conservation or preservation opportunity which would otherwise be lost or threatened. b. If applicable, please carefully describe the nature and immediacy of the opportunity or threat, and any unique qualities about the site. The City and Jefferson Land Trust have been attempting to acquire Parcel 1 for nearly 20 years and landowners finally listed the property in this last year. The landowner of Parcel 2 is eager to sell her property and neighbors and the land owner herself are most interested in seeing the property preserved for habitat and trail access as part of the QWC. 7. The proposed acquisition: X provides habitat for State of Washington Priority Habitat and/or State or Federal Threatened, Endangered or Sensitive species. X provides habitat for a variety of native flora or fauna species. X contributes to an existing or future wildlife corridor or migration route. If affirmative in any of the above, please describe below, and cite or provide documentation of species ' use. 1 The QWC provides critical habitat in an area of looming urban development and is home to a wide variety of flora and fauna, from the humble rough - skinned newt and Calypso orchid to nearly 200 bird species and numerous small and large mammals. Protection Island, located just offshore of the western end of the corridor, is a National Wildlife Refuge and home to nearly seventy percent of the seabirds that nest and breed in all of Puget Sound. Washington Department of Wildlife and the local Audubon Society have identified several state priority species in the QWC that are sensitive, threatened or listed. These include: Bald eagle, Peregrine Falcon, Wood duck, Great Slue Heron, Pileated Woodpecker, Band- Tailed Pigeon, Merlin, Olive Sided Flycatcher, black tailed deer, and bob cat. The corridor allows these species and others the safety of cover to move between wetland and forest ecosystems. 8 a. Describe the extent and nature of current and planned agricultural use of the proposed acquisition, including any anticipated changes to that use once the property, or property right, is acquired with Conservation Futures funds. ' See, for example, http:// www.dnr.wa.gov /researchscience/ topics /naturalheritage /pages /amp_nh.asox hltp://www.wdfw.wa.gov/conservation/phs/list/ http://wwwl.dnr.wa.gov/nhp/refdesk/Dlants.htmi http://ww-wl.dnr.wa.gov/nhD/refdesk/pubs/wa ecological s stems. df 8 2014 Consenation Futures Application and Score Sheet Not applicable b. Describe any participation by the current property owner in any other agricultural land conservation programs, including the program and nature of the involvement. Not applicable 9. Describe how the proposed acquisition benefits primarily a ,local area X broad county area including the area served, the nature of the benefit, the jurisdictions involved, and the populations served. Protection of the wetland, buffer and floodplain habitats of the QWC provides particular benefits to local residents in that it provides storm -water filtration and floodplain retention. In general, however, protection of the QWC habitats provides benefits not only to residents of Port Townsend and surrounding county areas, but also to the many visitors to our area. The corridor is used extensively for passive recreation by the community and visitors who enjoy walking the trails, bike riding and horseback riding. The wetlands and forests of the corridor provide education opportunities for all, and have been field classrooms for the Cedar Root School, the international Cyber Tracking Program, Native Plant Society, Jefferson County Master Gardeners, Audubon members conducting annual Christmas bird counts, and numerous local public and private school students. Realtors from all over the region taking continuing educational courses at WSU have participated in corridor field trips to understand wetland ecology. The bike trails of the corridor were identified in a national mountain bike magazine. Land Trust volunteers continue to conduct regular educational tours to various parts of the corridor as part of our ongoing community outreach efforts. 10. Describe the educational or interpretive opportunities that exist for providing public access, educational or interpretive displays (signage, kiosks, etc.) on the proposed site, including any plans to provide those improvements and any plans for public accessibility.2 The QWC and neighboring Cappy's Woods provide an extensive network of trails within the City of Port Townsend and out into Jefferson County. In fact, it is possible to walk from McCurdy Point on the west end of the corridor to Fort Worden State Park with very few road crossings! The City Non- Motorized Advisory Board and community volunteers conduct regular trail maintenance efforts in the QWC. Recently location signage was placed in key trail locations in the corridor. Land Trust volunteers are creating interpretive displays that will provide visitors to the corridor an understanding of the function of the corridor, as well directing people away from the more sensitive habitat areas. 11. The proposed acquisition _ includes historic or culturally significant resources and is registered with the National Register of Historic Places, or an equivalent program. is recognized locally has having historic or cultural resources. is adjacent to and provides a buffer for a historic or cultural site. 2 The words "education" and "interpretation" are interpreted broadly by the CF Committee. I Cultural resources means archeological and historic sites and artifacts, and traditional religious ceremonial and social uses and activities of affected Indian Tribes and mandatory protections of resources under chapters 27.44 and 27.53 RCW. 9 2014 Conservation Futures Application and Scare Sheet If affirmative in any of the above, please describe below, and cite or provide documentation of the historical or cultural resources. Not applicable 12a. Describe the extent and nature of current and planned silvicultural use of the proposed acquisition. Please cite or provide documentation of existing or planned silvicultural activities including forest management plans) or forest ecosystem restoration. None planned b. Describe any participation by current property owner in silviculture conservation programs, including the program and nature of the involvement. None planned Verification 13. Sponsors of applications that are approved for funding by the Board of County Commissioners are required to submit a brief progress report by October 30 every year for three years after the award is approved, or three years after the acquisition funds are disbursed to the applicant, whichever is later. The progress report must address any changes in the project focus or purpose, progress in obtaining matching funding, and stewardship and maintenance. Sponsors receiving O&M funds will also submit an annual report for each year that O&M funds are expended. The Committee will use the information to develop a project "report card" that will be submitted annually to the Board of County Commissioners. If this application is approved for funding, I understand the sponsor is required to submit progress reports for three years and for any year in which O&M funds are expended. Initials- ' I Date 14. If, three years after the date funding is approved by the Board of County Commissioners, the applicants have not obtained the required matching funds, the Committee may request the Board of County Commissioners to nullify their approval of funds, and may require the project to re- apply. If this application is approved for funding, I understand that we may be required to re- submit the application if the project sponsor does not obtain the necessary matching funding within three years. S Initials `' 3 JJL f ' Date 10 Quimper Wildlife Corridor 2014 Conservation Futures Program Acquisition Application Project related costs and O &M Tinteline Est. Cost Land to be acquired Fall 2014 $88,000 Appraisal February 2014 $904 itie insurance and closing costs, taxes, etc Fall 2014 $1,700 Project Management, Admin and legal fees Fall 2014 $5,000 &M (JLT) ngoing $5,000 February 22, 2014 To: Jefferson County Conservation Futures Advisory Committee Members: I own four city lots adjacent to the Quimper Wildlife Corridor, parcel #Prop I.D. 34927 (or Tax Parcel 972901402.) I approached Jefferson Land Trust about selling my property, and they have expressed interest in preserving these lots. We hope you will be able to contribute funds to help complete this purchase. I have been a supporter of the Land Trust for many years, and am delighted to be able to offer this land for preservation at well below its market value. This property is adjacent to Land Trust and City -owned property. There is a significant wetland adjacent to the property. Croce these lots are preserved, they will strengthen the Quimper Wildlife Corridor as it runs from Fort Worden, through the North Beach neighborhood, and out to Winona and the Levinski Wetlands. All four lots are wooded, and two of them feature mature cedars and Douglas fir trees. These trees are at least 124 years old. Pileated woodpeckers, coyotes, owls, raccoons, and many other native species roam regularly through these woods. After these four lots are preserved, no city streets will need to be opened in the surrounding few blocks. This means an additional 50 by 200 foot buffer all around the lots will never be developed. There is currently a non - motorized vehicle footpath running past these lots. (It runs along what would be 42nd street, from Jackman street all the way through to Hendricks street.) Many county citizens use this footpath. People love this area, and feel blessed to be able to walk through old growth forest while still within the city limits of Port Townsend. North Beach neighbors who live near this property have already pledged financial contributions (to the Land Trust) dedicated to preserving this property. A grant from your funding pool will ensure that the property is purchased, and preserved forever. There is very little of this untouched forest left in Port Townsend, so I will feel thrilled and grateful once this property is saved for future generations to enjoy. Thank you in advance for your consideration. e,,.. February 27, 2014 Jefferson Land Trust 1033 Lawrence Street Port Townsend, WA 98368 Re: Heikes property This letter is to indicate the landowner's willingness to sell the following parcels of land: Tax Parcel Number: 951 904 603, Fowler's Park Addition, Block 46, Lots It - 14. We understand that purchase of this land is contingent on funding from the Jefferson County Conservation Futures Program. Signed, Bill PUr ,Listing Agent John L Scott Realty 2219 West Sims Way port Townsend, WA 98368 (360) 385 -4115 I Ll Ge������ Matrix Cross Property Full Thomas & E.Sapphire St, Port Townsend 98368 MLS#: 475546 StatuS: Active CDOW 314 Area; 480 - Port Townsend County: 3efferson Agent., Office: Comm Lot Size: Elementary: Snr High: List Dt' Map Book. owner Hm: Agent Rmks: Directions: Map Link: Internet Ad: Own City /St: Ann Taxes: First Refusal: Zone Class: Possession: Terms: Restrict: Septic Inst: Lot ToplVeg Water: Sewer: Waterfront:. Road Info: Lot 005: Prop Feat. Recent: Page 1 o F 1 Lr $24,900 QLP: ;39,500 Remarks 4 City lots corner East Sapphire and Thomas In Bell / Mason Street area I 2 sites] 10,000 sci ft each- -Sewer on last Sapphire and Thomas- -water main across [north side] of Sapphire . -Power & phone on East Sapphire -- heavily treed with Fir & Cedar -- level- -does not appear to be wet - -at east end of pavement on East Sapphire http :llw,,"v. matrix. nwmis. com/ Matrixll' rintingIPrintOptions .aspx` ?c= AAEAAAU * * * * *A... 2/27,12014 Agent /Oftere Information — " -- -- Bill Perko Agent Ph: (360) 385 -4115 x561 (Office) xghn_L,.,ScultLl? :..7.5�1n±r?.s L?g! Office Ph: (360) 385 -4115 x561 S Entered By. General information - -- - ,459 ac /20,000 sf Price/Lot SF: #1.25 Grant Street Elem Jr High: Blue Heron Mid Port Townsend High School D: Port Townsend *50 04/1912013 Entry Dt: 04119/2013 Exp Dt: 12/31/2014 GMG1RRunner - Jeff Gd/Map: A3. 02 Lot #: 11 -14 Heikes Own Ph: (206) 364 -5129 TaxlD: 951 904 603 check with City of PT for infrastructure requirements 49th to Bell st- -south to East Sapphire- -east to end of pavement - -thru gate - -lots on right south] Scctlo�i Above price Yes Bank/REO: No Prim Ttl- No 3rd Pity: None Yes Pro Slog: Yes Allow Vi: Yes Show Pub: Yes Maple valley, Wa SubD /Prj: Fowiees Park _. Listing Informal :Ian $6S Tax Year: 2013 Sketch! Yes Form 17: Provided No HOA Dues Incl., Residential Zone Sur. City Ctosing Style Cd: 40- Res -Less thn 1 Ac Cash Out NO Manufacturd Homes - -- . ............ ........... Site ln€ r ation ... ... u aed5 Aa -: Rprts/Docs: Level improv: Available Electricity: Available In Street Gas: Not Available County Right of Way Corner Lot Heavily Forested 02/27/2014 : $ Reduced : $40K -]$25K http :llw,,"v. matrix. nwmis. com/ Matrixll' rintingIPrintOptions .aspx` ?c= AAEAAAU * * * * *A... 2/27,12014 3 v 41 eo p. (D C) Q 4 04 § N) c 1A CL OD Q +�� 'C o 4 'X h K (D v CX wl 03 [q�' V o 5_ A 5 Co 4 �1 O Qo Q-0 q n co tx lb o. � cry H O L 1D H 0 r a� a 4 N COO !z 0-" N ' W (D N CS O 0 v Q L T W j 0 v -n a Q a? 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Q Q � L � y G fl � n ro N O ^r^,, Q N (n a TI h] 0 O Q . w iD N -0 ❑ a N • v � Aq'' � g Q W C, Q C 41 v O .2 ❑ 0) N 3 rIi Q N ❑ ro 3• CL C) 0 v rM V + .0 V ;8 � s♦ . r « i • •• # #YrY Ry 14 ♦ +• +•f•• ♦•r •nAPY y A•eR.r # #•i# • ♦r P4�Y • ♦Rai }f ♦•n #••••o #! °R # + +* P e (!7 Beli St Magn-661st 0 6 N � m p T m D f1 D Q. r r v R• A•• i i #• i •� •• +•ip•Y #t YEA #e; i. #} v cwifR�A• N ♦ ♦iR ♦ # *•� # lily ♦.••v «• #. #,,P rim Boa �•#re ! ## Rf Y r #ws mg v vv •## •s••}s••i•r !!sR dk • v.i.f .i. 1 ro �_ m y 3 fa 0 6 N � m p T m D f1 D Q. QUIMPER WILDLIFE CORRIDOR CONSERVATION FUTURES FUNDS ILLUSTRATIONS - 2014 Habitat snag - Parcel 1 Facing west looking into Parcel 1 Wetland plants - Parcel 1 Facing east - Parcel 2 Xr r Traii facing west - Parcel 2 v r � s d'. Facing - Match Parcel '"k t JEFFERSON LAND TR UST AND SUBSIDIARY Consolidated Financial Statements For the Year Ended December 31, 2012 Table of Contents Independent Auditors' Report Consolidated Financial Statements: Consolidated Statement of Financial Position Consolidated Statement of Activities Consolidated Statement of Cash Flows Notes to Consolidated Financial Statements Supplementary Information: Consolidated Schedule of Functional Expenses Page 1 -2 3 4 5 6 -18 19 Independent Auditors' Report Board of Directors Jefferson Land Trust and Subsidiary Certified Public Port Townsend, Washington Accountants We have audited the accompanying consolidated financial statements of Jefferson Land Trust and and Consultants Subsidiary (collectively, JLT, a nonprofit organization), which comprise the consolidated statement of financial position as of December 31, 2012, and the related consolidated statements of activities and changes in net assets and cash flows for the year then ended, and the related notes to the financial statements. Management's Responsibility, for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. L I 1 MI Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of JILT as of December 31, 2012, and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United Certified Public States of America. Accountants Report on Summarized Comparative Information and Consultants We have previously audited JLT's 2011 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated April 3, 2012. In our opinion, the summarized comparative information presented herein as of and for the year ended December 31, 2011, is consistent, in all material respects, with the audited financial statements from which it has been derived. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The consolidated schedule of functional expenses is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the Financial statements as a whole. ce ps Certified Public Accountants March 19, 2013 -2- JEFFERSON LAND TR UST AND SUBSIDIARY Consolidated Statement of Financial Position December 31, 2012 (With Comparative Totals for 2011) Assets Cash and equivalents $ 333,764 $ 284,193 Investments (Note 2) 467,802 459,277 Accounts receivable 66,205 51,840 Pledges receivable (Note 3) 515,020 484,224 Note receivable (Note 4) 78,391 81,803 Prepaid expenses 1,479 1,679 Land, conservation easements, and purchase options - Habitat land 930,937 660,437 Working land 25,048 25,048 open space land 263,832 256,332 Conservation easements 49 47 Land held for sale 600,000 Total land, conservation easements, and purchase options (Note 5) 1,219,866 1,541,864 Furniture and equipment, net of accumulated depreciation of $15,798 (2011 - $12,996) 8,869 11,671 Total Assets $ 2,691,396 $ 2,916,551 Liabilities and Net Assets Accounts payable $ 8,810 $ 8,863 Accrued expenses and deferred revenue 53,433 49,676 Purchase option received 120,000 Longterm debt (Note 6) 444,000 Total Liabilities 62,243 622,539 Net Assets: Unrestricted (Note 9 )- Undesignated 682,369 180,220 Board designated 1,219,866 1,421,864 Total unrestricted net assets 11902,235 1,602,084 Temporarily restricted (Note 10) 691,453 660,932 Permanently restricted (Note 11) 35,465 30,996 Total Net Assets 2,629,153 2,294,412 Total Liabilities and Net Assets $ 2,691,396 $ 2,916,551 See accompanying notes. -3- JEFFERSON LAND TRUST AND SUBSIDIARY Consolidated Statement of Activities For the Year Ended December 31, 2012 (With Comparative Totals for 2011) See accompanying motes. -4- Temporarily Permanently Unrestricted Restricted Restricted 3012 Total 2011 Total Revenue and Gains: Gifts and contributions $ 82,576 $ 295,358 $ 4,469 $ 382,403 $ 347,156 Fair value of easement acquisitions 537,304 537,304 239,500 Grants and contracts 763,539 763,539 324,687 Special events income, net of net of expenses of $22,291 (2011 - $34,726) 105,748 105,748 87,260 Net investment return (Note 2) 12,895 12,895 8,118 Rental income 17,6$5 Release from restriction (Note 10) 264,837 (264,837) Total Revenue and Gains 1,766,899 36,521 4,469 1,801,889 1,024,406 Expenses: Program 1,281,690 1,281,690 781,209 General and administrative 98,117 98,117 93,392 Fundraising 86,941 86,941 70,864 Total Expenses 1,466,748 1,466,748 945,465 Change in Net Assets 300,151 30,521 4,469 335,141 78,941 Net assets, beginning of year 1,602,084 660,932 30,996 2,294,012 2,215,071 Net Assets, End of Year $ 1,902,235 $ 691,453 $ 35,465 $ 2,629,153 $ 2,294,012 See accompanying motes. -4- JEFFERSON LAND TRUST AND SUBSIDIARY Consolidated Statement of Cash Flows For the Year Ended December 31, 2012 (With Comparative Totals for 2011) See accompanying notes. -S- 2012 2011 Cash Flows from Operating Activities: Change in net assets 335,141 $ 78,941 Adjustments to reconcile change in net assets to net cash provided by operating activities - Depreciation 2,802 2,099 Realized and unrealized (gain) loss on investments (3,828) 5,467 Imputed interest expense 36,000 Write down of land value due to conservation easement 24,999 Donated stocks received (32,735) Donated land received (20,004) Pledge of donated land (15,000) Changes in assets and liabilities: Accounts receivable (14,365) 24,452 Pledges receivable (45,796) 29,804 Prepaid expenses 200 668 Accounts payable (53) (25,864) Accrued expenses and deferred revenue 3,757 1,338 Net Cash Provided by Operating Activities 313,658 74,169 Cash Flows from investing Activities: Purchases of investments (106,639) (239,957) Proceeds from sale of investments 101,942 119,995 Proceeds from note receivable 3,412 3,251 Purchases of land and land purchase option (263,002) (174,186) Proceeds from sale of land 480,000 308,760 Sale of purchase options 52,500 Purchases of furniture and equipment _ (7,847 Net Cash Provided (Used) by Investing Activities 215,713 62,716 Cash Flows from Financing Activities: Payments on long -term debt (480,000) (213,024) Net Cash Used by Financing Activities (480,OOOy (213,024) Net Change in Cash and Cash Equivalents 49,571 (76,139) Cash balance, beginning of year 284,193 360,332 Cash Balance, End of Year $ 333,764 $ 284,193 Supplemental Disclosure of Cash Flow Information: Cash paid for interest $ 2,567 $ 18,367 See accompanying notes. -S- JEFFERSON LAND TRUSTAND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note I - Organization and Summary of Significant Accounting Policies Organization - Jefferson Land Trust (the Land Trust) is a Washington nonprofit corporation, formed on April 7, 1989, The Land Trust's purpose is to acquire, preserve and manage open space lands and easements for land conservation purposes benefitting the public. The Land Trust also provides information and materials to the public on land conservation issues. The Land Trust serves Jefferson County on the Olympic Peninsula in Washington. The Land Trust has been accredited by the national Land Trust Alliance since August 5, 2009. On September 5, 2007, JLT Resources, LLC was formed with the Land Trust as its only member, JLT Resources, LLC was formed for the purpose of purchasing and holding land for conservation purposes. Principles of Consolidation - These financial statements consolidate the statements of Jefferson Land Trust and JLT Resources, LLC {collectively, "JLT" }. Inter - organization balances and transactions have been eliminated in consolidation. Basis of Accounting - The consolidated financial statements of JLT have been prepared on the accrual basis of accounting. Basis of Presentation - Net assets, revenues, expenses, gains and losses are classified based on the existence or absence of donor - imposed restrictions. Accordingly, the net assets of JLT and changes therein are classified and reported as follows: Unrestricted Net Assets - Include all net assets on which there are no donor - imposed restrictions for use, or on which donor - imposed restrictions were temporary and have expired. Temporarily Restricted Net Assets - Include all net assets subject to donor - imposed restrictions that will be met either by actions of JLT or the passage of time. Permanently Restricted Net Assets - Include all net assets received by donations wherein the donors impose a permanent restriction on the use of the gift. The donors require the gift to be invested and only the income from such investments may be used to support the intended cause. All donor- restricted support is reported as increases in temporarily or permanently restricted net assets, depending on the nature of the restriction. When restrictions expire (that is, when a stipulated time restriction ends or purpose restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the consolidated statement of activities as net assets released from restriction. Gifts of equipment are reported as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Gifts of long -lived assets with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire long -lived assets are reported as restricted support. Absent explicit donor stipulations about how long those long -lived assets must be maintained, expirations of donor restrictions are reported when the donated or acquired long -lived assets are placed in service. -6- JEFFERSON LAND TRUST AND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 1- Continued Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Gash and Equivalents - For reporting purposes, JLT considers all unrestricted highly liquid investments with a purchased maturity of three months or less to be cash equivalents. Concentrations - JLT maintains its cash in bank deposit accounts with two financial institutions. JLT's cash balances may, at times, exceed federally insured limits. One donor's pledge represented approximately 32% of pledges receivable, and the total of all pledges from board members represented approximately 41 % of pledges receivable at December 31, 2012. one donor's pledge represented approximately 14% of pledges receivable, and the total of all pledges from board members represented approximately 28% of pledges receivable at December 31, 2011. Investments - Investments in marketable securities with readily determinable fair values and all investments in debt securities are valued at their fair values in the consolidated statement of financial position. The carrying amount of the investment held in trust is determined by the trustee holding the securities. Unrealized gains and losses are included in the change in net assets. JLT has established a designated fund at Jefferson County Community Foundation. As JLT has designated itself as the beneficiary of the fund, the fund balance and activity are reported in the consolidated financial statements of JLT as required by GAAP. Accounts Receivable - Accounts receivable are stated at the amount management expects to Collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. Balances still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to trade accounts receivable. Grants and Contracts - JLT receives grants and contracts from federal, state, and local agencies, as well as from private organizations, to be used for specific programs or land purchases. The excess of grants receivable over reimbursable expenditures to -date is recorded as deferred revenue. Furniture and Equipment - Furniture and equipment are capitalized at cost if purchased, or, if donated, at the approximate fair value at the date of donation. When retired or otherwise disposed of, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference, less any amount realized from disposition, is reflected in earnings. Maintenance and repairs are charged to expenses as incurred. Costs of significant improvements are capitalized. JLT provides for depreciation using the straight -line method over the estimated useful lives of the assets of five to ten years. -, JEFFERSON LAND TRUST AND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 1- Continued Land and Easements - JLT records acquisitions of land at cost if purchased. Land acquired through donation is recorded at fair value, with fair values generally based on independent professional appraisals. These assets fall into four primary categories: Conservation Lands - Real property with significant ecological value for habitat, open space, or working lands. Stewardship programs of JLT manage these properties to protect the natural biological diversity of the property. JLT manages its working timberland as a Forest Stewardship Council - Certified, managed forest. Conservation Easements - Voluntary legal agreements between a landowner and a land trust or government agency to permanently protect the identified natural features and conservation values of the property. These easements may be sold or transferred to others so long as the assignee agrees to carry out, in perpetuity, the conservation purposes intended by the original grantor. Conservation easements owned by JLT protect habitat, open space and working lands, such as family farms, through its stewardship programs. Easements acquired represent numerous restrictions over the use and development of land not owned by JLT. Since the benefits of such easements accrue to the public upon acquisition, the fair market value of easements acquired is shown in the year of acquisition as an addition to net assets to record the donation of the easement, and unless conveyed to a public agency for consideration, shown as a reduction in net assets to record the value of the public's benefit and to recognize that these easements have no marketable value once severed from the land and held by JLT_ Easements held by JLT are carried on the consolidated statement of financial position at $1 each for tracking and accounting purposes. Two easements valued at $337,304 in total were donated to JLT during the year ended December 31, 2012, One other easement was modified during the year ended December 31, 2012, resulting in an increased value of $200,000. Accordingly, $537,344 of contribution revenue and $537,302 of related write down expense have been reported on the consolidated statement of activities for the year ended December 31, 2012. Land Held for Sale - At December 31, 2011, JLT owned one property, Tamanowas Rock Sanctuary, to be sold in the near future under prearranged agreements with the potential owner. Tamanowas Rock Sanctuary was purchased by JLT with the help of the Jamestown S'Klallam Tribe and a low interest loan from the Sullitt Foundation (Note 6). The Jamestown S'Klallam Tribe purchased an option on the property in 2449 which was exercised in December 2012. The Tribe donated a conservation easement on the property to JLT in 2012 as the intention of the Tribe is to protect the property in perpetuity for both habitat and cultural purposes. Tamanowas Rock Sanctuary has a long history of cultural ties to the Jamestown S'Klallam Tribe. Land Purchase Option - At December 31, 2010, JLT had $52,504 invested in purchase options for Chimacum Dairy, a historic dairy farm in the Chimacum Valley. These options were sold at cost during the year ended December 31, 2011, when a group of conservation investors bought the farm, they reimbursed JLT for the purchase option amount and entered into a long term lease with a local creamery in Jefferson County. JLT continues to hold a conservation easement on the property for working farm and habitat purposes. The group of conservation investors includes related parties to JLT. -8- JEFFERSON LAND TRUST AND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 1- Continued Purchase Option Received - In 2009, JLT purchased the Tamanowas Rock Sanctuary with the help of the Jamestown S'Klallam Tribe and a low interest loan from the Sullitt Foundation (Note 6). The Jamestown S'Klallam Tribe paid $120,990 to JLT in 2009 for an option to purchase the property which was exercised in 2012. Federal Income Taxes - The Internal Revenue Service has determined Jefferson Land Trust and JLT Resources, LLC (a disregarded entity) to be exempt from federal income taxes under Internal Revenue Code Section 501(c)(3). Contributions to JLT are deductible as allowed under Section 170(b) (I)(A)(vi) of the Code. JLT files income tax returns with the U.S. government and is subject to income tax examinations for the current year and certain prior years based on the applicable laws and regulations. During the year ended December 31, 2012, the Land Trust elected the provisions of Section 501(h), relating to expenditures to influence legislation. Functional Allocation of Expenses - The costs of providing the various programs and other activities have been summarized on a functional basis in the consolidated statement of activities. Accordingly, certain costs have been allocated among the programs and supporting services benefited. Comparative Amounts for 2011 - The financial statements include certain prior -year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with GAAP. Accordingly, such information should be read in conjunction with JLT's financial statements for the year ended December 31, 2011, from which the summarized information was derived. Subsequent Events - JLT has evaluated subsequent events through March 19, 2013, the date on which the consolidated financial statements were available to be issued. Note 2 - Fair Value Measurements GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. To increase consistency and comparability in fair value measurements, GAAP uses a fair value hierarchy that prioritizes the inputs to valuation approaches into three broad levels. The hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). Valuation Techniques - Financial assets and liabilities valued using Level 1 inputs are based on unadjusted quoted market prices within active markets. Financial assets and liabilities valued using Level 2 inputs are based primarily on quoted prices for similar assets or liabilities in active or inactive markets. Financial assets and liabilities using Level 3 inputs are primarily valued using management's assumptions about the assumptions market participants would utilize in pricing the asset or liability. Valuation techniques utilized to determine fair value are consistently applied. -9- JEFFERSON LAND TRUST AND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 2 - Continued Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2012 or 2011. Mutual Funds - Valued at quoted market prices in active markets, which represent the net asset value (NAV) of shares held by AT at year -end. Funds Held at Jefferson County, Community Foundation - Valued using the NAV provided by the fund's manager. The NAV is based on the fair value of the underlying assets owned by the fund. These underlying assets are traded in active public markets with observable market data. There are no significant redemption restrictions or unfunded commitments on these investments. Fair Values Measured on a Recurring Basis - Fair values of investments measured on a recurring basis at December 31 were as follows; Fair !Value Measurements as of December 31, 2012 Level Level Level Total Mutual funds - Fixed income mutual fund $ 38,130 $ - $ - $ 38,130 Funds held at Jefferson County Community Foundation 59,339 59,339 Total Investments Held at Fair Value $ 38,130 $ - $ 59,339 $ 97,469 Certificates of deposit, held at cost plus accrued interest 370,333 Total Investments $ 467,802 -10- JEFFERSON LAND TRUST AND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 2 - Continued Mutual funds - Fixed income mutual fund Funds held at Jefferson County Community Foundation Total Investments Held at Fair Value Certificates of deposit, held at cost plus accrued interest Total Investments Fair Value Measurements as of December 31, 2011 Level Level Level Total $ 36,480 $ - $ - $ 36,480 56,085 56,085 $ 36,480 $ - $ 56,085 $ 92,565 366,712 $ 459,277 A reconciliation of the beginning and ending balances for fair value measurements made using significant unobservable inputs (Level 3) are as follows: Beginning balance at January 1 interest income Realized/unrealized gain (loss) Investment fees paid Withdrawals Ending Balance at December 31 investment return for the years ended December 31 consisted of the following: Interest income Realized /unrealized gain (loss) Investment fees _tf - 2012 2011 $ 56,085 $ 125,377 4,349 3,254 (5,122) (3,234) (65,285) 69,..339 $ 56,085 2012 2011 $ 9,289 $ 16,819 3,828 (5,467) 222) (3,234) $ 12.895 8,118 JEFFERSON LAND TRUSTAND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 3 - Pledges Receivable Pledges receivable at December 31 are to be received as follows: Less than one year Two to five years Thereafter Less discount to present value (0.6 %) Less allowance for uncollectible pledges Note 4 - Note Receivable 2012 2011 $ 191,458 $ 217,724 320,995 252,910 14,650 23,750 527,103 494,384 (6,301) (5,160) 5,782 (5,000) $ 615.020 484,224 On February 15, 2008, JLT granted a loan to an individual in relation to one of the pieces of conservation land owned by AT. AT received a promissory note in exchange. The promissory note is for the amount of $93,750 and is to be paid in monthly installments of approximately $600. The note matures on January 15, 2028, with an annual interest rate of 5 %. The note receivable at December 31 is to be received as follows: Less than one year Two to five years Thereafter -12- 2012 2011 $ 3,579 $ 3,405 20,838 15,454 53,974 62,944 78.391_; 81,803 JEFFERSON LAND TRUST AND SUBSIDIARY Notes to Consolidated Finaneial Statements For the Year Ended December 31, 2012 Note 5 - Land, Conservation Easements, and Purchase Options Land, conservation easements, and purchase options at December 31 are summarized as follows: Conservation lands - Quimper Wildlife Corridor Duckabush Oxbow Chimacum Creek Suliis Forest Preserve Kilham Comer Snow Creek Estuary Gateway Donovan Creek Conservation easements Land held for sale - Tamanowas Rock Sanctuary Note b - Long -Term Debt 2012 2011 $ 279,988 $ 264,987 180,000 180,000 280,159 160,160 125,240 125,240 38,930 38,930 86,000 86 „000 85,000 85,000 144,500 1,500 49 47 600,000 $ 1,219,866__ $ 1,541.864 On December 18, 2007, JLT entered into a loan agreement with a commercial lender in the amount of $226,110. The loan bore interest at 8.5 %, and was due in 60 monthly payments of principal and interest totaling $1,965, and a final principal payment of $200,809 on January 10, 2013. The loan was secured by the Red Dog Farm property and an Assignment of Rents from the lease described in Note 8. The underlying property was sold during the year ended December 31, 2011. At that time, this loan was paid off in full. On December 23, 2009, JLT entered into a promissory note in the face amount of $480,000 with a Washington nonprofit corporation to purchase the Tamanowas Rock Sanctuary property. The note is secured by the property. The note has a stated interest rate of 1 % and had a maturity date of December 31, 2011. When the loan proceeds were advanced, JLT recorded contribution revenue and a loan discount using an imputed interest rate of 8.5 %. During the year ended December 31, 2011, the note was extended through December 31, 2012, at the same interest terms as the original note. The discount on the loan was being amortized to interest expense over the life of the loan. Imputed interest expense of $36,000 was reported in the accompanying consolidated statement of activities for the years ended December 31, 2012 and 2011. The discounted amount due at December 31, 2011, was $444,000. During 2012, the Tamanowas Rock Sanctuary property was sold and the related debt was paid in full. -13- JEFFERSON LAND TR UST AND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 7 - Retirement Plan In 2010, JLT began a Simplified Employee Pension - Individual Retirement Accounts Contribution Benefit Plan ( "the Plan'). Eligible employees may join the Plan after one year of service. The total employer contribution for 2012 and 2011 was $4,760 and $5,298, respectively, and is included in employee benefits on the consolidated schedule of functional expenses. Note 8 - Lease Agreements On July 2, 2008, JLT entered into an operating lease as lessee for its administrative office in Port Townsend, Washington. The lease was renewed effective July 2010 and continued through June 2012. The agreement called for monthly payments of $1,412 plus utilities. After June 2012, the lease converted to a month to month rental basis. Rent expense totaled $17,804 and $17,678 for the years ended December 31, 2012 and 2011, respectively. Note 9 - Unrestricted Net Assets Unrestricted net assets consisted of the following at December 31: Designated - Tamanowas Rock Sanctuary Quimper Wildlife Corridor Duckabush Oxbow Chimacum Creek Bulis Forest Preserve Kilham Corner Snow Creek Estuary Gateway Donovan Creek Conservation easements Total designated Undesignated 2012 2011 $ - $ 480,000 279,988 264,987 180,000 180,000 280,159 160,160 125,240 125,240 38,930 38,930 86,000 86,000 85,000 85,000 144,500 1,500 49 47 1,219,866 1,421,864 682,369 180,220 1 902 235 1 602xp$4 JEFFERSON LAND TR UST AND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 10 - Temporarily Restricted Net Assets Temporarily restricted net assets consisted of the following at December 31: Purpose restriction - For stewardship of Bulis Forest Preserve Forest Legacy program For stewardship and management services for Tamanowas Rock Working Farm Fund Consulting fees WALT Stewardship Funding Other program restrictions Time restriction - outstanding pledges 2012 2011 $ 76,790 $ 78,643 40,002 53,865 19,008 45,468 12,500 1,000 673 15,032 176,433 166,548 515,020 494,384 $ 691,453 $ 660,932 Net assets of $69,223 were released from donor restrictions by incurring expenses satisfying the purpose restriction specified by the donor, and net assets of $195,614 were released due to the expiration of time restrictions for the year ended December 31, 2012, Note 11- Permanently Restricted Net Assets At December 31, 2012 and 2011, JLT had $35,465 and $30,996, respectively, of permanently restricted net assets. This is comprised of endowment investments Tote 12), the income of which is available to support general operations. Note 12 - Endowments The JLT endowment consists of one fund established to support general operations. As required by GAAP, net assets associated with endowment funds are classified and reported based on the existence or absence of donor - imposed restrictions. interpretation of Relevant Law - JLT's Board of Directors has interpreted the Washington State Prudent Management of institutional Funds Act (PMiFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donor- restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, JLT classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, and (b) the original value of subsequent gifts to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. -15- JEFFERSON LAND TRUST AND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 12 - Continued The remaining portion of the donor- restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by JILT in a manner consistent with the standard of prudence prescribed by PM1FA. However, JLT has informed donors of its spending policy which states that no distributions will be made during the first five years of the fund's existence or until it reaches a threshold balance of $400,000. Since these milestones have not yet been reached, JLT adds all amounts earned to the permanently restricted balance. In accordance with PMIFA, JILT considers the following factors in making a determination to appropriate or accumulate donor - restricted endowment funds: - The duration and preservation of the fund; - The purposes of JLT and the donor - restricted endowment fund; - General economic conditions; - The possible effect of inflation and deflation; - The expected total return from income and the appreciation of investments; - Other resources of JLT; and The investment policies of JLT. As of December 31, 2012, endowment net assets consisted of the following; Temporarily Permanewiv Unrestricted Restricted Restricted Total Donor restricted endowment funds $ - $ - $ 35,465 $ 35,465 Endowment Net Assets, December 31, 2012 $ - $ 35,465 35,465 As of December 31, 2011, endowment net assets consisted of the following: Temporarily Permanently Unrestricted Restricted Restricted Total Donor restricted endowment funds $ - $ - $ 30,996 $ 30,996 Endowment Net Assets, December 31, 2011 $ - - $ 30,996 $ _ 30,996 -16- .IEFFERSON LAND TR US AND SUBSIDIARY Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 12 - Continued Changes to endowment net assets for the years ended December 31, 2012 and 2011, are as follows; Endowment net assets, January 1, 2011 Endowment investment return - Interest and dividends Realized and unrealized losses Total endowment investment return Contributions Endowment Net Assets, December 31, 2011 Endowment investment return - Interest and dividends Realized and unrealized gains Total endowment investment return Contributions Endowment Net Assets, December 31, 2012 Temporarily Permanently Unrestricted Restricted Restricted Total - $ - $ 20,226 $ 20,226 791 791 (271), (271) 520 520 10,250 10,250 $ - $ 30,996 $ 30,996 776 776 654 654 1,430 1,430 3,039 3,039 $ $ $ 35,465 $ 35,465 Funds with Deficiencies - From time to time, the fair value of assets associated with individual donor restricted endowment funds may fall below the level that the donor or PMIFA requires JLT to retain as a fund of perpetual duration. In accordance with GAAR deficiencies of this nature are reported in unrestricted net assets. There were no such deficiencies as of December 31, 2012 or 2011. Return Objectives and Risk Parameters - JLT has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. 'Endowment assets include those assets of donor- restricted funds that JLT must hold in perpetuity or for donor - specified periods as well as board- designated funds. Under this policy, as approved by the Board of Directors, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results of a custom Policy Index made up of various indices. The composition of the custom Policy Index is based upon the strategic asset allocation of the investment portfolio and assumes a moderate level of investment risk. The investment objectives of the Operations Endowment Fund include maintenance of principal, timely liquidity, and preservation of purchasing power over time. -17- JEFFERSON LAND TR US T A ND S UBSIDIA R Y Notes to Consolidated Financial Statements For the Year Ended December 31, 2012 Note 12 - Continued Strategies Employed for Achieving Objectives - To satisfy its long -term rate -of- return objectives, JLT notes that for funds earmarked for capital appreciation, appropriate investments include intermediate term bond funds/ETF's, equity mutual funds, equity ETF's, and unconstrained bond funds. Spending Policy and How the Investment Objectives Relate to the Spending Policy - JLT's spending policy intends that no distributions may be made from the Operations Endowment Fund for the first five years of its existence or until it reaches a threshold balance of $400,000, whichever shall first occur. After a five -year period or after achieving the $400,000 threshold, distributions shall be made on an annual basis as determined by the Board. Regular disbursements should be limited to a maximum of 5% of the value of the portfolio at the beginning of each fiscal year, or one -half of the income generated by the fund for the most recent fiscal year, whichever is less. At no time will the distribution of the spendable amount result in the invasion of the original amounts donated. _/8- SUPPLEMENTARY INFORMATION ED 0 f--y �r O N 1L h O.i OJ N N M N o � y C*�r ura W � eu C� M M m r N CO N N M m i to � N N (fD N I%t N In] O cm h �r LO I- 6% UC) It N Cl C] 0) NN d cO P� m I7 im(LO N [Q m P- r N r 0% c O a cn a w 0 0 f`w Cif w r L) M N fl- r [o N '`Y G] 0) m �I7 w M a) Cl N ti N LO I` Lc) r M 't 00 G) Q) 4C8 N O* I,- M n W (0 V (D , N (c) M M M a -I- 06 N V C7 ir] (.fl 0) N 0) (0 V cl M N r r N (6 Cb (is M N cU M f - C7 (il Qa CL7 (Cl CO M V c[7 N (0 00 M O r M LO r 0'] R St '7' w 00 co co q= m [p C: CO 4 V, CO r N CO r r I� CO CO 0) I, 00 't I�- O I` R 00 M en 06 X6 L6 M ko r [1N r e (p co -tr M CV M M r �y co V U') (0 0) M d tn Q CO M M C? N N$ r CD d' C7 GQ M OD C7 M 4N'] M 4c) 6�] co Ln M N r r t LO r co C) M W N 00 00 (D r N d) 07 W M M Cl) Cl e- h- W r- V 0) 07 N 0: 4 w m N m m N t N't IT r LO M r 06 7 N O) Q Cl) N t0 M LO N N M m (0 m y I4 N 1.0 d C7 N N C) M I- r U) ❑) O M M O M T l[) 0) N LO M C7 It X') Cp M M r M R N W 'tr r p0 (0 06 t� CG M tq�i N M N cl e- �— N M N M O0 N d u7 N r fp r PN+ r M co m m N O N co t r K} N 4) M C'd N N W N O r d? R DO Dl GA C7 rD 11O N r VY 0.1 C0 _ N R N � C > x x LU m � m L CT o, d 0 � � @ H � � C � C d � x x LU N N C v C N > a) (D C w W Q. @ @ C C � @ rq � (� = CL C L3 x N @ 8 @ = N C 4. 0 .0 CL e d) -= w 4) .i : = Z C a C) m -t3 ro r CL v N m �° .� O N 0 = � En v C 0 CD '8 v N 06 A! ` Q 3 C ? U y .,Q a ii. i- a>JSD0�ai- a.OS❑i- ❑m w fp r PN+ r M co m m N O N co t r K} N 4) M C'd N N W N O r d? R DO Dl GA C7 rD 11O N r VY 0.1 C0 _ N R N � C > x x LU m � m L CT o, d 2 Jefferson Land Trust RESOLUTION February l8, 2014 WHEREAS, ,Jefferson Land Trust is an applicant or sponsor for more than one Conservation Futures Funding application, and Conservation Futures Funding Application process requires that Jefferson Land Trust prioritize its projects, and WHEREAS, Jefferson Land Trust has been working since 2001 in partnership with Jefferson County Conservation District, Jefferson County, Washington Department of Fish and Wildlife, North Olympic Salmon Coalition, the Hood Canal Coordinating Council, the Jamestown S'Kiallam Tribe and W SU Cooperative Extension to acquire and restore critical salmon spawning, rearing and migratory habitat in the Salmon /Snow Creek riparian area and estuary, and WHEREAS, these professional naturalists and scientists have recommended that Snow Creek habitat protection be expanded to provide further benefits for migrating salmonids and other species, and WHEREAS, acquisition of high- priority identified parcels on Snow Creek from willing sellers would provide such habitat protection, the Jenks property and the Irvin property have been identified as such, AND WHEREAS, this important community asset will require stewardship in perpetuity, to include annual monitoring, maintenance, and management, according to the Salmon and Snow Creek Fish and Wildlife Management Plan, AND WHEREAS, Jefferson Land Trust has been working since 1995 in partnership with Jefferson County, the City of Port Townsend, Washington Department of Natural Resources, the community and the U.S. Fish and Wildlife Service to acquire land lot by lot to preserve a 3.5- mile greenbelt and natural storm -water drainage -way called the Quimper Wildlife Corridor, and WHEREAS, professional naturalists and scientists have recommended that this corridor be expanded to provide further benefit for wildlife species, especially migrating birds, and to provide additional wetland buffers, and Jefferson Land Trust Page l of 2 WHEREAS, acquisition of high - priority identified lots in the Quimper Wildlife Corridor area from willing sellers would provide such wildlife and wetland protection, and WHEREAS, this important community asset will require stewardship in perpetuity, to include annual monitoring, maintenance, and management, as spelled out in the City - adopted Quimper Wildlife Corridor Management Plan, Resolution, AND BE IT HEREBY RESOLVED that Jefferson Land Trust agreed at its February 19, 2014 Board of Directors meeting to sponsor an application for Conservation Futures Funding for the Snow Creek Riparian Area, including acquisition of a conservation easement on the Jenks property, and fee simple acquisition of the Irvin property. The Board also agreed that The Snow Creek Riparian Area application is the highest priority for 2014 Conservation Futures Funding due to the fact that it would provide a vital connectivity to the Snow Creek project area, the properties are currently listed for sale, grant funding may be available now through and the Salmon Recovery Funding Board and the project represents a collaborative effort with community members and our Chumsortium partner organizations as they work to preserve this significant salmon habitat. The second highest priority is funding for the Quimper Wildlife Corridor, The properties for sale in the corridor are high priority for protection due to the habitat, floodplain and recreational qualities. However, if Salmon Recovery Funding Board grant matching funds are not awarded to Jefferson Land Trust in 2014 for the Snow Creek Riparian Area Project, Jefferson Land Trust requests that the Snow Creek Riparian Area Project application be rescinded until further notice and that the Quimper Wildlife Corridor application is considered as Jefferson Land Trust's highest priority for 2014 Conservation Futures Funding consideration. Signed this 18th day of February, 2414. 416-e Moore, Pre dent, Board of Directors Jefferson Land Trust Jefferson Land Trust Page 2 of 2 1 NY(APPRAISAL IMain RI a N 4 1L P #1 LAND APPRAISAL REPORT Rlr. Nn. 1 d[17CHr 1 LY Borrower NIA Census Tract 9506.02 Map Reference Page 2 A-4 Property Address Parcel !1951 - 90403 F- City Port Townsend County Jefferson State WA Zip Code 98368 Legal Description Lots 11 12 13 and 14 Block 46 of F —tier's Park Addltion• V2 P16 Sale Price S NIA Date of Sale NIA Loan Term NIA yrs. Property Rights Appralsed 21 Fee ❑ Leasehold ❑ De Minimfs PLO Actual Real Estate Taxes S 61 iyry Loan charges to be paid by seller S NIA Usher sales concessions NIA Lender/Cllent Jefferson Land Trust Address 1033 Lawrence Street, Port Townsend, WA 98368 Occupant Vacant Appraiser Judith L. Mayes -Klan InstructionsicApPraislef Estimate fair market value. Location ❑ Urban ® Suburban ❑ Rural Good Avg. Fair Poor Bu It Up ❑ Over 75% 025 %to 75% ❑ Under 25% Em to end Stability Convenience b Employment ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Shopping Property Values tR Increasing ❑ stable ❑ Declining Convenience to Schools ❑ ❑ DemanouPp7 ❑ Shortage ® In Balance ❑ Dversuppy Adequacy of Public Transportation Marketing Time ❑ Under 3 Mos. Z 4 -6 Mps. ❑ Do 6 Mos. Recreational Facilities M El ❑ ❑ Present 6o % One -Una 1 % 2.4 Unit 2 % Apts. 96 Condo 7 % Commercial Adequacy of Utilities M El El x Land Use industrial % Vacant 30 % P Compatibility �% tr Change In Present El Not Ldcely ❑ Likely { *} ❑ Taking Place (' ") Protection Irom Detrimental Conditions = Land Use (•j From To Police and Fine Protection ❑ m Predominant Occupancy Z Owner ❑ Tenant 5 % Vacant General Appearance of Pro erties Z OWU* Pro Range $ 35 to $ 1.10o Predorllinarit Value $ 245 Appeal to Market One -Unit Age Range D yrs. to 99+ yrs. Predominant Age 40 yrs. view, noise) See Text Addendum. Note: 3D% of the Comments including chose factors, favorable or unfavorable, affecting markefaltlily (e g. public parks, schools, resent land use is undevefo ed land oonsistin of vacant land that is either fields or wooded. Dimensions 109 x 200' More or less = 20,000 .46 acres X Comer Lot Zoning Classification RI {SF} Present Improvements 0 Do ❑ Do Not Conform b Zoning Regulations Highest and Bess Use ❑ Present Use Z Other (specify) Single family dwelino Public Other (Describe) OFF SIT E IMPROVOWITS Topo Level Elec. ® Street Access ❑ Public ❑ Private Sae Larger than typical Gas ❑ None surtace None Shape Rectangular wWater 21 Maintenance El Pubic E:1 Private View WoodedlAveraae San. Sewer X ❑ Storm Sewer ❑ CurKutter Drainage Appears adequate on south porfian of site. norm portion in food plain ❑ Unde(grourd Elect. & TOIL ❑ Sidewalk ❑ Street Lights Is the property located in a FEMA Special Flood Hazard Area? M Yes ❑ No Comments [favorable or unfavorable including any apparent adverse easements, encroachments. or other adverse condiions) The northern portion of the subject_ parcel is located in a 100 Year flood plain. There are wetlands located on parcels located directly to the east of the subject parcel. The subject is located approximately 100 feet Troth a paved road. The subject is located approximately one block from public sewer. There were no adverse easements encroachments or other unusual conditions noted. The undersigned has recited the following recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reilectng market reaction m those items of significant variation between the subject and comparable properties. It a significant item in the comparable property is superior to or more favorable than the subject property , a minus ( -) adjustmerd Is made, thus reducing the indicated value of subject; it a significant Item In the comparable Is Interior to or less lavorable than the subject property, a plus ( +) adjuslmerf Is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO, I COMPARABLE ND, 2 COMPARABLE NO.3 Address Parcel #951- 904 -603 1224 Willow Street XXX 32nd Street XXX 39th Street Port Townsend WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 pro xi to SU - of 1.54 miles SE 0.70 miles SE 0.42 miles SW Saks Price $ NIA Is 70.0001 $ 52,000 S 17,500 y Price $/S q. FL $ Is $ $ Data Source sL Assessor Rec. NWMLS#4748WAssessor Records NWMLS#4865931Asse3 Records NWMLS#4179251A5ses3or Records ITEM DESCRIPTION DESCRIPTION + - $ Adjust. DESCRIPTION + - S Adjust. DESCRIPTION + (-)S Adjust. a Date o1 SalwTiime Ad. NIA 07111/13 08/02/13 04/26/13 for Location Fowfer's Park Fort Worden -15,0 Dundee Hill +5,00 Fowlers Park G SiWView .46 acres .46 acres .56 acres -2,00 66 acres -4.00 View WnodedlA MWIWoodedlA -10.0 Wooded/Avg WoodedL4 Topography Level/Flood Plain LeveVSi ht Slope -12.0 Level -12 D00 LevWSli ht Slope -12,0,00 11c Ic Uhlities Sewer in suWtr 1 Blk Sewer Wtr 1 Block +6,000 Sewer 1 Blkfwtr In st -4 000 Sewer 6 EtlkslWtr In st +15,000 Road Access Unimproved Unimproved Gravel Road -7 DOO Unlm roved +15000 Sales or Financing NIA None None None Concessions NIA None None None Net oral ❑ + ^❑_ - s -31,000 ❑ + - $ - 20.000 51 + ❑ - $ 14 000 ate Indicated Value of Sub act S 39 000 S 32 000 $ 31,500 Gmmmerds on Market Data A Ihmu h seamh was made to locale the most similar sales from the subpBcl market area. These 4 sires are considered to be the best auaaable et the time d inapedgn Comp 1 is moll simlar in size size to the subisel Comps 2 - 5 are similar in vaswquaW, Comps 1 and 3 lira located on unimproved mods. Com s 1 and 2 are most simian in aYaiahtlll of utiR' Con 1 and 2 ors most similar overall and are walghted, with all comps considered o eslimaie of value. Comtents and Conditions of Appraisal This appraisal Is a summary report. This appraisal is in compliance with the Uniform Standards of Professional sisal Practices. No nor safes or listings were noted for the subject within the past 3 years or the Cvm ps in the past yearL Final Reconciliation Comps 1 and 2 are most similar overall and are weighted, with all comps considered. Reasonable exposure time is considered to be 36 tg 189 des r- a zi I tWE) ESTIVATE TI(@ T'(M1WF jS Dr- TpE i4B CT PRDPERFY A5 OF G2111/2014 TO BE S 34,DOO Z Appraiser Judith L. Maves-Klatt Supervisory Appraiser (it applicable) LOU Date of Signature and Report 92/2112014 Data of Signature Tile Certified Residential APpraiser Tille State Certification# 1702097 ST WA State Certlflcation# ST Or State License # ST Or State License # ST Expiration oate of Slate Cetrlicalon or License 0411 812 0 1 5 Expration Date of Sales Codification or License Date of Inspection 'd applicable) 02/1 1/2014 ❑ Did ❑ Did Not Inspect Pm Date of Ins Ilion 1-1UMI LAW - -YYII I I 1 M dVVI dl W! W1Wd1E 4}I d Ip I IUUG, ati. Pa =cf -2— MK APPRAISAL lam mono. Iaueue LANK APPRAISAL REPORT RIP No 1dnM1121 v Borrower N/A GeneuS Tract 95D6.01 Map Reference Pa e 2 C-3 Property Address Parcel #972 - 901 -402 r- City Port Townsend Courtly Jefferson State WA Zip Code 98368 w Legal Description Lots 2 4 6 and 8 Block 14 Walana Addition• V2 P31 m Sale Price $ NIA Date of Sale NIA Loan Term NIA yrs. Properly Rights Appraised ® Fee L] Leasehold El De Minims PUD Actual Real Estate Taxes $ 656 jyr} Loan charges to be paid by seller $ NIA Otter sales concessions NIA LenderlCkent Jefferson Land Trust Address 1033 Lawrence S"et Port Townsend WA 98368 Occupant Vacant raiser Jud tin L. Mayes Klan Instructions la Apprai ser Estimate fair market value. Location ❑ Urban IN Suburban ❑ Rural Built Up ❑ Over 75% Z 25% to 75% ❑ Under 25% Growth Rate ❑ Fufiy On, ❑ Rapid ® Steady ❑ Sow property Values Z Increasing ❑ Stable ❑ Declining DemandfSuppy ❑ Shortage ® In Balance ❑ Oversupply Marketing lime ❑ Under 3 Mos. ® 4-6 Mos, ❑ Over 6 Mos. c' Present 60 % One-Unil 1 % 2.4 Unit 2 %Apts. % Condo 7 % Commercial Land Use %industrial %Vacant 30 % Change in Presort Not Likely ❑ Likely ( *} ❑ Taking Ppce (*) Land Use ( *} from To Z Predominant Occupancy Owner ❑ Tenant 5 % Vacarrt One -Unit Price Range $ 35 to f _1,100 Predominant Value S 245 One -Unil Age Range 0 yrs- to 99+ yfs- Predominant Age 40 yrs, Comments including those Factors, favorable or unfavorable, affecting marketability (e.g. public parks, schods, present land use, is unttevelo d land consisting of vacant land that is either fields Good Em men[ Stability Avg. Fair Poor Carnenience to Employment Q 0 ❑ ❑ Convenience to Nipping Convenience to Schools F1 El ❑ Adequacy of Public Transportation Recreational Facilities Adequacy of Utilities Property ConVatitallity Protection from Detrimental Conditions Police and (tire Prolecton ❑ ❑ General Appearance of Properties al to Market M ❑ ❑ ❑ view, noise) See Text Addendum- or wooded. Note: 30% of the Dimensions 100' x 200' More or less 70ing Classilication RI (SF) Highest and Best We ❑ Present We Public Other (Describe) Elec. M „u Gas ❑ Wone water ® San- Sewer ® ❑ underground Elect f1 Tel. Comments (favorable or unfavorable inclining parcel has area that is desict Hated as = 20.000 .46 acres Corner Lot Present Improvements ® Do ❑ Do Not Contorm to Zoning Regulations Z Omer (specify) Single family dwelling OFF SITE IMPROVEMENTS Topo LevaUSli ht Slope Street Access ❑ Public ❑ Private Size Lerner than typical Surface None Shape Recta utar Malntanarice ❑ Public ❑ Private View Wooded/Average ❑ Storm Sewer ❑ CudVGuft Drainage Appears adequate ❑ Sidewalk ❑ Street Lights Is the properly located in a FEMA Special Food Hazard Area? ❑ Yes ® No any apparent adverse easements, encroachments, or other adverse conditions) The parcel directly south of the subject wetlands. The subject is located approximately one block from a paved street. The subject would require_ Street improvement to develop The subject s located approximately one block from public sewer and water. There were no adverse easements encroachments or other unusual conditions noted. The undersigned has recited the following recent sales of properties most shAWr and pro>amate 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 fire comparable property is superior to or more favorable than the subject p(operty, a minus (-} adpslnrem is made, thus reducing the indicated value of subject; if a significant Item in the comparable Is Inferior 10 or less favorable than the subject property, a plus ( +) adjustment is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE N0.2 COMPARABLE NO.3 Address Parcel #972 - 901 -402 Port Townsend WA 98368 1224 Willow Street Port Townsend WA 98368 XXX 32nd Street Port Townsend WA 98368 XXX 39th Street Port Townsend WA 98368 Pro4mily to Sub'ect 1 1.26 miles SE 1.01 mites SW 0.96 mites SW Sales Price IS NIA 3 70,000 Is 52,000 S 17,500 Price VA. Ft. S $ is $ Data Source(s) Assessor Rec. NWMLS0474960fAssesscr Records NWMLS9466593fAssessor Records NWFALS94179251Assessor Records ac ITEM DESCRIPTION DESCRIPTION +(-)S Ad ust. DESCRIPTION + - Ad s1. DESCRIPTION + - $ p4 usl. c Date of Salenme Adj. NIA 07/11113 08/02/13 04/26/13 w Location North Beach Fort Worden -15,000 Dundee Hill +5 .DO Fowler's Park 0 Sltolcw 46 acres -46 acres 1.56 acres -2 000.66 acres -4 DUO nfrew T ra WoodedlA LeveVSli ht S MtNWoodedlA LevellSl' ht Slope - 10000Wooded/A Level O Wooded/Avg LevellSt F# Slo e Utilities Sewer Wtr 1 Block Sewer Wtr 1 Block Sewer 1 t3IklWtr in st -10 000 Sewer 6 BlkslWtr in st +9 000 Road ACCess Unim roved Unirr roved Gravel Road -7 ODO Unkn roved +15 000 Sales or Financing Concessions NIA NIA None None None None None Nerve Net Ad . otal ❑ + $ -25AD0 —1 + M- IS -14000 F�+ ❑ - Is 20,000 Indicated Value In is ec1 $ 45 —0t- 00 s 38 000 $ 37,5 Comments o0 Market Data A through search was made to locate U e mast similar sates from the subject market area. These 4 sales are considered to be the bast available at the time of inspection - comp 1 is moat similar in size size and avai[abil ity of utilities. Cam 2 -5 are mast similar in view quality. Comps 1 and 3 are k)cated on unimpfoved roads. Com s 1 and 2 are most similar overall and are weighted, with all comps considered in estimate of value. Comments and ConclSons of Appralsal This appraisal Is a summary report. This a sisal is in com Rance with the Uniform Standards of Professional Appraisal Practices No prior sales or listings were noted for the subiect within the past 3 years or the Camps in the past year. Final Recenclllallon Com 1 and 2 are most similar overall and are wet hied with all comps considered. Reasonable sure time is considered to be 30 to 180 days. I (WE) ESTRATE THEYRKT_1MC4,ME,0 WMf=O,.gFy 1%JEAU11415r-7 PROPERTY Appraise' Judith L. fMyes -Klalt Date of Signature and Report 0212112014 Title Certified Residential Appraiser _ Slate Cellfiealion # 1702097 ST WA Or State license # ST EVration Date of Stale Certification or License 04/1812015 AS OF 02111/2014 lubr0 Supemsory Appraiser (ii applicable) Date of Signature Title State Cenlfkcallon # Or Slate License # Emiratkn Date of State Certification or License Did Form LAND — 'WnTOTAL" appraisal software IN a to mode, Inc. — 1- 800-ALAMODE r A i ainF' 1 �°'° � � .y,�.►4 �•, �Cit �, � MK APPRAISAL M LAND APPRAISAL REPORT F1aNn imrmnan v Borrower N!A Census Tract 9506.02 Map Reference Page 2 B-4 Property Address Parcel #1996-002 -001 City Part Townsend County Jefferson State WA bp Gode 98368 Legal Description Lots 1-4 Block 20 Tacoma Addition; V1 P81 Sale Price $ NIA [Pate of Sale NIA Loan Term NIA yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minors PUD Actual Real Estate Taxes $ 181 G rj Loan d arges to be paid by Soler $ NIA Other sales concessions WA Lepder/Clierd Jefferson Land Trust Address 1033 Lawrence Street, Port Townsend WA 98368 Occupant Vacant A raiser Judith L. Wves -Klatt Instructions 1e Appraiser Estimate fair market value. Location C1 Urban ® Suburban 71 Rural Built Up ❑ Over 75% R 25% to 75% ❑ Under 25% Growth Rate ❑ Foy Dev. ❑ 'Rapid (Z Steady ❑ Slaw Property Values Increasing ❑ Swie ❑ Declining Drat'iand/Srpo ❑ Shortage ® In Balance ❑ Dirmpply a Mariardng Tnrne ❑ Under 3 Mos. El 4.6 Mos, ❑ Over 6 Taos. presem rrD % One -Unit 1 % 24 Urrit 2 % Apts.. %Condo 7 % Camnrlercia! Goad Ern to en[ Stability Avg. Fair Poor Comvenliaxre to Em rrrend Q ❑ Convenience to S 1 CorNmerme to Schools M El ❑ Adequacy of Public Iran Recreational Fac!ties Aftuacy at Utilities Land USE % Industrial % Vacant -% m Charge in Present ® Not Llkey ❑ Li" r) ❑ Taking Plan (') s Lard Use (xj Flom To Predorninant Occupancy ® Owner ❑ Tenant 5 %VaOard PlWerly Corapdb2f M ❑ Protecum trom Detrimental CordW Police and Fire Protection 0 z Ll ❑ Goal ADvearrinca of Properties Om -Unit Price Range S 35 io $ 1,100 Predominant Value S 245 Appeal to Market One -Writ Age Range Q yrs- to 99+ yrs. Predominant Age 40 yrs. Comments induding those factors. favorable or unfavorable, affecting malketabtiity (e.g. public parks, schools, view, noise] See Text Addendum. Note, 30% of the present land use, is uldevebp fend Consisting of vacant land that is either fields or wocided. Dimensions 1 DV x 200' More or less = 20,000 .46 acres M Goner Lot Zoning Ciass4kation RI {SF] Present Improvemeras [9 Do ❑ Do Not Conform to Zoning Regulations High and Best Use ❑ Present Use ED Other (Specity) Single family dweillrrg Public Other (Describe} OFF S WWROVEMNTS Tapp Level Elm ® Street Access ❑ Public ❑ Private Size La than 'Cal Gas [] SeM None Shape Rectangular _ Water ® VWintenance ❑ Pubic ❑ Private View WoodeiNAverage San. Sewer ® ❑ Storm Server ❑ CurwGutw Drainage Appears adequate ❑ Underground Elect. & TeL ❑ Sidewalk ❑ Street Lights Is the properly localedl in a FEMA Special Flood Hazard Area? ❑ Yes ® No Comments (b arable or urkmabfe including any apparent adverse easemerds, mcrcxC rnerts, or other adverse conditions) The parcel dlrectty north of the subject parcel has area that is designated as wetlands The subiect is located apprt»d K' fve bbdks from a paved stmt. The sub act would ire street im rnvement to deveb .The stir ec1 is boated a ropmate 5 blocks from ublic water. There were no adverse easemerns, encroachments or other unusual cond' k— noted. The undersigned has recited the lolowing recent Sales of properties most simper and pro diriate 10 subject and has considered these in the market analysis. The description includes a dollar adjallnert rdWrtg market reaction to those items of slgrdiicard varialica between fie subject and comparable properties. 9 a signlfunt tern in rie comparable property is superior to of more favoable than the subject properly, a minus ( -) adjusmtent is made, thus reducing the indicate talus of subject; d a significant Item in the comparable is mferrtu to or less favorable than The subject property, a plus j +O adjust rut is made thus increasing the hxticated valte of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address Parcel #998-0172 -OOI 1224 Willow Street XXX 32nd Street 300[ 39th Street Port Townsend WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 Proxi b Std :I" — -NIAi 1.54 m lies SE 0.64 miles S 0.43 miles SW Sales Price $ $ 7D 000 - $ 52,000 $ 117.500 $ Y Data Spence $ Assessor Rec. NWMLS#47486WPsasssOr Records NWML Assessor Records NWMLS0179251Assessar Records C ITEM DESCRIPTION DESCRIPTION + - 'ust. DESCRIPTION + - ) $ Adjust DESCRIPTION + - AdbsL a Date of SaleJhne Ad NIA 07111113 08/02113 04!26113 h4 Lunation Tacoma Addition Fort Worden -15 ODO Dundee Hit +5,00 Fowlers Park 0 SIWMew 46 acres 46 acres 5B acres -ZOO .B ; acres -4 OOD Vietiv TOM WaodedlA Level M1UVWOodW Level)Sll ht Sipe - 1000DWoodedlA 0 Level WoodedlA Level/Slicitt Sloe 0 < Wiffies Sewer in sWytr 5 Elks Sevwer.Wtr 1 BbCk - 14,000 Sewer 1 Biki wtr in st -24 000 Sewer 6 elkslvulr in st -5 ODO Road Access Unimproved Unrn roved -15.00 Gravel Road -22 000 Unim roved 0 Sales or Fknancin g, NIA None None None Goamions Net Ad ofd ,N /A None None None ❑ + $ -54.000• + - S -43,000. ❑+ - $ -9 ,()OD p1 Value WWmm .._...- S 16 0 o $ 9 OOQ $ 8,500 Commends on Market Data A mmregh search was made to iosate InB must senior seise room are steeieet market area Tbma 4 sales are co mr wm m be the beer avaiW6leffi the iKae aF Inspe7lrun. Gam 7 "s most simwarin s¢e srZe. Comps 25 are most sini�r n Hew al 1 aM 3 ere rrxalea are unto roved roads. Cam i and 3 am most sinlaro�waa and are we Mad xih as mrri cansrd&e0 in the estimate d value. 1 Comments and Conditions M Appraisal This a ralsal is a summa report This appraisal is in coo Hance with the Uniform Standards of professional Appraisal Practices No prior sales or isiings were noted for the subject within the past 3 years or the Comps •m tt>e past near. Rrd FiecanCiUdon Comps 1 and 3 are mast similar overaN artd are weigrxsd with all comps considered. Reasonable exposure time _- considered to be 30 to 180 d — (WE) ESTIItATE TR(E�MARtWT,}gyryE+ � qq Tf E l , Cf PROPERTY AS OF 0211112014 MMES 12,000 Appraiser Judith L1. Maves-i4am Super "Appraiser (d applicable) Date of Signaft" and Report 02121!2014 Date of Signature Tolle Certified Residential Appraiser T]lle State Certification # 1702097 ST WA Stale Cerbficati0a # ST Or State License # ST Or State Uomse # ST b#ratlen Date of Stale Gertiiicatien or License 0 411812015 Expiration Date of Sate Certification or license p Date of Ins don fif Cable 0211 112014 Did U Did Not MNCI Property Date of Inspection _-- -- ---___ parse Form LAND — WmTUTAU appraisal srmware 0Y a a mope, mc. — i- uuuRLAmuuc File NO.: 1402002LY Vacant Land Appraisal Report Date of Valuation 02/11/2014 Property Address Parcel #972 - 901 -402 Port Townsend, WA 98368 Lots 2, 4, 6 and 8, Block 14 Montana Addition; V2 P31 For Jefferson Land Trust 1033 Lawrence Street Port Townsend, WA 98368 TABLE OF CONTENTS Land AdditionalComparables 4 -6 ...................................................................................................................................... ............................... 2 TextAddendum ......................................................................................................................................................... ............................... 3 SubjectPhotos .......................................................................................................................................................... ............................... 5 ComparablePhotos 1 -3 ............................................................................................................................................. ............................... 6 ComparablePhotos 4 -6 ............................................................................................................................................. ............................... 7 LocationMap ............................................................................................................................................................ ............................... 8 PlatMap .................................................................................................................................................................... ............................... 9 Form TCG LT — "WinTOTAL' appraisal software by a la mode, inc. —1- 800 - ALAMODE MK APPRAISAL lMain File LAND APPRAISAL REPORT rile In Borrower N/A Census Tract 9506.01 Map Reference Page 2 C -3 Property Address Parcel #972 -901 -402 r City Port Townsend County Jefferson State WA Zip Code 98368 Lu Legal Description Lots 2 4 6 and 8, Block 14 Montana Addition: V2 P31 = Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PUD Actual Real Estate Taxes $ 656 (yr) Loan charges to be paid by seller $ N/A Other sales concessions N/A Lender /Client Jefferson Land Trust Address 1033 Lawrence Street Port Townsend WA 98368 Occupant Vacant Appraiser Judith L. Maves -Klatt Instructions to Appraiser Estimate fair market value. Location ❑ Urban ® Suburban ❑ Rural Good Avg. Fair Poor Built Up ❑ Over 75% ® 25% to 75% ❑ Under 25% Employment Stability ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ❑ ® ❑ ❑ Property Values ® Increasing ❑ Stable ❑ Declining Convenience to Shopping Demand/Supply ❑ Shortage ® In Balance ❑ Oversupply Convenience to Schools U ® ❑ ❑ c Marketing Time ❑ Under 3 Mos. ® 4 -6 Mos. ❑ Over 6 Mos. Adequacy of Public Transportation °O Present 60 % One -Unit 1 % 2.4 Unit 2 % Apts. % Condo 7 % Commercial Recreational Facilities ® 11 El 1:1 Land Use % Industrial %Vacant 30 % Adequacy of Utilities Property Compatibility ❑ ® ❑ ❑ °m Change in Present ® Not Likely ❑ Likely ( *) ❑ Taking Place ( *) Land Use ( *) From To Protection from Detrimental Conditions ❑ Police and Fire Protection El El El w Predominant Occupancy ® Owner E] Tenant 5 %Vacant One -Unit Price Range $ 35 to $ 1,100 Predominant Value $ 245 General Appearance of Properties One -Unit Age Range 0 yrs. to 99+ yrs. Predominant Age 40 yrs. Appeal to Market ® ❑ ❑ ❑ view, noise) See Text Addendum. Note: 30% of the Comments including those factors, favorable ar unfavorable, affecting marketability (e.g. public parks, schools, present land use, is undeveloped land consisting of vacant land that is either fields or wooded. Dimensions 100' x 200' More or less - 20,000 .46 acres ® Corner Lot Zoning Classification RI (SF) Present Improvements ® Do ❑ Do Not Conform to Zoning Regulations Highest and Best Use ❑ Present Use ® Other (specify) Single family dwelling Public Other (Describe) OFF SITE IMPROVEMENTS Topo Level /Slight Slope Elec. ® Street Access ❑ Public ❑ Private Size Larger than typical w Gas ❑ None Surface None Shape Rectangular y Water ® Maintenance ❑ Public ❑ Private View Wooded /Average San. Sewer ® ❑ Storm Sewer ❑ Curb /Gutter Drainage Appears adequate ❑ Underground Elect. & Tel. ❑ Sidewalk ❑ Street Lights Is the property located in a FEMA Special Flood Hazard Area? ❑ Yes ® No Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions) The parcel directly south of the subject parcel has area that is designated as wetlands. The subject is located approximately one block from a paved street. The subject would require street improvement to develop. The subject is located approximately one block from public sewer and water. There were no adverse easements encroachments or other unusual conditions noted. The undersigned has recited the following 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 property, a plus ( +) adjustment is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address Parcel #972 -901 -402 1224 Willow Street XXX 32nd Street XXX 39th Street Port Townsend WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 Proximity to Subject 1.26 miles SE 1.01 miles SW 0.96 miles SW Sales Price $ N/A S 70,000 $ 52.000 Is 17,500 r? Price $/S q. Ft. $ $ �'� $ $ JData Sources Assessor Rec. NWMLS#474860 /Assessor Records NWMLS#486593 /Assessor Records NWMLS#417925 /Assessor Records z ITEM DESCRIPTION DESCRIPTION DESCRIPTION + - $ Adjust. DESCRIPTION + - $ Adjust. ¢ Date of Sale/Time Ad'. N/A 07/11/13 08/02/13 04/26/13 North Beach Fort Worden Dundee Hill +5,000 FoWer's Park 0 Site/View .46 acres .46 acres k)$Adjust. .56 acres -2 000 .66 acres -4 000 View Wooded /Av Mtn/Wooded /Av Wooded /Av Wooded /Av To rah Level /Sli ht Sloe Level /Sli ht Sloe Level 0 Level/Slight Slope Utilities Sewer, Wtr 1 Block Sewer, Wtr 1 Block Sewer 1 Blk/Wtr in st - 10,000 Sewer 6 Blks /Wtr in st +9,000 Road Access Unimproved Unimproved Gravel Road -7,000 Unimproved +15,000 Sales or Financing N/A None None None Concessions N/A None None None Net Adj. otal ❑ + ❑ - $ - 25.000 ❑ + ❑ - $ - 14,000 ❑ + ❑ - $ 20,000 Indicated Value of Subject S 45,000 $ 38,000 $ 37,50 Comments on Market Data A through search was made to locate the most similar sales from the subject market area. These 4 sales are considered to be the best available at the time of inspection. Comp 1 is most similar in size size and availability of utilities. Comps 2 -5 are most similar in view quality. Comps 1 and 3 are located on unimproved roads. Comps 1 and 2 are most similar overall and are weighted, with all comps considered in estimate of value. Comments and Conditions of Appraisal This appraisal is a summary report. This appraisal is in compliance with the Uniform Standards of Professional Appraisal Practices. No prior sales or listings were noted for the subject within the past 3 years or the Comps in the past year. Z Final Reconciliation Comps 1 and 2 are most similar overall and are weighted, with all comps considered. Reasonable exposure time is oconsidered to be 30 to 180 days. I (WE) ESTIMATE T IJ!Y. A BJP 4 , NED F T EAUCT PROPERTY AS OF 02/11/2014 TO BE $ 42,000 - Z Appraiser Judith L. Maves -Klatt Supervisory Appraiser (if applicable) U Date of Signature and Report 02/21/2014 Date of Signature cc Title Certified Residential Appraiser Title State Certification # 1702097 ST WA State Certification # ST _ Or State License # ST Or State License # ST Expiration Date of State Certification or License 04/18/2015 Expiration Date of State Certification or License Date of Inspection if applicable) 02/11/2014 ❑ Did ❑ Did Not Inspect Property Date of Inspection Form LAND — "WinTOTAL" appraisal software by a la mode, Inc. —1- 800 - ALAMODE u13/11 ADDITIONAL COMPARABLE SALES RIP Nn lamnmiv ITEM I SUBJECT PROPERTY COMPARABLE NO.4 COMPARABLE N0.5 COMPARABLE NO.6 Address Parcel #972 -901 -402 Port Townsend, WA 98368 XXX Pebble Street Port Townsend, WA 98368 556 Cook Avenue Ext. Port Townsend, WA 98368 Subject 3.78 miles SW 1.47 miles SW $ N/A $ 49 400 $ 65,000 $ Ft. $ $ s $Source(s) Assessor Rec. NWMLS#427300 /Assessor R ecords NWMLS #534958 /Assessor Records M DESCRIPTION DESCRIPTION + - $ Adjust. DESCRIPTION + - $ Adjust. DESCRIPTION + - $ Adjust. /Time Adj. N/A 07/31/13 Active Listin -5,200 North Beach Rural PT +5,00 Tibbals Lake Park 0 Site/View .46 acres .59 acres - 2,600.56 acres -2,000 View Wooded/Avg Wooded/Avg Wooded /Av Topography Level/Slight Sloe Level 0 Level Utilities Sewer Wtr 1 Block Wtr in st/Needs septic +9,000 Wtr in st/Needs septic +9.000 Road Access Unimproved Paved Road -20,000 Paved Road -20,000 Sales or Financing Concessions N/A N/A None None None None Net Adj. otal + ®- + - $ 18 200 ❑ + ❑ - Indicated Value S-8 �60O $ 46 800 $ Comments on Market Data A through search was made to locate the most similar sales from the subject market area. These 4 sales are considered to be the best available at the time of inspection Comp 1 is most similar in size size and availability of utilities. Comps 2 -5 are most similar in view quality. Comps 1 and 3 are located on unimproved roads Comp 5 is an active listing Comps 1 and 2 are most similar overall and are weighted with all comps considered in estimate of value Reasonable exposure time is considered to be 30 to 180 days. co } J Q Z Q Q F- Q N w Y 2 Q 2r Ub /II Form LANDJAC) — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Slinnlemental Addendum File No.1402002LY Borrower /Client N/A Property Address Parcel #972 - 901 -402 City Port Townsend Coun Jefferson State WA Tip Code 98368 Lender Jefferson Land Trust Notice to Third Parties: 1 have made an examinaLlun ui ii—i ly a,a a information about the subject property using the Jefferson County assessor records, online zoning maps, and other municipal entities. No title insurance policies or binders were made available for my review. Research was conducted into national, regional, city and neighborhood economic factors and trends that might affect the property, including existing zoning codes, comprehensive development plans, traffic patterns and availability of public utilities and services. Data supporting the development of the Direct Sales Comparison approach to value was research through public auditor records, Northwest Multiple Listing records and Realist databases. Other data was also obtained through various web - delivered sources, all considered publicly available. The sales used in the Sales Comparison Approach to value were viewed from the street. The intended user of this appraisal report is the client named on page 1 of this report, per USPAP Standards Rules 1 -2(a) and 2- 2(b)(i). The intended use is to evaluate the property that is the subject of this appraisal to estimate its fair market value, subject to the stated Scope of Work, purpose of the appraisal, requirements of this appraisal report form, and the definition of market value. No insurance company by name or type was identified on the appraisal order and no additional intended users are identified by the appraiser. There were no other intended users and there are no other intended uses communicated by the client to the appraiser at the time of the assignment. However, there are those individuals or entities that may choose to use or rely on part of or the entire appraisal report that are not identified as intended users by the appraiser and the client(s) and this report has not been prepared to address any specific needs of those individuals or entities. Questions or concerns a 3rd party may have should be directed to the client(s) identified in this report and not to the appraiser. Source for Market Value Definition: (C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994). This report was prepared in compliance with the IFR (former HVCC) client /lender /appraiser communication procedures, and USPAP Standards, which include adequate security measures in place to protect the data produced by the appraiser. All electronic (digital) signatures on this report have a security feature. Maintained by individual passwords for each signing appraiser. No person can alter the appraisal with the exception of the original signing appraiser. I have performed no services regarding the subject property within the prior 3 years as an appraiser, or in any other capacity. All sales are closed and verified unless otherwise noted. When possible the sales are verified to the local multiple listing service. If the comparable was sold through the MLS, the market time in days will be recorded as DOM. All values are rounded to the nearest hundred. Adjustments of less than $500 are not considered significant, but are included for internal consistency. Property Address - No site address has been assigned to the subject property. Map Reference - A Good Map Company, Inc. Jefferson County Street Atlas. Marketing Conditions - Market research indicates that there are an insufficient number of comparable sales in the subject's neighborhood to create reliable statistics to determine the market trend for similar properties in Port Townsend. There were also insufficient sales of all non - waterfront vacant land parcels (less than 30 per year) in Port Townsend to create reliable statistics to determine the market trend for vacant land in Port Townsend. The appraiser therefore expanded the search parameters to include sales of all non - waterfront vacant land parcels in northeastern Jefferson County within the following one year time periods to determine the overall market trend in the area. NWMLS areas searched: 480 - 490. From 02/12/11 to 02/11//12 the median sales price was $67,500. The median sales price then decreased to $42,000 for sales that occurred between 02/12/12 and 02/11/13. Between 02/12/13 and 02/11/14 the median price then increased to $65,250. This indicates that the market decreased by 37.78% between 2011/2012 and 2012/2013 and then increased by 55.36°% from 2012/2013 to 2013/2014. The median days on market from 02/12/13 to 02/11/14 was 145 days, which is down from 162 days during the same period in 2012/2013. This data is used to complete the neighborhood property trends on page one of this report. Addendum to Neighborhood Description - The subject property is located within the city limits of Port Townsend, population approximately 9,100 and the county seat. Shopping, services, schools and restaurants are convenient to the site. The homes are compatible mixture of ages, styles, sizes and quality, and are generally well- maintained. There are also a number of century -old Victorian homes in which the city takes great pride. The major employment is the paper mills, with civil service, shipbuilding, and tourism contributing significantly to the economy. Form TADD — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE M in File No.14020 2LY Pa e #4 C.■nnlomantal Addendum File No.1402002LY Borrower /Client N/A Property Address Parcel #972 -901 -402 City Port Townsend Coun Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Site Comments - The western, approximately one half of the subject site is level. The eastern portion of the subject has a slight slope. The subject's site size is larger than is typical for this market area. The site has a wooded view. The subject site is located approximately 100 feet from a paved road. The county would likely require that the road be extended to and through the subject site to be developed. Water and sewer are located approximately one block away from the subject parcel. Addendum to Sales Comparison Analysis: Active Listing /Probable Negotiation - The price to sales ratio is determined to be 92% for the comparable sales. Comp 5 is adjusted 8% considering the probable negotiations to estimate the likely sales price. Location - The subject is located in the North Beach area of Port Townsend. Comp 1 is located near Fort Worden State Park, which is considered a superior location, adjusted at $15,000. Comp 2 is located in the Dundee Hill area, which is considered to be an inferior location compared to the subject, adjusted at $5,000. Comp 3 is located in the Fowler's Park Addition, which is considered to be similar in location quality compared to the subject. Comp 4 is located south of the city limits of Port Townsend, which is also considered an inferior location, adjusted at $5,000. Comp 5 is located in Tibbals Lake Park, which is considered a similar location quality compared to the subject. View - Adjusted to reflect the premiums paid for differing view qualities in this area. The Subject and Comps 2 - 5 have wooded views. Comp 1 has an average mountain and wooded view that is considered to be superior to the subject's wooded view, adjusted at $10,000. Site Size - Reflects the premiums paid for larger sites, adjusted @ $20,000 per acre Topography - The western, approximately one half of the subject site is level. The eastern portion of the subject has a slight slope. The comparable sales are similar to the subject in topography, no adjustments made. Utilities - Water and sewer are located approximately one block away from the subject parcel. Comp 1 has sewer and water located approximately one block away, no adjustment made. Comp 2 has water available at the street and sewer is located approximately one block away, adjusted at $10,000. Comp 3 has water available in the street and sewer available approximately 6 blocks away. Due to the distance to the existing sewer, the city would likely allow a private septic system on this site, adjusted at $9,000. Comps 4 and 5 have water available in the street and will require private septic systems to be developed, adjusted at $9,000. Road Access - The subject is located on an unimproved section of road that is currently used as a trail. The road would need to be extended less than one block to the subject property. Comp 1 is located on unimproved section of road, approximately one block from the improved section of road, no adjustment. Comp 2 is located on a gravel street, adjusted at $7,000. Comp 3 is located on an unimproved section of road, approximately 5 blocks from the improved section of road. Due to the distance of road extension needed, Comp 3 is adjusted at $15,000. Comps 4 and 5 are located on paved streets, adjusted at $20,000. Due to the lack of vacant land sales in the subject market area, it was necessary to expand the geographical range beyond one mile and exceed a six month sales window in order to bracket the subject. Due to the lack of more similar sales, some net adjustments exceed those typically sought. Form TADD — "WinTOTAL" appraisal sottware by a la mode, inc. —1- 800 - ALAMODE Main File No. 1402002LY Pa e #5 Subject Photo Page Borrower /Client N/A Property Address Parcel #972 - 901 -402 City Port Townsend County Jefferson State WA ZilpCode 98368 Lender Jefferson Land Trust Subject Front Parcel #972-901-402 Sales Price N/A Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location North Beach View .46 acres Site Quality Age Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Subject Rear Subject Street 51st Street located less one block from subject. Comparable Photo Page Borrower /Client N/A Property Address Parcel #972 - 901.402 city Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Comparable 1 1224 Willow Street Prox. to Subject 1.26 miles SE Sales Price 70,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Fort Worden View .46 acres Site Quality Age Comparable 2 XXX 32nd Street Prox. to Subject 1.01 miles SW Sales Price 52,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Dundee Hill View .56 acres Site Quality Age Comparable 3 XXX 39th Street Prox. to Subject 0.96 miles SW Sales Price 17,500 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Fowler's Park View .66 acres Site Quality Age Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Main File No. 14 2002LY Pace #7 Comparable Photo Page Borrower /Client N/A Property Address Parcel #972 - 901 -402 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Comparable 4 XXX Pebble Street Prox. to Subject 3.78 miles SW Sales Price 49,400 Gross Living Area Total Bedrooms Total Rooms Total Bathrooms Total Bedrooms Location Total Bathrooms View Location Rural PT View .59 acres Site Age Quality Age Comparable 5 556 Cook Avenue Ext. Prox. to Subject 1.47 miles SW Sales Price 65,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Tibbals Lake Park View .56 acres Site Quality Age Active Listing Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Main File No. 1402002LY Pa e #8 Location Map Borrower /Client N/A Property Address Parcel #972 - 901 -402 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust a la mode, Inc. ' �lrq ;[ =c;rt 44c,Pcen hate Ca -!: o p. A9tn sk XXX 39th Street 0.96 - x Comparable At 5 Huti09zA: Cook Avenue Ext. 1.47 miles SW Comparable At 2 s Comparable Willow XXX 32nd Street ost 1.26 miles SE 1.01 miles SW 10 lh_.o_ 3 1XtI1 st iSt 5Nt9y Gren Cove Sitns� Comparable At 4 XXX Pebble Street 3.78 miles SW fe v� R L 81" m� 4 Oid Fort Tav "d Rd Old Fort Toren: .. a �" leHermrF = i Holes C.—tr a Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. —1- 800- ALAMODE Main File No. 1402002LY Pa a #9 Plat Map JEFFERSON ITI,E COMPANY 2, 4, 6 & 8, Blk. 14, Montana Addition 972 901402 71`33 / ?.n�lrl } ' ?,3' tt lis r 7. f` 6$ F ti�fi�4(2 9 2 8 6 g til'; 0 t, 5' 3 ~% - 7 j', s .3 t3 6, �} 3 6 4 t } r j T.5 513 / 7 5 3 j v a ' O 1 �= Pzr 61 2 $ 6 4 i2 1,9 6 f ,$ 6_$ {✓4 2 7 °.75 3 r 3 r r 3 r ? S 3 1 17 LE S 1 Fuel � 8 1'-5 6 � 2 't3 6 '+ c� f 1- - - l *NOT TO SCALE* This sketch is provided without charge, for your information. It is not Intended to show all matters related to the property including, but not limited to, area, dirnensions, easements, encroachments or location of boundaries. it is not a part, nor sloes it modify, the commitment ,,r policy to which it is attached. The Company assumes NO t IABiLM( for any matter related to this sketch. Reference should be made to an accurate survey for further information, x 256 2206 wat'ilwglcin Street, I'M luW sera. VVA C-AM iB ph;)n,� !I -- 3B xAX {350? 6r3E' Form SCNLGL - "WinTOTAL" appraisal software by a la mode, inc. -1- 800 - ALAMODE JEFFERSON LAND TRUST Helping the community preserve open space, working lands and habitat forever 1033 Lawrence Street, Port Townsend, WA 98368 360- 379 -9501 - office 360 - 379 -9897 - fax www.saveland.org jlt @saveland.org June 24, 2014 Jefferson County Board of County Commissioners County Courthouse Port Townsend, Washington Dear Sirs; We appreciate the opportunity to join with you "to provide a system of public open spaces, those open spaces being necessary for the health, welfare, benefit and safety of the residents of Jefferson County and the maintenance of Jefferson County as a desirable place to live, visit and locate businesses ". The flexibility you have provided us in our 2014 allocations from the Conservation Futures Fund, has been most helpful in allowing us to optimize use of the matching funds we have available in a timely way. Our request to the Salmon Recovery Funding Board for a cost increase was turned down as they determined that such a change could affect the overall ranking of the project, but they have approved an adjustment of the required match. With the $42,000 available from the Jefferson County Conservation Futures Fund, Jefferson Land Trust respectfully requests that you allocate $31,176 for acquisition of parcels in the Quimper Wildlife Corridor, and allocate the remaining $10,824 to Snow Creek Watershed Acquisitions. This distribution to the QWC, combined with the matching funds we have available, will enable us to complete the purchase of the two QWC properties from the willing landowners. One of these properties is currently listed on the open market, and your approval of this distribution from the Conservation Futures Fund will now enable us to enter purchase and sale agreements with both landowners. Once the Snow Creek properties [fee - simple and conservation easement] have been appraised, we will resume our conversations with those landowners and inform you of the outcomes of those negotiations. Sincerely yours, owes 37 -- Jefferson Land Trust Conservation Projects Committee chair `LRE D1p. ?�O 0 9oe4ao "RO��y Jefferson Land Trust is a 501 (c) (3) non - profit, tax - exempt, private corporation. Printed on recycled paper File No.: 1402001LY RESIDENTIAL APPRAISAL REPORT Date of Valuation 02/11/2014 Property Address Parcel #951-904-603 Port Townsend, WA 98368 Lots 11, 12, 13 and 14, Block 46 of Fowler's Park Addition; V2 P16 For Jefferson Land Trust 1033 Lawrence Street Port Townsend, WA 98368 TABLE OF CONTENTS Land........................................................................................................................................................................ ............................... 1 AdditionalComparables 4 -6 ...................................................................................................................................... ............................... 2 TextAddendum ......................................................................................................................................................... ............................... 3 SubjectPhotos .......................................................................................................................................................... ............................... 5 ComparablePhotos 1 -3 ............................................................................................................................................. ............................... 6 ComparablePhotos 4 -6 ............................................................................................................................................. ............................... 7 LocationMap ............................................................................................................................................................ ............................... 8 PlatMap .................................................................................................................................................................... ............................... 9 Form TCG_LT — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE MK APPRAISAL Main File No. 1402001 LY1 Pace #1 LAND APPRAISAL REPORT Form LAND — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE 08/11 Borrower N/A nisivu. 14UZUUILY Census Tract 9506.02 Map Reference Page 2 A -4 Property Address Parcel #951 - 904 -603 r- City Port Townsend County Jefferson State WA Zip Code 98368 LU Legal Description Lots 11, 12, 13 and 14 Block 46 of Fowler's Park Addition; V2 P16 yM Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ® Fee ❑Leasehold ❑ De Minimis PUD Actual Real Estate Taxes $ 61 (yr) Loan charges to be paid by seller $ N/A Other sales concessions N/A Lender /Client Jefferson Land Trust Address 1033 Lawrence Street Port Townsend WA 98368 Occupant Vacant Appraiser Judith L. Maves -Klatt Instructions to ADora iser Estimate fair market value. Location ❑ Urban ® Suburban Rural ❑ Good Avg. Fair Poor Built Up ❑ Over 75% ® 25% to 75% ❑ Under 25% Em to ment Stability Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment El El ❑ Property Values ® Increasing ❑ Stable ❑ Declining Convenience to Shopping Demand/Supply ❑ Shortage ® In Balance ❑ Oversupply Convenience to Schools ❑ o Marketing Time ❑ Under 3 Mos. ® 4 -6 Mos. ❑ Over 6 Mos. Adequacy of Public Transportation CO Present 60 % One -Unit 1 % 2 -4 Unit __2__% Apts. % Condo 7 % Commercial _% _% Recreational Facilities ❑ Land Use Industrial Vacant 30 % Adequacy of Utilities °m Change in Present ® Not Likely ❑ Likely ( *) ❑ Taking Place ( *) Property Compatibility ❑ ❑ CD Land Use ( *) From Tc Protection from Detrimental Conditions 11 w Predominant Occupancy ® Owner ❑ Tenant 5 %Vacant Police and Fire Protection E:1 ® El z One -Unit Price Range $ 35 to $ 1.100 Predominant Value $ 245 General Appearance of Properties One -Unit Age Range 0 yrs. to 99+ yrs. Predominant Age 40 yrs. A eal to Market ® ❑ ❑ ❑ Comments including those factors, favorable ar unfavorable, affecting marketability (e.g. public parks, schools, view, noise) See Text Addendum. Note: 30% of the present land use is undeveloped land consisting of vacant land that is either fields or wooded Dimensions 100'x 200' More or less = 20.000 .46 acres ® Corner Lot Zoning Classification RI (SF) Present Improvements ® Do ❑ Do Not Conform to Zoning Regulations Highest and Best Use ❑ Present Use ® Other (specify) Single family dwelling Public Other (Describe) OFF SITE IMPROVEMENTS Topo Level Elec. ® Street Access ❑ Public ❑ Private Size Larger than typical tit Gas ❑ None Surface None Shape Rectangular w Water ® Maintenance ❑ Public ❑ Private View Wooded /Average San. Sewer ® ❑ Storm Sewer ❑ Curb /Gutter Drainage Appears adequate on south portion of site north portion in flood plain ❑ Underground Elect. & Tel. ❑ Sidewalk ❑ Street Lights Is the property located in a FEMA Special Flood Hazard Area? ® Yes ❑ No Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions) The northern portion of the subject parcel is located in a 100 year flood plain There are wetlands located on parcels located directly to the east of the subject parcel The subject is located approximately 100 feet from a paved road. The subject is located approximately one block from public sewer. There were no adverse easements encroachments or other unusual conditions noted. The undersigned has recited the following 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 property, a plus ( +) adjustment is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO.2 COMPARABLE NO.3 Address Parcel #951 - 904 -603 1224 Willow Street XXX 32nd Street XXX 39th Street Port Townsend WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 Proximity to Subject 1.54 miles SE 0.70 miles SE 0.42 miles SW Sales Price $ N/A $ 70,000 $ 52 000 ', $ 17,500 Price $/S q. Ft. $ $ $�,; Data Sources Assessor Rec. NWMLS#474860 /Assessor Records NWMLS#486593 /Assessor Records NWMLS#417925 /Assessor Records Z ITEM DESCRIPTION DESCRIPTION + - $ Adjust. DESCRIPTION + - $ Adjust. DESCRIPTION + - $ Adjust. Date of Sale/Time Ad'. N/A 07/11/13 08/02/13 04/26113 Location Fowler's Park Fort Worden - 15,000 Dundee Hill +5,000 Fowler's Park C3 Site/View .46 acres .46 acres .56 acres -2,000.66 acres -4,000 tom„ View Wooded/Avg Mtn/Wooded /Av -10000 Wooded/Avg Wooded/Avg �Cec To o ra h Level /Flood Plain Level/Slight Sloe -12,000 Level -12,000 Level/Slight Sloe -12,000 Utilities Sewer in st/Wtr 1 Blk Sewer,Wtr 1 Block +6,000 Sewer 1 BlkNVtr in st -4,000 Sewer 6 BIks Wtr in st +15,000 Road Access Unimproved Unimproved Gravel Road -7,000 Unimproved +15,000 Sales or Financing N/A None None None Concessions N/A None None None Net Adj. (Total) ] + ❑ - $ - 31,000 ❑ + ®- $ -20,000 ❑ + n_ - $ 14,000 Indicated Value of Subject $ 39 000 $ 32 000 $ 31,500 Comments on Market Data A through search was made to locate the most similar sales from the subject market area. These 4 sales are considered to be the best available at the time of inspection. Comp 1 is most similar in size size to the subject. Comps 2 - 5 are similar in view quality. Comps 1 and 3 are located on unimproved roads Comps 1 and 2 are most similar in availability of utilities. Comps 1 and 2 are most similar overall and are weighted, with all comps considered in estimate of value. Comments and Conditions of Appraisal This appraisal is a summary report. This appraisal is in compliance with the Uniform Standards of Professional Appraisal Practices No prior sales or listings were noted for the subject within the past 3 years or the Comps in the past year. Z Final Reconciliation Comps 1 and 2 are most similar overall and are weighted with all comps considered. Reasonable exposure time is considered to be 30 to 180 days. v I (WE) ESTIMATE THE YAR T VA} UEr_* Qf1FJN €Dt_QFj T�IE(SU04CT PROPERTY AS OF 02/11/2014 TO BE $ 34,000 o Appraiser Judith L. Maves -Klatt Supervisory Appraiser (if applicable) w Date of Signature and Report 02/21/2014 Date of Signature cc Title Certified Residential Appraiser Title State Certification # 1702097 ST WA State Certification # ST _ Or State License # ST _ Or State License # ST Expiration Date of State Certification or License 04/18/2015 Expiration Date of State Certification or License Date of Inspection if applicable 02/11/2014 ❑ Did ❑ Did Not Inspect Property Date of Inspection Form LAND — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE 08/11 Main Fil No. 1402001LY Pa a #2 ADDITIONAL COMPARABLE SALES 08/11 Form LANDJAC) — "WInTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE ITEM SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 • 1*V4VVILT COMPARABLE NO. 6 Address Parcel #951- 904 -603 Port Townsend, WA 98368 XXX Pebble Street Port Townsend, WA 98368 556 Cook Avenue Ext. Port Townsend WA 98368 Pro)dmity to Subject 1 3.32 miles SW 0.87 miles SW Sales Price $ N/A $ 49 400 $ 65 000 $ Price $/S q. Ft. $ $ $ $ Data Sources Assessor Rec. NWM' #4?7900 /Assessor Records NWMLS #534958 /Assessor Records ITEM DESCRIPTION DESCRIPTION + - $ Adjust. DESCRIPTION + - $ Adjust. DESCRIPTION + - $ Adjust. Date of Sale/Time Adj. N/A 07/31/13 Active Listing -5,20 Location FoWer's Park IRural PT +5,000 Tibbals Lake Park 0 Site/View .46 acres .59 acres - 2,600.56 acres -2,000 View Wooded/Avg Wooded/Avg Wooded/Avg To o ra h Level /Flood Plain Level -12 000 Level -12,000 Utilities Sewer in st/Wtr 1 Blk Wtr in st/Needs septic +15.000 Wtr in st/Needs septic +15,000 Road Access Unimproved Paved Road -20.000 Paved Road -20,000 Sales or Financing Concessions N/A N/A None None None None Net Ad'. otal ❑ + ❑ - Is -14 600 ❑ + ❑ - $ -24 200 + - $ Indicated Value of Subject $ 34,800 5 $ 40,800, Comments on Market Data A through search was made to locate the most similar sales from the subject market area These 4 sales are considered to be the best available at the time of inspection Como 1 is most similar in size size to the subject Comps 2 5 are similar in view quality. Comps 1 and 3 are located on unimproved roads Comps 1 and 2 are most similar in availability of utilities Comp 5 is an active listing Comps 1 and 2 are most similar overall and are weighted with all comps considered in estimate of value Reasonable exposure time is considered to be 30 to 180 days. W N r J Z Q Q H Q O F- LU Y S Q 08/11 Form LANDJAC) — "WInTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Main File No. 1402001 LY Pa a #3 Supplemental Addendum File No. 1402001 L Borrower /Client N/A Property Address Parcel #951 - 904 -603 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Notice to Third Parties: I have made an examination of publicly available information about the subject property using the Jefferson County assessor records, online zoning maps, and other municipal entities. No title insurance policies or binders were made available for my review. Research was conducted into national, regional, city and neighborhood economic factors and trends that might affect the property, including existing zoning codes, comprehensive development plans, traffic patterns and availability of public utilities and services. Data supporting the development of the Direct Sales Comparison approach to value was research through public auditor records, Northwest Multiple Listing records and Realist databases. Other data was also obtained through various web - delivered sources, all considered publicly available. The sales used in the Sales Comparison Approach to value were viewed from the street. The intended user of this appraisal report is the client named on page 1 of this report, per USPAP Standards Rules 1 -2(a) and 2- 2(b)(i). The intended use is to evaluate the property that is the subject of this appraisal to estimate its fair market value, subject to the stated Scope of Work, purpose of the appraisal, requirements of this appraisal report form, and the definition of market value. No insurance company by name or type was identified on the appraisal order and no additional intended users are identified by the appraiser. There were no other intended users and there are no other intended uses communicated by the client to the appraiser at the time of the assignment. However, there are those individuals or entities that may choose to use or rely on part of or the entire appraisal report that are not identified as intended users by the appraiser and the client(s) and this report has not been prepared to address any specific needs of those individuals or entities. Questions or concerns a 3rd party may have should be directed to the client(s) identified in this report and not to the appraiser. Source for Market Value Definition: (C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994). This report was prepared in compliance with the IFR (former HVCC) client /lender /appraiser communication procedures, and USPAP Standards, which include adequate security measures in place to protect the data produced by the appraiser. All electronic (digital) signatures on this report have a security feature. Maintained by individual passwords for each signing appraiser. No person can alter the appraisal with the exception of the original signing appraiser. I have performed no services regarding the subject property within the prior 3 years as an appraiser, or in any other capacity. All sales are closed and verified unless otherwise noted. When possible the sales are verified to the local multiple listing service. If the comparable was sold through the MLS, the market time in days will be recorded as DOM. All values are rounded to the nearest hundred. Adjustments of less than $500 are not considered significant, but are included for internal consistency. Property Address - No site address has been assigned to the subject property. Map Reference - A Good Map Company, Inc. Jefferson County Street Atlas. Marketing Conditions - Market research indicates that there are an insufficient number of comparable sales in the subject's neighborhood to create reliable statistics to determine the market trend for similar properties in Port Townsend. There were also insufficient sales of all non- waterfront vacant land parcels (less than 30 per year) in Port Townsend to create reliable statistics to determine the market trend for vacant land in Port Townsend. The appraiser therefore expanded the search parameters to include sales of all non - waterfront vacant land parcels in northeastern Jefferson County within the following one year time periods to determine the overall market trend in the area. NWMLS areas searched: 480 - 490. From 02/12/11 to 02/11//12 the median sales price was $67,500. The median sales price then decreased to $42,000 for sales that occurred between 02/12/12 and 02/11/13. Between 02/12/13 and 02/11/14 the median price then increased to $65,250. This indicates that the market decreased by 37.78% between 2011/2012 and 2012/2013 and then increased by 55.36% from 2012/2013 to 2013/2014. The median days on market from 02/12/13 to 02/11/14 was 145 days, which is down from 162 days during the same period in 2012/2013. This data is used to complete the neighborhood property trends on page one of this report. Addendum to Neighborhood Description - The subject property is located within the city limits of Port Townsend, population approximately 9,100 and the county seat. Shopping, services, schools and restaurants are convenient to the site. The homes are compatible mixture of ages, styles, sizes and quality, and are generally well- maintained. There are also a number of century -old Victorian homes in which the Form TADD — °WInTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Main File No. 1402001 LY Pa e #4 Supplemental Addendum File No. 1402001 L Borrower /Client N/A Property Address Parcel #951 - 904 -603 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust city takes great pride. The major employment is the paper mills, with civil service, shipbuilding, and tourism contributing significantly to the economy. Site Comments - The Subject site is a level heavily wooded parcel of land. The subject's site size is larger than is typical for this market area. The site has a wooded view. The subject site is located approximately 100 feet from a paved road. The county would likely require that the road be extended to and through the subject site (approximately 230 feet). The subject has sewer available at the street. The subject has water available within one block. The northern, approximately one half of the subject vacant land is located in a 100 year flood plain. Therefore, the city of Port Townsend would likely require a report from a wetland consultant to determine exactly where the wetlands are and what buffer is needed. The appraiser's research indicates this would cost approximately $500 to $1,000. The southern, approximately one half of the subject vacant land is located in a landslide /erosion/ seismic hazard area. Hence, the city of Port Townsend would also likely require a report from a geotech engineer before the property was developed. The appraiser's research indicates this would cost in the range of $3,500 to $6,500. The market will also reflect the limited use of land that is in a flood plain and the unwillingness of many buyers to pursue a property with such challenges. Addendum to Sales Comparison Analysis: Active Listing /Probable Negotiation - The price to sales ratio is determined to be 92% for the comparable sales. Comp 5 is adjusted 8% considering the probable negotiations to estimate the likely sales price. Location - The subject and Comp 3 are located in Fowler's Park Addition on the western edge of Port Townsend. Comp 1 is located near Fort Worden State Park, which is considered a superior location, adjusted at $15,000. Comp 2 is located in the Dundee Hill area, which is considered to be an inferior location compared to the subject, adjusted at $5,000. Comp 4 is located south of the city limits of Port Townsend, which is also considered an inferior location, adjusted at $5,000. Comp 5 is located in Tibbals Lake Park, which is considered a similar location quality compared to the subject. View - Adjusted to reflect the premiums paid for differing view qualities in this area. The Subject and Comps 2 - 5 have wooded views. Comp 1 has an average mountain and wooded view that is considered to be superior to the subject's wooded view, adjusted at $10,000. Site Size - Reflects the premiums paid for larger sites, adjusted @ $20,000 per acre. Topography - The northern, approximately one half of the subject vacant land is located in a 100 year flood plain. Therefore, the city of Port Townsend would likely require a report from a wetland consultant to determine exactly where the wetlands are and what buffer is needed. The appraiser's research indicates this would cost approximately $500 to $1,000. The southern, approximately one half of the subject vacant land is located in a landslide /erosion/ seismic hazard area. Hence, the city of Port Townsend would also likely require a report from a geotech engineer before the property was developed. The appraiser's research indicates this would cost in the range of $3,500 to $6,500. The market will also reflect the limited use of the portion of the subject vacant land that is in a flood plain and the unwillingness of many buyers to pursue a property with such challenges. No comparable sale with these issues was found by the appraiser in the last year in Port Townsend. All comps adjusted at $12,000. Utilities - The subject has sewer available at the street. Water is located approximately one block away. Comp 1 has sewer and water located approximately one block away, adjusted at $6,000. Comp 2 has water available at the street and sewer is located approximately one block away, adjusted at $4,000. Comp 3 has water available in the street and sewer available approximately 6 blocks away. Due to the distance to the existing sewer, the city would likely allow a private septic system on this site, adjusted at $15,000. Comps 4 and 5 have water available in the street and will require private septic systems to be developed, adjusted at $15,000. Road Access - The subject is located on an unimproved section of road that is currently used as a trail. The paved road would need to be extended less than one block to the subject property. Comp 1 is located on unimproved section of road, approximately one block from the improved section of road, no adjustment. Comp 2 is located on a gravel street, adjusted at $7,000. Comp 3 is located on an unimproved section of road, approximately 5 blocks from the improved section of road, adjusted at $15,000. Comps 4 and 5 are located on paved streets, adjusted at $20,000. Due to the lack of vacant land sales in the subject market area, it was necessary to expand the geographical range beyond one mile and exceed a six month sales window in order to bracket the subject. Due to the lack of more similar sales, some net adjustments exceed those typically sought. Form TADD — "WinTOTAL" appraisal software by a la mode, ine. —1- 800 - ALAMODE Subject Photo Page Borrower /Client N/A Property Address Parcel #951 - 904 -603 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Subject Front Parcel #951 - 904 -603 Sales Price N/A Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Fowler's Park View .46 acres Site Quality Age North side of subject. Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Subject Rear South side of subject. Subject Street Comparable Photo Page Borrower /Client N/A Property Address Parcel #951- 904 -603 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Comparable 1 1224 Willow Street Prox, to Subject 1.54 miles SE Sales Price 70,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Fort Worden View .46 acres Site Quality Age Comparable 2 XXX 32nd Street Prox. to Subject 0.70 miles SE Sales Price 52,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Dundee Hill Mew .56 acres Site Quality Age Comparable 3 XXX 39th Street Prox. to Subject 0.42 miles SW Sales Price 17,500 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Fowler's Park View .66 acres Site Quality Age Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. —1. 800 - ALAMODE Main File No. 1402001LY Pa a #7 Comparable Photo Page Borrower /Client N/A Propeq Address Parcel #951- 904 -603 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Comparable 4 XXX Pebble Street Prox. to Subject 3.32 miles SW Sales Price 49,400 Gross Living Area Total Bedrooms Total Rooms Total Bathrooms Total Bedrooms Location Total Bathrooms View Location Rural PT View .59 acres Site Age Quality Age Comparable 5 556 Cook Avenue Ext. Prox. to Subject 0.87 miles SW Sales Price 65,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Tibbals Lake Park View .56 acres Site Quality Age Active Listing Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. —1- 800- ALAMODE Location Map Borrower /Clierd N/A Property Address Parcel #951 - 904 -603 _ City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust %th st Subject m° Parcel #951- 'I .1 st o� U st S E � � qq N L 9 Comparable XXX.39th Street C H 4 0.42 miles SW 4tit 5t 3s" st � Co tip z �� 40 0.87 miles SW t.fttsc Comparable. a 1224 Willow Street 1.54 miles SE Comparable # 2 ES, XXX 32nd Street F m z rel Tewrtsead 0.70 miles SE ire GOV 1al'; Club Y 'c a 22nd St �te5 i ° Qt 0aer1Ra A et5 Att 5t 5� �V 121h St entry s:..: ES'rtt 17th St 20 9th St Os Rd 'v .<'4 W Sims way .20 cP Glen Cove. a a Girt �\ E h y _ Ar(adfa w 0 XXX Pebble Street 3.32 miles SIN Comparable 0 s seton Rd 0 ' rnttes Farm MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Plat Map JEFFERSON TITLE COMPANY 11-14, 81k. 46, Fowler's Park 951904603 4 2 20 20 z W Li EAST SAPPHIRE < Ui 2 t8 11 J STR lMain File No. 1402001 *NOT TO SCALE* This sketch is provided without charge, for your information, It is not intended to show all matters related to the property including, but not limited to, area, dimensions, easements, encroachments or location of boundaries. It is not a part, nor does it modify, the commitment or policy to which it is attached. The Company assumes NO LIABILITY for any matter related to this sketch, Reference should be made to an accurate survey for forlher information. p.0 Lto$ 2s6 • 220b PYe lov4rserd WA 98368 PhoneOW08541" FAX (360386-6-467 Form SGNLGL — WnTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Form TCG LT — "WinTOTAL" appraisal software by a la mode, inc. —1- 800- ALAMODE MK APPRAISAL IMain File No. 1402004LY Pa e #1 LAND APPRAISAL REPORT File No. 1402004LY Borrower N/A Census Tract 9506.02 Map Reference Page 2 B -4 Property Address Parcel #998 - 002 -001 h City Port Townsend County Jefferson State WA Zip Code 98368 w Legal Description Lots 1 -4 Block 20 Tacoma Addition; V1 P81 co Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PUD cn Actual Real Estate Taxes $ 181 (yr) Loan charges to be paid by seller $ N/A Other sales concessions N/A Lender /Client Jefferson Land Trust Address 1033 Lawrence Street, Port Townsend, WA 98368 Occupant Vacant Appraiser Judith L. Maves -Klatt Instructions to Appraiser Estimate fair market value. Location ❑ Urban ® Suburban ❑ Rural Good Avg. Fair Poor Built Up ❑ Over 75% ® 25% to 75% ❑ Under 25% Employment Stability Convenience to Employment ❑ ® ❑ ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Shopping Property Values ® Increasing ❑ Stable ❑ Declining Demand /Supply ❑ Shortage ® In Balance ❑ Oversupply Convenience to Schools ❑ ® ❑ ❑ Adequacy of Public Transportation p F ❑ o Marketing Time ❑ Under 3 Mos. ® 4 -6 Mos. ❑ Over 6 Mos. Recreational Facilities ® ❑ ❑ ❑ o Present 60 % One -Unit 1 % 2 -4 Unit 2 % Apts. _% Condo 7 % Commercial Adequacy of Utilities ❑ Land Use % Industrial %Vacant 30 % Cr _ °m Change in Present ® Not Likely ❑ Likely ( *) ❑ Taking Place ( *) Property Compatibility ❑ ❑ Land Use ( *) From To Protection from Detrimental Conditions ❑ w Predominant Occupancy ® Owner ❑ Tenant 5 % Vacant Police and Fire Protection ❑ Z ❑ ❑ z One -Unit Price Range $ 35 to $ 1,100 Predominant Value $ 245 General Appearance of Properties Appeal to Market ® ❑ ❑ ❑ One -Unit Age Range 0 yrs. to 99+ yrs. Predominant Age 40 yrs. view, noise) See Text Addendum. Note: 30% of the Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, present land use is undeveloped land consisting of vacant land that is either fields or wooded. Dimensions 100' x 200' More or less - 20,000 .46 acres ® Corner Lot Zoning Classification RI (SF) Present Improvements ® Do ❑ Do Not Conform to Zoning Regulations Highest and Best Use ❑ Present Use ® Other (specify) Single family dwelling Public Other (Describe) OFF SITE IMPROVEMENTS Topo Level Elec. ® Street Access ❑ Public ❑ Private Size Larger than typical w Gas ❑ Surface None Shape Rectangular w Water ® Maintenance ❑ Public ❑ Private View Wooded /Average San. Sewer ® ❑ Storm Sewer ❑ Curb /Gutter Drainage Appears adequate ❑ Underground Elect. & Tel. ❑ Sidewalk ❑ Street Lights Is the property located in a FEMA Special Flood Hazard Area? ❑ Yes ® No Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions) The parcel directly north of the subject parcel has area that is designated as wetlands. The subject is located approximately five blocks from a paved street. The subject would require street improvement to develop. The subject is located approximately 5 blocks from public water. There were no adverse easements, encroachments or other unusual conditions noted. The undersigned has recited the following 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 property, a plus ( +) adjustment is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address Parcel #998 - 002 -001 1224 Willow Street XXX 32nd Street XXX 39th Street Port Townsend, WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 Port Townsend WA 98368 Proximity to Subject 1.54 miles SE 0.64 miles S 0.43 miles SW Sales Price $ N/A Is 70,000 . °r "," $ 52,000 ° " s 17,500 ti Price $/S q. R. $ :, $ IS `m . K .,° - ' $ Data Sources Assessor Rec. NWMLS#474860 /Assessor Records NWMLS#486593 /Assessor Records NWMLS#417925 /Assessor Records z ITEM DESCRIPTION DESCRIPTION + - $ Adjust. DESCRIPTION + - $ Adjust. DESCRIPTION + - $ Adjust. ¢ Date of Sale/Time Adj. N/A 07/11/13 08/02/13 04/26/13 Location Tacoma Addition Fort Worden - 15,000 Dundee Hill +5,000 Fowler's Park 0 o Site/View .46 acres .46 acres .56 acres -2 000.66 acres -4,000 w View Wooded/Avg Mtn/Wooded /Av -10000 Wooded/Avg Wooded /Av 2 Topography Level Level/Slight Sloe 0 Level Level/Slight Sloe 0 g Utilities Sewer in st/Wtr 5 Blks Sewer,Wtr 1 Block - 14,000 Sewer 1 Bik/Wtr in st - 24,000 Sewer 6 Blks/Wtr in st -5,000 Road Access Unimproved Unimproved -15,000 Gravel Road -22 000 Unimproved 0 Sales or Financing N/A None None None Concessions N/A None None None Net Adj. otal + - $ -54,000, ❑ + ❑ - $ - 43,000 ❑ + ::E:: $ -9,000 Indicated Value of Subject $ 16,0001- -• $ 9,000 $ 8,500 Comments on Market Data A through searoh was made to locate the most similar sales from the subject market area. These 4 sales are considered to be the best available at the time of inspection Comp i is most similar in size size. Comps 2 -5 are most similar in view quality. Comps 1 and 3 are located on unimproved roads. Comps 1 and 3 am most similar overall and are weighted, with all comps considered in the estimate of value. Comments and Conditions of Appraisal This appraisal is a summary report. This appraisal is in compliance with the Uniform Standards of Professional Appraisal Practices No prior sales or listings were noted for the subject within the past 3 years or the Comps in the past year. z Final Reconciliation Comps 1 and 3 are most similar overall and are weighted with all comps considered. Reasonable exposure time is OP considered to be 30 to 180 days I (WE) ESTIMATE TI E- YAR(ET.Y�AkUE,4S gEjRfP,_(QF, Tj1E yU11OCT PROPERTY AS OF 02/11/2014 TO BE $ 12,000 Z Appraiser Judith I!.. Moves -Klatt Supervisory Appraiser (it applicable) w Date of Signature and Report 02/21/2014 Date of Signature cc Title Certified Residential Appraiser Title State Certification # 1702097 ST WA State Certification # ST _ Or State License # ST _ Or State License # ST _ Expiration Date of State Certification or License 04/18/2015 Expiration Date of State Certification or License Date of Inspection If applicable 02/11/2014 ❑ Did ❑ Did Not Inspect Property Date of Inspection Form LAND — "WinTOTAL" appraisal software by a la mode, inc. —1- 800- ALAMUUE V-1 Main File No. 1402004LYT P e #2 ADDITIONAL COMPARABLE SALES File No. 1402004LY ITEM SUBJECT PROPERTY COMPARABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6 Address Parcel #998- 002 -001 Port Townsend, WA 98368 IXXX Pebble Street lPort Townsend, WA 98368 556 Cook Avenue Ext. Port Townsend, WA 98368 ProAmity to Subject 3.33 miles SW 0.96 miles SW Sales Price $ N/A $ 49,400 $ 65,000 $ Price $/S o. R. $ $ $ $ Data Sources Assessor Rec. NWMLS#427300 /Assessor Records NWMLS #534958 /Assessor Records ITEM DESCRIPTION DESCRIPTION + - $ Adjust. DESCRIPTION +(-)$ Adjust. DESCRIPTION + - $ Adjust. Date of Sale/Time Adj. N/A 07/31/13 Active Listing 200 Location Tacoma Addition Rural PT +5,000 Tibbals Lake Park 0 Site/View .46 acres .59 acres - 2,600.56 acres 000 View Wooded/Avg Wooded/Avg —Wooded/Avg 0-35,000 Topography Level Level Level Utilities Sewer in st/Wtr 5 Blks Wtr in st/Needs septic -5,000 Wtr in st/Needs septic 000 Road Access Unimproved Paved Road -35,000 Paved Road Sales or Financing Concessions N/A N/A None None None None Net Adj. otal ❑ + ®- $ -37,60o ❑ + ®- $ -47,200 ❑ + ❑ - $ Indicated Value of Subject $ 11,8 0 $ 17,800 $ Comments on Market Data A through search was made to locate the most similar sales from the subject market area. These 4 sales are considered to be the best available at the time of inspection. Comp 1 is most similar in size size. Comps 2 -5 are most similar in view quality. Comps 1 and 3 are located on unimproved roads. Comp 3 is located approximately the same distance from improved road as the subject. Comps 3 -5 are most similar in availability of utilities. Comp 5 is an active listing. Comps 1 and 3 are most similar overall and are weighted, with all comps considered in the estimate of value. Reasonable exposure time is considered to be 30 to 180 days. N J Q Z Q F- Q O H w cc ccQ Q uoi I I Form LAND.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1.800- ALAMODE Supplemental Addendum File No.1402004LY Borrower /Client N/A Property Address Parcel #998- 002 -001 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Notice to Third Parties: I have made an examination of publicly available information about the subject property using the Jefferson County assessor records, online zoning maps, and other municipal entities. No title insurance policies or binders were made available for my review. Research was conducted into national, regional, city and neighborhood economic factors and trends that might affect the property, including existing zoning codes, comprehensive development plans, traffic patterns and availability of public utilities and services. Data supporting the development of the Direct Sales Comparison approach to value was research through public auditor records, Northwest Multiple Listing records and Realist databases. Other data was also obtained through various web - delivered sources, all considered publicly available. The sales used in the Sales Comparison Approach to value were viewed from the street. The intended user of this appraisal report is the client named on page 1 of this report, per USPAP Standards Rules 1 -2(a) and 2- 2(b)(i). The intended use is to evaluate the property that is the subject of this appraisal to estimate its fair market value, subject to the stated Scope of Work, purpose of the appraisal, requirements of this appraisal report form, and the definition of market value. No insurance company by name or type was identified on the appraisal order and no additional intended users are identified by the appraiser. There were no other intended users and there are no other intended uses communicated by the client to the appraiser at the time of the assignment. However, there are those individuals or entities that may choose to use or rely on part of or the entire appraisal report that are not identified as intended users by the appraiser and the client(s) and this report has not been prepared to address any specific needs of those individuals or entities. Questions or concerns a 3rd party may have should be directed to the client(s) identified in this report and not to the appraiser. Source for Market Value Definition: (C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994). This report was prepared in compliance with the IFR (former HVCC) client /lender /appraiser communication procedures, and USPAP Standards, which include adequate security measures in place to protect the data produced by the appraiser. All electronic (digital) signatures on this report have a security feature. Maintained by individual passwords for each signing appraiser. No person can alter the appraisal with the exception of the original signing appraiser. I have performed no services regarding the subject property within the prior 3 years as an appraiser, or in any other capacity. All sales are closed and verified unless otherwise noted. When possible the sales are verified to the local multiple listing service. If the comparable was sold through the MLS, the market time in days will be recorded as DOM. All values are rounded to the nearest hundred. Adjustments of less than $500 are not considered significant, but are included for internal consistency. Property Address - No site address has been assigned to the subject property. Map Reference - A Good Map Company, Inc. Jefferson County Street Atlas. Marketing Conditions - Market research indicates that there are an insufficient number of comparable sales in the subject's neighborhood to create reliable statistics to determine the market trend for similar properties in Port Townsend. There were also insufficient sales of all non - waterfront vacant land parcels (less than 30 per year) in Port Townsend to create reliable statistics to determine the market trend for vacant land in Port Townsend. The appraiser therefore expanded the search parameters to include sales of all non - waterfront vacant land parcels in northeastern Jefferson County within the following one year time periods to determine the overall market trend in the area. NWMLS areas searched: 480 - 490. From 02/12/11 to 02/11//12 the median sales price was $67,500. The median sales price then decreased to $42,000 for sales that occurred between 02/12/12 and 02/11/13. Between 02/12/13 and 02/11/14 the median price then increased to $65,250. This indicates that the market decreased by 37.78% between 2011/2012 and 2012/2013 and then increased by 55.36% from 2012/2013 to 2013/2014. The median days on market from 02/12/13 to 02/11/14 was 145 days, which is down from 162 days during the same period in 2012/2013. This data is used to complete the neighborhood property trends on page one of this report. Form TADD — 'WinTOTAL' appraisal software by a la mode, inc. —1- 800 - ALAMODE Main File No. 1402004LY Pa e #4 Supplemental Addendum File No.1402004LY Borrower /Client N/A Property Address Parcel #998 - 002 -001 city Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Addendum to Neighborhood Description - The subject property is located within the city limits of Port Townsend, population approximately 9,100 and the county seat. Shopping, services, schools and restaurants are convenient to the site. The homes are compatible mixture of ages, styles, sizes and quality, and are generally well- maintained. There are also a number of century -old Victorian homes in which the city takes great pride. The major employment is the paper mills, with civil service, shipbuilding, and tourism contributing significantly to the economy. Site Comments - The Subject site is a level wooded parcel of land. The subject's site size is larger than is typical for this market area. The site has a wooded view. The subject site is located approximately 5 blocks from a paved road. The county would likely require that the road be extended to and through the subject site. The subject has sewer available at the unimproved street. Water is located approximately 5 blocks from the subject. The parcel directly to the north of the subject has area of wetlands. Addendum to Sales Comparison Analysis: Location - The subject and Comp 3 are located in Fowler's Park area on the western edge of Port Townsend. Comp 1 is located near Fort Worden State Park, which is considered a superior location, adjusted at $15,000. Comp 2 is located in the Dundee Hill area, which is considered to be an inferior location compared to the subject, adjusted at $5,000. Comp 4 is located south of the city limits of Port Townsend, which is also considered an inferior location, adjusted at $5,000. Comp 5 is located in Tibbals Lake Park, which is considered a similar location quality compared to the subject. View - Adjusted to reflect the premiums paid for differing view qualities in this area. The Subject and Comps 2 - 5 have wooded views. Comp 1 has an average mountain and wooded view that is considered to be superior to the subject's wooded view, adjusted at $10,000. Site Size - Reflects the premiums paid for larger sites, adjusted @ $20,000 per acre. Topography - The subject site is level. The comparable sales are similar to the subject in topography, no adjustments made. Utilities - The subject has sewer available at the street. Water is located approximately five blocks away. Comp 1 has sewer and water located approximately one block away, adjusted at $14,000. Comp 2 has water available at the street and sewer is located approximately one block away, adjusted at $24,000. Comp 3 has water available in the street and sewer available approximately 6 blocks away. Due to the distance to the existing sewer, the city would likely allow a private septic system on this site, adjusted at $5,000. Comps 4 and 5 have water available in the street and will require private septic systems to be developed, adjusted at $5,000. Road Access - The subject is located on an unimproved section of road that is currently used as a trail. The road would need to be extended approximately 5 blocks to the subject property. Comp 1 is located on unimproved section of road, approximately one block from the improved section of road, adjusted at $15,000. Comp 2 is located on a gravel street, adjusted at $22,000. Comp 3 is located on an unimproved section of road, approximately 5 blocks from the improved section of road, no adjustment made. Comps 4 and 5 are located on paved streets, adjusted at $35,000. Due to the lack of vacant land sales in the subject market area, it was necessary to expand the geographical range beyond one mile and exceed a six month sales window in order to bracket the subject. Due to the lack of more similar sales, some gross and net adjustments exceed those typically sought. Form TADD — "OnTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Main File No. 1402004LY Pa e #5 Subject Photo Page Borrower /Client N/A Property Address Parcel #998- 002 -001 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Subject Front Parcel #998 - 002 -001 Sales Price N/A Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Tacoma Addition View .46 acres Site Quality Age Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. —1- 800- ALAMODE Subject Rear Subject Street Trail at what would be 45th Street. Main File No. 1402004LY Pa e #6 Comparable Photo Page Borrower /Client N/A Property Address Parcel #998 - 002 -001 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Comparable 1 1224 Willow Street Prox. to Subject 1.54 miles SE Sales Price 70,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Fort Worden View .46 acres Site Quality Age Comparable 2 XXX 32nd Street Prox. to Subject 0.64 miles S Sales Price 52,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Dundee Hill View .56 acres Site Quality Age Comparable 3 XXX 39th Street Prox. to Subject 0.43 miles SW Sales Price 17,500 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Fowler's Park View .66 acres Site Quality Age Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Main File No. 1402004LY Pa e #7 Comparable Photo Page Borrower /Client N/A Property Address Parcel #998 -002 -001 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Comparable 4 XXX Pebble Street Prox. to Subject 3.33 miles SW Sales Price 49,400 Gross Living Area Total Bedrooms Total Rooms Total Bathrooms Total Bedrooms Location Total Bathrooms View Location Rural PT View .59 acres Site Age Quality Age Comparable 5 556 Cook Avenue EA. Prox. to Subject 0.96 miles SW Sales Price 65,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Tibbals Lake Park View .56 acres Site Quality Age Active Listing Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE Location Map Borrower /Client N/A Property Address Parcel #998- 002 -001 City Port Townsend County Jefferson State WA Zip Code 98368 Lender Jefferson Land Trust Liz a -a+ SubjeEt 1 Parcel #990-002-001 t..... 49th St W 5't .. 4 Dst 0.96 miles SW c S w Comparable C Comparab e # 1 XXX 39th Street 4 1 q ■ 1 54 miles SE 3 9 n 'Z (} # Comparable »l$t1 XXX 32nd Street 0.6 C PaY Townsend tin GLxtr mrn Cer~•:ezar.- Chili .� C4 22nd St_ a 4e ace5�,ta. tr •9n -. it O.. ...19th St. a ©t�p4e11 ad ,ytth Tui Lagoon w 14th St 5�3? .... Vth-SS �ztn sT E s 11th SL 20 St Rd 9.h C -ra[s .. .. t A. S Ja`ob �{� Smx ty� . o Glen Cove i tS A :a a� M,r,R a Artadia w XXX Pebble Street 3 ' 33 miles SW ya�f O Seton Rd O.S miles Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. —1- 800- ALAMODE plat Map DJEFFERSON TITLE I~4,0kD0, Tacoma Addition low w Uk (An 15 7K I- *7x *NOT TO SCALE+ This sketch uprovided without charge, for your information. xis not intended m show ail matters related m the property including, u"t not limited to, area, dimensions, easements, encroachments or location o, boundaries, o/, not ^ Dart, not does xmodify, *eomm/tmep,n, policy m which n/,attached. The com»^n° assumes wo LIABILITY for any matter related m this sketch. Reference should u~ made ,ua" accurate survey for further information, Form SCNLGL — "Wimmxappmisal software by au mode, inc. —1-800-AmmODE