Appraisal Report Renton Municipal Airport Renton, Washington Report Date: May 29, 2019 FOR: Casey Boatman, Airport Business Coordinator City of Renton 616 West Perimeter Road Renton, WA 98057 Valbridge Property Advisors | Puget Sound 18728 Bothell Way NE, Suite B Bothell, WA, 98011 425-450-4040 Valbridge Job No.:19-0104 valbridge.com May 29, 2019 Mr. Casey Boatman Airport Business Coordinator City of Renton 616 West Perimeter Road Renton, WA 98057 Via e-mail (
[email protected]) RE: RENTON AIRPORT LAND RENT RE-VALUATION (Our File #19-0104) Dear Mr. Boatman: At your request, we have completed a Narrative Appraisal Report in order to convey our opinion of the market rental rates for land and selected individual buildings on or near the Renton Municipal Airport. This report provides an analysis of airport properties with respect to current market activity to assist in pending lease and/or purchase negotiations with airport tenants. With respect to land, our conclusions have been generated through an analysis of comparable land sales activity, as well as activity at other regional airports, and our inspection of the various properties. This report includes descriptions, comparable analysis, and an opinion of market rent for the land owned by the City of Renton in order to assist in ground lease negotiations for the airport in its entirety. In doing so, we have observed the various properties on the airport and selected a representative parcel size of 1.50 acres for our land analysis. We have also analyzed an additional city-owned, off-airport parcel located nearby. The land analysis is intended to provide an opinion of market rent for this land only (excluding improvements and any potential leasehold interest in the land) unless otherwise noted.