Appraisal Report Auburn Municipal Airport Auburn, Washington Report Date: September 30, 2019 FOR: Mr. Josh Arndt, Senior Economic Development Officer City of Auburn 25 W. Main Street Auburn, WA 98001 Valbridge Property Advisors | Puget Sound 18728 Bothell Way NE, Suite B Bothell, WA, 98011 425-450-4040 Valbridge Job No.:19-0103 valbridge.com September 30, 2019 Mr. Josh Arndt Senior Economic Development Officer City of Auburn 25 W. Main Street Auburn, WA 98001 Via e-mail (
[email protected]) RE: AUBURN AIRPORT LAND RENT RE-VALUATION (Our File #19-0103) Dear Mr. Arndt: At your request, we have completed a Narrative Appraisal Report, containing our opinion of current market rent for the land underlying the representative parcel provided to us, which is a portion of Assessor’s Parcel Number 514320-0070 at Auburn Municipal Airport, in Auburn, Washington. This report is intended to review the land with respect to current market activity, and to assist in land rent renewal negotiations between the City of Auburn and its tenants. The 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 subject property. This report includes descriptions, comparable analysis, and an opinion of market rent for the land owned by the City of Auburn identified as a portion of APN No. 514320-0070 in order to assist in ground lease negotiations for the airport in its entirety. The analysis is intended to provide an opinion of market rent for the land only (excluding improvements and any potential leasehold interest in the land).