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9 H E0 <br />y � H <br />�H� <br />ti H <br />z <br />H <br />OHOE <br />HHMO <br />ZH <br />H <br />N 3z <br />HH <br />gW <br />H <br />HOU <br />%JW9[[,%ANIER1_-AN INSTITUTE CF ARCHITECTS <br />i' <br />o <br />._ <br />a <br />J \ <br />u � <br />THE DYKEMAN <br />ARCHITECTS <br />a <br />Mr. Larry Crawford <br />City of Everett <br />3200 Cedar Street <br />Everett, WA 98201 <br />Dear Larry: <br />SE? 11989 1=" <br />.....................................I... <br />CITY OF EVERETT <br />Public Nb:ks D2p:. <br />CHARLES H OGDEN <br />B, CRAIG THOMPSON <br />K. JOHN JONES <br />A. GARY 01EARY <br />JOEL O. NIEMI <br />August 30, 1989 <br />RE: First Interstate Bank <br />7502 Evergreen Way <br />Everett, WA <br />r88-084 <br />We have reviewed the budget and estimates for the above <br />referenced project and have found the following: <br />1. The estimated cost for the above referenced project was <br />mis-stated on the application for building permit. <br />The $362,000 listed was taken from an estimate for a <br />different scheme. <br />2. The correct estimated construction cost is <br />$313,294.94. A copy of the correct estimate is <br />included for your review. <br />w As you suggested earlier we have reviewed City of Everett <br />Ordinance $555. We have analyzed the fair market value of the <br />existing building and site improvements and find the value to be <br />in the area of $670,000. Our analysis is based cost of <br />replacement and is estimated as follows: S <br />Site Costl� <br />m a 41,675 SF @ $4.00/SF = $166,7100 <br />(incl. landscape paving, C <br />storm drainage, etc.) `S� s� <br />andT� <br />Building Costs -` <br />Basement (finished) 2014 @ $100/sf = $201,400 �/ u <br />Main Floor (brick ext) 2014 @ $110/sf = $221,540 4ml <br />g�� ! Drive -up Canopy 240 @ $ 30/sf = $ 7,200 <br />Sub total construction costs $596,840 <br />Contractor's fee @ 10% $ 59,684 <br />Bond @ z,% S 13,130 <br />f ` j 669,654' <br />This estimate does not include initial land cost. <br />As you can see by our analysis the value of the wor,. proposed is <br />less than 50% of the fair market value of the existing site <br />improvements. We therefore believe that the requirements for <br />offsite street improvements should not be imposed. <br />4e_ yC/ <br />� G y , 'Lcea , I <br />AGO/rlp <br />cc: Robin Sleeker <br />file <br />routing <br />400 FIRST NATIONAL BANK BUILDING 1602 HEWITT AVENUE EVERETT WA 98201 206 259-3161 <br />