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Kyle Mauren <br />From: Erik Emerson <EEmerson@everettwa.gov> <br />Sent: Friday, May 31, 2019 1:05 PM <br />To: Philip Kelton <br />Cc: Brett Allen; Kyle Mauren; Mark Tekin; Thad Newport <br />Subject: RE: 1515 132nd Street SE - Everett, WA - Property Improvement Value <br />Attachments: Everett Improvements 5.23.19.xlsx; Commercial Building Permit Fees (PDF)_ <br />201904181237539942.pdf <br />Philip, <br />After reviewing the submitted calculations internally we have determined that the methodology is defensible and meets <br />our standards. It appears that if the project remains as described then the project will not trigger the 50% improvement <br />value threshold and MR 1-9 would not be applicable to replaced surfaces. As we have discussed there may be other <br />triggers which may be applicable and may require some level of stormwater mitigation. <br />— Erik Emerson PE <br />Senior Surface Water Engineer I Public Works <br />425.257-8995 13225 Cedar, Everett WA 98201 <br />EVERETT everettwa.gov I Facebook I Twitter <br />From: Philip Kelton <pkelton@tekindevelopment.com> <br />Sent: Thursday, May 23, 2019 4:28 PM <br />To: Erik Emerson <E Emerson@ everettwa.gov> <br />Cc: Brett Allen<brett.allen@CONTOURENGINEERINGLLC.COM>; Kyle Mauren <br /><Kyle.mauren@contourengineeringllc.com>; Mark Tekin <Mark.Tekin@tekindevelopment.com>; Thad Newport <br /><TNewport@everettwa.gov> <br />Subject: RE: 1515 132nd Street SE - Everett, WA - Property Improvement Value <br />Hi Erik — <br />Thank you for your feedback shared earlier this month regarding our approach to calculating improvement values. <br />We have since revised our calculation and attached it hereto along with an Engineer's Estimate for your team's review <br />and comment. In addition to the Engineer's Estimate, this revised run is now based on improvement values published in <br />the City's Valuation Schedule (attached). As such, we feel it's a more accurate portrayal of our project's impact on the <br />property's value. Although closer to the 50% value increase threshold, the revised calculation shows that the overall <br />project is still below this breakpoint. <br />Summary of the improvement value: <br />Chase Bank 3002 SF @ $134/SF $402,268 <br />Jack in the Box 423 SF @ $142/SF $60,066 <br />Engineer's Estimate $121,001 <br />Total $583,335 <br />50% of the existing assessed value = $608,950 <br />