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,�", ��� <br />EI�1'� - <br />Housing Authority of the City of Everett <br />1401 POPLAR � EVERETT. WASHING70N 982014899 • �206) 258�9222 (TDD Also) • Ff,X (206� 259�120a � <br />February 5, 1992 !�i•�,,�,15 3 35�./ �- 352'i Z <br />Robert Landles <br />Planning Department <br />City of Everett <br />3002 Wetmore <br />Everett Washington 98201 <br />Dear Mr. Landles, <br />The Renovation of Haker Heights Phase 2 consists of repairs and <br />replacement of various items due to lead based paint and asbestos <br />abatement to reduce health and safety concerns. Congress has mandated <br />that lead based paint be abated in all public housing. To accomplish <br />the abatement, Everett Y.ousinq Authority has chosen to remove and <br />replace the affected materials ie:doors, porches,interior woodwork <br />and tri•,s, shelves etc.and cover the affected exterior with vinyl <br />siding. Asbestos floors are also being removed. These replacements <br />and other repairs make up Phase 2. 72 units will receive all work <br />items, floors,trims, doors, storage areas, vinyl siding and roofs <br />while 42 units will only qet roofs where needed and vinyl siding. <br />To approach determir�nq an estimated value for Baker Heights We have <br />used two methods 1. Replacement value,new construction. 2. <br />Replacement value by Department of Housing and Urban Development <br />(HUD) Development Costs limits (see attached notice) <br />Replacement cost,by new construction appraisal was done by Peterson <br />Appraisal in July 1988 for insurance value purpeses. Baker Heights <br />was then valued at $7,477,793. for the 250 units. (see attached). We <br />must note that this is excluding land and its improvements.Site cost <br />would range in the $3 to $4 million area for a value of $10.5 million <br />dollar conservatively. <br />Hud's development cost limits determine the maximum per unit size <br />that Housing Authorities can pay on the open market for completed <br />units.The first and second phases have the following units and <br />values; <br />Phass 1&2 1 bedroom 40 each at $61600 =$2,464,000.00 <br />2 bedroom 54 each at $81200 =$4,384,800.00 <br />3 bedroom 20 each at $95450 =$1,909,000.00 <br />Total Maximum Purchase Value = $9,004,200.00 <br />CUNMISSIONERS: 0. ADAMS • C. JACKSON • E.M. SCHALKA • M.S. SELLS • 6. YA7ES • A.L. WHITE, EXECUTIVE DIRECTOR <br />