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3 <br /> 2.2 Appraised Value <br /> Everett's Ordinance 2935-06 requires that prior to the sale of any City-owned real <br /> property, the property's fair market value must be determined based on the certified <br /> appraisal report of a state licensed and qualified appraiser. It further requires the sale <br /> price of City-owned real property to be equal to or greater than 90 percent of its appraised <br /> fair market value. A May 13, 2005 appraisal indicates that the fair market value of the <br /> approximately 24,750 sf Property is in the range of$3.1 to $3.2 Million. <br /> The City invites Proposers to propose their own price for the purchase of the Property <br /> and information, such as an appraisal report, that would support the proposed sale price. <br /> The City may do an updated appraisal of the Property after the selection of the successful <br /> Proposer(s) and prior to the execution of an agreement to purchase the Property. Such an <br /> agreement would impose certain requirements for the development of the Property <br /> consistent with the City's objectives and would be negotiated between the City and the <br /> successful Proposer(s). <br /> 2.3 City Objectives <br /> The City has the following objectives for development of the Property: <br /> • Transformation of an underutilized site into a mixed use that adds to the <br /> vitality of Everett's downtown by helping to generate pedestrian traffic all day <br /> and all evening; <br /> • Creation of urban amenities such as restaurants an/or specialty retail and/or <br /> boutique hotel that would contribute toward generating a critical mass of <br /> downtown residential development; <br /> • Commencement and completion of development at the earliest possible time <br /> with commencement of construction no later than 24 months after closing date <br /> of Property sale; <br /> • Attainment of fair market value for the Property; <br /> • Design and construction of a project of the highest quality that has long-term <br /> viability and that honors the exiting streetscape while integrating, if possible, <br /> the Culmback building or its façade into the project design; and <br /> • No additional capital investment by the City. <br /> 2.4 Downtown Profile <br /> The Property is located at the corner of Wall Street and Colby Avenue in the 3000 Block <br /> of Colby Avenue, a downtown setting with excellent territorial views of the Port Gardner <br /> Bay and Puget Sound. It is located across Wall Street from the Everett City Hall (a ten- <br /> Everett Downtown Mixed-Use Development(Allen Buick/Culmback Property)-RFP Page 4 <br />