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MACAULAY & ASSOCIATES LTD. <br />,_. Ru� EsuTe APPAAISWS N COHS'�LTANT6 <br />660 M[DICAL-OENTAL OUILOING <br />CVEf[TT, WASMINGTON 90201 <br />�2001 258-2671 <br />Septernber 10, 1975 <br />Mr. [3ob Royce <br />• Community Development <br />City Hall <br />Everett, l�lashingion 982C1 <br />R[: �iwc-siory `ratern_il building <br />locaied at 5217 South 2nd Streei <br />Everett, Washingion <br />Dear ldr. Royce: <br />.is requested, an inspeciion has been made of Fhe above-referenced <br />property, together �aith a study of current rrarket data tor ihe <br />purpose of torming an opinion as to the coniribution value of the <br />fee simple interest in the subjeci building. <br />Your attention is inrited to the following � page report for the <br />narrative description, analysis and conclusions. <br />Based on the investigation and analysis of ail the elements which <br />reasonably affect contribution value, I have formed an opinion thai <br />the contr-ibution value of 1he subjeci building, as of Sepiember °, 1975 <br />is a minus value and a liability to the land ownership. <br />Very lruly yours, <br />e <br />�SACAULAY 8 ASSOCIATES, LTD. <br />/ � <br />• � ;' _-_ <br />l� _ <br />� ' � _:/ j�%.�.,� <br />��Lyle,J. Kant, App�aiser <br />LJY.:Iw <br />