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a ca lay SS Cl 1. s,-Ltd.Real Estate Appraisers .& Consultants <br />2927 Colby Avernie, Suite 100 a Everett, WA 98201 <br />Everett 425-258-2611 e Seattle 206-382-9711 ® Fax 425-252-1210 <br />Charles R, Macaulay, MAI,Paul C Bird <br />Robert J Macaulay, MAI crdLW1,11zuller <br />esco <br />Jun ? Dodgc <br />Yvonne Alexander-Smeth2 Hao <br />Ashley K Zacharia <br />October 26, 2009 OCT 2 <br />Mr. Dave Koenig, Manager Crry OF EVERETT <br />City of Everett Planning Department Planning Dept <br />2Q30 Wet 8"' <br />Floor <br />Everett, SNA 98201 <br />Re: Proposed Glenwood mixed use development Comprehensive Plan Amendment and Rezone application. <br />Dear Mr. Koenig: <br />The Cemex Corporation has asked me to comment on the proposed Comprehensive Plan Amendment and Rezone <br />application for the above -referenced project as it pertains to the surrounding south Everett neighborhood, which <br />is comprised of land zoned for both residential and industrial use. <br />Development of a good quality, mixed use master planned development like that which is currently proposed <br />would have a positive impact on property values in the surrounding vicinity. This is evidenced by the Harbors ,i <br />Pointe development near Mukilteo, which has had a long-term positive impact on the local market. It is my <br />understanding that approximately 33 acres within the proposed Glenwood development would be slated for <br />continued light industrial use and that this area would be integrated with its surroundings so as to minimize or <br />eliminate negative impacts. Additionally, the planned development would be much more aesthetically pleasing <br />than the currently existing resource (gravel) extraction operation. <br />In the Harbor Pointe region, extensive light industrial and distribution uses have been successfully developed in <br />harmony with surrounding residential, light industrial and commercial retail uses. This area has a long history <br />of supporting viable businesses in concert with a highly desirable living environment and has many similarities <br />with erre proposed Glenwood project. <br />According to the GVA Kidder Mathews' third quarter 2009 "Industrial Market Review", there is presently more i <br />than 3,700,000 square feet of vacant industrial space in Snohomish County. Absorption in the first nine months, <br />of this year was minus 751,000± SF. Given the positive market attributes of the proposed development, together <br />with the inclusion of 33 acres of light industrial -zoned land, conversion of the remaining land to other uses in <br />connection with the Glenwood project is not significant. In conclusion, my opinion is that development of a <br />master -planned community in the Paine Field vicinity of southwest Everett would have a positive influence on <br />surrounding neighborhoods and would not significantly impact the market's overall industrial inventory. <br />Sincerely, <br />MACAULAY & ASSOCIATES, LTD. <br />Robert J. Macaulay, MAI <br />WA State Certified - General Appraiser No 1100517 <br />Koenig 1009 <br />