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5 MACAULAY & ASSOCIATES LTD. REAL ESTATE APPRAISERS & CONSULTANTS 610 MEDICAL-DENTAL BUILDING 2722 COLBY AVENUE EVERETT,WASHINGTON 98201 (206)258-261 1 (EVERETT) (206)382-971 1 (SEATTLE) Mr. Brian Jones, LID Administrator CITY OF EVERETT Public Works Department 3200 Cedar Street Everett, WA 98201 Re: LID #719 Assessment Segregation for a Portion of the Bethany of the NW Property (Treasurer's Account No. 0003) Dear Mr. Jones: This letter is in reference to segregation of the LID assessment lev- ied against the parcel identified above. The owners have requested that the assessment be divided into two amounts and they plan to pay off part of it in order to use 1. 5± acres of the property as collat- eral for a loan. Assessment recommendations made by our office were based on special benefit accruing to the property due to the LID project. It was con- cluded that the highest and best use for the property is multiple family residential development and one measure of special benefit in- cluded an estimate of the probable number of dwelling units which could be built on the 302, 306 SF (6. 94 ac. ) parcel. At a probable density of 2 ,200 SF per unit, the entire tract could yield 137 units. Dividing this number between the two portions to be segregated indi- cates 109 units for the larger northwesterly portion (denoted "Parcel 1" in the segregation request package) and 28 units for Parcel 2 , the smaller southeasterly parcel. This is approximately an 80%/20% split. It is our opinion that an 80%/20% apportionment of the remaining as- sessment, based on potential number of dwelling units for each of the two new parcels, will preserve the security of the bonds issued to finance the local improvement district. Please refer to the following facts and figures pertaining to the property. 16