Marketing Package Padilla Bay SFR Development Land 9695 Bayview Edison Road Bow, WA 98232

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1 R E A L E S T A T E E L E V A T E D Marketing Package Padilla Bay SFR Development Land 9695 Bayview Edison Road Bow, WA /- acres SFR development land $1,995,000 - $11,978/acre Potential for up to 33+/- high-end, custom home lots Two points of ingress/egress High elevation land provides excellent views of the Padilla Bay, the San Juan Islands, and the Cascade Mountain range Rural Reserve Zoning - Allows 1 lot per 10 acres or 2 lots per 10 acres through CaRD clustering program Skagit County PUD water (mountain stream) available for site Conveniently located between Anacortes and Mount Vernon/Burlington Options for smaller parcels detailed on the following page Additional information available in Due Diligence Vault - Call for access James Browder Co-founder, Broker jim@kulshancommercial.com Allen Stockbridge, JD, CCIM Founder, Designated Broker allen@kulshancommercial.com CBA: NWMLS:

2 Executive Summary Padilla Bay Executive Summary The Padilla Bay properties in Skagit County, WA consist of nine contiguous lots with a total area of acres. Three of the lots are 40 acres in size, two of the lots are 20 acres, one lot is 4.7 acres, and the remaining three lots together make a 60 wide, 2,500 long owned property access from the main county road to the west. In addition, there is an easement from the northern boundary to Bayview Edison Road. All of the properties included are zoned RRV (Rural Reserve), which allows the following: one residential housing unit per ten acre lot (yielding 16 total residences) or what is called 2 for 10, which allows two one-acre residential housing units located on each ten acre lot (yielding 32 residences) with the remaining eight acres permanently designated open space agricultural. The highest and best use of this unique site, in our view, would be to develop 16 single family custom, luxury homes. Quality architectural standards could be maintained with the possible formation of a community association for the development. Housing could be clustered together on site as another option. Skagit County Planning calls this a CaRD system and may be employed, if practical or desired, placing the remaining acreage designated as open space. Outbuildings or non-residential structures such as livestock barns, equestrian center, golf course would be allowed to be built on the open space. The 160+/- acre development site has outstanding vantage points throughout, overlooking the Padilla Bay, the San Juan Islands to the northwest, the Chuckanut Mountain Range to the north, the North Cascade Mountains to the east and the Samish River Basin in the foreground. Perhaps the most important feature of the development site from a technical standpoint, is the Skagit County P.U.D. (Public Utility District) has an eight inch water main less than one quarter mile from the west entrance of the Bayview Edison Road properties. A main line water extension to property would be a considerable advantage over drilling new wells on the building sites. The property has important geographical features that make residential development possible without applying for variances or special use permits. For example: the entire site is outside of the Skagit Aquifer where there are moratoriums on well drilling; the site has few wetlands to mitigate; and septic can be installed on the building sites. and mountain ranges showcasing northwest Washington State. The neighborhood is tranquil, yet is only 20 minutes away from Anacortes and Mount Vernon, major retail, employment and recreation centers. Skagit Regional Airport, Amtrak, Interstate 5, various transportation hubs, boat launches, marinas, state parks, wildlife preserves and recreational amenities are all within a few minutes drive from the site. James Browder Co-founder, Broker jim@kulshancommercial.com Allen Stockbridge, JD, CCIM Founder, Designated Broker allen@kulshancommercial.com

3 Maps Pacific Northwest Padilla Bay Development Site

4 Maps Regional Padilla Bay Development Site

5 Maps Aerial Cap Sante Marina Anacortes SITE Skagit Regional Airport

6 Maps Aerial

7 Maps Topographic

8 Zoning Map and Description Zoning Description This site is zoned Rural Reserve (RRv), which is designed to allow low-density development and to preserve the open space character of the areas zoned Rural Reserve. Lands that are zoned RRv are typically transitional zones between resource and non-resource lands. SITE There are many permitted uses under RRv including, but not limited to, detached single family dwelling units, agriculture, home based business, and residential accessory units. The density that can be acheived is between 1 and 33 units and is explained in detail on the following page. Zoning Map Key Rural Reserve (RRv) Rural Intermediate (RI) Rural Village Residential (RVR) Bayview Ridge Heavy Industrial (BR-HI) Bayview Ridge Light Industrial (BR-LI) Aviation Related (AVR) Rural Marine Industrial (RMI) Rural Business (RB)

9 Density Skagit County allows density to be calculated two different ways. The first and most simple calculation is one single family dwelling unit per 10 acres of land. This would allow up to acre lots. Density 16 vs. 32 Units Recent Example of CaRD System The second is calculated using a process called Conservation and Reserve Development, or CaRD, which clusters density on large plots of land in order to both increase total density as well as preserve larger pieces of land. The maximum density that can be achieved under this system is two detached single family dwelling units per 10 acres of land. An example of another nearby development that was completed using the CaRD system is shown on the right. The original piece of land is outlined in green. Each parcel included inside the green outline are lots that were created using this process. Open Space In order to achieve a density of two houses per 10 acres, the density was required to be clustered, as you can see to the right. The remaining land became designated as open space, which restricts most further development. Exceptions include agricultural uses, equestrian use, and golf courses, among a small variety of similar uses. In addition, the open space land is required to be owned by one entity and cannot be divided further. Interests in the entity can be split, but the land itself must remain as it is at the time of the subdivision. It appears common to establish a homeowner s association to hold the open space land. The open space land could have a nonresidential community use such as an equestrian center or a golf course. Under this caluclation of density, the site would allow up to 32 1-acre lots, with the remaining land permanently designated as open space.

10 Development Considerations Cost to Develop Lots The price to install the infrastructure for a 16-lot development would amount to approximately $80,000 per lot. The price to install the infrastructure for a 32-lot development would amount to between $50,000 and $65,000 per lot. This will include: Paved road up to one mile length Curb (including minimal side walk) Gutter, storm drainage, and retention pond Pressurized water lines Puget Sound Energy power This will not include: Septic installation: between $12,000-15,000 per lot Permits for PUD: system development fee of around $12,400 hookup per lot Impact fees Landscaping if needed Change of Land Tax Status To develop the land for SFR, the owner would need to remove the Agricultural Discount status. At that point, the land would be assessed at Market Value, which is currently about $2,110/acre. Thereupon, the owner would need to: Pay back taxes for past seven years on the discrepancy between rates Pay market rate taxes for current year Pay 12% interest on back taxes for current and past 7 years For example, the total due would be $48, for Parcel #34507 (40 acres) if discount was removed There would be a 20% savings if notice is given 2 years in advance to remove Agricultural Discount Assuming that the other parcels were assessed at a similar value, we estimate that the total back-taxes that must be paid to develop this land would be about $194,000.

11 Development Considerations Skagit County PUD Water The current end of the Skagit County Public Utility District s water line is currently less than 1,000 feet from the southwest corner of the site, marked by a star on the map to the right. Consulting with an engineer to determine the cost of extending the line is necessary, but we believe that the cost will be somewhere in the $ per linear foot range, both to get it to the site and to extend the line through the site. The distance to extend the line to the site is about 700+/- feet. Upon completion of this development, it is possible that the landowners to the East of this site would be interested in further development. In that event, a latecomer agreement could force the new developers to share the expense of the water line extension. Latecomer agreements can be established through the Skagit County PUD and are valid for up to 10 years. Hookup fees per lot are about $12,400/lot and are payable at the time of building permit application. Larger maps similar to the image to the right can be found in the Due Diligence Vault. Location of Skagit County PUD water line

12 Maps Hydric Soils Hydric Soil Map The map at the right shows what is known of the site s wetlands condition. The small green circles on the site indicate existing wetlands, according to the National Wetland Inventory. Although the Buyer will need to conduct a wetlands delineation to confirm the location of these wetlands, as well as potential others, the lack of wetlands shown here is a good sign. It is likely that most of the site will be buildable. Hydric Soil Map Key 200 Foot Area Hydric Soils National Wetland Inventory Air Photo Interpretation of Wetland Boundaries

13 Links Links Skagit County - Maps Interactive Map Comp Plan/Zoning Critical Areas FEMA 100 yr Floodplain Hydric Soils Skagit County Code Unified Development Rural Reserve (Site) Zoning EDASC Board of Realtors City Websites - City of Mount Vernon City of Burlington City of Anacortes - Recreational - San Juan Islands - North Cascades - Skagit County - Pacific Northwest

14 Due Diligence Vault Due Diligence Vault Directory Maps - Comp Plan/Zoning - Critical Areas - FEMA 100 yr Floodplain - Hydric Soils - Skagit PUD/Water - Skagit Top Skagit County Code - Unified Development - Rural Reserve (Site) Zoning Please contact the listing brokers for access to these materials.