Tacoma Cityoftacoma #PG26-0189F

Appraisal of the Lake Cushman Lease and Property Development Scenarios

The City of Tacoma is seeking a qualified appraiser to value the Lake Cushman Lease and assess market rent under multiple property-use scenarios. - Government buyer: City of Tacoma — Tacoma Power/Generation, Department of Public Utilities, Light Division; Real Property Services. - Requested service: One appraisal of the Lake Cushman leased property, which includes approximately 2,400 acres, 3,089 residential lots, and 600 acres of common areas. The leaseholder is Lake Cushman Company; it is not identified as a vendor. - Valuation scope: Estimate fair market value, annual market rent, and net present value for the current lease term and a 14-year extension. Also evaluate two hypothetical raw-land cases: development consistent with the current configuration, and only development rights available to hypothetical undeveloped land. - Key requirements: The appraiser must be licensed in Washington and have at least five years of experience. Work requires a personal property inspection and a written report compliant with USPAP, Appraisal Institute standards, and applicable state regulations. Exclude leasehold improvements from the valuation; support conclusions with market data and independently confirmed comparable transactions, and address relevant infrastructure, development constraints, fees, and agreements. - Deliverable and timing: One written appraisal report; the contract term is one year. The appraisal is anticipated to be completed within the contract schedule, with draft timing established in the contract and the final report due within five business days after review approval. - OEMs and vendors: No product manufacturers, OEMs, or prospective vendors are named. The Appraisal Institute is referenced for professional standards, not as a vendor. - Estimated value: Not provided.

Description

The City of Tacoma is seeking proposals for appraisal services to determine the fair market value for the Lake Cushman Lease. Submittals are due November 17, 2026, at 11:00 a.m. Pacific Time. The solicitation states that a pre-proposal meeting will not be held and lists the estimate as N/A.

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