Poulsbo Lincoln Cottages Introduction 02-26-2021

LILNINCOCOLNLNCOCOTTTATGAEGSES I0N2T/R2O6/D2U0C2T1ION 02/26/2021 POULSBO LINCOLN COTTAGES 1 02/26/2021

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TANAGER HOMES LINCOLN COTTAGES HOMES CONTENTS EXECUTIVE SUMMARY ……………………………………………… 5 COMPANY OVERVIEW ……………………………………………….. 6 POULSBO, WASHINGTON SYNOPSIS ...………………………. 6 DEVELOPMENT SUMMARY ………...……………………………. 11 AREA MAP …………………………………….………………………….. 12 AERIAL PHOTO………………………………………………………….. 14 PARCEL MAP / TAX ID ……………………………………………….. 16 ZONING ……………………………………………………………………. 18 CONCEPTUAL SITE PLAN………..………………………………….. 24 LOT CONFIGURATION..………………………………………………. 26 STREET CONFIGURATION …………………………………………… 28 PLAN 1066……………………………………………………….………… 30 PLAN 1302………..…………………………………………….…………. 32 PLAN 1520…………………………………………………….…………… 34 COMMON FEATURES………………………………………………… 36 MARKET REPORTS ……………………………………………………. 38 POULSBO LINCOLN COTTAGES 3 02/26/2021

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TANAGER HOMES WORK FORCE HOUSING In many areas of the United States over the past few ble to homebuyers with household income starting in years, the new home industry has largely abandoned the $65 thousand dollar range—about 90% of the what’s sometimes called the “entry level” segment, average Poulsbo household income and well within choosing instead to focus on more expensive move- range of both retirees and local workers– both pri- up and luxury segments of the market. Builders have vate (medical workers, office workers, etc.) as well as chosen this path for a number of reasons: strong de- public (teachers, police officers, city workers etc.) mand for all product segments, high building costs Many single and most two-person wage earning fam- due to scarce land, expensive labor and materials, ilies in Poulsbo should be able to afford one of these restrictive zoning, and lengthy processing times. For homes. We think we can accomplish this without the same effort and same investment, upper end government help or subsidies (aside from typical FHA products usually provide a higher dollar-per-acre re- financing programs). turn. The less expensive homes don’t get built. The charming, cottage-styled homes will be cost effi- As a result, the entry-level segment now suffers dra- cient, but not “cheap”. They will be single-family, matic shortages. New homes at any price are practi- detached on small lots. They’ll have separate, private cally non-existent in Poulsbo, never mind entry level. yards and front porches. The site will be dense According to Zillow and Redfin, the current average (approximately 5 to 7 units per acre) but it will be resale price is well above $500,000 —far beyond the attractive with double-loaded, tree-lined streets with average Poulsbo family’s price range. We call this sidewalks located on both sides of the streets. The neglected segment—those with average income— homes will feature attractive finishes and will be the “Workforce” segment. These are households highly energy efficient. On-street parking is allowed with income between 70% and 120% of the Poulsbo on both sides of the city-standard street, plus, each Average Household Income. This large segment home will feature a full-length driveway and a one- tends to include first time owners, working couples, car garage for two off-street parking spaces per and retirees. home. Tanager Homes believes we can find and develop The mission of Tanager Homes is to become a leader property and then build and sell single-family in Workforce Housing. We think the market segment “cottage-style” homes at “workforce housing” price is highly neglected. But we believe the problem is ranges—prices that are well below the current medi- solvable and we’re anxious to lead the way. an resale price. These homes would then be afforda- POULSBO LINCOLN COTTAGES 5 02/26/2021

Tanager Homes – An Introduction Tanager Homes, LLC (“Tanager”) is a Washington state Limited Liability Company formed in April 2018. The company is a licensed and bonded gen- eral contractor in the state of Washington. Mark Doppe and Jonathan Jacobs are the founders and managing members of Tanager. Both are expe- rienced home building professionals, having built more than 13,000 homes during their careers. Mark Doppe resenting more than $1.5 billion of real estate. Homebuilding veteran Mark Doppe is the compa- Prior to co-founding Tanager, Mr. Doppe was the ny’s President. Mr. Doppe has spent the past forty- founder of Rhapsody Partners, a Washington state five years in the real estate business, the majority developer of commercial property. He was previ- of that time as the founder and chief executive ously the founder of Carina Corporation and Falcon officer of two large homebuilding companies in Las Development Corporation, both homebuilders in Vegas, Nevada. He is experienced in all operational aspects of residential property development, in- vestment, and management. His companies have employed up to 350 people in multiple states, ac- quired and sold subsidiaries in multiple states, and developed more than 13,000 homes: 7,200 sin- gle family homes and 5,800 multifamily homes rep- POULSBO LINCOLN COTTAGES 6 02/26/2021

Las Vegas. Founded in 1986, Mr. Doppe grew Falcon southern Nevada’s leading brokerage offices. During by internal growth and by acquisition of out-of-state this time, the group sold more than 600 properties builders into the 23rd largest homebuilder in the worth more than $150 million. He is a HUD ap- country. proved agent and is the only Realtor approved by Wynn Resorts “We Save” employee program. He is Mr. Doppe started his real estate career directly out certified through the Neighborhood Housing Ser- of high school as a real estate licensee. After taking vices of Southern Nevada and he structured the Las time out to earn a BA in Business Administration Vegas Police Protective Association “Helping our He- from the University of Nevada, Las Vegas, he re- roes” program, the \"Welcome Home\" home assis- entered the real estate industry with Lincoln Proper- tance program with Nellis Air Force Base, and the ty Company, where he was responsible for apart- \"Fireproof\" home assistance program with the Fire- ment development in three states. Mr. Doppe was a fighters union. Jonathan is an expert in marketing nine-year member of the State of Nevada Environ- and negotiating homes in Las Vegas, where he lives mental Commission and is a two-time former Presi- and works. He has been named a Top 40 Under 40 dent of the Southern Nevada Homebuilders Associa- Agent in Las Vegas by Greater Las Vegas Association tion. of Realtors three times, thereby inducting him into the Hall of Fame, Top 100 men in real Estate by “My Jonathan Jacobs Vegas Magazine,” 100 most influential real estate agents, as well multiple Top 250 Hispanic Agents Jonathan Jacobs is the other founding member of awards in the Nation out of more than 50,000 Tanager Homes. In addition to being a licensed Ne- agents by the NAHREP. vada real estate agent, Mr. Jacobs is also a nationally –licensed mortgage loan originator. In 2018 he Mr. Jacobs attended UNLV, focusing on Business Ad- formed Streamline Mortgage – a mortgage loan pro- ministration with a Marketing major. He is fluent in vider for residential real estate in southern Nevada. Spanish and English The company now operates in Nevada, Arizona, Tex- as, and South Carolina. Streamline will fund more than $150,000,000 of home loans in 2021. A 18 -year veteran of the real estate industry, Mr. Jacobs founded, grew and operates the Jacobs Team – a high-volume real estate sales group at one of POULSBO LINCOLN COTTAGES 7 02/26/2021

Poulsbo, Washington, with a population of 11,180, is located in alike. These include several beautiful parks throughout the city, the northern part of Kitsap County and is 4.5 square miles in a boardwalk along Liberty Bay, the Valborg Oyen Public Library, area. Liberty Bay, originally called Dog Fish Bay, and the majes- three marinas, interesting gift shops, delicious bakeries, good tic, snow-peaked Olympic Mountains to the west induced the schools including the Olympic College satellite campus, and pan- Scandinavians to settle in Poulsbo in the late 1800’s because the oramic views of Liberty Bay and the Olympic Mountains. area was so similar to the fjords of Norway. Prior to Euro-American settlement, Poulsbo was in the heartland HISTORY of the Suquamish People, who have lived in Puget Sound for thousands of years. Suquamish ancestors occupied villages and Founded by Norwegian immigrant Jørgen Eliason in the 1880s, camps on the Liberty Bay shoreline over the past 5,000 years, Poulsbo was settled in its early years by a large number hunted throughout the Poulsbo forests and floodplains, fished in of Norwegian and other Scandinavian immigrants because of its bays and streams, and collected shellfish along the marine similarities to their native countries. In 1886, I.B. Moe, one of shoreline. the early Norwegian settlers, suggested that the community should have a post office. Moe suggested the town be named With the Scandinavians’ arrivals, Poulsbo was founded by Jorgen \"Paulsbo\" (which translates as \"Paul's place\"), after the village Eliason, from Fordefjord, Norway, when the primary method of in Halden, Norway, where Moe spent his early years. The com- travel was water. Supplies were brought the eighteen-mile trip munity's petition for a post office was granted and Moe became from Seattle by rowboat and later by steamboat. Over a sixty- the first postmaster, but authorities in Washington, D.C. mis- year period, the “mosquito fleet”, comprised of more than a spelled the town's name, likely misreading Moe's hand- dozen steamboats, served Poulsbo and other locations along writing, and the community became known as \"Poulsbo\" there- Liberty Bay and Puget Sound carrying passengers and freight to after. Poulsbo was incorporated on December 18, 1907. and from Poulsbo and delivering farmers’ produce to Pike Place Market in Seattle. Until World War II, many Poulsbo residents re- tained Norwegian as a primary language. However, dur- Today Poulsbo is a thriving community with many amenities that ing World War II, the military constructed about 300 residential attract tourists and encourage people to move to this area. With units to provide housing for workers at the nearby Puget Sound its picturesque downtown core of rosemaled storefronts and Naval Shipyard in Bremerton. The population of Poulsbo almost shopping areas at Poulsbo Village, along Viking Avenue, and in tripled over three years, and the diversification of the popula- College Market Place, Poulsbo offers much to citizens and guests tion led to the dominance of English as the primary language. POULSBO LINCOLN COTTAGES 8 02/26/2021

POULSBO, WASHINGTON - SYNOPSIS On October 22, 1975, King Olav V of Norway visited Poulsbo average family size was 2.97. as part of the celebration of 150 years of Norwegian immigra- The median age in the city was 40.2 years. 23.8% of residents tion to the United States. His son, Harald, visited 20 years were under the age of 18; 7.8% were between the ages of 18 later and 24; 24.7% were from 25 to 44; 24.5% were from 45 to 64; 2010 census and 19.4% were 65 years of age or older. The gender makeup As of the census of 2010, there were 9,200 people, 3,883 of the city was 45.3% male and 54.7% female. The median households, and 2,310 families residing in the city. Poulsbo income for a household in the city was $38,875 and the medi- had an estimated population of 11,180 in 2020. an income for a family was $51,353. Males had a median in- come of $40,482 versus $27,899 for females. The per capita The population density was 1,970.0 inhabitants per square income for the city was $20,649. 9.1% of the population and mile (760.6/km2). There were 4,115 housing units at an aver- 8.2% of families were below the poverty line. Out of the total age density of 881.2 per square mile (340.2/km2). The racial population, 14.1% of those under the age of 18 and 6.0% of makeup of the city was 82.9% White, 9.2% Hispanic or Latino, those 65 and older were living below the poverty line. A large 5.7% Asian, 1.1% African American, 0.9% Native American, number of employed individuals work on the east side of Pu- 0.3% Pacific Islander, 3.6% from other races, and 5.4% from get Sound, in Seattle or other King County cities, and com- two or more races. mute to work by ferry. There were 3,883 households, of which 30.8% had children un- der the age of 18 living with them, 61% were married cou- ples living together, 11.4% had a female householder with no husband present, 3.2% had a male householder with no wife present, and 40.5% were non- families. 34.7% of all households were made up of individuals, and 17.4% had someone living alone who was 65 years of age or older. The average household size was 2.30 and the POULSBO LINCOLN COTTAGES 9 02/26/2021

A 1300 SF model in Lamplight Gardens—one of our previous small-lot single-family home developm POULSBO LINCOLN COTTAGES 10 02/26/2021

LINCOLN COTTAGES DEVELOPMENT HIGHLIGHTS Parcel Size: 2.94 acres # Lots: 15 Density: 5 / acre # Models: 3 Home Size: 1066 sf 1302 sf Target Sale Price: 1520 sf 1066: $364,000 1302: $399,000 1520: $434,000 Target Absorption 4 per month Residenteial— Zoning Status: (up to 5 / acre) Low No Rezoning Required: Tanager Homes Developer / Contractor: 5/24/2021 Land Closing: ments (Las Vegas). POULSBO LINCOLN COTTAGES 11 02/26/2021

AREA MAP The site is located in the incorpo- rated city of Poulsbo in Kitsap County, Washington. Ferry service is 10 miles southeast on Bainbridge Island (service to downtown Seattle) or 10 miles northeast in Kingston (service to Edmonds and to Seattle). POULSBO LINCOLN COTTAGES 12 02/26/2021

SITE POULSBO LINCOLN COTTAGES 13 02/26/2021

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POULSBO LINCOLN COTTAGES ZONING PLAN The existing zoning is RL—residential low. Although our conceptual site plan satisfies the RL density limitation, our average lot size is much less than the minimum requirement for straight RL zoning. As such, we would need to build as a Planned Residential Devel- opment (PRD) under Poulsbo Section 18.70.070 “COTTAGES” - which allows smaller lot developments with community (HOA) open space. POULSBO LINCOLN COTTAGES 18 02/26/2021

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Development Standard Detached Cottage Detached Cottage in Cottage housing with no PRD in RL zone RM/RH zones subdivision proposed in RM/RH—commonly held ownership Minimum lot area 3,000 square feet 3,000 square feet 1/2 acre 20' n/a Minimum lot width 30' None n/a 60% n/a Minimum lot depth 70' Maximum building lot cover- 50% age Front yard setback 10' 10' n/a Rear yard setback 10' 10' n/a when abutting an alley 5' 5' Side yard setback 5' 5' n/a Street side yard setback 10' 10' n/a Setback for all structures 10'* 10'* 10' from adjacent property lines 20' when adjacent to 20' when adjacent to 20' when adjacent to an RL along the perimeter of the an RL zone* an RL zone* zone site Minimum distance between n/a n/a 10' structures n/a 60% Maximum overall building lot n/a coverage 20' 25' with 6:12 roof pitch Maximum height for cottages 20' 25' with 6:12 roof pitch POULSBO LINCOLN COTTAGES 20 02/26/2021

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Table 18.260.050 Lot Requirements for PRD Development Standard RL zoning district RM/RH zoning district + No subdivision proposed— (including any method of subdivision for single- attached units in RL district commonly held ownership family detached) (condominium) for all R zones Density Per underlying zoning district and as allowed as bonus units in Section 18.260.110. Minimum Lot Area 3,750 square feet No minimum lot area for 5 acres or as a component of a PRD w/subdivision 3,000 square feet for de- attached units. tached single-family cottages. 3,000 square feet for de- tached units. Minimum Lot Width 30' 20' n/a Minimum Lot Depth 70' None n/a Maximum Building Lot Cov- 50% 60% n/a erage Front Yard Setback* 10' 10' n/a Rear Yard Setback* 5' 5' n/a Side Yard Setback* 5' 5' n/a Street Corner Yard Setback* 10' 10' n/a (corner lots at intersections or greater if necessary for or greater if necessary for (s) of public streets/rights of sight distance as determined sight distance as determined way) by the city engineer by the city engineer Perimeter Setback n/a n/a 20' and as may be required by Section 18.260.070 Setback between Struc- n/a n/a 10' tures* Maximum Overall Building n/a n/a 60% Lot Coverage POULSBO LINCOLN COTTAGES 23 02/26/2021

TANAGER HOMES POULSBO LINCOLN COTTAGES CONCEPTUAL SITE PLAN POULSBO LINCOLN COTTAGES 24 02/26/2021

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TANAGER HOMES COTTAGES HOMES TYPICAL LOT CONFIGURATION POULSBO LINCOLN COTTAGES 26 02/26/2021

TANAGER HOMES COTTAGES HOMES TYPICAL LOT CONFIGURATION We believe in the enduring desirability of single-family homes as opposed to multi-family. We want to provide yards on all four sides. The front of the home is set back at a proper dis- tance to encourage social interactions between neighbors (porch to sidewalk), while the rear yards are private and large enough for children and pets to play safely. The standard lot size is 48’ wide by 70’ deep, 3,360 square feet. Side yard setbacks are 5’ and there’s a minimum 10’ front and rear setback with a minimum of 20’ driveway setback—enough for a car to be completely off the street (plus one in the garage). Counting sidewalks and street tree area, the front of the porch will be a minimum of 18’ off the street. POULSBO LINCOLN COTTAGES 27 02/26/2021

TANAGER HOMES COTTAGES HOMES TYPICAL INTERNAL STREET SECTION POULSBO LINCOLN COTTAGES Inter 02/26/2021 28 grid scap

rnal streets are designed to be “walkPabOleU”LwSBitOh aLmINoCdOifiLeNd COTTAGES 29 shape and 5’ sidewalks separated from the0c2u/r2b6b/y250’2l1and- pe zones on both sides of all streets.

TANAGER HOMES COTTAGES HOMES PLAN 1066 POULSBO LINCOLN COTTAGES 30 02/26/2021

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TANAGER HOMES COTTAGES HOMES PLAN 1302 POULSBO LINCOLN COTTAGES 32 02/26/2021

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TANAGER HOMES COTTAGES HOMES PLAN 1520 • 1520 sf 34 • 3 Bedrooms with Bonus Room • Optional 4th Bedroom • 2—1/2 Baths • 1-car garage • Front porch • Stacked Laundry • Walk in Master Closet POULSBO LINCOLN COTTAGES 02/26/2021

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TANAGER HOMES COTTAGE HOMES STANDARD FEATURES INTERIOR FEATURES PEACE OF MIND  8’ Ceilings throughout, vaulted ceilings in single-  2 x 6 exterior construction story homes  Dual paned, energy efficient low “E” vinyl windows with  Quality plush carpeted secondary bedrooms screens  High-quality designer laminate counter-tops  R-49 ceiling insulation, R-23 exterior wall insulation and  Vinyl flooring in hall bathrooms and laundry room  6-panel flat white painted interior doors R-38 insulation in the under floors  White reversible painted baseboard throughout  Energy efficient heat pump  Pre-wired for cable television in master bedroom,  Hardwired smoke detectors throughout  Two weatherproof exterior electrical outlets den and great room  50-gallon electric hot water heater  Phone jacks in the kitchen and master bedroom  1-year Builder Warranty  Satin Nickel lighting fixtures  Surface mounted ceiling lights in secondary bed- EXTERIORS rooms, abundant recessed lighting in kitchen,  Architectural comp shingle roofing hallways and nook  Exposed aggregate walkways and driveways  Rich and warm Benjamin Moore White Dove (OC-  Dent resistant 36” front door with satin nickel door 67) interior wall color standard hardware GOURMET KITCHEN  1-car garage with door openers  Fully landscaped  High quality designer laminate countertops  Two frost free hose bibs  Stainless steel range, microwave and dishwasher  Deep covered porches and decks  Stainless steel kitchen sink with single handle CUSTOMIZATION brushed nickel faucet  Garbage disposal  Extensive option list:  Storage pantries  Flooring  Pre-plumbed water line for ice maker  Countertops  Appliances MASTER SUITE  Light Fixtures  Plumbing Fixtures  Sumptuous master baths with vanity cabinets  Bedroom addition (Plan 1520)  Laminate counter top and vinyl floors  Window coverings  Large walk-in closets with built-in shelving POULSBO LINCOLN COTTAGES 36 02/26/2021

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TANAGER HOMES PORT TOWNSEND HASTINGS REDFIN MARKET REPORT POULSBO LINCOLN COTTAGES 38 02/26/2021

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POULSBO CURRENTLY FOR SALE 2-26-2021 POULSBO LINCOLN COTTAGES 42 02/26/2021

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19689 7th Avenue NE #467 44 Poulsbo, WA 98370 Office: (425) 276-8877 Mobile: (425) 802-9245 [email protected] POULSBO LINCOLN COTTAGES 02/26/2021