Please Note: Sketch plan is conceptual only. Neither the Seller nor its agents have submitted plan or made any applications to a public agency.

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PUBLISHED RESERVE: $600,000

LAST ASKING: $1,100,000

SIZE: 26± acres

ZONING: Mixed Zoning (See Supplemental Information Package for details)

PROPERTY INSPECTION: At Any Time

FINANCING: Subject to Seller's approval of Purchaser's credit: A 30% down payment with the balance secured by a first deed of trust, amortized over 20 years at 7 % interest, calling for monthly payments of principal and interest; all due and payable at the end of 5 years.

DESCRIPTION: This 26± acre residential development tract is located in Kitsap County at the Bremerton city limits, in the town of Gorst. A portion of the property, approximately 19 acres, lies within the city limits of Bremerton and is currently zoned low density residential, with a minimum density of six units per acre. The remaining seven acres lies in Kitsap County jurisdiction and is zoned urban reserve, with a ten acre minimum. The property has excellent access from the corner of Birch and Alder Streets, both paved roads, with an interior dirt road extending west to a building which has been leased to a veterans group for meetings. The property has elevation climbing from 150 feet at the northeast corner to 370 feet at the southeast corner, providing opportunity to develop up to approximately 90 homesites. Some homesites will have views of Sinclair Inlet. Power and water service are available to the property (charges may apply - see Supplemental Information Package). Sewer service will need to be extended to property or utilize an on-site system.

APN #322401-3-044-2001/322401-3-044-2100/322401-3-048-2007.

LOCATION: In Section 32, Township 24 North, Range 1 East, lying south of SR 3.

SEALED BIDS DUE NO LATER THAN 5:00 P.M., NOVEMBER 18, 2009

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