Item 11 - Agreement for the Sale of Land from the City and Approve an Appropriation Adjustment

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V. State the intended use of the appraisal; The intended use of this report is to establish the market value for the subject property as of the effective date of the appraisal. This report is to be used by the City of Santa Ana for internal decision -making purposes, including possible sale. The intended users of this report are the employees and duly authorized representatives of the City of Santa Ana. vi. State information sufficient to identify the real estate involved in the appraisal; The subject property is identified as a ±4,025 portion of Assessor's Parcel Number 410-071-44. It does not have a street address. The subject property is located adjacent to the north side of 3025 Ramona Drive, Santa Ana, California. The subject property is shown on the exhibit in the Appendix of this report. vii. State the real property interest appraised; The property rights being appraised are fee simple interest. The Dictionary of Real Estate Appraisal, 71h Edition, published in 2022 by the Appraisal Institute defines "fee simple estate" on page 73 as follows: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. The fee simple estate valued in this report is appraised as though free and clear of existing leases and all other encumbrances except those noted in the valuation section of this report. viii. State the type of value and cite the source of its definition; Definition of Market Value The Dictionary of Real Estate Appraisal, 7ch Edition, published in 2022 by the Appraisal Institute defines "market value" on page 118 as follows: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. ix. State the effective date of the appraisal and the date of the report; The effective date of the appraisal is June 9, 2023. The date of the report is June 13, 2023. X. State the scope of work used to develop the appraisal; The scope of the appraisal is the extent of the process of collecting, confirming, analyzing, and reporting data. The following were completed for this assignment: Accepted the assignment to make an objective appraisal of the subject property and to report the estimated range of market value. City of Santa Ana Date of Value: June 9, 2023 ±4,025-SF Portion of APN 410-071-44 3