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

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Exposure Time Exposure time is the amount of time necessary to expose a property in the open market to achieve a sale at the "as is" value conclusion, as of the date of the "as is" value. A reasonable exposure time for the subject property is estimated to be between 12 and 36 months. File Information As previously stated, this is a Restricted Appraisal Report; therefore, details of the comparable sales and the valuation analyses that have not been included in this report have been retained in the appraiser's work files. xiii. State the use of the real estate existing as of the effective date and the use of the real estate reflected in the appraisal; The subject property is essentially vacant and is appraised as such. xiv. When an opinion of the highest and best use was developed by the appraiser, state that opinion; The conclusion of the highest and best use is based on consideration of those uses that are physically possible, legally permitted, and financially feasible. It is further limited by the use or uses that are maximally productive. After considering these factors, the highest and best use of the subject property is to hold as speculative investment. xv. Clearly and conspicuously: State all extraordinary assumptions and hypothetical conditions; and State that their use might have affected the assigned results; and The value conclusion is subject to the following hypothetical condition that may affect assignment results: • None Hypothetical conditions are contrary to known facts about the physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. The value conclusion is subject to the following extraordinary assumption that may affect assignment results: The subject property is a ±4,025-square-foot portion of APN 410-071-44. For the purposes of this appraisal, the ±4,025-square-foot portion is appraised as though it is an independent parcel. An extraordinary assumption is uncertain information accepted as fact. If an extraordinary assumption is found to be false as of the effective date of the appraisal, I reserve the right to modify my value conclusions. xvi. Include a signed certification in accordance with Standards Rule 2-3. Please see the following page for the signed certification. City of Santa Ana Date of Value: June 9, 2023 ±4,025-SF Portion of APN 410-071-44 6