Item 24 - Joint Public Hearing Adopt Resolution and Approve Purchase and Sale Agreement

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EXHIBIT 5 This valuation aligns with the agreed sale price of $190,000, as established through the Appraisal. The Appraisal confirmed that the Property's value under its current use and conditions is appropriate and reflective of the market conditions as of the date of the Appraisal. The final estimated reuse value underscores the impact of the existing Parking Lease Agreement, which significantly influences the Property's marketability and development potential. The planned transfer of the property at this value ensures compliance with the legal and financial obligations tied to the Property while facilitating its continued use for public benefit. V. CONSIDERATION RECEIVED AND COMPARISON WITH THE ESTABLISHED VALUE HSC Section 33433 requires the Successor Agency to disclose the value of the Property and ensure that it receives fair market value. This includes comparing the sale price with the highest use value allowed under current zoning and considering any conditions that affect the Property's use after the sale. Purchase Price The purchase price of the Property is $190,000, as determined by the conducted by CBRE, Inc. on September 11, 2023. This price reflects the fair market value of the Property in its current use as a parking lot. Appraised Value The highest and best use analysis conducted by CBRE, Inc. considered the legal, physical, financial, and maximum productivity aspects of the Property. They concluded that the fair market value of the Property, under its current zoning (Specific Development — SD-84) and considering the Parking Lease Agreement dated May 18, 1993, which mandates 60 parking spaces for the Builders Exchange Building, is $190,000. This valuation is based on the assumption that the Property is vacant and available for immediate development without considering any extraordinary use restrictions. Reuse Value The estimated reuse value of the Property takes into account specific requirements, conditions, and covenants governing its use post -conveyance. The primary covenant affecting the reuse value is the Parking Lease Agreement, which requires the provision of 60 parking spaces for the Builders Exchange Building. Despite this condition, the reuse value aligns with the appraised value, establishing the Property's worth at $190,000.