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Table 2: Total Estimated Costs <br />Cost Successor <br />Agency/RDA City <br />Purchase Price ($190,000) $190,000 <br />Property Acquisition Costs $0 - <br />Closing Costs and Expenses $0 $0 <br />Total Estimated Costs ($190,000) $190,000 <br />These estimated costs provide a comprehensive view of the financial obligations the City <br />will incur to complete the acquisition of the Property. The City has allocated funds in the <br />amount of $190,000 for the purchase price plus closing costs in the CDA – Service <br />Enhancement account (no. 0111817-66100) for expenditure in FY 2024-25. Upon <br />approval by the Oversight Board and DOF, and completion of the transaction, $190,000 <br />in proceeds from the sale will be deposited in the Redevelopment Obligation Retirement <br />Funds Revenue account (no. 67018002-57071) and payment to the County of Orange, <br />Auditor-Controller will be made from expenditure account (no. 67018850-69142). <br />III. ESTIMATED VALUE OF THE INTERESTS TO BE CONVEYED DETERMINED AT <br />THE HIGHEST USES PERMITTED UNDER THE REDEVELOPMENT PLAN <br />HSC Section 33433 requires the Successor Agency to determine and report the market <br />value of the Property based on the most advantageous or profitable use allowed by the <br />current zoning regulations applicable to the Property. The valuation must assume that the <br />property is vacant and that immediate development is required, without considering any <br />special restrictions or conditions that could be imposed by the City in the future. <br />The Property is currently zoned Specific Development (SD-84), which allows for <br />numerous commercial, office, and retail uses. The Property is subject to the Parking <br />Lease Agreement dated May 18, 1993, ensuring the future availability of 60 parking <br />spaces exclusively for the Builders Exchange Building. <br />In the Appraisal, the highest and best use of the Property was determined as follows: <br />As Vacant <br />• Legal Permissibility: The Property is zoned Specific Development – (SD-84), which <br />permits a variety of commercial, office, and retail uses. The existing Parking Lease <br />Agreement ensures the availability of 60 parking spaces for the Builders Exchange <br />Building. <br />• Physical Possibility: The Property’s physical characteristics and the availability of <br />utilities make it suitable for the allowed uses under its current zoning. <br />EXHIBIT 5