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• Financial Feasibility: Given the current market conditions and the existing Parking <br />Lease Agreement, holding the property for future development is financially viable. <br />• Maximum Productivity: Based on market and neighborhood analysis, the highest <br />and best use of the Property, if vacant, would be for future redevelopment, <br />including the provision of 60 additional parking spaces as required by the Parking <br />Lease Agreement. <br />As Improved <br />• The Property is currently utilized as a parking lot for the adjacent office building. <br />Most Probable Buyer <br />• The most likely buyer would be a government agency or local developer capable <br />of developing the Property under a joint development scenario. <br />Based on the Appraisal, the fair market value of the Property, considering its highest and <br />best use, is $190,000. Therefore, the estimated fair market value of the interest to be <br />conveyed at the highest use permitted under the zoning in place for the Property is <br />approximately $190,000. <br />IV. ESTIMATED REUSE VALUE OF THE INTERESTS TO BE CONVEYED <br />HSC Section 33433 also requires the Successor Agency to determine the Property’s <br />reuse value, which reflects the Property’s worth when considering any specific <br />requirements, conditions, and covenants that will apply to its use after it has been <br />transferred to a new owner. This could include any legal restrictions, zoning requirements, <br />agreements, or other factors that might affect how the Property can be used or developed <br />in the future. <br />The reuse value of the Property was also appraised by CBRE, Inc., taking into <br />consideration the development conditions and covenants required by the Purchase & <br />Sale Agreement. The Property is currently improved as a parking lot and will remain so <br />until future development opportunities arise that comply with public benefit purposes. <br />Reuse Value Calculation <br />Table 3: Reuse Value with Conditions and Covenants <br /> Total <br />Concluded Land Value $1,390,000 <br />Less: $20,000/space * 60 spaces ($1,200,000) <br />Total As Is Value $190,000 <br />EXHIBIT 5