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ATTACHMENT 3 <br />STATEMENT OF VALUE AND SUMMARY OF THE BASIS FOR APPRAISAL <br />Code of Civil Procedures § 1255.010(b) <br />THE AMOUNT ESTABLISHED AS JUST COMPENSATION <br />Government Code § 7267.2(a) <br />OWNERSHIP <br />Euler R. Ferrer and Yolanda G. Ferrer, as members for E.R. Ferrer, LLC <br />The following is a Statement of Value and Summary of the Basis for Appraisal <br />and the Amount that the client established as Just Compensation ("Summary") required <br />by the California Eminent Domain Law. The appraisal on which this summary is based <br />was made in connection with establishing the amount of compensation as required by <br />Code of Civil Procedure section 1255.010(b). The appraisal on which this summary is <br />based was made in accordance with accepted appraisal principles, consistent with <br />California Valuation Law. A statement and summary described the basis for the <br />appraisal from which the client established compensation. There follows the Statement <br />of Value and Summary of the Basis for Appraisal and the Amount Established as Just <br />Compensation ("Summary"): <br />BASIS OF VALUATION <br />The fair market value is based upon an appraisal prepared in accordance with <br />accepted appraisal principles and methodologies. <br />Code of Civil Procedure Section 1263.320 defines Fair Market Value as follows: <br />(a) The fair market value of the property taken is the highest price on the date <br />of valuation that would be agreed to by a seller, being willing to sell, but under no <br />particular or urgent necessity for so doing, nor obliged to sell; and a buyer, being ready, <br />willing and able to buy but under no particular necessity for so doing, each dealing with <br />the other with full knowledge of all the uses and purposes for which the property is <br />reasonably adaptable and available. <br />(b) The fair market value of property taken for which there is no relevant <br />comparable market is its value on the date of valuation as determined by any method of <br />valuation that is just and equitable. <br />Section 1263.330 provides that the fair market value shall not include an <br />increase or decrease in the value attributable to the project for which the property is to <br />be acquired. <br />The property is being appraised for the possible full acquisition by the City of <br />Santa Ana to assist in negotiations with the property owner for the possible full <br />acquisition of the subject property as a part of the Bristol Street Widening Improvement <br />Project. <br />75G-8 <br />