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EXHIBIT 3 <br />Valbridf�e Ms. CherylDeMucci <br />1 Paragon Partners Ltd. <br />PROPERTY ADVISORS <br />Page 3 <br />Based on the analysis contained in the following report, our value conclusions are summarized as <br />follows: <br />Market Value of Land As Is <br />Respectfully submitted, <br />John D. Penner, MAI <br />Senior Managing Director <br />California License #AG001720 <br />VALUE CONCLUSIONS <br />Current Fee <br />th. "h "'e <br />Eric Day, <br />Staff Appraiser <br />Certified General AG044661 <br />SA4-25 <br />