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EXHIBIT 3 <br />�\ Public Pay Parking Lot <br />Valbridge <br />INTRODUCTION <br />PROPERTY ADVISORS <br />Introduction <br />Client and Intended Users of the Appraisal <br />The client and intended user of this report is the City of Santa Ana and Paragon Partners Ltd. and no <br />others. <br />Intended Use of the Appraisal <br />The intended use of this report is to establish market value for the sale of the real property. <br />Real Estate Identification <br />The subject property is located at 830 N. Parton Street, Santa Ana, Orange County, California 92706. <br />The subject property is further identified by Assessor Parcel Numbers 005-142-21. <br />Legal Description <br />Keese ADD Lot 7 Por of Lot TR 392 <br />Use of Real Estate as of the Effective Date of Value and the Date of this Report <br />As of the effective date of the appraisal, the subject was vacant land. <br />Ownership of the Property <br />According to the public records, title to the subject property is vested in Community Redevelopment <br />Agency/City of Santa Ana. <br />History of the Property <br />Ownership of the subject property has not changed within the past three years. The Community <br />Redevelopment Agency/City of Santa Ana has owned the property for many years. The exact date of <br />acquisition is not known. When appropriate, we have considered and analyzed the known history of <br />the subject in the development of our opinions and conclusions. <br />Listings, Offers, and/or Contracts <br />The subject is not currently listed for sale or under contract for sale. To the best of our knowledge, <br />there have been no offers to purchase the subject property. <br />Type and Definition of Value <br />The appraisal problem (the term 'Purpose of Appraisal" has been retired from appraisal terminology) <br />is to develop an opinion of the market value of the subject property. "Market Value," as used in this <br />appraisal, is defined as "the most probable price that a property should bring in a competitive and <br />open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently <br />and knowledgeably, and assuming the price is not affected by undue stimulus." Implicit in this <br />definition are the consummation of a sale as of a specified date and the passing of title from seller to <br />buyer under conditions whereby: <br />Buyer and seller are typically motivated. <br />Both parties are well informed or well advised, each acting in what they consider their own best <br />interests; <br />© 2015 VALBRIDGE PROPERTY ADVISORS I Penner and A9 c - <br />es, I�33 Page 1 <br />