4 - SA PH RESO PURCHASE OF 830 PARTON ST

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EXHIBIT 3 \\ / Public Pay Parking Lot Valbridge SCOPE OF WORK PROPERTY ADVISORS Scope of Work The scope of work includes all steps taken in the development of the appraisal. These include: 1) the extent to which the subject property is identified, 2) the extent to which the subject property is inspected, 3) the type and extent of data researched, 4) the type and extent of analysis applied, and the type of appraisal report prepared. These items are discussed as follows: Extent to Which the Property Was Identified Legal Characteristics The subject was legally identified via public records. Economic Characteristics Economic characteristics of the subject property were identified via public records, as well as a comparison to properties with similar locational and physical characteristics. Physical Characteristics The subject was physically identified via a legal description, public record, accessors parcel map, and measurements provided by the City of Santa Ana Public Works Department.. Extent to Which the Property Was Inspected We inspected the subject on October 18, 2016, but did not perform a physical measurement of the site. We are utilizing the measurements provided by the assessor's parcel map for the purposes of this appraisal. Type and Extent of Data Researched We researched and analyzed: 1) market area data, 2) property -specific market data, 3) zoning and land -use data, and 4) current data on comparable listings, sales, and rentals in the competitive market area. Personal Property/FF&E All furniture, fixtures, and equipment (FF&E) or any other personal property are excluded from the analysis. The opinion of market value developed herein is reflective of real estate only. Type and Extent of Analysis Applied We observed surrounding land use trends, the condition of the improvements, demand for the subject property, and relevant legal limitations in concluding a highest and best use. We then valued the subject based on the highest and best use conclusion, relying on the Sales Comparison Approach. The Sales Comparison Approach is most applicable to a Land Value appraisal. Since there are no improvements, the cost approach is considered irrelevant. As discussed later in this report, the highest and best use of the subject is for office development. Any current income generated by the property would be considered an interim use, thus resulting in an Income Approach that inaccurately reflects the value of the property. Appraisal Report Type This is an Appraisal Report as defined by the Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2a. Please see the Scope of Work for a description of the level of research completed. ©2015 VALBRIDGE PROPERTY ADVISORS I Penner and Ac— �Qci es, I�35 Page 3