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0 �/ / EXHIBIT 3 Valbridge PUBLIC PAY PARKING LOT %� PROPERTY ADVISORS REGIONAL AND MARKET AREA ANALYSIS Regional Data The subject property is located in Orange County, California. Orange County is one of six counties that comprise the Southern California Metropolitan Region. The other counties are Los Angeles, Riverside, San Bernardino, San Diego, and Ventura. This region contains one of the most diversified economic environments in the world. Strengths include aerospace, import/export trade, entertainment, defense, tourism, technology, apparel, and education. On the previous page is a map showing the subject in relation to the surrounding region. These counties have been, and continue to be, interdependent for a variety of goods and services. With strong growth during the earlier portions of the century, Los Angeles became the economic base for the region, while the adjoining counties remained predominately rural in nature. As Los Angeles County built up new developments and economies, the surrounding counties began to experience a spill-over effect, first in population, then in industry. Location Orange County is situated directly southeast of Los Angeles County and remained primarily rural in nature until after World War II. The county occupies a total of 798 square miles, stretching along 42 miles of Pacific coastline and extending some 25 miles inland. The eastern mountain region, which includes the Cleveland National Forest, is largely uninhabited. The majority of population is concentrated in the northwest and central portions of the county and stretches south along the coast. Other counties bordering the County of Orange are Riverside to the east, San Diego to the south, and San Bernardino to the northeast. Early development in the county primarily consisted of agricultural activity related to wine, citrus, and ranching. Farmers and ranchers were drawn to the area by the ample water supply and fertile soil. With the advent of the railroads in the late 1800's, shipping to the east coast by rail became a reality and the citrus industry began to blossom, hence the name "Orange" County. The county was split off from Los Angeles and incorporated in 1889. In the early 1900's, small towns began to form in the northwest and central portions of the county. Expansion generally followed the Red Car commuter rail line in the earlier portion of the decade and later the freeway system followed which led to a large influx of new residents from the neighboring County of Los Angeles. Heavy growth continued through the 1950's, 60's, 70's, and 80's, as Orange County began to emerge as a center for high-tech and aerospace -related industries along with strengths in tourism and service. Demographics Although geographically small, Orange County is a major market, both on a statewide and national basis. It ranks third in population among California's 58 counties and fifth nationally, having grown 5.7% from 2010 to 2016. Currently, it represents 8.1% of California's total population. The following table demonstrates the growth of Orange County over the last four decades and growth projections to the year 2020. © 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. Page 6 SA4-38