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EXHIBIT 3 Valbridge REGIONAL AND PAY PARKING LOT (V, D MARKET AREA ANALYSIS 1." PROPERTY ADVISORS Strengthening the services sector overall are engineering, accounting, and legal sectors. Transportation continues to be a growth area for Orange County, with a number of projects generated by Proposition M. While previous years of strong economic conditions and favorable interest rates created a booming construction and real estate industry in the region, this industry is now in the doldrums resulting from the recent recession. Unemployment has shown recent improvement, while consumer spending and lending seem to have stabilized. Transportation The Orange County transportation system includes an extensive freeway network. The backbone of this freeway system is the Santa Ana (5) Freeway, which extends the entire length of the State. An estimated 56% of the county population resides within three miles of the freeway (along with two- thirds of the county's jobs). Major north -south freeway routes include the Santa Ana (5) and the San Diego (405) Freeways. The major east -west freeway route is the Riverside (91), which connects parts of Los Angeles County with the inland communities of Riverside and San Bernardino. Other freeways include the Orange (57), Garden Grove (22), Newport (55), and the Corona Del Mar (73) Freeways. These freeways, along with connecting freeways thiroughout the region, constitute the most expansive network in the world. However, in recent years, the freeways have become increasingly congested, due to a growing number of motorists and inadequate maintenance/improvements. Much of this congestion has been caused by continued population growth and commuter traffic from the inland communities of Riverside and San Bernardino, as well as, South Orange County. A major public works project is currently underway to provide alternative transportation routes for commuting residents. In 1990, Orange County residents voted in favor of Measure M, which instituted a 1/2 cent sales tax for transportation improvements. Major projects consist of a widening of the Santa Ana (5) Freeway (now nearing completion), new diamond lanes on the Riverside (91), Orange (57), and Costa Mesa (55) Freeways, and the "Smart Street" improvements of Katella Avenue and Imperial Highway. Other projects include the privately -funded toll roads recently completed in the eastern portion of the county and the newly completed San Joaquin corridor in the southern portion. The regional rail system has also recently been expanded to Orange County, with numerous Metro -link stops during peak commuting times between Los Angeles and Irvine. This system provides alternative transportation for commuters and residents to numerous destinations throughout the metropolitan area, including Los Angeles International Airport (LAX). Other transportation features of the county include John Wayne International Airport (SNA), public bus service, Amtrak passenger rail service, and several freight rail lines. Access to shipping is provided by the deep -water ports of Long Beach and Los Angeles, which are located to the north of the County. These mega -ports handle one third of the total U.S. Pacific Coast cargo, with an estimated worth of $124 billion, and are among the four busiest trade areas in the world. Additional airport facilities include the relatively nearby LAX, Ontario, and Long Beach Airports. Quality of Life Orange County enjoys a mild Mediterranean climate. Temperatures generally range from 60 to 75 degrees in the winter and 75 to 85 degrees in the summer. Coastal and desert influences keep rain and moisture to a minimum, providing a year-round outdoor atmosphere. The area's predominately warm, sunny climate helps draw more than 47 million tourists a year to Orange County. Orange County enjoys immediate proximity to numerous beaches and is within an hour's distance of the mountain and desert areas of Southern California. However, smog presents a constant problem to © 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. Page 9 SA4-41