4 - SA PH RESO PURCHASE OF 830 PARTON ST

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Valbridge EXHIBIT 3 Public Pay Parking Lot PROPERTY ADVISORS CITY AND NEIGHBORHOOD ANALYSIS City Data The subject property is located within the City of Santa Ana. Santa Ana is situated in the central portion of Orange, 30 miles southeast of downtown Los Angeles and 10 miles inland from the Pacific Ocean. The city covers an approximate area of 27.43 square miles and comprises the most populous city in the county. Neighboring communities include Orange, Anaheim, Tustin, Irvine, Costa Mesa, Fountain Valley and Garden Grove. A map showing the subject property in relation to surrounding influences has been placed on the previous page. The City of Santa Ana is one of the oldest cities in the county. During its early history, the area prospered as an agricultural community, utilizing the nearby Santa Ana River for irrigation of various crops and citrus groves. The city was founded in 1869 and incorporated in 1886. Shortly after incorporation, Orange County was split off from Los Angeles and Santa Ana was made the new county seat. This event set the foundation for the city to remain as a center for economic and demographic activity during the following century. The city has a current population of 342,930 residents. Much of the population growth in the city occurred during the 1950's and 1960's, as the area became a bedroom community to neighboring Los Angeles County. Despite a limited amount of vacant land area, the city continued to register a strong growth (4.4% annually) during the 1980's and 1990's. This growth is primarily attributed to the addition of a number of multi -family dwelling units and a heavy influx of Hispanic residents from Mexico and other Central American countries. These residents generally have a higher density per dwelling unit and comprise the largest Hispanic concentration in the county. Today, the primary focus of the city remains the Civic Center. A large portion of the local employment base is tied to federal, state and local governments. The federal and state courthouses located in the Civic Center support an abundant number of legal firms and government administration services. Historically, Santa Ana was also a financial hub for the county with a number of banks located nearby to the County Recorder, title companies and other financial related entities. Other large employers in the city include Cherry -Textron, ITT Cannon, Microsemi Corporation, The Register, Ricoh Electronics, First American Title, Main Place Mall and Western Medical Center. During the 1970's and 80's, the focus for much of the economic activity in the county shifted southward toward the Orange County Airport; and now, in the new millennium, to South County. Many larger financial and high-tech companies have located in this area. This has led some firms in Santa Ana to relocate or open satellite offices in the airport area, resulting in a decline of local employment. Increases in crime, gang activity and graffiti have also led to a further economic decline in the city. In recent years the city has taken a progressive attitude towards new business and re -development. This effort has led to a revitalization of some parts of the city, predominately in the northern and southeast portions. Examples of these developments include the redevelopment of the Main Place Mall and the construction of Hutton Centre. In addition City Place is a large seven acre mixed use project currently under construction north of the Santa Ana Freeway. Also in the north portion of Santa Ana, the expanding Bowers Museum and the Discovery Center have created the "Museum District". Recent redevelopments include the downtown area with the new Ronald Reagan Federal Building in the civic center, the establishment of the Arts District in the old downtown Main Street and the expansion of Orange County High School for the Performing Arts (OSHA). © 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. SA4-44 Page 12