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EXHIBIT 3 <br />\�\, Valbridge Public Pay Parking <br />k ` / V LAND VALUATION <br />���_/ PROPERTY ADVISORS <br />Land Sales Comparison Analysis <br />All of the sales were analyzed, and adjustments were made for differences in the various elements of <br />comparison, including: real property rights, financing terms, conditions of sale, expenditures made <br />immediately after purchase, market conditions, location, size, and other relevant factors. If the <br />comparable sale was considered superior to the subject for any element of comparison, we applied a <br />negative adjustment to the comparable. Conversely, a positive adjustment to the comparable was <br />applied if it was considered inferior to the subject for any element. A summary of the elements of <br />comparison follows. <br />Transaction Adjustments <br />Transaction adjustments include 1) real property rights conveyed, 2) financing terms, 3) conditions of <br />sale and 4) expenditures made immediately after purchase. These items are applied prior to the <br />market conditions and property adjustments, and are discussed as follows: <br />Real Property Rights Conveyed <br />Real property rights conveyed in land sales, such as easements, right of way, private or public <br />restrictions, the right to develop, and any other land use right the property may transfer upon sale <br />(e.g. the right to farm, mine, or subdivide) influence sale prices and may differ among land sale <br />comparables. <br />Financing Terms <br />The transaction price for one property may differ from that of an identical property due to different <br />financial arrangements. Sales with financing terms not at or near market terms require adjustments <br />for cash equivalency to reflect typical market terms. A cash equivalency procedure discounts atypical <br />mortgage terms to provide an indication of value at cash equivalent terms. <br />Conditions of Sale <br />When the conditions of a sale are atypical, the resulting price may be higher or lower than a normal <br />transaction. Adjustments for conditions of sale usually reflect the motivations of either a buyer or a <br />seller who is under duress to complete the transaction. Another more typical condition of sale <br />scenario involves a downward adjustment applied to a comparable property's for -sale listing price, <br />which usually reflects the upper limit of value. <br />A knowledgeable buyer considers expenditures that must be made upon purchase of a property, <br />decreasing the amount he will agree to pay. Such expenditures may include: (1) costs to demolish <br />and remove any portion of the improvements, (2) costs to petition for a zoning change, and/or (3) <br />costs to remediate environmental contamination. The relevant figure is not the actual cost incurred, <br />but the cost anticipated by both the buyer and seller. Unless the sale involved expenditures <br />anticipated upon the purchase date, no adjustments to the comparable sales are required for this <br />element of comparison. <br />Market Conditions Adjustment <br />Market conditions change over time as a result of inflation, deflation, fluctuation in supply and <br />demand, and other factors. Changing market conditions creates the need for adjustments to sale <br />comparables that represent transactions during periods of dissimilar market conditions. Market <br />conditions reflect changes in supply and demand, economic factors such as a recession, the inflation <br />or deflation of currencies, tax laws, investor perceptions, etc. <br />© 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. <br />SA4-65 <br />Page 33 <br />