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EXHIBIT 3 <br />\\ Val bridge Suite 255 <br />1370255reaBoulevard <br />\a('rtis� <br />PROPERTY ADVISORS Fuilerlon,CA92835 <br />714-449-0852 phone <br />Penner & Associates, Inc. 714-738-4371 lax <br />Valbrfdge,com <br />November 10, 2016 <br />Ms. Cheryl DeMucci, ROW Supervisor <br />Paragon Partners Ltd. <br />5762 Bolsa Avenue, Suite 201 <br />Huntington Beach, CA 92649 <br />RE: Appraisal Report <br />Public Pay Parking Lot <br />830 N. Parton Street <br />Santa Ana, Orange County, California 92706 <br />Dear Ms. DeMucci: <br />In accordance with your request, we have performed an appraisal of the above referenced property. <br />The purpose of the appraisal is to estimate the fee simple "As Is" Market Value of the subject land as <br />a commercial parking lot. This appraisal report sets forth the pertinent data gathered, the <br />techniques employed, and the reasoning leading to our value opinions. This letter of transmittal is <br />not valid if separated from the appraisal report. <br />The subject property, as referenced above, is located on an interior lot fronting a moderate and <br />minor traffic street and is further identified as Assessor's Parcel Number (APN) 005-142-21. The <br />subject is a 0.09 -acre or 3,929 -square -foot site, and is zoned P — Professional. The site is currently <br />improved as a commercial public parking lot. <br />We developed our analyses, opinions, and conclusions and prepared this report in conformity with <br />the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation; the <br />Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal <br />Institute, and the requirements of our client as we understand them. <br />The client and intended user in this assignment is the City of Santa Ana and Paragon Partners Ltd. <br />and no others. The value opinions reported herein are subject to the definitions, assumptions and <br />limiting conditions, and certification contained in this report. The findings and conclusions are <br />further contingent upon the following extraordinary assumptions and/or hypothetical conditions <br />which may have impacted the assignment results: <br />Extraordinary Assumptions: <br />• None <br />Hypothetical Conditions: <br />• None <br />SA4-24 <br />