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EXHIBIT 3 Valbridge Public Pay Parking Lot PROPERTY ADVISORS INTRODUCTION • A reasonable time is allowed for exposure in the open market • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or safe concessions granted by anyone associated with the sale."i The value conclusions apply to the value of the subject property under the market conditions presumed on the effective date(s) of value. Please refer to the Glossary in the Addenda section for additional definitions of terms used in this report. Valuation Scenarios, Property Rights Appraised, and Effective Dates of Value Per the scope of our assignment we developed opinions of value for the subject property under the following scenarios of value: VALUATION SCENARIOS TABLE Fee Simple As Is Market Value of Land Yes We completed an appraisal inspection of the subject property on October 18, 2016. Date of Report The date of this report is November 10, 2016, which is the same as the date of the letter of transmittal. List of Items Requested but Not Provided • None Assumptions and Conditions of the Appraisal The acceptance of this appraisal assignment and the completion of the appraisal report submitted herewith are subject to the General Assumptions and Limiting Conditions contained in the report. The findings and conclusions are further contingent upon the following extraordinary assumptions and/or hypothetical conditions which may have impacted the assignment results: Extraordinary Assumptions • None Hypothetical Conditions T • None 1 The Dictionary of Real Estate Appraisal, Appraisal Institute 02015 VALBRIDGE PROPERTY ADVISORS I Penner and Assoiates, Inc. _34 Page 2