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EXHIBIT 3
<br />Valbrldge PUBLIC PAY PARKING LOT
<br />REGIONAL AN
<br />D MARKET AREA ANALYSIS
<br />PROPERTY ADVISORS
<br />SOUTHERN CALIFORNIA POPULATION TRENDS
<br />Source: State Department of Finance
<br />The communities of Riverside and San Bernardino have been the biggest beneficiaries of this trend,
<br />becoming two of the fastest growing areas in the country over the last ten years. Strong growth into
<br />outlying areas is made possible by the extensive freeway system that exists throughout the Southern
<br />California basin. This freeway system allows the region's labor force to commute from surrounding
<br />counties, and form economic bases in the surrounding counties themselves. During the last ten
<br />years, the County of Orange has maintained a strong growth rate despite dwindling land area
<br />available for development due to a surging economy. A projection to the year 2020 indicates Orange
<br />County is expected to experience moderate growth, with most of this growth occurring in the
<br />eastern and southern portions of the county.
<br />Employment
<br />The Southern California region constitutes one of the most diversified economic environments in the
<br />world. This region is the largest center for business services and international trade in the United
<br />States. Numerous business firms listed in the Fortune 500 are headquartered here. With a gross
<br />revenue of $85 billion, Orange County ranks as the 33rd largest economy in the world. The County
<br />enjoys strengths in services, high-tech manufacturing, and tourism. Income levels are among the
<br />highest in the nation.
<br />Within the Southern California region are a number of areas that are divided into separate
<br />Metropolitan Statistical Areas (MSA). The subject is located in the Anaheim/Santa Ana MSA, which
<br />comprises the entire County of Orange. The following table shows a breakdown of the various
<br />employment sectors within the County:
<br />© 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. Page 7
<br />SA4-39
<br />9:1
<br />1990
<br />2000
<br />2010
<br />2016
<br />Annual %
<br />Change
<br />2020
<br />Projection
<br />County
<br />Los Angeles
<br />Census
<br />7,477,503
<br />Census
<br />8,863,164
<br />Census
<br />9,519,338
<br />Census�
<br />9,818,605
<br />Census
<br />10,241,335
<br />15/16
<br />0.8%
<br />10,500,679
<br />Orange
<br />1,932,709
<br />2,410,556
<br />2,846,289
<br />3,010,232
<br />3,183,011
<br />1.0%
<br />3,220,788
<br />Riverside
<br />663,166
<br />1,170,413
<br />1,545,387
<br />2,189,641
<br />2,347,828
<br />1.3%
<br />2,626,222
<br />San Bernardino
<br />895,016
<br />1,418,380
<br />1,709,434
<br />2,035,210
<br />2,139,570
<br />0.9%
<br />2,283,798
<br />San Diego
<br />1,861,846
<br />2,498,016
<br />2,813,833
<br />3,095,313
<br />3,288,612
<br />0.8%
<br />3,391,010
<br />Ventura
<br />529,174
<br />669,016
<br />753,197
<br />823,318
<br />856,508
<br />0.7%
<br />885,196
<br />Totals:
<br />13,359,414
<br />17,029,545
<br />19,187,478
<br />20,972,319
<br />22,056,864
<br />0.92%
<br />22,907,693
<br />Source: State Department of Finance
<br />The communities of Riverside and San Bernardino have been the biggest beneficiaries of this trend,
<br />becoming two of the fastest growing areas in the country over the last ten years. Strong growth into
<br />outlying areas is made possible by the extensive freeway system that exists throughout the Southern
<br />California basin. This freeway system allows the region's labor force to commute from surrounding
<br />counties, and form economic bases in the surrounding counties themselves. During the last ten
<br />years, the County of Orange has maintained a strong growth rate despite dwindling land area
<br />available for development due to a surging economy. A projection to the year 2020 indicates Orange
<br />County is expected to experience moderate growth, with most of this growth occurring in the
<br />eastern and southern portions of the county.
<br />Employment
<br />The Southern California region constitutes one of the most diversified economic environments in the
<br />world. This region is the largest center for business services and international trade in the United
<br />States. Numerous business firms listed in the Fortune 500 are headquartered here. With a gross
<br />revenue of $85 billion, Orange County ranks as the 33rd largest economy in the world. The County
<br />enjoys strengths in services, high-tech manufacturing, and tourism. Income levels are among the
<br />highest in the nation.
<br />Within the Southern California region are a number of areas that are divided into separate
<br />Metropolitan Statistical Areas (MSA). The subject is located in the Anaheim/Santa Ana MSA, which
<br />comprises the entire County of Orange. The following table shows a breakdown of the various
<br />employment sectors within the County:
<br />© 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. Page 7
<br />SA4-39
<br />
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