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aEXHIBIT 3 �`� Valbridge Public Pay Parking Lot PROPERTY ADVISORS LAND VALUATION Property Adjustments Property adjustments are usually expressed quantitatively as percentages that reflect the increase or decrease in value attributable to various characteristics of the property. In some instances, qualitative adjustments are used. These adjustments are based on locational and physical characteristics and are applied after transaction and market conditions adjustments. Location Location adjustments may be required when the locational characteristics of a comparable property are different from those of the subject property. These include, but are not limited to, general neighborhood characteristics, freeway accessibility, street exposure, neighboring properties, view amenities, and other factors. AccessNisibility Tracts with major street influence tend to bring higher prices than otherwise comparable secondary street locations. Additionally, tracts featuring corner influence typically command higher prices in the market place than interior locations, because they have greater exposure to traffic and are easier to access. Size The size adjustment identifies variances in the physical size of the comparables and the subject improvements. Typically, the larger a parcel, the lower the sale price per unit. This inverse relationship is due, in part, to the principle of "economies of scale." Shape Parcels of land with odd, non -rectangular, shapes sometimes limit the amount of land within the parcel available for development, resulting in less utility for some portions of the site. Consequently, these parcels are less desirable to buyers and require adjustment. Topography and Soils Sites may differ in value due to physical characteristics such as: grading, contour, drainage, potential for development, and soil content/condition. Adjustments are made to offset additional costs that will incur and any soil changes needed when improving the land. In other cases, topographical and soil conditions, such as steep cliffs, impede development on portions of a site. Zoning The highest and best use of sale comparables should be very similar to the subject property. When comparables with the same zoning as the subject are lacking or scarce, parcels with slightly different zoning, but a highest and best use similar to that of the subject may be used as comparables. These comparables may have to be adjusted for differences in utility if the market supports such adjustment. Other Property Adjustments Other property adjustments are: any other adjustment category relevant to the report. Other adjustments often utilized are utilities to the site, condition, flood zone, building improvements and any other category for site specific characteristics. © 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. SA4-66 Page 34