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EXHIBIT 3 \�\ h /ry Public Pay Parking Lot Valbridge LAND VALUATION PROPERTY ADVISORS potential land uses/development of the site. Overall, this comparable was considered superior to the subject. After adjustments, this listing provides an indication of land value for the subject at $33.41 per square foot. Conclusion of Land Value From the market data available, five land sales in competitive market areas which were most comparable to the subject were selected. The unadjusted sale prices for the comparable sales ranged from $48.23 to $71.08 per square foot, with an average of $57.78 a median of $58.05 per square foot. We adjusted the comparable sales based on pertinent elements of comparison as discussed earlier and summarized the adjustments in the preceding adjustment grid. The final adjusted sale prices reflected a range from $33.41 to $37.12 per square foot, with an average of $35.93 and a median of $36.78. Location adjustments were primarily based on desirability for office property in the local area, demographics, exposure to traffic, proximity to a freeway, etc. The subject is located in a desirable area for office property very close to the Civic Center, however, there is limited retail appeal in the area and the site is zoned primarily for office use. Thus, an across the board adjustment was necessary for zoning. Other across the board adjustments were necessary for the subject's frontage on a minor traffic street and exceptionally small size. The subject property is located on an interior lot, which is similar to two of the comparables, however, it is inferior in visibility/exposure, as all of the comparables are off of moderate transportation arteries, which are far busier. One strength of the site is its close proximity to the Orange County Courthouse, which lends itself to use as a public parking pay lot. Size adjustments are typically based on the premise that smaller parcels sell for more on a square foot basis than larger parcels due to the smaller requirements needed for purchase and site improvements. Adjustments for lot size were made to account for this variation. The subject is rectangular in shape like three of the comparables, however, the subject's exceptionally small site size and narrow shape limits the potential land uses/development of the site. Thus, the subject is likely to remain as part of a public parking lot due to its small size and the most likely buyer would be an assemblage by the owner of the larger part of the subject parking lot. Minor adjustments were also required for site condition (demolition cost) for three of the comparables. Land Comps 3 & 4 also required adjustment for the addition of billboards. Overall, the sales provide good support for deriving a value. Comparables 1 & 2 are the most recent sales and are both in the City of Santa Ana. Comparable 3 is a slightly older sale and is an interior lot like the subject. Comparable 4 & 5 are current listings, which are in escrow and provide good support the range in value. The greatest weight is given to sales 1 & 2. Thus, we have concluded at a value of $36.75 per square foot as representative of the subject's fee simple land value. The land valuation is summarized on the following page. In addition to the value of the subject site in a finished condition, we have included a valuation of the site parking lot improvements. The site has an asphalt paved parking with concrete swales, concrete sidewalks, and landscaping on the east, south and west sides of the site, which includes one medium size tree and numerous bushes. According to the Marshall & Swift cost manual, the cost to grade and put landscaping in is approximately $3.00 per square foot. Also according to the Marshall & Swift cost manual, the cost to replace a medium 24" — 36" tree is approximately $1,000 per tree. The replacement cost for asphalt/concrete paving is approximately $5.00 per square foot. Thus, we have ©2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. SA4-71 Page 39