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EXHIBIT 3 <br />Va I b i d g e Public Pay Parking Lot <br />RECONCILIATION <br />PROPERTY ADVISORS <br />Reconciliation <br />Summary of Value Indications <br />The final step in the appraisal process is the reconciliation of the indications of value as derived in <br />the approaches utilized. This section takes into account the purpose of the report, the type of <br />property appraised, the appropriateness and accuracy of each approach, and the adequacy of the <br />data processed in each of the approaches. Most important, is the consideration of which approach <br />most nearly reflects the actions of buyers and sellers in the market. The indicated values from the <br />approaches used and our concluded market values for the subject property are summarized in the <br />following table. <br />VALUE INDICATIONS <br />Value Type <br />4; is; <br />Cost Approach <br />Not Applicable <br />Sales Comparison <br />$155,000 <br />Income Approach <br />Not Applicable <br />Market Value of Land <br />$155,000 <br />In order to reach a final opinion of value, the reliability and relevance of each value indication based <br />upon the quality of the data and applicability of the assumptions underlying each approach have <br />been considered. Most importantly is the question "Which approach most nearly reflects the actions <br />of buyers and sellers in the market". Owner -users constitute the majority of purchasers in the market <br />for vacant land. The Sales Comparison Approach is the most commonly used method to value vacant <br />land by owner users and this has been used in this analysis. Therefore, based upon the analysis <br />contained in the foregoing report, the subject property value conclusion is shown as follows: <br />Market Value of Land As Is Current Fee <br />Exposure Time and Marketing Periods <br />A marketing and exposure time estimate of 3 to 6 months is considered reasonable and appropriate <br />for the subject property. This estimate is based on statistical information about days on market, <br />escrow length, marketing times gathered through national investor surveys, sales verification, and <br />interviews of market participants. <br />© 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. <br />SA4-73 <br />Page 41 <br />