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EXHIBIT 3 <br />Public Pay Parking Lot <br />\\ VaIbridge ADDENDA <br />�"+' PROPERTY ADVISORS <br />1%10albridge <br />PROPERTY ADVISORS <br />Penner & Associates, Inc- <br />September <br />na <br />September 16.2016 <br />TO: Ms. Cheryl DeMucci, ROW Supervisor <br />Paragon Partners Ltd. <br />5762 Bolsa Avenue, Suite 201 <br />Huntington Beach, CA 92649 <br />Re: Contract for Appraisal Services: <br />91 S Flower Street & 830 N Parton Street <br />Santa Ana, CA 92703 Santa Ana, CA 92701 <br />APN:005-142-58 APN: 005-142-21 <br />921 Flower Street <br />Santa Ana, CA 92703 <br />APN: 005-142-35 <br />842 N Garnsey Street <br />Santa Ana, CA 92701 <br />APN: 005-142-47 <br />1370 N. ar,a BaulrvaM <br />SS5ta 251 <br />Fuilnlm, cA 97A55 <br />714.449-D852 plana <br />714 733 4371 lax <br />siDOgo Cain <br />Dear Ms. DeMucci, <br />We are pleased to submit our contract for an appraisal of the above referenced properties. The purpose <br />of this assignment will be to estimate the "as is' Market Values of the fee simple interest in the subject <br />properties. These appraisals are to be in conformance with the guidelines of the Appraisal Institute and <br />regulations required by the State of California. The intended use of this report is to establish market <br />value for the sale of the real properties. It is our understanding that the subject property consists of a <br />four separate land parcels identified above. It is noted that Parcels 005-142-58, 35 & 47 currently <br />consist of three contiguous vacant lots that share the same zoning and would be sold together to <br />maximize the development potential of the sites. Thus, we will consider these parcels together as one <br />parcel for the purpose of this assignment. Parcel 005-142-21 consists of a land parcel occupied by a <br />parking lot that is part of a larger parking lot and is not contiguous to the other parcels. Therefore, we <br />will complete two appraisal reports. <br />These reports are to be issued as a narrative Appraisal Report and will conform with the Codes of <br />Professional Ethics and Standards of the Appraisal Institute. The scope of the report will include the <br />background, objectives and conclusions reached as well as the valuation methodology employed in <br />arriving at the final conclusion of value. Also included, are all relevant and appropriate exhibits and <br />supporting appendices. <br />© 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. <br />SA4-83 <br />Page 51 <br />