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HENNESSEY & HENNESSEY LLC <br />A California Limited Liability Company <br />Real Estate Appraisers <br />17602 17' Street, Suite 102-246 • Tustin, California 92780-7915 <br />(714) 730-0744 • e-mail: appraisals@h-hllc@.com <br />Joseph A. Hennessey, SR/WA (1928-2016) <br />Senior Member, International Right of Way Association <br />February 15, 2024 <br />Ms. Hayley Gilbert, Projects Manager <br />City of Santa Ana - Public Works Agency <br />20 Civic Center Plaza • P.O. Box 1988 <br />Santa Ana, CA 92702 <br />RE: Restricted Appraisal Report covering <br />Alexander Dantes LLC Ownership <br />APNs 405-321-08, -09, -12, and -13 <br />Washington Square Property <br />Santa Ana, California <br />Sharon A. Hennessey, MAI, SR/WA, AI-GRS <br />Certified General Real Estate Appraiser <br />MAI Designated Member of the Appraisal Institute <br />AI-GRS Designated Member of the Appraisal Institute <br />Senior Member, International Right of Way Association <br />At your request and authorization, herewith is submitted a Restricted Appraisal Report, as defined <br />by the Uniform Standards of Professional Appraisal Practice, covering the above -referenced subject <br />property. A Restricted Appraisal Report is appropriate in this instance because this report is for the <br />client's use only. <br />The subject property is a ±1.32-acre site consisting of APNs 405-321-08, -09, -12, and -13. <br />The purpose of this appraisal is to estimate the market value of the subject property as of the <br />effective date of the appraisal. This appraisal report is intended to provide our client, the City of <br />Santa Ana, with an estimate of the market value for the subject property to be used for internal <br />decision -making purposes, including possible acquisition. The intended users of this report are the <br />employees and duly authorized representatives of the City of Santa Ana. <br />The effective date of the appraisal is February 8, 2024. The date of the report is February 15, 2024. <br />Opinion of Value <br />It is the appraiser's opinion that the market value of the subject property as of the date of <br />value, February 8, 2024, subject to the assumptions and limited conditions state herein, is: <br />Three Million, Seven Hundred Ten Thousand Dollars <br />$3,710,000 <br />Page 31 <br />