Item 10 - Recieve and File the Washington Park Feasibility Study

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Preface This is a Restricted Appraisal Report as defined in the Uniform Standards of Professional Appraisal Practice (USPAP). By prior agreement, the client has determined that a Restricted Appraisal Report is appropriate in this instance. This report is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of USPAP for a Restricted Appraisal Report. As such, it does not present discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Rather, only brief statements are presented. The supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use of this report. The subject property consists of a ±1.01-acre (±43,891 square feet) site consisting of APNs 405-321-08, -09, and -13, and a single-family residence on APN 405-321-12. Only the Sales Comparison Approach was used to value the subject property. This approach was considered to be the most likely approach a potential purchaser of the subject properties would use. The Income Approach and the Cost Approach were not used, because these approaches are not what market participants use to value these property types. These approaches are not pertinent in this instance. Standards Rule 2-20 of USPAP specifies that a Restricted Appraisal Report address 16 specific issues. The following sections of this report are presented in a manner so as to comply with the 16 requirements that are specified on the previous page. i. State the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client's request but is retained in the appraiser's workfile; City of Santa Ana ii. State the identity of any other intended user(s) by name; None iii. Clearly and conspicuously state a restriction that limits use of the report to the client and the named intended user(s); The use of this report is limited to the client and intended user, City of Santa Ana. There is no other intended user. iv. Clearly and conspicuously warn that the report may not contain supporting rationale for all of the opinions and conclusions set forth in the report; This report is restricted in that it does not present discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. This report cannot be thoroughly understood without this information. This information has been retained in the appraiser's file. V. State the intended use of the appraisal; The intended use of this report is to establish the market value for the subject property as of the effective date of the appraisal. This report is to be used by the City of Santa Ana for internal decision -making purposes, including the possible acquisition of the subject City of Santa Ana Washington Square Property, Santa Ana Date of Value: February 8, 2024 2 Page 34