Item 10 - Recieve and File the Washington Park Feasibility Study

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General - Subject Property The subject property is a ±1.32-acre (±57,499 square feet) irregular -shaped site. It is zoned R1, Single Family Residential, which is consistent with the General Plan land use designation of LR-7, Low Density Residential. The larger parcel comprises four Assessor Parcels. Three of the Assessor Parcels — APNs 405-321-08, -09 and -13 — were acquired by the current owner on December 23, 2015 (Document No. 15-645459. The purchase price was not disclosed in public records. These three parcels are vacant land. The current owner acquired APN 405-321-12 on December 17, 2015 (Document No. 15-638809). This parcel was improved at the time of sale with a ±2,304-square-foot single- family residence. The Assessor indicates the date of construction as 2014. This appears to be incorrect due to the style of the home. Most likely, this home was built in 1949 to 1950, which are the dates of construction of similar homes in the neighborhood. There was an addition to the house in 2014. The buyer purchased these properties with the intention to assemble them to construct a residential development. These transactions are not considered to be current indicators of value, because they took place over 9 years ago under different market conditions. There are no more recent transactions or listings for sale known. Valuation - Subject Property The subject was analyzed to see if the single-family residence should be valued as improved or as if vacant. Through the analysis it was found that the highest and best use of this APN was as improved. Therefore, the three vacant APNs are appraised as one site, and the single-family residence was appraised separately. A search for comparable sales was conducted within the City of Santa Ana. Due to the limited number of vacant land sales, the search was expanded to include central and north Orange County. The most relevant sales were used to arrive at the value conclusion. Price per square foot was used as the unit of comparison. The single-family residence was valued using comparable sales in the City of Santa Ana. The indicated value of the subject property is shown below. APNs 405-321-08, -09, -13 $ 2,721,242 APN 405-321-12 990,000 Total indicated value $ 3,711,242 Rounded to $ 3,710,000 Opinion of Value It is the appraiser's opinion that the market value of the subject property as of the date of value, February 8, 2024, subject to the assumptions and limited conditions stated herein, is: Three Million, Seven Hundred Ten Thousand Dollars $3,710,000 City of Santa Ana Washington Square Property, Santa Ana Date of Value: February 8, 2024 5 Page 37