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Flora Discounted Cash Flow Analysis
Due to the single ownership of multiple houses (18 houses) by the builder within Flora, a Discounted Cash Flow (“DCF”) analysis is needed in order to arrive at a bulk value for the homes within each neighborhood. Please refer to the description of the DCF under the Trellis neighborhood above.
Builder Owned Retail Value – Flora
Within Flora, there are 18 builder-owned houses over 95 percent complete, four of which are model homes. Per interviews with builders, upgrades and landscape/hardscape of up to $100,000 are installed in the model homes, however, the builders generally consider this a marketing cost and do not anticipate recovering this investment on a dollar-fordollar basis. Based on historical information, home sizes and fixtures, actual model home sales within the subject area and the current real estate market, a consideration of a $50,000 premium has been included with each of the model homes. As concluded above, the retail base value conclusions for the builder-owned homes within Flora are calculated below:
Flora Plan 1 (5 x $601,250) $ 3,006,250
Flora Plan 2 (3 x $614,400) 1,843,200
Flora Plan 3 (8 x $631,350) 5,050,800
Flora Plan 4 (2 x $652,960) 1,305,920
Model Upgrades (4 x $50,000) 200,000
Total Flora Retail Value $11,406,170
Absorption Period
In order to arrive at an absorption period for the 18 builder-owned homes, the absorption rate for Flora along with the surrounding developments has been reviewed. Flora opened for sale March 22, 2025, and has sold 50 houses to date suggesting an average absorption rate of 2.9 sales per month. The market comparables have a range of 0.8 to 8.7 sales per month with Flora in mid-range. Taking into consideration the product, concluded sales prices and current escrows, along with the current interest rates, it has been concluded that the 18 builder-owned homes within Flora will be absorbed within an eight-month time period at the concluded values.
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Remaining Costs
As discussed under the remaining costs section earlier within this report, there is $9,711.92 per home/lot/pad in remaining land development costs and fees associated with the Flora builder-owned homes, which equates to a total of $174,815 for the subject 18 homes. It is an assumption of this analysis that the remaining costs will be spread evenly over the eight-month absorption time period.
Expenses
In determining an expense rate, several builders in the subject area have been interviewed as to their expenses on selling existing inventory. Expenses include marketing and general administrative costs. These costs typically range from six to ten percent depending on varying factors such as absorption period, intensity of marketing, etc. Due to the current soft market, we are considering eight percent for marketing expenses and two percent for general and administrative costs for a total of ten percent in expenses for this analysis.
Profit
Several interviews with merchant builders in the area were conducted in order to determine an appropriate profit percentage for the subject property. In the early 2000s, developers typically attempted to achieve a 10 to 12 percent profit based on gross sales proceeds. During the early great recession, this range was lowered considerably to six to 10 percent with some builders drastically lowering their profit potential in order to maintain their work force. A ten percent profit is considered appropriate in the analysis for this project.
Discount Rate
In selecting a discount rate, the following was completed:
1. Interviews with merchant builders in the San Bernardino area
2. Review of current market conditions including current market rates as well as yields reflected in other markets (i.e., municipal bonds, corporate bonds, etc.)
3. The quality, construction, historical sales and product on the subject property The homes within Flora began selling in March 2025 with the product having an average absorption rate of 2.9 sales per month which is typical for the current market. The market 1186
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comparables have an absorption range from 0.8 to 8.7 sales per month, however the highest in the range of 8.7 sales per month is for a newly opened community in an in-fill neighborhood with minimal new homes surrounding it. The remaining data have sales per month ranging from 0.8 to 5.2. This compares to the overall Inland Empire average sales rate per community of 2.8 sales per month (year to date as of August 9, 2026). The subject is performing around the average of the overall market. Based on the sales rate within Flora, the competition, the product and location, and current market conditions, a ten percent discount rate is considered appropriate for this analysis.
Discounted Cash Flow Summary
The discounted revenue (see DCF Analyses in addenda) for the builder-owned homes within Flora is $8,644,052.
Flora Builder Ownership Totals
Richmond American owns 18 homes over 95 percent complete (including four models) along with 19 finished pads. The concluded values are as follows:
Richmond American (19 pads “as is”) $ 5,230,474
Richmond American (18 Houses) 8,644,052
Subtotal Richmond Ownership Flora $13,874,526
Flora Individual Owners Value Conclusion
There are 49 individually owned homes within Flora. Based on the concluded value for each plan, the individually owned homes within the subject property have a minimum market value of:
Flora Plan 1 (7 x $601,250) $ 4,208,750
Flora Plan 2 (16 x $614,400) 9,830,400
Flora Plan 3 (14 x $631,350) 8,838,900
Flora Plan 4 (12 x $652,960) 7,835,520
Total Individual Value Flora $30,713,570
In additional review, we have reviewed the original builder sales prices for the homes within Flora. Closings for the 49 homes occurred between May 29, 2025, and July 31, 2026. The reported net closing prices by the builder for the 49 individually owned homes total $32,606,296 which is 5.8 percent higher than the concluded value. The builder’s 1187
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reported prices include premiums, upgrades and purchased options as well as taking into consideration all concessions given by the builder, including closing costs and mortgage buydowns. The above valuation is for the minimum market value, as it takes into consideration the base plan price only and does not take into account any options, premiums or upgrades which were purchased by the buyers; however, it does take all concessions into consideration. It is our conclusion that the original builder sales prices further substantiate the concluded minimum market value for the individually owned homes.
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APPRAISAL REPORT SUMMARY
The appraisal assignment was to value the subject property within Fontana CFD No. 113 which consists of 388 proposed residential units being built out by two builders in four neighborhoods. The 388 units are known as The Gardens Phase Two and are located in the northern portion of the City of Fontana. Risewell Homes is building and marketing 214 of the units as Trellis and Marigold. Trellis consists of 90 proposed triplex homes including a carriage house up over garages and two detached units in each configuration, while Marigold includes 124 proposed detached homes on alley load condominium lots.
Richmond American is building and marketing 174 of the units as Iris and Flora. Iris consists of 88 proposed single family detached homes on small lots while Flora consists of 86 proposed single family detached homes on small lots. As of August 7, 2026, individuals have purchased and closed 120 of the 388 proposed homes, with an additional five homes in escrow which are due to close in the near future. All structures appear to be in excellent condition with no visible depreciation. We have reviewed builder sales and reviewed the local MLS for current listings or resales and found one current resale listing.
The subject property was valued using the Sales Comparison Approach to value, a Discounted Cash Flow Analysis, and a Mass Appraisal Technique for the individually owned homes. A minimum value was determined by concluding at a base value for the individually owned homes. The valuation took into account the improvements/benefits to be funded by the special tax Fontana CFD No. 113 bond proceeds along with the Fontana CFD No. 113 special tax lien. The concluded aggregate value for the subject property, subject to their respective special tax lien, is:
The Gardens Phase Two:
Risewell Homes (35 lots/pads & 16 houses) $ 14,326,560
TPG AG (142 lots/pads) $ 31,302,856
Richmond American (38 lots/pads & 37 houses) $ 27,745,624 Individual Owners (120 houses) $ 71,503,520
Total Aggregate Value CFD No. 113 $144,878,560
The above values are stated as of said date of value and subject to the attached Assumptions and Limiting Conditions and Appraiser’s Certification. 1189
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APPRAISER’S CERTIFICATION
The appraiser certifies that to the best of his knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased, professional analyses, opinions and conclusions.
3. The appraiser has no present or prospective interest in the property that is the subject of this report, and no personal interest or bias with respect to the parties involved.
4. The appraiser’s compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event.
5. This appraisal was not based on a requested minimum valuation, a specific valuation or the approval of a loan.
6. The analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
7. Kitty Siino has made a personal inspection of the property that is the subject of this report.
8. Kitty Siino has not performed any appraisal services on the subject property in the past three years.
9. No other appraisers have provided significant professional assistance to the persons signing this report.
10. The reported analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the requirements of the Appraisal Institute’s Code of Professional Ethics and Standards of Professional Appraisal Practice, which include the Uniform Standards of Professional Appraisal Practice.
11. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
12. As of the date of this report, Kitty Siino has completed the requirements of the continuing education program of the Appraisal Institute.
Kitty S. Siino, MAI
State Certified General
Real Estate Appraiser (AG004793)
1190
ADDENDA
1191
FONTANA CFD NO. 113
BOUNDARY MAP
1192
1193
TRACT MAP No. 20362
AND PHASE MAPS
1194
Blue Star-Marigold (Lot 1), Green Star-Trellis (Lot 2) by Risewell Homes Orange Star-Iris (Lot 3), Yellow Star-Flora (Lot 4) by Richmond American 1195
1196
1197
1198
1199
California Fire Hazard Map
1200
California Fire Hazard Map – Approximate Location of The Gardens Phase Two is Blue Star 1201
DISCOUNTED CASH FLOW ANALYSES
1202
MONTH Months MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7 MONTH 8 MONTH 9 MONTH 10 TOTAL 10 INCOME:
Retail Sales 5,326,840 $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $5,326,840 TOTAL INCOME $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $532,684 $5,326,840 EXPENSES:
Remaining Costs ($14,615) ($14,616) ($14,615) ($14,616) ($14,615) ($14,616) ($14,615) ($14,615) ($14,615) ($14,616) ($146,154) Marketing & Carrying Expenses 10% ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($532,684) Profit 10% ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($53,268) ($532,684) TOTAL EXPENSES ($121,152) ($121,153) ($121,152) ($121,153) ($121,152) ($121,153) ($121,152) ($106,537) ($106,537) ($106,537) ($1,167,676) NET CASH FLOW $411,532 $411,531 $411,532 $411,531 $411,532 $411,531 $411,532 $426,147 $426,147 $426,147 $4,159,164 Discount Factor 12% 0.9901 0.9803 0.9706 0.9610 0.9515 0.9420 0.9327 0.9235 0.9143 0.9053 DISCOUNTED CASH FLOW $407,458 $403,422 $399,429 $395,473 $391,559 $387,681 $383,844 $393,540 $389,643 $385,786 $3,937,834 CUMULATIVE DISCOUNTED $407,458 $810,880 $1,210,309 $1,605,783 $1,997,341 $2,385,022 $2,768,866 $3,162,406 $3,552,049 $3,937,834 $3,937,834
CASH FLOW
Fontana CFD 113 - Trellis Discounted Cash Flow Analysis Risewell Owned Units 1203
1204
MONTH Months MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7 MONTH 8 TOTAL 8 INCOME:
Retail Sales 11,248,600 $1,406,075 $1,406,075 $1,406,075 $1,406,075 $1,406,075 $1,406,075 $1,406,075 $1,406,075 $11,248,600 TOTAL INCOME $1,406,075 $1,406,075 $1,406,075 $1,406,075 $1,406,075 $1,406,075 $1,406,075 $1,406,075 $11,248,600 EXPENSES:
Remaining Costs ($14,519) ($14,520) ($14,519) ($14,520) ($14,519) ($14,520) ($14,519) ($14,520) ($116,156) Marketing & Carrying Expenses 10% ($140,608) ($140,608) ($140,608) ($140,608) ($140,608) ($140,608) ($140,608) ($140,608) ($1,124,860) Profit 10% ($140,608) ($140,608) ($140,608) ($140,608) ($140,608) ($140,608) ($140,608) ($140,608) ($1,124,860) TOTAL EXPENSES ($295,734) ($295,735) ($295,734) ($295,735) ($295,734) ($295,735) ($295,734) ($281,215) ($2,351,356) NET CASH FLOW $1,110,341 $1,110,340 $1,110,341 $1,110,340 $1,110,341 $1,110,340 $1,110,341 $1,124,860 $8,897,244 Discount Factor 10% 0.9917 0.9835 0.9754 0.9673 0.9594 0.9514 0.9436 0.9358 DISCOUNTED CASH FLOW $1,101,165 $1,092,063 $1,083,039 $1,074,087 $1,065,211 $1,056,407 $1,047,677 $1,052,605 $8,572,254 CUMULATIVE DISCOUNTED $1,101,165 $2,193,228 $3,276,267 $4,350,354 $5,415,565 $6,471,972 $7,519,649 $8,572,254 $8,572,254
CASH FLOW
Fontana CFD 113 - Iris Discounted Cash Flow Analysis Richmond American Owned Units 1205
MONTH Months MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7 MONTH 8 TOTAL 8 INCOME:
Retail Sales 11,406,170 $1,425,771 $1,425,771 $1,425,771 $1,425,771 $1,425,771 $1,425,771 $1,425,771 $1,425,771 $11,406,170 TOTAL INCOME $1,425,771 $1,425,771 $1,425,771 $1,425,771 $1,425,771 $1,425,771 $1,425,771 $1,425,771 $11,406,170 EXPENSES:
Remaining Costs ($21,852) ($21,852) ($21,852) ($21,852) ($21,852) ($21,852) ($21,852) ($21,851) ($174,815) Marketing & Carrying Expenses 10% ($142,577) ($142,577) ($142,577) ($142,577) ($142,577) ($142,577) ($142,577) ($142,577) ($1,140,617) Profit 10% ($142,577) ($142,577) ($142,577) ($142,577) ($142,577) ($142,577) ($142,577) ($142,577) ($1,140,617) TOTAL EXPENSES ($307,006) ($307,006) ($307,006) ($307,006) ($307,006) ($307,006) ($307,006) ($285,154) ($2,434,198) NET CASH FLOW $1,118,765 $1,118,765 $1,118,765 $1,118,765 $1,118,765 $1,118,765 $1,118,765 $1,140,617 $8,971,972 Discount Factor 10% 0.9917 0.9835 0.9754 0.9673 0.9594 0.9514 0.9436 0.9358 DISCOUNTED CASH FLOW $1,109,519 $1,100,349 $1,091,256 $1,082,237 $1,073,293 $1,064,423 $1,055,626 $1,067,350 $8,644,052 CUMULATIVE DISCOUNTED $1,109,519 $2,209,868 $3,301,124 $4,383,361 $5,456,654 $6,521,077 $7,576,702 $8,644,052 $8,644,052
CASH FLOW
Fontana CFD 113 - Flora Discounted Cash Flow Analysis Richmond American Owned Units 1206
FINISHED LOT LAND SALES MAP
& SUMMARY CHART
1207
FINISHED LOT LAND SALES MAP
1208
FINISHED LOT LAND SALES SUMMARY CHART
Data
No. Location / APN / Buyer / Seller Sales # Lots Lot Size Sales Price / Est. Finished Comments Date Price per Lot Lot Price Subject
Marigold and Trellis (Gardens) at
Arboretum / SEC Duncan
Canyon Road and Cypress
Avenue, Fontana / 1118-401-15 /
Risewell Homes / Lewis Group of
Companies
October 2024 214 13 du/acre
blended
$35,814,500 /
$167,357 N/A
Closed with an approved
TTM with a Final Map in
Process in a sheet graded
condition.
Subject
Flora and Iris (Gardens) at
Arboretum / NEC and SEC of
Gardens Street and Cypress
Avenue, Fontana / 1118-421-22 /
Richmond American Homes /
Lewis Group of Companies
January 2024 174 9 du / acre
blended
$28,789,500 /
$165,457 N/A
Closed with an approved
TTM with a Final Map in
Process in a sheet graded
condition.
1 6668 Knox Avenue / NW of
Walnut Avenue and Almeria
Street, Fontana / 0228-061-25
various / Lennar / Diversified
Pacific
June 2026 393 13 du/acre
blended
$43,161,500 /
$109,826 $231,000
Closed with an approved
TTM with a Final Map in
Process in an unimproved
condition. Three Product
lines – Townhomes and
two cluster products.
2 The Resort PA 5 and 7 / NE of
Merrill Avenue and Bellegrave
Avenue, Ontario / Partial 1073-
171-04, -08, -09 / Richmond
American Homes / Lewis Group
of Companies
January 2026 100
17 du/ac (2/3
Story
Motocourt)
$25,501,000 /
$255,010 $350,000
Closed with a Final Map
Approved in a Finished Lot
condition.
3 Ventana at Duncan Canyon /
SWC of Duncan Canyon Road
and Citrus Avenue, Fontana /
1107-262-64 / KB Home /
Frontier Communities
January 2026 217
17 du/acre
blended
Attached
$23,250,000 /
$107,143 $209,000
Closed with an approved
TTM with a Final Map in
Process in an unimproved
condition. Two Product
Line – 2 Story Towns and
3 Story Towns
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4 8312 Grapewin Street / SEC of
Wind River Road and Archibald
Street, Eastvale / 130-070-021 /
Richmond American Homes /
Warmington Residential
November 2025 76 9 du/ac (Smalllot Detached)
$5,900,000 /
$77,632 $380,000
Closed with an approved
Final Map in process in an
unimproved condition.
5 The Resort PA 4 / NE of Merrill
Avenue and Bellegrave Avenue,
Ontario / Partial 1073-171-04, -
08, -09 / Tri Pointe Homes /
Lewis Group of Companies
October 2025 58
22 du/ac (3-
Story Towns)
Attached
$8,541,500 /
$147,267 $205,000
First of two takedowns.
Total lot count is 116 lots.
Closed with a Final Map
Approved in a Finished Lot
condition.
6 The Resort PA 6 / NE of Merrill
Avenue and Bellegrave Avenue,
Ontario / Partial 1073-171-04, -
08, -09 / Richmond American
Homes / Lewis Group of
Companies
October 2025 115
16 du/ac (3-
Story Detached
Condos)
$23,388,000 /
$203,374 $315,000
Closed with a Final Map
Approved in a Finished Lot
condition.
7 Ontario 351, SWC Eucalyptus
Ave and Haven Ave, Ontario /
1073-171-02 / KB Home /
Richland Communities
June 2024 351 8 du/acre $85,000,000 /
$242,165 $380,000
Closed in unimproved
condition with approved
TTM. Blended FLV - KB
Home paid approximately
$560,000 FLV for 4,500
sf lots, $410,000 FLV for
cluster product, and
$280,000 FLV for
townhomes.
8 The Heights at Southridge, SE
Live Oak Ave and Cherry Ave,
Fontana / 0237-411-13 / KB
Home / New Bridge Homes
April 2024 255 8 du/acre $31,100,000 /
$121,961 $252,000
Closed in unimproved
condition with approved
TTM. Blended FLV -
consists of two product
types, including a
detached 8-pack cluster
and detached alley-load.
1210
IMPROVED RESIDENTIAL
SALES MAP & SUMMARY CHART
1211
IMPROVED RESIDENTIAL SALES MAP
1212
IMPROVED RESIDENTIAL SALES SUMMARY CHART
Data
No.
Project Name
Location/Developer Plan Room Count
Floors/
Parking
Size
(SF)
Lot Size /
Absorption
Base
Sales
Price
Price/SF
1 Trellis at Arboretum, Gardens Street and
Cypress Avenue, Fontana / Risewell
Homes
1 3 / 2 1 / 2 1,530 Det. Cluster Plus $506,000 $330.72
2 4 / 3 2 / 2 1,567 Att. Carriage (1,530sf) $541,000 $345.25 3 4 / 3 2 / 2 1,667 1.4 sales/mo $565,000 $338.93
2 Marigold at Arboretum, Gardens Street
and Cypress Avenue, Fontana / Risewell
Homes
1 3 / 2.5 2 / 2 1,656 $567,000 $342.39
2 3 / 2.5 2 / 2 1,760 SFD Small Lots $590,000 $335.23
3 4 / 2.5 2 / 2 1,870 0.8 sales/mo $635,000 $339.57
4 4 / 3 2 / 2 1,979 $665,000 $336.03
3 Iris at Arboretum, Gardens Street and
Cypress Avenue, Fontana / Richmond
American
1 3 / 2.5 2 / 2 1,750 $584,000 $333.71
2 3 / 2.5 2 / 2 1,830 Det. Cluster $601,000 $328.42
3 4 / 3.5 2 / 2 1,840 2.7 sales/mo $605,990 $329.34
4 4 / 2.5 2 / 2 1,950 $617,990 $316.92
4 Flora at Arboretum, Gardens Street and
Cypress Avenue, Fontana / Richmond
American
1 3 / 3 2 / 2 1,850 $628,000 $339.46
2 4 / 3.5 2 / 2 1,920 Det. Cluster $665,000 $346.35
3 4 / 3.5 2 / 2 2,070 2.9 sales/mo $649,000 $313.53
4 4 / 3.5 2 / 2 2,120 $669,990 $316.03
5 Strata at Narra Hills, Lytle Creek Road
and Duncan Canyon Road, Fontana /
Landsea
1 3 / 2.5 2 / 2 2,099 2,700 sf lots $730,990 $348.26
2 4 / 3 2 / 2 2,136 (Det. Cluster) $733,990 $343.63
3 4 / 3 2 / 2 2,311 2.7 sales/mo $773,990 $334.92
4 4 / 3 2 / 2 2,552 $789,990 $309.56
6 Arbor at Parkview / Live Oak Avenue,
South of Village Drive, Fontana / KB
Home
1 3 / 2.5 2 / 2 1,669 Small Lot SFD $559,990 $335.52
2 3 / 2.5 2 / 2 1,877 8.7 sales/mo $580,990 $309.53
3 4 / 2.5 2 / 2 2,000 $594,990 $297.50
7 Canopy at Parkview / Live Oak Ave.,
South of Village Dr., Fontana / KB Home
1 3 / 2.5 2 / 2 1,791 Det. Cluster $562,990 $314.34
2 3 / 2.5 2 / 2 2,056 3.7 sales/mo $593,990 $288.91
3 5 / 3 2 / 2 2,320 $639,990 $275.86
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8 Citrus Lane / Citrus Ave and Highland
Ave, Fontana / D.R. Horton
1 3 / 2.5 2 / 2 1,500 Row Townhomes $514,118 $342.75
2 4 / 2.5 2 / 2 1,602 3.3 sales/mo $563,786 $351.93
9 Aviator at Renaissance / N Ayala Drive,
south of Renaissance Parkway, Rialto /
Lennar
1 3 / 2.5 2 / 2 1,908 Det. Cluster $604,990 $317.08
2 4 / 3 2 / 2 2,152 4.0 sales/mo $627,155 $291.43
3 4 / 3 2 / 2 2,388 $630,990 $264.23
10 Outbound at Renaissance / N Ayala
Drive, south of Renaissance Parkway,
Rialto / Lennar
1 3 / 2.5 2 / 2 1,665 $539,590 $324.08
2 3 / 2.5 2 / 2 1,796 2,500 sf lots $554,890 $308.96
3 4 / 2.5 2 / 2 1,849 4.7 sales/mo $595,290 $321.95
4 4 / 3 2 / 2 1,960 $580,590 $296.22
11 Runway at Renaissance / N Ayala Drive,
south of Renaissance Parkway, Rialto /
Lennar
1 3 / 2.5 2 / 2 1,711 $542,628 $317.14
2 4 / 3 2 / 2 1,816 Det. Cluster $561,990 $309.47
3 4 / 3 2 / 2 1,924 5.2 sales/mo $578,490 $300.67
4 4 / 3 2 / 2 1,937 $579,889 $299.37
12 Tailwind at Renaissance / N Ayala Drive,
south of Renaissance Parkway, Rialto /
Lennar
1 3 / 2.5 2 / 2 1,478 Det. Cluster $513,990 $347.76
2 3 / 2.5 2 / 2 1,639 4.6 sales/mo $540,476 $329.76
3 4 / 3 2 / 2 1,790 $561,511 $313.69
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APPRAISER’S QUALIFICATIONS
1215
QUALIFICATIONS OF KITTY S. SIINO, MAI
Education
Bachelor of Arts in Business Administration, Financial Investments, California State University, Long Beach, California (1980)
Post-Graduate Study, Real Estate Development, University of California, Irvine, California Appraisal Institute Classes: Uniform Standards of Professional Appraisal Practice, A & B; Appraisal Principles; Appraisal Procedures; Basic Income Capitalization; Advanced Income Capitalization; Narrative Report Writing; Advanced Applications, Case Studies.
Successfully completed all classes in addition to successfully completing the writing of a Demonstration Report and taking the Comprehensive Exam. Became a Member of the Appraisal Institute in December 1996. Have completed over 100 hours of continuing education through the Appraisal Institute every five years.
Employment
1988 - Present:
Self-Employed Real Estate Appraiser. Duties include the appraisal of various types of properties such as commercial, retail, industrial and vacant land. More complex assignments include easements, right-of-ways and special assessment districts. From 1996 to present, specialized in special assessment districts and community facilities districts appraisals for public entities, including Jurupa Community Services District, Corona Norco Unified School District, City of Corona, City of Chula Vista, City of San Marcos and City of Moreno Valley.
1986-1988:
Project Manager of Development for Ferguson Partners, Irvine, California. Duties included land acquisitions; review of fee appraisals and valuations; analysis of proposed development; planning and design; and management of development, construction and lease-up. The types of properties developed were commercial and industrial. Duties ranged from raw, vacant site development through property management of recently developed projects.
1981 - 1986
Manager of Finance, Construction for Community Development Division, The Irvine Company, Irvine, California. Duties included originating and managing a newly formed division of finance to bridge between the accounting functions and project management functions. Worked with analysis and budgets for Community Development Division. Coordinated with cities in forming new Assessment Districts and Community Facilities Districts to finance major infrastructure improvements.
Types of properties were apartments and single-family residential lots on a for sale basis to apartment and homebuilders.
1980 - 1981
Investment Counselor, Newport Equity Funds, Newport Beach, California. Duties included obtaining private financing for residential properties, working with appraisals of properties and analyzing the investments.
1216
Licenses
Real Estate Sales Person, State of California, 1980
Certified General Appraiser, State of California (#AG004793) Organizations
MAI #11145 - The Appraisal Institute
Public Financing
CASTOFF Meetings, 2006, 2007, 2008, 2009, 2010, 2011, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2022, 2023, 2024, 2025 and 2026
Speaker, Mello-Roos & Special Assessment Financing, UCLA Extension Public Policy Program, February 2009 and March 2011
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