THAT PORTION OF LOT 2 OF TRACT MAP No. 9192, AS SHOWN BY MAP ON FILE IN BOOK 379, PAGE 8 THROUGH 9 INCLUSIVE OF MISCELLANEOUS IkeL&PS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
PARCEL "A"
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 2, SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 42.00 FOOT
HALF WIDTH STREET AND THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORTHERLY LINE OF SAID LOT 2 AND SAID RIGHT OF WAY, SOUTH 86°32'25" EAST, A DISTANCE OF 10.11 FEET;
THENCE SOUTH 6°07'51" WEST, A DISTANCE OF 10.23 FEET;
THENCE SOUTH 10°13'03" WEST, A DISTANCE OF 1.91 FEET;
THENCE SOUTH 78°22'47" WEST, A DISTANCE OF 7.98 FEET TO SAID EASTERLY LINE OF SAID RANCHO AND THE WESTERLY LINE OF SAID LOT 2; THENCE ALONG SAID EASTERLY AND WESTERLY LINE, NORTH 3°23'36" WEST, A DISTANCE OF 14.29 FEET TO THE POINT OF BEGINNING.
CONTAINS 118.34 SF MORE OR LESS.
PARCEL "B"
A STRIP OF LAND 5.00 FEET IN WIDTH, THE CENTERLINE BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF SAID LOT 2, SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 42.00 FOOT
HALF WIDTH STREET AND THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORTHERLY LINE OF SAID LOT 2 AND SAID RIGHT OF WAY, SOUTH 86°32'25" EAST, A DISTANCE OF 19,33 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 3°27'35" WEST, A DISTANCE OF 107 FEET;
THENCE SOUTH 8°27'35" WEST, A DISTANCE OF 6.00 FEET;
THENCE SOUTH 11"1 ' 15" WEST, A DISTANCE OF 68.95 FEET TO THE SOUTHERLY LINE OF SAID LOT 2.
269
Cont. Legal Description — Permanent Construction Easement
THE SIDELINES OF SAID STRIP OF LANS SHALL BE LENGTHENED OR SHORTENED TO BEGIN AT THE NORTHERLY LINE OF SAID LOT 2 AND END AT THE WESTERLY AND SOUTHERLY LINES OF SAID LOT 2.
CONTAINS 380.61 SF MORE OR LESS.
VINCENT G. ISLE EP�LS 7181
DATE
PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
PJTPG/17/17-005/EASE1vIENT/17-005 PCE EASEMENT I.doc
270
PARCEL A
Y f
O 1
I IY1 PARCEL 1
O
7I2
I
40 1
20,1
k
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C
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40 Sccile1 = 40 ft
LEGEND
INDICATES PROPOSED
EASEMENT
I
•
3D'
GOLDEN AVENUE
SEE SHEET 2
rl
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SEWEREASE-MEW PER
RACT979�2E� RANCHO
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SANTA ANA
AORANGE COUNT?'
FLOOD CONTROL
EAS EMENT PER
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ORANGE COUNT}'
iNRES
PER V .R. 958-427
AUSA FLOOD
CONTROL
EASEMENT PER
C.R. 5451 - ,332
/1MINTERIiA1lEp �
STREET
DRAWN BY: DJ(
DATE 3-1-24
48. NO. ; 17-005
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310 N. C0TA ST_ RUITE ir C.ORONA, gi2Bf6
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riww . f h e--pff fenrg roue. uu m
EXHIBIT "B"
PERMANENT
BRIDGE
EASEMENT
WT.. NO.
OF 2
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Al,, 1IMHX' I
Cont. Plat Map — Permanent Construction Easement
P.D.B.
P L„"
P.O.C.
PCL "B"
PARCEL "A"
(118.34SF
P.O.B. PL "B"
GOLDEN AVENUE
1-9 PARCEL Rai!
(380.61 F)
2 d
0 DETAIL "K
1 "•320'
D
20 2.5'
20 Scale 1" = 20 ft
LEGEND
+NO'C TES PROPOSED
EASEMENT
LINE TABLE:
NUMBER
DIRECTION
DISTANCE
Iii
N 8$'32'25" W
10,11'
2 N 06'07'51.
7 N 03'27'35" E
El
N 08'27'35" E
6.00 N 11'13'15" E
68.95'
SKI_ NO,
DRAWL BY: BK
GATE; 3-1-24
JOB. NO.: 17-005
17-445 F� Arib [ tS\
rnn E4 E R5 AHD L411D SJ 'EYQRS
•LFIAOAF LASP SCANINNO
- aPS d RaFfOrier.4(JR1VEYING
• CAA77C ENGWEEtroVG
•CP'L EFIGINEERINO
• LAND PL MM'
310 N. COTA ST, SUITE i, CORONA_ CA X32876
PHONE (451)- 7374-406.wrriv.t prize-qraup.oam
EXHIBIT"B"
PERMANENT
BRIDGE
EASEMENT
2 0F 2
272
Exhibit "2"
Temporary Construction Easement Deed
[APN: 334-011-36]
273
RECORDING REQUESTED BY
AND
WHEN RECORDED MAIL TO:
City of Placentia
Attn: Right of Way
401 E Chapman Avenue
Placentia, CA 92870
GOLDEN AVENUE BRIDGE REPLACEMENT PROJECT
FEDERAL AID PROJECT # BRL-5269(025)
EXEMPT FROM RECORDING FEES PER GOVT. CODE §27383
EXEMPT FROM DOCUMENTARY TRANSFER TAX PER REV. & TAX
CODE §11922
On portion of APN: 334-011-36 Above Space for Recorder's Use
GRANT OF EASEMENT
TEMPORARY CONSTRUCTION EASEMENT DEED
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, Gabriel John Aburto, A Married Man, as Sole and Separate Property "Grantor"), hereby grants to CITY OF PLACENITA ("Grantee"), its employees, agents, representatives, contractors, successors and assigns, an exclusive temporary construction easement for ingress, egress and construction purposes, including but not limited to the use of the easement by Grantee and its officers, employees, agents, contractors and subcontractors, for demolition, clearance, grading, and construction of roadway improvements or other necessary uses, for construction of the Golden Avenue Bridge Replacement Project, purposes in, on, upon, over, under, and across that certain real property located in the City of Placentia, County of Orange, State of California, more particularly described in Exhibit "A" and depicted in Exhibit "B" . Exhibit "A" and Exhibit "B" are attached hereto and incorporated herein by this reference.
The Temporary Construction Easement is located within a portion of Assessor Parcel Number 334-011-36 ("Grantor's Property"),
The term of the Temporary Construction Easement described herein will commence on the date of the deposit of funds into escrow, and expire twenty-four (24) months thereafter on It is understood that in the event the Grantor plans to sell, lease or rent the Property prior to the final expiration date of this Temporary Construction Easement, the Grantor shall inform, in writing, any and all parties involved in the sale, lease, or rental of the Property about this Temporary Construction Easement and associated construction project.
GRANTOR: Gabriel John Aburto, A Married
Man, as Sole and Separate Property
DATED:
By:
Name:
274
ACKNOWLEDGEMENT
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA
COUNTY OF
On before me,
Notary Public, personally appeared
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under penalty of perjury under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature (Seal)
275
CERTIFICATE OF ACCEPTANCE
(Government Code Section 27281)
This is to certify that the temporary construction easement more particularly described in Exhibit "A" and Exhibit "B" to the attached Temporary Construction Easement Deed to the undersigned City of Placentia ("City"), the provisions of which instrument are incorporated by this reference as though fully set forth in this certificate, is hereby accepted by the undersigned officer/agent on behalf of the City Council, and the Grantee consents to recordation thereof by its duly authorized officer.
APN: 334-011-36
By:
Name:
City of Placentia
Dated:
276
EXHIBIT "A"
Legal Description — Temporary Construction Easement
THAT PORTION OF LOT 2 OF TRACT MAP No. 9192, AS SHOWN BY MAP ON FILE IN BOOK 379, PAGE 8 THROUGH 9 INCLUSIVE Or MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 2, SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 42.00 FOOT HALF WIDTH STREET AND 1 HE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SI[OWN ON SAID MAP;
THENCE ALONG THE NORTHERLY [_F -NF OF SAID LOT 2 AND SAID RIGHT OF WAY, SOUTH 86°32'25" EAST, A DISTAN"F. OF 25,95 FEET TO THE EASTERLY LINE OF
THAT CERTAIN EASEMENT GRANTED TO ORANGE COUNTY FLOOD CONTROL DISTRICT PER DOCUMENT RECORDED 1N BOOK 7738, PAGE 900, OFFICIAL RECORDS;
THENCE. ALONG SAID EASTERLY LINT, SOUTH 9¢35'44" WEST, A DISTANCE OF 8035 FEET TO A POINT IN THE. SOUTHERLY LINE OF SAID LOT Z SAID POINT ALSO BEING LOCATE SOUTH 67°24'57,, EAST ALONG SAID LINE, A DISTANCE OF 8.52 FEET FROM THE SOUTHWESTERLY CORNER THEROF;
THENCE ALONG SAID SOUTHERLY LINE, NORTH 67°24'57" WEST, A DISTANCE OF 832 FEET TO THE. SOUTHWESTERLY CORNER THEREOF, SAID CORNER ALSO BEING ON THE EASTERLY LINE OF SAID RANCHO;
THENCE ALONG SAID WESTERLY LINE AND SAID RANCHO LINE, NORTH 3°23'36" WEST, A DISTANCE OF 77,86 FEET TO THE POINT OF BEGINNING.
CONTAINS 1,337.01 SF 0.03 ACRES) MORE OR LESS.
VINCENT G. KLEP E LS 7181 DATE.
PREPARED FOR AND ON BEHALF OF THE. PRIZM GROUP
P:TIPG'17117-O05EEASEME,NT}I7-005 TCE EASEMENT Cdoc
277
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40 O
O
20'
4o
Scale I°` = 40 ft
LEGEND
!OfCATES PROP OSED
EASEMENT (1337.01
SF)
30'
GOLDEN AVENUE
ntiajr a
-0/8,7
EAST IME OF RANCHO SAN
JUAN CAJON DE SANTA MIA
SEWER EASEME NT PER - 15 '
TRACT 9192
LINE TABLE:
NUMBER
DIRECTION
DISTANCE
CD
N 09'35'44" E
60.55'
H
N 86' 32'25* W
25.95'
Enl
N 03' 23'36' w
77.86'
M.
N 87.24'57b W
8,52'
INORANGE COUNTY
FLOOD CO NTROL
EASE MENT PER
O, f . 7738-900
MINCE COUNTY
rN RESS &
ECNESS EASEMENT
PER O.R. 958-427
ALISA FLOOD
CONTROL
EASEMENT PER
OR. 5451-332
WINTERHAVE
STREET
DRAW N BY: BR
DA TE 3-1.-24
JOB. 1+10.: 17—OO5
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17-O05 EAMIDIT CMG
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L&CG'A IIDBLA .ER SCANAM
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ENORIBEIVNG
• LAM PIAN NIN G
310 N. COTA BT, SUITE I. CORONA, CA 92979
PHO NE: M1)737406
www_ih prl grimp.com
EXHIBIT "A"
TEM PO RA RY
CONSTRUCTION
EASEMENT
SW. NO -
OF 'I
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CITY OF PLACENTIA
SUMMARY STATEMENT RELATING TO THE PURCHASE OF REAL PROPERTY OR AN INTEREST THEREIN The City of Placentia ("City") is proposing the Golden Avenue Bridge Replacement Project. The existing Golden Avenue Bridge was constructed in 1934 and was rated functionally obsolete by Caltrans in 2005.
The City subsequently obtained a grant to replace this bridge and has been developing the engineered plans and construction specifications to construct a new replacement bridge. The new bridge will accommodate one lane of traffic in either direction as well as new sidewalks and bike lanes. Currently, the bridge is only wide enough to accommodate one vehicle in each direction which means pedestrians, bicyclists and motorists must all share the road at the same time.
Your property located at 4011 Winterhaven St, City of Yorba Linda, California, is within the Project area and is also identified by your County Assessor as Parcel No. 334-011-36.
Title III of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 and the California Relocation Assistance and Real Property Acquisition Guidelines require that each owner from whom a public agency purchases real property or an interest therein or each tenant owning improvements on the property be provided with at a minimum, a summary of the appraisal of the real property or interest therein, as well as the following information:
1. You are entitled to receive full payment prior to vacating the real property being purchased unless you have heretofore waived such entitlement. You are not required to pay recording fees, transfer taxes, or the pro rata portion of real property taxes allocable to any period following the passage of title or possession.
2. The City will offer to purchase any remnant(s) considered by the City to be an uneconomic unit(s) which is/are owned by you or, if applicable, occupied by you as a tenant and is/are contiguous to the land being conveyed.
3. All buildings, structures, and other improvements affixed to the land described in the referenced document(s) covering this transaction and owned by the grantor(s) herein or, if applicable, owned by you as a tenant, are being conveyed unless other disposition of these improvements has been made.
The interest acquired are a 498.95 square foot permanent easement and a 1,337.01 square foot temporary construction easement, and said property is described and depicted in the attached legal descriptions and plat maps.
4. The market value of the property proposed to be acquired is based upon a market value appraisal that is included in the attached Appraisal OR summarized on the attached Valuation Summary Statement, and such amount:
A. Represents the full amount of the appraisal of just compensation for the property to be purchased;
B. Is not less than the approved appraisal of the fair -market value of the property; C. Disregards any decrease or increase in the fair market value of the real property proposed to be acquired prior to the date of valuation caused by the public improvement for which the property is to be acquired or by the likelihood that the property would be acquired for such public improvement, other than that due to physical deterioration within the reasonable control of the owner or occupant; and
279
CITY OF PLACENTIA
SUMMARY STATEMENT RELATING TO THE PURCHASE OF REAL PROPERTY OR AN INTEREST THEREIN D. Does not reflect any consideration of or allowance for any relocation assistance and payments or other benefits that the owner is entitled to receive under an agreement with the City.
5. Pursuant to Code of Civil Procedure section 1263.025, should you elect to obtain an independent appraisal, the City will pay for the actual reasonable costs up to Five Thousand Dollars ($5,000), subject to the following conditions:
A. You, not the City, must order the appraisal. Should you enter into a contract with the selected appraiser, the City will not be a party to the contract; B. The selected appraiser is licensed with the Bureau of Real Estate Appraisers (BREA), formerly known as the Office of Real Estate Appraisers;
C. The appraisal cost reimbursement request must be made in writing and submitted to the City of Placentia c/o Epic Land Solutions, Inc. at 3850 Vine Street, Suite 200, Riverside CA 92507, Attn:
Tyler Kelleher, within ninety (90) days of the earliest of the following dates: (1) the date the selected appraiser requests payment from you for the appraisal; or (2) the date upon which you, or someone on your behalf, remitted full payment to the selected appraiser for the appraisal.
Copies of the contract (if a contract was made), appraisal report, and the invoice for the completed work by the appraiser must be provided to the City concurrent with the submission of the written request. The costs must be reasonable and justifiable.
6. The owner of a business conducted on a property to be acquired or conducted on the remaining property which will be affected by the purchase of the required property, may be entitled to compensation for the loss of goodwill. Entitlement is contingent upon the business owner's ability to prove such loss in accordance with the provisions of Sections 1263.510 and 1263.520 of the Code of Civil Procedure.
7. If you ultimately elect to reject the City's offer for your property, you are entitled to have the amount of compensation determined by a court of law in accordance with the laws of the State of California.
8. You are entitled to receive all benefits that are available through donation to the City of all or part of your interest in the real property sought to be acquired by the City as set out in Streets and Highways Code sections 104.2 and 104.12.
280
Proposed Easement Acquisitions Golden Avenue Bridge
Single Family Residence
4011 Winterhaven Street
Yorba Linda, Orange County, California 92886
Epic Land Solutions, Inc.
Ms. Kari Anvick
Senior Regional Manager
1971 W. 190th Street, Suite 200
Torrance California 90504
Valbridge Property Advisors I Orange County
17822 17th Street, Suite 211
Tustin, CA 92780
(714) 449-0852 phone
[email protected]
I Vlbrid e
PRaOPERTY ADVISORS
October 21, 2024
Ms. Kari Anvick
Senior Regional Manager
Epic Land Solutions, Inc.
1971 W. 190th Street, Suite 200
Torrance, California 90504
RE: Appraisal Report
Proposed Easement Acquisitions Golden Avenue Bridge
Single Family Residence
4011 Winterhaven Street
Yorba Linda, Orange County, California 92886
17822 17th Street, Suite 211
Tustin, CA 92780
(714) 449-0852 phone
[email protected]
Dear Ms. Anvick:
In accordance with your request, an appraisal of the above referenced property was performed. This appraisal report sets forth the pertinent data gathered, the techniques employed, and the reasoning leading to our value opinions. This letter of transmittal does not constitute an appraisal report and the rationale behind the value opinion(s) reported cannot be adequately understood without the accompanying appraisal report. The Golden Avenue Bridge Project requires the acquisition of various permanent bridge easements and temporary construction easements in properties located along the flood control channel for which the bridge passes over. The project will remove and replace the existing bridge with a wider bridge allowing for pedestrian and bicycle traffic.
The subject property, as referenced above, is located at the end of a cul-de-sac on Winterhaven Street and is further identified as Assessor's Parcel Number (APN) 334-011-36. The subject is a 0.38 -acre or 16,583 -square -foot site. The subject is improved with a 2,703 square foot single family home constructed in 1976. The rear of the site borders the flood channel where the acquisition areas are located.
The purpose of this appraisal is to estimate Fair Market Value for a proposed permanent and temporary acquisition, considering the Market Value of the fee simple interest in the subject property. This appraisal is completed in conformance with Eminent Domain Laws, State and Local Laws, including the Caltrans Right of Way Manual dated July 2022, the Appraisal Institute, and regulations required by the State of California. The intended use of this appraisal is for negotiations with the subject property owner pursuant to the partial acquisition of some property interests. This report consists of a narrative appraisal report in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
282
6Ta Valbridge
PROPERTY ADVISORS
Epic Land Solutions, Inc.
The client in this assignment is Epic Land Solutions, Inc. and the intended users are Epic Land Solutions, the City of Placentia, Caltrans and no others.
Memorandum on Date of Value and Report:
The date of value in this report is April 2, 2024 the date of report is October 21, 2024. The proposed acquisition is a small portion of land in a flood channel with almost no residual property rights attributable to the fee owner and is of nominal value. The nominal value is rounded per the Caltrans Right of Way Manual. Therefore, it is our professional opinion that the value conclusion in this report is unlikely to change materially between the date of value and the date of report.
The value opinions reported herein are subject to the definitions, assumptions and limiting conditions, and certification contained in this report. The findings and conclusions are further contingent upon the following extraordinary assumptions and/or hypothetical conditions, the use of which might have affected the assignment results:
Extraordinary Assumptions:
• None
Hypothetical Conditions:
• Per Section 1263.330 of the California Code of Civil Procedures, the valuation of the subject larger parcel does not include any increase or decrease in the value attributed to the proposed project.
Based on the analysis contained in the following report, our value conclusions are summarized as follows:
Value Conclusions
Component
Property Address
Assessor Parcel Number (APN)
Effective Date of Value
Property Rights Appraised
Owner Name
Zoning
Right of Way Areas
Value of Part Taken - Land (498.95 SF)
Temporary Construction Easement (1337.01 SF)
Fair Market Value of Proposed Acquisition
4011 Winterhaven Street
334-011-36
April 2, 2024
Fee Simple
Gabriel J Aburto
R -S
$1,600 - Nominal
$500 - Nominal
$2,100 - Nominal
Respectfully submitted,
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
283
6Ta Valbridge
PROPERTY ADVISORS
John D. Penner Jr.
Staff Appraiser
California License #AG3OO9243
Epic Land Solutions, Inc.
John D. Penner, MAI
Senior Managing Director
National Director— Fractional Interest Valuation
California License #AG0O172O
© 2024 VALBRIDGE PROPERTY ADVISORS l ORANGE COUNTY
284
\1I/fr Val bridge
PROPERTY ADVISORS
Table of Contents
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
TABLE OF CONTENTS
Cover Page
Letter of Transmittal
Table of Contents
Summary of Salient Facts
Aerial and Front Views iv
Location Map V
Introduction 1
Scope of Work 5
Regional Area Analysis 7
City and Neighborhood Analysis 13
Market Analysis 16
Site Description 21
Improvements Description 26
Assessment and Tax Data 27
Highest and Best Use 28
Appraisal Methodology 31
Land Valuation by Sales Comparison 33
Comparable Land Sales 35
Value Conclusions 60
General Assumptions and Limiting Conditions 61
Certification — John Penner, Jr. 67
Certification — John D. Penner 68
Addenda 69
Exhibit A: Notice to Appraise 70
Exhibit B: Title Litigation Guarantee 73
Exhibit C: Easements 78
Glossary 88
Qualifications 94
Qualifications
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page i 285
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PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SUMMARY OF SALIENT FACTS
Summary of Salient Facts
Property Name:
Address:
Assessor's Parcel Number:
Proposed Easement Acquisitions Golden Avenue Bridge
4011 Winterhaven Street
Yorba Linda, Orange County, California 92886
334-011-36
Property Rights Appraised: Fee Simple Underlying Land
Property Owner: Gabriel J Aburto
Site Size:
Zoning:
Flood Zone:
Existing Improvements
Property Type:
Property Use:
Highest and Best Use
As Vacant:
As Improved:
Date of Report:
Effective Date of Value:
Valuation Summary
0.38 acres (16,583 square feet)
R -S - Residential Suburban Zone
X (Not a Flood Hazard Area)
Residential
Single Family Residential
Develop Single Family Residential Use
Current Use
October 21, 2024
April 2, 2024
Component
Value Market Value of
Conclusions Acquisition
Value of Larger Parcel in Before Condition
Permanent Property Rights
Value of Part Taken - Land (498.95 SF)
Site Improvements
Value of Part Taken - Building Improvements
Total Value of Permanent Property Taken
Severance / Benefits
Severance Damages
Less Benefits
Net Severance Damages
$990,990
$1,622
$1,622 $1,600 - Nominal
$0
$o
$0
Value of Remainder in After Condition $989,368
Temporary Property Rights
Temporary Construction Easement (1337.01 SF) $0 $500 - Nominal Fair Market Value (Parts Taken, Severance Damages/Benefits) $2,100 - Nominal Our findings and conclusions are further contingent upon the following extraordinary assumptions and/or hypothetical conditions which might have affected the assignment results:
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page ii 286
$!/) VaIbridge
PROPERTY ADVISORS
Extraordinary Assumptions:
• None
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SUMMARY OF SALIENT FACTS
Hypothetical Conditions:
• Per Section 1263.330 of the California Code of Civil Procedures, the valuation of the subject larger parcel does not include any increase or decrease in the value attributed to the proposed project.
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page i i i 287
$!P/) 1&rJI9e
PROPERTY ADVISORS
Aerial and Front Views
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
AERIAL AND FRONT VIEWS
AERIAL VIEW
FRONT VIEW
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
Page iv
288
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PROPERTY ADVISORS
Location Map
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LOCATION MAP
,i,eles
National.Forest
Palomar
Mountain
Valley Center
San Cie . o
Chu a sta
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
Page v
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PROPERTY ADVISORS
Introduction
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
INTRODUCTION
Proposed Acquisition Description
The City of Placentia is working with Caltrans on The Golden Avenue Bridge Project. The project has obtained federal funding and will remove and replace the existing bridge with a wider bridge allowing for pedestrian and bicycle traffic. The project will require the acquisition of various permanent bridge easements and temporary construction easements in properties located along the flood control area for which the bridge passes over. The proposed easements are within existing flood control easement areas.
Client and Intended Users of the Appraisal
The client in this assignment is Epic Land Solutions, Inc. and the intended users are Epic Land Solutions, the City of Placentia, Caltrans and no others.
Intended Use of the Appraisal
The intended use of this report is for determine fair market value of a proposed acquisition.
Real Estate Identification
The subject property is located at 4011 Winterhaven Street, Yorba Linda, Orange County, California 92886. The subject property is further identified by Assessor Parcel Number 334-011-36.
Legal Description
A copy of the legal description is included in the title guarantee in the addenda and legal descriptions of the acquisitions are located in the condemnation section.
Use of Real Estate as of the Effective Date of Value and the Date of this Report As of the effective date of the appraisal, the subject was a single-family residential property.
Ownership of the Property
According to the Public Record and a Litigation Guarantee, title to the subject property is vested in Gabriel J Aburto.
History of the Property
Ownership of the subject property has not changed within the past five years. The current owner acquired the property 10 years ago.
Listings, Offers, and/or Contracts
The subject property is not presently listed for sale.
Notice to Appraise
A notice of intent to appraise the subject property was sent to the property owner by the City of Placentia. on March 11, 2024. An exterior inspection was performed by John Penner, Jr. and John D.
Penner of Valbridge Property Advisors I Orange County on April 2, 2024 for the purpose of this appraisal.
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 1 290
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PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
INTRODUCTION
Type and Definition of Value
The measure of Fair Market Value for eminent domain purposes as defined in the Civil Code is:
(a) The fair -market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.
(b) The fair -market value of property taken for which there is no relevant comparable market is its value on the date of valuation as determined by any method of valuation that is just and equitable.'
Exclusions from Fair Market Value
The fair market value of the property taken shall not include any increase or decrease in the value of the property that is attributable to any of the following:
(a) The project for which the property is taken.
(b) The eminent domain proceeding in which the property is taken. (c) Any preliminary actions of the plaintiff relating to the taking of the property.2 Condemnation Blight and Project Enhancement: Condemnation blight is a diminution in the market value of a property due to pending condemnation action3; project enhancement is an increase in a property's market value in anticipation of a public project requiring condemnation action. As a general rule, the appraiser cannot properly consider either of these factors in the before situation when estimating highest and best use or value.
Eminent Domain Terminology
Fee Sim
pie Estate
Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.4 Leased Fee Estate
A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord -tenant relationship (i.e., a lease).5 ' California Code of Civil Procedure, Section 1263.320
2lbid, § 1263.330
3Real Estate Valuation in Litigation, Appraisal Institute, Second Edition 4The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 5The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 2 291
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INTRODUCTION
Easement
The right to use another's land for a stated purpose.6 Access or right-of-way easements may be acquired by private parties or public utilities. Governments may be the beneficiaries of easements placed on privately owned land that is dedicated to conservation, open space or preservation.
Tem aorary Easement
An easement granted for a specific purpose and applicable for a specific time period. A construction easement, for example, is terminated after the construction of the improvement and the unencumbered fee interest in the land reverts to the owner.' Larger Parcel Theory
In condemnation proceedings, the parcel(s) of land under the beneficial control of a single individual or entity has the same, or an integrated, highest and best use. Elements for consideration by the appraiser in making this determination are contiguity or proximity (as it bears on the highest and best use of the property), unity of ownership, and unity of highest and best use. If applicable, analysis of the subject's larger parcel is contained in the highest and best use section.
The larger parcel may be a whole parcel, part of a parcel, or several parcels, depending upon the unity of legal ownership, unity of use, and contiguity. For unity of title, the parcel(s) must be owned or controlled by the same individual or group of individuals. Unity of use requires that the parcel(s) possesses the same use, or an integrated use, with the land. It is controlled by the highest and best use of the parcel(s). Although contiguity is not always required, parcels sharing this unity are usually physically contiguous. If two parcels are separate and devoted to different uses, the taking of one parcel will not damage the other.
Please refer to the Glossary in the Addenda section for additional definitions of terms used in this report.
Valuation Scenarios, Property Rights Appraised, and Effective Dates of Value Per the scope of our assignment, we developed opinions of value for the subject property under the following scenarios of value:
VALUATION SCENARIOS TABLE
Value Type
Value Premise Value Perspective
Interest Appraised Effective Date
Market Value
Market Value
Market Value
Proposed Acquisition
Proposed Acquisition
As If Vacant
Current
Current
Current
Permanent Bridge Easement
Temporary Construction Easement
Underlying Land
4/2/2024
4/2/2024
4/2/2024
We completed an appraisal inspection of the subject property on April 2, 2024.
Date of Report
The date of this report is October 21, 2024, which is the same as the date of the letter of transmittal.
List of Items Requested but Not Provided
• None
6The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 7The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 3 292
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INTRODUCTION
Assumptions and Conditions of the Appraisal
The acceptance of this appraisal assignment and the completion of the appraisal report submitted herewith are subject to the General Assumptions and Limiting Conditions contained in the report. The findings and conclusions are further contingent upon the following extraordinary assumptions and/or hypothetical conditions which may have impacted the assignment results:
Extraordinary Assum
• None
Hy
Jtions
oothetical Conditions
• Per Section 1263.330 of the California Code of Civil Procedures, the valuation of the subject larger parcel does not include any increase or decrease in the value attributed to the proposed project.
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Scope of Work
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SCOPE OF WORK
The elements addressed in the Scope of Work are: (1) the extent to which the subject property is identified, (2) the extent to which the subject property is inspected, (3) the type and extent of data researched, (4) the type and extent of analysis applied, (5) the type of appraisal report prepared, and (6) the inclusion or exclusion of items of non -realty in the development of the value opinion. These items are discussed as below.
Extent to Which the Property Was Identified
• Lecal Characteristics - The subject was legally identified via public records, legal description, and plat map.
• Economic Characteristics - Economic characteristics of the subject property were identified via market participant surveys, our company database, and/or third party sources, as well as a comparison to properties with similar locational and physical characteristics. • Physical Characteristics - The subject was physically identified via an appraisal inspection of the exterior and proposed acquisition areas.
Extent to Which the Property Was Inspected
We inspected the subject on April 2, 2024.
Type and Extent of Data Researched
In valuing the concluded larger parcel, we researched and analyzed: 1) market area data, 2) property - specific market data, 3) zoning and land -use data, and 4) current data on comparable listings, sales, and rentals in the competitive market area.
Type and Extent of Analysis Applied (Valuation Methodology) We observed surrounding land use trends, the condition of the improvements, demand for the subject property, and relevant legal limitations in concluding a highest and best use. We then valued the subject based on the highest and best use conclusion.
Appraisers develop an opinion of property value with specific appraisal procedures that reflect three distinct methods of data analysis: the cost approach, sales comparison approach, and income capitalization approach. One or more of these approaches are used in all estimations of value. • Cost Approach - In the cost approach, the value indication reflects the sum of current depreciated replacement or reproduction cost, land value, and an appropriate entrepreneurial incentive or profit.
• Sales Comparison Approach - In the sales comparison approach, value is indicated by recent sales and/or listings of comparable properties in the market, with the appraiser analyzing the impact of material differences in both economic and physical elements between the subject and the comparables.
• Income Capitalization Approach - In the income capitalization approach, value is indicated by the capitalization of anticipated future income. There are two types of capitalization: direct capitalization and yield capitalization, more commonly known as discounted cash flow (DCF) analysis.
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SCOPE OF WORK
All of these approaches to value were considered. We assessed the availability of data and applicability of each approach to value within the context of the characteristics of the subject property and the needs and requirements of the client. When valuing underlying land for property such as the subject, the most relevant approach is the sales comparison approach. The underlying land is not leased and an income approach is not commonly used for valuing a fee simple interest in land. The analysis also uses methodology of the cost approach when valuing site improvements within the take areas. Further discussion of the extent of our analysis and the methodology of each approach is provided later in the respective valuation sections.
Appraisal Conformity and Report Type
We developed our analyses, opinions, and conclusions and prepared this report in conformity with state regulations in the California Code of Civil Procedure and the Caltrans Right of Way Manual dated July 2021, the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation; the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute; and the requirements of our client as we understand them. This is an Appraisal Report as defined by the Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2a.
Personal Property/FF&E
All items of non -realty are excluded from this analysis. The opinion of market value developed herein is reflective of real estate only.
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Regional Area Analysis
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
REGIONAL AND MARKET AREA ANALYSIS
REGIONAL MAP
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Regional Data
The subject property is located in the County of Orange. Orange County is one of six counties which comprise the Southern California Metropolitan Region. The other counties are Los Angeles, San Bernardino, Riverside, Ventura, and San Diego. This region represents one of the most diversified economic environments in the world. Strengths include aerospace, import/export trade, entertainment, defense, tourism, technology, apparel, and education. Located on the previous page is a map that shows the subject in relation to the surrounding region.
These counties have been, and continue to be, interdependent upon one another for a variety of goods and services. Los Angeles County led the region with an explosive population growth after World War I I. This growth was attributed largely to in -migration from other states. New residents were attracted to the area for employment and climate -related reasons. Los Angeles became the industrial base for the region, while the adjacent counties remained agricultural, especially in citrus farming. As Los Angeles County built up, the adjoining counties began to experience a spillover effect; first in population, then in industry.
Location
Orange County is situated directly southeast of Los Angeles County and remained primarily rural until after World War II. The county occupies a total of 798 square miles, stretching along 42 miles of Pacific coastline and extending some 25 miles inland. The eastern mountain region, which includes the Cleveland National Forest, is largely uninhabited. The majority of the population is concentrated in the northwest and central portions of the county and stretches south along the coast. Other counties bordering the County of Orange are Riverside to the east, San Diego to the south, and San Bernardino to the northeast.
Early development in the county primarily consisted of agricultural activity related to wine, citrus, and ranching. Farmers and ranchers were drawn to the area by the ample water supply and fertile soil. With the advent of the railroads in the late 1800s, shipping to the east coast by rail became a reality, and the citrus industry began to blossom, hence the name "Orange" County. The county was split off from Los Angeles and incorporated in 1889. In the early 1900s, small towns began to form in the northwest and central portions of the county. Expansion generally followed the Red Car commuter rail line in the earlier portion of the decade and later the freeway system followed which led to a large influx of new residents from the neighboring County of Los Angeles. Heavy growth continued through the 1950s, 60s, 70s, and 80s, as Orange County began to emerge as a center for high-tech and aerospace -related industries along with strengths in tourism and service.
Demographics
Although geographically small, Orange County is a major market, both on a statewide and national basis. It ranks third in population among California's 58 counties and sixth nationally. Currently, it represents 8% of California's total population. The following table demonstrates the growth of Orange County over the last four decades and population projections to the year 2030. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 8 297
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SOUTHERN CALIFORNIA POPULATION TRENDS
County
1980 1990 2000 2010 2020 2022 2023 Annual% 2030
Census Census Census Census Population Population Population Change Projection 22/23
Los Angeles
Orange
Riverside
San Bernardino
San Diego
Ventura
7,477,421
1,932,708
663,199
895,016
1,861,846
529,174
8,832,500
2,398,400
1,144,400
1,396,600
2,480,100
666,800
8,497,192
2,662,686
1,117,163
1,410, 332
2,355,638
657,474
9,818,605
3,010,232
2,189,641
2,035,210
3,095,313
823,318
10,135,614
3,180,491
2,440,719
2,175,424
3,331,279
841,219
9,840, 925
3,154,042
2,432, 203
2,179, 263
3,293,911
830,434
9,825,708
3,142,277
2,431,254
2,170, 593
3,297,860
825,937
- 0.15%
-0.37%
- 0.04%
- 0.40%
0.12%
- 0.54%
9,566,663
3,201,361
2,540,559
2,257,518
3,373,792
805,456
Totals: 13,359,364 16,918,800 16,700,485 20,972,319 22,104,746 21,730,778 21,693,629 -0.17% 21,745,349 Source: State Department of Finance - 2023
The communities of Riverside and San Bernardino have been the biggest beneficiaries of this trend, becoming two of the fastest -growing areas in the country over the last ten years. Strong growth into outlying areas is made possible by the extensive freeway system that exists throughout the Southern California basin. This freeway system allows the region's labor force to commute from surrounding counties and form economic bases in the surrounding counties themselves. During the last few decades, the County of Orange has maintained a strong growth rate despite dwindling land area available for development due to a surging economy. In just the past few years, Southern California population has begun to decline slightly in all counties except for San Diego. However, the Department of Finance's projection to the year 2030 indicates Orange County is expected to experience minor growth, along with most of the state, with most of this growth occurring in the eastern and southern portions of the county.
Employment
The Southern California region constitutes one of the most diversified economic environments in the world. This region is the largest center for business services and international trade in the United States, which produced $1.57 trillion worth of goods in services in 2022. Numerous business firms listed in the Fortune 500 have headquarters here. Per World Bank international business statistics, Orange County had a 2022 gross domestic product of $314 billion, making it the 44th largest economy in the world, just above the country of Romania. The county enjoys strengths in services, high-tech manufacturing, and tourism. Income levels are among the highest in the nation.
Unemployment Rates
Area YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023
United States
California
Los Angeles -Long Beach-Anahein
Los Angeles County, CA
4.5% 4.4% 4.0% 6.8%
4.8% 4.3% 4.0% 9.2%
4.5% 4.2% 4.0% 11.5%
3.1% 3.0% 2.8% 6.4%
4.4%
5.5%
5.7%
4.2%
3.7%
4.9%
4.7%
5.0%
Source www.bls.gov
The following table shows a breakdown of some of the important employment sectors within the county:
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ORANGE COUNTY EMPLOYMENT SECTORS
Employment by Industry - Orange County
Industry
Total Jobs Percentage
Farm
Mining & Logging
Construction
Manufacturing
Transportation, Utilities
Information
Financial Activities
Professional & Business Services
Educational & Health Services
Leisure & Hospitality
Other Services
Government
1,400
300
112,000
155,300
272,600
24,600
111,600
343,300
268,300
234,600
55,200
165,700
0.08%
0.02%
6.42%
8.90%
15.62%
1.41%
6.40%
19.67%
15.38%
13.44%
3.16%
9.50%
Tota I
1,744,900 100.00%
The table above indicates concentrations in some of the county's top employment sectors. Major employers in the county include The Walt Disney Company, University of California — Irvine, County of Orange, St. Joseph Health, Kaiser Permanente, Albertsons, Target Corp., Walmart Inc., Hoag Memorial Hospital Presbyterian, The Boeing Company, Memorial Care Health System, California State University — Fullerton, Bank of America Corp., Edwards Life Sciences, Parker Aerospace, Allied Universal, Home Depot Inc., The Irvine Company, Cedar Fair LP, and United Health Group Inc.
The wholesale/retail trade sector is bolstered by a large population, whose residents have among the highest disposable incomes in the country. The driving force behind the service sector is the presence of various tourist attractions including Disneyland, Knott's Berry Farm, and an extensive coastline that features many high -end hotels/resorts. According to The Economic Impact of Travel in California report, prepared by Dean Runyan Associates in April 2023, "Travel spending in 2022 increased to $134.4 billion across California, a 31.7% increase over 2021 that brought spending 93% of the way to pre -pandemic levels." In Orange County, tourist spending hit $13.2 billion in 2022, an almost 4% increase from the prior pre -pandemic high of $12.7 billion reached in 2019.
The following table indicates tourist spending trends in Orange County area from 2013 to 2022:
Year
Tourist
Spending
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
$9.7 billion
$10.4 billion
$11.2 billion
$11.9 billion
$12.3 billion
$12.2 billion
$12.7 billion
$5.9 billion
$9.8 billion
$13.2 billion
Source: Orange County Visitors Association
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Historically, Orange County has experienced a steady increase in retail, hospitality and tourism, but that trajectory changed when the pandemic shocked the economy. The county's tourism industry took a major hit because of the coronavirus outbreak, losing large amounts of employment across the job market from 2019 to 2020. By 2021, California launched its "Calling all Californians" campaign, which encouraged interstate travel to help jump start the economy again after the fall off in tourism during the pandemic. The reopening of hospitality and tourist attractions sparked a trend of regrowth for Orange County's tourist based economical sector, which has rebounded beyond pre -pandemic levels.
Transportation
The Orange County transportation system includes an extensive freeway network. The backbone of this freeway system is the Santa Ana (5) Freeway, which extends the entire length of the state. An estimated 56% of the county population resides within three miles of the freeway (along with two- thirds of the county's jobs). Major north -south freeway routes include the Santa Ana (5) and the San Diego (405) Freeways. The major east -west freeway route is the Riverside (91), which connects parts of Los Angeles County with the inland communities of Riverside and San Bernardino. Other freeways include the Orange (57), Garden Grove (22), Newport (55), and the Corona Del Mar (73) Freeways.
These freeways, along with connecting freeways throughout the region, constitute the most expansive network in the world. However, in recent years, the freeways have become increasingly congested, due to a growing number of motorists and inadequate maintenance/improvements. Much of this congestion has been caused by continued population growth and commuter traffic from the inland communities of Riverside and San Bernardino, as well as South Orange County.
A major public works project is underway to provide alternative transportation routes for commuting residents. In 1990, Orange County residents voted in favor of Measure M, which instituted a 1/2 cent sales tax for transportation improvements. Major projects consist of a widening of the Santa Ana (5) Freeway, new diamond lanes on the Riverside (91), Orange (57), and Costa Mesa (55) Freeways, and the "Smart Street" improvements of Katella Avenue and Imperial Highway. Other projects include the privately funded toll roads completed in the eastern portion of the county and the San Joaquin corridor in the southern portion. The regional rail system has also been expanded to Orange County, with numerous Metro -link stops during peak commuting times between Los Angeles and Irvine. This system provides alternative transportation for commuters and residents to numerous destinations throughout the metropolitan area, including Los Angeles International Airport (LAX).
Other transportation features of the county include John Wayne International Airport (SNA), public bus service, Amtrak passenger rail service, and several freight rail lines. Access to shipping is provided by the deep -water ports of Long Beach and Los Angeles, which are located to the north of the county.
These mega -ports handle one-third of the total U.S. Pacific Coast cargo, with an estimated worth of $124 billion, and are among the four busiest trade areas in the world. Additional airport facilities include the relatively nearby LAX, Ontario, and Long Beach Airports.
Quality of Life
Orange County enjoys a mild Mediterranean climate. Temperatures generally range from 60 to 75 degrees in the winter and 75 to 85 degrees in the summer. Coastal and desert influences keep rain and moisture to a minimum, providing a year-round outdoor atmosphere. The area's predominately warm, sunny climate helps draw more than 47 million tourists a year to Orange County. Orange County enjoys immediate proximity to numerous beaches and is within an hour's distance of the mountain © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 11 300
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and desert areas of Southern California. However, smog presents a constant problem to the Southern California environment. Coastal communities, like Orange County, benefit from ocean breezes that blow the smog further inland; however, smog has also grown as a problem in Orange County due to the continued growth in population, hence automobiles. The region has implemented measures, such as cleaner gas, carpooling, and the metro -link rail system.
Education
Adding to the strong infrastructure in the region is a complete and diversified educational system. There are more than 150 public and private universities and colleges throughout Southern California. These institutions provide a highly trained and skilled workforce for high-tech firms and businesses located in the area. Some of the larger institutions located in Orange County are listed below. There are also several two- year colleges and extension courses offered at various universities within the region.
University of California at Irvine
California State University at Fullerton
Hope University
Vanguard University
Chapman University
Western State Law University
Concordia University
Soka University
Housing Trends
Residential housing in Orange County, like most of the nation, experienced the largest drop in prices (30% to 40%) since the Great Depression of the 1930s during the "Great Recession" of 2007 thru 2011.
Since then, housing prices have continued to reach all-time highs despite interest rate hikes from the Federal Reserve. The current median home price for Orange County is an unprecedented $1.2 million, spurred by a lack of inventory and a surprisingly resilient economy. Apartment rental rates are also exceptionally high, and there is a large number of new apartment projects under construction or planned in the county.
Summary
The availability of a strong transportation system provides for quick access to the many business and industrial centers throughout Southern California. As a result, a diversified economic base provides stability for the region. The lack of available housing inventory has fueled rising home prices in recent years. The effects of the pandemic have begun to dissipate as unemployment has improved to current rates from nearly 20% during the pandemic. Despite the improvement, there is still some uncertainty as it relates to the high levels of government debt, higher interest rates, the ups and downs of the stock market, and global instability. Overall, Orange County appears to be faring better than most areas in California and is expected to continue to do so.
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CITY AND NEIGHBORHOOD ANALYSIS
City and Neighborhood Analysis
NEIGHBORHOOD MAP
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City Data
The subject property is located at the northeastern extreme of the county, in the City of Yorba Linda.
The city is situated approximately 35 miles southeast of the Los Angeles CBD and 11 miles north of the County Seat of Santa Ana. Yorba Linda is predominately a residential community and is known for a good quality of life. Bordering the city limits is Riverside County to the east, unincorporated county land to the north, and the local cities of Anaheim, Placentia, and Brea. Located on the previous page is a map showing the subject neighborhood.
The name "Yorba Linda" is derived from the original land grant from the King of Spain to Jose Antonio Yorba in 1809. The name "Linda" meaning pretty in Spanish was later added. Area within the city was purchased in 1908 and a new town was established. A water company was formed, and orange and lemon groves were planted. Rail access to Los Angeles was provided in 1912 with the opening of the Pacific Electric Railroad line. The community remained predominately rural in nature until the 1960's when the Yorba Linda Country Club was developed along with some housing tracts in the western portion of the city. The city was incorporated in 1967 and had a population of 11,856 residents by 1970. Strong growth commenced through the 1970's and 80's as adjacent land areas were annexed to the east and numerous housing tracts developed. Population growth has continued in the new millennium with the large-scale development of Black Gold, which includes an 18 -hole golf course.
Today, the city is spread over an area of 18.6 square miles and has a present population of over 68,034 residents. Noteworthy is the fact that Yorba Linda is the birthplace of Richard Nixon, the 37th president of the United States. The Nixon Library has been erected on this site adjacent to the original farmhouse and burial grounds for the President and First Lady. Yorba Linda is located 18 miles inland from the Pacific Ocean and functions primarily as a suburban community of Orange and Los Angeles Counties.
The current average household income of over $137,011 is among the highest in the county. The current average home sales price is $1,175,686 and typically range from $500,000 to $1,500,000 with some as high as $2,000,000 to $3,000,000.
The city is characterized by a variety of topography ranging from almost level flood plains along the Santa Ana River to steep, rugged hill country in the north and eastern portions of the city. The original downtown area is located north of the junction of Imperial Highway and Yorba Linda Boulevard. The area surrounding this area forms the commercial core of the city. Housing ranges from middle income tracts in the western portion to larger 1/2- and 1 -acre sites bordering the country club and hillside communities to the newer master planned communities in the eastern portion. Located within the city is 14 parks, 100 miles of equestrian trails, a private Country Club, and the Forum Theater for performing arts. The area is also known for its strong public school system. Recent activity includes the opening of the new Black Gold Golf Course along with development of 2000 to new 3000 homes with prices starting at $800,000. A new public high school has also just opened near Black Gold.
Transportation is provided by State Highway 91 (the Riverside Freeway) situated along the southern border of the city and State Highway 57 (the Orange Freeway) located a few miles west of the city limits. The recently completed State Highway 241 (the Eastern Transportation Corridor Toll Road) connects the Riverside Freeway near Gypsum Canyon Road (five miles east of subject) to the foothill portions of South Orange County. Primary thoroughfares include Imperial Highway (which runs diagonally from the northwest corner through the southern portion), and Yorba Linda Boulevard (which runs east -west through the center) providing access throughout the interior of the city. It is noted that ingress and egress to Yorba Linda is somewhat inhibited by commuter traffic along the © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 14 303
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Riverside Freeway and the fact that the city is spread over a wide area with hilly terrain. The City's outlying location also results in a slightly higher temperature during summer months.
Immediate Surroundings
The subject property is located at the western boundary of Yorba Linda. The areas to the west, including the flood control are within the boundary of the City of Placentia. The surrounding area is primarily residential in nature with some retail development along Imperial Highway to the north. The predominate use in the area is single family homes on tracts constructed primarily in the 1960s and 1970s. Income levels range from middle to upper income. The area is primarily built-up and in a mature stage of development. The land to the north was until recently a large lot with a single home but has since been developed into townhomes.
Summary
In summary, the City of Yorba Linda consists of a relatively affluent suburban population located in a picturesque rolling hillside setting. The subject property is located in an area of single-family residences constructed in the 1960's. Many of the residential communities in the area are characterized by upper income housing that benefit from the good quality of life afforded in the area. The long-term outlook for this community would be above the average for the county as a whole. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 15 304
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Market Analysis
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
MARKET ANALYSIS
MARKET AREA MAP
Stanton
City of
Industry
Hacienda
Heights
South San
Jose Hills
Rowland
Heights
Fullerton
Anaheim
Disneylar © irk
ANAME,I.
RESOR-
Garden Groye f
ntain
fey
•
Firestone
Scout
Reservation
Orange
Santa Ana
SOUTH COAST
METRO
Diamond Bar
Tustin
TUSTIN:0.S G/
Irvine
Slee
Orange
Park Acres
North Tustin
Chino
LOS SERRA%
Chino ri I .
ANAHEIM HILLS
Chinn
El
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
MARKET ANALYSIS
Regional Single -Family Market
According to the National Association of REALTORS®(NAR), existing -home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units. This improvement exceeded economists' expectations and marked the largest monthly gain in a year. The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
New listings decreased 15.6% for detached homes and 8.0% for attached homes. Pending sales decreased 31.0% for detached homes and 36.9% for attached homes. Inventory decreased 15.3% for detached homes and 9.2% for attached homes.
Median sales price increased 13.5% to $1,430,000 for detached homes and 9.2% to $765,000 for attached homes. Days on market decreased 41.0% for detached homes and 30.6% for attached homes.
Months' supply of inventory decreased 5.3% for detached homes but remained flat for attached homes.
The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month -over -month and
10.3% year -over year to 1.07 million units, for a 2.9 months' supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing -home sales price up 5.7% year -over -year to $384,500, the eighth consecutive month of annual price increases. The following illustration presents the March 2024 monthly snapshot for the Orange County single-family residential area.
FEBRUARY 2024 AND YEAR-TO-DATE DATA
Key Midas Itafakal
3-2023 3-3024 % Change rrn 2023 TTD 2624 %Change
New Listings
Pend[ng Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Pct. of Orig. Price Received
Percent of List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
Ithighailuummin
1,289
1,088
- 15_6%
IIIIIIII..r111I1I11fr��I. 1,957 729 -31.0%
IIIIIIIiu..■IIIIIIIIrr.i1 1,067 1,020 -4.4%
,mn 94W2
�rr.11111IlIlIilII1111111 39 23
9402 3.012.3
IIIIIIIr..Ir11III1111IIlI $
1,260.000 $1,430,000 13.5%
- 410%
IIIIIIIIIIIII11IIIIIIIIII S1617.083 $1,882,262 +16.4%
I IIIIII.ar11IIIIIIIIIIII 9,1% 101.6%
0..2 9-1023 0.223 - -.-- 31021
IIIIIIIIIIIIIIIIIIIIIIIII 99.4% 101.8%
IIIIIIIIIIIIIIIIIII11111r 38 32
- 3.6%
+ 2.4%
-158%
AlbIIIIIIlul1III...■ 2,017 1,708 - 15.3%
.IIIIIiIII I I I IuIIIiI11I I I
1.9 1.8 - 5.3%
Source: Orange County Realtors®
16 837 13,984 - 16.9%
12,673 11,452 - 11.0%
13,383 11,803 - 11.8%
27 26
-37%
$1,229.300 $1,309,000 +6.4%
$1,620,344 $1,756,153 +8.4%
99.1% 100.0% + 0.9%
100.6% 100.8% + 0.2%
39 35 -10.3%
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MARKET ANALYSIS
Local Single -Family Market
The subject property is located in the city of Yorba Linda, which is in the inland northeastern portion of Orange County. The current estimated population of Yorba Linda is 67,089 residents with 22,938 households. The population density for the city is 3,300 people per square mile and the median age is
44.3 years. The median household income is $148,325 and the average per capita income for Yorba Linda is $64,265.
The Yorba Linda single-family residential market had 548 new listings and 463 pending sales with 483 closed sales for the last 12 -months ending in March 2024. The average days on market until sale for the Yorba Linda single-family market was 25 days during this 12 -month period. The median sales price was $1,350,000 and was a 1.9% increase during this period. While the average sales price was $1,549,042 or an increase of 3.5%. Single-family homes were selling at 100.6% of the original list price received. The following chart displays the data for the Yorba Linda single-family residential home market.
Yorba Linda
Orange County
Single Family
Key Metrics
New Listings
Pending Sales
Closed Sales
Clays on Market Until Sale
Median Sales Price'
Average Sales Price'
Percent of Original List Price Received"
Inventory of Homes for Sale
Months Supply of Inventory
March
2023 2024 % Change
56 44
39 45
$1.325.000
$1,481,847
98.0%
51 26
44 16
$1,545,000
$1,797,048
102.2%
69 B3
1.6 1.6
- 8.946
- 40,9%
12.84 -64.4%
t 16.6%
+ 21.3%
+ 4.3%
-8.7%
OA%
Last 12 Months
Tbru 3-2023 Thru 3-2024 % change
661
526
543
29 $1,324,375
$1,496,427
99.2%
648
463
463
25 $1,350,000
$1,549,042
100.6%
- 17.1%
- 12.095
- 11.0%
- 13.8%
+ 1.996
+ 3.5%
+ 1.496
Source: Pacific West Association of Realtors
The Pacific West Association of Realtors (PWR) further segments market areas by zip code. The subject property is located in the 92886 -zip code within Yorba Linda. This market segment includes some slightly less affluent neighborhoods in Yorba Linda. The median household income for the 92886 -zip code is $1,429,000 while it is $148,325 for the entire city. The following chart displays the single-family residential home market data for the 92886 -zip code within the City of Yorba Linda to further illustrate market conditions in the subject's immediate area.
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92886 — Yorba Linda
Orange County
Single Family
Kay Metrics
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price'
Average Sales Price
Percent of Original List Price Received'
Inventory of Homes for Sale
Months Supply 6f Inventory
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
MARKET ANALYSIS
March
2023 3M4 1 Chants
43 34
24 33
$1,362,500
$1,493,335
98.4%
54 1.8
38 - 11.6%
18 - 47.1%
28 16.7%
16 - 51.596
$1,572,500 15.4%
$1,927,397 29.196
101.6% i 3.3°,6
49 - 9.3%
1.9 + 5.6%
Last 12 Months
itru 3-2023 Thru 3-2024 %Change
479
370
380
28 $1,260,000
$1,448,015
99.0 %
372
309
322
28 $1,306,000
$1,556,886
100.6%
- 22.3%
-16.5%
- 15.3%
+ 3.296
+ 7.5%
+ 1.5%
As the above chart points out, there were 372 new listings and 309 pending sales with 322 closed sales for the last 12 -months ending in March 2024. The average days on market until sale for the 92886 -zip code within the Yorba Linda single-family market was 26 days during this 12 -month period. The median sales price was $1,300,000 and was a 3.2% increase during this period. While the average sales price was $1,556,886 or an increase of 1.6%. Single-family homes were selling at 9100.6% of the original list price received.
There are many factors influencing these market conditions, which are suppressing inventory.
Additionally, there is little land available in the immediate area, new home construction is mostly limited to existing homes being demolished to build newly constructed homes. However, new home construction in Orange County to the south and southeast in nearby cities such as Irvine, in the Great Park area specifically, are attractive alternatives for purchasers rather than the limited supply of older existing homes going to market. Further, the market is getting downward pressure on sales prices from continued inflation, the uncertainty of the economy, gas prices reaching all-time highs, and the upcoming election year. As of late interest rates have begun to rise again and sales volume is in decline.
The subject's position in the single-family residential market should remain viable in the future, due to its location in the affluent city of Yorba Linda and easy access to beach cities, John Wayne Airport, Los Angeles, and the Inland Empire because of the network of major freeways, and the large employment and population base in the surrounding areas.
Residential Land Market
The Yorba Linda Market and surrounding markets in Orange County are nearly fully built-up and with strong demand for all types of residential land. Across all residential land types there are many observable circumstances where single family zoned land was rezoned, granted variances, used available density bonuses, or used state legislation to effectively make the single-family land equitable to a low density multi -family zoning. In the city of Yorba Linda, existing regulations in compliance with state law allow the construction of a residential home, a detached ADU, and an additional attached "Junior ADU" to be built on a single residential lot. This change in permitting has encouraged local investors to increasingly turn to single family lot development. Additionally, with new development of vacant residential land primarily being multi -family and townhome developments; the demand for single-family homes has greatly increased their residual (i.e. underlying) land values. In terms of highest and best use, the maximally productive use between single family homes, townhouses, and low -density © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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MARKET ANALYSIS
multi -family is narrow enough that the price per square foot value of current land sales for such zonings are directly comparable.
The general trend in home prices has decreased slightly and then recovered to new highs from mid 2022 to present. Residential land sales in the area occur too infrequently and have too many individual characteristics to infer trends from the median sale price and median price per square foot. Total sales volume has been lower in 2023 and YTD 2024 compared to prior years and highs seen in 2021. While the demand for housing remains strong, increases in interest rates have made financing for new development less lucrative.
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Site Description
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SITE DESCRIPTION
a 34:6 5'p
' I TRACT
! 24' VS GOVT ESM7. a �J
1(8.99'
PLAT MAP
30 36. /B
f
0.23' 34
~390' 36 37 45.41
YORBA
L/NDD
HT J -!Et? 4
40 79-22.
41'
The subject site is located on Winterhaven Street at the end of a cul-de-sac. The characteristics of the site are summarized as follows:
Site Characteristics
Location:
Gross Land Area:
Usable Land Area:
Usable Land %:
Shape:
Average Depth:
Topography:
Drainage:
Grade:
Utilities:
4011 Winterhaven Street, Yorba Linda, CA
0.38 Acres or 16,583 SF (Based on Assessor's Plat Map)
0.35 Acres or 15,246 SF
91.9%
Irregular
130.00 feet
Level
Adequate for the current use
Above street grade
All to site
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Off -Site Improvements:
Interior or Corner:
Signalized Intersection:
Excess Land:
Surplus Land:
Street Frontage / Access
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SITE DESCRIPTION
Typical, including sidewalks, street lights, and curb cuts. A storm drain is located to the rear of the property.
Interior
No: No traffic signal at, or near, the site
None
None
Frontage Road Primary
Street Name:
Street Type:
Frontage (Linear Ft.):
Number of Curb Cuts:
Winterhaven Street
Residential Cul-de-sac
73.00 1
Additional Access
Alley Access: No
Flood Zone Data
Flood Map Panel/Number:
Flood Map Date:
Flood Zone:
Other Site Conditions
Soil Type:
060238-06059C0063J
12-03-2009
X
Zone X- An area that is determined to be outside the 100- and 500 year floodplains.
A soil report was not provided for my review. No visual evidence of soil or geological problems in the form of uneven settlement or excessive cracking was observed at the time of inspection.
Environmental Issues: An environmental site assessment report was not furnished for our review. An inspection of the property did not reveal any visible or factual evidence of apparent environmental impairment to the site. The appraisers are not considered experts in hazardous materials. The client is advised to obtain an environmental report if further investigation is desired. In addition, a drive -by inspection of the immediate vicinity surrounding the subject did not reveal any uses or hazards that would be expected to pose an apparent risk to the site or would restrict its use.
Easements/Encroachments: A litigation guarantee dated November 21, 2023 from First American Title was provided. The title provides various easements for public utilities, storm drains, and access. These easements are considered typical for the area and would not be expected to have a negative impact on the development or marketability of © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 22 311
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Earthquake Zone:
Special Hazards
Adjacent Land Uses
North:
South:
East:
West:
Site Ratings
Access:
Visibility:
Zoning Designation
Zoning Classification:
General Plan Designation:
Permitted Uses:
Development Standards:
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SITE DESCRIPTION
the property. Easements of interest to the project are discussed in the Condemnation Analysis section.
According to the State of California Department of Conservation, the subject is not located within an Alquist-Priolo Special Studies Zone.
The subject is not located in a Wetlands, California State Coastal Zone or Agricultural Preserve.
Residential Town homes
Single Family Residential
Single Family Residential
Flood Control Channel and Single Family Residential beyond Average
Average
ZONING MAP
R -S, Residential Suburban Zone
Residential
Single Family Residential; Detached and Attached ADU
Height Restriction 35 Ft or 2 Stories
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Zoning Comments:
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SITE DESCRIPTION
Minimum Lot Area 10,000 SF
This zone is intended as an area for suburban residential development on minimum lot sizes of 10,000 square feet.
Legal, Conforming Status
Legally Permitted Use: Yes
Conforms to Parking: Yes
Conformity Conclusion: The existing improvements appear to meet the zoning requirements.
Analysis/Comments on Site
We were provided with plat maps of the acquisition areas performed by Vincent Kleppe of The Prizm Group, a professional surveyor. According to public records, the usable area of the site measures 0.35 - acres or 15,246 square feet. The rear storm drain easement area which fully overlaps the proposed TCE area is 381 square feet for a gross area of 16,583. The site has all necessary physical utilities. Currently it is improved with a single-family residence.
The property is suitable for various single-family home configurations. In this zoning the city currently permits the construction of a detached ADU of up to 1,000 square feet. The subjects lot size of greater than 15,000 square feet allows a detached ADU of 1,200 square feet. Additionally, a home can be built or improved with an attached "Jr. ADU". The main restriction on ADU and home size is a maximum site coverage of 35%.
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SITE DESCRIPTION
FLOOD MAP
Flood Map Report
=c ?rcpecy _oca:eo r: t CoreLogie
RealQuest Professional
4011 WINTERHAVEN ST. YORBA LINDA. CA 92886-1646
Report Date '24:2:2024 County: ORANGE. CA
Flood Zone Code Flood Zone Panel
X 060238 - 06059C0063J
Special Flood Hazard Area (SFHA) Within 250 ft. of multiple flood zones? Out Yes (X.A)
Panel Date
12,03'2009
Community Name
YORBA LINDA
Flood Zone Descnpton.
Zone X -An area that is determined to be outside the 100- and 500 -year floodplains.
INe..ra ieo..r r)r.ay
Coal. 106va.r fl_
■ 100 roar rbeC.a.
IOProar rbeC{l.,
SW pr•w01W en0 MC potato] area
000Neor a )na hoe 1'oafa0 . Ot ar SNcS r.a00 4.2.0 4.
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IMPROVEMENTS DESCRIPTION
Improvements Description
Improvement Characteristics
Property Type: Residential
Property Subtype: Single Family Residential
Number of Buildings: 1
Construction Class: D - Wood Frame per Marshall Valuation Service Construction Quality: Average
Age / Life
Year Built:
Actual Age:
Site Improvements
Site Improvements:
1976
48 Years
Typical, including rear fencing, landscaping, and concrete driveways. The property is improved with a 2,743 square foot home constructed in 1976.
Landscaping: Average
Analysis/Comments on Improvements
The improvements are included for informational purposes and not effected by the taking. The take area is along the rear and is part of a flood control area not used by the current owner. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 26 315
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ASSESSMENT AND TAX DATA
Assessment and Tax Data
Assessment Methodology
Under provisions of Proposition 13, properties are assessed based on their value as of March 1, 1975.
This value may increase no more than 2% per year until such time as the property is sold, substantial new construction takes place, or the use of the property is substantially altered. The above property taxes include the general 1% tax, voted indebtedness, and direct assessments. If the property were sold, creating a new assessed value, the direct assessments would not be expected to change. The general tax and the voted indebtedness, however, would be expected to reflect the new basis. Thus, the tax rate specified above relates to the general tax rate and voted indebtedness, and the direct assessments of $613 are in addition to this rate.
Assessed Values and Property Taxes
The subject's assessed values, applicable tax rates, and total taxes, including direct assessments, are shown in the following table:
SUMMARY OF ASSESSED VALUES AND PROPERTY TAXES
Assessor Parcel No. 334-011-36
Land
Improvements
Total Assessment
General Tax
Voted Tax
Tax Rate
Direct Assessments
Total Property Taxes
$681,278
$276,330
$957,608
$9,576
$603
1.06301%
$613
$10,792
Conclusions
According to the Orange County Tax Assessors Office, the subject's property taxes are current as of the date of value.
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Highest and Best Use
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
HIGHEST AND BEST USE
The Highest and Best Use of a property is the physically possible, legally permissible, and financially feasible use that results in the highest value. An opinion of the highest and best use results from consideration of the criteria, noted above under market conditions or likely conditions as of the effective date of value. Determination of highest and best use results from the judgment and analytical skills of the appraiser. It represents an opinion, not a fact. In appraisal practice, the concept of highest and best use represents the premise upon which value is based.
While improved properties may have a highest and best use different than the existing use, the existing use will generally continue until the land value exceeds the property value at its existing use plus demolition costs. It is not always necessary to determine the highest and best use of an improved property both "As If Vacant" and "As Improved." In many cases, the determination of whether the value as improved exceeds the site value is straightforward, not requiring an opinion of market value for the site. In such cases, a determination of highest and best use of the site (aside from excess land, if present) is neither germane nor required. However, if there is a reasonable question as to whether the site value rises to such a level, then a determination of highest and best use as if vacant is mandated.
In the case of the subject, the underlying land is being appraised as if vacant. The proposed easements will have no effect on the improvements or continued use of the property. Therefore, the highest and best use as improved was not considered.
Analysis of Highest and Best Use As If Vacant
In determining the highest and best use of the property site, we examine the potential for: 1) near - term development, 2) a subdivision of the site, 3) an assemblage of the site with other land, or 4) holding the land as an investment.
Physically Possible
Multiple factors affect the uses with which land may be developed. These factors discussed earlier in the Site Description are summarized in the following table, followed by a conclusion as to potential limitations imposed by the physical characteristics.
PHYSICAL CHARACTERISTICS
Characteristic Conclusion
Land Area
Shape
Utilities
Visibility
Flood Plain
Soil Conditions
Environmental
Other
16,583 square feet / 0.38 acres
Slightly Irregular
All to site
Average
0.00% No risk of flood.
No report provided, assumed adequate.
Unknown, No apparent conditions
None
Conclusion: There are no items of a physical nature that would materially limit any reasonable development plan.
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HIGHEST AND BEST USE
Lecally Permissible
Another threshold of highest and best use is what is legally permissible. This analysis considers applicable private restrictions and zoning constraints; and the potential for change of same, historic district controls, urban renewal ordinances, and other possible legal factors that may result in limitations on development. The primary limiting factors are typically associated with the zoning of the site and easements, which reduce development potential. The elements associated with these potential influences are summarized below.
LEGAL ISSUES
Characteristic
Conclusion
General Plan
Zoning
Permitted Uses
Probability of Change
Easements/Regulations
Residential
R -S, Residential Suburban Zone
Single Family Residential
Unlikely
Discussed below
Conclusion: The zoning controls the general nature of permissible uses but is appropriate for the location and physical elements of the subject, providing for a consistency of use with the general neighborhood. The location of the subject is appropriate for the uses allowed and a change in zoning is unlikely. There are no known easements, encroachments, covenants or other use restrictions that would unduly limit or impede development of a probable nature. The rear of the site contains a small easement area for flood control and access. The area is unusable to the owner and typical marketing of the property and adjacent homes do not report this area. The impact to the highest and best use is minimal as the tract was developed after the easements for storm drain were made.
The current zoning allows for single family residential developments w/ a detached ADU and an additional attached Jr. ADU.
Financially Feasible
After determining uses that are physically possible and legally permissible, an appraiser considers uses that are likely to produce an adequate return on investment. All uses yielding a positive return are financially feasible. Feasibility is initially tested through market observation of supply/demand trends and market values. If necessary, a more exacting analysis involves a cost/benefit analysis. Shown below is a summary of the analyses associated with the primary and probable uses determined to be both physically possible and legally permissible.
ISSUES OF FINANCIAL FEASIBILITY
Use: Single Family
Single Family w/
ADUs
Demand
Supply
Value Trend
Feasibility
Strong
Undersupply
Increasing
Long Term Positive
Strong
Undersupply
Increasing
Long Term Positive
Maximally Productive
Among the financially feasible uses, the use that results in the highest value (the maximally productive use) is the highest and best use. In the current market, both of the financially feasible uses yield similar residual land value. How single family lots like the subject develop is largely a result of buyer © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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HIGHEST AND BEST USE
preference. Considering these factors, the maximally productive use as if vacant is to develop single family residential with or without ADUs.
Conclusion of Highest and Best Use As If Vacant
Based upon the preceding analysis, the conclusion of highest and best use of the subject site as if vacant is as follows:
CONCLUSION AS IF VACANT
Characteristic Conclusion
Use:
Develop single family residential with
or without ADUs.
Most Probable Buyer
As of the date of value, the most probable buyer of the subject property is an owner user or local investor.
Proposed Acquisition Description
The City of Placentia has decided to appraise a portion of the subject property known by the County of Orange Assessor's Parcel No. 334-011-36 located in the City of Yorba Linda, County of Orange with an address of 4011 Winterhaven Street, Yorba Linda, Orange County, California 92886. The City of Placentia is working with Caltrans on The Golden Avenue Bridge Project. The project has obtained federal funding and will remove and replace the existing bridge with a wider bridge allowing for pedestrian and bicycle traffic. The project will require the acquisition of various permanent bridge easements and temporary construction easements in properties located along the flood control channel for which the bridge passes over. The proposed easements are within existing flood control easement areas. According to the acquisition agent, no site improvements of the fee ownership will be affected. The appraiser reserves the right to amend the report if construction plans change or if any improvements i.e. fencing and foliage, are affected.
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APPRAISAL METHODOLOGY
Appraisal Methodology
Three Approaches to Value
There are three traditional approaches typically available to develop indications of real property value:
the cost, sales comparison, and income capitalization approaches. A description of each is included below followed by a discussion of their applicability to the subject property.
Cost Aaoroach
The cost approach is based upon the principle that a prudent purchaser would pay no more for a property than the cost to purchase a similar site and construct similar improvements without undue delay, producing a property of equal desirability and utility. This approach is particularly applicable when the improvements being appraised are relatively new or proposed, or when the improvements are so specialized that there are too few comparable sales to develop a credible Sales Comparison Approach analysis.
Sales Comparison AOoroach
In the sales comparison approach, the appraiser analyzes sales and listings of similar properties, adjusting for differences between the subject property and the comparable properties. This method can be useful for valuing general purpose properties or vacant land. For improved properties, it is particularly applicable when there is an active sales market for the property type being appraised — either by owner -users or investors.
Income Capitalization ADoroach
The income capitalization approach is based on the principle that a prudent investor will pay no more for the property than he or she would for another investment of similar risk and cash flow characteristics. The income capitalization approach is widely used and relied upon in appraising income -producing properties, especially those for which there is an active investment sales market.
Applicability of Approaches to Subject Property
As stated within the Scope of Work, we have relied upon the Sales Comparison Approach for valuing the underlying land. The Sales Comparison Approach is the most applicable approach for valuing land and thus is the only approach utilized in this appraisal. The Income Approach is not typically used for valuing fee simple land. Specific take areas pertaining to the subject property will be discussed in the following valuation section. Since the acquisition (take) areas involve only land and site improvements, we have valued the land only for the purpose of this appraisal. Methods of the Cost Approach are used to calculate site improvements, if present in the take areas. The highest and best use section concluded a residential use for the subject property. Thus, in the forthcoming land analysis, we have selected land sales with a residential zoning or tendency in use. Furthermore, the acquisitions are not expected to have a significant impact on the continuing use of the subject property as it is currently improved.
Subject Larger Parcel
The appraisal analysis is performed utilizing the theory of the "Larger Parcel". The Larger Parcel is determined by applying a three-part test to evaluate whether a property has unity of ownership, unity of use (or highest and best use) and contiguity. In the case of the subject, the larger parcel consists of a single parcel with a single owner and use as a single-family home. The underlying land consists of a single-family lot. For the purposes of this appraisal, the "Larger Parcel" will refer to the subject site(s) "as vacant" and unimproved, but in a finished condition and with a residential zoning. The rear portion of the property is subject to multiple flood control easements. The take areas are entirely within the © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 31 320
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APPRAISAL METHODOLOGY
existing flood control easements where the underlying fee owner has only nominal property rights remaining. The easements are discussed in detail in the following valuation section. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 32 321
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LAND VALUATION
Land Valuation by Sales Comparison
Methodology
Land is most often valued using the Sales Comparison Approach. This approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same utility. In the sales comparison approach, the opinion of market value is based on closed sales, listings, and pending sales of properties similar to the subject property, using the most relevant units of comparison. The comparative analysis focuses on the difference between the comparable sales and the subject property using all appropriate elements of comparison.
A systematic procedure for applying the sales comparison approach includes the following steps: (1) researching and verifying transactional data, (2) selecting relevant units of comparison, (3) analyzing and adjusting the comparable sales for differences in various elements of comparison, and (4) reconciling the adjusted sales into a value indication for the subject site.
Unit of Comparison
The unit of comparison depends on land use economics and how buyers and sellers use the property.
The unit of comparison in this analysis is price per square foot.
Elements of Comparison
Elements of comparison are the characteristics or attributes of properties and transactions that cause the prices of real estate to vary. The main elements of comparison that are considered in sales comparison analysis are as follows: (1) real property rights conveyed, (2) financing terms, (3) conditions of sale, (4) market conditions, (5) location, and (6) physical characteristics.
Comparable Sales Data
A search of data sources and public records, a field survey, interviews with knowledgeable real estate professionals in the area, and a review of our internal database were conducted to obtain and verify comparable sales and listings of vacant land properties. We used six sales in our analysis, which were judged to be the most comparable in developing an indication of the market value of the subject property.
The following map displays the location of each comparable in relation to the subject. Following those, are plat maps of the comparable sales and a discussion of relevant adjustments. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 33 322
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PROPERTY ADVISORS
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LAND VALUATION
COMPARABLE LAND SALES MAP
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© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 34 323
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Comparable Land Sales
Address:
APN:
COMPARABLE LAND SALE #1
LOCATION
5641 Lakeview Avenue, Yorba Linda, CA
343-29-112 (Prior)
DESCRIPTION
Area (SF): 22,590 SF Area (AC): 0.52 Shape: Rectangular Typography: Level Location: Interior Condition: Vacant Land Utilities: All to Site Zoning: R -E
SALE DATA
Sales Price:
Date of Sale:
Terms:
Buyer:
Seller:
Verification:
Comments:
$925,000 Price/SF: $40.95
11/17/2023
All Cash
Document No.: 0282321
Xiaolin Zeng and Hairong Ni.
Robert Kerry and Debra Lynn Peterson Trust, 50% Interest and Thoms Hartman and Kimberly Hartman, 50% Interest.
RealQuest, MLS, Grant Deed
The property is a subdivision of a former larger lot that contains vacant land and aged equestrian stables/ gating. The northern portions of the larger prior parcel have already been developed into large tract home. The southern portion outlined above containing the primary horse stable and gated exercise area are part of this sale. The zoning allows a minimum lot size of 15,000 square feet. The buyer demolished the improvements and no value for the improvements was allotted.
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Address:
APN:
8572 Talbert Avenue, Fountain Valley, CA
122-781-73
Area (SF):
Typography:
Utilities:
Sales Price:
Date of Sale:
Terms:
Buyer:
Seller:
Verification:
Comments:
50,938 SF
Level
All to Site
$3,000,000
07/28/2023
All Cash
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LAND VALUATION
COMPARABLE LAND SALE #2
DESCRIPTION
Area (AC): 1.17 Shape: Rectangular
Location: Interior Condition: Old Residential SFR
Zoning: CP-HO1 (Residential Overlay)
SALE DATA
Price/SF: $58.90
Document No.: 0183128
Bonanni Development Company VI, LLC
Ronald Lawrence Courreges, Jancie Marie White, Linda Ellen Callens, Irene H. Lindsay as tenants in common.
RealQuest, CoStar, Grand Deed
The property consists an older large SFR lot located near the southeast corner of Talbert Avenue and Newland Street. The property is zoned for commercial professional meaning a small office development, but the surrounding area is residential and a residential overlay allows garden style residential homes. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 36 325
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Address:
APN:
16801 Cumberland Cir., Yorba Linda, CA
341-221-11 to 14
Area (SF):
Typography:
Utilities:
Sales Price:
Date of Sale:
Terms:
Buyer:
Seller:
Verification:
Comments:
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LAND VALUATION
COMPARABLE LAND SALE #3
'Vina Del Mar Ave
29,620 SF
Level
All to Site
$2,258,000
07/20/2023
DESCRIPTION
Area (AC): 0.68 Shape: Rectangular
Location: Interior Condition: Vacant Land
Zoning: R -U
SALE DATA
Price/SF: $76.23
Document No.: 0194071
All Cash
Monbri, LLC
Eric T Lamhofer 50% interest, and Linda L. Davis 50% Interest RealQuest, MLS, Grant Deed
The property was a larger lot which formerly had an oil well. The property boundary of Yorba Linda and Placentia ran through the property. After the oil lease expired the improvements have been removed and the present southern portion in the City of Yorba Linda was split into four individual lots and marketed for sale. The buyer purchased all four lots as a single transaction. There are no reported environmental issues. The zoning allows a minimum lot size of 7,500 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 37 326
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Address:
APN:
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LAND VALUATION
COMPARABLE LAND SALE #4
1442 N Dale Avenue, Anaheim, CA
070-741-01
DESCRIPTION
Area (SF): 40,511 SF Area (AC): 0.93 Shape: Irregular
Typography: Level Location: Interior Condition: Two Old Structures Utilities: All to Site Zoning: RM2 (Residential)
SALE DATA
Sales Price: $2,500,000 Price/SF: $61.71
Date of Sale: 08/12/2022 Document No.: 0276917
Terms: All Cash
Buyer: Bonanni Development Company V, LLC
Seller: Judy Maria Boisseranc Trust
Verification: RealQuest, CoStar, Grant Deed
Comments: The property is surrounded by an apartment community but was never developed.
There are two older structures on site which will be demolished. To the northern border is a major freeway. The zoning allows a minimum lot size of 3,000 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 38 327
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'StV ce td
Catholic Church
Address:
APN:
Area (SF):
Typography:
Utilities:
List Price:
Date of Sale:
Terms:
Buyer:
Seller:
Verification:
Comments:
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LAND VALUATION
COMPARABLE LAND COMP #5
8371-8461 Talbert Avenue, Huntington Beach, CA
167-531-23 & 167-531-24
DESCRIPTION
92,434 SF
Level
All to Site
$6,150,000
08/2/2022
All Cash
Area (AC): 2.12 Shape: Rectangular
Location: Corner Condition: Old Residential SFR
Zoning: RL (Residential)
SALE DATA
Price/SF: $66.53
Document No.: 0267190
Olson Urban V- Huntington Beach 4, LLC, a Delaware limited liability company Gordon A Langston and Mary M. Langston, as Trustees of the Langston Family Trust RealQuest, CoStar, Grand Deed
The property consists of two older SFR lots located on the corner of Talbert Avenue and Newland Street. The prior owner had owned the property for over 100 years, and it was sold for redevelopment. The area differs from some records and is based on the assessor plat map. The site is currently under development of residential townhome units. The zoning allows a minimum lot size of 6,000 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 39 328
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Address:
APN:
9071-9091 Lampson Ave, Garden Grove, CA
133-183-55, 133-183-56, 133-183-57, 133-183-58
DESCRIPTION
Area (SF):
Typography:
Utilities:
List Price:
Date of Sale:
Terms:
Buyer:
Seller:
Verification:
Comments:
69,696 SF
Level
All to Site
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LAND VALUATION
COMPARABLE LAND COMP #6
Area (AC):
Location:
Zoning:
1.60 Shape: Rectangular
Corner Condition: Vacant Land
R-1-7
SALE DATA
$4,750,000 Price/SF: $68.30
07/22/2022 Document No.: 0255549
All Cash
PLC Garden Grove LLC
Bicknell Family Trust
RealQuest, CoStar, Grant Deed
The land sale consists of four interior parcels located among single family developments. The property contains four old single-family homes of older age, some reportedly in poor condition. The exterior of one at the front appears to be in average condition. The buyer plans to demolish and redevelop a higher density residential project. The zoning allows a minimum lot size of 7,000 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 40 329
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Land Sales Comparison Analysis
All of the sales were analyzed, and adjustments were made for differences in the various elements of comparison, including: real property rights, financing terms, conditions of sale, expenditures made immediately after purchase, market conditions, location, size, and other relevant factors. If the comparable sale was considered superior to the subject for any element of comparison, we applied a negative adjustment to the comparable. Conversely, a positive adjustment to the comparable was applied if it was considered inferior to the subject for any element. A summary of the elements of comparison follows.
Transaction Adjustments
Transaction adjustments include 1) real property rights conveyed, 2) financing terms, 3) conditions of sale and 4) expenditures made immediately after purchase. These items are applied prior to the market conditions and property adjustments, and are discussed as follows:
Real Property Rights Conveyed
Real property rights conveyed in land sales, such as easements, right of way, private or public restrictions, the right to develop, and any other land use right the property may transfer upon sale (e.g. the right to farm, mine, or subdivide) influence sale prices and may differ among land sale comparables.
Financing Terms
The transaction price for one property may differ from that of an identical property due to different financial arrangements. Sales with financing terms not at or near market terms require adjustments for cash equivalency to reflect typical market terms. A cash equivalency procedure discounts atypical mortgage terms to provide an indication of value at cash equivalent terms.
Conditions of Sale
When the conditions of a sale are atypical, the resulting price may be higher or lower than a normal transaction. Adjustments for conditions of sale usually reflect the motivations of either a buyer or a seller who is under duress to complete the transaction. Another more typical condition of sale scenario involves a downward adjustment applied to a comparable property's for -sale listing price, which usually reflects the upper limit of value.
A knowledgeable buyer considers expenditures that must be made upon purchase of a property, decreasing the amount he will agree to pay. Such expenditures may include: (1) costs to demolish and remove any portion of the improvements, (2) costs to petition for a zoning change, and/or (3) costs to remediate environmental contamination. The relevant figure is not the actual cost incurred, but the cost anticipated by both the buyer and seller. Unless the sale involved expenditures anticipated upon the purchase date, no adjustments to the comparable sales are required for this element of comparison.
Market Conditions Adlustment
Market conditions change over time as a result of inflation, deflation, fluctuation in supply and demand, and other factors. Changing market conditions creates the need for adjustments to sale comparables that represent transactions during periods of dissimilar market conditions.
Property Adjustments
Property adjustments are usually expressed quantitatively as percentages that reflect the increase or decrease in value attributable to various characteristics of the property. In some instances, qualitative © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 41 330
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adjustments are used. These adjustments are based on locational and physical characteristics and are applied after transaction and market conditions adjustments.
Location
Location adjustments may be required when the locational characteristics of a comparable property are different from those of the subject property. These include, but are not limited to, general neighborhood characteristics, freeway accessibility, street exposure, corner versus interior lot location, neighboring properties, view amenities, and other factors.
Size
The size adjustment identifies variances in the physical size of the comparables and the subject improvements. Typically, the larger a parcel, the lower the sale price per unit. This inverse relationship is due, in part, to the principle of "economies of scale." Shape
Parcels of land with odd, non -rectangular, shapes sometimes limit the amount of land within the parcel available for development, resulting in less utility for some portions of the site. Consequently, these parcels are less desirable to buyers and require adjustment.
Topography and Soils
Sites may differ in value due to physical characteristics such as: grading, contour, drainage, potential for development, and soil content/condition. Adjustments are made to offset additional costs that will incur and any soil changes needed when improving the land. In other cases, topographical and soil conditions, such as steep cliffs, impede development on portions of a site.
Zoninc
The highest and best use of sale comparables should be very similar to the subject property. When comparables with the same zoning as the subject are lacking or scarce, parcels with slightly different zoning, but a highest and best use similar to that of the subject may be used as comparables. These comparables may have to be adjusted for differences in utility if the market supports such adjustment.
Other Property Adjustments
Other property adjustments are: any other adjustment category relevant to the report. Other adjustments often utilized are: Utilities to the site, Condition, Flood Zone, Building Improvements and an "Other" category, for site specific characteristics.
Summary of Adjustments
From our analysis, we have summarized adjustments to the sale comparables on the following adjustment grid. Following the grid is a discussion of our adjustments and the land value conclusion.
These qualitative adjustments are based on our market research, best judgment, and experience in appraising similar properties.
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LAND VALUATION
COMP ARABLE LAND SALE ADJUSTMENT GRID
Subject
Sale#1 Sale#2 Sale t13 Sale 44
Sale u 5
Sale k6
Date of Val ue & Sale
Property Name
Address
City
APN
Gross Acr es
Gross Square Feet
Unadjusted Sale Price
Unadjust ed Sale Price Per Sq uare Fo ot
Transactional Adjustments
Pro perty Rights C onveyed
Adjustment
Fin ancin g Terms
Adjustment
Con dition s of Sale
Adjustment
Expenditures after Sale
Adjustment
Ma rket Con ditions Adjustments
Elapsed Time from Date of Value
M arket Trend Through
An alyzed Sale Price
Pro pe rty A djustments
Locatio n
Adjustment
Size
Adjustment
Shape/Depth
Adjustment
Topogra phy
Adjustment
Zo nin g
Minimu m Lot
Units Per Acre
Adjustment
Utilities
Adjustment
De molition / Contributing Improveme nts
Adjustment
Other
Adjustment
Net Physical Adjustment
4/2/24
Single Family Home
4011 Winterhaven
Street
Yorba Linda
334-011-36
0.38 ac
15,246 sf
0.0% Per Yr
11/17/23
Horse Stable
5641 LakeView
7/28/23
SFR w/ Land
8572 Talbert
Avenu e Avenue
Yorba Linda Fountain Valley
343-29-112 122-781-73
0.52 ac
22,590 sf
$925,000
1.17 ac
50,938 sf
$3,000,000
7/20/23
Vacant Land
16801
Cumb erland Cir.
Yorba Linda
4 Parcels
0.68 ac
29,620 sf
$2,258,000
8/12/22
SFR w/ Land
1442 N Dale
A venue
Anaheim
070-741-01
0 .93 ac
40,511 sf
$2,500,000
8/2/22
SFR w/ Land
8371-8461
Talbert Ave nue
Huntington Beach
2.12 ac
92,434 sf
$6,150,000
7/22/22
SFR w/ Land
9071-9091
Lamps on Ave
Garden Grove
13 .3 -10 J - JD W
co
1 .60 ac
69,543 sf
$4,750,000
$40 .95 $58 .90 $76 .23 $61.71 $66 .53 $68.30
Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Typical Typical Typical Typical Typical Typic al
No ne None None None No ne None
None None None None None None
0.38 years 0 .68 years 0 .70 years 1 .64 years 1 .67 years 1 .70 years $40.95 $58.90 $76.23 $61.71 $66.53 $68.30
4011 Winterhaven 5641 LakeView 8572 Talbert 16801 1442 N Dale 8371-8461 9071-9091 Street Avenue Avenue Cumberland Cir . Avenue Talbert Ave nue Lampson Ave Yorba Linda Yorba Linda Fountai n Yorba Li nda An aheim Huntington Garden Grove SI . Superi or Inferi or SI. Superior SI. Inferior
15246 sf 22,590 sf 50,938 sf 29,620 sf 40511 sf 92,434 sf 69,543 sf SI. Inferior Inferi or SI. Inferior Inferior Inferior Inferior Slightly Irregular Rectangular Rectangular Rectangular Irregular Rectangular Rectangular SI. Superior SI. Superior SI. Superior - SI . Superior SI. Superior Lev el Level Lev el Lev el Lev el Level L evel
R -S
10,000
3 All To -Site
Adjuste d Sale Price per Gro ss Squ are Foo t
R -E CP-H O1 (GH) R -U RM2 RL R-1-7
15000 1,800 7,500 3,000 6000 7000
1.8 10. 8 4 14 7 6
Far Inferio r - Superior Superior Superi or Superior
All To -Site A ll To -Site All To -Site All To -Site All To -Site All To -Site Stable SFR's None SFR SFR SFR
SI. Inferio r SI. Inferior - SI. Inferi or SI . Inferi or SI . Inferior Non e None None None N one None
Inferio r Similar Superio r SI. Inferior SI. Superior SI . Superior $40. 95 $58. 90 $76.23 $61.71 $66 .53 $68.30
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LAND VALUATION
Discussion and Analysis of Land Sales
Adjustments for property interests, special financing and expenditures after sale were not necessary.
Furthermore no sales conditions adjustments were needed.
An increase or decrease in the market value of real estate can be caused by changes over time in market conditions. Market conditions reflect changes in supply and demand, economic factors such as a recession, the inflation or deflation of currencies, tax laws, investor perceptions, etc. There is very limited supply, vacancy has been on the decline, rental rates have increased, and property values have been increasing over the past few years. However, recent interest rate policy undertaken by the Federal Reserve has slowed growth for residential property. Over the past 18 months single family home prices have declined slightly and then recovered to new highs. Prices for low density mult-family have remained mostly flat in the same period. Residential land sales occur to infrequently to infer a specific trend that is appropriate and applicable for each sale comparable. Thus, we did not make an adjustment for changes in market conditions (time). Each of the sales occurred over the past two years and consist of residential properties in Southern California.
As discussed in the highest and best use and market analysis sections. High demand for single family homes and townhomes has led to similar transaction prices for single family and low -density residential uses. There is a paucity of recent transactions in comparable locations for a market that is near fully built up. Therefore, we selected from sales of any type of land with a low -density residential zoning to bracket a value for the subject's underlying land. Each of the sale transactions with the exception of Sale 1 come from zonings of these densities which trade at similar prices in the market.
All sites also sold with all utilities to site and level topography. The table on the preceding page summarizes the sale comparables and appropriate adjustments.
Land Sale No.1
Land sale no. 1 is located southeast of the subject, at 5641 LakeView Avenue, in the City of Yorba Linda.
The sale price for this property was $925,000 which equates to $40.95 per square foot. The property is larger in size and located on a rectangular lot, the zoning only allows a density of 1.8 units per acre with a minimum lot of 15,000 square feet and as a result is unlikely to allow furth subdivision without special permission. Overall, this comparable was considered inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $40.95 per square foot.
Land Sale No.2
Land sale no. 2 is located southwest of the subject, at 8572 Talbert Avenue, in the City of Fountain Valley. The sale price for this property was $3,000,000 which equates to $58.90 per square foot. The property is located in a slightly superior area closer to the coast and is a typical shape. It is inferior in larger size. Although the property allows greater density, the property is zoned commercial professional with a residential overlay which may complicate the development process. Overall, this comparable was considered similar to the subject. After adjustments, this sale provides an indication of land value for the subject at $58.90 per square foot.
Land Sale No.3
Land sale no. 3 is located south of the subject, at 16801 Cumberland Cir., in the City of Yorba Linda.
The sale price for this property was $2,258,000 which equates to $76.23 per square foot. The property is slightly larger in size but is a superior shape and allows slightly greater subdivision. The property consisted of four individual uniform lots within an existing housing tract. Overall, this comparable was © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 44 333
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considered superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $76.23 per square foot.
Land Sale No.4
Land sale no. 4 is located southwest of the subject, at 1442 N Dale Avenue, in the City of Anaheim. The sale price for this property was $2,500,000 which equates to $61.71 per square foot. The property is in an inferior income area and located near to a freeway. It is also larger in size. It is similar in irregular shape to the subject and allows for greater density. This comparable was considered slightly inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $61.71 per square foot.
Land Sale No.5
Land sale no. 5 is located southwest of the subject, at 8371-8461 Talbert Avenue, in the City of Huntington Beach. The sale price for this property was $6,150,000 which equates to $66.53 per square foot. The property is located in a slightly superior coastal area. It is inferior in size and sold with aged single family residential properties. The zoning allows greater density and potential density bonuses for townhome style or minimal setback individual lots. The property has sense been developed into 3 story townhomes. Overall, this comparable was considered slightly superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $66.53 per square foot.
Land Sale No.6
Land sale no. 6 is located southwest of the subject, at 9071-9091 Lampson Ave, in the City of Garden Grove. The sale price for this property was $4,750,000 which equates to $68.30 per square foot. The property is located in a slightly inferior income area. It is larger in size and contains existing single family developments. The property is rectangular in shape and allows greater density. Overall, this comparable was considered slightly superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $68.30 per square foot.
Conclusion of Land Value
From the market data available, six land sales in competitive market areas which were most comparable to the subject were selected. We adjusted the comparable sales based on pertinent elements of comparison as discussed earlier and summarized the adjustments in the preceding adjustment grid.
Sales of similar residential land in the immediate area were not available. Therefore, we have bracketed a value for the subject within an array and performed qualitative adjustments. The table below organizes the sales in overall comparison to the subject.
Sale
Address
City Zoning Sale Date Price
Analyzed
SF Price Market Rating
3 16801 Cumberland Cir.
6 9071-9091 Lampson Ave
5 8371-8461 Talbert Avenue
S 4011 Winterhaven Street
2 8572 Talbert Avenue
4 1442 N Dale Avenue
1 5641 LakeView Avenue
Yorba Linda
Garden Grove
Huntington Beach
Yorba Linda
Fountain Valley
Anaheim
Yorba Linda
RM2
R-1-7
RL
R -S
CP-HO1 (GH)
RM2
R -E
7/20/23
7/22/22
8/2/22
7/28/23
8/12/22
11/17/23
$2,258,000
$4,750,000
$6,150,000
$3,000,000
$2,500,000
$925,000
29,620
69,543
92,434
15,246
50,938
40,511
22,590
$76.23
$68.30
$66.53
$65.00
$58.90
$61.71
$40.95
Superior
Slightly Superior
Slightly Superior
Similar
Slightly Inferior
Inferior
Sales 1 and 3 were both recent transactions and located within the same city as the subject. Sale 3 represents the upper end with smaller lot sizes allowed and uniform lots, while Sale 1 would not allow any further subdivision of the lot. These local sales bracket the limits of the range of value. The remaining sales are from the Orange County area and provide a good indication of value for the © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LAND VALUATION
subject. Therefore, we have concluded a value near the middle of the market range at $65.00 per square foot. The land valuation is summarized as follows:
LAND VALUE INDICATION
Land Valuation
Land Area (square
Indicated Value PSF
Indicated Value
Final Land Value Determination from Sales Comparison Approach (Rd.) 15,246
$65.00
$990,990
$990,000
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CONDEMNATION ANALYSIS
Condemnation Analysis
Acquisition Summary
The subject property larger parcel is a single family home on a suburban residential tract. The proposed easements are not expected to have an impact on the continued use of the subject property. The subject larger parcel is assumed to be approximately 0.38 acres or 16,583 square feet with a usable area of 15,246 square feet. The subject project will use a 498.95 square foot permanent bridge construction easement and a 1,337.01 square foot temporary construction easement based on a survey from The Prizm Group. The value of the Part to be taken is considered as a portion of the value of the Larger Parcel. Thus, for the purpose of estimating the land value of the subject "as if vacant", the Larger Parcel has been estimated at a market value of $990,000 or $65.00 per square foot.
Description of the Part Taken: Permanent Bridge Easements This project proposes to take a permanent bridge easement of 498.95 square feet located at the northwestern part of the site in two portions. Parcel A is a 118.34 square foot rectangular shaped taking at the northwestern corner of the site. Parcel B is a 380.61 square foot taking that runs along the flood channel access road near the eastern border of the flood channel easement (i.e. the subject's rear yard fending). Both items will be part of a single conveyance. Draft language provided for the proposed easement deed states the easement will be "for public street, public utilities purposes, and construction, a right-of-way easement in, over, under, upon, and across." The area of the part taken is entirely within an existing flood control easement area. A diagram of this taking and photos are shown on the pages following the analysis.
Rear Flood Easements
There are three easements on the property that overlap with or are adjacent to the acquisitions.
Historically, the rear of the subject was a stream known as the Soquel wash. Easement activity began in 1938 following widespread flooding in Southern California. A larger easement area was established (2) for building check damns. Later in the early 1960s, additional easements were obtained associated with the Carbon Canyon Dam project, which is located to the north of the subject. The dam allowed for a smaller concrete flood channel downstream and paved the way for the existing subdivisions to be built. Easements listed on the plat are discussed below. Copies of the easements are included in the addenda of this report.
1 — Orange County Flood Control Easement Per 7738-900
This easement dated 9/24/1965 grants an "easement for right of ingress and egress, together with the right to grade, construct, and maintain, a roadway ramp in, over, upon, and across that certain real property". The permanent bridge easement is located withing this easement and the overlap of this easement on the subject is more or less equal to the TCE area. 1 - Additional OC Flood Control Easement TI38/900
Absent from the labeling in the plat map and the provided title litigation guarantee is the main flood control easement which has the same boundaries as easement 1. This easement is listed on the tract map with a book reference of TI83/900, though no digital copies were available to us. It is assumed that the language defining the rights of this easement is consistent with related easements along this flood control channel which detail "A perpetual and assignable right and easement for flood control and channel rectification purposes consisting of the right to construct, inspect, maintain and repair a © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 47 336
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
channel or channels in, on, over, under and across that certain parcel." This easement was acquired by the US Government and later assigned to OC Flood Control District. 2 — Orange County Flood Control Easement Per 958-427
An easement to "ENACT, CONSTRUCT, REPAIR AND MAINTAIN CHECK DAMS ALONG THE STREAM
KNOWN AS SOQUEL WASH, TOGETHER WITH THE RIGHT OF INGRESS AND EGRESS TO AND OVER
THE PREMISES ADJACENT TO OR COTERMINOUS WITH THE STREAM OR CREEK BED FOR CERTAIN and incidental purposes" in the document recorded 9/15/1938. This easement is much wider and encroaches into the backyard areas of the subject and adjacent single-family homes. The purpose of this easement is no longer needed with the construction of the Carbon Canyon Dam. It is unknown if the easement has been vacated, but public activity using it appears to have ceased and it is most likely vacated. Additionally, a similar easement on properties to the north was found to have been vacated.
It is discussed here for informational purposes as it appears on the plat of the taking but does not affect the value conclusions.
3 — USA Flood Control Easement Per 5451-322
The proposed acquisitions fully are contained within this easement, which is rectangular and further extends east into the backyard of the home. This easement was recorded on September 22, 1960. It was obtained as part of the Carbon Canyon Dam project and does not currently appear to be in use.
It is unknown whether this easement was vacated.
Analysis of the Part Taken
The permanent bridge easement is wholly within the Orange County flood control easement (1) and the assigned US government easement. The fee residential owner retains ownership of the gross lot and would revert to fee owner were this easement to ever be vacated. The flood channel is part of a natural former river wash and connected to a dam and is unlikely to ever be vacated. Additionally, the access area at Golden Avenue will almost certainly always be maintained. Any site fencing improvements impacted by this take will be replaced or put back in a manner similar to their current state. The take areas consist of a portion in the northwestern corner and a strip just west of the boundary of the flood control easement (i.e. the subject's rear yard fencing). It is our understanding that the purpose of this strip along the easement boundary will be to construct a drainage channel along the road access as part of the bridge project.
The terms of the easement are "for public street, public utilities purposes, and construction, a right-of- way easement in, over, under, upon, and across." This would constitute a full 100% taking of property rights. Considering the flood control easements described above, the entire bundle of rights associated with underlying fee ownership of the rear portion of the subject parcel has already been acquired and compensated for by the prior flood control easements. Marketing of the improved property does not include this area as usable land. However, the existing easements are for flood channel purposes, while the proposed acquisition is for a bridge easement and associated drainage to the channel. As a partial take of a portion of the subject property with minimal remaining bundle of rights and useability by the fee owner, we have used a rate of 5% of the full fee value. In other words, the proposed permanent bridge easement acquisition represents a 100% taking of the remaining 5% property. In the Land Sales Analysis, a value indicator of $65.00 per square foot is attributed to the land area for the larger parcel.
The part to be taken is 498.95 square feet for the development of a bridge construction easement.
Therefore, utilizing a rate of 5% remaining property rights results in a value conclusion for the portion © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 48 337
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CONDEMNATION ANALYSIS
of the subject acquired for permanent bridge easement of $1,622. This calculation is shown in the table below.
Permanent Bridge Easement
Area of Part Property
Parcel No. Taken Value Per SF Rights
Value
Conclusion
334-011-36
498.95 SF
$65.00
5%
$1,622
Site Improvements within the Take Area
The primary area of the permanent taking is vacant land used for flood control access with no site improvements identified within the take area.
Description and Analysis of the Part Taken: Temporary Construction Easement This project proposes to take a temporary construction easement (TCE) of 1,337.01 square feet that is located at the western boundary of the subject. The triangular shaped easement is to provide contractor access for bridge reconstruction. The TCE will be for a term length of 24 months. A diagram of this taking and photos are shown on the following pages. The temporary construction easement fully overlaps with the existing flood control easements. The flood control easement allows for construction to occur on this area. Effectively, the underlying fee property owner has no current use of the TCE area and the right to use these areas for construction could be granted by the easement holder (County of Orange). The underlying fee ownership is not able to rent or due rent for this portion of the land. While the project could acquire TCE rights from the flood control easement holder and the value is nominal, the city has elected to additionally obtain a grant from the underlying fee owner. Therefore, the compensation for this proposed easement is nominal and given a value of $500 in accordance with the Cal Trans ROW Manual.
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Legal Description — Permanent Construction Easement
Page I of 2
THAT PORTION OF LOT 2 OF TRACT MAP No, 9192, AS SHOWN BY MAP ON FILE EN BOOK 379, PAGE 8 THROUGH 9 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
PARCEL "A"
BEGINNING AT THE NORTHWEST CORNER. OF SAID LOT 2, SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE. A 42.00 FOOT
HALF V IDTI-C STREET AND TEE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORTHERI.Y LINE OF SAID LOT 2 AND SAID RIGHT OF WAY, SOUS 86'32'25' EAST, A DISTANCE OF 10.11 FEET;.
THENCE; SOUTH 6°'07'5I- WEST. A DISTANCE OF 10,23 FEET; THENCE SOUTH 10°13'03" WEST, A DISTANCE OF t,91 FEET,
THENCE SOUTH 78'22`47" WEST, A DISTANCE of 7,98 FEET TO SAID EASTERLY LINE OF SAID RANCHO AND TE IE WESTERLY LINE OF SAID LOT 2; THENCE, ALONG SAID EASTERLY AND WESTERLY LINE, NORTH 3"23'36" WEST, A DISTANCE OF 14.29 FEET TO THE POINT OF BEGINNING.
CONTAINS ' I S.34 SF MORE OR LESS_
PARCEL "B'''
A 4 Fit OF LAND 5.00 FEE [N WIDTH, THE CENTERLINE BEING MORE PAR ]'IC1'L.ARLY DESCRIBED AS FOl LOWS:
COMM1IENCI C AT THE NORTHWEST CORNER OF SAID LOT 2, SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 42.00 FOOT
HALF WIDTH STREET AND THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP:
THENCE ALONG THE NORTHERLY LINE OF SAID LOT 2 AND SAIL) RIGHT OF WAY.
SOUTH L 86'32'25" EAST, A DISTANCE OF 19,33 FEET TO TIM POINT OF BEGINNING; THENCE SOfr}i 3°27.35" WEST, A DISTANCE OF 3,(7 FEET;
THENCE SOUTH r27'35" WEST, A DISTANCE OF 6.00 FEET;
THENCE SOUTH 11413'15" WEST, A DISTANCE OF 68,95 FEET TO THE SOUTHERLY LINE OF SAID LOT 2.
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Cont. Legal Description — Permanent Construction Easement THE S117ELFNES OF SAID STRIP OF L.ANS SHALL IMF.. LENGTHENED OR SHORTENED TO BEGIN AT 1'HE NORTHERLY LINE OF SAID LOT 2 AND END AT THE WESTERLY AND SOUTHERLY LINES OF SAID LOT 2.
CONTAINS 380.61 SF MORE OR LESS_
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PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P;fE'PGI17117-O451EASI±MENT/I7-005 PCE EASEMENT I4oc
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CONDEMNATION ANALYSIS
PLAT MAP: PERMANENT BRIDGE E ASEMENT
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© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Cont., Plat Map — Permanent Construction Easement
1 ' PCL"A"
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DATE: 3-1 -24
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IL
NUMBER
DIRECTION
DISTANCE
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Legal Description — Tetnporary Construction Easement
T1 -EAT PORTION OF LOT 2 OF TRACT MAP No. . 1 2, AS SHOWN BY MAP ON FILE IN BOOK 379, PAGE 8 1HROUCH 4 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 2. SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 42.00 FOOT
HALF WIDTH STREET AND THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;,
Th ENCE ALONG THE NORTHERLY LINE OF SAID LOT 2 AND SAID RIOI-IT OF WAY, SOUTH &6°32'23- EAST, A DISTANCE OF 2$_9$ FEET TO THE EASTERLY LINE OF
THAT CERTAIN EASEMENT GRANTED TO ORANGE COUNTY FLOOD CONTROL DISTRICT PER DOCUMENT RECORDED D IN HOOK 7738, PAGE 9DO, OFFICIAL RECORDS:
THENCE ALONG SAID EASTERLY LINE, SOUTH 9'35'44- WEST. A DISTANCE OF 8035 FEET TO A POINT IN THE SOUTHERLY LINE OF SAID EXIT 2. SAID POINT ALSO F1F1V{i L.00ATF SO[TTH 6J"24'57" EAST ALONG SAID LINE, A DISTANCE OF L52 FEET FROM ME SOUTHWESTERLY CORNER THEROF;
THENCE ALONG SAID SOUTHERLY LINE, NORTH i•7221 51' WEST, A DISTANCE OF
8.52 FEET TO THE SO1ITHWESTFRr_Y CORNER. THEREOF, SAID CORNER ALSO BEING ON T1 iE EASTERLY LINE OF SAID RANCHO;
THENCE ALONG SAID WESTERLY LINE AND SAID RANCHO LINE, NORTH r23'36" WEST. A DISTANCE OF 77,86 FEET TO THE POINT OF BEGINNING_ + (1% I \ I \ 1.337.01 SF (0,03 ACRES) MORE OR LESS.
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DATE.
PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P„'TPU117/17.0051EASEMENT117-005 TCf EASEMENT Cddac
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PROPERTY ADVISORS
0 -4
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
PL AT M AP: TEMPOR ARY CONSTRUCTION EASEMENT
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EAST tf E OF RANCHO .s
,L'La4w CAJO N DE SANTA A
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TRACT .9192
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LINE TABLE
NUMBER
DIRECM N
DISTANC
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N 09'35'44' E
80.55'
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25.95'
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77.86'
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© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Photographs of Proposed Acquisitions
VIEW OF EASEMENT AREAS ALONG ACCESS ROAD LOOKING SOUTH
The temporary construction easement is the full area up to the fencing on the left. The property line on the right is not fully delineated and occurs at the edge of the asphalt road / fencing and traverses to the middle of the access road as it heads southward. Parcel B of the permanent bridge easement is located in within the asphalt paved access road.
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
VIEW OF EASEMENT AREAS FROM ROAD (GOLDEN AVENUE)
Parcel A of the permanent Bridge Easement is located on the nearest right corner of this asphalt paved road.
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CONDEMNATION ANALYSIS
VIEW OF EXISTING BRIDGE LOOKING WEST (SUBJECT LOCATED LEFT) © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 58 347
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CONDEMNATION ANALYSIS
Effects of the Acquisition on the Subject Remainder Parcel The purpose of this section is to value the remainder parcel after the acquisition as a stand-alone parcel, analyzing the effects of the acquisition. The area taken is small and is not expected to impact the remainder site upon completion. Historical marketing of the subject property has given a site area of the usable area exclusive of the gross area that includes the flood control easement.
Analysis of Severance Damages & Benefits
Severance damage is a loss in value to the remaining property after acquisition and construction in the manner proposed. Severance damages are valued by an appraisal of the remainder as a portion of the total property in the before condition and as a remainder in the after condition (disregarding the benefits of the construction project). The remainder is considered damaged if worth less after the project construction because of a legally compensable reason.
After taking the portions of the property described in the prior section, we concluded that there will be no adverse impact to the property as a whole. All take areas are outside the physical improvement (fence/wall) of the property. Effectively, there will be no change in drainage or grade to the remainder property. Access, visibility and parking will also remain the same. The improvement project will replace or put the improvements back in a manner similar to their current state. Thus, it is our opinion that the subject remainder property will not be negatively impacted by the acquisition of the part taken or the construction of the project improvements. Therefore, it is concluded that there is no severance damages to the subject property.
Benefits are also valued by appraising the remainder both before, and after, the taking. Benefits are offset against any severance damages. There will be no change in either the drainage or grade level of the remainder property. Traffic flow is expected to improve with the proposed improvement project, but this is considered a benefit to the community at large, as well as to the subject. Therefore, considering all aspects of the taking and the proposed project, we have concluded that there are no benefits to the subject remainder property.
Value of Remainder in After Condition
Considering the analysis of severance damages and benefits the value of remainder in the after condition is concluded at $989,368. Our value conclusions are summarized in a table on the following page. It should be noted that the difference between the before and after condition is nominal and the calculation shown here is solely mathematical. Market value of the larger parcel and actions by buyers and sellers would reflect the net (usable) area of the site. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 59 348
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Value Conclusions
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
VALUE CONCLUSIONS
Shown below is a summary of value conclusions of this report and a fair market value of the proposed acquisitions. The definition of value market value used is from the California Code of Civil Procedure for eminent domain purposes. These conclusions are subject to the assumptions and limiting conditions included at the end of this report and the extraordinary assumptions and hypothetical conditions described previously. A summary of the valuations performed is located in the table below.
Value Type
Value Premise Value Perspective
Interest Appraised Effective Date
Market Value
Market Value
Market Value
Proposed Acquisition
Proposed Acquisition
As If Vacant
Current
Current
Current
Permanent Bridge Easement
Temporary Construction Easement
Underlying Land
4/2/2024
4/2/2024
4/2/2024
Nominal Value
The acquisition of easements within the subject larger parcel obliges the property owner to review project information and execute specific documents. As a part of the process of transferring property rights to the acquiring agency and necessary due diligence, the property owner may incur costs seeking consultation with various professionals to confirm the taking is in fact nominal. With these factors in mind, it is the appraisers' opinion that the value for the proposed acquisitions would be equal to a "nominal value", which is defined by the Appraisal Institute as "that amount of money necessary to affect a transfer of title to property where the property has no recognized independent use." 8 The nominal valuation as defined by Cal -Trans was rounded at $1,600 for the proposed permanent bridge easement and $500 for the temporary construction easement.
Valuation Summary
Component
Value Market Value of
Conclusions Acquisition
Value of Larger Parcel in Before Condition
Permanent Property Rights
Value of Part Taken - Land (498.95 SF)
Site Improvements
Value of Part Taken - Building Improvements
Total Value of Permanent Property Taken
Severance / Benefits
Severance Damages
Less Benefits
Net Severance Damages
Value of Remainder in After Condition
Temporary Property Rights
Temporary Construction Easement (1337.01 SF)
$990,990
$1,622
$1,622 $1,600 - Nominal
$o
$0
Fair Market Value (Parts Taken, Severance Damages/Benefits) $0
$989,368
$0 $500 - Nominal
$2,100 - Nominal
8 The Dictionary of Real Estate Appraisal, Appraisal Institute, Fourth Edition, 2002, Page 196 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 60 349
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GENERAL ASSUMPTIONS & LIMITING CONDITIONS
General Assumptions and Limiting Conditions
This appraisal is subject to the following limiting conditions:
1. The legal description — if furnished to us — is assumed to be correct.
2. No responsibility is assumed for legal matters, questions of survey or title, soil or subsoil conditions, engineering, availability or capacity of utilities, or other similar technical matters.
The appraisal does not constitute a survey of the property appraised. All existing liens and encumbrances have been disregarded and the property is appraised as though free and clear, under responsible ownership and competent management, unless otherwise noted.
3. Unless otherwise noted, the appraisal will value the property as though free of contamination.
Valbridge Property Advisors I Orange County will conduct no hazardous materials or contamination inspection of any kind. It is recommended that the client hire an expert if the presence of hazardous materials or contamination poses any concern.
4. The stamps and/or consideration placed on deeds used to indicate sales are in correct relationship to the actual dollar amount of the transaction.
5. Unless otherwise noted, it is assumed there are no encroachments, zoning violations, or restrictions existing in the subject property.
6. The appraiser is not required to give testimony or attendance in court by reason of this appraisal, unless previous arrangements have been made.
7. Unless expressly specified in the engagement letter, the fee for this appraisal does not include the attendance or giving of testimony by Appraiser at any court, regulatory, or other proceedings, or any conferences or other work in preparation for such proceeding. If any partner or employee of Valbridge Property Advisors I Orange County is asked or required to appear and/or testify at any deposition, trial, or other proceeding about the preparation, conclusions or any other aspect of this assignment, client shall compensate Appraiser for the time spent by the partner or employee in appearing and/or testifying and in preparing to testify according to the Appraiser's then current hourly rate plus reimbursement of expenses.
8. The values for land and/or improvements, as contained in this report, are constituent parts of the total value reported and neither is (or are) to be used in making a summation appraisal of a combination of values created by another appraiser. Either is invalidated if so used.
9. The dates of value for which the opinions expressed in this report apply are set forth in this report. We assume no responsibility for economic or physical factors occurring at some point at a later date, which may affect the opinions stated herein. The forecasts, projections, or operating estimates contained herein are based on current market conditions and anticipated short-term supply and demand factors and are subject to change with future conditions. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 61 350
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GENERAL ASSUMPTIONS & LIMITING CONDITIONS
10. Maps, plats, and exhibits included in this report are for illustration only and are intended to serve as an aid in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose. The square footage totals utilized in this report may be based upon the legal description of the property, assessors plat maps, building plans, previous estimates and/or a measurement of the premises by the appraiser(s).
The measurements utilized in this report, should not be construed as an exact measurement of the site or improvements. If so desired, a professional survey should be conducted by a trained and qualified consultant.
11. The information, estimates, and opinions, which were obtained from sources outside of this office, are considered reliable. However, no liability for them is assumed by the appraiser.
12. Possession of this report, or a copy thereof, does not carry with it the right of publication.
Neither all, nor any part of the content of the report, or copy thereof (including conclusions as to property value, the identity of the appraisers, professional designations, reference to any professional appraisal organization or the firm with which the appraisers are connected), shall be disseminated to the public through advertising, public relations, news, sales, or other media without prior written consent and approval.
13. No claim is intended to be expressed for matters of expertise that would require specialized investigation or knowledge beyond that ordinarily employed by real estate appraisers. We claim no expertise in areas such as, but not limited to, legal, survey, structural, environmental, pest control, mechanical, etc.
14. This appraisal was prepared for the sole and exclusive use of the client for the function outlined herein. Any party who is not the client or intended user identified in the appraisal or engagement letter is not entitled to rely upon the contents of the appraisal without express written consent of Valbridge Property Advisors I Orange County and Client. The Client shall not include partners, affiliates, or relatives of the party addressed herein. The appraiser assumes no obligation, liability, or accountability to any third party.
15. Distribution of this report is at the sole discretion of the client, but third -parties not listed as an intended user on the face of the appraisal or the engagement letter may not rely upon the contents of the appraisal. In no event shall client give a third -party a partial copy of the appraisal report. We will make no distribution of the report without the specific direction of the client.
16. This appraisal shall be used only for the function outlined herein, unless expressly authorized by Valbridge Property Advisors I Orange County.
17. This appraisal shall be considered in its entirety. No part thereof shall be used separately or out of context.
18. Unless otherwise noted in the body of this report, this appraisal assumes that the subject property does not fall within the areas where mandatory flood insurance is effective. Unless otherwise noted, we have not completed nor have we contracted to have completed an investigation to identify and/or quantify the presence of non -tidal wetland conditions on the © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 62 351
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subject property. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.
19. The flood maps are not site specific. We are not qualified to confirm the location of the subject property in relation to flood hazard areas based on the FEMA Flood Insurance Rate Maps or other surveying techniques. It is recommended that the client obtain a confirmation of the subject's flood zone classification from a licensed surveyor.
20. If the appraisal is for mortgage loan purposes 1) we assume satisfactory completion of improvements if construction is not complete, 2) no consideration has been given for rent loss during rent -up unless noted in the body of this report, and 3) occupancy at levels consistent with our "Income and Expense Projection" are anticipated.
21. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering required to discover them.
22. Our inspection included an observation of the land and improvements thereon only. It was not possible to observe conditions beneath the soil or hidden structural components within the improvements. We inspected the buildings involved, and reported damage (if any) by termites, dry rot, wet rot, or other infestations as a matter of information, and no guarantee of the amount or degree of damage (if any) is implied. Condition of heating, cooling, ventilation, electrical and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated. Should the client have concerns in these areas, it is the client's responsibility to order the appropriate inspections. The appraiser does not have the skill or expertise to make such inspections and assumes no responsibility for these items.
23. This appraisal does not guarantee compliance with building code and life safety code requirements of the local jurisdiction. It is assumed that all required licenses, consents, certificates of occupancy or other legislative or administrative authority from any local, state or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value conclusion contained in this report is based unless specifically stated to the contrary.
24. When possible, we have relied upon building measurements provided by the client, owner, or associated agents of these parties. In the absence of a detailed rent roll, reliable public records, or "as -built" plans provided to us, we have relied upon our own measurements of the subject improvements. We follow typical appraisal industry methods; however, we recognize that some factors may limit our ability to obtain accurate measurements including, but not limited to, property access on the day of inspection, basements, fenced/gated areas, grade elevations, greenery/shrubbery, uneven surfaces, multiple story structures, obtuse or acute wall angles, immobile obstructions, etc. Professional building area measurements of the quality, level of detail, or accuracy of professional measurement services are beyond the scope of this appraisal assignment.
25. We have attempted to reconcile sources of data discovered or provided during the appraisal process, including assessment department data. Ultimately, the measurements that are © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 63 352
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deemed by us to be the most accurate and/or reliable are used within this report. While the measurements and any accompanying sketches are considered to be reasonably accurate and reliable, we cannot guarantee their accuracy. Should the client desire a greater level of measuring detail, they are urged to retain the measurement services of a qualified professional (space planner, architect, or building engineer). We reserve the right to use an alternative source of building size and amend the analysis, narrative and concluded values (at additional cost) should this alternative measurement source reflect or reveal substantial differences with the measurements used within the report.
26. In the absence of being provided with a detailed land survey, we have used assessment department data to ascertain the physical dimensions and acreage of the property. Should a survey prove this information to be inaccurate, we reserve the right to amend this appraisal (at additional cost) if substantial differences are discovered.
27. If only preliminary plans and specifications were available for use in the preparation of this appraisal, then this appraisal is subject to a review of the final plans and specifications when available (at additional cost) and we reserve the right to amend this appraisal if substantial differences are discovered.
28. Unless otherwise stated in this report, the value conclusion is predicated on the assumption that the property is free of contamination, environmental impairment, or hazardous materials.
Unless otherwise stated, the existence of hazardous material was not observed by the appraiser and the appraiser has no knowledge of the existence of such materials on or in the property.
The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required for discovery. The client is urged to retain an expert in this field, if desired.
29. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We have not made a specific compliance survey of the property to determine if it is in conformity with the various requirements of the ADA. It is possible that a compliance survey of the property, together with an analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this could have a negative effect on the value of the property. Since we have no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in developing an opinion of value.
30. This appraisal applies to the land and building improvements only. The value of trade fixtures, furnishings, and other equipment, or subsurface rights (minerals, gas, and oil) were not considered in this appraisal unless specifically stated to the contrary.
31. No changes in any federal, state, or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated, unless specifically stated to the contrary.
32. Projections of income and expenses made in this appraisal are not predictions of the future and are made as of the date of the appraisal. These estimates represent the appraiser's best © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 64 353
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estimate of current market related thinking on future income and expenses. The appraiser makes no warranty that these projections will materialize. The real estate market is constantly fluctuating and changing. It is not the task of the appraiser(s) to predict or in any way warrant the conditions of a future real estate market, rather the appraiser(s) can only reflect what the investment community, as of a specific date, envisions for the future in terms of rental rates, expenses, supply and demand.
33. Any estimate of insurable value, if included within the scope of work and presented herein, is based upon figures developed consistent with industry practices. However, actual local and regional construction costs may vary significantly from our estimate and individual insurance policies and underwriters have varied specifications, exclusions, and non -insurable items.
Therefore, we strongly recommend that the Client obtain estimates from professionals experienced in establishing insurance coverage. This analysis should not be relied upon to determine insurance coverage and we make no warranties regarding the accuracy of this estimate.
34. The data gathered in the course of this assignment (except data furnished by the Client) shall remain the property of the Appraiser. The appraiser will not violate the confidential nature of the appraiser -client relationship by improperly disclosing any confidential information furnished to the appraiser. Notwithstanding the foregoing, the Appraiser is authorized by the client to disclose all or any portion of the appraisal and related appraisal data to appropriate representatives of the Appraisal Institute if such disclosure is required to enable the appraiser to comply with the Bylaws and Regulations of such Institute now or hereafter in effect.
35. You and Valbridge Property Advisors I Orange County both agree that any dispute over matters in excess of $5,000 will be submitted for resolution by arbitration. This includes fee disputes and any claim of malpractice. The arbitrator shall be mutually selected. If Valbridge Property Advisors I Orange County and the client cannot agree on the arbitrator, the presiding head of the Local County Mediation & Arbitration panel shall select the arbitrator. Such arbitration shall be binding and final. In agreeing to arbitration, we both acknowledge that, by agreeing to binding arbitration, each of us is giving up the right to have the dispute decided in a court of law before a judge or jury. In the event that the client, or any other party, makes a claim against Valbridge Property Advisors I Orange County or any of its employees in connections with or in any way relating to this assignment, the maximum damages recoverable by such claimant shall be the amount actually received by Valbridge Property Advisors I Orange County for this assignment, and under no circumstances shall any claim for consequential damages be made.
36. Valbridge Property Advisors I Orange County shall have no obligation, liability, or accountability to any third party. Any party who is not the "client" or intended user identified on the face of the appraisal or in the engagement letter is not entitled to rely upon the contents of the appraisal without the express written consent of Valbridge Property Advisors I Orange County. "Client" shall not include partners, affiliates, or relatives of the party named in the engagement letter. Client shall hold Valbridge Property Advisors I Orange County and its employees harmless in the event of any lawsuit brought by any third party, lender, partner, or part-owner in any form of ownership or any other party as a result of this assignment. The client also agrees that in case of lawsuit arising from or in any way involving these appraisal services, client will hold Valbridge Property Advisors I Orange County harmless from and © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 65 354
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GENERAL ASSUMPTIONS & LIMITING CONDITIONS
against any liability, loss, cost, or expense incurred or suffered by Valbridge Property Advisors I Orange County in such action, regardless of its outcome.
37. The Valbridge Property Advisors office responsible for the preparation of this report is independently owned and operated by Penner and Associates, Inc. Neither Valbridge Property Advisors, Inc., nor any of its affiliates has been engaged to provide this report. Valbridge Property Advisors, Inc. does not provide valuation services, and has taken no part in the preparation of this report.
38. If any claim is filed against any of Valbridge Property Advisors, Inc., a Florida Corporation, its affiliates, officers or employees, or the firm providing this report, in connection with, or in any way arising out of, or relating to, this report, or the engagement of the firm providing this report, then (1) under no circumstances shall such claimant be entitled to consequential, special or other damages, except only for direct compensatory damages, and (2) the maximum amount of such compensatory damages recoverable by such claimant shall be the amount actually received by the firm engaged to provide this report.
39. This report and any associated work files may be subject to evaluation by Valbridge Property Advisors, Inc., or its affiliates, for quality control purposes.
40. Acceptance and/or use of this appraisal report constitutes acceptance of the foregoing general assumptions and limiting conditions.
41. Unless the time period is shorter under applicable law, any legal action or claim relating to the appraisal or to this Agreement shall be filed in court within two (2) years from the date of delivery to Client of the appraisal report to which the claims or causes of action relate or, in the case of acts or conduct after delivery of the report, two (2) years from the date of the alleged acts or conduct. The time period stated in this section shall not be extended by any delay in the discovery or accrual of the underlying claims, causes of action or damages. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 66 355
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CERTIFICATION
Certification - John Penner, Jr.
I certify that, to the best of my 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, impartial, and unbiased professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
4. The undersigned has not performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
5. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
8. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
9. I have personally inspected the subject property.
10. No one provided significant real property appraisal assistance to the person signing this certification.
11. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
13. As of the date of this report, the undersigned, if applicable, has completed the continuing education program for Designated Members of the Appraisal Institute.
John D. Penner Jr.
Staff Appraiser
California License #AG3009243
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CERTIFICATION
Certification - John D. Penner
I certify that, to the best of my 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, impartial, and unbiased professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
4. The undersigned has not performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
5. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
8. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
9. I have personally inspected the subject property.
10. No one provided significant real property appraisal assistance to the person signing this certification.
11. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
13. As of the date of this report, the undersigned, if applicable, has completed the continuing education program for Designated Members of the Appraisal Institute.
John D. Penner, MAI
Senior Managing Director
National Director— Fractional Interest Valuation
California License #AG001720
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Addenda
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
Exhibit A: Notice To Appraise
Exhibit B: Title Litigation Guarantee
Exhibit C: Easements
Exhibit D: Parcel Diary
Glossary
Qualifications
• John Penner, Jr., AG
• John D. Penner, MAI
Information on Valbridge Property Advisors
Office Locations
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 69 358
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PROPERTY ADVISORS
Exhibit A: Notice to Appraise
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 70 359
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PROPERTY ADVISORS
Mayor
JEREMY B YAMAGUCH
M1fay or Pro rem
KEVIN KIRWIN
CounOmernbeY#:
RHONDA SANDER
WARD L. SMITH
CHAD P. WANK E
March 11 2024
Gabriel John Aburtn
4t]1 ] Wintcrhavcn St.
Yorbn Linda, CA ''2886
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
Thu Pi p JfC fho Ci,ty
tzrcri
40f East Chapman Avenue— Placentia, Carifania 97870
City Creek;
ROBERT S. MC KI NNELL
City Treasurer
KEVIN A. CARSON
Cay Administrator
D 41I EN R t1RRU I A
Re: City of Placentia - Golden Avenue Bridge Replacement Project ("Project' City Project No. 1801; Federal Project No, BI L-5269(025) Property Address: 4011 Vi'iuterhaven St. Yorba Linda, Cr1 92RR6 Assessor Parcel No. (APT ): 334-011-36
Dear Property Owner (g),
The ('ity of Placentia (City. ) is proposing the Golden Avenue Bridge Replacement Project. The existing Golden Avenue Bridge was constructed in 1934 and was rated functionally obsolete by Caltrans in 2005. The City subsequently obtained a gam to replace this bridge and has been developing the engineered plans and construction specifications to construct a new replacement bridge. The miry bridge will tleCainmodate one lane of traffic in either direction as wcl] as new sidewalks and bike lanes. Currently, the bridge is only wide enough to accommodate one vehicle in each direction which means pedestrians, bicylicsrs and motorists must all share the rod at the Sante rime.
Your property, located at 401 1 Vilinterhaven St. Yorha Linda C.CA. 928.1 , is within the project arca and a portion may be required for the project. Before a decision can be made to acquire any interests in v ur property, the EWA' provides that the interest first he appraised. As part of the appraisal process, it will be necessary to perform an inspection of your property to aid in the determination of ,Teat Compensation_ You or your representative may accompany the appraiser on this inspection if you wish to do so.
The City of Placentiahar retained the seniccw c7F't albridge. Property Advisors, etn independent appraisal firm, to prepare an appraisal. Jahn Peones, MM. %OH be contacting you to schedule the appraisal. You may call him at (7I4)44'}-0304 to schedule an appointment for the inspection of your property if you choose to be present.
\;re have enclosed as Acquisition Handbook which will provide you with answers to questions owners frequently ask concerning land actiuisition procedures. All Services nridior benefits to be derived from any right of way activity will be administered without regard to race, color, © 2024 VALBRIDGE PROPERTY ADVISORS ORANGE COUNTY Page 71 360
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ADDENDA
national origin, or scx, in accordance with Title VI of the Civil Rights Act of 1964 (42L'.S.C. 2000d, et sec1.) and Section i.62(a) of die Federal Highway Act of 1973 (23 U.S.C, 324).
E ncloscd for +(our information is a brochure which diseusses this requiri;rncnt, This notice. does not constit ate an u Ira to purchase your property. nor does it establish eligibility of tine owner ancllor airy other occupant for relocation assistance or relocation payments. Only those in occupancy at Llic time of the first written offer to purchase the property may be eligible for relocation payments.
The City of Placentia has retained the services of Epic Land Solutions, inc., a right of veav acquisition firm, to discuss this project with you, explain the proposed transaction and coordinate the acquisition process. If you have any questions or concerns, please feel free to contact Christine Wadi, Right of Way Agent at 951-405-4645 or ewasli![ cpicland.{uin Sincerely,
Damien Arrula
City Administrator
City of Placentia
(714) 993-8171
Enclosures
• EXITIBIT A - TCF 1.ega1 Description/Plat Map
a FXI-ILFITT R • Permanent Easement I egat Dcscription.''Plat Map • Acquisition Eiandh-ook
• your Rights under l'it l e VI I3noehurc
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 72 361
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Exhibit B: Title Litigation Guarantee
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 73 362
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ADDENDA
..,..., i
First American Titri*e
Guarantee
CLTA Guarantee Form No. 28 -
Condition of Title
ISSJED Erf
First American Title Insurance Company
GU .F.NrEE Nu ER
5026900-7015733
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE GUARANTEE CONOiTEONS ATTACHED HERETO AND MADE A
PART OF THIS GUARANTEE,
FIRST AMERICAN TITLE INSURANCE COMPANY
a Nebraska corporation, herein called the Company
GUARANTEES
against Foss or damage not exceeding the Amount of Liabkity sited in Schedule A sustained by the Assured by reason of any incorrectness in the Assurances set forth In Schedule A
FIRST AMERICAN TITLE INSURANCE COMPANY
26,_7%
ltrnnam 0. DsGrarplo, Prrsrdant
BY:
Authorized Countersignature
.ti ilf. Cer , rarr, Sfcritiry
This jacket was created elecoonicailyand constitutes an wl9rnai document O California Land Title hssociatan. AEI rights reserved. The use of this Form is restricted 6a CLMA subsc'ibere in goad standing as of the date of use.
All other uses prahilrted. Reprinted under license or express permission from the California Land Title Asszciation. lFarm 5425944 (1.29-0 lPmne 1 of 8 j fTA Guara3tee FormNo. 28 - nndlHon at Title (Rev. 6656144 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 74 363
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ADDENDA
•
First American Mk
Schedule A
CLTA Guarantee Form No. 28 -
Condition of Title
15SUED by
First American Title Insurance Company
•3JAPA 4TEF NL "FE
5026900-7015733
Fie NO.! 7015733
Guarantee NO. 7015733
Arnount of Liability; $2,500.04
Date of Guarantee:November 21, 2023 at 7;30 A.M. Fee: $100.00 Name oP Assured:
City of Placentia
2. The estate ar interest in the Land which is covered by this Guarantee L.5! FEE
The Land referred to in this Guarantee is described as follows:
Real property in the City of Yorba Linda, County o€ Orange, State of California, described as follows; 3,
LOT 2 OF TRACT 9192 IN THE QTY OF YORBA LINDA, COUNTY OF ORANGE, STATE OF CALIFORN[A, AS PER MAP RECORDED IN BOOK NO. 379, PAGES 8 AND 9, OF MISCELLANEOUS MAPS IN THE OFFICE OF COUNTY RECORDER OF SAID COUNTY.
APN: 334-011-3b
ASSURANCES:
Accordkng to the Public Records as of the Date of Guarantee, a. Title to the estate or interest in the Land is vested in:
b•
Gabriel John Abu+to, A Married Man, as Sole and Separate Property, subject to exceptions no. 15 Title to the estate or Interest is subject to defects, liens, or encumbrances shown in Schedule B which are not necessarily shown in the order of their priority.
Farm 5425944 (E•29-15] one 5 of 8 J flTA Guara3tee Form No. 2a - CondlHon of Title (Rev. 6•544J © 2024 VALBRIDGE PROPERTY ADVISORS ORANGE COUNTY Page 75 364
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ADDENDA
eyi
.411,P**.,0
Schedule B
First American Title
CLTA Guarantee Form No. 28 -
Condition of Title
[59JE6 BY
First American Title Insurance Company
GUARANTEE NUMBER
5026900-7015733
Fite No 7015733
1. Intentionally Deleted
2, General and special taxes and assessments for the fiscal year 2Q23-2024.
First installment:
Penalty:
Second InstaIIrnent:
Penalty;
Tax Rate Area;
A, P. Nc.
$5,396.04, OPEN
$0.00
$5.396,44. OPEN
25-036
334-411-36
3. The Tien of supplemental taxes, If any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code,
4. Covenants, conditions and restrictions in the document recorded APRIL 25, 1914 in Book 251 of Deeds, Page 237, which provide that a violation thereof shall not defeat or render invalid the lien of any first mortgage or deed of trust made in good faith and for value, but deleting any covenant, condition, or restriction. if any. indicating a preference, limitation, or discrimination based on race, color, religion, sex, gender, gender identity, gender expression, sexual orientation, familial status, marital status, disability, handicap, veteran or military status, genetic information, national origin, source of income as defined in subdivision (p) of Section 12955, or ancestry, to the extent that such covenants, conditions or •restrictiions violate applicable state or federal laws, Lawful restrictions under site and federal law on the age of occupants in senior housing or housing for older persons shall not be construed as restrictions based on familial status.
Document{s} declaring modifications thereof recorded JUNE 1.2, 1934 as BOOK 680, PAGE 263 of Official Records.
5. Any and all offers of dedications, conditions, restrictions, easements, notes andfor provisions shown or disclosed by the filed or recorded neap referred to in the legal description including but not limited to: SANITARY SEWER, WATER UTILITY and Incidental purposes affecting said land.
6. Abutter's rights of ingress and egress to or from GOLDEN AVENUE, have been dedicated or relinquished on the filed Map.
7. An easement for ERECTr CONSTRUCT, REPAID AND MAINTAIN CHECK DAMS ALONG THE STREAM KNOWN A5 SOQUEL WASH, TOGETHER WITH THE RIGHT OF INGRESS AND EGRESS TO AND OVER THE PREMfSES ADJACENT TO OR COTERMINOUS WITH THE STREAM OR GREEK BED FOR CERTAIN and incidental purposes in the document recorded SEPTEMBER 15, 1938 as BDOIc 958, PAGE 427 of Official Records.
Farm 5425904 (1.29-15) age fi of 8
C TA Guaraltee Farm No. 28 - Caretfon of Title f Rev. 6.514 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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ADDENDA
8. An easement for FLOOD CONTROL AND CHANNEL and Incidental purposes in the document recorded as 8001( 5451, PAGE 332 of Official Records.
9, An easement for UNDERGROUND COMMUNICATION and incidental purposes in the document recorded as BOOK 11847, PAGE 566 of Official Records.
10. An easement for PIPELINES and incidental purposes in the document recorded as BOOK 11896, PAGE 1503 of Official Records.
11, An easetttient for pubtic ut.I Iies and incidental purposes in the document recorded as BOOK 11902, PAGE 726 4f Official ReC4rd5.
12. An easement for TEMPORARY CONSTRUCTION AND ACCESS and incidental purposes in the document recorded JULY 07, 2D2a as INSTRUMENT NO. 20-31%32 of Official Records.
13. A deed of trust to secure an ongiriN indebtedness of $497,000.00 recorded APRIL 08, 2021 as INSTRUMENT NO, 21.239795 OF OFFICIAL RECORDS.
Dated: IDLY 09, 2020
Trustar: GABRIEL JOHN ABURTO, A MARRIED MAN, AS HIS SOLE
AND SEPARATE PROPERTY
Trustee: HEATHER LOVIER
Beneficiary- MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC.
LENDER. QUICKEN LOANS, LLC
14. A federal tax lien in favor of tfie United States at America, recorded OCTOBER 11, 2023 as INSTRUMENT NO. 23-248039 of Official Records,
Serial N4.: 480065723
Debtor: GABRIEL J & ANA L ABIJRTO
Amount: $77844.65, and any other amounts due thereunder.
15. The effect of a document entitled "QUIT CLAIM DEED", recorded NOVEMBER 21, 2023 as INSTRUMENT NO. 23-291202 of Official Records.
THIS DOCUMENT IS BEING RECORDED TO ADD NOTARY ACKNOWLEDGEMENT TO THE
PREVIOUSLY RECORDED DEED
16. Water rights, claims or title to water, whether or not shown by the Public Records.
Farm 5425904 (1.29-15] lPmne ] of 8 j fTA Guars stee Form No. 28 - nndlkfon af'fitle (Rev. 6•544� © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 77 366
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S
Exhibit C: Easements
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 78 367
ST•RI C+T,
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PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
Orange County Flood Control Easement Per 7738-900
•
HOd54 -;
,FRS
4uest of, tni reL Lo: :;�. "
FIaoH'Codtra 014triQt ,+
•
• M1
:LAsEmmr :nit;
Fora valuable cotiside€atiot7, red pr o whih. i
Fterseby ackncr4pilged : • •`
- F ' , ZNA $ RM a.DOHT Vag ra.TTIN,
' ' - a widow,
does hereby GRANT •to -. -
173E OR+It E,` Cb[1141if FLOOD cal17ROX
a ,body. corporate area politic,
an Ease eat for.the-Light cf',Lngreapj grip e.tr:"s,-co;C4her 'With. d!,..6 right to gCgdei eona•truct,snd"mainta•n a roadway •
'ramp in. over. Van and act -ass that aeetain. •al Aro-perry . situited. in the .County of OFan$e,' State of Ma fifer,tie, and deseuilied a8•fo11owls
That portion of Tom# 4 in' 1 ck.1 a" the Yorba'.
• Iindda.' Trecr. in ,the county of range.' s._ re. ',Of Cali-.
Yrita;.par map tccoYded 4.n bo ,. pall- 17 and LS
of,14i6oellaneous• dogs 5,,U tF1 "o[Fite _et •+e .enunly ppccidrL_ of said runty,..dgaeTibed as f+ lova'
. , Beis.i.eming Pt the..}iXtfraectlon of -t • yGeat lime ' of said Lot 47with the.-toutJxerly line of 4h land
;ieaeribed•in liked tdo 'the •Cour<ty of OrA _ . erprded •
..Dotober'i. ...191k ie book.259,'page+35O •f t eds Tom! 'Xh9 •oftL .e..nf said County Receirdcri the e
. '6,'3' 38' "- E.; 125'.06, fee.[ along sei. v 't line',; - .'thencc N. r 0• S" 1?. 42b..n.feet .to aP+irtt an ,.s d.southerly •L4 .'laid paint being' •d 89°•;3' 1§' E. 11$.5,4 feel aiang- sat' so tberly.
ime froi0 'the goist[ of.e4giteting; titeflC.
.S.`89 23'..16" W.,' 28,54, feet long sai. sa'theity.
' line to._tke point of beglmitn F
•
"eCci`7738 Hu 900
ga d'
Ku% r, CORM ten
eL CEUwrr, 1tALIF.
NpV 5,21956
proj ; No. E03
PLolec :'Carbon Canyon
t,aorle
Parcel N. $13 •
YLT. • I
f e
1 .l
t
+�~ L'
Daseription: Orange,CA Document - aeo,E Pave el/1/50 - 12/3216D1 7738.;CO Paw 1 of 3 Order: F Calm sn t -
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
368
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PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
•
•
aar7 9O]f
State of Ca,1iforuia .X' •-.
Ccmyly4p.C'4r.'F.t..e
OR ._2-47P.41 6 . _ . , be'fore• , the
,r • 4 vncf*eraigne• in and' for aetd .4rn4Y and
$t1 a personally appeared
•rson 06e name
knoha7 tern. .4 • Pg
. � 16 -s Mctibe4 ;ed, thevjChin ipsaletnent,.end kr<.s rledged . k�P ae that she •exeCLt.ed the wawa I
`WITNEM my hand and'offioi 1 seat,
T C n"an. ar ,
said .Ct my art State,
.. ..i I 3ERDI E. h't,,TH
•
3 .
•
Description: orange,CA Document - Back Page (1/1/5U - 12/31/60 7738 900 Pogo: 2 of 3 Q.rrr_ 6f Common -
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
369
Va I bridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
sx
. �t
• Willa Na sag
t$gfZpTCAT$ OFAOCLI'It110E
• •
• this.ii De eerti y thie the-itnterest in.retl'propa[ty anval4d by.tee rithYtti decd or grant dated. '+ Lo
from r■
range putty ao 4n v *tr XI a o y corporate xnd..'
Olieie;-ii, hereby Ac epted d r.auchority of ReanfutioT a. T64.56. edopted.b th.9.Board of. su¢arvi or* of said District on June 23,' $$4., a cerLLf ed copy of which,t xe- corded in Hoak 7129, page le of Offleci.41.Reetedo,of Orange Crultty', Califogni# a4d the Cranter,eonkents to tht re- I •
rdition thereof by the undexeigneL,'ite'd�uly nuthctiaed `' officer. " . ..' . . . . .
.. Dated, rhib _ !!! day o3, Nal.-e+.fef.e F > 1963 ,- . :4, T
•
. .J
� + $R
. a 1g. meet 4 L R. ra E.
County. Flood Control tlstriet
•
}� . • r ,'.
r• •
a }'
:. + '
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t -
4 ..Jti
Description: orange,CA Document - Book Page ft/1f50 - 12/32/60, 7738.900 Pape: 3 of 3
0.r4ar: 6f Comm*at-
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
370
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
Orange County Flood Control Easement Per 958-427
427
I
I
I
2555
'6antm Ana. California Ceptamb.r 6th. 7.934.
The Board net In re,guler eessian at 10:06 A.m. Present superviuore 1y#11ard earth, chairman, ateele Finely, Jahn C. Kitchell, and the Clerk.
Ahnent: Harry D. Riley and H. E. West
Supervisor west arrives and RaRUmae hie dlitieo.
IN RE: EASEMENT FOR URINE DAME: 'BOQ]IS1. WASH VAN FATTEN, T.M.t On motion or Supervisor Mitchell, duly aeCOnded end carried, the Dhairman and Clerk were authorised to sign %he .aooeptan a of right or'way from Gdelia K. Van Patten, et a7., ease being m right of way and easement upon, over and through the Yfellowing degoribed property, W- ait:
The Weeter7,y 330 feet of the Northerly Gorse of t179 acutherlJ 9.69 ..crag of Lot 4 1h Block 1 of The Ycn'ba Linda Treat ms shown on m map renorden In Book 5, pa.l:ea 17 and ]..» KLeeellaneoue Mope. Reaorda of Orange County, California. 6TATJc OF GALIfoRMYA )
Coµnt"' of Orange )e, I. B. J. Smith. County Clerk end te—officio Clerk of the Boo -era or 6upervioore or Orewce CBunt)l, California, hereby certify the foregoing to be a tu1X, true and uorreOt covy of the minute entry on record in this office.
IN 1ITN4MS WRWR OF. I have hereunto set my !Land and seal the ■ 6th day. of nept,mhes. (( a & A L )) S. S. 9mrth Clerk of the the Board of Supervisor..
E1:31'Yi:iJT FOR CILC7; pAUg
THIS INDENTURE, mode thin 24th day of August, %,3a, by and between 6I7ELIA II, VAN FASTEN, HAROLD J. VAN PLTTEN_,NO]JLL E. VAN PA TEN, rHANX S. VAN FATTEN & HELEN VAN PATTEN, of the County of Orange, State of California, Forties of the Fleet Fart. and the ❑OUNTY OP ORLN6E, a political au'diviaiuri and body politic of the &tote of Calirornia. Party of the Second. Pert, WITNESSETH:
That WHEREAS. Pertien of the Firet Part are' the awne1'e of that certain piece or parcel of land ait,iatain the County of Orange, 9t,ote of California. hereinafter WDre pmrtiouir arly deearlded, through which flow. a stream known as 6aquel Wash, and WHEREAS. Party of the 6eoend part A. daniroue of et'ect Lhg oheot dame uoon and along said stream for the prevention of moil epoaion and n magee to County property end the prdtaot— ion of County highway'',
NOW, THEREFCJRE, in toneideratiOn of the sum of one Dollar S31.Oo) and other valuable e an.ideration. in hand paid by the P€rtlea of the First Part to the Party of the 9eeond Part, the reaei3 t of wtliah is hereby anr,lowledgen, bald Parities of the First Part hereby grant. bargain. sell. and oonrey co the Party of the'Oeeond Flirt, a right of way and ea.emetet upon, o ver and through the follOWIng de.ekribed property,
Th. westerly 30 feet of the Northerly 6 norms of the Southerly 9.69 &ere■ of Lot Jk in Rlnok 1 of The lathe L1M30. TraBt as eneen On a map remanded In Book 5, FRPee 17 and 16 1ie0- e llpheOu. Leper Aeoerdn of drenge county.. California. w ith privilege and authority to Bald Party of the Se40nd Part to erect, pca.truot, repel} an4 maintain .heal¢ damp upon and along gala stream upon ■aid.property, for the prevention of soil erOel.n end ddmegey to y'ouq.ty Property and the pmotedtian of County highwoye, ')'he party or the 6eeond Part wheal be the Gala ,fudge or•the neoeeeLty for, the type of eonptruatian, and the Looatl+mi of said damp.
Together with the right or ingreee and egreee t6 slid over much above deeerib.d premL.� see adjacent to or ooterallnoua with the stream or creek bed .h,ieh it might be found necese]ry to enter in the fulfillment ar the purge.... of meeting, acnetruoting.preparing and maintaining o hoak damn, or renewing or adding to the number of check dom., or in doing pnyt^.1ng neoeepary.
U seful and oonucniwnt in Y.,.y ere0tine. Ochs truoting. preparing and Maintai111ng Ruch cheek 4am and/Or Check damn, Hint such right or lnitreea and egre.. 1. hereby apeeiriogllF restricted 9114 limited to the macompliehmant or the purgoeee herein specified; s, The privilege and right Ls also given Party of the seoend. Part to remote -qt any time. anF or all of bald improvements. oneok dam, or addition. erected upon, over or on eald deecrinecl land.; and the right of egress and Lngreee le hereby greeted to ebeamplieh such mote al removal' cr the improvement.. made.
Together with the right., aaaementn, privilege. and appurtena]YR ea in and t D .aid lands, which may he required for the full ehJoyment of the rights herein granted.
IN WITNESS WHEREOF. the Parties Of the First !Fart have hereunto met their hand■ end the day rtrvp year first above written.
Harold Y. Vmr1 :Fatten er.
Norma E, Van patted
Prank M. yen Patten
Helen Van Pmttah
Melia U. Van Patten
Dy H. J. Van patters Her Atty. in Fart,
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 82 371
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PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
428
aTATC OF CAyip,ORnIA. .)
County of &ranger )Fe. On this Britt' day or AHgkat inthe year df our Lerd one thoueend nine hundred and thirty-eight, before me, L. J. Smith, Oatnty Clerk in and. for said County of Orange. State cr CalliortYle., reoiding therein duly eammlesioned and amore, paranno,117 Rppeprea C. Y- Aovaiie yereonally known to me to be the person at... name I. pubaoiibed to the within ₹nstrueontr as a witmeee thereto, one being by me duly ewer., depoaad and paidT That he reeidrd in Orange County that he xao preoent and sew* Harald J. Van Batten_ and Nora B. Van Patten _ personally 1vto'n to him to be the mama paraohe d&Sari?,ed in and who executed the maid within inatruetent. as parties thereto. sign. meal and deliver the game: and that the aald Harold J. Fan Patten _ and Norma g, tram Aattell_dally acknowledged In the preaenoe of acid pf1'ipnt, that they executed the same. and that he. tho'eale Afr1ent. thereupon at their request, nub.goribad his name $a a wltntoothereto. . IN WITNESS WHEREAT. 117ave hereunto est my hand and affixed ICs OffAelel meal the d p,F and year in thin certificate fir.Y, &bov. written, (DOUBT SEAL)) B. J. a[ITFt County Clerk
in and far Orange county,
State O£ California,
L. H. Wa7.lmoe, Deputy.
The Party of the Eanana Pare hereby aooepta the Wltnln and fOraguing conveyance to It of the right of way and aaaement therein mensianod and deaarited, for Atha purposes therein e xisted.
(.( S E A L ) ) COUNTY OF ORANGE
By Willard Smith Chairmmn of the Board
141tneo. Or 8nperr188re .f Orange County, CalifornlA.
B. Donnie Attest; By 8- S. Smith Co' uTy Clark and ex-.rrlclo O 1t1L'k Ofthe Board of Supervieore PT
o range County, California.
Filed Sept, 6, 19FFg. R. J. Smith County Clerk. By S, Deputy. 25550 Recorded at Bequest of Grantee at 3O Yin. pant 14 A.M.. Sep, 15, 1938. in Arnie 95}8, Page 427. Offie'1al ngeovds of arms. County, California. J. F. Sidebdttam, Marguerite Bailee¢ COMPARED Eiwte Auer
25551
GRANT DEED
JOJLPH1NE MoFAIs3HAN 2.IITH, foratarly J'coophine MoNaughen, in otrAeideretion o£ one Dolles.' to her in hand paid. the rem.ipy at Whieh 1a Merely sekTiowledged, doe. hereby Grant to VIRGINIA K. At.T FN a altlgle woman, all that rant property aitus.God Ln the G1ty of Brea. County of bra.nge. State o£ DELlifOrnia, denorlbed am follarm: • Lot J- Of Tradt 41&, as per map recorded in Book 16, pogo 18 of 1E4eao11sneou■ Map., Accords of paid Orange County, Calif.
gubJeet 4o rdeervatiane and reetricitone of record,
TO HAW AND T4 HOLD to the said grantee her heirs or a paigne.
ITITME030 WY hand this 17#h day of Auguat.l 1938.
Josephine McCaughan Smith
}
)ea. On thle 17th day of fugue's. 1938. before me, g• A_ Allen a WvterY Putale L71 and for said County and State, perennially appeared .Josephine SOtaughpn Smith known to me to be the peroon whose dame is aubaoribs,1 to the rare g Oinglhetrument and acknowiedl:ad to me thRt she executed trio earner.
WITCBOu my h ud and official peal.
((SEAL))
County n000rdgr.
STATE ce cALIa+JPNIA,
County ofArange
C, R_ Allen Notary PUb1ie
in and far the said County and State.
85551 Recorded at Renueat of 4, R. Alien at 40 Lin..pain 10 A,11-F gyp. 15. 1936. 1n Hook 95a, Page QrrLoial feoorde of Oranlse County, California, J. F. Sidabottom. county fl cerger.
Marguerite ]IcXemy COMPARED Elds Auer
u
I
I
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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PROPERTY ADVISORS
USA Flood Control Easement Per 5451-322
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
•ti
0201 15i x$33
an4na Corm
May Gait
Treat 1204
1'6350
MOM DM
ni 0OSIDID2itIng of the Mom of Ti= BMW= MT:T nerd 100 DCLLANC, (4350.00), tho r'1Wdpt maid moffisdarsoy of which la herd aokmeatedgrd, NORM BRICET CAN PATffi, a rider, des borev aggigtTO rag mom STATBE OF Mara
and its aoalimo,
iperpetual And emaisaable right saki easement S4r flood control end ahanoal rectification parpooke. comaiation of the rat to aooatract, re- comatruct, in yect, maintain and repair a abloom or memelem. on eerie,'and EPPErtomemat etractuem, ale to remora tram and irrigation Imes and meal o f rriga lima,
d li ., for the purpose of confining and cootre]];on
the
Canyon Creek, Including the right to deposit teals,
innleeehto sad other materials theoon, to taker thee -often and u■+ earth, rock, mod and nro,e1 for tie purrome of matwating. widening, deed i1$ and othErwlea re t1 loo the ohomme1 and far the C'ret71r Uooi ur.retioo, Maio- 'Lemnos:mad repair of embetkname, protattion ararleo and appurtenant ot7gturao +roomier and wherever ae is naceelary for flood 000trel ehannol r'eet ficrtiaa F'Pcmal in, en, over, soda' and acr,ea t .t certain portal of land chute io the Comity of Oraaee, State of California, more particularly described is The Vest 24.00 feat of the North 109.00 feat of that portion of Lot Z of block 1 of lett* Linda Tract in Elf Comity of Ore,gc, State of California, as sham as map recorded 44 Book 5, page, 17 and 1$ of lfiasw7.iareoxls lea, in the office of t** 8.cardgr of mid Codntr thr- um -Jihad in a Deal, recorded in Book m053 Page i7J, of Cfticisl Records in the office of !laid Rooprdes.
Cnmtairis�g 0.46 acre, more or Less, of whirl' 0.[J ache afore for Lena, is is Coldam hrantao.
, haulm, to the Creator, bar hairs, eowtitore, administrators, pa:come:re and aae:igna all rat, titliF interest ad privilege am oaf to need and enjoyed without interfering with or abridging the rights bareby acgacsrre bg the Chdtad grater of America.
NUAJE7T, NoT4vi8, t0 existing 'momenta for public r *da and highway!, public ntillti.e, railroads cad pipelines.
The Grantor comments ani agrees to pip oil term' and saeeaamoote on tie abera-daecribed property proo,tly whams dun and to ourtact and Wood the title to tb attid ammmack mod rights against tae lasful elaire of all pereepa whomsoever.
wrrag.skualmar, tho ter 4.. 4etfeed #hiR iimtrfot to b• aon4te4 thte 4r of r} l.ffFir2Y 1F
STASH OF Ca.nom g
ea.
:' ( • ; r f rJ t r , 196J20 before ne, the ondereigred r notary i*' 11x 4Md Mat.. Pviree el4 appelrod NUM Ealcor
. }4Q!*ackm4a4 to BM tO L1 the llama wham name is erbeoribed to tae within :tort11.,1 Ord atbzool dard to me that sere eneoaL.d the 'saes. 11> Se 4 hated rod Ctinoiol Seal.
Pk
ac
In and for said Onmear emit State
"UM 0.. w4,:
ow .C=4,9,2 E.i,ie OA ». »F2
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
373
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PROPERTY ADVISORS
Exhibit D: Parcel Diary
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 85 374
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PROPERTY ADVISORS
STATE OF CALIFORNP.A • DEPARTMENT OF TRANSPORTATION
RIGHT OF WAY PARCEL DIARY
MN 7-1 LIRE,/ 0E42618)
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
CONFIDENTIAL
Thix document romans personal nformalion and subjec1
to Ci,iI Code 17Rft 24, t shall be kept naifiderdial in order to Protect epeineI ufreulhanza4 dI ICIOSU a
DIST
12 CO
Orange
RTE
Cwlar n Averse
KP (P hi.)
PARCEL NO.
334-011-36
OWNER
Gabriel John Abrurlo
ADDRESS
4411 Winlarhava i Street
PHONE
HhI
WK
CELL
PROJECT
OoItlpn Avenue Bridge RVIenleffieiht Project
CERT DATE
DATE OWNER INVITED TO ACCOMPANY APPRAISER
March 13, 2024
DATE PROPERTY INSPECTED
April (2, 2024
EY; LETTER ta PHONE • PERSON �
APP. REPORT *DATE
GA00.24.0040 + 4119t2o24
APPROVAL CATE
APPRAISED VALUE
$2,100 • Ngrnlnal
EA
ERL•6269I4251
REVISED DATE
7123021}24
APPROVAL DATE
APPRAISED VALUE
$2,100 • Narnlnal
DATE OF FIRST WRITTEN OFFER
AMOUNT OF REPLACEMENT wOu liNG
SUPP AT TIME OF FIRST WRITTEN OFFER
RAP PKG. DEL- DATE
DATE ASSIGNED TO ACQUISITION Al ENT
PEOPLE V. SCC i
FILED
EFF. DATE OP
OWNEFt'S ATTORNEY
ADDRESS
PHONE
ASSIGNED TO
APPRAISER
DATE
OATE+AG ENT-
SIGNATUREANffIAL
DATA
3/13/2024
4/2/2024
T
NAtee of deaslan to apprs.ee wee monied IA owner on March 13, 2424 — n0 reep6nse r4Cel4atl 1YCm pngpprty gwngr.
Site irrspeUion was pm -Farmed a1 April 2, 2024
ADA N41ltC For ndividaals with sensory disabilities, This document is available in alternate formats. roe ahernale formal nrorrn Linr , onnimaL the Forms Management Una ar {916} 441.1233, TTY 711, a write to Records and Forms Management, 1120N SIrerl, M5-®9, Saranmenln, CA 95814. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 86 375
\1I/fr Val bridge
PROPERTY ADVISORS
T FCAUFOk1L'.. DEPARTMENT OF TRANSPORTATION
RIGHT OF WAY PARCEL DIARY
RW 7-1 (REV N1024.141
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
CONFIDENTIAL
This document corams persorwl infarmr1ion and subject
tff Civil Code 17PR 24. rt shall Ica kept oarrfidmhal in order t8 wol9Ct agiewst u' 2u1M?1z d d IOaI/R.
DIST
CO
RTE
KP (P M.)
PARCEL NO.
DATErA.GENT.
SIGNATURIEINITI L
DATA
ADA Noma Far individ.rals with sensory disahililies, This document is available in alternate. formats. For ahernale formal. nrarrnallon, mnlacL the Forms Management llrwt at{ 416) 445.1233, TTY711. Of write to Recordxand Farms Management, 1120NSIrer1, MS -64, Sacramento, CA B581d. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 87 376
$1/) Valbridge
PROPERTY ADVISORS
Glossary
Definitions are taken from the Dictionary of Real Estate Appraisal, 5th Edition (Dictionary), the Uniform Standards of Professional Appraisal Practice (USPAP) and Building Owners and Managers Association International (BOMA).
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
Absolute Net Lease
A lease in which the tenant pays all expenses including structural, maintenance, building reserves, and
management; often a long-term lease to a credit tenant. (Dictionary)
Additional Rent
Any amounts due under a lease that is in addition to base rent. Most common form is operating expense increases.
(Dictionary)
Amortization
The process of retiring a debt or recovering a capital
investment, typically though scheduled, systematic
repayment of the principal; a program of periodic
contributions to a sinking fund or debt retirement fund. (Dictionary)
As Is Market Value
The estimate of the market value of real property in its current physical condition, use, and zoning as of the
appraisal date. (Dictionary)
Base Shell) Building
The existing shell condition of a building prior to the installation of tenant improvements. This condition varies from building to building, landlord to landlord, and
generally involves the level of finish above the ceiling grid. (Dictionary)
Base Rent
The minimum rent stipulated in a lease. (Dictionary)
Base Year
The year on which escalation clauses in a lease are based. (Dictionary)
Building Common Area
The areas of the building that provide services to building tenants but which are not included in the rentable area of any specific tenant. These areas may include, but shall not be limited to, main and auxiliary lobbies, atrium spaces at the level of the finished floor, concierge areas or security desks, conference rooms, lounges or vending areas food
service facilities, health or fitness centers, daycare
facilities, locker or shower facilities, mail rooms, fire control rooms, fully enclosed courtyards outside the
exterior walls, and building core and service areas such as fully enclosed mechanical or equipment rooms.
Specifically excluded from building common areas are;
floor common areas, parking spaces, portions of loading docks outside the building line, and major vertical
penetrations. (BOMA)
Buildinc Rentable Area
The sum of all floor rentable areas. Floor rentable area is the result of subtracting from the gross measured area of a floor the major vertical penetrations on that same floor.
It is generally fixed for the life of the building and is rarely affected by changes in corridor size or configuration.
(BOMA)
Certificate of Occupancy (COO)
A statement issued by a local government verifying that a newly constructed building is in compliance with all
codes and may be occupied.
Common Area Public) Factor
In a lease, the common area (public) factor is the
multiplier to a tenant's useable space that accounts for the tenant's proportionate share of the common area
(restrooms, elevator lobby, mechanical rooms, etc.). The public factor is usually expressed as a percentage and
ranges from a low of 5 percent for a full tenant to as high as 15 percent or more for a multi -tenant floor.
Subtracting one (1) from the quotient of the rentable area divided by the useable area yields the load (public) factor.
At times confused with the "loss factor" which is the total rentable area of the full floor less the useable area divided by the rentable area. (BOMA)
Common Area Maintenance (CAM)
The expense of operating and maintaining common
areas; may or may not include management charges and
usually does not include capital expenditures on tenant improvements or other improvements to the property.
CAM can be a line -item expense for a group of items that can include maintenance of the parking lot and
landscaped areas and sometimes the exterior walls of the buildings. CAM can refer to all operating expenses.
CAM can refer to the reimbursement by the tenant to the landlord for all expenses reimbursable under the lease.
Sometimes reimbursements have what is called an
administrative load. An example would be a 15 percent
addition to total operating expenses, which are then
prorated among tenants. The administrative load, also
called an administrative and marketing fee, can be a
substitute for or an addition to a management fee.
(Dictionary)
Condominium
A form of ownership in which each owner possesses the
exclusive right to use and occupy an allotted unit plus an undivided interest in common areas.
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
377
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PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
A multiunit structure, or a unit within such a structure, with a condominium form of ownership. (Dictionary)
Conservation Easement
An interest in real property restricting future land use to preservation, conservation, wildlife habitat, or some
combination of those uses. A conservation easement may
permit farming, timber harvesting, or other uses of a rural nature to continue, subject to the easement. In some
locations, a conservation easement may be referred to as a conservation restriction. (Dictionary)
Contributory Value
The change in the value of a property as a whole, whether positive or negative, resulting from the addition or
deletion of a property component. Also called deprival
value in some countries. (Dictionary)
Debt Coverage Ratio (DCR)
The ratio of net operating income to annual debt service (DCR = NOI/Im), which measures the relative ability to a property to meet its debt service out of net operating
income. Also called Debt Service Coverage Ratio (DSCR).
A larger DCR indicates a greater ability for a property to withstand a downturn in revenue, providing an improved
safety margin for a lender. (Dictionary)
Deed Restriction
A provision written into a deed that limits the use of land.
Deed restrictions usually remain in effect when title
passes to subsequent owners. (Dictionary)
Depreciation
1) In appraising, the loss in a property value from
any cause; the difference between the cost of an
improvement on the effective date of the
appraisal and the market value of the
improvement on the same date. 2) In
accounting, an allowance made against the loss
in value of an asset for a defined purpose and
computed using a specified method.
(Dictionary)
Disposition Value
The most probable price that a specified interest in real property is likely to bring under the following conditions:
Consummation of a sale within a exposure time
specified by the client;
The property is subjected to market conditions
prevailing as of the date of valuation;
Both the buyer and seller are acting prudently and
knowledgeably;
The seller is under compulsion to sell;
The buyer is typically motivated;
Both parties are acting in what they consider to be
their best interests;
An adequate marketing effort will be made during
the exposure time specified by the client;
Payment will be made in cash in U.S. dollars or in
terms of financial arrangements comparable thereto;
and
The price represents the normal consideration for
the property sold, unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale. (Dictionary)
Easement
The right to use another's land for a stated purpose.
(Dictionary)
EIFS
Exterior Insulation Finishing System. This is a type of exterior wall cladding system. Sometimes referred to as dry-vit.
Effective Date
The date at which the analyses, opinions, and advice in an appraisal, review, or consulting service apply. 2) In a lease document, the date upon which the lease goes into
effect. (Dictionary)
Effective Gross Income (EGI)
The anticipated income from all operations of the real
property after an allowance is made for vacancy and
collection losses and an addition is made for any other income. (Dictionary)
Effective Rent
The rental rate net of financial concessions such as
periods of no rent during the lease term and above- or
below -market tenant improvements (Tls). (Dictionary)
EPDM
Ethylene Diene Monomer Rubber. A type of synthetic
rubber typically used for roof coverings. (Dictionary)
Escalation Clause
A clause in an agreement that provides for the
adjustment of a price or rent based on some event or
index. e.g., a provision to increase rent if operating
expenses increase; also called an expense recovery clause or stop clause. (Dictionary)
Estoppel Certificate
A statement of material factors or conditions of which
another person can rely because it cannot be denied at a later date. In real estate, a buyer of rental property
typically requests estoppel certificates from existing
tenants. Sometimes referred to as an estoppel letter.
(Dictionary)
Excess Land
Land that is not needed to serve or support the existing improvement. The highest and best use of the excess land may or may not be the same as the highest and best use
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of the improved parcel. Excess land may have the
potential to be sold separately and is valued separately. (Dictionary)
Expense Stop
A clause in a lease that limits the landlord's expense
obligation, which results in the lessee paying any
operating expenses above a stated level or amount.
(Dictionary)
Exposure Time
1) The time a property remains on the market. 2) The
estimated length of time the property interest being
appraised would have been offered on the market prior
to the hypothetical consummation of a sale at market
value on the effective date of the appraisal; a
retrospective estimate based on an analysis of past events assuming a competitive and open market. (Dictionary)
Extraordinary Assumption
An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions
presume as fact otherwise uncertain information about
physical, legal, or economic characteristics of the subject property; or about conditions external to the property
such as market conditions or trends; or about the
integrity of data used in an analysis. (Dictionary)
Fee Simple Estate
Absolute ownership unencumbered by any other interest
or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain,
police power, and escheat. (Dictionary)
Floor Common Area
Areas on a floor such as washrooms, janitorial closets, electrical rooms, telephone rooms, mechanical rooms,
elevator lobbies, and public corridors which are available primarily for the use of tenants on that floor. (BOMA)
Full Service (Gross) Lease
A lease in which the landlord receives stipulated rent and is obligated to pay all of the property's operating and fixed expenses; also called a full service lease. (Dictionary) Going Concern Value
• The market value of all the tangible and intangible
assets of an established and operating business with
an indefinite life, as if sold in aggregate; more
accurately termed the market value of the going
concern.
• The value of an operating business enterprise.
Goodwill may be separately measured but is an
integral component of going -concern value when it
exists and is recognizable. (Dictionary)
Gross Buildinc Area
The total constructed area of a building. It is generally not used for leasing purposes (BOMA)
Gross Measured Area
The total area of a building enclosed by the dominant
portion (the portion of the inside finished surface of the permanent outer building wall which is 50 percent or
more of the vertical floor -to -ceiling dimension, at the given point being measured as one moves horizontally
along the wall), excluding parking areas and loading
docks (or portions of the same) outside the building line.
It is generally not used for leasing purposes and is
calculated on a floor by floor basis. (BOMA)
Gross U D Method
A method of calculating variable operating expense in
income -producing properties when less than 100 percent occupancy is assumed. The gross up method
approximates the actual expense of providing services to the rentable area of a building given a specified rate of occupancy. (Dictionary)
Gross Retail Sellout
The sum of the appraised values of the individual units in a subdivision, as if all of the units were completed and available for retail sale, as of the date of the appraisal. The sum of the retail sales includes an allowance for lot
premiums, if applicable, but excludes all allowances for carrying costs. (Dictionary)
Ground Lease
A lease that grants the right to use and occupy land.
Improvements made by the ground lessee typically revert to the ground lessor at the end of the lease term.
(Dictionary)
Ground Rent
The rent paid for the right to use and occupy land
according to the terms of a ground lease; the portion of the total rent allocated to the underlying land.
(Dictionary)
HVAC
Heating, ventilation, air conditioning. A general term
encompassing any system designed to heat and cool a
building in its entirety.
Highest and Best Use
The reasonably probable and legal use of vacant land or an improved property that is physically possible,
appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are 1) legal permissibility, 2)
physical possibility, 3) financial feasibility, and 4)
maximally profitability. Alternatively, the probable use of land or improved —specific with respect to the user and © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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timing of the use —that is adequately supported and
results in the highest present value. (Dictionary)
Hypothetical Condition
That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (Dictionary)
Industrial Gross Lease
A lease of industrial property in which the landlord and tenant share expenses. The landlord receives stipulated rent and is obligated to pay certain operating expenses, often structural maintenance, insurance and real estate taxes as specified in the lease. There are significant
regional and local differences in the use of this term. (Dictionary)
Insurable Value
A type of value for insurance purposes. (Dictionary)
(Typically this includes replacement cost less basement excavation, foundation, underground piping and
architect's fees).
Investment Value
The value of a property interest to a particular investor or class of investors based on the investor's specific
requirements. Investment value may be different from
market value because it depends on a set of investment
criteria that are not necessarily typical of the market. (Dictionary)
Just Compensation
In condemnation, the amount of loss for which a property owner is compensated when his or her property is taken.
Just compensation should put the owner in as good a
position as he or she would be if the property had not
been taken. (Dictionary)
Leased Fee Interest
A freehold (ownership interest) where the possessory
interest has been granted to another party by creation of a contractual landlord -tenant relationship (i.e., a lease). (Dictionary)
Leasehold Interest
The tenant's possessory interest created by a lease.
(Dictionary)
Lessee (Tenant)
One who has the right to occupancy and use of the
property of another for a period of time according to a lease agreement. (Dictionary)
Lessor (Landlord)
One who conveys the rights of occupancy and use to
others under a lease agreement. (Dictionary)
Licuidation Value
The most probable price that a specified interest in real property should bring under the following conditions:
• Consummation of a sale within a short period.
• The property is subjected to market conditions
prevailing as of the date of valuation.
Both the buyer and seller are acting prudently and
knowledgeably.
• The seller is under extreme compulsion to sell.
• The buyer is typically motivated.
• Both parties are acting in what they consider to be
their best interests.
A normal marketing effort is not possible due to the
brief exposure time.
Payment will be made in cash in U.S. dollars or in
terms of financial arrangements comparable thereto.
The price represents the normal consideration for
the property sold, unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale. (Dictionary)
Loan to Value Ratio (LTV;
The amount of money borrowed in relation to the total
market value of a property. Expressed as a percentage of the loan amount divided by the property value.
(Dictionary)
Major Vertical Penetrations
Stairs, elevator shafts, flues, pipe shafts, vertical ducts, and the like, and their enclosing walls. Atria, lightwells and similar penetrations above the finished floor are included in this definition. Not included, however, are vertical penetrations built for the private use of a tenant
occupying office areas on more than one floor. Structural columns, openings for vertical electric cable or telephone distribution, and openings for plumbing lines are not
considered to be major vertical penetrations. (BOMA)
Market Rent
The most probable rent that a property should bring in a competitive and open market reflecting all conditions
and restrictions of the lease agreement including
permitted uses, use restrictions, expense obligations;
term, concessions, renewal and purchase options and
tenant improvements (Tls). (Dictionary)
Market Value
The most probable price which a property should bring
in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is
not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated;
b. Both parties are well informed or well advised, and
acting in what they consider their own best interests;
c. A reasonable time is allowed for exposure in the
open market;
d. Payment is made in terms of cash in United States
dollars or in terms of financial arrangements
comparable thereto; and
e. The price represents the normal consideration for
the property sold unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale.
Market Value As If Complete
Market value as if complete means the market value of
the property with all proposed construction, conversion or rehabilitation hypothetically completed or under other specified hypothetical conditions as of the date of the appraisal. With regard to properties wherein anticipated market conditions indicate that stabilized occupancy is not likely as of the date of completion, this estimate of value shall reflect the market value of the property as if complete and prepared for occupancy by tenants.
Market Value As If Stabilized
Market value as if stabilized means the market value of the property at a current point and time when all
improvements have been physically constructed and the
property has been leased to its optimum level of long
term occupancy.
Marketinc Time
An opinion of the amount of time it might take to sell a real or personal property interest at the concluded
market value level during the period immediately after
the effective date of the appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. (Advisory Opinion 7 of the Standards Board of the Appraisal Foundation and
Statement on Appraisal Standards No. 6, "Reasonable
Exposure Time in Real Property and Personal Property
Market Value Opinions" address the determination of
reasonable exposure and marketing time). (Dictionary)
Master Lease
A lease in which the fee owner leases a part or the entire property to a single entity (the master lease) in return for a stipulated rent. The master lessee then leases the
property to multiple tenants. (Dictionary)
Modified Gross Lease
A lease in which the landlord receives stipulated rent and is obligated to pay some, but not all, of the property's operating and fixed expenses. Since assignment of
expenses varies among modified gross leases, expense
responsibility must always be specified. In some markets, a modified gross lease may be called a double net lease, net net lease, partial net lease, or semi -gross lease. (Dictionary)
Operating Expense Ratio
The ratio of total operating expenses to effective gross income (TOE/EGI); the complement of the net income
ratio, i.e., OER = 1 — NIR (Dictionary)
Option
A legal contract, typically purchased for a stated
consideration, that permits but does not require the
holder of the option (known as the optionee) to buy, sell, or lease real property for a stipulated period of time in accordance with specified terms; a unilateral right to
exercise a privilege. (Dictionary)
Partial Interest
Divided or undivided rights in real estate that represent less than the whole (a fractional interest). (Dictionary) Pass Through
A tenant's portion of operating expenses that may be
composed of common area maintenance (CAM), real
estate taxes, property insurance, and any other expenses determined in the lease agreement to be paid by the
tenant. (Dictionary)
Potential Gross Income (PGI)
The total income attributable to real property at full
occupancy before vacancy and operating expenses are
deducted. (Dictionary)
Prospective Future Value Upon Completion
Market value "upon completion" is a prospective future
value estimate of a property at a point in time when all of its improvements are fully completed. It assumes all
proposed construction, conversion, or rehabilitation is hypothetically complete as of a future date when such
effort is projected to occur. The projected completion
date and the value estimate must reflect the market value of the property in its projected condition, i.e., completely vacant or partially occupied. The cash flow must reflect lease -up costs, required tenant improvements and
leasing commissions on all areas not leased and
occupied.
Prospective Future Value U
Don Stabilization
Market value "upon stabilization" is a prospective future value estimate of a property at a point in time when
stabilized occupancy has been achieved. The projected
stabilization date and the value estimate must reflect the absorption period required to achieve stabilization. In addition, the cash flows must reflect lease -up costs,
required tenant improvements and leasing commissions
on all unleased areas.
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Replacement Cost
The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised, using modern materials and current
standards, design, and layout. (Dictionary)
Reproduction Cost
The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or
replica of the building being appraised, using the same materials, construction standards, design, layout, and
quality of workmanship and embodying all of the
deficiencies, super -adequacies, and obsolescence of the subject building. (Dictionary)
Retrospective Value Opinion
A value opinion effective as of a specified historical date.
The term does not define a type of value. Instead, it
identifies a value opinion as being effective at some
specific prior date. Value as of a historical date is
frequently sought in connection with property tax
appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of
the type of value with this term is appropriate, e.g.,
"retrospective market value opinion." (Dictionary)
Sandwich Leasehold Estate
The interest held by the original lessee when the property is subleased to another party; a type of leasehold estate. (Dictionary)
Sublease
An agreement in which the lessee (i.e., the tenant) leases part or all of the property to another party and thereby becomes a lessor. (Dictionary)
Subordination
A contractual arrangement in which a party with a claim to certain assets agrees to make his or her claim junior, or subordinate, to the claims of another party. (Dictionary) Substantial Completion
Generally used in reference to the construction of tenant improvements (Tls). The tenant's premises are typically deemed to be substantially completed when all of the Tls for the premises have been completed in accordance with the plans and specifications previously approved by the tenant. Sometimes used to define the commencement
date of a lease.
Surplus Land
Land that is not currently needed to support the existing improvement but cannot be separated from the property
and sold off. Surplus land does not have an independent highest and best use and may or may not contribute
value to the improved parcel. (Dictionary)
Triple Net (Net Net Net) Lease
A lease in which the tenant assumes all expenses (fixed and variable) of operating a property except that the
landlord is responsible for structural maintenance,
building reserves, and management. Also called NNN,
triple net lease, or fully net lease. (Dictionary)
(The market definition of a triple net lease varies; in some cases tenants pay for items such as roof repairs, parking lot repairs, and other similar items.)
Usable Area
The measured area of an office area, store area or
building common area on a floor. The total of all the
usable areas or a floor shall equal floor usable area of that same floor. The amount of floor usable area can vary over the life of a building as corridors expand and contract and as floors are remodeled. (BOMA)
Value -in -Use
The value of a property assuming a specific use, which
may or may not be the property's highest and best use
on the effective date of the appraisal. Value in use may or may not be equal to market value but is different
conceptually. (Dictionary)
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Qualifications
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 94 383
$1:P?Valbrid e
PROPERTY ADV15OR5
Qualifications of John D. Penner, Jr.
Staff Appraiser
Independent Valuations for a Variable World
State Certifications
Certified General Appraiser
State of California
(AG3009243)
Education
B.A. - Music Composition and
Psychology, with high honors
Point Loma Nazarene University
M.S. - Clinical Psychology,
California State University
Fullerton (All coursework but thesis)
Contact Details
714-349-2687 (cell)
714-449-0852 (office)
Valbridge Property Advisors
Orange County Office
17822 17th Street, Suite 211
Tustin, CA 92780
[email protected]
www.valbridge.com
Valbridge Property Advisors is the
largest Commercial Appraisal
Company in the United States
with over 80 offices nationwide.
Membership/Affiliations:
Appraisal Institute — Candidate for Designation
IRWA — International Right of Way Association
Appraisal Related Coursework:
Appraisal Principles, Appraisal Procedures, National Uniform Standards of Appraisal Practice (USPAP), Report Writing and Case Studies, Market Analysis and Highest and Best Use, Sales Comparison Approach, Income Approach, Site Valuation and Cost Approach Statistics, Modeling and Finance, Advanced Statistics, Research Design, Structural Equation Modeling
Experience:
APPRAISER: VALBRIDGE PROPERTY ADVISORS, 2015 - Present
Perform valuation and advising for commercial real estate with specialties in portfolio valuation, development, investment property, eminant domain, and specialty property uses.
INVESTOR: SELF -MANAGED PRIVATE WEALTH, 2013 - Present
Manage a portfolio focused on bitcoin, quantitative investing and trading, real assets, commodities, private lending, and equity long/short.
MENTAL HEALTH SERVICES PROVIDER: VARIOUS ORGANIZATIONS, 2011 - 2015
Provide therapy and mental health care services at South Coast Community Services, ACES, and The Gary Center.
Academic Research Publications:
A study of psychological pain in substance use disorder and its relationship to treatment outcome. PLoS ONE 14(11): e021626, November 7, 2019 Women's Representation in 60 Occupations from 1972 to 2010:: More Women in High -Status Jobs, Few Women in Things -Oriented Jobs PLoS ONE 9(5): e95960, May 2, 2014
Scope of Work:
Types of properties appraised include:
High and Low Rise Office, Medical & Dental Offices, Neighborhood Centers, Strip Retail Centers, Restaurants, Mixed Use, Vacant Land, Market Studies, Manufacturing Facilities, Warehouses, R&D Buildings, Business Parks, Multi -Tenant Industrial, School Use, Apartment Projects, Single Family, Condemnation, Special Use Properties
384
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Qualifications of John D. Penner, MAI
Senior Managing Director — Orange County, CA
National Director — Fractional Interest Valuation
Independent Valuations for a Variable World
State Certifications
Certified General Appraiser
State of California (AG001720)
Education
B.S. - Business Administration
Finance & Investments
San Diego State University
Publications - Author
Penner Expense Guides:
1) Office/Medical
2) Retail
3) Industrial
4) Multi-family/Apartment
Qualified
Expert Witness:
Superior & Bankruptcy Court
for Orange, Los Angeles,
& San Diego Counties
Cash Flow Forecast: ARGUS
Contact Details
714-449-0852 (Office)
Valbridge Property Advisors
17822 17th Street, Suite 211
Tustin, CA 92780
[email protected]
www.valbridce.com
Valbridge Property Advisors is
the largest Commercial Appraisal
Company in the United States
with over 80 offices nationwide.
Membership/Affiliations:
Appraisal Institute — MAI Designation & Certificate in Litigation Appraisal Institute — Volunteer of Distinction (2016)
Member: Lambda Alpha International (LAI) — Land Economics Society Member: International Right of Way Association (IRWA)
Valuation Specialist — Orange County Estate Planning Council Urban Land Institute — Certificate in Real Estate Development Founding Board of Directors Member — Valbridge Property Advisors Experience:
SENIOR MANAGING DIRECTOR/OWNER, 1991 -Present
This firm performs valuation and advising for commercial real estate with a specialty in medical office, and industrial properties. Mr. Penner has over 40 years of experience in the Southern California region and has completed assignments in many areas of the United States.
SENIOR APPRAISER: T.L. YATES & ASSOCIATES, 1990-1991
Work included narrative appraisals of proposed, existing and problem properties located in the markets of Southern California and Arizona.
SENIOR APPRAISER/ANALYST:: HOME SAVINGS OF AMERICA, 1983-1990 Work included valuation of residential and commercial properties located throughout Southern California, Northern California, Arizona, Texas, Florida and New York. Specific responsibilities included the appraisal of problem properties, market studies, feasibility, and portfolio analysis.
Scope of Work:
Work includes the appraisal and/or consultation of reports for acquisition, sale, refinance, estate, development, condemnation, fractional interest and court testimony purposes. Typical clients served are financial institutions, investors, developers, legal firms, and governmental. Types of properties appraised include:
High and Low Rise Office
Corporate Headquarters
Regional Shopping Malls
Strip Retail Centers
Mixed Use
Vacant Land
Manufacturing Facilities
R&D Buildings
Mini -Warehouse
Apartments
Medical & Dental Offices
Office Condominiums
Neighborhood Centers
Restaurants
Bank Branches
Market Studies
Warehouses
Business Parks
Multi -Tenant Industrial
Single Family Residences
385
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mmercial property valuation and advisory service firm in North America.
• Total number of MAI-designated appraisers (200+ on staff) • Total number of office locations (80+ across the U.S.)
• Total number of staff (675+ strong)
• Valbridge covers the entire U.S. from coast to coast. • Valbridge specializes in appraising all types of real property. • Valbridge provides independent valuation services. We are NOT owned by a brokerage firm or investment company.
• Every Valbridge office is overseen by a senior managing director who holds the MAI designation of the Appraisal Institute.
• Valbridge is owned by local offices.
• Valbridge welcomes single -property assignments as well as portfolio, multi -market, and other bulk - property engagements.
Valbridge Property Advisors, Inc.
3033 Riviera Drive, Suite 136
Naples, FL 34103
Phone: 888.9812029
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VALBRIDGE PROPERTY ADVISORS OFFICE LOCATIO
ALABAMA
26241 Equity Dr, Ste_ 1011
Daphne, AL 26526
(251) 929-9090
4245 Balmoral T. SW, Unit 4201
I-1urr svllla, AL 35801
(256) 210-1555
4732 ilAboclinere BM4,
Montgomery, At. 36106
(33 277-5077
CALIFORNIA
3160 Crow Carryon PL
5911 Ramon, CA 94583
(925) 327-1660
825 Colorado Blvd, Ste_ 243
Los Angeles, CA 90041
(626) 486-9327
17522 17th 5t, Ste, 211
Tustin, CA 02780
(714) 449-0852
775 Sunrise Ave_, Ste_ 260
Roseville, CA 95661
(916) 261-2509
1520 The Alameda, Ste_ 100
San Jose, CA 95126
(408) 279-1520
COLORADO
5345 Arapahoe Ave., Ste_ 7
Boulder, CO 80302
(303} 867-1935
CONNECTICUT
17 Covewoad Dr.
Norwalk, CT 06853
(860)245-4606
15 Concord St.
Cs1anbury, CT 06033
(860}246-4606
FLORIDA
10950 San Jose Blvd.
Jacksonville, FL 32223
(904) 608-2948
301 Almeria Ave,. Stiff, 350
Coral Gables, FL 33134
(305)639-8029
734 Rugby St
Orlando, FL 32804
(407) 493-6426
2711 Potrrsettla Ave_
West Palm Beach, FL 33407
(561) 833-533/1
3033 RlvIera Dr., Ste. 106
Naples, FL 34103
(239) 514-4646
2501 West Horatio St Unit 6
Tampa, FL 33609
(321)228-€468
GEORGIA
2675 Paces Ferry Rd, Ste_ 425
Atlanta, GA 20229
(404) 254-2321
I t7AH O
1575 N. Lakewood Dr, Ste_ 100
Coeur d'Alene, ID 83814
(208) 292-2965
ILLINOIS
566W Lake SL, Ste_ 240
Chicago, IL 60661
(212) 429-0122
INDIANA
6901 Lake Plaza Dr, Sta C-301
Indianapolis, IN 46220
(317) 687-2747
KANSAS
10990 QuMra Rd., Ste_ 100
Overland Park, KS 66210
(9113) 451-1451
KENTUCKY
1890 Star Shoot Pkwy_
Lexington, KY 40509
(502) 585-2651
9401 Williamsburg Plaza. Ste, 204
Loulsvl r. KY 40222
(507) 585.3651
LOUISIANA
2030131ckory Ave_, Ste. 200
Elmwood, LA 70123
(504)541-51W
MARYLAND
11100 Dovedalo Ct
Marrlattsvllle, MD 21104
(443) 333-5525
260 Bear Hip Rd., Ste. 105
Waltham, MA 02451
(781) 790-5645
MICHIGAN
'1420 Washington Blvd.
Detroll, MI 48226
(313) 986-3313
2127 UnNersity Park Dr_
Okernos, MI 42564
(517) 336-0001
MINNESOTA
265 E. Kellogg Blvd., Ste,102A
St Paul, MN 55101
(651) 270-1475
MISSISSIPPI
1010 Ford St.
Gul€port, MS 39507
(228) 604-1900
224 Avalon Cir.
Brandon, MS 39047
(601) 853-0736
501 Highway 12 W., Ste. 150-M
Statirvillle. MS 39759
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Summary Statement
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SUMMARY STATEMENT
The following is a summary statement of an appraisal relating to the purchase of real property or an interest therein.
Basis of Fair Market Value
The fair market value for the property to be acquired is based upon an appraisal, prepared in accordance with accepted appraisal principles and methodologies (see attached Definitions) and by a certified general real estate appraisal. Per the definition of market value for eminent domain purposes in the CA code of civil procedure, any increase or decrease in the fair market value of the subject property as of the date of value caused by the public improvement for which such property is being acquired has been disregarded in determining Just Compensation.
Proposed Acquisition Description
The City of Placentia has decided to appraise a portion of the subject property known by the County of Orange Assessor's Parcel No. 334-011-36 located in the City of Yorba Linda, County of Orange with an address of 4011 Winterhaven Street, Yorba Linda, Orange County, California 92886. The City of Placentia is working with Caltrans on The Golden Avenue Bridge Project. The project has obtained federal funding and will remove and replace the existing bridge with a wider bridge allowing for pedestrian and bicycle traffic.
The project will require the acquisition of various permanent bridge easements and temporary construction easements in properties located along the flood control channel for which the bridge passes over. The proposed easements are within existing flood control easement areas. Subject Larger Parcel
Condemnation Analysis
Acquisition Summary
The subject property larger parcel is a single family home on a suburban residential tract. The proposed easements are not expected to have an impact on the continued use of the subject property. The subject larger parcel is assumed to be approximately 0.38 acres or 16,583 square feet with a usable area of 15,246 square feet. The subject project will use a 498.95 square foot permanent bridge construction easement and a 1,337.01 square foot temporary construction easement based on a survey from The Prizm Group. The value of the Part to be taken is considered as a portion of the value of the Larger Parcel. Thus, for the purpose of estimating the land value of the subject "as if vacant", the Larger Parcel has been estimated at a market value of $990,000 or $65.00 per square foot.
Appraisal Methodology
There are three recognized methods employed when valuing real property: (1) the Sales Comparison Approach, (2) the Income Approach, and (3) the Cost Approach. All of these approaches to value were considered. We assessed the availability of data and applicability of each approach to value within the context of the characteristics of the subject property and the needs and requirements of the client. 389
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SUMMARY STATEMENT
When valuing underlying land for property such as the subject, the most relevant approach is the sales comparison approach. The underlying land is not leased and an income approach is not commonly used for valuing a fee simple interest in land. The analysis also uses methodology of the cost approach when valuing site improvements within the take areas. Further discussion of the extent of our analysis and the methodology of each approach is provided later in the respective valuation sections.
Subject Larger Parcel
Sales Comparison Approach
The Sales Comparison Approach is a method of estimating market value whereby a subject property is compared with comparable properties that have sold recently or are available for purchase. One premise of the Sales Comparison Approach is that the market will determine a price for the property being appraised in the same manner that it determines the prices of comparable, competitive properties. Essentially, the Sales Comparison Approach is a systematic procedure for carrying out comparative shopping. As applied to real estate, the comparison is applied to the unique characteristics of the economic good that causes real estate prices to vary. 390
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SUMMARY STATEMENT
COMP ARABLE LAND SALE ADJUSTMENT GRID
Subject
Sale#1 Sale#2 Sale t13 Sale 44
Sale u 5
Sale k6
Date of Val ue & Sale
Property Name
Address
City
APN
Gross Acr es
Gross Square Feet
Unadjusted Sale Price
Unadjust ed Sale Price Per Sq uare Fo ot
Transactional Adjustments
Pro perty Rights C onveyed
Adjustment
Fin ancin g Terms
Adjustment
Con dition s of Sale
Adjustment
Expenditures after Sale
Adjustment
Ma rket Con ditions Adjustments
Elapsed Time from Date of Value
M arket Trend Through
An alyzed Sale Price
Pro pe rty A djustments
Locatio n
Adjustment
Size
Adjustment
Shape/Depth
Adjustment
Topogra phy
Adjustment
Zo nin g
Minimu m Lot
Units Per Acre
Adjustment
Utilities
Adjustment
De molition / Contributing Improveme nts
Adjustment
Other
Adjustment
Net Physical Adjustment
4011 Winterhaven 5641 LakeView 8572 Talbert 16801 1442 N Dale Avenue Cumberland Cir . Avenue
Yorba Linda Yorba Linda Fountai n Yorba Li nda An aheim SI . Superi or Inferi or
15246 sf 22,590 sf 50,938 sf 29,620 sf 40511 sf
SI. Inferior Inferi or SI. Inferior Inferior
Slightly Irregular Rectangular Rectangular Rectangular Irregular SI. Superior SI. Superior SI. Superior -
Lev el Level Lev el Lev el Lev el
4/2/24
Single Family Home
4011 Winterhaven
Street
Yorba Linda
334-011-36
0.38 ac
15,246 sf
0.0% Per Yr
11/17/23
Horse Stable
5641 LakeView
7/28/23
SFR w/ Land
8572 Talbert
Avenu e Avenue
Yorba Linda Fountain Valley
343-29-112 122-781-73
0.52 ac
22,590 sf
$925,000
1.17 ac
50,938 sf
$3,000,000
$58 .90
Fee Simple
Typical
None
None
7/20/23
Vacant Land
16801
Cumb erland Cir.
Yorba Linda
4 Parcels
0.68 ac
29,620 sf
$2,258,000
8/12/22
SFR w/ Land
1442 N Dale
A venue
Anaheim
070-741-01
0 .93 ac
40,511 sf
$2,500,000
8/2/22
SFR w/ Land
8371-8461
Talbert Ave nue
Huntington Beach
2.12 ac
92,434 sf
$6,150,000
$40 .95
Fee Simple
Typical
No ne
None
$76 .23
Fee Simple
Typical
None
None
$61.71
Fee Simple
Typical
None
None
0.38 years 0 .68 years 0 .70 years 1 .64 years
$66 .53
Fee Simple
Typical
No ne
None
1 .67 years
$40.95 $58.90 $76.23 $61.71
Street Avenue
R -S
10,000
3 All To -Site
Adjuste d Sale Price per Gro ss Squ are Foo t
R -E CP-H O1 (GH) R -U RM2
15000 1,800 7,500 3,000
1.8 10. 8 4 14
Far Inferio r - Superior Superior
All To -Site A ll To -Site All To -Site All To -Site
Stable SFR's None SFR
SI. Inferio r SI. Inferior - SI. Inferi or
Non e None None None
$66.53
8371-8461
Talbert Ave nue
Huntington
SI. Superior
92,434 sf
Inferior
Rectangular
SI . Superior
Level
RL
6000
7 Superi or
All To -Site
SFR
SI . Inferi or
N one
Inferio r Similar Superio r SI. Inferior
$40. 95 $58. 90 $76.23 $61.71
SI. Superior
$66 .53
7/22/22
SFR w/ Land
9071-9091
Lamps on Ave
Garden Grove
13 .3 -10 J - JD W
co
1 .60 ac
69,543 sf
$4,750,000
$68.30
Fee Simple
Typic al
None
None
1 .70 years
$68.30
9071-9091
Lampson Ave
Garden Grove
SI. Inferior
69,543 sf
Inferior
Rectangular
SI. Superior
L evel
R-1-7
7000
6 Superior
All To -Site
SFR
SI . Inferior
None
SI . Superior
$68.30
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SUMMARY STATEMENT
Discussion and Analysis of Land Sales
Adjustments for property interests, special financing and expenditures after sale were not necessary.
Furthermore no sales conditions adjustments were needed.
An increase or decrease in the market value of real estate can be caused by changes over time in market conditions. Market conditions reflect changes in supply and demand, economic factors such as a recession, the inflation or deflation of currencies, tax laws, investor perceptions, etc. There is very limited supply, vacancy has been on the decline, rental rates have increased, and property values have been increasing over the past few years. However, recent interest rate policy undertaken by the Federal Reserve has slowed growth for residential property. Over the past 18 months single family home prices have declined slightly and then recovered to new highs. Prices for low density mult-family have remained mostly flat in the same period. Residential land sales occur to infrequently to infer a specific trend that is appropriate and applicable for each sale comparable. Thus, we did not make an adjustment for changes in market conditions (time). Each of the sales occurred over the past two years and consist of residential properties in Southern California.
As discussed in the highest and best use and market analysis sections. High demand for single family homes and townhomes has led to similar transaction prices for single family and low -density residential uses. There is a paucity of recent transactions in comparable locations for a market that is near fully built up. Therefore, we selected from sales of any type of land with a low -density residential zoning to bracket a value for the subject's underlying land. Each of the sale transactions with the exception of Sale 1 come from zonings of these densities which trade at similar prices in the market.
All sites also sold with all utilities to site and level topography. The table on the preceding page summarizes the sale comparables and appropriate adjustments.
Land Sale No.1
Land sale no. 1 is located southeast of the subject, at 5641 LakeView Avenue, in the City of Yorba Linda.
The sale price for this property was $925,000 which equates to $40.95 per square foot. The property is larger in size and located on a rectangular lot, the zoning only allows a density of 1.8 units per acre with a minimum lot of 15,000 square feet and as a result is unlikely to allow furth subdivision without special permission. Overall, this comparable was considered inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $40.95 per square foot.
Land Sale No.2
Land sale no. 2 is located southwest of the subject, at 8572 Talbert Avenue, in the City of Fountain Valley. The sale price for this property was $3,000,000 which equates to $58.90 per square foot. The property is located in a slightly superior area closer to the coast and is a typical shape. It is inferior in larger size. Although the property allows greater density, the property is zoned commercial professional with a residential overlay which may complicate the development process. Overall, this comparable was considered similar to the subject. After adjustments, this sale provides an indication of land value for the subject at $58.90 per square foot.
Land Sale No.3
Land sale no. 3 is located south of the subject, at 16801 Cumberland Cir., in the City of Yorba Linda.
The sale price for this property was $2,258,000 which equates to $76.23 per square foot. The property is slightly larger in size but is a superior shape and allows slightly greater subdivision. The property consisted of four individual uniform lots within an existing housing tract. Overall, this comparable was 392
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SUMMARY STATEMENT
considered superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $76.23 per square foot.
Land Sale No.4
Land sale no. 4 is located southwest of the subject, at 1442 N Dale Avenue, in the City of Anaheim. The sale price for this property was $2,500,000 which equates to $61.71 per square foot. The property is in an inferior income area and located near to a freeway. It is also larger in size. It is similar in irregular shape to the subject and allows for greater density. This comparable was considered slightly inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $61.71 per square foot.
Land Sale No.5
Land sale no. 5 is located southwest of the subject, at 8371-8461 Talbert Avenue, in the City of Huntington Beach. The sale price for this property was $6,150,000 which equates to $66.53 per square foot. The property is located in a slightly superior coastal area. It is inferior in size and sold with aged single family residential properties. The zoning allows greater density and potential density bonuses for townhome style or minimal setback individual lots. The property has sense been developed into 3 story townhomes. Overall, this comparable was considered slightly superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $66.53 per square foot.
Land Sale No.6
Land sale no. 6 is located southwest of the subject, at 9071-9091 Lampson Ave, in the City of Garden Grove. The sale price for this property was $4,750,000 which equates to $68.30 per square foot. The property is located in a slightly inferior income area. It is larger in size and contains existing single family developments. The property is rectangular in shape and allows greater density. Overall, this comparable was considered slightly superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $68.30 per square foot.
Conclusion of Land Value
From the market data available, six land sales in competitive market areas which were most comparable to the subject were selected. We adjusted the comparable sales based on pertinent elements of comparison as discussed earlier and summarized the adjustments in the preceding adjustment grid.
Sales of similar residential land in the immediate area were not available. Therefore, we have bracketed a value for the subject within an array and performed qualitative adjustments. The table below organizes the sales in overall comparison to the subject.
Sale
Address
City Zoning Sale Date Price
Analyzed
SF Price Market Rating
3 16801 Cumberland Cir.
6 9071-9091 Lampson Ave
5 8371-8461 Talbert Avenue
S 4011 Winterhaven Street
2 8572 Talbert Avenue
4 1442 N Dale Avenue
1 5641 LakeView Avenue
Yorba Linda
Garden Grove
Huntington Beach
Yorba Linda
Fountain Valley
Anaheim
Yorba Linda
RM2
R-1-7
RL
R -S
CP-HO1 (GH)
RM2
R -E
7/20/23
7/22/22
8/2/22
7/28/23
8/12/22
11/17/23
$2,258,000
$4,750,000
$6,150,000
$3,000,000
$2,500,000
$925,000
29,620
69,543
92,434
15,246
50,938
40,511
22,590
$76.23
$68.30
$66.53
$65.00
$58.90
$61.71
$40.95
Superior
Slightly Superior
Slightly Superior
Similar
Slightly Inferior
Inferior
Sales 1 and 3 were both recent transactions and located within the same city as the subject. Sale 3 represents the upper end with smaller lot sizes allowed and uniform lots, while Sale 1 would not allow any further subdivision of the lot. These local sales bracket the limits of the range of value. The remaining sales are from the Orange County area and provide a good indication of value for the 393
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SUMMARY STATEMENT
subject. Therefore, we have concluded a value near the middle of the market range at $65.00 per square foot. The land valuation is summarized as follows:
LAND VALUE INDICATION
Land Valuation
Land Area (square
Indicated Value PSF
Indicated Value
Final Land Value Determination from Sales Comparison Approach (Rd.) 15,246
$65.00
$990,990
$990,000
394
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CONDEMNATION ANALYSIS
Condemnation Analysis
Description of the Part Taken: Permanent Bridge Easements This project proposes to take a permanent bridge easement of 498.95 square feet located at the northwestern part of the site in two portions. Parcel A is a 118.34 square foot rectangular shaped taking at the northwestern corner of the site. Parcel B is a 380.61 square foot taking that runs along the flood channel access road near the eastern border of the flood channel easement (i.e. the subject's rear yard fending). Both items will be part of a single conveyance. Draft language provided for the proposed easement deed states the easement will be "for public street, public utilities purposes, and construction, a right-of-way easement in, over, under, upon, and across." The area of the part taken is entirely within an existing flood control easement area. A diagram of this taking and photos are shown on the pages following the analysis.
Rear Flood Easements
There are three easements on the property that overlap with or are adjacent to the acquisitions.
Historically, the rear of the subject was a stream known as the Soquel wash. Easement activity began in 1938 following widespread flooding in Southern California. A larger easement area was established (2) for building check damns. Later in the early 1960s, additional easements were obtained associated with the Carbon Canyon Dam project, which is located to the north of the subject. The dam allowed for a smaller concrete flood channel downstream and paved the way for the existing subdivisions to be built. Easements listed on the plat are discussed below. Copies of the easements are included in the addenda of this report. 1— Orange County Flood Control Easement Per 7738-900
This easement dated 9/24/1965 grants an "easement for right of ingress and egress, together with the right to grade, construct, and maintain, a roadway ramp in, over, upon, and across that certain real property". The permanent bridge easement is located withing this easement and the overlap of this easement on the subject is more or less equal to the TCE area. 1 - Additional OC Flood Control Easement TI38/900
Absent from the labeling in the plat map and the provided title litigation guarantee is the main flood control easement which has the same boundaries as easement 1. This easement is listed on the tract map with a book reference of TI83/900, though no digital copies were available to us. It is assumed that the language defining the rights of this easement is consistent with related easements along this flood control channel which detail "A perpetual and assignable right and easement for flood control and channel rectification purposes consisting of the right to construct, inspect, maintain and repair a channel or channels in, on, over, under and across that certain parcel." This easement was acquired by the US Government and later assigned to OC Flood Control District.
2 — Orange County Flood Control Easement Per 958-427
An easement to "ENACT, CONSTRUCT, REPAIR AND MAINTAIN CHECK DAMS ALONG THE STREAM
KNOWN AS SOQUEL WASH, TOGETHER WITH THE RIGHT OF INGRESS AND EGRESS TO AND OVER
THE PREMISES ADJACENT TO OR COTERMINOUS WITH THE STREAM OR CREEK BED FOR CERTAIN and incidental purposes" in the document recorded 9/15/1938. This easement is much wider and 395
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CONDEMNATION ANALYSIS
encroaches into the backyard areas of the subject and adjacent single-family homes. The purpose of this easement is no longer needed with the construction of the Carbon Canyon Dam. It is unknown if the easement has been vacated, but public activity using it appears to have ceased and it is most likely vacated. Additionally, a similar easement on properties to the north was found to have been vacated. It is discussed here for informational purposes as it appears on the plat of the taking but does not affect the value conclusions.
3 — USA Flood Control Easement Per 5451-322
The proposed acquisitions fully are contained within this easement, which is rectangular and further extends east into the backyard of the home. This easement was recorded on September 22, 1960. It was obtained as part of the Carbon Canyon Dam project and does not currently appear to be in use. It is unknown whether this easement was vacated. 396
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
ANALYSIS OF THE PART TAKEN
THE PERMANENT BRIDGE EASEMENT IS WHOLLY WITHIN THE ORANGE COUNTY FLOOD CONTROL EASEMENT (1) AND THE ASSIGNED US GOVERNMENT EASEMENT. THE FEE
RESIDENTIAL OWNER RETAINS OWNERSHIP OF THE GROSS LOT AND WOULD REVERT TO FEE OWNER WERE THIS EASEMENT TO EVER BE VACATED. THE FLOOD CHANNEL IS PART OF A
NATURAL FORMER RIVER WASH AND CONNECTED TO A DAM AND IS UNLIKELY TO EVER BE VACATED. ADDITIONALLY, THE ACCESS AREA AT GOLDEN AVENUE WILL ALMOST CERTAINLY ALWAYS BE MAINTAINED. ANY SITE FENCING IMPROVEMENTS IMPACTED BY THIS TAKE WILL BE REPLACED OR PUT BACK IN A MANNER SIMILAR TO THEIR CURRENT STATE. THE
TAKE AREAS CONSIST OF A PORTION IN THE NORTHWESTERN CORNER AND A STRIP JUST WEST OF THE BOUNDARY OF THE FLOOD CONTROL EASEMENT (I.E. THE SUBJECT'S REAR YARD FENCING). IT IS OUR UNDERSTANDING THAT THE PURPOSE OF THIS STRIP ALONG THE
EASEMENT BOUNDARY WILL BE TO CONSTRUCT A DRAINAGE CHANNEL ALONG THE ROAD ACCESS AS PART OF THE BRIDGE PROJECT.
THE TERMS OF THE EASEMENT ARE "FOR PUBLIC STREET, PUBLIC UTILITIES PURPOSES, AND CONSTRUCTION, A RIGHT-OF-WAY EASEMENT IN, OVER, UNDER, UPON, AND ACROSS." THIS WOULD CONSTITUTE A FULL 100% TAKING OF PROPERTY RIGHTS. CONSIDERING THE FLOOD
CONTROL EASEMENTS DESCRIBED ABOVE, THE ENTIRE BUNDLE OF RIGHTS ASSOCIATED
WITH UNDERLYING FEE OWNERSHIP OF THE REAR PORTION OF THE SUBJECT PARCEL HAS
ALREADY BEEN ACQUIRED AND COMPENSATED FOR BY THE PRIOR FLOOD CONTROL EASEMENTS. MARKETING OF THE IMPROVED PROPERTY DOES NOT INCLUDE THIS AREA AS USABLE LAND. HOWEVER, THE EXISTING EASEMENTS ARE FOR FLOOD CHANNEL PURPOSES,
WHILE THE PROPOSED ACQUISITION IS FOR A BRIDGE EASEMENT AND ASSOCIATED DRAINAGE TO THE CHANNEL. AS A PARTIAL TAKE OF A PORTION OF THE SUBJECT PROPERTY
WITH MINIMAL REMAINING BUNDLE OF RIGHTS AND USEABILITY BY THE FEE OWNER, WE HAVE USED A RATE OF 5% OF THE FULL FEE VALUE. IN OTHER WORDS, THE PROPOSED PERMANENT BRIDGE EASEMENT ACQUISITION REPRESENTS A 100% TAKING OF THE REMAINING 5% PROPERTY. IN THE LAND SALES ANALYSIS, A VALUE INDICATOR OF $65.00 PER SQUARE FOOT IS ATTRIBUTED TO THE LAND AREA FOR THE LARGER PARCEL. THE PART TO BE TAKEN IS 498.95 SQUARE FEET FOR THE DEVELOPMENT OF A BRIDGE CONSTRUCTION EASEMENT. THEREFORE, UTILIZING A RATE OF 5% REMAINING PROPERTY RIGHTS RESULTS
IN A VALUE CONCLUSION FOR THE PORTION OF THE SUBJECT ACQUIRED FOR PERMANENT BRIDGE EASEMENT OF $1,622. THIS CALCULATION IS SHOWN IN THE TABLE BELOW.
Permanent Bridge Easement
Area of Part Property Value
Parcel No. Taken Value Per SF Rights Conclusion
334-011-36
498.95 SF
$65.00
5%
$1,622
Site Improvements within the Take Area
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CONDEMNATION ANALYSIS
The primary area of the permanent taking is vacant land used for flood control access with no site improvements identified within the take area.
Description and Analysis of the Part Taken: Temporary Construction Easement This project proposes to take a temporary construction easement (TCE) of 1,337.01 square feet that is located at the western boundary of the subject. The triangular shaped easement is to provide contractor access for bridge reconstruction. The TCE will be for a term length of 24 months. A diagram of this taking and photos are shown on the following pages. The temporary construction easement fully overlaps with the existing flood control easements. The flood control easement allows for construction to occur on this area. Effectively, the underlying fee property owner has no current use of the TCE area and the right to use these areas for construction could be granted by the easement holder (County of Orange). The underlying fee ownership is not able to rent or due rent for this portion of the land. While the project could acquire TCE rights from the flood control easement holder and the value is nominal, the city has elected to additionally obtain a grant from the underlying fee owner. Therefore, the compensation for this proposed easement is nominal and given a value of $500 in accordance with the Cal Trans ROW Manual.
398
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Legal Description — Permanent Construction Easement
TI [Af PORTION OF LOT 2 OF TRACT MAP No, 9192, AS SHOWN BY MAP ON FILE IN 13(X)K 379, PAGE 8 THROUGH 9 INCLUSIVE OF MISCELLANEOUS MAPS. RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
PARCEL "A"
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 2, SAID POINT ALSO BEING ON TIlE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 42.0) FOOT
HALF WIDTH STREET AND THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORTHERLY LINE OF SAID LOT 2 AND SAID MIGHT OF WAY.
SOUTH 6432'25*` EAST, A DISTANCE OF 10.1 I FEET;
THENCE SOUTH 61)07.5 WEST. A DISTANCE OF 10,23 FEET;
THENCE SOUTH 10°I3'03" WEST, A DISTANCE OF 1,91 FEET,
THENCE SOUTH 762.47" WEST, A DISTANCE or 7.98 FEET TO SAID EASTERLY LINE OF SAID RANCHO AND TE IE WESTERLY LINE OF SAID LOT 2; TI IF NCFi ALONG SAID EASTERLY AND WESTERLY LINE, NORtH 3"23'36" WEST, A DISTANCE OF 14.29 FEET TO THE POINT OF BEGINNING.
CONTAINS 118.34 SF MORE OR LESS.
PA RUE "B"
A S I E II' OF LAND 5,00 FEET IN WIDTH, THE CE ITERI.FNE BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT TI -FE NORTHWEST CORNER OF SAID LOT 2, SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 42.00 FOOT HALF WIDTH STREET AND THE EASTERLY LINE OF RA1+NCE-10 SAN JUAN CAJON DE SANTA ANA AS SEf0WN ON SAID MAP;
THENCE ALONG THE NORTHERLY LINE OF SAID LOT 2 AND SAIL) RIGHT OF WAY, OLFTFI 86°32'25" EAST, A DISTANCE OF 19.33 FEET TO T1 EL: POINT OF UEGINI` ING; THENCE SOUTH 3'27'3j' WEST, A DISTANCE OF 3,07 FEET;
THENCE SOUTH 11427'35" WEST. A DISTANCE OF &O0 FEErT;
THENCE SOUTH 1I°13'15" WEST, A DISTANCE OF 68,95 FEET TO THE SOUTHERLY LINE OF SAID LOT 2.
399
\% Va I bridgePROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Cont. Legal Description — Permanent Construction Easement 11IE SIDELINES OF SAID STRIP OF L.ANS SHALL BE LENOTI il.N:E D OR SHORTENED TO BEGIN AT THE NORTLIER1.Y LINE OF SAID LOT 2 AND END AT TIlE WESTERLY AND SOUTHERLY LINES OF SAID LOT 2.
CONTAINS 3ROE6I SF MORE OR LESS -
4140,;_444 ao.
VINCENT G. KLEPPE 718 I
DATE
PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
PAPG/17f17-0LFSfEASEMENTJI7-00S PCE EASEMENT I.doc
400
\1I/fr Va I bridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
401
$1I/ VaIbridge
PROPERTY ADVISORS
Plat Map: Permanent Bridge Easement
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
$1I/ VaIbridge
PROPERTY ADVISORS
4D
PARca
O
I
I
II PARCEL I
IC
z
I
I�
4�1
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I
I
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uct
20 40
Sc ale 1" = 40 ft
LEG END
Its. iC LS PROPPCIcrn
DISalDarr
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
I
al I
I I
I I
I I
I
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I I
I
I I
r
GOLDEN AVENUE
K —SEE SHEE'r 2
iititcli• 4,42
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SEWER EASEMENT PE
TRACT 9192
EAST U E �a+F�RANCHO
SS4P JUA N CA,ION Di
SANTA ANA
15�
ORANGE CiDaktrr
1 FL OOD CONT40L
EASEMENT PEI
O... 7738-9 •00
/ORNG F COUNTY
2\ INGRE'SS
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EASEMENTPER
O. R. 55 i —332
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Nom Ito n irumnom
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PER MANE NT
BRIDGE
EASEMENT
OF 2
�
Va I bridgePROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Cont. Plat Map — Permanent Construction Easement
P.06.
P L "A"
P.+ L P "Er
PARCEL "W"
(XX8.34SF)
LI
PARCEL
(380.6150
11,
�i
1 II
DETAIL "A"
20 AL,
GV]
0 20
Scale 1" - 20 IL
LEGEND
RIM
INDICATES PROPOSED
EASEMENT
DMION. SY: 6FC
DATE: 3-1-24
,00O. HO,- 17-005
17.E li 1 17-035\E lOIDI
LINE TABLE:
P0P
GOLDEN AVENUE
MA
p T1ON .--
DIS'FAN
ran
N 8s'32.25' V/
1D.114
m
N OB'07'51' E
, 10.23'
14.01,"k
1.91'
T."
N 78`22'47" E
,
7.95'
N 03.23'35" VI
14.24'
M
N 88;32'25' V/
19,33
N 03`27 35 E
3.07 la .
N 0827'35' E
8,00 -
LL
N 11131 5" E
5R. 9 5
[rACA .1-4.1EIF ,}041 4G
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arriw4 I7V6INrr YNG
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r i
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E1WIBU -a
PERMANENT
BR IOGE
r_AsEMENT
SW! . NO
2 OF 2
404
\% Va I bridgePROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Legal Description — Temporary Construction Easement
THAT PORTION OF LOT 2 OF TRACT MAP No. 9192, AS SHOWN BY MAP ON FILE IN BOOK 379, PAGE $ TNROII QH 4 INCLUSIVE OF MISCELLANEOUS MAPS. RECORDS OF ORANGE COUNTY. MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 2, SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GULDEN AVENUE, A 4100 FOOT
HALF WIDTH STREET AND TILE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
TITENCE ALONG THE NORTHERLY E_iNE OF SAID LOT 2 AND SAID RIGHT OF WAY, SOUTH &6°32'25- EAST, A DISTANCE OF 25.95 FEET TO THE EASTERLY LiNL OF
THAT CERTAIN EASEMENT GRANTED TO ORANGE COUNTY FLOOD CONTROL D1SrR1Cr PER DOCUMENT RECORDED IN BOOK 7738, PAGE 900, OFFICIAL RECORDS:
THENCE ALONG SAID EASTERLY LINE, SOUTH 9'35'44" WEST. A DISTANCE OF $035 FEET TO A POINT IN THE SOUTHERLY LINE OF SAID !DT 2, SAID POINT ALSO TiFNG I.OCATF rJTFI 67°24'57" EAST ALONG SAID LINE. A DISTANCE OF 8-52 FEET' FROM TIES SOUTHWESTERLY CORNER THEROF;
THENCE ALONG SAID SOUTHERLY LINE:, NORTH 17"24`57" WEST, A DISTANCE OF
8.52 FEET TO THE SOUT[WFSTL RLY CORNER THEREOF, SAID CORNER ALSO BENG OH THE EASTERLY LINE OF SAID RANCHO;
THENCE ALONG SAID WESTERLY LINE AND SAID RANCHO r -4rr., NORTH 3°23'36" WEST. DISTANCE OF 71.86 FEET TO THE POINT OF BEGIN...NTNi“, CONTAINS 1337.01 SF (0.03 ACRES) MORE OR LESS.
7181
VI[ti f i-NT G. KEEP P-.1
DATE
PREPARED FOR AND ON BEHALF OF T11E PIRA CROUP
VrIP0 17i17.005rEASEMI_N1117-005TCE' I:ASE'sii;NTC.cloc 405
$1I/ VaIbridge
PROPERTY ADVISORS
Plat Map: Temporary Construction Easement
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
$1I/ VaIbridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
ROB,
40 Scale 1 = 4D ft
LEGEND
f0JOICA TES PROPOSED
E lks Nr(337. 0r
SF)
1I
L
f -
GOLDEN AVENUE
WIPPAPftla
EST LINE OF RANCHO .'"'..4hl
JUAN Duch' I f SHWA ANA
SE*ER E SEUE]YT PER
TRA T9si2
2 ' LINE TABLE:
NUMBER
DIRECTION'
DISTANCE
''
M
X5V-35'4-4.
E
55'
_Li
H
436'32'25'
W
25.95'
H _
N
X3`23' 3€'
w
7F.8s'
p
H
57- 24'57"
W-
-s .5!' I
I
1NTERFA
STREET
ORANDE COUNTY
\ FL DOD CONTROL
E' SE MEWT PER
O. R. 77.31-90o
r� COONTT
�IP3RE &
EaINESS EASEMENT
ERa�t� I�956--42T
V++SA FLOOD
C°P I %
EA SEMENT PER
OR . 54.5 P —.132
2 LAND
71 ER
Or D O.
DiiAl H rr. BIL
DATE
J03. NE'. : 17-Ci15
FLE P. WOO ri L17-JECOGEll EMS 1
17-O75 � dFG
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-I: I
1114 Limp aoheos.
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dAe04irt7k EIWRIVE€MV
• LIMO Pl_410111457
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p11 ENE Nef I TI T -4400-
arn
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EASEMENT
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1 OF 1
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PROPERTY ADVISORS
Photographs of Proposed Acquisitions
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
VIEW OF EASEMENT Areas along access road looking south
The temporary construction easement is the full area up to the fencing on the left. The property line on the right is not fully delineated and occurs at the edge of the asphalt road / fencing and traverses to the middle of the access road as it heads southward. Parcel B of the permanent bridge easement is located in within the asphalt paved access road.
408
$!/) VaIbridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
VIEW OF easement Areas from road (Golden Avenue)
Parcel A of the permanent Bridge Easement is located on the nearest right corner of this asphalt paved road.
409
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PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
VIEW OF existing Bridge looking West (subject located left) 410
$1/) Valbridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Condemnation Analysis
Acquisition Summary
The subject property larger parcel is a single family home on a suburban residential tract. The proposed easements are not expected to have an impact on the continued use of the subject property. The subject larger parcel is assumed to be approximately 0.38 acres or 16,583 square feet with a usable area of 15,246 square feet. The subject project will use a 498.95 square foot permanent bridge construction easement and a 1,337.01 square foot temporary construction easement based on a survey from The Prizm Group. The value of the Part to be taken is considered as a portion of the value of the Larger Parcel. Thus, for the purpose of estimating the land value of the subject "as if vacant", the Larger Parcel has been estimated at a market value of $990,000 or $65.00 per square foot.
Description of the Part Taken: Permanent Bridge Easements This project proposes to take a permanent bridge easement of 498.95 square feet located at the northwestern part of the site in two portions. Parcel A is a 118.34 square foot rectangular shaped taking at the northwestern corner of the site. Parcel B is a 380.61 square foot taking that runs along the flood channel access road near the eastern border of the flood channel easement (i.e. the subject's rear yard fending). Both items will be part of a single conveyance. Draft language provided for the proposed easement deed states the easement will be "for public street, public utilities purposes, and construction, a right-of-way easement in, over, under, upon, and across." The area of the part taken is entirely within an existing flood control easement area. A diagram of this taking and photos are shown on the pages following the analysis.
Rear Flood Easements
There are three easements on the property that overlap with or are adjacent to the acquisitions.
Historically, the rear of the subject was a stream known as the Soquel wash. Easement activity began in 1938 following widespread flooding in Southern California. A larger easement area was established (2) for building check damns. Later in the early 1960s, additional easements were obtained associated with the Carbon Canyon Dam project, which is located to the north of the subject. The dam allowed for a smaller concrete flood channel downstream and paved the way for the existing subdivisions to be built. Easements listed on the plat are discussed below. Copies of the easements are included in the addenda of this report.
1 — Orange County Flood Control Easement Per 7738-900
This easement dated 9/24/1965 grants an "easement for right of ingress and egress, together with the right to grade, construct, and maintain, a roadway ramp in, over, upon, and across that certain real property". The permanent bridge easement is located withing this easement and the overlap of this easement on the subject is more or less equal to the TCE area. 1 - Additional OC Flood Control Easement TI38/900
Absent from the labeling in the plat map and the provided title litigation guarantee is the main flood control easement which has the same boundaries as easement 1. This easement is listed on the tract map with a book reference of TI83/900, though no digital copies were available to us. It is assumed that the language defining the rights of this easement is consistent with related easements along this flood control channel which detail "A perpetual and assignable right and easement for flood control and channel rectification purposes consisting of the right to construct, inspect, maintain and repair a 411
$1/) Valbridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
channel or channels in, on, over, under and across that certain parcel." This easement was acquired by the US Government and later assigned to OC Flood Control District. 2 — Orange County Flood Control Easement Per 958-427
An easement to "ENACT, CONSTRUCT, REPAIR AND MAINTAIN CHECK DAMS ALONG THE STREAM
KNOWN AS SOQUEL WASH, TOGETHER WITH THE RIGHT OF INGRESS AND EGRESS TO AND OVER
THE PREMISES ADJACENT TO OR COTERMINOUS WITH THE STREAM OR CREEK BED FOR CERTAIN and incidental purposes" in the document recorded 9/15/1938. This easement is much wider and encroaches into the backyard areas of the subject and adjacent single-family homes. The purpose of this easement is no longer needed with the construction of the Carbon Canyon Dam. It is unknown if the easement has been vacated, but public activity using it appears to have ceased and it is most likely vacated. Additionally, a similar easement on properties to the north was found to have been vacated.
It is discussed here for informational purposes as it appears on the plat of the taking but does not affect the value conclusions.
3 — USA Flood Control Easement Per 5451-322
The proposed acquisitions fully are contained within this easement, which is rectangular and further extends east into the backyard of the home. This easement was recorded on September 22, 1960. It was obtained as part of the Carbon Canyon Dam project and does not currently appear to be in use.
It is unknown whether this easement was vacated.
Analysis of the Part Taken
The permanent bridge easement is wholly within the Orange County flood control easement (1) and the assigned US government easement. The fee residential owner retains ownership of the gross lot and would revert to fee owner were this easement to ever be vacated. The flood channel is part of a natural former river wash and connected to a dam and is unlikely to ever be vacated. Additionally, the access area at Golden Avenue will almost certainly always be maintained. Any site fencing improvements impacted by this take will be replaced or put back in a manner similar to their current state. The take areas consist of a portion in the northwestern corner and a strip just west of the boundary of the flood control easement (i.e. the subject's rear yard fencing). It is our understanding that the purpose of this strip along the easement boundary will be to construct a drainage channel along the road access as part of the bridge project.
The terms of the easement are "for public street, public utilities purposes, and construction, a right-of- way easement in, over, under, upon, and across." This would constitute a full 100% taking of property rights. Considering the flood control easements described above, the entire bundle of rights associated with underlying fee ownership of the rear portion of the subject parcel has already been acquired and compensated for by the prior flood control easements. Marketing of the improved property does not include this area as usable land. However, the existing easements are for flood channel purposes, while the proposed acquisition is for a bridge easement and associated drainage to the channel. As a partial take of a portion of the subject property with minimal remaining bundle of rights and useability by the fee owner, we have used a rate of 5% of the full fee value. In other words, the proposed permanent bridge easement acquisition represents a 100% taking of the remaining 5% property. In the Land Sales Analysis, a value indicator of $65.00 per square foot is attributed to the land area for the larger parcel.
The part to be taken is 498.95 square feet for the development of a bridge construction easement.
Therefore, utilizing a rate of 5% remaining property rights results in a value conclusion for the portion 412
$1/) Valbridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
of the subject acquired for permanent bridge easement of $1,622. This calculation is shown in the table below.
Permanent Bridge Easement
Area of Part Property
Parcel No. Taken Value Per SF Rights
Value
Conclusion
334-011-36
498.95 SF
$65.00
5%
$1,622
Site Improvements within the Take Area
The primary area of the permanent taking is vacant land used for flood control access with no site improvements identified within the take area.
Description and Analysis of the Part Taken: Temporary Construction Easement This project proposes to take a temporary construction easement (TCE) of 1,337.01 square feet that is located at the western boundary of the subject. The triangular shaped easement is to provide contractor access for bridge reconstruction. The TCE will be for a term length of 24 months. A diagram of this taking and photos are shown on the following pages. The temporary construction easement fully overlaps with the existing flood control easements. The flood control easement allows for construction to occur on this area. Effectively, the underlying fee property owner has no current use of the TCE area and the right to use these areas for construction could be granted by the easement holder (County of Orange). The underlying fee ownership is not able to rent or due rent for this portion of the land. While the project could acquire TCE rights from the flood control easement holder and the value is nominal, the city has elected to additionally obtain a grant from the underlying fee owner. Therefore, the compensation for this proposed easement is nominal and given a value of $500 in accordance with the Cal Trans ROW Manual.
413
\% Va I bridgePROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Legal Description — Permanent Construction Easement
Page I of 2
THAT PORTION OF LOT 2 OF TRACT MAP No, 9192, AS SHOWN BY MAP ON FILE EN BOOK 379, PAGE 8 THROUGH 9 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
PARCEL "A"
BEGINNING AT THE NORTHWEST CORNER. OF SAID LOT 2, SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE. A 42.00 FOOT
HALF V IDTI-C STREET AND TEE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORTHERI.Y LINE OF SAID LOT 2 AND SAID RIGHT OF WAY, SOUS 86'32'25' EAST, A DISTANCE OF 10.11 FEET;.
THENCE; SOUTH 6°'07'5I- WEST. A DISTANCE OF 10,23 FEET; THENCE SOUTH 10°13'03" WEST, A DISTANCE OF t,91 FEET,
THENCE SOUTH 78'22`47" WEST, A DISTANCE of 7,98 FEET TO SAID EASTERLY LINE OF SAID RANCHO AND TE IE WESTERLY LINE OF SAID LOT 2; THENCE, ALONG SAID EASTERLY AND WESTERLY LINE, NORTH 3"23'36" WEST, A DISTANCE OF 14.29 FEET TO THE POINT OF BEGINNING.
CONTAINS ' I S.34 SF MORE OR LESS_
PARCEL "B'''
A 4 Fit OF LAND 5.00 FEE [N WIDTH, THE CENTERLINE BEING MORE PAR ]'IC1'L.ARLY DESCRIBED AS FOl LOWS:
COMM1IENCI C AT THE NORTHWEST CORNER OF SAID LOT 2, SAID POINT ALSO BEING ON THE SOUTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 42.00 FOOT
HALF WIDTH STREET AND THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP:
THENCE ALONG THE NORTHERLY LINE OF SAID LOT 2 AND SAIL) RIGHT OF WAY.
SOUTH L 86'32'25" EAST, A DISTANCE OF 19,33 FEET TO TIM POINT OF BEGINNING; THENCE SOfr}i 3°27.35" WEST, A DISTANCE OF 3,(7 FEET;
THENCE SOUTH r27'35" WEST, A DISTANCE OF 6.00 FEET;
THENCE SOUTH 11413'15" WEST, A DISTANCE OF 68,95 FEET TO THE SOUTHERLY LINE OF SAID LOT 2.
414
\% Va I bridgePROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Cont. Legal Description — Permanent Construction Easement THE S117ELFNES OF SAID STRIP OF L.ANS SHALL IMF.. LENGTHENED OR SHORTENED TO BEGIN AT 1'HE NORTHERLY LINE OF SAID LOT 2 AND END AT THE WESTERLY AND SOUTHERLY LINES OF SAID LOT 2.
CONTAINS 384.61 SF MORE OR LESS_
�a s4i
VINCENT O. KLE i II
!- F
DA7I.
PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P ETPGI17117-O451EASEMENT/I7-0OS PCE EASEMENT I4oc
415
$1I/ VaIbridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
PLAT MAP: PERMANENT BRIDGE E ASEMENT
4 40
40 Scale 1" = 40 ft
LEG END
Jr.mad S PROPOSED.
D IS VENT
4 GOLDEN AVENUE
SEWER EASEMEhT PER
7}#hCT 9T92
EAST LINE IF + Ma
sikei J DE
SANTA MA
15'
WINTERHIA
STREET
ORANGE COUNTY
FLOOD CONTROL
EAsodEor PER
G,R, 7736-9 •OO
MIICAESS&
EGr1EESS EASEMENT
PER O.R.958-427
ICI FLOOD
CONTROL
€ASE&ENT PER
O .R. 645; —332
. M%:
DRAM 3Y: @!C
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RE; PATN111\17—IM
17-E0I LING
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PHC#rIIL 1661] 3". .I-44116.
grww I ha-o rirr- rr 01171
E J. TENT "Er
PERMANENT
URI DGE
E ASE MENT
1 �
Va I bridgePROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Cont. Plat Map — Permanent Construction Easement
1 ' P L.HA"
P,O_C. `L 'En
PARCEL "1 "
(118.345F)
{hF
Ii
DETAIL "A"
20 AL,
0 PARCEL 13'
(380,615F)
J
Scale 1" - 20 it
LEGEND
moors PROPOSES
EASEMENT
IIPAIPAP
DRANK !Y: ME
DATE: 3-1 -24
At PO,: 17-0045
FLL 1 11-0Ol pM IENDITA,
12—(0y MoUrLD*0
LINE TABLE
PO.B P L"B"
GOLDEN AVENUE
IL
NUMBER
DIRECTION
DISTANCE
,.__ t
N El6'3?'P5 W
1D.I 1'
IN G6'07'5' ` r
10.23'
La
N I01,'03. E
1.91'
En
N .f$'22'#7' €
1,9d'
[3)
N 03-23' 36 WO
14.20'
rrl
N 81'32'25' w
10.33 N O3.27E35' E
3.0-r.
II
N W27'35' E
E,ab'
E.1
N 11.13'15* E
5845'
SKI. NO.
ii4NO 000111100,4
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E,»WI$CT'•B
PERMANENT
R IDGE
EASE ME N7
2 OF 2
417
\% Va I bridgePROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Legal Description — Tetnporary Construction Easement