Ti -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;,
TLIETCE ALONG THE NORTHERLY LINE OF SAID LOT 2 AND SAID RIO I -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 SOUTHWESTERLY CORNER. THEREOF, SAID CORNER ALSO BEING ON T1 iE 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. + c '\ I \ I \' 1.337.01 SF (0,03 ACRES) MORE OR LESS.
ge41454
VINCENT . KL,EP . i CG S 7181
DATE.
PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P„'TPU117/17.0051EASEMENT117-005 TCEi EASEMENT Cdoc
418
$1I/ VaIbridge
PROPERTY ADVISORS
40 Sca le 1" — 4D ft
LEGEND
.YES PR OPOSED
CASE TENT (7 337-0
INFAIN
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
PL AT M AP: TEMPOR ARY CONSTRUCTION EASEMENT
C. I
GOLDEN VENUE
kirePtiv e
EASTLf E i Ot4NcJ-+o sew
,L'La4w CAJO N BE SANTA AN4
SECER EASEMENT PER — 15'
TRACT .9192
F
`11II IIIITERIIAvE
STREET
LINE TABLE
NLIIIBER
DIRECTION
DISTANC
_ ❑I
N U9'35' 44' E
80.55'
LE
N 86'32'25". W
25.95'
H
N O3'23' 3a' W
77.86' .
p
N 67 24'S7 W
E.5'—'
FI.�1 /Yy�7�GE ..L CO NTROL
X° Cr' 1f1>t 1 'OL
EASEMENT PER
D. R. 77M-900
ORANGE CO Urirr-
_MRCSS &
E &N ESS SE NT
PER OA. 956-427
LISAFL
L c
LASEMENT FIER
O .R . 545 P X332
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OPE 3-' -31
JOE. NO. : 17-01:6
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dilz datriCEPO~EMINti T EMPO RAR Y
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315 Fi CDTP. sT. SU rE L co rtaco.:IA MTH • EASEMENT
MOM!. - :Mtl 757440e
TimW. t a-pizmPugi au 1
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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.
420
\1I/fr Va I bridge
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.
421
\1I/fr Va I bridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
VIEW OF EXISTING BRIDGE LOOKING WEST (SUBJECT LOCATED LEFT) 422
$1/) Valbridge
PROPERTY ADVISORS
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
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. 423
$1:()Valbridge
PROPERTY ADVISORS
Value Conclusions
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SUMMARY STATEMENT
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." 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
$990,990
$1,622
$1,622 $1,600 - Nominal
$0
$0
$0
$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 424
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PROPERTY ADVISORS
Definitions
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
DEFINITIONS
Market Value
"(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 market is its value on the date of valuation as determined by any method of valuation that is just and equitable." 9
Just Compensation
"In condemnation, the amount of loss for which a property owner is compensated when his or her property is taken; should put the owner in as good a position pecuniary as he or she would be if the property had not been taken; generally held to be market value, but courts have refused to rule that it is always equivalent to market value." 19 Larger Parcel
"In condemnation, the portion of a property that has unity of ownership, contiguity, and unity of use, the three conditions that establish the larger parcel for the consideration of severance damages in most states. In federal and some states cases, however, contiguity is sometimes subordinated to unitary use." 11 Partial Taking
"The taking of part of any real property interest for public use under the power of eminent domain; requires the payment of compensation." 12 Remainder
"In eminent domain condemnation, that portion of the larger parcel the property remaining in the ownership of the property owner after a partial taking." 13 'California Code of Civil Procedure, Section 1263.320
10 The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 11 Ibid
12 Ibid
13 Ibid
425
$1:()Valbridge
PROPERTY ADVISORS
Damages
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
DEFINITIONS
"In condemnation, the loss in value to the remainder in a partial taking of property.
Generally the difference between the value of the whole property before the taking and the value of the remainder after the taking is the measure of the value of the part taken and the damages to the remainder. Note that different regions of the country and different courts may use terms such as consequential damages and severance damages differently." 14
Property Rights Appraised
A "fee simple estate" is defined as "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." Tenants in Common
Title to property held by two or more persons, in which, each has an "undivided interest" in the property and have an equal right to use the property, even if the percentage interests are not equal or the living spaces are different sizes. There is no "right of survivorship" if one of the tenants dies, and each interest may be separately sold, mortgaged or willed to another.
14 The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 426
¢4 , AMER r
f
k}
1r.lb',40
Guarantee
First American Title
CLTA Guarantee Form No. 28 -
Condition of Title
ISSUED BY
First American Title Insurance Company
GUARANTEE NUMBER
5026900-7015733
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE GUARANTEE CONDITIONS ATTACHED HERETO AND MADE A PART OF THIS GUARANTEE.
FIRST AMERICAN TITLE INSURANCE COMPANY
a Nebraska corporation, herein called the Company
GUARANTEES
against loss or damage not exceeding the Amount of Liability stated 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
BY:
By:
Kenneth D. DeGiorgio, President
Authorized Countersignature
By:
Lisa W. Cornehl, Secretary
This jacket was created electronically and constitutes an original document © California Land Title Association. All rights reserved. The use of this Form is restricted to CLTA subscribers in good standing as of the date of use.
All other uses prohibited. Reprinted under license or express permission from the California Land Title Association.
Form 5026900
1-29-15
Pac
e 1 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
427
EXCLUSIONS FROM COVERAGE
Except as expressly provided by the assurances in Schedule A, the Company assumes no liability for loss or damage by reason of the following:
(a) Defects, liens, encumbrances, adverse claims or other matters against the title to any property beyond the
lines of the Land.
(b) Defects, liens, encumbrances, adverse claims or other matters , whether or not shown by the Public Records
(1) that are created, suffered, assumed or agreed to
by one or more of the Assureds; or, (2) that result in
no loss to the Assured.
(c) Defects, liens, encumbrances, adverse claims or other matters not shown by the Public Records.
(d) The identity of any party shown or referred to in any of the schedules of this Guarantee.
(e) The validity, legal effect or priority of any matter shown or referred to in any of the schedules of this Guarantee. (f) (1) Taxes or assessments of any taxing authority that levies taxes or assessments on real property; or, (2)
proceedings by a public agency which may result in
taxes or assessments, or notices of such proceedings,
whether or not the matters excluded under (1) or (2)
are shown by the records of the taxing authority or by
the Public Records.
(1) Unpatented mining claims; (2) reservations or
exceptions in patents or in Acts authorizing the issuance thereof; (3) water rights, claims or title to water,
whether or not the matters excluded under (1), (2) or
(3) are shown by the Public Records.
(g)
GUARANTEE CONDITIONS
1. Definition of Terms.
The following terms when used in the Guarantee mean:
a. the "Assured": the party or parties named as the
Assured in Schedule A, or on a supplemental writing
executed by the Company.
b. "Land": the Land described or referred to in Schedule A, and improvements affixed thereto which by law
constitute real property. The term "Land" does not
include any property beyond the lines of the area
described or referred to in Schedule A, nor any right,
title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways.
c. "Mortgage": mortgage, deed of trust, trust deed, or
other security instrument.
d. "Public Records": those records established under
California statutes at Date of Guarantee for the
purpose of imparting constructive notice of matters
relating to real property to purchasers for value and
without knowledge.
e. "Date of Guarantee": the Date of Guarantee set forth in Schedule A.
f. "Amount of Liability": the Amount of Liability as stated in Schedule A.
2. Notice of Claim to be Given by Assured.
The Assured shall notify the Company promptly in writing in case knowledge shall come to an Assured of any
assertion of facts, or claim of title or interest that is contrary to the assurances set forth in Schedule A and that might cause loss or damage for which the Company may
be liable under this Guarantee. If prompt notice shall not be given to the Company, then all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice by the failure and then only to the extent of the prejudice.
3. No Duty to Defend or Prosecute.
The Company shall have no duty to defend or prosecute
any action or proceeding to which the Assured is a party, notwithstanding the nature of any allegation in such action or proceeding.
4. Company's Option to Defend or Prosecute Actions;
Duty of Assured to Cooperate.
Even though the Company has no duty to defend or
prosecute as set forth in Paragraph 3 above:
a. The Company shall have the right, at its sole option and cost, to institute and prosecute any action or
proceeding, interpose a defense, as limited in Paragraph 4 (b), or to do any other act which in its opinion may be necessary or desirable to establish the correctness of
the assurances set forth in Schedule A or to prevent or reduce loss or damage to the Assured. The Company
may take any appropriate action under the terms of this Guarantee, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any
provision of this Guarantee. If the Company shall
exercise its rights under this paragraph, it shall do so diligently.
b. If the Company elects to exercise its options as stated in Paragraph 4(a) the Company shall have the right to
select counsel of its choice (subject to the right of the Assured to object for reasonable cause) to represent the Assured and shall not be liable for and will not pay the fees of any other counsel, nor will the Company pay any fees, costs or expenses incurred by an Assured in the
defense of those causes of action which allege matters
not covered by this Guarantee.
c. Whenever the Company shall have brought an action or interposed a defense as permitted by the provisions of
this Guarantee, the Company may pursue any litigation
to final determination by a court of competent
jurisdiction and expressly reserves the right, in its sole discretion, to appeal from an adverse judgment or
order.
d. In all cases where this Guarantee permits the Company to prosecute or provide for the defense of any action or proceeding, the Assured shall secure to the Company
the right to so prosecute or provide for the defense of any action or proceeding, and all appeals therein, and
permit the Company to use, at its option, the name of
such Assured for this purpose. Whenever requested by
Form 5026900
1-29-15
Pace 2 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
428
GUARANTEE CONDITIONS (Continued)
the Company, the Assured, at the Company's expense,
shall give the Company all reasonable aid in any action or proceeding, securing evidence, obtaining witnesses,
prosecuting or defending the action or lawful act which in the opinion of the Company may be necessary or desirable to establish the correctness of the assurances set forth in Schedule A to prevent or reduce loss or damage to the
Assured. If the Company is prejudiced by the failure of the Assured to furnish the required cooperation, the Company's obligations to the Assured under the Guarantee shall
terminate.
5. Proof of Loss or Damage.
a. In the event the Company is unable to determine the
amount of loss or damage, the Company may, at its
option, require as a condition of payment that the
Assured furnish a signed proof of loss. The proof of
loss must describe the defect, lien, encumbrance, or
other matter that constitutes the basis of loss or
damage and shall state, to the extent possible, the
basis of calculating the amount of the loss or damage.
b. In addition, the Assured may reasonably be required
to submit to examination under oath by any
authorized representative of the Company and shall
produce for examination, inspection and copying, at
such reasonable times and places as may be
designated by any authorized representative of the
Company, all records, books, ledgers, checks,
correspondence and memoranda, whether bearing a
date before or after Date of Guarantee, which
reasonably pertain to the loss or damage. Further, if
requested by any authorized representative of the
Company, the Assured shall grant its permission, in
writing, for any authorized representative of the
Company to examine, inspect and copy all records,
books, ledgers, checks, correspondence and
memoranda in the custody or control of a third party,
which reasonably pertain to the loss or damage. All
information designated as confidential by the Assured
provided to the Company pursuant to this paragraph
shall not be disclosed to others unless, in the
reasonable judgment of the Company, it is necessary
in the administration of the claim. Failure of the
Assured to submit for examination under oath,
produce other reasonably requested information or
grant permission to secure reasonable necessary
information from third parties, as required in the
above paragraph, unless prohibited by law or
governmental regulation, shall terminate any liability
of the Company under this Guarantee to the Assured
for that claim.
6. Options to Pay or Otherwise Settle Claims:
Termination of Liability.
In case of a claim under this Guarantee, the
Company shall have the following additional
options:
a. To pay or tender payment of the Amount of Liability
together with any costs, attorneys' fees, and expenses
incurred by the Assured that were authorized by the
Company up to the time of payment or tender of
payment and that the Company is obligated to pay.
b. To pay or otherwise settle with the Assured any claim assured against under this Guarantee. In addition, the
Company will pay any costs, attorneys' fees, and
expenses incurred by the Assured that where authorized
by the Company up to the time of payment or tender of
payment and that the Company is obligated to pay; or
c. To pay or otherwise settle with other parties for the loss or damage provided for under this Guarantee, together
with any costs, attorneys' fees, and expenses incurred
by the Assured that were authorized by the Company up
to the time of payment and that the Company is
obligated to pay.
Upon the exercise by the Company of either of the options provided for in 6 (a), (b) or (c) of this paragraph the Company's obligations to the Assured under this Guarantee for the claimed loss or damage, other than the payments required to be made, shall terminate, including any duty to continue any and all litigation initiated by the Company pursuant to Paragraph 4.
7. Limitation Liability.
a. This Guarantee is a contract of Indemnity against actual monetary loss or damage sustained or incurred by the
Assured claimant who has suffered loss or damage by
reason of reliance upon the assurances set forth in
Schedule A and only to the extent herein described, and subject to the Exclusions From Coverage of This
Guarantee.
b. If the Company, or the Assured under the direction of the Company at the Company's expense, removes the
alleged defect, lien, or encumbrance or cures any other matter assured against by this Guarantee in a
reasonably diligent manner by any method, including
litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or
damage caused thereby.
c. In the event of any litigation by the Company or with the Company's consent, the Company shall have no
liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom.
d. The Company shall not be liable for loss or damage to the Assured for liability voluntarily assumed by the
Assured in settling any claim or suit without the prior written consent of the Company.
8. Reduction of Liability or Termination of Liability.
All payments under this Guarantee, except payments made for costs, attorneys' fees and expenses pursuant to
Paragraph 4 shall reduce the Amount of Liability under this Guarantee pro tanto.
9. Payment of Loss.
a. No payment shall be made without producing this
Guarantee for endorsement of the payment unless the
Guarantee has been lost or destroyed, in which case
proof of loss or destruction shall be furnished to the
satisfaction of the Company.
b. When liability and the extent of loss or damage has
been definitely fixed in accordance with these
Conditions, the loss or damage shall be payable within
thirty (30) days thereafter.
Form 5026900
1-29-15
Pace 3 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
429
GUARANTEE CONDITIONS (Continued)
10. Subrogation Upon Payment or Settlement.
Whenever the Company shall have settled and paid a claim under this Guarantee, all right of subrogation shall vest in the Company unaffected by any act of the Assured
claimant.
The Company shall be subrogated to and be entitled to all rights and remedies which the Assured would have had
against any person or property in respect to the claim had this Guarantee not been issued. If requested by the
Company, the Assured shall transfer to the Company all
rights and remedies against any person or property
necessary in order to perfect this right of subrogation. The Assured shall permit the Company to sue, compromise or
settle in the name of the Assured and to use the name of the Assured in any transaction or litigation involving these rights or remedies.
If a payment on account of a claim does not fully cover the loss of the Assured the Company shall be subrogated to all rights and remedies of the Assured after the Assured shall have recovered its principal, interest, and costs of
collection.
11. Arbitration.
Either the Company or the Assured may demand that the
claim or controversy shall be submitted to arbitration
pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("Rules"). Except as
provided in the Rules, there shall be no joinder or
consolidation with claims or controversies of other persons.
Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the
Assured arising out of or relating to this Guarantee, any service of the Company in connection with its issuance or the breach of a Guarantee provision, or to any other
controversy or claim arising out of the transaction giving rise to this Guarantee. All arbitrable matters when the amount of liability is $2,000,000 or less shall be arbitrated at the option of either the Company or the Assured. All arbitrable matters when the amount of liability is in excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Assured. Arbitration pursuant to this Guarantee and under the Rules shall be binging upon the parties. Judgment upon the aware rendered by the
Arbitrator(s) may be entered in any court of competent
jurisdiction.
12. Liability Limited to This Guarantee; Guarantee
Entire Contract.
a. This Guarantee together with all endorsements, if any, attached hereto by the Company is the entire
Guarantee and contract between the Assured and the
Company. In interpreting any provision of this
Guarantee, this Guarantee shall be construed as a
whole.
b. Any claim of loss or damage, whether or not based on negligence, or any action asserting such claim, shall
be restricted to this Guarantee.
c. No amendment of or endorsement to this Guarantee
can be made except by a writing endorsed hereon or
attached hereto signed by either the President, a Vice
President, the Secretary, an Assistant Secretary, or
validating officer or authorized signatory of the
Company.
13. Severability.
In the event any provision of this Guarantee, in whole or in part, is held invalid or unenforceable under applicable law, the Guarantee shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect.
14. Choice of Law; Forum.
a. Choice of Law: The Assured acknowledges the Company
has underwritten the risks covered by this Guarantee
and determined the premium charged therefor in
reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of Guaranties of the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to
determine the validity of claims that are adverse to the Assured and to interpret and enforce the terms of this
Guarantee. In neither case shall the court or arbitrator apply its conflicts of law principles to determine the
applicable law.
b. Choice of Forum: Any litigation or other proceeding
brought by the Assured against the Company must be
filed only in a state or federal court within the United State of America or its territories having appropriate
jurisdiction.
15. Notices, Where Sent.
All notices required to be given the Company and any
statement in writing required to be furnished the Company shall include the number of this Guarantee and shall be addressed to the Company at First American Title
Insurance Company, Attn: Claims National Intake
Center, 5 First American Way, Santa Ana, California
92707. Phone: 888-632-1642
([email protected]).
Form 5026900
1-29-15
Pace 4 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
430
First American Title
Schedule A
CLTA Guarantee Form No. 28 -
Condition of Title
ISSUED BY
First American Title Insurance Company
GUARANTEE NUMBER
5026900-7015733
File No.: 7015733
Guarantee No. 7015733
Amount of Liability: $2,500.00
Date of Guarantee:November 21, 2023 at 7:30 A.M. Fee: $400.00
1. Name of Assured:
City of Placentia
2. The estate or interest in the Land which is covered by this Guarantee is:
FEE
3. The Land referred to in this Guarantee is described as follows:
Real property in the City of Yorba Linda, County of Orange, State of California, described as follows:
LOT 2 OF TRACT 9192 IN THE CITY OF YORBA LINDA, COUNTY OF ORANGE, STATE OF CALIFORNIA, 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: 334-011-36
4. ASSURANCES:
According to the Public Records as of the Date of Guarantee, a. Title to the estate or interest in the Land is vested in:
Gabriel John Aburto, A Married Man, as Sole and Separate Property, subject to exceptions no. 15 b. 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.
Form 5026900
1-29-15
Pac
e 5 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
431
a M E a
Schedule B
First American Title
CLTA Guarantee Form No. 28 -
Condition of Title
ISSUED BY
First American Title Insurance Company
GUARANTEE NUMBER
5026900-7015733
File No.: 7015733
1. Intentionally Deleted
2. General and special taxes and assessments for the fiscal year 2023-2024.
First Installment:
Penalty:
Second Installment:
Penalty:
Tax Rate Area:
A. P. No.:
$5,396.04, OPEN
$0.00
$5,396.04, OPEN
$0.00
25-036
334-011-36
3. The lien 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 restrictions violate applicable state or federal laws. Lawful restrictions under state 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 12, 1934 as BOOK 680, PAGE 263 of Official Records.
5. Any and all offers of dedications, conditions, restrictions, easements, notes and/or provisions shown or disclosed by the filed or recorded map 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 ERECT, 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 SEPTEMBER 15, 1938 as BOOK 958, PAGE 427 of Official Records.
Form 5026900
1-29-15
Pace 6 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
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8. An easement for FLOOD CONTROL AND CHANNEL and incidental purposes in the document recorded as BOOK 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 easement for public utilities and incidental purposes in the document recorded as BOOK 11902, PAGE 726 of Official Records.
12. An easement for TEMPORARY CONSTRUCTION AND ACCESS and incidental purposes in the document recorded JULY 07, 2020 as INSTRUMENT NO. 20-319632 of Official Records.
13. A deed of trust to secure an original indebtedness of $497,000.00 recorded APRIL 08, 2021 as INSTRUMENT NO. 21-239795 OF OFFICIAL RECORDS.
Dated: JULY 09, 2020
Trustor: 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 the United States of America, recorded OCTOBER 11, 2023 as INSTRUMENT NO. 23-248039 of Official Records.
Serial No.: 480065723
Debtor: GABRIEL J & ANA L ABURTO
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.
Form 5026900
1-29-15
Pac
e 7 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14)I
433
First American Title'
Illegal Restrictive Covenants
First American Title Company
4 First American Way
Santa Ana, CA 92707
Please be advised that any provision contained in this document, or in a document that is attached, linked, or referenced in this document, that under applicable law illegally discriminates against a class of individuals based upon personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or any other legally protected class, is illegal and unenforceable by law.
Form 5026900
1-29-15
Pace 8 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
434
Your Rights Under TITLE VI
This leaflet is designed to notify you of the requirements of Title VI of the Civil Rights Act of 1964 and your rights under those requirements.
WHAT IS TITLE VI?
Title VI is a statute provision of the Civil Rights Act of 1964. President John F. Kennedy referred to Title VI as "Simple Justice — requiring that [all] public funds to which taxpayers of all races contribute not be spent in any fashion which encourages, entrenches, subsidizes or results in racial discrimination."
Title VI (Sec. 601) of the Civil Rights Act of 1964 provides that:
"No person in the United States shall, on the grounds of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal financial assistance." (42 USC Sec. 2000d)
Additionally, Executive Order 12898, Federal Actions to Address Environmental Justice in Minority Populations and Low -Income Populations, 1994 provides that:
"Each Federal agency shall make achieving environmental justice part of its mission by identifying and addressing, as appropriate, disproportionately high and adverse human health or environmental effects of its programs, policies, and activities on minority populations and low-income populations."
WHAT DOES THIS MEAN?
This means utilization of and access to all departmental programs, services or benefits derived from any City of Placentia activity will be administered without regard to race, color, or national origin.
The City of Placentia will not tolerate discrimination by its employees or sub -recipients of Federal funds. The City of Placentia prohibits all discriminatory practices, which may result in:
➢ Denial to an individual of any service, financial aid or benefit provided under the program to which he or she may otherwise be entitled
➢ Different standards or requirements for participation ➢ Segregation or separate treatment in any part of a program ➢ Distinctions in quality, quantity, or manner in which a benefit is provided 435
➢ Discrimination in any activities conducted in a facility built in whole or part with Federal funds
To ensure compliance with Title VI and the Presidential Executive Order on Environmental Justice, the City of Placentia will:
➢ Avoid, minimize, or mitigate disproportionately high and adverse human health and environmental effects, including social and economic effects, on minority populations and low-income populations
➢ Prevent the denial of, reduction in, or significant delay in the receipt of benefits by minority and low-income populations
BENEFITS AND SERVICES
All of the work the City of Placentia performs is intended to assist the transportation needs of all people regardless of race, color, national origin and /or socio-economic status.
WHO BEARS RESPONSIBILITY TO TITLE VI?
All City of Placentia employees, and its functional programs ARE YOUR RIGHTS BEING VIOLATED?
All recipients of the City of Placentia services are entitled to fair and equal benefits and services. If you believe your rights have been violated, on the basis of discrimination, because of your race, color, or national origin, you may file a written complaint with the City of Placentia. The address and telephone number of the office is:
City Hall
401 E. Chapman Avenue
Placentia, CA 92870
Phone: 714-993-8117
436
ACQUISITION
HANDBOOK
City of Placentia
PLACENTIA
Rich Heritage, Bri.ght Future
437
TABLE OF CONTENTS
PAGE
WHY IS MY PROPERTY REQUIRED? 1
WHAT RIGHT DOES THE CITY OF PLACENTIA HAVE TO ACQUIRE MY PROPERTY? 1
WHO MAKES THE DECISION TO BUY MY PROPERTY? 1
HOW WILL THE CITY OF PLACENTIA DETERMINE HOW MUCH TO OFFER ME FOR MY PROPERTY? 1
WHAT IS FAIR MARKET VALUE? 2
HOW DOES AN APPRAISER DETERMINE THE FAIR MARKET VALUE OF MY PROPERTY? 2
WILL I HAVE A CHANCE TO TALK TO THE APPRAISER? 2
ONCE THE CITY OF PLACENTIA DETERMINES THAT CERTAIN RIGHTS ON
MY PROPERTY IS NECESSARY FOR A PUBLIC PROJECT, HOW SOON WILL THE CITY OF PLACENTIA GIVE ME A WRITTEN PURCHASE OFFER? 2
WHAT IS IN THE CITY OF PLACENTIA STATEMENT OF THE BASIS FOR ITS DETERMINATION OF JUST COMPENSATION? 3
CAN I GET MY OWN APPRAISAL? 3
MUST I ACCEPT THE CITY OF PLACENTIA INITIAL OFFER? 4
MAY I HAVE SOMEONE REPRESENT ME DURING NEGOTIATIONS? 4
IF I AGREE TO ACCEPT THE CITY OF PLACENTIA 'S OFFER, HOW SOON WILL I BE PAID? 4
WHAT HAPPENS IF I DO NOT AGREE TO THE FINAL PURCHASE OFFER BY THE CITY OF PLACENTIA ? 5
438
WHAT HAPPENS IF MY PROPERTY IS CONDEMNED? 5
WHAT IS AN ORDER OF POSSESSION? 5
WILL I HAVE TO PAY ANY SETTLEMENT COSTS? 6
MAY I KEEP ANY OF THE BUILDINGS OR OTHER IMPROVEMENTS ON MY PROPERTY? 6
CAN THE CITY OF PLACENTIA ACQUIRE ONLY A PART OF MY PROPERTY? 7
WILL I HAVE TO PAY RENT TO THE CITY OF PLACENTIA AFTER MY PROPERTY IS ACQUIRED? 7
HOW SOON MUST I MOVE? 7
AM I ENTITLED TO RECOVER LOSS OF BUSINESS GOODWILL? 8
I AM A VETERAN, HOW ABOUT MY GI LOAN? 8
MY PROPERTY IS WORTH MORE NOW THAN WHEN I BOUGHT IT. MUST I PAY CAPITAL GAINS TAX ON THE INCREASE? 8
WHAT IF I HAVE OTHER QUESTIONS ABOUT THE PROCESS? 8
LOSS OF BUSINESS GOODWILL CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 1263.510 - 1263.530 8
439
WHY IS MY PROPERTY REQUIRED?
The City of Placentia , as the Lead Agency, has determined that an interest in your property may be required for construction and operation of the ATP Maricopa Highway Improvement Project ("Project").
WHAT RIGHT DOES THE CITY OF PLACENTIA HAVE TO ACQUIRE MY PROPERTY?
Every public agency has certain powers that are necessary for it to operate effectively. For example, States have the power to levy taxes and the power to maintain order. Another power is the power to acquire private property for public purposes. This is known as the power of eminent domain.
The rights of each of us are protected by the Fifth and Fourteenth Amendments of the U.S.
Constitution, the State Constitution and eminent domain laws which guarantee that if a public agency takes private property it must pay "just compensation" to the owner.
Further, under the California Government Code and Title 25 of the California Code of Regulations, the owner has additional protections, some of which are explained in this brochure.
WHO MAKES THE DECISION TO BUY MY PROPERTY?
The decision to acquire specific property for a public project usually involves many persons and many decisions. The final decision to proceed with a project is made by The City of Placentia City Council after a thorough review that includes public hearings to obtain the views of interested citizens.
If you have any questions about the Project or the possible selection of your property for acquisition, you should contact a representative of the City of Placentia .
HOW WILL THE CITY OF PLACENTIA DETERMINE HOW MUCH TO
OFFER ME FOR MY PROPERTY?
Before making you an offer, the City of Placentia will obtain an appraisal of your property. A qualified, licensed, professional appraiser who is familiar with local property values will prepare the appraisal. The appraiser will inspect your property and state his or her professional opinion of its current fair market value in an appraisal report.
The City of Placentia is required to offer you "just compensation" for any rights needed on your property. This amount cannot be less than the fair market value of 1 440
your property, as determined by the City of Placentia on the basis of its approved appraisal.
WHAT IS FAIR MARKET VALUE?
The fair market value of real property being taken for a public project 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.
HOW DOES AN APPRAISER DETERMINE THE FAIR MARKET VALUE OF MY PROPERTY?
Each parcel of real property is different and therefore no single formula can be devised to appraise all properties. Among the factors an appraiser typically considers in estimating the value of real property are:
• How it compares with similar properties in the area that have been sold recently. • How much it would cost to reproduce the buildings and other structures, less any depreciation.
• How much rental income it could produce after expenses and how investors typically value that income.
WILL I HAVE A CHANCE TO TALK TO THE APPRAISER?
YES. You should have been -- or will be -- contacted and given the opportunity to accompany the appraiser on the inspection of your property. You may then inform the appraiser of any special features that you believe may add to the value of your property. It is in your best interest to provide the appraiser with all the useful information you can in order to insure that nothing of allowable value will be overlooked. If you prefer, you may designate a representative for this purpose.
ONCE THE CITY OF PLACENTIA DETERMINES THAT CERTAIN
RIGHTS ON MY PROPERTY IS NECESSARY FOR A PUBLIC PROJECT,
HOW SOON WILL THE CITY OF PLACENTIA GIVE ME A WRITTEN
PURCHASE OFFER?
The timing of a purchase offer depends on the following factors:
• The amount of work required to appraise your property; • The availability of funding; and
2 441
• Possible project delays caused by factors outside the control of the City of Placentia .
Typically, when there are no funding issues or other project delay factors, you can expect a written purchase offer within 60 days of completion of the appraisal. The appraisal for business or industrial property can take several months to complete due to the much greater complexity involved.
The City of Placentia will give you a written offer to acquire your property for the full amount determined to be just compensation, and it will do so promptly. Along with the offer you will receive a written statement explaining the basis for the determination of just compensation. Whenever possible, the purchase offer will be personally delivered.
WHAT IS IN THE CITY OF PLACENTIA STATEMENT OF THE BASIS FOR ITS DETERMINATION OF JUST COMPENSATION?
The City of Placentia statement of the basis for its determination of just compensation will be provided to you with the written purchase offer. Among other things, this statement will include:
• The recognized definition of the term "fair market value" or the equivalent term. • The date of valuation, highest and best use, and applicable zoning of property. • An accurate description of the property to be acquired. • A list of the improvements covered by the offer.
• The principal transactions, reproduction or replacement cost analysis, or capitalization analysis, supporting the determination of value. • The amount of the offer.
• Where appropriate, the just compensation for the real property acquired and for damages to remaining real property shall be separately stated and shall include the calculations and narrative explanation supporting the compensation, including any offsetting benefits.
• An indication that the offer does not reflect any relocation payments or other relocation assistance that you may receive under other regulations.
CAN I GET MY OWN APPRAISAL?
YES. Pursuant to the California Code of Civil Procedure Section 1263.025 should you elect to obtain an independent appraisal, the City of Placentia will pay for the actual reasonable costs up to $5,000 subject to the following conditions:
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• You may order your own independent appraisal. Should you enter into a contract with the selected appraiser, the City of Placentia will not be a party to the contract. • The appraiser you select must be licensed with the California State Office of Real Estate Appraisers (OREA).
• At the time the City of Placentia makes its offer to you, it will offer to pay you the reasonable cost, not to exceed $5,000, of the cost of your independent appraisal. • Appraisal cost reimbursement requests should be made in writing and submitted to the City of Placentia . In order to verify the cost and reasonableness, copies of the appraisal contract (if a contract was made), and an invoice for the completed work by the appraiser should be provided to the City of Placentia concurrent with submission of the appraisal cost reimbursement request.
MUST I ACCEPT THE CITY OF PLACENTIA INITIAL OFFER?
NO. You are entitled to present evidence as to the amount you believe is the fair market value of your property, and to make suggestions for changing the terms and conditions of the offer. The City of Placentia will make reasonable efforts to consider and respond to your evidence and suggestions. If justified by the available evidence, the City of Placentia may make a revised offer.
MAY I HAVE SOMEONE REPRESENT ME DURING NEGOTIATIONS?
YES. You may have an attorney or anyone else represent you during your negotiations with the City of Placentia . The City of Placentia is not responsible for paying the costs of any such representation.
IF I AGREE TO ACCEPT THE CITY OF PLACENTIA 'S OFFER, HOW SOON WILL I BE PAID?
If the parties reach an agreement for the purchase of your property and title to the property is free and clear, payment will be made at a mutually acceptable time. Generally, you can expect to be paid in about ninety (90) days after the City of Placentia signs the Purchase Agreement. If the title evidence indicates that further action is necessary to clear any liens or encumbrances or to demonstrate ownership, payment may be delayed until such issues are addressed.
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WHAT HAPPENS IF I DO NOT AGREE TO THE FINAL PURCHASE OFFER BY THE CITY OF PLACENTIA ?
If you and the City of Placentia are unable to reach an agreement through negotiations, formal eminent domain (condemnation) proceedings to acquire the property may be instituted, or the City of Placentia may choose not to acquire the property. In the latter case, the City of Placentia will give you notice of its decision as provided by law.
WHAT HAPPENS IF MY PROPERTY IS CONDEMNED?
The power of eminent domain may only be exercised if: (1) the public interest and necessity require the project; (2) the project is planned or located in the manner that will be most compatible with the greatest public good and the least private injury; (3) the property sought to be acquired is necessary for the project; and (4) an offer required by California Government Code section 7267.2 has been made to the owner of record or the offer has not been made because the owner cannot be located with reasonable diligence. Eminent domain proceedings are often referred to as condemnation actions. A condemnation action may only be filed after the adoption of a Resolution of Necessity by the condemning party's City of Placentia City Council. Such resolution must be adopted at a public hearing, of which the owner(s) of the property will receive written notice at least 15 days in advance of the hearing. After the hearing, assuming the above factors have been substantiated and determined, a condemnation suit can be filed.
During the condemnation action, you will be provided an opportunity to introduce your evidence as to the value of your property. The condemning party will have the same right.
After hearing the evidence of all parties, the court or a jury will determine the amount of just compensation to which you are entitled.
In the State of California, a property owner and condemning party have a constitutional right to have a jury determine the value of the property in question. If the owner and the condemning party decide to waive their right to a jury trial, a judge can determine just compensation.
To help you in presenting your case in a condemnation proceeding, you may wish to consider employing an attorney and an appraiser. However, the costs of these professional services and other costs that you incur in presenting your case to the court are your responsibility unless the court orders that you are to be reimbursed for your litigation expenses.
WHAT IS AN ORDER OF POSSESSION?
An order of possession is a process within a condemnation action that allows the City of Placentia to have the possession of your property prior to a negotiated settlement or an award of just compensation in court. This procedure is
5 444
used typically where the possession of your property is necessary to accomplish timely construction of the project for which your property is being acquired.
To obtain an order of possession, the City of Placentia must deposit with the court an amount not less than its appraisal of the fair market value of the property. Ordinarily, the owner or lessees are then permitted to withdraw their share of this amount, LESS any amounts necessary to pay off any mortgage or other liens on the property and sums necessary to resolve any special ownership problems. A withdrawal of the deposit by the property owner results in a waiver by the owner of the ability to challenge the authority's right to take the property, but does not waive the owner's right to seek additional compensation. Early withdrawal of your share of the money will not affect your right to seek additional compensation for your property. Should the negotiated settlement or court award exceed the amount deposited by the City of Placentia , you will be paid the difference plus any interest and costs as provided by law.
WILL I HAVE TO PAY ANY SETTLEMENT COSTS?
If you and the City of Placentia enter into an agreement for sale of your property, you will not be responsible for the reasonable and necessary costs of:
• Escrow fees, recording fees, transfer taxes and any similar expenses that are incidental to transfer ownership to the City of Placentia . • Penalty costs and other charges necessary to permit prepayment of an earlier recorded mortgage on the property that was entered into in good faith. • Real property taxes covering the period after the City of Placentia acquires your property.
Escrow or the City of Placentia will identify these items in a Preliminary Closing Statement or equivalent to be given to you at the time of settlement. Ordinarily, if you have paid any of these expenses yourself, you will be repaid at that time. If you later discover other costs for which you should be repaid, you should request repayment from the City of Placentia after the acquisition.
If there are loans or other liens and encumbrances against the property, you will be responsible for paying them from the purchase price being paid to you by the City of Placentia .
MAY I KEEP ANY OF THE BUILDINGS OR OTHER IMPROVEMENTS ON MY PROPERTY?
Sometimes improvements may exist on a property, which are not required by the City of Placentia . If you wish to keep any of the improvements, please let your Acquisition Agent know as soon as possible.
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If you do arrange to keep any improvement(s), the City of Placentia will deduct its salvage value from the purchase price you would otherwise receive. (The salvage value of an item is its probable selling price if offered for sale on the condition that the buyer will remove it at his or her own expense.) If you arrange to keep any improvement pertaining to the property, you will not be entitled to receive a relocation payment for the cost of moving it to a new location.
CAN THE CITY OF PLACENTIA ACQUIRE ONLY A PART OF MY
PROPERTY?
YES. But, if the purchase of only a part of your property reduces the value of the remaining part(s), you must be paid for the loss in value (offset by any benefits accruing to the remainder resulting from the new public improvements). Also, under those circumstances, if any remaining part would have little or no utility or value to you, the City of Placentia will offer to buy that remaining part if you so desire.
WILL I HAVE TO PAY RENT TO THE CITY OF PLACENTIA AFTER MY PROPERTY IS ACQUIRED?
If you (or your tenant) wish to remain in the property after acquisition for a short term or for a period subject to termination by the City of Placentia on short notice, you will be required to sign a rental agreement or similar document. The rent will not exceed the lesser of the fair rental value of the property to a short-term occupier or the prorated portion of the fair rental value for a typical rental period.
Many of the property acquisitions required for this project will not require relocation of businesses or residences. Any requirement for relocation will be expressly written in the offer to purchase.
HOW SOON MUST I MOVE?
If you reach a voluntary agreement to sell your property, you cannot be required to move before you receive the agreed purchase price. In the case of a condemnation, you cannot be required to move before the court issues an order of possession. Before such an order can be issued, the estimated fair market value of the property must be deposited with the court so that you can withdraw your share.
Every reasonable effort will be made to give you ample time to relocate after the acquisition of your property. In most cases, a mutually satisfactory arrangement can be worked out.
You cannot be required to move without at least 90 days advance written notice of the date by which your move is required. In addition, if you are being displaced from your residence, a decent, safe and sanitary replacement property must be available before you can be required to move.
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AM I ENTITLED TO RECOVER LOSS OF BUSINESS GOODWILL?
The offer of compensation made by the City of Placentia does not include any consideration for loss of business goodwill, which may be claimed by an owner of a business if one is being conducted on the property or on the remainder if the property being acquired is part of a larger parcel. A copy of sections of the California Code of Civil Procedure relating to such claim for loss of goodwill is also enclosed for your information on page 8 of this brochure.
I AM A VETERAN, HOW ABOUT MY GI LOAN?
After your GI home mortgage loan has been repaid, you will be permitted to obtain another GI loan to purchase another property. Check on such arrangements with your nearest VA office.
MY PROPERTY IS WORTH MORE NOW THAN WHEN I BOUGHT IT. MUST I PAY CAPITAL GAINS TAX ON THE INCREASE?
In most cases when the City of Placentia acquires real property by condemnation or under the threat of condemnation, the property owner may defer the payment of Federal capital gains taxes on profit from the sale under certain circumstances.
Internal Revenue Service (IRS) Publication 544, "Sales and Other Dispositions of Assets" is available from the IRS. It explains how the Federal income tax would apply to a gain or loss resulting from the condemnation of real property or its sale under the threat of condemnation for public purposes.
To fully understand the income tax consequences relating to the condemnation of your property, you should consult with your personal tax advisor.
WHAT IF I HAVE OTHER QUESTIONS ABOUT THE PROCESS?
Contact the right of way acquisition firm listed on your Notice of Decision to Appraise letter. They will answer your questions and provide any needed additional information.
LOSS OF BUSINESS GOODWILL
CALIFORNIA CODE OF CIVIL PROCEDURE
SECTION 1263.510 -1263.530
1263.510. (a) The owner of a business conducted on the property taken, or on the remainder if such property is part of a larger parcel, shall be compensated for loss of goodwill if the owner proves all of the following:
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(1) The loss is caused by the taking of the property or the injury to the remainder.
(2) The loss cannot reasonably be prevented by a relocation of the business or by taking steps and adopting procedures that a reasonably prudent person would take and adopt in preserving the goodwill.
(3) Compensation for the loss will not be included in payments under Section 7262 of the Government Code.
(4) Compensation for the loss will not be duplicated in the compensation otherwise awarded to the owner.
(b) Within the meaning of this article, "goodwill" consists of the benefits that accrue to a business as a result of its location, reputation for dependability, skill or quality, and any other circumstances resulting in probable retention of old or acquisition of new patronage.
(c) If the public entity and the owner enter into a leaseback agreement pursuant to Section 1263.615, the following shall apply:
(1) No additional goodwill shall accrue during the lease. (2) The entering of a leaseback agreement shall not be a factor in determining goodwill. Any liability for goodwill shall be established and paid at the time of acquisition of the property by eminent domain or subsequent to notice that the property may be taken by eminent domain. 1263.520. The owner of a business who claims compensation under this article shall make available to the court, and the court shall, upon such terms and conditions as will preserve their confidentiality, make available to the plaintiff, the state tax returns of the business for audit for confidential use solely for the purpose of determining the amount of compensation under this article. Nothing in this section affects any right a party may otherwise have to discovery or to require the production of documents, papers, books, and accounts.
1263.530. Nothing in this article is intended to deal with compensation for inverse condemnation claims for temporary interference with or interruption of business. 9 448
Form
(Rev. March 2024)
Department of the Treasury
Internal Revenue Service
Request for Taxpayer
Identification Number and Certification
Go to www.irs.gov/FormW9 for instructions and the latest information.
Give form to the
requester. Do not
send to the IRS.
Before you begin. For guidance related to the purpose of Form W-9, see Purpose of Form, below.
Print or type.
See Specific Instructions on page 3.
1 Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.)
2 Business name/disregarded entity name, if different from above. 3a Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only one of the following seven boxes.
4 Exemptions (codes apply only to
certain entities, not individuals;
see instructions on page 3):
Exempt payee code (if any)
Individual/sole proprietor C corporation S corporation Partnership Trust/estate
. .
LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . .
Note: Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check box for the tax classification of its owner.
for the tax
the appropriate
Exemption from Foreign Account Tax
Compliance Act (FATCA) reporting
code (if any)
• Other (see instructions)
3b If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, this box if you have any foreign partners, owners, or beneficiaries. See instructions classification,
check
(Applies to accounts maintained
PP
outside the United States.)
5 Address (number, street, and apt. or suite no.). See instructions.
Requester's name and address (optional)
6 City, state, and ZIP code
7 List account number(s) here (optional)
Part I Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN, later.
Note: If the account is in more than one name, see the instructions for line 1. See also What Name and Number To Give the Requester for guidelines on whose number to enter.
Part II
Social security number
or
Employer identification number
Certification
Under penalties of perjury, I certify that:
1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and
2. I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and
3. I am a U.S. citizen or other U.S. person (defined below); and
4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.
Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and, generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later.
Sign
Here
Signature of
U.S. person
Date
General Instructions
Section references are to the Internal Revenue Code unless otherwise noted.
Future developments. For the latest information about developments related to Form W-9 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/FormW9 .
What's New
Line 3a has been modified to clarify how a disregarded entity completes this line. An LLC that is a disregarded entity should check the appropriate box for the tax classification of its owner. Otherwise, it should check the "LLC" box and enter its appropriate tax classification.
New line 3b has been added to this form. A flow -through entity is required to complete this line to indicate that it has direct or indirect foreign partners, owners, or beneficiaries when it provides the Form W-9 to another flow -through entity in which it has an ownership interest. This change is intended to provide a flow -through entity with information regarding the status of its indirect foreign partners, owners, or beneficiaries, so that it can satisfy any applicable reporting requirements. For example, a partnership that has any indirect foreign partners may be required to complete Schedules K-2 and K-3. See the Partnership Instructions for Schedules K-2 and K-3 (Form 1065).
Purpose of Form
An individual or entity (Form W-9 requester) who is required to file an information return with the IRS is giving you this form because they Cat. No. 10231X
Form W-9 (Rev. 3-2024)
449
Form W-9 (Rev. 3-2024) Page 2
must obtain your correct taxpayer identification number (TIN), which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following.
• Form 1099-INT (interest earned or paid).
• Form 1099-DIV (dividends, including those from stocks or mutual funds).
• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds).
• Form 1099 -NEC (nonemployee compensation).
• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers).
• Form 1099-S (proceeds from real estate transactions). • Form 1099-K (merchant card and third -party network transactions). • Form 1098 (home mortgage interest), 1098-E (student loan interest), and 1098-T (tuition).
• Form 1099-C (canceled debt).
• Form 1099-A (acquisition or abandonment of secured property).
Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN.
Caution: If you don't return Form W-9 to the requester with a TIN, you might be subject to backup withholding. See What is backup withholding, later.
By signing the filled -out form, you:
1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued);
2. Certify that you are not subject to backup withholding; or
3. Claim exemption from backup withholding if you are a U.S. exempt payee; and
4. Certify to your non -foreign status for purposes of withholding under chapter 3 or 4 of the Code (if applicable); and
5. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting is correct. See What Is FATCA Reporting, later, for further information.
Note: If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requester's form if it is substantially similar to this Form W-9.
Definition of a U.S. person. For federal tax purposes, you are considered a U.S. person if you are:
• An individual who is a U.S. citizen or U.S. resident alien; • A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States; • An estate (other than a foreign estate); or
• A domestic trust (as defined in Regulations section 301.7701-7).
Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding. Payments made to foreign persons, including certain distributions, allocations of income, or transfers of sales proceeds, may be subject to withholding under chapter 3 or chapter 4 of the Code (sections 1441-1474). Under those rules, if a Form W-9 or other certification of non -foreign status has not been received, a withholding agent, transferee, or partnership (payor) generally applies presumption rules that may require the payor to withhold applicable tax from the recipient, owner, transferor, or partner (payee). See Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.
The following persons must provide Form W-9 to the payor for purposes of establishing its non -foreign status.
• In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the disregarded entity. • In the case of a grantor trust with a U.S. grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the grantor trust.
• In the case of a U.S. trust (other than a grantor trust), the U.S. trust and not the beneficiaries of the trust.
See Pub. 515 for more information on providing a Form W-9 or a certification of non -foreign status to avoid withholding.
Foreign person. If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person (under Regulations section 1.1441-1(b)(2)(iv) or other applicable section for chapter 3 or 4 purposes), do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Pub. 515). If you are a qualified foreign pension fund under Regulations section 1.897(1)-1(d), or a partnership that is wholly owned by qualified foreign pension funds, that is treated as a non -foreign person for purposes of section 1445 withholding, do not use Form W-9. Instead, use Form W-8EXP (or other certification of non -foreign status).
Nonresident alien who becomes a resident alien. Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a saving clause. Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.
If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items.
1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.
2. The treaty article addressing the income.
3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.
4. The type and amount of income that qualifies for the exemption from tax.
5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.
Example. Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if their stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first Protocol) and is relying on this exception to claim an exemption from tax on their scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption.
If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233.
Backup Withholding
What is backup withholding? Persons making certain payments to you must under certain conditions withhold and pay to the IRS 24% of such payments. This is called "backup withholding." Payments that may be subject to backup withholding include, but are not limited to, interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third -party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding.
You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.
Payments you receive will be subject to backup withholding if:
1. You do not furnish your TIN to the requester;
2. You do not certify your TIN when required (see the instructions for Part II for details);
3. The IRS tells the requester that you furnished an incorrect TIN;
4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only); or
5. You do not certify to the requester that you are not subject to backup withholding, as described in item 4 under "By signing the filled - out form" above (for reportable interest and dividend accounts opened after 1983 only).
450
Form W-9 (Rev. 3-2024) Page 3
Certain payees and payments are exempt from backup withholding.
See Exempt payee code, later, and the separate Instructions for the Requester of Form W-9 for more information.
See also Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding, earlier.
What Is FATCA Reporting?
The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all U.S. account holders that are specified U.S. persons. Certain payees are exempt from FATCA reporting. See Exemption from FATCA reporting code, later, and the Instructions for the Requester of Form W-9 for more information.
Updating Your Information
You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate receiving reportable payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you are no longer tax exempt. In addition, you must furnish a new Form W-9 if the name or TIN changes for the account, for example, if the grantor of a grantor trust dies.
Penalties
Failure to furnish TIN. If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect.
Civil penalty for false information with respect to withholding. If you make a false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.
Criminal penalty for falsifying information. Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.
Misuse of TINs. If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties.
Specific Instructions
Line 1
You must enter one of the following on this line; do not leave this line blank. The name should match the name on your tax return.
If this Form W-9 is for a joint account (other than an account maintained by a foreign financial institution (FFI)), list first, and then circle, the name of the person or entity whose number you entered in Part I of Form W-9. If you are providing Form W-9 to an FFI to document a joint account, each holder of the account that is a U.S. person must provide a Form W-9.
• Individual. Generally, enter the name shown on your tax return. If you have changed your last name without informing the Social Security Administration (SSA) of the name change, enter your first name, the last name as shown on your social security card, and your new last name.
Note for ITIN applicant: Enter your individual name as it was entered on your Form W-7 application, line 1 a. This should also be the same as the name you entered on the Form 1040 you filed with your application. • Sole proprietor. Enter your individual name as shown on your Form 1040 on line 1. Enter your business, trade, or "doing business as" (DBA) name on line 2.
• Partnership, C corporation, S corporation, or LLC, other than a disregarded entity. Enter the entity's name as shown on the entity's tax return on line 1 and any business, trade, or DBA name on line 2. • Other entities. Enter your name as shown on required U.S. federal tax documents on line 1. This name should match the name shown on the charter or other legal document creating the entity. Enter any business, trade, or DBA name on line 2.
• Disregarded entity. In general, a business entity that has a single owner, including an LLC, and is not a corporation, is disregarded as an entity separate from its owner (a disregarded entity). See Regulations section 301.7701-2(c)(2). A disregarded entity should check the appropriate box for the tax classification of its owner. Enter the owner's name on line 1. The name of the owner entered on line 1 should never be a disregarded entity. The name on line 1 should be the name shown on the income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a single owner that is a U.S. person, the U.S. owner's name is required to be provided on line 1. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal tax purposes. Enter the disregarded entity's name on line 2. If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9. This is the case even if the foreign person has a U.S. TIN.
Line 2
If you have a business name, trade name, DBA name, or disregarded entity name, enter it on line 2.
Line 3a
Check the appropriate box on line 3a for the U.S. federal tax classification of the person whose name is entered on line 1. Check only one box on line 3a.
IF the entity/individual on line 1
is a(n) . . .
THEN check the box for . ..
• Corporation
Corporation.
• Individual or
• Sole proprietorship
Individual/sole proprietor.
• LLC classified as a partnership
for U.S. federal tax purposes or
• LLC that has filed Form 8832 or
2553 electing to be taxed as a
corporation
Limited liability company and
enter the appropriate tax
classification:
P = Partnership,
C = C corporation, or
S = S corporation.
• Partnership
Partnership.
• Trust/estate
Trust/estate.
Line 3b
Check this box if you are a partnership (including an LLC classified as a partnership for U.S. federal tax purposes), trust, or estate that has any foreign partners, owners, or beneficiaries, and you are providing this form to a partnership, trust, or estate, in which you have an ownership interest. You must check the box on line 3b if you receive a Form W-8 (or documentary evidence) from any partner, owner, or beneficiary establishing foreign status or if you receive a Form W-9 from any partner, owner, or beneficiary that has checked the box on line 3b.
Note: A partnership that provides a Form W-9 and checks box 3b may be required to complete Schedules K-2 and K-3 (Form 1065). For more information, see the Partnership Instructions for Schedules K-2 and K-3 (Form 1065).
If you are required to complete line 3b but fail to do so, you may not receive the information necessary to file a correct information return with the IRS or furnish a correct payee statement to your partners or beneficiaries. See, for example, sections 6698, 6722, and 6724 for penalties that may apply.
Line 4 Exemptions
If you are exempt from backup withholding and/or FATCA reporting, enter in the appropriate space on line 4 any code(s) that may apply to you.
Exempt payee code.
• Generally, individuals (including sole proprietors) are not exempt from backup withholding.
• Except as provided below, corporations are exempt from backup withholding for certain payments, including interest and dividends. • Corporations are not exempt from backup withholding for payments made in settlement of payment card or third -party network transactions. • Corporations are not exempt from backup withholding with respect to attorneys' fees or gross proceeds paid to attorneys, and corporations that provide medical or health care services are not exempt with respect to payments reportable on Form 1099-MISC.
The following codes identify payees that are exempt from backup withholding. Enter the appropriate code in the space on line 4. 1 —An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2).
451
Form W-9 (Rev. 3-2024)
2 —The United States or any of its agencies or instrumentalities. 3—A state, the District of Columbia, a U.S. commonwealth or territory, or any of their political subdivisions or instrumentalities. 4—A foreign government or any of its political subdivisions, agencies, or instrumentalities.
5—A corporation.
6—A dealer in securities or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or territory.
7—A futures commission merchant registered with the Commodity Futures Trading Commission.
8—A real estate investment trust.
9 —An entity registered at all times during the tax year under the Investment Company Act of 1940.
10—A common trust fund operated by a bank under section 584(a). 11—A financial institution as defined under section 581. 12—A middleman known in the investment community as a nominee or custodian.
13—A trust exempt from tax under section 664 or described in section 4947.
The following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through 13.
IF the payment is for . ..
THEN the payment is exempt
for...
• Interest and dividend payments
All exempt payees except
for 7.
• Broker transactions
Exempt payees 1 through 4 and 6
through 11 and all C corporations.
S corporations must not enter an
exempt payee code because they
are exempt only for sales of
noncovered securities acquired
prior to 2012.
• Barter exchange transactions
and patronage dividends
Exempt payees 1 through 4.
• Payments over $600 required to
be reported and direct sales over
$5,0001
Generally, exempt payees
1 through 5.2
• Payments made in settlement of
payment card or third -party
network transactions
Exempt payees 1 through 4.
1 See Form 1099-MISC, Miscellaneous Information, and its instructions. 2 However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys' fees, gross proceeds paid to an attorney reportable under section 6045(f), and payments for services paid by a federal executive agency.
Exemption from FATCA reporting code. The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the person requesting this form if you are uncertain if the financial institution is subject to these requirements. A requester may indicate that a code is not required by providing you with a Form W-9 with "Not Applicable" (or any similar indication) entered on the line for a FATCA exemption code.
A —An organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701(a)(37).
B —The United States or any of its agencies or instrumentalities.
C —A state, the District of Columbia, a U.S. commonwealth or territory, or any of their political subdivisions or instrumentalities.
D —A corporation the stock of which is regularly traded on one or more established securities markets, as described in Regulations section 1.1472-1(c)(1)(i).
E —A corporation that is a member of the same expanded affiliated group as a corporation described in Regulations section 1.1472-1(c)(1)(i).
F —A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state.
G —A real estate investment trust.
H —A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Company Act of 1940.
I —A common trust fund as defined in section 584(a).
J —A bank as defined in section 581.
K —A broker.
L —A trust exempt from tax under section 664 or described in section 4947(a)(1).
M —A tax-exempt trust under a section 403(b) plan or section 457(g) plan.
Note: You may wish to consult with the financial institution requesting this form to determine whether the FATCA code and/or exempt payee code should be completed.
Line 5
Enter your address (number, street, and apartment or suite number).
This is where the requester of this Form W-9 will mail your information returns. If this address differs from the one the requester already has on file, enter "NEW" at the top. If a new address is provided, there is still a chance the old address will be used until the payor changes your address in their records.
Line 6
Enter your city, state, and ZIP code.
Part I. Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box. If you are a resident alien and you do not have, and are not eligible to get, an SSN, your TIN is your IRS ITIN. Enter it in the entry space for the Social security number. If you do not have an ITIN, see How to get a TIN below.
If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN.
If you are a single -member LLC that is disregarded as an entity separate from its owner, enter the owner's SSN (or EIN, if the owner has one). If the LLC is classified as a corporation or partnership, enter the entity's EIN.
Note: See What Name and Number To Give the Requester, later, for further clarification of name and TIN combinations.
How to get a TIN. If you do not have a TIN, apply for one immediately.
To apply for an SSN, get Form SS -5, Application for a Social Security Card, from your local SSA office or get this form online at www.SSA.gov . You may also get this form by calling 800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS -4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at www.irs.gov/EIN . Go to www.irs.gov/Forms to view, download, or print Form W-7 and/or Form SS -4. Or, you can go to www.irs.gov/OrderForms to place an order and have Form W-7 and/or Form SS -4 mailed to you within 15 business days.
If you are asked to complete Form W-9 but do not have a TIN, apply for a TIN and enter "Applied For" in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, you will generally have 60 days to get a TIN and give it to the requester before you are subject to backup withholding on payments. The 60 -day rule does not apply to other types of payments.
You will be subject to backup withholding on all such payments until you provide your TIN to the requester.
Note: Entering "Applied For" means that you have already applied for a TIN or that you intend to apply for one soon. See also Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding, earlier, for when you may instead be subject to withholding under chapter 3 or 4 of the Code.
Caution: A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.
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Form W-9 (Rev. 3-2024) Page 5
Part II. Certification
To establish to the withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if item 1, 4, or 5 below indicates otherwise.
For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person identified on line 1 must sign. Exempt payees, see Exempt payee code, earlier.
Signature requirements. Complete the certification as indicated in items 1 through 5 below.
1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983.
You must give your correct TIN, but you do not have to sign the certification.
2. Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983. You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item 2 in the certification before signing the form.
3. Real estate transactions. You must sign the certification. You may cross out item 2 of the certification.
4. Other payments. You must give your correct TIN, but you do not have to sign the certification unless you have been notified that you have previously given an incorrect TIN. "Other payments" include payments made in the course of the requester's trade or business for rents, royalties, goods (other than bills for merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third -party network transactions, payments to certain fishing boat crew members and fishermen, and gross proceeds paid to attorneys (including payments to corporations).
5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under section 529), ABLE accounts (under section 529A), IRA, Coverdell ESA, Archer MSA or HSA contributions or
distributions, and pension distributions. You must give your correct TIN, but you do not have to sign the certification.
What Name and Number To Give the Requester
For this type of account:
Give name and SSN of:
1. Individual
2. Two or more individuals (joint account)
other than an account maintained by
an FFI
3. Two or more U.S. persons
(joint account maintained by an FFI)
4. Custodial account of a minor
(Uniform Gift to Minors Act)
5. a. The usual revocable savings trust
(grantor is also trustee)
b. So-called trust account that is not
a legal or valid trust under state law
6. Sole proprietorship or disregarded
entity owned by an individual
7. Grantor trust filing under Optional
Filing Method 1 (see Regulations
section 1.671-4(b)(2)(i)(A))**
The individual
The actual owner of the account or,
if combined funds, the first individual
on the account'
Each holder of the account
The minor2
The grantor -trustee'
The actual owner'
The owner3
The grantor*
For this type of account:
Give name and EIN of:
8. Disregarded entity not owned by an
individual
9. A valid trust, estate, or pension trust
10. Corporation or LLC electing corporate
status on Form 8832 or Form 2553
11. Association, club, religious, charitable,
educational, or other tax-exempt
organization
12. Partnership or multi -member LLC
13. A broker or registered nominee
14. Account with the Department of
Agriculture in the name of a public
entity (such as a state or local
government, school district, or prison)
that receives agricultural program
payments
15. Grantor trust filing Form 1041 or
under the Optional Filing Method 2,
requiring Form 1099 (see Regulations
section 1.671-4(b)(2)(i)(B))**
The owner
Legal entity4
The corporation
The organization
The partnership
The broker or nominee
The public entity
The trust
'List first and circle the name of the person whose number you furnish.
If only one person on a joint account has an SSN, that person's number must be furnished.
2Circle the minor's name and furnish the minor's SSN.
3You must show your individual name on line 1, and enter your business or DBA name, if any, on line 2. You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN. 4 List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless the legal entity itself is not designated in the account title.) * Note: The grantor must also provide a Form W-9 to the trustee of the trust.
** For more information on optional filing methods for grantor trusts, see the Instructions for Form 1041.
Note: If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed.
Secure Your Tax Records From Identity Theft
Identity theft occurs when someone uses your personal information, such as your name, SSN, or other identifying information, without your permission to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.
To reduce your risk:
• Protect your SSN,
• Ensure your employer is protecting your SSN, and
• Be careful when choosing a tax return preparer.
If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number printed on the IRS notice or letter.
If your tax records are not currently affected by identity theft but you think you are at risk due to a lost or stolen purse or wallet, questionable credit card activity, or a questionable credit report, contact the IRS Identity Theft Hotline at 800-908-4490 or submit Form 14039.
For more information, see Pub. 5027, Identity Theft Information for Taxpayers.
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Form W-9 (Rev. 3-2024) Page 6
Victims of identity theft who are experiencing economic harm or a systemic problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll -free case intake line at 877-777-4778 or TTY/TDD 800-829-4059.
Protect yourself from suspicious emails or phishing schemes.
Phishing is the creation and use of email and websites designed to mimic legitimate business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.
The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts.
If you receive an unsolicited email claiming to be from the IRS, forward this message to [email protected]. You may also report misuse of the IRS name, logo, or other IRS property to the Treasury Inspector General for Tax Administration (TIGTA) at 800-366-4484. You can forward suspicious emails to the Federal Trade Commission at [email protected] or report them at www.ftc.gov/complaint . You can contact the FTC at www.ftc.gov/idtheft or 877-IDTHEFT (877-438-4338).
If you have been the victim of identity theft, see www.IdentityTheft.gov and Pub. 5027.
Go to www.irs.gov/IdentityTheft to learn more about identity theft and how to reduce your risk.
Privacy Act Notice
Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting the above information.
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454
Federal Aid Project # BRL-5269(025)
CITY OF PLACENTIA
GOLDEN AVENUE BRIDGE REPLACEMENT PROJECT
APN: 334-011-35
ACKNOWLEDGEMENT OF RECEIPT OF OFFER PACKAGE
This is to acknowledge receipt of the offer package covering the real property identified as APN(s): 334-011-35.
Upon receipt, please sign below and return to Christine Wasfi at [email protected].
Acknowledgment of Receipt does not constitute acceptance of the offer to purchase.
The offer package received contained the following items:
1. Offer Letter
2. Agreement of Purchase and Sale and Joint Escrow Instructions
3. Easement Deed and Legal Description and Plat
4. Temporary Construction Easement Deed and Legal Description and Plat
5. Summary Statement Relating to the Purchase of Real Property or an Interest Therein
6. Appraisal Report
7. Litigation Guarantee
8. Your Rights Under Title VI Brochure
9. Acquisition Handbook
10. W-9 Request for Taxpayer ID
Recipient Name (please print)
Recipient Signature Date
( ) ( )
Phone
Best time to call:
Cell E -Mail (optional)
The mailing address is correct as sent/ received
Please update the mailing address as follows:
455
f
EPIC
Land Solutions, Inc.
Inland Empire Regional Office
3850 Vine Street, Suite 200
Riverside, CA 92507
(310) 626-4848
epicland.com
Project
APNs
Interest Appraised
Date of Value
Appraised Value
Just Compensation Recommendation
Golden Avenue Bridge Replacement Project
334-011-35
13.36 SF, Permanent Easement Interest
141.3 SF, Temporary Construction Easement Interest
April 2, 2024
$1,000.00
In accordance with the acquisition of the subject property, the following actions have been undertaken in conformity with 49 CFR Part 24 "Uniform Relocation Assistance and Real Property Acquisition for Federal and Federally -Assisted Programs" and Caltrans Right of Way Procedures Manual:
1. Performed a fee appraisal to ascertain Fair Market Value prepared by Valbridge Property Advisors.
2. A formal review of the appraisal was prepared by CBRE, Valuation & Advisory Services to certify the appraisal of Fair Market Value.
49 CFR Part 24, Subpart B Section 24.102(d) states that before the initiation of negotiations, the Agency shall establish an amount which it believes is Just Compensation for the real property. The amount shall not be less than the approved appraisal of the Fair Market Value of the property, taking into account the value of allowable damages or benefits to any remaining property.
An Agency official must establish the amount believed to be just compensation. Promptly thereafter, the Agency shall make a written offer to the owner to acquire the property for the full amount believed to be Just Compensation. Fair Market Value as per California Code of Civil Procedure section 1263.320 is defined as 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.
We hereby recommend that the value of $1,000.00 (One Thousand Dollars and No Cents), based upon the fee appraisal prepared by Valbridge Property Advisors to be determined to be the probable amount of Just Compensation by the City of Placentia.
Recommended forApproval:
Date: November 4, 2024
Iceliehet
By: Tyler Kelleher
Project Manager
Epic Land Solutions, Inc.
Creating Land Solutions for the Public Good
456
The People are the City
Mayor
JEREMY B. YAMAGUCHI
Mayor Pro Tem
KEVIN KIRWIN
Councihnenthers:
RHONDA SHADER
WARD L. SMITH
CHAD P. WANKE
401 East Chapman Avenue - Placentia. California 92870
CITY OF PLACENTIA
Just Compensation Approval
Cny Cierk:
ROBERT S. MCKINNELL
Ciry Treasurer
KEVIN A. LARSON
City Administrator
DAMIEN R. ARRULA
Based upon (1) the Fee Appraisal dated October 21, 2024, prepared by Valbridge Property Advisors (2) Appraisal Review dated October 31, 2024, prepared by CBRE, Valuation & Advisory Services; and (3) Authority staff recommendation, the amount of just compensation for the purchase of Assessor Parcel No. 334-011-35 is set at $1,000.00 (Dollars and No Cents).
City of Placentia
Date:
By:
Name:
Title:
457
The People are the City
Mayor
WARD L. SMITH
Mayor Pro Tem
JEREMY B. YAMAGUCHI
Councilmembers:
KEVIN KIRWIN
RHONDA SHADER
CHAD P. WANKE
401 East Chapman Avenue - Placentia, California 92870
November 21, 2024
City Clerk:
ROBERT S. MCKINNELL
City Treasurer
KEVIN A. LARSON
City Administrator
DAMIEN R. ARRULA
Hand Delivered or Sent Via Certified USPS Mail
John and Allison Gaddis
4021 Winterhaven St
Yorba Linda, CA 92886
RE: Offer to Purchase Real Property Pursuant to Government Code §§ 7267.1 and 7267.2(a) City of Placentia — Golden Avenue Bridge Replacement Project Site Address: 4021 Winterhaven Street Yorba Linda, CA 92886 Assessor's Parcel Number: 334-011-35
Federal Aid Project #BRL-5269(025)
Dear Property Owner:
The City of Placentia ("City") is proposing the Golden Avenue Bridge Replacement Project ("Project") which is a federally funded 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.
The Proposed Project will require the acquisition of (1) an approximate 13.36 square foot permanent easement ("Subject Easement") and (2) an approximate 141.3 square foot temporary construction easement with a term of 24 months ("TCE") over portions of the above -referenced parcel located at 4021 Winterhaven Street and identified as Orange County Tax Assessor's Parcel Number 334-011-35 ("Larger Parcel"). The Subject Easement is described more particularly in the Exhibits to the Easement Deed enclosed with this offer letter. The TCE is described more particularly in the Exhibits to the Grant of Temporary Construction Easement enclosed with this offer letter. The Subject Easement and the TCE required for the Proposed Project are referred to below collectively as the "Subject Property Interests".
1. Offer. Subject to, and upon the terms and conditions set forth below, the City offers to purchase the Subject Property Interests in connection with the Project. California law requires that, before making an offer to purchase the Subject Property Interests for the Proposed Project, the City must (1) obtain an independent appraisal to determine the fair market value of the Subject Property Interests, (2) establish an amount which it believes to be just compensation for the Subject Property Interests, and (3) make an offer to the owner(s) for an amount not less than the just compensation so determined. Accordingly, the City recently had the Larger Parcel and the Subject Property Interests appraised to determine the fair market value of the Subject Property Interests, 458
2 as defined in California Code of Civil Procedure section 1263.320. Pursuant to Government Code Section 7267.1, the owner had the opportunity to accompany the appraiser during their inspection. The City obtained an appraisal for the fair market value of the Subject Property Interests prepared by John Penner, a California Certified Real Estate Appraiser of Valbridge Property Advisors ("Appraisal Report") that used a date of value of April 2, 2024 ("Date of Value").
Rick Donahue, MAI, a Certified California General Appraiser of CBRE — Valuation & Advisory Services prepared an appraisal review dated October 31, 2024 ("Review Appraisal"). Rick Donahue found that the Appraisal Report complies with USPAP requirements and applicable State of California and Federal regulations.
It is the policy of the City to acquire property that is in private ownership only when it is necessary to do so, and through voluntary purchase if possible. In accordance with applicable law, the City has reviewed and approved the appraisal of the fair market cash value of the Subject Property Interests. Pursuant to Government Code Section 7267.2, the City has enclosed for your reference an informational City of Placentia Acquisition Handbook providing an overview of the eminent domain process and of your rights.
We hope this is helpful for understanding your rights. While the City has the power of eminent domain, condemnation has not been authorized with respect to your property as of this date and no decision has yet been made to use the power of eminent domain to acquire the interests in your property.
Further, because the City plans to use the Subject Property Interests for the Proposed Project as soon as the City acquires the necessary property interests needed for the Proposed Project, the City does not intend to offer a leaseback agreement for the Subject Property Interests pursuant to Code of Civil Procedure section 1263.615.
2. Purchase Price. The City hereby offers to purchase the Subject Property Interests for One Thousand Dollars and No Cents ($1,000.00) ("Purchase Price"). The Purchase Price represents at least the full amount the City believes to be just compensation for the acquisition of the Subject Property Interests as of the Date of Value. It is not less than the approved appraisal of the Subject Property Interests on the Date of Value and does not include any increase or decrease in value of the Subject Property Interests caused by the Proposed Project for which the City seeks to acquire the Subject Property Interests. The Purchase Price also does not reflect any relocation assistance, benefits, or payments, if any, that you may be entitled to receive. This amount also does not include any compensation for loss of goodwill. The requirements for establishing goodwill loss are set forth in California Code of Civil Procedure section 1263.510, a copy of which is attached to this letter.
3. Basis for Offer. The enclosed Appraisal Report, which is incorporated herein by this reference, provides the basis for the amount established by the City as just compensation. The Appraisal Report takes into consideration the highest and best use of the Larger Parcel, the location, zoning, the condition and size of any improvements on the Larger Parcel and the Subject Property Interests, the Date of Value, severance damages, and other factors that affect fair market value as required by the Government Code.
The appraiser determined that the total fair market value of the Subject Property Interests is $1,000.00, consisting of $500.00 for the Subject Easement and $500.00 for the use of the TCE.
4. Conditions of Offer. The offer is subject to, and conditioned upon the acceptance of the terms of the Agreement for Purchase and Sale enclosed with this offer letter.
5. Offer to Pay Reasonable Costs of an Independent Appraisal Pursuant to Code of Civil Procedure Section 1263.025. If you wish to obtain an independent appraisal of the Subject Property Interests, in accordance with California Code of Civil Procedure section 1263.025(a), the City hereby offers to reimburse you for the reasonable costs, not to exceed $5,000.00 (Five Thousand Dollars), of such an 459
3 independent appraisal. Any independent appraisal must be conducted by an appraiser licensed by the California Bureau of Real Estate Appraisers. Please notify your assigned Epic Land Solution, Inc.
Acquisition Agent ("Epic Acquisition Agent"), Christine Wasfi within 30 days of the date of this offer letter if you wish to obtain an independent appraisal of the Subject Property Interests. The City is not obligated to accept your appraiser's value of the Property Interests. The City, however, will review your appraisal and if appropriate, confer with the City's independent appraiser regarding the merits of your appraisal.
6. Acceptance of Offer and Execution of Purchase and Sale Agreement. If the above offer is acceptable, please sign and return the following documents to Christine Wasfi, Epic Acquisition Agent in the enclosed envelope:
(a) The Agreement for Purchase and Sale and Joint Escrow Instructions.
The other materials (Appraisal Report, Title Report, Brochures etc.) are included for your information and files and do not need to be returned.
7. Admissibility of Offer. If for any reason you reject the City's offer, please be advised that this offer letter and enclosures are made under the provisions of California Evidence Code sections 1152 and 1154, and shall not be admissible in any eminent domain proceeding, or any other action for any purpose prohibited under these sections. However, while the City has the power of eminent domain, condemnation has not been authorized with respect to your property as of this date and no decision has yet been made to use the power of eminent domain to acquire the interests in your property.
If you have any questions regarding the Proposed Project, this offer, the Agreement for Purchase and Sale, or the acquisition process, please feel free to contact Christine Wasfi, Epic Acquisition Agent at (951) 405- 4645 or email [email protected].
Sincerely,
Damien Arrula
City of Placentia, City Administrator
Enclosures: Acknowledgment of Receipt of Offer Package
Copy of California Code of Civil Procedure section 1263.510 Agreement for Purchase and Sale and Joint Escrow Instructions Easement Deed, Legal Description and Plat Map
Grant of Temporary Construction Easement, Legal Description and Plat Map Appraisal Report
Litigation Guarantee
Your Rights under Title VI Brochure
City of Placentia Acquisition Handbook
W-9 Request For Taxpayer ID
460
4 CALIFORNIA CODE OF CIVIL PROCEDURE
SECTION 1263.510
(a) The owner of a business conducted on the property taken, or on the remainder if the property is part of a larger parcel, shall be compensated for loss of goodwill if the owner proves all of the following:
(1) The loss is caused by the taking of the property or the injury to the remainder. (2) The loss cannot reasonably be prevented by a relocation of the business or by taking steps and adopting procedures that a reasonably prudent person would take and adopt in preserving the goodwill. (3) Compensation for the loss will not be included in payments under Section 7262 of the Government Code.
(4) Compensation for the loss will not be duplicated in the compensation otherwise awarded to the owner.
(b) Within the meaning of this article, "goodwill" consists of the benefits that accrue to a business as a result of its location, reputation for dependability, skill or quality, and any other circumstances resulting in probable retention of old or acquisition of new patronage. (c) If the public entity and the owner enter into a leaseback agreement pursuant to Section 1263.615, the following shall apply:
(1) No additional goodwill shall accrue during the lease. (2) The entering of a leaseback agreement shall not be a factor in determining goodwill. Any liability for goodwill shall be established and paid at the time of acquisition of the property by eminent domain or subsequent to notice that the property may be taken by eminent domain. (Amended by Stats. 2006, Ch. 602, Sec. 2. Effective January 1, 2007.) 461
AGREEMENT FOR PURCHASE AND SALE AND
JOINT ESCROW INSTRUCTIONS
Federal Aid Project # BRL-5269(025)
Gaddis
APN 334-011-35
John D. Gaddis and Allison Gaddis, husband and wife as Joint Tenants (hereinafter, "Grantor"), owns the real property located at 4021 Winterhaven St, Yorba Linda, CA in the County of Orange, Assessor Parcel Number 334-011-35 (the "Property"). City of Placentia (the "City") requires a temporary construction easement in a portion of the Property for the Golden Avenue Bridge Replacement Project (the "Project"). A Permanent Easement Deed in a form substantially similar to Exhibit "1", and a Temporary Construction Easement Deed to the City in a form substantially similar to Exhibit "2" hereto, covering the property interests as described and depicted in the exhibits attached thereto (collectively the "Property Interests"), will be executed during the escrow to be opened for this transaction.
In consideration of which, and the other considerations hereinafter set forth, it is mutually agreed as follows:
1. (A) The parties have herein set forth the whole of their agreement ("Agreement"). The performance of this Agreement constitutes the entire consideration and shall relieve the City of all further obligations or claims on this account, or on account of the location, grade or construction of the proposed public improvement.
(B) The City requires said Property Interests described in Exhibit "1" and Exhibit "2" for the Project, a public use for which the City has the authority to exercise the power of eminent domain.
(C) Both Grantor and the City recognize the expense, time, effort, and risk to both parties in determining the compensation for the Property Interests by eminent domain litigation. The compensation set forth herein for the Property Interests is in compromise and settlement, in lieu of such litigation.
(D) It is agreed that the City may open an escrow in accordance with this Agreement at Commonwealth Land Title Company or another selected escrow company ("Escrow Agent"), Escrow No. to be determined. This Agreement constitutes the joint escrow instructions of CITY and Grantor, and Escrow Agent to whom these instructions are delivered is hereby empowered to act under this Agreement. The parties hereto agree to perform all acts reasonably necessary to close this escrow within thirty (30) days following the opening of escrow. The Parties hereto agree to do all acts reasonably necessary to close this escrow in the shortest possible time.
(E) Grantor agrees to deposit with Escrow Agent prior to the Close of Escrow (defined below) the original, fully executed and acknowledged Easement Grant Deed and Temporary Construction Easement Deed and any other customary agreements, consents, or documents reasonably necessary to effectuate the purchase of the Subject Property, including Lender's written approval of Grantor's entering this Agreement if necessary. City agrees to deposit the 462
following with Escrow Agent prior to the Close of Escrow: (1) the full amount of compensation, and (2) a certificate of acceptance.
(F) All funds received in this escrow shall be deposited with other escrow funds in a general escrow account(s) and may be transferred to any other such escrow trust account in any State or National Bank doing business in the State of California. All disbursements shall be made by check from such account.
(G) The parties to this contract shall, pursuant to Section 21.7(a) of Title 49, Code of Federal Regulations, comply with all elements of Title VI of the Civil Rights Act of 1964. This requirement under Title VI and the Code of Federal Regulations is to complete the USDOT- Non-Discrimination Assurance requiring compliance with Title VI of the Civil Rights Act of 1964, 49 C.F.R. Parts 21 and 28 C.F.R. Section 50.3
(H) Further, no person in the United States shall, on the grounds of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be otherwise subjected to discrimination under any program or activity that is the subject of this contract ESCROW AGENT IS AUTHORIZED TO, AND SHALL:
(I)
Pay and charge Grantor, upon Grantor's written approval, for any amount necessary to place title in the condition necessary to satisfy the express terms of this Agreement, excluding any penalty for prepayment to any lienholder in compliance with 1265.240 of the Eminent Domain Law;
(J) Pay and charge City for any escrow fees, charges, and costs payable required for the Close of Escrow;
(K) Disburse funds and deliver the Easement Deeds when conditions of this escrow have been fulfilled by City and Grantor.
The term "Close of Escrow", where written in these instructions, shall mean the date necessary instruments of conveyance are recorded in the office of the Orange County Recorder. Recordation of instruments delivered through this escrow is authorized if necessary or proper in the issuance of said policy of title insurance.
All time limits within which any matter herein specified is to be performed may be extended by mutual agreement of the Parties hereto. Any amendment of, or supplement to, any instructions must be in writing.
TIME IS OF THE ESSENCE IN THESE INSTRUCTIONS, AND ESCROW IS TO CLOSE AS SOON AS POSSIBLE. If this escrow is not in condition to close within 210 days from opening of escrow, either Party who then shall have fully complied with its obligations may, in writing, demand the return of its money or property; but if neither Party has complied, no demand for return thereof shall be recognized until five (5) days after Escrow Agent shall have mailed copies of such demand to all Parties at the respective addresses shown in these escrow instructions, and if any objections are raised within said five (5) day period, Escrow Agent is authorized to hold all papers and documents until instructed by a court of competent jurisdiction or mutual instructions. If no demands are made, proceed with closing of this escrow as soon as possible. 463
2. (A) The City shall pay the undersigned Grantor the sum of ONE THOUSAND DOLLARS and NO CENTS ($1,000.00) for the Property Interests conveyed by Exhibit "1" and Exhibit "2" when title to said Property Interests vests in the City free and clear of all liens, deeds of trusts, encumbrances, assessments, easements and leases (recorded and/or unrecorded), and taxes, except:
Taxes for the tax year in which this escrow closes shall be cleared and paid in the manner required by Section 5086 of the Revenue and Taxation Code, if unpaid at the close of escrow.
ii. Covenants, conditions, restrictions and reservations of record as contained in the title report (Commonwealth Land Title Company order number 92020645).
Easements or rights -of -way over said land for public or quasi -public utility or public street purposes, if any.
(B) The City shall pay all escrow and recording fees incurred in this transaction, and if title insurance is desired by the City, the premium charged therefore. Due to the City's status as a public agency, no recording fees will be payable (pursuant to Government Code Section 27383) and no documentary tax will be payable (pursuant to Revenue & Taxation Code Section 11922).
(C) The City shall have the authority to deduct and pay from the amount shown on Clause 2(A) above, any amount necessary to satisfy any bond demands and delinquent taxes due in any year except the year in which this escrow closes, together with penalties and interest thereon, and/or delinquent and unpaid non -delinquent assessments which have become a lien at the close of escrow.
3. FULL AND COMPLETE SETTLEMENT. Grantor hereby acknowledges that it is the sole and lawful owner of the Property and the compensation paid to Grantor through this Agreement constitutes the full and complete settlement of any and all claims against the City, the County of Orange and the State of California, Department of Transportation (hereinafter "Releasees") by reason of the Project and/or acquisition of the Property Interest, including, but not limited to, any and all rights or claims that Grantor had, currently has, or may in the future have under Article 1, Section 19 of the California Constitution, the Eminent Domain Law, or any other law or regulation, except as provided herein. Grantor, on behalf of itself and its successors and assigns, further knowingly and voluntarily waives and expressly releases and discharges Releasees and any and all of Releasees' employees, agents, officers, servants, representatives, contractors, attorneys, partner agencies and assigns, from liability in regard to any claims for the following: pre -condemnation damages, inverse condemnation, lost business goodwill, lost profits, lost rents, severance damages, mitigation damages, curative costs, landscaping, compensation for the construction and use of the Project in the manner proposed, damage to or loss of improvements pertaining to the realty, machinery, fixtures, inventory, equipment and/or personal property, interest, any right to repurchase, leaseback, or receive any financial gain from, the sale of any portion of the Property Interest, any right to challenge the adoption of a resolution of necessity, any right to receive any notices pursuant 464
to Code of Civil Procedure section 1245.235, any right to enforce any obligation pursuant to the Eminent Domain Law, any other rights conferred upon Grantor pursuant to the Eminent Domain Law, and claims for litigation expenses, attorney's fees, statutory interest and/or costs. Grantor further consents to the dismissal of any Eminent Domain proceeding that is filed pertaining to the Property Interests and further waives all attorney's fees, costs, claims to money on deposit, disbursements and expenses in connection with the dismissal of said proceeding.
4. The parties intend that this Agreement will result in a full, complete and final resolution and settlement of any and all claims, causes of action or disputes which exist, or may exist, between them as to the acquisition, possession and/or use of the Property Interests, except as expressly provided herein. It is therefore understood that the waiver, under this Agreement, of any rights, damages, compensation or benefits to which Grantor is, or may be, entitled is intended to be full and complete. Accordingly, except as provided herein:
(A) Pursuant to the releases set forth in this Agreement, Grantor specifically waives the provision of section 1542 of the Civil Code of the State of California, which provides:
"A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party."
(B) Grantor represents and warrants that it understands the effect of this waiver of section 1542 and has had the opportunity to discuss the effect of this waiver with counsel of its choice.
5. Any monies payable under this Agreement up to and including the total amount of unpaid principal and interest on note(s) secured by mortgage(s) or deed(s) of trust, if any, and all other amounts due and payable in accordance with the terms and conditions of said deed(s) of trust or mortgage(s), shall upon demand(s) be made payable to the mortgagee(s) or beneficiary(ies) entitled thereunder; said mortgagee(s) or beneficiary(ies) are to furnish Grantor with good and sufficient receipt showing said monies credited against the indebtedness secured by said mortgage(s) or deed(s) of trust.
6. Grantor represents and warrants that it is the fee simple owner of the Property and that it has the right to convey the Property Interests. Grantor will defend and indemnify the City, its successors and/or assigns if it turns out that a claim is made or legal action is filed against the City, its successors and/or assigns by someone claiming a legal interest in or right to the Property, or any portion thereof. Grantor represents and warrants it will defend and indemnify the City, its successors and/or assigns in the amount of any due and unpaid real property taxes, assessments, liens and any penalties and delinquencies on the Property. Grantor represents and warrants that it has made no assignment of any interest in the Property.
7. Grantor acknowledges that there are no tenants on the Property. Grantor agrees to hold the City harmless and reimburse the City for any and all of its losses and expenses occasioned by reason of any lease of said Property held by any tenant of Grantor for a period exceeding one month. 465
8. It is understood and agreed by and between the parties hereto that included in the amount payable under Clause 2(A) above is payment in full to compensate Grantor for the purchase of improvements, including but not limited to: None.
9. It is understood and agreed by and between the parties hereto that the following improvements within the Property Interests will be protected in place: None.
10. The City may provide Grantor with thirty (30) day advance notice by the City or the City's contractor prior to the commencement of construction activities on the Property Interests. Prior to the commencement of the City's construction activities on the Property Interests, Grantor agrees to hold harmless, defend and indemnify the City, its officers, directors, employees and agents against any and all claims including property damage or injuries resulting from the use of the area within the Property Interests by Grantor and/or Grantor's guests, invitees, or any other person. The City shall not be deemed to have control of the Property Interests nor duty to maintain the Property Interests in a safe condition prior to the time the City or the City's contractor commences construction activities on the Property Interest.
Grantor agrees to name the City as an additional insured under its current insurance policy. Grantor further agrees to notify the City in writing within thirty (30) days of any potential claim relating to the area within the Property Interests prior to commencement of construction activities on the Property Interest.
11. It is agreed and confirmed by the parties hereto that notwithstanding other provisions in this contract, the right of possession and use of the Property Interests by the City, including the right to remove and dispose of improvements, shall commence on the date the amount of funds as specified in Clause 2(A) above are deposited into the escrow controlling this transaction and terminating twenty-four (24) months thereafter ("TCE Term"). Upon the deposit and determination of commencement date, Exhibit "2", shall be updated to reflect the commencement and termination date of the TCE. The amount shown in Clause 2(A) above includes, but is not limited to, full payment for such possession and use, including damages, if any, for the TCE Term. The TCE may also be terminated prior to the expiration of the TCE Term by the City upon written notice to the Grantor.
12. PERMISSION TO ENTER ON PREMISES. Grantor hereby grants to City, or its authorized agents, permission to enter upon the subject Property Interests at all reasonable times prior to Close of Escrow for the purpose of making necessary or appropriate inspections. City agrees that City and its contractors will indemnify Grantor and its related individuals and entities and hold them harmless from any and all liability for bodily injury, death, and property damage arising out of or in any way connected with City's negligent acts or omissions while on the Property Interests and reimburse the Grantor and related parties for all costs, expenses and loss, including attorney's fees, incurred by them in consequence of any claims, demands, and causes of action that may be made or brought against them arising out of such use. Any such inspections shall be conducted at a time and in such a manner reasonably approved by Grantor and to minimize disruption or interference Grantor or Grantor's tenants. Grantor shall have the right to be present at any such inspections.
13. It is understood and agreed by and between the parties hereto that payment as provided in Clause 2(A) includes, but is not limited to, payment for any and all past, present, and/or future damages which have accrued or may accrue to Grantor's remaining property by reason of its severance from 466
the Property Interests conveyed herein and the construction and use of the proposed Project, including, but not limited to, any expense which Grantor may incur in restoring the utility of the remaining property. This release is not intended to extend to unanticipated physical damage caused by construction.
14. It is agreed between the parties hereto that the City is not assuming responsibility for payment or subsequent cancellation of unpaid assessments on the Property Interests acquired under this transaction. Said assessments include but are not limited to any assessments listed in the litigation guarantee (First American Title order number 7015734). The grantor acknowledges that it has received and reviewed the Litigation Guarantee. The assessments remain the obligation of Grantor. Payment for the Property Interests acquired under this transaction is made upon the basis that the Grantor retains its obligation to the levying body respecting said assessments. The Property Interests acquired under this transaction is to be free and clear of any liens, bonds and/or assessments at the close of escrow.
15. Grantor agrees to keep the TCE area free and clear of all materials, shrubbery, crops, improvements, personal property, and debris after the opening of escrow. Grantor agrees that any materials, shrubbery, crops, improvements, personal property and debris within the temporary construction easement area that remains after the City takes actual/physical possession of the TCE area may be removed by the City and/or its contractor. Grantor further agrees that the cost of removal of any materials, shrubbery, crops, improvements, personal property, or debris that are installed after the City takes actual/physical possession shall be the sole responsibility of Grantor.
16. Any notice either party may or is required to give the other shall be in writing, and shall be either personally delivered or sent by registered or certified mail, return receipt requested. If by mail, service shall be deemed to have been received by such party at the time the notice is delivered to the following addresses:
To Grantors:
John and Allison Gaddis
4021 Winterhaven St
Yorba Linda, CA 92886
To City of Placentia:
401 E. Chapman Avenue
Placentia, CA 92870
Attn: Public Works
17. It is understood and agreed by and between the parties hereto that this Agreement inures to the benefit of, and is binding on, the parties, their respective heirs, personal representatives, subsequent purchasers, successors, and/or assignees. The City may freely assign any or all of its interests or rights under this Agreement.
18. Grantor represents and warrants that during the period of Grantor's ownership of the Property, there have been no disposals, releases or threatened releases of hazardous substances or hazardous wastes on, from, or under the Property. Grantor further represents and warrants that 467
Grantor has/have no knowledge of any disposal, release, or threatened release of hazardous substances or hazardous wastes on, from, or under the Property which may have occurred prior to Grantor taking title to the Property.
The acquisition price of the Property Interests being acquired in this transaction reflects the full and complete settlement of the Property Interests without the presence of contamination. If the Property Interests being acquired is found to be contaminated by the presence of hazardous waste which requires mitigation under Federal or State law, the City may elect to recover its clean-up costs from those who caused or contributed to the contamination including, but not limited to, Grantor.
19. It is understood and agreed that the fully executed Permanent Easement Deed and Temporary Construction Easement Deed may be recorded in the Recorder's Office for the County of Orange.
20. The City reserves the right to cancel escrow and terminate this Agreement if at any time the City determines that the Property Interests is no longer needed for the Project.
21. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter of this Agreement and may not be modified except by an instrument in writing signed by the party to be bound thereby.
22. If any term or provision of this Agreement shall be held to be invalid or unenforceable, the remainder of the Agreement shall remain in full force and effect.
23. Each individual executing this Agreement on behalf of an entity represents and warrants that he or she has been authorized to do so by the entity on whose behalf he or she executes this Agreement and that said entity will thereby be obligated to perform the terms of this Agreement.
24. This Agreement may be executed in counterparts, including by facsimile and/or e-mail, each of which so executed shall, irrespective of the date of its execution and delivery, be deemed an original, and all such counterparts together shall constitute one and the same instrument.
25. The Parties to this Agreement shall, pursuant to Section 21.7(a) of Title 49, Code of Federal Regulations, comply with all elements of Title VI of the Civil Rights Act of 1964. This requirement under Title VI and the Code of Federal Regulations is to complete the USDOT-Non-Discrimination Assurance requiring compliance with Title VI of the Civil Rights Act of 1964, 28 C.F.R Section 50.3.
26. No person in the United States shall, on the grounds of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be otherwise subjected to discrimination under any program or activity that is the subject of this Agreement.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGE FOLLOWS
468
In Witness Whereof the Parties vested have executed this Agreement the day and year set forth below.
John D. Gaddis and Allison Gaddis, husband and wife as
Joint Tenants
By:
Name:
Date:
By:
Name:
Date:
APPROVED AS TO FORM:
CITY OF PLACENTIA By:
Attorney for City of Placentia
By:
Name:
Title:
Date:
469
Exhibit "1"
Permanent Easement Deed
[APN: 334-011-35]
470
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 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: 334-011-35 Space above this line for Recorder's use
EASEMENT DEED
FOR GOOD AND VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, John D.
Gaddis and Allison Gaddis, husband and wife as Joint Tenants ("Grantor") hereby grants to the CITY OF PLACENTIA ("Grantee"), and its successors and assigns, for public street, public utilities purposes, and construction, a right-of-way easement in, over, under, upon, and across all that real property situated in the City of Placentia, County of Orange, State of California, more particularly described in the legal description attached hereto as Exhibit "A" and depicted or illustrated on the map attached hereto as Exhibit "B". Exhibit "A" and Exhibit "B" are attached hereto and incorporated herein by this reference.
Grantor expressly grants the City of Placentia the right to assign this easement.
IN WITNESS WHEREOF, Grantor has caused this instrument to be executed on the date set forth below.
Dated: GRANTOR:
John D. Gaddis and Allison Gaddis, husband
and wife as Joint Tenants
By:
Its:
Name:
By:
Its:
Name:
471
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)
472
EXHIBIT "A"
Legal Description — Permanent Construction Easement
THAT PORTION OF LOT 1 OF TRACT MAP No. 9192, AS SHOWN BY MAP ON FILE IN BOOK 379, PAGE 8 THROUGH 9 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT I, SAID POINT ALSO
BEING ON THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORTHERLY LINE OF SAID LOT 1, SOUTH 67°24'57" EAST, A DISTANCE OF 2.77 FEET;
THENCE LEAVING SAID NORTHERLY LINE, SOUTH 11°13'15" WEST, A DISTANCE OF 9.85 FEET TO A POINT IN THE WESTERLY LINE OF SAID LOT 1 AND THE
EASTERLY LINE OF SAID RANCHO, SAID POINT ALSO BEING LOCAFED SOUTH 3°23'36" EAST ALONG SAID WESTERLY LINE, A DISTANCE OF 10.75 FEET FROM THE POINT OF BEGINNING;
THENCE ALONG SAID WESTERLY LINE OF LOT 1 AND SAID EASTERLY RANCHO LINE, NORTH 3°23'36" WEST, A DISTANCE OF 10.75 TO THE. POINT OF BEGINNING.
CONTAINS 13.36 SF MORE OR LESS.
leilPfj �e air y
VINCENT O. KLEP L 7181 DATE
PREPARED FOR AND ON BEHALF OF THE. PRIZM GROUP
P:TTPG/17117-0051EASEMENT/ 17-005 PCE EASEMENT J.doc
473
40 40
1 Scale I N s 40 ft
LEG END
Mild!
INDICATES PROPOSED
EASEMENT (13. 36 SF)
EAST LINE OF RANCHO
SAN JUAN G. VON OF
SANTA ANA
NUMBER
DIRECTION
DISTANCE
El
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2.77'
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DATE: 3-1-24
MB, NO.: 17-005
FILE I 17-0(15\EAS€11EWS
17-006 JAWG
x
r
ORANCE COUNTY FLOOD
CONTROL EASEMENT PER O. R.
7738-900
' ORANGE COUNTY INGRESS &
2 EGNESS EASEMENT PER O .N.
958-427
USA FLOOD CONT ROL
3\ EASE MENT PER O.R.
5451-332
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314 N. O OTA ST. SUITE I, CORONA, CA 82878
PHONE: (51) 737-4406
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PNM I
EXHIBIT "B"
PERMANENT
BRIDGE
EASEMENT
»
5 O
co
AID' IISIHX3
CERTIFICATE OF ACCEPTANCE
(Government Code Section 27281)
This is to certify that the permanent easement more particularly described in Exhibit "A" and Exhibit "B" to the attached 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: 334-011-35
By:
Name:
City of Placentia
Dated:
475
Exhibit "2"
Temporary Construction Easement Deed
[APN: 334-011-35]
476
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: 334-011-35 Above Space for Recorder's Use
GRANT OF EASEMENT
TEMPORARY CONSTRUCTION EASEMENT DEED
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, John D. Gaddis and Allison Gaddis, husband and wife as Joint Tenants "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 334-011-35 ("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.
477
GRANTOR: John D. Gaddis and Allison
Gaddis, husband and wife as Joint Tenants
DATED:
By:
Name:
Its:
By:
Name:
Its:
478
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)
479
EXHIBIT "A"
Legal Description — Temporary Construction Easement
THAT PORTION OF LOT I OF TRACT MAP No. 9192, AS SHOWN BY MAP ON FILE IN BOOK. 379, PAGE 8 THROUGH 9 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 1, SAID POINT ALSO
BEING ON THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORTHERLY LINE OF SAID LOT 1, SOUTH 67°24'57' EAST, A DISTANCE OF 8.52 FEET;
THENCE LEAVING SAID NORTHERLY LINE, SOUTH 9°35'44" WEST, A DISTANCE OF
34.06 FEET TO A POINT IN THE WESTERLY LINE OF SAID LOT 1 AND THE
EASTERLY LINE OF SAID RANCHO, SAID POINT ALSO BEING LOCATED SOUTH 3°23'36" EAST ALONG SAID WESTERLY LINE, A DISTANCE OF 36.92 FEET FROM THE POINT OF BEGINNING;
THENCE ALONG SAID WESTERLY LINE OF LOT 1 AND SAID EASTERLY RANCHO LINE, NORTH 3°23'36" WEST, A DISTANCE OF 36.92 TO THE POINT OF BEGINNING, CONTAINS 141.31 SF MORE OR LESS.
�!-24"/
VINCENT G. LEPPE LS 7181 DATE
PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P:1TPO1171I7-005/EASEMENT/17-005 TCE EASEMENT E.doc
480
EXHIBIT "B"
0 8
2 r-
40 0 40
Scale 1" = 40 ft
LEGEND
IN DICATES PROPOSED
EASEMENT (14 L37 Sr)
FAFA
ORANGE COU NTY FLOOD
CONTR OL EASE MENT PER O -R-
7738-900
ORANG E COU NTY I NG RES S dt
EG NE55 E4,SEAfENT PER O .R.
958-427
USA FLOOD CONE O.
EASEME NT PER OA
5451-332
NUMBER
DIRECTION
DISTANCE
IO
N .8T24'57" W
8.52'
L2J
N 09' 35'44" E
34.06'
®
N 03'23'36" W
36.92'
P RAWN BY; UK
DATE 3-1-24
J0B_ Np_= 17-005
1 17-DMA,E04Ei10 5N
17• -005 EING
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SHE. NO.
EXHIBIT 'A"
TEMPORARY
C ONSTRUCTI ON
EASEMENT
1 OF 1
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: 334-011-35
By:
Name:
City of Placentia
Dated:
482
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 4021 Winterhaven Street, City of Yorba Linda, California, is within the Project area and is also identified by your County Assessor as Parcel No. 334-011-35.
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 13.36 square foot permanent easement and a 141.3 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
483
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.
484
Proposed Easement Acquisitions Golden Avenue Bridge
Single Family Residence
4021 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
jpenner@valbridge. com
Valbridge
PROPERTY 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
4021 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 area 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) 334-011-35. The subject is a 0.30 - acre or 13,209 -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
486
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, and 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 (13.36 SF)
Temporary Construction Easement (141.3 SF)
Fair Market Value of Proposed Acquisition
4021 Winterhaven Street
334-011-35
April 2, 2024
Fee Simple
John and Allison Gaddis
R -S
$500 - Nominal
$500 - Nominal
$1,000 - Nominal
Respectfully submitted,
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
487
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 #AGOO172O
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
488
\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
Condemnation Analysis 47
Value Conclusions 57
General Assumptions and Limiting Conditions 58
Certification — John Penner, Jr. 64
Certification — John D. Penner 65
Addenda 66
Exhibit A: Notice to Appraise 67
Exhibit B: Title Litigation Guarantee 70
Exhibit C: Easements 75
Glossary 85
Qualifications 91
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page i 489
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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
4021 Winterhaven Street
Yorba Linda, Orange County, California 92886
334-011-35
Property Rights Appraised: Fee Simple Underlying Land
Property Owner: John and Allison Gaddis
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
0.30 acres (13,209 square feet)
R -S - Residential Suburban Zone
X (Not a Flood Hazard Area)
Residential
Single Family Residential
Develop Single Family Residential
Current Use
October 21, 2024
April 2, 2024
Com • onent
Value Market Value of
Conclusions Ac • uisition
Value of Larger Parcel in Before Condition - Land Only
Permanent Property Rights
Value of Part Taken - Land (13.36 SF)
Site Improvements
Value of Part Taken - Building Improvements
Total Value of Permanent Property Taken
Severance / Benefits
Severance Damages
Less Benefits
$ 849,420
$43
$0
$0
$43 $500 - Nominal
$0
$0
Net Severance Damages $0
Value of Remainder in After Condition - Land Only $849,377 Temporary Property Rights
Temporary Construction Easement (141.3 SF) $0 $500 - Nominal Fair Market Value (Parts Taken, Severance Damages/Benefits) $1,000 - 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 490
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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 491
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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
492
MYR,911,?Lidge
DVISORS
Location Map
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LOCATION MAP
,i,eles
National.Forest
Palomar
Mountain
Valley Center
© 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 channel 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, and 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 4021 Winterhaven Street, Yorba Linda, Orange County, California 92886. The subject property is further identified by Assessor Parcel Number 334-011-35.
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 John and Allison Gaddis.
History of the Property
Ownership of the subject property has changed within the past five years. The current owners acquired the property on May 06, 2021 for a recorded price of $935,000. The property is part of a tract subdivision developed in the early 1970s.
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.
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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 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.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 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. ' 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 2 495
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INTRODUCTION
Tem porary 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
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. 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 3 496
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INTRODUCTION
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
Dtions
Dothetical 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
Burbank
Glendale Pasadena
Altadena
Alhambra
Compto
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City of 30
ndustry
Fountain
Valley
Huntington
Beach
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State Par
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REGIONAL AND MARKET AREA ANALYSIS
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 8 501
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REGIONAL AND MARKET AREA ANALYSIS
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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REGIONAL AND MARKET AREA ANALYSIS
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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 11 504
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REGIONAL AND MARKET AREA ANALYSIS
County enjoys immediate proximity to numerous beaches and is within an hour's distance of the mountain 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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ay Counseling
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Peralta
Canyon Park
C
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S
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0 Yorba
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at Anaheim Hills
N
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CITY AND NEIGHBORHOOD ANALYSIS
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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 14 507
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CITY AND NEIGHBORHOOD ANALYSIS
(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 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.
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Market Analysis
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
MARKET ANALYSIS
MARKET AREA MAP
-n
ark
Stan'
City of
Industry
Hacienda
Heights
South San
Jose Hills
Rowland
)Heights
Fullerton
Anaheim
D's^eylar O3rk
Garoen Grove
?stminst?r
)buntain
ANAHEIM
RESORT
Firestone
Scout
Reservation
Placentia
1 v
♦1
Orange
Santa Ana
Diamond Bar
illa Park
Tustin
SOUTH COAST TUSTIN`LE
METRO
Irvine
Orange
Park Acres
North Tustin
Chino Hills
LOS SERRANi
Chino HILL
State Park
ANAHEIM HILLS
1 ei
Limeston
Canyon
=-r Regional P
Terrpaar v :
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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
3.20. 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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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
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
-8.S%
- 40,9%
12.84 -64.4%
t 16.6%
$1,797,048 + 21.3%
102.2% +4.3%
69 B3 -8.7%
1.6 1.6 OA95
Last 12 Months
Thru 3-2023 Thru 3-2024 % change
661
526
543
29 $1,324,375
$1,496,427
99.2%
648
463
463
25 S1,350,000
$1,549,042
100.6%
- 17.7%
- 12.096
- 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. © 2024 VALBRIDGE PROPERTY ADVISORS l ORANGE COUNTY Page 18 511
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92886 — Yorba Linda
Orange County
Single Family
Key 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 I Change
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
99.046
372
309
322
28 $1,300,000
$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. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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MARKET ANALYSIS
underlying) land values. In terms of highest and best use, the maximally productive use between single family homes, townhouses, and low -density 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
PLAT MAP
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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:
Off -Site Improvements:
4021 Winterhaven Street, Yorba Linda, CA
0.30 Acres or 13,209 SF (Based on Assessor's Plat Map)
0.30 Acres or 13,068 SF
98.9%
Slightly Irregular
146.00 feet
Level
Adequate for the current use
Above street grade
All to site
Typical, including sidewalks, street lights, and curb cuts. A storm drain is located to the rear of the property.
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Interior or Corner:
Signalized Intersection:
Excess Land:
Surplus Land:
Street Frontage / Access
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SITE DESCRIPTION
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
+/- 75 feet
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 January 10, 2024 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 the property. Easements of interest to the project are discussed in the Condemnation Analysis section.
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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:
Zoning Comments:
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SITE DESCRIPTION
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
Height Restriction 35 Ft or 2 Stories
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. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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SITE DESCRIPTION
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
0.30 -acres or 13,068 square feet. The rear storm drain easement area which fully overlaps the proposed TCE area is 141 square feet for a gross area of 13,209. 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. 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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RealQuest cam 0 - Report
1of2
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
SITE DESCRIPTION
FLOOD MAP
hupc: pro. rralyuesl_corn+jspireport.jspfi&cliens-, odium—runFrm&[yp.._ Flood Map Report
For Property Located At It Core Log le
RealQuest Professional
4021 WINTERHAVEN ST, YORBA LINDA, CA 92886.1646
Report Dales: 04J041202d County: ORANGE, CA
FIOod ZOrYe Code Flood ZOns Pz r1oI
X 060238-06059C0063J
Special Flood Hazard Aran (SFNAI Within. 254 ft. or multiple. flood zones? Out Yin (X,A)
POr1wI Dote
120312009
Cammun ily Hanna
YORBA LINDA
Flood Zone Description:
Zone X -An area that Is determined to be outside the 100- and 500 -year floodplalns. 4,4./2024, 1:33 PM
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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 2,703 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 26 519
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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. 334-011-35
Land
Improvements
Total Assessment
General Tax
Voted Tax
Tax Rate
Direct Assessments
Total Property Taxes
$741,019
$231,755
$972,774
$9,728
$613
1.06301%
$613
$10,953
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
13,209 square feet / 0.30 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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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HIGHEST AND BEST USE
uses yield similar residual land value. How single family lots like the subject develop is largely a result of buyer 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. 334-011-35 located in the City of Yorba Linda, County of Orange with an address of 4021 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. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 30 523
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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.
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 Approach
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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 31 524
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
APPRAISAL METHODOLOGY
entirely within the 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.
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
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 33 526
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LAND VALUATION
COMPARABLE LAND SALES MAP
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© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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Comparable Land Sales
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LAND VALUATION
Address:
APN:
COMPARABLE LAND SALE #
LOCATION
5641 LakeView Avenue, Yorba Linda, CA
343-29-112 (Prior)
Area (SF): 22,590 SF
Typography: Level
Utilities: All to Site
Sales Price: $925,000
Date of Sale:
Terms:
Buyer:
Seller:
Verification:
Comments:
11/17/2023
All Cash
Xiaolin Zeng and Hairong Ni.
Robert Kerry and Debra Lynn Peterson Trust, 50% Interest and Thomas Hartman and Kimberly Hartman, 50% Interest.
RealQuest, MLS
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.
DESCRIPTION
Area (AC): 0.52 Shape: Rectangular
Location: Interior Condition: Vacant Land
Zoning: R -E
SALE DATA
Price/SF: $40.95
Document No.: 0282321
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Address:
APN:
Area (SF):
Typography:
Utilities:
Sales Price:
Date of Sale:
Terms:
Buyer:
Seller:
Verification:
Comments:
8572 Talbert Avenue, Fountain Valley, CA
122-781-73
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
'Talbert Av ^;
Talbert Ave- -
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 36 529
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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
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 37 530
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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.
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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
Area (AC): 2.12 Shape: Rectangular
Location: Corner Condition: Old Residential SFR
Zoning: RL (Residential)
SALE DATA
$6,150,000 Price/SF: $66.53
08/2/2022 Document No.: 0267190
All Cash
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 39 532
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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 40 533
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LAND VALUATION
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 Ad'ustment
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 41 534
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LAND VALUATION
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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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
LAND VALUATION
COMP ARABLE L AND SALE ADJUSTMENT GRID
Subj ect
Sale *1 Sale # 2 Sal e *3 Sale #4 Sale # 5 Sale # 6
D at e of Val ue & S al e
Property Name
Address
4/2/24 11/17/23 7/28/23 7/20/23 8/12/22 8/2/22
Single Family Home Horse Stable SFR w/ Land Vacant Land SFR w/ Land SFR w/ Land 4021 Winterhaven 5641 LakeView 8572 Talbert 16801 1442 N Dale 8371-8461 Street Ave nue Avenue C umberla nd Cir . A venu e Talbert A ven ue City Y orba Linda Y orba Linda Fountain Valley Yorba Linda Anaheim Huntingt on Beach APN 334-011-35 343-29-112 122-781-73 4 Parcels 070-741-01 of-J J -GJ « Gr oss Acres 0.30 ac 0.52 ac 1.17 ac 0.68 ac 0.93 ac 2 .12 ac Gross Squar e Fe et 13,209 sf 22,590 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf Unadjusted Sale Price $925,000 $3,000,000 $2,258,000 $2,500,000 $6,150,000 Unadjusted S ale Price Per Square F oot $40 .95 $58 .90 $76 .23 $61.71 $66 .53 Transactional Adj ustm ents
Prope rty Rights Co nv eyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Adjustment - - - - Fin ancin g Terms Typic al Typic al Typic al Typical Typical Adjustment - - - - -
Con ditionsofSale No ne None None None No ne
Adjustment - - - - -
Marke t Con ditions Adjustments
Elapse d Time from Date of Value 0 .38 years 0.68 years 0.70 years 1.64 ye ars 1.67 years 1.70 years Market Trend Through 0 .0% P er Yr - - - - - -
An alyz ed Sa le Price $40.95 $58 .90 $76 .23 $61 .71 $66 .53 $68.30 Pro pe rty Adjustments
Locatio n 4021 Winterhave n 5641 LakeView 8572 T albert 16801 1442 N D ale 8371-8461 9071-9091 Street Ave nue Avenue C umberland Cir. Avenue Talbert Avenue Lampson Ave Yorba Linda Yorb a Linda Fount ai n Valley Y orb a Linda Anaheim Huntington G arden Grove Adjustment - SI. Superior - Inferi or SI. S uperior SI. Inferi or Size 13,209 sf 22,590 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf 69,543 sf Adjustment SI. Inferi or Inferior SI. Inferior Inferi or Inferior Inferior Shape/Depth Irregu lar Rectangular Recta ng ular Recta ngular Irregular Rectangular Recta ng ular Adjustment SI. Superior SI. Superior SI . Superior - SI. Superior SI . Superior A ccess/Visibility Interior Interior Interior Interior Interior Corner Interior Adjustment
Topogra phy Level Lev el L evel Le vel Level Level L ev el Adjustment
Zon ing R -S R -E CP-HO1 (GH) R -U RM2 RL R-1-7
M inimum Lot 10,000 15000 1,800 7,500 3,000 6000 7000
Units Per Acre 3 1.8 10.8 4 14 7 6
Adjustment Far Inferior - S uperior Sup erior S up eri or Superi or Utilities All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site Adjustment
De molition / Contributing Improv ements Stable SFR's None SFR SFR SFR Adjustment SI. Inferior SI. Inferior - SI. Inferior SI. Inferior SI. Inferior Other No ne No ne Non e No ne None N one
Adjustment
Net Physical Adjustment Inferio r Similar Superior SI. Inferi or SI. Superior SI. Superior 7/22/22
SFR w/ Land
9071-9091
Lamps on A ve
Garden Gr ove
' JD -OD -JD
co
1.60 ac
69,543 sf
$4,750,000
$68 .30
Fee Simple
Typic al
None
Adju sted Sale Price pe r Gro ss Squa re Fo ot $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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 44 537
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LAND VALUATION
comparable was 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 4021 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
13,209
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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY
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LAND VALUATION
remaining sales are from the Orange County area and provide a good indication of value for the 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.) 13,068
$65.00
$849,420
$850,000
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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 0.30 acres or 13,209 square feet.
The subject project will use a 13.36 square foot permanent bridge construction easement and a 141.30 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 $850,000 or $65.00 per square foot.
Description of the Part Taken: Permanent Bridge Easement This project proposes to take a permanent bridge easement of 13.36 square feet located at the northeastern corner of the site. The area is triangular in shape. 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 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. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 47 540
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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
This easement is not directly overlapping with the take areas, but is bordering to the North. This easement was recorded on September 22, 1960 and overlaps with the access area to the north. It was obtained as part of the Carbon Canyon Dam project and is not currently in use.
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 13.36 square feet for the development of a bridge construction easement. Therefore, utilizing a rate of 5% results in a value conclusion for the portion of the subject acquired for permanent bridge easement of $43. This calculation is shown in the table below.
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Permanent Bridge Easement
PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Area of Part Property Value
•arcel No. Taken Value Per SF Rights Conclusion
334-011-35
13.36 SF
$65.00
5%
$43
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: TCE
This project proposes to take a temporary construction easement (TCE) of 141.30 square feet that is located at the northwestern corner 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. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 49 542
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CONDEMNATION ANALYSIS
Legal Description — Permanent Construction Easement
THAT PORTION OF LOT 1 OF TRACT MAP No. 9192. A5 SI FOWN BY MAP ON FILE IN BOOK 379, PAGE 5 THROUGH 9 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY. MORE PARTICULARLY DESCRIBED AS FOLLOWS; BEGINNING AT THE NORTHWEST CORNER OF SAID LOT I. SAID POINT ALSO
BEING ON THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORTHERLY LINO OF SAID LOT I, SOUTH 67'24'57- EAST, A DISTANCE OF 2.77 FEET;
THENCE LEAVING SAID NORTF1ERLY LI W. SOUTH 111 3*15 WEST. A DISTANCE OF 9,$5 FEET TO A POINT IN THE WESTERLY LINE OF SAID LOT 1 An THE EASTERLY LINE OF SAID RANCHIO, SAW POINT ALSO BEING LOCATED souni 3°2'36" EAST ALONG SAID WESTERLY LINE, A DISTANCE OF 1035 FEET FROM THE POINT OFBEGINNING;
TI FENCE ALONG SAID WESTERLY LINE OF LOT I AND SAID EASTERLY RANCHO LINE, NORTH 3'23'3V W EST, A DISTANCE OF 10.75 TO TIRE POINT OF BEGINNING.
CONTAINS 1336 SF MORE OR LESS.
VINCENT _F 1.57181
DATE
PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P:.'CP 17/I -005fE SEMENT/17.005 PCE EASEMENT J-doc
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CONDEMNATION ANALYSIS
PLAT MAP: PERMANENT BRIDGE E ASEMENT
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
Legal Description — Temporary Construction Easement
THAT PORTION OF LOT I OF TRACT MAP No, 9192, AS SHOWN BY MAP ON FILE IN BOOK 379. PAGE 8 THROUGH 9 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 1, SAID POINT ALSO
BEING ON THE EASTERLY LINE OF RANCHO SAN JUAN'MON DE SANTA ANA AS
SHOWN ON SAID MAP,
THENCE ALONG THE NORTHERLY LINE OF SAID LOT I, SOUTH 67°24'5T' EAST. A DISTANCE OF 8.52 FEET;
THENCE LEAVING SAID NORTHERLY LINE SOUTH 9°35'44" WEST. A DISTANCE OF
34.06 FEET TO A POINT IN THE WESTERLY LINE OF SAID LOT I AND THE
EASTERLY LINE OF SAID RANCHO, SAID POINT ALSO BEING LOCATED SOUTH 3°23'36" EAST ALONG SAID WESTERLY LINE. A DISTANCE OF 36.42 FEET FROM THE POINT OF BEGINNING;
THENCE ALONG SAID WESTERLY LINE OF LOT I AND SAID EASTERLY RANCHO LINE, NORTH 3°23'36" WEST, A DISTANCE OF 36-92 TO THE POINT OF BEGINNING, CONTAINS 141.31 SF MORE OR LESS.
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DATE
PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P:fTPGr/' 17117--{fSTFJiSEMENT!I7.05 TCE EASEMENT E.
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE
CONDEMNATION ANALYSIS
PL AT M AP: TEMPOR ARY CONSTRUCTION EASEMENT
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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 and fee taking are located along the asphalt paved road and left slight berm at the beginning of the property line which is located to the left of the access road when the wooden fencing and retaining wall transitions to chain link fencing and shrubbery beyond.
VIEW OF EASEMENT AREAS FROM ROAD (GOLDEN AVENUE)
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CONDEMNATION ANALYSIS
VIEW OF EXISTING BRIDGE LOOKING WEST (SUBJECT LOCATED LEFT) © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 55 548
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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 $849,377. 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 56 549
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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 $5,00 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 - Land Only
Permanent Property Rights
Value of Part Taken - Land (13.36 SF)
Site Improvements
Value of Part Taken - Building Improvements
Total Value of Permanent Property Taken
Severance / Benefits
Severance Damages
Less Benefits
$849,420
$43
$0
$0
$43 $500 - Nominal
$0
$0
Net Severance Damages $0
Value of Remainder in After Condition - Land Only $849,377 Temporary Property Rights
Temporary Construction Easement (141.3 SF) $0 $500 - Nominal Fair Market Value (Parts Taken, Severance Damages/Benefits) $1,000 - Nominal 8 The Dictionary of Real Estate Appraisal, Appraisal Institute, Fourth Edition, 2002, Page 196 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 57 550
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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.
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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 59 552
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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 60 553
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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.
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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 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, © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 62 555
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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 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 63 556
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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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