Placentia City Council
December 3, 2024

The client in this assignment is Epic Land Solutions, Inc. and the intended users are Epic Land Solutions, the City of Placentia, Caltrans and no others.

Memorandum on Date of Value and Report:

The date of value in this report is April 2, 2024 the date of report is October 21, 2024. The proposed acquisition is a small portion of land in a flood channel with almost no residual property rights attributable to the fee owner and is of nominal value. The nominal value is rounded per the Caltrans Right of Way Manual. The temporary construction easement rental is for a small portion just above the nominal value range. The broader market for residential land values in the area has not shifted over the past year. 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 (32.38 SF)
Temporary Construction Easement (2387.07 SF)
Fair Market Value of Proposed Acquisition
No Situs
334-021-15
April 2, 2024
Fee Simple
Villena Community Association
R3
$500 - Nominal
$2,800
$3, 300
Respectfully submitted,
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John D. Penner Jr.

Staff Appraiser
California License #AG3OO9243
Ms. Kari Anvick
Epic Land Solutions, Inc.

John D. Penner, MAI
Senior Managing Director
National Director— Fractional Interest Valuation
California License #AGOO172O
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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
Assessment and Tax Data 26
Highest and Best Use 27
Appraisal Methodology 30
Land Valuation by Sales Comparison 32
Comparable Land Sales 34
Value Conclusions 55
General Assumptions and Limiting Conditions 56
Certification — John Penner, Jr. 62
Certification — John D. Penner 63
Addenda 64
Exhibit A: Notice to Appraise 65
Exhibit B: Title Litigation Guarantee 67
Exhibit C: Easements 74
Glossary 78
Qualifications of John D. Penner, Jr 84
Qualifications of John D. Penner, MAI 85
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SUMMARY OF SALIENT FACTS
Summary of Salient Facts
Property Name:

Address:

Assessor's Parcel Number:

Property Rights Appraised:

Property Owner:

Site Size:

Zoning:

Flood Zone:

Existing Improvements
Property Type:

Property Use:

Highest and Best Use
As Vacant:

Date of Report:

Effective Date of Value:

Valuation Summary
Villena Townhomes
No Situs: 27 Units on Golden Avenue & Villena Way
Placentia, Orange County, California 92870
334-021-15
Fee Simple Underlying Land
Villena Community Association

1.30 acres (56,584 square feet)
R3 - High Density Multiple -Family District
X (Not a Flood Hazard Area)
Residential
Multifamily Other
Develop Single Family Residential Use
October 21, 2024
April 2, 2024
Component
Value
Conclusions
Market Value of
Acquisition
Value of Larger Parcel in Before Condition
Permanent Property Rights
Value of Part Taken - Land (32.38 SF)
Site Improvements
Value of Part Taken - Building Improvements
Total Value of Permanent Property Taken
Severance / Benefits
Severance Damages
Less Benefits
Net Severance Damages
$3,811,780
$113
$113 $500 - Nominal
$0
$0
$0
Value of Remainder in After Condition $3,811,667
Temporary Property Rights
Temporary Construction Easement (2387.07 SF)
$2,800 $2,800
Fair Market Value (Parts Taken, Severance Damages/Benefits) $3,300
Our findings and conclusions are further contingent upon the following extraordinary assumptions and/or hypothetical conditions which might have affected the assignment results:
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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.
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Aerial and Front Views

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

AERIAL AND FRONT VIEWS

AERIAL VIEW

FRONT VIEW
IlIriugr, .dj� Il�r'I'III�+�E:
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Location Map

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LOCATION MAP
,i,eles
National.Forest
Palomar
Mountain
Valley Center
San Cie . o
Chu a sta
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Introduction

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

INTRODUCTION
Proposed Acquisition Description
The City of Placentia is working with Caltrans on The Golden Avenue Bridge Project. The project has obtained federal funding and will remove and replace the existing bridge with a wider bridge allowing for pedestrian and bicycle traffic. The project will require the acquisition of various permanent bridge easements and temporary construction easements in properties located along the flood control area for which the bridge passes over. The proposed easements are within existing flood control easement areas.

Client and Intended Users of the Appraisal
The client in this assignment is Epic Land Solutions, Inc. and the intended users are Epic Land Solutions, the City of Placentia, Caltrans and no others. Under no circumstances shall any of the following parties be entitled to use or rely on the appraisal or this appraisal report:

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 No Situs: 27 Units on Golden Avenue and Villena Way, Placentia, Orange County, California 92870. The subject property is further identified by Assessor Parcel Number 334-021-15.

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 an underlying parcel for a community of townhomes.

Ownership of the Property
According to the Public Record and Title Guarantee, title to the subject property is vested in Villena Community Association.

History of the Property
The property was identified as an association property and recorded in a condominium plan instrument on July 16, 2021. Prior to developing townhomes, the property was used for petroleum drilling with small oil wells and auxiliary related structures. Title transfer and sale information from this land property to the townhome developer was not contained in the title report and is not otherwise available in our data providers.

Listings, Offers, and/or Contracts
The subject property is not presently listed for sale.
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INTRODUCTION
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.

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.' 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 ' California Code of Civil Procedure, Section 1263.320
2lbid, § 1263.330
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INTRODUCTION
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.

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.' Larcer 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) possess 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. 5The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 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

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INTRODUCTION
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. 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
aothetical 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
0 nglewood
Hermosa
Beach
Torrance
Compta
Beach
Rancho Terminal
Palos Verdes Island
Arcadia
Wont • weft
ier
orwal
Cerrito
F
ovina
Crty of 0
ndu s` cl
Claremor
omona
Br
Fullerton
r• n Groie
Santa
Va
ain
Huntington
Beach
-Neyrrport
Beac
I me
Chi • Is
Chino H.

State Par
Lagunaeach
Lak€
liso Vie
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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 8 859

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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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REGIONAL AND MARKET AREA ANALYSIS

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 County enjoys immediate proximity to numerous beaches and is within an hour's distance of the mountain © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 11 862

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REGIONAL AND MARKET AREA ANALYSIS
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.
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 12 863

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CITY AND NEIGHBORHOOD ANALYSIS
City and Neighborhood Analysis

NEIGHBORHOOD MAP
W Lerman at
9 .I crest Park
on College
E Chapman Ave
Fullerton E Commonweann Ave
Dr
E 0r angethnrpe Ave
O.

Mall
E Ldmoen Rd
� SarM1 Fe Rd
E Birch St
Arboretum
and Botanical
Garden at Cal
State Fullerton
0 California
State
Universe
Fullerton
Sams Club
E Romney, Dr
Ls Palm, Ave
Anaheim L'Eerpa:vi
Tri-City Park
VOIDS LAO, HA,a
v
z S
Placentia
E C rowHer Ave
The Adventure Lagoon, 9
Teryora' lY CIO
Regional Park
Urban Plates
Ala vista St
County of Orange Social O
Services Agency..

NAH
L•,
am
Chuck E. Cheese
Dand
ay Counseling
ology Services

OLINDA VILLAGE
9 Black Gold Golf Club
Buena Vista Pve
E Orengethorpe Ave
Kaiser Permanents
Orange Cnty...

Olive
Eisenhower
Park

RA Y HILLS
ATWOOD
Rimcrest Trail Head
9 Yorba Linda
Public Library
Yorb. llda lobs Linea Blvd
La PAma Ave
0 Orange Lutheran
High School
9 Sky Zone
Trampoline Park
Peralta
Canyon Park
Vsa
e�t�nm Rtl 9
San Anionic
Park
9 Yorba
Regional F
The Clubhouse
at Anaheim fills
%p•anp Pi
N.
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 13 864

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CITY AND NEIGHBORHOOD ANALYSIS
Neighborhood Data
The subject property is situated in the northern portion of Orange County in the City of Placentia.

Placentia is approximately 24 miles southeast of downtown Los Angeles, and 8 miles north of the County Seat of Santa Ana. The City comprises 6.7 square miles and has a present population of 51,932 residents. Communities in the surrounding this area include: Fullerton, Brea, Yorba Linda, Anaheim and Orange. Located on the previous page is a map of the City.

Placentia was originally part of the 35,970 acre Rancho San Juan Cajon de Santa Ana that was granted to Juan Pacifico Ontiveros in 1837. Early settlers in this area included Daniel Kraemer, William McFadden, Charles Wagner and Albert S. Bradford. The early economy was based upon sheep and cattle grazing, and agriculture. The Valencia Orange was developed in Placentia by Richard Gilman in the 1880's and led to the spread of the citrus industry throughout Southern California. The townsite of Placentia was surveyed in 1910. A Santa Fe Railroad station was added this same year to support the emerging agriculture and packing industries. Oil was discovered in 1919 in the southeast portion of the city. This event led to an influx of new residents in the area and the incorporation of the city in 1926. Population slowly grew until the 1960's when a number of orange groves were replaced with new housing tracts. An historical progression of Placentia's population is shown below.

Year
1960
1970
1980
1990
2000
2010
2020
Population
5,900
21,900
35,041
41,259
46,488
50,533
51,824
Today, the City of Placentia is a suburban community that is 90% built -out. Placentia, which stands for "a pleasant place" in Spanish, is mostly comprised of single family residences. The city has a strong school system with two high schools and affords a relatively good quality of life. Homes generally range in price from $400,000 to $1,200,000 with a median price of $1,004,000. The median household income is $103,041. Transportation is provided by the Orange (57) Freeway, which borders the city to the west side. The Riverside (91) Freeway is also located just south of the city with connections to the nearby Newport (55) Freeway. Major thoroughfares include: Yorba Linda Boulevard, Orangethorpe Avenue, Chapman Avenue, Kraemer Boulevard and Rose Drive.

Employment is provided at a number of businesses in the surrounding area. The largest employers in the city are the Placentia/Yorba Linda School District, Placentia Linda Community Hospital, The Hartwell Corporation, Knott's Berry Farm Foods, Best Foods Baking Group, and A-1 Carbide. Higher education is provided by the nearby California State University Fullerton and Fullerton College.

Commercial development in the city is primarily concentrated along the major boulevards. Industrial development occupies a small portion of the city to the south of the Santa Fe Railroad line. This rail line runs in an east -west direction and meets up with other Los Angeles and Orange County routes at a nearby junction in Fullerton. Current multi -million dollar rail projects in Placentia include the delayed "On-Trac" project and five grade separation projects in progress with several already completed. The remaining vacant land area in the city is located in the eastern portion of the city and up until 10-15 years ago was utilized for oil production. The 18 hole Alta Vista Golf course was constructed in this area and minimal new housing is presently under construction in the entire city. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 14 865

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CITY AND NEIGHBORHOOD ANALYSIS
Immediate Surroundings
The subject property is located at the eastern border of Placentia. 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 conclusion, the City of Placentia is a suburban community offering an array of middle income housing. The city has a small town atmosphere and enjoys a good quality of life. Employment is plentiful in the surrounding area and there are many nearby destinations including Disneyland, Knott's Berry Farm, Angel Stadium, the Arrowhead Pond and the Pacific Ocean. Transportation is good with two freeways located in close proximity. The subject property is located in the northeastern portion of the city, which is generally residential in nature. Overall, the City of Placentia is expected to fair similar to the County as a whole in the foreseeable future.
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Market Analysis

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

MARKET ANALYSIS

MARKET AREA MAP
Stanton
City of
Industry
Hacienda
Heights
South San
Jose Hills
Rowland
Heights
Fullerton
Anaheim
Disneylar © irk
ANAHE,I.

RESOR-
Garden Groye f
ntain
ey
•
Firestone
Scout
Reservation
Orange
Santa Ana

SOUTH COAST
METRO
Diamond Bar
Tustin
TUSTIN:0.1 G/
Irvine
Slee
Orange
Park Acres
North Tustin
Chino
LOS SERRA%
Chino ri I .

ANAHEIM HILLS
Chinn
El
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MARKET ANALYSIS
Regional Apartment Market
The Orange County apartment market began to stabilize in early 2013 and has since continued to rebound with increases in rental rates and decreased vacancy rates. Present low vacancies have persisted for the past 4 years. This combined with current interest rates has caused demand by investors for multifamily units in the region. The typical exposure time for listings has also dropped.

Presented below is a table showing the four major Southern California Markets.

SOUTHERN CALIFORNIA TOTAL MULTI -FAMILY MARKET OVERVIEW Total Multi -Family Market
Inland Empire - CA
Los Angeles - CA
Orange County - CA
San Diego - CA
Total
# of Total Vacant Vacancy SF Net Units Under Avg. Asking buildings Units Units Rate Absorbtion Construction Lease Rate 4,548
58,066
6,044
10,931
173,704
1,034,664
251,157
278,083
11,869
53,864
10,100
14,948

6.8%

5.2%

4.0%

5.4%
760
3,653
2,134
-721
6,140
23,477
6,523
7,996
$2,026
$2,246
$2,613
$2,432
79,589 1,737,608 90,780 5.2% 5,826 44,136 $2,307
Source: CoStar Q1 2024
As discussed in the Regional Analysis, the market has continued to stabilize. The above table shows construction activity is underway for Orange County. The effect of the demand for rental units, a relatively moderate rate of construction, and investor demand for apartment buildings has created a shift from a buyer's market to a seller's market. The new construction has begun to slow the fast rise in rental rates that has occurred in the last few years. Demand for apartment investments remains high with many areas in the market in an undersupply of housing and many older properties being renovated. Employment in the area remains strong and the population is increasing.

Local Apartment Market
The subject property is located in the city of Placentia, which is part of the North County submarket.

The apartment market in the area benefits from its accessibility to the surrounding region. The area is proximate to the Anaheim Resort Area, the 91 Freeway, 57 Freeway, and 55 Freeway. The neighborhood is primarily residential and retail in nature, and it is for the most part a medium income demographic area. Vacancy has slowly begun to show signs of increase. As rental rates continue to increase in the surrounding areas and new construction remains limited, we believe that demand and occupancy levels are likely to remain stable. Asking rental rates in the subject's neighborhood are among the lowest in Orange County. These data points are presented in the following table.

ORANGE COUNTY MULTI FAMILY MARKET OVERVIEW
Total Multi -Family Market
Anaheim
Central OC East of I-5
Central OC West of I-5
Costa Mesa
Huntington Beach/Seal Beach
Irvine
Newport Beach
North County
South County
Tustin
# of Total Vacant Vacancy SF Net Units Under Avg. Asking buildings Units Units Rate Absorbtion Construction Lease Rate 1,112 36,241 1,269 3.5% 199 990 $2,206
309 10,246 510 5.0% 247 0 $2,457
1,506 42,240 1,913 4.5% 864 321 $2,290
530 17,173 577 3.4% 145 200 $2,554
643 15,853 491 3.1% 111 0 $2,680
99 42,244 1,508 3.6% 393 4,197 $3,120
134 9,291 310 3.3% (76) 0 $3,381
1,181 38,693 1,824 4.7% 135 380 $2,313
398 29,240 1,390 4.8% 185 435 $2,870
130 9,926 307 3.1% (66) 0 $2,486
Totals:
6,044 251,157 10,100

4.0% 2,134
6,523 $2,613
Source: CoStar Q1 2024
The following chart illustrates the average asking rents for the varying unit types for the multi -family residential market for the city of Placentia. Vacancy Rates in the North County area is 4.7%, which is © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 17 868

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MARKET ANALYSIS
slightly higher than the Orange County average of 4.0%, with an average asking lease rate of $2,313, which is 11.5% lower than the Orange County average of $2,613.

ASKING RENT TRENDS BY UNIT TYPE: PLACENTIA
Market Asking Rent Per Unit By Bedroom -
$4,500
Forecast
2024 O1
3 Beds $3 209
• 2 Beds $2.540
■ aids° $2212
$4,000
• 1 Bed $2.207
$3,500
$3,000
$2,500
$2,000
$1500 I
19 1
20 21
22 1 23 1
Studio In 1 Bed
24 2 Beds
I
25 3 Beds
I
26 27
28 Source: Costar
The subject is located in the City of Placentia, and as such is not under rent control. However, The State of California has instituted a new rent control law as of January 1st, 2020, that affects all apartment buildings in the State. This only affects existing tenant rent increases not vacant unit increases. State rent control restricts annual rent increases to 5% plus cost of living (CPI), or 10% of the lowest gross rental rate charged for that dwelling unit at any time during the 12 months prior to the effective date of the increase (both of which exclude any prior discounts, incentives, concessions or credits).

Conclusion
Within the last year, apartment rental rates have continued to increase, and vacancy has remained low; however, with the Federal Reserve raising interest rates the increase in rental rates has slowed.

Apartment properties have remained a preferred investment over other property types, due to their favorably perceived risk/return position. Investor demand for apartment communities has tempered as interest rates have increased due to the Feds actions to slow inflation, increases in rental rates have slowed, capitalization rates have been on an increasing trend, and currently ranging from 3.5% to 5.5% in Orange County. Cap rates are also dependent on whether the leases are at market, as investors will purchase units with under market leases with the anticipation that rents can be raised upon turnover, leading to lower cap rates. Even with several large new apartment complexes coming on-line during the last few years, rental rates have continued to increase. Given the positive market trends and the stability of the Orange County area, it is our opinion that the short and long-term outlook for residential apartment complexes remains positive.

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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 18 869

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MARKET ANALYSIS
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.

MARCH 2024 AND YEAR-TO-DATE DATA
Ray Rabies Hsb ical sparkhars
3-2Q2;1 3-7024 % Change YID 2023 YID 2024 %Change
New Listings
Pending 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
W

1.269 1,088 - 15.6% 1+3 837 13,984
- 16.9%
IIIIIh�r.d�IIIII�ar��. 1,057 729 -310% 12,873 11,452 -110% IIIIIIIIM..aIIIIIIIL...1 1.067 1,020 - 4.4% 13.383 11,803 -11.8% �.�■�IIIIIIIIIIII UuII 1111 39 23 - 41.0% 27 26 - 3.7%
IIIII����u�I♦IIIIIIIIIII $1260,000 $1,430,000 +13.5% $1,229.300 51,308,000 +6.4%

2.2022 .2022 2.22, .2221 2.2224
IIIIIIIIIIIIIIIIIlIIIIIII $1,617,083 $1,862,262 +16.4% $1,620,344 $1,756,153 +8.495 o.zom 9-2022 2.2022 .2,2a 2.2024
IIIIIiIivadIIIIIIIIIIIII 98.1% 101.6% +3.6% 99-1% 100.0% +0.9% IIIIIIIIII.IIIIIIIIIIIIII 99.4% 101.6% + 2.4% 100.6% 100.8% +02% IIIIIIIIIIIIIIIIIIIIII♦IK 36 32 - 15.a% 39 35 - 10.3%
. ull11I 2,017 1,708 - 15.3%

2.2022 92022 24.0 42[21 3..2026
. IIIIIIIIIIIIIIIIIIIIIIII 1.9 1.8 - 5.3%
Source: Orange County Realtors®
Local Single -Family Market
The subject property is located in the city of Placentia, which is in the inland northeastern portion of Orange County. The current estimated population of Placentia is 51,951 residents with 16,628 households. The population density for the city is 7,750.6 people per square mile and the median age © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 19 870

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MARKET ANALYSIS
is 38.2 years. The median household income is $106,155 and the average per capita income for Placentia is $44,788.

The Placentia single-family residential market had 247 new listings and 223 pending sales with 234 closed sales for the last 12 -months ending in March 2024. The average days on market until sale for the Placentia single-family market was 20 days during this 12 -month period. The median sales price was $1,060,000 and was a 9.2% increase during this period. While the average sales price was $1,075,925 or an increase of 10.3%. Single-family homes were selling at 101.8% of the original list price received. The following chart displays the data for the Placentia single-family residential home market. 92870 — Placentia
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 Haines far Sale
Months Supply of Inventory
March
2023 2024 % Change
11 24
23 63
$920,000
$943,017
100.5%
19 0.9
16 15
28 10
$1,060,000
$1,030,989
104.9%
22 1.2
+ 45.5%
- 37.5%
+ 21.7%
- 84.1%
+ 15.2%
+ 9.3%
+ 4.4%
+ 15.8%
+ 33.3%
Last 12 Months
Thru 3-2023 Thru 3-2024 % Change
315
282
273
25 $971,000
$975,343
100.5%
247
223
234
20 $1,060,000
$1,075,925
101.8%
- 21.6%
- 14.9%
- 14.3%
- 20.G%
+ 9.2%
+ 10.3%
+ 1.3%
Source: Pacific West Association of Realtors
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, including higher mortgage interest rates 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. 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 Placentia 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. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 20 871

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Site Description

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

IMPROVEMENTS DESCRIPTION

PLAT MAP
924
eS�\\
O

2.430 AC.

LOT 1
O. 252 \
150-32
322
09 TRACT

PROJECT
32-54-235-260
LOT 1

1.299 AC.

LNI
4'1
51 NO. 19014
TRACT
i r
GOLDEN
NAVIOATIXV* CIRCLE

PROJECT
932-54-
201-233
LOT 1
13 2.638 AC.

NIVI&ATJIN* CIACLE
3 Le
NO.
7489
P. M.

PAR. 2O
9 �
YORBA
L INOA
o
BLK. 1
PLR. LOT 4
TRACT
R.S. 99 - 2
PAR.
n

1.092 AC.
205-39
AVENUE

YORBA LINDA TRACT
TRACT NO. 17489
TRACT NO. 19014

PARCEL MAP
M.M. 5-17.18
M.M. 923-44 to 47 incl.

M.M. 991-36 to 39 Incl.

P.M. 150-32.205-39
01 NOTE - ASSESSOR'S BLOCK &

PARCEL NUMBERS

SHOWN IN CIRCLES

ASSESSOR'S MAP
Boo( 334 PAGE 02

COUNTY OF ORANGE
* PRIV
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:

No Situs: 27 Units on Golden Avenue 8t Villena Way

1.30 Acres or 56,584 SF (Based on Assessor's Plat Map)

1.25 Acres or 54,454 SF (Based on Excluded Easements)

96.2%
Rectangular
271.75 feet
Level
No apparent drainage problems were noted
At street grade
All to site
Typical, including sidewalks, street lights, gutters, and curb cuts. A storm drain is located at the western border of the site. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 21 872

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Interior or Corner:

Signalized Intersection:

Excess Land:

Surplus Land:

Street Frontage / Access

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

IMPROVEMENTS 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:

Golden Avenue
Minor Residential
184.27
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.

Adequate load bearing capacity is assumed for the present use.

Environmental Issues: An environmental site assessment report was not furnished for our review. An inspection of the property did not reveal any visible or factual evidence of apparent environmental impairment to the site. The appraisers are not considered experts in hazardous materials. The client is advised to obtain an environmental report if further investigation is desired. In addition, a drive -by inspection of the immediate vicinity surrounding the subject did not reveal any uses or hazards that would be expected to pose an apparent risk to the site or would restrict its use.

Easements/Encroachments: A litigation guarantee dated November 21, 2023 from First American Title was provided. The title provides various easements for public utilities, storm drains, and access. These easements are considered typical for the area and would not be expected to have a negative impact on the development or marketability of © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 22 873

Valbridge
"IP PROPERTY ADVISORS
Earthquake Zone:

Special Hazards
Adjacent Land Uses
North:

South:

East:

West:

Site Ratings
Access:

Visibility:

Zoning Designation
Zoning Classification:

General Plan Designation:

Permitted Uses:

Development Standards:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

IMPROVEMENTS DESCRIPTION
the property. Easements of interest to the project are discussed in the Condemnation Analysis section.

According to the State of California Department of Conservation, the subject is not located within an Alquist-Priolo Special Studies Zone.

The subject is not located in a Wetlands, California State Coastal Zone or Agricultural Preserve.

Apartment Development
Single Family Residential Tract
Townhome Community
Storm Drain and Single Family Residential Tract Beyond
Average
None

ZONING MAP
R3, High Density Multiple -Family District
High Density Residential
Multi -Family Dwellings including Townhomes
Height Restriction 35 Ft or 2 Stories
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Zoning Comments:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

IMPROVEMENTS DESCRIPTION
Minimum Lot Area 10,000 SF
The purpose of the "R-3" district is to stabilize and maintain the residential character of the district for medium high density apartment living with substantial space for cooperatively used facilities and open spaces. The maximum allowable density of this district shall be thirty (30) dwelling units per acre.

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 1.3 - acres or 56,584 square feet. There are various easements located on the tract map at the southwestern corner of the site. The easements include a pipeline and a flood control easement that connects with a larger flood control easement on the parcel to the west. Specific easement area measurements were not available. The flood control easement measures roughly 20 feet along the front and 105.82 -107.17 feet deep per the tract map and the acquisition plat maps, or about 0.05 acres. For the purposes of our valuation, we have relied on measurements contained in the acquisition plat maps. Other than the slightly sloping southwestern portion, the site as vacant is otherwise developable to its highest and best use with no additional impediments to development. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 24 875

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IMPROVEMENTS DESCRIPTION

FLOOD MAP
Flood Map Report
=c ?rcpecy _oca:eo r: t CoreLogie
RealQuest Professional
4011 WINTERHAVEN ST. YORBA LINDA. CA 92886-1646
Report Date '24:2:2024 County: ORANGE. CA
Flood Zone Code Flood Zone Panel
X 060238 - 06059C0063J
Special Flood Hazard Area (SFHA) Within 250 ft. of multiple flood zones? Out Yes (X.A)
Panel Date
12,03'2009
Community Name

YORBA LINDA
Flood Zone Descnpton.

Zone X -An area that is determined to be outside the 100- and 500 -year floodplains.

INe..ra ieo..r r)r.ay
Coal. 106va.r fl_
■ 100 roar rbeC.a.

IOProar rbeC{l.,
SW pr•w01W en0 MC potato] area
000Neor a )na hoe 1'oafa0 . Ot ar SNcS r.a00 4.2.0 4.
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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.

Assessed Values and Property Taxes
The subject property consists of an association parcel for a group of townhomes. There are no taxes associated with this parcel type as all taxes are passed through to the townhome owners. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 26 877

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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
56,584 square feet / 1.30 acres
Rectangular
All to site
None

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. The flood control area at the southwestern corner and along the western border is unusable but the majority of the site is available to develop. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 27 878

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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
High Density Residential
R3, High Density Multiple -
Family District
Multi -Family Dwellings
including Townhomes
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. Throughout the majority of the site, there are no known easements, encroachments, covenants or other use restrictions that would unduly limit or impede development of a probable nature. A small portion along the western boundary is sloped downward and contains a storm drain and an oil pipeline that is most likely no longer in use. The zoning allows for various conforming residential developments.

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:

Townhomes Apartments
Stable
Undersupply
Stable
Long Term
Positive
Demand
Supply
Value Trend
Feasibility
Stable
Undersupply
Stable
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. Both townhome and apartment uses lend to similar residual land values. Sites of this size are typically developed into townhomes in consistency with surrounding uses even though the density is below what is allowable by the zoning. Considering these factors, the maximally productive use as if vacant is to develop residential townhomes or apartments. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 28 879

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HIGHEST AND BEST USE
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 Townhomes or Apartments
Most Probable Buyer
As of the date of value, the most probable buyer of the subject as if vacant would be an investor/developer. In the present as is (i.e. fully developed) condition, the most probable buyer would be a successor townhome community administration.

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. 334-021-15 located in the City of Placentia, County of Orange with an address of No Situs: 27 Units on Golden Avenue and Villena Way, Placentia, Orange County, California 92870. 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. A more detailed description of the acquisition is located in forthcoming sections.
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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 in the future 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 acquisitions affect a single parcel which is owned by a townhome community association. The individually owned townhomes are not affected by the proposed easements, which are located outside the developments exterior walls. 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 western portion © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 30 881

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APPRAISAL METHODOLOGY
of the property where most of the acquisitions are located is subject to multiple flood control easements. The take areas are 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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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 32 883

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LAND VALUATION

COMPARABLE LAND SALES MAP
Montebello
Pico RIvers• • Whittier
mey
(a1
Santa Fe
Springs
tIF
Norwalk
La Mirada
Cypress
Los Alamitos
F.:

Seal Beach
:;UNECT
City of
Industry
Hacienda
11!-. Heights
39 ri
WaI nr;t
South San
Jose Hills
Rowland
Heights
La Habra
( Brea ST
I
Diamond Bar
Firestone Sleepy Hollow
Scout
Rese •� doll
9 Yorba Linda
LLllcrtan lacentla
II..

Anaheim
Disneyland Park 441
Stanter U
Westminster
Midway City
::9
ANi:111 u
RE.- P1
Garden Grove •
Fountain
Valley
#5
Huntington
Beach
oz. kt
Tustin
I
tor'h Tustin
U
Irvine
X5' 1
}r Villa Pak
dal
Orange
- iak
Santa Ana
SOUTH C0A51
METRC
Costa Mesa (:D
COROnA
DEL .7AR OPIIP
Chino • 111 1
LOS ECTRANZ.F.

Chino Hills
Stale Park
r

ORCHARD HILLS
. Crystal Cove
State Park
BUTT
RA
Lirr7estcr]r
Canyon]
Regional Rai
z_?

RAT PARK

IRWI NC
SPE TRU'd
I . k.`. ore=
V AI
L
t.'
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
Comparable Land Sales
COMPARABLE LAND SALE #1
it GIRL= r 1.i
2202 E 1st St, Santa Ana, CA
402-181-04
Address:

APN:

Area (SF):

Typography:

Utilities:

Sales Price:

Date of Sale:

Terms:

Buyer:

Seller:

Verification:

Comments:
56,628 SF
Level
All to Site

DESCRIPTION
Area (AC):

Location:

Zoning:

1.30 Shape: Irregular
Interior Condition: Vacant
C2 (Mixed Use Overlay)

SALE DATA
$3,345,500 Price/SF: $59.08
01/22/2024 Document No.: 0021264
All Cash
AMG & Associates, LLC
Executive Car Leasing Company, a New Jersey Corporation RealQuest, CoStar, Grant Deed
The property is a former car lot in an area that has transitioned to residential mixed use developments. The existing structures have been demolished and the adjacent building was developed into an apartment complex. The property is significantly elongated and will likely need to be assembled before redevelopment.
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Address:

APN:
8572 Talbert Avenue, Fountain Valley, CA
122-781-73
Area (SF):

Typography:

Utilities:

Sales Price:

Date of Sale:

Terms:

Buyer:

Seller:

Verification:

Comments:
50,938 SF
Level
All to Site
$3,000,000
07/28/2023
All Cash

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
COMPARABLE LAND SALE #2

DESCRIPTION
Area (AC): 1.17 Shape: Rectangular
Location: Interior Condition: Old Residential SFR
Zoning: CP-HO1 (Residential Overlay)

SALE DATA
Price/SF: $58.90
Document No.: 0183128
Bonanni Development Company VI, LLC
Ronald Lawrence Courreges, Jancie Marie White, Linda Ellen Callens, Irene H. Lindsay as tenants in common.

RealQuest, CoStar, Grand Deed
The property consists of 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 35 886

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Address:

APN:
16801 Cumberland Cir., Yorba Linda, CA
341-221-11 to 14
Area (SF):

Typography:

Utilities:

Sales Price:

Date of Sale:

Terms:

Buyer:

Seller:

Verification:

Comments:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
COMPARABLE LAND SALE #3
'Vina Del Mar Ave
29,620 SF
Level
All to Site
$2,258,000
07/20/2023

DESCRIPTION
Area (AC): 0.68 Shape: Rectangular
Location: Interior Condition: Vacant Land
Zoning: R -U

SALE DATA
Price/SF: $76.23
Document No.: 0194071
All Cash
Monbri, LLC
Eric T Lamhofer 50% interest, and Linda L. Davis 50% Interest RealQuest, MLS, Grant Deed
The property was a larger lot which formerly had an oil well. The property boundary of Yorba Linda and Placentia ran through the property. After the oil lease expired the improvements have been removed and the present southern portion in the City of Yorba Linda was split into four individual lots and marketed for sale. The buyer purchased all four lots as a single transaction. There are no reported environmental issues. The zoning allows a minimum lot size of 7,500 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 36 887

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Address:

APN:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
COMPARABLE LAND SALE #4
1442 N Dale Avenue, Anaheim, CA
070-741-01

DESCRIPTION
Area (SF): 40,511 SF Area (AC): 0.93 Shape: Irregular
Typography: Level Location: Interior Condition: Two Old Structures Utilities: All to Site Zoning: RM2 (Residential)

SALE DATA
Sales Price: $2,500,000 Price/SF: $61.71
Date of Sale: 08/12/2022 Document No.: 0276917
Terms: All Cash
Buyer: Bonanni Development Company V, LLC
Seller: Judy Maria Boisseranc Trust
Verification: RealQuest, CoStar, Grant Deed
Comments: The property is surrounded by an apartment community but was never developed.

There are two older structures on site which will be demolished. To the northern border is a major freeway. The zoning allows a minimum lot size of 3,000 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 37 888

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'StV ce td
Catholic Church
Address:

APN:

Area (SF):

Typography:

Utilities:

List Price:

Date of Sale:

Terms:

Buyer:

Seller:

Verification:

Comments:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
COMPARABLE LAND COMP #5
8371-8461 Talbert Avenue, Huntington Beach, CA
167-531-23 & 167-531-24

DESCRIPTION
92,434 SF
Level
All to Site
$6,150,000
08/2/2022
All Cash
Area (AC): 2.12 Shape: Rectangular
Location: Corner Condition: Old Residential SFR
Zoning: RL (Residential)

SALE DATA
Price/SF: $66.53
Document No.: 0267190
Olson Urban V- Huntington Beach 4, LLC, a Delaware limited liability company Gordon A Langston and Mary M. Langston, as Trustees of the Langston Family Trust RealQuest, CoStar, Grand Deed
The property consists of two older SFR lots located on the corner of Talbert Avenue and Newland Street. The prior owner had owned the property for over 100 years, and it was sold for redevelopment. The area differs from some records and is based on the assessor plat map. The site is currently under development of residential townhome units. The zoning allows a minimum lot size of 6,000 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 38 889

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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 39 890

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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 Adlustment
Market conditions change over time as a result of inflation, deflation, fluctuation in supply and demand, and other factors. Changing market conditions create 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 40 891

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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 quantitative adjustments are based on our market research, best judgment, and experience in appraising similar properties.
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LAND VALUATION

COMPARABLE LAND SALE ADJUSTMENT GRID
Subject
Sale#1 Sale#2 Sale#3 Sale#4 Sale#5 Sale#6
Date of Value & Sale
Property Name
Address
4/2/24
Multifamily Other
No Situs: 27 Units
on Golden Avenue
City Placentia
APN 334-021-15 402-181-04 122-781-73
Gross Acres 1.30 ac 1.30 ac 1.17 ac
Gross Square Feet 54,454 sf 56,628 sf 50,938 sf
Unadjusted Sale Price $3,345,500 $3,000,000
Unadjusted Sale Price Per Square Foot $59.08 $58.90 $76.23 Transactional Adjustments
Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Adjustment
Financing Terms Typical Typical Typical Typical
Adjustment - - - -
Conditions of Sale None None None None
Adjustment - -
Expenditures after Sale None None None None None None
Adjustment
Market Conditions Adjustments
Elapsed Time from Date of Value 0.19 years 0.68 years 0.70 years 1.64 years 1.67 years 1.70 years Market Trend Through 0.0% Per Yr - - - - - -
Analyzed Sale Price $59.08 $58.90 $76.23 $61.71 $66.53 $68.30 Property Adjustments
Location No Situs: 27 Units 2202 E 1st St 8572 Talbert 16801 1442 N Dale 8371-8461 9071-9091 on Golden Avenue Avenue Cumberland Cir. Avenue Talbert Avenue Lampson Ave Placentia Santa Ana Fountain Yorba Linda Anaheim Huntington Garden Grove Adjustment Inferior SI. Superior Superior Inferior SI. Superior SI. Inferior Size 54,454 sf 56,628 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf 69,543 sf Adjustment - - SI. Superior - SI. Inferior
Shape/Depth Rectangular Elongated Rectangular Rectangular Irregular Rectangular Rectangular Adjustment Inferior - - SI. Inferior - -
Topography Level Level Level Level Level Level Level
Adjustment - - -
Zoning R3 C2 (Mixed Use) CP-HO1 (GH) R -U RM2 RL R-1-7
Minimum Lot - - 1,800 7,500 3,000 6000 7000
Units Per Acre 30 - 10.8 4 14 7 6
Adjustment SI. Inferior SI. Inferior
Utilities All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site Adjustment
Demolition / Contributing Improvements None SFR's None SFR SFR SFR Adjustment - SI. Inferior - SI. Inferior SI. Inferior SI. Inferior Other None None None None None None
Adjustment
Net Physical Adjustment Inferior SI. Inferior Superior Inferior SI. Inferior SI. Inferior 1/22/24
Former Car Lot
2202 E 1st St
8/2/22 7/22/22
SFR w/ Land SFR w/ Land
8371-8461 9071-9091
Talbert Avenue Lampson Ave
Huntington Beach Garden Grove
IV/ -DJ I -La Of IJJ-IOJ-JJ lU
ro

2.12 ac 1.60 ac
92,434 sf 69,543 sf
$6,150,000 $4,750,000
7/28/23
SFR w/ Land
8572 Talbert
Avenue
Santa Ana Fountain Valley
7/20/23
Vacant Land
16801
Cumberland Cir.

Yorba Linda
4 Parcels

0.68 ac
29,620 sf
$2,258,000
8/12/22
SFR w/ Land
1442 N Dale
Avenue
Anaheim
070-741-01

0.93 ac
40,511 sf
$2,500,000
$61.71
$66.53 $68.30
Fee Simple Fee Simple
Typical Typical
None None
Adjusted Sale Price per Gross Square Foot $59.08 $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 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 and prices have remained mostly flat over the past year. 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 low -medium density residential uses leading up to R3 zonings. Smaller parcels such as the subject are not always built to their maximum density but are typically developed into townhomes. Each of the sale transactions comes 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 south of the subject, at 2202 E 1st St, in the City of Santa Ana. The sale price for this property was $3,345,500 which equates to $59.08 per square foot. The property is located in an inferior income area. It is inferior in shape and also has a commercial zoning with a mixed use residential overlay. Overall, this comparable was considered inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $59.08 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. The zoning allows townhomes but is a commercial zoning with a residential overlay. Overall, this comparable was considered slightly inferior 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 smaller in size. The property consisted of four individual uniform lots within an existing housing tract which is more readily available for development. A Yorba Linda address is superior locationally to Placentia. Overall, this 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. The property is similar in access, topography, and zoning. It is inferior in a slightly irregular shape. This comparable was considered inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $61.71 per square foot.
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LAND VALUATION
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 less density but with density bonuses a similar development of townhomes could be built. The property has since been developed into 3 -story townhomes. Overall, this comparable was considered slightly inferior 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 slightly larger in size and contains existing single family developments. The property allows less density but with density bonuses will likely be developed into townhomes. Overall, this comparable was considered slightly inferior 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
No.

Address
City
Analyzed
Zoning Sale Date Price SF Price Market
Overall
Rating
3 16801 Cumberland Cir.

Subj. No Situs: 27 Units on Golden Avenue
6 9071-9091 Lampson Ave
5 8371-8461 Talbert Avenue
2 8572 Talbert Avenue
4 1442 N Dale Avenue
1 2202 E 1st Street
Yorba Linda
Placentia
Garden Grove
Huntington Beach
Fountain Valley
Anaheim
Santa Ana
RM2
R3
R-1-7
RL
CP-HO1 (GH)
RM2
C2 (Mixed Use)
7/20/23
7/22/22
8/2/22
7/28/23
8/12/22
1/22/24
$2,258,000
$4,750,000
$6,150,000
$3,000,000
$2,500,000
$3,345,500
29,620
54,454
69,543
92,434
50,938
40,511
56,628
$76.23
$70.00
$68.30 Slightly Inferior
$66.53 Slightly Inferior
$58.90 Slightly Inferior
$61/1 Inferior
$ 59.08 Inferior
Superior
Sale 3 is a nearby and recent transaction that is slightly superior. Sale 6 is slightly inferior to the subject.

These sales are the most similar to the subject and bracket a likely value for the subject property The remaining sales are slightly inferior to inferior and from the Orange County area and provide additional support for the indication of value for the subject. Therefore, we have concluded a value between sales 3 and 6 at $70.00 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.) 54,454
$70.00
$3,811,780
$3,810,000
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CONDEMNATION ANALYSIS
Condemnation Analysis
Acquisition Summary
The subject property is an association parcel for a group of townhomes. 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 1.30 acres or 56,584 square feet with a usable area of 54,454 square feet. The subject project will use a 32.38 square foot permanent bridge construction easement and a 2,387.07 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 $3,810,000 or $70.00 per square foot.

Description of the Part Taken: Permanent Bridge Easement This project proposes to take a permanent bridge easement of 32.38 square feet located at the southwestern part of the site in a single rectangular portion. The area taken is entirely within an existing flood control easement area as is the larger parcel Draft language provided for the proposed easement deed states the easement will be "for public street, public utilities purposes, and construction, a right- of-way easement in, over, under, upon, and across." The area of the part taken is entirely within an existing flood control easement area. A diagram of this taking and photos are shown on the pages following the analysis.

Easements
There are three easements on the property that overlap with or are adjacent to the acquisitions and are shown on the acquisition map. Historically, the western border 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 (3) 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 map are discussed below. Copies of the easements are included in the addenda of this report. 1 — USA Flood control Easement Per 5558-547
This easement is part of the adjacent flood control channel. The easement consists of "a perpetual and assignable right and easement for flood control channel and rectification purposes consisting of the right to construct, reconstruct, inspect, maintain and repair a channel or channels, protection works and appurtenant structures for the purpose of confining and controlling the waters of the carbon canyon creek ... in, on, over, under, and across that certain parcel." Effectively this easement was a full take of the bundle of rights associated with fee ownership of the property. Given our knowledge of adjacent properties in the area, it is likely that this easement was assigned to Orange County flood control.
2 — Union Oil Com 3any Ric ht Of Way Per 489-266
This easement is dated 10/4/1923. Previous oil pipeline easements have also existed on the property for many decades and appeared in the litigation guarantee. It is unknown to what degree this easement is still in place and is not relevant to the valuation of the TCE which overlaps with the easement. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 45 896

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CONDEMNATION ANALYSIS
3 — Flood Control Easements Per 964-78
This easement consists of a 1938 easement for check damns that is further inland from the flood control area in the former flood plain prior to the construction of the carbon canyon dam. It is our understanding that this easement has been vacated and the area quitclaimed back to the owners in 1960.

Analysis of the Part Taken
The permanent bridge easement is wholly within the Orange County flood control easement (1) and the USA Flood Control Easement (3). 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 small portion in the southwestern corner. 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. 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 $70.00 per square foot is attributed to the land area for the larger parcel. The part to be taken is 32.38 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 $113. This calculation is shown in the table below.

Permanent Bridge Easement
Area of Part Property
Parcel No. Taken Value Per SF Rights
Value
Conclusion
334-021-15

32.38 SF
$70.00
5%
$113
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 2,387.07 square feet that is located at the southwestern boundary of the subject. The near rectangular 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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 46 897

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CONDEMNATION ANALYSIS
easement mostly overlaps with the existing flood control easement. A triangular shaped portion at the northern end of the TCE area does not overlap with existing flood control easements. As a result, we broke the TCE into two areas: an unusable portion of 2,137.07 square feet and a usable portion of 250 square feet.

For the portion within the flood control area, effectively, the property owner has no current right to use of the TCE area and the right to use these areas for construction could be granted by the easement holder (County of Orange). Therefore, the compensation for this proposed easement was assigned a property rights (usage) factor of 0%.

For the 250 square foot portion at the northern end of the TCE, the city of Placentia had acquired this portion as part of a separate TCE over the past 3 years; consequently, the townhomes were constructed such that this area is beyond the concrete walls of the townhome community. Although appearing to be outside of the usable area at present, this triangular area is legally fully usable by the townhome community. As a result, we assigned a property rights (usage) factor of 100% to this area.

Since the temporary construction easement does not represent a permanent easement, a rental amount for the land is applied over the length of the easement agreement. As in the previous analysis, the value of the larger parcel was estimated at $70.00 per square foot. This figure, times the land area of 250 square feet, equates to $17,500. Land capitalization rates generally range in the market from 6% to 10% depending upon the location, use, zoning, size, etc. Historically an 8% to 10% rate of return was anticipated on land values in this general market. Recently, there has been a downward trend in land capitalization rates to where they are now typically in the 7% to 8% range. Given that the impact of the TCE is minimal and there are no taxes for an association parcel, we have concluded a rate in the middle of the range. Thus, utilizing a capitalization rate of 8% multiplied to the $17,500 land value times 24 months, results in a Market Value for the Temporary Construction Easement of $2,800. This calculation is shown in the table below:

Property Total Annual Land
Parcel No. Part Taken Value Per SF Rights Value Rate of Return No. of Months Value 334-021-15
334-021-15
2,137.07 SF
250.00 SF
$70.00
0%
$0
$70.00 100% $17,500

8.00%

8.00%
24 24
$0
$2,800
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
EXHIBIT "B"

PERMANENT BRIDGE EASEMENT
THAT PORTION OF LOT 1 OF TRACT MAP No. 19014, AS SHOWN BY MAP ON FILE EN BOOK 991, PAGE 36 THROUGH 39 INCLUSIVE OF M1SCF.LLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST 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 WEST LINE OF SAID LOT I AND SAID EASTERLY LINE OF SAID RANCHO, NORTH 3°23'36" WEST, A DISTANCE OF 3.29 FEET; THENCE LEAVING SAID LINES SOUTH 89°06'13" EAST, A DISTANCE OF 9.04 FEET; THENCE SOUTH 10°19'39" EAST, A DISTANCE OF 3.78 FEET TO THE SOUTHERLY LINE OF SAID LOT 1, SAID POINT BEING ON THE NORTHERLY RIGHT OF WAY OF GOLDEN AVENUE., A 41,00 FOOT HALF WIDTII ROAD PER SAID TRACT; THENCE ALONG SAID SOUTHERLY LINE AND RIGHT OF WAY. NORTH 86°32'25" WEST, A DISTANCE OF 9.54 FEET TO THE POINT OF BEGINNING.

CONTAINS 32.3$ SF MORE OR LESS.

AffiliZZ--6;27-444- )z
VINCENT G. KLE PPE LS 7181 DATE
PREPARED FOR AND ON BEHALF OF THE PR1ZM GROUP
P:fTPG/17/17-005.1EASEIvIENT(17-005 PCE EASEMENT F,doc
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CONDEMNATION ANALYSIS
PLAT MAP: PERMANENT BRIDGE EASEMENT
100'
I' 1
I 1,+-i- 10'
!--- FLOOD CONTROL EASEMENTS
I
PER DEED RECORD€I)
I
USA FLOOD I i 8/29/38, 8f4 964, PG 78
NTROL F O.R.

CF,aOSFIM T w - TEMPORARY CONSTRUCTJON EA • EMENT
y, TC CITY OF P1A EN17A PER D ED
--\
RECORDED NOVEMBER 3, 202 AS
, ! I INSTRUMENT No. 2020000628 9a
EASTERLY LINE ;
;'
20' USA EASEMENT FOR FLOOD
OF RANCHO SAN 1 II 1

CONTROL PER DEED
JUAN CAJON DE RECORDED 12/21/80 8K
SANTA Al r4 I
ii i 5558, PAGE 547 O.R.
' SEE DETAIL W'
II
Ii
I? D LOT 9
i
• qEN !AVENUE

UNION OIL COMPANY RIGHT

OF WAY EASEMENT PER
DEED RECORDED 10/4/23,
8K 489, PAGE 268 O.R.
60 60
Scale 1" = 60 ft
LEGEND
WAR

INDICATES PROPOSED
EASEMENT (32.38 SF)

RANCHO LINE
I.O.B.

DETAIL „A'r
N.T.S.

LINE TABLE SLY LINE LOT 2
NUMBER

DIRECTION

DISTANCE
II
N
0323`36" W

3.29`
H
N
89'06'15" W

9.04'
Di
N
10'19'39" W

3.78`
El
N
86'32'25" W

9.54'
DRAWN BY; AG
DATE: 3-1-24
J0E_ NO.! 17-005
F1 7-E W\�i 7FI�s\
1 006
Ca MIENS NO LUNG S1.R9E1'aRS
{ FIPA • LOCA MRS LASER scaIP JFd7
• cvs A Rveo»c.uRI=010
510 N. COTA ST SUITE I, CORONA, CA 92878
PHONE: 1941} 797 146HYM,Ctht-prizrnifoup -GP,
EXHIBIT "B"

PERMANENT
BRIDGE

EASEMENT
SE -IT_ N G.
1 OF 1
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
EXHIBIT "A"

TEMPORARY CONSTRUCTION EASEMENT
THAT PORTION OF LOT 1 OF TRACT MAP No. 19014, AS SHOWN BY MAP ON FILE IN BOOK 991, PAGE 36 THROUGH 39 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNT Y, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST 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 WEST LINE OF SAID LOT 1 AND SAID EASTERLY LINE. OF SAID RANCHO, NORTH 3423'36" WEST, A DISTANCE OF 131.79 FEET; THENCE LEAVING SAID LINE SOUTH 39°38'54" EAST, A DISTANCE OF 33.82 FEET TO A LONE PARALLEL AND 20.00 FEET EASTERLY, MEASURED AT RIGHT ANGLES, FROM SAD WEST LINE;
THENCE ALONG SAID PARALLEL LINE, SOUTH 3'23'36" EAST. A DISTANCE OF 106.92 FEET TO TI[E SOUTHERLY LINE OF SAID LOT 1, SAID POINT BEING ON THE NORTHERLY RIGHT OF WAY OF OLDEN AVENUE, A 40.00 FOOT HALF WIDTH

ROAD PER SAID TRACT,
THENCE ALONG SAID SOUTHERLY LINE AND RIGHT OF WAY, NORTH 56°32'25„ WEST, A DISTANCE OF 20.14 FEET TO THE POINT OF BEGINNING.

CONTAINS 2.387,07 SF (0.05 ACRES) MORE OR LESS.

LEP ' F. LS 7151 DATE

PREPARED FOR AND ON BEHALF OF THE PRLZM GROUP
P_fTPG,I 7/17-005/EASEMENT/17-005 TCE EASEMENT B.doc
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
GO
LJS4 FLOOD

CONTROL

EASEMENT
0 Seale 1 " = 60 ft
LEGEND
/.
60 IND RTES PROPOSED
EASEMENT (2,38707 SF)
11N!ON OIL COII.{PANY f IGHT OF WAY

EASEMENT PER DEED RECORDED
10/4/23, BK 489, PAGE 266 D.R.
cvc
eg Pk*
y
7 0'

I FLOOD COW ROL EASEMENTS PER
DEED RECORDED 8/29/38, RK
964, PG 78 O.P.

OSA EASEMENT FOR FLOOD

CONTROL PER DEED RECORDED
!2/21/60 RI`( 5558, PACE 547
O.R.
b 4'0

GOLDEN AVENUE
I
LINE TABLE:

NUMBER

DIRECTION

DISTANCE
C
N 03'23'36" W
106.92'
C
N 86'32'25" W
20,14'
_ M
N 03'23'36" W
131.79'
4D
N 39`38'54" W

33.82'
DRAW : AG
DATE 3-4-24
JOB, NO-: 17-005
P:=7--0os1 EHIS\
17-005 B.0'N6
GAL DEICERS At L4@ 5UINDI S
• LEFCA /05 LASER SCAAWWO
- OPB AROBtl774C' $ I'EYIM$
EVrAIIESWAV
• MIL ENGINEERING
RING
• L4ND P1 ANNoN
31 D N. COTA ST, SUITE I, CORONA CA 92870
PHONE: 051) 737440. wwrc Ure-P+ m-grauo.com
EXHJ BIT "A"

TEMPORARY

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

VIEW OF EASEMENT AREAS FROM ROAD (GOLDEN AVENUE)
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS

VIEW OF EXISTING BRIDGE LOOKING WEST (SUBJECT LOCATED RIGHT) © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 53 904

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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 $3,811,667. 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 54 905

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Value Conclusions

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

VALUE CONCLUSIONS
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 $500 for the proposed permanent bridge easement.The temporary construction easement did not consist of a nominal value conclusion.

Valuation Summary
Component
Value Market Value of
Conclusions Acquisition
Value of Larger Parcel in Before Condition
Permanent Property Rights
Value of Part Taken - Land (32.38 SF)
Site Improvements
Value of Part Taken - Building Improvements
Total Value of Permanent Property Taken
Severance / Benefits
Severance Damages
Less Benefits
Net Severance Damages
Value of Remainder in After Condition
Temporary Property Rights
Temporary Construction Easement (2387.07 SF)
$3,811,780
$113
$113 $500 - Nominal
$0
$0
$0
$3,811,667
$2,800 $2,800
Fair Market Value (Parts Taken, Severance Damages/Benefits) $3,300 8 The Dictionary of Real Estate Appraisal, Appraisal Institute, Fourth Edition, 2002, Page 196 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 55 906

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

GENERAL ASSUMPTIONS & LIMITING CONDITIONS
General Assumptions and Limiting Conditions
This appraisal is subject to the following limiting conditions:

1. The legal description — if furnished to us — is assumed to be correct.

2. No responsibility is assumed for legal matters, questions of survey or title, soil or subsoil conditions, engineering, availability or capacity of utilities, or other similar technical matters.

The appraisal does not constitute a survey of the property appraised. All existing liens and encumbrances have been disregarded and the property is appraised as though free and clear, under responsible ownership and competent management, unless otherwise noted.

3. Unless otherwise noted, the appraisal will value the property as though free of contamination.

Valbridge Property Advisors I Orange County will conduct no hazardous materials or contamination inspection of any kind. It is recommended that the client hire an expert if the presence of hazardous materials or contamination poses any concern.

4. The stamps and/or consideration placed on deeds used to indicate sales are in correct relationship to the actual dollar amount of the transaction.

5. Unless otherwise noted, it is assumed there are no encroachments, zoning violations, or restrictions existing in the subject property.

6. The appraiser is not required to give testimony or attendance in court by reason of this appraisal, unless previous arrangements have been made.

7. Unless expressly specified in the engagement letter, the fee for this appraisal does not include the attendance or giving of testimony by Appraiser at any court, regulatory, or other proceedings, or any conferences or other work in preparation for such proceeding. If any partner or employee of Valbridge Property Advisors I Orange County is asked or required to appear and/or testify at any deposition, trial, or other proceeding about the preparation, conclusions or any other aspect of this assignment, client shall compensate Appraiser for the time spent by the partner or employee in appearing and/or testifying and in preparing to testify according to the Appraiser's then current hourly rate plus reimbursement of expenses.

8. The values for land and/or improvements, as contained in this report, are constituent parts of the total value reported and neither is (or are) to be used in making a summation appraisal of a combination of values created by another appraiser. Either is invalidated if so used.

9. The dates of value for which the opinions expressed in this report apply are set forth in this report. We assume no responsibility for economic or physical factors occurring at some point at a later date, which may affect the opinions stated herein. The forecasts, projections, or operating estimates contained herein are based on current market conditions and anticipated short-term supply and demand factors and are subject to change with future conditions. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 56 907

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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 57 908

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

GENERAL ASSUMPTIONS & LIMITING CONDITIONS
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 58 909

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

GENERAL ASSUMPTIONS & LIMITING CONDITIONS
deemed by us to be the most accurate and/or reliable are used within this report. While the measurements and any accompanying sketches are considered to be reasonably accurate and reliable, we cannot guarantee their accuracy. Should the client desire a greater level of measuring detail, they are urged to retain the measurement services of a qualified professional (space planner, architect, or building engineer). We reserve the right to use an alternative source of building size and amend the analysis, narrative and concluded values (at additional cost) should this alternative measurement source reflect or reveal substantial differences with the measurements used within the report.

26. In the absence of being provided with a detailed land survey, we have used assessment department data to ascertain the physical dimensions and acreage of the property. Should a survey prove this information to be inaccurate, we reserve the right to amend this appraisal (at additional cost) if substantial differences are discovered.

27. If only preliminary plans and specifications were available for use in the preparation of this appraisal, then this appraisal is subject to a review of the final plans and specifications when available (at additional cost) and we reserve the right to amend this appraisal if substantial differences are discovered.

28. Unless otherwise stated in this report, the value conclusion is predicated on the assumption that the property is free of contamination, environmental impairment, or hazardous materials.

Unless otherwise stated, the existence of hazardous material was not observed by the appraiser and the appraiser has no knowledge of the existence of such materials on or in the property.

The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required for discovery. The client is urged to retain an expert in this field, if desired.

29. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We have not made a specific compliance survey of the property to determine if it is in conformity with the various requirements of the ADA. It is possible that a compliance survey of the property, together with an analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this could have a negative effect on the value of the property. Since we have no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in developing an opinion of value.

30. This appraisal applies to the land and building improvements only. The value of trade fixtures, furnishings, and other equipment, or subsurface rights (minerals, gas, and oil) were not considered in this appraisal unless specifically stated to the contrary.

31. No changes in any federal, state, or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated, unless specifically stated to the contrary.

32. Projections of income and expenses made in this appraisal are not predictions of the future and are made as of the date of the appraisal. These estimates represent the appraiser's best © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 59 910

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

GENERAL ASSUMPTIONS & LIMITING CONDITIONS
estimate of current market related thinking on future income and expenses. The appraiser makes no warranty that these projections will materialize. The real estate market is constantly fluctuating and changing. It is not the task of the appraiser(s) to predict or in any way warrant the conditions of a future real estate market, rather the appraiser(s) can only reflect what the investment community, as of a specific date, envisions for the future in terms of rental rates, expenses, supply and demand.

33. Any estimate of insurable value, if included within the scope of work and presented herein, is based upon figures developed consistent with industry practices. However, actual local and regional construction costs may vary significantly from our estimate and individual insurance policies and underwriters have varied specifications, exclusions, and non -insurable items.

Therefore, we strongly recommend that the Client obtain estimates from professionals experienced in establishing insurance coverage. This analysis should not be relied upon to determine insurance coverage and we make no warranties regarding the accuracy of this estimate.

34. The data gathered in the course of this assignment (except data furnished by the Client) shall remain the property of the Appraiser. The appraiser will not violate the confidential nature of the appraiser -client relationship by improperly disclosing any confidential information furnished to the appraiser. Notwithstanding the foregoing, the Appraiser is authorized by the client to disclose all or any portion of the appraisal and related appraisal data to appropriate representatives of the Appraisal Institute if such disclosure is required to enable the appraiser to comply with the Bylaws and Regulations of such Institute now or hereafter in effect.

35. You and Valbridge Property Advisors I Orange County both agree that any dispute over matters in excess of $5,000 will be submitted for resolution by arbitration. This includes fee disputes and any claim of malpractice. The arbitrator shall be mutually selected. If Valbridge Property Advisors I Orange County and the client cannot agree on the arbitrator, the presiding head of the Local County Mediation & Arbitration panel shall select the arbitrator. Such arbitration shall be binding and final. In agreeing to arbitration, we both acknowledge that, by agreeing to binding arbitration, each of us is giving up the right to have the dispute decided in a court of law before a judge or jury. In the event that the client, or any other party, makes a claim against Valbridge Property Advisors I Orange County or any of its employees in connections with or in any way relating to this assignment, the maximum damages recoverable by such claimant shall be the amount actually received by Valbridge Property Advisors I Orange County for this assignment, and under no circumstances shall any claim for consequential damages be made.

36. Valbridge Property Advisors I Orange County shall have no obligation, liability, or accountability to any third party. Any party who is not the "client" or intended user identified on the face of the appraisal or in the engagement letter is not entitled to rely upon the contents of the appraisal without the express written consent of Valbridge Property Advisors I Orange County. "Client" shall not include partners, affiliates, or relatives of the party named in the engagement letter. Client shall hold Valbridge Property Advisors I Orange County and its employees harmless in the event of any lawsuit brought by any third party, lender, partner, or part-owner in any form of ownership or any other party as a result of this assignment. The client also agrees that in case of lawsuit arising from or in any way involving these appraisal services, client will hold Valbridge Property Advisors I Orange County harmless from and © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 60 911

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

GENERAL ASSUMPTIONS & LIMITING CONDITIONS
against any liability, loss, cost, or expense incurred or suffered by Valbridge Property Advisors I Orange County in such action, regardless of its outcome.

37. The Valbridge Property Advisors office responsible for the preparation of this report is independently owned and operated by Penner and Associates, Inc. Neither Valbridge Property Advisors, Inc., nor any of its affiliates has been engaged to provide this report. Valbridge Property Advisors, Inc. does not provide valuation services, and has taken no part in the preparation of this report.

38. If any claim is filed against any of Valbridge Property Advisors, Inc., a Florida Corporation, its affiliates, officers or employees, or the firm providing this report, in connection with, or in any way arising out of, or relating to, this report, or the engagement of the firm providing this report, then (1) under no circumstances shall such claimant be entitled to consequential, special or other damages, except only for direct compensatory damages, and (2) the maximum amount of such compensatory damages recoverable by such claimant shall be the amount actually received by the firm engaged to provide this report.

39. This report and any associated work files may be subject to evaluation by Valbridge Property Advisors, Inc., or its affiliates, for quality control purposes.

40. Acceptance and/or use of this appraisal report constitutes acceptance of the foregoing general assumptions and limiting conditions.

41. Unless the time period is shorter under applicable law, any legal action or claim relating to the appraisal or to this Agreement shall be filed in court within two (2) years from the date of delivery to Client of the appraisal report to which the claims or causes of action relate or, in the case of acts or conduct after delivery of the report, two (2) years from the date of the alleged acts or conduct. The time period stated in this section shall not be extended by any delay in the discovery or accrual of the underlying claims, causes of action or damages. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 61 912

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

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
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CERTIFICATION
Certification - John D. Penner
I certify that, to the best of my knowledge and belief:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

3. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

4. The undersigned has not performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

5. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.

7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

8. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

9. I have personally inspected the subject property.

10. No one provided significant real property appraisal assistance to the person signing this certification.

11. The reported analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

13. As of the date of this report, the undersigned, if applicable, has completed the continuing education program for Designated Members of the Appraisal Institute.

John D. Penner, MAI
Senior Managing Director
National Director— Fractional Interest Valuation
California License #AG001720
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Addenda

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Exhibit A: Notice To Appraise
Exhibit B: Title Litigation Guarantee
Exhibit C: Easements
Exhibit D: Parcel Diary
Glossary
Qualifications
• John Penner, Jr., AG
• John D. Penner, MAI
Information on Valbridge Property Advisors
Office Locations
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 64 915

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Exhibit A: Notice to Appraise
Mayor
-EREPAY B. YAMAGUCHI
Mayor Pra rem
KEVIN KfRMN
Covner7mambers:

R HONE:A SHADER
WARD _. SM?' H
CHAD P. WA.4KE

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
The People are the City
NIA
iii
d0i East Chapmeri Avenue— J arenNa, Cai rarnJa 92870
April 1, 2024
Villena Community Association
26$40 ,Aliso Viejo Parkway Ste. 100
Aliso Viejo, CA 9266
city Cierk:

ROBERT S AeCKIhNEL
CJty Treasurer
KEVIN A. LARSON
City Adrnrnrstrato
DA.M IEN R. ARRULA
Re: City of Placentia - Golden Avenue Bridge Replacement Project ("Project") Property Address: 27 I.;nits Golden Avenue, Placentia, CA 92870 Assessor Parcel No. (.APN): 334-021-15
Dear Property Owner(s),
'lilt: City of Placentia (City ) is proposing the Golden Avenue ]3ridge Replacement Project, The existing Golden Avenue Bridge was constructed in 1934 anct was rated functionally obsolete by Caltrans in 20{]5, The City subsequently obtained a grant to replacc this bridge and has been developing the engineered plans and construction specifications to construct l new replacement bridge. 'file 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 aecommodate onc vehicle in each direction which means pedestrians, bicylicsts and motorists trust all share the road at the same time.

Your property, located at 27 Units Golden avenue Placentia CA 92874 , is within the project area and a portion may be required for the project. Before a decision can be trade to acquire any interests in your property, the law provides that the interest first he appraised. As part uflhe appraisal process, it will be necessary to perform an inspection of your property to aid in the determination of Just Compensation. You or your representative may accompany Lhe appraiser on this inspection if you wish to do so.

The City of Placentia has retained the services of Valhridgc Properly Advisors an independent appraisal firm, to prepare an appraisal. John Penner, tviAI. will be contacting you to schedule tlia appraisal_ You ni w call hint at 7 ] 4) 449-0304 to schedule an appuit l n rit fur die inspection pry our property if you choose to be present.

We have enclosed alt Acquisition. Handbook which will provide you with answers Lt} questions owners frequently ask conceininir land acquisition procedures. All sertices and:or benefits to be derived from any right of way activity will he administered without regard to race, color, national origin, or sex, in accordance with Title VI of' the Civil Rights Act of 1964 (42i:.S.C. 2000d, et seq.) and Section 162(x} of the Federal iliehway ,'pct of 1973 (2] II.S_t__ 324)_ © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 65 916

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Enclosed for your information is a brochure which discusses this requirement.

This notice does lint constitute an offer to punch ase y our properly, nor does i t cs lab li sh eligibility of the owner andior any other occupant for relocation assistance or relocation payments. Only those in occupancy at the time of the first �iritteit offer to purchase the property may he eligible for relocation payn1enLs.

The City of- Placcntia has retained the vices of Epic Land Solutions, Lac.. a right of way acquisition firm, to discuss thi.4 project with you, explain the proposed transac lion and coordinate the acquisition process_ if you have any questions or concerns, please feel free to contact Christine Was -h, Right of Way A i et't at 45I-405-4645 or cuasfe_hucpicland.ct}n7 Sincerely,
Daiiien Arnila
City A,dnunistra c r
City of Placentia
(714) 99;-5 r71
Enc[Usures
• l -Ai -€]131'I. A — 1 Legal Description/Plat Map
• EXii113f1T 13 — Permanent Easement Legal Description/Plat Map • Acquisition Handbook
• Your Rights under Title VI Etroc.Emre
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Exhibit B: Title Litigation Guarantee

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Updated
irF•41CV
t� * First American Title
Guarantee
CLTA Guarantee Farm No. 2B -
Condition of Title
I$y,IFI) Fir
First American T He Insurance Company
eitlaRAHTFF MJI1l FR
5026900-7015730
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE GUARANTEE C0ND] I (DNS ATTACHED HERETO AND MADE A PART OF THIS GUARANTEE.

FIRST AMERICAN TITLE INSURANCE COMPANY
a Nebraska corporation, herein ca lied 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 t1.ileCiarpia, President
Authorized Countersignature
Lisa W Lorna NI, Secretary
This jacket was rre3bed clectronicalLy and ronstih,tes ao orig mi don.srerst lF1 Califomia Land Title As radon, AR rights reserved, The use of this Form ks restricted to CLTA subso-ite s in goad standing as of the date of use, All ❑liter unel prohihited. Revinted under Ik trr or r•NPrCSS pRrhit. i n from tl.c CaIiFOrnia Land T.tIG A55otiabon, [Farm 5426944 (1-29.15] Page 1 Dill
CLTA aurentee Form 140. 28 - Condidan of Title (Rev. 6.5-144 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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•F.'r
First American Mk
Schedule A
CLTA Guarantee Form No. 28 -
Condition of Title
15sJED 11Y
First American Title Insurance Company
•3JA -4TEE NL'•"FR
5026900-7015730
File No.: 7015730
Guarantee No. 7015730
Amount of Liability: $2,500.00
Date of Guarantee:Januar,/ 10, 2024 at 7.30 A.M. Fee: $500,00

1. Nance of Assured:

City of Placentia

2. The estate or interest in the Land which i5 covered by this Guarantee is:

A fee as to Parcel(s) 1, an easement as to Parcel(s) 2
3, The Land referred to in this Guarantee is described as follows:

Real property in the City of Placentia,. County of Orange, State of Califarltiia, described as follows:

PARCEL 1:

THAT CERTAIN REAL PROPERTY IDENTIFIED AS "ASSOCIATION PROPERTY" AS SHOWN AND DESCRIBED ON THAT CERTAIN CONDOMINIUM! PLAN FOR VILLENA (PHASE 1) RECORDED ON JULY 16, 2021, AS INSTRUMENT NO. 2021000457395, (TOGETHER WITH ANY AMENDMENTS THERETO, COLLECTIVELY, THE "PLAN"), OF OFFICIAL RECORDS OF ORANGE COUNTY, CALIFORNIA (THE "OFFICIAL RECORDS"), CONSTTTLiTING A PORTION OF LOT 1 OF TRACT NO. 19014 (THE "MAP"), FILED IN BOOK 991, AT PAGES 36 TO 39, INCLUSIVE, OF MISCELLANEOUS MAPS, IN THE OFFICE

OF THE COUNTY RECORDER OF SAID COUNTY,

EXCEPTING THEREFROM, THE UNITS AND CONDOMINIUM COMMON AREA, AS DESCRIBED ON THE PLAN.

RESERVING THEREFROM, FOR THE BENEFIT OF GRANTOR, AND ITS SUCCESSORS AND ASSIGNS, TO THE EXTENT NOT ALREADY RESERVED OR EXCEPTED BY INSTRUMENTS OF RECORD:

A, ALL OIL RIGHTS, MINERAL RIGHTS, NATURAL GAS RIGHTS AND RIGHTS TO ALL OTHER HYDROCARBONS BY WHATSOEVER NAME KNOWNr TO ALL GEOTHERMAL HEAT AND TO ALL PRODUCTS DERIVED FROM ANY OF THE FOREGOING (COLLECTIVELY, "SUBSURFACE RESOURCES")
B. THE PERPETUAL RIGHT TO DRILL, MINE, EXPLORE AND OPERATE FOR AND TO PRODUCE,

STORE AND REMOVE ANY OF THE SUBSURFACE RESOURCES ON OR FROM THE PROPERTY,

INCLUDING THE RIGHT TO WHIPSTOCI( OR DIRECTIONALLY DRILL AND MINE FROM LANDS OTHER

THAN THE PROPERTY, WELLS, TUNNELS AND SHAFTS INTO, THROUGH OR ACROSS THE SUBSURFACE OF THE PROPERTY, AND TO BOTTOM SUCH WHIPSTOCIKE❑ OR DIRECTIONALLY [Farm 5426944 (I.29-15) age 5 of 11
CLTA Guarantee Form No. 28 - Condlbon of Title (Rev. 6•54411 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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DRILLED WELLS, TUNNELS AND SHAFTS WITHIN OR BEYOND THE EXTERIOR LIMITS OF THE PROPERTY. AND TO RE -DRILL, RE -TUNNEL, EQUIP. r4AINTAIH, REPAIR, DEEPEN AND OPERATE

ANY SUCH WELLS OR MINES, BUT WITHOUT THE RIGHT TO ENTER UPON OR DRILL, MINE,

EXPLORE, OPERATE, PRODUCE, STORE OR REMOVE ANY OF THE SUBSURFACE RESOURCES FROM THE SURFACE OF THE PROPERTY OR FROM THE LAND FIVE HUNDRED (500) FEET BELOW THE SURFACE OF THE PROPERTY; AND
C. ALL WATER AND WATER RIGHTS, IF ANY, WITHIN AND UNDERLYING THE PROPERTY.

PARCEL 21

NONEXCLUSIVE EASEMENT FOR ACCESS, ENCROACHMENT, MAINTENANCE, DRAINAGE, SUPPORT,

REPAIR, AND FOR OTHER PURPOSES, ALL AS DEFINED AND DESCRIBED IN THE DECLARATION, OR AS MAY BE SHOWN ON THE MAP OR THE PLAN.

APR 334-021-15 (Portion)

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:

Uillena Community Association, a California nonprofit mutual benefit corporation 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.

FOUR 5026990

1.29-15
!Paw
fiaf11
CLTA Guarantee Farm No. 28 - CandltfoU of Title
Red. 6.5.14
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ey' First American rile
Schedule B
CLTA Guarantee Form No. 28 -
Condition of Title
[59JED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015730
File No.: 7015730
L General and special taxes and assessments for the fiscal year 2424-2025, a lien not yet due or payable.
2_ General and special takes and assessments for the fiscal year 2023 -2024 - First Installment:

Penalty:

Second Installment:

Penalty:

Tax Rate Area;
A, P. No,:
$0.40, NO TAX DUE
$0,00
$0.00, NO TAX DUE
$0.00
09-013
334-021-15
Affects, The land and other property.

The County Tax Collector could not verify the amounts shown above at this time. Please verify the amounts with the County Tax Collector prlor to the close of the contemplated transaction.

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. An easement for pipelines and incidental purposes, recorded November 7, 1411 in Book 203 of Deeds, Page 291.

In Favor of; Yorba Linda Water Company
Affects- Common Area
The location of the easement cannot be determined from record information.

S. An easement for right of way for Irrigation or drainage ditches, pipelines or conduits and incidental purposes, recorded September 2, 1913 in Book 242 of Deeds, Pace 98, In Favor of: M.N. Newmark
Affects= Common Area
The location a the easement cannot be determined from record information, 5, An easement for pipeline and incidental purposes, recorded October 4, 1923 in Book 489 of Deeds,

Farm 5425904 (,1.29-15) III ] of 11
CLTA Guaraltee Farm No. 28 - Caretfan at Title fRaw. 6.514 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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In Favor of:

Affects=

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Union Oil Company of California
Common Area
The effect of a document entitled "Quitclaim Deed", recorded September 17, 2020 as Instrument Na_ 20200,00502161 of Official Records.

7. An easement for the right to erect, construct, repair and maintain check dams, etc. and Incidental purposes, recorded August 29, 1938 as Book 964, Page 78 of Official Records, In Favor of: City of Placentia successor in interest to the County of Orange Affects_ Common Area
A document recorded March 22, 1960 as Book 5157, Pace 591 of Official Records provides that the above document was subordinated to the document recorded December 21, 1960 as Book 5558,

R. An easement for flood control and channel rectification and incidental purposes, recorded December 21, 1960 as Book 5558, Page 547 of Official Records.

In Favor of: United States of America
Affects: Common Area

9. An easement for pipe lines and incidental purposes, recorded March 4, 198L as Book 13%8, Page 1513 of ❑fficial Records.

In Favor of: Yorba Linda County Water District
Affects: Common Area

10. An easement for pipe lines and incidental purposes, recd-ded April 15, 1981 as Book 14022, Page L239 of Official Records.

In Favor of: Southern California Gas Company
Affects; Common Area

11. An easement for pipelines and communication facilities and incidental purposes, recorded November 5, 2014 as Instrument Flo_ 2014000451694 of Official Records.

In Favor of: Southern California as Company, a California corporation, its successors and assigns
Affects: Common Area
The location of the easement cannot be determined from record information.

12. Intentionally Deleted

13. The terms and provisions contained in the document entitled "Master Covenant and Agreement" recorded September 3, 2020 as Instrument No. 2020000465451 pf OfTc:el Records.

14. The terms and provisions contained in the document entitled "Water and Sewer Service Agreement Between Yorba Linda Water District and Placentia 26 LLC" recorded October 22, 2020 as Instrument No- 2020000596313 of Official Records,
[Farm 5425904 (1.29-15) DarnB of 11
CLTA Guaraltee Farm No. 28 - Caretfon of Title f Rev. 6.514 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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15. The terms, provisions and easements) contained in the document entitled "Grant Deed of Temporary and Permenant Easements for the Reconstruction of Golden Avenue Bridge " recorded November 43, 2020 as Instrument No. 2020000628395 of Official Records.

The effect of a document entitled "Quit Claim Deed ", recorded [November 15, 2023 as Instrument No. 2023-280057 of Official Records.

16. An easement shown or dedicated on the Map as referred to In the legal description For: Public utility, access, temporary construction, permanent slope and incidental purposes.

17. Abutter's rights or ingress and egress to or from Golden Avenue, except at street intersections and approved access locations, have been dedicated or relinquished on the Ned Map.

18. An easement for facilities and incidental purposes, recorded March 11, 2021 as Instrument No. 2021000168507 of 0fticial Records.

In Favor of: Southern California Gas Company, a California corporation, its successors and assigns
Affects: Common Area

19. An easement for systems and incidental purposes, recorded April 15, 2021 as Instrument No. 2021000255265 cif Official Records.

In Favor of: Southern California Edison Company, a corporation, its successors and assigns
Affects: Common Area

20. Covenants, conditions, restrictions, assessments, liens, charges, terms and pr islons in the document recorded July 16, 2021 as instrument No. 2021000458278 of Official Records, which provide that a violation thereof shall not defeat or render invalid the lien of any first mortgage or deed of trust made in goad faith and for value but deleting any covenant, condition., or ri tricUonr 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, disabiFity, handicap, veteran or military status, genetic information, national origin, source of income as defined In subdivision (p) of Seaton 12955, or ancestry, to the extent that such covenants, conditions or restrictions violate applicable state or federal laws_ Lawful restrictions understate and federal law on the age of occupants in senior housing OF housing for odder persons shalt not be construed as restrictions based on familial status.

Document(s) declaring modifications thereof recorded August 05, 2021 as Instrument No. 2021000495392 of Official Records,
21, An easement for street access and maintenance and incidental purposes, recorded July 16, 2021 as Instrument No. 2021000450279 of Official Records.

In Favor of: VIIIena Community Assoclatfon, a California nonprofit mutual benefit corporation
Affects: Common Area

22. The terms, provisions and easements) contained in the document entitled "Easement Agreement" recorded August 31, 2021 as Instrument No. 2021000547016 of Official Records_ [Farm5425904 (1.29-15) Darn 9 of 11
C TA Guaraltee Farm r,lo. 28 - Carelian of Title (Rev. 6.514 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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23. The terms, provisions and easement(s) contained In the document entitled "Deed of Easement" recorded October 25, 2421 as Instrument No. 2021000648676 of Official Records. 24, Easementsr Covenants and Conditions contained in the deed from Placentia 26, LLC, a Delaware limited liability company, as Grantor, to Villena Community Association, a California nonprofit mutual benefit corporation, as Grantee, recorded November 04, 2021 as Instrument No Instrument No. 2021400668780 of Official Records. Reference being rnade to the document for full particulars, but deleting any covenant, condition, or restriction, if any, indicating a preference, limitation, or discrimination based on race, COIOf, religion, sex, gender, gender identity, gender expression, sexual onentatiorl, 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 understate 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. 25, The terms, provisions and easements) contained in the document entitled "Grant of Easement" recorded December 02, 2021 as Instrument Na_ 2021 00073 1 179 of Official Records.

26. WE FIND NO OPEN DEED OF TRUST. THE COMPANY WILL REQUIRE SATISFACTORY

PROOF, PRIOR TO INSURING THE CONTEMPLATED TRANSACTION, THAT THE SUBJECX PROPERTY IS FREE FROM ANY ENCUMBRANCES. PLEASE PROVIDE THE FOLLOWING:

A. AN AFFIDAVIT (Click Here), EXECUTED BY ALL THE SELLERS/BORROWERS STATING

THAT THE PROPERTY IS FREE AND CLEAR, AND NOTARIZED IN FRONT OF A FIRST AMERICAN APPROVED NOTARY;
B, THE OWNER STATEMENT FROM THE ESCROW INSTRUCTIONS; AND C. A WRITTEN STATEMENT FROM ESCROW CONFIRMING WHO THE PROCEEDS WILL BE DISBURSED TO.

Farm 5425944 (1.29-15] lP a la 10 of It I aTA Guars ntee Form No. 28 - Cndltfon of T Ie (P. . 6.5 14]I © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 73 924

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Exhibit C: Easements
USA Flood Control Easement Per 5558-547
•

3 I .41

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
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1 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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pROPERTY ADVISORS
Exhibit D: Parcel Diary

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 75 926

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STATE OF CALIFORNIA• DEPARTMENT OF TRANSPORTATION

RIGHT OF WAY PARCEL DIARY
RW 7.1 (REV 4912019)

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA

CONFIDENTIAL
This. document conlans personal nformalion and s.ubjecl to Ci,iI Cone I79ft 24, t shall be kept naifiderdial in order t8 protect B99ii191 ul`9u11-Wea4 dI9dd9ur4
DIST
12 CO
Orange
RTE
Golden Averse
KP (P hi.)
PARCEL NO.
334-021-16
OWNER
Villena CAmmunityAsaodletidn

ADDRESS
NO $ rJ1: 27I,JrlitS On G41den A.49We S.'Allen*.

Way, Plecarllia, CA 92974
PHONE
HU
WK
CELL

PROJECT
Gold+n Avenue Erld90 RVIenleinWsht Pr41pdt

CERT DATE

DATE OWNER INVITED TO ACCOMPANY APPRAISER
April 2. 2024

DATE PROPERTY INSPECTED
April 02, 2024
BY; LETTER Q PHONE
• PERSON •
APP. REPORT IMIDATE
GA06.24.4449 + 5212024

APPROVAL CATE

APPRAISED VALUE
$2,300
EA
BRL•6209I0251

REVISED DATE
7123c2424

APPROVAL DATE

APPRAISED VALUE
$3,340

DATE OF FIRST WRITTEN OFFER
AMOUNT OF REPL.4CEI.I£NT HOUSING

SUPP AT TIME OF FIRST WRITTEN OFFER
RAP P1 G. DEL- DATE
DATE AS IOHED TO ACQUISITION Al ENT
PEOPLE V. SCC M
FILED
EFF. DATE OP

OWNERS ATTORNEY

ADDRESS
PHONE

ASSIGNED TO

APPRAISER
DATE
DATE+AG ENT-
SIGNATUREANffIAL
DATA
4/212024
4/2/2024
T
Noce of diAsi6si to appra.9e was ensile d la owner on Apra 2, 202-0 — no response rOCel,ldd Tnpm pngpprty gwnrr.

Site irrepierAion was performed All April 2. 2024
ADA N411tC For ill:Wh .rats with sensory disabilities, This document is available in alternate formats. For ahemale format nrorrn Linr , conlarL the Forms Management nit a[ (916) 44.5.1239, TTY 711, or write to Records and Forms Management. 112O N Shen!, M5-69. Sacramento, CA 95514. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 76 927

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T FCAUFOk1L'.. DEPARTMENT OF TRANSPORTATION

RIGHT OF WAY PARCEL DIARY
RW 7-1 (REV 09'241$}

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA

CONFIDENTIAL
This document corams persorwl infarmr1ion and subject
tff Civil Code 17PR 24. rt shall Ica kept oar fidmhal in order t8 wol9Ct agiewst u' 2u1M?1z d d IOaI/R.

DIST
CO
RTE
KP (P M.)
PARCEL NO.

DATErA.GENT.

SIGNATURIEINITI L
DATA
ADA Noma Far individ.rals with sensory disahililies, This document is available in alternate. formats. For ahernale formal. nrarrnallon, mnlacL the Forms Management llrwt at{ 416) 445.1233, TTY711. Of write to Recordxand Farms Management, 1120NSIrer1, MS -64, Sacramento, CA B581d. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 77 928

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Glossary
Definitions are taken from the Dictionary of Real Estate Appraisal, 5th Edition (Dictionary), the Uniform Standards of Professional Appraisal Practice (USPAP) and Building Owners and Managers Association International (BOMA).

Absolute Net Lease
A lease in which the tenant pays all expenses including structural, maintenance, building reserves, and
management; often a long-term lease to a credit tenant. (Dictionary)
Additional Rent
Any amounts due under a lease that is in addition to base rent. Most common form is operating expense increases.
(Dictionary)
Amortization
The process of retiring a debt or recovering a capital
investment, typically though scheduled, systematic
repayment of the principal; a program of periodic
contributions to a sinking fund or debt retirement fund. (Dictionary)
As Is Market Value
The estimate of the market value of real property in its current physical condition, use, and zoning as of the
appraisal date. (Dictionary)
Base Shell) Building
The existing shell condition of a building prior to the installation of tenant improvements. This condition varies from building to building, landlord to landlord, and
generally involves the level of finish above the ceiling grid. (Dictionary)
Base Rent
The minimum rent stipulated in a lease. (Dictionary)
Base Year
The year on which escalation clauses in a lease are based. (Dictionary)
Building Common Area
The areas of the building that provide services to building tenants, but which are not included in the rentable area of any specific tenant. These areas may include, but shall not be limited to, main and auxiliary lobbies, atrium
spaces at the level of the finished floor, concierge areas or security desks, conference rooms, lounges or vending areas food service facilities, health or fitness centers, daycare facilities, locker or shower facilities, mail rooms, fire control rooms, fully enclosed courtyards outside the exterior walls, and building core and service areas such as fully enclosed mechanical or equipment rooms.

Specifically excluded from building common areas are;
floor common areas, parking spaces, portions of loading docks outside the building line, and major vertical
penetrations. (BOMA)
Buildinc Rentable Area
The sum of all floor rentable areas. Floor rentable area is the result of subtracting from the gross measured area of a floor the major vertical penetrations on that same floor.

It is generally fixed for the life of the building and is rarely affected by changes in corridor size or configuration.
(BOMA)
Certificate of Occupancy (COO)
A statement issued by a local government verifying that a newly constructed building is in compliance with all
codes and may be occupied.

Common Area (Public) Factor
In a lease, the common area (public) factor is the
multiplier to a tenant's usable space that accounts for the tenant's proportionate share of the common area
(restrooms, elevator lobby, mechanical rooms, etc.). The public factor is usually expressed as a percentage and
ranges from a low of 5 percent for a full tenant to as high as 15 percent or more for a multi -tenant floor.

Subtracting one (1) from the quotient of the rentable area divided by the useable area yields the load (public) factor.

At times confused with the "loss factor" which is the total rentable area of the full floor less the useable area divided by the rentable area. (BOMA)
Common Area Maintenance (CAM)
The expense of operating and maintaining common
areas; may or may not include management charges and
usually does not include capital expenditures on tenant improvements or other improvements to the property.

CAM can be a line -item expense for a group of items that can include maintenance of the parking lot and
landscaped areas and sometimes the exterior walls of the buildings. CAM can refer to all operating expenses.

CAM can refer to the reimbursement by the tenant to the landlord for all expenses reimbursable under the lease.

Sometimes reimbursements have what is called an
administrative load. An example would be a 15 percent
addition to total operating expenses, which are then
prorated among tenants. The administrative load, also
called an administrative and marketing fee, can be a
substitute for or an addition to a management fee.
(Dictionary)
Condominium
A form of ownership in which each owner possesses the
exclusive right to use and occupy an allotted unit plus an undivided interest in common areas.
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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A multiunit structure, or a unit within such a structure, with a condominium form of ownership. (Dictionary)
Conservation Easement
An interest in real property restricting future land use to preservation, conservation, wildlife habitat, or some
combination of those uses. A conservation easement may
permit farming, timber harvesting, or other uses of a rural nature to continue, subject to the easement. In some
locations, a conservation easement may be referred to as a conservation restriction. (Dictionary)
Contributory Value
The change in the value of a property as a whole, whether positive or negative, resulting from the addition or
deletion of a property component. Also called deprival
value in some countries. (Dictionary)
Debt Coverage Ratio (DCR)
The ratio of net operating income to annual debt service (DCR = NOI/Im), which measures the relative ability to a property to meet its debt service out of net operating
income. Also called Debt Service Coverage Ratio (DSCR).

A larger DCR indicates a greater ability for a property to withstand a downturn in revenue, providing an improved
safety margin for a lender. (Dictionary)
Deed Restriction
A provision written into a deed that limits the use of land.

Deed restrictions usually remain in effect when title
passes to subsequent owners. (Dictionary)
Depreciation
1) In appraising, the loss in a property value from
any cause; the difference between the cost of an
improvement on the effective date of the
appraisal and the market value of the
improvement on the same date. 2) In
accounting, an allowance made against the loss
in value of an asset for a defined purpose and
computed using a specified method.
(Dictionary)
Disposition Value
The most probable price that a specified interest in real property is likely to bring under the following conditions:

Consummation of a sale within an exposure time
specified by the client;
The property is subjected to market conditions
prevailing as of the date of valuation;
Both the buyer and seller are acting prudently and
knowledgeably;
The seller is under compulsion to sell;
The buyer is typically motivated;
Both parties are acting in what they consider to be
their best interests;
An adequate marketing effort will be made during
the exposure time specified by the client;
Payment will be made in cash in U.S. dollars or in
terms of financial arrangements comparable thereto;
and
The price represents the normal consideration for
the property sold, unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale. (Dictionary)
Easement
The right to use another's land for a stated purpose.
(Dictionary)
EIFS
Exterior Insulation Finishing System. This is a type of exterior wall cladding system. Sometimes referred to as dry-vit.

Effective Date
The date at which the analyses, opinions, and advice in an appraisal, review, or consulting service apply. 2) In a lease document, the date upon which the lease goes into
effect. (Dictionary)
Effective Gross Income (EGI)
The anticipated income from all operations of the real
property after an allowance is made for vacancy and
collection losses and an addition is made for any other income. (Dictionary)
Effective Rent
The rental rate net of financial concessions such as
periods of no rent during the lease term and above- or
below -market tenant improvements (Tls). (Dictionary)
EPDM
Ethylene Diene Monomer Rubber. A type of synthetic
rubber typically used for roof coverings. (Dictionary)
Escalation Clause
A clause in an agreement that provides for the
adjustment of a price or rent based on some event or
index. e.g., a provision to increase rent if operating
expenses increase; also called an expense recovery clause or stop clause. (Dictionary)
Estoppel Certificate
A statement of material factors or conditions of which
another person can rely because it cannot be denied at a later date. In real estate, a buyer of rental property
typically requests estoppel certificates from existing
tenants. Sometimes referred to as an estoppel letter.
(Dictionary)
Excess Land
Land that is not needed to serve or support the existing improvement. The highest and best use of the excess land may or may not be the same as the highest and best use
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 79 930

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
of the improved parcel. Excess land may have the
potential to be sold separately and is valued separately. (Dictionary)
Expense Stop
A clause in a lease that limits the landlord's expense
obligation, which results in the lessee paying any
operating expenses above a stated level or amount.
(Dictionary)
Exposure Time
1) The time a property remains on the market. 2) The
estimated length of time the property interest being
appraised would have been offered on the market prior
to the hypothetical consummation of a sale at market
value on the effective date of the appraisal; a
retrospective estimate based on an analysis of past events assuming a competitive and open market. (Dictionary)
Extraordinary Assumption
An assumption directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions
presume as fact otherwise uncertain information about
physical, legal, or economic characteristics of the subject property; or about conditions external to the property
such as market conditions or trends; or about the
integrity of data used in an analysis. (Dictionary)
Fee Simple Estate
Absolute ownership unencumbered by any other interest
or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain,
police power, and escheat. (Dictionary)
Floor Common Area
Areas on a floor such as washrooms, janitorial closets, electrical rooms, telephone rooms, mechanical rooms,
elevator lobbies, and public corridors which are available primarily for the use of tenants on that floor. (BOMA)
Full Service (Gross) Lease
A lease in which the landlord receives stipulated rent and is obligated to pay all of the property's operating and fixed expenses; also called a full service lease. (Dictionary) Going Concern Value
• The market value of all the tangible and intangible
assets of an established and operating business with
an indefinite life, as if sold in aggregate; more
accurately termed the market value of the going
concern.
• The value of an operating business enterprise.

Goodwill may be separately measured but is an
integral component of going -concern value when it
exists and is recognizable. (Dictionary)
Gross Buildinc Area
The total constructed area of a building. It is generally not used for leasing purposes (BOMA)
Gross Measured Area
The total area of a building enclosed by the dominant
portion (the portion of the inside finished surface of the permanent outer building wall which is 50 percent or
more of the vertical floor -to -ceiling dimension, at the given point being measured as one moves horizontally
along the wall), excluding parking areas and loading
docks (or portions of the same) outside the building line.

It is generally not used for leasing purposes and is
calculated on a floor by floor basis. (BOMA)
Gross U D Method
A method of calculating variable operating expense in
income -producing properties when less than 100 percent occupancy is assumed. The gross up method
approximates the actual expense of providing services to the rentable area of a building given a specified rate of occupancy. (Dictionary)
Gross Retail Sellout
The sum of the appraised values of the individual units in a subdivision, as if all of the units were completed and available for retail sale, as of the date of the appraisal. The sum of the retail sales includes an allowance for lot
premiums, if applicable, but excludes all allowances for carrying costs. (Dictionary)
Ground Lease
A lease that grants the right to use and occupy land.

Improvements made by the ground lessee typically revert to the ground lessor at the end of the lease term.
(Dictionary)
Ground Rent
The rent paid for the right to use and occupy land
according to the terms of a ground lease; the portion of the total rent allocated to the underlying land.
(Dictionary)
HVAC
Heating, ventilation, air conditioning. A general term
encompassing any system designed to heat and cool a
building in its entirety.

Highest and Best Use
The reasonably probable and legal use of vacant land or an improved property that is physically possible,
appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are 1) legal permissibility, 2)
physical possibility, 3) financial feasibility, and 4)
maximally profitability. Alternatively, the probable use of land or improved —specific with respect to the user and © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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ADDENDA
timing of the use —that is adequately supported and
results in the highest present value. (Dictionary)
Hypothetical Condition
That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (Dictionary)
Industrial Gross Lease
A lease of industrial property in which the landlord and tenant share expenses. The landlord receives stipulated rent and is obligated to pay certain operating expenses, often structural maintenance, insurance and real estate taxes as specified in the lease. There are significant
regional and local differences in the use of this term. (Dictionary)
Insurable Value
A type of value for insurance purposes. (Dictionary)
(Typically, this includes replacement cost less basement excavation, foundation, underground piping and
architect's fees).

Investment Value
The value of a property interest to a particular investor or class of investors based on the investor's specific
requirements. Investment value may be different from
market value because it depends on a set of investment
criteria that are not necessarily typical of the market. (Dictionary)
Just Compensation
In condemnation, the amount of loss for which a property owner is compensated when his or her property is taken.

Just compensation should put the owner in as good a
position as he or she would be if the property had not
been taken. (Dictionary)
Leased Fee Interest
A freehold (ownership interest) where the possessory
interest has been granted to another party by creation of a contractual landlord -tenant relationship (i.e., a lease). (Dictionary)
Leasehold Interest
The tenant's possessory interest created by a lease.
(Dictionary)
Lessee (Tenant)
One who has the right to occupancy and use of the
property of another for a period of time according to a lease agreement. (Dictionary)
Lessor (Landlord)
One who conveys the rights of occupancy and use to
others under a lease agreement. (Dictionary)
Licuidation Value
The most probable price that a specified interest in real property should bring under the following conditions:
• Consummation of a sale within a short period.
• The property is subjected to market conditions
prevailing as of the date of valuation.

Both the buyer and seller are acting prudently and
knowledgeably.
• The seller is under extreme compulsion to sell.
• The buyer is typically motivated.
• Both parties are acting in what they consider to be
their best interests.

A normal marketing effort is not possible due to the
brief exposure time.

Payment will be made in cash in U.S. dollars or in
terms of financial arrangements comparable thereto.

The price represents the normal consideration for
the property sold, unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale. (Dictionary)
Loan to Value Ratio (LTV;
The amount of money borrowed in relation to the total
market value of a property. Expressed as a percentage of the loan amount divided by the property value.
(Dictionary)
Major Vertical Penetrations
Stairs, elevator shafts, flues, pipe shafts, vertical ducts, and the like, and their enclosing walls. Atria, lightwells and similar penetrations above the finished floor are included in this definition. Not included, however, are vertical penetrations built for the private use of a tenant
occupying office areas on more than one floor. Structural columns, openings for vertical electric cable or telephone distribution, and openings for plumbing lines are not
considered to be major vertical penetrations. (BOMA)
Market Rent
The most probable rent that a property should bring in a competitive and open market reflecting all conditions
and restrictions of the lease agreement including
permitted uses, use restrictions, expense obligations;
term, concessions, renewal and purchase options and
tenant improvements (Tls). (Dictionary)
Market Value
The most probable price which a property should bring
in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is
not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated;
b. Both parties are well informed or well advised, and
acting in what they consider their own best interests;
c. A reasonable time is allowed for exposure in the
open market;
d. Payment is made in terms of cash in United States
dollars or in terms of financial arrangements
comparable thereto; and
e. The price represents the normal consideration for
the property sold unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale.

Market Value As If Complete
Market value as if complete means the market value of
the property with all proposed construction, conversion or rehabilitation hypothetically completed or under other specified hypothetical conditions as of the date of the appraisal. With regard to properties wherein anticipated market conditions indicate that stabilized occupancy is not likely as of the date of completion, this estimate of value shall reflect the market value of the property as if complete and prepared for occupancy by tenants.

Market Value As If Stabilized
Market value as if stabilized means the market value of the property at a current point and time when all
improvements have been physically constructed and the
property has been leased to its optimum level of long
term occupancy.

Marketinc Time
An opinion of the amount of time it might take to sell a real or personal property interest at the concluded
market value level during the period immediately after
the effective date of the appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. (Advisory Opinion 7 of the Standards Board of the Appraisal Foundation and
Statement on Appraisal Standards No. 6, "Reasonable
Exposure Time in Real Property and Personal Property
Market Value Opinions" address the determination of
reasonable exposure and marketing time). (Dictionary)
Master Lease
A lease in which the fee owner leases a part or the entire property to a single entity (the master lease) in return for a stipulated rent. The master lessee then leases the
property to multiple tenants. (Dictionary)
Modified Gross Lease
A lease in which the landlord receives stipulated rent and is obligated to pay some, but not all, of the property's operating and fixed expenses. Since assignment of
expenses varies among modified gross leases, expense
responsibility must always be specified. In some markets, a modified gross lease may be called a double net lease, net net lease, partial net lease, or semi -gross lease. (Dictionary)
Operating Expense Ratio
The ratio of total operating expenses to effective gross income (TOE/EGI); the complement of the net income
ratio, i.e., OER = 1 — NIR (Dictionary)
Option
A legal contract, typically purchased for a stated
consideration, that permits but does not require the
holder of the option (known as the optionee) to buy, sell, or lease real property for a stipulated period of time in accordance with specified terms; a unilateral right to
exercise a privilege. (Dictionary)
Partial Interest
Divided or undivided rights in real estate that represent less than the whole (a fractional interest). (Dictionary) Pass Through
A tenant's portion of operating expenses that may be
composed of common area maintenance (CAM), real
estate taxes, property insurance, and any other expenses determined in the lease agreement to be paid by the
tenant. (Dictionary)
Potential Gross Income (PGI)
The total income attributable to real property at full
occupancy before vacancy and operating expenses are
deducted. (Dictionary)
Prospective Future Value Upon Completion
Market value "upon completion" is a prospective future
value estimate of a property at a point in time when all of its improvements are fully completed. It assumes all
proposed construction, conversion, or rehabilitation is hypothetically complete as of a future date when such
effort is projected to occur. The projected completion
date and the value estimate must reflect the market value of the property in its projected condition, i.e., completely vacant or partially occupied. The cash flow must reflect lease -up costs, required tenant improvements and
leasing commissions on all areas not leased and
occupied.

Prospective Future Value U
Don Stabilization
Market value "upon stabilization" is a prospective future value estimate of a property at a point in time when
stabilized occupancy has been achieved. The projected
stabilization date and the value estimate must reflect the absorption period required to achieve stabilization. In addition, the cash flows must reflect lease -up costs,
required tenant improvements and leasing commissions
on all unleased areas.
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Replacement Cost
The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised, using modern materials and current
standards, design, and layout. (Dictionary)
Reproduction Cost
The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or
replica of the building being appraised, using the same materials, construction standards, design, layout, and
quality of workmanship and embodying all of the
deficiencies, super -adequacies, and obsolescence of the subject building. (Dictionary)
Retrospective Value Opinion
A value opinion effective as of a specified historical date.

The term does not define a type of value. Instead, it
identifies a value opinion as being effective at some
specific prior date. Value as of a historical date is
frequently sought in connection with property tax
appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of
the type of value with this term is appropriate, e.g.,
"retrospective market value opinion." (Dictionary)
Sandwich Leasehold Estate
The interest held by the original lessee when the property is subleased to another party; a type of leasehold estate. (Dictionary)
Sublease
An agreement in which the lessee (i.e., the tenant) leases part or all of the property to another party and thereby becomes a lessor. (Dictionary)
Subordination
A contractual arrangement in which a party with a claim to certain assets agrees to make his or her claim junior, or subordinate, to the claims of another party. (Dictionary) Substantial Completion
Generally used in reference to the construction of tenant improvements (Tls). The tenant's premises are typically deemed to be substantially completed when all of the Tls for the premises have been completed in accordance with the plans and specifications previously approved by the tenant. Sometimes used to define the commencement
date of a lease.

Surplus Land
Land that is not currently needed to support the existing improvement but cannot be separated from the property
and sold off. Surplus land does not have an independent highest and best use and may or may not contribute
value to the improved parcel. (Dictionary)
Triple Net (Net Net Net) Lease
A lease in which the tenant assumes all expenses (fixed and variable) of operating a property except that the
landlord is responsible for structural maintenance,
building reserves, and management. Also called NNN,
triple net lease, or fully net lease. (Dictionary)
(The market definition of a triple net lease varies; in some cases, tenants pay for items such as roof repairs, parking lot repairs, and other similar items.)
Usable Area
The measured area of an office area, store area or
building common area on a floor. The total of all the
usable areas or a floor shall equal floor usable area of that same floor. The amount of floor usable area can vary over the life of a building as corridors expand and contract and as floors are remodeled. (BOMA)
Value -in -Use
The value of a property assuming a specific use, which
may or may not be the property's highest and best use
on the effective date of the appraisal. Value in use may or may not be equal to market value but is different
conceptually. (Dictionary)
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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070 PROPERTY ADV15OR5
Qualifications of John D. Penner, Jr.

Staff Appraiser
Independent Valuations for a Variable World
State Certifications
Certified General Appraiser
State of California
(AG3009243)
Education
B.A. - Music Composition and
Psychology, with high honors
Point Loma Nazarene University
M.S. - Clinical Psychology,
California State University
Fullerton (All coursework but thesis)
Contact Details
714-349-2687 (cell)
714-449-0852 (office)
Valbridge Property Advisors
Orange County Office
17822 17th Street, Suite 211
Tustin, CA 92780
[email protected]
www.valbridge.com
Valbridge Property Advisors is the
largest Commercial Appraisal
Company in the United States
with over 80 offices nationwide.

Membership/Affiliations:

Appraisal Institute — Candidate for Designation
IRWA — International Right of Way Association
Appraisal Related Coursework:

Appraisal Principles, Appraisal Procedures, National Uniform Standards of Appraisal Practice (USPAP), Report Writing and Case Studies, Market Analysis and Highest and Best Use, Sales Comparison Approach, Income Approach, Site Valuation and Cost Approach Statistics, Modeling and Finance, Advanced Statistics, Research Design, Structural Equation Modeling
Experience:

APPRAISER: VALBRIDGE PROPERTY ADVISORS, 2015 - Present
Perform valuation and advising for commercial real estate with specialties in portfolio valuation, development, investment property, eminant domain, and specialty property uses.

INVESTOR: SELF -MANAGED PRIVATE WEALTH, 2013 - Present
Manage a portfolio focused on bitcoin, quantitative investing and trading, real assets, commodities, private lending, and equity long/short.

MENTAL HEALTH SERVICES PROVIDER: VARIOUS ORGANIZATIONS, 2011- 2015
Provide therapy and mental health care services at South Coast Community Services, ACES, and The Gary Center.

Academic Research Publications:

A study of psychological pain in substance use disorder and its relationship to treatment outcome. PLoS ONE 14(11): e021626, November 7, 2019 Women's Representation in 60 Occupations from 1972 to 2010: More Women in High -Status Jobs, Few Women in Things -Oriented Jobs PLoS ONE 9(5): e95960, May 2, 2014
Scope of Work:

Types of properties appraised include:

High and Low Rise Office, Medical & Dental Offices, Neighborhood Centers, Strip Retail Centers, Restaurants, Mixed Use, Vacant Land, Market Studies, Manufacturing Facilities, Warehouses, R&D Buildings, Business Parks, Multi -Tenant Industrial, School Use, Apartment Projects, Single Family, Condemnation, Special Use Properties
935

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„����.� PROPERTY AdVISORS
Qualifications of John D. Penner, MAI
Senior Managing Director — Orange County, CA
National Director — Fractional Interest Valuation
Independent Valuations for a Variable World
State Certifications
Certified General Appraiser
State of California (AG001720)
Education
B.S. - Business Administration
Finance & Investments
San Diego State University
Publications - Author
Penner Expense Guides:
1) Office/Medical
2) Retail
3) Industrial
4) Multi-family/Apartment
Qualified
Expert Witness:

Superior & Bankruptcy Court
for Orange, Los Angeles,
& San Diego Counties
Cash Flow Forecast: ARGUS
Contact Details
714-449-0852 (Office)
Valbridge Property Advisors
17822 17th Street, Suite 211
Tustin, CA 92780
[email protected]
www.valbridc e.com
Valbridge Property Advisors is
the largest Commercial Appraisal
Company in the United States
with over 80 offices nationwide.

Membership/Affiliations:

Appraisal Institute — MAI Designation & Certificate in Litigation Appraisal Institute — Volunteer of Distinction (2016)
Member: Lambda Alpha International (LAI) — Land Economics Society Member: International Right of Way Association (IRWA)
Valuation Specialist — Orange County Estate Planning Council Urban Land Institute — Certificate in Real Estate Development Founding Board of Directors Member — Valbridge Property Advisors Experience:

SENIOR MANAGING DIRECTOR/OWNER, 1991 -Present
This firm performs valuation and advising for commercial real estate with a specialty in medical office, and industrial properties. Mr. Penner has over 40 years of experience in the Southern California region and has completed assignments in many areas of the United States.

SENIOR APPRAISER: T.L. YATES & ASSOCIATES, 1990-1991
Work included narrative appraisals of proposed, existing and problem properties located in the markets of Southern California and Arizona.

SENIOR APPRAISER/ANALYST:: HOME SAVINGS OF AMERICA, 1983-1990 Work included valuation of residential and commercial properties located throughout Southern California, Northern California, Arizona, Texas, Florida and New York. Specific responsibilities included the appraisal of problem properties, market studies, feasibility, and portfolio analysis.

Scope of Work:

Work includes the appraisal and/or consultation of reports for acquisition, sale, refinance, estate, development, condemnation, fractional interest and court testimony purposes. Typical clients served are financial institutions, investors, developers, legal firms, and governmental. Types of properties appraised include:

High and Low Rise Office
Corporate Headquarters
Regional Shopping Malls
Strip Retail Centers
Mixed Use
Vacant Land
Manufacturing Facilities
R&D Buildings
Mini -Warehouse
Apartments
Medical & Dental Offices
Office Condominiums
Neighborhood Centers
Restaurants
Bank Branches
Market Studies
Warehouses
Business Parks
Multi -Tenant Industrial
Single Family Residences
936

FAST FACTS

COMPANY INFORMATION
• Valbridge is North America's largest independent commercial appraisal firm. - Valbr I ❑ge imovidtLs custom n ppraisa I re its in the U.S_, Canach, n n d Puerto Pico. • Va!bridge specializes In appraising ail types of real property. • Valbridge dge provides independent valuation services, We are NOT owned by a brokerage firm or investment company_
• Every Valbridge office is overseen by a Senior Managing Director who holds the MAI designation of the Appraisal Institute_
• Valbridge is owned by local offices_
- V:ilhrldge welcomes single property sI f rinc. nt- .pis wc2ll as portfolio, rr1 u ItI market, and other bu I k -property engagements_
SIGHT. IMPACT. INTEGRITY.

Valbridge Property Advisors, Inc.

Ph�orae= 888.91.2029
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ALABAMA
26241 &rayr 1 r., Ste. 1O1
Dapllri ,+l 341:526
gip) 929
445 Baitnorai Dr, S15r, IAA 1201
Hurrlawllie AL ii25p 210.1555
4732 Waxlrnere Blvd.

Montgomery. AL 35146
31277-4477
CAI ;r(+f NiA
3160 Craw Cwrycidl Pl.

SiaRemon, CA 94583
t925) 321-1660
826 Colorado 8i Ste 243
Los An peles,CA90041
x9327
17#2217" St. SW. 211
Tustin, CA 94780
(714) 449-0B52
775 Strrte Awe, Ste 234
RoseviFr, GA 95561
06i i-250'9
1530 Thy A Skx 100
San _l se,CA95126
ODE) 27 1f524

COLORADO
5345 Arapaho! Ave., Ste.7
BeaddeR CO 50303
�3G3} 367-1935
''NNECTICUT
CovewaLdd
nlrIrt' Irk CT 06953
;860'j 246 460€
t5 Carracrd St
GIastanbrryr, CT .06033
;65O) 24.6-4605

FLORIDA
301 Almeria Ave, Ste. 350
Cora Gables, FL 33134
X29
2711Polm100 000%).
1hk!d Pin . R 33407
pem B33-8331
3 F33171%1er! DI, Ste_ 106
Napl.e5, R 34143
pap) 514 4046
GEORGIA.
2675 Paxis Fiery DJ.go. -0r25
Atka Ma, GA 34339
(404) 364.23331
•
1875 FL Lakewood Dr, Ste 100
Coeur d'Alene, ID E3914
(200 2 -2965
ILLINOII$
566 W. Lai* 51e. 240
ChN' , L 190661
(312D 429-0132
NDIANh
680.1 Lain PI3m Dr, 9e. C 301
Indlerrap IN 4D
317) 6a7 -2Y47
lCf`.}4UUNIAi Ste_ 100
[x,,i'ir,uxlA Pars 6110
[91.1} 4511451
EN1UCXY
1890 Star Shock Pkwy.

LedrrgEon, Kr' 44509
(5021 555-3551
9401 WllllarrrsUrrg Rlafa Ste_ 204
LOILltWilk KY 40221
fix) 585 351

MARYLAND
11100 Dovedale CL
Mario llle, Ma 21144
{ 333-5525

MASSACHUSETTS
1'60 MarFpN 1 Q Set. 106
111a1/efrw MA 02451
(781; 790.516.45
M I kIIGM
NM Washington O1.d.

Detrick Ili 418226
9 3313
2t21 MIK DR
Ui iaati M 148 4
(511) 336-00131

MINNESOTA
265 E Kellogg MAL. Ste. 102A
SL Paw, MIN 55141
t651) 370-1475
P S515WPI
lbl0 Red SL
GlAripmt MS ;'
(22B) fi t-19L0O
224 Avalon Ct
Brendan, NIB 39447
OA $53.4736
541 Hlgrrwayf 112 W SWAMP -NI
starktHlk MS 3975E
X7250
tt -Lvnpaon Akre, SW. 209
SL Louis, MD 63I39
-132,3
NEVADA
=us_ 5 Dur i o Dr., Sle. 104
Las Vjos.. NV 6911-!
4702} 242 93€3
1 oe4uCchl Lr, Ste. 749
Reno, NV 89502
V75f 204-1140

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938

FAST FACTS

COMPANY INFORMATION
• Valbridge is North America's largest independent commercial appraisal firm. - Valbr I ❑ge imovidtLs custom n ppraisa I re its in the U.S_, Canach, n n d Puerto Pico. • Va!bridge specializes In appraising ail types of real property. • Valbridge dge provides independent valuation services, We are NOT owned by a brokerage firm or investment company_
• Every Valbridge office is overseen by a Senior Managing Director who holds the MAI designation of the Appraisal Institute_
• Valbridge is owned by local offices_
- V:ilhrldge welcomes single property sI f rinc. nt- .pis wc2ll as portfolio, rr1 u ItI market, and other bu I k -property engagements_
SIGHT. IMPACT. INTEGRITY.

Valbridge Property Advisors, Inc.

Ph�orae= 888.91.2029
velbricge.com

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VALBRIDGE

PERTY ADVISORS OFFICE LOC ATIIONS

ALABAMA
26241 &ray1 r., Ste. 1O1
Daplwn l�,+l 341:526
gip) 929
445 Baitnfnrarl Dr: S15r, IAA 1201
Hurdawllie AL ii25p 210.1555
4732 Waxlrnere Blvd.

Montgomery. AL 35146
I-3341 277-5077
CAI ;r(+f NiA
3160 Craw Cwrycid1 P 1.

SiaRamon, CA 94583
t925) 321-1660
826 Colorado Bawd_ Ste 243
L ois An peles,CA90041
Gip x9327
17622171 St. Ste. 211
Tustin, CA 94780
(114) 449-0B52
775 Strrte Awe, Ste 234
n os Mk. GA 95561
06i i-250'9
1530 Thy A S1x 100
San Jose, CA 95126
ODE) 27 1f524

COLORADO
5345 A rapahon. Ave., Ste.7
BeaddeR CO 50303
�3G9} 367-1935
''NNECTICUT
CovedilOad
n1rIM'ark CT 06953
;860'j 246 460€
t5 Cerracrd St
GIastanbrryr, CT 06033
j650) 24.6-4605

FLORIDA
301 Almeria Ave, Ste. 350
Coal Gables, FL 33134
1 29
2711Pa
VANI. Pin . R 33407
pem B33-8331
3 F33 171u1er! DI, Ste_ 106
Napl•e5, R 34143
pap) 51d 4016
GEORGIA.
2675 Paxis Fiery .S1o•-0r25
Atka Ma, GA 34339
(404) 364.23331
•
1875 N Lakewood Dr, Ste 100
Coeur d'Alene, ID 63914
(200 292-2065
ILLINOII$
566 W. Loh* st, 51e. 240
Chleacp, L 190661
(312M 0137
!NDI Nh
680.1 Lain PI3m Dr, 9e. C 301
Indlarrap IN 41224
317) 6a7 -2Y47
lCf`.}4UUNIAi Ste_ 100
c i .i I; ii lA Parr 1 6110
[91.1} 4511451
EN1UCXY
1890 Star Shock Pkwy.

LedrrgEan, ICf 44509
(5021 555-3.551
9401 WilllarrrsUarg Rlafa Ste_ 204
Loutwilk KY 402Z2'
fix) 585 351

MARYLAND
11100 Dovedale CL
Marlolt llle, Ma 21144
{ 33'-5525

MASSACHUSETTS
1'60 Om FIN 1 Q Set. 106
unman. MA 02451
(78; 7946645
MICl- IIG 41w1
NM Washington Md.

Dew II 418226
99313
1127 movy Paw DR
Ui Iaati M1 413064
(511) 336-0001

MINNESOTA
265 E Kellogg MAL. Ste. 1i '2A
SL Paw, PAIN 55141
51)370-1475
IVi1S515WPI
MS ;'
(22B) 1900
224 Avalon Ct
Brendan, NIB .39447
OA $53.4736
541 Hlgrmayf 112 W SWAMP -NI
Stark1H164 MS 38759
16621 7 2354
me I L1Mp on Akre, Slip. 209
SL Louis, MD 63I39
tutai -132,3
NEVADA
3>.45 Dur i o Dr., Sle. 104
Las %Ojo . NV 6911-!
4702} 242 93€3
11375 D0kJCchl Lr, Ste. 749
Reno, NV 89502
p75f 204-1140

VALBRIDGE PROPERTY ADVISORS
Pholl ; 1 3$1 2 82 F Fox L29} 25-43
Rid? Vatoldgo ark -c.. E.; N pen inntry pawed and operated va Ibri dgc_r am
940

NEW MEXICO
7000 Primped PL NE, Ste. 8
,Luquerque_ Nra67110
(5 0:94021
' • , 6.MiampwIiil,:till
Ctiono te. NC 2921D
(741} 37&-5.1 X
r . iH IOTA
118 Brfladirey N. sta 509
Farga.. ND 58491
(701280J-1076
OHIO
11655 W. Mwet SL, S1o.1.30
,4krnn, OH 44313
(330M B99-9900
5291 Bee imorri. Awe. Ste_ B
Cincinnati, Oil 45255
7$5 20
1422 Euclid S1Q. 1166
clevr:larrd, OH 44n5
{ 115) 3fs7-9690

OKLAHOMA
6666 5t Slierldin Rd, 5trs 1171
1r1.1lsa, OK 74133
al% 712-9992
3121 Quaf Spring's Mani_ Ste. T50
ClikOrburin CIt €PI 7314
(106ii 603-1653
P NNSY' •' ' k!'t.
150 S. Werner Rd., Ste_ 440
King ai PA 19406
{215) 54• -1900
470113apthir Rd., Ste. 304
Prbriglirgri. RA 15227
MI

SOUTH CAROLINA
1750 Fatima N
Mt Remora, SC 29464
3} 6:04-1266
11 CleVetarld CL
�aFA�rM1+MM se 2 07
{ 423 6277
920 Bay St. Ste. 26
Scoured. 5iC 299102
'1843s4-1a6r

TENNESSEE
3+600 RIngspcid Rd., Ste. 3
heir anooca, TN 37412
0231206-207
21'3 Rol I14
Knnxv1llk, TN 97922
;855) 522-2424
756 RGdge Lake EMI, Ste. 225
Mernpnrs, TN 89124
753 77
5205 Wirwmpricl W." Std, 202
Birrrtwvrsd, TN 3727
4616M 369.0671
901 Mopec Ewe S4 ekig_ L Ste. 300
AasUn, TX. 78746
(7171242 5
10210 P h Cerai 1 Expy.. S# Ti5
Daf&5, -a 75231
211} 44&r161I
974 Campbell Rd, 91e. 244
HousL+an, TES 77021
467-5859
2731 61st a
Lubbock. T5179423
4' 744-1188
9901 IM 10 We SL SL .1035
San, r onla, T { 78230
1Q) 227-6-229
UTAH
527 E F1iirtieer Rd, Ste. 240
Draper. UT 84020
RA 202 3388
20 Norin Main St
St George, UT 84770
;435} 773-6300
321 N County BM, Ste_ D
A4nPrIcmil RIX UT $4003
�9Qiti 497 accio

VIRGINIA
556 Independence ',Wry, Me. 220
Chesapeake, VA 23324
(757) 410-1222
1231 Alw.ar5er Dr.

Iyidiolhlag i 2'
346.0014
5107 Center St., Sie. 2B
WIAlarnsbur+g. VA 23168
f157) 345-001u

WASH I NC,TO N
41r GrartM4rIuii Blvd„ RIP 110-D
I[r:nnccl. WA 993.36
r5091 221-1540
324 N. Miami n Rd.
5pc&arie VdI1y, WA V9206
(S0%747-0999
Wr5CONSIN
12660 W. hiarlh AYE,
Br.oldleld, Yrrl 5300E
C262)752-7990

NORTH AMERICA'S LARGEST DIDEFIENDENT COMMERCIAL VALUATION FIRM 1 Valbridge

PROPERTY ADVISORS
MEMO
valbridgr*_cam 941

■
VALBRIDGE PROPERTY ADVISORS OFFICE LOCATI •

ALABAMA
26241 Equity Dr., Ste.101
Daphne, AL 36526
(251) 929-9090
3100 Lorna Rd., Ste. 201
Birmingham, AL 35216
(205) 440-2998
4732 Woodmere Blvd.

Montgomery, AL 36106
(334) 277-5077

CALIFORNIA
4915 Calloway Dr., Ste.101
Bakersfield, CA 93312
(661) 587-1010
1306 Higuera St.

San Luis Obispo, CA 93401
(805) 544-2472
3160 Crow Canyon PI.

San Ramon, CA 94583
(925) 327-1660
825 Colorado Blvd., Ste. 243
Los Angeles, CA 90041
(626) 486-9327
17822 17th St., Ste. 211
Tustin, CA 92780
(714) 449-0852
775 Sunrise Ave., Ste. 260
Roseville, CA 95661
(916) 361-2509
1530 The Alameda, Ste.100
San Jose, CA 95126
(408) 279-1520

COLORADO
23272 Two Rivers Rd., Ste.101
Basalt, CO 81621
(970) 340-1016
5345 Arapahoe Ave., Ste. 7
Boulder, CO 80303
(303) 867-1935
7445 E. Peakview Ave.

Centennial, CO 80111
(303) 867-1933

COLORADO (CONT'D)
1099 Main Ave., Ste. 311
Durango, CO 81301
(970) 340-1016

CONNECTICUT
17 Covewood Dr.

Norwalk, CT 06853
(860) 246-4606
15 Concord St.

Glastonbury, CT 06033
(860) 246-4606

FLORIDA
10950 San Jose Blvd.

Jacksonville, FL 32223
(904) 608-2948
301 Almeria Ave., Ste. 350
Coral Gables, FL 33134
(305) 639-8029
734 Rugby St.

Orlando, FL 32804
(407) 493-6426
2711 Poinsettia Ave.

West Palm Beach, FL 33407
(561) 833-5331
3033 Riviera Dr., Ste.106
Naples, FL 34103
(239) 514-4646
2601 West Horatio St. Unit 6
Tampa, FL 33609
(321) 228-6488

GEORGIA
2675 Paces Ferry Rd., Ste. 425
Atlanta, GA 30339
(404) 354-2331
IDAHO
1875 N. Lakewood Dr., Ste. 100
Coeur d'Alene, ID 83814
(208) 292-2965

ILLINOIS
566 W. Lake St., Ste. 240
Chicago, IL 60661
(312) 429-0132

INDIANA
6801 Lake Plaza Dr., Ste. C-301
Indianapolis, IN 46220
(317) 687-2747
KANSAS
10990 Quivira Rd., Ste.100
Overland Park, KS 66210
(913) 451-1451

KENTUCKY
1890 Star Shoot Pkwy.

Lexington, KY 40509
(502) 585-3651
9401 Williamsburg Plaza, Ste. 204
Louisville, KY 40222
(502) 585-3651

LOUISIANA
2030 Dickory Ave., Ste. 200
Elmwood, LA 70123
(504) 541-5100

MARYLAND
11100 Dovedale Ct.

Marriottsville, MD 21104
(443) 333-5525

MASSACHUSETTS
260 Bear Hill Rd., Ste. 106
Waltham, MA 02451
(781) 790-5645

MICHIGAN
1420 Washington Blvd.

Detroit, MI 48226
(313) 986-3313
2127 University Park Dr.

Okemos, MI 48864
(517) 336-0001

MINNESOTA
255 E. Kellogg Blvd., Ste. 102A
St. Paul, MN 55101
(651) 370-1475

MISSISSIPPI
1010 Ford St.

Gulfport, MS 39507
(228) 604-1900

CORPORATE OFFICE
3033 Riviera Drive, Suite 106, Naples, FL 34103 I Phone: (239) 325-8234 I Fax: (239) 325-8356 Each Valbridge office is independently owned and operated. valbridge.com
rev. 030323
942

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COMPANY INFORMATION
• Valbrl dge is North America's largest independent commercial appraisal firm. - Valhr I ❑gc imovidtLs custom n ppraisa I rer ports In the U.S_, Canaci , n n d Puerto Pico. • Va!bridge specializes In appraising ail types of real property. • valt rl dge provides independent valuation services, We are NOT owned by a brokerage firm or Investment company_
• Every Va!brid ge office Is overseen by a Senior Managing Director who holds the MAI desi gnatlon of the Appraisal Institute_
• Valbrfdge is owned by local offices_
- V:i1I ridge welcomes single property sI f rinc. nt_ .pis wc2ll as portfolio, rr1 u Iti market, and other bu I k -property engagements_
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Va Ibridge Property Advisors, Inc.

Ph�orae= 888.981.2029
volbridge.com

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PROPERTY ADVIS0RS •
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VALBRIDGE

PERTY ADVISORS OFFICE LOC ATIIONS

ALABAMA
26241 & ray tr.: Ste. 101
Daplwrr ,+l 341:526
gip) 929
445 Baitnorai Dr: S15r, IAA 1201
Hurdawlllc. AL ii25p 210.1555
4732 Waxlrnere Blvd.

Montgomery. AL 35146
I3-3•41 277-5077
CAI ;r(+f NiA
3160 Crow Cwrycidl P i.

SiaRamon, CA 94583
t925) 321-1660
826 Colorado Bawd_ Ste 243
L os Aaigeles, CA 90041
Gip x9327
1762217* St. Ste, 211
TLS CA 94780
(714)419-0B62
775 Strrrse Awe, Ste 234
n os Mk. GA 95561
06i 30-2509
1530 Thy A S1x 100
San Jose, CA 95126
ODE) 27 1f524

COLORADO
5345 A rapahon. Ave., Ste.7
BeaddeE CO 50303
g3G3} 067-19325
''NNECTICUT
Conailiaed
nlrIrt' Ir{L CT 06953
0860) 246 450€
t5 Cerracrd St
GIastanbrryr, CT 06033
;65O) 24.6-4605
FtOR1DA
301 Almeria Ave, Ste. 350
Cora Gt]les, FL 33134
1 29
2711Pa
VAN1. Pin . R 33407
pem B33-5331
3 F3312Iv1er! Dr.. Ste_ 106
Naples, R 34143
pap) 514 4045
GEORGIA.
2675 Paxis Fiery DJ.go. -0r25
Ailarrll, GA 34339
(404) 364.23331
1875 FL Lakewood Dr, Ste 100
Coeur d'Alene, ID 63914
(200 2 -2965
ILLINOi•S
566 W. Lai* st, 51e. 240
ChN' , L 00661
(312M 0137
!NDI Nh
680.1 Lain PI3m Dr, 9e. C 301
Indlarrap IN 4D
317) 6a7 -2Y47
1Cf`-`.}4 UUNIAi Ste_ 100
c i .i I; ii lAParr 1456 110
[91.1} 4511451
EN1UCXY
1B90 StRr Shock Pkwy.

LedrrgEan, ICf 44509
(5021 555-3551
9401 WilllarrrsUarg Rlafa Ste_ 204
LOILltW i4. KY 40221
fix) 525 351

MARYLAND
moo Dovedale CL
Marbvllle, Ma 21144
O 43) 5525

MASSACHUSETTS
1'60 MarHIN 1 Q Set. 106
111a1/efrw MA 02451
(7 79O -E645
M I kIIGM
NM Washington Md.

Dew Al 418226
99313
2-27 UrriroAr3Jy+ MIK DR
Ui laati M1 43064
(511) 336-024D1
MIMNESOT,a
265 E Kellogg MAL. Ste. 102A
SL Paw, MIN 55141
t651) 370-1475
IVi1S515WPI
lbl0 Red SL
• MS ;'
2B) X1940
224 Avalon Ct
Brendan, filE .39447
$59.4736
541 Hlgrmayf 112 W Ste_ 154-M
St2rI ON,. MS 3575.3
16621 7250
tt I L1Mp on Aviv., Slip. 209
SL Louis, MD 63I39
-1323
NEVADA
3054 Dur i o Dr., Sta. 104
Las %Ojo . NV 8911-!
{702} 242 93€3
11375 D0kJCchl La, Ste. 749
Reno, NV 89502
V75f 204-1100

VALBRIDGE PROPERTY ADVISORS
Pholl ; 1 3$1 2 82 r Fox L29} 25-43
Eorh Votol tgo aJllec' t; N pensirntry pawed and operated vta Ibri dgc_cDm
944

NEW MEXICO
7000 Primped PL NE, Ste. 8
,Luquerque_ Nra67110
(5 0:94021
' • , 6.MiampwIiil,:till
Ctiono te. NC 2921D
(741} 37&-5.1 X
r . iH IOTA
118 Brfladirey N. sta 509
Farga.. ND 58491
(701280J-1076
OHIO
11655 W. Mwet SL, S1o.1.30
,4krnn, OH 44313
(330M B99-9900
5291 Bee imorri. Awe. Ste_ B
Cincinnati, Oil 45255
7$5 20
1422 Euclid S1Q. 1166
clevr:larrd, OH 44n5
{ 115) 3fs7-9690

OKLAHOMA
6666 5t Slierldin Rd, 5trs 1171
1r1.1lsa, OK 74133
al% 712-9992
3121 Quaf Spring's Mani_ Ste. T50
ClikOrburin CIt €PI 7314
(106ii 603-1653
P NNSY' •' ' k!'t.
150 S. Werner Rd., Ste_ 440
King ai PA 19406
{215) 54• -1900
470113apthir Rd., Ste. 304
Prbriglirgri. RA 15227
MI

SOUTH CAROLINA
1750 Fatima N
Mt Remora, SC 29464
3} 6:04-1266
11 CleVetarld CL
�aFA�rM1+MM se 2 07
{ 423 6277
920 Bay St. Ste. 26
Scoured. 5iC 299102
'1843s4-1a6r

TENNESSEE
3+600 RIngspcid Rd., Ste. 3
heir anooca, TN 37412
0231206-207
21'3 Rol I14
Knnxv1llk, TN 97922
;855) 522-2424
756 RGdge Lake EMI, Ste. 225
Mernpnrs, TN 89124
753 77
5205 Wirwmpricl W." Std, 202
Birrrtwvrsd, TN 3727
4616M 369.0671
901 Mopec Ewe S4 ekig_ L Ste. 300
AasUn, TX. 78746
(7171242 5
10210 P h Cerai 1 Expy.. S# Ti5
Daf&5, -a 75231
211} 44&r161I
974 Campbell Rd, 91e. 244
HousL+an, TES 77021
467-5859
2731 61st a
Lubbock. T5179423
4' 744-1188
9901 IM 10 We SL SL .1035
San, r onla, T { 78230
1Q) 227-6-229
UTAH
527 E F1iirtieer Rd, Ste. 240
Draper. UT 84020
RA 202 3388
20 Norin Main St
St George, UT 84770
;435} 773-6300
321 N County BM, Ste_ D
A4nPrIcmil RIX UT $4003
�9Qiti 497 accio

VIRGINIA
556 Independence ',Wry, Me. 220
Chesapeake, VA 23324
(757) 410-1222
1231 Alw.ar5er Dr.

Iyidiolhlag i 2'
346.0014
5107 Center St., Sie. 2B
WIAlarnsbur+g. VA 23168
f157) 345-001u

WASH I NC,TO N
41r GrartM4rIuii Blvd„ RIP 110-D
I[r:nnccl. WA 993.36
r5091 221-1540
324 N. Miami n Rd.
5pc&arie VdI1y, WA V9206
(S0%747-0999
Wr5CONSIN
12660 W. hiarlh AYE,
Br.oldleld, Yrrl 5300E
C262)752-7990

NORTH AMERICA'S LARGEST DIDEFIENDENT COMMERCIAL VALUATION FIRM Valbridge

PROPERTY ADVISORS
MM ]
valbridgiL_c m -r 945

$1:()Valbridge

PROPERTY ADVISORS
Summary Statement

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
The following is a summary statement of an appraisal relating to the purchase of real property or an interest therein.

Basis of Fair Market Value
The fair market value for the property to be acquired is based upon an appraisal, prepared in accordance with accepted appraisal principles and methodologies (see attached Definitions) and by a certified general real estate appraisal. Per the definition of market value for eminent domain purposes in the CA code of civil procedure, any increase or decrease in the fair market value of the subject property as of the date of value caused by the public improvement for which such property is being acquired has been disregarded in determining Just Compensation.

Proposed Acquisition Description
The City of Placentia has decided to appraise a portion of the subject property known by the County of Orange Assessor's Parcel No. 334-021-15 located in the City of Placentia, County of Orange with an address of No Situs: 27 Units on Golden Avenue and Villena Way, Placentia, Orange County, California 92870. Subject Larger Parcel Condemnation Analysis
Acquisition Summary
The subject property is an association parcel for a group of townhomes. 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 1.30 acres or 56,584 square feet with a usable area of 54,454 square feet. The subject project will use a 32.38 square foot permanent bridge construction easement and a 2,387.07 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 $3,810,000 or $70.00 per square foot.

Appraisal Methodology
There are three recognized methods employed when valuing real property: (1) the Sales Comparison Approach, (2) the Income Approach, and (3) the Cost Approach. All of these approaches to value were considered. We assessed the availability of data and applicability of each approach to value within the context of the characteristics of the subject property and the needs and requirements of the client.

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. 946

$1:()Valbridge

PROPERTY ADVISORS
Subject Larger Parcel

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
Sales Comparison Approach
The Sales Comparison Approach is a method of estimating market value whereby a subject property is compared with comparable properties that have sold recently or are available for purchase. One premise of the Sales Comparison Approach is that the market will determine a price for the property being appraised in the same manner that it determines the prices of comparable, competitive properties. Essentially, the Sales Comparison Approach is a systematic procedure for carrying out comparative shopping. As applied to real estate, the comparison is applied to the unique characteristics of the economic good that causes real estate prices to vary. 947

eta Valbridge

PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT

COMPARABLE LAND SALE ADJUSTMENT GRID
Subject
Sale#1 Sale#2 Sale#3 Sale#4 Sale#5 Sale#6
Date of Value & Sale
Property Name
Address
4/2/24
Multifamily Other
No Situs: 27 Units
on Golden Avenue
City
APN
Gross Acres
Gross Square Feet
Unadjusted Sale Price
Unadjusted Sale Price Per Square Foot
Transactional Adjustments
Property Rights Conveyed
Adjustment
Financing Terms
Adjustment
Conditions of Sale
Adjustment
Expenditures after Sale
Adjustment
Market Conditions Adjustments
Elapsed Time from Date of Value
Market Trend Through
Analyzed Sale Price
Property Adjustments
Location
Placentia
334-021-15

1.30 ac
54,454 sf

0.0% Per Yr
1/22/24
Former Car Lot
2202 E 1st St
7/28/23
SFR w/ Land
8572 Talbert
Avenue
Santa Ana Fountain Valley
7/20/23
Vacant Land
16801
Cumberland Cir.

Yorba Linda
402-181-04 122-781-73 4 Parcels

1.30 ac 1.17 ac 0.68 ac
56,628 sf 50,938 sf 29,620 sf
$3,345,500 $3,000,000 $2,258,000
8/12/22 8/2/22 7/22/22
SFR w/ Land SFR w/ Land SFR w/ Land
1442 N Dale 8371-8461 9071-9091
Avenue Talbert Avenue Lampson Ave
Anaheim Huntington Beach Garden Grove
IV/ -DJ I -La Of IJJ-IOJ-JJ lU
070-741-01 o

0.93 ac 2.12 ac 1.60 ac
40,511 sf 92,434 sf 69,543 sf
$2,500,000 $6,150,000 $4,750,000
$59.08 $58.90 $76.23
$61.71 $66.53 $68.30
Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Typical Typical Typical Typical Typical Typical
None None None None None None
None None None None None None

0.19 years 0.68 years 0.70 years 1.64 years

1.67 years
$59.08 $58.90 $76.23 $61.71

1.70 years
$66.53 $68.30
No Situs: 27 Units 2202E 1st St 8572 Talbert 16801 1442 N Dale 8371-8461 9071-9091 on Golden Avenue Avenue Cumberland Cir. Avenue Talbert Avenue Lampson Ave Placentia Santa Ana Fountain Yorba Linda Anaheim Huntington Garden Grove Adjustment Inferior SI. Superior Superior Inferior SI. Superior SI. Inferior Size 54,454 sf 56,628 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf 69,543 sf Adjustment - - SI. Superior - SI. Inferior
Shape/Depth Rectangular Elongated Rectangular Rectangular Irregular Rectangular Rectangular Adjustment Inferior - - SI. Inferior - -
Topography Level Level Level Level Level Level Level
Adjustment - - -
Zoning R3 C2 (Mixed Use) CP-HO1 (GH) R -U RM2 RL R-1-7
Minimum Lot - - 1,800 7,500 3,000 6000 7000
Units Per Acre 30 - 10.8 4 14 7 6
Adjustment SI. Inferior SI. Inferior -
Utilities All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site Adjustment - - -
Demolition / Contributing Improvements None SFR's None SFR SFR SFR Adjustment - SI. Inferior - SI. Inferior SI. Inferior SI. Inferior Other None None None None None None
Adjustment -
Net Physical Adjustment Inferior SI. Inferior Superior Inferior SI. Inferior SI. Inferior Adjusted Sale Price per Gross Square Foot $59.08 $58.90 $76.23 $61.71 $66.53 $68.30 948

$1:()Valbridge

PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
Discussion and Analysis of Land Sales
Adjustments for property interests, special financing and expenditures after sale were not necessary.

Furthermore, no sales conditions adjustments were needed. An increase or decrease in the market value of real estate can be caused by changes over time in market conditions. Market conditions reflect changes in supply and demand, economic factors such as 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 and prices have remained mostly flat over the past year. 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 low -medium density residential uses leading up to R3 zonings. Smaller parcels such as the subject are not always built to their maximum density but are typically developed into townhomes. Each of the sale transactions comes 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 south of the subject, at 2202 E 1st St, in the City of Santa Ana. The sale price for this property was $3,345,500 which equates to $59.08 per square foot. The property is located in an inferior income area. It is inferior in shape and also has a commercial zoning with a mixed use residential overlay. Overall, this comparable was considered inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $59.08 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. The zoning allows townhomes but is a commercial zoning with a residential overlay. Overall, this comparable was considered slightly inferior 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 smaller in size. The property consisted of four individual uniform lots within an existing housing tract which is more readily available for development. A Yorba Linda address is superior locationally to Placentia. Overall, this 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. The property is similar in access, topography, and zoning. It is inferior in a slightly irregular shape. This comparable was considered inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $61.71 per square foot.
949

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
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 less density but with density bonuses a similar development of townhomes could be built. The property has since been developed into 3 -story townhomes. Overall, this comparable was considered slightly inferior 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 slightly larger in size and contains existing single family developments. The property allows less density but with density bonuses will likely be developed into townhomes. Overall, this comparable was considered slightly inferior 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
No.

Address
City
Analyzed
Zoning Sale Date Price SF Price Market
Overall
Rating
3 16801 Cumberland Cir.

Subj. No Situs: 27 Units on Golden Avenue
6 9071-9091 Lampson Ave
5 8371-8461 Talbert Avenue
2 8572 Talbert Avenue
4 1442 N Dale Avenue
1 2202 E 1st Street
Yorba Linda
Placentia
Garden Grove
Huntington Beach
Fountain Valley
Anaheim
Santa Ana
RM2
R3
R-1-7
RL
CP-HO1 (GH)
RM2
C2 (Mixed Use)
7/20/23
7/22/22
8/2/22
7/28/23
8/12/22
1/22/24
$2,258,000
$4,750,000
$6,150,000
$3,000,000
$2,500,000
$3,345,500
29,620
54,454
69,543
92,434
50,938
40,511
56,628
$76.23
$70.00
$68.30 Slightly Inferior
$66.53 Slightly Inferior
$58.90 Slightly Inferior
$61/1 Inferior
$ 59.08 Inferior
Superior
Sale 3 is a nearby and recent transaction that is slightly superior. Sale 6 is slightly inferior to the subject.

These sales are the most similar to the subject and bracket a likely value for the subject property The remaining sales are slightly inferior to inferior and from the Orange County area and provide additional support for the indication of value for the subject. Therefore, we have concluded a value between sales 3 and 6 at $70.00 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.) 54,454
$70.00
$3,811,780
$3,810,000
950

eta VaIbridge

PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
951

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Condemnation Analysis
Description of the Part Taken: Permanent Bridge Easement This project proposes to take a permanent bridge easement of 32.38 square feet located at the southwestern part of the site in a single rectangular portion. The area taken is entirely within an existing flood control easement area as is the larger parcel Draft language provided for the proposed easement deed states the easement will be "for public street, public utilities purposes, and construction, a right- of-way easement in, over, under, upon, and across." The area of the part taken is entirely within an existing flood control easement area. A diagram of this taking and photos are shown on the pages following the analysis.

Easements
There are three easements on the property that overlap with or are adjacent to the acquisitions and are shown on the acquisition map. Historically, the western border 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 (3) 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 map are discussed below. Copies of the easements are included in the addenda of this report.
1 — USA Flood control Easement Per 5558-547
This easement is part of the adjacent flood control channel. The easement consists of "a perpetual and assignable right and easement for flood control channel and rectification purposes consisting of the right to construct, reconstruct, inspect, maintain and repair a channel or channels, protection works and appurtenant structures for the purpose of confining and controlling the waters of the carbon canyon creek ... in, on, over, under, and across that certain parcel." Effectively this easement was a full take of the bundle of rights associated with fee ownership of the property. Given our knowledge of adjacent properties in the area, it is likely that this easement was assigned to Orange County flood control.
2 — Union Oil Company Right Of Way Per 489-266
This easement is
dated 10/4/1923. Previous oil pipeline easements have also existed on the property for many decades and appeared in the litigation guarantee. It is unknown to what degree this easement is still in place and is not relevant to the valuation of the TCE which overlaps with the easement.
3 — Flood Control Easements Per 964-78
This easement consists of a 1938 easement for check damns that is further inland from the flood control area in the former flood plain prior to the construction of the carbon canyon dam. It is our understanding that this easement has been vacated and the area quitclaimed back to the owners in 1960.

Analysis of the Part Taken
The permanent bridge easement is wholly within the Orange County flood control easement (1) and the USA Flood Control Easement (3). The fee residential owner retains ownership of the gross 952

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
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 small portion in the southwestern corner. 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. 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 $70.00 per square foot is attributed to the land area for the larger parcel. The part to be taken is 32.38 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 $113. This calculation is shown in the table below. 953

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PROPERTY ADVISORS
Permanent Bridge Easement

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Area of Part Property
Parcel No. Taken Value Per SF Rights
Value
Conclusion
334-021-15

32.38 SF
$70.00
5%
$113
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 2,387.07 square feet that is located at the southwestern boundary of the subject. The near rectangular 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 mostly overlaps with the existing flood control easement. A triangular shaped portion at the northern end of the TCE area does not overlap with existing flood control easements. As a result, we broke the TCE into two areas: an unusable portion of 2,137.07 square feet and a usable portion of 250 square feet.

For the portion within the flood control area, effectively, the property owner has no current right to use of the TCE area and the right to use these areas for construction could be granted by the easement holder (County of Orange). Therefore, the compensation for this proposed easement was assigned a property rights (usage) factor of 0%.

For the 250 square foot portion at the northern end of the TCE, the city of Placentia had acquired this portion as part of a separate TCE over the past 3 years; consequently, the townhomes were constructed such that this area is beyond the concrete walls of the townhome community.

Although appearing to be outside of the usable area at present, this triangular area is legally fully usable by the townhome community. As a result, we assigned a property rights (usage) factor of 100% to this area.

Since the temporary construction easement does not represent a permanent easement, a rental amount for the land is applied over the length of the easement agreement. As in the previous analysis, the value of the larger parcel was estimated at $70.00 per square foot. This figure, times the land area of 250 square feet, equates to $17,500. Land capitalization rates generally range in the market from 6% to 10% depending upon the location, use, zoning, size, etc. Historically an 8% to 10% rate of return was anticipated on land values in this general market. Recently, there has been a downward trend in land capitalization rates to where they are now typically in the 7% to 954

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
8% range. Given that the impact of the TCE is minimal and there are no taxes for an association parcel, we have concluded a rate in the middle of the range. Thus, utilizing a capitalization rate of 8% multiplied to the $17,500 land value times 24 months, results in a Market Value for the Temporary Construction Easement of $2,800. This calculation is shown in the table below:

Property Total Annual Land
Parcel No. Part Taken Value Per SF Rights Value Rate of Return No. of Months Value 334-021-15
334-021-15
2,137.07 SF
250.00 SF
$70.00
0%
$0
$70.00 100% $17,500

8.00%

8.00%
24 24
$0
$2,800
955

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
EXHIBIT "B"

PERMANENT BRIDGE EASEMENT
THAT PORTION OF LOT 1 OF TRACT MAP No. 19014, AS SHOWN BY MAP ON FILE EN BOOK 991. PAGE 36 THROUGH 39 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST 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 WEST LINE OF SAID LOT I AND SAID EASTERLY LINE OF SAID RANCHO, NORTH 3°23'36" WEST, A DISTANCE OF 3.29 FEET; THENCE LEAVING SAID LINES SOUTH 89°06'13" EAST, A DISTANCE OF 9.04 FEET; THENCE SOUTH l0°19'39" EAST, A DISTANCE OF 3.78 FEET TO THE SOUTHERLY LINE OF SAID LOT 1, SAID POINT BEING ON THE NORTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 40,00 FOOT HALF WIDTII ROAD PER SAID TRACT; THENCE ALONG SAID SOUTHERLY LINE AND RIGHT OF WAY. NORTH 86°32'2T WEST, A DISTANCE OF 9.54 FEET TO THE POINT OF BEGINNING.

CONTAINS 32.3$ SF MORE OR LESS.

I-2
VINCENT G. KLE PPF LS 7181 DATE

PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P:fTPG/17117-1305.1EASEIvIE1'4V17-005 PCE EASEMENT F,doc 956

$1( VaIbridge
l, PROPERTY ADVISORS
Plat Map: Permanent Bridge Easement

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
100'
1\EASTERLY LANE

OF RANCHO SAN

JUAN CAJON DE

SANTA AM

USA FLOOD

CONTROL

EASEMENT
P.O.B.
60 1

UNION OIL COMPANY RIGHT

OF WAY EASEMENT PER
DEED RECORDED 10/4/23,
BK 485, PAGE 265 O.R.
cap
1 +- TO'
31 ' -- FLOOD CONTROL EASEMENTS
P€]R DEED RECORDED
I I
+ w O.R.
8/29/38, W www.lhe-prlxmiroup.corn
EXHIBIT "B"

PERMANENT
BRIDGE

EASEMENT
SliT. RD.

I
OF 1
957

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
EXHIBIT "A"

TEMPORARY CONSTRUCTION EASEMENT
THAT PORTION OF LOT 1 OF TRACT MAP No. 19014, AS SHOWN BY MAP ON FILE IN BOOK. 991, PAGE 36 THROUGH 39 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 1, SAID POINT ALSO BEING ON THE EASTERLY L1NE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE WEST LINE OF SAID LOT 1 AND SAID EASTERLY LINE. OF SAID RANCHO, NORTH 3°23'36" WEST, A DISTANCE OF 131.79 FEET; THENCE LEAVING SAID LINE SOUTH 39°38'54" EAST, A DISTANCE OF 33.82 FEET TO A LONE PARALLEL AND 20.00 FEET EASTERLY, MEASURED AT RIGHT ANGLES, FROM SAID WEST LINE;
THENCE ALONG SAID PARALLEL LINE, SOUTH 3'23'36" EAST, A DISTANCE OF 106.92 FEET TO THE SOUTHERLY LINE OF SAID LOT 1, SAID POINT BEING ON THE NORTHERLY RIGHT OF WAY OF GOLDEN AVENUE, A 40.00 FOOT HALF WIDTH

ROAD PER SAID TRACT,
THENCE ALONG SAID SOUTHERLY LINE AND RIGHT OF WAY, NORTH 86°32'25„ WEST, A DISTANCE OF 20.14 FEET TO THE POINT OF BEGINNING.

CONTAINS 2.387.07 SF (0.05 ACRES) MORE OR LESS.

VINCFN f G. ' LEPE. LS 7181 DATE
PREPARED FOR AND ON BEHALF OF THE PR12M GROUP
P_lTPG,I7/I 7-005.FEASEMENTl17-005 TCE EASEMENT B.doc
958

\% Va I bridgePROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
50 TOO'

LISA FLOOD

CONTROL

EASEMENT
P.O.B.
0 Soule 1 = 5O ft
LEGEND
UNiON OIL COMPANY RIGHT OF WAY

EASEMENT PER DEED RECORDED
10/4/23, BK 489, PAGE 266 O.F .
w
1 I
70"

I I FLOOD CONTROL EASEMENTS PER
DEED RECORDED 829738, BK
964, PG 78 O.R.

I
I
P
M� +
2 GOLDEN AENE
60 INDICATES PROPOSED
EASEMENT (2,387.07 SF)
014
0 USA EASE ENT FOR FLOOD

CONTROL PER DEED RECORDED
l2/21/60 Px 5558, PAGE 547
O.R.
0 LOT '0
{
LINE TABLE:

NUMBER

DIRECTION

DISTANCE
[I
N 03'23'36" W
106.92'
f__
II
N 95'32'25" W
2D.14'
Q
N 03'23'36" W
131.79'
@]
N 39'36'54" W

33.82'
DRAWN BY: AG
DATE 3-4-24
JOB. NO-; 17-005
P; 17 17-006 I NIS\
17-005 FJLOB.DN6
014.. MINERS ,1( I'M) subs

11.1! • LE/CA ADS LASER SCANNING
•CPS S ROfiG C SORT YANG
colla kW/Pak-WIG
LAND P
3113 Na 9287B N. COT; T. SUITE I, CORO , CA
PHONE: (961) 737-4444.4AA .VIB-ptierl-cI00•Cbm
WI.KB, Ill
e� s WA
EXHIBIT "A"

TEMPORARY

CONSTRUCTION

EASEMENT
SHT. ND.

OF 1
959

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PROPERTY ADVISORS
Photographs of Proposed Acquisitions

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
VIEW OF EASEMENT Areas along access road looking south
VIEW OF easement Areas from road (Golden Avenue)
IBIPKnhIII vl�� 1�411iI�I
960

\1I/fr Va I bridge

PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
VIEW OF existing Bridge looking West (subject located right) 961

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Condemnation Analysis
Acquisition Summary
The subject property is an association parcel for a group of townhomes. 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 1.30 acres or 56,584 square feet with a usable area of 54,454 square feet. The subject project will use a 32.38 square foot permanent bridge construction easement and a 2,387.07 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 $3,810,000 or $70.00 per square foot.

Description of the Part Taken: Permanent Bridge Easement This project proposes to take a permanent bridge easement of 32.38 square feet located at the southwestern part of the site in a single rectangular portion. The area taken is entirely within an existing flood control easement area as is the larger parcel Draft language provided for the proposed easement deed states the easement will be "for public street, public utilities purposes, and construction, a right- of-way easement in, over, under, upon, and across." The area of the part taken is entirely within an existing flood control easement area. A diagram of this taking and photos are shown on the pages following the analysis.

Easements
There are three easements on the property that overlap with or are adjacent to the acquisitions and are shown on the acquisition map. Historically, the western border 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 (3) 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 map are discussed below. Copies of the easements are included in the addenda of this report. 1 — USA Flood control Easement Per 5558-547
This easement is part of the adjacent flood control channel. The easement consists of "a perpetual and assignable right and easement for flood control channel and rectification purposes consisting of the right to construct, reconstruct, inspect, maintain and repair a channel or channels, protection works and appurtenant structures for the purpose of confining and controlling the waters of the carbon canyon creek ... in, on, over, under, and across that certain parcel." Effectively this easement was a full take of the bundle of rights associated with fee ownership of the property. Given our knowledge of adjacent properties in the area, it is likely that this easement was assigned to Orange County flood control.
2 — Union Oil Com 3any Ric ht Of Way Per 489-266
This easement is dated 10/4/1923. Previous oil pipeline easements have also existed on the property for many decades and appeared in the litigation guarantee. It is unknown to what degree this easement is still in place and is not relevant to the valuation of the TCE which overlaps with the easement. 962

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
3 — Flood Control Easements Per 964-78
This easement consists of a 1938 easement for check damns that is further inland from the flood control area in the former flood plain prior to the construction of the carbon canyon dam. It is our understanding that this easement has been vacated and the area quitclaimed back to the owners in 1960.

Analysis of the Part Taken
The permanent bridge easement is wholly within the Orange County flood control easement (1) and the USA Flood Control Easement (3). 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 small portion in the southwestern corner. 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. 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 $70.00 per square foot is attributed to the land area for the larger parcel. The part to be taken is 32.38 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 $113. This calculation is shown in the table below.

Permanent Bridge Easement
Area of Part Property
Parcel No. Taken Value Per SF Rights
Value
Conclusion
334-021-15

32.38 SF
$70.00
5%
$113
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 2,387.07 square feet that is located at the southwestern boundary of the subject. The near rectangular 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 963

$1/) Valbridge

PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
easement mostly overlaps with the existing flood control easement. A triangular shaped portion at the northern end of the TCE area does not overlap with existing flood control easements. As a result, we broke the TCE into two areas: an unusable portion of 2,137.07 square feet and a usable portion of 250 square feet.

For the portion within the flood control area, effectively, the property owner has no current right to use of the TCE area and the right to use these areas for construction could be granted by the easement holder (County of Orange). Therefore, the compensation for this proposed easement was assigned a property rights (usage) factor of 0%.

For the 250 square foot portion at the northern end of the TCE, the city of Placentia had acquired this portion as part of a separate TCE over the past 3 years; consequently, the townhomes were constructed such that this area is beyond the concrete walls of the townhome community. Although appearing to be outside of the usable area at present, this triangular area is legally fully usable by the townhome community. As a result, we assigned a property rights (usage) factor of 100% to this area.

Since the temporary construction easement does not represent a permanent easement, a rental amount for the land is applied over the length of the easement agreement. As in the previous analysis, the value of the larger parcel was estimated at $70.00 per square foot. This figure, times the land area of 250 square feet, equates to $17,500. Land capitalization rates generally range in the market from 6% to 10% depending upon the location, use, zoning, size, etc. Historically an 8% to 10% rate of return was anticipated on land values in this general market. Recently, there has been a downward trend in land capitalization rates to where they are now typically in the 7% to 8% range. Given that the impact of the TCE is minimal and there are no taxes for an association parcel, we have concluded a rate in the middle of the range. Thus, utilizing a capitalization rate of 8% multiplied to the $17,500 land value times 24 months, results in a Market Value for the Temporary Construction Easement of $2,800. This calculation is shown in the table below:

Property Total Annual Land
Parcel No. Part Taken Value Per SF Rights Value Rate of Return No. of Months Value 334-021-15
334-021-15
2,137.07 SF
250.00 SF
$70.00
0%
$0
$70.00 100% $17,500

8.00%

8.00%
24 24
$0
$2,800
964

\% Va I bridgePROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
EXHIBIT "B"

PERMANENT BRIDGE EASEMENT
THAT PORTION OF LOT 1 OF TRACT MAP No. 19014, AS SHOWN BY MAP ON FILE EN BOOK 991, PAGE 36 THROUGH 39 INCLUSIVE OF M1SCF.LLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST 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 WEST LINE OF SAID LOT I AND SAID EASTERLY LINE OF SAID RANCHO, NORTH 3°23'36" WEST, A DISTANCE OF 3.29 FEET; THENCE LEAVING SAID LINES SOUTH 89°06'13" EAST, A DISTANCE OF 9.04 FEET; THENCE SOUTH 10°19'39" EAST, A DISTANCE OF 3.78 FEET TO THE SOUTHERLY LINE OF SAID LOT 1, SAID POINT BEING ON THE NORTHERLY RIGHT OF WAY OF GOLDEN AVENUE., A 4000 FOOT HALF WIDTII ROAD PER SAID TRACT; THENCE ALONG SAID SOUTHERLY LINE AND RIGHT OF WAY. NORTH 86°32'25" WEST, A DISTANCE OF 9.54 FEET TO THE POINT OF BEGINNING.

CONTAINS 32.3$ SF MORE OR LESS.

AffiliZZ--6;27-444- )z
VINCENT G. KLE PPE LS 7181 DATE
PREPARED FOR AND ON BEHALF OF THE PR1ZM GROUP
P:fTPG/17/17-005.1EASEIvIENT(17-005 PCE EASEMENT F,doc
965

\% Va I bridgePROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
PLAT MAP: PERMANENT BRIDGE EASEMENT
100'
r 1
I 1.- f0'
!--- FLOOD CONTROL EASEMENTS
I
PER DEED RECORD€I)
I
USA FLOOD I i 8/29/38, 8f4 964, PG 78
NTROL F O.R.

CF,aOSFIM T w - TEMPORARY CONSTRUCTJON EA • EMENT
y, TO CITY OF PLACENTA PER D ED
--\
RECORDED NOVEMBER 3, 202 AS
, ! I INSTRUMENT No. 2020000628 9a
EASTERLY UNE ;
;'
20' USA EASEMENT FOR FLOOD
OF RANCHO SAN 1 II 1

CONTROL PER DEED
JUAN CAJON DE RECORDED 12/21/80 8K
SANTA Al r4 I
ii i 5558, PAGE 547 O.R.
' SEE DETAIL W'
II
Ii
I? D LOT 9
i
• qEN !AVENUE

UNION OIL COMPANY RIGHT

OF WAY EASEMENT PER
DEED RECORDED 10/4/23,
8K 489, PAGE 268 O.R.
60 60
Scale 1" = 60 ft
LEGEND
WAR

INDICATES PROPOSED
EASEMENT (32.38 SF)

RANCHO LINE
I.O.B.

DETAIL „A'r
N.T.S.

LINE TABLE SLY LINE LOT 2
NUMBER

DIRECTION

DISTANCE
II
N
0323'36" W

3.29'
H
N
89'06'13" W

9.04'
Di
N
10'19'39" W

3.78'
El
N
86'32'25" W

9.54'
DRAWN BY; AG
DATE: 3-1-24
,J0B_ NO.! 17-005
F1 7-E006 W\�i 7FI�s\
1 OA OMENS NO LUNG S1.R9E1'aRS
{ RIPA • LOCA MRS LASER 5 4IP JFd7
• cvs A Rveo»c.uRI=010
510 N. COTA ST SUITE I, CORONA, CA 92878
PHONE: 1941} 797 146HYM,Ctht-prizrnifoup -GP,
Fs I'di
EXHIBIT "B"

PERMANENT
BRIDGE

EASEMENT
SE -IT_ N G.
1 OF 1
966

\% Va I bridgePROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
EXHIBIT "A"

TEMPORARY CONSTRUCTION EASEMENT
THAT PORTION OF LOT 1 OF TRACT MAP No. 19014, AS SHOWN BY MAP ON FILE IN BOOK 991, PAGE 36 THROUGH 39 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNT Y, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 1, SAID POINT ALSO BEING ON THE EASTERLY L1NE OF RANCHO SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE WEST LINE OF SAID LOT 1 AND SAID EASTERLY LINE. OF SAID RANCHO, NORTH 3423'36" WEST, A DISTANCE OF 131.79 FEET; THENCE LEAVING SAID LINE SOUTH 39°38'54" EAST, A DISTANCE OF 33.82 FEET TO A LONE PARALLEL AND 20.00 FEET EASTERLY, MEASURED AT RIGHT ANGLES, FROM SAD WEST LINE;
THENCE ALONG SAID PARALLEL LINE, SOUTH 3'23'36" EAST, A DISTANCE OF 106.92 FEET TO TI[E SOUTHERLY LINE OF SAID LOT 1, SAID POINT BEING ON THE NORTHERLY RIGHT OF WAY OF OLDEN AVENUE, A 40.00 FOOT HALF WIDTH

ROAD PER SAID TRACT,
THENCE ALONG SAID SOUTHERLY LINE AND RIGHT OF WAY, NORTH 56°32'25„ WEST, A DISTANCE OF 20,14 FEET TO THE POINT OF BEGINNING.

CONTAINS 2.387,07 SF (0.05 ACRES) MORE OR LESS.

LEP ' E LS 7151 DATE

PREPARED FOR AND ON BEHALF OF THE PRLZM GROUP
P_fTPG'I7117-0.05/EASEMENT/17-005 TCE EASEMENT B.doc
967

\% Va I bridgePROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
60 LJS4 FLOOD

CONTROL

EASEMENT
0 Seale 1 " = 60 ft
LEGEND
YAM
60 iNDCATES PROPOSED
EASEMENT (2,32707 SF)
11N!ON cut COMPANY f IGHT OF WAY

EASEMENT PER DEED RECORDED
10/4/23, BK 489, PAGE 266 O.R.
c
eg Pk*
7 R'

I FLOOD CONTROL EASEMENTS PER
DEED RECORDED 8/29/38, RK
964, PG 78 O.P.

Cl' OSA EASEMENT FOR ELO00

CONTROL PER DEED RECORDED
2/W60 RI`( 5558, PAGE 547
O.R.
b 4 •

GOLDEN AVENUE
I
LINE TABLE:

NUMBER

DIRECTION

DISTANCE
L
N 03'23'36" W
106.92'
C
N 86'32'25" W
20,14'
_ M
N 03'23'36" W
131.79'
4l
N 39`38'54" W

33.82'
DRAW BY: AG
DATE 3-4-24
JOB, NO-: 17-005
P;=7--0os1 EHIS\
17-005 BA'N6
Gt DUPERS At SUIN 't .S
• LE7c'A /05 LASER SCAAW.#WO
- OPBAROBOD74C'$ RI'EYIA+$
• coaz Eta/pa-row
• L4ND P1 ANNoN
31 D N. COTA ST. 5416E I, CORONA G4 928719
PHONE: 05117 4400.•ww#00-P+ im r uo.com
EXHJ BIT "A"

TEMPORARY

CONSTRUCTION

EASEMENT
SHT. ND.

I
OF 1
968

\% Va I bridgePROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Photographs of Proposed Acquisitions

VIEW OF EASEMENT AREAS ALONG ACCESS ROAD LOOKING SOUTH

VIEW OF EASEMENT AREAS FROM ROAD (GOLDEN AVENUE)
969

\1I/fr Va I bridge

PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS

VIEW OF EXISTING BRIDGE LOOKING WEST (SUBJECT LOCATED RIGHT) 970

$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 $3,811,667. 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. 971

01:(/ Valbridge
{{ };. PROPERTY ADVISORS
Value Conclusions

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
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 $500 for the proposed permanent bridge easement.The temporary construction easement did not consist of a nominal value conclusion.

Valuation Summary
Component
Value
Conclusions
Market Value of
Acquisition
Value of Larger Parcel in Before Condition
Permanent Property Rights
Value of Part Taken - Land (32.38 SF)
Site Improvements
Value of Part Taken - Building Improvements
Total Value of Permanent Property Taken
Severance / Benefits
Severance Damages
Less Benefits
Net Severance Damages
Value of Remainder in After Condition
Temporary Property Rights
Temporary Construction Easement (2387.07 SF)
$3,811,780
$113
$113 $500 - Nominal
$0
$0
$0
$3,811,667
$2,800 $2,800
Fair Market Value (Parts Taken, Severance Damages/Benefits) $3,300 972

$1:()Valbridge

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
973

$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 974

Updated
First American Title
Guarantee
CLTA Guarantee Form No. 28 -
Condition of Title

ISSUED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015730

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 11
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
975

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
Pac
e 2 of 11
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
976

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
Pac
e 3 of 11 I CLTA Guarantee Form No. 28 - Condition of Title Rev. 6-5-14
977

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
Pac
e 4 of 11
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
978

First American Title
Schedule A
CLTA Guarantee Form No. 28 -
Condition of Title

ISSUED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015730
File No.: 7015730
Guarantee No. 7015730
Amount of Liability: $2,500.00
Date of Guarantee:January 10, 2024 at 7:30 A.M. Fee: $500.00

1. Name of Assured:

City of Placentia

2. The estate or interest in the Land which is covered by this Guarantee is:

A fee as to Parcel(s) 1, an easement as to Parcel(s) 2

3. The Land referred to in this Guarantee is described as follows:

Real property in the City of Placentia, County of Orange, State of California, described as follows:

PARCEL 1:

THAT CERTAIN REAL PROPERTY IDENTIFIED AS "ASSOCIATION PROPERTY" AS SHOWN AND DESCRIBED ON THAT CERTAIN CONDOMINIUM PLAN FOR VILLENA (PHASE 1) RECORDED ON JULY 16, 2021, AS INSTRUMENT NO. 2021000457395, (TOGETHER WITH ANY AMENDMENTS THERETO, COLLECTIVELY, THE "PLAN"), OF OFFICIAL RECORDS OF ORANGE COUNTY, CALIFORNIA (THE "OFFICIAL RECORDS"), CONSTITUTING A PORTION OF LOT 1 OF TRACT NO. 19014 (THE "MAP"), FILED IN BOOK 991, AT PAGES 36 TO 39, INCLUSIVE, OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

EXCEPTING THEREFROM, THE UNITS AND CONDOMINIUM COMMON AREA, AS DESCRIBED ON THE PLAN.

RESERVING THEREFROM, FOR THE BENEFIT OF GRANTOR, AND ITS SUCCESSORS AND ASSIGNS, TO THE EXTENT NOT ALREADY RESERVED OR EXCEPTED BY INSTRUMENTS OF RECORD:

A. ALL OIL RIGHTS, MINERAL RIGHTS, NATURAL GAS RIGHTS AND RIGHTS TO ALL OTHER

HYDROCARBONS BY WHATSOEVER NAME KNOWN, TO ALL GEOTHERMAL HEAT AND TO ALL PRODUCTS DERIVED FROM ANY OF THE FOREGOING (COLLECTIVELY, "SUBSURFACE RESOURCES");
B. THE PERPETUAL RIGHT TO DRILL, MINE, EXPLORE AND OPERATE FOR AND TO PRODUCE,

STORE AND REMOVE ANY OF THE SUBSURFACE RESOURCES ON OR FROM THE PROPERTY,

INCLUDING THE RIGHT TO WHIPSTOCK OR DIRECTIONALLY DRILL AND MINE FROM LANDS OTHER

THAN THE PROPERTY, WELLS, TUNNELS AND SHAFTS INTO, THROUGH OR ACROSS THE

SUBSURFACE OF THE PROPERTY, AND TO BOTTOM SUCH WHIPSTOCKED OR DIRECTIONALLY Form 5026900
1-29-15
Pace 5 of 11
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
979

DRILLED WELLS, TUNNELS AND SHAFTS WITHIN OR BEYOND THE EXTERIOR LIMITS OF THE

PROPERTY, AND TO RE -DRILL, RE -TUNNEL, EQUIP, MAINTAIN, REPAIR, DEEPEN AND OPERATE

ANY SUCH WELLS OR MINES, BUT WITHOUT THE RIGHT TO ENTER UPON OR DRILL, MINE,

EXPLORE, OPERATE, PRODUCE, STORE OR REMOVE ANY OF THE SUBSURFACE RESOURCES FROM THE SURFACE OF THE PROPERTY OR FROM THE LAND FIVE HUNDRED (500) FEET BELOW THE SURFACE OF THE PROPERTY; AND
C. ALL WATER AND WATER RIGHTS, IF ANY, WITHIN AND UNDERLYING THE PROPERTY.

PARCEL 2:

NONEXCLUSIVE EASEMENT FOR ACCESS, ENCROACHMENT, MAINTENANCE, DRAINAGE, SUPPORT,

REPAIR, AND FOR OTHER PURPOSES, ALL AS DEFINED AND DESCRIBED IN THE DECLARATION, OR AS MAY BE SHOWN ON THE MAP OR THE PLAN.

APN: 334-021-15 (Portion)

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:

Villena Community Association, a California nonprofit mutual benefit corporation 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
Pace 6 of 11
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14)
980

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
5026900-7015730
File No.: 7015730

1. General and special taxes and assessments for the fiscal year 2024-2025, a lien not yet due or payable.

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.:
$0.00, NO TAX DUE
$0.00
$0.00, NO TAX DUE
$0.00
09-013
334-021-15
Affects: The land and other property.

The County Tax Collector could not verify the amounts shown above at this time. Please verify the amounts with the County Tax Collector prior to the close of the contemplated transaction.

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. An easement for pipelines and incidental purposes, recorded November 7, 1911 in Book 203 of Deeds, Page 291.

In Favor of: Yorba Linda Water Company
Affects: Common Area
The location of the easement cannot be determined from record information.

5. An easement for right of way for irrigation or drainage ditches, pipelines or conduits and incidental purposes, recorded September 2, 1913 in Book 242 of Deeds, Page 98.

In Favor of: M.N. Newmark
Affects: Common Area
The location of the easement cannot be determined from record information.

6. An easement for pipeline and incidental purposes, recorded October 4, 1923 in Book 489 of Deeds,