Agenda packet — Shafter City Council, November 5, 2024 (part 4 of 4)

73 Cul-de-sac and street knuckle dimensions & radiito conform to the Subdivision Engineering Design Manual and/or the City Engineer. The use of offset cul-de-sacs is approved provided they meet the requirements of the City.

Roundabouts: Roundaboutdesign including proposed rights of way, curb locations and radii, center landscaped area and radii, transitions, crosswalk locations, etc, are subject to the approval of the city engineer, For reference, the City Engineer will be analyzing submitted roundabout designs using the Federal Highway Administration document entitled "Roundabouts: An lnformational Guide", FHWA-RD-00-67, June 2000.

Enhanced Paved Drives:
(a.) Those areas identified within the Orchard Park Specific Plan as having "ENHANCED PAVED DRIVES" shallhave theirstreetsections designed in accordance with the previously listed Tl's above and the R-Values from the soils testing.
(b,) Design sections and exact location of the "ENHANCED PAVED AREAS' shall be shown on the approved street plans,
(c.) Design samples shall be provided to the planning director for approval prior to construction of any "ENHANCED PAVED DRIVES".
(d,) Developer shall protect the decorative nature of any "ENHANCED PAVED DRIVES" from damage or abnormal wear & tear due to construction traffic. lf "ENHANCED PAVED DRIVES' have been damaged or suffered abnormal wear and tear from construction traffic, then "ENHANCED PAVED DRIVES" shall be repaired or replaced at the discretion of the City Engineer.

The following streets shall be striped in accordance with the City Engineer and Caltrans Traffic Manual, latest edition. Proposed striping shall be shown on street plans, (a.) Tulare Avenue
(b.) Beech Street
(c.) State Avenue
(d.) Fresno Avenue
(e.) Roundabouts, if required by the City Engineer
ln addition, the following streets shall be equipped with a bicycle lane per the City of Shafter Planning Circulation Element:
(a,) Tulare Avenue

78. Street signs shall be installed per City standards as required by the City Engineer, All utilities proposed under paving shall be installed prior to paving. Cover over utilities shall be a depth as approved by the City Engineer,
80 During construction, the applicant shall maintain the project, including adjacent streets in a dust free condition. This condition applies at all times including weekends, evenings and night time hours, During construction operations, cleanup of soil from the public roadways shall be required, if deemed necessary, by the City Engineer.

Driveway approaches shall be constructed in a mannerconsistentwith the requirements for residential approaches as set forth in the City's Subdivision and Engineering Design Manual, 74 75
76 77
79 81

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82 83
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86 Sidewalk, including curb, shall be five (5) feet wide and shall be placed behind the curb on all streets, Transitions at intersections and wheelchair ramps shall be provided and installed per City's Subdivision and Engineering Design Manual,
Monument and monument covers shall be set per City Standards.

Temporary turnarounds, if required, including right of way, shall be granted, designed, & installed per the Subdivision and Engineering Design Manual.

Property line locations shall be marked with a chiseled line on the top of curb for all property lines The location of all sewer laterals shall be indicated on the top of curb with a stamped "S", Street lighting shall be installed in accordance with the City Engineering & Subdivision Design Manual as directed by the City Engineer, Developershall coordinate with Pacific Gas & Electric to ensure that the street lights are established under the LS-2 rate schedule.

Secondary access easements shall be provided at the request of the City Engineer. Within any given phase of development, secondary access easements and improvements shall be provided in a manner approved by the City Engineer, Access roads shall be twelve (12) feet in width and shall consist of three (3) inches of class ll aggregate base over six (6) inches of native material compacted to 90% relative maximum density.

BB A waiver of direct access shall be dedicated and shown on the final map along (a.) Along all proposed wall locations
(b.) Along the proposed rights of way for the proposed roundabouts,

89. Blue Botts' dots shall be placed at the center of the street for each fire hydrant, ENG¡NEERING: LANDSCAPING
All landscaping plans including plants, irrigation equipment, points of connection to water lines, electrical services fortimers, lighting, etc, shall be approved by the City Engineer priorto construction. 91 Masonry walls are to be installed at all locations shown in the approved specific plan. Developer shall provide landscape easements from adjacent lots where proposed walls are not constructed in side proposed or existing city rights of way, Wall layout and appearance shall adhere to Detail 9a of the Orchard Park Specific Plan, Steel tubular fencing shall be primed & painted or powder-coated in accordance with City requirements.
92 Wallplans, materials, dimensions, and construction shallbe perthe Orchard Park Specific Plans and shall be approved by City prior to construction
All plants shall be from the approved list located within the Orchard Park Specific Plan or shall be approved by the planning director prior to installation. lf any trees are to be planted under or near overhead utilities, then the trees shall be approved for use by the affected utility company, 87 90
93 94. Landscaping plans including inigation timers, piping, sprinklers, fittings, plants, trees, turf shall be

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96 97
approved by the City
95, Landscaping plumbing & electrical shall be designed for all phases of the tract.

Plastic sleeves, minimum four(4) inches diameterschedule 40 pipe, shall be installed under proposed streets where landscaping waterlines or control wires pass under the street.

Developer shall place the entire subdivision within a new or pre-existing Landscape/Lighting Maintenance District, prior to recordation of the final map. (a.) The maintenance district shall be set-up to cover the cost of street lighting, drainage basin maintenance, and landscaping maintenance, as well as all administrative costs associated with the City's management of the district,
(b.) The Developer shall be required to cover the cost of street lighting, maintain all landscaping, including the replacement of any trees or shrubs that do not survive, within public right-otway and landscape easements for a period of six (6) months after final inspection of the landscape improvements, or until such time as the maintenance district is formed, whichever shall occur last.
(c.) Developer shall be fully responsible for the formation, and formation cost of the Landscape/Lighting Maintenance District, as directed by the City Engineer. (d,) Developer shall be fully responsible for paying the cost of water for all landscaping and electricity for the street lights until such time as the maintenance district is formed.

PLANNING
All development shall be in conformance with the Orchard Park Specific Plan and Shafter Development Code, as applicable.
ln lieu of the construction of alleys, Developer shall pay refuse capacity fee as required by Ordinance No. 35'1, Refuse capacity fee shall be due and payable prior to recordation of a Final Map.

The Shafter-Wasco lrrigation District (SWID) has two turnouts (2-1 ,6s and2.1,Bs) on the subject site, Prior to recordation of Tract 6614, or any phase of Tract 6614 adjacent to said turnout pipes, developer must make a request to the SWID Board to remove the outlets at developers expense and in coordination with SWID time frames. Priorto commencing any work, developershould Contact Ron Sutton (Field Superintendent) with SWID to review construction requirements adjacent to and over SWID pipelines.
101 All architecturalfeatures and house sizes of each single-family residence shall be in compliance with the Orchard Park Specific Plan and approved by the Shafter Planning Department prior to issuance of each building permit. All landscaping requirements set forth in Section 2,80, Chapter 2, Title 17 of the Shafter Municipal Code (Design Review) shall be adhered to. All roofs constructed within TT 6614 shall be of concrete tile or Prestique I High Definition manufactured by ELK Corporation in Shafter, its equivalent, or better,
102. All roof-mounted air conditioning equipment shall be located on the rear portion of the roof ridge line in such a manner as to be screened as much as practicalfrom view from public streets.

98. 99.
'100

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103, With theexception of model houses, as provided in Section 3.080, Chapter3, Title 16 (Subdivision Ordinance) of the Shafter Municipal Code, no building permit shall be issued by the City until TT 6614 has been recorded pursuant to the requirements of Title 16 (Subdivision Ordinance) and Title 17 (Zoning Ordinance) of the Shafter Municipal Code.
104 "Park Lane" and "Aspen" are street names currently used in City limits, "Tamarack" is similar to "Tamara" which is a current street name, Prior to recordation of Tract 6614, or any phase which includes the noted street names, developer shall provide additional street names to City staff for checking with the Shafter Police Department.
105 The developer of Tract 6614 shall comply with all San Joaquin Valley Unified Air Pollution Control District (SJVUAPCD) requirements while grading and developing the site. lt is the developers responsibility to contact the SJVUAPCD to determine which requirements/rules the developer must comply with.
106 At the time of issuance of building permits for single family dwellings within Tract 6614, developer shall pay $5,700 per single family dwelling unit or an amount that may subsequently be adopted by the Shafter City Council, whichever is less as a traffic impact fee, 107 Fiber to the Home lnfrastructure. CITY intends to deploy a CITY-owned high-speed "Fiber to the Home" network. Prior to recordation of Tract 6614, or any phase of Tract 6614, the Developer shall provide in ground conduit and necessary appurtenances within the tract and within arterial and collector roads adjacent to Tract 6614, (or any phase of Tract 6614) in order to implement the City's Fiber to the Home infrastructure project.
108, Public Safety Funding Mechanism. At the time of building permit issuance for single family dwellings within Tract 6614, developer shall pay to City the following public safety fees, consisting of the following two (2) components: (1) a one-time public safety fee of three hundred dollars ($300.00) per dwelling unit, plus twenty cents ($.20) per square foot of such dwelling unit; and 2) an ongoing, annual levy of: (a) three hundred fifty ($350.00) per dwelling unit for single family dwelling units. Developer will cooperate with CITY in the formation of one or more funding mechanisms, including without limitation, one or more assessment districts, community facilities districts, capital facility fee program, or other financing mechanism (individually a "Funding Mechanism") for the purpose of financing such public safety fees for the Project, The Funding Mechanism shall be formed prior to the recordation of the first final map for the Project or all acts necessary to be taken by the Developer to cause to be formed orjoined the Funding Mechanism shall have been taken priorto the recordation of the firstfinal map for the Project, Any such Funding Mechanism shall for the ongoing annual levy, including, at a minimum, an automatic increase over the levy for the immediately preceding levy, to the extent permitted under applicable law,
At the time of issuance of the 50th building permit for the tract or any combination of phases related to Tract 66'14, the developer shall begin construction of the park improvements, The park shall be fully constructed by Developer within 8 months of beginning construction on the park, The term "fully constructed" used above shall include the supply & construction of the following amenities:
(a) Fully automatic irrigation system including water services, backflow preventers, pumps, timers, automatic control valves, piping, fittings, sprinklers, all supplied and installed in accordance with city standards.
(b) Grass, turf, and plants in dedicated landscaping areas. 109

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O) Sewer & water service for future public restroom facilities at locations approved by the City Engineer
þ.) 2a inch box trees
(f.) Playground areas
(9,) Covered Picnic tables / Barbeque equipment
The term "fully operable" used above shall mean that all hardware or equipment supplied has been installed in accordance with City Standards or manufacturer's requirements, has been inspected for conformance with applicable codes and passed, and is ready for use by the city of the public in general,
Development of the park by developer shall be considered 100% credit for all City park and Quimby fees.
1 10. The term "accepted by the City of Shafter City Council" shall mean that a NOTICE OF COMPLETION AND ACCEPTANCE OF WORK has been filed and recorded on behalf of the park project via action by the City Council of the City of Shafter, 111, Developer shall submit plans for the park to the Planning Director and City Engineer showing all amenities required by the Orchard Park Specific Plan. Park Plans, including grading and landscaping plans, shall be sufficiently detailed to allow the city to approved the design and equipment or materials specified.
112 Prior to recordation of Tract 6614, or any phases of Tract 6614 adjacent to Fresno Avenue and/or Beech Avenue, developer shall contact Jerry Alvarez with Southern California Gas Company to determine the impact of this tract map upon southern California Gas company facilities located within Beech Avenue and Fresno Avenue.
113 Prior to any excavation work on site, developer shall contact Vintage Petroleum and the State of California Department of Oil, Gas, and Geothermal Resources (DOGGR) to determine the location of any/all pipelines and/or abandoned or plugged oil wells. lf any oil wells are discovered during grading, the developer shall be responsible to plug the wells pursuant to DOGGR standards and by DOGGR permit.
114. The following disclosure shall be placed upon the final subdivision map and included on all deeds for property transfers within Tract 6614: "lf your real property is near property used for agricultural operations and/or keeping of large hoofed animals, you may be subject to inconveniences or discomforts arising from such operations on any 24hour basis. Said discomforts may include, but not be limited to equipment noises, odors from manure or other chemicals, and dust or smoke.

The City has determined that the use of real property for agricultural operations is a high priority and favored use to the City and Kern County and will not be considered a nuisance for those inconveniences or discomforts arising from agricultural operations, provided such operations are consistent with accepted customs, standards, and laws,"

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115 Prior to recordation of Tract 6614, the master developer of Tract 6614 and Richland School District staff shall meet and come up with a school bus stop plan to accommodate residents of Tract 6614,

BUILDING
116 At least two access points for ingress and egress of emergency vehicles to the subdivision are required, The Kern County Fire Department requests that the phase line be moved to the east to the back of the lots on the east side of Sparkleberry Lane. 117 Private drives constructed of Portland cement-concrete shall be constructed at a minimum width of 16 feet from the edge of public roadway pavement to the garage of each house. 1 18. Prior to permitting occupancy of any lot, building addresses shall be permanently installed and cleady visible from the street.

MITIGATION MEASURES FROM THE ADDENDUM
MM3b-1. lncorporate Control Measures to Reduce Construction-Generated Fugitive Dust and Exhaust Emissions. The project applicant and contracto(s) shall adhere to the following measures during all phases of construction:

1. Properly and routinely maintain all construction equipment, as recommended by manufacturer manuals, to control exhaust emissions.
2, Shut down equipment when not in use for extended periods of time to reduce emissions associated with idling engines.
3, Encourage ride sharing and use of transit transportation for construction employee commuting to the project sites.

4. Use electric equipment for construction whenever possible in lieu of fossil fuel{ired equipment, 5, Curtail construction during periods of high ambient pollutant concentrations; this may include ceasing of construction activity during the peak-hour of vehicular traffic on adjacent roadways. 6, All disturbed areas, including storage piles, which are not being actively utilized for construction purposes, shall be effectively stabilized of dust emissions using water, chemical stabilizer/suppressant, covered with a tarp or other suitable cover, or vegetative ground cover.

7. All onsite unpaved roads and offsite-unpaved access roads shall be effectively stabilized of dust emissions using water or chemical stabilizer/suppressant.

8. All land clearing, grubbing, scraping, excavation, land leveling, grading, cut and fill, and demolition activities shall be effectively controlled of fugitive dust emissions utilizing application of water or by presoaking,

9. When materials are transported off site, all material shall be covered or effectively wetted to limit visible

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dust emissions, and at least six inches of freeboard space from the top of the container shall be maintained,

10. All operations shall limit or expeditiously remove the accumulation of mud or dirt from adjacent public streets at the end of each workday, (The use of dry rotary brushes is expressly prohibited except where preceded or accompanied by sufficient wetting to limit the visible dust emissions. Use of blower devices is expressly forbidden.)
'l 1. Following the addition of materials to, or the removal of materials from, the surface of outdoor storage piles, said piles shall be effectively stabilized of fugitive dust emissions utilizing sufficient water or chemical stabilizer/su ppressant.

12. Within urban areas, trackout shall be immediately removed when it extends 50 or more feet from the site and at the end of each workday.

13. Any site with 150 or more vehicle trips per day shall prevent carryout and trackout,

14. Asphalt and concrete paving shall comply with San Joaquin Valley Air Pollution Control District Rule 4641 and restrict the use of cutback, slow-cure, and emulsified asphalt paving materials.

15. Cease grading activities during periods of high winds (greater than 20 mph over a one-hour period) 16, Limit construction-related vehicle speeds to 15 mph on all unpaved areas at the constructions site

17. lmplementation of carryout/trackout mitigation measures, such as gravel pads, in accordance with the requirements of the SJVAPCD Regulation Vlll.

MM3b-2. Develop and lmplement Emissions Offset Program to Compensate for ProjeclRelated Emissions. Prior to the issuance of the first building permit, the project applicant shall enter into an agreement with the SJVAPCD for the mitigation of NOx and ROG emissions. This agreement may include, but is not limited to, the payment of fees to the district for the purpose of offsetting project emissions.

Examples of such a program would be the purchase of new diesel engines for heavy-duty trucks and agricultural equipment, retrofitting diesel engines with controls (e,9., oxidation catalyst, diesel particulate filter), and conversion of City-owned vehicles from gasoline and diesel to compressed natural gas engines.

This emissions offset program shall be coordinated with and approved by the SJVAPCD and based on estimates of achievable emissions reductions,
This offset program would reduce emissions in sufficient quantities such that the net increase in regional emissions would be below significance thresholds.

MMSb-1. Durlng construction, if archaeological resources, or specimens suspected of being archaeological resources, are encountered, alteration of earth material in the vicinity of the find shall be halted until a qualified archaeologist can evaluate the find and record significant cultural resources.

Construction activity in the vicinity of the find may be halted until the find can be appropriately excavated and recovered, Areas found to contain significant artifacts shall be examined by a qualified archaeologist for recommendations concerning protection and preservation.

MM5c-1. During construction, if fossils or other paleontological resources are encountered, alteration of earth material in the vicinity of the find shall be halted until a qualified paleontologist can evaluate the find

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and record significant resources, Construction activity in the vicinity of the find may be halted until the find can be appropriately excavated and recovered. Areas found to contain significant fossils shall be examined by a qualified paleontologist for recommendations concerning protection and preservation, MM5d-1, lf human remains are encountered during a public or private construction activity, State Health and Safety Code 7050.5 states that no further disturbance shall occur until the Kern County Coroner has made a determination of origin and disposition pursuant to Public Resources Code Section 5097.98, The Kern County Coroner must be notified within 24 hours. lf the coroner determines that the burial is not historic, but prehistoric, the Native American Heritage Commission (NAHC) must be contacted to determine the most likely descendant (MLD) for this area, The MLD may become involved with the disposition of the burial following scientific analysis, MMTb-1. Prior to construction of residential units adjacent to the existing oil sump, the sump shall be excavated and cleaned up in accordance with DOGGR regulations.

MMTb-2. Prior to the approval of grading permits, transformers associated with onsite powerpoles shall be removed by a qualified hazardous materials specialist as coordinated by PG&E to the satisfaction of the City of Shafter,
MMl5a-1. Prior to occupancy of the residential units, a traffic signal shall be installed at the intersection of Santa Fe Way and Beech Avenue. This improvement may be provided by the pro¡ect applicant or by the City, ln the latter case, the developer would be required to pay a proportionate share of the cost for installation of the traffic signal. This development's proportionate share of the overall cost would be B.86 percent of the total cost for the traffic signal. Because the proportionate share is so low, it is recommended that this improvement be provided by the City with the applicant to pay the fair share, and the City to collect the remaining share of the cost from other future developers, Alternatively, should the applicant provide this improvement, the developer shall be credited for the costs above and beyond the fair share contribution,
MM15a-2. Prior to occupancy of the residential units, a traffic signal shall be installed at the intersection of Beech Avenue and Tulare Avenue. This improvement may be provided by the project applicant or by the City. ln the latter case, the developer would be required to pay a proportionate share of the cost for installation of the traffic signal, This developments proportionate share of the overall cost would be 47 percent of the total cost for the traffic signal. Because the proportionate share is so low, it is recommended that this improvement be provided by the City with the applicant to pay the fair share, and the City to collect the remaining share of the cost from other future developers, Alternatively, should the applicant provide this improvement, the developer shall be credited for the costs above and beyond the fair share contribution.

MM15a-3. Prior to occupancy of the residential units, a westbound left turn pocket shall be constructed at pro¡ect entrance and Fresno Avenue and a southbound left turn pocket shall be constructed at Beech Avenue and project entrance,
** Signalization improvements contained in Mitigation Measures 15a-1 & 15a-2 (above) are part of the City of Shafter's Transportation lmpact Fee (TlF) Program being prepared at this time. Once the TIF program has been adopted by the City of Shafter, the developer is relieved from payment of a percentage for the signal noted in Mitigation Measures'15a-1 & 15a-2.

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Page 303 of 395 ends

PIPER SANDLER | 1
BOND

OPPORTUNITIES

FOR LAND

DEVELOPMENT
BOLD Program

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PIPER SANDLER | 5
The BOLD Program
Eligible improvements are extremely flexible and include:
 Streets and Sidewalks
 Sewer and Water Treatment Capacity
 Water and Sewer Lines
 Flood Control
 Parks
 Open Space
 Street Lighting
 School Facilities
Additionally, the BOLD Program allows for the financing of fees, including:
 City and Fees or County Fees (may require agreement)
 School Fees (requires an agreement with the school
district)
 Special District (requires agreement)
The BOLD Program also allows for the ongoing funding of services.

Community Facilities District Basics
Under the BOLD Program, CMFA will create Community Facility Districts to finance eligible improvements and local agency fees.

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PIPER SANDLER | 14
Developer Projects
Town of Truckee
 Coldstream
 Raleys Project
 Truckee Railyard
 Soaring Ranch
Placer County
 Placer Vineyards
 Placer Vineyards Project 19
 Morgan Knolls
 Property 4B
 Property 7
 Property 19
 PV 400
 Bickford Ranch
 Greyhawk III
 Eureka
 Brady Vineyards
 Cabral Ranch
 Rancho del Oro
 The Park at Granite Bay
 Whitehawk II
 Winding Creek
City of Roseville
 Liberty Village
 Diamond Creek
 Sierra View
City of Elk Grove
 Madeira Meadows
 Milestone
 Mendes
 Elk Grove Landing
 Poppy Keys Southwest
 Souza Dairy City of Merced
 University Village
Jurupa Area Recreation and Park District
 RC Hobbs
 Emerald Ridge
 Rock Rose & Bayberry Place
City of Rocklin
 Sierra Pine
 Granite Bluff
 Rocklin Meadows
 Croftwood II & Crowne Point
 Wildcat West
 Monument Springs
Sacramento County
 Barrett Ranch East
 Wildhawk North
City of Riverbank
 Crossroads West Specific Plan
City of Modesto
 Tivoli
Yuba County
 River Oaks South
Santa Clarita Valley Water
District
 Spring Canyon
City of Lancaster
 Pacific Palacio
 Pacific Agave & Pacific Lily
City of Lincoln
 Twelve Bridges
 Greyson
 Fullerton Ranch
 Esplanade at Turkey Creek
 Twelve Bridges Village 3
City of Chula Vista
 Otay Ranch
 Sunbow
City of Palmdale
 Creekside Wildflower
City of Santa Clarita
 Tesoro Highlands
City of Rancho Cordoba
 Douglas 98
City of West Sacramento
 The Rivers
City of Victorville
 Jasper & Crossings
City of Suisun
 Meridian West
City of Fairfield
 Monte Verde
Town of Loomis
 Harvest at Loomis

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PIPER SANDLER | 7
The BOLD Program
Local Agency Benefits
1  Outsourcing of the CFD and formation and bond issuance process  Limited local agency participation
2  No cost to join the program and any administrative costs that are borne by the local agency are reimbursed
3  Tax bills reflect CMFA and not the local agency name 4  No ongoing continuing disclosure requirement (unlike if local agency issued bonds) 5  Local Agency Council actions limited to Joining CMFA, joining BOLD and approving acquisition agreement
6  Bond documents and actions all undertaken by CMFA
7  Provides funding source for new public improvements and impact fees 8  BOLD team conducts detailed review of Developer payment requests and administers disbursement of CFD bond proceeds upon obtaining local agency approvals 9  In the case of default no liability to the local agency

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PIPER SANDLER | 4
The BOLD Program
 Bond Opportunities for Land Development (BOLD) is a financing program offered by the California Municipal Financing Authority (CMFA) that allows for the financing of public infrastructure and impact fees for development projects.
 Any public agency can participate in the BOLD program, which offers lowcost, tax-exempt financing for development projects.  To facilitate the program, Community Facilities Districts (CFDs) will be formed, managed and administered by CMFA, and minimal public agency efforts will be required in the process. The formation of a CFD will not necessitate the issuance of bonds or payment of debt service until a project is ready to issue debt.
 A CFD may be formed for a project with bonds issued at a later time when it best meets the project’s development timeline.
 Bonds will be issued at multiple times throughout the year and may include more than one CFD, offering the advantage and option of lowcost, pooled financing What is the BOLD Program and why is it being offered?

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PIPER SANDLER | 6
The BOLD Program
 A Local Agency is required to become a Member of CMFA (CMFA Membership is free)  Local Agency may have a consultant review the financing plan to ensure that it meets with the Local Agency’s Goals and Policies
 The Local Agency adopts a Resolution consenting to use BOLD (Sample Resolutions are available from Jones Hall)
 Jones Hall will approve the eligibility of improvements and fees based on consultation with Local Agency
 An acquisition agreement will be executed between the Local Agency and CMFA to reimburse the developer for public improvements and/or fees
 The Local Agency will accept completed improvements and/or fees, and requisition of funds Local Agency Requirements

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PIPER SANDLER | 9
 Local Agency agrees to
approve the project’s
participation in BOLD
 Local Agency does not
issue debt or provide
ongoing administration
and continuing
disclosure documents
 BOLD team works with applicant
and local agencies to determine
which facilities and impact fees are
eligible to be funded with taxexempt bond proceeds or, if needed, taxable bonds
 Tax-exemption - Fees must be
used on eligible capital projects
and be expended within 3 years
The BOLD Program
CFD Formation Steps
 Developer submits
application for their project
to participate in BOLD
 An Application for the
program is available as a
PDF document that can be
filled out and submitted to
CMFA online.

Developer provides deposit to CMFA to pay for formation of the CFD Special tax consultant drafts the Rate and Method of Apportionment and prepares CFD boundary map CFDs are established by CMFA and special taxes are billed in CMFA’s name Formation proceedings are conducted by CMFA
Public hearing and landowner vote are conducted by CMFA CFDs can be formed in as little as 3 months

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PIPER SANDLER | 21
The BOLD Program
 In creating the BOLD Program, CMFA has brought together a talented team with expertise in development finance
An Introduction to the Financing Team
Bond and Disclosure
Counsel
 Draft formation
documents
 Draft bond documents
 Prepare disclosure
document
Banking and
Underwriting
 Review Rate & Method of
Apportionment
 Structure bonds
 Market and Sell bonds to
investors
Special Tax Consultant
(Southern California)
 Prepare CFD boundary
maps
 Prepare Rate & Method of
Apportionment
 CFD Administration
 Continuing Disclosure
Special Tax Consultant
(Northern California)
 Prepare CFD boundary
maps
 Prepare Rate & Method of
Apportionment
 CFD Administration
 Continuing Disclosure
Program Administrator
 Coordinate approval of
Acquisition Agreement,
including list of eligible
improvements and fees.
 Perform review of
Developer payment
requests and administer
disbursement of CFD
bond proceeds.

Jones Hall
1 Piper Sandler
2 KGPF
3 Goodwin
Consulting Group
4 Francisco &
Associates
5

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MANAGEMENT REPORT

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: November 5, 2024
DEPARTMENT: David Franz, Community Services Director
SUBJECT: CIVIC ENGAGEMENT WITH STUDENT COUNCILS

RECOMMENDATION
Council find that the action is not defined as a “project” under Section 15378(b)(5) of the CEQA Guidelines; approve the invitation for student councils from Grow Academy, Richland Junior High, and a subset of Shafter High School (6 students) to meet with City staff, shadow City Council at a meeting, receive City polo shirts, and participate in a trip to Sacramento to meet elected officials and tour the Capitol. Confirm that this expenditure does not constitute a gift of public funds.

BACKGROUND
For many years, the City engaged annually with Richland Junior High’s student council, providing opportunities for students to visit City Hall and the Capitol in Sacramento.

This initiative was paused due to the COVID-19 pandemic, but restarted last year with students from the Shafter High and Grow Academy student councils.

FISCAL IMPACT
Students Advisors
City
Council
and Staff
Shirts
(Students
only)
Travel: Charter
Bus (Up to 50
travelers)
Meals Per Diem
(Max first day
rate $51.75) Total
Richland
Jr. High 6 1 0 $120 $0 $362 $482
Grow
Academy 9 1 0 $180 $0 $518 $698
Shafter
High 6 1 0 $120 $0 $362 $482
Other 0 0 2 $0 $104 $104
Total 21 3 2 $420 $4,000 $1,346 $5,766
If approved by the City Council, this cost will be under City Council budget. The expenditure does not constitute a gift of public funds as 1) it is available to all local schools, and 2) it promotes the City of Shafter positively by involving local students in civic engagement.

CEQA ANALYSIS
The action is not defined as a “project” per Section 15378(b)(5) of the CEQA Guidelines because the action is approval of an invitation for student councils to meet with City

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CIVIC ENGAGEMENT WITH STUDENT COUNCILS
- 2 -
staff, shadow City Council at a meeting, receive City polo shirts, and participate in a trip to Sacramento to meet elected officials and tour the Capitol and therefore, it is organizational and administrative activity that will not result in direct or indirect physical changes to the environment and not subject to CEQA.

APPROVED BY THE CITY ATTORNEY

ATTACHMENTS
None

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MANAGEMENT REPORT

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: November 5, 2024
DEPARTMENT: Rogelio Sanchez, Finance Director
SUBJECT: FOLLOW-UP DISCUSSION ON ANNUAL ALLOCATION OPTIONS

FOR COMMUNITY EVENTS FUNDING

RECOMMENDATION
Council find the action is not defined as a “project” per Section 15378(b)(4) of the CEQA Guidelines; that the City Council should review and consider the options for funding community events, providing direction to the management team on the preferred allocation approach.

BACKGROUND
The October 15, 2024, staff report proposed an annual discretionary allocation of $4,000 per Council Member for community events. Following that report, the City Council requested that the management team present a range of options for consideration to better align funding with community priorities. In response, this report presents three alternative approaches for the allocation of funds in support of these events, enabling flexibility in funding while addressing community needs.

OPTIONS FOR CONSIDERATION:

1. In-Kind Contributions through Direct Cost Allocation Departments contribute directly to community events through in-kind support, which includes labor and other M&O expenses.

2. Annual $4,000 Discretionary Allocation per Council Member Similar to the October 15 proposal, each Council Member receives an annual discretionary fund of $4,000 dedicated to community events.

3. Status quo as "Community Events" account
Retains the current allocation method with a $40,000 budget pool for community events, managed centrally without specific Council Member discretion.

The management team will present a PowerPoint during the November 5, 2024, meeting to facilitate discussion. This presentation will allow the City Council to ask questions and offer guidance on the proposed options. It will also include cost information reflecting expenses already covered within the City’s existing operating budget.

FISCAL IMPACT

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FOLLOW-UP DISCUSSION ON ANNUAL ALLOCATION OPTIONS FOR COMMUNITY EVENTS

FUNDING
- 2 -
There is no fiscal impact or need for a budget amendment, as the proposed allocations remain within the existing approved budget. Any budget reallocations will depend on Council direction based on the options previously discussed.

CEQA ANALYSIS
The action is not defined as a “project” per Section 15378(b)(4) of the CEQA Guidelines because the action is the approval of a discretionary reallocation of existing budgeted amounts related to community events; therefore, it is the creation of a governmental funding mechanism or other fiscal activity that does not involve any commitment to a specific project that can result in a potentially significant impact and not subject to CEQA.

APPROVED BY THE CITY ATTORNEY
No

ATTACHMENTS
None

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MANAGEMENT REPORT

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: November 5, 2024
DEPARTMENT: Johnny Rubio, IT Manager
SUBJECT: REPORT ON THE AMERICAN RESCUE PLAN ACT FUNDED

VETERANS PARK PUBLIC SAFETY CAMERAS AND WIRELESS

PROJECT

RECOMMENDATION
Council receive and file. This item is for informational purposes only.

BACKGROUND
The Veterans Park was identified as the most ready to introduce technology due to the fiber optic infrastructure route that was built. Enhancements have been made at the Veterans Park to improve the quality of life for our residents by introducing free Wi-Fi, and adding a layer of security with the addition of public safety cameras. The network has been built as a stand-alone network for both security and performance. The wireless network, tagged as 'Shafter Heroes', has been designed to allow up to 1,000 devices at any given time to connect to the internet.

FISCAL IMPACT
Approved ARPA funds were utilized to fund this project.

CEQA ANALYSIS
The item is informational only and therefore, there is no discretionary action that triggers CEQA review for this item.

APPROVED BY THE CITY ATTORNEY
No

ATTACHMENTS
None

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MANAGEMENT REPORT

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: November 5, 2024
DEPARTMENT: Lance Lippincott, City Manager
SUBJECT: RECLASSIFICATION OF DEPARTMENT HEADS TO DIRECTORS

AND APPROVAL OF SALARY ADJUSTMENTS

RECOMMENDATION
Council approve the reclassification of the HR and IT Managers to Directors commensurate with the responsibilities of the positions; and approve salary adjustments for HR, IT, and Planning Directors to Range 384 of the NonRepresented/Non-Sworn pay schedule; and authorize a budget amendment for FY 24/25 in the amount of $44,736 ($14,912 per department).

BACKGROUND
Personnel System Rule 3.3 grants the City Manager the authority to continually review the City’s classification plan for decision-making on compensation, selection, employee development, career advancement, and other personnel activities. Changes in classifications that result in a salary that falls outside the limits of the department budget require City Council approval.

A comprehensive review of the HR, IT, and Planning management roles has identified significant disparities in both classification and compensation when compared to other director-level positions within the City. Currently, the HR and IT roles are classified as "managers," though they perform responsibilities and duties equivalent to other director-level positions in the City. The Planning Director, while appropriately classified, also faces a substantial compensation gap compared to other city directors with similar levels of responsibility.

To address these discrepancies, this report recommends reclassifying the HR and IT Managers as Directors and adjusting the salaries for all three positions. These adjustments will reflect the complexity and importance of their positions while promoting fairness and alignment with market and internal equity standards.

FISCAL IMPACT
The HR, IT, and Planning Directors are currently at Step E, with a biweekly salary of $5,571. Under the proposed salary adjustment, all three directors would move to Step A of the new salary range, with a biweekly salary of $6,503. This change would increase annual compensation by $24,232 per director, totaling $72,696 for all three positions.

In the long term, the fiscal impact is projected to be approximately $166,000 once the

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RECLASSIFICATION OF DEPARTMENT HEADS TO DIRECTORS AND APPROVAL OF SALARY

ADJUSTMENTS
- 2 -
directors reach Step E, assuming a 1% COLA within the next five years. For the FY 24/25 budget, based on an effective date of November 5, 2024, the fiscal impact per department is $14,912, or a total combined budget adjustment of $44,736.

CEQA ANALYSIS
The action is not defined as a “project” per Section 15378(b)(5) of the CEQA Guidelines because the action is an organizational and administrative activity that will not result in direct or indirect physical changes to the environment and is not subject to CEQA.

APPROVED BY THE CITY ATTORNEY

ATTACHMENTS

1. Directors Compensation Analysis

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Memo
Date: October 22, 2024
To: City Manager Lance Lippincott
From: HR/Risk Manager Carol Chavolla
Subject: HR, IT, and Planning Directors Compensation Analysis This report seeks to evaluate and support the proposal to adjust the compensation of the HR, IT, and Planning Directors to match that of other director-level positions within the City. The proposed adjustment is based on comparable job complexity, required skill sets, market standards, and internal equity. These factors highlight the essential roles these departments play in the City's operational and strategic success.

Background:

Personnel System Rule 3.3 grants the City Manager the authority to continually review the City’s classification plan for decision-making on compensation, selection, employee development, career advancement, and other personnel activities. Changes in classifications that result in a salary that falls outside the limits of the department budget require City Council approval.

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2 Job Complexity and Responsibility:
• HR Director: Oversees comprehensive workforce management, including recruitment, employee relations, labor relations, and benefits administration, while ensuring compliance with labor laws and regulations. Manages citywide risk through insurance, safety programs, and workers' compensation claims while also developing strategies to mitigate legal and operational risks. This role impacts every City department through staffing, employee development, and risk management.
• IT Director: Manages critical technology infrastructure, cybersecurity, data governance, and systems integration. With increasing reliance on digital services and the complexity of maintaining secure, efficient systems, the IT Director plays an essential role in safeguarding the City’s operations.
• Planning Director: Oversees zoning, long-term urban planning, and development projects and ensures compliance with state and federal regulations. This role drives the City's growth and development strategy and aligns it with sustainability and community goals.

These roles are comparable in complexity to those of other City directors, such as Community Services, Building, Economic Development, Finance, and Public Works.

Skill Requirements:

The HR, IT, and Planning Directors require specialized skills comparable to other City directors.

Each role demands advanced expertise in their respective fields. They must have strong leadership and strategic planning abilities and be adept at navigating complex legal and regulatory environments. Additionally, these directors play a critical role in crisis management and decisionmaking, influencing citywide operations and long-term goals. Given the specialized expertise and leadership responsibilities required, their compensation should align with that of other City directors to reflect the complexity of their roles.

Salary Analysis:

The following provides a summary of the salary comparison analysis conducted for the HR, IT, and Planning Director classifications—based on both external market standards and internal equity considerations.

External Market
In comparison with competitor agencies with similar director positions, such as the City of Bakersfield, County of Kern, and the City of Tulare, the findings below reveal that all three directors are being compensated below the market average and median, particularly in terms of their base salary. This gap suggests a competitive disadvantage when it comes to retaining or attracting qualified candidates.

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3 When factoring in incentives and benefits, the findings below reveal that all three directors continue to be compensated below the market average and median.

Internal Equity
In addition to the external salary comparisons, internal equity is a crucial consideration when evaluating the compensation for HR, IT, and Planning Directors. Internal equity ensures that employees with similar responsibilities, skills, and job complexities are compensated equally to one another within the same organization. Below is a comparison of the current salary ranges for the HR, IT, and Planning Directors versus other director positions within the city:

Position Current
Salary Range
Salary Range for
Other Directors
Percent Difference
HR Director $4,583 – $5,571
Biweekly
$6,503 - $7,905
Biweekly

41.9%
IT Director $4,583 – $5,571
Biweekly
$6,503 - $7,905
Biweekly

41.9%
Planning Director $4,583 – $5,571
Biweekly
$6,503 - $7,905
Biweekly

41.9%
The internal analysis shows that the HR, IT, and Planning Directors are paid 41.9% less than their counterparts in other city departments. This significant disparity highlights an internal equity issue, where similarly responsible positions are compensated at different levels despite having comparable job complexities and leadership roles.

Maintaining internal equity is essential for fostering a positive organizational culture and avoiding potential legal risks. When employees perceive salary imbalances, especially when roles require comparable skills and responsibilities, it can lead to lower job satisfaction, diminished morale, and increased turnover. Addressing internal equity ensures that all employees feel valued and treated fairly, which can improve productivity and organizational loyalty.

City of
Shafter
Market
Average
% Shafter
above or below
Market
Median
% Shafter
above or
below
Human Resources Director 3 $ 144,836.08 $ 168,575.05 -16.39023% $ 166,853.52 -15.20163% Information Technology Director 3 $ 144,836.08 $ 163,517.59 -12.89838% $ 162,772.04 -12.38363% Planning Director 3 $ 144,836.08 $ 161,089.93 -11.22224% $ 155,961.26 -7.68122% Classification
# of
Matches
Base Annual Salary Data
City of Shafter Market
Average
% Shafter
above or
below
Market
Median
% Shafter
above or
below
Human Resources Director 3 $ 223,855.77 $ 237,013.26 -5.87766% $ 242,235.39 -8.21047% Information Technology Director 3 $ 216,380.45 $ 222,700.92 -2.92100% $ 235,427.66 -8.80265% Planning Director 3 $ 218,318.15 $ 220,768.06 -1.12218% $ 220,214.03 -0.86840% Classification
# of
Matches
Total Annual Compensation Data

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4 Furthermore, internal equity supports the city's goal of retaining experienced and talented employees. By ensuring that the HR, IT, and Planning Directors are compensated on par with their counterparts, the city can reduce the risk of losing key leadership talent to more competitive opportunities.

Recommendation:

Based on the evaluation of job complexity, skill requirements, market standards, and internal equity considerations, it is recommended that the salaries for the HR, IT, and Planning Directors be aligned with those of other director-level positions within the city. The proposed salary adjustments are as follows:

Position Current Salary Range Proposed Salary Range
HR Director $4,583 – $5,571 Biweekly $6,503 - $7,905 Biweekly IT Director $4,583 – $5,571 Biweekly $6,503 - $7,905 Biweekly Planning Director $4,583 – $5,571 Biweekly $6,503 - $7,905 Biweekly These adjustments will place the city in a more competitive position to retain experienced, qualified leaders for these essential roles.

Fiscal Impact:

The HR, IT, and Planning Directors are currently at Step E, with a biweekly salary of $5,571.

Under the proposed salary adjustment, all three directors would move to Step A of the new salary range, with a biweekly salary of $6,503. This change would increase annual compensation by $24,232 per director, totaling $72,696 for all three positions.

In the long term, the fiscal impact is projected to be approximately $166,000 once the directors reach Step E, assuming a 1% COLA within the next five years. For the FY 24/25 budget, based on an effective date of November 5, 2024, the fiscal impact per department is $14,912, or a total combined budget adjustment of $44,736.

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MANAGEMENT REPORT

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: November 5, 2024
DEPARTMENT: Giovanni Perez, Economic Development Coordinator SUBJECT: SALE OF 5.42 ACRES OF SURPLUS PROPERTY (NORTHERN

SECTION OF CITY'S OLD CORPORATION YARD)

RECOMMENDATION
Council find the action is not defined as a “project” per Section 15378(b)(4) of the CEQA Guidelines; and authorize the City Manager to take all necessary actions to complete the sale of the subject property.

BACKGROUND
Surplus Subject Property: SEC of Redwood Drive and Shafter Avenue (Portion of APN 028-010-12)
Shafter's Old Corporation Yard
Land Size: ~5.42 Acres or 236,095 SF
As-Is Market Value: $590,000
Zoning: Medium Density Residential (R-2)
Lot Line Adjustment: The lot line adjustment was submitted to the County Recorder's Office on Friday, October 18, 2024. The time to receive new APNs can be anywhere from 30 to 90 days. The lot line adjustment is changing the APN 028-010-12 lot from

8.54 acres to 5.42 acres to serve as Lot 1. The 5.42-acre lot was declared surplus and included as such in the Notice of Availability sent.

Verbal Offer: The City Manager and Economic Development Coordinator met with Rush Melliti, CEO of Sequoia Healthcare LLC, to discuss the property. During this meeting, staff received a verbal offer in the complete amount of the fair market value of $590,000. Mr. Melliti said he will be sending over a written purchase offer for $590,000 for the entire 5.42 Acres. Mr. Melliti is proposing an assisted living and senior care project. Mr. Melliti is the owner and developer of Golden LivingCenter located at 140 E Tulare Avenue and more nursing homes in Bakersfield.

Land Appraisal: The attached appraisal report by Central California Appraisals for the subject property was completed on October 16, 2024, with the As-Is Market Value valuation date being September 24, 2024.

Surplus Land: The City Council approved resolution 2978 during the July 16, 2024, city council meeting declaring three property clusters, which included the subject property, as non-exempt surplus land. The notice of availability attached was sent on August 1, 2024, to all recipients indicated by the California Department of Housing and

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SALE OF 5.42 ACRES OF SURPLUS PROPERTY (NORTHERN SECTION OF CITY'S OLD

CORPORATION YARD)
- 2 -
Community Development (HCD). Per HCD's Surplus Land Act guidelines, the 60 days that give affordable housing an immediate opportunity to enter into 90-day good-faith negotiations with the city ended September 30, 2024 since staff did not receive a single affordable housing inquiry on any of the 3 properties declared.

Staff is working with the City Attorney to submit, to HCD a compliance packet for review. HCD will then give written approval that we comply with their guidelines for the declared properties. The review process by HCD usually takes around 30 days. Upon the written approval, we can continue to engage in property disposal negotiations for the other 2 properties declared in the same resolution.

Next Steps:
1) Wait for HCD to give written approval that compliance with SLA declaration guidelines was met
2) Receive a Written Purchase Offer from the Interested Party

FISCAL IMPACT
The anticipated sale of this property is projected at $590,000 - fair market value.

Appraisal service for this property through Central California Appraisals was $2,750.

CEQA ANALYSIS
The action is not defined as a “project” per Section 15378(b)(4) of the CEQA Guidelines because the action is the approval of the sale of surplus property and therefore, it is the creation of a governmental funding mechanism or other fiscal activity that does not involve any commitment to a specific project that can result in a potentially significant impact and not subject to CEQA.

APPROVED BY THE CITY ATTORNEY

ATTACHMENTS

1. Notice of Availablity of Surplus Properties HCD Cover Letter and Properties Table City of Shafter Sent 08.01.2024

2. Old Corp Yard Appraisal Report #164-24B

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17236.01000\42480554.2
August 1, 2024
To All Interested Parties:

RE: Notice of Availability/Offer to Sell or Lease Surplus Property As required by Government Code Section 54220 of the State of California, the City of Shafter is providing notification that the City intends to sell or lease the surplus properties listed in the accompanying table.

In accordance with Government Code Section 54222, you have sixty (60) days from the date this offer was sent via certified mail or electronic mail to notify the City of your interest in acquiring one or more of the properties. However, this offer shall not obligate the City to sell or lease the property to you. Instead, the City would enter into at least ninety (90) days of negotiations with you pursuant to Government Code Section 54223. If no agreement is reached on sales/lease price and terms, the City may market the property to the general public.

As required by Government Code Section 54227, if the City receives more than one letter of interest during this 60 day period, it will give first priority to entities proposing to develop housing where at least 25 percent of the units will be affordable to lower income households. If more than one such proposal is received, priority will be given to the proposal with the greatest number of affordable units.

If more than one proposal specifies the same number of affordable units, priority will be given to the proposal that has the lowest average affordability level.

In the event your agency or company is interested in purchasing or leasing one or more of the properties, you must notify the City in writing within sixty (60) days of the date this notice was sent via certified mail or electronic mail and indicate which property or properties you are interested in. Notice of your interest in acquiring the property shall be delivered to City of Shafter,
Attn: Gabriel Gonzalez, City Manager
336 Pacific Avenue, Shafter, CA 93263.

You may also direct your questions to [email protected] or by calling (661) 746-5000.

Entities proposing to submit a letter of interest are advised to review the requirements set forth in the Surplus Land Act (Government Code Section 54220-54234).

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17236.01000\42480554.2
Property
# Jurisdiction Name Jurisdiction Type Site Address/Intersection 1 City of Shafter City 5821 E Lerdo Highway
2 City of Shafter City 5901 E Lerdo Highway
3 City of Shafter City 5921 E Lerdo Highway
4 City of Shafter City E Lerdo Highway and Golds Avenue 5 City of Shafter City E Lerdo Highway and Golds Avenue 6 City of Shafter City E Tulare Avenue and N Shafter Avenue Property
# City
Five Digit ZIP
Code County Assessor Parcel Number
1 Shafter 93263 Kern 091-171-30
2 Shafter 93263 Kern 091-171-31
3 Shafter 93263 Kern 091-171-22
4 Shafter 93263 Kern 089-140-73
5 Shafter 93263 Kern 089-140-75
6 Shafter 93263 Kern Portion of 028-010-12
Property
# Consolidated Sites
General Plan Designation
(Current)
Zoning Designation
(Current)
1 Consolidation with
Property #2 and #3 Business Park
Business Park Airport
Approach Height
2 Consolidation with
Property #1 and #3 Business Park
Business Park Airport
Approach Height
3 Consolidation with
Property #2 and #3 Business Park
Business Park Airport
Approach Height
4 Consolidation with
Property #5 Business Park Business Park
5 Consolidation with
Property #4 Business Park Business Park
6 NA Medium Density Residential Medium Density Residential Property
# Minimum Density
Allowed (units/acre)
Maximum Density
Allowed (units/acre)
Parcel Size
(Gross
Acres) Existing Use/Vacancy
1 n/a n/a 3.88 Vacant
2 n/a n/a 3.72 Vacant
3 n/a n/a 4.74 Vacant
4 n/a n/a 4.66 Vacant
5 n/a n/a 3.45 Vacant
6 1 14 5.42 Vacant

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17236.01000\42480554.2
Property
# Minimum Sales Price Last Appraised Value Last Appraised Date 1 FMV $806,000 August 9, 2023
2 FMV $802,000 August 9, 2023
3 FMV $843,000 August 9, 2023
4 FMV $1,139,000 August 9, 2023
5 FMV $503,000 August 9, 2023
6 FMV Unknown Unknown
Property
# Optional Information
1 The Property completely lacks all sewer and water infrastructure and sewer and water connections, has overhead power distribution poles that would need to be relocated or undergrounded, and has insufficient street width/drive approach for access. The property is near industrial facilities and has no quality-of-life amenities nearby. A new appraisal will be performed.
2 The Property completely lacks all sewer and water infrastructure and sewer and water connections, has overhead power distribution poles that would need to be relocated or undergrounded, and has insufficient street width/drive approach for access. The property is near industrial facilities and has no quality-of-life amenities nearby. A new appraisal will be performed.
3 The Property completely lacks all sewer and water infrastructure and sewer and water connections, has overhead power distribution poles that would need to be relocated or undergrounded, and has insufficient street width/drive approach for access. The property is near industrial facilities and has no quality-of-life amenities nearby. A canal is on the east side of the parcel, blocking access to Zerker Road. A new appraisal will be performed.
4 The Property completely lacks all sewer and water infrastructure and sewer and water connections, has overhead power distribution poles that would need to be relocated or undergrounded, and has insufficient street width/drive approach for access. There is no existing street lighting or signage for controlled access to the parcel. A new appraisal will be performed.
5 The Property completely lacks all sewer and water infrastructure and sewer and water connections, has overhead power distribution poles that would need to be relocated or undergrounded, and has insufficient street width/drive approach for access. There is no existing street lighting or signage for controlled access to the parcel. A new appraisal will be performed.
6 The parcel previously served as a public works corporation yard for storing equipment and materials. The parcel may need a Phase 1 environmental due to previous land use.

The City is expecting new APNs to reflect a recorded lot line adjustment. Adjusting the parcel line from 8.23 acres roughly to 5.42 acres, more or less. – only the 5.42 acres are up for negotiation. A new appraisal will be performed. For a depiction of 5.42 acres of portion of the parcel declared surplus, please see attached exhibit A.

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17236.01000\42480554.2
Exhibit A
Depiction of Property #6 - (5.42 Acres Portion of APN 028-010-12)

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APPRAISAL REPORT

VACANT RESIDENTAL LAND
SEC of Redwood Dr. and Shafter Ave.

Shafter, California 93263

VALUATION DATES
As-Is Market Value: September 24, 2024
Date of Report: October 16, 2024

PREPARED BY
Michael Burger MAI, R/W-AC
Central California Appraisals
4915 Calloway Dr., Suite 101
Bakersfield, CA 93312
File No: 164-24B

PREPARED FOR
Gabriel Gonzalez
City of Shafter
336 Pacific Avenue
Shafter, CA 93263

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4915 Calloway Dr., Suite 101
Bakersfield, CA 93312
+1 (661) 587-1010
CENTRAL CALIFORNIA APPRAISALS 164-24B
October 16, 2024
Gabriel Gonzalez
City of Shafter
336 Pacific Avenue
Shafter, CA 93263
RE: Appraisal Report
Vacant Residential Land
SEC of Redwood Dr. and Shafter Ave. , Shafter, California 93263 Central California Appraisals File No: 164-24B
Mr. Gonzalez:

Central California Appraisals is proud to present the appraisal that satisfies the agreed upon scope of work with City of Shafter.

We developed our analyses, opinions, and conclusions and prepared this report in conformity with 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 report conforms to the current Uniform Standards of Professional Appraisal Practice (USPAP), and the appraisal guidelines of City of Shafter.

The subject property, as referenced above, is located on the southeast corner of Redwood Dr. and Shafter Ave. and is further identified as a Portion of Assessor Parcel Number (APN) 028-010-12. The subject is part of a larger parcel containing 9.56-acres. The parcel is proposed for division and per the Client’s request only Lot 1 located at the southeast corner of Redwood Dr. and Shafter Ave. containing vacant residential land totaling

5.42-acres or 236,095 SF is valued within this report.

The purpose of this appraisal is to develop an opinion of the As-Is Market Value (Fee Simple Estate). The following table conveys the final opinion of value that is developed in this appraisal:

EXTRAORDINARY ASSUMPTIONS
An engineering map was provided and included in the Addenda. This appraisal is based on the extraordinary assumption net site size is correct.

HYPOTHETICAL CONDITIONS
As discussed, the subject is part of a larger parcel and is proposed for division. Therefore, this appraisal considers the value based on the hypothetical condition the property is legally divided and is assigned its own Assessor Parcel Number.

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TABLE OF CONTENTS
CENTRAL CALIFORNIA APPRAISALS 164-24B

LETTER OF TRANSMITTAL

INTRODUCTION
Executive Summary _______________________________________________________________________________________________________ 1 Identification of Appraisal Assignment ___________________________________________________________________________________ 3 Scope of Work ____________________________________________________________________________________________________________ 4

DESCRIPTIONS & EXHIBITS
Local Area Analysis ______________________________________________________________________________________________________ 19 Site Description _________________________________________________________________________________________________________ 20 Zoning ___________________________________________________________________________________________________________________ 22 Assessor Map ___________________________________________________________________________________________________________ 23 KSI Engineering Map ____________________________________________________________________________________________________ 24 Flood Map _______________________________________________________________________________________________________________ 25 Zoning Map _____________________________________________________________________________________________________________ 26 Subject Property Photographs __________________________________________________________________________________________ 27 Highest & Best Use Analysis ____________________________________________________________________________________________ 29 As Vacant Analysis ___________________________________________________________________________________________________ 29

VALUATION METHODS
Site Valuation ___________________________________________________________________________________________________________ 33 Reconciliation of Value Conclusions ____________________________________________________________________________________ 47 Certification _____________________________________________________________________________________________________________ 52 ADDENDA 53
Engagement Letter ______________________________________________________________________________________________________ 53 Subject Photographs ____________________________________________________________________________________________________ 54 Qualifications ____________________________________________________________________________________________________________ 55

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EXECUTIVE SUMMARY
CENTRAL CALIFORNIA APPRAISALS 164-24B 1

EXECUTIVE SUMMARY

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AERIAL PHOTOGRAPH
CENTRAL CALIFORNIA APPRAISALS 164-24B 2

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IDENTIFICATION OF ASSIGNMENT
CENTRAL CALIFORNIA APPRAISALS 164-24B 3

PROPERTY IDENTIFICATION
The subject property is located at the southeast corner of Redwood Dr. and Shafter Ave., Shafter, California 93263.

The Assessor Parcel Number is: Portion of 028-010-12.

LEGAL DESCRIPTION
A full legal description is included in the Addenda.

CLIENT IDENTIFICATION
The client of this specific assignment is City of Shafter.

INTENDED USE & INTENDED USERS
The intended use of this appraisal is to assist the client in making internal business decisions related to this asset. City of Shafter or assigns are the only intended users of this report.

PURPOSE
The purpose of this appraisal is to develop an opinion of the As-Is Market Value (Fee Simple Estate).

PERSONAL PROPERTY & BUSINESS INTANGIBLE
There is no personal property (FF&E) included in this valuation.

PROPERTY AND SALES HISTORY
Current Owner
City of Shafter
Three-Year Sales History
Ownership of the subject property has not changed within the past three years. The property has been under the same ownership for an extended period of time.

As shown on the KSI Engineering map provided by the client, the larger parcel containing 8.55-acre is being divided into two parcels. The Client has requested only Lot 1 containing 5.42-acres of vacant residential land be valued within this appraisal.

According to the Client, they have received an unsolicited interest in purchasing the subject property for a potential assisted living project, however have not received any formal offers.

EXPOSURE TIME
Exposure time is influenced by price. That is, a prudent buyer could be enticed to acquire the property in less time if the price were less. Hence, the time span cited below coincides with the value opinion(s) formed herein.

USPAP Standard rule 1-2(c)(iv) requires an opinion of exposure time when the purpose of the appraisal is to estimate market value. In the recent past, the volume of competitive properties offered for sale, sale prices, and vacancy rates have fluctuated little. Sale concessions have not been prevalent.

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IDENTIFICATION OF ASSIGNMENT (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 4
Exposure Time Conclusion
The subject is vacant land (residential land) use totaling 5.42-acres (236,095 SF) located at the southeast corner of Redwood Dr. and Shafter Ave. in Shafter, Kern County, California. Considering these factors, a reasonable estimate of exposure time for the subject As-Is Market Value (Fee Simple Estate) is 6 to 12 months.

DEFINITION OF 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, knowledgeably, and assuming that the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

1. Buyer and seller are typically motivated;

2. Both parties are well informed or well advised, and acting in what they consider their own best interests;

3. A reasonable time is allowed for exposure in the open market;

4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and

5. 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.1

PROPERTY RIGHTS APPRAISED
The property rights appraised constitute the Fee Simple Interest.

Fee Simple Interest
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.2

VALUE SCENARIOS
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.3

SCOPE OF WORK
The scope of work for this appraisal assignment is outlined below:
The appraisal analyzes the regional and local area profiles including employment, population, household income and real estate trends. The local area was inspected to consider external influences on the subject.
The appraisal analyzes legal and physical features of the subject including site size, improvement size, flood zone, seismic zone, site zoning, easements, encumbrances, site access and site exposure. The appraisal includes a Highest and Best Use analysis and conclusions have been completed for the highest and best use of the subject property As Vacant and As Improved. The analysis considered legal, locational, physical and financial feasibility characteristics of the subject site and existing improvements. 1 Office of Comptroller of the Currency (OCC), Title 12 of the Code of Federal Regulation, Part 34, Subpart C -Appraisals, 34.42 (h); Office of Thrift Supervision (OTS), 12 CFR 564.2 (g); This is also compatible with the FDIC, FRS and NCUA definitions of market value. 2 The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute, Chicago, Illinois, 2022 3 The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute, Chicago, Illinois, 2022

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IDENTIFICATION OF ASSIGNMENT (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 5
In selecting applicable approaches to value, the appraiser considered the agreed upon appraisal scope and assessed the applicability of each traditional approach given the subject’s characteristics and the intended use of the appraisal. As a result, this appraisal developed Land Sales Comparison Approach.

The values presented represent the As-Is Market Value (Fee Simple Estate). The assignment was prepared as an Appraisal Report in accordance with USPAP Standards Rules 2, with the analysis stated within the document and representing a summarized level of analysis. The author of this report is aware of the Competency Rule of USPAP and meets the standards.

SOURCES OF INFORMATION
The following sources were contacted to obtain relevant information:

The lack of the unavailable items could affect the results of this analysis. As part of the general assumptions and limiting conditions, the subject is assumed to have no adverse easements, significant items of deferred maintenance, or be impacted by adverse environmental conditions.

SUBJECT PROPERTY INSPECTION

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REGIONAL AREA MAP
CENTRAL CALIFORNIA APPRAISALS 164-24B 6

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REGIONAL AREA ANALYSIS
CENTRAL CALIFORNIA APPRAISALS 164-24B 7

REGIONAL AREA ANALYSIS
The subject property is located in Bakersfield, California. The map presented on the previous page illustrates the subject property location relative to the Bakersfield, CA MSA metropolitan area.

Kern County is California’s third-largest county in land area, covering about 8,000 square miles. About onethird of the county is situated on the flat valley floor at the extreme southern end of the great San Joaquin Valley. This area is dominated by agricultural and oil production uses around the City of Bakersfield. On the west is the Temblor Range; the Tehachapi Mountains lie to the south; and to the east of the valley are the Sierra Nevada Mountains. About one-third of the county lies within this range, including the City of Tehachapi and the Communities around Lake Isabella and Kernville, featuring recreational economies. East of this belt of mountains is an expanse of high desert that covers nearly one-third of the county area. This area includes Mojave and Ridgecrest with their military airspace uses and recreational open spaces.

Kern County is strategically located approximately 110 miles north of Southern California and 280 miles south of San Francisco Bay area marketplaces, interconnected by State Route 99 and Interstate I-5. Kern County is geographically toward the middle of the state. Just south of Shafter is the general location deemed to be the middle of the state relative to population, where half the population resides north and half resides south.

ENVIRONMENTAL CONDITIONS
Kern County is situated at the southern end of the San Joaquin Valley, with the Temblor Range on the west, Tehachapi Mountains on the south and the Sierra Nevada’s on the east. Elevation levels range from 200-400 feet above sea level in the valley, to 3,000 feet in the desert, and 9,000 feet in the mountains. There are three distinct climate zones in Kern County. The Central Valley portion lies at 200 to 400 feet above sea level and sees hot, dry summers and foggy, cold winters with temperatures typically ranging from 39 to 65 degrees in winter and 60 to nearly 100 degrees in summer. Rainfall is typically 5 to 6 inches per year. The mountain regions within the Sierra Nevada vary from a few hundred feet to 9,000 feet above sea level and have much colder winters and cooler summers, with 10 to 40 inches of rain annually.

The central valley portion of the county is prone to poor air quality due to inversion layers in the atmosphere caused by the surrounding mountains and dry conditions that trap the polluted air. Main sources of air pollution include emissions from the oil fields, fine particulates and dust from agricultural processes, and emissions from the high volume of traffic passing through on the many arterial highways that crisscross the county.

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 8

POPULATION
Kern County is the 11th most populous county in California and the 61st most populous county in the United States. During the past 10 years, the county’s population growth has slowed to an average 0.8%-per-year growth as compared to the State of California at 0.6% per year for the same period.

KERN COUNTY POPULATION TREND
Year Population
Annual
% Change
1960 291,984 -
1970 330,234 +1.3%
1980 403,089 +2.2%
1990 549,114 +3.6%
2000 661,645 +2.0%
2010 839,631 +2.7%
2020 909,235 +0.8%

KERN COUNTY POPULATION GROWTH BY CITY
Census Area 2010 2020
Annual
% Change
State of California 37,253,956 39,538,223 +0.61%
Kern County 839,631 909,235 +0.83%
Arvin 19,304 19,456 +0.08%
Bakersfield 347,483 402,907 +1.60%
California City 14,120 15,072 +0.67%
Delano 53,041 51,485 –0.29%
Maricopa 1,154 1,022 –1.14%
McFarland 12,707 14,176 +1.16%
Mojave 4,238 3,780 -10.81%
Ridgecrest 27,616 27,918 +0.11%
Shafter 16,988 19,964 +1.75%
Taft 9,327 8,633 –0.74%
Tehachapi 14,414 13,142 –0.88%
Wasco 25,545 27,275 +0.68%
The most attractive features of living in Kern County include affordable housing, low-cost transportation, and a wide range of household consumer goods and services. Population has grown modestly in most of the county with the Bakersfield/Shafter area leading.

ECONOMIC CIRCUMSTANCES
The Kern Economic Journal, 2022 Second Quarter, section entitled, “Economy at a Glance!” prepared by Dr.

Richard S. Gearhart III and Dr. Nyakundi Michieka in the Economics Department, CSUB reports:

National Economy
U.S. GDP decreased at an annual rate of 0.6 percent in the second quarter of 2022. In the first quarter of

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 9
2022, real GDP decreased by 1.6 percent. The smaller decrease in second quarter GDP (compared to the first quarter) reflected an upturn in exports and increased consumer spending. Profits increased by 4.6 percent at a quarterly rate in the second quarter after increasing by 0.1 percent in the first quarter. Private goods-producing industries decreased 10.4 percent, private services producing industries increased 2.0 percent, and government decreased 0.2 percent. A total of 9 of 22 industry groups contributed to the second quarter decline in real GDP.

The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, and state and local government spending. These were offset by increases in exports and consumer spending, while imports increased.

Current-dollar GDP increased by 8.5 percent (annual), or $508 billion, in the second quarter to a level of

25.25 trillion.

Current-dollar personal income increased $305.7 billion in the second quarter. This increase reflected increases in compensation (salaries and wages) and personal income.

Real disposable personal income, which is adjusted for inflation and taxes, decreased by 1.5 percent.

Personal saving was $629.0 billion in the second quarter. The BEA derives the personal saving rate by calculating personal saving as a percentage of disposable personal income.

Personal saving rate – personal saving as a percentage of disposable personal income – was 3.4 percent in the second quarter.

The Conference Board’s Index of Leading Economic Indicators – a measure of future economic activity – decreased by 0.3 percent in August 2022 to 116.2 following a 0.5 percent decline in July.

The University of Michigan’s Consumer Sentiment Index increased from 63.1 in the first quarter of 2022 to

57.8 in the second quarter of 2022. The value for the index in the second quarter of 2021 was 85.6 and 74 in the second quarter of 2020.

State Economy
In California, the unemployment rate dropped to 4 percent in the second quarter of 2022 compared to 5 percent in the first quarter of 2022. At the county level, Alpine (5.3), Colusa (9.1), Fresno (5.8), Imperial (12.2), Kern (6.6), Kings (6.2), Los Angeles (4.8), Madera (5.5), Merced (6.9), Plumas (5.3), San Joaquin (4.8), Stanislaus (5.0), Tulare (7.1) and Yuba (4.8) had unemployment rates above the state average (of 4.8).

Counties with the lowest unemployment rates include Marin (2.0), Placer (2.4), San Francisco (3.0), San Mateo (1.9) and Santa Clara (2.0).

California’s labor force increased by 212,067 in the second quarter of 2022. During this period, civilian employment increased by 383,000 from 18 million to 18.4 million. Nonfarming enterprises hired 178,967 more workers while farm employment increased by 2,800 workers. The mining and logging sector hired 200 less workers while the construction and manufacturing sectors hired 6,567 more, and 13,367 more workers, respectively. Service sector employment increased from 15.1 million to 15.3 million between the first and second quarter of 2022. The state and local government added 2,733 and 14,333 workers, respectively.

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 10
Local Economy
The local economy witnessed a 1% increase in the labor force, from 398,000 in November 2022 to 402,000 in November 2023. Civilian employment decreased by 1,800, from 372,600 in November 2022 to 370,800 in November 2023. Nonfarm employment increased by 5,700, while farm employment rose by 800.

In Bakersfield from November 2022 to November 2023, nonfarm employment changed in the following manner: mining and logging employment lost 100 workers, construction remained the same, manufacturing added 100 workers, while service added (3,700 workers). Within the service sector, trade, transportation and utilities added (800 workers), financial activities lost (300 workers), professional and business services lost (100 workers), education and health services added (1,500 workers) while leisure and hospitality added (600 workers). Within the government, the federal government employment lost (200 workers), state government lost (300 workers) and local government added (2,500 workers). (**this stat is about number of salaried employees NOT the salaries.) The rate of unemployment (November 2023) varied considerably across cities, ranging from 3.8 percent in Ridgecrest to 17.7 percent in Delano.

Most cities in Kern County showed a mild decrease in the unemployment rate compared to last quarter.

The biggest quarter to quarter drop in the unemployment rate occurred in California City where it dropped from 16.00 percent to 12.93 percent. In Bakersfield, the unemployment rate was 3.9 percent in the second quarter of 2022 compared to 5.27 percent in the first quarter. In Kern County, unemployment was 6.57 percent in the second quarter of 2022 compared to 8.33 percent in the first.

In March 2024, the median home price in Bakersfield was $370,000 compared to $358,500 in March 2023.

The sale price rise seen as the pandemic ground on has been muted somewhat by the interest rate hikes of 2023. Within the region, median home prices in Taft were the lowest at $230,000 compared to $406,000 in Rosamond.

The median home price trend for Bakersfield is shown in the graph:

Realtor.com
The weighted price index for the five publicly traded companies doing business in Kern County (Sierra Bancorp, Tejon Ranch Company, Chevron Corporation U.S., Granite Construction, and Wells Fargo Company) decreased by 11 percentage points from $110.0 to $97.8. The index is 3 percentage points less than it was four quarters ago. All companies gained/lost as follows: Chevron (decreased 13.5 percent quarter-over-quarter), Tejon Ranch (decreased 8.3 percent quarter-over-quarter), Granite Construction (decreased 11.9 percent quarter-over-quarter), Wells Fargo (decreased 8 percent quarter-over-quarter) and Sierra Bancorp (decreased 11.2 percent quarter-over-quarter).

The average retail price of gasoline increased by $1.31 to $5.84 a gallon (quarter to quarter). Gas prices were 45.9 percent higher than they were four quarters ago when they averaged $4.00 a gallon. The unit price of California’s Class III milk was $24.65 in the second quarter of 2022 compared to $17.95 in the first quarter of 2022. The Index of Farm Price Parity in the second quarter of 2022 (1.00) was higher than that of the first quarter of 2022 (0.94).

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 11

EMPLOYMENT
Agriculturally oriented counties such as Kern tend to have greater seasonal variations in employment and higher unemployment rates, as demonstrated on the following table.

Source: California Employment Development Department Data not seasonally adjusted Agriculturally oriented counties such as Kern tend to have greater seasonal variations in employment and higher unemployment rates than other areas.

The unemployment rate in Kern County was 10.2% in February 2024, up from the low of 7.4% in September 2023 and above the prior February at 9.0%. This compares with an unadjusted unemployment rate of 5.6% for California and 3.9% percent for the nation during the same period.

The rates in specific cities tend to vary widely, with lowest rates in Ridgecrest and Bakersfield and higher rates in outlying areas such as Delano. Overall, the County appears to be recovering from the effects of the pandemic.

0 2
4 6
8 10
12 14
16 18
20 Percentage
Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 California 4.8 4.7 4.1 4.3 4.7 4.8 5.2 4.9 5 4.9 5.1 5.7 5.6 Kern 9.0 9.3 8.1 8.2 8.5 8.5 8.2 7.4 7.8 7.9 8.7 9.5 10.2 Bakersfield 5.9 5.9 5.1 5.1 5.7 6.1 6.6 6.2 6.6 6.2 6.3 7.0 6.9 National 3.6 3.5 3.4 3.7 3.6 3.5 3.8 3.8 3.8 3.7 3.7 3.7 3.9 Unemployment Rates: US, CA, Kern, Bakersfield

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 12
According to the State of California Employment Development Department, Labor Market Information Division, in its monthly report released in March 2024, preliminary employment distribution for the Bakersfield Metropolitan Statistical Area (MSA) (Kern County) for February 2024 is summarized as follows:

February 2024 Preliminary Kern County Employment Distribution Industries Employees Distribution
All Industries Total 345,400 100.00%
Farm 53,100 15.37%
Non-Farm 292,300 84.63%
Mining and Logging 7,600 2.60%
Construction 15,600 5.34%
Manufacturing 12,400 4.24%
Trade, Transportation, & Utilities 59,900 20.49%
Information Services 1,700 0.58%
Financial Activities 7,600 2.60%
Professional & Business 27,400 9.37%
Education & Health 48,600 16.63%
Leisure & Hospitality 29,200 9.99%
Other Services 9,000 3.08%
Government 73,300 25.08%
*Source: Employment Development Department State of California Total wage and salary jobs in the Bakersfield MSA (Kern County) increased by 9,900 between February 2023 and February 2024.

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 13
Major employers in the governmental and private sectors of Kern County, as reported by America’s Labor Market Information System (ALMIS) Employer Database (2023 2nd Edition), are summarized as follows:

Kern County Major Employers
Employer Name Location Industry
10,000+ employees
Edwards Air Force Base Edwards Government Offices-U.S.
5,000 - 9,999 employees
Naval Air Warfare Center Ridgecrest Military Bases
U.S. Navy Public Affairs Office Ridgecrest Government Offices – U.S. 1,000 - 4,999 employees
Adventist Health Bakersfield Bakersfield Hospitals
Bolthouse Farms Bakersfield Agricultural Consultants
California Correctional Inst Tehachapi Government Offices-State Chevron Corporation Bakersfield Management Services
Dignity Health Mercy Downtown Bakersfield Hospitals
Foster Care Human Services Bakersfield Social Service & Welfare Organizations Grimmway Farms Arvin Farms
Kern County Human Services Dept. Bakersfield Government Offices-County Marko Zaninovich Inc McFarland Fruits & Vegetables-Growers & Shippers Memorial Hospital Bakersfield Bakersfield Hospitals
Nabors Completion-Production Bakersfield Oil Field Service NASA/ Armstrong Flight Research Edwards Research Service Wasco State Prison Fire Dept Wasco Fire Departments
500 - 999 employees
Ensign United States Drilling Bakersfield Energy Management Systems & Products Frito-Lay Inc. Bakersfield Wholesale Foods
Kern County Kernville Government Offices-County
Paramount Farms Huller 4 Lost Hills Farms
Ridgecrest Regional Hospital Ridgecrest Hospitals
Sierra Sands Unified School District Ridgecrest School Districts Sun Pacific Bakersfield Fruits & Vegetables-Growers/Ship U.S. Naval Air Weapons Station Ridgecrest Federal Govt.-National Security Vasinda Investments Inc Bakersfield Home Health Service

AGRICULTURE
The Kern County agricultural industry relates to 915,000 acres of irrigated farmland, primarily on the valley floor surrounding Bakersfield. It is one of the most diverse farming regions in the nation, producing over 250 different crops to include more than 30 types of fruits and nuts, over 40 types of vegetables, and over 20 field crops, as well as lumber, nursery stock, livestock, poultry, and dairy products.

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 14
Kern county leads the state in production of almonds, pistachios, carrots, watermelons, sheep, and wool. The most current data for total crop value and the top crops produced in the county are summarized as follows:

Source: Kern County Crop Reports, Agricultural Commissioner’s Office (2022 Most Recent Available) According to the most recent Kern County Agricultural Crop Report, published September 12, 2023, the 2022 gross value of all agricultural commodities produced in Kern County is $7,724,166,300. This represents a 7% decrease from the 2021 crop value of $8,341,294,840.

The top five commodities for 2022 were Grapes, Citrus, Milk, Almonds, and Pistachios, which make up more than $5 Billion (66%) of the Total Value.

OIL PRODUCTION
California is one of the nation's pre-eminent producers of oil. It is the third-largest oil producer in the United States, behind Texas, North Dakota, and Alaska, respectively.

Kern County has four of the nation’s top-20 largest oilfields and is the number-one oil producing county in California, producing about 70% of the state’s oil and 76% of the natural gas in 2021, with the four largest fields being Midway-Sunset, Kern River, Belridge-South, and Elk Hills.

Overall production in Kern County over the past several years is summarized in the following table:

KERN COUNTY OIL AND GAS PRODUCTION*
YEAR

OIL PRODUCTION
(Barrels)

GAS PRODUCTION
(Billion Cu. Ft.) WELLS DRILLED
2009 230.1 278.6 1,920
2010** 200.9 255.4 2,103
2011 196.8 244.4 2,294
2012 197.5 222.4 2,081
2013 199.6 239.6 2,723
2014 205.2 199.4 2,087
2015 201.7 182.8 1,016
2016 186.7 157.3 759
2017 174.0 162.7 996
2018 161.8 162.1 881
2019 156.4 148.2 1,596
*Production in millions of barrels, **Figure does not include Federal Wells Source: Preliminary Annual Report of the State Oil and Gas Supervisor, California Department of Conservation (Most Recent Available)

TOTAL CROP VALUE
1 Grapes $1,394,510,000 Grapes $1,871,328,000 Grapes $1,453,481,000 Almonds $1,643,241,000 Grapes $1,512,473,000 2 Citrus $1,149,183,000 Citrus $1,347,686,000 Citrus $1,303,348,000 Grapes $1,425,274,000 Almonds $1,235,158,000 3 Milk $947,492,000 Pistachios $1,216,593,000 Almonds $1,144,377,000 Citrus $997,785,000 Pistachios $1,143,972,000 4 Almonds $927,063,000 Almonds $1,185,822,000 Pistachios $944,542,000 Pistachios $886,702,000 Citrus $1,063,063,000 5 Pis ta chios $649,110,000 Milk $688,624,000 Milk $661,760,000 Milk $570,405,000 Milk $591,895,000 6 Carrots $583,314,000 Carrots $419,617,000 Carrots $464,465,000 Carrots $336,151,000 Carrots $398,286,000 7 Cattle $313,861,000 Cattle $207,214,000 Cattle $247,709,000 Cattle $269,644,000 Cattle $254,995,000 8 Potatoes $192,577,000 Garlic $114,432,000 Pomegranates $125,412,000 Alfalfa $140,721,000 Alfalfa $114,991,000 9 Silage/Forage $146,565,000 Apiary $107,363,000 Potatoes $113,125,000 Pomegranates $122,102,000 Apiary $111,819,000 10 Alfalfa $141,680,000 Potatoes $107,319,000 Apiary $105,817,000 Apiary $107,233,000 Nursery $96,641,000 5-YEAR CROP SUMMARY - KERN COUNTY
ValueRANK
20212022
$8,341,294,840
Commodity Value
2019
Commodity Value
2020
$7,620,699,180
Commodity
$7,669,409,070
2018
$7,466,152,000
ValueCommodityCommodity Value

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 15
Overall, the oil and gas production sector provides an estimated 16,000 jobs with some of the highest wages in the county and pays about 15% of the property tax base; the resulting ripple effect on the economy is vast.

TRANSPORTATION
Kern County is crossed north to south by Interstate I-5 and State Highway 99. State Highway 58 connects to points east and Highway 46 connects to the coast on the west. As a result of its central location, freeway systems, and proximity to major western cities, there are nearly 200 truck carrier operations in Kern County.

The county is served by 13 public, four private, and two government airports, as well as Amtrak passenger rail service. Two major freight rail companies operate in Kern County, connecting to northern and southern California, as well as points east. The historic Tehachapi Loop, famous for its unique engineering that allows freight trains passage up the steep Tehachapi pass, lies between Bakersfield and Tehachapi.

RENEWABLE ENERGY PRODUCTION – WIND AND SOLAR
The Tehachapi pass was the site of one of the first large-scale wind energy farms in the 1960s. Today, Kern County wind and solar facilities provide 60% of California’s renewable energy. The largest wind facility in the nation and third in the world is the Alta Wind Energy Center in Tehachapi at 1,550 MW of the total estimated 4,000 MW produced in the county. Kern County boasts the second largest solar farm in the nation as well, part of a growing collection of solar energy facilities.

COMMERCIAL/INDUSTRIAL
In Kern County, there has been an aggressive effort to diversify the local economy from oil, agriculture, and military to compatible commercial/industrial growth. Primary emphasis has been directed to the county’s location in consideration of plentiful land and affordable housing, abundant and affordable office and industrial space, large labor force with a strong work ethic, and wages lower than the national average.

The economy is largely driven by housing related industries and the region's traditional base of employers such as Edwards Air Force Base, energy companies, and the agricultural industry.

The Wonderful Industrial Park (WIP), formally known as the Paramount Logistics Center and International Trade and Transportation Center, is located at Seventh Standard Road and Hwy. 43, within the city limits of Shafter, approximately 10 miles north of Bakersfield. There has been significant development within this park within the last ten years. The WIP is ultimately planned for three phases totaling approximately 3,300 acres, of which 500 acres is developed and 1,000 acres is available for development in Phase 1. Phases 2 and 3 containing 1,800 acres are currently being farmed by the owner and in the planning stages for industrial development. Target Distribution Center contains approximately 1,800,000 square feet, along with Ross Distribution Center at 2,000,000 sf and American Tire Distributors at 1,120,000 sf; these are the largest users within WIP. Other users include FedEx, DMSI, State Farm, Hillman, Bakers Hughes, Weatherford, MRC Global, and Formica. Railroad tracks set the easterly boundary for Phase 2, and Phase 3 is on the west side of the tracks north of Seventh Standard Road.

Growth continues in the Meadows Field airport area and along Merle Haggard Drive. This area has multiple business parks and is easily accessible to Highway 99 and Highway 65. CarQuest occupies a 140,000-sf, distribution center on an 88-acre site near Merle Haggard Drive, between Quinn Road and Porterville Highway.

Generally, smaller users (less than 100,000 sf) are attracted to this area; whereas, larger users will prefer the WIP and Tejon Ranch developments.

A distribution center for Amazon has been completed in the northerly portion of the Landings Logistics Center, which is a developing mixed-use center fronting the north side of Merle Haggard Drive, north of Meadows Field Airport. The facility will reportedly contain nearly 2.5 million sf, employing up to 2,000 people. The facility

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 16
is located on 64 acres and construction finished in the fourth quarter of 2019.

In addition, the Tejon Ranch Commerce Center at Interstate I-5 and Laval Road attracts larger users. This location recently obtained approval for Foreign Trade Zone designation for 1,450 acres. IKEA, a furniture retailer, developed their first distribution warehouse, containing approximately 1,700,000 sf on an approximate 80-acre site in the complex. Other existing users include Dollar General, Famous Footwear, Caterpillar Travel Centers of America, Petro Travel Plaza, Vision Media, Tejon Outlets, along with multiple restaurants and hotels. L’Oreal recently announced that it will be leasing space at this distribution center.

Tejon Ranch Company announced the development of residential communities on the Ranch, providing new housing for the region. Construction will start this year on Terra Vista at Tejon, a new multi-family apartment community containing 495 apartments located adjacent to the Outlets at Tejon. The apartments will serve employees working with the commerce center, Bakersfield and surrounding areas.

HOUSING
Kern County communities remain more affordable than many areas of California and are attracting home buyers from across the state. According to the California Association of Realtors, current sales and price statistics for the state and counties within the Central Valley are summarized as follows:

Median Sold Price of Existing Single-Family Homes Sales Area Mar-24 Feb-24 Mar-23
Price
MTM% Chg
Price
YTY% Chg
Sales
MTM% Chg
Sales
YTY% Chg
California $854,490 $806,490 $793,260 6.0% 7.7% –7.8% -4.4% Central Valley $478,600 $478,200 $455,000 0.1% 5.2% 22.6% -7.6% Fresno County $413,000 $420,000 $409,500 -1.7% 0.9% -29.7% -37.4% Kern County $382,180 $386,500 $365,000 -1.1% 4.7% 8.4% -14.1% Kings County $345,000 $339,950 $355,000 1.5% –2.8% 19.6% -13.0% Madera County $435,000 $417,880 $417,000 4.4% 4.3% -2.3% 18.3% Merced County $392,000 $401,600 $400,000 –2.4% -2.0% 28.8% 16.4% Tulare County $374,990 $359,990 $344,000 4.2% 9.0% 45.9% -6.9% Source: California Association of Realtors
2020 through 2022 saw an uptick in home sales in areas away from large urban centers as the pandemicrelated, work-from-home trend coupled with low interest rates allowed for migration. Late 2022 and 2023 saw a sharp increase in interest rates as the Fed tried to rein in inflation; a cooling of the home real estate market resulted in decreased sales volume and a calming of sales prices.

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REGIONAL AREA ANALYSIS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 17
Kern County's outlying communities remain more affordable than many areas and are attracting home buyers from across the state. Median housing prices for key communities over the years 2022 to 2024 are summarized on the following table:

Kern County Cities: Median Home Prices
Cities January 2022 January 2023 January 2024 % Change 22-23 % Change 23-24 BAKERSFIELD $369,000 $340,000 $365,000 -8.5% +7.4%
CALIFORNIA CITY $262,000 $242,500 $304,500 -8.0% +25.6% FRAZIER PARK $308,750 $335,000 $297,500 +7.8% –11.2%
RIDGECREST $210,000 $247,000 $245,000 +15.0% –0.8%
ROSAMOND $380,000 $380,000 $407,500 0.0% +7.2%
SHAFTER $347,500 $375,000 $349,000 +7.3% –6.9%
TAFT $172,000 $214,950 $195,000 +20.0% –9.3%
TEHACHAPI $380,000 $354,000 $395,000 -7.3% +11.6%
Kern County $345,000 $340,000 $350,000 -1.5% +2.9%
Source: Realtor.com

CONCLUSION-TREND
Kern County offers one of the most diverse areas in California, from business opportunities and amenities to climate and recreation. Kern County is one of the fastest-growing metropolitan areas in the Western United States; it boasts a low cost-of-living and a readily available workforce. The 10 cities and outlying communities that make up Kern County hold a wealth of possibilities for every type of business, as well as every type of person.

Traditionally known for its oil and agriculture production, Kern County’s economy is becoming more diverse.

Economic development efforts have successfully focused on light manufacturing and value-added agriculture.

Fifty percent of all projected nonfarm job growth is concentrated in three industry sectors. Those sectors are education services, professional services, and hospitality. Kern County has been chosen as the location for many companies, due to accessible transportation, low labor and housing costs, and quality of life. The overall economic outlook for Kern County is optimistic relative to employment, the real estate market, and business condition.

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LOCAL AREA MAP
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LOCAL AREA ANALYSIS
CENTRAL CALIFORNIA APPRAISALS 164-24B 19

LOCAL AREA ANALYSIS INTRODUCTION
The subject property is located in the Shafter area of the Northeast submarket. The immediate area of the subject is characterized by industrial uses with residential and commercial uses in the surrounding area. The neighborhood is bounded by Fresno Ave. to the north, Hwy. 43 to the east, E. Lerdo Hwy. to the south, and N. Beech Ave. to the west.

ACCESS/PUBLIC TRANSPORTATION
The subject is located at the southeast corner of Redwood Dr. and N. Shafter Ave. in an incorporated area of Shafter, CA. N. Shafter Ave. provides access to Hwy. 43 (Central Valley Hwy.), ¼ mile south. It provides access to Hwy. 66, six miles east and I-5 , 14 miles west. Hwy. 43 and Hwy. 99 provide access through the Central Valley from north to south. Hwy. 43 provides access to Bakersfield, 11 miles southeast and Wasco, six miles northwest.

ENVIRONMENTAL INFLUENCES
The subject area is considered to be a typical neighborhood with average building size and density. There are no extraordinary topographical features, nuisances of hazards. Public utilities are available in most all areas in quantities from public and private sources. The area has both public and private schools in adequate supply and quality.

LOCAL AREA SUMMARY
The market benefits from a diverse blend of residential, commercial, and community uses and location within the central part of the state, which is attractive to many distributors for logistical purposes. Although the area suffered during the recession of the late 2000’s and into the 2010’s, the market has been strengthening since roughly 2011-2012, due to the good livability factors associated with the region. The outlook for this market area is good into the foreseeable future.

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SITE DESCRIPTION
CENTRAL CALIFORNIA APPRAISALS 164-24B 20

SITE DESCRIPTION
The subject is part of a larger parcel containing 9.56-acres and is proposed for division. The subject site is located on the southeast corner of Redwood Dr. and Shafter Ave. and, upon division, will contain a net site area 236,095 SF (5.42 AC) which is based on information provided from the City of Shafter. The subject site has historically consisted of vacant undeveloped land. For the purposes of this report, we have relied on this site area and reserve the right to amend our analysis upon receipt of a formal legal plan. The following summarizes the salient characteristics of the subject site. This appraisal considers the value based on the hypothetical condition the property is legally divided and is assigned its own Assessor Parcel Number.

Adjacent Properties
North Across Redwood Dr. to the north is a residential neighborhood.

South Adjacent to the south is a 4.14-acre lot under common ownership. It is developed to a utility warehouse building and the yard is used for storage. This is not included in value. Further south at the southeast corner of Shafter Ave. and E. Tulare Ave. is Quest Irrigation, Inc.

East Adjacent to the east is Free Will Baptist Church
West Across Shafter Ave. is GMC Roofing and Pebble Tile Shop Accessibility Access to the subject site is considered average overall.

Off-Site Improvements There are concrete curbs and gutters along Redwood Dr. only and asphalt paved roadway only along Shafter Ave.

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SITE DESCRIPTION (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 21
Exposure & Visibility Exposure of the subject is classed as good with primary frontage on the southeast corner of Redwood Dr. and Shafter Ave.

Flood Plain Zone X (Unshaded). This is referenced by Panel Number 06029C1275E, dated September 26, 2008. Zone X (unshaded) is a moderate and minimal risk area.

Areas of moderate or minimal hazard are studied based upon the principal source of flood in the area. However, buildings in these zones could be flooded by severe, concentrated rainfall coupled with inadequate local drainage systems. Local storm water drainage systems are not normally considered in a community’s flood insurance study. The failure of a local drainage system can create areas of high flood risk within these zones. Flood insurance is available in participating communities, but is not required by regulation in these zones.

Nearly 25% of all flood claims filed are for structures located within these zones.

Minimal risk areas outside the 1% and 0.2% annual chance floodplains. No BFEs or base flood depths are shown within these zones. (Zone X (unshaded) is used on new and revised maps in place of Zone C.)
Seismic The property is not located in an Alquist-Priolo Earthquake Fault Zone. The community has adopted a seismic element to the general plan and requires all construction to meet Zone 4 of the Uniform Building Code, which is in consideration of earthquake hazards associated with California.

Easements A preliminary title report was not available for review. During the property inspection, no adverse easements or encumbrances were noted. This appraisal assumes that there are no adverse easements present. If questions arise, further research is advised.

Soils A detailed soils analysis was not available for review. Based on the development of the subject, it appears the soils are stable and suitable for the existing improvements.

Hazardous Waste I have not conducted an independent investigation to determine the presence or absence of toxins on the subject property. If questions arise, the reader is strongly cautioned to seek qualified professional assistance in this matter.

Please see the Assumptions and Limiting Conditions for a full disclaimer.

Site Rating Overall, the subject site is considered good as a land site in terms of its location, exposure and access to employment, education and shopping centers, based on its location along a minor arterial.

Site Conclusion In conclusion, the site’s physical characteristics appear to be supportive of the subject’s current use and there were no significant detriments discovered that would inhibit development in accordance with its highest and best use.

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ZONING
CENTRAL CALIFORNIA APPRAISALS 164-24B 22
ZONING
The subject is located in the Medium Density Residential (R-2) zoning designation. According to the City of Shafter Planning Department, the primary purpose of the R-2 zone district is to provide for a range of housing choices for residents in a more urban setting. The R-2 zone district provides for residential development including small lot single and multiple family detached and attached residential uses at a maximum allowable density of fourteen dwelling units per net acre.

ZONING CONCLUSION
The current use for the subject property is subdivision-residential land and is a permitted use based on the current zoning guidelines. A zoning change for the subject does not appear likely. Based on the foregoing, it appears that the subject’s improvements are a legally conforming use of the subject site.

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ASSESSOR MAP
CENTRAL CALIFORNIA APPRAISALS 164-24B 23

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KSI ENGINEERING MAP (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 24

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FLOOD MAP
CENTRAL CALIFORNIA APPRAISALS 164-24B 25

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ZONING MAP
CENTRAL CALIFORNIA APPRAISALS 164-24B 26

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SUBJECT PROPERTY PHOTOGRAPHS
CENTRAL CALIFORNIA APPRAISALS 164-24B 27
Looking Southwest at Property from Redwood Dr.

Looking East along North Property Line

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SUBJECT PROPERTY PHOTOGRAPHS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 28
Looking Southeast from Northwest Corner of Property
Looking North along West Property Line

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HIGHEST & BEST USE
CENTRAL CALIFORNIA APPRAISALS 164-24B 29

HIGHEST & BEST USE INTRODUCTION
The highest and best use of the subject property provides the foundation for the valuation section. Highest and best use is defined in the 7th edition of The Dictionary of Real Estate Appraisal (Appraisal Institute, Chicago, 2022), as follows:

1. The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.

2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset’s existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid.

3. The highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future.

Highest and best use analysis uses the following steps for the subject:
Highest & Best Use As Vacant
Determination of the ideal improvements
Highest & Best Use As Improved
Conclusion of the Highest & Best Use
The analysis of highest and best use can be thought of as the logical end of a spectrum of market analysis procedures, running from the macroeconomic overview of a general market study, through more detailed marketability studies and analyses of financial feasibility, to the formal analysis of highest and best use. In theory, the highest and best use is commonly described as that reasonable and most profitable use that will support its highest present value. The highest and best use, or most profitable use, must be legally permissible, physically possible, financially feasible, and maximally productive.

This section develops the highest and best use of the subject property As-Vacant and As Improved.

AS VACANT ANALYSIS
In this section the highest and best use of the subject as vacant is concluded after taking into consideration financial feasibility, maximal productivity, marketability, legal, and physical factors.

Legally Permissible
Private restrictions, zoning, building codes, historic district controls, and environmental regulations are considered, if applicable to the subject site. The legal factors influencing the highest and best use of the subject site are primarily government regulations such as zoning ordinances. Permitted uses of the subject’s Medium Density Residential (R-2) include residential, industrial and commercial projects. Zoning change is not likely; therefore, uses outside of those permitted by the R-2 zoning are not considered moving forward in the as-vacant analysis.

Physically Possible
The test of what is physically possible for the subject site considers physical and locational characteristics that influence its highest and best use. In terms of physical features, the subject site totals 5.42-acres (236,095 SF), it is rectangular shaped in shape and has a level topography. The site has good exposure and average overall access. There are no physical limitations that would prohibit development of any of the by-right uses on the site.

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HIGHEST & BEST USE (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 30
Financial Feasibility
Based on the subject’s zoning and location, development to uses allowed by zoning is financially feasible with the most likely use of the site determined to be residential.

Maximum Productivity
There is only one use that creates value and at the same time conforms to the requirements of the first three tests. Financial feasibility, maximal productivity, marketability, legal, and physical factors have been considered and the highest and best use of the subject site as-vacant concluded to be development to uses allowed by zoning, upon demand.

MOST PROBABLE BUYER
Based on the type of property and the highest and best use, it is our opinion that the most probable buyer for the subject would be an investor.

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VALUATION METHODS
CENTRAL CALIFORNIA APPRAISALS 164-24B 31

VALUATION METHODS
In traditional valuation theory, the three approaches to estimating the value of an asset are the cost approach, sales comparison approach, and income capitalization approach. Each approach assumes valuation of the property at the property’s highest and best use. From the indications of these analyses, an opinion of value is reached based upon expert judgment within the outline of the appraisal process.

SITE VALUATION
The site value is a specific scope requirement of this assignment. Considering the subject property comprises a vacant site, the inclusion of estimate of vacant land value is deemed appropriate. Therefore, a valuation of the subject site has been provided herein.

COST APPROACH
The cost approach considers the cost to replace the proposed improvements, less accrued depreciation, plus the market value of the land. The cost approach is based on the understanding that market participants relate value to cost. The value of the property is derived by adding the estimated value of the land to the current cost of constructing a reproduction or replacement for the improvements and then subtracting the amount of depreciation in the structure from all causes. Profit for coordination by the entrepreneur is included in the value indication.

The Cost Approach is not a specific scope requirement of this assignment. Characteristics specific to the subject property do not warrant that this valuation technique is developed. Based on the preceding information, the Cost Approach will not be presented.

SALES COMPARISON APPROACH
The sales comparison approach estimates value based on what other purchasers and sellers in the market have agreed to as price for comparable properties. This approach is based upon the principle of substitution, which states that the limits of prices, rents, and rates tend to be set by the prevailing prices, rents, and rates of equally desirable substitutes. In conducting the sales comparison approach, I gather data on reasonably substitutable properties and make adjustments for transactional and property characteristics. The resulting adjusted prices lead to an estimate of the price one might expect to realize upon sale of the property.

The Sales Comparison Approach is not a specific scope requirement of this assignment. Characteristics specific to the subject property do not warrant that this valuation technique be developed. Based on this reasoning, the Improved Sales Comparison Approach is not presented within this appraisal.

INCOME CAPITALIZATION APPROACH
The income capitalization approach (“income approach”) simulates the reasoning of an investor who views the cash flows that would result from the anticipated revenue and expense on a property throughout its lifetime. The net income developed in our analysis is the balance of potential income remaining after vacancy and collection loss, and operating expenses. This net income is then capitalized at an appropriate rate to derive an estimate of value or discounted by an appropriate yield rate over a typical projection period in a discounted cash flow analysis. Thus, two key steps are involved: (1) estimating the net income applicable to the subject and (2) choosing appropriate capitalization rates and discount rates. The appropriate rates are ones that will provide both a return on the investment and a return of the investment over the life of the particular property.

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VALUATION METHODS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 32
The Income Approach is not a scope requirement for this assignment. The subject property type is not typically analyzed on an income basis by buyers and sellers, reducing the applicability of this valuation technique.

Therefore, the Income Approach is not developed.

CORRELATION AND CONCLUSION
Based on the agreed upon scope with the client, the subject’s specific characteristics and the interest appraised, this appraisal developed the Land Sales Comparison Approach. The values presented represent the As-Is Market Value (Fee Simple Estate).

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INCOME APPROACH
CENTRAL CALIFORNIA APPRAISALS 164-24B 33

SITE VALUATION INTRODUCTION
This section values the subject site by comparing it with substitute land sales or listings within the local market area or in competitive areas throughout the region. Land value is influenced by a number of factors; most notably development and use potential. These factors, as well as others, are factored in the following analysis.

UNIT OF COMPARISON
The most relevant unit of comparison for competing land is the $/SF. All of the comparable sales presented in this section were reported on this basis.

COMPARABLE SELECTION
A thorough search was made for similar land sales in the area. The parameters of the survey were highest and best use, zoning, proximity to the subject, size, and date of sale. In selecting comparables, emphasis was placed on confirming recent sales of sites that are similar to the subject property in terms of location and physical characteristics. Overall, the sales used represent the best comparables available for this analysis.

SUMMARY OF SALES
Eleven transactions were deemed applicable within the subject’s market area, summarized below:

Address APN Zone Sale Date Price Size SF $/SF
Subj. SEC Redwood Dr. & Shafter Ave. Portion of APN 028-010-12 R-2 236,095 1 NWC of Belmont St. and First Ave., Delano 422-100-04 R-2 2/13/2020 $1,000,000 219,542 $4.55 2 SEC of Poso Ave. & Central Ave., Wasco 490-010-04 R-2 5/27/2020 $350,000 158,123 $2.21 3 861 W. Mulberry Ave., Porterville 246-112-014 R-M-3 9/29/2020 $339,000 142,006 $2.39 4 SEC E. Walnut Ave. & S. Lovers Ln., Visalia 127-140-003 R-M-2 11/2/2020 $1,000,000 341,510 $2.93 5 SWC Centennial Dr., W. of Berkshire Ln., Hanford 009-030-143 R-H 11/20/2020 $594,000 191,664 $3.10 6 6201 Auburn St., Bakersfield 434-010-02 R-3 1/20/2021 $490,000 155,945 $3.14 7 Quantico Ave., Bakersfield 142-200-13 R-2 3/3/2022 $255,000 114,563 $2.23 8 7500 Wible Rd., Bakersfield 515-110-10 R-1/R-2 3/23/2021 $300,000 131,987 $2.27 9 NEC Hosking Ave. & Monitor St., Bakersfield 516-020-25 R-2 8/13/2021 $2,200,000 357,628 $6.15 10 861 W. Mulberry Ave., Porterville 246-112-014 R-M-3 2/3/2022 $355,000 142,006 $2.50 11 828 Iris St., Bakersfield 118-120-27 HR 12/12/2023 $490,000 221,285 $2.21 Land Sale Comparables

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INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 34

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INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 35

SALE DATA SHEETS
Vacant Land
Comparable 1
Sale Information
Buyer Housing Authority of the County of
Kern
Seller Lyons Downey So Gate Ranch, LLC
Sale Date 2/13/2020
Transaction Status Recorded
Sale Price $1,000,000 $4.55 /SF Land
Analysis Price $1,000,000 $4.55 /SF Land
Recording Number 2020
Rights Transferred Fee Simple
Financing Cash to Seller
Conditions of Sale Motivated Buyer
Property
Land Area 5.04 Acres (219,542 SF)
Number of Parcels 1
Zoning R-2
Shape Generally Rectangular
Topography Level
Corner Yes
Off-Site Improvements None
Utilities Adjacent
NWC of Belmont St. and First
Ave.

Delano, CA 93215
County
Kern
APN
422-100-04
Remarks
The property is located on the northwest corner of Belmont St. and First Ave. in Delano, CA.

The property was purchased by the Kern County Housing Authority. It was developed to a 40-unit affordable housing development.

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INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 36
SEC of Poso Ave. and Central Ave.

Comparable 2
Sale Information
Buyer Ghassan Nagi Ahmed
Seller Bea & Chaim Gonshor
Sale Date 5/27/2020
Transaction Status Recorded
Sale Price $350,000 $2.21 /SF Land
Analysis Price $350,000 $2.21 /SF Land
Recording Number 20-67811
Rights Transferred Fee Simple
Financing Conventional
Conditions of Sale Typical
Property
Land Area 3.63 Acres (158,123 SF)
Number of Parcels 1
Zoning R-2
Shape Rectangular
Topography Level
Corner Yes
Utilities Full
SEC of Poso Ave. and Central
Ave.

Wasco, CA 93280
County
Kern
APN
490-010-04
Confirmation
Date 10/2/2020
Remarks
Property is located on the southeast corner of Poso Ave. and Central Ave.

The property was purchased by a residential developer who obtained zone change, general plan amendment, and approval of Tentative Tract 6671, containing 20 lots. It has been on and off the market since acquisition, reportedly over $1,000,000. The owner filed for a one-year extension on February 11, 2008. In 2017, Tentative Tract 6671 expired and a general plan amendment was approved to include rezoning the property back to R-2.

According to Henry Mendez, Central Valley Commercial Brokers, and public records, the property sold to Ghassan Nagi Ahmed on May 29, 2020 for $350,000, or $2.21 per sq.ft. The buyer intended to develop an apartment complex containing 53-56 units based on design layouts provided.

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INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 37
Multi-Family Land
Comparable 3
Sale Information
Buyer T.N. Price and Associates
Seller Delmar and Patricia Ault Revocable
Trust 2017
Sale Date 9/29/2020
Transaction Status Recorded
Sale Price $339,000 $2.39 /SF Land
Analysis Price $339,000 $2.39 /SF Land
Recording Number 2021
Rights Transferred Fee Simple
Financing Cash to Conventional
Conditions of Sale Typical
Property
Land Area 3.26 Acres (142,006 SF)
Number of Parcels 1
Zoning R-M-3
Shape Irregular
Topography Level
Corner No
Off-Site Improvements Curbs, gutters, two access drives, no sidewalks.

Utilities City Water and Sewer (adjacent)
861 W. Mulberry Ave.

Porterville, CA 93257
County
Tulare
APN
246-112-014
Confirmation
Date 10/26/2020
Remarks
The property is located on the east side of State Route 65 in Porterville, CA, south of W. Mulberry Ave. The closest major intersection is W. Mulberry Ave. and N. Indiana St. Zoning will allow 45-65 units. The site surrounds 851 W. Mulberry on the east, west, and south sides, an apartment complex with less than 10 units.

The property was sold as vacant land and has potential for 4-plexes up to apartments with its high-density residential zoning.

Page 369 of 395 ends

INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 38
Multi-Family Land
Comparable 4
Sale Information
Buyer Aspire Homes LLC
Seller Ta Diversified LLC
Sale Date 11/2/2020
Transaction Status Recorded
Sale Price $1,000,000 $2.93 /SF Land
Analysis Price $1,000,000 $2.93 /SF Land
Recording Number 20-74675
Rights Transferred Fee Simple
Financing Cash to Conventional
Conditions of Sale Typical
Property
Land Area 7.84 Acres (341,510 SF)
Number of Parcels 1
Zoning R-M-2
Shape Irregular
Topography Level
Corner Yes
Utilities Full
Flood Zones Zone AE
SEC E Walnut Ave. & S Lovers
Ln.

Visalia, CA 93292
County
Tulare
APN
127-140-003
Confirmation
Date 3/3/2021
Remarks
The property is located at the southeast corner of E Walnut Ave. and S Lovers Ln., in Visalia, CA. The property is improved with concrete curbs, gutters, and sidewalks on the west property line. All utilities are connected to the site. At the time of sale, the property was proposed for 146 units.

Listing agent confirmed that the buyer plans to use the land to build multifamily apartment units.

Page 370 of 395 ends

INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 39
Multi-Family Land
Comparable 5
Sale Information
Buyer Santa Lucia Ventures SP 1
Seller Cal-Clark Farms, Inc
Sale Date 11/20/2020
Transaction Status Recorded
Sale Price $594,000 $3.10 /SF Land
Analysis Price $594,000 $3.10 /SF Land
Recording Number 23472
Rights Transferred Fee Simple
Financing Cash to Seller
Conditions of Sale Conventional
Property
Land Area 4.4 Acres (191,664 SF)
Number of Parcels 1
Zoning R-H
Shape Irregular
Topography Level
Corner Yes
Utilities Adjacent
SWC Centennial Dr., W.

Berkshire Ln.

Hanford, CA 93230
County
Kings
APN
009-030-143
Confirmation
Date 6/16/2022
Remarks
The property is located on the southwest corner of Centennial Dr. and W Berkshire Ln. in northwest Hanford. It is vacant residential land. There are no on-site or off-site improvements. It was subsequently approved for a 92 unit apartment complex. A complete bike path is along the north side but will likely be relocated to the future sidewalk, with no contributory value.

Page 371 of 395 ends

INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 40
Multifamily Land
Comparable 6
Sale Information
Buyer Srinivas, Raj & Vasanthi
Seller Chevelle LLC
Sale Date 1/20/2021
Transaction Status Recorded
Sale Price $490,000 $3.14 /SF Land
Analysis Price $490,000 $3.14 /SF Land
Recording Number 20015
Rights Transferred Fee Simple
Financing Cash to Seller
Conditions of Sale Conventional
Property
Land Area 3.58 Acres (155,945 SF)
Number of Parcels 1
Zoning R-3
Shape Rectangular
Topography Sloping
Corner No
Off-Site Improvements Off-site improvements include curbs, gutter, sidewalk, and power lines.

Utilities Adjacent
6201 Auburn St
Bakersfield, CA 93306
County
Kern
APN
434-010-02
Confirmation
Date 3/24/2021
Remarks
The property is located along the south side of Auburn St., east of Fairfax Rd. and west of Morning Dr., at Auburn Oaks St. The parcel is also adjacent to the north of Hwy. 178, in which the highway is at least twenty feet below grade. There is a one-hundred-foot-wide transmission line easement along the west property line, with a tower onsite near the north property line. A second 25-50 wide transmission line is along the east property line, with a tower onsite near the north property line. No building improvements can be developed within the easement areas, but the easements can be utilized for parking and landscaping. There is also an overhead utility line easement along the north property line. Curbs and gutters are installed, and utilities are adjacent. Based on older designs, the property will accommodate approximately 63 units.

Page 372 of 395 ends

INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 41
Residential Land
Comparable 7
Sale Information
Buyer Amani Enterprises
Seller Habitat for Humanity Golden Empire,
Inc.

Sale Date 3/3/2022
Transaction Status Recorded
Sale Price $255,000 $2.23 /SF Land
Analysis Price $255,000 $2.23 /SF Land
Recording Number 2023
Rights Transferred Fee Simple
Financing Cash
Conditions of Sale Typical
Property
Land Area 2.63 Acres (114,563 SF)
Number of Parcels 1
Zoning R-2
Shape Generally Rectangular
Topography Other
Corner No
Off-Site Improvements Off site improvements include brick walls and a paves parkin lot.

Quantico Ave
Bakersfield, CA 93307
County
Kern
APN
142-200-13
Confirmation
Date 8/23/2022
Remarks
The property is east of Quantico Ave., north of E Brundage Ln. in Bakersfield, CA. It is a vacant multifamily lot behind 231 Quantico Ave.

Page 373 of 395 ends

INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 42
Vacant Land
Comparable 8
Sale Information
Sale Date 3/23/2021
Transaction Status Recorded
Sale Price $300,000 $2.27 /SF Land
Analysis Price $300,000 $2.27 /SF Land
Rights Transferred Fee Simple
Financing Cash
Conditions of Sale Typical
Property
Land Area 3.03 Acres (131,987 SF)
Number of Parcels 1
Zoning R-1/R-2
Shape Irregular
Topography Other
Corner No
Off-Site Improvements Off-Site improvements include a paved road and power lines.

Utilities Available
7500 Wible Rd
Bakersfield, CA 93313
County
Kern
APN
515-110-10
Confirmation
Date 3/24/2021
Remarks
This is vacant land that fronts the east side of Wible Rd. in Bakersfield, CA.

Page 374 of 395 ends

INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 43
Multifamily Land
Comparable 9
Sale Information
Buyer DCM Assets Management, LLC
Seller Trend Capital Group, Inc.

Sale Date 8/13/2021
Transaction Status Recorded
Sale Price $2,200,000 $6.15 /SF Land
Analysis Price $2,200,000 $6.15 /SF Land
Recording Number 2021-165999
Rights Transferred Fee Simple
Financing Cash to Seller
Conditions of Sale Typical
Property
Land Area 8.21 Acres (357,628 SF)
Number of Parcels 1
Zoning R-2
Shape Rectangular
Topography Level
Corner Yes
Off-Site Improvements Majority curbs, gutters, sidewalks Utilities Available (adjacent)
NEC Hosking Ave., Monitor St.

Bakersfield, CA
County
Kern
APN
516-020-25
Confirmation
Name Listing Broker
Date 10/8/2021
Remarks
This property is located at the northeast corner of Hosking Ave. and Monitor St. in Southeast Bakersfield. It is zoned R-2 with a general plan of high medium residential. The seller and the buyer both reported 140 units are possible due to shape and dimensions of the site. Offsite improvements include curbs, gutters, and sidewalks along Monitor St. of approximately 1,250 feet of frontage, with no improvements along Hosking Ave. with approximately 250 feet of frontage. The traffic signal is installed at the intersection. The buyer also purchased the parcel adjacent to the east from a separate seller. This parcel is zoned R-1 for single family residential. It closed September 7, 2021, for $625,000, or $3.01 per sq.ft. The buyer anticipates obtaining a zone change and general plan amendment to allow 75 units. Combined, the parcels total 12.98 acres with a price of $5.00 per sq.ft. and $13,140 per unit.

The seller and the buyer both reported 140 units are possible due to shape and dimensions of the site. The also purchased the parcel adjacent to the east from a separate seller. This parcel is zoned R-1 for single family residential. It closed September 7, 2021 for $625,000, or $3.01 per sq.ft. The buyer anticipates obtaining a zone change and general plan amendment to allow 75 units. Combined, the parcels total 12.98 acres with a price of $5.00 per sq.ft. and $13,140 per unit.

Page 375 of 395 ends

INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 44
Multi-Family Land
Comparable 10
Sale Information
Buyer Christy Yin
Seller T.N. Price and Associates
Sale Date 2/3/2022
Transaction Status Recorded
Sale Price $355,000 $2.50 /SF Land
Analysis Price $355,000 $2.50 /SF Land
Recording Number 8157
Rights Transferred Fee Simple
Financing Cash to Seller
Conditions of Sale Conventional
Property
Land Area 3.26 Acres (142,006 SF)
Number of Parcels 1
Zoning R-M-3
Shape Irregular
Topography Level
Corner No
Off-Site Improvements Curbs, gutters, two access drives, no sidewalks.

Utilities City Water and Sewer (adjacent)
861 W. Mulberry Ave.

Porterville, CA 93257
County
Tulare
APN
246-112-014
Confirmation
Date 6/17/2022
Remarks
The property is located on the east side of State Route 65 in Porterville, CA, south of W. Mulberry Ave. The closest major intersection is W. Mulberry Ave. and N. Indiana St. Zoning will allow 45-65 units. The site surrounds 851 W. Mulberry on the east, west, and south sides, an apartment complex with less than 10 units.

The property was sold as vacant land and has potential for 4-plexes up to apartments with its high density residential zoning.

Page 376 of 395 ends

INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 45
Multi-Family Land
Comparable 11
Sale Information
Buyer Unity Property Management LP
Seller Troy T. Jacobsen
Sale Date 12/4/2023
Transaction Status Recorded
Sale Price $490,000 $2.21 /SF Land
Analysis Price $490,000 $2.21 /SF Land
Recording Number 2023 - 151608
Rights Transferred Fee Simple
Financing Cash
Conditions of Sale Typical
Property
Land Area 5.08 Acres (221,285 SF)
Number of Parcels 1
Zoning HR
Shape Irregular
Topography Generally Level
Corner No
Off-Site Improvements Paved roadways
Utilities Available
Flood Zones Zone X (Unshaded)
E. Side of Iris St., N. of Pearson
Ave.

Bakersfield, CA 93308
County
Kern
APN
118-120-27,28
Confirmation
Company Americana Real Estate & Investments
Date 5/8/2024
Remarks
This property fronts the easy side of Iris St., north of Pearson Ave., in Bakersfield, CA. The property consists of two adjacent vacant parcels with a combined gross area of 5.08 acres. A breakdown of each parcels area is as follows:
118-120-27 = 2.57 acres
118-120-28 = 2.51 acres
Topography is generally level and at street grade. Full utilities are available at the site. The property is zoned A-1 for limited agricultural use, although the general plan reflects a designation of HR, for high density residential use.

Improvements to the property consist of perimeter fencing. Off-site improvements include asphalt paved roadways with concrete curbs, gutters, and sidewalks.

There are no approved plans for the property. A zone change is required for development to occur.

The buyer is an investor.

Page 377 of 395 ends

INCOME APPROACH (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 46

LAND SALES COMMENTS
Land sales range from $2.21 to $6.15/SF. The upper levels are set by Sales 1, 6 and 9. Sale 1 is located in a dense suburban area with superior location. Sale 6 is located in Bakersfield, superior to the subject. Sale 9 has all utilities and off-site improvements installed with superior quality-utility. Remaining sale prices range from $2.21 to $3.10/SF.
236,095 SF X $2.50/SF = $590,000 (Rounded)

Page 378 of 395 ends

RECONCILIATION OF VALUE CONCLUSIONS
CENTRAL CALIFORNIA APPRAISALS 164-24B 47

RECONCILIATION OF VALUE CONCLUSIONS
Reliability of the Sales Comparison Approach is influenced by the degree of comparability between the property under analysis and those that have sold. In this instance, eleven sales of somewhat similar parcels have been analyzed from which a comparative unit, sale price/SF could be derived. Adjustments are reasonable and logical. Therefore, the Sales Comparison Approach is directly applicable.

Page 379 of 395 ends

ASSUMPTIONS & LIMITING CONDITIONS
CENTRAL CALIFORNIA APPRAISALS 164-24B 48
This appraisal is subject to the following general assumptions and 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. Central California Appraisals 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 Central California Appraisals 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 to 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. Appraiser is not responsible for determining whether the date of value requested by Client is appropriate for Client’s intended use.

10. The sketches, maps, plats and exhibits in this report are included to assist the reader in visualizing the property.

The appraiser has made no survey of the property and assumed no responsibility in connection with such matters.

11. The information, estimates and opinions, which were obtained from sources outside of this office, are considered reliable. However, no liability for them can be 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.

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ASSUMPTIONS & LIMITING CONDITIONS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 49

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 Central California Appraisals 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 Central California Appraisals.

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 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 property’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 which may be 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.

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ASSUMPTIONS & LIMITING CONDITIONS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 50

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 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 more precise measurement, they are urged to retain the measurement services of a qualified professional (space planner, architect or building engineer) as an alternative source. If this alternative measurement source reflects or reveals substantial differences with the measurements used within the report, upon request of the client, the appraiser will submit a revised report for an additional fee.

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, upon request of the client, the appraiser will submit a revised report for an additional fee.

27. If only preliminary plans and specifications were available for use in the preparation of this appraisal, and a review of the final plans and specifications reveals substantial differences upon request of the client the appraiser will submit a revised report for an additional fee.

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. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute prediction of future operating results. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance.

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. As such, 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.

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ASSUMPTIONS & LIMITING CONDITIONS (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 51

35. You and Central California Appraisals 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 Central California Appraisals 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 Central California Appraisals 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 Central California Appraisals for this assignment, and under no circumstances shall any claim for consequential damages be made.

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

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Page 384 of 395 ends

ADDENDA (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 53

ADDENDA

ENGAGEMENT LETTER

Page 385 of 395 ends

Central California Appraisals
4915 Calloway Dr. Suite 101
Bakersfield, CA 93312
CENTRAL CALIFORNIA APPRAISALS 1 PROFESSIONAL SERVICES AGREEMENT Date of Agreement: Monday, September 16, 2024
City of Shafter
Attn: Gabriel Gonzalez
336 Pacific Avenue
Shafter, C 93263
[email protected]
Michael Burger MAI, R/W-AC
Certified General Appraiser
661-410-1014
[email protected]
PROFESSIONAL SERVICE AGREEMENT (“Agreement”)
This Professional Services Agreement (this “Agreement”) is made and entered into on September 16, 2024 (the “Effective Date”), by and between MB Appraisals, Inc., dba Central California Appraisals and City of Shafter (herein referred to as “Client”).

Property Identification

Property Type Vacant lots
Intended User(s) The appraisal will be prepared for the above-mentioned client. Intended users include the client.

Note: No other users are intended by Appraiser. Appraiser shall consider the intended users when determining the level of detail to be provided in the Appraisal Report.

The client is also hereby informed that if this engagement is directly with the owner of the Property, the Appraisal may not be accepted by many federally insured lenders due to FIRREA Compliance and would likely not be accepted for future financing of said property.

Intended Use The report to be performed under this Agreement (“Appraisal”) is intended for potential sale of the properties.

Note: No other use is intended by Appraiser. The intended use as stated shall be used by Appraiser in determining the appropriate Scope of Work for the assignment.

Type of Value As-Is
Date of Value Date of inspection
Report Type (3) Appraisal Reports
Level of Analysis Summary
Professional Fee
Expenses Fees include all associated expenses.

Docusign Envelope ID: 17ABD55A-DDB2-4072-9722-4CA2279BD260

Page 386 of 395 ends

2 PROFESSIONAL SERVICES AGREEMENT
Payment Terms Appraiser shall invoice Client for services rendered pursuant to this Agreement based upon the fees specified in this Agreement. Appraiser’s invoices are considered due upon receipt by Client and shall be deemed delinquent if not paid within five (5) days of the date of Appraiser’s invoice.

SCOPE OF WORK
Site Inspection on-site
Valuation Approaches Appraiser will provide the Appraisal in accordance with Uniform Standards of Professional Appraisal (USPAP), The Code of Professional Ethics of the Appraisal Institute, Standards of Professional Appraisal Practice of the Appraisal Institute, and State Licensing Laws.

Appraiser will research relevant market data, and perform analysis to the extent necessary to produce credible appraisal results. One or more of the following approaches will be considered:
Cost Approach
Sales Comparison Approach
Income Approach
The scope of work will be included in the Appraisal. A copy of the Assumptions and Limiting Conditions, which appear in the Appraisal, is available upon request.

Note: Appraiser shall use all approaches necessary to develop a credible opinion of value.

Delivery 4 weeks (effective from date of 50% retainer or signed/returned engagement contract, whichever is later)
Number of Reports One (1) Electronic Final Appraisal. Hard copies are available at the request of Client for an additional charge $50 per copy.

Acceptance Date These specifications are subject to modification if this Agreement is not accepted within 5 business days from the date of this letter.

PROPERTY DATA REQUEST
Please forward any additional materials you would consider relevant in the analysis of the subject property. Such items may include:
 Preliminary Title Reports
 What are the public utilities: (water well, septic sewer and location, electricity, gas)  Any environmental reports or other third party reports, or any other sources of information known to exist that may impact the valuation of the property
Our ability to honor the terms of this Agreement will require Client’s response within five (5) business days. If you have questions regarding the enclosed, please feel free to contact me. Central California Appraisals appreciates this opportunity to be of service to you on this assignment and looks forward to serving you. If you have additional questions, please contact us.

Docusign Envelope ID: 17ABD55A-DDB2-4072-9722-4CA2279BD260

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3 PROFESSIONAL SERVICES AGREEMENT
I, Gabriel Gonzalez, agree to the above stated terms and authorize Central California Appraisals to prepare the above referenced appraisal.
__________________________________________________ Date: ________________________ Gabriel Gonzalez
Respectfully,
MB Appraisals, Inc., a California corporation, dba CENTRAL CALIFORNIA APPRAISALS Michael Burger MAI, R/W-AC
Certified General Appraiser
Docusign Envelope ID: 17ABD55A-DDB2-4072-9722-4CA2279BD260 9/17/2024

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4 PROFESSIONAL SERVICES AGREEMENT

TERMS AND CONDITIONS

CONFIDENTIALITY
Appraiser shall not provide a copy of the written Appraisal Report to, or disclose the results of the appraisal prepared in accordance with this Agreement to, any party other than Client, unless Client authorizes, except as stipulated in the Confidentiality Section of the Ethics Rule of the Uniform Standards of Professional Appraisal Practice (USPAP).

USE OF EMPLOYEES OR INDEPENDENT CONTRACTORS
Appraiser may use employees or independent contractors at Appraiser’s discretion to complete the assignment, unless otherwise agreed by the parties.

Notwithstanding, Appraiser shall sign the written Appraisal Report and take full responsibility for the services provided as a result of this Agreement.

SERVICES NOT PROVIDED
The fees set forth in this Agreement apply to the appraisal services rendered by Appraiser as set forth in this Agreement. Unless otherwise specified herein, Appraiser’s services for which the fees in this Agreement apply shall not include meetings with persons other than Client or Client’s agents or professional advisors; Appraiser’s deposition(s) or testimony before judicial, arbitration or administrative tribunals; or any preparation associated with such depositions or testimony. Any additional services performed by Appraiser not set forth in this Agreement will be performed on terms and conditions set forth in an amendment to this Agreement, or in a separate agreement.

TESTIMONY AT COURT OR OTHER PROCEEDINGS
Unless otherwise stated in this Agreement, Client agrees that Appraiser’s assignment pursuant to this Agreement shall not include Appraiser’s participation in or preparation for, whether voluntarily or pursuant to subpoena, any oral or written discovery; sworn testimony in a judicial, arbitration or administrative proceeding; or attendance at any judicial, arbitration or administrative proceeding relating to this assignment.

CHANGES TO AGREEMENT
Any changes to the assignment as outlined in this Agreement shall necessitate a new Agreement. The identity of the Client, intended users, or intended use; the date of value; type of value; or property appraised cannot be changed without a new Agreement.

CANCELLATION
Client may cancel this Agreement at any time prior to Appraiser’s delivery of the Appraisal Report upon written notification to Appraiser. Client shall pay Appraiser for work completed on assignment prior to Appraiser’s receipt of written cancellation notice, unless otherwise agreed upon by Appraiser and Client in writing.

GOVERNING LAW AND JURISDICTION
This Agreement shall be governed by the law of the state in which Appraiser’s office as specified in this Agreement is located, exclusive of that state’s choice of law rules. The parties agree that any legal proceeding brought by either party to interpret or enforce this Agreement, or to enforce an arbitration award entered pursuant to this Agreement, shall be brought in a state or federal court having jurisdiction over the location of Appraiser’s office as specified in this Agreement, and the parties hereby waive any objections to the personal jurisdiction of said court.

APPRAISER INDEPENDENCE
Appraiser cannot agree to provide a value opinion that is contingent on a predetermined amount. Appraiser cannot guarantee the outcome of the assignment in advance. Appraiser cannot ensure that the opinion of value developed as a result of this Assignment will serve to facilitate any specific objective of Client or others or advance any particular cause. Appraiser’s opinion of value will be developed competently and with independence, impartiality and objectivity.

NOTICES
Any notice or request required or permitted to be given to any party shall be given in writing and shall be delivered to the receiving party by: a) registered or certified mail, postage prepaid; (b) overnight courier, such as Federal Express, United Parcel Service or equivalent; or (c) hand delivery. The address for delivery of any notice shall be the address for the party as specified in this Agreement, or at such other address as party may designate by written notice to the other party in conformance with this paragraph. Unless otherwise specified herein, notice shall be effective the date it is postmarked or given to a third party for delivery to the receiving party, whether or not the receiving party signs for or accepts delivery of such notice.

NO THIRD-PARTY BENEFICIARIES
Nothing in this Agreement shall create a contractual relationship between Appraiser or Client and any third party, or any cause of action in favor of any third party. This Agreement shall not be construed to render any person or entity a third party beneficiary of this Agreement, including, but not limited to, any third parties identified herein.

MEDIATION & ARBITRATION
In the event of a dispute concerning the subject matter of this Agreement, the parties shall in good faith attempt to resolve such dispute by negotiation between the parties’ principals, or, if such negotiation is unsuccessful, by mediation conducted by a third-party mediator. If such mediation results in an impasse, the parties shall submit their dispute to binding arbitration. Such mediation or, if necessary, binding arbitration shall be conducted pursuant to Docusign Envelope ID: 17ABD55A-DDB2-4072-9722-4CA2279BD260

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5 PROFESSIONAL SERVICES AGREEMENT
the mediation procedures or the commercial arbitration rules of the American Arbitration Association. Any arbitration shall be conducted in the city in which Appraiser’s office as specified herein is located. The parties shall share equally the costs of any mediation. In the event of binding arbitration, the arbitrators shall, in addition to any relief appropriate to be awarded to the prevailing party, enter an award in favor of the prevailing party for that party’s costs of the arbitration, including the party’s reasonable attorneys’ fees and arbitration expenses incurred in prosecuting or defending the arbitration proceeding. Subject to the right of the prevailing party to recover its share of the costs of the arbitration services pursuant to the arbitrator’s award, the costs of the arbitration services shall be borne equally by the parties. If the prevailing party seeks judicial confirmation of any arbitration award entered pursuant to this Agreement, the court shall, in addition to any other appropriate relief, enter an award to the prevailing party in such confirmation proceeding for its reasonable attorneys’ fees and litigation expenses incurred in confirming or successfully opposing the confirmation of such an award.

SPECIAL OR CONSEQUENTIAL DAMAGES
Neither party shall under any circumstances be liable to the other party for special, exemplary, punitive or consequential damages, including, without limitation, loss of profits or damages proximately caused by loss of use of any property, whether arising from either party’s negligence, breach of the Agreement or otherwise, whether or not a party was advised, or knew, of the possibility of such damages, or such possibility was foreseeable by that party.

In no event shall Appraiser be liable to Client for any amounts that exceed the fees and costs paid by Client to Appraiser pursuant to this Agreement.

ASSIGNMENT
Neither party may assign this Agreement to a third party without the express written consent of the other party, which the non-assigning party may withhold in its sole discretion. In the event this Agreement is assigned by mutual consent of the parties, it shall become binding on the assigning party’s permitted assigns.

SEVERABILITY
In the event any provision of this Agreement shall be determined to be void or unenforceable by any court of competent jurisdiction, then such determination shall not affect any other provision of this Agreement and all such other provisions shall remain in full force and effect. Template for Agreement for Professional Valuation Services

INDEMNITIES
Client agrees to defend, indemnify and hold harmless Appraiser from any damages, losses or expenses, including reasonable attorneys’ fees and litigation expenses at trial or on appeal, arising from allegations asserted against Appraiser by any third party that if proven to be true would constitute a breach by Client of any of Client’s obligations, representations or warranties made in this Agreement, or any violation by Client of any federal, state or local law, ordinance or regulation, or common law (a “Claim”). In the event of a Claim, Appraiser shall promptly notify Client of such Claim, and shall cooperate with Client in the defense or settlement of any Claim. Client shall have the right to select legal counsel to defend any Claim, provided that Appraiser shall have the right to engage independent counsel at Appraiser’s expense to monitor the defense or settlement of any Claim. Client shall have the right to settle any Claim, provided that Appraiser shall have the right to approve any settlement that results in any modification of Appraiser’s rights under this Agreement, which approval will not be unreasonably withheld, delayed or conditioned.

Appraiser agrees to defend, indemnify and hold harmless Client from any damages, losses or expenses, including reasonable attorneys’ fees and litigation expenses at trial or on appeal, arising from allegations asserted against Client by any third party that if proven to be true would constitute a breach by Appraiser of any of Appraiser’s obligations, representations or warranties made in this Agreement, or any violation by Appraiser of any federal, state or local law, ordinance or regulation, or common law (a “Claim”). In the event of a Claim, Client shall promptly notify Appraiser of such Claim, and shall cooperate with Appraiser in the defense or settlement of any Claim. Appraiser shall have the right to select legal counsel to defend any Claim, provided that Client shall have the right to engage independent counsel at Client’s expense to monitor the defense or settlement of any Claim. Appraiser shall have the right to settle any Claim, provided that Client shall have the right to approve any settlement that results in any modification of Client’s rights under this Agreement, which approval will not be unreasonably withheld, delayed or conditioned.

CLIENT’S REPRESENTATIONS AND WARRANTIES
Client represents and warrants to Appraiser that (1) Client has all right, power and authority to enter into this Agreement; (2) Client’s duties and obligations under this Agreement do not conflict with any other duties or obligations assumed by Client under any agreement between Client and any other party; and (3) Client has not engaged Appraiser, nor will Client use Appraiser’s Appraisal Report, for any purposes that violate any federal, state or local law, regulation or ordinance or common law.

EXTENT OF AGREEMENT
This Agreement represents the entire and integrated agreement between the Client and Appraiser and supersedes all prior negotiations, representations or agreements, either written or oral. This Agreement may be amended only by a written instrument signed by both Client and Appraiser. This Agreement includes the following Appendices, which are incorporated into, and made a part of this Agreement:

Appendix A: Extraordinary Assumptions and Hypothetical Conditions contained within the appraisal report Appendix B: Information Request
Docusign Envelope ID: 17ABD55A-DDB2-4072-9722-4CA2279BD260

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ADDENDA (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 54

SUBJECT PHOTOGRAPHS
Looking Southwest at Property from Redwood Dr. Looking East along North Property Line Looking Southeast from Northwest Corner of Property Looking North along West Property Line Street View Looking West along Redwood Dr.

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ADDENDA (CONTINUED)
CENTRAL CALIFORNIA APPRAISALS 164-24B 55

QUALIFICATIONS

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MICHAEL C. BURGER, MAI, R/W-AC
Central California Appraisals | Michael Burger &
Associates
[email protected]

CONTACT INFORMATION
4915 Calloway Drive, Suite 101
Bakersfield, CA 93312
Main: 661.587.1010 x101
Fax: 661.834-0748

STATE CERTIFICATIONS
California
Certified General Real Estate Appraiser
License AG003817

EDUCATION
Bachelor of Science
Agricultural Business Management
California Polytechnic State University
Michael C. Burger, MAI, R/W-AC
Senior Managing Director
Central California Appraisals

EXPERIENCE
Senior Managing Director
Central California Appraisals (2023 - Present)
Senior Managing Director
Valbridge Property Advisors | Central California (2013 - 2023) President and Chief Appraiser
Michael Burger and Associates (1997 - 2013)
Probate Referee
State of California (2011 - Present)
Area Development Officer and Zone Owner
Zone Data Systems | Zaio Inc. (2007- Present)
Residential and Commercial Appraiser
Bruce Beaudoin Real Estate Appraisers (1987 - 1997)
VP Finance
Alpha Gamma Rho – San Luis Obispo Chapter (1985 - 1986) Home Builder
John K Richardson – General Contractor (1985 - 1986)

PROFESSIONAL CREDENTIALS
MAI – Appraisal Institute
Certified General Appraiser – State of California
FHA Approved – U.S. Department of Housing and Urban Development R/W-AC – International Right of Way Association
Probate Referee of Kern County, Mono County, Inyo County Department of Veterans Affairs Fee Appraiser ID#5003448

CIVIC, VOLUNTEER AND PROFESSIONAL AFFILIATIONS
Director (2013-Present) Friend of Mercy Foundation
President (1998) Bakersfield Chapter Appraisal Institute Director (2003) Bakersfield East Rotary Club
President and Treasurer (Past) Executive Association of Kern County Class of 2000 Greater Bakersfield Chamber of Commerce Leadership Club
Director (Past) Alpha Gamma Rho Alumni Association
Director and Secretary (Past) Bakersfield Active 20-30 Club Advisory Team City of Bakersfield Planning Department – Urban Decay Guest Lecturer: Bakersfield College, Cal Poly State University, Bakersfield Board of Realtors, Executive Associate of Kern County, Kern Kiwanis, Kern County Tax Payers Association, KERN Talk Radio, Watson Realty Corporation.

Pro Bono Appraisal and Consulting services have been provided to the Bakersfield Police Activities League, Bakersfield Museum of Art, American National Red Cross, Habitat for Humanity, Salvation Army, and Kern Veteran’s Memorial Foundation.
www.appraisecc.com
Empowering Decisions,
Delivering Excellence

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Michael C. Burger, MAI, R/W-AC
Senior Managing Director
Central California Appraisals

APPRAISAL SPECIALTIES
Subdivision Development, Mixed-use, Retail Centers, Professional/Medical Office, Hotel/Motel, Restaurant, Apartments, Industrial, Special Use & Going Concern, Hangars, High-rise and Low-rise Condominiums, Gas Stations, Golf Course, Auto Dealerships, Specialty Medical Facilities, Bowling Centers, Self-Storage, Single Family Residential, Right-of-Way/ Condemnation, Investment Analysis, Market Studies, Feasibility & High and Best Use Analysis, Business Valuations, Partial Interest Valuations.

REAL ESTATE COURSES
Rural Appraisal – Cal Poly University Real Estate Appraisal – Bakersfield College Real Estate Finance – Cal Poly University Advanced Real Estate Appraisal – Bakersfield College Principle of Real Estate – Cal Poly University Partial Interest Valuation

APPRAISAL INSTITUTE COURSES (19- TO 40-HOUR COURSES)
Real Estate Principles Standards of Professional Practice A & B Basic Valuation Procedures The Appraisers Complete Review Capitalization Theory & Technical A & B Condemnation Appraising Case Studies in Real Estate Valuation Separating Real & Personal Property from Intangible Report Writing & Valuation Analysis Business Assets

INTERNATIONAL RIGHT OF WAY COURSES (19- TO 40-HOUR COURSES) The Appraisal of Partial Acquisitions (#401) Business Relocation (#502) Eminent Domain Law (#803)

REAL ESTATE APPRAISAL SEMINARS
Understanding Limited Appraisals – General The FHA and the Appraisal Process Appraising Complex Residential Properties FHA Appraising for Valuation Professionals Non-Residential Demonstration Appraisal Reports Appraisal of Nonconforming Uses O.R.E.A. Federal & State Laws & Regulations Appraisal of Nursing Facilities Loss Prevention Program for Real Estate Technology and the Appraisal Process Real Estate Appraiser Expert Witness National USPAP Update Trends in the Hospitality Industry Appraising Manufactured Housing Valuation Considerations - Partial Acquisition Litigation Seminar Valuation of Detrimental Conditions Business Practices and Ethics A Review of 1 – 4 Residential Form Vineyard Valuation & Ag Symposium Internet Sources for the California Appraiser Uniform Appraisal Dataset (UAD)

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Shafter City CouncilNovember 5, 2024

Shafter City Council
November 5, 2024