APPRAISAL of Willowick Golf Course 3017 W. 5Th
APPRAISAL OF Willowick Golf Course 3017 W. 5th Street Santa Ana, California Date of Value: Submitted To: February 24, 2021 Omar Sandoval Woodruff, Spradlin & Smart Date of Report: 555 Anton Boulevard, Suite 1200 Costa Mesa, CA 92626 April 13, 2021 Submitted By: Our File No.: George Hamilton Jones, Inc. 221-3 Stuart D. DuVall, MAI Casey O. Jones, MAI April 13, 2021 Omar Sandoval, Esq. Woodruff, Spradlin & Smart 555 Ant on Boulevard, Suite 1200 Costa Mesa, CA 92626 Re: Appraisal of the Willowick Golf Course Property Dear Mr. Sandoval: In accordance with your request and authorization, I have formed an opinion of the market value of the fee interest in the 101.5-acre Willowick Golf Course, located in the City of Santa Ana, California. As the following Appraisal Report will present, my judgment of the highest and best use of the subject property is for development to a master-planned community. This appraisal is based upon the extraordinary assumption that the utility and value of the appraised property is subject to the Surplus Land Act and Government Code Government Code 54233, which states that if 10 or more residential units are developed, then 15 percent of the total number of units must be dedicated to affordable housing. The date of value of this appraisal is February 24, 2021. As a result of my inspection of the subject property, investigation of various comparable data, market studies and valuation analyses I concluded that, as of February 24, 2021, the market value of the appraised property was $90,000,000. Market Value Conclusion: $90,000,000 George Hamilton Jones, Inc.
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