Appraisal Report (2004)Full Document 

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Los Angeles PMSA vs. Top 100 MSAs and U.S.
2002 Estimates
                           
      Los Angeles   Top 100        
Characteristic   PMSA   Metro Areas*   U.S.

 
 
 
Median Age (years)
    32.2       35.1       35.6  
Average Annual Household Income
  $ 71,300     $ 72,700     $ 64,300  
Median Annual Household Income
  $ 50,300     $ 54,700     $ 47,500  
Households by Annual Income Level:
                       
 
<$25,000
    23.2 %     21.0 %     25.3 %
 
$25,000 to $49,999
    26.7 %     25.1 %     27.3 %
 
$50,000 to $74,999
    19.7 %     20.8 %     20.2 %
 
$75,000 to $99,999
    12.1 %     13.4 %     11.8 %
 
$100,000 plus
    18.5 %     19.7 %     15.5 %
Education Breakdown:
                       
 
< High School
    30.0 %     21.8 %     24.1 %
 
High School Graduate
    20.8 %     27.8 %     29.8 %
 
College < Bachelor Degree
    27.1 %     26.5 %     25.4 %
 
Bachelor Degree
    14.4 %     15.5 %     13.5 %
 
Advanced Degree
    7.7 %     8.4 %     7.3 %

Source: Claritas, Inc., Cushman & Wakefield Analytics

  *   The Top 100 Metro Areas are comprised of the 100 largest metropolitan statistical areas within the U.S. in terms of total employment as of 2002.

Population

The Los Angeles PMSA, with a current population of over 9.8 million, has consistently lagged the Top 100 metro areas in terms of the rate of population growth during the past 10 years. The metro area actually lost population in 1994 and 1995. Population growth did rebound, however, in the late 1990s to a level on par with the Top 100 metro areas. But overall, between 1992 and 2002, the PMSA’s erratic annual population growth averaged a meager 0.8 percent – well below the 1.3 percent rate of growth within the Top 100. Through 2007, the Los Angeles PMSA population is expected to grow on average at 1.0 percent annually, on par with the projected growth rate of the Top 100 of 1.1 percent per year.

             
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LOS ANGELES REGIONAL ANALYSIS

POPULATION GROWTH BY YEAR
Los Angeles PMSA vs. Top 100 Metros
1990 – 2007

(POPULATION GROWTH BY YEAR BAR CHART)

Source: Economy.com, Cushman & Wakefield Analytics

      NOTE: In this Exhibit and all subsequent time-series graphs, the shaded bars indicate the periods of a U.S. economic recession.

Demographics are a positive force for the Los Angeles economy, with net migration increasing consistently for five consecutive years. A reduction in the out-migration of domestic residents and strong in-migration from abroad have driven the accelerating net population growth rate. Persistent international migration for more than 10 years means there is now a large pool of migrant households with sufficient assets ready to enter the housing market, driving demand for housing throughout Los Angeles County.

Of the four PMSAs comprising the CMSA, Los Angeles has experienced the slowest rate of growth during the 10 years ending 2002. Riverside-San Bernardino has been and is expected to remain the fastest growing PMSA among these four in terms of population. Although population growth in Los Angeles is projected to increase steadily through the next four years, the PMSA’s growth rate is expected to continue to lag that of the other PMSAs in the region, with Riverside/San Bernardino in particular expected to grow at a 3.7 percent average annual rate between year-end 2002 and 2007. Overall, however, the Los Angeles PMSA still accounts for roughly 38 percent of the CMSA’s absolute increase in population.

             
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LOS ANGELES REGIONAL ANALYSIS

ANNUALIZED POPULATION GROWTH BY PMSA
Los Angeles CMSA
1992 – 2007

                                               
                                  Annual   Annual
                          2007   Growth   Growth
Population (000s)   1992   2002   Forecast   92-02   02-07

 
 
 
 
 
United States
    256,514.0       287,363.0       297,458.0       1.1 %     0.9 %
 
Top 100 MSAs
    159,733.7       180,969.0       188,730.5       1.3 %     1.1 %
   
Los Angeles CMSA
    15,057.9       16,977.1       18,181.4       1.2 %     1.7 %
     
Los Angeles PMSA
    8,948.1       9,730.0       10,156.1       0.7 %     1.1 %
     
Orange County PMSA
    2,452.7       2,923.1       3,088.9       1.8 %     1.4 %
     
Riverside-San Bernardino PMSA
    2,739.1       3,540.3       4,097.8       2.6 %     3.7 %
     
Ventura PMSA
    675.7       783.7       838.7       1.5 %     1.7 %

Source: Economy.com, Cushman & Wakefield Analytics

Los Angeles’s population is clustered in the southern half of the PMSA south of the San Gabriel Mountains. The most densely populated regions are located in close proximity to the major freeways such as the I-10 (Culver City, Hollywood, Los Angeles), between the I-110 and I-710 north of I-105, and between I-710 and I-605 south of I-105. The most sparsely populated zip codes are located in the undeveloped San Gabriel Mountains and along the highly desirable, affluent beach regions around Malibu north of Santa Monica as well as in the southern coastal area of Rancho Palos Verdes. In addition, the Santa Monica Mountains between the ocean and the San Fernando Valley is an area where development is highly restricted and is sparsely populated. The direction of development is generally north and east.

             
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LOS ANGELES REGIONAL ANALYSIS

POPULATION DENSITY BY ZIP CODE
Los Angeles PMSA
2002

(POPULATION DENSITY MAP)

Source: Claritas, Inc., Cushman & Wakefield Analytics

Households

Like its population growth, the rate of household formations in the Los Angeles PMSA lagged that of the Top 100 between 1992 and 2002. During the last 10 years, Los Angeles’s average annual growth in its number of households of merely 0.6 percent per year significantly trailed the Top 100’s pace of 1.3 percent due in part to a net decrease in the number of households from 1993 through 1995.

Since 2001, the Los Angeles PMSA household formation rate has actually exceeded the Top 100 rate, and this is expected to continue through 2004. Looking forward to 2007, however, Los Angeles is expected to match the average annual growth rate of the Top 100 at 1.3 percent per year.

             
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LOS ANGELES REGIONAL ANALYSIS

HOUSEHOLD GROWTH BY YEAR
Los Angeles PMSA vs. Top 100 Metros
1990 – 2007

(HOUSEHOLD GROWTH BY YEAR BAR CHART)

Source: Economy.com, Cushman & Wakefield Analytics

Income

In 2002, Los Angeles’s median household income was $50,300, 5.9 percent higher than the national average of $47,500. Over the past 10 years, Los Angeles’s 2.0 percent average annual growth in median household income significantly lagged the nation’s average annual growth of 3.7 percent.

Through 2007, Los Angeles’s median household income growth is expected to grow at an annual average rate of 2.6 percent, just under the Top 100 average of 2.7 percent.

Among the four regional PMSAs, Los Angeles ranks last in median household income. Household incomes in Ventura and Orange County are expected to widen their lead over Los Angeles between year-end 2002 and 2007, with a projected average annual increase of 3.1 percent, while Riverside-San Bernardino is forecast to grow at an average of only 2.5 percent per year.

Within Los Angeles County, the highest median incomes are concentrated in five areas: 1) the sparsely-populated beach and mountain communities around Malibu and the hills to the south of San Fernando Valley, 2) the communities of Brentwood, Bel-Air and Beverly Hills to the east of Interstate 405, 3) Palos Verdes to the south, at the west of the southern terminus of Interstate 110, 4) the area around Pasadena above Interstate 210, and 5) the more sparsely developed northern region around Interstate 5. The lowest median household incomes are in Central and East Los Angeles. In general, median household incomes are inversely proportional to population density.

             
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LOS ANGELES REGIONAL ANALYSIS

MEDIAN HOUSEHOLD INCOME DISTRIBUTION BY ZIP CODE
Los Angeles PMSA
2002

(MEDIAN HOUSEHOLD INCOME DISTRIBUTION BY ZIP CODE MAP)

Source: Claritas, Inc., Cushman & Wakefield Analytics

Regional Economic Overview

The Los Angeles economy continues its moderate downturn as the business services and manufacturing industries cut payrolls further and retail trade has leveled off. Employment losses have slowed, but not ended. The unemployment rate has fallen from the high reached in mid-2002, yet remained stubbornly unchanged during fourth quarter 2002 and first quarter 2003. The moderate nature of Los Angeles’s downturn is reflected in the number of personal bankruptcy filings, which has fallen over the past year following a mild rise in 2001. Housing markets remain robust and even commercial real estate markets illustrate some improvement.

Cutbacks still hamper manufacturing payrolls, but the pace of decline has slowed due to some stability in aircraft and apparel manufacturing. The local aerospace industry got a boost in June with AirTran contracting to buy 10 Boeing 717s. Boeing had been seeking further sales to keep its Long Beach commercial jetliner assembly line open for the long term, and with this recent contract, it expects to keep the line rolling for the next several years. The 717 could gain more

             
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LOS ANGELES REGIONAL ANALYSIS

orders if it proves effective for AirTran to run as a low-cost aircraft for long-distance routes such as Atlanta to Los Angeles.

Net aerospace employment has yet to rise due to cutbacks by Boeing’s commercial assembly in Long Beach. Yet, all major defense aerospace firms are hiring. At least 2,000 workers will be added to payrolls this year at firms such as Northrop Grumman, Raytheon, Lockheed Martin and Boeing, causing aerospace employment in Los Angeles to increase for the first time in five years. While the local industry remains just one-third its size in 1990, its addition of well-paid jobs will generate growth for the economy through much of this decade. Los Angeles’s high-end apparel industry is stable as global security concerns force this industry, which requires fast turnaround and close quality control, to be kept close to local demand.

Payrolls in the leisure and hospitality industry barely faltered over the past two years. The regional drive-in market is large enough to offset some of the falloff in national and international travel. The hotel industry remains at risk, however, as occupancy remains well below pre-September 11th rates. The short duration of the war in Iraq minimized its risk, but now the expansion of SARS poses further risk to international travel. With its high exposure to pan-Pacific travel, Los Angeles hotels may not rebound by the end of 2003 as expected elsewhere, creating continued financial pressure.

The film and entertainment industry has come off a stellar year, providing an important pillar of support for the local economy. Domestic box office receipts rose by more than 10 percent last year and production activity in Los Angeles is rising. Theater improvements are bringing fans back to the movies. Global security concerns have bolstered the local industry, resulting in more than half of current major studio productions being shot at least partially in Los Angeles, well above average. Longer term, however, there is some risk of consolidation in the filmmaking industry.

Despite continued demand for housing since the mid-1990s, supply has been slow to respond. New construction has been constrained by a lack of developable land, strict building regulations, and a reticence among lenders to fuel construction too strongly. Thus, house price appreciation has been consistently strong, remaining in double digits, which is contributing to deteriorating affordability. With pressure from household formation rates easing, the market is closer to balance, although the continued excess demand will keep prices from correcting sharply once interest rates begin to rise.

Strong house price appreciation continues to support household balance sheets in Los Angeles, as there is plenty of home equity for homeowners to tap to support income streams. Thus, while personal bankruptcy filings rose moderately during the 2001 recession, they are now falling and remain well below their record level of the 1990s. This bodes well for continued stable consumer spending and provides some prospect of greater income elasticity for spending when the economy accelerates. Housing, retail sales and consumer services should thus perform well.

The Los Angeles economy is expected to improve in the second half of 2003. The primary factor is defense spending, which will be felt widely for the next several years. Entertainment will also contribute to the near-term turnaround. International trade and travel generates some downside risk depending on the pace of the global rebound and the impact of the SARS on the Asian economy. The Los Angeles economy will be one of the first to turn around nationwide, although high costs and increasing congestion will keep it from outpacing the U.S. average over the long term.

             
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LOS ANGELES REGIONAL ANALYSIS

Gross Product

During the economic recession that began in 1991, Los Angeles’s economic growth, in terms of gross product was negative for four consecutive years, and since that time consistently lagged the Top 100 gross product growth. As in many U.S. markets, gross product slowed during the recent U.S. economic recession and was on par with the Top 100 during 2002.

REAL GROSS PRODUCT GROWTH BY YEAR
Los Angeles PMSA vs. Top 100 Metros
1990 – 2007

(REAL GROSS PRODUCT GROWTH BY YEAR BAR CHART)

Source: Economy.com, Cushman & Wakefield Analytics

The entertainment and defense industries will help support Los Angeles’s gross product growth through 2007, but at an expected annual average growth of only 2.7 percent, compared to 3.0 percent for the Top 100. In addition, Los Angeles County is forecast to lag Riverside-San Bernardino, Orange County and Ventura over the next five years, where gross product is expected to exceed the Top 100 with growth rates of 4.2 percent, 3.5 percent and 3.4 percent, respectively.

Employment Trends

In terms of its industry sector composition, the economic diversity of Los Angeles is highly comparable to the average among the Top 100 metro areas. Only the Trade, Transportation and Utilities sector accounts for more than 15 percent of the metro area’s total employment. While more heavily weighted in the Manufacturing and Information sectors than the Top 100 as a whole, the metro area’s employment base is relatively under-weighted in the Construction sector and to a lesser degree in the Financial Activities sector.

             
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LOS ANGELES REGIONAL ANALYSIS

EMPLOYMENT BY SECTOR
Los Angeles PMSA vs. Top 100 Metros
2002

(EMPLOYMENT BY SECTOR BAR CHART)

Source: Economy.com, Cushman & Wakefield Analytics

One indicator of the good health of the Los Angeles economy is a rising amount of industrial construction. While industrial vacancy rates have risen, they remain well below the national average. A stable economy, increasing trade volumes through the ports of Los Angeles and Long Beach, and expanding production among defense aerospace contractors are among the factors that are driving new construction activity. This is further evidence of a near-term rise in production activity in manufacturing that will help accelerate the economy.

While the national recession of 1991 resulted in negative employment growth for the U.S. overall during that year, employment within the Los Angeles PMSA’s continued to contract through 1994. And while the Los Angeles PMSA was among the last metro areas to emerge from the 1991 recession, it has weathered the nation’s 2001 economic downturn on par with the Top 100 metro areas as a whole. The PMSA, along with the U.S., is expected to continue to emerge from the recession, albeit slowly, during 2003. Looking forward through 2007, Los Angeles’s average annual employment growth of 1.1 percent is expected to significantly lag that of the Top 100 1.6 percent growth.

TOTAL EMPLOYMENT GROWTH AND UNEMPLOYMENT RATE BY YEAR
Los Angeles PMSA vs. Top 100 Metros
1990 – 2007

(TOTAL EMPLOYMENT GROWTH AND UNEMPLOYMENT RATE BY YEAR BAR CHART)

Source: Economy.com, Cushman & Wakefield Analytics

             
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LOS ANGELES REGIONAL ANALYSIS

Following its severe and lengthy economic downturn during the first half of the decade, Los Angeles posted significantly higher unemployment rates than the Top 100 through the 1990s. The unemployment rate for the Los Angeles PMSA as of year-end 2002 was 6.8 percent, compared to the Top 100 unemployment rate of 5.6 percent. Los Angeles’s unemployment rate is expected to remain at 6.8 percent in 2003, and is forecast to trend slightly downward, in sync, but 70 to 80 basis points above that of the Top 100 metro areas overall through 2007.

Despite the size of its economy, Los Angeles is home to a relatively small share of the nation’s Fortune 500 corporations, which number 16 within the PMSA. The once-huge defense-related industry is poised for growth, but is no longer the dominant engine driving the local economy that it once was, having been supplanted somewhat by software and information technology industries. The growth sectors within the Los Angeles economy are now characterized by smaller, entrepreneurial businesses — many of those being technology companies related to the entertainment industry.

TOP NON-GOVERNMENT EMPLOYERS
Los Angeles PMSA
2002

         
Employer   Number of PMSA Employees

 
University of California, Los Angeles
    36,300  
Kaiser Permanente
    27,600  
The Boeing Company
    23,500  
Ralph’s Grocery
    17,200  
Bank of America Corporation
    11,900  
Walt Disney Company
    11,200  
Target
    11,000  
SBC Pacific Bell
    10,700  
CPE
    10,200  
Northrop Grumman Corporation
    10,000  
University of Southern California
    9,300  
ABM Industries, Inc.
    9,300  
Cedars-Sinai Medical Center
    8,600  
Federated Department Stores
    7,300  
Kelly Services
    7,300  
Medical Management Consultants, Inc.
    6,400  
Washington Mutual, Inc.
    6,200  
Edison International
    5,600  
Sempra Energy
    5,100  
Provident Health System
    5,000  
Countrywide Credit Industries, Inc.
    3,900  
Lockheed Martin Corporation
    3,800  

Source: LosAngelesAlmanac.com, Economy.com, Cushman & Wakefield Analytics

             
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LOS ANGELES REGIONAL ANALYSIS

FORTUNE 500 COMPANIES
Los Angeles PMSA
2002

                         
Rank   Company Name   Rank   Company Name

 
 
 
  61    
The Walt Disney Company
    305     Amgen, Inc.
  99    
Northrop Grumman Corporation
    316     Unocal Corporation
  103    
Wellpoint Health Networks Inc.
    332     KB Home
  163    
Edison International
    337     Mattel, Inc.
  167    
Computer Sciences Corporation
    359     Jacobs Engineering Group Inc.
  185    
Health Net Inc.
    371     Dole Food Company, Inc.
  209    
Countrywide Credit Industries, Inc.
    384     Avery Dennison Corporation
  252    
Occidental Petroleum Corporation
    416     Hilton Hotels

Source: Fortune, Cushman & Wakefield Analytics

Like its total employment trends, Los Angeles’s office-using employment growth consistently lagged the Top 100’s average growth rate during the 1990s by significant margins. Los Angeles experienced negative office-using employment growth for three consecutive years from 1991 to 1993. The 2001 national recession, however, had a somewhat less adverse effect on Los Angeles’s office-using employment, but growth is expected to remain negative through 2003.

Between 1992 and 2002, office-using employment growth in Los Angeles averaged just 0.9 percent per year – roughly one-third the pace of the Top 100. Looking forward through 2007, office using employment is expected to continue to significantly lag the Top 100 at 1.4 percent average annual growth, compared to 2.1 percent for the Top 100.

TOTAL OFFICE-USING EMPLOYMENT GROWTH BY YEAR
Los Angeles PMSA vs. Top 100 Metros
1990 – 2007

(TOTAL OFFICE-USING EMPLOYMENT GROWTH BY YEAR BAR CHART)

Source: Economy.com, Cushman & Wakefield Analytics

The office-using employment is concentrated in numerous clusters within the county, generally along the major freeways. Significant concentrations are located in: the Los Angeles CBD/Financial District, Downtown Non-CBD along the I-10 and I-5; Mid-Wilshire and Miracle Mile in the Los Angeles Central market north of the I-10; Warner Center, Encino and Westlake Village in the Los Angeles North market; Glendale and Pasadena in the Tri-Cities market; El Segundo/Manhattan Beach, Los Angeles Airport in the Los Angeles South market along the

             
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LOS ANGELES REGIONAL ANALYSIS

405; and Century City, Santa Monica and Beverly Hills in the Los Angeles West market at the intersection of I-10 and I-405.

OFFICE-USING EMPLOYMENT CONCENTRATION BY ZIP CODE
Los Angeles PMSA
2002

(OFFICE-USING EMPLOYMENT CONCENTRATION BY ZIP CODE MAP)

Source: Claritas, Inc., Cushman & Wakefield Analytics

Transportation Network

Without a doubt, the automobile has been key in the evolution of Los Angeles’s transportation infrastructure. The local communities are connected through a complex system of freeways. This has led to a congested, car-oriented culture in Los Angeles, where people schedule their days around the three-hour morning and evening rush hours. While the Metropolitan Transportation Authority operates the 59.4-mile Metro Rail service and a fleet of over 2,300 busses serving over 1.1 million passengers per day, the car remains the mode of choice.

Three major airports serve the Los Angeles PMSA: Los Angeles International (LAX), Burbank/Glendale/Pasadena and Long Beach. Other major airports in the region, but outside

             
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LOS ANGELES REGIONAL ANALYSIS

the PMSA itself are John Wayne Airport in Orange County and Ontario International Airport in Riverside County. LAX is among the world’s busiest airports, having served 56.2 million passengers and processed 1.9 million tons of air cargo for 2002. These figures represent 91 percent of passenger volume and 100 percent of air cargo processed by LAX through the same period in 2001. The decline in passenger volume is largely due to the economic downturn, which has affected tourism and business travel through LAX.

The combined Port of Los Angeles-Long Beach is the third largest port complex in the world in terms of tonnage, behind only Hong Kong and Singapore. Individually, the Port of Los Angeles and the Port of Long Beach rank first and second in the U.S., respectively. Combined, these terminals annually handle more than 185 million metric revenue tons of cargo, representing some $190 billion in 2002.

With cargo volume forecast to dramatically increase through the early 21st century, the Port has embarked on extensive modernization of existing facilities and development of new terminals.

Quality of Life/Amenities

Major Attractions and Amenities

Los Angeles’s quality of life has historically been one of its selling points, offering its residents a variety of outdoor recreational and cultural amenities. Both the San Gabriel Mountains and miles of ocean beaches are close by. The climate is mild, generally dry and warm year round.

As Southern California’s cultural center, not to mention the entertainment capital of the world, Los Angeles has a tradition rich in the arts. Its menu of attractions and cultural amenities, which has grown and diversified with its population over the past decade, includes the Getty Center, Huntington Botanical Gardens, Hollywood, Universal Studios, Beverly Hills, Rodeo Drive, Farmers Market, Olvera Street, Santa Monica, and Venice Boardwalk to name but a fraction.

Los Angeles’s major professional sports franchises include the Los Angeles Dodgers and the Anaheim Angels (just south in Orange County) baseball teams, the Los Angeles Lakers and Clippers (NBA) and the Los Angeles Kings (NHL). Ironically, in one of the largest media markets in the country, there is no professional football team. Its collegiate sports offerings include the nationally ranked USC Trojans and UCLA Bruins. Its world-class sports facilities include Dodger Stadium, Staples Center and the Rose Bowl in Pasadena.

Additional recreational facilities in the Los Angeles PMSA include the nationally recognized Six Flags Magic Mountain amusement park. Also nearby, the world-famous Disneyland is located in Orange County, roughly an hour to the south.

Education

Educational opportunities abound within the metro area. With 27 major institutions of higher learning educating nearly a quarter-million students, the metropolitan area has one of the largest student populations in the nation. Nationally recognized programs in engineering, business, and medicine are found throughout Los Angeles’s educational system at universities such as the University of California, Los Angeles (UCLA), University of Southern California (USC) and California Institute of Technology.

Medical Facilities

Anchored by the world famous Cedars-Sinai Health System, the Los Angeles metro area has a comprehensive healthcare network, including 41 general medical/surgical facilities, five psychiatric hospitals, and hospitals specializing in tuberculosis/respiratory disease, obstetrics/ gynecology, orthopedics, children’s general and children’s orthopedic.

             
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LOS ANGELES REGIONAL ANALYSIS

Regional Summary

Los Angeles is a mature economy that has been undergoing structural changes since its downturn in the mid-1990s. It has transitioned from the 1980s economy that was highly dependent on the massive defense outlays to a few large defense contractors, and a more balanced economy increasingly comprised of diverse, smaller and more entrepreneurial firms, especially within in the technology and services sectors.

The Los Angeles economy faces some downside risks in the near term. California’s current budget shortfall will cause a reduction in state-funded infrastructure projects, affecting employment in the near term and economic growth over the long term. If the global economic rebound is delayed or is lethargic, international business and travel to and from Los Angeles could be limited. Finally, Los Angeles’s large share of consumer-oriented industries could falter should the U.S. economy dip back into recession.

The Los Angeles economy also has a number of strengths. As the global entertainment capital, Los Angeles is expected to maintain its primacy in the entertainment industry that supports high-paying, high-technology jobs. In addition, the improved outlook for defense aerospace is also expected to support both high-tech and manufacturing employment levels through 2007 and beyond.

Los Angeles’s long term growth is tied to its two major shipping ports. Increased activity at the Ports of Los Angeles and Long Beach will have a multiplier effect on the local economy. That, along with ongoing infrastructure improvements to the ports, is expected to result in Los Angeles capturing an increasing share of west coast shipping traffic. Projected concurrent economic recoveries in both Asia and the U.S. are expected to have positive effects on travel and tourism in Los Angeles.

As the California and Los Angeles economies rebound, Los Angeles is expected to experience strong growth trends in population, employment and gross product as companies are attracted by the county’s high quality of life and relatively low (for California) business costs.

             
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LOCAL AREA MAP

LOCAL AREA MAP

(LOCAL AREA MAP)

             
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LOCAL AREA ANALYSIS

Location

The property is located in Ventura County, within the city of Camarillo. The neighborhood boundaries are the Ventura Freeway (I-101) to the south, Camarillo city limits to the north, Carmen Drive to the west and Central Boulevard to the east.

Access

Local area accessibility is generally good, relying on the following arteries:

     
Local:   Las Posas Road is a major arterial thoroughfare running north/south off of I-101 then traveling east/west in the subject area. Ponderosa Street also travels east/west. Carmen Drive and Los Rosas Boulevard are north/south arterial streets.
     
Regional:   Interstate I-101 provide primary east and west access through the metropolitan Los Angeles Area.

Camarillo has bus, rail and air transportation. All forms of ground and air shipping are available. Las Posas Road is a major thoroughfare through Camarillo. No know changes in the planning or construction of local arterials or nearby highway is known or reported.

Nearby and Adjacent Uses

The subject’s local area is composed of residential and supportive uses. Development west and east of the subject is primarily residential. This consists primarily of large well-kept single-family homes with some scattered apartment complexes.

Adjacent south of the subject is the Las Posas Elementary School and playground. Across Las Posas Road, is Crestview Park and St. Mary’s Catholic Church. Retail and commercial development is located approximately one-half mile south near the Las Posas Road and I-101 interchange. Pleasant Valley Hospital is located approximately two miles northeast of the subject. Surrounding secondary connector streets are generally improved with residential development.

Special Hazards or Adverse Influences

There are no detrimental uses in the local area that would impact the subject’s use. The general area is outside of the 100 and 500-year flood plains as identified on the FEMA maps. No unusual noise pollution was noted. No noxious odors were noted at or near the subject and none were reported.

Land Use Changes

No known land use changes were reported or observed. No demolition or closing of senior housing was known.

             
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LOCAL AREA ANALYSIS

Demographics

Population

The area’s demographic characteristics within the Camarillo region were reviewed. Claritas, Inc. provides historical, current and forecasted

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