HomeMy WebLinkAboutCertificate of Stephen G. White, MAI, together with Appraisal Report, pursuant to Section 3(d)(23) of the Purchase Agreement
Stephen G. White, MAI Real Estate Appraiser MAI I37O N. BREA BLVD., SUITE 2O5 FULLERTON, CALIFORNIA 93835-4138 (714) 738-1595 • FAX (714) 738-4371 $51,250,000 TEMECULA PUBLIC FINANCING
AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) 2006 SPECIAL TAX BONDS CERTIFICATE OF APPRAISER Stone & Youngberg LLC 515 South Figueroa Street, Suite 1060 Los Angeles,
California 90071 Temecula Public Financing Authority 43200 Business Park Drive Temecula, California 92590 Temecula Public Financing Authority Community Facilities District No. 03-02
(Roripaugh Ranch) 43200 Business Park Drive Temecula, California 92590 The undersigned hereby states and certifies: (i) that he is an authorized representative of STEPHEN G. WHITE, MAI,
as appraiser (the "Appraiser"), and as such, is familiar with the facts herein certified and is authorized and qualified to certify the same; (ii) that the Appraiser has prepared an
appraisal report dated February 10, 2006 (the "Appraisal Report"), on behalf of the Temecula Public Financing Authority (the "Authority") and in connection with the Official Statement
dated April 13, 2006 (the "Official Statement"), for Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch) (the "District") 2006 Special Tax Bonds
(the "Bonds"); (iii) that the Appraiser hereby consents to the reproduction of the Appraisal Report appended to the Preliminary Official Statement, dated March 27, 2006 (the "Preliminary
Official Statement") and the Official Statement, and to the references to the Appraiser and the Appraisal made in the Preliminary Official Statement and the Official Statement; (iv)
that in the opinion of the Appraiser, the assumptions made in the Appraisal Report are reasonable;
(v) that the Official Statement has been reviewed on behalf of the Appraiser and to the best knowledge of the Appraiser the statements concerning the Appraisal Report and the value of
the property contained under the captions "INTRODUCTION -Professionals Involved in the Offering/' "PROPERTY OWNERSHIP AND DEVELOPMENT -Estimated Development Costs; Plan of Finance/'
"PROPERTY OWNERSHIP AND DEVELOPMENT -Estimated Special Tax Allocation by Property Ownership," "PROPERTY OWNERSHIP AND DEVELOPMENT -Estimated Value-to-Lien Rations," 'PROPERTY OWNERSHIP
AND DEVELOPMENT -Appraised Property Value," "BONDOWNERS' RISKS -Failure to Develop Properties," "BONDOWNERS' RISKS -Appraised Values," "BONDOWNERS' RISKS -Hazardous Substances" and APPENDIX
C -Summary Appraisal Report" are true, correct and complete in all material respects and do not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which that were made, not misleading; (vi) that each of the parcels
appraised by the Appraiser is encompassed within the District;(vi) that, as of the date of the Official Statement and as of the date hereof, the Appraisal Report appended to the Official
Statement, to the best of my knowledge and belief, and subject to all of the Assumptions and Limiting Conditions set forth in the Appraisal Report, does not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not misleading,
and no events or occurrences have been ascertained by us or have come to our attention that would substantially change the estimated values stated in the Appraisal Report; however, we
have not performed any procedures since the date of the Appraisal Report to obtain knowledge of such events or occurrences nor are we obligated to do so in the future; and (vii) that
the District and Stone & Youngberg LLC, as underwriter (the "Underwriter"), are entitled to rely on this Certificate. Capitalized terms used herein have the meaning given to them in
the Bond Purchase Agreement, dated April 13, 2006, by and between the Authority and the Underwriter, relating to the Bonds. Dated: April 27, 2006 STEPHEN G. WHITE, MAI as Appraiser By,
Authorized Representative