CPMCBA Minutes and Attachment

CONSTRUCTION AND PROPERTY MAINTENANCE CODE BOARD OF APPEALS The Construction and Property Maintenance Code Board of Appeals meeting was held on July 17, 2024, at 3:30 p.m., with Mr. Neil presiding. The members present were Mr. Campana, Mr. Boggerty and Mr. Rocha. Mr. Martin was absent. The staff members present were Mr. Kopp and Ms. Brown. ADOPTION OF AGENDA Mr. Rocha moved for approval of the agenda, seconded by Mr. Boggerty, and unanimously carried. ELECTION OF CHAIR Mr. Neil opened the floor for nominations. Mr. Rocha nominated Mr. Boggerty to serve as Chair of the Construction and Property Maintenance Code Board of Appeals. The motion was seconded by Mr. Neil. There being no further nominations, Mr. Neil closed the floor for nominations. By unanimous consent, Mr. Boggerty was elected to serve as Chair of the Construction and Property Maintenance Code Board of Appeals. PROPERTY MAINTENANCE CODE VIOLATION: Chapter 3 - General Requirements, Section 302.3 – Sidewalks and Driveways ) - Appeal of Citation and Fines- 650 Bay Road (Dover Bay Court Plaza, LLC) Ms. Sierra Brown, Code Enforcement Officer, reviewed the case history for 650 Bay Road. Mr. John Paradee, Baird, Mandalas, Brockstedt & Federico, LLC, Attorney for Dover Bay Court Plaza, LLC, stated that Michael Turick from the Capano Management Company was present as well. Mr. Paradee emphasized that they did not view this meeting as an adversarial appeal, but rather as an opportunity to discuss their unique predicament with city representatives and explore potential solutions. He then presented and reviewed his packet with the board (Attachment #1). Responding to Mr. Rocha, Ms. Brown explained that most of the photos were taken in the area outlined in red, where the proposed new paving is planned. Some of the photos were from the new paving completed in June 2024, while the remaining photos were taken from the barricaded areas highlighted in yellow. Ms. Brown was unsure whether this milling was part of a specific project but believed it had been in that condition for about two (2) years. Responding to Ms. Brown, Mr. Turick stated it has been that way since he joined the company in September of 2023 but that he can find out more information about it. Responding to Mr. Rocha, Ms. Brown stated that the boxed-off yellow area had been previously milled, and she believes she has seen photos of it. The one on the right-hand side is within the red area, which is where the proposed new paving is planned. A few of the other photos are from the area between the blue section and the area that was paved in June 2022. The damage is spread throughout, but the worst of it is in the red area and the section that is not highlighted or boxed off.

CONSTRUCTION AND PROPERTY MAINTENANCE CODE BOARD OF APPEALS MEETING OF JULY 17, 2024 PAGE 2 Responding to Mr. Rocha, Ms. Brown explained that, due to the site plan, she would need to confirm with the Planning Department regarding the specific requirements. She noted that the site plan and the certificate of occupancy (CO) dictate a required amount of parking, but she did not have those details readily available. She added that this falls more under zoning and related regulations. Ms. Brown mentioned that the area they paved in June 2024 has been brought to a very nice, finished condition. However, the red area, identified as the proposed barricaded section, as well as the area between the black and blue markings, remain non-compliant. Responding to Mr. Boggerty, Mr. Turick described the solution as using portable curbs, commonly referred to as curb stops. These are not like the large, concrete barricades typically seen on highways, which are about two and a half feet tall. Instead, these curb stops are smaller, about curb height, and are designed to prevent vehicles from driving into restricted areas. While a vehicle could technically drive over them, it would likely cause damage to the underside of the car. Mr. Turick suggested that these curb stops could be highlighted in orange or yellow to signal drivers not to enter the area, especially since it primarily face the designated section. Mr. Kopp noted that the property across the street, which was referenced earlier, is currently under permit and has an active site plan that must be adhered to. Once the permit process is finalized, the site plan will also be finalized, bringing the parking lot into compliance. The property is undergoing significant conversions, with multiple permits issued for the site. As a result, the Blue Hen Corporate Center is an active construction site. Part of the property is associated with the Bayhealth plan, which explains why a portion of the parking lot is blocked off. The final site plan approval will include repaving the parking lot. Responding to Mr. Boggerty, Mr. Kopp explained that Bayhealth owns all of the land in question across the street. Although they have subdivided and made several splits on the property, it is still part of their overall project. One of the key requirements for compliance is bringing the parking lot up to standard. Responding to Mr. Boggerty, Ms. Brown stated that in general, whenever they encounter deteriorated parking lots, they initiate a case and send a notice to the owner to seek compliance. She is aware that there are three (3) or four (4) other properties in this area with similar issues. This particular case originated from a citizen complaint. She included information on one of the complaints, but over the past three (3) months, she has received approximately 16 to 17 different emails or phone calls regarding similar concerns. Responding to Mr. Turick, Ms. Brown stated that since June, she has received three (3) additional complaints. Responding to Mr. Neil, Ms. Brown stated that a citation was issued on June 6th for non- compliance, with a fine of $100. This was before she received a phone call on June 13th from Jessica, the Director of Property Management at Capano. Prior to this call, she had no interaction with the property owners or management, including no phone calls or emails. They did sign for the certified mail regarding the citation, so someone did receive it. During her reinspection on June 6th, she observed that some work had been done, such as pothole repairs and attention to one storm drain. However, while some improvements were made, the entire property was not brought into compliance.

CONSTRUCTION AND PROPERTY MAINTENANCE CODE BOARD OF APPEALS MEETING OF JULY 17, 2024 PAGE 3 Mr. Kopp clarified that as long as the building is standing, it remains subject to the site plan and the International Property Maintenance Code, regardless of whether it is vacant or occupied. The building must adhere to these standards, including those related to the parking lot. If the building were to be removed, the requirement for maintaining the parking lot would no longer apply. In summary, the building must meet these requirements as long as it remains in place, regardless of its occupancy status. Ms. Brown noted that in reference to barricading any part of the parking lot, such a decision would need to be reviewed by the Fire Marshal's office. This is important to ensure that emergency vehicles can still access the building, as there are strict regulations concerning emergency access. Ms. Brown explained that she understands that certain areas of parking lots must remain accessible for emergency vehicles, particularly in case of a fire. While this is beyond their scope, she strongly recommends that any decisions regarding parking lot access be reviewed by the Fire Marshal's office to ensure compliance with those requirements. Responding to Mr. Campana, Mr. Turick explained that they have leases in place that affect the property, and while these are economic factors they might potentially address, they do have other successful investments in Kent County, particularly on the residential side. Given the current low economic interest in the existing commercial setup, transitioning to an office-only use is unlikely to be profitable. Residential development would likely offer the best opportunity. Since joining the company, one of his first questions was why they were not considering such a change, given their successful residential development model. This topic is certainly under discussion with their principals, although they have not moved beyond conceptual plans yet. However, the long-term economic viability of the current setup is not sustainable, so conversion in the near term seems like a viable option. Responding to Mr. Campana, Mr. Turick stated that they would mill and repave the area, fill in all the holes, and then apply an overlay to complete the work. The intention is to ensure clear and maintained access for fire trucks around the front of the property and along the interior spine between Buffalo Wild Wings and the large parking field. The goal is to create a functional partial loop that allows for safe and efficient access. They also aim to provide sufficient parking in good condition for their current tenants. If they secure a tenant for the large vacant space between Dollar Tree and Club Fitness, and if the economics align, he assured them that their principals will address the barricaded area and complete the parking field improvements. Mr. Turick stated that as he mentioned earlier, they need to ensure that there is sufficient economic interest to make the investment financially viable. If they proceed along this path for another 12 to 24 months and still face high vacancy rates, it could prompt discussions about rezoning, demolition, and converting the site for other uses. Responding to Mr. Rocha, Mr. Turick stated that the old Value City building is just under 60,000 square feet. Mr. Turick also noted that the old Save-a-lot is around 30,000 square feet and the vacancy of the property is roughly 130,000 square feet. Half of the area is located within the large center box, and the other half is positioned to the right. From their perspective, they have explored the potential for large, big-box stores over the years, even before his tenure on this property, but those efforts have not been successful. Most of the development in the area is to their left, as you can see. Their location is not ideal for a traditional commercial retail corridor; it is less attractive compared to being half a mile away.

CONSTRUCTION AND PROPERTY MAINTENANCE CODE BOARD OF APPEALS MEETING OF JULY 17, 2024 PAGE 4 Responding to Mr. Neil, Mr. Turick stated that he is open to engaging third-party consultants to develop an updated site plan that could be more economically beneficial for the organization. He is willing to move forward with this and present a longer-term vision for the property. As mentioned, they have existing leases with tenants that need to be considered, as they have an economic interest in the asset. One initial idea is to remove the old Save-A-Lot space on the right side of the plan and retain the larger box, such as Club Fitness, on the left. This would allow for residential development in the remaining area while still generating income from the current tenants. However, further study is needed to ensure that the residential component has the necessary parking and amenities to be viable. Simply adding apartments without the proper infrastructure would not be effective. Responding to Mr. Rocha, Ms. Brown explained that the picture on the right shows an area in the drive lane where paving is proposed, which is located near the entrance. She noted that during her site visit with Jessica, they discussed this area and decided to defer it for now. They are primarily focused on addressing the day-to-day parking needs, which are of greater concern at the moment. Therefore, the referenced area is not currently under discussion. Responding to Mr. Rocha, Mr. Paradee expressed his appreciation for Mr. Neil’s long-term solution suggestions and affirmed their openness to those ideas. However, Mr. Paradee emphasized that for today’s discussion, the focus should be on a specific short-term proposal to address the immediate issue. As Ms. Brown pointed out, their main concern is the traffic patterns leading into the center, including the routes taken by visitors and their parking locations. These areas need immediate attention. Additionally, Mr. Paradee clarified that their focus is not on the fine itself; they are prepared to pay it if necessary. He also noted their desire to avoid being a bad corporate citizen and accumulating repeated fines. Their goal is to resolve the issue promptly by presenting a detailed proposal for consideration. Mr. Paradee presented a specific short-term proposal aimed at addressing the immediate issue, with a suggestion for Ms. Brown to return for an inspection once they have implemented the changes. They can also work on developing an action plan that includes periodic reviews, perhaps every six (6) to 12 months. Mr. Paradee highlighted photographs of other major shopping centers in Dover, such as Gateway West, The Hamlet, Dover Downs, and the Blue Hen Mall. Mr. Paradee explained that they plan to fill and resurface the affected areas, but he does not anticipate this being a major issue. They will need to coordinate with Ms. Brown to ensure that her concerns about the area in front, to the north of Buffalo Wild Wings, are addressed. Mr. Paradee noted that the state is using that space temporarily for parking while the property to the north is being rehabilitated. Eventually, it will return to vacant space with no traffic or parking. The parking spaces for Buffalo Wild Wings, as outlined in their site plan, are sufficient for their needs. Therefore, paving that area may not be necessary. If there are concerns about access, they could consider installing a line of curbing along the boundary between the drive aisle and that space to prevent vehicles from entering. Mr. Paradee noted that currently, the area in question is seldom used, primarily because there is ample parking available for Buffalo Wild Wings. Their proposal includes barricading the section highlighted in yellow. This section is directly in front of the 60,000-square-foot vacant space, which would still provide sufficient parking for the fitness center and the Dollar Tree located on the corner. By implementing this plan, they will ensure that each tenant in the center has safe, clear access and parking, free from potholes. Additionally, this approach avoids the unnecessary

CONSTRUCTION AND PROPERTY MAINTENANCE CODE BOARD OF APPEALS MEETING OF JULY 17, 2024 PAGE 5 expense of paving unused areas, costing between $550,000 and $590,000, and prevents the creation of excess impervious surfaces. Mr. Paradee stated that their proposal is detailed in the drawing provided. They plan to address any issues within the area between the blue and black sections. They request 60 days to complete this work, after which they will arrange for a reinspection by Ms. Brown to ensure the solution effectively addresses the immediate problem. There are two additional conditions to consider. The proposal is contingent upon review and approval by the Fire Marshal to ensure there are no fire safety issues. If a new tenant occupies the center or there is any change in occupancy, they will need to reassess the situation. For instance, if the currently vacant 60,000 square feet are leased, repaving may be necessary, as Michael mentioned. Mr. Paradee proposed implementing the plan as shown, allowing them 60 days to complete the work. Afterward, they will schedule a reinspection and ensure the Fire Marshal reviews and approves the changes. Additionally, they will reassess the situation if there are any changes in tenancy or occupancy. They suggest a follow- up review in six (6) to 12 months to provide a status update and address any further complaints. Their goal is to resolve the issue effectively and practically, avoiding unnecessary paving of unused areas. They are committed to finding a balanced solution and are prepared to address any questions or concerns. Responding to Mr. Rocha, Mr. Paradee stated that the proposal was not articulated to Ms. Brown, and he takes full responsibility for this oversight. They developed this plan over the past week as they were discussing how to address the issue. They recognized that they were cited for a clear violation, and they will, of course, pay the fine. Responding to Mr. Rocha, Mr. Kopp stated that the primary comment he would like to make is regarding the timeline for bringing everything into compliance with the code. They understand the challenges involved, but adherence to the code is mandatory. As code enforcement officers certified through the ICC, they cannot make exceptions or selectively enforce the code for specific properties. The code applies uniformly, and they cannot permit partial compliance or neglect of any part of the property. Just as they would not allow a homeowner to repair only half of their roof, they cannot permit only partial fixes for the parking lot. Therefore, they need a clear timeline for when the entire property will meet code requirements. Mr. Kopp noted that the space is unoccupied, and the current situation does not adhere to the expected standards. The code requires that the entire driveway and sidewalk must be maintained, specifically according to section 302.3. However, if a revised site plan indicates that a parking lot is no longer necessary, maintenance of the driveway and sidewalk can be discontinued, as they would no longer be required. Mr. Kopp explained that only the potholes need to be fixed to address the issue. It does not necessarily have to be completely repaved. If the potholes are fixed, that would be fine. Now, he knows there are some areas with milling, so those parts would need to be addressed if they have already been milled. Where there are just potholes, if they are filled in, the problem is solved, that eliminates the issue. It does not necessarily have to be completely repaved. Some spots are recoverable. They can fix it without full repaving but yes, unfortunately, there is a section that was already milled that would need to be restored. Responding to Mr. Rocha, Ms. Brown stated that if she were to conduct a reinspection today, she would be looking to ensure that all hazardous conditions are corrected and that the area is properly maintained. This means it should be in a finished condition. For instance, the entire parking lot does not necessarily need to be repaved, as long as all the potholes are filled in to eliminate any

CONSTRUCTION AND PROPERTY MAINTENANCE CODE BOARD OF APPEALS MEETING OF JULY 17, 2024 PAGE 6 tripping hazards or risks for vehicles, those areas would then be in compliance. However, the already milled section would need to be repaved due to the uneven ground, which is a tripping hazard. So, the best approach would be to either fill all the potholes and repave that milled area or to level everything out as needed. Mr. Kopp explained that in regard to the barrier area, unfortunately, he thinks that the key difference to recognize there is that, unlike Dover Downs or Blue Hen, which were mentioned earlier, those areas are away from the general public's access or buildings. For instance, at Dover Downs, it is their back parking lot, and at Bayhealth, it is also further from the building. In this case, he is going to be cautious because he does not think the Fire Marshal would approve this due to the close proximity to the building. It is not just about having a fire lane for fire trucks; it is also a staging area for ambulances. A ladder truck might need to position itself here, and they might need to back up some. Responding to Mr. Kopp, Mr. Paradee requested getting input from the Fire Marshal. Responding to Mr. Rocha, Ms. Brown stated that in the barricaded area, there is no damage other than the fact that it has been previously milled down. So, that area is not as much about damage as it is about being a tripping hazard or not being brought to a finished condition. There are not any real potholes there; it is just that the surface has been milled down and is not level with the rest of the parking lot. Mr. Kopp recommended putting this matter on hold until input is received from the Fire Marshal and the Planning Department. Responding to Mr. Rocha, Ms. Brown stated that she did not include the striping. The only thing in that blue area would, that could possibly be brought up would be the fire lane wording, on the actual pavement. Ms. Brown would assume that it would be a part of the strike list but that would not come from her office anyway, if that were to be written up, that come from the Fire Marshal’s Office. Responding to Mr. Campana, Mr. Turick stated that he would rather clean that area a couple extra times a month. Mr. Kopp stated that any motion to defer this item to a later meeting would postpone further action by Code Enforcement regarding the parking lot; however, this would not prevent the appellant from making improvements in the interim. He recommends that the appellant proceed with the improvements as it demonstrates a good faith effort. Essentially, at Ms. Brown’s next inspection, they will avoid receiving a citation. Responding to Mr. Campana, Mr. Kopp stated that with the Planning Department, they are just going to see if it is possible to eliminate the partial space and what their process is moving forward. Mr. Kopp also mentioned that he believes 30 days is a reasonable timeframe. Mr. Kopp requested that the board task staff with scheduling the next Construction and Property Maintenance Code Board of Appeals meeting once they have received the necessary information from the Planning Department and the Fire Marshal.

CONSTRUCTION AND PROPERTY MAINTENANCE CODE BOARD OF APPEALS MEETING OF JULY 17, 2024 PAGE 7 Mr. Rocha moved to accept the proposed repaving portion highlighted in red, as documented in the presentation, and to defer to staff to review and submit the proposed barricaded area to the Fire Marshal and Planning Department. Staff will then schedule the next meeting for the board to review that portion. The motion was seconded by Mr. Campana and unanimously carried. Mr. Boggerty moved for an adjournment of the Construction and Property Maintenance Code Board of Appeals meeting, seconded by Mr. Rocha, hearing no objection, the meeting adjourned at 4:45p.m. The meeting adjourned at 4:45 p.m. Andre Boggerty Chairman AB/aw Attachments Attachment #1 – Packet from Mr. Paradee

Attachment #1 Construction and Property Maintenance Code Board of Appeals meeting of 07/17/2024 Dover Bay Court Plaza, LLC Tax Parcel # ED-05-077.00-01-160.00-000 650 Bay Road, Dover, Delaware Appeal to Construction and Property Maintenance Code Board of Appeals July 17, 2024 Hearing 1. INTRODUCTION by John W. Paradee (Baird Mandalas Brockstedt & Federico) Citation for Violation of City Code Section 22-221 Section 302.3 of the International Property Maintenance Code II. OVERVIEW OF BAY COURT PLAZA SHOPPING CENTER by Michael Turick (Capano Management Company) Shopping Center Layout Present Occupancy Rate - Shopping Center Financials Appraisal & Tax Assessment History III. ENFORCEMENT ISSUES by John W. Paradee (Baird Mandalas Brockstedt & Federico) IV. PROPOSED RESOLUTION/PLAN OF ACTION by Michael Turick (Capano Management Company)

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h JOHN W. PARADEE BAIRD 302.677.0061 john@bmbde.com MANDALAS BROCKSTEDT~ June 20, 2024 VIA ELECTRONIC & REGULAR MAIL Sierra Brown Code Enforcement Officer City of Dover Inspections Department 15 Loockennan Plaza Dover, Delaware 19901 RE: Notice of Appeal for Case/Citation #24-00001498 Lands of Dover Bay Court Plaza, LLC Tax Parcel #ED-05-077.00-01-160.00-000 650 Bay Road, Dover, Delaware Dear Ms. Brown: Please be advised that this law firm represents Dover Bay Court Plaza, LLC (the "Owner"), the owner of certain lands and premises located at 650 Bay Road, Dover, Delaware, otherwise identified as Tax Parcel #ED-05-077.00-0l-l60.00- 000 (the "Property"). Please accept this letter as the Owner's formal written appeal of (1) your determination that the Property is in violation of Section 302.3 of the International Property Maintenace Code of 2009, as adopted by Section 22-221 of the City of Dover Code, and (2) your citation #24-00001498 issued on June 6, 2024. At your earliest convenience, please advise when the Owner's appeal may be properly heard (presumably, by the City's Construction and Property Maintenance Code Board of Appeals). Thank you for your prompt attention. 6 South State Street 1Dover, Delaware 199011302-677-00611302-677-0065 www.bmbde.com DOVER I LEWES I WILMINGTON/GEORGETOWN

·S'ierra Brown June 20, 2024 Page 2 JWP/lwr cc: Michael Turick (Capano Management)

I)ivisiorl of QCttp of !JBober Code Enforcement r->hone:(302) 736· 7(lJ 1 [5 Loockerman Plaza Pil.li: (302) 7:3GA2!; Dover, DE 19901 OFFICIAL CITATION ·(!1tt-!J~ of cr :j9I1h.er DJV1S.ION Ol" CODE ENfORCEMENT Citation # 24-00001498 SIERRA BROWN cooe ENFOHG.cMENT O·FnCER i. DOVER BAY COUR'! PLAZA LLC 105 FOULK RD 1 ~ .!-.ODC'j·:ERM/l.N PL,f.ZA f ! DOVER, DELAWARE 1990 f WILMINGTON DE 19803 (30.2) 736-70f 4 E-MAIl-:S.BRDWN@DOVER.OE.US Location of Offe;lse: 650 BAY .RD ~vww.cl'tYOF"O~".E~.COM Type of Offense: PBOPERTY ~iNTENANCE-EXTE!<IOf Date of Offense: J6ne 6~ 2024 Tim~ of Offense: 11;17 Date of Issue: June ti, 2024 YOll are hereby fined for being ,i.n violatioh of the City of Dovc;i.:r orciirtance marked (X) be 101'1 ' Payment must ],Je received }.;ly .The City of DO\ler 11)spections Dept., 15 Lbockerrilan Plaza, Dover, Delaware. prior to 'J~ri~'2:2ir;,.2b24'. . Appeals for this cit.ation may be' sub'ndtted in y/riting to the C.ity of 'pover Inspections Depcirtn)ent at th~ aboVe· address. rhis appeal must be made witl1in :30 days of the date of the offense, its o'wn If the violation is not corrected', the city res~r:ves t·he right to use resources or those of a contra.ctor to abate the be.low violatibn(s) and to bill the owner of the property for su.ch cost-plqs admin-is.trativ.e· fees. Every ci~ation issued is a separate o·ffens<;!/ff2re.The amount· lis.tecl bel~w is intended solely f?x this issued citation and doe.s not reflect the clUtstanding balance .that may be owed. It is the r~sponsibility of the property. owner to ensure a.ll outs tand:lng balances are paid. For a tot:a~ of the .baiail.ce owed for thi; case contact t:be ]Jivi,!;;ion of cocie Enforcement. correcd.ng the vio~atiqn(s) does not dismiss or resolve tbis citation. A~.r citations issued wiJ.~ remain due u1:ltii paid in full. vi ./ (L/~~J.Jn Sierra (j~ Brown - Code Enforcement Officer Violation; (X) FAliurui:'TO 1'RE;PAIR/REP.:LA$:>PNP<ING ".tOT Sec No; oco 22-"27.1'1'2009;~ 302:'~ ~SiDEWALKS''AND b~AYS Fine as per code: $1.0().OQ www.cityofdover.com/codeenforcement (!L:olllilmnitlJ (ltxcrHrm-e Z!C{Jt'(ll~~l~ ~uaIi t!.J ~£fllix:t

DivisioJl of Code Enforcement Q.Cit!' of r>hOi1c: (302) 736-701 i I 5 LOQckerl11an Plaza Fax: (302) 736-42!7 Dover, DE 19901 SECOND NOTICE June 6, 2024 DOVER BAY COURTPLAZA LLC 105 FOULK RD WILMINGTON DE 198{)3 RE: Property Address: 650 BAY RD T~x Parcel NUmber: ED-05-077.00-01-160.000-boo Case Number: 24-000{)1498 Dear SIR/MADAM: On May 02, 2024, Cod.e Enforcement Officer Sierra BrOHn w.ith the Cits of Dover, Dep.artment of Inspections conducted aD in·spection at 650 BAY RD. The inspection revealed one br more City Code ViolationS on the propert;.y. Attached are the violation(s) found. A follow-up inspection was not scheduied for this case, or t.he r:e-inspection revealed that the violation (s) remain. Enclosed is a Citation for failure to co;crect the viol.ation (s). An additional inspection must be sc;:heduled by Juiy QS','';:2tf;Z4.. Failure tb comply will result in an additional citation a):1d if the p):,operty is a rental unit, may resul t in the suspension of the rental li..cense. It is the responsibility of the property owner/agent t6 contact;. this office to schedule all in~pections. Please con~act this office with a ~ate atid time to cGnduct yout re- inspection. You are not required to contact this offiee if the re-inspectiori is for an exterior violation. If you have any qu~stibns or would li~e to schedule your inspection or appeal this noti.ce, please contact me at (3.02) 736-7011. . Sincerely, y{~~/) Sierra Brown Code Enforcement Officer cc: File www.cityofdover.cOlTJcodeenforcement ([onlmunitp QExrdlrllte tE{l1'f)trg:l) @tw[ity Srrl.lla'

VIOLATION DETAIL PAGE 1 CASE NUMBER 24-00001498 PROPERTY ADDRESS 650 BAY RD -------------------------------------------------------------- 1 VIOLATION: 256 QUANTITY: DESCRIPTION: 256 REPAIR/REPLACE PARKING LOT DATE: 5/02/24 LOCATION: PlmKING J,-,OT NARRATIVE: REPAIR/REPLACE THE DETERIORATED PARKING LOT AND BRING TO- A FIN2SHED CONDITION. ORDINANCE DESCRIPTION , SECTION PM 302.3 Sidewalks and driveways. :Sidewalks I walkways stairs , driveways, parking spaces a_!1dsimilar I are.as shall be kept in a proper state of repair I and. maintained free from hazardous conditions. CORRECTIVE ACTION REQUIRED : Repair or replace the deteriorated parking lot, drive lanes and/or fire lanes.

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7/16/24,305 PM Dover, DE Code of Ordinances Sec. 22-221. - Adopted. (a) A certain document, three copies of which are on file in the licensing and permitting office of the city, being marked and designated as "The International Property Maintenance Code, 2009" as published by the International Code Council, be and is hereby adopted as the Property Maintenance Code of the City of Dover, in the State of Delaware; for the control of buildings and structures as herein provided; and each and all of the regulations, provisions, penalties, conditions and terms of said property maintenance code are hereby referred to, adopted, and made a part hereof, as if fully set out in this section, with the following additions, insertions, deletions and changes: Section 101.1 Title. Insert "City of Dover, DE" in place of "[NAME OF JURISDICTION]" SECTION 111 MEANS OF APPEAL See Chapter 22 - Buildings and Building Regulations, Article I - In General, Sec. 22-1 Construction and property maintenance code board of appeals, Section 304. 14 Insect screens. Insert "March 1st to November 30th" in place of "[date] to [date]". Section 602.3 Heat supply. Insert "September 15th to May 1st" in place of "[date] to [date]", Section 602.4. Occupiable work spaces. Insert "September 15th to May 1st" in place of "[date] to [date]". (b) It shall be unlawful for any person to violate any of the provisions of the publication adopted in subsection (a). Jde 1981, § 10-1; Ord. of 7-10-1989; Ord. of 4-25-1994; Ord. of 1-27-1997; Ord. of 3-13-2000; Ord. of 4-11-2005(7); Ord. of 4-14-2008; Ord. No. 2010-02, 5-10-2010; Ord. No. 2016-19, 8-22-2016) about:blank 1/1

'SECTION 302 EXTERIOR PROPERTY AREAS 302.1 Sanitation. All exterior property and premises shall be maintained in a clean, safe and sanitary condition. The occupant shall keep that part of the exterior property which such occupant occupies or controls in a clean and sanitary condition. 302.2 Grading and drainage. All premises shall be graded and maintained to prevent the erosion of soil and to prevent the accumulation of stagnant water thereon, or within any structure located thereon. Exception: Approved retention areas and reservoirs. 302.3 Sidewalks and driveways. All sidewalks, walkways, stairs, driveways, parking spaces and similar areas shall be kept in a proper state of repair, and maintained free from hazardous conditions. 302.4 Weeds. All premises and exterior property shall be maintained free from weeds or plant growth in excess of (jurisdiction to insert height in inches). All noxious weeds shall be prohibited. Weeds shall be defined'as all grasses, annual plants and vegetation, other than trees or shrubs provided; however, this term shall not include cultivated flowers and gardens. Upon failure of the owner or agent having charge of a property to cut and destroy weeds after service of a notice of violation, they shall be subject to prosecution in accordance with Section 106.3 and as prescribed by the authority having jurisdiction. Upon failure to comply with the notice of violation, any duly authorized employee of the jurisdiction or contractor hired by the jurisdiction shall be authorized to enter upon the property in violation and cut and destroy the weeds growing thereon, and the costs of such removal shall be paid by the owner or agent responsible for the property. 302.5 Rodent harborage. All structures and exterior property shall be kept free from rodent harborage and infestation. Where rodents are found, they shall be promptly exterminated by approved processes which will not be injurious to human health. After pest elimination, proper precautions shall be taken to eliminate rodent harborage and prevent reinfestation. 302.6 Exhaust vents. Pipes, ducts, conductors, fans or blowers shall not discharge gases, steam, vapor, hot air, grease, smoke, odors or other gaseous or particulate wastes directly upon abutting or adjacent public or private property or that of another tenant. 302.7 Accessory structures. All accessory structures, including detached garages, fences and walls, shall be maintained structurally sound and in good repair. 302.8 Motor vehicles. Except as provided for in other regulations, no inoperative or unlicensed motor vehicle shall be parked, kept or stored .on any premises, and no vehicle shall at any time be in a state of major disassembly, disrepair, or in the process of being stripped or dismantled. Painting of vehicles is prohibited unless conducted inside an approved spray booth. Exception: A vehicle of any type is permitted to undergo major overhaul, including body work, provided that such work is performed inside a structure or similarly enclosed area designed and approved for such purposes. 302.9 Defacement of property. No person shall willfully or wantonly damage, mutilate or deface any exterior surface of any structure 'or building on any· private or public property by placing thereon any marking, carving or graffiti. Copyright © 2024 International Code Council, Inc., or its licensors (ALL RIGHTS RESERVED). Accessed by John Paradee on 06/20/2024 pursuant to License Agreement with ICC No further reproduction or distribution authorized. Any Unauthorized reproduction or distribution is a violation of the federal copyright, and subject to civil and criminal penalties thereunder.

II. OVERVIEW OF BAY COURT SHOPPING CENTER

r Proposed New Paving Proposed New Striping Sq. Ft. % 52,850 29% 128,661 71% 181,511 100%

r ( r 2020 2021 2022 2023 2024 (Jan-May) Revenue 448,950 470,039 494,100 445,773 206,390 Expenses (282,052) (389,598) (360,079) (312,820) (168,389) Net Operating Income 166,898 80,441 134,020 132,953 38,001 Capital Expenditures (1,183,805) (293,414) Net Cash Flow (1,016,908) 80,441 (159,393) 132,953 38,001 Debt Service (264,672) (336,732) (393,561) (479,597) (197,252) Net Cash Flow After Debt Service (1,281,579) (256,290) (552,955) (346,644) (159,250)

Apex REAL ESTATE EVALUATION Of Realty Arl\~SOI1' BA Y COURT PLAZA Ccmmmlal IWI fsalt AppnriI4~Advisory 6- CQmulting 650 South Bay Road Dover, Kent County Delaware 19901 As of July 1,2023 Prepared For Mr. Michael Turick Capano Management 105 Foulk Road Wilmington, DE, 19803 Prepared by Apex Realty Advisory, LLC 101 Brandywine Blvd Wilmington, Delaware 19803

Realty Advisory Commercial Real Estate Appraisal, Advisory & Consulting 101 Brandywine Boulevard Wilmington, DE 19803 Voice: 302-479-5300 May 2, 2024 Fax: 302-397-2403 Mr. Michael Turick Capano Management 105 Foulk Road Wilmington, DE 19803 Re: Restricted Real Estate Appraisal Report 650 South Bay Road, Dover Kent County, Delaware 19901 Dear Mr. Turick: At your request, we have prepared a restricted appraisal for the above referenced property. Please reference Page 5 of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, highest and best use analysis, and valuation methodology. The subject of this appraisal is known as Bay Court Plaza retail shopping center located at 650 South Bay Road, Dover, Delaware. The site is 17.70 acres, zoned C-2 and is improved with a rectangular one-story, retail shopping center containing 181,511 square feet. The building occupancy is 29.12% to five tenants. The building was built in 1978/2001 and is deemed to be in fair to average good condition. We certify that we have no present or contemplated future interest in the property beyond this estimate of value. The appraiser has performed no other services regarding the subject within the three years prior to our acceptance of this assignment. This appraisal is intended to comply with the reporting requirements of Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice (USPAP). As a result, it presents brief presentation of the data, reasoning, and analyses that were used in the appraisal process to develop the opinion of value. Your attention is directed to the Standard Assumptions and Limiting Conditions section of this report (page 1). Acceptance of this report constitutes an agreement with these conditions and assumptions, as well as the Extraordinary Assumptions and Hypothetical Conditions found on page 1. No hazardous substances were apparent upon inspection; however, employees and sub-contractors of Apex Realty Advisors are not experts in the environmental field. For purposes of this appraisal, the site and the improvements are assumed to be "clean." Apex Realty Advisory reserves the right to amend the value conclusion(s) presented in this report should further information be made available at a later date regarding the environmental condition of the property or area surrounding the subject property. No hazardous substances were apparent upon inspection; however, employees and sub-contractors of Apex Realty Advisors are not experts in the environmental field. For purposes of this appraisal, the site and the improvements are assumed to be "clean." Apex Realty Advisory reserves the right to amend the value conclusion(s) presented in this report should further information be made available at a later date regarding the environmental condition of the property or area surrounding the subject property.

Mr. Michael Turick Capano Management May 2, 2024 Page 12 The opinions expressed in this report are based on estimates and forecasts that are subject to considerable risk and uncertainty due to the economy, inflation and supply chain issues which have all caused elevated construction costs and impacted feasibility. Events may occur that could cause the performance of the property to differ materially from our estimates, such as changes in construction costs, the economy, interest rates, changing effective market rents, return and yield expectations, as well as the decision calculus of investors, lenders, and consumers. u.s. economic growth is slowing due to the Fed's monetary policy try to rein in inflation. The federal funds rate is now the highest it has been since 2001 and the Fed could either hold rates higher for longer or begin rate cuts in 2024. As of yearend 2023 the Fed indicates that they are most likely done raising interest rates and that cuts are likely in 2024. However, persistent inflation above the central bank's two percent target and the strength and resiliency of the labor market are at odds with the speed and number of potential cuts that markets have priced in. Commercial real estate is heavily influenced by macroeconomic forces and capital flows as it is a credit intensive industry. The Fed's tightening monetary policy over the past two years has caused an economic slowdown and a credit crunch that has impacted the commercial real estate industry. The balancing act of managing inflation, lenders hesitancy to extend credit, and rising interest rates have weakened investor confidence. We are in a period of price discovery where buyers and sellers bid/ask spread are too far apart on pricing expectations. This has significantly reduced sales volume due to the higher cost of capital and eroded commercial real estate pricing. Retrospective Market Value Based on the appraisal described in the accompanying report, we have made the following value conclusions. The market value of the Leased Fee estate of the property, as of July 1,2023, is $3,150,000 Three Million One Hundred Fifty Thousand Dollars The market exposure time proceeding July 1, 2023 would have been six to 12 months. Our market value estimate above only considers the value of the tangible real estate. Distribution of this letter and accompanying report, which is to be distributed only in its entirety, and the conclusion(s) herein, is intended and restricted to use by Mr. Michael Turick, Capano Management, the Kent County Board of Assessment Review, and/or all approved representatives and advisors solely and is not be relied upon by, or shown to any other party (please see the "Standard Assumptions and Limiting Conditions" that are considered usual for this type assignment and have been included at the end of this report). No one other than the client is the intended user of this appraisal and no other parties should use or rely upon this appraisal for any purpose. Neither the report nor any of its contents, nor any reference to Apex Realty Advisory or signatory(ies) of this report, may be included or quoted in any document, offering circular, registration statement, prospectus, sales brochure, other appraisal, loan, electronic communication or offering or other agreement without Apex Realty Advisory's prior written approval. Apex Realty Advisory

Mr. Michael Turick Capano Management May 2, 2024 Page 13 If you should have any questions or comments, please call us directly at 302-479-5300. Respectfully submitted, Apex Realty Advisory, LLC By Jay L. White, MAl, CRE® Delaware Certified General Real Property Appraiser Delaware-X1-0000515 Expiration: October 31, 2025 Apex Realty l\d\isory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 14 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject Property: Bay Court Plaza 650 South Bay Road Dover, Delaware 19901 Owner: Dover Bay COUliPlaza, Inc. Tax Identification Number: 2-05-07700-01-1600-000 Date of Report: May 2, 2024 Intended Use: for asset management as it pertains to a real estate tax appeal with retrospective value as of July 1, 2023. Intended User(s): Mr. Michael Turick, Capano Management, the Kent County Board of Assessment Review, and/or all approved representatives and advisors solely Property Type: One-story retail shopping center Client: Capano Management Sale History: The subject has not sold or been offered for sale in the three years prior to the effective date of this appraisal. PROPERTY Land Area/Zoning: Total: 771,012 square feet / SC-2 and C-4 - Community Shopping Center and Highway Commercial Improvements: A one-story strip shopping center built in 1971. It totals 181,511 rentable square feet and is 29.12% leased to five tenants. Highest and Best Use Is for some form of mixed-use apartment/retail development as Vacant: consistent with the surrounding uses and zoning regulations. Highest and Best Use Hold for future mixed-use apartment/retail redevelopment. as Improved: Continue to collect contract the in-place contractural rents until all leases expire while obtaining approvals for redevelopment with a more productive use. VALUE INDICATIONS Market Value "As Is" Effective Date of Value: July 1,2023 Property Rights Valued: Leased Fee Sales Comparison Approach: $3,275,000 Income Capitalization Approach: $3,100,000 Reconciled Value: $3,150,000 Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page /5 SCOPE OF WORK Report Type: This is a Restricted Appraisal Report as defined by Unifonn Standards of Professional Appraisal Practice under Standards Rule 2-2(b). This fonnat provides a summary or description of the appraisal process, subject and market data and valuation analyses Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: A complete interior and exterior inspection of the subject property has been made, and photographs taken. Market Area & Analysis of A complete analysis of market conditions has been made. The appraiser maintains Market Conditions: and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest & Best Use Analysis: A complete as vacant and as improved highest and best use analysis for the subject has been made. Physically possible, legally pennissible and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: This approach was not applied, as the age of the improvements makes the depreciation difficult to accurately measure. Sales Comparison Approach: This approach was applied, as there is adequate data to develop a value estimate and this approach reflects market behavior for this property type. Income Capitalization This approach was considered because the subject is an income producing Approach: property and there is adequate data to develop a value estimate with this approach. Our scope of work included an inspection of the subject property, a review of the underlying market conditions including market fundamentals, market sales and rents, and financial rates of return for real estate investments. Problem to be solved: in this case, our restricted appraisal services provided are to be used to render guidance related to client's intended use for asset management as it pertains to a real estate tax appeal with retrospective value as of July 1,2023. Intended use & users: The report is intended for use by Mr. Michael Turick, Capano Management, the Kent County Board of Assessment Review, and/or all approved representatives and advisors solely. We have considered the intended users when determining the level of detail to be provided in this report. Property rights evaluated: Leased Fee rights in the real estate. Exposure Time: Exposure time is defined as: "The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective opinion based on an analysis of past events assuming a competitive and open market." Thus, exposure time is a retrospective concept based on historical information. The consequence of the Federal Reserve attacking inflation has had an impact upon consumer spending and real estate pricing that was dependent upon a low interest rate environment. Cheap debt is a thing of the past for the foreseeable future. Rising interest rates have had a chilling effect on the real estate market. The broader capital markets have all but seized decreasing the availability of debt and has fostered lower transaction activity and placed market participants into an unclear time of price discovery. Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 16 Many investors find it difficult to make sound investment decisions in a volatile market. Given risk and uncertainty surrounding many deals, nobody knows when to deploy capital because they do not know where the bottom is yet. These factors are perpetuating market activity to remain slow and lean. However, investing during times of capital market volatility can lead to outsized returns in the long run. The PwC Q4 2023 Real Estate Investor Survey indicated marketing times of 1-15 months with an average of 7.2. months for National Strip Shopping Center Market properties. The concepts of confidence, stability, and liquidity are key to maintaining healthy real estate activity. With more market clarity real estate investors will become more optimistic in "fair value" in commercial real estate pricing. As we foresee no significant changes in market conditions in the near tenn, it is our opinion that a reasonable exposure period for the subject is six to 12 months if sold in the market given CUlTentmarket conditions. Lenders will tighten underwriting and raise their risk threshold. Effective Date of Value: is retrospective as of July 1,2023. Sales History: The subject has not sold or been offered for sale in the three years prior to the effective date of this appraisal. SUbject Property: is located at 650 South Bay Road, Dover, Delaware and identified as tax parcel #2-05- 07700-01-1600-000. The subject consists of 17.70 acres zoned SC-2 and C-4, that is improved with a one- story, 181,511 square foot shopping center with 702 parking spaces. The center has two pads (one leased to Buffalo Wild Wings) and 175,111 square feet of in-line space demised into 22 units. The center was built in 1978/2001 and was judged to be in fair to average condition with signs of deferred maintenance. The center is 29.1 percent occupied by five tenants and has not signed a new tenant since 2020. Local Retail Market Conditions: CoStar reports the Dover retail market had an overall vacancy rate of 6.1 percent in Q3 2023 and experiencing negative net absorption. The Blue Hen Corporate Center, located across the street, is a former 437,846 square foot enclosed mall on 45.38 acres that was converted into Class BIC office as Blue Hen Corporate Center in the mid-1990s. Many of its tenants moved four miles west to the Dover Mall. Most of Dover's retail development is located off Route 13 (DuPont Highway) to the west with three grocery stores (Safeway, Aldi, and Lidl) plus national retailers including Lowes, Sam's Club, Home Depot, Michaels, Big Lots, Burlington Coat, Best Buy, Target, etc. It is also where major retail demand generators are located such as Bally's Dover Downs Casino, Dover Motor Speedway and Delaware State University. DelDOT's 2022 traffic counts for Bay Road are 25,628 VPD and to the west along Route 13 the counts are much higher at 37,947 to 52,136 VPD. Definition of Market Value: The commonly-used definition of market value found in the federal regulations of the agencies that regulate fmancial institutions has been used in this assignment. Conditions of the Appraisal: The appraisal does not employ any extraordinary assumptions or hypothetical conditions. Real Estate Taxes: The subject is assessed by City of Dover and Kent County and the tax rate is $100 per assessed value. The resulting annual tax liability is summarized in the table below. Real Estate Assessment and Taxes Total City County School TaxID Land Improvements Assessment Rate Rate Rate Tax Rate Taxes 2-05-07700-01-1600-000 $477,900 $2,537,700 $3,015,600 $1.21 $0.30 $2.55 $4.06 $122,315 Notes: Assessment and taxation records were compiled fi'om the City of Dover and Kent County property records. The local effective real estate tax rate load factor is concluded to be one percent (1%). Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 17 Highest & Best Use: considers the legally pennissible, physically possible, financially feasible, and maximally productive uses for the subject site both as vacant and as improved. Legally, the SC-2 and C-4 zoning district permits a variety of uses with the most probable being retail/commercial stores; hotels and motels; public libraries; banks; restaurants; hospitals and medical centers; and residential uses such as apartments. Given the subject zoning, some form of mixed-use development with multi-family and supporting retail uses would be permitted. Physically based upon topography, access, and the surrounding uses, the subject as vacant would most likely be developed with a mixed-use apartment/retail building(s). The site has access to all public utilities, about 1,000' of Bay Road frontage, and good roadside visibility. The subject site, given its size and configuration, is believed to capable of accommodating any of the potential uses allowed by zoning. In our opinion market fundamentals point to limited demand for speculative development at the current time due to a dislocation in the capital markets, elevated construction costs and current rent levels not supporting new construction. A newly developed mixed-use use on the site would not have a value commensurate with its costs, therefore development is not considered to be financially feasible. The most probable financially feasible uses would be to hold for future mixed-use development. Based upon our analysis of the current market conditions if the site was vacant there does not appear to be any reasonable probable use of the site that would generate a higher land value than development for some form of mixed-use apartment/retail use, when market conditions support construction. In our opinion, some form of mixed-use project developed to the maximally permitted density per zoning represents the maximally productive use of the property as vacant. Accordingly, it is our opinion that the highest and best use of the subject site if vacant would be to hold for future mixed-use development. The existing improvements are considered a legally permitted use. Physically, the existing improvements were built/renovated in 1978/2001 and were in fair to average condition with signs of defen'ed maintenance, Financially the property suffers from a vacancy rate below the market. The exiting improvements are only 29.12% leased and as leases expire cash flow will decline. This along with difficulty leasing, rising tenant fit-out costs and concession, and escalating maintenance and operating costs makes a continuation of the current use not financially feasible. The maximally productive use of the existing improvements is to continue to collect contract rents and reimbursements until leases expire and thus support the redevelopment of the property with a more productive use. The concluded highest and best use for the site as improved is for continued income collection until the leases expire then the redevelopment of the site with a mixed-use property. Approaches to Value: all three approaches to value were considered, namely the Cost; Sales Comparison; and Income Capitalization. Since the subject was built in 1978/2001 and suffered from a variety of accrued depreciation the Cost Approach was not developed due to the subjectivity associated with estimating depreciation. The Sales Comparison Approach was developed, because there is adequate data to develop this approach. The Income Capitalization Approach was also utilized due to the subject being an income producing property and there is adequate data to develop a value estimate for this report. SALES COMPARISON APPROACH This approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution, and externalities. Apex Realty Adlisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 18 The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a [mal i11dication of value via the Sales Comparison Approach. Land Valuation The subject's land value as though vacant has been developed via the Sales Comparison Approach. This approach is based upon the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Sale Comparables We have conducted research for land sales similar to the subject property ill terms of location, shape, utilities, zoning, size, and utility. Our analysis presents the three land sales that were considered to best represent CUlTent market value for the subject property land. These land sales are summarized below, along with a location map, and are documented in greater detail in our sales summary sheets. All sales have been researched through numerous sources and verified. Price per Comp Address City Date Price Acres Acre Shape Utilities Zoning Subject 650 South Bay Road Dover Jul-23 17.70 Inegular All public SC-2 and C-4 1 4719 S. Dupont Dover Nov-23 $2,300,000 9.91 $232,089 Irregular All public BG Hi hway 2 N/S Leispsic Rd Dover Aug-23 $3,554,000 15.00 $236,933 Rectangular All public SC2 3 640 S Bay Rd Dover Jun-21 $462,500 1.99 $232,189 Rectangular All public C4 Comparable Land Sales Map ., "Itt II'" "nt» UtlleC,Hk Ullle-ClHk ~ WlidMeAf('ol Poc~et1nv lIuch @ OovfiAFB(!) (;) @l1 ~'m tllII~ ",,""- WlllowGrov. ® Wocd,l(Ie @ 104'11"1'11. 0 .~~ On the following page is a sales comparison grid displaying the subject property and the adjustments. Apex Realt). Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 19 Land Sale Analysis Grid Land Analysis Grid Compl Comp2 i Comp3 Address 650 South Bay Road I 4719 S. Dupont Highway NIS Leispsic Rd I, 640S Bay Rd City Dover Dover Dover Dover State DE DE DE i DE Date 711/2023 I 1111512023 8/3012023 I 6114/2021 Price I $2,300,000 $3,554,000 1 $462,500 I Acres 17.70 I 9.91 15.00 1.99 Acre Unit Price I i $232,089 $236,933 II $232,189 ; Transaction Adjustments , Property Rights Fee Simple :Fee Simple 0.0% Fee Simple 0.0% IFee Simple 0.0% Financing Cash to seller ICash to seller 0.0% Cash to seller 0.0% !conventional 0.0% I Cond itions of Sale Normal IArm's length 0.0% Arms-length 0.0% IAnn's Length 0.0% Adjus ted Acre Unit Price $232,089 $236,933 $232,189 Market Trends Through Jul-23 I 0.0% 0.0% I 0.0% Adjusted Acre UnitPrice I $232,089 $236,933 $232,189 Location Average Superior Superior Similar iI I % Adjustment i -15% -20% I 0% $ Adjustment I -$34,813 -$47,387 $0 I Acres 17.70 9.91 15.00 1.99 % Adjustment I -10% -5% I -25% $ Adjustment -$23,209 -$11,847 -$58,047 I Topography Level Level Level Level % Adjustment I 0% 0% I 0% $ Adjustment $0 $0 I $0 Shape Irregular Irregular ! I Rectangular Rectangular % Adjustment , 0% -5% iI -5% $ Adjustment $0 -$11,847 I -$11,609 ! I I Utilities All public All public All public II All public % Adjustment 0% 0% I 0% $ Adjustment I $0 $0 : $0 I Zoning SC-2 and C-4 I BG SC2 C4 % Adjustment I 0% 0% 0% $ Adjustment $0 $0 i $0 I i Adjus ted Acre Unit Price $174,067 $165,853 i $162,532 Net Adjus tments I -25.0% -300% -300% Gross Adjus tments I 250% 30.0% I 30.0% Land Value Ranges & Reconciled Value Number of Com parables: 3 Unadjusted Adjusted %A Low: $232,089 $162,532 -30% High: $236,933 $174,067 -27% Average: $233,737 $167,484 -28% Median: $232,189 $165,853 -29% Reconciled ValuelUnit Value: $165,000 Subject Size - Acres: 17.70 Indicated Market Value: $2,920,500 Reconciled Final Value: $2,925,000 Two Million Nine Hundred Twenty Five Thousand Dollars Apex Realty Am1sory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 110 Land Valuation Conclusion The adjusted values of the comparable properties range from $162,532 to $174,067 per acre, with an average of $167,484 per acre and median value of $165,853 per acre. Based upon the size, location, availability of public utilities and zoning of the subject property Sales 1 and 3 were given the most consideration as they required the least adjustment on a net basis. As a result, we have focused the approximate midpoint of the two sales in reconciling to a land unit rate value of $165,000 per acre, or $2,925,000, rounded, effective July 1,2023. Underlying Land Value Indicated Value per acres: $165,000 Subject Size: 17.70 acres Indicated Value: $2,920,500 Rounded: $2,925,000 Two Million Nine Hundred Twenty Five Thousand Dollars Improved Sale Comparables In addition to estimating the subject land value as if vacant via this approach we also researched three relevant retail shopping center sales in Delaware that were suffering from high vacancy rates and planned for demolition and redevelopment. These sales share a similar highest and best use with the subject property. Sale 1 is a retail center located in Seaford that sold in December 2022 for $20.1 0 per square foot of existing building area. The buyer is demolishing the buildings for a $60 million, 243,000 square foot redevelopment project which will include a mix of retail, institutional and recreational spaces. Pre-leased tenants include Delaware Technical Community College, Bright Bloom Montessori School, The Mill, a coworking office operator, and TidalHealth. They buyer of this property was supported by state and local funding for the demolition and some repurposing of existing buildings. Sale 2 is a former mall in Claymont off of the I-95 interchange with Naamans Road near the Pennsylvania state line. It suffered from deferred maintenance and low occupancy and it was acquired in June 2021 for demolition and redevelopment with a smaller 15,000 square retail center and a 525,000 square foot distribution warehouse. This property benefits from its access offI-95, proximity to Pennsylvania and the Philadelphia International Airport to the north. Sale 3 is the sale of an older building in poor condition that formerly was occupied by Brandywine Fonnan Mills. It was acquired for demolition and redevelopment with a climate controlled, self-storage facility. Most weight was given to Sales 1 and 2 given their larger size and scope of their planned redevelopment. However, each was considered superior so their $/SFB unit rates would be adjusted downward in comparison to the subject. Based upon the characteristics of the subject we have reconciled a unit rate of $18 per SPB or $3,275,000, rounded via the Sales Comparison Approach. Delaware Shopping Center Sales Summary # Property Location Sale Date Sale Price Land Acres Zoning Building SF Year Built % Leased $/SFB 1 Nylon Capital Shopping Center Seaford, DE Dec-22 $5,400,000 14.16 C-2 268,686 1956/1994 15.0% $20.10 2 Tri-State Mall Claymont, DE Jun-21 $12,500,000 40.91 CR 511,445 197011996 3.0% $24.44 3 4601 N. Market Street Wilmington, DE Jan-20 $1,250,000 4.58 CR 40,000 1950 0.0% $31.25 Subject Dover, DE JuJ-23 $3,275,000 17.70 SC2 181,511 1978/2001 29.1% $18.00 Apex Realty Affiisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page III INCOME CAPITALIZATION APPROACH This approach to value is based on the present w0l1h of the future rights to income. This type of analysis considers the propelty from an investor's point of view, the basic premise being that the amount and quality of the income stream are the basis for value of the property. Direct Capitalization Analysis The steps involved in capitalizing the subject's net operating income are as follows: • Develop the subject's Potential Gross Income (PGI) through analysis of the subject's actual historic income and an analysis of competitive current market income rates. • Estimate and deduct vacancy and collection losses to develop the Effective Gross Income (EGI). • Develop and subtract operating expenses to derive the Net Operating Income (NOI). • Estimate an appropriate capitalization rate (Ra). • Divide the net operating income by the capitalization rate for an estimate of value through the income capitalization approach. Potential Gross Income (pGI) The subject contains a total of 181,511 square feet of rentable area. The subject is currently 29.12% occupied by five tenants. Leasing at the subject has been sluggish and arduous, as the last new lease signed at the subject property was Dollar Tree in May 2020. We would anticipate a developer would market the property to prospective tenants for about five to six months. Market Rent Comparables We have researched market lease comparables for retail space as summarized below. All the rents have been researched through numerous sources. Before adjustments, the comparables indicate an adjusted range of $11.41 to $16.00, with an average of $13.85 and a median of $14.00 per square foot. Kent County Retail Lease Comps Comp Start Term Size Base Rent # Address City State Date (mos.) (SF) $/SF Lease Type Condition Year Built Escalations I 74 E. Glenwood Ave Smyrna Delaware Sep-22 60 1,440 $13.00 NNN Good 1972 NA 2 625 S. DuPont Highway Dover Delaware JW1-21 36 1,752 $16.00 Modifiedgross Good 2003 2% annuaUy 3 872 Forrest Avenue Dover Delaware May-21 60 3,155 $IIAI NNN Average 1938 3% Year 6 4 170I E. Lebanon Road Dover Delaware Nov-20 60 4,000 $15.00 NNN Good 1994 2.5% annuaUy Subject 650 South Bay Road Dover Delaware Jld-23 173,JI 1 NNN Fair/average 197812001 Minimum Nov-20 36 1,440 $lJAI 1938 Maximum Sep-22 60 4,000 $16.00 2003 Avcmge Jw-21 54 2,587 $13.85 1977 Median May-21 60 2,454 $14.00 1983 The researched leases were adjusted for time, location, size, and age/condition as shown below. Kent County Retail Lease Comps Adjustments Adjustments Comp Base Rent # oerSF IExoenses Adjusted after ExDenses Leasing Concesions Adjusted Rent lime Location Size Agel Condition Adjusted S/SF t $13.00 +$.00 $13.00 $000 $13.00 0% 0% -15% 0% $1105 2 $t6.00 +$3.50 $t9.50 $0.44 $19.06 +5% -10% -15% -15% $12.68 3 $1141 +$.00 $]141 $0.38 SII.03 +5% -5% -10% +5% S10.84 4 S15.00 +S.OO S15.00 SO.OO $15.00 +10% -5% -5% -15% $12.75 Minimum $10.84 l\'laximum $12.75 Average S1183 Median SI1.86 Based upon this analysis, we have reconciled a market rent of $12.00 per square foot, triple net. The subject's weighted average in-line tenant rent at the subject is $8.30 per square foot. Apex RealtyAdvisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 P age 112 The subject's in-place rents are below our estimated market rent. The subject after being exposed to the market for lease over 11 years only resulted in a lease to Dollar Tree in 2020. This shows the lack of market demand of this property given its location, size, configuration, and condition. After accounting for the likely need for tenant concessions, elevated tenant improvement costs, the cost to cure deferred maintenance and continued operation of the property as a retail center seems not financially feasible. Potential Gross Income Conclusion Based upon current space, we reconciled to an annualized Year 1 potential income of$497,438. Vacancy and Collection Loss To be prudent we have projected a frictional vacancy and collection loss of 2.0% of POI. Expense Reimbursements Under tenns of triple net leases for four of the tenants, the landlord receives stipulated rent and the tenant obligations to pay their pro rata share of the property's operating expenses including management. The quoted reimbursements net of real estate taxes ranges from $0.81 to $1.00 per square foot and have been included in our revenue calculation. Effective Gross Income (EGI) Deducting vacancy and collection loss from the POI results in a total EOI of $487,489. The table below shows the revenue over the next 11 years as the leases expire. Revenue 7/23 . 6/24 7/24 . 6/25 7/25 - 6/26 7/26 - 6/27 7127 - 6/28 7/28 - 6/29 7/29 - 6/30 7/30 - 6/31 7/31 - 6/32 7/32 - 6/33 7/32 - 6/34 Buffalo Wild Wings $60,992 $62,596 $64,242 $65,932 $67,666 $69,446 $71,272 $73,146 $75,070 $77,045 $79,071 Dollar Tree 119,872 119,872 119,872 109,882 Club Fitness 240,750 253,800 258,000 262,200 132,150 Meg's Electric Beach 42,280 43,120 43,972 44,847 30,287 People Ready 33,544 34,468 35,420 36,400 37,408 Total Revenue $497,438 $513,856 $521,506 $519,261 $267,511 $69,446 $71,272 $73,146 $75,070 $77,045 $79,071 Expenses Included insurance, common area maintenance (CAM), utilities, management, and professional fees. Historical expenses, net of real estate taxes, have ranged from $191,457 (2023) to $258,049 (2021). The decline in operating expanse has been due primarily with reduced CAM. Net Operating Income Our estimated total operating expenses, net of real estate taxes, is $1.05 per square foot. After deducting the operating expenses from the EOI, an annual Year 1 cash flow of $296,918 is projected for the subject. Discount Rate In arriving at a discount rate, we have considered yields on alternative investments as well as the location of the subject property, its age, and its characteristics. To arrive at a discount rate, we developed the weighted average cost of capital, reviewed real estate investor surveys and researched rates on alternative investments. The weighted average cost of capital below is a yield rate of 9.00 percent, rounded. WciJ!_htcdA\Tage Cost OfCllJItal Ollculation Cari-taliZ:llion R:lte V:ll'iables Mortgage Lnlerest Rate 6.50010 wan Tenn(Ye,,,) 10 Loan To Value Ratio 30.% Debt Coverage Ratio 1.5 Equity Dividend Rate 7.00%) Band of IJl\cshnent Analysis Mortgage Constant "loan Ratio Contributions 0.136257573 30.% 4.09% Equity Dividend Rate Equity Ratio 7.00010 70.% 4.90% Band of Im~stmcllt Caritaiiz:1tioll Rate 8.99% Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 113 Real Estate Investor Surveys Data Below are the financial rates of return requirements for National Strip Shopping Center Market investments per the PWC real estate investor survey. National Strip ShoppingCenter Market ThirdQu:lrter 2023 Current QU:1rter L'l.':lOIl:1rter ~ 3 Yean Ano Discount Rate (lRR) Range 6.50010 • 11.00% 6.50% - 12.00% 6.50% - 11.00% 5.jOOIo - 11.00% Average 8.60010 8.83% 8.45% 7.8m.~ Change (Basis Points) ·23 +15 +80 I\'larkct Rent Change Range 0.00% - 3.00"/' 0.00% - 8.00% 0.00% - 3.00010 -5.00%, - 3.00t'1n Average 1.20% 2.25% 1.20% 0.43% Olange (Bnsis Points) -105 +0 +77 Expense Change R.111,gC 0.00% - 3.00010 0.00% - 3.00% 0.00% - 3.0W~ 0.00% - 5,00% Average 2.50% 2.33% 145% 2.29% Change (Basis Points) +17 +5 +21 Marketing lime (mos.) R..1ngc 1- 18 1-18 1-18 2 - 18 Average 7.1 6.4 7.1 8.6 Chaoge (V, /I., =) SfJuree: PlI'C II1Vt!3fOr Survey In our opinion, since three of the subject's tenants are local and two units are leased to national credit tenants (Buffalo Wild Wings & Dollar Tree), so a yield rate above the average of the survey is logicaL We have reconciled to a 9.0 percent discount rate is most relevant for calculating the present value of the subject's projected cash flow. Alternative Investment Yield Rates Alternative investments indicate a basic safe rate for treasuries and corporate bond securities range from 3_86to 5.71 percent with a median of about 4.S percent, excluding the S-year treasury. The median rate is then adjusted upward by a lSObps premium for risk, 100bps for management burden and 100bps for illiquidity which results in a built-up yield rate of 8.0 percent. Yields on Alternative Investments - Jnly 2023 Instrument Jul-23 Yield 5-Year Treasury 403% 10-Year Treasury 3.86% Moody's Aaa Corp. Bonds 4.63% Moody's Baa Corp. Bonds 5.71% S&P 500 Earnings Yield 4.30% NACREIF NFl Index -1.40% Discount Rate Conclusion In arriving at a discount rate, we considered yields available in the market as of July 2023, the property's location, physical characteristics, and in-place tenant credit and remaining lease term. We have concluded a discount rate of 8.S percent. Property taxes are based on the assessment of a property, but for tax assessment purposes the taxes are not known. Therefore, you need to "load" the cap rate for the real estate burden. The local Dover effective tax rate was estimated at one percent. Next, we "load" our estimated 8.S percent discount by the effective tax rate of one percent to arrive at our tax loaded discount rate of 9.S percent. The net present value of the in-place leases discounted at 9.S percent was $1,080,988 as summarized below. Net preseot value oflbe in-place rents Period 4 5 6 10 11 12 Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Potential gross income $497,438 $513,856 $521,506 $519,261 $267,511 $69,446 $71,272 $73,146 $75.070 $77,045 $79,071 $81,150 Less 2% vacancy & credit loss -$9.949 -$10.277 -$10.430 -$10,385 -$5.350 -$1,389 -$1.425 -$1,463 -$1,501 -$1.541 -$1,581 -$1.623 Effective gross income $487,489 $503,579 $511,075 $508,876 $262,160 $68.057 $69,847 $71.684 $73.569 $75.504 $77,489 $79.527 Expenses net of RE Taxes 190.571 196.288 202.177 208.242 214.489 220.924 $8174 $8.419 $8.672 $8.932 $9.200 $9.476 Nel cash flow $296.918 $307.290 $308.899 $300.634 $47,671 -$152.867 $61.672 $63.264 $64,897 $66,571 $68.289 $70,051 NPV (GJ95% $1.080.988 Apex Realty Advjsory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 114 To this net present value of the remaining contractural income stream, we must add the estimated value of the underlying land of $2,925,000, less the building demolition costs estimated at $5.00/SF or $907,555 for the redevelopment of the property as summarized below. The net result is a market value of $3,098,433 rounded to $3,100,000. Income Capitalization Approach Value Summary Component Estimated Value Vacant Land Value $2,925,000 Plus NPV Cashflow $1,080,988 Less Bldg Demolition -$907,555 Market Value Conclusion $3,098,433 Rounded $3,100,000 Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 115 FINAL RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quality of data applied, the significance of each approach (as it relates to market behavior), and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. Value Indications Market Value "As Is" Effective Date of Value: July 1,2023 Sales Comparison Approach: $3,275,000 Income Capitalization Approach: $3,100,000 Value Conclusion Since the subject is only 29.12% leased to five tenants, thus we have placed most reliance upon the value estimate developed via the Income Capitalization Approach. This value was supported by our Sales Comparison Approach developed value estimate. Based on the data and analyses developed in this appraisal, we have reconciled to the following value conclusion(s) as of July 1,2023, subject to the Standard Assumptions and Limiting Conditions of this appraisal. Reconciled Value Retrospective Market Value Effective Date of Value July 1,2023 Real Property Interest Valued Leased Fee Value Conclusion $3,150,000 Our market value estimate above only considers the value of the tangible real estate and does not to consider or include any value(s) associated with any personal property, FF&E, or business value/goodwill, if any. Apex RealtyAffi'isory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 116 CERTIFICATION STATEMENT I certify to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. We have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved .. Our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. The analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and represents my personal, unbiased professional analyses, opinions, and conclusions. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice ("USPAP") as promulgated by the Appraisal Standards Board of The Appraisal Foundation. In addition, the report is in conformity with the requirements of the Supplemental Standards of Professional Appraisal Practice and Code of Professional Ethics of the Appraisal Institute. I have read, understood, and satisfied the Competency Provision of the USPAP. Jay L. White, MAl, CRE® made an inspection of the property that is the subject of this valuation. If applicable, any areas or inaccessible portions of the property or improvements not inspected are assumed to be as reported or similar to comparable portions which were inspected. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The appraiser has performed no other services regarding the subject within the three years prior to our acceptance of this assigmnent. No other person(s) provided significant professional real property appraisal assistance to the signatory of this report. As of the date of this report, Jay L. White, MAl, CRE® has completed the requirements of the continuing education program of the Appraisal Institute. rJojJL Jay L. White, MAl, CRE® Delaware Ce11ifiedGeneral Real Propel1y Appraiser Delaware-XI-0000515, Expiration: October 31,2025 Apex Realty Alhisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 117 Standard Assumptions and Limiting Conditions The standard assumptions and limiting conditions pertaining to the value estimate conclusion(s) stated in this report are summarized below. 1. To the best of Apex Realty Advisory' s knowledge and belief, the statements of fact contained in the appraisal report, upon which the analysis, opinions, and conclusion(s) expressed are based, are true and correct. Information, estimates, and opinions furnished to us and contained in the report or utilized in the formation of the value conclusion(s) were obtained from sources considered reliable and are believed to be true and correct. However, no representation, liability, or warranty for the accuracy of such items is assumed by or imposed on Apex Realty Advisory, and are subject to corrections, errors, omissions, and withdrawal without notice. 2. The legal description of the appraised property, if exhibited in the report, is assumed correct. The valuation may not be used in conjunction with any other appraisal or study. The value conclusion(s) stated in this appraisal is based on the program of utilization described in the report, and may not be separated into parts. The appraisal was prepared solely for the client named and for the purpose, function, and party so identified in the report. The appraisal report may not be reproduced, in whole or in palt, and the findings of the report may not be relied upon or used in any manner by a third party for any purpose, without the express written consent of Apex Realty Advisory. Any findings, estimates, assumptions, conclusions, and the like contained in the appraisal report shall be the professional opinion of Apex Realty Advisory and the individual appraiser(s) who signed the report. Apex Realty Advisory shall retain ownership of all reports and all original documentation, field notes, memoranda, data, and the like made or assembled in or about the preparation of the report. 3. No change of any item in any portion of the appraisal report shall be made by anyone other than Apex Realty Advisory; furthermore, Apex Realty Advisory shall have no responsibility for any such unauthorized change. 4. The property has been appraised as though free and clear of mortgages, liens, leases, and encumbrances, except as may be described in the appraisal. 5. Employees of Apex Realty Advisory are not required to give testimony or be in attendance at any court or administrative proceeding with reference to the propelty appraised unless additional compensation is agreed to and prior arrangements have been made. 6. The work papers for this engagement are being retained in Apex Realty Advisory'S files and are available for your reference. Apex Realty Advisory will be available to support the valuation conclusion(s) found in this report should this be required. Those services would be performed for an additional fee. 7. Unless specifically stated, the value conclusion(s) contained in the appraisal applies to the real estate only, and does not include personal property, machinery and equipment, trade fixtures, business value, goodwill, or other non-realty items. Income tax considerations have not been included or valued unless so specified in the appraisal. We make no representations as to the value changes which may be attributed to such considerations. Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 118 8. Neither all nor any part of the contents of the report (especially any value conclusion(s), the identity of the appraiser( s) or the firm with which they are affiliated, or any reference to the professional organizations or designations shall be disseminated or referred to the public through advertising, public relations, news or sales media, or any other public means of com- munication including the internet or referenced in any publication, including any private or public offerings including, but not limited to, those filed with the Securities and Exchange Commission or other governmental agency, without the prior written consent and approval of and review by Apex Realty Advisory. 9. In completing the appraisal, it is understood and agreed the report is not intended to be, nor will be used in connection with a real estate syndication. The report and any liability or obligation on the part of Apex Realty Advisory or the appraiser(s) who signed the report is invalid if used in connection with syndication. 10. A real estate syndication means a general or limited partnership, joint venture, unincorporated association, or similar organization formed for the purpose of, and engaged in, investment or gain from an interest in real property, including, but not limited to, the sale, exchange, trade, or development of such real property, on behalf of others, or which is required to be registered with the United States Securities and Exchange Commission or any state regulatory agency which regulates investment made as a public or private offering. 11. Good and marketable title to the interest being appraised is assumed. Apex Realty Advisory' employees are not qualified to render an opinion of title, and no responsibility is assumed or accepted for matters of a legal nature affecting the property being appraised. No formal investigation of legal title was made, and we render no opinion as to ownership of the property or condition of its title. 12. Unless otherwise noted in the appraisal, it is assumed there are no encroachments, zoning, building, fire or safety code violations, or restrictions of any type affecting the subject property. It is assumed the property is in full compliance with all applicable federal, state, local and private codes, laws, consents, licenses, and regulations, and all licenses, permits, certificates, approvals, franchises, etc. have been secured and can be freely renewed and/or transferred to a purchaser. 13. It is assumed the use of the land and any improvements are within the boundaries or property lines of the propeliy described, and there are no encroachments, easements, trespass, etc., unless noted within the report. Employees of Apex Realty Advisory have not made a survey of the propeliy, and no responsibility is assumed in connection with any matter that may be disclosed by a propeliy survey. If a subsequent survey should reflect a differing land area and/or frontages, Apex Realty Advisory reserves the right to review the final value estimate found in this report. 14. All maps, plats, building diagrams, site plans, floor plans, photographs, etc. incorporated into the appraisal are for illustrative purposes only, to assist the reader in visualizing the property, but are not guaranteed to be exact. Dimensions and descriptions are based on public records and/or information furnished by others and is not meant to be used as a reference in legal matters of survey. Apex Rt>alty Ad\'isory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 119 15. Ownership and management are assumed to be competent, and the subject property is assumed to be in responsible hands. The quality of property management can have a direct effect on a property's economic viability and value. The prospective financial analyses contained in the appraisal assume both responsible ownership and competent management unless noted otherwise. Any variance from this assumption could have a significant impact on the final value estimate(s). 16. Apex Realty Advisory assumes that there are no hidden or unapparent conditions of the property's soil, subsoil, or structure(s) which would render them more or less valuable. No responsibility is assumed for such conditions, or for engineering which might be required to discover such factors. Detailed soil studies were not made available to Apex Realty Advisory, so statements regarding soil qualities, if made in the report, are not conclusive but have been considered consistent with information available to us and provided by others. In addition, unless stated otherwise in the appraisal, the land and soil of the area under appraisement appears firm and solid, but the appraisal does not warrant this condition. 17. The appraisal report covering the subject property is limited to surface rights only, and does not include any inherent subsurface or mineral rights, unless so noted in this report. 18. The appraisal is made for valuation purposes only. It is not intended nor to be construed as an engineering report. Employees of Apex Realty Advisory are not qualified as structural or environmental engineers; therefore, Apex Realty Advisory' employees are not qualified to judge the structural or environmental integrity of the improvements, if any. Consequently, no warranty, representations, or liability are assumed for the structural soundness, quality, adequacy, or capacities of said improvements and utility services, including the construction materials, particularly the roof, foundations, and equipment, including the HVAC systems. Should there be any question concerning same, it is strongly recommended an engineering, construction, and/or environmental inspection be obtained. The value estimate(s) stated in this appraisal, unless noted otherwise, is predicated on the assumption all improvements, equipment, and building services, if any, are structurally sound and suffer no concealed or latent defects or inadequacies other than those noted in the appraisal. 19. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. For tbis report no specific compliance survey and analysis of this property to determine whether or not it is in confOlmity with the various detailed requirements of the ADA was completed. It is possible a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since Apex Realty Advisory has no direct evidence relating to this issue, possible non-compliance with the requirements of ADA in estimating the value of the property was considered. 20. Any proposed construction or rehabilitation referred to in the appraisal report is assumed to be completed within a reasonable time and in a workmanlike manner according to or exceeding currently accepted standards of design and methods of construction. 21. Any areas or inaccessible portions of the property or improvements not inspected are assumed to be as reported or similar to the areas which were inspected. Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 120 22. No obvious evidence of insect infestation or damage, dry or wet rot or mold was found, unless specifically stated in the report. Since a thorough inspection by a competent inspector was not performed, unless otherwise noted, for the subject improvements, the subject property is assumed to be free of existing insect infestation, wet rot, dry rot, mold, and any structural damage which may have been caused by pre-existing infestation or rot or mold which was subsequently treated. 23. In the appraisal assignment, the existence of potentially hazardous materials used in the con- struction' maintenance, or servicing of the improvements, such as the presence of urea- formaldehyde foam insulation, asbestos, lead paint, toxic waste, underground tanks, radon, and/or any other prohibited material or chemical, which mayor may not be present on, in, or nearby the subject property, was, unless specifically indicated in the report, not observed by employees of Apex Realty Advisory, nor does Apex Realty Advisory have any knowledge of the existence of such materials on or in the property as employees of Apex Realty Advisory are not qualified to detect such substances. The existence of these potentially hazardous materials may have a significant effect on the value of the property. The client is urged to retain an expert in this field, if desired. The value conclusion(s) assumes the property is clean and free of any of these adverse conditions unless noted in this report or Apex Realty Advisory have been notified to the contrary in writing. 24. Unless otherwise stated, no effort has been made to determine the possible effect, if any, on the subject property of energy shortage, or future federal, state, or ecological matters, or interpretations thereof. 25. Apex Realty Advisory takes no responsibility for any events, conditions, or circumstances affecting the subject property or its value that occur subsequent to either the effective date of value cited in the appraisal or the date(s) of the field inspection, whichever occurs first. 26. The estimate(s) of value stated in this appraisal applies only to the effective date of value stated in the report. Value is affected by many related and unrelated economic conditions within a local, regional, national, and/or worldwide context, which might necessarily affect the prospective value of the subject property. Apex Realty Advisory assumes no liability for any unforeseen precipitous change in the economy, the subject property or, if applicable, the project, or the inability to find a buyer. Apex Reait)' Achisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 121 EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS When a value opinion is subject to an extraordinary assumption or hypothetical condition the appraiser must state that condition so that its effect on the value opinion or conclusion is clear. An extraordinary assumption is an assumption that is directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary assumption results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. A hypothetical condition assumes that which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if: • Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; • Use of the hypothetical condition results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. We have employed the following extraordinary assumptions in completing this appraisal. 1) U.S. economic growth is moderating due to the Federal Reserve increasing the rates to fight rising inflation. The is a good amount of market unceliainty related to supply/demand imbalances which could lead to capital markets stresses and a depression in commercial real estate prices. The opinions expressed in this report are based on estimates and forecasts that are subject to market uncertainty. Events may occur that could cause the future market demand to differ materially from our estimates, such as changes in the economy, interest rates, market fundamentals, return and yield expectations, as well as the decision calculus of investors, lenders, and consumers. The opinions and analyses herein have used the most recent comparable data available in deriving the findings for the subject accounting for market conditions and perceptions at this time. There are no hypothetical conditions employed in this appraisal. Apex Realty Advisory

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CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 123 Zoning Summaries C-4 (Hi2bway CommercIal Zone) permit-ting retail stores: business, professionaL and government ottlces; restaurants: personal service establishments: service establishments; hotels and motels: rlace_ of public assemhly~ bus terminals: wholesale_ storage, warehousing. and distribution establishments: indoor or outdoor recreation and amu_ ement estabJishmenls: hospitals and medical centers~ drive- throughs; motor vehicle, boat or taml equipment service stations subject to conditions; manutacturing \vith less than 25 emflloyees~ and mini-storage tacilities_ PemliHed conditionally: apartments and ll1ulti-fumily dwell ings: crematories subject to conditions_ SC-2 (Communi~' Shopping CentC'r ZonC') retail commercial comrlexes of three (3) or more establishments and of 15 or more acres pemlit1ing retail stores; J1ersonal service establisilmenl.-: service establishmems: business_ pmfessionaL and govt'rJ1lllel11 oftlces~ public )ibrarjes~ banks; Lhealt'rs: restaurants: laundlY oUllets and cleaning establishments with conditions; manufacturing with less than 4 employees subject to conditions; hotels and clubs: light motor vehicle service ncce.~sory to a pellTlittt'd use; one family residences including attached and semi-detached dwellings: apmitllt'nts and multi-fumily d\vellings_ Permitted conditionally: Planned Senior Ilollsing Developments. Apex Realty Am isory

CONFIDENTIAL CI ent/Attorney PriVl ege 24025 Page 124 Lease Abstr'acts L.'Ultilord Dover Bay Court Pla.z::t.llC DoverSay Court Plaza, LLe Dover Bay Court Plaza, u.c Dover Bay Court Plaza., lLC Dover Bay Court Plaza, lie Tenant PW Property Management, LLC t/a Dollar Tree Stores, Inc. o ~m, ll.C I/a Club Fitness Meg's Electric Beach Peoplt: Ready Buffalo Wild Wings Suite Pad IA #19C #18 #11 #15 Leased square feet 6,400 10,150 30,000 3,500 2,800 Start date 12116/2005 5/28/2020 12113/2002 8/27/2012 211011998 Term (mos.) 343 rros. 85 rros. 301 roos. 187 mos. 365 roos. End uate 6/3012034 5/30/2027 1213112027 2128/2028 613012028 Pl'opol'rionatc Share 8.00% 5.59% 16.73% 1.928% 1.543% Rcnc\\:tI op6ons 1,12-year 3, S-year I, S-year None 1,3-year Expenses Tenant's responsibility NNN Pro-rata share NNN NNN Gross lease NNN Jul 2023 Annualized Rent SIS Ii' S9.53 $11.00 $6.70 S12.00 SII.Q2 Fsca1ations 2.63o/olyear $O.50/SF each renewal option 2.0%/year 2.0'%/year 3.0%/year CAM net orRETaxes SISF SI.OO $0.81 $0.96 None $0.96 Notes: This ground lease started in 2005 The starting lease tenn is 7 Tenant is in their second lease Tenant is in their second Tenant has one additional and c;\l)irated in 2021 ho·wever it years ,vith 3, 5~yen.rrenev.'3l extension. They were given t\\"o lease extension. They were renewal option that if was renewed for 12years in 2021. options. rronths free base rent and a 8/22 given one rronth free base extercised the lease would The pad area defined in the lease is credit of$II,S07 for sewer noin & rent and replacement of one expire in Jun~2031. 1.0042 acres. roof repairs. Tenant has onc 10 ton gas/electric rooftop renewal option ifexcTcised the HVACunit lease \\IOuld expire in Dec-2032 Vacant Unit Summary Unit # Size SF Comments 1 16,000 Former Save Alot grocery 2 7,800 3 6,000 4 2,000 5 1,800 6 3,150 7 2,100 8 3,000 9-10 15,000 12 4,000 Former Korean Martial Arts Institute 13 2,000 14 1,950 16 2,000 Former Auto Equity Loans 17 2,000 19A 26,000 Former Value City 19B 33,850 Subtotal 128,650 Pad 2 acres Bay Court Pla7a Historical Occupancy 2019 2020 2021 2022 2023 # Tenants 8 6 5 5 5 % Leased 40.14% 30.22% 29.12% 29.12% 29.12% # Units vacant 14 16 17 17 17 Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 125 Local Retail Market Fundamentals Our research using CoStar indicates the Dover retail having a total of 2.4 million square feet of retail space in strip, neighborhood, community, power center and a regional mall. According to CoStar, there are 30 larger retail buildings in Kent County totaling 969,988 square feet of space as of Q3 2023. The market is experiencing a 6.1 percent vacancy rate, which is an increase from the 5.5 percent vacancy seen in Q3 2022. The net absorption is negative 14,015 square feet as compared to the negative 8,253 seen the year prior. Current rates on a square foot, triple net basis is $17.14 - and increase of $1.24 per square foot over the last year. Historical Retail Statistics Vacancy & Rents Kent County Sub·Market $20 2S "" Net Total $11 Total Absorption Average Period # Bldgs Total RBA Vacant % (SF) Rate 20.0% $15 202304 30 969,988 7.6% (14,015) 517.14Innn $14 202303 30 969.988 6.1% 4,823 516.751nnn $12 C 2023 Q2 30 969,988 6.6% 6,277 $16.63/nnn ~ 15 "" u 202301 30 969,988 7.3% (1.436) $16.61/nnn .... c u 510 CE: CII 202204 29 961,938 6.3% (8.253) $15.90/nnn > 100% $I ~ <I 2022 03 29 961,938 5.5% 1.463 $16.06/nnn 2022 Q2 29 961,938 5.6% (2,198) $15.64/nnn sa 2022 01 29 961,938 5.4% 7,875 515.44/nnn 5.0% $4 2021 04 29 961,938 6.2% (2,963) $15.39/nnn S2 202103 29 961,938 5.9% $15.39/nnn 2021 Q2 29 961,938 5.9% (696) $15.15/nnn 00% 202101 29 961,938 5.9% 27,086 514.84/nnn "rt ,Cf ,rf .,Cf .l 0,& o,rf Cf rf ~Cf ,<Y & rt c9- rt .f>' .f>' .f>' .f>' .f>' .f>' .f>' .f>.f>.f>f> # .f>'" f>"J-'f>,f}-.f>'" ~ Source: CoStar. 2023 The outlook for the nearby Dover Mall is uncertain given it has a 21 percent vacancy rate and a Macy's who recently announcing they will close 30 percent of their stores. Macy's has announced they will be closing a total of 150 underperforming stores with 50 by the end of 2024 and the other 100 over the next few years. Filling the vacancy space will be impoliant as it has a CMBS loan that matures in 2026. Real estate is local and brokers report that retail investors flush with cash are actively and aggressively pursuing a variety of retail asset investments. Especially those assets that are well located, with credit tenants that are recession and e-commerce resistant, and have a good remaining lease term tend to gamer the most interest. Investors insist grocery-anchored retail centers are recession-resistant as people must eat even during economic downturns, however they are also pandemic-resistant. In addition, leading grocers and necessity-based retailers provide greater stability and resiliency than other types of retail. Conclusion The retail real estate market is continuing its path to recovery, having made a comeback that started in the second quarter of 2021, with well-located/occupied shopping centers powering much the growth. Combined with the plateauing of e-commerce retail sales in 2021 suggest a renewed balance between on- line and traditional brick & mortar sales. The local retail market trend was negative 2,576 square feet of net absorption in 2022 rebounding upward slightly to a positive absorption of 9,664 square feet through three quarters of 2023. The local retail vacancy rate has ranged from 5.4 percent in Q1 2022 to 7.3 percent in Q1 2023. The local housing market and household income levels bodes well to suppOli the retail market fundamentals going forward. Plus, with no new plmmed shopping center development on-going, the outlook for the local retail market seems steady baring any large retailer consolidations, closures or bankruptcies. Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 126 SUBJECT PHOTOGRAPHS - EXTERIOR PARKING LOT Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 127 SUBJECT PHOTOGRAPHS -SHOPPING CENTER EXTERIOR Apex Realty Advisory

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CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 133 SUBJECT PHOTOGRAPHS -SHOPPING CENTER DEFERRED MAINTENANCE Apex Realty Alh"isory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 134 Land Sale Summaries Transaction Address 4719 S. Dupont Highway Date 11115/23 City Dover Price $2,300,000 State DE Price per Acre $232,089 TaxID 7-00-10300-02-0304-000 Financing Cash to seller Grantor Kays Enterprises LLC Property Rights Fee Simple Grantee ADBMD Delaware Group Conditions of Sale Ann's length Transaction Type Closed Sale Days 00 Market NIA Proposed Use Auto dealership Verification Selling broker Charlie Rodriguez with R&RRealty & public records Site Acres 9.91 Topography Level Land SF 431,680 Zoning BG Road Frontage 558' FIoodZone X Shape lITegular Encumbrance or Easement None adverse Utilities All public Envi ronmental Is sues None noted Comments This is the sale of a 9.9 acre commercial parcel in Dover along Rt. 13 (S. Dupont Highway) next to Johnny Jonos ik Furniture. The parcel is partially cleared and wood with 558' off:i-ontage along Rt. 13. It previously sold in June 2021 for $1.,075,000 to a self storage developer. The parcel does have a deed restriction that prohibits any business involved in the sale or leasing of home fumishings plus it is partially impacted by WRPA area. The buyer was an Preston Automotive Group out of Easton, MD. Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 135 Land Comparable 2 DOVER APART MENTS AI LEIPSIC ROAD Trans action Address NIS Leispsic Rd Date 8/30/23 City Dover Price $3,554,000 State DE Price per Acre $236,933 TaxID 2050680501 1501000 Financing Cash to seller Grantor Rojan DD 15, LLC Property Rights Fee Simple Grantee Metropolitan 8 LLC Conditions of Sale AllllS-length Transaction Type Closed Sale Days on Market N/A Proposed Use Apmiment complex Verification Buyer's rep Brown VIncent and Site Acres 15.00 Topography Level Land SF 653,400 Zoning SC2 Road Frontage Leipsic Road Flood Zone None Shape Rectangular Encumbrance or Eas ement None adverse Utilities All public Environmental Issues None noted Comments This is the sale of 15 acres located near the Dover Motor Speedway on the east side ofLeips ic Road. It was purchased contingent upon the buyer obtaining subdivis ion approval for a 216-unit apaliment complex. with a 4,900 squm·e foot clubhouse, pool, sport court, playground, car wash station, fenced dog park and 11 garage buildings. The buyer is Metropolitan Management Group out of Wyomissing, PA. The IS acre site was part of an 0liginal25-acre pm·cel that was subdivided into a southem lO-acre pm·cel and a north em IS-acre parcel in February 2020. The 15 acre site was approved for six (6), 3-story, garden style apartment buildings each containing thil1y-six(36) units for a total of216 apaJiment units and 55 garage spaces. The adjacent 10 acre pm·cel at 747 North DuPont Highway is planned for a four building phased retail shopping center center totaling 62,260 square feet. Apex Realty Adl'isory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 136 Land Comparable 3 ~ _- --- Transaction Address 640 SBay Rd Date 6114/21 City Dover Price $462,500 State DE Price per Acre $232,189 TaxID ED 05 077.00-01-16.01 Financing Conventional Grantor Bay Court Dover LLC Property Rights Fee Simple Grantee Rt. 13 Owner LLC Conditions of Sale Ann's Length Transaction Type Closed Sale Days on Market Proposed Use Retail development Verification Appraiser & public records Site Acres 1.99 Topography Level Land SF 86,767 Zoning C4 Road Frontage 250' Flood Zone X- none Shape Rectangular Encumbrance or Easement None adverse Utilities All public Envi ronmental Is sues None repOlted Comments This is the sale of Parcel 1 in Bay COUlt Plaza containing 1.9919 acres zoned C-4, Commercial. This rectangular shaped parcel fronting Bay Road. The pad is located in the Bay Court Plaza development about 0.75 miles miles west of Route 1 and about a qualter mile fi'om the Route 131113 intersection. Bay Road has an average traffic count of65,000 vehicles per day. All public utilities are in place - water, sewer, electlic, phone/cable, natural gas. Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 137 JAY L. WHITE, MAl, CRE® - QUALIFICATIONS PROFESSIONAL EXPERIENCE Apex Realty Advisory, LLC President 2009 - Current Duff & Phelps, LLC - Valuation Advisory Services Managing Director 2008 - 2009 Ernst & Young, LLC - Transaction Real Estate Executive Director 1995 - 2008 Mellon Bank, N.A. Senior Appraiser 1990 - 1995 Mattey Company Appraiser 1988 - 1990 EDUCATIONAL BACKGROUND University of Delaware B.S. Business Administration Appraisal Institute 3,000+ hours of education over the past 20 years. He also is an approved instructor for the Appraisal Institute. Commercial Investment RE Institute (CCIM) Financial Analysis of Commercial Investment Real Estate (CI 101) and Investment Analysis for Commercial Investment Real Estate (CI 104). MEMBERSHIPS Appraisal Institute - MAl designation #11228; Delaware Chapter Treasurer 2014-15 and President 2016-17 Counselors of Real Estate - CRE® #12490 received in 2007; Chair of the Delaware Valley Chapter 2010 Commercial Investment Real Estate Institute (CCIM), Candidate Member #6627784 Commercial Industrial Realty Council (CIRC), Member 201O-date; 2017 to date board of directors Urban Land Institute CULl) - Member #233657 Philadelphia district counsel and Delaware satellite co-chair International Counsel Shopping Centers (ICSC) - Member #1157636 National Council of Real Estate Investment Fiduciaries (NCREIF) LICENSES Pennsylvania Certified General Appraiser (GA -00539-L, Expiration 06/30/2025) Delaware Certified General Appraiser (X1-0000515, Expiration 10/3112025) Maryland Certified General Appraiser (10110, Expiration 03/20/2025) VALUA TION EXPERIENCE COMMERCIAL APPRAISALS: for financial reporting, lending/underwriting, mark-to-market fair value, tax appeals, estate settlement, and litigation proceedings. A sample of properties evaluated include shopping centers/malls, suburban and urban high-rise office buildings, parking garages, casinos, gas stations, hotels/motels, health care facilities, self-storage facilities, warehouse/industriallflex buildings, apartments, heavy mamifacturing, R&D lab/i' restaurants, horse farms, residential subdivisions and vacant land. ADVISORY/CONSULTING: Workout and re-development consultation for lenders, law firms, private investors, private equity, and investment companies with appraisal reviews, market studies, highest and best use analyses, sale vs. lease analyses, and risk management studies. TAX APPEAL APPRAISAL & TESTIMONY: Qualified as an expert witness for tax appeal appraisal testimony in Connecticut, Kentucky, and Michigan. Also qualified as an expert in Bankruptcy Court. CLIENTS SERVED: include private equity funds such as The Carlyle Group and Blackrock; pension funds such as CalPERS and TlAA-CREF; corporations such as DuPont and Dow; laJlIfirms such as Ballard Sphar and Duane Morris; real estate developers/investors such as JBG Cos. and LCOR, REITs such as Liberty Property Trust and Brandywine Realty Trust, and financial companies and banks such as Citizens Bank and M& T Bank. GEOGRAPHIC AREAS SERVED: Primarily in the Mid-Atlantic, Tristate region of Pennsylvania, Delaware and Maryland, plus the Washington D.C. to Baltimore corridor and eastern and western Maryland. Apex Realty Advisory

CONFIDENTIAL: Client/Attorney Privilege - 24025 Page 138 NOT TRANSFERABLE STATE OF DELAWARE DIVISION OF PROFESSIONAL REGULATION CANNON BUILDING 861 SILVER LAKE BLVD., SUITE 203 DOVER, DELAWARE 19904-2467 PROFESSIONAL LICENSE PROFESSION: Real Estate Appraisers Certified General Real LICENSE TYPE: Property Appraise LICENSE NUMBER: XI-0000515 LICENSE STATUS: Active ISSUE DATE: 04122/2009 EXPIRATION DATE: 10/31/2025 ISSUED TO; c%~-t/)fjJAY L WffiTE SIGNATURE: ~----~------------------------ d-)',k_ THIS CERTIFIES THAT TliE PERSON NAMED IS HEREBY LICENSED TO CONDUCT OR ENGAGE IN THE PROFESSION INDICATED ABOVE. THIS ODCUMENT IS DULY ISSUED UNDER THE LAWS OF THE STATE OF OELAWARE Apex Realty Advisory

III. ENFORCEMENT ISSUES

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The Hamlet Shopping Center Walker Road & McKee Road

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IV. PROPOSED RESOLUTION/PLAN OF ACTION

( Proposed New Paving Proposed New Striping Sq.Ft. % 52,850 29% 128,661 71% 181,511 100%