RIGHT-OF-WAY APPRAISAL REPORT OF REAL PROPERTY IDENTIFIED AS:

3656 Churchville Road Property of The City of Aberdeen, Aberdeen, MD 21001

AS OF September 8, 2020

PREPARED FOR Phyllis Grover Director of Planning and Community Development City of Aberdeen 60 N. Parke Street Aberdeen, MD 21001

PREPARED BY Valucentric 600 Glen Avenue., Ste 103 Salisbury, MD 21804

VALUCENTRIC FILE #: 20-08-3146A

RIGHT OF WAY APPRAISAL REPORT

City of Aberdeen 60 N. Parke Street Aberdeen, MD 21001

(1) PROPERTY OF: City of Aberdeen

(2) LOCATION: 3656 Churchville Road

(3) ADDRESS OF OWNER: 60 N. Parke Street, Aberdeen, MD 21001

(4) TENANT OCCUPIED: NO BLDGS. TAKEN: NO

(5) PLAT NUMBER (S): Public Works Plat Book JJR 5, Pgs. 40-42 (dated February 21, 2003)

(6) PURPOSE OF THE APPRAISAL

The purpose of this appraisal is to estimate the market value of the fee simple title and/or easement title of the land or rights of the remaining property that is being sold by the City of Aberdeen.

The definition of “Market Value”, as defined by the Office of the Comptroller of Currency (OCC) under 12 CFR, Part 34, Subpart C-Appraisals, 34.42 Definitions, the Board of Governors of the Federal Reserve System (FRS) and the Federal Deposit Insurance Corporation in compliance with Title XI of FIRREA, as well as by the Uniform Standards of Appraisal Practice as promulgated by the Appraisal Foundation, is as follows. Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby, 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their own best interest; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

TAKING AND BEFORE VALUE: $1,600,000 AFTER VALUE: $1,550,405 DAMAGES: $49,595 (Rounded to $50,000)

(7) LIMITING CONDITIONS

1. No responsibility is assumed for matters legal in nature, including, but not limited to, exact property lines, easements and/or encroachments, if any. 2. The information contained in this report was gathered from sources considered as reliable but is not guaranteed. 3. Items deemed to be personal property by the City of Aberdeen are not considered to be a part of this report. 4. The City was to dedicate any land that was acquired to the County, per Memorandum of Understanding, relocation of Gilbert Road dated 9/13/2002. The city and County were to work cooperatively to make appropriate signage and easements prior to disposition of excess properties. This appraisal assumes that Therefore, this appraisal assumes that the entire square footage remaining of this right of way may be sold to a private owner. A title report was not provided but one is recommended.

2 CERTIFICATE OF APPRAISER

We certify that, to the best of our knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions and conclusions. We have no present or prospective future interest in the property that is the subject of this report and have no personal interest with respect to the parties involved. We have no bias with respect to the property that is the subject of this report, or to the parties involved with this assignment. In compliance with the ethics rule of USPAP, I hereby certify that I have performed no services as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. Our compensation for completing this assignment is not contingent upon the development or 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 directly related to the intended use of this appraisal. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which includes the Uniform Standards of Professional Appraisal Practice (USPAP). No one provided significant real property appraisal assistance to the person(s) signing this certification. We have established sufficient competence to appraise this property through education and experience, in addition to the internal resources of the appraisal firm. The value conclusion and other opinions expressed herein are not based on a requested minimum value, a specific value or approval of a loan. The appraiser has not performed any prior services regarding the subject within the previous three years of the appraisal date. Meridith Miller Weitzenfeld has made a personal inspection of the subject property. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

Kristina Clark, MAI, R/W-AC State Certified General Real Estate Appraiser, MD-04-12056

Meridith Miller Weitzenfeld State Certified General Real Estate Appraiser, MD-04-33337

3 ATTACH ALL PERTINENT PHOTOGRAPHS OF SUBJECT PROPERTY

DATE TAKEN: September 8, 2020 TAKEN BY: Meridith Weitzenfeld

DATE OF INSPECTION: September 8, 2020

Indicate point from which taken for each photograph. Photographs include all principal above ground improvements or unusual features affecting the value of the property to be taken or damaged.

Looking northwest to subject parcel from intersection of Long Drive / Technology Drive and MD-22

4

Looking north on Long Drive along eastern perimeter of subject R/W parcel, towards larger parcel

Looking south on Long Drive along eastern perimeter of subject R/W parcel

5

Looking west on MD-22 along southern perimeter of subject parcel, towards larger parcel

Looking east on MD-22 from subject parcel

6 GENERAL PROPERTY DATA

5 Year Sales History of Subject Property Address Deed Date Grantor Grantee Liber/Folio Area Sale Price 3656 6/27/2000 Theron Andrews The City of Aberdeen, Maryland Liber 3290 10,441 SF $125,000 Churchville & Dorie Lee Folio 353 Road (Subject) Andrews 3654 Churchville 7/20/20 Jerry Esper & Tylin Feazell Property Management, Liber 13994 20,964 SF $230,000 Road Chow LLC Folio 222 3652 Churchville 12/16/19 Thomas Baine & Feazell Property Management, Liber 13606 21,467 SF $225,000 Road Wife LLC Folio 361

3650 Churchville 8/14/20 Matthew Earhart Feazell Property Management, Liber 14057 20,754 SF $175,000 Road LLC Folio 1 3648 Churchville 7/20/20 Jerry Esper, Gary Feazell Property Management, Liber 13994 22,360 SF $240,000 Road Desch & Judd LLC Folio 214 Elkins 3646 Churchville 7/20/20 Gary Desch & Judd Feazell Property Management, Liber 13994 23,688 SF $205,000 Road Elkins LLC Folio 210 944 Gilbert Road 12/16/19 Robert & Jeralynn Feazell Property Management, Liber 13606 211,789 SF $525,000 Reher LLC Folio 328

There have been no other transfers of the subject in the last five years. 3654-3646 Churchville Road & the Gilbert Road parcel are NOT the subject of this appraisal report, however, but are included because they are adjacent to the subject property and have similar highest and best use. This will be discussed below in the Larger Parcel section of this appraisal report.

Larger Parcel Larger Parcel is defined as “the tract or tracts of land that are under the beneficial control of a single individual or entity and have the same, or an integrated, highest and best use. Elements for consideration in making a determination in this regard are contiguity, or proximity, as it bears on the highest and best use of the property, unity of ownership, and unity of highest and best use.” The Dictionary of Real Estate Appraisal, 6th Edition, Appraisal Institute.

3654-3646 Churchville Road & the Gilbert Road parcel, as seen above and in the tax map which is located in the addenda section of this appraisal report, are adjacent to the subject parcel, have similar land use classifications and have similar highest and best use and recently purchased separately and assembled by Feazell Property Management, LLC a potential buyer of the subject parcel. These parcels are part of the larger parcel, which brings the site size to 7.61 +/- acres or 331,463 SF. This will be utilized in our analysis.

(2) Neighborhood Description, including service facilities: The subject is located in Harford County, a county in the U.S. state of Maryland. Harford County is included in the -Columbia-Towson, MD Metropolitan Statistical Area, which is also included in the Washington-Baltimore-Arlington, DC-MD-VA-WV-PA Combined Statistical Area.

The county offers excellent I-95 access and two of the 36 State Enterprise Zones are located in Harford County, including the Greater Aberdeen/Havre De Grace EZ. The “EZ” program provides real property and state income tax credits for businesses located in a Maryland enterprise zone in return for job creation and investments. The subject lies just outside of the boundaries of an Enterprise Zone.

Aberdeen Proving Ground (APG) a United States Army facility is a major influence in the area, occupying 113 square miles and employing 21,000, excluding contractors. There are 11 commands here, including:

• CECOM specializing in communications-electronics systems and equipment, to include setting up headquarters and command and tactical operations centers in remote areas to installing and maintaining communications systems in vehicles and aircraft. CECOM also provides training activities, field support

7 for modifications and upgrades, and logistical expertise

• Combat Capabilities Development Command, (CCDC) conducts and sponsors scientific research in areas important to the Army, develops scientific discoveries into new technologies, engineers technologies into new equipment and capabilities.

• From 1917 to the present, the Edgewood Arsenal conducted chemical research programs, manufactured chemical agents, and tested, stored, and disposed of toxic materials. Also located on the arsenal grounds was Fort Hoyle and the BA-18 Nike Missile fire control and missile launch sites, all now deactivated.

Other parts of APG not attached to the main installation include the Churchville Test Area in Harford County, and the Carroll Island and Graces Quarters in Baltimore County, Maryland. The Churchville Test Area is a test track with hills that provide steep natural grades and tight turns to stress engines, drivetrains, and suspensions for army vehicles, including M1 Abrams tanks, Bradley Fighting Vehicles, and Humvees. The immediate neighborhood contains a mix of residential and commercial properties, many related to the nearby I-95 . Almost 15 acres just to the south east is being developed into The I-95 Center, to include a convenience store/gas station, day care center, restaurant and retail. The center will be accessed from Gilbert Road and Churchville Road to the east of the subject.

Several major highways serve Aberdeen, with the most prominent of these being Interstate 95. I-95 briefly crosses the northwestern corner of Aberdeen and provides access to many major cities, including Baltimore, , Washington, D.C. and . Access to Aberdeen is provided via an interchange with Maryland Route 22 a short distance from the subject, which also connects directly to the Aberdeen Proving Grounds as well as to Bel Air, the county seat. U.S. Route 40 also serves the city, running parallel to I-95 from Baltimore to Wilmington and serving as an alternate route. Other state highways serving Aberdeen include Maryland Route 7, Maryland Route 132, Maryland Route 159, Maryland Route 462 and Maryland Route 715.

(3) Appraisal Procedures: The Sales Comparison Approach was used to derive the opinion of value for the subject property. The Income and Cost approaches were not deemed relevant because the sales comparison approach is the most relevant method to valuing vacant land when adequate market data is available.

GENERAL PROPERTY DATA (CONTINUED)

(4) Description of Land: The subject can be identified by the Harford County Map 0051, Grid 0002D, Parcel 0925, Subdivision 0252, Block A as Lots 3&4. In addition, as part of the larger parcel, six other parcels are included: Lots 7&8; 9&10; 11&12; 13&14; and Parcel 926, Block B, Lot 5&7. The property rights are fee simple. The subject site is unimproved. The Gilbert site is unimproved. All other parcels are improved with single family homes that are leased as typical residential leases which are less than 12 months in length and considered to be short term. The subject site is an irregular lot, estimated to contain 10,441 SF or 0.24 +/- acres. The site is mostly level. The larger parcel contains 7.61 +/- acres or 331,463 SF.

The site size was taken from the Harford County Cadastral GIS Map, square footage attribute map. The tax records reflect lot sizes prior to the widening of Churchville road. The parcel has frontage along Churchville Road and Long Drive. It is located at the corner at a lighted intersection.

(5)Extent and Effect of Landscaping: The subject property is mostly cleared. The subject property has access to public utilities due to it being just outside of the City of Aberdeen but are not connected to the site. The improved lots of the larger parcel operate on private well and septic.

(6) Assessment: District 02 Account Number 040352

8 Land: $56,900 Imps: $0

Total: $56,900

The subject was reassessed as of July 1, 2018. The 2019-2020 tax rate (including State $0.112; County $1.042; and City $0.6205) is $1.7745 per $100 of assessed value.

(7) Zoning: According to the Planning and Zoning Department of Harford County, the subject site is zoned Agricultural with an MO (Mixed Office) land use. Adjacent lots are zoned B-1.

Purpose and Intent: The purpose of the Agricultural district is to provide for continued farming activities, conserve agricultural land, and reaffirm agricultural uses, activities and operations within the agricultural zoned areas. It is the further purpose of this district to maintain and promote the rural character of this land as well as promote the continuance and viability of the farming and agricultural uses.

B1, Neighborhood Business District is intended to provide limited retail and service facilities convenient to residential neighborhoods. Uses are limited primarily to convenience goods and services satisfying the household and personal needs of the residents of abutting residential neighborhoods. Standards are compatible with low-density residential districts, resulting in similar building bulk and low concentration of vehicular traffic.

The subject would need to be re-zoned to a Commercial district to allow consistent development with surrounding uses. Mixed Office land use areas are designated to promote major economic development opportunities such as corporate offices, research and development facilities, and high-tech services which create significant job opportunities and investment benefits. This area may also include limited residential and retail uses to service the employment center. Designated at strategic I-95 interchanges, development will be subject to specific performance, architectural, and site design standards. The Mixed Office land use designation indicates that a long-term commercial use is supported by the county.

(8) Present Use: The current use of the subject parcel is a commercial one when demand warrants.

(9) Highest and Best Use: The highest and best use of the subject property is commercial development when demand warrants given the street frontage and traffic count.

9 THE LAND VALUE (BY MARKET DATA APPROACH)

Land Data – Breakdown based on appraisal method used

We have included five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction as necessary. The unit of comparison is price per square foot. These comparables are the best available at the time of the inspection. Due to the parcel size, we extended our search throughout Harford County and Cecil County back to 2016. In recent years, there have been few large commercial tract land sales.

Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Address 3656 Churchville 3646-3654 Churchville 655 Bridge St. 684 Bel Air Avenue 3710 Churchville Rd. 800 Beards Hill Road Road Road & 944 Gilbert Road

City Aberdeen Aberdeen Elkton Aberdeen Aberdeen Aberdeen State MD MD MD MD MD MD Date 9/7/2020 12/16/2019 10/18/2019 10/16/2019 8/30/2019 7/5/2016 Price $1,600,000 $400,000 $1,200,000 $3,200,000 $1,014,000 Land SF 331,463 321,022 57,935 585,577 94,090 250,082 Land SF Unit Price $4.98 $6.90 $2.05 $34.01 $4.05 Transaction Adjustments Property Rights Fee Simple Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0%

Financing Conventional Cash 0.0% Conventional 0.0% Cash or Equivalent 0.0% Conventional 0.0% Cash or Equivalent 0.0% Conditions of Sale Cash Private 0.0% Normal 0.0% Normal 0.0% Normal 0.0% Normal 0.0% Adjusted Land SF Unit Price $4.98 $6.90 $2.05 $34.01 $4.05 Market Trends Through 9/7/2020 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Adjusted Land SF Unit Price $4.98 $6.90 $2.05 $34.01 $4.05 Location Aberdeen, Harford Similar Inferior Similar Superior Similar % Adjustment County 0% 20% 0% -10% 0% $ Adjustment $0.00 $1.38 $0.00 -$3.40 $0.00

Land SF 331,463 321,022 57,935 585,577 94,090 250,082 % Adjustment 0% -25% 25% -25% 0% $ Adjustment $0.00 -$1.73 $0.51 -$8.50 $0.00

Topography Mostly Level Mostly level Level Mostly level Level Slightly rolling % Adjustment 0% 0% 0% 0% 10% $ Adjustment $0.00 $0.00 $0.00 $0.00 $0.41

Shape Roughly Rectangular Rectangular Rectangular Irregular/Adequate Irregular/Adequate Triangular % Adjustment 0% 0% 0% 0% 5% $ Adjustment $0.00 $0.00 $0.00 $0.00 $0.20

Utilities Private Private Public Public Public Public % Adjustment 0% -10% -10% -10% -10% $ Adjustment $0.00 -$0.69 -$0.20 -$3.40 -$0.41

Zoning Business/Portion Ag Neighborhood C-2 Multifamily IBD B-3 Business % Adjustment -5% -5% 0% -20% -5% $ Adjustment -$0.25 -$0.35 $0.00 -$6.80 -$0.20

Traffic Count 17,901 17,901 13,481 13,141 17,901 12,244 % Adjustment 0% 0% 0% 0% 5% $ Adjustment $0.00 $0.00 $0.00 $0.00 $0.20 Adjusted Land SF Unit Price $4.73 $5.52 $2.36 $11.90 $4.26

10 Comparable Land Sale Adjustments Property Rights/Financing/Conditions of Sale The sales warrant no adjustments for property rights as all involved fee simple or comparable interests. These sales are “arm’s length” transactions and provided a reasonable range of value for this type property, with buyers and sellers acting in their own self-interest. No adjustments for unusual financing are warranted, as these sales are all cash, or involved financing at market terms.

Market Conditions Our general understanding of the markets indicates that prices have remained stable between the oldest sale and the effective date of this assignment. No time adjustment is applied.

Location An adjustment for location is required when the location characteristics of a comparable property are different from those of the subject property. The subject property is considered an average location. Each comparable was adjusted accordingly based on factors such as overall supply/demand characteristics, real estate values in general, and anticipated growth or decline relative to the subject. Sale 2 in Elkton, Cecil County, is considered inferior and was adjusted up. Sale 4 in close proximity to the I-95 interchange within city limits is considered superior and was adjusted down.

Land SF Due to economies of scale, a larger site will sell for less on a per square foot basis and a smaller site for more. Each sale was adjusted based on land size in comparison to the subject.

Topography Only Sale 5 with some varying elevations was adjusted up. The rest of the comparables are mostly level like the subject.

Shape Only Sale 5 with a shape that may affect buildability was adjusted up. The rest of the comparables are of an adequate shape like the subject.

Utilities Those sites with public utilities extended and in place were adjusted down.

Zoning The subject will require re-zoning for commercial redevelopment of the Agricultural zoned portion. Sales with full commercial zoning in place were adjusted down. Sale 4 was site plan approved and part of a larger retail project so the adjustment was more significant.

Traffic Count Exposure is a significant factor of price paid for commercial sites. We made adjustments to those sites with considerable differences in traffic count in comparison to the subject.

Sales Comparison Approach Conclusion – Land Valuation Sale 1 is the recent acquisition of the larger parcel, less the subject Right-of Way parcel, and was given the most consideration in the market value opinion while also remaining cognizant of the median and average price per square foot of all comparables.

11 Land Value Ranges & Reconciled Value Number of Comparables: 5 Unadjusted Adjusted Low: $2.05 $2.36 High: $34.01 $11.90 Average: $10.40 $5.76 Median: $4.98 $4.73 Reconciled Value/Unit Value: $4.98 $1,200,000.00 $4.75 land sf Subject Size: 331,463 Indicated Value: $1,574,449 Reconciled Final Value: $1,600,000 One Million Six Hundred Thousand Dollars

The appraisers have reconciled to $4.75 per square foot of land area. This square foot value will be the basis for our analysis.

VALUE COMPUTATIONS

BEFORE VALUE (Land Only)

331,463 sf at $4.75 / SF $1,600,000

Estimate Value of Improvements (Cursory Value) $ 0

Before Value: $1,600,000

Parcel Being Disposed 10,441 sf @ $4.75 / sf $ 49,595

Total Acquisition $ 49,595 Rounded to: $ 50,000

AFTER VALUE

Because the after value remains unchanged to a typical buyer of a Right of Way, Maryland law states that the part taken is compensated to the owner.

Before Value: $1,600,000 After Value: $1,550,405 Part Taken: $ 49,595 Rounded: $ 50,000

CONCLUSION AND JUSTIFICATION

The estimated value of the proposed acquisition areas, on-site improvements and landscaping, as of September 8, 2020 is $50,000 rounded.

12 Land Comparable 1

Transaction Address 3646-3654 Churchville Date 12/16/2019 City Aberdeen Price $1,600,000 County Harford Price Per Land SF $4.98 State MD Financing Cash Grantor Multiple. See deeds. Property Rights Fee Simple Grantee Feazell Property Days on Market n/a Tax ID See deeds Verification Public Record, Buyer Book/Page or Reference Multiple. See deeds. Legal Description Multiple. See deeds.

Site Acres 7.37 Topography Mostly level Land SF 321,022 Zoning Neighborhood Business Road Frontage Ample Flood Zone No Shape Rectangular Encumbrance or None known Utilities Private Environmental Issues See Narrative ID 9347 Comments Sale of 6 adjacent lots, including five along Churchville Road and a larger wooded 4.862 acre site behind them with frontage on Gilbert Road. Sold by individual owners over the time period of December 2019 through August 2020. Lots on Churchville are improved with older single family homes that are tenant occupied on private utilities. Buyer reports that soil will not percolate. 8-10 year hold period before redevelopment. Any interim income will help offset holding and demolition costs. Buyer plans to purchase adjacent Right of Way parcel from the city as well. See below for individual deeds, date and land sizes. Portfolio had previously been listed for sale in 2017/2018 for $6.4MM including 3644 Churchville (not included in sale). They were listed March 19, 2017 and withdrawn November 16, 2018, for $1,901,450 or $20/SF of land area. The 4.862 acre Gilbert lot behind these 6 lots was also available for sale for $4.5 million

Price/SF Land SF Address Sale Date Sale Price Book/Page $10.97 20,964 3654 7/20/2020 $230,000 13994/222 $10.48 21,467 3652 12/16/2019 $225,000 13606/361 $8.43 20,754 3650 8/14/2020 $175,000 14057/1 (Requires $20k rehab costs to occupy) $10.73 22,360 3648 7/20/2020 $240,000 13994/214 $8.65 23,688 3646 7/20/2020 $205,000 13994/210 $2.48 211,789 Gilbert 12/16/2019 $525,000 13606/328

13 Land Comparable 2

Transaction Address 655 Bridge St. Date 10/18/2019 City Elkton Price $400,000 County Cecil Price Per Land SF $6.90 State MD Financing Conventional Grantor Schwab, LLC III Property Rights Fee Simple Grantee PTV, 1002, LLC Days on Market 1890 Tax ID 03-050033 Verification Broker, Public record Book/Page or Reference 4485/407 Legal Description Map 310 Parcel 1698

Site Acres 1.33 Topography Level Land SF 57,935 Zoning C-2 Road Frontage Average Flood Zone No Shape Rectangular Encumbrance or None noted Utilities Public Environmental Issues None noted ID 5586 Comments This 1.33 acre site is located on Bridge Street aka Route 213 south of Route 279. It is zoned C-2, Highway Commercial and has all utilities to the site. There is average visibility with 13,481 cars AADT and a concept drawing for 28,500 sf of retail space. The property was listed for $850,000 for 5.30 acres, ID 9244503.

14 Land Comparable 3

Transaction Address 684 Bel Air Avenue Date 10/16/2019 City Aberdeen Price $1,200,000 County Harford Price Per Land SF $2.05 State MD Financing Cash or Equivalent Grantor Estate of Carolyn G. Property Rights Fee Simple Grantee City of Aberdeen Days on Market 75 Tax ID 02-015803 Verification Public Record, Costar Book/Page or Reference 13522/207 Legal Description 02-015803

Site Acres 13.44 Topography Mostly level Land SF 585,577 Zoning Multifamily Road Frontage Average Flood Zone No Shape Irregular/Adequate Encumbrance or None Noted Utilities Public Environmental Issues None Noted ID 9358 Comments The city of Aberdeen plans to build a community center and outdoor space and was looking for a site walk- able from downtown. The project is meant to compliment the new University of Maryland Upper Chesapeake Hospital that is underway off of Route 22. The project's start date is still unofficial as funding for the project will come from Harford County. Sold below appraised value of $1.5 million. Environmental study found no major issues. The site does contain some non-tidal wetlands however according to the City of Aberdeen some of this can be used for storm water management. No other sales in previous 3 years.

15 Land Comparable 4

Transaction Address 3710 Churchville Rd. Date 8/30/2019 City Aberdeen Price $3,200,000 County Harford Price Per Land SF $34.01 State MD Financing Conventional Grantor I-95 Center, LLC Property Rights Fee Simple Grantee Two Farms, Inc. Days on Market Private Sale Tax ID 02-400368 Verification Broker, Public record Book/Page or Reference 13419/00211 Legal Description Map 51, Parcel 111

Site Acres 2.16 Topography Level Land SF 94,090 Zoning IBD Road Frontage Ample Flood Zone No Shape Irregular/Adequate Encumbrance or None noted Utilities Public Environmental Issues None noted ID 7407 Comments This property is located on Route 22 near the I-95 interchange. The site was purchased for a Royal Farms gas station/convenience store with construction starting in the fall of 2019. This was a private sale with no broker involvement. Part of larger, site plan approved I-95 Center to include retail and day care. There have been no other transfers in the last three years. ID #4886340

16 Land Comparable 5

Transaction Address 800 Beards Hill Road Date 7/5/2016 City Aberdeen Price $1,014,000 County Harford Price Per Land SF $4.05 State MD Financing Cash or Equivalent Grantor 800 Beards Hill Road, LLC Property Rights Fee Simple Grantee Beards Hill Shopping Days on Market 102 Tax ID 02-077035; 02-021080 Verification Public Record, Costar, Book/Page or Reference 11952/229 Legal Description 02-077035; -021080

Site Acres 5.74 Topography Slightly rolling Land SF 250,082 Zoning B-3 Road Frontage Ample Flood Zone No Shape Triangular Encumbrance or None Noted Utilities Public Environmental Issues None Noted ID 9360 Comments Property is zoned B-3 Commercial. Slightly elevated, highly visible site that adjoins Beards Hill Shopping Center. Backs to Kleins Shop Rite and existing stores. Just off I-95 Exit 80 Aberdeen /Churchville in growing Commercial and Business District, new retail and hotels nearby. Purchased by Klein, adjacent shopping center owner. Plans unknown. No other sales in previous 3 years. MLS #1001686977

17 Comparables Map

Sale 2 North 28 mi.

18 Tax Map/Aerial

19 PROFESSIONAL QUALIFICATIONS

21BKRISTINA L. CLARK, MAI, R/W-AC VP of Commercial Valuation

CORPORATE PROFILE:

❖ Office Address: 1003 Mt. Hermon Road, Suite 201, Salisbury, Maryland, 21804 ❖ Phone: 410.912-2064; Fax: 410.543.0664; Web: www.valucentric.com ❖ Service Area: Maryland, DC, , and Virginia

EDUCATION:

❖ 2000: Indiana University of Pennsylvania: Bachelor of Science in Chemistry ❖ 2002-2003: Wor-Wic Community College: Real Estate Appraisal Licensure Courses I, II, and USPAP ❖ 2003: Ongoing Continuing Education Courses: • Appraisal and Real Estate Fraud • Basic Residential Construction • Avoiding Appraiser Liability ❖ 2005: AI: Basic Income Capitalization ❖ 2005: AI: General Applications ❖ 2005: AI: Advanced Income Capitalization ❖ 2006: AI: Advanced Sales Comparison and Cost Approaches ❖ 2007: AI: Report Writing and Valuation Analysis ❖ 2007: AI: General Market Analysis and Highest and Best Use ❖ 2007: AI: Advanced Applications ❖ 2007: Uniform Appraisal Standards for Federal Acquisitions ❖ 2008: AI: General Demonstration Appraisal Report Workshop ❖ 2009: 7-Hour National USPAP Update Course ❖ 2010: AI: Litigation Appraising: Specialized Topics and Applications ❖ 2011: 7-Hour National USPAP Update Course ❖ 2011: Analyzing Distressed Real Estate ❖ 2012: IRWA: Course 100: Principles of Land Acquisition ❖ 2013: Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets ❖ 2013: IRWA: Course 421: The Valuation of Partial Acquisitions ❖ 2014: Online Business Practice and Ethics ❖ 2015: Delaware Laws and Regulations for Appraisers

20 ❖ 2015: Expert Witness for Commercial Appraisers ❖ 2015: Highest and Best Use ❖ 2015: 7-Hour National USPAP Update Course ❖ 2015: Supervisor Trainee Course

PROFESSIONAL AFFILIATIONS:

❖ Appraisal Institute: MAI Designated Member 2009 ❖ Maryland License # 12056 ❖ Delaware License # X1-0000433 ❖ IRWA Certified Right of Way Appraiser

EXPERIENCE:

❖ October 2002-September 2004: Rosenblatt’s Appraisal Service ❖ September 2004 – Present: Valucentric/The Trice Group LLC

PROPERTY TYPES APPRAISED:

❖ Agricultural land ❖ Aquaculture ❖ Apartment complex ❖ Business park ❖ Carwash ❖ Condemnation/Eminent Domain ❖ Condominium project ❖ Conservation Easements ❖ Corridors ❖ Development land ❖ Easement ❖ General commercial ❖ House of worship ❖ Industrial, manufacturing, warehouse ❖ Marina ❖ Market analysis ❖ Medical facility ❖ Mixed Use ❖ Mobile home park ❖ Office ❖ Recreational facility ❖ Restaurant ❖ Retail ❖ Right-of-Ways ❖ School, daycare and public building ❖ Shopping Center ❖ Subdivision

21 MERIDITH MILLER WEITZENFELD Certified General Real Estate Appraiser - Commercial Valuation

❖ Office Address: 600 Glen Avenue, Suite 103, Salisbury, Maryland, 21804 ❖ Phone: 888.450.8258; Fax: 410.543.9100; ❖ Mobile: 954.326.1617 ❖ Email: [email protected] ❖ Web: www.valucentric.com

EXPERIENCE:

❖ 2018- Appraiser; Commercial Valuation; Valucentric ❖ 2017-2018: Certified General Appraiser; Shackelford & Associates ❖ 2006-2016: Senior Commercial Appraiser; Roe Minor Realty Consultants

PROFESSIONAL AFFLIATIONS:

❖ Appraisal Institute: Practicing Affiliate ❖ Maryland State Certified General Appraiser: 33337 (10-9-2021) ❖ Florida State Certified General Real Estate Appraiser: RZ3282 (11-30-2020) ❖ Virginia State Certified General Real Estate Appraiser: 4001017884 (8-31-2021) ❖ Pennsylvania State Certified General Real Estate Appraiser: GA004467 (6-30-2021)

EDUCATION:

❖ Florida State University, Bachelor of Science Finance & Multinational Marketing

Appraisal Institute ❖ 2006: General Appraiser Sales Comparison ❖ 2007: General Applications ❖ 2008: Guidance Leadership Program ❖ 2010: Supervisor Trainee Roles & Rules ❖ 2010: Property Tax assessments ❖ 2010: Advanced Sales Comparison & Cost Approaches ❖ 2010: Business Practice & Ethics ❖ 2011: The Real Estate Market 2011 ❖ 2011: General Appraiser Report Writing & Case Studies ❖ 2012: FL Appraisal Law ❖ 2012: National USPAP Update ❖ 2013: Real Estate Finance Statistics & Valuation ❖ 2013: Complex Litigation Appraisal Case Studies ❖ 2016: Loss Prevention for Real Estate Appraisers ❖ 2016: Trial Components

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Other Providers ❖ 2005: Basic Appraisal Principles ❖ 2005: Basic Appraisal Procedures ❖ 2015: FL Appraisal Law and Regulations ❖ 2016: Essential Elements of Disclosures & Disclaimers ❖ 2016: Appraisal of Assisted Living Facilities ❖ 2017: FL Appraisal Law and Regulations ❖ 2017: Appraisal of Owner-Occupied Commercial Properties ❖ 2017: Basic Hotel Appraising – Limited Service Hotels ❖ 2017: Advanced Hotel Appraising – Full service Hotels ❖ 2018: USPAP Update 2018-2019

PROPERTY TYPES APPRAISED: ❖ Agricultural land ❖ Apartment complex ❖ Business park ❖ Condominium project ❖ Development land ❖ Easement ❖ Farm operation ❖ Forest bank ❖ Going concern ❖ Ground lease ❖ Industrial, manufacturing, warehouse ❖ Marina ❖ Market analysis ❖ Medical office ❖ Mixed use ❖ Mobile home park ❖ Motel and hotel ❖ Office ❖ Partial Interest ❖ Recreational facility ❖ Religious facility ❖ Restaurant ❖ Retail ❖ School, daycare and public building ❖ Solar farm ❖ Shopping center ❖ Subdivision

PARTIAL CLIENT LIST: ❖ Bank United ❖ BB&T ❖ CNL Bank ❖ Fifth Third Bank ❖ First Citizens Bank

23 ❖ Florida Community Bank ❖ Fulton Financial Group ❖ Gibraltar Private Bank & Trust ❖ IberiaBank ❖ M&T Bank ❖ Middletown Valley Bank ❖ North Carolina Farm Bureau ❖ Ocean Bank ❖ Ocwen Loan Servicing ❖ PNC Bank ❖ Regions Bank ❖ Seacoast Bank ❖ Southern Bank ❖ TD Bank ❖ Virginia Partners Bank ❖ Wells Fargo ❖ 1880 Bank ❖ Numerous law offices and individuals

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