5509 Belmont Road 5509 Belmont Rd., Ste B Downers Grove, IL 60515 630-390-0113 phone 630-390-0114 fax

www.argianas.com

September 17, 2019

City of Geneva Planning and Zoning Commission 22 S. First Street Geneva, IL 60134

RE: Geneva Center 2015, LLC / MidAmerica, 2100 S. Randall Road, Geneva, IL 60134 - Lot 1 in Fabyan Crossing, PIN 12-17-226-004 – Proposed Oberweis Store with That Burger Joint and Woodgrain Pizza Restaurant Concepts to be Sited on a Proposed Outlot (Portion of Lot 1 - Northwest Corner of Randall Road and Fabyan Parkway, Fabyan Crossing Shopping Center)

At the request of Joe Oberweis, Oberweis Dairy President/Chief Executive Officer, I have reviewed documents, building plans, and contemplated construction costs associated with the proposed development as identified in the caption block of this letter (a proposed Oberweis Dairy Store with adjoining That Burger Joint and Woodgrain Pizza Restaurant), with existing Fabyan Crossing tenants that currently include a Fresh Thyme Grocery Store, At Home Furniture Store, Best Buy, O'Reilly's Auto Parts, Spenga Fitness Center, and a McDonald's Fast Food Hamburger Restaurant.

Fabyan Crossing Immediate & Near Surrounding Area The area surrounding Fabyan Crossing features an expansive mix of commercial space users that include, among others, a Home Depot, Petco, Trader Joe’s, Walgreens, Bank of America, Smashburger, Jersey Mike’s, , Chipotle, Papa Johns, KFC, McAllister’s Deli, Advance Auto Parts, Portillo’s Hot Dogs, GQT Randall 15 IMAX, Jurin Japanese Restaurant, China Taste Restaurant, Panera Bread, Ashley HomeStore, Mario Tricoci Hair Salon & Day Spa, Ross Dress for Less, Marshall’s, Bed Bath & Beyond, Party City, Fifth Third Bank, and First American Bank, with other nearby neighbors that include Walmart Supercenter and the Advocate Medical Group Outpatient Center. In short, the subject’s immediate and surrounding areas are host to an array of big box retailers, grocery stores, sit down and fast food restaurants (many of which operate drive throughs), and professional service providers.

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City of Geneva Planning and Zoning Commission September 17, 2019 Page 2

The McDonald’s Groundlease At issue are groundlease covenants associated with the McDonald’s Groundlease (signed October 20, 1994) associated with the McDonald’s sited on Lot 4 of Fabyan Crossing Shopping Center, with a groundlease provision for 50% rent abatements should other restaurants, food service establishments, drive-in or walk up eating facilities be allowed. This rent abatement covenant and the risk of its realization were and have remained part of the McDonald’s groundlease since its inception.

The Proposed Oberweis Development Will Not Result in Any Value Diminution The following issues are presented, with September 14, 2019 identified as the value date associated with my findings as to whether the Oberweis dairy/burger/pizza concept, if allowed, will diminish the value of adjacent and nearby properties.

To answer these value-based questions, I reviewed development plans associated with the overall Fabyan Crossing Shopping Center and the proposed Oberweis Concept, the McDonald’s Groundlease, court-related plaintiff and defendant documents, the recorded plat for Oberweis Subdivision, building plans, a floorplan and exterior elevation plan, a photometric plan, and signage drawings for the proposed Oberweis development. I also considered real estate values associated with other Oberweis dairy/burger/pizza restaurant locations in Bolingbrook, Bloomington, and Champaign, I field-inspected the subject property and conducted reconnaissance to familiarize myself with its neighborhood area, and I carefully considered whether the proposed Oberweis concept was consistent with the requirements of Section 11-14-4(F) of Geneva’s Code of Ordinances (the Code).

As evidence that the Oberweis concept will not diminish the value of adjacent and nearby properties, we researched assessed values for existing Oberweis Dairy Store with That Burger Joint and Woodgrain Pizza Restaurant stores, with our findings summarized as follows:

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City of Geneva Planning and Zoning Commission September 17, 2019 Page 3

           ! ! ! ! ! " ! # ! $ ! % ! & ! '

:82+ %$   4236 %  #*999#$ %$   34,24,23,423,227,2222/ 769*222 /769*222 /769*222 /769*222 /792*46: /7;;*267 /7;;*267   " * 82662  "*:77+ %$   34,24,23,425,226,2222/ 327*922 /327*922 /327*922 /332*3;4 /337*979 /954*722  % $(  #*:62+ %$   34,24,23,426,22;,2222/ 673*222 /673*222 /673*222 /673*222 /692*38: /6;5*;33 /6;5*;33 %  ' #!

4327 +$" # "'( 4239 ) ))*3823+ & %* " 36,48,548,247 /3;5*578 /475*959 /528*:;5 /56:*656   $ * 83926 *323+$" #* " 36,48,548,256 /3;4*773 /553*45: /553*45: /58;*295    % $( -#*4329$" - "'(*  $ 36,48,624,224 /643*797 /652*928 /652*928 /652*928 " ' #!  #*3757+ &+* " 36,48,549,224 /523*:2: /52;*274 /52;*274 /52;*274  $  *432; +$" #*  $ 36,48,624,223 /8*388*889 /8*522*454 /8*522*454 /8*522*454

3;27+ $"$ 423: %&"#*4524 $"$ 67,42,46,624,245 /473*942 /479*222 /479*222 ! * 83:42  #*3827+ $"$ 67,42,46,423,24; /594*752 /5:2*582 /5:2*582 !  % $(  $  *3;26+ $"$ 67,42,46,474,233 /7:*5;2 /7;*842 /7;*842 ! $( ' #! $- *392;+ $"$ 67,42,46,423,272 /457*432 /462*372 /462*372 These assessed values are offered as evidence that the Oberweis concept has not resulted in value diminutions to neighboring properties and we believe the addition of an Oberweis concept will enhance the marketability and values of neighboring property owners.

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City of Geneva Planning and Zoning Commission September 17, 2019 Page 4

As a result of our investigations, I have concluded no value diminutions to either the McDonald’s Groundlease, Fabyan Crossing Shopping Center, or the surrounding neighborhood area for the following reasons:

1) The proposed use at the specified location is consistent with the comprehensive plan.

The property is designated for Commercial: Retail, Service, Office uses in the City’s adopted Comprehensive Plan, with consistent land uses for surrounding properties. The Oberweis proposed drive-through restaurant as contemplated is consistent with the Comprehensive Plan.

There is no evidence I could find suggesting that the opening of a new restaurant at Fabyan Crossing would be inconsistent with the comprehensive plan or result in value diminutions.

2. The proposed building or use will not diminish the value of adjacent and nearby properties.

Fabyan Crossing was developed for shopping center use in 1995, with a variety of nearby restaurants also sited located along Randall Road in neighboring shopping centers and with restaurants a permitted use within the PUD. Oberweis is proposing to add revenue generating capabilities of Fabyan Crossing on Lot 1, which has been vacant since the inception of Fabyan Crossing.

Oberweis’ proposed development will be compatible with the neighboring McDonald’s Restaurant, it will have adequate parking, and new customers will be attracted to the area including Fabyan Crossing Shopping Center. Those customers may also visit stores within Fabyan Crossing, including At Home and even, McDonald’s. Even if McDonald’s invokes its Groundlease Provision concerning competing restaurants, there is no evidence that will result in a diminution of property values. Based on my research involving other areas in which Oberweis and McDonald’s Restaurants overlap, the entry of Oberweis has been followed by increases in McDonald’s property values. For the reasons stated, there is no value diminution to Fabyan Crossing Shopping Center or to the McDonald’s Groundlease as the Oberweis concept should draw more customers to Fabyan Crossing.

Even if property values decrease, which they will not, such decreases are more than offset by Oberweis’ value to the community (for example, the proposed Oberweis will bring additional tax revenues to the community, and there will be no need for area customers to travel to Oberweis’ stores on Main Street or in St. Charles or North Aurora to fulfill their needs for Oberweis products).

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3. The proposed use at the specified location will not substantially or unduly increase traffic, traffic congestion and on-street parking demand in the immediate vicinity of the proposed use and in the area affected by traffic generated by the proposed use.

Fabyan Crossing Shopping Center is provided with around 1,200 parking spaces, with an overall parking ratio of approximately 4.6 spaces per 1,000 square feet of floor area. Oberweis’ proposed concept will not unduly increase traffic or traffic congestion in the immediate vicinity and its drive-through features will accommodate 10 cars in the queue with any overflow contained within the parking lot. The traffic flow surrounding Fabyan Crossing is regulated by traffic lights and stop signs, the proposed Oberweis concept’s parking needs have been well planned, the proposed use at this location will not increase on-street parking demand in the immediate vicinity.

For the aforementioned reasons, there will be no value diminution to neighboring properties due to traffic or parking associated with the proposed Oberweis concept.

4. The proposed use has been designed to provide for adequate ingress and egress to minimize potential vehicle conflicts and congestion in public streets.

The proposed use will not alter existing ingress and egress points for Fabyan Crossing Shopping Center, which consist of two right-in and right out entrances and two signalized entrances, with the site designed to properly facilitate emergency vehicle navigation to and from the subject site.

As the Oberweis development will utilize existing private drive connections to adjacent public streets, and because the proposed use has been designed to provide adequate ingress and egress to minimize potential vehicle conflicts and congestion in public streets, there will be no value diminution to the area by virtue of the proposed Oberweis concept’s ingress/egress needs.

5. The proposed building or use will not adversely affect or change the character of the area in which it is located.

The subject property has been a shopping center located adjacent to two arterial thoroughfares since 1995. The proposed Oberweis development will be be consistent with and complementary to other uses in the shopping center, with neighboring space uses that include a variety of big box and in-line stores and fast food and sit-down restaurants.

As the proposed use would not adversely affect or change the character of the area in which it is located, the proposed Oberweis concept, if allowed, will not cause a value diminution to Fabyan Crossing neighbors or surrounding properties. Argianas & Associates, Inc. Page 5 of 16 09-512-19

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6. The proposed use at the specified location will not adversely affect the use and development of adjacent and nearby properties in accordance with the regulations of the district in which they are located.

The location, size and height of the proposed Oberweis concept will not adversely affect the use and development or hinder the appropriate development of adjacent and nearby properties. Other than the creation of the proposed Oberweis Outlot, Fabyan Crossing Shopping Center is fully developed and the proposed Oberweis sit-down/drive-through concept is consistent with Geneva’s Comprehensive Plan and with the other drive-through use found within the shopping center and nearby areas.

For the reasons stated, the proposed Oberweis concept will not adversely affect the use and development of adjacent or nearby properties.

7. Adequate utility, drainage, parking and other necessary facilities to service the proposed use will be provided and such utility, drainage, parking and other necessary facilities will not adversely affect the use, development and value of adjacent and nearby properties.

The subject site is serviced by all necessary public utilities and the parking ratio for the proposed Outlot is planned at 15.5 parking spaces for each 1,000 SF of floor area, which satisfies Geneva’s Zoning Ordinance Requirements for the sit-down/drive-through restaurants (15 parking spaces per 1,000 SF of floor area plus one space for each drive- through employee and with 34 shared parking spaces with At Home to be made available during peak periods). The subject’s existing utility, drainage, parking, and other in-place infrastructure will serve Oberweis’ proposed use, the improvements will be constructed in accord with all building, zone and life-safety requirements, and the proposed use will not adversely affect the use, development and value of adjacent or nearby properties.

For the reasons stated, there will be no value diminution as a result of utility, drainage, parking needs for the proposed Oberweis concept.

8. The proposed building, other structures and use comply with any and all regulations, conditions or requirements of the city applicable to such building, structure or use.

The applicant is asking to amend the PUD to allow drive-through use and modification of parking, signage, and existing landscape plans in compliance with all of the regulations, conditions or requirements of the Fabyan Crossing PUD and the City of Geneva regulations.

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There is no evidence to suggest a value diminution to Fabyan Crossing and its surrounding area should the proposed Oberweis concept be allowed.

9. The exterior architectural appeal and function of any proposed structure will not be at variance with either the exterior architectural appeal and functional plan of structures already constructed or in the course of construction in the immediate neighborhood or the character of the applicable district to cause a substantial depreciation in property values in the neighborhood.

The Oberweis concept will consist of a new 4,256 SF outlot building with three different restaurant concepts – Oberweis Dairy & Store, That Burger Joint, and Woodgrain Pizza, with the proposed building to be constructed of quality materials to include masonry, wood and brick. The mix of materials used on the building will be suggestive of 3 different tenant spaces even though the space inside is all shared, the building will be attractively finished on all four sides (providing patrons along the main access route an attractive façade along the rear of the building), the proposed building’s rooftop mechanical equipment will be screened from view via a three-foot high parapet wall, and the building’s exterior appeal and function will not be at variance with the exterior architectural appeal and functional plan of the structures in the immediate neighborhood as to cause a substantial depreciation in property values in the neighborhood.

CONCLUSION For the reasons stated, and because the proposed Oberweis development will be attractive and consistent with Fabyan Crossings and its surrounding areas, the proposed Oberweis concept will not result in a value diminution to the area.

Very truly yours,

ARGIANAS & ASSOCIATES, INC.

Charles G. Argianas Chief Appraiser/President Certified General Real Estate Appraiser License # 553.000164 License Expires September 30, 2019

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ADDENDA

CERTIFICATION

I certify that to the best of my 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 my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

• I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

• I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

• My engagement in this assignment was not contingent upon developing or reporting predetermined results.

• My 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 opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this advisory report.

• My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP).

• I have inspected the property that is the subject of this report.

• Unless otherwise stated, no one provided significant real property advisory report assistance to the person signing this certification.

• The reported analyses, opinions, and conclusions in this report have been prepared in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.

• The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of issuance of this advisory report, I have completed the continuing education program of the Appraisal Institute. • I have neither appraised nor provided services involving the subject property previously.

Charles G. Argianas Certified General Real Estate Appraiser Illinois License # 553.000164 License Expires September 30, 2019

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ASSUMPTIONS AND LIMITING CONDITIONS

I have no present or contemplated future interest in the property appraised nor any personal interest or bias on the subject matter or the parties involved in the advisory report.

No responsibility is assumed for matters legal in nature. No investigation has been made of the title to or any liabilities against the property appraised. The advisory report presumes, unless otherwise noted, that the owner's claim is valid, the property rights are good and marketable, and there are no encumbrances, which cannot be cleared through normal processes.

To the best of our knowledge, all data set forth in this report are true and accurate. Although gathered from reliable sources, no guarantee is made nor liability assumed for the accuracy of any data, opinions, or estimates identified as being furnished by others, which have been used in formulating this analysis.

The value estimate contained within this report specifically excludes the impact of structural damage or environmental contamination resulting from earthquakes or other causes. It is recommended that the reader of this report consult a qualified structural engineer and/or industrial hygienist for the evaluation of possible structural/environmental defects, the existence of which could have a material impact on market value.

Land areas and descriptions used in this consulting engagement were obtained from public records and have not been verified by legal counsel or a licensed surveyor. The land description is included for identification purposes only and should not be used in a conveyance or other legal document without proper verification by an attorney.

No soil analysis or geological studies were ordered or made in conjunction with this report, nor were any water, oil, gas, coal, or other subsurface mineral and use rights or conditions investigated. Substances such as asbestos, urea-formaldehyde foam insulation, other chemicals, toxic wastes, or other potentially hazardous materials could, if present, adversely affect the value of the property. Unless otherwise stated in this report, the existence of hazardous substance, which may or may not be present on or in the property, was not considered by the appraiser in the development of the conclusion of fair market value. The stated value estimate is predicated on the assumption that there is no material on or in the property, which would cause such a loss in value. No responsibility is assumed for any such conditions, and the client has been advised that the appraiser is not qualified to detect such substances, quantify the impact on values, or develop the remedial cost.

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No environmental impact study has been ordered or made. Full compliance with applicable federal, state, and local environmental regulations and laws is assumed unless otherwise stated, defined, and considered in this report. It is also assumed that all required licenses, consents, or other legislative or administrative authority from any local, state, or national government or private entity organization either have been or can be obtained or renewed for any use which the report covers.

Plats are presented only as aids in visualizing the property and its environment. Although the material was prepared using the best available data, it should not be considered as a survey or scaled for size. It is assumed that all applicable zoning and use regulations and restrictions have been complied with unless a nonconformity has been stated, defined, and considered in this advisory report. Further, it is assumed that the utilization of the land and improvements is within the boundaries of the property described and that no encroachment or trespass exists unless noted in the report.

I have made a field inspection of the property and noted visible physical defects, if any, in our report. This inspection was made by individuals generally familiar with real estate and building construction; however, these individuals are not architectural or structural engineers who would have detailed knowledge of building design and structural integrity. Accordingly, I do not opine on, nor am I responsible for, the structural integrity of the property including its conformity to specific governmental code requirements, such as fire, building and safety, earthquake, and occupancy, or any physical defects which were not readily apparent to the appraisers during their inspection.

The value or values presented in this report are based upon the premises outlined herein and are valid only for the purpose or purposes stated.

The date of value to which the conclusions and opinions expressed apply is set forth in this report. Unless otherwise noted, this date represents the last date of my field inspection of the property. The value opinion herein rendered is based on the status of the national business economy and the purchasing power of the U.S. dollar as of that date.

Financial operating statements, if provided, were assumed accurate and complete.

Testimony or attendance in court or at any other hearing is not required by reason of this advisory report unless arrangements are previously made within a reasonable time.

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One or more of the signatories of this advisory report is a member or candidate of the Appraisal Institute. The Bylaws and Regulations of the Institute require each member and candidate to control the use and distribution of each advisory report signed by them.

Possession of this report or any copy thereof does not carry with it the right of publication. No portion of this report (especially any conclusion to use, the identity of the appraiser or the firm with which he/she is connected, or any reference to the Appraisal Institute, or the designations awarded by this organization) shall be disseminated to the public through prospectus, advertising, public relations, news, or any other means of communication without the written consent and approval of Argianas & Associates, Inc.

All opinions as to values stated are presented as the appraiser's considered opinion based on the information set forth in the report. I assume no responsibility for changes in market conditions or for the inability of the owner to obtain financing or to locate a purchaser at the appraised value. I do not warrant that the subject property will sell at my final conclusion of value.

The Americans with Disabilities Act (ADA) became effective January 26, 1992. I have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that 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 I have no direct evidence relating to this issue, I did not consider possible noncompliance with the requirements of ADA in estimating the value of the property.

Unless the time frame is shorter under applicable law, any legal action or claim relating to the advisory report or Appraiser’s services shall be filed in court (or in the applicable arbitration tribunal, if the parties to the dispute have executed an arbitration agreement) within two (2) years from the date of delivery to Client of the advisory report to which the claims or causes of action relate or, in the case of acts or conduct after delivery of the report, two (2) years from the date of the alleged acts or conduct. The timeframe stated in this section shall not be extended by any delay in the discovery or accrual of the underlying claims, causes of action or damages. The timeframe stated in this section shall apply to all noncriminal claims or causes of action of any type.

Legal claims or causes of action relating to the advisory report are not transferable or assignable to a third party, except (i) as the result of a merger, consolidation, sale or purchase

Argianas & Associates, Inc. Page 11 of 16 09-512-19 ADDENDA of a legal entity, (ii) with regard to the collection of a bona fide existing debt for services but then only to the extent of the total compensation for the advisory report plus reasonable interest, or (iii) in the case of an advisory report performed in connection with the origination of a mortgage loan, as part of the transfer or sale of the mortgage before an event of default on the mortgage or note or its legal equivalent.

Any use of or reliance on the advisory report by any party, regardless of whether the use or reliance is authorized or known by Appraiser, constitutes acceptance of, and is subject to, all advisory report statements, limiting conditions and assumptions stated in the advisory report report.

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GENERAL SERVICE CONDITIONS

The services provided by Argianas & Associates, Inc., have been performed in accordance with professional advisory report standards. My compensation was not contingent in any way upon my conclusions of value. I assumed, without independent verification, the accuracy of all data provided to us. I have acted as at an independent contractor. All files, workpapers or documents developed by us during the course of the engagement are my property. I will retain this data for at least five years.

My report is to be used only for the purpose stated herein; any use or reliance for any other purpose, by you or third parties, is invalid. You may show my report in its entirety to those third parties who need to review the information contained herein. No reference to my name or my report, in whole or in part, in any document you prepare and/or distribute to third parties may be made without my written consent. I will remain the owner of all copyrights © to the work product developed as part of this engagement and have licensed the use of the work product to the client/intended users for the intended use stated in the engagement letter and/or advisory report report.

I reserve the right to include the name of the developer in my client list, but I will maintain the confidentiality of all conversations, documents provided to us, and the contents of my reports, subject to legal or administrative process or proceedings. These conditions can only be modified by written documents executed by both parties.

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QUALIFICATIONS OF APPRAISER

CHARLES G. ARGIANAS, MAI, JD CHIEF APPRAISER

Experience Mr. Argianas provides appraisal and advisory services on all types of properties on a national basis. He has been involved in the valuation of billion dollars’ worth of real property over the course of his career. He has also appraised or provided advisory services on proposed, stabilized, and distressed property situated in most U.S. major tier as well as numerous second and third-tier markets. Mr. Argianas has also appraised or provided investment analysis for properties in Canada and Mexico.

Major properties appraised by Mr. Argianas have included Chicago's mixed-use retail and office Water Tower Place, the 1,250,000 SF Chicago Mercantile Exchange Building, Chicago's 845,000 SF Quaker Tower, the 2,000,000 SF Oak Brook Mall, two 500,000 SF twin office towers in downtown Philadelphia, Los Angeles's 4,600,000 SF Arco Towers Plaza, and Los Angeles's 700,000 SF Chase Plaza. Other engagements have included numerous proposed and existing hotels and motels that have included Holiday Inns, LaQuinta Inns, Days Inns, Embassy Suites, Ramada Inns, and Radisson Hotels.

A representative list of nationwide portfolios that Mr. Argianas has appraised or provided specialized investment analysis input (including senior MAI direction and final and full executive/professional review responsibility for services provided) have included a nationwide portfolio of 17 regional shopping centers for a large pension fund; a portfolio of 11 large downtown Chicago office buildings for a large real estate developer; a portfolio of 35 investment grade properties for a large Minneapolis insurance company; a 9 property office building portfolio with most of the properties located in downtown Pittsburgh; a portfolio of 27 hotels located throughout the U.S.; a portfolio of 13 hotels for a large Connecticut based pension fund; a portfolio of 15 nursing homes located throughout the Midwest; a portfolio of several large, major industrial parks located in California; a 13 building suburban Chicago-located office/warehouse park; and a portfolio of 80 mini-storage warehouses located throughout the South and Southwestern U.S. Mr. Argianas has also either appraised or provided investment analysis cash flow projections for numerous special- purpose properties that have included a proposed luxury congregate-care facility, a proposed 500,000-square-foot hypermarket shopping center, subsidized housing facilities, racetrack facilities, and large, internationally acclaimed golf courses. In addition, Mr. Argianas has

Argianas & Associates, Inc. Page 14 of 16 09-512-19 ADDENDA extensive experience in valuing large tracts of vacant land on the wholesale/developmental approach premise.

Property interests he has appraised include fee simple, leased fee, leasehold, and partial interests. The purposes of these appraisal reports and advisory services have been for internal asset management and decision-making purposes, domestic financing, international financing, condemnation, ad valorem, and syndication due diligence support. In addition to fair market value opinions, he has also provided feasibility, marketability, and highest and best use studies for a 1,600,000 SF proposed downtown Chicago office building, a 1,280,000 SF proposed super-regional shopping center located in California, hotels, motels, golf courses, a proposed multi-screen movie theater/cineplex, and various other special purpose type properties. Education John Marshall Law School - Chicago, Illinois Juris Doctor of Law (1986) Elmhurst College - Elmhurst, Illinois Bachelor of Science, Business Administration (1977)

Professional Affiliations/Designations Member, Appraisal Institute MAI #8167 Member, 1981-1995 American Society of Appraisers ASA, Real Property - Urban, ASA #00502700 Member, 1992, 1993, 1994, and 1995 Appraisal Institute National Research and Information Committee Past Member, American Bar Association (ABA) #09971021 Past Member, ABA Forum on the Construction Industry Past Member, Chicago Bar Association Real Estate Law Committee Past Member, ABA, Section of Urban, State and Local Government Law Member, Illinois Chapter of The Appraisal Institute 1991 Legislative and State Activities Committee Past Member, Chicago Board of Realtors Past Member, Chicago Bar Association Past Member, International Association of Assessing Officers #ARG1A606010011 Past Member, International Council of Shopping Centers, Member #0125539 Past Member, Institute of Property Taxation Past Member, National Council Of Real Estate Investment Fiduciaries (NACREIF) Past Member, Pension & Real Estate Association (PREA) Past Member, Urban Land Institute Past Member, National Association for Senior Living Industries Past Member, Illinois Association of Certified Real Estate Appraisers Regional Panel Member, 1992, 1993, 1994, and 1995 Appraisal Institute Ethics and Counseling Panel Past Member, Chicago Bar Association Real Estate Taxation Committee

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Real Estate Appraisal State Licenses

California Certified General Real Estate Appraiser, License #AG011909 Georgia Certified General Real Property Appraiser, License #239169 Illinois Certified General Real Estate Appraiser, License #553.000164 Certified General Appraiser, License #CG69201384 Kentucky Certified General Real Property Appraiser, License # 002415 Certified General Appraiser, License #1201002546 New York Real Estate General Appraiser, License #46000032068 Pennsylvania General Appraiser, License #GA-000914-R Texas Certified General Real Estate Appraiser, License #TX-1322694-G Certified General Appraiser and Licensed Appraiser, #402- 010

Other Professional Licenses

Licensed Attorney, State of Illinois, 1986 Licensed Real Estate Broker, State of Illinois License #075-074046

Court Testimony/Expert Witness Experience

Qualified Expert, Experienced Before Courts In the Following States: Arizona; California; Illinois; Indiana; Iowa; Michigan; Nevada; Ohio; Pennsylvania; and Wisconsin

Other

Keynote Panelist, 1992 Haztech International Environmental Conference, Pittsburgh, Pennsylvania Roundtable Discussion Leader, 1992 International Council of Shopping Centers Financial Management Conference, New Orleans, Louisiana In addition, Mr. Argianas has written or contributed to various publications that include The Appraisal Journal, The National Law Journal, The National Real Estate Investor, Building Profit, The Chicago Tribune, The Chicago Sun Times, and Chicago Crains Business Weekly. & Geneva-Area Appraisal/Advisory Services

Mr. Argianas has been appraising and advising real estate clients since the 1980s throughout North America. He has appraised or provided advisory services on hundreds of restaurants over his career, with many such assignments involving national credit tenanted fast food- related facilities operated by McDonald’s, Oberweis, , Culvers, Wendy’s, Dunkin’ Donuts, Panda Express, Popeyes, Starbucks, Subway, Taco Bell, and Chick-fil-A. Mr. Argianas has completed dozens of appraisal and/or advisory assignments in Geneva over the course of his career.

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