NOTICE

PURSUANT TO ARTICLE 2 OF THE NEW YORK EMINENT

DOMAIN

PROCEDURE

LAW FOR THE

ACQUISITION OF CERTAIN REAL PROPERTY

LOCATED IN THE CITY OF OLEAN, CATTARAUGUS COUNTY,

NEW YORK

NOTICE IS HEREBY GIVEN to all persons that a public hearing, pursuant to Article 2 of the New York Eminent Domain Procedure Law ("EDPL"), will be held by the City of Olean (the "City") on May 15, 2025, beginning at 10:00 a.m., local time, in the Municipal Building, Conference Room 119, located at 101 East State Street, Olean, New York 14760.

Olean Town Centre LLC, a New York limited liability company, for itself and on behalf of its affiliates (collectively, the "Company") owns certain parcels of land comprising in the aggregate approximately 26.68±-acres and located at 400, 420 and 450 N Union Street (identifiable by Tax ID#s: 94.057-3-13, 94.057-3-13./2 and 94.057-3-13./3), in the City of Olean, Cattaraugus County, New York and upon which is located, among other things, the predominantly vacant and deteriorating shopping center known as the Olean Center Mall (collectively, the "Main Mall Facility"). The Company has lease agreements with respect to certain portions of the Main Mall Facility with, among others, (i) J.C. Penney Corporation ("Penney") for use as a JCPenney department store adjoining the southwestern end of the Main Mall Facility and related uses (collectively, the "Penney Space"), (ii) Kohl's Illinois, Inc. ("Kohl's") for use as a Kohl's department store adjoining the southern center portion of the Main Mall Facility and related uses (collectively, the "Kohl's Space") and (iii) KeyBank of NY, N.A./KeyCorp/KeyBank National Association ("KeyBank") for use as KeyBank branch building near to and northwest of the Main Mall Facility and related uses (collectively, the "KeyBank Space"; the Main Mall Facility as leased with the Penney Space, the Kohl's Space and the KeyBank Space collectively referred to as the "Project Site"). The KeyBank branch building, located upon the KeyBank Space, is owned by KeyBank and is located at 450 N Union Street (identifiable by Tax ID#: 94.057-3-13./4), in the City of Olean, Cattaraugus County, New York.

The Company has requested the City to assist in facilitating a "public project" (as that term is defined in the EDPL; hereinafter and collectively, the "Project") consisting of, but not limited to, the "acquisition" (as such quoted term is defined under the EDPL; hereinafter referred to as the "Acquisition") by the City of certain "real property" (as such quoted term is defined under the EDPL) rights/interests of the parties identified by the Company as Penney, Kohl's and KeyBank, and their respective successors or assigns, including, without limitation, any and all rights, rights of approval, interests, privileges or easements of Penney, Kohl's and/or KeyBank, their respective successors or assigns, under any and all leases, instruments or agreements, including, without limitation, any and all operating covenant agreements (or similar agreements), reciprocal easement agreements (or similar agreements) whether or not recorded (collectively, the "Proposed Interests"), all as may be needed in order to facilitate and in connection with the productive reuse and redevelopment and overall enhancement by the Company of the predominantly vacant and underutilized Project Site and any and all related parking realignments, parking improvements, infrastructure or site improvements or modifications necessary therefor at the Project Site, contemporaneously or in stages pursuant to the EDPL, to redevelop and enhance the Project Site for use as multi-purpose mixed use facility to attract and accommodate new and diverse tenant(s) and/or end user(s) to the Main Mall Facility and to enhance and/or complement the existing Penney Space, the Kohl's Space and the KeyBank Space, and the surrounding area and existing businesses (including, but not limited to, at the Penney Space, the Kohl's Space and the KeyBank Space) in order to further the public purpose of advancing the general prosperity and economic and social welfare of the residents of the City by returning the predominantly vacant and underutilized Project Site to productive use by, among other things, promoting employment, increasing the property tax base and sales tax revenues within the City and Cattaraugus County and alleviating the negative impacts associated with large vacant underutilized and deteriorating buildings within the City.

In addition to informing the public, said public hearing is being held for the purpose of considering (i) the Acquisition of the Proposed Interests and (ii) the public purpose of the proposed Acquisition, location of the Project, general effects of the proposed Acquisition on the environment and the residents of the locality and other relevant information. No proposed alternate locations are being

considered.

All interested persons are invited to attend said public hearing and present their views regarding the proposed Acquisition. Persons unable to attend the public hearing, or persons in attendance at the public hearing, may submit to the City, either prior to or during the public hearing, any written comments or other related documents regarding the proposed Acquisition. Any written comments and related documents received prior to or on the public hearing date or will become part of the official public hearing record. Written comments can be sent to the City of Olean, c/o Mayor, 101 East State Street, Olean, New York 14760. Comments received after the close of the public hearing will not be considered.

CITY OF OLEAN