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SUMMARY OF CHANGES TO DEVELOPMENT AGREEMENT BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA AND THE VILLAGE AT LITTLE CANADA LLC FOR THE DEVELOPMENT OF FIVE COMMERCIAL BUILDINGS This memorandum summarizes the principal substantive changes made to the Development Agreement ( "Agreement ") between the Economic Development Authority of the City of Little Canada (the "EDA ") and The Village at Little Canada LLC (the "Developer "), since the draft dated July 17, 2003 (Document No. M1:996026v6). Development Agreement • Section 6.3 has been modified to allow the Developer to extend the 50% completion date for Parcel 1 Minimum Improvements upon deposit of a year's worth of tax increment. Also, the potential extension dates for two of the parcels have been reduced from 12 months to 8 months. • Section 6.7 has been modified to clarify that the Developer will work with the owner of the U.S. Bank Site to effectuate the proposal if the bank is amenable. • Section 6.8 added completion dates for the Streetscape Improvements. • Section 8.6 has been revised to clarify that surpluses as to one parcel will reduce any shortfall as to other parcels within the Development Property. • Section 8.9 has changed the test for when the Letter of Credit may be reduced by $100,000 from 50% to 33% completion to accommodate the Developer's financing. • Section 12.3 has been revised to coordinate certain remedies within 12.3(d). • The Business Subsidy Agreement has been added as Section 13.13, and has been eliminated from the Purchase Agreements. 1551028v1 - 1 0 -