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No. R -1 $148,616.00 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY IN AND FOR THE CITY OF LITTLE CANADA TAX INCREMENT REVENUE NOTE (R. J. MARCO CONSTRUCTION, INC. PROJECT) The City of Little Canada, Minnesota (the "City"), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts ") to Little Canada North, LLC or its registered assigns (the "Registered Owner "), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. The principal amount of this Note is $148,616.00, less the amount of the principal payments the City makes to the Developer from time to time pursuant to the terms hereof. The principal amount listed above may not exceed the Reimbursable Development Costs as provided in that certain Development Agreement, dated as of July 14, 1999, by and between the City of Little Canada, Minnesota (the "City") and R. J. Marco Construction, Inc. (the "Company "), as the same may be amended from time to time (the "Development Agreement "). The Company's rights and obligations under the Development Agreement have been assigned to and assumed by Little Canada North, LLC under an Amendment to Development Agreement, dated as of January 5, 2000. The unpaid principal amount hereof shall bear interest from the date of this Note until paid at the rate of 10% per annum. Interest shall be computed on the basis of a 360 day year consisting of twelve (12) 30 -day months. The amounts due under this Note shall be payable on August 1, 2002, and on each February 1 and August 1 thereafter to and including August 1, 2009, or, if the first should not be a Business Day (as defined in the Development Agreement) the next succeeding Business Day (each a "Payment Date "). On each Payment Date the City shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day of the City preceding such Payment Date an amount equal to the sum of 95% of the Tax Increments (as defined herein) the City received during the six month period 1206506v3 'age 1