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Y � FAEGRE & BENSON LLP 2200 WELLS FARGO CENTER, 90 SOUTH SEVENTH STREET MINNEAPOLIS, MINNESOTA 55402-3901 TELEPHONE 612.766.7000 FACSIMILE 612.766.1600 www.faegre.com JOHN H.HERMAN jhemian@faegre.com 612.766.8908 April 22, 2004 City of St. Anthony Attn: Mike Momson, City Manager City Hall 3301 Silver Lake Boulevard St. Anthony, MN 55418 VIA E-MAIL AND U.S. MAIL Housing & Redevelopment Authority of the City of St. Anthony Attn: Mike Mornson, Executive Director City Hall 3301 Silver Lake Boulevard St. Anthony, MN 55418 Re: Development Agreement by and among the City of St. Anthony, Minnesota, the Housing & Redevelopment Authority of the City of St. Anthony, Minnesota, and Apache Redevelopment, LLC, Dated December 19, 2003 (the "Redevelopment Agreement"), Request for Certain Approvals and Modifications Dear Mr. Mornson: In connection with the above referenced Redevelopment Agreement, we represent Apache Redevelopment, LLC. The purpose of this letter is to present two matters for the consideration of the City and Housing Authority. (1) With respect to the Phase IA and IB For Sale Elements, Apache Redevelopment, LLC proposes to assign certain rights and obligations to Silver Lake Homes I, LLC,,a joint venture of Apache For Sale Redevelopment, LLC (an entity owned by the principals of Apache Redevelopment) and Hunt St. Anthony, LLC (an entity whose principal is Daniel E. Hunt). This assignment has been contemplated from the inception of the project, and I know you are well acquainted with Mr. Hunt and his extensive prior development portfolio of for sale housing. With the U.S. Mail copy of this letter, I enclose a copy of the Assignment and Assumption Agreement (the "Assignment") to be entered into between Apache Redevelopment and Silver Lake Homes I. You will note that this Assignment follows a similar format and provides for similar obligations on the part of the assignee as the Minnesota Colorado Iowa London Frankfurt Shanghai