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i Mike Mornson April 22, 2004 Page 2 previously approved Commercial Element Assignment Agreement approved by the Authority and City. Please advise me if you need any other information with respect to the assignee, its principals or the obligations under the Assignment. (2) With respect to Phase II of the Development, the current Redevelopment Agreement contemplates that the Developer and Authority would enter into a Phase 11 Contract Addendum in the first half of this year. As you are aware, the acquisition of the Three Commercial Parcels, the negotiation of the Rental Housing Purchase Agreement and the accelerated timetable for actual implementation of both the Commercial and For Sale Elements of Phase 1, have been exceptionally time consuming in the first six months of this year. While, as a result, we have Phase I going forward on an accelerated schedule, this has deflected our time and energy and makes attainment of the current contract dates for the Phase II Contract Addendum and the incident technical, financial and legal analysis by the City, not feasible. We would propose that the dates set forth in Section 8.1 with respect to the Phase II portion of the development be modified so that the date for entry into the Phase II Contract Addendum is extended to December 31, 2004, and the date for provision of pro formas, more detailed site plans and other project element information for the Phase IIA Senior Housing Element and the Phase IIB Townhouse Element is modified to October 15, 2004. (Note all capitalized terms have the meaning set forth in the Redevelopment Agreement.) Pursuant to our discussions at the last meeting, it was our understanding that the above two matters will be considered at the May 11 meetings of the City Council and Authority. Thank you for your consideration with respect to the above matters. Please advise if you have any other questions. Very truly yours, FAEGRE & BENSON LLP John H. Herman JHH:harj f cc: Stacy Kvilvang Jay Lindgren Jerry Gilligan Len Pratt Daryl Gemar Daniel Hunt M 1:1095379.01