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April 13, 2010 VIA ELECTRONIC AND U.S. MAIL Apache Redevelopment, LLC Attention: Len Pratt 3500 Willow Lake Boulevard Vadnais Heights, MN 55110 Re: Silver Lake Village Dear Len: Silver Lake Homes I, LLC Attention: Len Pratt 3500 Willow Lake Boulevard Vadnais Heights, MN 55110 This letter is written on behalf of the City of Saint Anthony ("City") and the Housing and Redevelopment Authority of the City ( "Authority "). It is written to you as contact person for each of the above - referenced entities, as relevant, under the Redevelopment Agreement by and among the City, the Authority and Apache Redevelopment, LLC ( "Apache ") dated December 19, 2003, as amended (the 'Phase I RDA ") and the Phase II Redevelopment Agreement by and among the City, the Authority and Apache dated November 9, 2005 (the 'Phase II RDA "). On April 8, 2010, the City and the Authority received a proposal (the 'Proposal ") from you to amend the Phase I RDA and the Phase II RDA. The City and the Authority will not accept the terms of the Proposal. However, the City and the Authority will accept the following: The Phase I RDA and the Phase II RDA will be amended by approximately June 1, 2010 (the "2010 Amendment "). 2. The 2010 Amendment will allow 18 months for successful commencement of either the Phase IB or the Phase II elements (as generally described in the Proposal and as finally approved by the City Council). 3. The City or the Authority will, upon execution of the 2010 Amendment, receive from Apache Redevelopment, LLC a deed to the portion of Phase IB on which the Authority holds a mortgage. The City and HRA will only support the tax increment program outlined in the Phase I RDA and the Phase II RDA. The City and HRA, however, recognize that current market conditions will require a public contribution of approximately $1,000,000 by the City to satisfy the Fannie Mae loan. That contribution is illustrated, for Phase 1 B, in the attached chart. The City and the Authority will give you until April 30, 2010, to accept this Proposal. Until then, please contact Stacie Kvilvang at Ehlers & Associates to discuss any additional details. Please note that this offer expires on April 30, and if it has not been accepted by that date, the City and the Authority will immediately pursue all default remedies available to each under the Phase I RDA and the Phase II RDA. 3301 Silver Lake Road, St Anthony, Minnesota 55418 -1699 • www.ci.saint- anthony.mn.us • (612) 782 -3301 -FAX(612) 782 -3302 Our Mission is to be a progressive and livable community, a walkable village, which Is sale and secure.