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Mike Mornson <br />Third Amendment to Development Agreement With Apache Redevelopment LLC <br />March 29, 2005 <br />Page 2 <br />Based upon these new numbers, when the City does refinance the temporary bonds, the long-- <br />term bond amount for the commercial portion will now be $600,160 versus the $500,000 that <br />was anticipated. However, it should be noted that this will not have a negative impact on the <br />City financially as the bonds are paid 100% through assessments. <br />Since the actual assessment amount for each commercial component was not defined in the <br />Redevelopment Contract, we are recommending; a third amendment to the Contract to reflect <br />this change and memorialize it for tax purposes and future reference. <br />Please contact me at 651-697-8506 will) any questions. <br />cc: File <br />