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<br />THIRD AMENDMENT TO
<br />REDEVELOPMENT AGREEMENT
<br />THIS THIRD AMENDMENT TO REDEVELOPMENT AGREEMENT ("Third
<br />Amendment') is made and entered into this day of April, 2005, by and between the
<br />CITY OF SAINT ANTHONY, MINNESOTA, a Minnesota statutory city (the "City"), the
<br />HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT
<br />ANTHONY, MINNESOTA, a public body corporate and politic organized and existing under
<br />the laws of the State of Minnesota (the "Authority"), and ST. ANTHONY RE, TAIL,
<br />DEVELOPMENT, LLC, a Minnesota limited liability company (the "Commercial
<br />Developer").
<br />RECITALS
<br />WHEREAS, Apache Redevelopment, LLC (the "Developer"), the City and the
<br />Authority have previously entered into a Redevelopment Agreement dated as of December 19,
<br />2003 (the "Redevelopment Agreement') and the capitalized terms used in this Third Amendment
<br />shall have the meanings given them in the Redevelopment Agreement. The Redevelopment
<br />Agreement was evidenced by the Memorandum of Redevelopment Agreement dated as of
<br />December 19, 2003, filed with the office of the County Recorder, Ramsey County, Minnesota,
<br />on February 26, 2004, as Document No. 3732228;
<br />WHEREAS, pursuant to the 1Zedevelopmcru Agreement, the Developer agreed to
<br />develop a Development located in the Project Area in two Phases;
<br />WHEREAS, through a First Amendment to Redevelopment Agreement, dated May 13,
<br />2004, and through a Second Amendment to Redevelopment Agreement, dated November 9,
<br />2004, the Developer, the City and the Authority extended the original deadline, under Section 8.1
<br />of the Redevelopment Agreement, for completion of the Phase II Contract Addendum until
<br />June 30, 2005, and the deadline for providing pro formas, more detailed site plans and other
<br />Project Element information to April 15, 2005; and
<br />WHEREAS, certain rights under the Redevelopment Agreement were assigned to the
<br />Commercial Developer pursuant to a certain Assignment and Assumption dated as of
<br />December 19, 2003, between the Developer and the Commercial Developer; and
<br />WHEREAS, Section 5.16 of the Redevelopment Agreement identified how certain costs,
<br />in the amount of $1,705,000, of the Commercial City Public hnprovements will be paid for by
<br />Special Assessments; and
<br />WHEREAS, the Developer and Commercial Developer have requested that the Special
<br />Assessments amount of $1,705,000 be allocated to particular Commercial Development
<br />Property.
<br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the
<br />parties hereto, each of them does hereby covenant and agree with the other as follows:
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