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SIXTH AMENDMENT TO REDEVELOPMENT AGREEMENT THIS SIXTH AMENDMENT TO REDEVELOPMENT AGREEMENT ("Sixth Amendment') is made and entered into this day of _ 2007, by and between the CITY OP SAINT ANTHONY, MINNESOTA, a Minnesota statutory city (the "City"), the HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT ANTHONY, MINNESOTA, a public body corporate and politic organized and existing under the laws of the State of Minnesota (the "Authority"), and APACHE REDEVELOPMENT, LLC, a Minnesota limited liability company (the "Developer"). RECITALS WHEREAS, the Developer, the City and the Authority have previously entered into a Redevelopment Agreement dated as of December 19, 2003, as amended to date (the "Redevelopment Agreement") and the capitalized terms used in this Sixth Amendment shall have the meaning given them in the Redevelopment Agreement; WHEREAS, pursuant to the Redevelopment Agreement, the Developer agreed to develop a Development located in the Project Area in multiple Phases or idennents, including the Phase I13 For Sale Housing Development or Element consisting of an initial 128 units of for sale housing, subject to Final Plans to be approved by the City; WHEREAS, under Section 10.1 of the Redevelopment Agreement (as amended by the Fifth Amendment to Redevelopment Agreement dated November 11, 2006 (the "Fifth Amendment')), the Developer agreed to commence construction of the Phase 113-1 For Sale Housing Development by September 1, 2007, and the Developer has failed to do so; WHEREAS, under Section 10.1 of the Redevelopment Agreement (as amended by the Fifth Amendment), the Developer agreed to commence construction of the Phase 113-2 For Sale Housing Development by September 1, 2008; and WHEREAS, due to current market conditions and financing requirements, the Developer has requested that Section 10.1 of the Redevelopment Agreement be amended to require construction to commence on Phase I13-1 by September 1, 2008, and on Phase 113-2 by September 1, 2009. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1. Section 10.1 of the Redevelopment Agreement is hereby amended to read as follows Section 10.1 Development Timeline. Subject to Unavoidable Delays, failure to commence construction on a Development Phase or Element in accordance with the following dates shall be an Event of Default. The Applicable Developers have indicated the desired dates are their reasonable estimates at the time of entry into the Agreement of their expected date of commencement.