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5. All references in the Development Agreement to $157,000,000 with respect to Assessed Valuation including but not limited to those references in the Original Development Agreement in Section 2.3(b) in relation to the expiration of the Term, in Section 4.6 and in Section 4.11, shall be amended to substitute the amount of $143,352,215. 6. The first sentence of Section 4.6 of the Original Development Agreement shall be deleted and replaced with the following: Developer agrees to a Private Investment goal for the Project of approximately $161,925,702, which amount shall consist of approximately $122,640,702 of Private Investment with respect to the commercial and multi - family components of the Project and $39,285,000 of Private Investment with respect to the residential components of the Project. 7. Section 4.10 of the Original Development Agreement is hereby deleted and replaced with the following: 4.10 Development Delay Fees. (a) The Redevelopment Authority is financing the Public Infrastructure Improvements based on Developer's covenants in Exhibit L attached hereto and incorporated herein concerning the timing of completion and the amount of development that will occur on the Development Site. The Redevelopment Authority's financing relies on Developer's covenants set forth in Exhibit L concerning the timing of completion and the amount of development that will occur on the Development Site. Accordingly, if the timing of completion and the amount of development does not occur as so covenanted by Developer, then Developer agrees to pay a fee to the City as determined in this Section 4.10. (b) The commercial and residential components of the Project are scheduled to be partially or substantially completed on or before the March 1, 2010, assessment date, and running through the March 1, 2013, assessment date. Accordingly, the commercial and residential components of the Project shall be annually evaluated to determine if any fee is due the City by Developer under this Section 4.10. Exhibit L details the "Estimated Assessed Value" and the "Estimated Private Investment" and the construction and assessment schedules for the residential and commercial components of the Project. (c) It is anticipated that the commercial and residential components of the Project will be assessed annually as of March 1 (beginning in 2009). Official notice of the assessed value of such components shall be received on a date on or after such March 1, which March 1 shall be deemed the "Determination Date." In the event the construction schedules on Exhibit L are met, no fee shall be due and owing from Developer to the City. Developer will pay a fee to the City, which shall be used to pay debt service on the Bonds or reimburse the City for Alternative Source Proceeds applied by the City to the Public Infrastructure Improvements in accordance with scheduled payments, in the event the -2-