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<br />FIRST AMENDMENT <br />TO THE <br />CONTRACT FORPRlVATE REDEVELOPMENT <br />(BRIGHTON CORPORATE PARK II) <br /> <br />THIS AGREEMENT is made on or as oftrus 25th day of June, 1996 by and between the <br />City of New Brighton, Minnesota (the "City") and Industrial Equities Group, LLC, a Minnesota <br />limited liability company (the "Redeveloper"). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, the City and the Redeveloper entered into a Contract for Private <br />Redevelopment dated as of June 25, 1996 (the "Contract" - Capitalized Terms not defmed in this <br />Agreement are defined in the Contract); and <br /> <br />WHEREAS, the City and Redeveloper desire to amend the Contract to further the <br />purposes set forth therein; <br /> <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of <br />the parties hereto, the parties hereby agree as follows: <br /> <br />Section 1. Time of Conveyance. Sections "3.3(b)(ii) and 3.3(b)(iii) of the Contract are <br />amended to read as follows: <br /> <br />(ii) for Phase II, March 1, 1998 <br />(iii) for Phase III, March 1, 1999 <br /> <br />Section 2. Completion of Construction, Section 4.3(ii) and 4.3(iii) of the Contract are <br />amended to read as follows: <br /> <br />(ii) for the Phase II Minimum Improvements by December 31, 1998 <br />(iii) for the Phase III Minimum Improvements by December 31, 1999 <br /> <br />Section 3, Assessment Aereement. Sections 6.2(ii) and 6.2(iii) of the Contract are <br />amended to read as follows: <br /> <br />(ii) for Phase II, January 2, 1999 <br />(iii) for Phase III, January 2,2000 <br />