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. e ~ Ie. , INTERIM AGREEMENT AMENDMENT NO. 1 EXTENSION OF TERM 1.0 PARTIES. THIS EXTENSION OF TERM is dated the251t;'y of t1t:.--lo~{ 2004 and is entered into by and between the City of Arden Hills, a Minnesota statutory city (herein "City") and CRR, LLC, a Delaware limited liability company ("Developer") 2.0 RECITALS. A. The City and Developer are parties to that certain Inferim Agreement dated August 26, 2002 attached and incorporated as Exhibit A (the "Interim Agreement"). B. The Interim Agreement was executed by the City on the 8th day of November, 2002 and by the Developer on the 14th day of October, 2002. C. Pursuant to its terms, the Interim Agreement will expire on the 8th day of November, 2004. D. The parties wish to extend the term of the Interim Agreement. 3.0 EXTENSION OF TERM. Now, therefore, in consideration of the mutual undertakings herein expressed. the parties agree to extend the term of the Interim Agreemenf from the 8th day of November, 2004 to the 9th day of May, 2005 (the "Extended Term"). During the Extended Term: A The City shall direct its Economic Development Commission to determine if the development of the AH Re-Use Area requires economic development assistance and, it so, how fhe City's participation in various public assistance projects would impact the City as a whole. It is anticipated that the work of the Economic Development Commission would be complefed within the first four (4) months of the Extended Term. B. Developer shall continue to fund, in an amount not to exceed $30,000.00, the City advisors on matters relating to federal transfer and economic development of the AH Re-Use Area; and will fund, in an amount not to exceed $18,000.00, the completion of the Phase Three development framework.