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� <br />:. <br />.; � <br />First Amendment to the Development Agreement <br />Dated July 17, 1987 <br />Determination Date: February 1, 1988 <br />"The Developer shall be obligated to commence construction <br />of a Phase by July 1, 1988 (of any year) if on February 1, <br />it is determined the sum of the fol�.owing amounts is less <br />than the aggregate total of the Minim�m Developer's Taxes <br />(as set forth in Substituted Exhibit L) for all years up to <br />and, including the second year followirig the Determination <br />Date: <br />a) The sum of all real <br />estate property taxes <br />actually paid with <br />respect to the Min�tmum <br />Impr�vements and the <br />Development Prop�rty <br />a� of the <br />Determination Date, <br />February 1, 1988. <br />b) The emount of reaY <br />property taxes to be <br />paid in the year o�' <br />t�e Deteranination <br />Date, in 1988 based on <br />the agses�or�B mark�t <br />value of trie Minin�um <br />Im�rovemen�ts and <br />Develo�ment Prop�rty <br />as of ��nuary 2 of the <br />immediate�ly gr�ceding <br />year {i.e. Jan., i997) <br />cj Amount o� i8ea1 p�op- <br />erty Taxes e�timated <br />to be paid <br />- 1989 <br />- 1990 <br />{Based on assessor's <br />m����� value as of <br />J�nuary 2, 1988 and <br />�xisting mill rate <br />1988j <br />$ 248,930 <br />$ 91,25� <br />$ 326,897 <br />$ 326,8�7 <br />�xhibft 1 <br />Exia�bit 1 <br />Exhibit 2 <br />Exhibit 2 <br />