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• CONTRACT AMENDMENT THIS CONTRACT AMENDMENT is entered into this day of January, 2004 by and between the City of Charlottesville, Virginia, a municipal corporation, and Water Street, LLC, a Virginia limited liability company. WHEREAS, in 2001 the City of Charlottesville conveyed certain property identified as Parcel 72 on City Real Estate Tax map 53, located at the intersection of 5h Street, S.E. and Water Street (the "Property"), to Water Street, LLC pursuant to a contract dated January 3, 2001 (the "Contract'); and, WHEREAS, ownership of Water Street, LLC has been transferred and the new owner is pursuing plans to develop the property, which differ from the development originally contemplated in the Contract; and, WHEREAS, Water Street, LLC and the City of Charlottesville have agreed that an amendment to their existing contract is required to reflect conditions which have changed since the original conveyance. Water Street, LLC and the City of Charlottesville hereby agree as follows: • (1) Paragraph IV. D of the Contract dated January 3, 2001 is hereby amended to state as follows: Purchaser will construct a five story building on the Property consisting of five floors which will total approximately 41,000 gross square feet of building area consisting of approximately 8,000 square feet of retail on the first level, parking on the second level, and three floors of condominiums consisting of approximately twenty to twenty-four units. Purchaser will provide 27 to 30 parking spaces on site, which parking will belong to the Purchaser. It is the intent of the Purchaser that the project cost will be $4,000,000 - $5,500,000. Purchaser will use its best efforts to meet the following development schedule for the property: March 1, 2004: Application for site plan submitted June 1, 2004: Completion of exterior design and portion of interior lay out September 1, 2004: Complete working drawings issued with RFQ November 5, 2004: Review of bid packages March 1, 2005: Groundbreaking for project • May 1, 2006: Project ready for occupancy