Enron Mail

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Subject:Emergency Consideration of Authorization to Execute an Option to
Date:Wed, 14 Nov 2001 15:13:06 -0800 (PST)

Cc: rosalee.fleming@enron.com, b..leftwich@enron.com, j..elzey@enron.com,
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President Swygert asked I forward to you the information below regarding the
acquisition of property by the University.

The University has a time-sensitive opportunity to acquire five parcels
currently owned by a local Community Development Corporation (CDC). Four of
the five properties are on Georgia Avenue Corridor encompassed by our
LeDroit Park Initiative. Three of the parcels are of strategic importance as
they are across the street from the Howard University/Shaw Metro station and
comprise the southern gateway to the University.
It is the University's intention to convert the largest of the properties (a
new facility built as a nursing home) into a residence hall. It should be
noted that the regulatory process to change the use can take a year to
complete. The matter is time-sensitive because the CDC is on the verge of
defaulting on two of their loans and the drop-dead date from the lender for
their largest parcel is COB tomorrow.
Chairman Savage asked that the Executive Committee be convened by
teleconference Thursday, November 15, 2001, at 10:30 a.m. to discuss the
resolution described below. Call-in information is provided to facilitate
your participation if you have availability. The dial-in number for the
call is 1-800-272-4152. The Host code number is 922892 and the Participant
code number is 653172. Of course, should you have difficulty accessing the
call, do not hesitate to call the office at (202) 806-2250.

Considering the shortness of notice for this meeting, if you are not
available for the teleconference, you may indicate your approval or
disapproval as appropriate below and return via electronic mail or facsimile
to (202) 332-2961.

RESOLVED THAT, the President and the Officers of the University are hereby
authorized to execute an Agreement of Purchase and Sale for the acquisition
of certain parcels of property located in the District of Columbia, more
particularly described as 1800 7th Street N.W.; 1850 7th Street, N.W. 2035
2nd Street N.W.; 1900 7th Street, N.W.; and 2908-2918 Georgia Avenue, N.W.,
Provided That, as part of the acquisition process the University shall
conduct a thorough "due diligence" review of the parcels and shall not
conclude any sale for the purchase of the parcels until the results of such
due diligence are presented to the Committee and the Committee approves of
all elements of the proposed transaction, including but not limited to, the
sales price and the terms and conditions of available financing; and
Provided Further, that the President in his discretion may incur such costs
as he deems appropriate and fair to preserve the right of the University to
purchase such parcels pending the Committee's consideration of the due
diligence review.




Trustee Name (Signature required)