Message-ID: <33385366.1075862889335.JavaMail.evans@thyme> Date: Wed, 14 Nov 2001 15:13:06 -0800 (PST) From: ahampshire-cowan@howard.edu To: g..graves@enron.com, f..hightower@enron.com, e..jordan@enron.com, jack.kemp@enron.com, kenneth.lay@enron.com, k..mcdonald@enron.com, dukes.mckenzie@enron.com, d..payson@enron.com, j..pearce@enron.com, frank.savage@enron.com, patrick.swygert@enron.com, a..white@enron.com Subject: Emergency Consideration of Authorization to Execute an Option to Purchase Strategic Properties Adjacent to the University Cc: rosalee.fleming@enron.com, b..leftwich@enron.com, j..elzey@enron.com, a..showell@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: rosalee.fleming@enron.com, b..leftwich@enron.com, j..elzey@enron.com, a..showell@enron.com X-From: "Hampshire-Cowan, Artis G." @ENRON X-To: Graves, Earl G. , Hightower, Mr. Dennis F. , Jordan, Jr., Mr. Vernon E. , Kemp, Jack , Lay, Kenneth , McDonald, The Hon. Gabrielle K. , McKenzie, Dr. Floretta Dukes , Payson, Mr. Martin D. , Pearce, Mr. Harry J. , Savage, Mr. Frank , Swygert, H. Patrick , White, Mr. Gregory A. X-cc: Fleming, Rosalee , 'hymanv@mckgrp.com', 'cynthia.panopoulos@twi.com', 'eevgenis@savageholdings.com', Minor, Hassan , Leftwich, Norma B. , Elzey, Thomas J. , Showell, Veronica A. X-bcc: X-Folder: \KLAY (Non-Privileged)\Lay, Kenneth\Inbox X-Origin: Lay-K X-FileName: KLAY (Non-Privileged).pst 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. [ ] CONCUR [ ] DO NOT CONCUR [ ] REQUIRE FURTHER DISCUSSION _________________________________ Trustee Name (Signature required)