-----Original Message-----
From: 	"Greg Thorse" <gthorse@about-cis.com <mailto:gthorse@about-cis.com>>@ENRON  
Sent:	Monday, December 10, 2001 10:25 AM
To:	Allen, Phillip K.
Subject:	 

Phillip;

These are just what I started with.  I have not really fully looked at each
spreadsheet for error in logic or other.

I notice the primary difference between the existing projects and new
projects is that on an existing project you have to had value to be able to
increase the cash flow to be able to finance out of them to be able to
achieve a decent IRR. Thus you have to pay as little as possible, increase
the cash flow (i.e.-renovations), to compete with the quality of new
construction.  And no I am not making numbers up nor am I sold on new
construction strictly.  I just am working on the best look as possible.

I look forward to discussing this further.

Sincerely,



Greg Thorse

 - Proforma.Sutters Mill.xls 
 - Proforma.Sage Crossing.xls 
 - Proforma.Waters At Bluff Springs.xls 
 - Proforma.South Park.xls 
 - Proforma.Sunrise Canyon.xls 
 - Proforma.SeaBreeze.xls 
 - Proforma.Harvard Place.xls