---------------------- Forwarded by Phillip K Allen/HOU/ECT on 02/21/2001 
04:25 PM ---------------------------


"George Richards" <cbpres@austin.rr.com> on 02/21/2001 06:32:15 AM
Please respond to <cbpres@austin.rr.com>
To: "Phillip Allen" <pallen@enron.com>
cc: "Larry Lewter" <LLEWTER@austin.rr.com> 
Subject: SM134 Proforma2.xls


There have been some updates to the cost.  The principal change is in the
addition of masonry on the front of the buildings, which I estimate will
costs at least $84,000 additional.  Also, the trim material and labor costs
have been increased.  I still believe that the total cost is more than
sufficient, but there will be additional updates.

The manager's unit is columns J-L, but the total is not included in the B&N
total of rentable units.  Rather, the total cost for the manager's unit and
office is included as a lump sum under amenities.  I may add this back in as
a rentable unit and delete is as an amenity.

The financing cost has been changed in that the cost of the permanent
mortgage has been deleted because we will not need to obtain this for the
construction loan approval, therefore, its cost will be absorbed when this
loan is obtained.

Based on either a loan equal to 75% of value or 80% of cost, the
construction profit should cover any equity required beyond the land.

George W. Richards
Creekside Builders, LLC


 - SM134 Proforma2.xls