Correct.  If all we were doing was buying the property, you wouldn't have the 
timing restriction.  You lose one layer of optionality.



From: Greg Krause/ENRON@enronXgate on 06/06/2001 04:06 PM
To: Kay Mann/Corp/Enron@Enron
cc:  

Subject: RE: Midway Interconnect Agreement

So if we buy the property before the LLC is owned by ENext the entire project 
goes on the balance sheet since we will be committed to building a road and 
stormwater system.  There we all must be aware that we can not close on the 
property until the LLC is owned by ENext.  Do you agree?

 -----Original Message-----
From:  Mann, Kay  
Sent: Wednesday, June 06, 2001 3:58 PM
To: Krause, Greg
Subject: RE: Midway Interconnect Agreement

Put the land on the balance sheet is a forgiveable sin.  Incurring any other 
type of  hard costs puts the entire project (whatever that may be) on the 
balance sheet.

Kay


From: Greg Krause/ENRON@enronXgate on 06/06/2001 03:53 PM
To: Kay Mann/Corp/Enron@Enron
cc:  

Subject: RE: Midway Interconnect Agreement

If we buy the property before the LLC is owned by ENext, wouldn't the big 
concern be that we've put $1.8 million of land plus an additional $900,000 or 
so of obligations to build road and stormwater system on the balance rather 
than the rather small ongoing costs related to maintainance of the road and 
system?

 -----Original Message-----
From:  Mann, Kay  
Sent: Wednesday, June 06, 2001 3:46 PM
To: Krause, Greg
Subject: RE: Midway Interconnect Agreement

As I understand it, if the option is exercised (and the property bought) 
prior to the time the LLC is owned by ENext, there is a balance sheet 
impact.  


From: Greg Krause/ENRON@enronXgate on 06/06/2001 03:01 PM
To: Kay Mann/Corp/Enron@Enron, Ben Jacoby/ENRON@enronXgate
cc:  

Subject: RE: Midway Interconnect Agreement

Probable time for them to bless the agreements; however, since these 
documents will not be executed until after closing, the obligations created 
under the Property Owners Association should not have a balance sheet impact.

 -----Original Message-----
From:  Mann, Kay  
Sent: Wednesday, June 06, 2001 12:29 PM
To: Krause, Greg; Jacoby, Ben
Subject: RE: Midway Interconnect Agreement

Greg and Ben,

So is it about time to get Lisa, Herman and Rose involved in the PAD stuff?

Kay


From: Greg Krause/ENRON@enronXgate on 06/06/2001 12:07 PM
To: Kay Mann/Corp/Enron@Enron
cc:  

Subject: RE: Midway Interconnect Agreement

Kay,

A&K did the title committment work and is now working on the Property 
Association Documents (as is Greenberg Traurig in West Palm Beach).  Ann 
Elizabeth's
last email message to me before she went on vacation was that A&K was the 
designated hitter for the Midway Project.    You have been copied on those 
docs which we desparately need to get to Cooney Midway Groves, the property 
owner.  As far as I know, they have not been involved in anything else 
related to Midway this year.

Christi left me a message saying that Lloyd Will or one of his guys needs to 
review the Interconnction Agreement. I do not know Lloyd.

Greg

PS we had a good meeting with DERM on the landfill closure issues in the 
Certosa Holdings deal.   I'll try to reach you this afternoon to discuss.  


 
 -----Original Message-----
From:  Mann, Kay  
Sent: Wednesday, June 06, 2001 7:45 AM
To: Krause, Greg
Subject: RE: Midway Interconnect Agreement

How much involvement has A & K had on Midway?  I have other counsel engaged 
for the sale, but this falls into a different category.  

Kay


From: Greg Krause/ENRON@enronXgate on 06/05/2001 11:35 PM
To: Ben Jacoby/ENRON@enronXgate, Kay Mann/Corp/Enron@Enron
cc: Christi L Nicolay/HOU/ECT@ECT 

Subject: RE: Midway Interconnect Agreement

Please see attachment below with Christi's comments.



-----Original Message-----
From: Jacoby, Ben 
Sent: Tuesday, June 05, 2001 12:22 PM
To: Mann, Kay
Cc: Krause, Greg; Nicolay, Christi
Subject: Midway Interconnect Agreement


Kay:

Greg has Christi's comments on the FPL Construction & Connection Agreement, 
and he will be sending us those comments today in a marked document. Have we 
engaged outside counsel to review this agreement? I'd like to have a 
commercial / legal review fully completed, and then get accounting / finance 
to comment. I this something you were planning to have Carlos to work on 
given his recent work on ComEd and Ameren?

Please let me know. Thanks.

Attached is the original generic form of FPL Connection and Construction 
Agreement for your reference.

Ben




 << File: FPL Construction  Connection Agreement Generic.doc >>