Thanks Brian, it was great meeting you… I think there are some real opportunities here to work together.

On the issue of sending books, I would suggest sending 2 copies of the information about your third Fund and whatever info you want to send about Guardian, but as we discussed I would not send the book on Knox Village; we should discuss that with John in person.

The address to send the material is:

John Gibson

Secretary-Treasurer

Teamsters Local Union 639

3100 Ames Place, N.E.

Washington, DC 20018

You should state that you are sending this information per a conversation with me and Chuck today and per a meeting that we had with John last Thursday.

Thanks again,

Mike

Ladies and Gentlemen:

Thank you for taking the time to meet with me today. Marvin, my Dad, apologizes for not being able to attend, but he was out of the area. I do believe we crossed some hurdles and found some interesting prospects to work on.

To follow up, I am attaching a brief Construction Budget for Knox Village. It does not include land, soft costs, interest carry, or site work. However it is pretty good idea of the type of money needed and on scale, the amount of jobs created.

Secondly, we believe the site at the Meany Center is worth in the range of $23million - $25million (THIS IS STRICTLY CONFIDENTIAL). The land has many hurdles to overcome, and the zoning is the intrinsic value that we can create over the next few years. Due to the setbacks we are limited in development which really crushes the raw land value. We can discuss how we came to the numbers but some feedback from AFL-CIO probably puts us in the ball park.

Guardian Realty, has an excellent team with years of experience. On any meeting that we attend with the Unions, Marvin will be joining us. We may, depending on the type of presentation requested, bring all the “gray hairs” to show the stability and experience of the partners.

Lastly, I believe that Mike was going to email me the name of the person to whom you wanted Marvin Lang to send the books out to.

Thank you again, and I/we look forward to speaking soon.

Warmest regards,

Brian

________________________

Brian R. Lang

Senior Vice President/Partner

Guardian Realty Investors, LLC

301-770-5933 (t)

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