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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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