Jeff,

Everything should be done for closing on the Leander deal on the 29th. I
have fed ex'd the closing statements and set up a wire transfer to go out
tomorrow. When will more money be required? Escrow for roads? Utility
connections? Other rezoning costs?

What about property taxes? The burnet land lost its ag exemption while I
owned it. Are there steps we can take to hold on to the exemption on this
property? Can you explain the risks and likelihood of any rollback taxes
once the property is rezoned? Do we need to find a farmer and give him
grazing rights?

What are the important dates coming up and general status of rezoning and
annexing? I am worried about the whole country slipping into a recession and
American Multifamily walking on this deal. So I just want to make sure we
are pushing the process as fast as we can.

Phillip