Here's the questions and answers from the FAX James send to LBI.
ARET answers to line of questions:
Following are the answers from Delmar to Rob on the questions send to LBI.
? Block selling:
Delmar were aware of several individuals that had approx. 10-15MM shares that could be selling, However Delmar Thinks that at least half of them are in hands of long term investors.
? Pilot housing:
Progress is being made both with Chickasaw Nation and Dakota Plains First Nation.
Chickasaw: Aret have entered a Memorandum Of Understanding with the Chichasaw Housing Authority that will develop into a Joint-Venture Partnership within the next 40 days. The JV will build all of the Mutual-Help homes, which is 100-200 homes per year. The JV will also build a majority of the homes that are being financed through FAMC under the NAHASDA program which resulted in the $10 million Pilot Mortgage program developed with the Chickasaw Nation, PMI and Freddie Mac as reported back in July. The JV anticipates breaking ground on a 16 Duplexes (2 & 3 bedrooms) around Oct. 15,1998.
ARET are working with two other Indian Nations in Oklahoma with the aim to enter similar agreements with each of those within next 60 days with construction to follow.
Dakota Plains First Nation:
ARET are currently working on certain design issues and anticipates that the review can be completed within the next 60-90 days. The approval involves the Canadian Government.
? Progress in the greenhouse projects:
Delmar only addresses the Clinton MO project in the answer. - ARET are currently working on a financing package with the USDA, who is providing an 80% guarantee, and a group out of Chicago that specializes in agricultural funding. ARET are also working on a 504 (?) offering to raise additional $500,000 to $1,000,000 to help cover the 20% not covered by the 80% guarantee. Above is anticipated to be completed within the next 60 days.
? Report from meeting (Interstate highway ? - possible projects?)
NAFTA I-35 coridor: ARET are working on several potential projects along the corridor that will include Chickasaw Nation and Dakota Plains First Nation as well as other Nations around the I-35.
It is mentioned that Free Trade Zones in the Nations, are providing opportunities far beyond what we have heard about till now.
? Report from meeting FAMC:
See last BW and more to come out this week.
? Mexico Housing:
The project is on hold due to continued changes within Formerrey, the State Housing Agency. Until the changes have been implemented within the agency ARET will not be able to finalize the financing agreements with the Government guarantees.
? FLR projects:
ARET have not bid on any additional projects with Flour at this time.
Cryptic answer or ? Suppose it means that there are no outstanding bids.
? California prop 5.:
Delmar is not sure of the detail of that issue.
So I recommend that those who have details and ideas of how ARET could both assist and benefit should mail Delmar the lot.
? Flexweight Corp:
It's ARETs understanding that Flexweight is currently finalizing a financing package with several lender groups which should be completed within the next 60 days.
Nothing mentioned about possible TCC participation in construction.
? Building materials:
ARET are working with the Chickasaw Nation on a manufacturing plant to be located in Ada, OK, for the manufacturing of the S.I.P
This is actually news we did not see before. It's also a new part of the cooperation we see developing. I like this.! |
