Enron may have a land lease with Project Co.  In NO event may the land be 
burdened with low dollar hard costs/improvements - no materiality limits and 
no hard costs allowed.

 -----Original Message-----
From:  Mann, Kay  
Sent: Wednesday, May 23, 2001 1:53 PM
To: Bills, Lisa; Engeldorf, Roseann; Manis, Herman
Cc: Jacoby, Ben
Subject: LLC structure for power development

Question for the team:

If it appears that we may have land which may not be able to stay off balance 
sheet, is it preferable to have the land held by a different LLC than the 
project LLC, with a lease to the E-Next/OBS compliant project co?  

If that is the case, what about the possibility of burdening the land with 
some low dollar hard costs?  I don't have anything in particular in mind, it 
is more of a theoretical question.

Thanks,

Kay