ST9904-CS0210145?~~ 0 4A--
Maharishi Global Development Fund
Daniel Wasielewski
The Doral Building, Suite 2311 * l~l N. Michigan Ave. * Chicago. IL * 60601
Ph:312-946-1824 * Fas: 3I2-946-1830 * E-mail: danwas(c~aol.com
To: Commissioner Jacobs Date: 10/14/02
Fax: Email !~ Re: ROW Sales
Agreement h ~'1(
Pages: 1 \y
Dear Commissioner Jacobs:
The following represents the terms and conditions under which The
Maharishi Global Development Fund is prepared to accept an offer to
sell 37.84 acres to the State of Texas.
1. The Fund will sell and the State will purchase 37.84 acres for $18
million payable $10 million in 30 days and $8 million payable 60-90
days thereafter. , ;•
2. The State will construct SH 121 through The Colony substantially
in accordance with the plans existing at the time of the 37.84 acre
take was considered by the Special Commissioner's hearing.
3. The contracts for construction will be let in 2003.
4. The Fund and the State will establish mutually agreeable access
points on the frontage roads.
5. The State will recognize a gift for federal income tax purposes by
The Fund for $3,436,700 recognizing the difference between the
Special Commissioner's award and the sales/purchase price.
6. The fund will forgive and release its October 9, 2002 judgment for
$3, 370,160.
Dan Wasielewski
MGDF