Lakewood Associates, Robert G. Moore, Tax Matters Partner - Page 8

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            reduce the Corps' flexibility in processing section 404 permit                            
            applications and to make it more difficult and costly for real                            
            estate developers to obtain permits.  The MOA was originally to                           
            take effect on December 15, 1989, but the effective date was                              
            postponed to February 7, 1990.  An application for a section 404                          
            permit that was filed in 1989 would not have been subject to the                          
                  Lakewood first filed an application for a section 404 permit                        
            for the Elbow Lake property on January 28, 1991, pursuant to the                          
            terms of the 1989 Manual.  The permit application proposed a                              
            residential subdivision consisting of 433 lots of which 321 lots                          
            were to be situated on wetlands as defined in the 1989 Manual.                            
            Lakewood's application did not contain the required information                           
            for the Corps to process the application, such as a map of the                            
            precise boundaries on the wetlands on the property.  The Corps                            
            was unable to process the application and requested additional                            
            information from Lakewood in two letters on April 29 and June 24,                         
            1991.  In a August 16, 1991, letter, the Corps notified Lakewood                          
            of its intent to withdraw administratively  Lakewood's                                    
            application in 30 days if Lakewood did not respond to the Corps'                          
            previous requests for information.  Thereafter, on September 15,                          
            1991, the Corps administratively withdrew Lakewood's permit                               
            application.  Lakewood decided not to pursue the application                              
            because it had been advised by wetland experts that it would be                           

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