MAY 2008 - CONSTRUCTION UPDATE

Crescent Harbor Crescent Harbor is being constructed in two phases; Phase 1 contains a total of 93 new homes and Phase 2 contains a total of 91 new homes. In both phases the construction schedule is slightly ahead of schedule. As of mid-May there are 63 homes under construction. The first 20 home turnovers are scheduled to be completed on October 1, 2008. It is the Design-Builder's intent to finish the homes well in advance of this date with the cooperation of the weather. Saratogo/Victory Park/Rockhill Terrace Oriole Street housing area includes the construction of 61 new homes. Currently the overall project construction schedule is 60 days ahead of schedule with the delivery of 31 homes to date. The remaining 30 homes are estimated to be finished on or before mid-July 2008 maintaining a substantial early completion date. Community Centers/Playgrounds/Fencing/Renovations/Amenities At the direction of the Pacific Northwest Communities (PNC), the Design-Builder in close coordination with the Property Manager and Navy Region evaluated the original Design-Build Amenity & Renovations scope of work. The overall goal was to redefine the scope of work in such a manner to maximize the overall benefits to Navy Families. The Design-Builder's recommendations were submitted to PNC on May 16, 2008 and we are awaiting approval before we can start any of this work.

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