As part of the agreement, Actus will develop a CommunityDevelopment and Management Plan based on its proposal to build over6,449 new replacement homes, renovate 1,212 existing homes anddevelop 16 community centers and other community amenities in theinitial 10-year development phase. The agreement includes a 50-yearmanagement assignment.

Actus CEO Peter Koziol says this assignment will be one ofActus' largest undertakings. The 10-year development scope isvalued at approximately $1.8 billion; total revenue expected overthe 50-year term of the project is $5 billion. The Army is expectedto make final contract award sometime in November 2004. A signingceremony is tentatively scheduled for this September in Hawaii.

Actus' Executive VP Tom Swain tells GlobeSt.com the assignmentincludes development of multifamily housing as well assingle-family homes. Actus income will be derived from developmentfees, maintenance fees and management fees, all of which areperformance based. "We're putting half of our fee at risk," saysSwain.