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<br />. <br /> <br />i <br />i' <br />E <br />f <br />re <br />I <br /> <br />, <br />" <br /> <br />Mr. Popovich will cover the financing. I might add - on the <br />financing portion of it -we have utilized a lot basis, and for <br />the worst condition, we have assumed there were 17 lots that could <br />be assessed. As the Council is well aware, you have flexibility <br />in assessing, and it may be discussed at this time, but for our <br />feasibility study we used 17 lots. There may be more. <br /> <br />ACTING MAYOR WOODBURN: Mr. Popovich, will you explain the <br />methods and meaning of possible financing. <br /> <br />MR. PETER S. POPOVICH, city bond consultant: The total <br />published cost of this project has been rounded off to $200,000 <br />and, of course, based on a per lot charge. As you know from the <br />plat, there are some 20 lots on the drawing. Mr. Christoffersen <br />feels if you eliminate Lots 1, 2 and 5 - 1 and 2 are on the north <br />part and 5 is where the pond is - then that would be some 17 <br />remaining lots, and dividing that by $200,000 will come to <br />$11,765 per lot. On the other hand, if you extend the project from <br />the southern portion of Karth Lake Estates down toward Amble ' <br />Road, or old vacated Highway 51, there's a thought there would be <br />two additional lots that could be assessed because of benefits <br />they'd receive there because of the road being extended. That <br />,would give a total of 19 lots and the approximate cost per lot <br />would be $10,526, or roughly $1200 per lot less going from 17 to <br />19 lots. It's proposed this be 100% assessed and be spread over a <br />20 year period with an 8% carrying charge and a right of prepayment <br />as has been the customary policy of the city. <br /> <br />I think the big question is to determine the extension of the <br />street to the south and whether there would be two additional lots <br />and the assessment of those besides the viability of 1, 2 and 5. <br />5 is quite obvious. There may be a question as to I or 2 and <br />maybe Don can address himself to that. <br /> <br />ACTING MAYOR WOODBURN: Mrs. McNiesh,. any writ ten comments? <br /> <br />MRS. MCNIESH: There are none. <br /> <br />ACTING MAYOR WOODBURN: We will open the hearing now to <br />questions. I will start first with questions from the council <br />and comments from those who may be interested. <br /> <br />MR. POPOVICH: I should point out one factor. The original <br />matter was 100% petitioned for and referred to the engineer, and <br />it was the additional land to the south that required the public <br />hearing. If it had stopped, you could have ordered the improve~' <br />ment without a public hearing so I assume the people that petitioned - <br />we have received nothing that they have retracted any of those <br />petitions - so that's a proper assumption for you to make and <br />we should address ourselves to that area to the south as to how <br />those property owners feel. <br /> <br />3 <br />