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. gets sanitary sewer, that assessment cost will be $4,830.00; watermain will be $3,301.00; street will be $6",320.00: and storm sewer will be $1,161.00; so if you got all of that, the total cost would be approximately $15,612.00 per lot. As I remember from the feasibility report, there are about 43 lots that receive that type of improvement. It would be our recom- mendation that for those - assuming the assessment - that we ought to not assess over longer than a 15 year period because of present market conditions. But for that portion that lies within the addition, because it's totally a developer matter, the Council may wish to consider a development agreement where those total assessments are paid in a three to five year period. I don't know if the developer is here, but that is one item that you ought to consider because it does affect the amount of financing you do and how fast (inaudible) in the actual development itself. If's possible to have different assessment formulas within the same improvement because of the difference between where there are existing properties as compared to those that are being requested by the development agreement. Assuming it is assessed, as the greater portion of the project will be, and we're assuming 100% assessment here unless there are some allowances that the Council makes at the assessment hearing, that will be spread over a period of time determined by the development agreement, or not to exceed 15 years at the maximum interest rate, which would be 1% more than the bond issue or not more than 12%, as permitted by the Local Improvement Code. Assuming the project is done in 1982, we will hold our assessment hearing next fall and collections should commence in 1983. This is one of the projects thatwoulq be included in the proposed bond issue if it was approved and you decided to go ahead. That issue is scheduled for sale in late January or early February. MAYOR WOODBURN: Mr. Christliffersen, 43 lots were men- tioned as possible assessable lots, or involved lots. Which ones are in the development? Do you have those figures with you? . MR. CHRISTOFFERSEN: The lots within the development are outlined by a heavy. dark line and there are five or six po- tential lots outside, depending on how the property is divided. When I say five or six, there are two potential lots here, two or three along the east side of Old Highway 10, and that depends strictly on the development and, the way the land is divided. There is a long, deep lot which exists as one lot right now and there's potential for another redivision of this land, creating a lot fronting on Arden Oaks Drive. Currently that is counted as one. That number could be changed though. MAYOR WOODBURN: Mrs. Zehm, are there any written com- ments on the development? 3