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<br /> gets sanitary sewer, that assessment cost will be $4,830.00; <br /> . watermain will be $3,301.00; street will be $6,320.00; and <br /> storm sewer will be $1,161. 00; so if you got all of that, the <br /> total cost would be approximately $15,612.00 per lot. As I <br /> remember from the feasibility report, there are about 43 lots <br /> that receive that type of improvement. It would be our recom- <br /> mendation that for those - assuming the assessment - that we <br /> ought to not assess over longer than a 15 year period because <br /> of present market conditions. But for that portion that lies <br /> within the addition, because it's totally a developer matter, <br /> the Council may wish to consider a development agreement <br /> where those total assessments are paid in a three to five <br /> year period. I don't know if the developer is here, but that <br /> is one item that you ought to consider because it does affect <br /> the amount of financing you do and how fast (inaudible) in <br /> the actual development itself. It's possible to have different <br /> assessment formulas within the same improvement because of the <br /> difference between where there are existing properties as <br /> compared to those that are being requested by the development <br /> agreement. <br /> Assuming it is assessed, as the greater portion of the <br /> project will be, and we're assuming 100% assessment here <br /> unless there are some allowances that the Council makes at <br /> the assessment hearing, that will be spread over a period of <br /> time determined by the development agreement, or not to <br /> . exceed 15 years at the maximum interest rate, which would be <br /> 1% more than the bond issue or not more than 12%, as permitted <br /> by the Local Improvement Code. Assuming the project is done <br /> in 1982, we will hold our assessment hearing next fall and <br /> collections should commence in 1983. This is one of the <br /> projects that would be included in the proposed bond issue <br /> if it was approved and you decided to go ahead. That issue <br /> is scheduled for sale in late January or early February. <br /> MAYOR WOODBURN: M:t:. Christiffersen, 43 lots were men- <br /> tioned as possible assessable lots, or involved lots. Which <br /> ones are in the development? Do you have those figures with <br /> you? <br /> MR. CHRISTOFFERSEN: The lots within the development are <br /> outlined by a heavy dark line and there are five or six po- <br /> tential lots outside, depending on how the property is <br /> divided. When I say five or six, there are two potential <br /> . lots here, two or three along the east side of Old Highway 10, <br /> and that depends strictly on the development and. the way the <br /> land is divided. There is a long, deep lot which exists as <br /> one lot right now and there's potential for another redivision <br /> of this land, creating a lot fronting on Arden Oaks Drive. <br /> Currently that is counted as one. That number could be <br /> changed though. <br /> . MAYOR WOODBURN: Mrs. Zehm, are -there any written com- <br /> ments on the development? <br /> 3 <br /> ------------ <br />