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six years was arrived at because you had a developer's agree- ment, but if you wanted to go ten years for them, the developer's agreement would apply to the rest and the Hansen's could be spread over ten years. . MR. ROBERT G. HANSEN, 1465 Floral Drive: If that's the desire of the Council, we would be more than willing to enter into such an agreement, properly legally drawn, to at least spread this thing out over a longer period of time. You have our word that we have no desire or plan or idea to develop it currently or in the future. Obviously, we will not be here forever and it would certainly be of benefit to the community if some kind of agreement was entered into so that the money could be recouped. For us to be assessed on the same basis as the developer who has built this thing to make money, and all we're doing is continuing the same lifestyle we've had since we came out there - us shelling out 1/6 per year at 10% interest when we're not going to change anything except see a little less grass than we did - it seems a little - legally, probably, true - but practically it hurts a little bit. We deliberately wrote that out rather than me stand up and try to reiterate all this. I appreciate your consideration. We would be willing to enter into any kind of an agreement that would be legally binding both ways so that the City would get its money. MAYOR WOODBURN: Could an agreement be entered into with Mr. Hansen, Mr. Popovich, to spread this out over 12 or 15 years for that parcel, unless it was divided and platted, in which case it would be due? MR. POPOVICH: The assessment roll will have to be spread in equal installments over whatever period of time you arrive at. If you have a separate agreement that would provide, as you said, that if it was developed or anything then the full amount will be due and payable - it's an agreement. It's recordable and it floats along with the title, so if any subsequent owners - in case they were to die or had to sell the property - it would be a part of the condition of the title. That would be an enforceable agreement. For example, if you decided to go the 15 years and then six years from now something happened where the property changed or was developed, the whole amount would be due and payable in that six years - whenever that occurred. The only thing is - between now and when that happens - whatever the shortfall is, you're going to have to be able to pick that up, either internally within the City or by adding it to the general mill rate over the entire City. MAYOR WOODBURN: So we'd get it back eventually. MR. POPOVICH: You may eventually get it back - at some point in time you would. If you spread it over 15 years, you'd get 1/15 of the principal, plus 10% of the outstanding . -8-