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pointed out - or his question pointed out - the advantage respect to the agreement with the developer on the road. watermain is connected from Floral Drive, but I assume it a loop that connects north as well. with The forms MR. CHRISTOFFERSEN: That's correct. '~~~""';~"~r~~~~~~~q~~~~~?Wi~~~Jl~~~g~f~d~~f(1f~f~e=-,=-,",~..~. .~. homes on the corner there without any assessment to that. Is that being picked up by the l7 lots? MR. CHRISTOFFERSEN: The watermain was estimated in the total (inaudible) because it was part of a loop system. COUNCILMAN MULCAHY: You're hooking up to a loop there without getting any assessment (inaudible) or from the owner on the corner. MR. CHRISTOFFERSEN: The owner on the corner has already received an assessment and has the benefit of the water along Floral Drive. COUNCILMAN MULCAHY: You didn't include them in this assessment for that reason. MR. CHRISTOFFERSEN: That's correct. MAYOR WOODBURN: Any further comments or questions? COUNCILMAN MULCAHY: On the stretch out for the two lots - I wish somebody would tell me what the rule is on pay-off and development. Can we get that paid off under certain circum- stances? MAYOR WOODBURN: As the lots are sold, they will be paid. There's a minimum period of pay-off time. COUNCILMAN MULCAHY: Are they subject to the development agreement? MRS. McNIESH: NO, everything but the Hansen lot, and the developer, under the agreement, has to pay l/6 of the total assessment each year. That could be in the form of paying the assessment in full for a few of them, but l/6 of the total has to be paid each year. It would be all of the lots except Hansen's would be paid off in six years. . COUNCILMAN MULCAHY: If we did any kind of an extended payment - we do not have a development agreement with the Hansens. It seems like we would have to have one in order to extend payments. MR. POPOVICH: You do not have to have a separate agree- ment with them. You can determine the period of time. The -7-