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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 1ots. There may be more. <br />ACTING MAYOR WOODBURN: Mr. Popovich, will you eXplain the <br />• methods and meaning of possible financing. <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 wi11 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 />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 guite obvious. There may be a question as to 1 or 2 and <br />maybe Don can address himself to that. <br />ACTING MAYOR WOODBURN: Mrs. McNiesh,•any writ ten comments? <br />T1RS. MCNIESH: There are none. <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 />MR. POPOVICH: I should point out one factor. The original <br />mat�r 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 assumgtion 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 />