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MR. ANDRE~ These are the two letters that the man brought up. One is from Harry Wernecke and he's in support of the project, and another from Melvin Holte and he's also in support of the project. COUNCILr.mN GRAUEL~ explain to people here, of deferred assessments income. It might be well if the Manager could particularly retired people, this method on people who are retired and on retired r{R. ANDRE: Essentially, tile Council approximately two months ago, adopted a policy which permitted the deferral of assessments for senior citizens 65 years or older, and the deferment would depend on certain income requirements that that particular individual or individuals would have, and it \{ould allow the deferment of that assessment up to the time that the person (inaudible) that property in the homestead property she owned and resided in, or until such time as the property was disposed of, or as long as that person was living, and I guess essentially tilose are the minimum requirements in terms of deferral. COUNCIL~mN CURLEY~ If a person owned a lOO foot lot, and the assessment is $7.4l, that would be $741. How much would that cost? t1R. POPOVICH~ You take one-twentieth of that and that would be the yearly payment, and 8% on $700 would be another $56.00 a year so tile first year's payment would be the one- twentieth which is roughly $35.00, plus the $50.00, and in the twentieth year it would be $35.00 plus the 8% on $35.00. If you let the whole matter run at 8%, obviously the interest - because it's declining - but it would nearly double the total amount. MR. CURLEY~ But you could pay over a 20 year period and the most it would he would be $30.00 the first year and then it declines, and you can prepay any time along the line. The reason I asked the question is for the person - like for a $750.00 assessment, I'll tell you, it's going to increase the value of your home a lot more than the $700.00 you have to pay over a 20 year period. You can say I'm going to live there all my life, but homes are sold, and people die, and people move, and you more than get your money back from this sort of investment. MR. LEAR~ In the Town of Mountain Lake, r1innesota, where my in-laws live, they were quoted a price on their lot for curb and gutter at $565.00 or $570.00. ~fuen they got done, it was $1,350.00. Is this price going to be guaranteed? HR. HONCHELL: These prices are estimates. I guess in response to that, we have done many estimates on many other