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ATTORNEY HERRING MADE COMMENTS ON THE AGREEMENT AS REVISED BY <br />ATTORNEY COLLINS, HE STATED HE WOULD HAVE A PROBLEM LIVING WITH IT AND <br />QUESTIONED WHETHER F.H.A. WOULD ACCEPT IT. HE CONTINUED THAT IT WOULD <br />TAKE FOUR TO EIGHT MONTHS TO PUT IN THE WATER PLANT AND FOR PEOPLE TO BEGIN <br />TO BE.SERVED, AND NOTED THAT THE WAITING PERIOD IN THE REVISED AGREEMENT <br />CALLED FOR AN ADDITIONAL SIX MONTHS, OR OVER A YEAR FROM THE PRESENT DATE. <br />THEN IF ANYTHING WAS TO BE BUILT THERE, MAKING IT POSSIBLE TO REPAY THE <br />LOAN FOR THE FUNDS TO BE USED FOR THE WATER, IT WOULD TAKE ANOTHER SIX <br />MONTHS - AND THUS WE ARE TALKING ABOUT 18 MONTHS, <br />ATTORNEY HERRING POINTED OUT THAT THE COUNTY PLANNER SEVERAL YEARS <br />AGO REPORTED THAT THERE WERE OVER 1,500 SUBSTANDARD HOUSES IN THE COUNTY <br />AND MORE THAN 900 OF THEM WERE IN GIFFORD. THE COUNTY IS PRESENTLY IN A <br />BUILDING SLUMP, AND HE FELT THERE ARE ADVANTAGES TO GETTING NEW AND BETTER <br />HOUSES IN THE GIFFORD AREA AND MORE MONEY CIRCULATING IN THE VERO BEACH <br />ECONOMY. HE STATED THAT ACCORDING TO THE PLANNER, THERE IS AMPLE ROOM FOR <br />THE 225 HOMES HE IS PLANNING TO BUILD, AND HE FELT THIS WOULD BE A CHANCE <br />TO UPGRADE A LOT OF THINGS IN ONE FELL SWOOP IT IF WEREN'T FOR THE "TIERED" <br />SUPPLY OF WATER, WHICH WILL CAUSE MANY COMPLICATIONS. HE STATED HE COULD NOT <br />SUPPLY THE SEWER UNDER THOSE CIRCUMSTANCES AND HE WOULD,OF NECESSITY, HAVE <br />TO WRITE TO THE F.H.A. WASHINGTON OFFICE WHICH WOULD GRANT THE LOAN AND <br />ADVISE THEM THAT THE CONDITIONS UPON WHICH THE GRANT AND LOAN WERE PREDICATED <br />INITIALLY HAVE NOT SURVIVED. <br />COMMISSIONER SCHMUCKER ASKED ARE YOU SAYING THAT THE SIX MONTHS' <br />TIME RESTRICTION IS THE MAJOR OBJECTION? <br />ATTORNEY HERRING SAID YES, AS WAITING AN ADDITIONAL YEAR AS HE HAD <br />JUST EXPLAINED WOULD HAVE TO AFFECT THE FINANCING, <br />COMMISSIONER SCHMUCKER SUGGESTED IF WE ALL AGREE THERE WILL BE <br />ENOUGH WATER EVEN AFTER YOU BUILD YOUR 225 UNITS, COULD WE NOT JUST REMOVE <br />THE SIX MONTH PERIOD AND MAKE IT SIMPLY ON THE PREMISE THAT THE SEWAGE PLANT <br />IS UP AND WILL BE IMPROVED. <br />ATTORNEY COLLINS STATED THAT HE WOULD WANT THE F.H.A. TO AGREE TO <br />SUBORDINATION AND THEY COULD JUST CONCUR WITH THE REST OF IT. <br />- 21 - <br />NOV 51975 <br />24 34117 <br />