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Simultaneous to the transactions with ELL -CAP on Countryside North on April 10, 1991, the Board of County Commissioners approved an agreement with ELL -CAP to finance the purchase of 136 sewer ERU's for Holiday Village Manufactured Home Community at a total cost of $192,712.00 plus interest at 9.75% per annum. ELL - CAP made one payment under the agreement on February 26, 1993, consisting of $8,481.24 of principal and $35,416.73 of accrued interest. No other payments under this agreement have been received. ANALYSIS On January 5, 1999, staff met with the prospective new buyers of both Holiday Village and Countryside North, Manufactured Home Communities, Inc. As of that time the outstanding balance on the agreement with Countryside North was $177,329.00 with $34.93 per diem interest. The outstanding balance on Holiday Village was $372,759.52 with $49.21 per diem interest. The buyers offered a flat $220,000.00 as a payoff of Holiday Village and full payment on Countryside North of $177,329.00 plus per diem interest until paid off. Currently the owners of Holiday Village, ELL -CAP are in receivership. The offer of $220,000.00 .will recover the remaining principal of $184,230.76 plus interest of $35,769.24. The current outstanding balance of $372,759.52 is comprised of $184,230.76 principal, $77,415.84 of penalties and accrued interest of $111,112.92. The accrued interest and penalties represent revenue that is unrecognized and heretofore uncollectable. Staff believes that the time value of money combined with the prospects of receiving less than full value of our principal in a receivership situation, justifies accepting their offer of cash. An additional mitigating factor was their willingness to pay off in full the Countryside North receivable. RECON903NDATION The staff of the Department of Utility Services recommends that the Board of County Commissioners approve the attached Assignment of Claim of Lien, Assignment of Impact Fee Lien Agreement and Allonge to Note and accept $220,000.00 in full payment of Holiday Village and $177,329.00 plus $34.93 per diem interest for Countryside North. County Attorney Vitunac noted that the people who paid off the liens ensured that there will be no action against the homeowners. ON MOTION by Commissioner Adams, SECONDED by Commissioner Ginn, the Board unanimously approved the Assignment of Claim of Lien, Assignment of Impact Fee Lien Agreement and Allonge to Note and accepted $220,000 in full payment of Holiday Village and $177,329 plus $34.93 per diem interest for Countryside North; as recommended by staff. COPIES OF DOCUMENTS ARE ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD JANUARY 19, 1999 600K �,�� FAGE179 -95-