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, <br />0 <br />for those homeowners. She pointed out this would be a sizeable reinvestment into the <br />properties, which would be included in the initial cost and financing of new construction. <br />Mr. Doyle thought it possible to work through Community Development during the <br />development stage of the Kennedy property. He suggested it would be best to use the gravity <br />system because of future and long-term costs for the low pressure force main. Either <br />installation could be financed through the County for ten years, while the additional future <br />maintenance costs of the low pressure system could not be. <br />Commissioner Stanbridge thought the county was going through a phase of having to <br />retrofit many of the older neighborhoods and there is definitely a cost to that. <br />Mr. Doyle assured the Board that staff was working toward bringing the costs down <br />through competitive bidding and in-house engineering design. <br />Chairman Adams pointed out that at 70 cents per square foot, it was a very costly <br />system without question. If that cost could be reduced 50%, it would be wonderful. <br />At the request of Vice Chairman Ginn, Mr. Smith explained the assessment and <br />financing system used by the County: The final assessment could be financed over a ten- <br />year period, at the prevailing interest rate approved by the Board at the beginning of each <br />calendar year (now 8-1/2%). This payback would begin one year after completion of the <br />project and would be payable annually at 1/10th of the principal each year plus accrued <br />interest. The assessment could be paid in full without interest if paid within 90 days of the <br />assessment date. Monthly payments could be accepted which would reduce the annual <br />interest on the simple interest method used by the County. <br />Vice Chairman Ginn suggested the Board defer the matter until it can be determined <br />if the project could be worked in with the Kennedy property. <br />County Attorney Bangel was concerned that this might require a motion to bring the <br />matter back. <br />November 7, 2000 <br />72 <br />BK 1 15 PG 7 7 9 <br />0 <br />