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Minutes of the Regular Meeting of Council <br />Monday, October 15, 2012 <br />Page 14 <br />Council President Buckholtz is all for moving forward on this, of course, but do we need to clean <br />up the names of the streets in terms of the Resolution? Or can we pass it this way? Do we need <br />to remove some of these streets? <br />Mr. Esborn replied, the third Whereas establishes the first phase as Eastgate and IVleadowood and <br />the second phase is the remaixiing streets. <br />Mr. Delguyd asked, you would only get the funding for Phase I, correct? <br />Mrs. Cinco replied; right. Ron, do you remember how much we assessed previous residents <br />approximately? <br />Mr. Wynne replied, about $10,000. <br />Mayor Rinker added, for over a 20 year period. There aze some people who will pay a lump sum <br />upfront because they just feel the present value is easier, but typically residents will let it go <br />over. It's their decision, but we have demonstrated previously that it makes a lot of sense to <br />carry it forward. <br />Mr. Esborn stated, when it comes to cleaning up the language, we know from going through this <br />exercise right now that even if this were an overbroad authorization to apply for funding for <br />those other streets, we know now we are still going to have to come back next year and apply. <br />Even if it is overbroad in authorizing all of these streets, we are going to have to come back. <br />Mr. Diemert stated, I don't see a problem with it. The way it's worded. We can clean up the <br />application. <br />Council President Buckholtz stated, we will leave it in. <br />Mayor Rinker stated, if I can, a final note, I defer to Ted and to Ron on this, but I believe also <br />that the loan component and we are talking about $750,000, three quarters of a million, is also a <br />lower interest loan compazed to most other lending rates. <br />Mr. Esborn replied, it's zero interest rate. <br />Mayor Rinker asked, throughout the life? <br />Mr. Esborn replied, it's zero interest for 20 years. <br />Mr. Delguyd asked, so essentially you are paying $500 a year on the real estate end, correct? <br />Mr. Wynne replied, yes. <br />Council President Buckholtz asked if there were any further comments.