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1984 <br />14 parcels/first half (11.3,901.86 <br />1 parcel 2 halfs 992.99 1,985.98 <br />1 parcel 2 halfs at 1,007.99 $ 2,015.98 <br />TOTAL <br />$17,903.82 <br />1985 <br />1 parcel 2 halfs at 992.99 $ 1,985.98 <br />1 parcel first half 1,007.99 $ 1,007.99 <br />To,rA L <br />$ 2,993.93 <br />There was no reduction in the Letter of Credit at the time these <br />payments were made. <br />The agreement callea for payment of the total assessment any time <br />a lot was :gold which resulted in the eight pre -payments listed <br />above. (In addition during ti.e course of this most recent <br />investigation it was learned that at least one other parcel had <br />been sold, however with an agreement between S:r , ai the buyer <br />that instead of paying off the City in total .laving Schlee <br />pay off the special assessment it was not prt,aid. whether the <br />owner or Schlee were to pay this is unclear at this point.) <br />DEFAULT ON ASSY:iSMFNT PAYMENTS - As noted above the builder <br />defaulted on 14 parcels on the second half of 1984, however this <br />issue as to the del in,_1t encies was not raised by the City of Orono <br />until August of 1985. By the time the situation was put together <br />in September of 185 it wa ; too late to col lect on the Letter of <br />Credit for the second half of '84 and the first half of 185 c:s <br />the 90 days for submitision from May 1 was over July 31, 1985. As <br />noted in Attachment F the City did make a demand to Schlee for <br />