Laserfiche WebLink
MEMORANDUM <br />TO: Richard Anderson <br />FROM: Rose Grengs <br />DATE: September 1, 1987 <br />RE- Schlee/Navarro <br />I have done an extensive analysis of the special assessment <br />problem on the Navarro lots and will set forth in this memo <br />the issues and questions that I have been able to isolate. <br />I have tried to limit my analysis only to written documents, <br />copies of which I have indexed in a folder accompanying this <br />memo. <br />1. The original Letter of Credit secures payment for <br />the principal amount of special assessments in the amount of <br />$245,00C to be paid over five years. <br />a. The total principal payment required each year <br />was $49,000. <br />b. Semi-annual payments were due on May 30th and <br />October 30th ($24,500). <br />C. Drafts could be made for the unpaid principal, <br />90 days after failure to pay semi-annual installments. <br />d. The debt could be accelerated. <br />2. The estimated $245 9n0 of assessment] was to be spread <br />over 24 lots at a cost of $10,208.33 per lot. <br />