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Under the above assumptions the borrowed funds would be repaid by October 1991. <br />I believe the assumptions are very conservative. As soon as property is platted <br />the land even without homes will increase substantially. If all goes well the <br />funds could be repaid by 1990, including pricipal, interest and fees. <br />In order to proceed we would need to set up a public hearing. We need to pre- <br />pare a nevelopment District Pland and TIF Plan. That would require about a week <br />after the parties all agreed to the terms. The plans should be sent to the <br />School District and County prior to the public hearing. Therefore, the public <br />hearing could be scheduled for the second meeting in June. <br />I will attend your Wednesday Council meeting to answer any questions and <br />receive your directions. <br />Page 3 <br />