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% C&-10620-Ri&g ©view Tract Mo. k is which it has completed 11 homes, has one under construction and expects to construct 2 more before December 31* 1952. 5. KtEU2590~Ridgevlew Tract Mo. 5 in which it has completed 3 homes, has 9 under construction and’ expects to construct 9 more before March 1, 1953. Plural eigh-Gillett, Inc., and its successor Lee Construction Go., Inc. requires additional working capital in its business and desires to sell it© interest in the above refund agreements. Mr. Southard, Plumlelgh-G-illett, Inc., and Lee Construction Go., Inc. are willing to accept cash payment equal to the present day worth at 6$ of the anticipated refund during the remaining term of each agreement at current water rates less f|fl discount as indicated on the attached statement©. Based on current rates I anticipate refunds during remaining term of the agreements will amount to $1223^.65 (this amount would be increased in event of an increase in rates) which the interested partie© are willing to sell for the total sum of #?lho.?3. I recommend authority to pay to Mrs. Southard, Pluialeigh-dlllett, Inc., and Lee Construction Co., Inc., the amounts set forth above upon execution of appropriate documents releasing the Water Company from its obligation to refund portion of payments received subsequent to duly 1, 1952 from sale of water under the above mentioned agreements. I have discussed this proposal with Mr. Bennett and he sees no legal objection to the Water Company purchasing these agreements.