At this week's city council meeting, council approved the sale of eight duplex lots in Cypress Point Residential Community.

The lots were sold to Larry Jensen and Joe Arling, both local business men.

Marty Salberg with the city details the plans going forward.

"Start out with constructing two duplexes, starting in August or September. Once all the services are in and the pavement is in once those are complete they will be working on the final two duplexes so the eight lots will be developed upon over the next couple years."

Salberg adds that this sale shows confidence as local investors in the potential of the residential development.

"They have until August of this year to put down fifty per cent on the first four lots and fifty per cent by August of next year and they suspect those two duplexes will be completed in that time frame. Then they have another year and some to excercise the option on the other four units. They fully suspect that once they start they will just keep going."

There are timelines that must be adhered to in terms of completing the basement within one year's time of exercising the option, as well as completing the dwelling(s) within a three year period from the time the option is excercised,.

Once construction begins and a structure is in place Salberg believes this will lead to a natural purchasing of the lots.