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. . . City Council Minutes October 12, 1992 Page 3 Another statute, M.S. 429.051, allows the City to not assess certain properties at this time. A third Statute, M.S. 429.061, allows cities to defer assessments against unimproved property until a designated future year, until the property is platted, or until improvements are constructed on the property. Interest on the deferred assessments can be made payable annually, can be added to the principal amount, or can be forgiven. Bud Houlton requested the Council to grant the large land owners the same opportunities that was granted to the existing single family homes that were excluded from the trunk assessments. Councilmember Holmgren stated that he prefers Option #2 in the staff memo to the Mayor and City Council dated October 8. Option #2 would allow the City to assess the project to all benefitted property owners, but allows the elimination of interest on the assessment to farm lands for two years. Councilmember Holmgren requested the City Attorney to pursue this alternative and to incorporate it into the Assessment Manual. Bud Houlton stated that two years would not be enough time as his intent is not to develop the farm land. Councilmember Dietz stated that he would not be in favor of a general levy to carry the debt that would be created by eliminating the interest on the assessments for the farm lands. councilmember Kropuenske stated that options #2 the Mayor and City Council dated October 8 Moldenhauer development; however, these options Houlton or Kincanon farm property. and #3 in the memo to would benefit the would not benefit the Gordon Moldenhauer stated that the City is forcing people to develop their land with the proposed assessments. He requested that the City delete the interest on the Green Acre land. He stated that the taxes from the developed lots would cover the cost of the interest. Councilmember Schuldt stated his concern regarding a city-wide cover the deferred interest on the farm land. He stated he was to any type of levy for this purpose. levy to opposed Mr. Kincanon stated that the assessments against his property were too high. He stated that he has been offered $7,500 per acre for his property and that he would not make a profit from the property due to the high amount of the assessment. There being no further comments, Mayor Tralle closed the public hearing. COUNCILMEMBER HOLMGREN MOVED TO DIRECT THE CITY ATTORNEY TO PREPARE AN AMENDMENT TO THE ASSESSMENT RESOLUTION CONSISTENT WITH OPTION #2 IN THE MEMO TO THE MAYOR AND CITY COUNCIL DATED OCTOBER 8 WHICH DEFERS THE ASSESSMENT FOR TWO YEARS ON TILLABLE, GREEN ACRE PROPERTY AND FORGIVES INTEREST FOR THE PERIOD OF DEFERRAL. COUNCILMEMBER SCHULDT SECONDED THE MOTION.