92-011 ORD - Laserfiche WebLink

Home Browse Search

. . . ORDINANCE 92 -11- AN ORDINANCE OF THE CITY OF ELK RIVER AN ORDINANCE PROVIDING FOR THE DEFERRAL OF SPECIAL ASSESSMENTS BASED UPON HARDSHIP The City Council of the City of Elk River ordains as follows: 1. The Code of Ordinances for the City of Elk River shall be amended by the addition of the following Section 1404: Section 1404 - LOCAL IMPROVEMENT POLICY; SPECIAL ASSESSMENTS 1404.00 - DEFERRAL OF SPECIAL ASSESSMENTS The City Council is authorized to approve the deferral of the paYment of a special assessment against a homestead property if the owner of the property for which the assessment is deferred is: a. Sixty-Five (65) years of age or holder; or b. Retired by virtue of a permanent and total disability. 1. In order to be eligible for the deferral, the annual household adjusted gross income of the owner of the property shall not exceed an amount to be set annually by the City Council by resolution. 2. The deferral shall exist only as long as the property owner qualifies for the deferral, but not to exceed 10 years. 3. Interest on the deferred special assessment shall accrue during the deferral at the Net Interest Rate of the improvement bond issue, as stated in the official bond document, per annum. The City Council may require current paYment of interest as a condition of deferral. Accumulated interest and the deferred payments shall become due and payable upon the occurrence of any of the following events: a. The death of the owner, provided the spouse is not eligible for the benefits hereunder; b. The sale, transfer, or subdivision of the property or any part thereof; c. If the property should for any reason lose its homestead status; or d. If for any reason the City Council determines that there would be no hardship to require immediate or partial payment.