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. . . RESOLUTION 92 - 53 RESOLUTION FOR THE CITY OF ELK RIVER A RESOLUTION APPROVING DEFERRED SPECIAL ASSESSMENT FOR THE 1992 WESTWOOD IMPROVEMENT PROJECT WHEREAS, the applicant has presented to the City Council an application for deferred special assessments pursuant to law; and, WHEREAS, the applicant is over 65 years of age and meets the financial requirements for deferral of special assessments. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River as follows: 1. Eleanor Todahl is hereby granted deferral of special assessment for the Westwood Improvement Project on Parcel #75-465-0845 on the following conditions: a. That the conditions described on the application for deferral continue to exist. b. This deferral shall terminate after a period of ten years unless extended pursuant to Section 1404 of the City Code of Ordinances. c. This deferral shall terminate upon: 1. Applicant's death, provided that the spouse is not otherwise eligible for the benefits hereunder; 2. The sale, transfer or subdivision of the property or any part thereof; 3. If the property should, for any reason, lose its homestead status; 4. If for any reason the City Council determines that there would be no hardship to require immediate or partial payment. 2. Those sums otherwise due and payable for the special assessments shall accrue interest at the rate of 6.02 percent per annum which interest shall not be paid with property taxes during the deferral period but may be paid to the City on an annual basis. In any event, all unpaid accrued interest shall be paid upon termination of the deferral.