Laserfiche WebLink
<br />. <br /> <br />ORDINANCE 88 - 17 <br />AN ORDINANCE OF THE CITY OF ELK RIVER <br />PROVIDING FOR THE DEFERRAL OF SPECIAL <br />ASSESSMENTS BASED UPON HARDSHIP <br /> <br />The City Council of the City of Elk River ordains as follows: <br /> <br />1. The Code of Ordinances for the City of Elk River shall <br />be amended by the addition of the following Section 1404: <br /> <br />Section 1404 - Local Improvement POlicy; Special <br />Assessments. <br /> <br />1404.00 - Deferral of Special Assessments. The City Council <br />is authorized to approve the deferral of the payment of a <br />special assessment against a homestead property if the owner <br />of the property for which the assessment is deferred is: <br /> <br />a. Sixty-Five years of age or older; or <br /> <br />b. Retired by virtue of a permanent and total <br />disability. <br /> <br />1. In order to be eligible for the deferral the <br />following condition shall also be met: <br /> <br />. <br /> <br />a. The annual adjusted gross income of the owner <br />of the property shall not exceed $14,000.00. <br /> <br />2. The deferral shall exist only as long as the <br />property owner qualifies for the deferral, but not <br />to exceed 10 years. <br /> <br />3. Interest on the deferred special assessment shall <br />accrue during the deferral at the Net Interest Rate <br />of the improvement bond issue, as stated in the <br />official bond document, per annum. The City <br />Council may require current payment of interest as <br />a condition of deferral. Accumulated interest and <br />the deferred payments shall become due and payable <br />upon the occurrence of any of the following <br />events: <br /> <br />a. The death of the owner, provided the spouse is <br />not eligible for the benefits hereunder; <br /> <br />b. The sale, transfer or subdivision of the <br />property or any part thereof; <br /> <br />c. If the property should for any reason lose its <br />homestead status; or <br /> <br />. <br /> <br />d. If for any reason the City Council determines <br />that there would be no hardship to require <br />immediate or partial payment. <br />