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All costs for new streetlights installed as part of constructing new streets or streetlights relocated <br />as part of reconstructing streets are included in the overall project costs and included in the <br />assessment calculations. In new subdivisions, the City will require the developer to finance <br />street light improvement rather than assessing the cost. <br />H. Other Improvements <br />Based on the City Council determination, any other improvements may be fully assessed or <br />assessed in part. <br />SECTION 11. DEFERMENT OF SPECIAL ASSESSMENTS. <br />Subd. 1. The Council may defer the payment of any special assessment on homestead property <br />owned by a person who is 65 years of age or older, or who is retired by virtue of permanent and <br />total disability, and the City Clerk is hereby authorized to record the deferment of special <br />assessments where the following conditions are met: <br />1. The applicant must apply for the deferment not later than 90 days after the assessment is <br />adopted by the City Council. <br />2. The applicant must be 65 years of age or older or retired by virtue of permanent and total <br />disability. <br />3. The applicant must be the owner of the property. <br />4. The applicant must occupy the property as his principal place of residence. <br />5. The average annual payment for assessments levied against the subject property exceed one <br />percent of the adjusted gross income of the applicant as evidenced by the applicant's most <br />recent federal income tax return. The average annual payment of an assessment shall be the <br />total cost of the assessment divided by the number of years over which it is spread. <br />Subd. 2. The deferment shall be granted for as long a period of time as the hardship exists and the <br />conditions aforementioned have been met. However, it shall be the duty of the applicant to notify <br />the City Clerk of any change in his status that would affect eligibility for deferment. <br />Subd. 3. The entire amount of deferred special assessments shall be due within sixty days after <br />loss of eligibility by the applicant. If the special assessment is not paid within the sixty (60) days, <br />the City Clerk shall add thereto interest at a per annum interest rate of two percent (2%) above the <br />bond interest rate and the total amount of principal and interest shall be certified to the County <br />Auditor for collection with taxes the following year. Should the applicant demonstrate to the <br />satisfaction of the Council, that full repayment of the deferred special assessment would cause the <br />applicant particular undue financial hardship, the Council may order that the applicant pay within <br />sixty days a sum equal to the number of installments of deferred special assessments outstanding <br />and unpaid to date, including principal and interest, with the balance thereafter paid according to <br />the terms and conditions of the original special assessments. <br />Subd. 4. The option to defer the payment of special assessments shall terminate and all amounts <br />accumulated plus applicable interest shall become due upon the occurrence of any one of the <br />following: <br />1. The death of the owner when there is no spouse who is eligible for deferment. <br />12 <br />