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which identifies the process in more detail for reconstruction projects. <br />Deferred Assessments <br />At the discretion of the City Council assessments can be deferred for special <br />circumstances. A deferred assessment would include a sunset date (which <br />assessment would become active and assessed over an 8 year period), interest <br />charged and/or an ENR cost index that shall be identified on the assessment roll. A <br />deferred assessment shall be identified on the assessment roll as being subordinate to <br />all present and future encumbrances or financing associated with the property. <br />The assessment roll shall also identify details such as interest rate, sunset date <br />and other improvements as approved by the City Council. <br />Senior citizens or retired individuals by virtue of permanent and total disability <br />are eligible for a deferred assessment as described by State Statute 435.193 if they <br />meet the requirements set by City Ordinance No. 101 & No. 101A (see Appendix) and <br />income limits set by City Council resolution. Refer to the Appendix for the City Council <br />resolution. <br />Deferred Assessment for Agricultural Properties <br />Assessments to active agricultural properties (properties which meet the <br />requirements of "Green Acres" designation) may be deferred by the City Council until <br />a designated future year or until the subdivision of the property occurs or construction <br />of improvements thereon which shall require street access. The deferment shall be <br />identified on the assessment roll as being subordinate to all present and future <br />encumbrances or financing associated with property. The deferment shall include <br />assessments for streets, water main, sanitary sewer and storm sewer. <br />In the event that such construction of improvements is only upon a portion of <br />the property for which the assessment is deferred, such deferral shall be terminated <br />against that portion of the property where the improvement is located in an area equal <br />to the minimum lot size established for the zoning district within which it is located. <br />Such deferral can be on such terms and conditions and based upon such standards <br />and criteria as provided by Council resolution. <br />Such assessments can be deferred for up to 15 years without interest and if the <br />property has not been subdivided for improvements constructed thereon within that <br />period of time, the assessment shall be canceled. All active agricultural property with <br />deferred assessments that are subsequently subdivided or have improvements <br />constructed thereon which have access to the improvement shall require the payment <br />of such assessments in five equal annual installments with interest thereon at the <br />maximum rate allowed by Minnesota law in effect at that time on unpaid special <br />assessments. Note: This was approved November 19, 1996 and not added to the <br />written policy until now. <br />Streets: M.S.A. / County Roads <br />1. Costs for Municipal State Aid (M.S.A.) streets shall be assessed to the <br />benefitting properties in the following manner: <br />-12- <br />