Agenda - Council Work Session - 11/18/2014

Home

Page 24 Special Assessments Policy to be furnished to City. A development agreement to be approved and all funds required therein to be in place with the City prior to commencement of construction. VII. SENIOR CITIZEN DEFERRALS Minnesota Statute 435 authorizes the City, upon proper application, to defer the payment of special assessments against any homestead property owned by a person 65 years of age or older or a person retired by virtue of a permanent and total disability on January 1st of the payment year and for whom it would be a hardship to make the payments. A resolution outlining the City's policy on these deferrals is outlined in Resolution No. 99-127, copy attached as Reference 5. The interest charged is at the same rate charged for the rest of the project. The Champlin City Council has determined that the deferral of assessments should be granted to any person otherwise qualified who shall make proper application claiming that the annual principal and interest due on an assessment is in excess of 2 % percent of his current annual income, and, therefore, a hardship to him. The proper application form shall be provided by the City. Any homestead parcel with an Assessor's market value in excess of $232,000 shall not qualify. The market value is updated periodically. A person retired by virtue of a permanent and total disability must qualify for the 3CC. classification for property tax purposes. Special assessments against any homestead property owned by a person 65 years of age or older, or a person retired by virtue of a permanent and total disability for whom it would be a hardship to make the payment, may be deferred subject to the aforementioned conditions upon submission of the appropriate application signed by the qualified person. The interest shall be charged at the same rate as the rest of the properties in the project. This interest shall not apply to the interest of the deferment but only to the principal of the assessment. The principal and interest shall be payable in accordance with the terms and provisions of Minnesota Statutes. The right of deferment is automatically terminated as provided under Minnesota Statutes. The application for deferments for a particular year must be submitted by November 1st of the preceding year. The right of deferment is automatically terminated as provided under Minnesota Statutes 435.195. VIII. CITY DEFERRALS City deferments are handled on an individual basis, but the general guidelines are as follows: