Agenda - Council - 03/14/2017 - Laserfiche WebLink

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Subd. 2. The deferment shall be granted for as long a period of time as the hardship exists and the conditions in subdivision 1 remain true. It shall be the duty of the applicant to notify the City Clerk of any change in his or her status that would affect eligibility for deferment. Subd. 3. The entire amount of deferred special assessments shall be due within sixty days after loss of eligibility by the applicant. If the special assessment is not paid within the sixty (60) days, the City Clerk shall add thereto interest accruing from the first date the applicant loses eligibility at the rate as defined in section 6.4 and the total amount of principal and interest shall be certified to the County Auditor for collection with taxes the following year. Should the applicant demonstrate to the satisfaction of the Council, that full repayment of the deferred special assessment would cause the applicant particular undue financial hardship, the Council may order that the applicant pay within sixty days a sum equal to the number of installments of deferred special assessments outstanding and unpaid to date, including principal and interest,with the balance thereafter paid according to the terms and conditions of the original special assessments. Subd. 4. The option to defer the payment of special assessments shall terminate and all amounts accumulated plus applicable interest shall become due upon the occurrence of any one of the following: 1. The death of the owner when there is no spouse who is eligible for deferment. 2. The sale, transfer or subdivision of all or any part of the property. 3. Loss of homestead status on the property. 4. Determination by the Council for any reason that immediate or partial payment would impose no hardship. State Law References(s): Minn. Stat. § 435.193, Senior Citizens or retired& disabled persons hardship special assessment deferral. *Original Adoption: 12/9/14 by Resolution 414-12-250 *Amended: 1/13/15 by Resolution 415-01-016—Section 6- #4 Interest to reflect interest rate on bonded projects 13