(a) Special assessments levied by Council against property zoned "Residential" or "Open Space Conservation" and used for single-family residences, or agriculture and having a benefitted property frontage in excess of 100 feet may be paid in the manner provided herein except for:
(1) Special assessments levied for collection over a period of less than five (5) years, or
(2) Special assessments levied on public improvement projects consisting of only sidewalk related items (sidewalk, drive aprons, restoration, etc.), or
(3) Special assessments levied on a public improvement where the resolution of necessity states that the methodology of deferral contained in Section 925.10
shall not be allowed.
(b) The amount of the assessment to be deferred shall be computed as follows:
(1) Where the benefitted property frontage for the improvements described in Sections 925.04(a), (b), (c), (d), (g), (h), (j)k or (k) is in excess of 100 feet, the amount of the assessment to be deferred for each of those items shall be equal to the assessable length of that item in excess of 100 feet multiplied by the applicable special assessment rate in accordance with Sections 925.04, 925.05, and 925.06.
(c) An application to use this method of payment shall be filed by the owner of the affected property with the Director of Budget and Finance within twenty (20) days after the mailing of the notice provided in Section 925.03(8), together with:
(1) Evidence satisfactory to the Director of Law that the applicant has, and will continue to have, a policy or policies of insurance Insuring the buildings and improvements then existing or thereafter erected on the property after loss or damage by fire, lightning, windstorm, hail and such other risks as are ordinarily insured against by persons owning buildings and improvements similar to that of the applicant for the benefit of, and to the extent necessary to protect the interests of the City until the note hereinafter provided for is paid.
(d) The Director of Budget and Finance shall provide for the deferral of a portion of the amount of the assessment until the earliest of the following:
(1) The parcel of property is subdivided;
(2) The construction of any additional residential units on the parcel, or
(3) The zoning of the property is changed from "Residential" or "Open Space Conservation" to other than "Residential" or "Open Space Conservation", OR
(4) The use of the property is changed from single family, agricultural, or open-space to a multi-family, commercial or industrial use.
(e) Interest, and any other charges, fees or other costs incurred by the City as a result of additional accounting requirements or borrowing made necessary by the deferment will not be added to the amount of the deferred portion of the assessment.
(f) The amount of any assessment deferred under this shall be a lien upon the parcel of property as evidenced by a mortgage deed until full payment is received by the City.
(g) The Director of Budget and Finance shall approve or disapprove the application within thirty (30) days after receipt. The process of approval and administration of this section shall be in accordance with Section 925.09 (c) through (f), except with respect to payment of interest and other costs including filing fees and except with respect to when the promissory note shall be due and payable.
(Ord. 2002-16. Passed 2-6-02.)