(A) General.
(1) The City Council may, at its discretion, grant a deferment of up to 3 years for the following improvements in new subdivisions: water and sanitary sewer facilities, storm sewer facilities and curb and gutter construction.
(2) In the event that a deferment is granted under this section, bituminous surfacing shall be required within 1 year after installation of underground facilities, with no deferment provided on the bituminous surfacing.
(3) In the event that a lot is sold or a building permit is issued, the deferred payment of the assessment no longer applies for that specific lot, and the improvements are immediately assessed against the benefitting property.
(4) The Council shall either grant or deny the deferment and, if it grants the deferment, it may set a rate at which interest is accrued for the deferred balance and it may require payment of the interest due each year.
(B) Deferment of special assessments. 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 1 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 per of the property;
(3) Loss of homestead status on the property; or
(4) Determination by the Council for any reason that immediate or partial payment would impose no hardship.
(Ord. passed 6-16-1998)