(A) The City Council, may at its discretion grant a deferment of undeveloped property for up to 5 years for the following improvements: water and sanitary sewer facilities, storm sewer facilities, bituminous surfacing, curb and gutter construction.
(B) When assessments are deferred, interest shall be due annually at the rate established by the City Council when the assessment roll is prepared.
(C) The assessment rate shall be computed on a front footage basis. A lot unit dimension may be set as the average width based on residential lots within the improvement area.
(D) 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 and payable.
(Ord. passed 6-16-1998)