(A) General provisions. The following formulas shall apply to all of the aforementioned capital improvements projects to be assessed to property owners:
(1) Each of the capital improvements may be assessed separately or combined for assessment purposes.
(2) The overhead costs for engineering and construction staking and inspection shall be included as a part of the total improvement cost and assessed against the abutting property in accordance with the aforementioned policies. A charge equal to 15% of the construction cost shall be made if it is not possible to determine the exact amount of the overhead costs applicable to a particular improvement.
(3) The cost of improvements abutting an alley or street right-of-way and unassessable frontage shall be included in the total project cost and assessed against the assessable abutting frontage.
(B) Payment options. Special assessments shall be paid according to the following guidelines:
(1) Any special assessment less than or equal to $500 is payable, with no interest due, within 30 days of the date levied, or the total amount shall be placed on the next tax roll for full payment, with interest due from the date of levy.
(2) Any special assessment between $500.01 and $1,000 is payable, with no interest due, within 30 days of the date levied, or shall be assessed for no longer than five years with five equal annual payments plus interest from the date of levy on the remaining balance.
(3) Any special assessment equal to or over $1,000.01 is payable, with no interest due, within 30 days of the date levied, or shall be assessed for no longer than 10 years with 10 equal annual payments plus interest from the date of levy on the remaining balance.
(4) Any special assessments levied and placed on a payment schedule may be paid in full at any time, with interest payable from the date of levy to the date of payment.
(5) Interest rates on special assessments shall be set by the Common Council as part of each special assessment final resolution. The interest rate set by Council shall be applied to the outstanding remaining balance of any special assessment.
(6) In order to further clarify payment terms, whenever a person owns more than one adjoining tax parcel subject to assessment, the total of all such adjoining parcels to be assessed shall be added together to determine payment terms under this section.
(Ord. 788, passed 12-7-99; Am. Ord. 843, passed 3-18-03)